艾克爾 (AMKR) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology Third Quarter 2022 Earnings Conference Call. My name is Diego, and I will be your conference facilitator today. At this time, all participants are in a listen-only mode. After the speaker's remarks, we will conduct the question-and-answer session. As a reminder, this conference is being recorded.

女士們，先生們，美好的一天，歡迎參加 Amkor Technology 2022 年第三季度收益電話會議。我的名字是 Diego，今天我將成為您的會議主持人。此時，所有參與者都處於只聽模式。演講者發言後，我們將進行問答環節。提醒一下，本次會議正在錄製中。

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

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 Third Quarter 2022 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 2022 年第三季度收益電話會議。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.

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。

Please refer to our press release and 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-Q.

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 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-Q 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 excellent results in the third quarter, reaching a, record quarterly revenue of $2.1 billion and EPS of $1.24. All end markets achieved new records, driving revenue up 24% year-on-year. Sequentially, revenue was up 38%, which reflects growth and a successful recovery of our Shanghai factory.

謝謝，詹妮弗。大家下午好，感謝您今天加入電話會議。 Amkor 在第三季度取得了出色的業績，達到創紀錄的 21 億美元的季度收入和 1.24 美元的每股收益。所有終端市場均創下新紀錄，推動收入同比增長 24%。隨後，收入增長了 38%，這反映了我們上海工廠的增長和成功復甦。

While the industry is facing near-term macroeconomic headwinds and market forecasts have weakened in some areas, demand for our advanced packaging technology remains strong and momentum strengthened during the third quarter. Growth in advanced packaging came in at 33% year-on-year, close to 80% of our business in the third quarter.

儘管該行業面臨近期宏觀經濟逆風，並且某些領域的市場預測已經減弱，但對我們先進封裝技術的需求在第三季度依然強勁且勢頭增強。先進封裝的同比增長率為 33%，接近第三季度我們業務的 80%。

Amkor continues executing on its strategy to leverage a leadership position in advanced packaging and its broad geographical footprint to capitalize on the industry megatrends of 5G, IoT, automotive and high-performance computing.

Amkor 繼續執行其戰略，利用先進封裝領域的領導地位及其廣泛的地理足跡，利用 5G、物聯網、汽車和高性能計算的行業大趨勢。

Now let me review the dynamics in each end markets. Our communications business experienced significant growth in the third quarter, driven by high volume ramps supporting the launch of premium tier 5G smartphones. Communications revenue for the quarter increased 76% sequentially and 35% year-on-year. Although overall smartphone units are projected to be down this year, 5G units continue to proliferate.

現在讓我回顧一下每個終端市場的動態。我們的通信業務在第三季度經歷了顯著增長，這得益於支持高端 5G 智能手機推出的高銷量增長。本季度通信收入環比增長 76%，同比增長 35%。儘管預計今年智能手機的整體銷量將下降，但 5G 銷量仍在繼續激增。

Premium tier 5G phones are rich in silicon content and ongoing innovations continue to add functionality. Amkor supports a wide range of applications in multiple package formats throughout the phone, including devices for audio and power management, MEMS sensors, NAND memory and apps processors and modems in package and package technology.

高端 5G 手機具有豐富的矽含量，並且持續的創新不斷增加功能。 Amkor 在整個手機中支持多種封裝格式的廣泛應用，包括音頻和電源管理設備、MEMS 傳感器、NAND 存儲器和應用處理器以及封裝和封裝技術中的調製解調器。

In addition, advanced system and package technology is deployed for RF devices, display controllers and camera applications. With our advanced SiP platform for heterogeneous integration, we enable continuous innovation in form factors, functionality and performance by applying industry-leading technologies and design rules.

此外，先進的系統和封裝技術被部署用於射頻設備、顯示控制器和相機應用。憑藉我們用於異構集成的先進 SiP 平台，我們通過應用行業領先的技術和設計規則，在外形、功能和性能方面實現持續創新。

Amkor's high-volume manufacturing capability together with, its broad technology portfolio are key enablers for growing our footprint in premium tier smartphones. Revenue within the consumer end market increased 31% sequentially and 14% year-on-year, supported by new IoT wearable product ramps. We observed a trend of further miniaturization and integration of new functionality like sensors and connectivity and variable IoT devices.

Amkor 的大批量製造能力及其廣泛的技術組合是擴大我們在高端智能手機領域的影響力的關鍵推動力。受新的物聯網可穿戴產品的支持，消費端市場的收入環比增長 31%，同比增長 14%。我們觀察到傳感器和連接以及可變物聯網設備等新功能進一步小型化和集成的趨勢。

Together with lead customers, we further innovate our advanced SiP assembly and test platform to incorporate these new requirements. We believe the IoT wearable segments will continue to diversify and grow. To support future customer demands, we are expanding our footprint to Vietnam, which is expected to start high-volume manufacturing in late 2023.

我們與主要客戶一起，進一步創新我們先進的 SiP 組裝和測試平台，以適應這些新要求。我們相信物聯網可穿戴領域將繼續多樣化和增長。為了支持未來的客戶需求，我們正在將我們的足跡擴展到越南，預計將於 2023 年底開始大批量生產。

Revenue within the automotive and industrial markets grew 6% sequentially and 13% year-on-year. We observed continued improvements in material lead times and anticipate a more balanced supply chain by the end of this year. Market reports project automotive electronics to grow at mid-teens CAGR over the next few years.

汽車和工業市場的收入環比增長 6%，同比增長 13%。我們觀察到材料提前期的持續改進，並預計到今年年底供應鏈將更加平衡。市場報告預測，未來幾年汽車電子產品的複合年增長率將達到十幾歲。

Amkor's 40-plus years of automotive experience together with our advanced packaging leadership, global manufacturing footprint and trusted partnership with leading automotive customers positions us well to capture growth from the acceleration of semiconductor content in cars. Amkor works closely with lead customers both to develop innovative technologies and to support changes in geographical manufacturing footprint.

Amkor 40 多年的汽車行業經驗，加上我們先進的封裝領導地位、全球製造足跡以及與領先汽車客戶的值得信賴的合作夥伴關係，使我們能夠很好地從汽車中半導體含量的加速中獲得增長。 Amkor 與主要客戶密切合作，開發創新技術並支持地理製造足蹟的變化。

We are expanding our capacity and technology portfolio for automotive solutions, notably in our factories in Europe and Japan in support of regional supply chains for critical automotive semiconductors. Revenue from the computing end market increased 12% sequentially and 22% year-on-year.

我們正在擴大汽車解決方案的產能和技術組合，特別是在我們位於歐洲和日本的工廠，以支持關鍵汽車半導體的區域供應鏈。計算終端市場的收入環比增長 12%，同比增長 22%。

Although the PC market is soft, we observe opportunities for growth driven by continued deverticalization and the growing adoption of an outsourced manufacturing supply chain. New fabless entrants and OEMs with in-house silicon design, together with the introduction of an ARM-based architecture for PCs, laptops and tablets are expected to drive future growth.

儘管個人電腦市場疲軟，但我們觀察到由持續的非專業化和越來越多地採用外包製造供應鏈推動的增長機會。新的無晶圓廠進入者和擁有內部芯片設計的 OEM，以及為個人電腦、筆記本電腦和平板電腦引入基於 ARM 的架構，預計將推動未來的增長。

Furthermore, the introduction of AI and anticipated upgrades of data centers and networks require advanced packaging and enhanced semiconductor contents. Our test business grew 32% sequentially and 80% year-on-year to a record $266 million. We have invested in broadening the scale and capability of our test services through our global factory footprint. Multistage testing has become more important with the increasing complexity and cost of assembled products.

此外，人工智能的引入以及數據中心和網絡的預期升級需要先進的封裝和增強的半導體內容。我們的測試業務環比增長 32%，同比增長 80%，達到創紀錄的 2.66 億美元。我們已投資通過我們的全球工廠足跡擴大我們測試服務的規模和能力。隨著組裝產品的複雜性和成本的增加，多階段測試變得越來越重要。

Customers value our turnkey service to ensure quality, reliability and reduce cycle time. In the third quarter, our manufacturing organization demonstrated great flexibility to ramp our Shanghai factory back to full capacity after the COVID lockdown in Q2 and to manage a record ramp in output from our Korea factory supporting new products for premium tier smartphones and IoT wearable devices.

客戶重視我們的交鑰匙服務，以確保質量、可靠性並縮短週期時間。在第三季度，我們的製造組織展示了極大的靈活性，可以在第二季度 COVID 封鎖後將我們的上海工廠恢復到滿負荷生產，並管理我們韓國工廠的創紀錄產量增長，以支持高端智能手機和物聯網可穿戴設備的新產品。

Geopolitical dynamics and COVID-related disruptions continue to impact the semiconductor supply chain. Globally, our customers are evaluating their supply chain strategies to reduce risk and secure sustainable and cost-effective manufacturing basis. We are working closely with our customers to adapt to these changing requirements.

地緣政治動態和與 COVID 相關的中斷繼續影響半導體供應鏈。在全球範圍內，我們的客戶正在評估他們的供應鏈戰略，以降低風險並確保可持續和具有成本效益的製造基礎。我們正在與客戶密切合作，以適應這些不斷變化的需求。

In Asia, our factory project in Vietnam is progressing as planned, and we are expanding in R&D and manufacturing capability in Japan to offer a secure supply chain for automotive semiconductors and sensors. In Europe, we are investing in technology and capacity and are partnering with lead customers in our Portugal factory in support of a European automotive supply chain.

在亞洲，我們在越南的工廠項目正在按計劃進行，我們正在日本擴大研發和製造能力，為汽車半導體和傳感器提供安全的供應鏈。在歐洲，我們正在投資技術和產能，並與我們葡萄牙工廠的主要客戶合作，以支持歐洲汽車供應鏈。

In the U.S., we see more interest from customers following the passage of the CHIPS and Science Act. We believe Amkor's broad geographical footprint is a key differentiator and positions us uniquely to support our customers and benefit from the shifting global supply chain trends. While the U.S. export controls announced in early October are not focused on OSAT operations, we expect regionalization trends may accelerate in response to these new U.S. export controls.

在美國，隨著 CHIPS 和科學法案的通過，我們看到客戶的興趣越來越大。我們相信 Amkor 廣泛的地理足跡是一個關鍵的差異化因素，並使我們在支持我們的客戶和從不斷變化的全球供應鏈趨勢中受益方面具有獨特的優勢。雖然 10 月初宣布的美國出口管制並不側重於 OSAT 運營，但我們預計區域化趨勢可能會因美國這些新的出口管製而加速。

Now let me turn to our fourth quarter revenue outlook. After our record third quarter, we expect Q4 revenue of $1.85 billion at the midpoint of guidance. This would represent a year-on-year increase of 7%. The higher than seasonal Q4 sequential decline of 11% is primarily due to 3 factors: first, customers accelerating builds in the third quarter, taking advantage of better material availability in selected areas.

現在讓我談談我們第四季度的收入展望。在我們創紀錄的第三季度之後，我們預計第四季度的收入為 18.5 億美元。這意味著同比增長 7%。高於季節性的第四季度環比下降 11% 主要是由於三個因素：首先，客戶在第三季度加速建造，利用選定區域更好的材料可用性。

Second, an impact of recently issued U.S. export controls estimated in the low single-digits percent of revenue and finally, softening in some areas of the market, reflecting inventory corrections by certain customers.

其次，最近發布的美國出口管制的影響估計在收入的低個位數百分比，最後，在某些市場領域疲軟，反映了某些客戶的庫存修正。

Second half revenue is expected to increase 16% over prior year second half, with all end markets contributing to the growth. We expect that our strong position in advanced packaging and deep relationship with leading customers will moderate volatility throughout these near-term macroeconomic headwinds.

下半年收入預計將比去年下半年增長 16%，所有終端市場都對增長做出了貢獻。我們預計，我們在先進封裝領域的強勢地位以及與主要客戶的深厚關係將緩和這些近期宏觀經濟逆風中的波動。

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 achieved record performance in the third quarter, reaching 2 new milestones. 1, revenue crossed the $2 billion mark at $2.1 billion; and 2, EPS is over $1 at $1.24. Amkor's outstanding top line and bottom line results are due to our leadership position in advanced packaging technology and quality execution on high-volume ramps of new products.

謝謝你，吉爾，大家下午好。 Amkor 在第三季度取得了創紀錄的業績，達到了 2 個新的里程碑。 1，收入突破 20 億美元大關，達到 21 億美元； 2，每股收益超過 1 美元，為 1.24 美元。 Amkor 出色的頂線和底線業績歸功於我們在先進封裝技術和新產品大批量質量執行方面的領先地位。

Demand was better than expected, primarily due to strength in the communications market, supporting new launches of premium tier smartphones utilizing our advanced SiP technology and material availability allowing for upside supporting customer demand. With expanding content and market share gains, the communications market grew more than 30% over prior year Q3.

需求好於預期，主要是由於通信市場的強勁勢頭，支持利用我們先進的 SiP 技術和材料可用性推出新的高端智能手機，從而為客戶需求提供支持。隨著內容和市場份額的擴大，通信市場比去年第三季度增長了 30% 以上。

Gross margin for the third quarter was over 20%, the highest Q3 performance in over a decade, supported by high utilization across our factory footprint. We also set a new quarterly record for gross profit in Q3 at $421 million. Operating expenses came in lower than expected at $102 million, primarily due to timing of new product introductions, lower labor costs and favorable foreign currency rates.

第三季度的毛利率超過 20%，是十多年來第三季度的最高表現，這得益於我們工廠的高利用率。我們還在第三季度創下了 4.21 億美元的新季度毛利潤記錄。運營費用低於預期，為 1.02 億美元，主要是由於新產品推出的時間、較低的勞動力成本和有利的外匯匯率。

Operational excellence contributed to robust profitability and record quarterly operating income of $319 million for the third quarter. Operating income margin for the quarter was 15.3%. Q3 income tax expense came in lower than expected due to foreign currency exchange rate movements and a discrete income tax benefit related to changes in the valuation of certain deferred tax assets.

卓越運營為第三季度強勁的盈利能力和創紀錄的 3.19 億美元的季度營業收入做出了貢獻。本季度的營業利潤率為 15.3%。由於外匯匯率變動以及與某些遞延稅項資產估值變化相關的離散所得稅收益，第三季度所得稅費用低於預期。

Net income for the quarter was $306 million, resulting in EPS of $1.24, both of which are new all-time quarterly records. Q3 EBITDA was $481 million and EBITDA margin was 23.1%. Overall, we are very pleased with our Q3 performance, including quarterly revenue records in all of our end markets.

本季度的淨收入為 3.06 億美元，每股收益為 1.24 美元，均創下季度新高。第三季度 EBITDA 為 4.81 億美元，EBITDA 利潤率為 23.1%。總體而言，我們對第三季度的表現非常滿意，包括我們所有終端市場的季度收入記錄。

Our balance sheet remains solid and allows us to invest in advanced packaging technology to capitalize on the long-term growth catalysts of 5G, IoT, automotive and high-performance computing. We ended the quarter with $932 million of cash and short-term investments and total liquidity of $1.6 billion. Our total debt as of the end of the third quarter is $1.1 billion, and our debt-to-EBITDA ratio is 0.7x.

我們的資產負債表保持穩健，使我們能夠投資先進的封裝技術，以利用 5G、物聯網、汽車和高性能計算的長期增長催化劑。我們以 9.32 億美元的現金和短期投資以及 16 億美元的總流動性結束本季度。截至第三季度末，我們的總債務為 11 億美元，我們的債務與 EBITDA 比率為 0.7 倍。

Amkor is not immune to the near-term macroeconomic uncertainty, but even in the case of a market slowdown, we have the financial strength to continue to expand our global footprint in response to customer demand.

Amkor 不能倖免於近期宏觀經濟的不確定性，但即使在市場放緩的情況下，我們也有財力繼續擴大我們的全球業務以響應客戶需求。

Construction on our new facility in Vietnam is progressing as planned, and we expect to be ready in late 2023 to support high-volume manufacturing for lead customers. Vietnam is a strategic long-term investment for Amkor as it will offer our customers an opportunity to diversify their global supply chain.

我們在越南的新工廠的建設正在按計劃進行，我們預計將在 2023 年底做好準備，以支持主要客戶的大批量生產。越南是 Amkor 的一項戰略性長期投資，因為它將為我們的客戶提供實現其全球供應鏈多元化的機會。

Moving on to our fourth quarter outlook, we are expecting Q4 revenue between $1.8 billion and $1.9 billion, representing year-on-year growth of 7% and contributing to full year growth of around 15%, well above the semi industry growth estimates for 2022 of mid-single digits.

繼續我們的第四季度展望，我們預計第四季度收入在 18 億美元至 19 億美元之間，同比增長 7%，並推動全年增長約 15%，遠高於 2022 年半導體行業的增長預期中個位數。

Gross margin is expected to be between 16% and 18%. We expect operating expenses of around $110 million. Assuming continued strength in the U.S. dollar, we expect our full year effective tax rate to be around 10% before discrete tax items. Fourth quarter net income is expected to be between $150 million and $195 million, resulting in EPS of $0.60 to $0.80.

毛利率預計在 16% 至 18% 之間。我們預計運營費用約為 1.1 億美元。假設美元持續走強，我們預計我們的全年有效稅率在不計離散稅項之前約為 10%。第四季度淨收入預計在 1.5 億美元至 1.95 億美元之間，每股收益為 0.60 美元至 0.80 美元。

Considering our fourth quarter guide, our second half 2022 estimated performance results in revenue growth of 16% and EPS expansion of around 20% compared to the prior year second half. Our forecast for capital expenditures for the year is projected at $900 million, about 5% lower than the previous target. The update is due to timing of payment terms and delays in equipment delivery.

考慮到我們的第四季度指南，我們預計 2022 年下半年的業績與去年下半年相比，收入增長 16%，每股收益增長約 20%。我們對今年資本支出的預測預計為 9 億美元，比之前的目標低約 5%。更新是由於付款條件的時間安排和設備交付的延遲。

Our plan to support long-term growth is unchanged given the secular trends in the market. To strengthen our advanced packaging leadership position, our investments are focused on increasing capacity and capability within technologies such as advanced SiP, flip chip, wafer level and test as well as associated investments in quality and factory automation. We are also selectively expanding our facilities in response to customer demand.

鑑於市場的長期趨勢，我們支持長期增長的計劃沒有改變。為了加強我們在先進封裝領域的領先地位，我們的投資重點是提高先進 SiP、倒裝芯片、晶圓級和測試等技術的產能和能力，以及對質量和工廠自動化的相關投資。我們還根據客戶需求選擇性地擴展我們的設施。

Our global footprint is a key differentiator for us and provides support for the development of regional supply chains. We see strong interest in Japan and Europe, which are attractive to many customers for introduction and ramp-up of new technologies, notably for the automotive market.

我們的全球足跡是我們的一個關鍵差異化因素，並為區域供應鏈的發展提供支持。我們看到對日本和歐洲的濃厚興趣，這對於引進和推廣新技術（尤其是汽車市場）對許多客戶具有吸引力。

Looking ahead to 2023, we are monitoring macroeconomic uncertainty and working closely with our customers to manage changes in the demand environment. We are confident in our long-term outlook as we do not see a change in the growth catalysts for advanced packaging in which Amkor maintains a leadership position.

展望 2023 年，我們正在監測宏觀經濟的不確定性，並與客戶密切合作以應對需求環境的變化。我們對我們的長期前景充滿信心，因為我們認為 Amkor 保持領先地位的先進封裝的增長催化劑沒有變化。

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) Our first question comes from Randy Abrams with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Randy Abrams。

And a good set of results. I wanted to ask just the first question on the third quarter. You mentioned, I think, the better materials, which helped you ship more. Could you go to a couple of other factors 1, just the impact of the China recovery or benefit from China recovery?

和一組很好的結果。我只想問第三季度的第一個問題。我認為您提到了更好的材料，這可以幫助您運送更多產品。您能否談談其他幾個因素 1，僅僅是中國復甦的影響還是從中國復甦中受益？

And how much of a headwind is that high base from third quarter to fourth quarter that you shipped some additional product in a catch-up. And also, how much factor, are you seeing early builds this year for some of the key premium smartphones. So it's a bit of a shift in seasonality earlier?

從第三季度到第四季度，您在追趕中運送了一些額外產品的高基數有多大的逆風。此外，您在今年看到一些關鍵高端智能手機的早期版本有多少因素。所以這有點早於季節性變化？

Randy, this is Giel. Let me start answering this question. Just to make sure that I understand well, so you're asking about the impact of the China recoveries on the builds in the third quarter, correct, Randy?

蘭迪，這是吉爾。讓我開始回答這個問題。只是為了確保我能很好地理解，所以你問的是中國經濟復甦對第三季度建築的影響，對嗎，蘭迪？

Yes, that's right. And then also the impact if you saw any earlier shift of seasonality with the component availability where the premium you may have built a bit earlier, and so that might be affecting the fourth quarter compare?

是的，這是正確的。如果您看到任何較早的季節性變化以及您可能較早建立的溢價的組件可用性的影響，那麼這可能會影響第四季度的比較？

Yes, let me start with the last part of your question, the earlier builds or the accelerated builds in the third quarter because of material availability. We saw that most notably in the Communications segment, both on the iOS as well as on the Android side, Randy. And the availability was broadly, it was both components as well as some other materials, but that's made customers decide to prebuild also giving some other supply chain uncertainties later in the year.

是的，讓我從你問題的最後一部分開始，由於材料可用性，第三季度的早期構建或加速構建。我們在通信領域看到了這一點，無論是在 iOS 還是在 Android 端，Randy。而且可用性很廣泛，既是組件也包括其他一些材料，但這使得客戶決定進行預建，這也給今年晚些時候的其他供應鏈帶來了不確定性。

With respect to the China recovery and the impact of the third quarter, I mean, when we look to the quarter-on-quarter improvement of revenue, then we see about 25% of that being attributed to the recovery of our ATC factories, and the rest is growth. So -- 75% is growth, 25% is due to recovery.

關於中國的複蘇和第三季度的影響，我的意思是，當我們看到收入的季度環比改善時，我們看到大約 25% 歸因於我們 ATC 工廠的複蘇，以及剩下的就是增長。所以——75% 是增長，25% 是由於復蘇。

Then still a good number -- in the core business. First off, the forward look on fourth quarter, if you could give a view just on the different applications, how you're seeing the trends by application?

然後仍然是一個不錯的數字 - 在核心業務中。首先，對第四季度的展望，如果您可以就不同的應用程序給出一個看法，您如何看待應用程序的趨勢？

And then initial view for 2023 at this stage, like how you see your own business and how do you see the industry and the context with that just as we go into early part of the year, there's some calling for a kind of cyclical correction downturn, if there's an additional view how you see first quarter versus seasonal?

然後是現階段對 2023 年的初步看法，例如您如何看待自己的業務以及您如何看待行業及其背景，就像我們進入今年年初一樣，有人呼籲進行週期性的回調衰退，如果有其他觀點，您如何看待第一季度與季節性？

Well, let me start with the first part. I think that's the quarter-on-quarter revenue change and then per application. I mean we don't guide per application, but I can give you some high-level impacts. I mean the 2 segments where we see the most prominent changes are in communication and consumers often computing are less impacted than a quarter-on-quarter. And that's generally what we see.

好吧，讓我從第一部分開始。我認為這是季度收入變化，然後是每個應用程序。我的意思是我們不會為每個應用程序提供指導，但我可以給你一些高層次的影響。我的意思是我們看到最顯著變化的 2 個部分是通信和消費者通常計算受到的影響小於季度環比。這就是我們所看到的。

Now going into -- and this is from Q3 into Q4 going into Q1, I mean, we don't guide Q1. I mean there are multiple uncertainties still, and we're working closely with customers to understand their forecast and forecast changes we watch also closely what the market is doing. So we don't share guidance yet in -- for Q1. Megan, do you have anything to add with respect to the quarter-on-quarter specifics?

現在進入 - 這是從 Q3 到 Q4 到 Q1，我的意思是，我們不指導 Q1。我的意思是仍然存在多種不確定性，我們正在與客戶密切合作，以了解他們的預測和預測變化，我們也密切關注市場在做什麼。因此，我們尚未在第一季度分享指導。梅根，您對季度環比細節有什麼要補充的嗎？

Randy, it's Meghan. So I think Giel covered the color on the end markets well. And with respect to your question about '23 Q1, as Giel mentioned, we're monitoring. We would say though, for the full year '23, we would expect to continue to outgrow the semi market. I think you see that well for '22. And then -- and the reason for that is our position in support of advanced packaging where those needs are more diversified and we are less exposed in some of the areas of weakness.

蘭迪，是梅根。所以我認為 Giel 很好地涵蓋了終端市場的顏色。關於你關於 '23 Q1 的問題，正如 Giel 提到的，我們正在監控。不過，我們會說，對於 23 年全年，我們預計將繼續超過半成品市場。我認為你在 22 年看到了這一點。然後 - 原因是我們支持先進封裝的立場，這些需求更加多樣化，我們在一些弱點領域暴露的更少。

No that's helpful. One follow-up question just on the gross margin, the sales delivered quite a bit of upside. It was still a good gross margin on a historical perspective. But just to leverage, given the sales strength, I'm curious on the gross margin because also in fourth quarter with sales coming down, there's a few points lower gross margin?

不，這很有幫助。一個關於毛利率的後續問題，銷售額帶來了相當大的上升空間。從歷史的角度來看，這仍然是一個不錯的毛利率。但只是為了利用，鑑於銷售實力，我對毛利率很好奇，因為在第四季度，隨著銷售額下降，毛利率會降低幾個百分點？

Like traditionally, at that revenue level, you could be a few points higher. So if there's mix impact or other factors affecting the gross margin were just did fall a little bit short on the leverage?

像傳統上一樣，在那個收入水平上，你可能會高出幾個點。那麼，如果有混合影響或其他影響毛利率的因素只是在槓桿上有所下降呢？

Sure, so with respect to Q3, we did have an increase in material content between Q2 and Q3. And that's product mix changes what's causing, I would say, a more, mild gross margin percentage. However, we did have very robust profitability with records throughout gross profit dollars, operating income dollars and EPS for Q3.

當然，就第三季度而言，我們確實在第二季度和第三季度之間增加了材料含量。這就是產品組合改變的原因，我想說的是，毛利率百分比更加溫和。然而，我們確實有非常強勁的盈利能力，在第三季度的毛利潤美元、營業收入美元和每股收益方面都有記錄。

As it relates to the change for Q4, that sequential change between Q3 and Q4 having a decline in gross margin percentage is truly around the reduction in utilization. That incremental margin is around 45%, which is what we typically guide with our financial model. So there is no change in our structural costs.

由於它與第四季度的變化有關，第三季度和第四季度之間毛利率百分比下降的連續變化確實是圍繞利用率的下降。增量利潤率約為 45%，這是我們通常用我們的財務模型指導的。所以我們的結構成本沒有變化。

And I would also point to the full second half performance given the significant outperformance in Q3, followed by more than seasonal decline in Q4 with some of those accelerated builds mix shifting, the profit levels are expanding on a second half view compared to the prior year second half.

鑑於第三季度的顯著表現，我還要指出下半年的全部業績，隨後第四季度的季節性下降幅度超過了一些加速建設組合的轉變，與去年相比，下半年的利潤水平正在擴大下半場。

So even with gross margin percentage decline, gross profit dollars, operating income dollars and even bottom line EPS is expanding around 20%. And again, that's even with significant increase in the product mix shift to advanced SiP.

因此，即使毛利率下降，毛利潤美元、營業收入美元甚至底線每股收益也在增長 20% 左右。同樣，即使產品組合顯著增加，轉向高級 SiP 也是如此。

No that's helpful. Actually did [00:25:51] the last one -- maybe one 2-part follow-up. Just one clarification on the SiP if you can give a framework how this year looks like it will track relative to last year because I think that's some of your mix impact. And then the other question I wanted to ask was on the CapEx. It sounds like a tool device, just the nature of it because supply chain is improving a bit or just where the delay is?

不，這很有幫助。實際上 [00:25:51] 最後一個 - 可能是一個兩部分的後續行動。如果您可以提供一個框架，請對 SiP 做一個澄清，因為我認為這是您的一些混合影響。然後我想問的另一個問題是關於資本支出的。這聽起來像是一個工具設備，只是它的本質是因為供應鏈正在改善一點，或者只是延遲在哪裡？

And then if there's an initial view on the capital intensity for next year, if we should think with the push-out, it would be that capital intensity plus the $50 million or you'll take into account business environment, so it might be actually a little bit of a lower capital intensity into next year?

然後如果對明年的資本密集度有一個初步的看法，如果我們應該考慮推出，那就是資本密集度加上 5000 萬美元，或者你會考慮到商業環境，所以實際上可能是明年資本密集度會有所降低？

Okay, let me start, Randy, with the SiP part and then Megan can pick up on the capital intensity for next year. I mean SiP, certainly in the third quarter, had significant growth also coming from last quarter. Now we see year-on-year changes, let's say, close to 50% when it comes to year-on-year changes in our full SiP -- advanced SiP portfolio.

好的，蘭迪，讓我從 SiP 部分開始，然後梅根可以開始明年的資本密集度。我的意思是 SiP，當然在第三季度，也從上一季度開始顯著增長。現在我們看到同比變化，比方說，就我們的完整 SiP（高級 SiP 產品組合）的同比變化而言，接近 50%。

So significant change, of which the change in both communication as well as consumer or the large -- we're driving the larger part of this growth -- with respect to the capital intensity. Is that answering your question, Randy?

如此重大的變化，其中通信以及消費者或大型的變化 - 我們正在推動這種增長的大部分 - 就資本密集度而言。這是在回答你的問題嗎，蘭迪？

Yes, sorry yes, that is helpful just the close to 50% growth. So that it explains a bit enough for the mix for the margin. And then the capital intensity I guess Megan can take that one?

是的，抱歉，是的，這對接近 50% 的增長很有幫助。這樣它就足以解釋利潤率的混合。然後資本強度我猜梅根可以拿那個嗎？

Yes, sure so Randy, the update to our guide of reducing $900 million is really around as we're fine-tuning, timing of payments and equipment delivery. As it relates to looking forward, we would still use a rule of thumb of 13% or so capital intensity.

是的，Randy 確實如此，我們正在對減少 9 億美元的指南進行更新，因為我們正在微調、付款時間和設備交付。由於它與展望有關，我們仍將使用 13% 左右的資本密集度的經驗法則。

We will have our spend for Vietnam included in that. And then of course, we'll take into account any sort of changes in the environment. But at this time, I would say the rule of thumb of 13% is a good mark.

我們將把我們在越南的支出包括在內。然後當然，我們會考慮環境中的任何變化。但在這個時候，我會說 13% 的經驗法則是一個很好的標記。

(Operator Instructions) Our next question comes from Hans Chung with D.A. Davidson.

（操作員說明）我們的下一個問題來自 Hans Chung 和 D.A.戴維森。

So first, I want to touch base on the 4Q. I know you comment the China, there is some impact from China, the export restricts, I remember a low to mid-single-digit percent impact. And then should we think about that the -- just the average level going to '23, we will -- they will continue to see that kind of impact next year?

所以首先，我想談談第四季度的基礎。我知道你評論中國，中國有一些影響，出口限制，我記得有低到中個位數的影響。然後我們是否應該考慮一下 - 只是到 23 年的平均水平，我們會 - 他們明年將繼續看到這種影響？

Well, Hans, this is Giel. Let me try to answer that. We were still evaluating how that further develops. This is a judgment of our -- the impact of the fourth quarter and the measures -- the new measures of the restrictions are just being announced. We don't know whether we can recover this.

嗯，漢斯，這是吉爾。讓我試著回答一下。我們仍在評估這將如何進一步發展。這是我們對第四季度的影響和措施的判斷，新的限制措施剛剛宣布。我們不知道我們是否可以恢復這一點。

But definitely, in the fourth quarter, it's a low single-digit impact. And there is an expectation that either it will continue at that level or we are able to recover that when it shifts that same business it shifts to other customers.

但毫無疑問，在第四季度，這是一個低個位數的影響。並且有一種期望，要么它將繼續保持在該水平，要么我們能夠恢復，當它轉移相同的業務時，它會轉移給其他客戶。

I see. And then regarding the inventory correction, how would you characterize the inventory level in the supply chain or at your customers? When do you think that correction could end? When do you think we can see the bottom? Is that Q2, Q1 or even later second half?

我懂了。然後關於庫存修正，您如何描述供應鍊或客戶的庫存水平？你認為修正什麼時候可以結束？你認為我們什麼時候可以看到底部？是 Q2、Q1 還是下半年？

Yes, that's a good question, Hans. We see the inventory and the industry being different in different parts of the market. If you take, for example, the automotive market, then the larger part of that market, we see inventories still being slightly below the target level of some of the customers.

是的，這是個好問題，漢斯。我們看到市場不同部分的庫存和行業有所不同。如果您以汽車市場為例，那麼該市場的大部分，我們看到庫存仍然略低於一些客戶的目標水平。

So I would characterize that at low while in, for example, the communication market, we see specifically inventory pockets in the low and mid-range of Android smartphones. And that will take our expectations still 1 quarter maybe 1 to 2 quarters to build that inventory down. Now if we take the computing market, then in the PC market, we see similar trends that there is an inventory at the midrange to lower-end PCs.

因此，我的特點是在低端，例如在通信市場，我們特別看到中低端 Android 智能手機的庫存口袋。這將使我們的預期仍然需要 1 個季度或 1 到 2 個季度才能減少庫存。現在，如果我們以計算市場為例，那麼在 PC 市場，我們會看到類似的趨勢，即中端到低端 PC 的庫存。

We also expect that, that will, let's say, normalize towards the second quarter of 2023. Other parts of the compute market that cater for the data center and networking part of that market, we see inventories at a normal level. Now the consumer part of the market, we also see some inventory in some pockets. But on the -- for example, on the IoT wearable market, where we saw a significant increase quarter-on-quarter from the second to the third quarters.

我們還預計，比方說，這將在 2023 年第二季度正常化。計算市場的其他部分迎合該市場的數據中心和網絡部分，我們認為庫存處於正常水平。現在市場的消費部分，我們也看到一些口袋裡有一些庫存。但是在——例如，在物聯網可穿戴市場上，我們看到從第二季度到第三季度環比顯著增長。

We don't believe that there is a huge inventory buildup. So we see that in normal inventory. So in summary, I think inventory is different in different segments of the market, but the pockets in the market with high inventory, we expect that to normalize towards the second quarter of 2023.

我們認為庫存不會大量增加。所以我們在正常庫存中看到了這一點。所以總而言之，我認為不同細分市場的庫存是不同的，但是高庫存的市場口袋，我們預計到 2023 年第二季度會正常化。

Got you, that's helpful. So one other utilization right now and how is that trending I suppose they are trending down in fourth quarter. And then just kind of curious like how -- what's the current utilizing rate? And then when do you think that could factor now?

明白了，很有幫助。所以現在的另一種利用率以及趨勢如何，我認為它們在第四季度呈下降趨勢。然後有點好奇，比如現在的利用率是多少？然後你認為現在什麼時候可以考慮？

Yes, let me make some more comments on the utilization rates. I mean we don't report that specifically, but some indications in the third quarter, we're running -- we were running at maximum utilization. There were limited pockets with slides underutilization, and that was specifically in our Japan factories. But the remaining factories were running at full utilization.

是的，讓我對利用率發表更多評論。我的意思是我們沒有具體報告這一點，但第三季度的一些跡象表明，我們正在運行——我們正在以最大利用率運行。滑梯未充分利用的口袋有限，特別是在我們的日本工廠。但其餘的工廠都在滿負荷運轉。

Going into the fourth quarter, we still see a high utilization rate, some fallback in our Korea factories with respect to a correction in the communication markets and in the consumer market. But the remaining factories will stay at very high utilization.

進入第四季度，我們仍然看到高利用率，我們的韓國工廠在通信市場和消費市場的調整方面有所回落。但其餘工廠將保持非常高的利用率。

Great. And then I think last one -- so as we are in the downturn of the industry cycle. So I was wondering like how variable the cost structure in both COGS and OpEx?

偉大的。然後我想最後一個 - 因為我們正處於行業周期的低迷期。所以我想知道 COGS 和 OpEx 的成本結構如何變化？

Can I leave it to Megan, Megan the questions about the cost structure going forward when there is a slight correction in the industry?

當行業出現輕微調整時，我可以把關於未來成本結構的問題留給梅根嗎？

Yes sure, Hans. So from our financial model, what you would expect on the behavior related to down cycles is typically, we've shared a 40% to 50% incremental margin, and that's how you can measure the behavior of our fixed cost structure with changes in revenue. That's what's playing out here in Q4.

是的，當然，漢斯。因此，根據我們的財務模型，您對與下行週期相關的行為的預期通常是，我們共享了 40% 到 50% 的增量利潤，這就是您可以衡量我們的固定成本結構的行為與收入變化的方式.這就是第四季度的情況。

With respect to OpEx, OpEx is fairly, has been fairly well controlled even in the face of very significant revenue increases. So I would anticipate there would only be mild changes in OpEx associated with potentially lower employee compensation as it relates to a downturn cycle.

就運營支出而言，運營支出是公平的，即使面對非常顯著的收入增長，也得到了相當好的控制。因此，我預計 OpEx 只會有輕微的變化，因為它與經濟低迷週期有關，可能會降低員工薪酬。

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

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。

Thank you, let me recap the -- key messages. Amkor delivered record third quarter results with revenue of 24% year-on-year growth and EPS of $1.24. Advanced packaging revenue increased 33% year-on-year to around 80% of total quarterly revenue. We expect fourth quarter revenue of $1.85 billion, resulting in a second half growth of 16% compared to second half 2021.

謝謝，讓我回顧一下關鍵信息。 Amkor 實現了創紀錄的第三季度業績，收入同比增長 24%，每股收益為 1.24 美元。先進封裝收入同比增長 33%，達到季度總收入的 80% 左右。我們預計第四季度收入為 18.5 億美元，與 2021 年下半年相比，下半年將增長 16%。

Amkor continues to execute on its 3 strategic pillars of leveraging our advanced packaging technology leadership, focusing on industry makeup trends and strengthening our broad geographical footprint.

Amkor 繼續執行其 3 個戰略支柱，即利用我們在先進封裝技術方面的領先地位，專注於行業構成趨勢並加強我們廣泛的地理足跡。

Although we observed macroeconomic headwinds and weakened market forecast in some areas, we believe the long-term growth drivers for the semiconductor industry remain in place, and we are confident our strategic focus and leadership position in key semiconductor markets will continue to drive future growth. Thank you for joining the call today.

儘管我們觀察到宏觀經濟逆風和某些領域的市場預測減弱，但我們相信半導體行業的長期增長動力仍然存在，我們相信我們在關鍵半導體市場的戰略重點和領導地位將繼續推動未來增長。感謝您今天加入電話會議。

Thank you, ladies and gentlemen this does conclude today's conference call. You may now disconnect.

謝謝你們，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。