艾克爾 (AMKR) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology Fourth Quarter and Full Year 2021 Earnings Conference Call. My name is Alex, and I will be your conference facilitator today.

女士們，先生們，美好的一天，歡迎參加 Amkor Technology 2021 年第四季度和全年收益電話會議。我的名字是亞歷克斯，今天我將成為您的會議主持人。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

提醒一下，本次會議正在錄製中。我現在想將電話轉給投資者關係主管 Jennifer Jue。珏小姐，請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Amkor's Fourth Quarter and Full Year 2021 Earnings Conference Call. Joining me today are Giel Rutten, our Chief Executive Officer; and Megan Faust, our Chief Financial Officer. Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call.

謝謝你，接線員。大家下午好，感謝您參加 Amkor 的 2021 年第四季度和全年收益電話會議。今天加入我的是我們的首席執行官 Giel Rutten；和我們的首席財務官梅根浮士德。我們的收益新聞稿已於今天下午提交給美國證券交易委員會，可在我們網站的投資者關係頁面以及今天電話會議隨附的演示幻燈片上找到。

During this presentation, we will use non-GAAP financial measures, and you can find the reconciliation to the U.S. GAAP equivalent on our website. We will make forward-looking statements about our expectations for Amkor's future performance based on the environment as we currently see it. Of course, actual results could differ. Please refer to our press release and other SEC filings for information on risk factors, uncertainties and exceptions that could cause actual results to differ materially from these expectations. Please note that the financial results discussed today are preliminary, and final data will be included in our Form 10-K.

在本次演示中，我們將使用非 GAAP 財務指標，您可以在我們的網站上找到與美國 GAAP 等值的對賬。我們將根據我們目前所看到的環境，就我們對 Amkor 未來業績的預期做出前瞻性陳述。當然，實際結果可能會有所不同。有關可能導致實際結果與這些預期存在重大差異的風險因素、不確定性和例外情況的信息，請參閱我們的新聞稿和其他 SEC 文件。請注意，今天討論的財務結果是初步的，最終數據將包含在我們的 10-K 表中。

And now I would like to turn the call over to Giel.

現在我想把電話轉給吉爾。

Thanks, Jennifer. Good afternoon, everyone, and thank you for joining the call today. Amkor delivered outstanding results in the fourth quarter, achieving a record revenue and profitability. Revenue of $1.72 billion and EPS of $0.88 are all-time records and were above the high-end of guidance. Continued momentum drove excellent performance in all end markets.

謝謝，詹妮弗。大家下午好，感謝您今天加入電話會議。 Amkor 在第四季度取得了出色的業績，實現了創紀錄的收入和盈利能力。收入為 17.2 億美元，每股收益為 0.88 美元，均創歷史新高，高於指引的高端。持續的勢頭推動了所有終端市場的出色表現。

2021 was an exceptional year for Amkor. We achieved our highest ever revenue of over $6.1 billion, adding nearly $1.1 billion to our previous record in 2020. We set new records in all end markets, with each growing robust double digits versus last year. High factory utilization and disciplined cost control resulted in excellent profitability, generating an all-time high EPS of $2.62, up more than 85% from last year.

2021 年對 Amkor 來說是不平凡的一年。我們實現了超過 61 億美元的最高收入，比 2020 年的先前記錄增加了近 11 億美元。我們在所有終端市場都創造了新的記錄，與去年相比，每個市場都增長了兩位數。高工廠利用率和嚴格的成本控制帶來了出色的盈利能力，創造了 2.62 美元的歷史新高每股收益，比去年增長了 85% 以上。

Our solid position in key growth markets, together with our proven execution, positions Amkor well to deliver strong financial performance in 2022 and beyond. Demonstrating confidence in our business outlook, we increased our quarterly dividend by 25% in November. Throughout the year, we successfully navigated the challenges brought on by the ongoing pandemic and the Amkor team demonstrated resilience and focus to achieve major milestones. We deepened the cooperation with lead customers and foundry partners to introduce innovative advanced packaging technology.

我們在關鍵增長市場的穩固地位，加上我們久經考驗的執行力，使 Amkor 能夠在 2022 年及以後實現強勁的財務業績。我們在 11 月份將季度股息提高了 25%，這表明我們對我們的業務前景充滿信心。在這一年中，我們成功地應對了持續流行病帶來的挑戰，Amkor 團隊展示了韌性和專注於實現重要里程碑。我們深化與主要客戶和代工合作夥伴的合作，引進創新的先進封裝技術。

Revenue for advanced products represents over 70% of our business. Significant growth was driven by new product introductions, primarily in advanced SiP, wafer-level and flip chip technology supporting 5G communication, high-performance computing, automotive and IoT applications. Our mainstream business also showed a solid year-on-year increase through continued recovery in the automotive and industrial markets.

先進產品的收入占我們業務的 70% 以上。新產品的推出推動了顯著增長，主要是支持 5G 通信、高性能計算、汽車和物聯網應用的先進 SiP、晶圓級和倒裝芯片技術。通過汽車和工業市場的持續復甦，我們的主流業務也實現了穩健的同比增長。

Now let me review the current dynamics in our end markets. Our communications business grew 22% for the full year, driven by strength in the smartphone market, particularly the transition to 5G smartphones. For the latest smartphone models in both the Android and the iOS ecosystems, we introduced a broad range of new technologies, most notably technology-enabling RF and sensor integration utilizing our advanced SiP platform and next-generation 5G processors utilizing our ultra-thin package-on-package solution. With Amkor's leadership position across 5G smartphones, we expect this market to remain an important growth driver, and we plan to continue investing in technology and manufacturing scale to support our customers.

現在讓我回顧一下我們終端市場的當前動態。我們的通信業務全年增長 22%，這得益於智能手機市場的強勁增長，尤其是向 5G 智能手機的過渡。對於 Android 和 iOS 生態系統中的最新智能手機型號，我們引入了廣泛的新技術，最引人注目的是利用我們先進的 SiP 平台和利用我們超薄封裝的下一代 5G 處理器的技術支持射頻和傳感器集成 -封裝解決方案。憑藉 Amkor 在 5G 智能手機領域的領導地位，我們預計該市場仍將是重要的增長動力，我們計劃繼續投資於技術和製造規模以支持我們的客戶。

Strong recovery in the automotive and industrial market drove 28% growth for the year. Continued supply constraints, especially in wafer and substrate supply, dampened even further growth. The strong performance of our automotive business is supported by a solid recovery in our mainstream automotive portfolio, notably, growth in high-power silicon carbide devices for the expanding EV markets. We also experienced strength in advanced products with significant ramps of new ADAS and infotainment processors relying on large body size flip chip technology in our advanced packaging factories in Korea. Although we foresee some short and midterm constraints in the automotive supply chain, we believe the long-term growth drivers in this market remain in place with the expected continued expansion of semiconductor content per car.

汽車和工業市場的強勁復甦推動了今年 28% 的增長。持續的供應限制，尤其是在晶圓和基板供應方面，進一步抑制了增長。我們汽車業務的強勁表現得益於我們主流汽車產品組合的穩健復甦，尤其是用於不斷擴大的電動汽車市場的大功率碳化矽器件的增長。我們在韓國的先進封裝工廠也憑藉大尺寸倒裝芯片技術在先進產品方面取得了長足的進步。儘管我們預計汽車供應鏈中存在一些短期和中期限制，但我們認為，隨著每輛汽車的半導體含量預期持續擴大，該市場的長期增長動力仍然存在。

Our consumer business increased 12% for the year, supported by diversification of our product and customer portfolio in IoT wearables and strength in the traditional consumer products. In the consumer wearable market, we utilize our advanced SiP assembly and test platform that offers a turnkey solution to integrate over 80% of the electronic components into a single system. We expect this market to further expand, and our overall product and customer pipeline for advanced SiP solutions for consumer products remains strong.

我們的消費業務今年增長了 12%，這得益於我們在物聯網可穿戴設備領域的產品和客戶組合的多樣化以及傳統消費產品的實力。在消費類可穿戴市場，我們利用我們先進的 SiP 組裝和測試平台，提供交鑰匙解決方案，將 80% 以上的電子元件集成到一個系統中。我們預計這個市場將進一步擴大，我們為消費產品提供先進的 SiP 解決方案的整體產品和客戶渠道仍然強勁。

Revenue in the computing market continued a robust growth trajectory with full year growth of 28%. We experienced solid performance in all computing applications and a further strengthening of our product pipeline. Like the automotive market, some further upside was tempered by constraints in material supply, especially high-end substrate materials. Going forward, we believe the computing market is an important driver for growth. Increasing data traffic across networks and data centers is accelerating the need for high-performance computing, utilizing the latest silicon nodes and enabled by advanced packaging technology. With our proven technology portfolio and established partnerships with lead customers and foundries, we believe Amkor is well positioned to capitalize on opportunities in this growing market, and we plan to continue our investments in technologies and manufacturing scale for computing applications.

計算市場的收入繼續保持強勁的增長軌跡，全年增長 28%。我們在所有計算應用程序中都取得了穩健的表現，並進一步加強了我們的產品線。與汽車市場一樣，由於材料供應的限制，特別是高端基板材料，進一步的上行空間受到了抑制。展望未來，我們相信計算市場是增長的重要動力。跨網絡和數據中心增加的數據流量正在加速對高性能計算的需求，利用最新的矽節點並通過先進的封裝技術實現。憑藉我們久經考驗的技術組合以及與主要客戶和代工廠建立的合作夥伴關係，我們相信 Amkor 能夠很好地利用這個不斷增長的市場中的機會，我們計劃繼續對計算應用程序的技術和製造規模進行投資。

Finally, our test business grew 17% compared to 2020. We are broadening the scope of our test services in areas like 5G communications, computing and system-level testing to enhance turnkey support to our customers. Our global manufacturing organization remains focused on operational excellence to serve our customers while maintaining industry-leading quality standards and high factory utilization.

最後，我們的測試業務與 2020 年相比增長了 17%。我們正在擴大 5G 通信、計算和系統級測試等領域的測試服務範圍，以加強對客戶的統包支持。我們的全球製造組織始終專注於卓越運營，為我們的客戶提供服務，同時保持行業領先的質量標準和高工廠利用率。

Working through supply chain constraints for material and components required extraordinary flexibility to meet customer demand by optimizing factory planning and managing new product introductions. We expect these supply constraints to continue throughout 2022 until new capacity for substrates and critical silicon nodes comes online. In November, we announced our plans to expand our global factory footprint by building a state-of-the-art factory in Bac Ninh, Vietnam. The first phase of this factory will focus on advanced SiP technology. This is a strategic long-term investment in geographical diversification and factory capacity expansion. Utilization across our advanced packaging locations is high, and we expect the strong market demand for these technologies to continue.

克服材料和組件的供應鏈限制需要非凡的靈活性，通過優化工廠規劃和管理新產品推出來滿足客戶需求。我們預計這些供應限制將持續到 2022 年，直到新的基板和關鍵矽節點產能上線。 11 月，我們宣布計劃通過在越南北寧市建立最先進的工廠來擴大我們的全球工廠足跡。該工廠的第一階段將專注於先進的 SiP 技術。這是對地域多元化和工廠產能擴張的戰略性長期投資。我們先進封裝位置的利用率很高，我們預計市場對這些技術的強勁需求將持續下去。

Our Vietnam factory project is on schedule to start pilot production in the second half of 2023. This will provide key capacity to support future growth. In the U.S., we continue to monitor our investment policies to incentivize domestic semiconductor manufacturing.

我們的越南工廠項目計劃於 2023 年下半年開始試生產。這將為支持未來的增長提供關鍵產能。在美國，我們繼續監控我們的投資政策，以激勵國內半導體製造。

Our CapEx for 2021 was $780 million. We made significant investments in advanced technologies like wafer-level packaging, flip chip technology, advanced SiP and test, as well as in facility expansion. For 2022, we expect to increase CapEx to around $950 million in order to capture new opportunities for a strong demand for our advanced package technologies. Our 2022 CapEx guidance of $950 million includes around $100 million for the construction of our new Vietnam factory.

我們 2021 年的資本支出為 7.8 億美元。我們在晶圓級封裝、倒裝芯片技術、先進的 SiP 和測試等先進技術以及設施擴建方面進行了大量投資。到 2022 年，我們預計資本支出將增加到 9.5 億美元左右，以抓住對我們先進封裝技術的強勁需求的新機會。我們 2022 年 9.5 億美元的資本支出指導包括大約 1 億美元用於建設我們的新越南工廠。

Now let me turn to our first quarter 2022 revenue outlook. We are expecting another solid quarter with revenue of $1.55 billion at the midpoint of our guidance. This represents a year-on-year increase of 17%. The full year 2022 is shaping up as another growth year for Amkor. Our key growth drivers remain in place. 5G deployments, high-performance computing, IoT wearables and automotive electronics are all expected to drive strong demand for our services. With Amkor's differentiated technology portfolio, global manufacturing scale and broad customer base, we believe we can outperform the semiconductor market in 2022.

現在讓我談談我們 2022 年第一季度的收入展望。我們預計在我們指導的中點收入為 15.5 億美元的又一個穩健的季度。這意味著同比增長 17%。 2022 年全年將成為 Amkor 的又一個增長年。我們的主要增長動力仍然存在。 5G 部署、高性能計算、物聯網可穿戴設備和汽車電子都有望推動對我們服務的強勁需求。憑藉 Amkor 的差異化技術組合、全球製造規模和廣泛的客戶群，我們相信我們可以在 2022 年超越半導體市場。

Megan will now provide more detailed financial information.

梅根現在將提供更詳細的財務信息。

Thank you, Giel, and good afternoon, everyone. Amkor delivered record financial results in Q4. Revenue, gross margin, net income and EPS all exceeded the high end of our guidance. Fourth quarter revenue of $1.72 billion was up 3% sequentially. The Year-over-year fourth quarter revenue increased 26%, a result of significant double-digit growth in all end markets, including new all-time records for revenue in computing, automotive and industrial and consumer.

謝謝你，吉爾，大家下午好。 Amkor 在第四季度交付了創紀錄的財務業績。收入、毛利率、淨收入和每股收益都超過了我們指引的高端。第四季度收入為 17.2 億美元，環比增長 3%。第四季度收入同比增長 26%，這得益於所有終端市場的兩位數顯著增長，包括計算、汽車、工業和消費領域的收入創下歷史新高。

Communications revenue was flat from Q3 and came in stronger than expected due to less impact from material supply shortages. Utilization rates were high across our global factory footprint. We continued to work with our customers to provide assurance for future supply by means of advanced payments and long-term agreements. This allows us to secure capacity and material availability for future volume ramps.

由於材料供應短缺的影響較小，通信收入與第三季度持平，並且強於預期。我們全球工廠的利用率很高。我們繼續與客戶合作，通過預付款和長期協議為未來的供應提供保證。這使我們能夠為未來的產量增長確保產能和材料可用性。

During the quarter, we continued to see constraints for wafers, substrates and components, as well as extended lead times for certain equipment. In order to secure specific materials for our customers, we are exploring long-term arrangements, including investments with key suppliers to support capacity expansion. We expect continued tightness throughout 2022 until new capacity comes online.

在本季度，我們繼續看到晶圓、基板和組件的限制，以及某些設備的交貨時間延長。為了為我們的客戶確保特定材料，我們正在探索長期安排，包括與主要供應商進行投資以支持產能擴張。我們預計整個 2022 年將持續緊張，直到新產能上線。

In addition to supply constraints, we are also experiencing cost increases, both in fixed and variable costs. In order to preserve our profitability in this rising inflation environment, we are taking action to ensure our prices reflect these increasing costs. With high levels of utilization, gross margin expanded 170 basis points sequentially to 21% and our gross profit of $362 million is an all-time record. This demonstrates the leverage in our financial model.

除了供應限制之外，我們還經歷了固定成本和可變成本的成本增加。為了在這種不斷上升的通脹環境中保持盈利能力，我們正在採取行動確保我們的價格反映這些不斷增加的成本。由於利用率高，毛利率連續增長 170 個基點至 21%，我們的毛利潤為 3.62 億美元，創歷史新高。這證明了我們財務模型中的槓桿作用。

Operating expenses for the quarter came in better than expected at $110 million. Fourth quarter operating income was an all-time record of $252 million, and operating income margin expanded 200 basis points sequentially to 14.6%. Net income for the quarter was $217 million, resulting in an all-time record EPS of $0.88. We generated record EBITDA of $398 million in Q4, and EBITDA margin was 23.1%. We ended the quarter with over $1 billion of cash and short-term investments and total liquidity of $1.6 billion. At December 31, total debt was approximately $1.1 billion, and our debt-to-EBITDA ratio is 0.9x. Our solid financial position maintains our ability to fund expansion, entertain future growth opportunities and make strategic investments.

本季度的運營費用為 1.1 億美元，好於預期。第四季度營業收入達到創紀錄的 2.52 億美元，營業收入利潤率環比增長 200 個基點至 14.6%。本季度的淨收入為 2.17 億美元，每股收益為 0.88 美元，創歷史新高。我們在第四季度創造了創紀錄的 3.98 億美元的 EBITDA，EBITDA 利潤率為 23.1%。我們在本季度結束時擁有超過 10 億美元的現金和短期投資以及 16 億美元的總流動資金。截至 12 月 31 日，總債務約為 11 億美元，我們的債務與 EBITDA 比率為 0.9 倍。我們穩健的財務狀況保持了我們為擴張提供資金、迎接未來增長機會和進行戰略投資的能力。

2021 was a year of many records and accomplishments for Amkor. Revenue for 2021 topped $6.1 billion, an increase of nearly $1.1 billion or 22% over 2020. Strong execution and technology leadership drove double-digit growth and set new records in all of our end markets. Gross margin for the full year 2021 was 20%, driving robust profitability and expanding over 200 basis points from 2020. We generated record gross profit of over $1.2 billion, an increase of over 35% from 2020. We controlled operating expenses, reducing them as a percent of revenue, from 8.8% in 2020 to 7.5% in 2021 in a period of significant growth.

2021 年是 Amkor 創造多項記錄和成就的一年。 2021 年的收入超過 61 億美元，比 2020 年增加了近 11 億美元或 22%。強大的執行力和技術領先地位推動了兩位數的增長，並在我們所有的終端市場創造了新的記錄。 2021 年全年毛利率為 20%，推動了強勁的盈利能力，並比 2020 年擴大了 200 多個基點。我們創造了超過 12 億美元的創紀錄毛利潤，比 2020 年增長了 35% 以上。我們控制了運營費用，將其減少為收入的 1%，在顯著增長時期從 2020 年的 8.8% 到 2021 年的 7.5%。

Strong operating results and disciplined spending resulted in operating income margin of 12.4%, an increase of 330 basis points over 2020. We reduced interest expense by $12.5 million or 20% compared to 2020 by continuing to optimize the amount, cost and term of our debt. As a result of these actions, we generated record EPS of $2.62, an increase of over 85% from 2020.

強勁的經營業績和嚴格的支出使營業利潤率達到 12.4%，比 2020 年增加 330 個基點。通過繼續優化債務的金額、成本和期限，我們將利息支出與 2020 年相比減少了 1250 萬美元或 20% .由於這些行動，我們創造了創紀錄的 2.62 美元的每股收益，比 2020 年增長了 85% 以上。

We invested $780 million of CapEx or 12.7% capital intensity, primarily in our advanced products portfolio. This investment will strengthen our leadership position in the growth catalysts for 2022 and beyond: 5G; IoT; automotive; and high-performance computing.

我們投資了 7.8 億美元的資本支出或 12.7% 的資本密集度，主要用於我們的先進產品組合。這項投資將加強我們在 2022 年及以後的增長催化劑方面的領導地位：5G；物聯網；汽車；和高性能計算。

We announced the expansion of our geographical footprint to add advanced SiP capacity in Vietnam. We generated $344 million in free cash flow in 2021, an increase of over 50% from 2020. Customer advance payments had a favorable impact on free cash flow in 2021. We increased our quarterly cash dividend by 25% on strong financial results and confidence in the sustainability of our cash flow generation.

我們宣布擴大我們的地理足跡，以在越南增加先進的 SiP 產能。我們在 2021 年產生了 3.44 億美元的自由現金流，比 2020 年增長了 50% 以上。客戶預付款對 2021 年的自由現金流產生了有利的影響。由於強勁的財務業績和信心，我們將季度現金股息提高了 25%我們產生現金流的可持續性。

Moving on to our first quarter outlook. We expect revenue to be $1.55 billion, plus or minus $50 million, which reflects both seasonality and continued supply chain constraints. Gross margin is expected to be in the range of 17.5% to 20%. Operating expenses are expected to be around $115 million. We expect our full year effective tax rate to be around 15%. Q1 net income is expected to be between $115 million and $165 million, resulting in EPS between $0.45 and $0.65. Given the continued strong demand in the market, we are increasing our forecast for capital expenditures in 2022 to around $950 million. This includes spending related to our new facility in Vietnam, which is anticipated to be completed in 2023.

繼續我們的第一季度展望。我們預計收入為 15.5 億美元，上下浮動 5000 萬美元，這反映了季節性和持續的供應鏈限制。毛利率預計在 17.5% 至 20% 之間。運營費用預計約為 1.15 億美元。我們預計全年有效稅率約為 15%。第一季度淨收入預計在 1.15 億美元至 1.65 億美元之間，每股收益在 0.45 美元至 0.65 美元之間。鑑於市場需求持續強勁，我們將 2022 年資本支出的預測上調至 9.5 億美元左右。這包括與我們在越南的新設施相關的支出，該設施預計將於 2023 年完工。

With that, we will now open the call up for your questions. Operator?

有了這個，我們現在將打開您的問題的電話。操作員？

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Randy Abrams with Crédit Suisse.

我們的第一個問題來自瑞士信貸的 Randy Abrams。

Congratulations on the good result. I wanted to ask the first question on the first quarter. The seasonal is about in line with normal, about a 10% decline. But factoring you're mentioning a pretty strong growth outlook and some of the customers and peers have been a bit above seasonal. So if you could put in context just the factors on the seasonality? And in that, I think you discussed that there are some constraints on demand. But if you could lay out what you're seeing and perhaps by end market, how you're seeing the trend fourth quarter to first quarter?

恭喜取得好成績。我想問第一季度的第一個問題。季節性大致符合正常情況，下降約 10%。但考慮到您提到的增長前景相當強勁，並且一些客戶和同行的業績略高於季節性。那麼，如果你能把季節性因素放在上下文中呢？在這方面，我認為您討論過需求存在一些限制。但是，如果您可以列出您所看到的內容，也許可以按終端市場，您如何看待第四季度到第一季度的趨勢？

Randy, this is Giel. Good to have you on the call. Yes, let me try to answer your question and go through the individual segments. Let me first start with making a comment to the product categories. I mean, where we see the quarter-on-quarter correction is mostly in our advanced SiP domain, both on the communications side as well as on the consumer side.

蘭迪，這是吉爾。很高興你接電話。是的，讓我嘗試回答您的問題並逐一介紹。讓我首先對產品類別進行評論。我的意思是，我們看到季度環比修正主要發生在我們先進的 SiP 領域，無論是在通信方面還是在消費者方面。

For the segments in the computing segment as well as in the Automotive segment, they're either slightly up or flat quarter-on-quarter versus Q4. So mostly, it's in SiP and mostly in the communications segment, which is slightly better-than-normal seasonality on the communication. And on the consumer side, we see some fluctuations with changeovers from one product generation to another, and that impacts our consumer segment. And on top of that, we made some reservation for our memory business because we see some supply constraints towards the tail end of this quarter with respect to vehicle supply. And there, we made a slight correction to include that in our quarterly outlook.

對於計算領域和汽車領域的細分市場，與第四季度相比，它們環比略有上升或持平。所以大多數情況下，它是在 SiP 中，主要是在通信領域，這比正常的通信季節性略好。在消費者方面，我們看到從一代產品轉換到另一代產品的一些波動，這影響了我們的消費者群體。最重要的是，我們對內存業務做了一些保留，因為我們看到本季度末在汽車供應方面存在一些供應限制。在那裡，我們進行了小幅修正，將其納入我們的季度展望。

Okay. Yes, that's helpful. And I guess, with the wafer supply, it's dealing with some of the issues on the contamination. The follow-up for the SIP business, where in the remarks you discussed diversified portfolio and good pipeline. If you could give a snapshot, if you still do the revenue run rate where it was last year and the broad expectation for this year with the transition, how you're seeing the SiP business for the coming year?

好的。是的，這很有幫助。我想，通過晶圓供應，它正在處理一些關於污染的問題。 SIP業務的後續，您在評論中討論了多元化的投資組合和良好的管道。如果您可以提供一個快照，如果您仍然保持去年的收入運行率以及對今年過渡的廣泛預期，您如何看待來年的 SiP 業務？

Well, there is strength across the board. I think we're introducing a broad range of new products on SiP share on the computing -- on the communication domain. And we expect that to be strong and significantly growing in this year. On the consumer domain, we see some products phasing out with one customer with some new customers face again with other customers. And there is some ramp up and ramp down. How that materialize exactly in comparison to last year, maybe Megan can give a little bit more detail there for Randy.

嗯，有全面的實力。我認為我們將在計算——通信領域的 SiP 共享上推出廣泛的新產品。我們預計今年將強勁並顯著增長。在消費領域，我們看到一些產品與一個客戶逐步淘汰，而一些新客戶又與其他客戶面對。並且有一些上升和下降。與去年相比，這究竟是如何實現的，也許梅根可以為蘭迪提供更多細節。

Randy, yes, just to close out '21, Randy, our SiP business grew over 20%. So we're -- our advanced SiP is $2.3 billion is where we ended up for '21. And as Giel mentioned, we expect continued strong growth in the advanced SIP technology. As a reminder, we see that proliferating into all of the end markets, including automotive.

蘭迪，是的，就在 21 年結束時，蘭迪，我們的 SiP 業務增長了 20% 以上。所以我們——我們先進的 SiP 是 23 億美元，這是我們 21 年的最終目標。正如 Giel 所說，我們預計先進的 SIP 技術將繼續強勁增長。提醒一下，我們看到這種情況正在擴散到包括汽車在內的所有終端市場。

Okay. Great. And actually, where it translates to margin where you're coming off kind of a new recent high, for -- as you go into this year, I think there's a few drivers. But I'm curious, pricing, if now factoring in some of the constraints and rising material costs, what's happening on the pricing side. And in that -- then how you net it out, like for -- if the SiP business is still growing, how you see the margin trend? If kind of we reach similar levels and high utilization, or is it in tech, we could go in either direction with whether you're doing on pricing versus some of the material costs?

好的。偉大的。實際上，它轉化為利潤率，你正在擺脫最近的新高，因為 - 當你進入今年時，我認為有一些驅動因素。但我很好奇，定價，如果現在考慮到一些限制因素和不斷上漲的材料成本，定價方面會發生什麼。在那——然後你如何淨額，比如——如果 SiP 業務仍在增長，你如何看待利潤率趨勢？如果我們達到類似的水平和高利用率，或者是在技術方面，我們可以朝兩個方向走，無論你是在定價還是在一些材料成本上？

Okay. Let me start with the pricing part and then Megan can probably give a little bit more comments on the gross margin development for this year. Now on the pricing side, already for last year 2021, we work closely with our customers to include in our pricing, the increased material costs, specifically on substrate materials where we see increased cost during the last year already, and we expect that to continue. We have a close cooperation with our customers to include that in our pricing.

好的。讓我從定價部分開始，然後梅根可能會對今年的毛利率發展發表更多評論。現在在定價方面，已經在去年 2021 年，我們與客戶密切合作，將增加的材料成本包括在我們的定價中，特別是在我們看到去年成本增加的基板材料上，我們預計這種情況會繼續下去.我們與客戶密切合作，將其包含在我們的定價中。

With respect to other inflation-related cost increases, be it energy, labor costs, et cetera, I think we do the same approach with our customer base currently we work closely with customers to basically increase prices where needed to include the inflation that we're currently experiencing across the board. So material increase is already ongoing for, let's say, the full of last year, and we expect it to continue the other inflation-related cost increases, I think we work on the same way closely with our customers to include that in our pricing.

關於其他與通貨膨脹相關的成本增加，無論是能源、勞動力成本等，我認為我們對我們的客戶群採取同樣的方法，目前我們與客戶密切合作，基本上在需要的地方提高價格，以包括我們的通貨膨脹。目前正在全面體驗。因此，比方說，去年全年的實質性增長已經在持續，我們預計它將繼續其他與通脹相關的成本增長，我認為我們以同樣的方式與客戶密切合作，將其納入我們的定價中。

Now with respect to our gross margin development, Megan, can you comment to that?

現在關於我們的毛利率發展，梅根，你能評論一下嗎？

Sure. So Randy, as you know, generally, we see a 40% to 50% gross profit incremental flow-through. And as you mentioned, that can have headwinds or tailwinds, depending on product mix, which you had specifically mentioned SiP, utilization, currency exchange rates, et cetera. So with respect to our expectations for '22, as far as this being in 2021, that is a good representation of our material content.

當然。所以蘭迪，如你所知，一般來說，我們看到 40% 到 50% 的毛利潤增量流入。正如你所提到的，這可能有逆風或順風，具體取決於產品組合，你特別提到了 SiP、利用率、貨幣匯率等。因此，就我們對 22 年的期望而言，就 2021 年而言，這很好地代表了我們的物質內容。

And just to step-back, '21 had robust profitability a result of ongoing disciplined CapEx and focus on controlling our manufacturing costs for optimal absorption. We achieved the highest gross margin percent in over a decade. Operating income margin also reached the highest in over a decade. That being said, we've worked hard to establish a manufacturing cost structure that will provide leverage in growth cycles. So our expectation is that we will have improved profitability given the leverage that we've demonstrated in our financial model.

退一步說，'21 擁有強勁的盈利能力，這是由於持續有紀律的資本支出，並專注於控制我們的製造成本以實現最佳吸收。我們實現了十多年來最高的毛利率百分比。營業利潤率也達到了十多年來的最高水平。話雖如此，我們一直在努力建立一種製造成本結構，以在增長周期中提供槓桿作用。因此，我們的期望是，鑑於我們在財務模型中展示的槓桿作用，我們將提高盈利能力。

Okay. And one just other margin question. Depreciation for the full year, if you have just factored in now the CapEx coming up a bit, how depreciation trends year-on-year?

好的。還有一個只是其他保證金問題。全年折舊，如果您剛剛考慮到現在資本支出的上漲，那麼折舊趨勢同比如何？

Yes. 11%, Randy, is the increase in depreciation in '21.

是的。 11%，蘭迪，是 21 年折舊的增加。

Okay. Great. And then a question on the long-term agreements. It sounds like there's some on both sides. If you could discuss how much you're seeing on the supply side? And does that lock in -- I guess, it's inflationary costs. How much does it lock in the pricing that could actually be a risk if the environment changes -- and where you're doing -- thinking about the co-investment? Is that more on substrate where we've been tight. And then I'm curious on the customer side, how much you've enacted long-term agreements or any kind of prepayment for the business with customers.

好的。偉大的。然後是關於長期協議的問題。好像兩邊都有。如果你能討論一下你在供應方面看到了多少？這是否會鎖定 - 我想，這是通貨膨脹成本。如果環境發生變化 - 以及您在哪裡 - 考慮共同投資，它會鎖定多少實際上可能構成風險的定價？這更多是在我們一直緊張的基板上嗎？然後我很好奇客戶方面，您與客戶簽訂了多少長期協議或任何形式的預付款。

Well, let me comment on the structure first, and Megan can give the details on the total numbers. Now from a structural perspective, when we enhanced our agreements with customers, 90% of our top 25 customers, we have long-term agreements in place. They're either co-investment agreements or a take-or-pay agreement or other longer-term arrangements that would guarantee them supply. So guaranteed supply is the goal, is the goal for our customers.

好吧，讓我先評論一下結構，梅根可以給出總數的詳細信息。現在從結構的角度來看，當我們加強與客戶的協議時，我們前 25 名客戶中的 90% 都簽訂了長期協議。它們要么是共同投資協議，要么是照付不議協議或其他可以保證供應的長期安排。所以保證供應是目標，是我們客戶的目標。

And guaranteed delivery is, for us, the goal with our suppliers. I think mostly on the supply of substrate materials we put long-term agreements in place with critical suppliers, mostly on high-end substrates. And we executed that in the latter part of last year. and we will continue to do that this year. There are some -- I think that's to a lesser extent, co-investment agreements going on to help some of the smaller substrate companies to ramp up and to accelerate the ramp-up of new capacity.

對我們來說，保證交貨是我們供應商的目標。我認為主要是關於基板材料的供應，我們與關鍵供應商簽訂了長期協議，主要是高端基板。我們在去年下半年執行了該操作。今年我們將繼續這樣做。有一些 - 我認為在較小程度上，共同投資協議正在幫助一些較小的基板公司增加產能並加速新產能的增加。

On the total numbers, Megan, can you comment to that?

關於總數，梅根，你能對此發表評論嗎？

Yes. So Randy, we don't give specific levels of dollar capacity in there. I think what's important to know is that all -- nearly all of our top customers have engaged in some form of long-term arrangement, which does mitigate our investment in those programs.

是的。所以蘭迪，我們沒有給出具體的美元容量水平。我認為重要的是要知道所有 - 幾乎我們所有的頂級客戶都參與了某種形式的長期安排，這確實減少了我們對這些項目的投資。

On the supplier side, I think he did address, we are doing that specifically for the high-end substrates, which is where we're seeing the most significant constraints. The magnitude of that as well, we aren't disclosing but it is ensuring that we can secure that supply for the -- for our customers.

在供應商方面，我認為他確實提到了，我們專門針對高端基板這樣做，這是我們看到的最重要的限制。我們也沒有透露其規模，但它確保我們能夠為我們的客戶確保供應。

Okay. And I'll just ask one final question, just following up for that. The -- for those where you mentioned the 90% of top 25 where there's agreements -- is that -- it looks like there's a take or pay or some that you actually guarantee and secure how much they take. Is it more than a quantity-driven or how much is also pricing? Like are these contracts also locking in some sort of pricing, or is it more to secure the volume and your market share? So I'm curious how you structure it. And then the other follow-up, because of the ongoing high-end substrate, how are you seeing the development on fan-out? And is that pulling in, or how do you see timing and magnitude of and out as a potential mediation of substrate?

好的。我只問最後一個問題，只是跟進。 - 對於那些你提到前 25 名中有 90% 有協議的人來說 - 是這樣的 - 看起來有一個接受或支付，或者你實際上保證並確保他們接受多少。它不僅僅是數量驅動還是定價多少？這些合同是否也鎖定了某種定價，還是更多地確保數量和市場份額？所以我很好奇你是如何構建它的。然後另一個後續，由於高端基板的持續進行，您如何看待扇出的發展？那是拉入嗎，或者您如何看待作為底物的潛在調解的時機和幅度？

Then let me start answering the last question on the fan-out acceleration. On fan-out, we have a broad engagement with critical customers. We expect that -- and I think I also reported that we talked in our last call on the fan-out timeline, we expect that to ramp in 2024.

那麼讓我開始回答關於扇出加速的最後一個問題。在扇出方面，我們與關鍵客戶有廣泛的接觸。我們預計——而且我想我還報告說，我們在上次電話會議中談到了扇出時間表，我們預計它將在 2024 年增加。

So to volume with some initial production in 2023. So I don't see any short-term alternative for the high-end substrates part being introduced certainly because I expect fan-out to be actually coming together with the 3-nanometer silicon nodes -- and therefore, I think it will ramp in 2023 and after that.

所以到 2023 年開始量產。所以我看不到任何短期替代高端基板部分的引入，因為我預計扇出實際上會與 3 納米矽節點一起出現 - - 因此，我認為它將在 2023 年及之後增加。

With respect to securing volume, substrate prices currently are fluctuating quite significantly. Of course, we don't, let's say, fix the prices in our contracts. I think we relate that to market prices and market price developments. The longer-term contracts are mostly related to volume, and prices are very much related to market pricing.

在保量方面，目前基板價格波動較大。當然，比方說，我們不會在我們的合同中固定價格。我認為我們將其與市場價格和市場價格發展聯繫起來。長期合同主要與數量有關，價格與市場定價密切相關。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of Tom Diffely with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Tom Diffely。戴維森。

So first, just as a follow-up, when you look at the material surcharges, are those at cost, whether you basically pass on the cost or is that with your normal margins attached to it?

那麼首先，作為後續，當您查看材料附加費時，這些是成本，您是基本上轉嫁成本還是附加正常利潤？

Well, that's -- we don't want to go in too much detail here, but the intent is to work with our customers to cover the increased cost. Of course, when there is, let's say, specific fees on handling fees or others, I think that will be included in the increased material prices.

好吧，那是-我們不想在這裡詳細介紹，但目的是與我們的客戶合作以彌補增加的成本。當然，如果有，比如說，特定的手續費或其他費用，我認為這將包括在增加的材料價格中。

S

小號

Okay. That's helpful. And then in regards to your new facility in Vietnam, what were the main reasons or the driving force behind that location? And on a related question, is there anything in the new Chip Act that you think might increase your want to increase capacity here in the U.S. over the next few years?

好的。這很有幫助。然後關於您在越南的新工廠，該地點背後的主要原因或驅動力是什麼？在一個相關的問題上，您認為新的芯片法案中是否有任何內容可能會增加您在未來幾年在美國增加產能的願望？

Okay. Well, let's first start with the Vietnam factory. The Vietnam factory is, for us, a very strategic element to our manufacturing footprint. We see there a strong ecosystem developing in Vietnam, where our customer base is actually evaluating their supply chain strategies to include, let's say, lower risk geographies in their supply chain. That doesn't mean that companies completely move away from manufacturing in China, but they're actively looking for lower risk alternatives. In our view, Vietnam is one of them, also because there is a strong semiconductor ecosystem already present and our customers -- several of our customers are familiar with the location. There's a strong labor force. There are the strong incentive scheme from government. And we believe with the facility of our other manufacturing locations in Asia, this is the right location also from a cost structure perspective to have a long-term facility supporting our advanced technologies in Vietnam.

好的。好吧，讓我們首先從越南工廠開始。對我們來說，越南工廠是我們製造足蹟的一個非常具有戰略意義的元素。我們看到越南正在發展一個強大的生態系統，我們的客戶群實際上正在評估他們的供應鏈戰略，比如將風險較低的地區納入他們的供應鏈。這並不意味著公司完全放棄在中國製造，但他們正在積極尋找風險較低的替代品。在我們看來，越南就是其中之一，這也是因為已經存在強大的半導體生態系統，而且我們的客戶——我們的幾位客戶都熟悉該地區。有強大的勞動力。政府有強有力的激勵計劃。我們相信，憑藉我們在亞洲其他製造基地的設施，從成本結構的角度來看，這也是在越南擁有支持我們先進技術的長期設施的正確地點。

With respect to the U.S. chip act and potential investment in the U.S., I mean, we are monitoring this. Of course, our headquarters in the U.S., we are well positioned to participate in the U.S. supply chain. We are critically evaluating potential locations. Important, however, is to make it an economic viable manufacturing location. So we are evaluating the detailed support structure that is being developed by federal as well as state governments in the U.S.

關於美國的芯片法案和在美國的潛在投資，我的意思是，我們正在對此進行監控。當然，我們的總部在美國，我們有能力參與美國的供應鏈。我們正在批判性地評估潛在的位置。然而，重要的是使其成為經濟上可行的製造地點。因此，我們正在評估美國聯邦和州政府正在製定的詳細支持結構。

Great. Okay. That's very helpful. And then just as a follow-up on that, is there a rule of thumb for the payback period for capital spending on equipment? Is it a 2-year payback period or might have kind of trying to figure out what the return is on these investments?

偉大的。好的。這很有幫助。然後，作為對此的跟進，對於設備資本支出的投資回收期是否有經驗法則？這是一個 2 年的投資回收期，還是試圖弄清楚這些投資的回報是多少？

I'll leave that to Megan.

我會把它留給梅根。

Tom, from a rule of thumb, I would say 2 years is a good rule of thumb. I would say generally, it's going to depend on a key customer. It's going to depend on if we have second customers lined up coming in with that. We may require faster. It's going to depend if the equipment is fungible, et cetera. But all those factors, I think, your 2 years is a good rule of thumb.

湯姆，根據經驗，我會說 2 年是一個很好的經驗法則。我一般會說，這將取決於關鍵客戶。這將取決於我們是否有第二個客戶排隊進來。我們可能需要更快。這將取決於設備是否可替代，等等。但所有這些因素，我認為，你的 2 年是一個很好的經驗法則。

Okay. Great. And then final question. When you look at the automotive market and the growth you see there going forward, is most of that driven by the EV market with silicon carbide or is it the basically electrification of cars in general that's driving that?

好的。偉大的。然後是最後一個問題。當您查看汽車市場以及您看到的未來增長時，其中大部分是由碳化矽電動汽車市場推動的，還是總體上汽車的基本電氣化推動了這一增長？

I would say, the majority of the growth is driven by the electrification of cars in general. Of course, on the -- in the EV market, there are specific elements like high-power battery management, et cetera, that drive increased semiconductor content. If we talk about alternative materials like silicon carbide that can handle power management for the new generation of battery management in electrical cars, that's very specific for the EV market. But if we talk about driver assistance features, sensors, radar sensors, infotainment, all of that is generic, whether these are electrical cars or combustion engine cars.

我想說，大部分增長是由汽車電氣化推動的。當然，在電動汽車市場上，諸如大功率電池管理等特定元素推動了半導體含量的增加。如果我們談論可以處理電動汽車新一代電池管理的電源管理的碳化矽等替代材料，這對於電動汽車市場來說是非常具體的。但如果我們談論駕駛輔助功能、傳感器、雷達傳感器、信息娛樂，所有這些都是通用的，無論是電動汽車還是內燃機汽車。

Our next question is a follow-up from Randy Abrams with Crédit Suisse.

我們的下一個問題是蘭迪艾布拉姆斯與瑞士信貸的後續問題。

I have a follow-up just on the CapEx. If you could give a split like in that -- you mentioned the $100 million for Vietnam. If you could give the split, and just directionally, if we take last year as a base, how the mix on the CapEx or priorities are changing year-on-year?

我對資本支出進行了跟進。如果你能像那樣給分 - 你提到了越南的 1 億美元。如果您可以進行拆分，並且只是方向性的，如果我們以去年為基礎，資本支出或優先事項的組合將如何逐年變化？

Megan, can you take that?

梅根，你能接受嗎？

Sure. So Randy, I would say from looking at prior year, the mix would be pretty similar on the equipment and capability expansion where we would have the primary portion of that for advanced technologies. And then where we're seeing some increased CapEx is in our infrastructure in common. And as we mentioned, there's $100 million earmarked for our facility in Vietnam.

當然。所以蘭迪，我會說從前一年的情況來看，設備和能力擴展的組合將非常相似，我們將主要部分用於先進技術。然後我們看到資本支出增加的地方是我們共同的基礎設施。正如我們所提到的，我們為我們在越南的工廠預留了 1 億美元。

And on wire bonding, for a while, there was like legacy capacity that you had. Some available capacity, is that still the case or you now fairly tight and need to invest in the mainstream wire bonding?

在引線鍵合方面，有一段時間，您擁有的能力就像是傳統的能力一樣。一些可用容量，仍然是這種情況，還是您現在相當緊張，需要投資於主流的引線鍵合？

Yes. Let me comment to that, Randy. I mean, our wire bond factories in Japan as well as in the Philippines as well in Malaysia,were actually looking at a fairly high utilization when we exited last year in our fourth quarter. Still not fully utilized, I think we have some incremental capacity in our Japan facilities. We plan to invest in specific expansion in some of our facilities to accommodate some increased volumes for our customers.

是的。讓我對此發表評論，蘭迪。我的意思是，當我們去年第四季度退出時，我們在日本、菲律賓和馬來西亞的引線鍵合工廠實際上處於相當高的利用率。仍未充分利用，我認為我們在日本的工廠有一些增量產能。我們計劃對我們的一些設施進行特定的擴建投資，以適應我們客戶增加的數量。

But keep in mind, our wire bond business is clearly focused at some specific markets that are complementary to our advanced packaging markets, like in automotive where we hold a strong position in automotive. And of course, if these customers are basically expanding and want us to expand, we will do that, and that goes across the board with respect to automotive microcontrollers, which are actually growing quite significantly. So where needed, we will invest in wire bonding capacity also.

但請記住，我們的引線鍵合業務顯然專注於與我們的先進封裝市場互補的一些特定市場，例如我們在汽車領域佔據強勢地位的汽車領域。當然，如果這些客戶基本上都在擴張並希望我們擴張，我們會這樣做，這對於汽車微控制器來說是全面的，實際上增長非常顯著。因此，在需要時，我們還將投資引線鍵合能力。

And related on the IBM outsourcing, there's been mixed feedback whether there is an outsourcing trend or they're actually stepping up investment in-house. And a few IDMs have discussed more investment both advance, but it sounds like they do want to do some OSAT investments as well. So I'm curious, the trend you're seeing for outsourcing. And there's probably a near-term dynamic-type environment versus a mid- to long-term strategic direction for that.

關於 IBM 外包，無論是有外包趨勢還是他們實際上正在加大內部投資，反饋意見不一。一些 IDM 已經討論了更多的投資，但聽起來他們確實也想做一些 OSAT 投資。所以我很好奇，你看到的外包趨勢。並且可能存在一個近期動態類型的環境，而不是一個中長期的戰略方向。

Yes, I agree with that, Randy. I mean, the outsourcing trend from IDMs and the increase to more outsourcing is already ongoing for a long time, where there is a trend of increased outsourcing. Of course, it depends a little bit which markets in exact you're talking about, whether it's in computing or in memory or in automotive. I mean, currently, we see that the preference for investments by IDMs are if they are investing, it's more towards the front-end expansion instead of back-end expansion, unless it's very specialized technologies.

是的，我同意這一點，蘭迪。我的意思是，IDM 的外包趨勢和更多外包的增加已經持續了很長時間，其中有外包增加的趨勢。當然，這在一定程度上取決於您所談論的確切市場，無論是計算領域、內存領域還是汽車領域。我的意思是，目前，我們看到 IDM 對投資的偏好是，如果他們正在投資，則更傾向於前端擴展而不是後端擴展，除非它是非常專業的技術。

So there is an increased outsourcing ongoing, and we definitely see that. It's not only on the mainstream side. But it's definitely also on the advanced products sides where generally IDMs hold a strong, let's say, scale in the mainstream manufacturing side, but have limited scale in advanced products and tend to outsource more of their advanced product, let's say, volumes towards the old sets.

因此，外包正在增加，我們肯定會看到這一點。它不僅在主流方面。但肯定也是在先進產品方面，IDM 通常在主流製造方面擁有強大的規模，比如說，在主流製造方面的規模，但在先進產品方面的規模有限，並且傾向於將更多的先進產品外包，比如說，向舊產品的數量套。

Great. And the last question I have on the -- just on demand environment, it sounds like above seasonal, so positive on, I think you mentioned compute, auto. For market segments are two parts to it, but one, if there's any area you're seeing a bit of softness or a slowdown? And from an inventory picture, how you're viewing where levels are versus normal and also versus where customers seem to want to take it? Like if you see kind of a potential buildup through this year.?

偉大的。我的最後一個問題是——只是按需環境，聽起來像是季節性的，所以很積極，我想你提到了計算，汽車。因為細分市場是它的兩個部分，但一個是，如果有任何領域你看到了一點疲軟或放緩？從庫存圖片中，您如何查看水平與正常水平以及客戶似乎想要的水平？就像你在今年看到一種潛在的積累一樣。？

Yes. From where we -- from our perspective on the supply chain, we see inventories to be still very lean. And we are monitoring actively the inventories at the distributor level, at our customer level, also in specific markets. They're here and there, you have some inventory buildup with respect to kitting, but in my view, that's very short term and that will resolve itself. But in general, inventory levels, what we are seeing are low or definitely below our customer targets still. With respect to market development, we see 2022 another strong year. I mean, market forecast is in the high single digits. We believe we can outperform that. So we are very optimistic with respect to the outlook.

是的。從我們的角度來看 - 從我們對供應鏈的角度來看，我們看到庫存仍然非常少。我們正在積極監控分銷商層面、客戶層面以及特定市場的庫存。他們在這里和那裡，你有一些關於配套的庫存積累，但在我看來，這是非常短期的，並且會自行解決。但總的來說，我們所看到的庫存水平仍然很低或肯定低於我們的客戶目標。在市場發展方面，我們看到 2022 年又是一個強勁的一年。我的意思是，市場預測處於高個位數。我們相信我們可以超越這一點。因此，我們對前景非常樂觀。

On the communications side, we believe that 5G continues to drive growth. I mean, the number of 5G phones will increase from let's say, around 400 million or 450 million this year to about 600 million next year, and that will drive significant growth. Automotive markets, the number of cars as well as the semiconductor content will continue to increase. And on the computing side, we're very optimistic with further growth, both on the networking side as well as data centers. But even on the turn on the PC side, for the OSAT domain, there's a good upside there to establish further growth.

在通信方面，我們認為 5G 將繼續推動增長。我的意思是，5G手機的數量將從今年的約4億或4.5億增加到明年的約6億，這將推動顯著增長。汽車市場的汽車數量以及半導體含量將繼續增加。在計算方面，我們對網絡和數據中心的進一步增長非常樂觀。但即使在 PC 方面，對於 OSAT 領域，也有很好的上行空間來建立進一步的增長。

IoT is a little bit a market, which is still in the early stage on the wearable electronics side. But overall, with our strength in the IP platform, where we do integrate the majority of the functionality in one asset. I think also there, we are optimistic. So overall, across market segments, inventories are still fairly moderate, and market demand we expect to be strong in this year, Randy.

物聯網有點像一個市場，在可穿戴電子產品方面仍處於早期階段。但總的來說，憑藉我們在 IP 平台上的實力，我們確實將大部分功能集成到了一項資產中。我也認為在那裡，我們很樂觀。所以總的來說，在整個細分市場，庫存仍然相當溫和，我們預計今年的市場需求會很強勁，蘭迪。

Thank you. At this time, I'm showing no further questions. I would like to turn the call back over to Giel for closing remarks.

謝謝你。在這個時候，我沒有再提出任何問題。我想把電話轉回給 Giel 做結束語。

Okay. Thank you. Well, before closing the call, I would like to recap our key messages.

好的。謝謝你。好吧，在結束通話之前，我想回顧一下我們的關鍵信息。

Amkor delivered outstanding financial results in 2021. We achieved record annual revenue of $6.14 billion and a record annual EPS of $2.62. We are expecting the first quarter '22 to be another solid quarter with revenue of $1.55 billion, a robust year-on-year growth of 17%.

Amkor 在 2021 年取得了出色的財務業績。我們實現了創紀錄的 61.4 億美元的年收入和創紀錄的 2.62 美元的年每股收益。我們預計 22 年第一季度將是另一個穩健的季度，收入為 15.5 億美元，同比強勁增長 17%。

Supply chain constraints for substrates and components are expected to continue throughout 2022 until new capacity for substrates and critical silicon nodes come online. 2022 is expected to be another growth year for Amkor. And with our solid position in key growth markets, we expect to outgrow the semiconductor markets. And last but not least, I would like to thank the global Amkor team for delivering another great year. The team demonstrated the resilience and focus to overcome many challenges and made 2021 a milestone year.

基板和組件的供應鏈限制預計將持續到 2022 年，直到基板和關鍵矽節點的新產能上線。預計 2022 年將是 Amkor 的又一個增長年。憑藉我們在關鍵增長市場的穩固地位，我們預計將超過半導體市場。最後但並非最不重要的一點是，我要感謝全球 Amkor 團隊帶來了又一個偉大的一年。該團隊展示了克服許多挑戰的韌性和專注力，並使 2021 年成為具有里程碑意義的一年。

Thanks for joining the call today.

感謝您今天加入電話會議。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。