OnSemi 2023 Q1 Earnings Call
发布时间 2023-05-03 07:05:07 来源
中英文字稿 
Good day and thank you for standing by. Welcome to the on-7 first quarter 2023 earnings conference call. At this time, all participants are on a listen only mode. After the speakers presentation, there'll be a question and answer session. To ask a question during the session, need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised to these countries being recorded. I would not like to hand the conference over to your speaker today, Parag Agarwal. Please go ahead.
大家好，感谢您的参加。欢迎来到On-7公司2023年第一季度收益电话会议。目前，所有参与者都处于听取模式。演讲结束后，将进行问答环节。如要在会议期间提问，请按下电话上的星号1-1。您将听到自动消息，提示您已举手。如需撤回提问，请再次按下星号1-1。请注意，此电话会议正在录音。现在我要将会议的主持人权交给您的演讲者Parag Agarwal。请开始您的发言。
Thank you, Kevin. Good morning and thank you for joining on-slammy first quarter 2023 Quarterly Results Conference Call. I am joined today by Hasan and Karik, our president and CEO and FATTRAINC, our CFO. This call is being broadcast on the investor relations section of our website at www.hounslammy.com. A reply of this webcast along with our 2023 first quarter earnings release will be available on our website approximately one hour following this conference call and the recorded webcast will be available for approximately 30 days following this conference call. Additional information is posted on the investor relations section of our website.
谢谢你，Kevin。早上好，非常感谢你参加 Hounslammy 2023 年第一季度季度业绩电话会议。今天我和我们的总裁兼首席执行官 Hasan 及我们的首席财务官 FATTRAINC 的 Karik 一起参加。本次电话会议正在我们网站的投资者关系部分进行广播，网址为 www.hounslammy.com。本次电话会议的网络直播以及我们的 2023 年第一季度财务报告将在电话会议后一小时左右在我们网站上提供，网络直播的录像将在本次电话会议后的大约 30 天内提供。更多的信息可在我们网站的投资者关系部分查看。
Our unequalis and this presentation includes certain non-care financial measures. The conflation of these non-care financial measures to the most directly comparable gap measures and the gap financial measures are included in our unequalis which is posted separately on our website in the investor relations section. During the course of this conference call, we will make projection or other forward-looking statements regarding future events or the future financial performance of the company.
我们的财务指标不完全一致，并且本次演示包括某些非常规财务指标。这些非常规指标对应着最为直接可比的基本指标和财务指标，并已包含在我们的财务指标报告中，该报告在我们网站的投资者关系板块中单独发布。在本次电话会议中，我们将就未来事件或公司未来财务表现进行预测或其他前瞻性陈述。
We wish to caution that such statements are subject to risk and uncertainties that could cause actual results or even to differ materially from projections. Important factors that can affect our business, including factors that could cause actual results to differ from our forward-looking statement, are described in our most system from 10Qs, from 10Qs, other filing with securities and exchange commission and in our earnings release for the first quarter of 2023. Our estimates are that our looking statements may change and the company assumes no obligation to update our looking statements to reflect actual results, change assumptions or other events that may occur except as required by law. Now, let me turn it over to Hassan.
我们要警告，这样的陈述可能存在风险和不确定性，这可能导致实际结果与预测相差甚远。可能会影响我们业务的重要因素，包括可能导致实际结果与我们的前瞻性声明不符的因素，在我们的最新10Q，其他提交证券交易委员会的文件和我们2023年第一季度的收益发布中有所描述。我们估计我们的前瞻性声明可能会发生变化，除法律要求外，公司不承担更新前瞻性声明以反映实际结果，变更假设或其他可能发生的事件的义务。现在，让我把话题交给哈桑。
Hassan? Thank you, Perog. Good morning and thank you all for joining us today. As you continue our transformation, I'm pleased to report another quarter where we've exceeded expectations with revenue of $1.96 billion and non-GAP gross margin of 46.8%, both above the midpoint of our guidance. The current market environment did not deter us from our goals. We have teams around the world who are committed to operational excellence and I am proud of the results they have achieved in this first quarter.
大家早上好，感谢你们今天的参与。在我们继续转型的过程中，我很高兴地报告本季度我们的收入为19.6亿美元，非通用会计原则下的毛利率为46.8%，均超出我们的指引中点。当前的市场环境并没有阻挡我们的目标。我们在全球范围内拥有致力于卓越运营的团队，我为他们在这个第一季度所取得的成果感到自豪。
Over the last two years, we centered our transformation around the structural changes that would enable us to better navigate the uncertainty in the semiconductor industry. We streamlined our product portfolio, reduced price to value discrepancies, doubled down on silicon carbide and improved the overall operations of the company. We have incredible talent in the company and we have all have been all hands on deck to solve some of the world's toughest engineering problems to accelerate the ramp of this next generation technology.
在过去两年中，我们的转型围绕变革会使我们能够更好地应对半导体行业的不确定性的结构性变化展开。我们简化了产品组合，减少了价格和价值的差异，加倍地投资了碳化硅，并改善了公司的整体运营。我们拥有令人难以置信的人才，并且我们都努力解决一些世界上最难的工程问题，以加速下一代技术的推广。
Thanks to our team's relentless efforts, we are seeing greater than anticipated silicon carbide results ahead of our internal plan for manufacturing output at every stage of the process from bulls to die to modules. In Q1 alone, these results allowed us to ship nearly double our Q4 revenue in more than half of our 2022 full year revenue. We are on track to grow our revenue to $1 billion in 2023 and that is approximately 5 acts of revenue of 2022, setting ourselves up for leadership in the silicon carbide market with the majority of the substrate sourced internally.
由于我们团队的不懈努力，我们在硅碳化物的每个生产阶段——从晶圆到模块——都获得了超出内部计划的结果。仅在第一季度，这些结果使我们在2022年全年营收的一半以上中，几乎将我们Q4的收入翻了一倍。我们计划在2023年将收入增长到10亿美元，这相当于2022年的五倍收入，使我们在硅碳化物市场上处于领导地位，多数基板都内部采购。
Demand for electric vehicles, ADAS and energy infrastructure remain healthy and made of broad-based macroeconomic slowdown. While our automotive revenue increased 38% year over year, it was flat quarter over quarter. We are still supply constrained across several automotive technologies while in some other technologies we are cautiously monitoring inventory digestion. In Q2, we expect to see quarter over quarter growth in our automotive revenue. In Q1, we shifted our mix to energy infrastructure where there is high demand and high growth.
对电动汽车、高级驾驶辅助系统（ADAS）和能源基础设施的需求仍然保持健康，并且具有宏观经济放缓的广泛基础。虽然我们的汽车收入同比增长了38％，但季度同比持平。在一些领域，我们仍然存在供应限制，而在其他技术领域，我们正在谨慎地监测库存消化。在第二季度，我们预计我们的汽车收入将季度同比增长。在第一季度，我们将业务重点转向了需求和增长率很高的能源基础设施。
Our industrial revenue in turn increased 1% sequentially instead of the decline we had anticipated. Driven by the need for our alternative energy sources and accelerated by global geopolitical issues, installation of energy storage systems is increasing along with our content that includes silicon carbide and silicon power solutions. Pricing across our business is stable and we don't anticipate any changes in the pricing environment. A significant part of our business is secured by long-term supply agreements and pricing in these agreements is fixed for multiple years. Also, as part of our business transformation, we have walked away from price sensitive businesses in non-strategic areas to drive predictable financial results.
我们的工业收入逆势增长了1%，而不是我们预期的下降。由于我们替代能源的需求和全球地缘政治问题的加速，能量存储系统的安装正在增加，同时我们的业务内容包括碳化硅和硅电源解决方案。我们的业务定价保持稳定，我们不预计价格环境会有任何变化。我们的业务的一个重要部分由长期供应协议保障，这些协议的价格被固定了多年。此外，作为我们业务转型的一部分，我们已经放弃了对价格敏感的非战略区域的业务，以推动可预测的财务业绩。
In Q1, automotive and industrial accounted for 79% of our total revenue as compared to 65% in the quarter year ago. When we started our transformation, we targeted 75% of our business to be automotive and industrial by 2025 and we have achieved our desired end result two years earlier. We also improved our demand visibility across all markets with commitments from our customers, new and existing in the form of LTSAs. These LTSAs also helped reduce our exposure to the volatility in the consumer and computing markets. Volkswagen, as an example, signed a three-year agreement for more than 100 current production devices, giving them the required supply chain sustainability with a major semiconductor partner. Our committed revenue through LTSAs increased again in Q1 by $1 billion.
在第一季度，汽车和工业领域占我们总收入的79%，而一年前的同期为65%。当我们开始转型时，我们计划到2025年75%的业务来自汽车和工业领域，而我们比预期提前两年实现了目标。我们还通过客户的承诺和LTSAs（长期供应协议）在所有市场改善了需求可见度。这些LTSAs还帮助降低了我们在消费和计算市场上的波动风险。例如，大众签署了一项为期三年、涵盖100多种现有生产设备的协议，以便与主要半导体合作伙伴建立所需的供应链可持续性。我们通过LTSAs承诺的收入在第一季度增加了10亿美元。
We are supporting our customers today while working closely with them on next-generation designs for their intelligence power and sensing needs. In addition to the LTSA we announced last quarter, we were recently honored with the 2022 supplier of the year award from Hyundai Motor Group, which recognized on semi as a trusted provider for key technology in its ecosystem, offering supply chain resilience and manufacturing sustainability. Customers also recognize us as a strategic partner that provides high value through the entire design cycle, which gives them a competitive edge over their peers. In March, we launched our new Elite Power Simulation Tool to bring complex power electronics applications to market faster through system-level simulations, saving design engineers from expensive, time-consuming hardware fabrication and testing in the early stages of development. This tool will also allow us to get a broader customer reach through our distribution network with a low touch model to design in our products.
我们今天正在支持客户，与他们密切合作为他们的智能功率和感应需求设计下一代产品。除了上季度宣布的LTSA外，我们最近还荣获了来自现代汽车集团的2022年度供应商奖，这认可了我们半导体作为其生态系统关键技术的可信供应商，提供供应链韧性和制造可持续性。客户也认可我们作为战略伙伴的高价值，通过整个设计周期为他们提供竞争优势。在三月份，我们推出了新的Elite Power Simulation Tool，通过系统级模拟将复杂的功率电子应用程序更快地推向市场，为设计工程师节省了早期开发阶段昂贵、耗时的硬件制造和测试。此工具还将使我们通过低触点模型，在我们的产品设计中拥有更广泛的客户覆盖率。
Global automotive OEMs are choosing to partner with OnSemi for the superior performance of our end-to-end silicon carbide solutions. Just last week we announced an LTSA with Zikr, a leading all-EV manufacturer in China who has selected OnSemi's third generation 1200 volt Elite Sik MOSFET to increase the electric power train efficiency and extend the range of its expanding portfolio of high performance electric vehicles. These Elite Sik power devices deliver improved power and thermal efficiency, which reduce the size and weight of the traction in the voters to deliver improved performance, resulting in extended driving range and faster charging speeds. BMW Group has also selected OnSemi's Elite Sik to support range extension for their next generation elective vehicles. They secured an LTSA with us to equip their future electric drive trains with our silicon carbide technology to increase efficiency and system level performance.
全球汽车原始设备制造商选择与OnSemi合作，以获得我们全面的碳化硅解决方案的卓越性能。就在上周，我们宣布与中国领先的全电动汽车制造商Zikr签署了长期供应协议，他们选择了OnSemi的第三代1200伏Elite Sik MOSFET，以提高电动汽车动力总成效率并扩大高性能电动汽车产品组合的行驶里程。这些Elite Sik电源器件提供了改进的功耗和热效率，从而减小了磨擦扭矩器的尺寸和重量，提供了改进的性能，包括延长行驶里程和更快的充电速度。BMW集团也选择了OnSemi的Elite Sik来支持下一代电动汽车的里程延长。他们与我们签署了长期供应协议，用我们的碳化硅技术为未来的电动动力总成提供高效性能。
We also continue to invest in silicon power and as Auto OEMs move to a zonal architecture, we deliver intelligent power solutions that meet all voltage range requirements from 12 volts to 48 volts and beyond. Through these strategic partnerships, we are enabling our customer sustainability efforts while also working on our own. We committed to the Science-Based Targets Initiative and pledged to set near-term science-based emission reduction targets in line with SBTI criteria and our decarbonization journey to achieve net zero emissions by 2040.
我们也在继续投资硅电源技术。随着汽车原厂商转向分区结构，我们提供智能电源解决方案，能够满足从12伏特到48伏特及以上的所有电压范围需求。通过这些战略合作伙伴关系，我们不仅支持客户可持续发展工作，同时也关注自身的可持续发展。我们承诺支持科学基准目标计划，承诺按照 SBTI 标准设立近期可行的减排目标，以达到2040年零排放的去碳化目标。
Our Q1 revenue for intelligent sensing increased 26 percent year over year. We introduced our new HyperLux family of image sensors to support the transition to 8 megapixel devices, where ASPs can be up to 2.5 times that of 1 or 2 megapixel image sensors. Our traction for image sensors in automotive has proliferated into industrial automation and smart retail applications. Our newest 8 megapixel image sensor achieved stunning or K video quality with optimized near infrared response, necessary for industrial applications with harsh lighting conditions such as security and surveillance, body cameras, doorbell cameras and robotics.
我们智能感应业务在第一季度实现了26%的年度收入增长。我们推出了全新的HyperLux系列图像传感器，以支持向8百万像素设备的转变，其中ASP可高达1或2百万像素图像传感器的2.5倍。我们的图像传感器在汽车领域的应用已经扩展到了工业自动化和智能零售应用。我们最新的8百万像素图像传感器通过优化近红外响应实现了惊人的4K视频质量。这对于在恶劣的照明条件下进行工业应用的安全监控、身体摄像头、门铃摄像头和机器人等项目来说是必要的。
The shift out of lower-value commodity applications coupled with capacity expansion in differentiated products and packages reduced the supply to demand gap and is driving margin expansion and revenue growth in our focus markets. Automotive and industrial now account for more than 95 percent of our intelligent sensing business. Beyond image sensing, our intelligent sensing penetration is expanding with other sensing solutions in our portfolio.
我们的焦点市场中，从低价值的大宗商品应用转移出去，再加上差异化产品和包装的产能扩张，缩小了供需差距，推动了利润扩张和收入增长。汽车和工业现在占据我们智能感知业务的95%以上。除了图像感知以外，我们的智能感知渗透率正通过我们的其他产品组合中的其他感知解决方案而得到扩大。
We shift our 1 billionth inductive position sensor IC to HELLA, one of the largest automotive supplier who uses our technology and their drive-by-wire systems such as accelerator pedal sensing, steering and torque sensors as well as actuators for pressure boost and turbos. We also lead the market in automotive ultrasonic sensors with more than 20 sensors in one of the latest EV models from elating European OEMs. In Q1, our intelligent power and intelligent sensing revenue accounted for 69 percent of our total revenue as compared to 64 percent in the quarter a year ago.
我们将我们的第十亿个感应式位置传感器集成电路(IC)移交给HELLA，这是最大的汽车供应商之一，他们使用我们的技术，他们的驱动控制系统涵盖了油门踏板传感器、方向盘和扭力传感器，以及压力升压和涡轮机构。我们在汽车超声波传感器市场也占据领先地位，在最新款的欧洲原厂商的电动汽车中，我们的传感器数量超过了20个。在第一季度，我们的智能功率和智能传感收入占据了我们总收入的69%，相比一年前的第一季度增长了5个百分点。
As we get ready for the next chapters and with our journey, we are applying what we know, operational excellence in controlling what we can and executing to our commitments. We have positioned ourselves to lead in our focus markets with superior technology to offer our customers and we have the agility to pivot and adapt to change as required by the business and market environment. And more importantly, we have the team to execute.
当我们准备迎接下一章并继续旅程时，我们正在应用我们所知道的东西，即优化操作，控制我们所能控制并按照我们的承诺执行。我们已经将自己定位为聚焦市场的领导者，拥有卓越的技术为客户提供服务，而且我们具备灵活性，可以在业务和市场环境需要的情况下调整和适应。更重要的是，我们拥有执行的团队。
Now I will turn to call over to Seth to provide additional details on our financial and guidance. That.
现在我将转交给Seth，他将提供关于我们的财务和指导的额外细节。这样做是为了让大家更加易于理解。
Thanks, Eson. As Eson highlighted, we exceeded expectations in the first quarter, which is a testament to our employees around the globe for a committed to operational excellence. Our ability to focus, invest and execute has provided benefits across all areas of the business and allowed us to maintain our financial targets while navigating the market uncertainty. We continue to identify and extract operational efficiencies in our business groups and corporate functions while identifying cross margin expansion opportunities.
谢谢，埃森。正如埃森所强调的那样，我们在第一季度超出了预期，这是全球雇员致力于操作卓越的证明。我们能够专注、投资和执行，从而在业务的各个领域获得利益，并在市场不确定性中保持财务目标。我们在业务群和公司职能中持续识别和提取操作效率，同时找到跨边际扩展机会。
I'll start by diving into our results for the first quarter. Total revenue was $1.96 billion above the midpoint of our guidance driven by strength in Silicon Carbide and energy infrastructure. In Q1, our Silicon Carbide manufacturing output was ahead of our internal plans and we nearly doubled our Q4 revenue, increasing our confidence in our past to the billion dollar year.
我将从深入探讨我们第一季度的成果开始。总收入为19.6亿美元，超出了我们指引的中点，由于硅碳化物和能源基建的强劲表现。在第一季度，我们的硅碳化物制造产量超出了我们的内部计划，我们的Q4收入几乎翻了一番，增强了我们对达到十亿美元年收入目标的信心。
Our automotive business now accounts for 50 percent of solar revenue and at $986 million in Q1, it was flat sequentially offset by a recovery in industrial revenue. Industrial revenue grew by 1 percent quarter to quarter, surpassing our original projection. We anticipate another stellar year for our energy infrastructure business with projected 50 percent growth over 2022 at a creative gross margin.
我们的汽车业务目前占太阳能收入的50％，在Q1达到9.86亿美元，与制造业收入的复苏相抵。制造业收入季度环比增长1％，超出了我们最初的预测。我们预计我们的能源基础设施业务将在2022年实现50％的增长，并创造出色的毛利率。
Revenue for the Power Solutions Group or PSG was $1 billion in increase of 3 percent year over year and we saw sequential gross margin expansion as our Silicon Carbide ramp exceeded expectations on both revenue and margins. Revenue for the Advanced Solutions Group or ASG was $593 million, a decrease of 14 percent year over year and revenue for the Intelligent Sensing Group or ISG was up an impressive 32 percent year over year at a record of $354 million.
电源解决方案团队（PSG）的收入为10亿美元，同比增长3％，同时我们看到了序列性毛利率扩张，因为我们的硅碳化物产品产能超出了预期，实现了收入和利润的增长。高级解决方案组（ASG）的收入为5.93亿美元，同比下降14％，而智能感知组（ISG）的收入则取得了令人瞩目的32％同比增长，达到了创纪录的3.54亿美元。
ISG's impressive turnaround continues as Q1 was also their 11th quarter of gross margin expansion with record gross margin exceeding 50 percent. As a corporation, our consolidated gross margin held up nicely. Gap and non-gap gross margin for the first quarter was 46.8 percent above the midpoint of our guidance driven by higher than anticipated industrial revenue and improved manufacturing performance for Silicon Carbide output.
ISG惊人的转型仍在继续，Q1也是他们第11个季度实现毛利率的扩张，创纪录的毛利率超过50%。作为一家企业，我们的合并毛利率表现良好。第一季度的毛利率和非毛利率超出了我们指导的中点46.8%，这是由于工业收入超出预期和硅碳化物产量的制造业绩得到改善所致。
We also exited an additional $47 million revenue in the quarter at an average gross margin in the mid 40 percent range bringing the total revenue to date to $341 million of non-core business exit.
在这个季度，我们退出了额外的4700万美元收入，平均毛利润率在40%左右，将非核心业务退出的总收入迄今达到了3.41亿美元。
Our non-gap gross margin declined by 160 basis points quarter of a quarter as expected with the ramp up of Silicon Carbide and EFK headwinds and lower factor utilization of 71 percent as we continue to slow wafer starts.
我们的非间隙毛利率按季下降了160个基点，如预期所述，这是由于硅碳化物和EFK困境的攀升以及使用率仅为71％的因素利用率降低所致，这是由于我们继续减缓晶圆启动速度引起的。
Q1 was our first quarter of operation since acquiring our 300 millimeter fab and EFK. The current operating cost is much higher than we anticipated so the dilutive impact is greater than we previously expected. However, based on our current outlook, we are confident we can re-align the cost structure of the fab and drive efficiencies to recover by early 2024. As demonstrated in Q1, we expect to maintain our gross margin trajectory for 2023. Our financial strategy remains unchanged as does our capital allocation strategy.
Q1是我们自收购300毫米晶圆厂和EFK业务以来的第一个季度。目前的运营成本远高于我们预期，因此稀释效应的影响大于我们先前预期的。然而，基于我们目前的前景，我们有信心可以重新调整晶圆厂的成本结构，并提高效率，在2024年初前恢复势头。正如在Q1中展示的那样，我们预计将保持2023年的毛利润增长轨迹。我们的财务战略和资本配置战略仍然不变。
In Q1, we return more than 100 percent of our free cash load to our shareholders with share repurchases of $104 million. This was the first repurchase from our new authorization which allows us to repurchase up to $3 billion through 2025. Additionally, we issued $1.5 billion in convertible notes in Q1 with the proceeds used to repay our term loans. This was essentially leverage neutral and highly accretive as we swapped out a portion of our variable rate debt approaching 7 percent with a fixed rate convert with a coupon of 50 basis points. We also entered a call spread transaction increasing the effective strike price to $156.78 per share providing significant dilution protection.
在第一季度中，我们通过回购股票104亿美元，将超过100％的自由现金返还给股东。这是我们新授权的首次回购，允许我们在2025年之前回购高达30亿美元。另外，我们在第一季度发行了15亿美元的可转债，所得款项用于偿还我们的贷款。这基本上保持了杠杆水平，并且高度增值，因为我们用50个基点的票面利率的固定利率相互替换了一部分接近7％的可变利率债券。我们还进行了购买看涨期权价格沟通交易，将有效行权价提高到每股156.78美元，提供了重要的稀释保护。
Now, let me give you some additional numbers for your models. Gap operating expenses for the first quarter are $352.6 million as compared to $314.1 million in the first quarter of 2022. Gap operating expenses were $286 million as compared to $302.8 million in the quarter of a year ago. Non-gap operating expenses were below our guidance as we managed discretionary spending across the company given the uncertain macro environment. We also initiated structural changes to ASG to improve operational efficiency by reallocating resources to high growth R&D initiatives while improving our product development and time to market on industry leading proprietary products.
现在，让我给您的模型提供一些额外的数字。第一季度Gap的运营支出为3.526亿美元，而2022年第一季度为3.141亿美元。与去年同期相比，Gap的运营支出为2.86亿美元，而当季为3.028亿美元。由于宏观环境不确定，非Gap的运营支出低于我们的预期，我们通过管理公司范围内的自主支出来实现这一点。我们还启动了针对ASG的结构性变革，通过将资源重新分配到高增长的研发计划中，同时改进我们的产品开发和市场推广，提高我们行业领先的专有产品的研发效率。
Gap operating margin for the fourth quarter was 28.8 percent and non-gap operating margin was 32.2 percent a decrease of 190 basis points quarter over quarter. Our non-gap tax rate was 16.3 percent. Gap earnings per diluted share for the first quarter was $1.3 as compared to a buck 18 in the quarter of a year ago. Non-gap earnings per share was $1.19 above the high end of our guidance. Our Gap diluted share count was $448.5 million shares and our non-gap diluted share count was $439.1 million shares.
Gap在第四季度的运营利润率为28.8％，非GAAP运营利润率为32.2％，环比下降了190个基点。我们的非GAAP税率为16.3％。与一年前的季度相比，Gap每股摊薄收益为1.3美元，而一年前的季度为1.18美元。非GAAP每股收益为1.19美元，高于我们的指导高端。我们的Gap摊薄股份为4.485亿股，非GAAP摊薄股份为4.391亿股。
Turning to the balance sheet, cash and cash equivalence was $2.7 billion and we had 1.6 billion under on on our revolver. Gap from operations was $408.9 million and free cash low was $87.4 million or $4.4 percent of revenue. Free cash low was negatively impacted by timing of annual bonuses and cap-X payment. Capital expenditures during Q1 with $321.5 million which equates to a capital intensity of 16.4 percent for the quarter. As we indicated previously, we were directing a significant portion of our capital expenditures toward Silicon Carbide and enabling our 300-millimeter capabilities at East Biscuits Bab and expect our capital intensity to be in the mid to high-teen percentage range for the next several quarters.
转向资产负债表，现金及现金等价物为27亿美元，我们在可循环授信额度下有16亿美元。来自运营的净现金流量为4.089亿美元，自由现金流为8740万美元，占营业收入的4.4%。自由现金流受到年度奖金和资本支出付款时间的影响。Q1的资本支出为3.215亿美元，占季度资本密集度的16.4%。正如我们之前提到的，我们将大部分资本支出用于硅碳化物和东部饼干厂的300毫米能力的改造，预计未来几个季度资本密集度将在中到高青少年百分比范围内。
Accounts receivables of $880.9 million increased by $38.6 million and DSO of 41 days increased by 4 days. Inventory increased by $198.1 million sequentially and days of inventory increased by 23 days to 159 days. This includes approximately 43 days of bridge inventory to support fab transitions in the impending Silicon Carbide ramp. We continue to proactively manage distribution inventory decreasing inventory in the channel by $79 million sequentially and at historically low levels with weeks of inventory at 7 weeks compared to 7.3 weeks in Q4.
应收账款为8.809亿美元，比上个季度增加了3860万美元，应收账款周转天数为41天，增加了4天。库存顺序增加了1.981亿美元，库存周转天数增加了23天，达到了159天。其中，约有43天的过渡期库存支持着即将到来的碳化硅增长。我们继续积极管理分销库存，顺序减少了7900万美元，目前保持历史较低水平，库存周转周数为7周，较第4季度的7.3周略有下降。
Total debt was $3.5 billion and net leverage is $0.25. In Q1, we accrued $41 million in our balance sheet under property plant and equipment related to the 25 percent investment tax credit for investments in our U.S. factories. These will eventually flow through our income statement as lower depreciation and will receive the associated cash benefit in the future.
总债务为35亿美元，净杠杆率为0.25。在第一季度，我们在资产负债表下计提了4100万美元，涉及对我们在美国工厂投资所获得的25％投资税收抵免的固定资产类别。这些最终将通过我们的损益表流出，作为较低的折旧费用，并将在未来获得相关的现金收益。
Let me now provide you key elements of our non-gap guidance for the second quarter. The table detailing our gap and non-gap guidance is provided in the press release related to our first quarter results. Our business continues to strengthen with total committed revenue under LTSA's $17.6 billion and increase of $1 billion quarter of a quarter. We expect to recognize approximately $5.8 billion of committed revenue from our LTSA's in the next 12 months in addition to our non-cancelled non-returnable orders.
让我现在为您提供我们第二季度非基本盈利指引的关键要素。详细说明我们基本盈利和非基本盈利指引的表格已在我们第一季度业绩的新闻发布中提供。我们的业务继续加强，长期服务协议下的总承诺收入已达176亿美元，较上季度增加10亿美元。我们预计在未来12个月内将认定大约58亿美元的长期服务协议承诺收入，除此之外还有尚未取消和不可退回的订单。
Given the macro uncertainty, we are taking a cautious stance in our guidance. We anticipate Q2 revenue will be in the range of $1.975 billion to $2.07 billion. We expect automotive and industrial to increase quarter of a quarter with other markets flat to down as we plan further access in our non-strategic end markets.
考虑到宏观经济不确定性，我们在提供指导意见时采取了谨慎态度。我们预计第二季度的收入将在 19.75 亿美元到 20.7 亿美元之间。我们预计汽车和工业市场将在季度内增长，而其他市场将保持不变或下降，因为我们计划进一步进入非战略终端市场。
We expect non-gap gross margin to be between 45.5 percent and 47.5 percent due to lower factory utilization, EFK headwinds, and the dilutive impact of rampant silicon carbide which remains ahead of plan. This also includes share-based compensation of $4.5 million.
由于工厂利用率降低、EFK面对的困难以及铁碳化物的扩大，我们预计非缺口毛利率将在45.5% 到47.5%之间。此外，这也包括了450万美元的股份补偿。
As we previously stated, 2023 will be a transition year for our gross margins and we expect to maintain our trajectory as we manage these temporary headwinds. We expect non-gap operating expenses of $297 million to $312 million including share-based compensation of $28.8 million.
正如我们先前所述，2023年将是我们毛利润的过渡年，我们期望在管理这些暂时的逆风时保持我们的轨迹。我们预计非通用会计原则下的运营费用为2.97亿美元至3.12亿美元，其中包括2,880万美元的股票补偿。
We anticipate our non-gap OIE will be $3 to $5 million. We expect our non-gap tax rate to be in the range of 15.5 percent to 16.5 percent and our non-gap diluted share count to the second quarter is expected to be approximately $440 million shares. This results in non-gap earnings per share to be in the range of $1.14 to $1.28.
我们预计我们的非通用会计准则(OIE)将达到3至5百万美元。我们预计我们的非通用税率将在15.5%至16.5%之间，并且我们预计第二季度的非通用摊薄股份数约为4.4亿股。这将导致非通用每股收益在1.14美元至1.28美元的范围内。
We expect capital expenditures of $420 to $460 million, primarily in brownfield investments in silicon carbide and EFK which are more efficient use of capital than the greenfield alternative of building a fab from the ground up.
我们预计资本支出为4.2亿至4.6亿美元，主要用于硅碳化物和EFK等现有工厂的投资，这比从头开始建设工厂的绿地项目更有效利用资本。
We are very proud of our financial results through this transformation and will continue to deliver value for our shareholders. We are equally pleased with our cultural transformation. OnSIMI is a very different company today. We challenge the status quo and we hold ourselves accountable to our commitments.
我们对于通过这次转型取得的财务业绩感到非常自豪，并将继续为股东创造价值。我们同样很满意我们的文化转变。OnSIMI今天是一家完全不同的公司。我们挑战现状，对自己的承诺负责。
As many of you know, we will be holding an analyst day in New York on May 16th and we look forward to sharing our future plans to accelerate value for our shareholders. We hope to see you there.
正如你们中的许多人所知，我们将于5月16日在纽约举行分析师聚会，期待与大家分享我们未来加速增值计划。我们希望能在那里见到你们。
With that, I'd like to turn the call back over to Kevin to open the line for questions. Thank you, ladies and gentlemen.
因此，我想把电话交回给凯文开放提问环节。谢谢，女士们先生们。
If you have a question or a comment at this time, please press star 11 on your telephone. If your question has been answered, you wish to move yourself from the queue. Please press star 11 again. We'll pause for a moment while we compile our Q&A roster.
如果您有问题或意见，请现在按下电话上的*11键。如果您的问题已得到解答，您希望将自己从队列中移除，请再次按下*11键。我们会稍等片刻，编制我们的问答名单。
Our first question comes from Ross Seymour with Deutsche Bank. Your line is open.
我们的第一个问题来自德意志银行的Ross Seymour。请开麦。
意思是：现在开始回答提问，第一个发问者是Deutsche Bank的Ross Seymour，请他开麦克风。
Hi guys. Thanks for letting me ask a question. I want to ask about the auto side of your business. Investors are getting a little more concern just about that market. Given that, it's one of the few that hasn't specifically adjusted. You guys were flat sequentially versus what you thought would be up a bit. That's all despite the Silicon Carbide side, up-siding. I guess could you just talk a little bit about what you're seeing there, inventory, demand, and perhaps separate the Silicon Carbide side from the other parts of the business when you give that answer, please?
大家好，感谢你们让我提出问题。我想询问你们的汽车业务方面。投资者对这个市场有了更多的关注。鉴于这一点，这是少数几个没有特别调整的市场之一。你们在硅碳化物方面增长很多，但同比算，你们却保持不变，这是因为汽车方面的业务。请问，你们发现了什么，有什么库存，需求，以及硅碳化物方面和其他业务有什么区别需要分开谈论吗？
Sure, look, obviously for Silicon Carbide, it's a ramping business for us. You've seen tremendous progress in the first quarter. Slightly ahead of what we thought we would be based on just the team doing a stellar job, ramping the technology. That's going to keep ramping throughout the year. You can think about it as an uptick in the second half as we accelerate exiting the year on track for the billion dollar that we talked about. Every day, we add more and more confidence in those numbers.
当然，对于碳化硅来说，对我们来说这是一个快速上升的业务。在第一季度中，您已经看到了巨大的进步。这略高于我们在团队出色开发技术的基础上所预期的。这种增长将在整个年度持续。您可以将其视为在第二半年度上升，并在符合我们谈到的十亿美元目标的轨道上加速完成。每天我们都会增加对这些数字的信心。
The rest of automotive, obviously, we have some technologies that remain constrained. Demand is healthy. We remain constrained in our ability to supply to that demand. You can think about that as our Silicon high voltage, Silicon medium voltage, that not just go to the EV demand, but also a broader aspect of that demand. Other technologies, we're monitoring the inventory digestion, as I said in my Preparatory Mark. That was kind of the first quarter where we wanted to look at it.
显然，我们在汽车领域中还有一些技术受到限制。需求很强劲，但我们供货能力有限。我们可以认为这是我们的硅高压、硅中压技术，不仅用于电动汽车需求，也涵盖更广泛的需求。对于其他技术，我们正在监控库存消化，正如我在预备的讲话中所说。这是我们想要关注的第一季度。
We used that opportunity to drain the distribution inventory where you see we went from 7.3 to 7 weeks. That's a pretty big number, over 70 million dollar drained from the inventory because we wanted to set ourselves up for the uncertainty in the second half of the year that everybody keeps talking about. From a demand, I'm comfortable with the EV. That's a ramping business for us. The rest we're cautiously monitoring.
我们利用了这个机会去清算库存分发，如你所见，我们的周期从7.3周减少到了7周。这是一个相当大的数字，库存中被清算的金额超过了7千万美元，因为我们想为下半年的不确定性做好准备，这也是每个人都在谈论的。从需求方面来看，我对电动汽车感到很舒适，因为它对我们来说是一个不断增长的业务。其他方面，我们正在谨慎地监控。
However, as I mentioned, my Preparatory Mark's Q2 is an up quarter for us in Q1. You can think about automotive as we took a breather in Q1 to test the inventory and we're going to keep ramping for the rest of the year. We're going to be up from last year, so that gives you an idea on the overall demand as we see it outside of quarter on quarter fluctuation.
然而，正如我所提到的，我们的准备期季度二(Q2)相对于第一季度对我们来说是一个增长季度。你可以将汽车市场看作是我们在第一季度休息一下以测试存货，而我们将在今年其余时间内继续加速推进。我们相比去年将会有增长，这可以给你一个关于整体需求的大致想法，超出了季度内波动的范围。
Perfect. Thanks for that. I guess moving from my follow-up over to that on the gross margin side of things seems pretty good. There were quite a few moving parts, especially the East Fish Kill and the Silicon Carbide side, but the net of it all seemed to be right in line with your plan. Can you just talk a little bit about those moving parts? East Fish Kill is more expensive, but Silicon Carbide's ahead of plan. Is that still net out to the same trajectory through the rest of the year? Just walk us through those puts and takes and maybe the utilization side is part of that as well, please.
太棒了，谢谢。我认为从我关注的后续问题转向毛利率方面似乎很好。有很多要素在其中起到作用，特别是在东Fish Kill和硅碳化物方面，但总体来说，这一切似乎都符合您的计划。您能否简要谈一下这些要素？东Fish Kill的成本更高，但硅碳化物超前于计划。这是否仍然在全年达到相同的轨迹？请向我们介绍这些“投/opt出”，可能包括利用率问题。
Yeah. So the utilization dropped in the quarter from about 74% to 71%. We expect kind of what we're seeing right now is utilization to stay in that range, but it's our minus for the remainder of the year. Obviously, if there's a second half recovery, we can ramp up quickly. We nailed it on the rest of it, Silicon Carbide performed better than expected. EFK cost, as I said, is coming in significantly higher than we expected. You can think about these as being orders of magnitude more dilutive than what we expected. The good news is we are absorbing that. As I said, we're finding additional opportunities to improve gross margin across the company, and we're able to absorb that. We believe by the time we get into 2024, we've got the same amount of money.
嗯，所以利用率在这个季度下降了大约3个百分点，从74%降到了71%。我们预计，目前我们看到的利用率将保持在这个范围内，但这将成为我们今年剩余时间内的减项。显然，如果下半年经济复苏，则我们可以迅速提高利用率。除此之外，其他方面都达到了预期，碳化硅的表现更好。但是，EFK成本比我们预期的高得多。您可以将其视为比我们预期的更加稀释。好消息是，我们正在吸收这部分成本。正如我所说，我们正在发现公司各个领域进一步改善毛利润的机会，并能够吸收这部分成本。我们相信到2024年，我们会有同样多的资金。
We've got the cost structure of the EFK back in line to where we would expect it to be. So we're really confident in the margin outlook for this this year. I don't think anything changes. I think if we look at street consensus for gross margin for 2023, even with these headwinds, we think we can execute to those expectations. Thank you.
我们已经把EFK的成本结构回到我们预期的水平上了。因此，我们对今年的利润前景非常有信心。我不认为会有什么变化。即使面临这些困难，如果我们看2023年的毛利润街头共识，我们认为我们可以达到这些预期。谢谢。
One moment for our next question.
请稍等，下一个问题即将到来。
Our next question comes from Vivic Arya with Bank of America Securities. Your line is open.
我们的下一个问题来自美国银行证券的Vivic Arya。请发言。
意思：Vivic Arya是美国银行证券的代表，他的提问即将开始。请他开始发言。
Thanks for taking my question. I thought I wanted to ask about your plans for insourcing the material side for Silicon Carbide. Can you give us a progress on how that's going? I believe you said during the prepared remarks that you are targeting to be majority in sources. Is that a full-year comment? Is that an exiting Q4 comment? So just give us an update on where you are from an in-sourcing perspective. And let's say if you are majority in-sourced exiting the year, how does that help you on the gross margin side?
谢谢回答我的问题。我想了解您们关于硅碳化物原材料内部采购计划的进展情况。能否告诉我们目前的情况？我相信您曾在准备好的讲话中提到您正在争取成为大多数的内部采购来源。这是一个全年的评论吗？还是仅适用于本季度的？请向我们更新您在内部采购方面的情况。如果您在终止本年度时成为了大多数的内部采购来源，那对您在毛利方面有何帮助？
Yeah, look, my comment is exiting the year. You know, it's basically reiterating our plan that I've stated throughout the year. Last year of establishing the supply, establishing the growth in our Hudson facility in order to set ourselves up exiting the year majority. So that holds even more now given the progress that we've had in Hudson just in the last quarter, which drove a lot of our favorability in our results and the gross margin as that talked about. So I remain very, very happy with where we are from the progress and the confidence that we have in reiterating our plans. As far as the gross margin, obviously, in-sourced is always better because you can see the merchant, there's always margin stacking that happens to our ability to be able to mix and have a majority exiting, of course, helps the margin as we move through the year.
嘿，你看，我的评论退出了这一年。基本上，它重申了我们在整个年份中提出的计划。去年，我们建立了供应，建立了我们的哈德森设施的增长，以便在离开大部分时间时为自己设定目标。因此，鉴于我们在哈德森仅在上个季度取得的进展，这一点现在尤为重要，这推动了我们结果和毛利率的很多有利因素。因此，我对我们的进展和信心非常满意，我们重申了我们的计划。至于毛利率，显然，内部采购始终更好，因为我们可以看到商家，当然，我们能够进行混合并在大多数时退出，有助于我们在全年保持较高的毛利率。
But the biggest portion of the margin expansion for silicon carbide is really going to come from the utilization of that fixed cost that we've implemented. And that remains on track for us to get that business to, you know, at or above the corporate margin. So we remain very focused on that and really satisfied with where we've done so far.
硅 carbide 的最大利润扩展要素主要是利用我们已实施的固定成本。我们正在按计划将这一业务推向公司较高利润水平，因此我们的重点仍然是这一点。至今为止，我们对进展感到非常满意。
Got it. And for my follow up, Hassan, I think you mentioned that so specific to authors that you took the opportunity in Q1 to drain some of the inventory. How are you seeing the overall pricing environment as you look Q2 through Q4 versus what you thought earlier? Are there any changes? You know, there's a lot of macro cross-currents, but how is that impacting your automotive outlook, Q2 through Q4, especially on the pricing side? Are there any changes one way or another?
明白了。对于我的后续问题，哈桑，我想你提到了Q1对于作者来说很特别，你利用这个机会清理了一些库存。在你看来，Q2至Q4的整体定价环境与你之前的想法有何不同？有什么变化吗？你知道，有许多宏观交叉流，但这对你的汽车展望有何影响，尤其是在定价方面的影响？有任何一方面的变化吗？
Absolutely. No changes. It's actually very, very predictable. And that's really the benefit that we've been talking about with the LTSAs that have us really with our customers aligned on pricing and volume through the durations of the LTSAs.
当然，没有变化。实际上，非常非常可预测。这正是我们与客户讨论的长期服务协议（LTSAs）的好处，因为它让我们与客户在LTSAs的持续期内全面对齐于价格和数量。
So no conversations about pricing, the focus has always remained on supply. And that's holding up not just through the year, but through the extent of the LTSAs we have with the customers. So very, very stable and no pressure on that.
因此，我们没有关于价格的讨论，我们一直关注的是供应。这不仅在今年保持稳定，而且在我们与客户签订的长期技术服务协议中也是如此。因此，非常非常稳定，并且没有压力。
And by the way, it's not just an automotive. The pricing is holding up across all markets where we have LTSAs. And because we, as you know, we've been focusing on products that provide value.
顺带一提，这不仅仅是汽车。我们在拥有长期服务协议的所有市场上的定价都很稳定。因为我们一直专注于提供有价值的产品。
It's not a pricing conversation. It's about what the products bring to the customer. The things that would have pricing pressures, you know, fact talked about how we have been focusing on exiting those, that business, you know, to the point where it's above, you know, the business we exited had a forehandle on the gross margin.
这并不是一场定价的谈话，而是关于产品对客户带来的价值。对于那些存在定价压力的产品，我们一直在谈论如何专注于退出那些业务，这样能够使我们的业务在毛利率上更高。我们已经专注于退出那些毛利率很低的业务。
And we still are steadfast on exiting because that is where the margin pressure will come in and the pricing pressure and we're not going to play in these markets and we're getting ahead of it and exiting those businesses.
我们仍然坚定地退出某些市场，因为这些市场会受到利润压力和价格压力的影响，我们不想参与其中，因此提前退出这些业务。
Excellent. Thank you, Sam. One moment for our next question.
非常好。谢谢你，萨姆。我们接下来的问题稍等一下。
Our next question comes from Chris Denelli with City Your Line's Open. Thanks, guys. I didn't know I went from a Jewish to Italian overnight. Anyway, can you just give us a little update and some color on the shortages in the lead time situation?
我们的下一个问题来自Chris Denelli，他是City Your公司的代表。谢谢大家。我不知道我是不是一夜之间从犹太人变成了意大利人。不管怎样，请问您能否提供一些有关材料短缺和交货期延误的最新情况和描述吗？
I guess for Hassan, our shortages pretty much exclusively in the automotive business or they elsewhere. And then is there any point in time this year where you think the shortages will go away?
我想对于哈桑而言，我们的短缺问题几乎完全集中在汽车业或其他行业。那么，你认为今年是否有任何时机短缺问题会解决？
Yeah, look, so the, for me, I always refer to shortages as technologies because they're across all markets where we provide them. You know, high voltage silicon is of course a constraint technology for us.
嗯，你看，我通常将短缺称为技术，因为它们出现在我们提供的所有市场中。你知道，对于我们来说，高压硅当然是一种约束技术。
We ramped capacity yet the demand is much higher than even our increased capacity. And for that business, for example, goes into automotive and it goes into industrial specifically in our alternative energy. And as that said, that's ramping very nicely this year after a very stellar 22 ramp that we talked about last year.
我们增加了产能，但需求仍远超过我们的提高的产能。举个例子，这种商业活动会进入汽车和工业领域，特别是在我们的替代能源领域。正如所说，今年这方面的业务增长非常顺利，去年我们谈论过这个非常优秀的22年的增长。
So that is technology that is constrained. We have some intelligent power technologies that are constrained. You know, think about it as a mixed signal analog where demand in automotive and demand in industrial both have been increasing ahead of the capacity we've added. So those are technologies, agnostic of markets.
因此，这是一种受限制的技术。我们有一些受到限制的智能电力技术。你知道，把它看作是混合信号模拟技术，汽车和工业的需求都超出了我们所增加的能力。因此，这些技术是与市场无关的。
We remain constrained not because of just capacity but demand keeps accelerating because of the markets we are participating in. As far as the second half of the year, you know, that really depends on what your view is for the second half of the year. Based on our outlook, that technology will still remain constrained there.
我们仍然受到限制，不仅是因为产能的问题，而且需求因我们参与的市场的扩张而加速增长。至于下半年，你知道，这真的取决于你对下半年的看法。根据我们的展望，技术在那段时间仍将受到限制。
While in other areas, not in these specific technologies, we're seeing some flattening in our lead times. And therefore, we can see some of that easing. But the second half is really going to depend on what the demand does. Based on our outlook, we're going to remain constrained.
在其他领域，我们的交货时间有所缓和，但这些特定的技术领域还未出现缓解。因此，我们可以看到一些缓解。但下半年的情况将取决于需求的变化。根据我们的前景展望，我们将继续受到限制。
Yeah, and on the lead times, lead times are relatively stable. You know, running kind of in that 41 to 43 week timeframe. Quarter to quarter, you know, I think down a week to two weeks. But I would call it pretty much across the board, lead times are stable.
是的，关于交货周期，交货周期相对稳定。你知道，通常在41-43周的时间范围内运作。季度之间，我认为会降低一到两周。但我会说，总的来说，交货周期都相对稳定。
Okay, great. And then for my follow up, just I guess one for that. So as the CAPEX is ramping, that can you just talk about maybe over the next three to five years, how that's going to impact depreciation and gross margin.
好的，非常好。我的后续问题是，我想问一个问题。随着资本支出的增加，你能否谈谈在接下来的三到五年内，这会如何影响折旧和毛利率呢？
And can this all be offset by the efficiencies or, you know, what will be the, I guess, the gross margin headwind from all this CAPEX, you know, a little farther down the road.
这些支出是否可以通过效率得到抵消呢？或者说，我想问一下，这些支出会对我们的毛利率造成多大的拖累？将来可能会更严重。
Yeah, well, you know, I would start out by saying we're making big investments in Silicon Carbide and EFK, as I've mentioned. Now, as you think about our capital expansion and expansion and just capacity, it's the support, the LTSA that we have, right? So this is not a situation where we're building capacity, hoping that we can fill it.
嗯，你知道的，我想先说的是我们正在大力投资于硅碳化物和EFK，正如我之前所提到的。现在，当你考虑我们的资本扩张和产能扩大时，我们有LTSA的支持，对吧？所以这并不是我们建设产能，希望能填满它的情况。
So we're very comfortable that with our margin projections that we can absorb that additional depreciation. I would tell you in general, I wouldn't call it significant, but what you would see is offsetting revenue and gross margin to offset that depreciation.
我们非常确定，根据我们的利润预测，我们可以吸收额外的折旧费用。一般而言，我不会称其为显著，但您将看到抵消收入和毛利润以抵消折旧费用。
Perfect. Thanks, guys. Thanks. One number for our next question.
太好了。谢谢，伙计们。谢谢。下一个问题需要一个数字。
Our next question comes from Toshayahari with Goldman Sachseline is open. Hi, good morning. Thanks so much for taking the question.
我们的下一个问题来自高盛的 Toshayahari，请发言。嗨，早上好。非常感谢您回答问题。
I had a follow-up question on gross margins as well, FAD. Just curious how we should be thinking about the timing of headwinds from both the Silicon Carbide ramp and the EFK ramp peaking.
我还有一个跟毛利息相关的后续问题，即FAD。只是好奇我们应该如何考虑来自硅碳化物和EFK方面的阻力峰值的时间问题。
Is that sort of a second half, 23 dynamic, or should we expect the headwinds to stay relatively elevated in the early part of 24? And also the benefits from your FAD light strategy, I think you've sized it at 160 million in reduced cost over time. Once we expect those benefits to kick in. Yeah, so the impact of the 160 million start there, we expect to get that as we exit those FADs. We think that really starts to kick in in 24 and 25. It takes at least three years to exit a FAD. I think most of that starts to roll in in 24 and 25.
这是指第二阶段，23动态，还是我们应该预计头部阻力在24年初仍将保持相对较高？你们的FAD轻量化策略所带来的好处，我认为你们已经在时间上估算了1.6亿美元的成本节约。我们何时能期待这些好处开始发挥作用？是的，1600万美元的影响从那里开始，在退出这些FAD时我们期望得到这个好处。我们认为这真正开始在24年和25年发挥作用。需要至少三年才能退出FAD。我认为大部分在24年和25年开始滚动。
On the headwinds from Silicon Carbide and EFK, the EFK is already hit us in Q1. You can think about that as being pretty consistent through the year. We think by early 2024, we can get that back in line. It isn't the headwind that we got surprised with. On Silicon Carbide, it's ahead of schedule, which is really great. It's performing much better than we expected. There is a headwind there. We think it likely peaks in that Q3 time frame. Then we think by the time we get to 24, those margins are at the corporate average. That's behind us as well. EFK will be a little bit of a drag as we've talked about previously. In 24 and 25, as we continue to do that Foundry business for global foundries, but we think we can get the cost structure back in line this year. That's helpful. Thank you.
受到碳化硅和EFK的不利因素影响，EFK在第一季度已对我们造成影响，并预计将持续一整年。我们预计到2024年初可以把这个问题解决。这不是我们想不到的问题。而在碳化硅方面，它目前比我们预期的表现还要好。虽然存在一些不利因素，但我们认为这可能会在Q3时期达到峰值。到2024年，我们认为其利润率会达到公司平均水平。EFK可能会对我们造成些许拖累，但我们可以在未来的24和25年继续为全球半导体制造厂提供服务，同时也可以把成本结构调整回合理水平。感谢您的关注。
As my follow up one for Hassan, a little longer term. I think at your previous analyst day, you had guided revenue growth for the overall company in the 7-9% range. I think that was a 2025 model. I think you have pretty good visibility given the LTSA pipeline. The 7-9% range, still the right range in your view as you think about the overall company over the next several years. Do you think with Silicon Carbide and some of the other opportunities that you've secured, you could potentially outgrow that? Thank you. I would say it must be present to win. I'll see you at our analyst day on May 16th for that one.
作为对哈桑的一个延续问题，我认为在你们之前的分析师日中，你们已经为整个公司的营收增长设定了7％至9％的范围。我认为这是一个2025年的模型。考虑到您的长期服务协议（LTSA）的管道，您应该有相当好的前景。在您考虑未来几年整个公司时，您是否认为7％至9％的范围仍然是正确的？您是否认为借助碳化硅和其他一些互补机会，你们可以潜在地超越这种范围？谢谢。我会说，必须现在启动才能取得胜利。我会在5月16日的分析师日上见到你们。
Okay, that's right. Thank you. One moment for our next question.
好的，没错。谢谢。稍等一下，下一个问题来了。
Our next question comes from Harsh Kumar with a Piper Salary line is open. Yeah, hey guys, first of all, congratulations on a very successful transition so far. Hassan, Pat and team and then also the new term results in our shopping environment. So the first question I had is we had a peer of yours in another perhaps segment in the auto business that had poor results out of China or at least a blame China EV slowdown. I was curious, given your position in China, if you would comment on what you're seeing in the EV market and then I've got to follow up. Yeah, look, I mean, we all see the EV market in China, but the difference for us is China for us is a ramping market and that's really going to be contributing to our ramp throughout the year. So even if the demand call it on the top demand is a little choppy out of China for us, it's incrementally favorable and we're going to continue to ramp there. So we don't see it. So we're kind of disconnected from it, given that for us it's a ramp, it's not a mature market yet and that puts us in a very good position.
我们的下一个问题来自Piper薪水的Harsh Kumar。你好，首先恭喜Hassan、Pat和他们的团队，以及我们购物环境的新结果取得了非常成功的转型。我的第一个问题是，在汽车行业的另一个领域中，我们有一个与你们类似的同行在中国市场表现不佳，或者至少是因为中国的电动汽车市场增长放缓。我很好奇，考虑到你们在中国的地位，你们能否就电动汽车市场的情况发表一下看法，然后我还有一个后续问题。好的，我们都看到了中国的电动汽车市场，但对我们来说，中国是一个正在增长的市场，这将在整个年度持续促进我们的增长。即使中国市场的需求有些波动，对我们来说仍然是递增的，我们将继续在那里推进增长。所以我们并不担心，因为对我们来说，这是一个增长的机遇，而不是一个成熟市场，这使我们处于非常有利的地位。
Thanks, Hassan. And then maybe one for our dad. What is, you talked about the timing for the Silicon carbide, headwind and the fish scale headwind. Could you quantify what you are seeing in terms of headwind? Would you be able to give us a number? And then the second part of that question is I think, Hassan, you mentioned in your comments that, or maybe that by the third quarter time frame, your Silicon carbide business would be a corporate margin. So are we thinking 40, high 40s, are we thinking 50s ultimately as a stable gross margin for the Silicon carbide business? Yeah, so harsh. You know, what we said is at scale, at once we fully ramped Silicon carbide, those margins would be at or above the corporate average.
谢谢，哈桑。然后，也许还有一个关于我们父亲的问题。您谈到了硅碳化物的时机、阻力和鱼鳞阻力。能否用头风数量化您所看到的阻力？您能给我们一个数字吗？然后问题的第二部分是哈桑，您在评论中提到，或者可能在第三季度时间框架内，您的硅碳化物业务将成为企业利润率。所以我们是否认为，对于硅碳化物业务，我们最终稳定的毛利率是高40s或50分？是的，残酷的事实。您知道，我们说的是当硅碳化物完全升至规模时，那些利润率将达到或高于企业平均水平。
As I said, we've got headwinds that we think peak in Q3. We think by the time we get to 24, that headwind is behind us. In terms of the magnitude of the headwind, you know, we've said historically that the Silicon carbide is 100 to 200 basis points of a headwind. We're performing better than we expected. So you can think about that as it's not as the high end of that range, somewhere in between there. But we're very, very confident in our outlook here based on our performance that we can continue to execute there and we feel very good. On EFK, as I said, we had the full impact in Q1. You can see we absorbed it and offset it with a gross margin expansion in other areas. Historically, we've said that's 40 to 70 basis points. I've said it's significantly higher. You can think about it as being, you know, greater than 2X, what are expectations for. Again, we think we can absorb that throughout the year. Our margin trajectory doesn't change and we're very comfortable with street consensus on gross margin for the year. So I think it gives you our confidence in managing through this. Thanks for us. Yep.
正如我之前所说的，我们面临着阻力，我们认为这种阻力将在第三季度达到峰值。我们认为到2024年时，这种阻力已经过去了。就这种阻力的程度而言，我们过去曾说过氮化硅对我们造成的影响在100到200个基点之间。但是我们的表现比我们预期的要好。因此，你可以认为它不会达到这个范围的高端，而是在这之间的某个地方。但我们非常自信我们的展望，因为我们的表现，我们相信我们可以继续执行并且感觉非常好。关于EFK，正如我所说，我们在第一季度承受了全部影响，并通过其他领域的毛利率扩张来抵消。过去，我们曾说过EFK的影响在40到70个基点之间。我曾说过它的影响要高得多。你可以认为它大于我们期望的2倍。再次说明，我们认为我们可以在全年吸收这种影响。我们的毛利率轨迹不会改变，我们非常满意街头对全年毛利率的一致预期。因此，我认为这表明了我们在应对这个问题时的信心。谢谢。
One over for our next question.
我们的下一个问题来了，请准备好。
Next question comes from Rajeev Gil with Needham, your line is open. Yes. Thank you and congratulations as well on great results in a tough environment. Just a quick question on the automotive market. You mentioned Hassan, a modest inventory digestion in the end market and then you're also kind of reducing distribution inventory.
下一个问题来自Needham的Rajeev Gil，您可以提问了。是的。非常感谢您在艰难环境下取得了优异的成绩，并祝贺您。我有一个关于汽车市场的简短问题。您提到Hassan在终端市场上的库存消化较为温和，同时您也在减少分销库存。
Can you talk a little bit about the overall demand picture for automotive? I know it's hard to kind of separate the significant ramp that you're seeing in electric vehicles and in turn, so it's in carbide. But just curious if there's a softness in the demand market, if there's a shift away from high end to mid-range, any kind of color on the automotive market, automotive market will be appreciated.
你能谈谈整个汽车行业的需求情况吗？我知道很难将你们在电动汽车和碳化硅方面看到的显著增长分开来。但只是想知道市场需求是否有所下降，是否从高端向中档产品转移，如果您能提供一些汽车市场的情况，那将非常感谢。
Yeah, look, we don't see a big disconnect in the demand. It was like I said. It was a momentary thing where we use this opportunity to kind of reposition the inventory that we have externally and we're get back to growth in the second quarter and through the year giving us an increase in our automotive revenue year over year. So that really doesn't change the outlook.
是这样的，我们没有发现需求方面有很大的断层。我们就像我所说的一样，这只是一个短暂的事情，我们利用这个机会重新调整我们在外面的存货，我们将在第二季度和整个年度重新实现增长，从而给我们带来年度汽车收入的增长。所以这并不会改变我们的前景。
But what we take a look at, if you think about it, it's a stable environment, we're going to be growing in automotive. If I really don't see any areas that causes us pause or a change in our outlook, so we remain confident with that.
但是，如果你想一想，我们看到的是一个稳定的环境，我们将会在汽车业领域不断增长。如果我真的没有看到任何能让我们停下或改变前景的地方，那么我们对此仍然持有信心。
All right, very good. It's from my follow up on the LTSA's, FAD, you talked about 17.6 billion, that was up a billion quarter of a quarter. Was that all primary related to self-incremental design or other drivers?
好的，非常好。这是我对LTSA的跟进，FAD方面的。你谈到了176亿，增加了10亿季度至季度。这是否全部与自增设计或其他驱动因素有关？请明确回答。
And just along those lines, you saw kind of significant growth in energy infrastructure. You're talking about it about 50% year over year. Can you describe what are some of the tailwinds in that market?
在这些方面，你会看到能源基础设施有着显著的增长，每年大约增长50%。你能描述一下这个市场的一些推动因素是什么吗？
Thank you. Yeah, so the LTSA's, we continue to stack those up, another billion dollars, this quarter to 17.6 billion dollars. It's broad, it's across the board. There's silicon carbide, there's non-silicon carbide. But when we think about how we're engaging with our customers that want assurance of supply, we're looking at the entire portfolio and locking that up with us for multiple years.
谢谢。是的，我们继续增加LTSA（长期供应协议）的数量，这一季度增加了10亿美元，达到了176亿美元。它涵盖了各种领域。有硅碳化物，也有非硅碳化物。但是当我们考虑与想要供应保障的客户进行合作时，我们正在审查整个产品组合，并与客户签署多年的合同。
And again, keep in mind, these LTSA's on average are four to five years. So it's, as the FONZ pricing is stable, in those really gives us better predictability of our business and we're happy that we continue to engage with customers on that way. We see customers expanding their LTSA's, either by adding additional part numbers or extending the duration and then we've got new customers that have been on the outside looking in, that are coming in saying we need to get an LTSA with you. And so we think that trend will continue.
请记住，这些LTSA（长期服务协议）的平均期限是四到五年。因此，由于FONZ的定价稳定，这确实为我们的业务提供了更好的可预测性，而我们很高兴我们继续以这种方式与客户接洽。我们看到客户在扩大LTSA方面取得了进展，无论是通过增加额外的零件号码还是延长协议期限，同时我们也有新客户从外部加入，表示我们需要与您签订LTSA。因此，我们认为这种趋势将会继续。
And then also, I'll turn it up, and the tailwind is the market driven. You know, we had a stellar year in 22 from 21. And that's compounding now what we're going to see in 23 from 22. And that's all of it is market driven. And that's primarily the big components here are silicon power and silicon carbide.
然后，我还会加大投入，且顺风助力市场推动。你知道，在2021年到2022年期间，我们取得了辉煌的成绩，现在这种复利效应将进一步推动我们在2022年到2023年的发展。所有这些都是市场推动的结果，其中最主要的组成部分是硅功率和碳化硅。
But again, as that mentioned, we have a penetration with the whole bomb, bill of material. And if you recall, most of that market for us is under LTSA's. You know, we have LTSA's with data that have 10 energy vendors in the world.
但是，正如之前提到的那样，我们已经掌握了整个炸弹、物料清单的渗透。如果你还记得，我们的大部分市场都在长期服务协议之下。你知道，我们与拥有全球十大能源供应商数据的长期服务协议。
And they're ramping, given the demand and we're ramping with them, given our content. Thank you very much.
鉴于市场需求的增长，他们正在加速发展，同时我们也在跟随着他们的步伐，因为我们拥有优质的内容。非常感谢。
One number for our next question. Our next question comes from Matt Ramsey with PD Cowan. Your line is open. Thank you very much guys. Good morning. I wanted to, there's so much focus that typically goes into the silicon carbide space on substrate.
接下来的问题涉及一个数字。本问题由PD Cowan的Matt Ramsey提出，请发言。谢谢大家，早上好。我想提出一个问题，那就是关于硅碳化物领域通常会关注衬底的问题。
You guys mentioned a few times ramping catbacks and other things around brown field fabs in order to support the business as you ramp the substrates out of G-Tat. Maybe you could give us a little bit of color on how the non substrate part of your supply chain is going for silicon carbide and just what position that might give you guys on a cost basis relative to some others that are doing greenfield facilities. Thanks.
你们提到了一些在棕色田间工厂附近推广猫背管以及其他措施，以支持你们在将衬底从 G-Tat 中推广时的业务。也许你们可以简单介绍一下你们硅碳化物供应链中非衬底部分的进展情况，并且讲讲相对于那些正在建设绿田工厂的其他公司，这可能给你们的成本优势带来怎样的地位。谢谢。
说明：brown field fabs 和 greenfield facilities 都是指晶圆制造工厂，前者是在既有的但已经废置的设施上扩建或改造，后者是在新的场地上从头开始建设。ramping 的意思是提高产能。catbacks 是猫背管，硅碳化物晶圆加工中的一个部件。
Yeah, so look, as I mentioned, we're, we've been increasing capacity, you know, we started in 2022 in preparation for the 23 ramp and really the 24 ramp in this case where a lot of the focus, like you said, has been on substrate because that's the first thing we have to ramp.
嗯，就像我刚提到的，我们一直在提高产能。我们从2022年开始为2023年的产能上升做准备，而这次的重点是2024年产能上升，因为我们需要先提高底片的产量。
But we've increased capacity in our wafering and internal epi. That gives us a very big cost advantage versus getting turn key externally. And then following that is increase in our fab capacity, which also gives us a much better cost structure because the fab we are ramping is an existing power fab.
我们已经增加了晶圆切割和内部外延生长的产能。这使得我们与外部获得的一揽子解决方案相比，拥有极大的成本优势。接下来我们还将增加晶圆厂的产能，因为我们正在推广的晶圆厂是现有的电力厂，这也给我们带来了更好的成本结构。
That's where we do really most of our IGBT's and having a power fab at scale gives us that edge one from a cost and two from the speed at which we can scale. So think about it this way, you know, increasing capacity in an existing fab that already does power is way cheaper and way less risk than brownfield and a power fab and silicon carbide.
这就是我们生产大部分IGBT的地方，拥有一个规模适当的电力工厂使我们在成本和扩展速度方面具有优势。因此可以这样想，扩大现有电力工厂的产能比创设一个新的，并生产碳化硅的电力工厂便宜得多，风险也小得多。
That has always given us the confidence in our ramp, has always given us the confidence in the slope of the ramp, which really exceeds everyone else out there and we're on track to achieving it. All of these give us one, the cost to the risk mitigation and three, the confidence in our outlook. Thanks, Hassan.
这一直让我们对我们的斜坡充满信心，这也让我们在斜坡的倾斜度上比其他人更胜一筹，我们正在走向实现目标的轨道上。所有这些因素让我们有了成本风险缓解，以及对前景的信心。谢谢，哈桑。
As my follow up, I wanted to ask, I think both of you guys mentioned in your script this morning, some little pockets where you're, I think the words were cautiously monitoring inventory. Maybe you could, obviously, the growth of the company and the results speak for themselves and you're overcoming some of those things, but if you could just give us a little bit of color on where you are seeing those pockets of inventory, are they clearing up? Are they getting worse? Just any color there will be helpful. Thanks, guys.
作为我的跟进，我想问一下，今天早上您们两个在剧本中都提到了一些小口袋，我认为那些地方您们对库存持谨慎态度。显然，公司的增长和结果是不争的事实，并且您们正在克服其中的一些问题，但是如果您能为我们介绍一下您在哪里看到这些库存的小口袋，它们是否能够消化掉？它们是否正在恶化？任何信息都会有所帮助。谢谢，各位。
Yeah, look, when I say pockets again, I'll go back to my comment from prior about the technology. You know, we had, we, we made constraint and technologists cross all markets and there are areas primarily, you know, as you can think about it mostly on the consumer and compute where we've been one is cautiously monitoring specifically the DST inventory and that's why you've seen us even this quarter be very aggressive in draining, you know, the dollars in the channel. So although the, the weeks were 0.3 weeks down in the channel, but dollars are almost 80 million dollars down and that's a pretty steep decrease that we have been managing and look, we've been managing it throughout the whole even the, when supply was constrained across the board.
嗯，听我再说一遍口袋的问题，我想起之前谈到的技术了。我们在所有市场中施加了限制，同时也让技术人员跨越多个领域，主要是在消费者和计算领域，我们一直在谨慎地监控着DST库存，这就是为什么你会看到我们在本季度非常积极地清理渠道中的资金。尽管渠道中的周次下降了0.3周，但资金减少了近8,000万美元，这是一个相当大的减少，我们一直在全面地管理这种情况，即使在供应在所有方面都受到限制的时期。
So inventory for us is a big focal point, not just internally, but externally. And until we get higher and higher confidence in what the second half is going to bring, we're going to be cautiously optimistic and really holding back on what we ship out of the company unless we are seeing high confidence in its POSing. We're not going to have inventory just sitting around whether it's our distribution shelf or the customer shelf and that really sets us up for a very nice recovery whenever that starts turning out to be. Thanks, Son.
对我们而言，库存是一个非常重要的焦点，不仅在内部，而且在外部也很重要。在我们对下半年的前景更加有信心之前，我们将谨慎乐观，并且在我们看到它的 POS（销售点）非常自信时，真正节制地发送出公司的产品。我们不会让库存就这样闲置，无论是我们的配送货架还是客户货架，这些为我们带来了非常好的回报，无论何时开始都是这样。谢谢，孙先生。
One moment for our next question. Our next question comes from Christopher Rowland with SESC. Your line is open.
请稍等，我们的下一个问题来自SESC的Christopher Rowland。您现在可以开话筒了。
Hey guys, thanks for the question. I'm going to talk about image sensors. You did talk about supply constraints across several auto tech. I just wanted to check the update of that and then it seems like some of the drivers there are the move to 8 megapixel. I was wondering kind of what your competitive position is there. What percent of revenue might be at 8 versus 1 or 2 overall. Thanks so much.
大家好，感谢你们的问题。我要谈一下图像传感器。你们之前谈到过汽车技术的供应限制，我想了解一下最新的情况，似乎有些驱动因素是向8百万像素转移。我想知道你们在这方面的竞争地位如何，8百万像素与1或2整体收入的比例可能是多少。非常感谢。
Yeah, look, obviously our competitive advantage across the board and image sensor is really on technology. We've talked about specific technology. I mentioned a few of them where it's the near infrared that helps with different lighting conditions. That of course applies an automotive and the examples I've given in my prepared remarks or start industrial. But it also applies an automotive where the high dynamic range, whether it's very bright light with sun or very dark at night. Those are all competitive advantage on the tech, inherent in our technology that customers value and that we provide these solutions for.
看，很明显我们在整个图像传感器方面的竞争优势主要在于技术方面。我们谈到了一些具体的技术，比如近红外技术可以帮助适应不同的光照条件，这对于汽车和我在准备的发言中提到的工业例子都非常适用。同时，在汽车领域中，高动态范围技术也是我们的竞争优势，可以应对强烈阳光和晚上非常黑暗的情况。这些都是我们技术内在的优势，客户非常看重，我们提供的解决方案也能满足需求。
On the 8 megapixel, that's a new generation that we have launched across both auto and industrial. You can expect that to be forward looking and makes shift as we ramp that. So today it's very small. At the commentary I gave about ASB with of course, also translates to improved margins. That is on a forward looking basis. Both that and I have always said our new products are at or ahead of our model, the 48 to 50. And as we ramp these products, you're going to see the margin expansion that will be contributed to by these products becoming a higher percent of revenue.
这句话的意思是，我们推出了一款新一代 8 兆像素的产品，适用于汽车和工业领域。随着我们推广这一产品，它将不断进化，更加前瞻。目前这款产品体积很小。我们在关于 ASB 的评论中也提到，这款产品能够带来盈利提升。这是基于对未来的预测。我们一直说，我们的新产品已经达到或超过我们的 48 到 50 模型。随着这些产品的推出，你会看到收入中这些产品所占的比例不断增加，进而提高利润率。
So that's more of a forward looking statement that again gives us the confidence in our margin trajectory and the fact that we've always said it's not the model, it's not the destination, it's really a milestone.
这是一个更为前瞻性的声明，再次加强了我们对利润增长轨迹的信心，同时我们一直说过，这不是模式，也不是目的地，而是一个里程碑。
Excellent. And just maybe following up there and then a quick one. So you mentioned the supply constraints across several auto tech technologies. I think you mentioned some but just wanted kind of that more comprehensive list. And then lastly, M&A, you have a ton on your plate organically but are you still considering inorganic and how do you see that market?
很好。或许可以接着快速地追问一下。你提到了汽车技术中的几个供应限制，我想你提到了一些，但我只是想知道更全面的清单。最后，关于并购方面，你手头已有很多有机机会了，但你是否仍在考虑非有机机会，你认为市场怎么样？
Yeah, look so across the board obviously. I think I'll comment on image sensors. Image sensors is a foundry business for us. We're seeing some easing in the foundry so we get a little bit more capacity allocated to us. And I mentioned in my prepared remarks, we use this opportunity to really bridge that supply to demand gap that we've had in the last couple of years and we're making progress into catching up. We're not caught up yet but we're making progress so that remains constrained obviously.
嗯，显然整个行业都很看好。我想评论一下图像传感器。对于我们来说，图像传感器是一个铸造业务。我们看到一些铸造业务有所缓解，因此我们分配了更多的容量。我在我的准备好的讲话中提到，我们利用这个机会真正弥补了我们在过去几年中所遇到的供需缺口，并且我们正在取得进展以赶上市场需求。虽然情况有所缓解，但仍然存在一些限制。
On high power silicon, think about it as IGBT or silicon carbide really. We've always said we're sold out on silicon carbide so improvements that we have contribute to our achieving our numbers. IGBT as I mentioned, remains constrained because of the strength and not just automotive market but also in the industrial. A lot of our energy storage systems are silicon and silicon carbide but a lot of it remains still today on silicon so that adds some of that constraint. So you can see it's really across the board not specifically on markets but it's driven by mega-term growth that we are participating in.
在高功率硅上，你可以将其看作是IGBT或者碳化硅。我们一直说我们的碳化硅都已经售罄了，因此我们的改进有助于我们达到我们的目标。但是，正如我提到的，IGBT依然受到限制，不仅仅是汽车市场，还包括工业市场。许多能量存储系统都是用硅和碳化硅制成的，但直到今天，许多系统仍然使用硅，这就给我们增加了一些限制。因此，可以看到这是跨市场推动的，不仅仅是针对特定市场，而是针对我们参与的长期增长。
As far as M&A, look you're right, our focus is on execution. We have a lot going on. A lot of it is great work that creates a ton of value for our shareholders so execution is key and execution is our focal point. But we never look away from M&A. We're always looking because those are opportunities that we will participate in but as we sit here today I can't tell you there is something we are missing in order to achieve our organic plans of value creation. So we'll be opportunistic. We'll always drive and participate in the M&A landscape but there's nothing I would say we have to have which is the best place to be because we can be very disciplined in our approach of M&A.
就并购而言，你说得对，我们的关注点在于执行。我们有很多正在进行的工作，其中很多都能为我们的股东创造巨大的价值，因此执行非常重要，也是我们的重点。但是我们从不忽略并购。我们一直在寻找机会，因为这些是我们将要参与的机会，但就目前而言，我不能告诉你有什么是我们需要的，以实现我们的有机增长计划和价值创造。因此，我们会机会主义地看待，并参与并购市场，但我要说的是，我们在这方面非常有纪律性。这是最好的位置，因为我们可以非常有纪律性地处理并购。
Great update. Thanks, Hassan. One moment for our next question.
很棒的更新，谢谢，Hassan。请等一下，我们要问下一个问题了。
Our next question comes from Gary Mobley with Balsvargo. Your line is open. Hey guys, thanks for taking my question and speaking me in here. I know Harsh asked about the China EV market but I wanted to ask more broadly about China and digital demand. Where do you see that demand profile today and maybe give us a sense of China's digital demand as a percentage of your sale currently versus where it has been in the past in terms of thinking about the option out of the upside there?
我们的下一个问题来自Balsvargo的Gary Mobley。您可以开始提问了。嗨，谢谢你们回答我的问题并允许我参加这里的交流。我知道Harsh问了有关中国电动汽车市场的问题，但我想更广泛地询问中国和数字需求的情况。您认为当前数字需求的情况如何，可以提供一些关于中国数字需求占您目前销售额的百分比的信息吗？与过去相比，考虑到可能有更多上涨的机会，您如何看待中国数字需求的变化？
Yeah, look, just for China specifically in our non-strategic markets, obviously that's been down, both the market is down but also that's not a strategic market for us so we've been exiting and a lot of the exit is driven by the market in China for us. So that contributes to part of our plan so that's not a surprise for us. It's actually what we anticipated and that's how we've been focusing on these exits as far as protecting our margin and that's been our strategic plan all along and we're starting to see it play out which is not a surprise for us.
嘿，看，就我们在非战略市场中的中国市场来说，明显销售额下降，不仅市场下跌，而且我们也不将其视为战略市场，因此我们一直在退出。很大程度上市场情况驱动了我们的退出。这也是我们计划的一部分，对我们来说也不是意外。实际上，这正是我们预期的，这是我们一直以来的战略计划，我们开始看到这一计划得以实施，这也不让我们感到意外。我们的战略计划一直都是保护我们的利润。
On the EV, although there's some pause in EV or a little bit of redirection on the EV market in China for us, that market is actually net incremental. We are the ramping party in EV in China and therefore that will remain through the rest of the year even with the current outlook as a net favorable to our revenue growth. So I would say no surprises, no changes to our outlook and no changes to our execution as we move forward this year.
在电动车市场上，尽管我们在中国电动车市场上暂时有些停滞或略有重定向的情况，但这个市场实际上是净增量的。我们是中国电动车市场的加速方，并且这种趋势会在今年其余时间内保持下去，即使当前市场情况对我们的收入增长是净有利的。因此，我认为没有什么意外，对我们的前景没有什么变化，我们的执行计划也不会改变。
Got it. Here's my follow up. I want to ask about the supply of so-and-carp by materials to support your billion dollars of revenue. I appreciate the fact that you will be majority internally sourced for, substrates exiting the year but I presume that you'll probably purchase somewhere close to $200 million in merchant supply this year. Maybe you can get some update in terms of some of the constraints that you might be seeing there from your more traditional suppliers and how you may be broadly your supplier was there.
明白了，我要跟进一下这个问题。我想问一下，你们为了支持你们亿美元的收入，对鲤鱼产品的供应方面会有什么材料的支持呢？我知道你们会主要从内部采购底材，但是我估计你们今年可能会购买接近2亿的商业补给品。或许你能告诉我一些你们从传统供应商那里遇到的问题，以及你们将如何扩大自己的供应商网络。
Yeah, look, I'm not worried about the merchant supply. Obviously, our percent of internal is going to be incrementally going up throughout the year. We're going to be majority internal. But as far as de-risking, we've done a very good job on having multiple sources that we are able to pull on. All sources, not internal, are qualified and we're getting what we need. So therefore, think about it as a very good and already in the playbook risk mitigation strategy while we continue to execute greatly on our internal substrates. Yeah. I would just add that although it's a tight market out there obviously, I think that's well known. We've been building inventory in Silicon Carbide for this ramp, so we've been preparing for it. And then obviously as we get more flex into internally supplied substrates, that helps us.
嗯，看，我不担心商家供应。很明显，我们的内部占比将在今年逐渐上升。我们会成为内部占多数的供应商。但就风险规避而言，我们做得非常好，在多个来源上做了减少风险的措施。我们所使用的所有来源都是经过资质认证的，我们得到了我们所需要的东西。因此，可以把它看作是一种非常好的、已经在操作手册上的风险缓解策略，同时我们继续在内部基板上大力执行。是的，我只想补充说，尽管市场很紧张，这是显而易见的。我们一直在建立碳化硅的库存，为这个梯队作准备。显然，随着我们在内部供应的基板中有更多的弹性，这对我们有所帮助。
Take skin. One number for our next question. Our next question comes from William Stein with true security. She'll line herself in. Great. Thank you.
接下来的问题需要提供皮肤编号，来自True Security的William Stein提出。她将会加入对话。太好了，谢谢！
I saw him at the Silicon Carbide event you hosted. I think it was perhaps about a year ago. You talked about the trend in supplying the man in Silicon Carbide likely remaining in a shortage situation for many years. I think we have this surprise, certainly surprised many people announcement from Tesla that on their next-gen vehicle, the so-called Robotaxi, they're going to be reducing Silicon Carbide usage meaningfully. I know it's only one customer. I know they're still a small share of global auto production, but it's an important customer. It's an important data point. I wonder how that influences your view of supply demand for Silicon Carbide longer term, not just the next year, but as we think about five years plus.
我在你主持的硅碳化合物活动中看到了他，可能是大约一年前。你谈到了硅碳化合物供应趋势，表示硅碳化合物的短缺情况可能会持续很多年。然而，特斯拉所宣布的消息令人惊讶，他们在下一代车型-所谓的Robotaxi中将显著减少硅碳化合物的使用。我知道这只是一个客户，而且他们在全球汽车生产中仍只占有一小部分份额，但他们是一个重要的客户，是一个重要的数据点。我想知道这对你对硅碳化合物的长期供需观点的影响，不仅仅是下一年，也要考虑五年以上的时间。
Yeah, look, actually the announcement doesn't change my outlook. It actually, I would say, confirms it because if you think about it, this is a new platform and a much broader platform as far as volume, and therefore it's incrementally beneficial as far as demand is in the market. That's just on Silicon Carbide. The other thing is when you start thinking, and I don't want to talk about customer specifically, but as more and more, you can start thinking about Silicon and Silicon Carbide, so IGBT plus SICK. This is a business that I've been talking about for really a couple of years, and you've heard me talk about how it's always a customer choice, and our ability to supply both is incrementally beneficial for us. Therefore, when you start seeing Silicon Carbide, even with lower penetration of Silicon Carbide on a platform, it's still a net incremental Silicon Carbide in mass market vehicles. That actually supports the concept that I've talked about that we are going to be constrained over the next few years.
嗯，实际上这个公告并没有改变我的看法，我会说它确认了我的看法，因为如果你想一想，这是一个新的平台，而且它的容量更大，因此它对市场需求的增量效益更加明显。这只是关于碳化硅的。另一件事是当你开始思考，虽然我不想具体谈论客户，但当越来越多的客户开始考虑硅和碳化硅，那么IGBT加SICK就是一个我已经谈论了几年的业务，你们也听过我谈论过选择是客户的决策，而我们提供两种产品的能力对我们来说是非常有益的。因此，即使在一个平台上硅化碳的渗透率较低，它仍然是大众汽车中的净增量硅化碳。这实际上支持了我所说的，我们在未来几年将会受到限制的概念。
Super helpful. One another, if I can, perhaps, that you talked about the product revenue and margin of the exits you did during the quarter. Can you remind us how much is left of that? That duration you expect for the exits to last, and should we continue to expect this mid-40s gross margin level on the exits going forward? Thank you.
非常有帮助。如果可以的话，你能否谈一下上季度你做的产品收入和退出的利润情况，提醒我们还剩下多少钱？你预计退出持续的时间以及我们是否应该继续期待退出的毛利率保持在中等水平40多的水平？谢谢。
Yes. We think for the year, there's about $400 million of exits. This first quarter, we were at $47 million below our original expectations. We thought it was going to be higher than that this quarter. We actually think we will still exit this throughout the year. I think this next quarter in Q2, we're probably looking at about $85 million of exits. Then the remainder of that to be in the second half. You'll see these exits ramped additionally in the second half. The gross margin is, yeah, it's kind of been that mid-40% range of what we're going to lose currently. This is the stuff that's price-sensitive. The reason we're going to lose it is because we're not going to go down that pricing curve. This is these exits over time. We think these gross margins go back into the low range that we're not willing to participate in. For the year, about $400 million, and you can think about it as the mid-40% gross margin range.
我们认为今年的退出额约为4亿美元。这个季度，我们的表现比原先预期低了4700万美元。我们原以为这个季度的表现会更好一些。不过我们认为，我们仍将在今年退出这笔款项。我认为在第二季度，我们可能会达到大约8500万美元的退出额。而剩下的部分将在下半年完成。你会看到这些退出额在下半年会进一步增加。至于毛利率，我们目前处于中等水平，约为40%左右。这是价格敏感的业务。我们将失去这些业务，因为我们不会进入价格曲线下降的阶段。而这些退出是在一段时间内进行的。我们认为这些毛利率会回到我们不愿意参与的低水平。总的来说，今年的退出额约为4亿美元，毛利率大约处于40%左右的中等水平。
Thank you. Yep.
谢谢。好的。
Well, ladies and gentlemen, this is the Q&A portion of today's conference. I'd like to turn the call back over to Hassan Halkeri, President CEO for any closing remarks. Thank you again for joining our call. As Stad mentioned, we look forward to seeing many of you at our analyst day. Our future is bright, and we look forward to sharing with all of you what's next for on Sunday. Thank you.
女士们先生们，现在是今天的问答环节。我想把会议主持人的位置交回给我们的总裁兼首席执行官哈桑·哈尔克里，听听他的结尾语。再次感谢您加入我们的电话会议。正如斯塔德所提到的，我们期待在分析师日会议上见到您们中的许多人。我们的未来充满希望，期待与您们分享未来的发展。谢谢。
Well, ladies and gentlemen, this is concludes today's presentation. We may now disconnect and have a wonderful day.
女士们和先生们，今天的演示就到这里结束了。现在我们可以断开连接，祝您度过愉快的一天。