Wolfspeed Inc (WOLF) 2022 Q3 法說會逐字稿

Good evening. Thank you for standing by, and welcome to the Wolfspeed, Inc. Third Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions) Please note, today's call is being recorded. I would like to now hand the conference over to your first speaker today, Tyler Gronbach, Vice President of Investor Relations. Please go ahead.

晚上好。感謝您的支持，歡迎參加 Wolfspeed, Inc. 2022 財年第三季度財報電話會議。 （操作員說明）請注意，今天的通話正在錄音中。我現在想將會議交給您今天的第一位發言人，投資者關係副總裁 Tyler Gronbach。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's Third Quarter Fiscal 2022 Conference Call. Today, Wolfspeed's CEO, Gregg Lowe; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the third quarter of fiscal year 2022.

謝謝接線員，大家下午好。歡迎來到 Wolfspeed 的 2022 財年第三季度電話會議。今天，Wolfspeed 的首席執行官 Gregg Lowe； Wolfspeed 的首席財務官 Neill Reynolds 將報告 2022 財年第三季度的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Wolfspeed's results internally. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to and not a substitute for financial statements prepared in accordance with GAAP. A reconciliation to the most directly comparable GAAP measures is in our press release and posted in the Investor Relations section of our website, along with a historical summary of other key metrics.

請注意，我們將在今天的電話會議上展示非公認會計原則的財務業績，這與管理層內部衡量 Wolfspeed 業績的方式是一致的。非公認會計原則的結果不符合公認會計原則，可能無法與其他公司提供的非公認會計原則信息相比較。非公認會計原則信息應被視為對根據公認會計原則編制的財務報表的補充而非替代。與最直接可比的 GAAP 措施的對賬在我們的新聞稿中，並發佈在我們網站的投資者關係部分，以及其他關鍵指標的歷史摘要。

Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially, including risks related to the impact of the COVID-19 pandemic.

今天的討論包括關於我們業務前景的前瞻性陳述，我們可能會在電話會議期間發表其他前瞻性陳述。此類前瞻性陳述受到眾多風險和不確定性的影響。我們今天的新聞稿和新聞稿中提到的 SEC 文件都提到了可能導致實際結果出現重大差異的重要因素，包括與 COVID-19 大流行影響相關的風險。

(Operator Instructions) If you have any additional questions, please feel free to contact us after the call.

（操作員說明）如果您有任何其他問題，請在來電後隨時與我們聯繫。

And now I'd like to turn the call over to Gregg.

現在我想把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone. I hope you and your families are safe and healthy. I'm pleased to report that during the third quarter, we continued to execute on our strategy, delivering strong results and non-GAAP diluted earnings per share despite some macroeconomic disruptions. Last month was an eventful one for the company as we cut the ribbon and opened Mohawk Valley, our fully automated 200-millimeter silicon carbide semiconductor wafer fab. Currently, we are running initial lots and will then transition to product and customer qualification, followed by production shipments. It's an exciting time for us as well as our customers as they can see a huge influx of capacity coming online, enabling them to transition their products from silicon to the more efficient silicon carbide chips. We're delighted to have had Lucid Motors join us for the ribbon-cutting, demonstrating their innovative Lucid Air and highlighting the advantage that they see using silicon carbide technology in their cars.

謝謝，泰勒，大家下午好。我希望你和你的家人平安健康。我很高興地報告，在第三季度，我們繼續執行我們的戰略，儘管出現了一些宏觀經濟中斷，但仍取得了強勁的業績和非公認會計原則攤薄後的每股收益。上個月對公司來說是一個多事之秋，我們剪彩並開設了 Mohawk Valley，這是我們的全自動 200 毫米碳化矽半導體晶圓廠。目前，我們正在運行初始批次，然後將過渡到產品和客戶認證，然後是生產發貨。這對我們和我們的客戶來說都是一個激動人心的時刻，因為他們可以看到大量的產能湧入，使他們能夠將他們的產品從矽轉換到更高效的碳化矽芯片。我們很高興 Lucid Motors 與我們一起剪彩，展示了他們的創新 Lucid Air，並強調了他們看到的在汽車中使用碳化矽技術的優勢。

We also had the opportunity to host some key partners at Mohawk Valley, including Aero Electronics' leadership and some of their key customers. The feedback was very positive, and they are quite impressed with the scale of the facility. Aside from key partners and customers, top policymakers have also come to the site to see firsthand how the new fab will help drive the auto industry's transition from internal combustion engines to electrified powertrains and support innovative power management solutions for the industrial and energy industries. This includes Senate Majority Leader Chuck Schumer, who recently came to our Mohawk Valley fab to showcase what is possible when we invest in American technology jobs in critical sectors of the economy. We were also honored to have New York Governor Kathy Hochul join us last week at the ribbon-cutting. Governor Hochul was our keynote speaker and highlighted the Mohawk Valley's rich legacy of manufacturing and strong work ethic, which she believes will be a key contributor to creating the new silicon carbide valley.

我們還有機會在莫霍克谷接待了一些關鍵合作夥伴，包括 Aero Electronics 的領導層和他們的一些關鍵客戶。反饋非常積極，他們對設施的規模印象深刻。除了主要的合作夥伴和客戶外，高層決策者也來到現場，親眼目睹新工廠將如何幫助推動汽車行業從內燃機向電氣化動力系統的過渡，並支持工業和能源行業的創新電源管理解決方案。這包括參議院多數黨領袖查克舒默，他最近來到我們的莫霍克谷工廠，展示我們在關鍵經濟部門投資美國技術工作時的可能性。我們也很榮幸紐約州州長 Kathy Hochul 上週加入我們的剪彩儀式。 Hochul 州長是我們的主旨發言人，並強調了莫霍克山穀豐富的製造業遺產和強烈的職業道德，她認為這將是創建新碳化矽山谷的關鍵貢獻者。

The opening of Mohawk Valley is an important strategic milestone for Wolfspeed and extends our competitive position as a global leader in silicon carbide devices. These exciting developments are made possible by our deep bench of semiconductor leadership and our dedicated team members. I'm very proud of the work we've done so far, and I'm excited to share our progress as we continue to execute on the growing and diversified opportunity ahead of us. We remain committed to our strategy and achieving our long-term growth objectives, and our strong results this quarter are proof of our team's ability to capitalize on this momentum.

Mohawk Valley 的開業是 Wolfspeed 的一個重要戰略里程碑，並擴展了我們作為碳化矽器件全球領導者的競爭地位。這些令人興奮的發展得益於我們深厚的半導體領導層和我們敬業的團隊成員。我為我們迄今為止所做的工作感到非常自豪，我很高興能分享我們的進展，因為我們將繼續利用我們面前不斷增長和多樣化的機會。我們仍然致力於我們的戰略並實現我們的長期增長目標，我們本季度的強勁業績證明了我們團隊利用這一勢頭的能力。

With that, I'll turn it over to Neill, who will provide an overview of our financial results for the third quarter and an outlook for the fourth quarter of fiscal 2022. Neill?

有了這個，我將把它交給尼爾，他將概述我們第三季度的財務業績以及對 2022 財年第四季度的展望。尼爾？

Thank you, Gregg, and good afternoon, everyone. We delivered strong results during the third quarter as we continue to see increased demand for our silicon carbide solutions.

謝謝你，格雷格，大家下午好。我們在第三季度取得了強勁的業績，因為我們繼續看到對我們的碳化矽解決方案的需求增加。

Starting with our top line performance. Revenue for the quarter came in slightly below the midpoint of our guidance at $188 million, representing an increase of 8.6% sequentially and 37% year-over-year. We delivered our seventh consecutive quarter of sequential revenue growth. While these are strong results, our top line was impacted by COVID-19 quarantine protocols in China, which resulted in partial shutdowns at some of our packaging subcontractors and delays in some of our shipping channels. Absent these shutdowns, we would have met or exceeded the top end of our guidance range for the quarter. We are continuously monitoring the ever-changing COVID environment as we remain focused on timely delivery of products to our customers.

從我們的頂級表現開始。本季度收入略低於我們預期的中點 1.88 億美元，環比增長 8.6%，同比增長 37%。我們連續第七個季度實現收入連續增長。雖然這些都是強勁的結果，但我們的收入受到中國 COVID-19 檢疫協議的影響，導致我們的一些包裝分包商部分關閉，以及我們的一些運輸渠道出現延誤。如果沒有這些關閉，我們將達到或超過本季度指導範圍的上限。我們持續關注不斷變化的 COVID 環境，因為我們仍然專注於及時向客戶交付產品。

Demand for our power device solutions continues to be strong as evidenced by revenue growth of approximately 87% over the prior year. As Gregg mentioned, our progress at Mohawk Valley is a meaningful step towards increasing power device capacity, and we remain focused on bringing more device capacity online.

對我們的功率器件解決方案的需求持續強勁，收入同比增長約 87% 就是明證。正如 Gregg 所說，我們在 Mohawk Valley 取得的進展是朝著增加電力設備容量邁出的重要一步，我們仍然專注於在線提供更多設備容量。

For RF devices, we're seeing positive momentum in the communications infrastructure and aerospace and defense markets. From a materials perspective, demand for our 150-millimeter silicon carbide substrate is strengthening as we see increasing demand from our customers, which resulted in strong year-over-year and sequential growth. And we continue to add capacity to serve this strengthening demand.

對於射頻設備，我們看到了通信基礎設施以及航空航天和國防市場的積極勢頭。從材料的角度來看，對我們 150 毫米碳化矽襯底的需求正在增強，因為我們看到客戶的需求不斷增加，這導致了強勁的同比和連續增長。我們將繼續增加產能以滿足這種不斷增強的需求。

Turning now to our bottom line performance. Our non-GAAP net loss was $14.3 million or $0.12 per diluted share, at the top end of our guidance range. Our third quarter non-GAAP earnings exclude $52.2 million of expense net of tax or $0.42 per diluted share for noncash stock-based compensation, acquired intangibles amortization, accretion on our convertible notes, project transformation transaction costs, factory optimization start-up costs and other items outlined in today's earnings release.

現在轉向我們的底線表現。我們的非公認會計原則淨虧損為 1430 萬美元或每股攤薄收益 0.12 美元，處於我們指導範圍的上限。我們第三季度的非公認會計原則收益不包括 5220 萬美元的稅後費用或每股攤薄後 0.42 美元的非現金股票薪酬、收購的無形資產攤銷、可轉換票據的增值、項目轉型交易成本、工廠優化啟動成本和其他今天的收益發布中概述的項目。

Third quarter non-GAAP gross margin was 36.3% compared to 35.4% last quarter. Gross margin was slightly above the midpoint of our guidance range as lower-than-expected device revenue due to the China shutdowns drove modest improvements in our product mix. Non-GAAP operating expenses for Q3 were $88.6 million, and our non-GAAP tax rate was 25%. The increase in our operating expenses was largely due to investments in our device businesses and 200-millimeter silicon carbide substrate platform.

第三季度非美國通用會計準則毛利率為 36.3%，上一季度為 35.4%。毛利率略高於我們指導範圍的中點，因為中國停產導致設備收入低於預期，推動了我們產品組合的適度改善。第三季度的非 GAAP 運營費用為 8860 萬美元，我們的非 GAAP 稅率為 25%。我們運營費用的增加主要是由於對我們的設備業務和 200 毫米碳化矽襯底平台的投資。

For the third quarter, days sales outstanding was 49 days, and inventory days on hand was 159 days. Cash generated from operations was negative $28 million and capital expenditures were $103 million, resulting in free cash flow of negative $131 million. We currently have approximately $1.3 billion of cash and liquidity on hand to support our plans. Additionally, we completed a successful convertible debt offering with the issuance of $750 million convertible senior notes at the end of January. This offering allows us to fund the expansion of materials capacity in Durham campus, an additional fab and back-end capacity to support the steepening demand for silicon carbide solutions we've mentioned previously.

第三季度，未結銷售天數為 49 天，庫存天數為 159 天。運營產生的現金為負 2800 萬美元，資本支出為 1.03 億美元，導致自由現金流為負 1.31 億美元。我們目前手頭有大約 13 億美元的現金和流動資金來支持我們的計劃。此外，我們在 1 月底成功發行了 7.5 億美元的可轉換優先票據，成功完成了可轉換債券的發行。該產品使我們能夠為達勒姆園區的材料產能擴張、額外的晶圓廠和後端產能提供資金，以支持我們之前提到的對碳化矽解決方案日益增長的需求。

We will continue to be opportunistic from a capital market standpoint to ensure we have flexibility to continue to support our long-term growth path. During the quarter, we incurred start-up costs primarily related to Mohawk Valley totaling approximately $21 million. As we've discussed previously, we originally expected a total of $80 million of start-up costs in fiscal 2022, with the majority of these costs incurred in the second half of the fiscal year as we continue to ramp the fab. At this time, we believe start-up costs will be at approximately the $75 million level by the end of the fiscal year. We provided a non-GAAP adjustment for the start-up costs as well as a reconciliation table in our earnings release.

從資本市場的角度來看，我們將繼續投機取巧，以確保我們有靈活性繼續支持我們的長期增長道路。在本季度，我們產生了主要與莫霍克谷相關的啟動成本，總計約 2100 萬美元。正如我們之前所討論的，我們最初預計 2022 財年的啟動成本總計 8000 萬美元，其中大部分成本發生在本財年下半年，因為我們將繼續擴大晶圓廠產能。目前，我們認為到本財年末，啟動成本將達到 7500 萬美元左右。我們在收益發布中提供了啟動成本的非公認會計原則調整以及對賬表。

As Gregg mentioned earlier, we are running initial lots to the fab with plans to qualify customers and eventually ramp revenue. With the official opening of Mohawk Valley at the end of April, we'll improve our ability to meet the steepening demand curve for silicon carbide devices, which will only improve as we continue to ramp production capacity. We are now anticipating net capital expenditures of approximately $550 million this fiscal year versus the previously communicated $475 million. This change is related to the timing of reimbursements from New York State for the Mohawk Valley fab. We now anticipate receiving these reimbursements in the first half of fiscal 2023, and this does not represent a significant change in our fiscal 2022 gross CapEx spend outlook. The construction of this fab is not only a great accomplishment for Wolfspeed, but also has created north of 250 jobs to date for the people of Upstate New York and is attracting future talent from the surrounding universities through our partnerships with SUNY School System and others.

正如 Gregg 之前提到的，我們正在為工廠運行初始批次，併計劃使客戶合格並最終增加收入。隨著莫霍克谷於 4 月底正式開放，我們將提高我們滿足碳化矽器件日益陡峭的需求曲線的能力，隨著我們繼續提高產能，這種需求曲線只會有所改善。我們現在預計本財年的淨資本支出約為 5.5 億美元，而此前公佈的為 4.75 億美元。這一變化與紐約州對莫霍克谷工廠的報銷時間有關。我們現在預計將在 2023 財年上半年收到這些報銷，這並不代表我們 2022 財年資本支出總額前景的重大變化。這家工廠的建設不僅是 Wolfspeed 的一項偉大成就，而且迄今已為紐約州北部的人們創造了 250 個工作崗位，並通過我們與紐約州立大學學校系統和其他機構的合作吸引了來自周邊大學的未來人才。

Moving to our outlook for the fourth quarter of fiscal 2022. We are targeting revenue in the range of $200 million to $215 million. We expect revenue growth to be driven by our power business as we continue to increase capacity across the supply chain. Our Q4 non-GAAP gross margin is expected to be in the range of 35.3% to 37.3%. As a reminder, the key to our gross margin transition from the mid-30s to 50% in 2024 is largely based on 3 elements which we have outlined previously: optimizing Durham, transitioning from 150-millimeter to 200-millimeter wafers and driving revenue through Mohawk Valley. We continue to be on track with all 3 of these elements as evidenced by our progress this quarter.

轉向我們對 2022 財年第四季度的展望。我們的目標收入在 2 億美元至 2.15 億美元之間。隨著我們繼續增加整個供應鏈的產能，我們預計收入增長將由我們的電力業務推動。我們的第四季度非公認會計原則毛利率預計在 35.3% 至 37.3% 之間。提醒一下，我們的毛利率在 2024 年從 30 年代中期過渡到 50% 的關鍵主要基於我們之前概述的 3 個要素：優化達勒姆、從 150 毫米晶圓過渡到 200 毫米晶圓以及通過莫霍克山谷。我們在本季度取得的進展證明了所有這三個要素都走上了正軌。

We are also targeting non-GAAP operating expenses of approximately $91 million for the fourth quarter of fiscal year 2022. As we discussed last quarter, we anticipate operating expenses will continue to slowly increase over time due to increased head count in R&D and sales and marketing, but expect this to become a smaller percentage of revenue as we near the middle of the decade. We target Q4 non-GAAP operating loss to be between $20 million and $11 million and nonoperating net loss to be approximately $1.5 million. We expect our non-GAAP tax amount to be a benefit of approximately $4 million. We are targeting Q4 non-GAAP net loss to be between $16 million to $9 million or a loss of $0.13 to $0.07 per diluted share. Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation, project transformation and transaction costs, factory optimization restructuring and start-up costs and other items. Our Q4 targets are based on several factors that could vary greatly, including the situation with COVID-19, overall demand, product mix, factory productivity and the competitive environment.

我們還計劃在 2022 財年第四季度實現約 9100 萬美元的非 GAAP 運營費用。正如我們上個季度所討論的，由於研發、銷售和營銷的人數增加，我們預計運營費用將隨著時間的推移繼續緩慢增長，但預計隨著我們接近十年中期，這將成為收入的較小比例。我們的目標是第四季度非公認會計準則營業虧損在 2000 萬美元至 1100 萬美元之間，非營業淨虧損約為 150 萬美元。我們預計我們的非公認會計原則稅額將帶來約 400 萬美元的收益。我們的目標是第四季度非 GAAP 淨虧損在 1600 萬美元至 900 萬美元之間，或每股攤薄後虧損 0.13 美元至 0.07 美元。我們的非公認會計原則每股收益目標不包括收購的無形資產攤銷、非現金股票補償、項目轉型和交易成本、工廠優化重組和啟動成本等項目。我們的第四季度目標基於幾個可能有很大差異的因素，包括 COVID-19 的情況、整體需求、產品組合、工廠生產力和競爭環境。

With that, I will now turn the discussion back to Gregg.

有了這個，我現在將討論轉回格雷格。

Thanks, Neill. The ribbon-cutting at our Mohawk Valley fab marks an important milestone for Wolfspeed as we evolve from the leader in silicon carbide technology to a global semiconductor powerhouse. Our investment in a world-class facility positions Wolfspeed to benefit from the secular growth opportunity created by the electrification of the automobile, the improvements in efficiency for industrial end markets and the transition from silicon to silicon carbide across both. This transition to silicon carbide devices is happening faster than we anticipated. In fact, our device opportunity pipeline continues to grow and is now well north of $25 billion and is comprised of approximately 9,000 different projects. More importantly, our sales team continues to do a phenomenal job converting these opportunities into design-ins across a wide range of applications.

謝謝，尼爾。我們莫霍克谷工廠的剪彩標誌著 Wolfspeed 從碳化矽技術的領導者發展成為全球半導體強國的一個重要里程碑。我們對世界級設施的投資使 Wolfspeed 受益於汽車電氣化創造的長期增長機會、工業終端市場效率的提高以及兩者從矽到碳化矽的過渡。這種向碳化矽器件的轉變發生的速度比我們預期的要快。事實上，我們的設備機會渠道繼續增長，目前已超過 250 億美元，由大約 9,000 個不同的項目組成。更重要的是，我們的銷售團隊繼續出色地完成工作，將這些機會轉化為涵蓋廣泛應用的設計。

Our third quarter design-ins were approximately $1.6 billion, matching our record-setting total from last quarter. Year-to-date design-ins are at $3.8 billion, a 100% increase from the $1.9 billion we recorded in the same period of fiscal 2021. This is a remarkable accomplishment by our sales team. Wolfspeed continues to win business with key partners, though you won't always see them in a press release or hear about them on an earnings call. And this is one of the many reasons why I'm pleased to talk about our new partnership with Lucid Motors, which I mentioned at the top of the call.

我們第三季度的設計投入約為 16 億美元，與上季度創紀錄的總額相匹配。年初至今的設計投入為 38 億美元，比我們在 2021 財年同期記錄的 19 億美元增長了 100%。這是我們銷售團隊的一項了不起的成就。 Wolfspeed 繼續與主要合作夥伴贏得業務，儘管您不會總是在新聞稿中看到他們或在財報電話會議上聽到他們的消息。這是我很高興談論我們與 Lucid Motors 的新合作夥伴關係的眾多原因之一，我在電話會議的開頭提到了這一點。

Range is a critical success factor for electric cars and played a key role for Lucid Motors as they chose Wolfspeed silicon carbide devices for their Lucid Air. The Lucid Air is able to reach an estimated EPA range of 520 miles, which is the longest range for an electric car on the market today.

續航里程是電動汽車成功的關鍵因素，並且在 Lucid Motors 為其 Lucid Air 選擇 Wolfspeed 碳化矽設備時發揮了關鍵作用。 Lucid Air 能夠達到 520 英里的 EPA 續航里程，這是當今市場上電動汽車最長的續航里程。

The Lucid Air provides another strong example of our ability we convert opportunities in the pipeline. We have secured approximately $8.7 billion of design-ins over the last 3 years, representing a long tail for future revenue. This puts ever-increasing upward pressure on our long-term revenue outlook that we shared with you back at our Investor Day just last year. The progress we've made at the Mohawk Valley fab, paired with another record-setting design-in total for the quarter, demonstrates how Wolfspeed is expanding its market-leading position and driving the transition to silicon carbide devices in the automotive and industrial end markets.

Lucid Air 提供了另一個強有力的例子，證明了我們在管道中轉換機會的能力。在過去的 3 年中，我們已經獲得了大約 87 億美元的設計投入，這代表了未來收入的長尾。這給我們在去年投資者日與您分享的長期收入前景帶來了越來越大的上行壓力。我們在莫霍克谷工廠取得的進展，再加上本季度另一個創紀錄的設計，展示了 Wolfspeed 如何擴大其市場領先地位並推動汽車和工業端向碳化矽器件的過渡市場。

Given this, a top priority going forward is increasing capacity for both materials and devices. Now we'll certainly leverage our existing footprint as much as we can, this includes ongoing expansion of our materials footprint in Durham to maximize material growth while also producing as many devices as we can out of our current fabs in North Carolina and pulling forward some of our fit-out time lines for the Mohawk Valley fab.

鑑於此，未來的首要任務是增加材料和設備的容量。現在，我們肯定會盡可能多地利用我們現有的足跡，這包括不斷擴大我們在達勒姆的材料足跡，以最大限度地提高材料增長，同時從我們目前在北卡羅來納州的工廠生產盡可能多的設備，並推進一些莫霍克谷工廠的裝修時間表。

Wolfspeed will very likely need to add more materials production as well as consider the construction of another wafer fab. At this point in time, I can't tell you precisely when and where, but it will certainly be sooner than we anticipated back at our Investor Day. Additionally, as we continue to grow, we continue to have the right people in place to help us manage that. I'd like to highlight the tireless efforts of Adam Milton, our Vice President of Operations at Mohawk Valley. Adam is a testament to the strength of our Wolfspeed culture as he started with Wolfspeed upon graduating from college and now runs day-to-day operations at the Mohawk Valley fab. Thank you, Adam, and the entire Mohawk Valley team for everything you've done.

Wolfspeed 很可能需要增加更多的材料生產，並考慮建造另一個晶圓廠。目前，我無法準確地告訴您何時何地，但肯定會比我們在投資者日時預期的要早。此外，隨著我們的不斷發展，我們將繼續配備合適的人員來幫助我們管理這一點。我想強調我們在莫霍克谷的運營副總裁 Adam Milton 的不懈努力。 Adam 證明了我們 Wolfspeed 文化的力量，他從大學畢業後就加入了 Wolfspeed，現在在莫霍克谷工廠負責日常運營。感謝 Adam 和整個 Mohawk Valley 團隊所做的一切。

As we continue to make progress on our strategy, we are supported by developments in the broader market. This has been -- there has been heightened conversations throughout the semiconductor industry on the projected growth of the market, with some anticipating the industry to grow to $1 trillion by the end of the decade, with an increasing portion of which will be compound semiconductors or silicon carbide. This is supported by the recent increase in EV offerings in the automotive market, with players including GM and Honda announcing investments in EV technology. Our technology plays a significant role in the automotive EV market, and we will continue to capitalize on this growth as the automotive market moves towards a more efficient future.

隨著我們在戰略上不斷取得進展，我們得到了更廣泛市場發展的支持。這一直是——整個半導體行業就市場的預期增長進行了激烈的討論，一些人預計該行業到本世紀末將增長到 1 萬億美元，其中越來越多的部分將是化合物半導體或碳化矽。這得益於最近汽車市場上電動汽車產品的增加，包括通用汽車和本田在內的參與者宣布對電動汽車技術進行投資。我們的技術在汽車電動汽車市場發揮著重要作用，隨著汽車市場朝著更高效的未來發展，我們將繼續利用這一增長。

The momentum in the marketplace continues, and we will continue to better position ourselves for success. We continue to make significant investments in our capacity, our talent and product offerings to maintain our industry-leading position. I'm confident in our path forward and the significant progress we've made so far. We will continue to execute on our strategy to create a global semiconductor powerhouse here at Wolfspeed. And with that, we'll turn it over to the operator, and we can then begin our Q&A session.

市場的勢頭仍在繼續，我們將繼續更好地定位自己以取得成功。我們繼續對我們的能力、人才和產品進行大量投資，以保持我們的行業領先地位。我對我們前進的道路和迄今為止取得的重大進展充滿信心。我們將繼續執行我們的戰略，在 Wolfspeed 打造全球半導體強國。有了這個，我們將把它交給操作員，然後我們可以開始我們的問答環節。

(Operator Instructions) The first question today is from the line of Gary Mobley with Wells Fargo Securities.

（操作員說明）今天的第一個問題來自富國銀行證券的 Gary Mobley。

I wanted to double-click on your comments about customer qualification for products coming out of Mohawk Valley. Perhaps if you can give us a little more details on the time line there, when the qualifications may begin, when qualifications may be fully accomplished in the different end markets, automotive specifically.

我想雙擊您對來自莫霍克谷的產品的客戶資格的評論。或許你能告訴我們更多關於時間線的細節，什麼時候可以開始資格認證，什麼時候可以在不同的終端市場完全完成資格認證，特別是汽車。

Sure. Thanks a lot, Gary. So as I mentioned in the prepared remarks, we've begun running wafers in the factory. The initial -- hitting some of the initial machines, and we'll be going full flow then after that. The products that we're ramping -- well, the products that we're -- that are in the fab right now are actual real products for customers. So as we transition from this initial flow to our own internal qualification, the customers then will get those products and they'll do their own internal qualifications themselves.

當然。非常感謝，加里。因此，正如我在準備好的評論中提到的，我們已經開始在工廠中運行晶圓。最初的——擊中一些最初的機器，然後我們將全力以赴。我們正在生產的產品——嗯，我們現在的產品——現在在工廠裡是為客戶提供的真正的產品。因此，當我們從最初的流程過渡到我們自己的內部資格認證時，客戶將獲得這些產品，他們將自己進行自己的內部資格認證。

So that's kind of the process. That takes typically a couple of quarters to get through all of that. But I would tell you that our -- a couple of things. One is, recall, we had a pilot line in Albany. So our confidence in the ability to ramp this factory is actually quite high because we've already run product on 200-millimeter wafers through the pilot line. So I think we'll have normal tweaks that we have to do in the factory, but we're not anticipating any big problem as we run full flow material and qualify that material as well.

這就是這樣的過程。這通常需要幾個季度才能完成所有這些。但我會告訴你，我們的——有幾件事。一個是，回想一下，我們在奧爾巴尼有一條試驗線。因此，我們對擴大這家工廠的能力的信心實際上是相當高的，因為我們已經通過試生產線在 200 毫米晶圓上運行了產品。因此，我認為我們將在工廠進行正常的調整，但我們預計不會出現任何大問題，因為我們會運行全流程材料並對材料進行鑑定。

The second thing that I would say is customers see this fab as a huge benefit to them from a capacity perspective. So typically, there would be -- you're kind of pulling your customer along the way in terms of trying to have them run their qualifications. I think it's going to be the opposite. Customers are asking us for position inside of Mohawk Valley. And that's why I mentioned that the product that we're actually running through the fab right now is a real product that as we then qualify that product, the customers then would, probably in a more expedited fashion, run their own qualification.

我要說的第二件事是，從產能的角度來看，客戶認為這家工廠對他們來說是一個巨大的好處。所以通常情況下，你會在試圖讓他們運行他們的資格方面一直在拉你的客戶。我認為情況會適得其反。客戶要求我們在莫霍克山谷內的位置。這就是為什麼我提到我們現在通過晶圓廠實際運行的產品是真正的產品，當我們對該產品進行認證時，客戶可能會以更快的方式運行他們自己的認證。

And then finally, I think I mentioned it on the last call, but we actually have orders for a product out of Mohawk Valley as we speak. So I think customers are really hoping we can ramp this factory up very, very quickly.

最後，我想我在上次電話會議上提到了它，但在我們發言時，我們實際上已經訂購了莫霍克谷的產品。所以我認為客戶真的希望我們能夠非常非常快地擴大這家工廠。

And Gary, this is Neill. Yes, just as it translates into kind of the revenue trajectory that we've talked about previously, really no change. So I think we'll start to see revenues start to more substantially come out of the fab as we get into the back half of fiscal '23, so kind of think of that March and June quarter next year kind of as we've talked about previously. And then I think on track for supporting the $1.5 billion plan as we get out to 2024. So all that translates into kind of a trajectory that we talked about previously.

加里，這是尼爾。是的，就像它轉化為我們之前討論過的那種收入軌跡一樣，實際上沒有任何變化。因此，我認為隨著我們進入 23 財年的後半期，我們將開始看到晶圓廠的收入開始大幅增加，所以想想明年 3 月和 6 月的那個季度，就像我們所說的那樣關於以前。然後我認為在我們到 2024 年時支持 15 億美元的計劃。所以所有這些都轉化為我們之前討論過的一種軌跡。

Great. And I had a multipart question as it relates to gross margins. I realize there's a big range in gross margins between the different products and power devices are gross margin-dilutive currently. But -- and specifically to the devices coming out of the Durham facility currently, what sort of trends are you seeing there on the gross margin improvement? And then specific to Mohawk Valley, when would you expect depreciation to start to factor into the P&L?

偉大的。我有一個多部分的問題，因為它與毛利率有關。我意識到不同產品之間的毛利率存在很大差異，目前功率器件的毛利率是稀釋性的。但是——特別是對於目前從達勒姆工廠出來的設備，你在毛利率改善方面看到了什麼樣的趨勢？然後具體到莫霍克谷，您預計折舊何時開始計入損益？

Well, first of all, as we said previously, right now, the cost structure in Durham at 150-millimeter is lower than what you're seeing in Durham versus what we would expect as we start going on 200-millimeter running out of Mohawk Valley. So as we start to grow the revenue and we expect to continue to do that out of Durham here for the next couple of quarters, that puts a little bit of a mix pressure on us from a cost standpoint.

嗯，首先，正如我們之前所說，現在，達勒姆 150 毫米的成本結構低於你在達勒姆看到的成本結構，而我們開始使用莫霍克 200 毫米的成本結構谷。因此，隨著我們開始增加收入，並且我們希望在接下來的幾個季度裡繼續在達勒姆之外做到這一點，從成本的角度來看，這給我們帶來了一點混合壓力。

As we transition into Mohawk Valley, we will start to see some depreciation pickup, Gary, as we kind of alluded to. If you look at the P&L now, we've seen roughly $30 million or so a quarter depreciation. And then when we qualify products, as Gregg was talking about, we'll start to see that start to step up as we ship revenue. So early in the start of a fab, naturally, you're going to start to see some depreciation come on just by the nature of it. In our nature, in our position, that depreciation is going to be lower than you would otherwise expect. You have to remember, with the reimbursements that we're getting from New York State as it relates to Mohawk Valley, that's going to help from a depreciation standpoint. So I think the depreciation levels for product coming out of Mohawk Valley will be roughly 30% lower than we would have anticipated previously just because we'll apply some of those reimbursements to those things moving forward. That's kind of how we kind of look at it.

當我們過渡到莫霍克谷時，我們將開始看到一些折舊回升，加里，正如我們所暗示的那樣。如果您現在查看損益表，我們已經看到大約 3000 萬美元左右的季度折舊。然後，正如 Gregg 所說，當我們對產品進行認證時，我們將開始看到隨著收入的增加而增加。因此，在晶圓廠開工初期，自然而然地，您會開始看到一些折舊只是由於它的性質而發生的。就我們的本性和我們的立場而言，折舊率將低於您的預期。你必須記住，我們從紐約州獲得的與莫霍克谷有關的報銷，從折舊的角度來看會有所幫助。因此，我認為來自莫霍克谷的產品的折舊水平將比我們之前預期的低大約 30%，因為我們會將其中一些報銷用於未來的這些事情。這就是我們看待它的方式。

This is obviously something we watch closely and it's contemplated in our plans. And at the end of the day, we see more depreciation coming online, kind of as you alluded to, or representative of capacity coming online. And for us, that's a good thing because with a pretty large increase in the design-ins, we've got very good visibility to fill the fab up as we start to move forward. And we feel really good about that. And that's just a good thing for us and for our customers.

這顯然是我們密切關注的事情，並且在我們的計劃中有所考慮。歸根結底，我們看到更多的折舊上線，就像你提到的那樣，或者代表產能上線。對我們來說，這是一件好事，因為隨著設計插件的大量增加，隨著我們開始前進，我們有很好的可見性來填滿晶圓廠。我們對此感覺非常好。這對我們和我們的客戶來說都是一件好事。

The next question is from the line of Jed Dorsheimer with Canaccord.

下一個問題來自 Jed Dorsheimer 與 Canaccord 的對話。

So first question, Gregg, and I guess my dog is trying to chime in. So apologies for that. But I guess first question, Gregg, if we look at the past year or so, you've been consistently kind of besting the top end. And I recognize COVID and the impact of shipping from Malaysia and China and the subcons. I guess the question that I have, though, is we also saw for the first time a flat design-in quarter-to-quarter. So I was wondering if you might be able to provide a bit more color on the cadence of design-in to design win as well as whether or not how we should read through sort of that linkage there, if there is any at all? And then I have a follow-up question.

所以第一個問題，格雷格，我猜我的狗正試圖插話。所以為此道歉。但我想第一個問題，Gregg，如果我們回顧過去一年左右的時間，你一直在擊敗高端。我認識到 COVID 以及從馬來西亞和中國以及附屬公司運輸的影響。不過，我想我的問題是，我們還第一次看到了按季度進行的扁平化設計。所以我想知道你是否可以提供更多關於設計勝利的節奏以及我們是否應該如何閱讀那裡的那種聯繫，如果有的話？然後我有一個後續問題。

Thanks a lot, Jed. So let me just make sure it's crystal clear. The flat design-in the last quarter is a record-to-record. So we're pretty happy with that design-in. And year-to-date, we're 100% higher than we were year-to-date in '21. So we're feeling really, really good about that. Design-ins can go up and down on a quarterly basis. Sometimes, it's just the customer decision comes out 3 days after the end of the quarter. And by the way, it's a pretty rigorous process in terms of calling something a design-in. It's not just a phone call we get from somebody, it's actual document that states that we've won the business. And so it's generally gone through a pretty rigorous state.

非常感謝，傑德。所以讓我確保它非常清晰。上一季度的扁平化設計是創紀錄的。所以我們對這種設計非常滿意。年初至今，我們比 21 年年初至今高出 100%。所以我們對此感覺非常非常好。設計插件可以按季度上下波動。有時，這只是在季度結束後 3 天做出的客戶決定。順便說一句，就將某些東西稱為設計而言，這是一個非常嚴格的過程。這不僅僅是我們從某人那裡接到的電話，而是表明我們贏得了業務的實際文件。所以它通常經歷了一個相當嚴格的狀態。

The other thing that's kind of interesting, though, Jed, is over the last 3 years, our total amount of design-ins is $8.7 billion over that 3-year period. And a little north of 40% of those design-ins have moved into what we call a design win. And what that is, there's a very clear specification. That means the customer has actually ordered product, represented at least 20% of their first year's anticipated volume. And what that really means, Jed, is that they've ordered product for their initial production ramps. And so when you think about 45% of those customers over the last 3 -- 45% of those opportunities over the last 3 years that are designed in have now moved into initial production ramp, that's actually quite astounding from my perspective. And I think that's what's driving this upward pressure in the steepening ramp that we're having right now.

不過，另一件有趣的事情是，Jed，在過去 3 年中，我們在這 3 年期間的設計總金額為 87 億美元。在這些設計中，40% 的北部已經進入了我們所說的設計勝利。那是什麼，有一個非常明確的規範。這意味著客戶實際訂購了產品，至少佔其第一年預期數量的 20%。傑德，這真正意味著他們已經為最初的生產斜坡訂購了產品。因此，當您考慮過去 3 年中 45% 的客戶 - 過去 3 年中設計的這些機會中的 45% 現在已經進入初始生產階段時，從我的角度來看，這實際上非常令人震驚。我認為這就是推動我們現在所面臨的陡峭斜坡上升壓力的原因。

Got it. That's helpful. I mean it does beg the question, and maybe this is for you or Neill, on the CapEx side of things. I mean, I know you alluded, but just doing that math out, it does seem like if Mohawk's $1.5 billion at full capacity or roughly speaking, you're going to need more soon.

知道了。這很有幫助。我的意思是它確實引出了這個問題，也許這是給你或尼爾的，在資本支出方面。我的意思是，我知道你提到過，但只是算一下，如果莫霍克的 15 億美元滿負荷運轉，或者粗略地說，你很快就會需要更多。

And then as sort of a second part of that CapEx question there, I guess, Neill, if we look at the increase of CapEx for this year, when we were last up there, we saw that the temporary wall was coming down to open up that ballroom. And I know Adam spoke clearly about acceleration of tools. And so while you're not running first silicon yet, I'm just curious, how much of the increase of CapEx, if any, is a function of that acceleration of your ramp there?

然後作為那個資本支出問題的第二部分，我猜，尼爾，如果我們看看今年資本支出的增長，當我們最後一次在那裡時，我們看到臨時牆正在倒塌以打開那個舞廳。我知道亞當清楚地談到了工具的加速。因此，雖然您還沒有運行第一個芯片，但我只是好奇，CapEx 的增加有多少（如果有的話）是您的坡道加速的函數？

Yes, I'll start and then Neill can give you a little bit more detail. So obviously, in the prepared remarks, we talked about the fact that we would need to be -- we anticipate that we'll be needing to expand our materials operation further than what we're doing right now. And just to kind of base that on materials, we have 1 factory here on campus. We have a second factory that we're expanding on here on campus. And that's happening as we speak.

是的，我會開始，然後尼爾可以給你更多的細節。所以很明顯，在準備好的評論中，我們談到了我們需要這樣做的事實——我們預計我們將需要比我們現在所做的進一步擴大我們的材料業務。只是以材料為基礎，我們在校園裡有 1 家工廠。我們有第二家工廠，我們正在校園裡擴建。在我們說話的時候，這正在發生。

What we're talking about is a third factory for materials. So -- and we're pretty deep in the thought of how and where and when and so forth. We're not ready to announce that yet, but we're pretty deep down that path. And then in terms of the wafer fab, Neill will get into a little bit more detail, but you're exactly right, the fit out of the factory and the removing of temporary walls and things like that, it's all accelerating versus our previous plan. But we also anticipate that we would be needing another wafer fab sooner than we originally had anticipated. And there's sort of 2 sides to that coin. One is the demand is just simply coming in stronger and our win rate is stronger than we would have originally anticipated. And the second thing is it's just kind of the realization that this next fab is probably going to take longer to build than the original fab, which is all the supply chain issues and the tool lead times and all of that kind of stuff. So it's a combination of that. Maybe I'll let Neill give a little bit more color.

我們說的是材料的第三家工廠。所以 - 我們非常深入地思考如何以及何時何地等等。我們還沒有準備好宣布這一點，但我們已經深入到了這條道路上。然後在晶圓廠方面，尼爾會更詳細一點，但你說得對，工廠的裝配和臨時牆壁的拆除等等，與我們之前的計劃相比，這一切都在加速.但我們也預計，我們將比我們最初預期的更快地需要另一個晶圓廠。那枚硬幣有兩個方面。一是需求只是變得更強，我們的勝率比我們最初預期的要強。第二件事是意識到下一個晶圓廠的建造時間可能比原來的晶圓廠要長，這就是所有的供應鏈問題和工具交貨時間等等。所以這是一個組合。也許我會讓尼爾多一點色彩。

Yes. So if you think about the CapEx, one is we mentioned that the CapEx for this year was a bit higher. That's really just related to a timing issue related to reimbursements related to Mohawk Valley this year. So there's reimbursements from New York we anticipated getting in fiscal 2022, kind of the June quarter, and then we'll probably see it in the first quarter or first half of '23. So that's the difference there. However, I will say, when you think about the capacity investments that Gregg is alluding to here, he mentioned some at the prepared remarks in response to your question here, Jed. I think if you look out into 2023, we will likely spend as much or more CapEx as we did this year, and that's really geared at increasing the capacity levels. We just wanted to give kind of an early kind of look at that.

是的。因此，如果您考慮資本支出，我們提到今年的資本支出要高一些。這實際上與今年與莫霍克谷有關的報銷有關的時間問題有關。因此，我們預計紐約會在 2022 財年（類似於 6 月季度）獲得報銷，然後我們可能會在 23 年第一季度或上半年看到它。所以這就是那裡的區別。但是，我會說，當您考慮 Gregg 在這裡提到的容量投資時，他在準備好的評論中提到了一些，以回答您的問題，Jed。我認為，如果您展望 2023 年，我們可能會花費與今年一樣多或更多的資本支出，而這確實是為了提高產能水平。我們只是想提前了解一下。

I don't know if it will make a big difference in '23 or even '24. You talked about fitting out the back half of Mohawk Valley. I think that's part of the plan here, to facilitize that and to build it out faster, but we are certainly looking to address that upward pressure that we shared with all of you since we gave you those numbers at Investor Day. So I think you can think about the additional capital being spent really to address materials, Mohawk Valley fab as well as the back end.

我不知道它在 23 年甚至 24 年是否會有很大的不同。你談到了裝修莫霍克山谷的後半部分。我認為這是計劃的一部分，以促進並更快地建立它，但我們當然希望解決我們與大家分享的向上壓力，因為我們在投資者日向你們提供了這些數字。因此，我認為您可以考慮真正花費在處理材料、莫霍克谷工廠以及後端的額外資金。

As you think about beyond that, getting beyond that, getting to a new fab, I think that's a little bit of a different discussion. I think we're thinking about that. We're evaluating that right now. But I think we'll wait until we get a better view on that going forward to give you kind of an update on what that total picture would look like, probably sometime later in this calendar year, and that's what we're kind of looking at right now.

當你考慮超越那個，超越那個，進入一個新的晶圓廠時，我認為這是一個有點不同的討論。我想我們正在考慮這個問題。我們現在正在評估它。但我認為我們會等到我們對未來有更好的看法後，才能為您提供有關總體情況的更新，可能在本日曆年晚些時候的某個時候，這就是我們所期待的現在。

The next question is from the line of Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

This is Joe Cardoso on for Samik Chatterjee. So first, can you disclose what percentage of the $1.6 billion design-ins were auto-related? And then as it relates to those auto design-ins awarded this quarter, how should investors think about those -- how those begin to materialize into revenue for Wolfspeed? Specifically, are the auto design-ins being awarded now largely related to revenue beyond fiscal '26? Or can we still expect some of the design-ins this quarter and in future quarters to contribute to revenue in fiscal '26? Or have we kind of hit a point here where most of the design-ins will be for periods beyond the fiscal '26 window?

這是 Samik Chatterjee 的 Joe Cardoso。那麼首先，你能透露一下在 16 億美元的設計中，有多少百分比是與汽車相關的？然後，當它與本季度獲得的汽車設計相關時，投資者應該如何看待這些——這些如何開始成為 Wolfspeed 的收入？具體來說，現在授予的汽車設計在很大程度上與 26 財年以後的收入有關嗎？還是我們仍然可以期望本季度和未來幾個季度的一些設計對 26 財年的收入做出貢獻？或者我們是否在這里達到了一個點，即大多數設計將在 26 財年窗口之後的時期內進行？

Yes. Thanks for the question. I believe our automotive, it was around 70% of the design-ins. So yes, it was around 70% of the design-ins this quarter were for automotive. And in terms of the ramp, typically, automotive customers, when they go from design-in to production, can be anywhere from 4 to 5 years is kind of typical. In electric vehicles, it tends to be a little bit shorter, just simply because of the supply chain of all the various different parts that goes into an electric vehicle is substantially simpler than it is than for an internal combustion engine car.

是的。謝謝你的問題。我相信我們的汽車，它是大約 70% 的設計插件。所以是的，本季度大約 70% 的設計是針對汽車的。就斜坡而言，汽車客戶從設計到生產通常需要 4 到 5 年。在電動汽車中，它往往會更短一些，這僅僅是因為電動汽車中所有不同部件的供應鏈比內燃機汽車要簡單得多。

And then it also depends a little bit on whether it's an established vehicle manufacturer or more of a pure-play electric company -- car company. They have different time lines as well. So it kind of depends. I would say that the design-ins that we hit for the $1.6 billion and the 70% of which were automotive may see some amount of revenue in '26. The substantial portion of the revenue would be beyond '26. But definitely, some of them -- in fact, I know some of them are targeting for inside of '26 for their ramp of production. Some of them are -- some of the car companies are actually inside of that window as we speak.

然後它也有點取決於它是一家成熟的汽車製造商還是一家純粹的電動公司——汽車公司。他們也有不同的時間線。所以這有點取決於。我想說的是，我們以 16 億美元投入的設計，其中 70% 是汽車，可能會在 26 年看到一些收入。大部分收入將超過 26 年。但可以肯定的是，他們中的一些人——事實上，我知道他們中的一些人的目標是在 26 年內進行生產。其中一些是——正如我們所說，一些汽車公司實際上是在那個窗口內。

Got it. And then just quick clarification. You guys mentioned obviously the $10 million or roughly $10 million -- or $10 million revenue headwind this quarter related to the lockdowns in China. Can you just update us on the situation where that stands today and whether you're baking any of that headwind from the disruption in the fourth quarter guide? I mean it doesn't seem like it. I think earlier in the last quarter you guided exiting out a $200 million run rate. So you guys seem on target there. So just curious if there's any lingering disruption from the China lockdowns in your guide.

知道了。然後快速澄清一下。你們顯然提到了本季度與中國的封鎖有關的 1000 萬美元或大約 1000 萬美元或 1000 萬美元的收入逆風。您能否向我們介紹一下今天的情況以及您是否因第四季度指南的中斷而受到任何不利影響？我的意思是它看起來不像。我認為在上個季度早些時候，您指導退出了 2 億美元的運行率。所以你們看起來是目標。所以只是好奇你的指南中的中國封鎖是否有任何揮之不去的干擾。

Yes, I'll start and then turn it over to Neill. First off, our team did a phenomenal job of trying to minimize the impact. And this was an entire city of 25 million people was -- were locked down. So it was a bit chaotic there towards the end of the quarter. And yes, absent that, we would have been at or above the top end of our range. So it's very, very simple. This was just simply a supply issue associated with the lockdowns in China. The demand remained super strong. So no issue from that perspective.

是的，我會開始，然後把它交給尼爾。首先，我們的團隊在盡量減少影響方面做得非常出色。這是一個擁有 2500 萬人口的城市——被封鎖。所以在本季度末，那裡有點混亂。是的，如果沒有這一點，我們將處於或高於我們範圍的高端。所以它非常非常簡單。這只是與中國封鎖相關的供應問題。需求仍然非常強勁。所以從這個角度來說沒有問題。

I would also tell you that our team has done a really phenomenal job of getting a strategy in place for a more robust supply chain that would not be so dependent on these lockdowns there. So I'm feeling like the teams did a really good job of trying to avoid these things or minimize the impact of these things in the future. The situation in China remains quite fluid, I guess, with Beijing now heading into lockdown. And what all that means, I guess, is a little bit up in the air. But maybe I'll have Neill then talk a little bit about what's baked into the quarterly projection.

我還要告訴你，我們的團隊在製定戰略以建立更強大的供應鏈方面做得非常出色，該供應鏈不會過於依賴那裡的這些封鎖。所以我覺得團隊在努力避免這些事情或將這些事情在未來的影響降到最低方面做得非常好。我猜，中國的局勢仍然很不穩定，北京現在正處於封鎖狀態。我猜這一切意味著什麼，有點懸而未決。但也許我會讓尼爾談談季度預測中包含的內容。

Yes, yes. And as Gregg said, the demand continues to be very strong. The China constrained situation is very much a supply issue. And we're starting to see that demand pick up, and we're starting to see it clear up a little bit. If you look at the guide at the midpoint, that's 10% revenue growth year-over-year, inside of that represents power device revenue increase of well over 100%.

是的是的。正如格雷格所說，需求仍然非常強勁。中國受限的情況在很大程度上是一個供應問題。而且我們開始看到需求回升，並且我們開始看到它有所好轉。如果你看中點的指南，那就是收入同比增長 10%，其中代表功率設備收入增長超過 100%。

Now thinking about the impact from the kind of China shutdowns in 3Q, you want to think about maybe a high single digits kind of million dollar level of what the impact was. Some of this was related to actual shutdown. So operators or employees were not able to get into factories and actually run product. And some of it was related to just logistics and shipping challenges and getting things through the supply chain. And we surely saw that in late March, and I'd say early April. What this has translated to, I'd say, into 4Q is I think there are still some attendance challenges. I think they've improved. We are seeing some shipping and logistics challenges still, and I think that's really the bigger challenge as we get through the rest of the final quarter here.

現在考慮到第三季度中國停工帶來的影響，你想考慮一下可能會產生數百萬美元的高個位數的影響。其中一些與實際關閉有關。因此操作員或員工無法進入工廠並實際運行產品。其中一些僅與物流和運輸挑戰以及通過供應鏈獲取東西有關。我們肯定在 3 月下旬看到了這一點，我會說是 4 月初。我想說的是，這已經轉化為第四季度，我認為仍然存在一些出勤挑戰。我認為他們已經改進了。我們仍然看到一些航運和物流挑戰，我認為這確實是更大的挑戰，因為我們在這裡度過了最後一個季度的剩餘時間。

And I think you want to think about Q4 as probably a similar impact, some of that high single-digit millions impact that we had to the forecast, similar to what we had in 3Q. It will probably take the rest of the quarter for us to kind of sort through that and understand what the kind of true revenue trajectory is coming out of the quarter as we kind of get into 1Q and kind of get into that September quarter. But right now, demand remains strong. We'll manage through this China situation. And we'll see how much of that we can catch up on. It's difficult to say only because a lot of it was because capacity was just never run, maybe possibly from some of the transitory items as it relates to shipments and logistics and that sort of thing. So we'll have to wait and see.

而且我認為您想將第四季度視為可能的類似影響，我們對預測的高個位數百萬影響，類似於我們在第三季度的影響。我們可能需要本季度剩下的時間來解決這個問題，並了解當我們進入第一季度並進入九月份的那個季度時，本季度真正的收入軌跡是什麼。但目前，需求依然強勁。我們會處理好中國的這種情況。我們將看看我們能趕上多少。很難說只是因為其中很多是因為容量從未運行過，可能來自一些與運輸和物流等有關的臨時項目。所以我們將不得不拭目以待。

The next question is from the line of Craig Irwin with ROTH Capital Partners.

下一個問題來自 ROTH Capital Partners 的 Craig Irwin。

So I wanted to start off by asking a question about the pipeline. So you said $25 billion across 9,000 opportunities. Can you confirm for us that this is, with existing products, existing 1.2, 1.7 kV, I guess, 650-volt MOSFETs, not products that are on the road map that I understand. I understand the military have 10 kV MOSFETs. I know this. You've talked about 6,500-volt MOSFETs for utility equipment and some of the industrial applications that could be a really, really good fit there. But can you maybe talk about what this pipeline represents as far as existing versus anticipated products and the diversification of the portfolio over the next couple of years? Should we expect a move towards much higher voltages available commercially for adoption in customer products?

所以我想先問一個關於管道的問題。所以你說 9,000 個機會中的 250 億美元。您能否向我們確認，對於現有產品，我猜是現有的 1.2、1.7 kV、650 伏 MOSFET，而不是我理解的路線圖上的產品。我知道軍方有 10 kV MOSFET。我知道這個。您談到了用於公用設備的 6,500 伏 MOSFET 和一些可能非常非常適合那裡的工業應用。但是，您能否談談這條管道在現有產品與預期產品以及未來幾年產品組合的多樣化方面代表什麼？我們是否應該期待在客戶產品中採用更高的商用電壓？

Thanks, Craig, for the question. The pipeline has a pretty strong bent towards automotive, as we spoke earlier about. And most of those voltage ranges are the 900-volt products or 1,200-volt products, maybe a little bit higher than that. And then there's a range of different resistance requirements across those different products. So it's mostly in that kind of voltage range. We definitely have customers that are looking at grid-type applications or substantially higher voltage-type applications where we've got products and products in our road map for those type applications as well.

謝謝克雷格的問題。正如我們之前所說，該管道非常傾向於汽車。這些電壓範圍中的大多數是 900 伏產品或 1,200 伏產品，可能比這高一點。然後，這些不同的產品有一系列不同的電阻要求。所以它主要在那種電壓範圍內。我們肯定有客戶正在關注電網型應用或更高電壓型應用，我們的路線圖中也有針對這些類型應用的產品和產品。

And I think as the -- as you know, Craig, as the voltage goes up, the advantage of silicon carbide over silicon also goes up. So I would anticipate that we'd see more and more customers in those higher-voltage applications. I don't think automotive customers are going to get to 10,000 volts. But certainly, the industrial applications, grid applications and things like that, we'd certainly do that.

我認為——正如你所知道的，Craig，隨著電壓的上升，碳化矽相對於矽的優勢也會上升。因此，我預計我們會在這些高壓應用中看到越來越多的客戶。我認為汽車客戶不會達到 10,000 伏。但可以肯定的是，工業應用、網格應用和類似的東西，我們肯定會這樣做。

Understood, understood. So my second question kind of touches on your disclosure of the additional silicon carbide -- crystal growth facility that you're expecting to put in place. We have been hearing from some of your largest customers that they could take substantially more wafers if you were able to deliver them. One specifically talked about 20% to 25% as far as sort of actually able to deliver. That seems to suggest to me that there's heavy allocation going on and quite probably a favorable pricing environment for the next round of negotiations for contract extensions. Do you expect the market to stay really tight? Is this something that's accommodative for pricing on wafers for Cree over the next number of quarters?

明白了，明白了。所以我的第二個問題涉及您披露額外的碳化矽——您期望建立的晶體生長設施。我們從你們的一些最大客戶那裡聽說，如果你們能夠交付它們，他們可能會購買更多的晶圓。一個人特別談到了實際能夠交付的 20% 到 25%。在我看來，這似乎表明正在進行大量分配，並且很可能為下一輪合同延期談判提供了有利的定價環境。你認為市場會保持緊俏嗎？這對 Cree 在接下來的幾個季度中的晶圓定價是否有利？

Well, thanks, Craig, for the question. And I would say, across the board, the demand for silicon carbide is growing at a rate faster than we originally anticipated. And I think there's many different things that are driving that. I think the efficiency gains that customers get using silicon carbide is now clear. I think the customers who look at it from a system viewpoint realized that paying a little bit more for silicon carbide chips allows them to have a substantially less cost for their system. And that, I think, is a very, very strong viewpoint.

好吧，謝謝克雷格的提問。我想說，總體而言，對碳化矽的需求增長速度比我們最初預期的要快。我認為有很多不同的因素在推動這一點。我認為客戶使用碳化矽獲得的效率提升現在很明顯。我認為從系統角度看待它的客戶意識到，為碳化矽芯片多付一點錢可以讓他們的系統成本大大降低。我認為，這是一個非常非常強烈的觀點。

And then I think there's an additional element that's been happening. And that is the silicon industry has been in a bit of a disarray with supply and demand for the last, geez, 2 years, I think. And so customers are trying to figure out what to do about that. And they're trying to, as you can imagine, secure their supply chain.

然後我認為還有一個額外的因素正在發生。那就是矽行業在過去的兩年裡一直處於供需混亂狀態，天哪，我認為。因此，客戶正試圖弄清楚該怎麼做。正如你可以想像的那樣，他們正在努力保護他們的供應鏈。

So what's happening is they're taking this opportunity as they look to redesign their systems to secure the supply chain to reevaluate whether they want to stick with silicon or move to silicon carbide. And more and more of them are just saying, "Well, I can't get the silicon chips, so I'm moving to silicon carbide." So that -- all of that, Craig, is driving demand higher than we originally anticipated. And that's across wafers and it's across devices. So that's why we're pulling in the fit-out of our Mohawk Valley facility. And that's why, if you drive on campus here today, you'll see a bunch of trucks and a bunch of construction going on in what we call Building 10. So this is the building across the street from where we are right now. And we are taking office space and basketball -- previous indoor basketball courts and tracks and things like that and turning them into crystal growth and materials operations. So that expansion is going according to plan.

因此，他們正在利用這個機會重新設計他們的系統以確保供應鏈的安全，以重新評估他們是要堅持使用矽還是轉向碳化矽。越來越多的人只是說，“好吧，我買不到矽芯片，所以我要轉向碳化矽。”所以——克雷格，所有這一切都在推動需求高於我們最初的預期。這是跨晶圓和跨設備的。這就是為什麼我們要對我們的莫霍克谷工廠進行裝修。這就是為什麼，如果你今天在校園裡開車，你會看到我們稱之為 10 號樓的一堆卡車和一堆建築正在進行中。所以這就是我們現在所在街道對面的大樓。我們正在佔用辦公空間和籃球——以前的室內籃球場和跑道之類的東西，並將它們轉變為晶體生長和材料業務。因此，擴張正在按計劃進行。

Neill has said a couple of times on previous calls that we've got unfulfilled demand exceeding our supply to the tune of around $100 million. And so it's -- we're working real hard to grow the capacity as fast as we can. And then from a materials perspective, as I mentioned in the prepared remarks and in even one of the questions, we're also looking at a third site. So we have 2 buildings here on campus, and we're looking at a third building to further expand our materials operation, just simply because the demand is just outstripping the supply. And we see that happening for the foreseeable future.

尼爾在之前的電話會議上曾多次表示，我們的未滿足需求超過了我們的供應量，約為 1 億美元。所以它 - 我們正在努力工作以盡可能快地增加容量。然後從材料的角度來看，正如我在準備好的評論甚至一個問題中提到的那樣，我們也在考慮第三個站點。所以我們在校園裡有兩座建築，我們正在尋找第三座建築來進一步擴大我們的材料業務，只是因為需求剛剛超過供應。我們看到在可預見的未來會發生這種情況。

Yes. From a materials perspective, we've actually grown, I think, pretty substantially if you look both over quarters and if you look year-over-year as you go to the midpoint guide here. So we're adding capacity, growing the materials revenue, I would say, pretty handily here right now. And we're adding capacity to try and go close some of that opportunity that Gregg mentioned.

是的。從材料的角度來看，我認為，如果你看一下季度和同比看這裡的中點指南，我們實際上已經增長了很多。所以我們正在增加產能，增加材料收入，我想說，現在在這裡非常方便。我們正在增加能力，以嘗試關閉 Gregg 提到的一些機會。

The next question is from the line of Edward Snyder with Charter Equity Research.

下一個問題來自於特許股票研究的 Edward Snyder。

This is Jack Egan on for Ed. I had one and a follow-up. My first is on your outlook for modules versus discrete power devices. So I mean, a few years ago, the silicon carbide device market was pretty small, only a few hundred million dollars. And most of that was discrete Schottky diodes and MOSFETs. But now it seems like demand for modules is growing. So I'm just kind of curious on your stance there. Because in the past, you've talked about Wolfspeed focusing a bit more on the high-end, high-performance segment of the device market, which would maybe suggest a greater emphasis on modules. So how will the mix towards modules trend for both the broader silicon carbide market and then Wolfspeed in particular? And then I have a follow-up.

這是 Jack Egan 為 Ed 做的。我有一個和一個後續。我的第一個問題是您對模塊與分立功率器件的看法。所以我的意思是，幾年前，碳化矽器件市場很小，只有幾億美元。其中大部分是分立的肖特基二極管和 MOSFET。但現在似乎對模塊的需求正在增長。所以我只是有點好奇你在那裡的立場。因為在過去，您曾談到 Wolfspeed 更多地關注設備市場的高端、高性能部分，這可能意味著更加重視模塊。那麼，對於更廣泛的碳化矽市場，尤其是 Wolfspeed，模塊組合將如何發展？然後我有一個跟進。

I think -- thanks, Jack, for the question. I think it's pretty clear that both modules and device markets are going to grow pretty substantially over the foreseeable future. What percentage are we going to participate in modules versus devices? A little hard to say, but I would say both are going to grow pretty substantially.

我想——謝謝，傑克，這個問題。我認為很明顯，在可預見的未來，模塊和設備市場都將大幅增長。我們將參與模塊與設備的百分比是多少？有點難說，但我想說兩者都會大幅增長。

With the announcement that we did with -- most recently with Lucid, it's actually a module that we're supplying to them. And so that's obviously a very substantial growth opportunity for us as they ramp their own production and -- but we don't have -- we haven't taken a position that we're only going to do devices or we're only going to do modules or what have you. I think this market is expanding at an extremely rapid rate. And I think it's too early to decide to only go after one aspect of it. So we have a module business that we do with customers. We have device business we do with customers. Some of the customers are interested in doing their own modules, and we're pretty flexible in terms of working with them on that.

隨著我們與 Lucid 一起發布的公告，它實際上是我們提供給他們的一個模塊。因此，這對我們來說顯然是一個非常可觀的增長機會，因為他們提高了自己的產量，而且——但我們沒有——我們還沒有採取立場，我們只會做設備，或者我們只會去做做模塊或你有什麼。我認為這個市場正在以極快的速度擴張。而且我認為現在決定只關注其中的一個方面還為時過早。所以我們有一個與客戶合作的模塊業務。我們與客戶開展設備業務。一些客戶有興趣做他們自己的模塊，我們在與他們合作方面非常靈活。

Great. That's helpful. And then from your Analyst Day, about 90% of the customers that you gained last year were through distribution. And given how tight the supply of power semiconductors is just across the board, have you seen an uptick in customers coming directly to Wolfspeed to secure future capacity? I mean I know most automotive customers probably already come straight to Wolfspeed and don't go through Arrow or a distributor, but how should we expect the mix of direct and distribution for nonautomotive customers to change over the next year or 2?

偉大的。這很有幫助。然後從您的分析師日開始，您去年獲得的大約 90% 的客戶是通過分銷渠道獲得的。鑑於功率半導體的供應全面緊張，您是否看到直接來到 Wolfspeed 以確保未來產能的客戶有所增加？我的意思是我知道大多數汽車客戶可能已經直接來到 Wolfspeed 並且不通過 Arrow 或分銷商，但是我們應該如何期望非汽車客戶的直接和分銷組合在未來一兩年內發生變化？

I think, for the broader market, we're going to remain very focused on the partnership we have with Arrow. They have done a phenomenal job of working with supply chain-type challenges, but more importantly, designing us in and getting us designed in with the customer base. They have the world's largest footprint from a sales perspective and an application engineering perspective. They brought I think it was something like 25-ish, 30 customers up to Mohawk Valley 2 months ago, I guess it was, and brought them through the facility. And all of these customers were the broad-based customers. It wasn't -- we didn't have any car manufacturers in that kit. So I think, for the broader market, we remain very focused on expanding our partnership together with Arrow, and that has been fantastic.

我認為，對於更廣泛的市場，我們將繼續非常關注與 Arrow 的合作夥伴關係。他們在應對供應鏈類型的挑戰方面做得非常出色，但更重要的是，他們設計了我們並讓我們與客戶群一起設計。從銷售角度和應用工程角度來看，它們擁有世界上最大的足跡。我想他們在 2 個月前將 25 名左右、30 名顧客帶到了莫霍克谷，我猜是這樣，並把他們帶到了設施中。所有這些客戶都是基礎廣泛的客戶。不是——我們在那個套件中沒有任何汽車製造商。所以我認為，對於更廣泛的市場，我們仍然非常專注於擴大與 Arrow 的合作夥伴關係，這非常棒。

In terms of the big customers and the automotive customers, there certainly is a dramatic change that's happened with the car manufacturers over the last 2 years. They've been hit quite hard with the supply issues with silicon. And so what they've learned from that is they need to have direct relationships with the semiconductor players. And in an electric car, the majority of content that goes into an electric car from a semiconductor perspective is in the inverter, which is largely silicon carbide-based. And so we have and I personally have a lot of direct contact with very senior executives from many of the car manufacturers around the world, and they're very interested in our CapEx plan, our expansion plans, our manufacturing plans and so forth.

就大客戶和汽車客戶而言，過去兩年汽車製造商肯定發生了巨大變化。他們受到矽供應問題的嚴重打擊。因此，他們從中學到的是，他們需要與半導體廠商建立直接關係。在電動汽車中，從半導體的角度進入電動汽車的大部分內容都在逆變器中，該逆變器主要是基於碳化矽的。因此，我們和我個人都與來自世界各地許多汽車製造商的高級管理人員進行了很多直接接觸，他們對我們的資本支出計劃、我們的擴張計劃、我們的製造計劃等非常感興趣。

Some of them want to have direct contracts with us. That is what we announced with General Motors back in October of last year. Some just want to have relationships, but it's -- they've definitely learned from this past 2 years that having a connection with key players in the semiconductor industry, and I think especially in the compound semiconductor industry and silicon carbide, is going to be a real key thing for them going forward.

他們中的一些人希望與我們簽訂直接合同。這就是我們去年 10 月與通用汽車公司宣布的內容。有些人只是想建立關係，但他們確實從過去 2 年中了解到，與半導體行業的主要參與者建立聯繫，我認為尤其是在化合物半導體行業和碳化矽領域，將是他們前進的真正關鍵。

The next question is from the line of Pierre Ferragu with New Street Research.

下一個問題來自 New Street Research 的 Pierre Ferragu。

Can you hear me fine?

你能聽到我的聲音嗎？

Yes, we can, Pierre. Hello.

是的，我們可以，皮埃爾。你好。

Sorry. So I'd like to ask you, so now that the Mohawk Valley fab is up and running, that's the first 200-millimeter fab in the world for silicon carbide, I was wondering how you see the 200-millimeter ecosystem developing globally. So question I have in mind are around in your substrate business, in your wafer business, do you see interest from your clients into your 200-millimeter product? Do you see them asking like wafers to start working on them? And do you have a sense for when you would see other players getting into that form factor?

對不起。所以我想問你，現在莫霍克谷晶圓廠已經啟動並運行，這是世界上第一座 200 毫米碳化矽晶圓廠，我想知道你如何看待 200 毫米生態系統在全球範圍內的發展。所以我想到的問題是在您的基板業務中，在您的晶圓業務中，您是否看到您的客戶對您的 200 毫米產品感興趣？您是否看到他們要求像晶圓一樣開始對其進行處理？您是否知道何時會看到其他玩家進入這種形式？

And then in particular, if you could comment on the recent move -- the recent announcement of Soitec in France who have announced the building of a fab to produce smart SiC wafers. And I was wondering if that's like a project in which you're involved or you're involved through your clients, if you have any perspective on how it's going to affect the overall ecosystem.

然後特別是，如果您可以評論最近的舉動 - Soitec 最近在法國宣佈建造一座生產智能 SiC 晶圓的晶圓廠。我想知道這是否像您參與的項目，或者您通過您的客戶參與的項目，如果您對它將如何影響整個生態系統有任何看法。

Yes. So Pierre, thanks for the question. I'll start by saying this industry is growing at an extremely fast rate right now. And whenever you have something like that, it always attracts attention and new ideas and so forth. So answering kind of the second question first. We are always looking at different technologies and different possibilities in terms of driving the cost of silicon carbide down. We've got 35 years of experience doing that, and we feel very comfortable with the path that we're taking right now. I'm sure there's going to be a lot of different ideas that are coming in and some of them are going to pan out, some of them are not. But we're really pleased with the path we're taking right now and feel like it's going in the right direction.

是的。所以皮埃爾，謝謝你的問題。我首先要說的是，這個行業現在正以極快的速度增長。每當你有這樣的東西時，它總是會吸引註意力和新想法等等。所以先回答第二個問題。我們一直在尋找不同的技術和不同的可能性來降低碳化矽的成本。我們在這方面有 35 年的經驗，我們對我們現在所走的道路感到非常自在。我敢肯定會有很多不同的想法湧現出來，其中一些會成功，而另一些則不會。但我們對我們現在所走的道路感到非常滿意，並且覺得它正朝著正確的方向前進。

And I think, quite frankly, the best compliment that we can get on that is customers are choosing us. So it's $1.6 billion of design-ins this quarter, matching our previous record. So it seems to be coming back to us through what customers are doing in terms of awarding us business, that the path we're on is a good one.

我認為，坦率地說，我們能得到的最好的讚美就是客戶選擇了我們。因此，本季度的設計投入為 16 億美元，與我們之前的記錄相符。因此，客戶在獎勵我們業務方面所做的事情似乎又回到了我們身邊，我們所走的道路是一條好的道路。

In terms of 200-millimeter, we've got a whole lot of giddyup to do to ramp our own factory. So there's a lot of work going on inside of that. This is the world's first 200-millimeter wafer fab, and we're building the entire ecosystem as we -- right now to be able to support that. In terms of interest from our long-term supply agreement customers, I think across the industry there would be -- there's a lot of interest, certainly, to do that. But right now, we're just focused on trying to drive the cost down of the 200-millimeter substrates and get that ecosystem fine. And after we're done with that, we'll kind of know what the best path forward is.

就 200 毫米而言，我們有很多令人眼花繚亂的事情要做，以提升我們自己的工廠。所以里面有很多工作要做。這是世界上第一個 200 毫米晶圓廠，我們正在建設整個生態系統——現在能夠支持它。就我們的長期供應協議客戶的興趣而言，我認為整個行業都會有——當然，這樣做有很多興趣。但現在，我們只專注於努力降低 200 毫米基板的成本並讓生態系統變得更好。在我們完成這些之後，我們就會知道最好的前進道路是什麼。

The next question is from the line of Ambrish Srivastava.

下一個問題來自 Ambrish Srivastava。

Neill and Gregg, I just wanted to make sure I got the commentary around the CapEx right. I thought, Neill, you said that fiscal '23 CapEx will be higher than fiscal '22.

尼爾和格雷格，我只是想確保我對資本支出的評論是正確的。我想，尼爾，你說 23 財年的資本支出將高於 22 財年。

2023 will be going to be at or above what we spend in fiscal '22, and that's a change and that's to address some of the higher demand that we're seeing.

2023 年將等於或高於我們在 22 財年的支出，這是一個變化，這是為了解決我們所看到的一些更高的需求。

Right. So that is not inclusive of any additional investments that you would need to make for the second wafer fab?

對。那麼這還不包括您需要為第二個晶圓廠進行的任何額外投資？

That's correct.

這是正確的。

Okay, okay. And then, Gregg, if you think about the second wafer fab, is the size, capacity -- and I get the timing that you're not ready to reveal all the details, but how should investors think about the outlay for that in terms of whether the CapEx would be similar in size to what you have undertaken or are spending for the Mohawk Valley?

好吧好吧。然後，格雷格，如果你考慮第二個晶圓廠，是規模、產能——我知道你還沒有準備好透露所有細節的時機，但投資者應該如何考慮這方面的支出資本支出的規模是否與您為莫霍克山谷所做或正在花費的規模相似？

The -- so we'll be able to give you a lot more color on that, I think, before the end of this calendar year. We're in pretty deep discussions in terms of where and when and how and so forth. But what I would tell you is this, I would anticipate that the second -- the fab that we just put in place, the Mohawk Valley fab, is the world's largest silicon carbide fab. When we build the next fab, Mohawk Valley will be the world's second largest wafer fab. So the wafer fab that we would be building would be bigger than what we have for -- in Mohawk Valley, and that's just based on the demand we see coming online.

- 所以我們可以在這個日曆年結束之前給你更多的顏色。我們正在就地點、時間和方式等進行非常深入的討論。但我要告訴你的是，我預計第二個工廠——我們剛剛建成的莫霍克谷工廠，是世界上最大的碳化矽工廠。當我們建造下一個晶圓廠時，莫霍克谷將成為世界第二大晶圓廠。因此，我們將在莫霍克谷建造的晶圓廠將比我們現有的更大，這只是基於我們看到的在線需求。

Great. And I'm just going back to something that we have seen occur in the semi industry with the investments 10-plus years ago when ASML was able to get all the investments from the small group of companies. Are you having any discussions with your customers? Because that's a pretty large risk that Wolfspeed is taking. Are you having any conversations with customers, big customers who are willing to step up and underwrite part of that investment?

偉大的。我只是回到 10 多年前我們在半導體行業看到的一些事情，當時 ASML 能夠從少數公司獲得所有投資。您是否正在與您的客戶進行任何討論？因為這是 Wolfspeed 所承擔的相當大的風險。您是否與願意加強並承擔部分投資的客戶、大客戶進行任何對話？

Yes. And in fact, we offer customers an assurance of supply program, the Wolfspeed Assurance of Supply Program. That does include -- and same thing with our long-term agreements. That generally includes an upfront deposit that is kind of proportional to the amount of commitment that we're willing to -- that they would like us to do from a capacity perspective. So there is some of that baked into that. And I think that's a big part of it.

是的。事實上，我們為客戶提供供應保證計劃，即 Wolfspeed 供應保證計劃。這確實包括 - 我們的長期協議也是如此。這通常包括一筆與我們願意承諾的承諾量成比例的預付款——從能力的角度來看，他們希望我們這樣做。因此，其中包含一些內容。我認為這是其中很大一部分。

I think there's also something that's going to be -- that's widely acknowledged right now is that the governments around the world are very interested in semiconductor fabs in their regions of the world. The U.S. has the CHIPS Act. European has the European Chips Act. There's different countries around the world that are also enticing folks. So I think I would anticipate that there would also be some pretty substantial government support for this next fab that we would be putting in place.

我認為還有一些事情會發生——現在人們普遍承認的是，世界各國政府對他們所在地區的半導體工廠非常感興趣。美國有 CHIPS 法案。歐洲有歐洲芯片法。世界上不同的國家也很有吸引力。因此，我認為我預計政府也會對我們將實施的下一個晶圓廠提供相當大的支持。

And recall the fab in New York came with $500 million worth of support from the state of New York, who have been absolutely terrific to deal with, by the way. You would think about the fact that we built this fab, we started building the fab 2 years ago, and we took it from a field of mud to a clean-room environment running wafers in 2 years during a pandemic. Couldn't have been done without the very strong support of the State of New York and the various different agencies that were helping us out there. They did a terrific job. But I think government support is also going to be a piece of this equation, if you will. And I think it's going to be -- I think that's going to be a very strong part of it.

回想一下，紐約的晶圓廠得到了紐約州價值 5 億美元的支持，順便說一句，紐約州的處理真是太棒了。你會想到我們建造了這個晶圓廠的事實，我們在 2 年前開始建造晶圓廠，在大流行期間，我們在 2 年內將它從泥地帶到了運行晶圓的潔淨室環境。如果沒有紐約州和幫助我們的各種不同機構的大力支持，就不可能完成。他們做得很棒。但我認為政府支持也將成為這個等式的一部分，如果你願意的話。而且我認為這將是-我認為這將是其中非常重要的一部分。

That's all the time we have for questions today. I would like to pass the call back over to Gregg Lowe for concluding remarks.

這就是我們今天的所有提問時間。我想把電話轉回給 Gregg Lowe 做總結髮言。

Well, thanks, everybody, for taking the time to visit with us today, and we look forward to chatting with you next quarter. Thank you.

好吧，謝謝大家今天抽出時間來拜訪我們，我們期待下個季度與您聊天。謝謝你。

That concludes today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。您現在可以斷開線路。