艾克爾 (AMKR) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Diego, and I will be your conference facilitator today. (Operator Instructions) As a reminder, this conference is being recorded.

女士們先生們，美好的一天，歡迎來到 Amkor Technology 2022 年第四季度和全年收益電話會議。我叫 Diego，今天我將擔任你們的會議主持人。 （操作員說明）提醒一下，正在錄製此會議。

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

我現在想把電話轉給投資者關係主管 Jennifer Jue。爵女士，請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Amkor's fourth quarter and full year 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，運營商。大家下午好，感謝您加入我們參加 Amkor 的第四季度和 2022 年全年收益電話會議。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 Megan Faust。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上查看，連同今天電話會議的演示幻燈片。

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.

在此演示過程中，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。

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 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.

我們將根據我們目前看到的環境，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。請參閱我們的新聞稿和 SEC 備案文件，了解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 表格中。

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

現在我想把電話轉給 Giel。

Thank you, Jennifer. Good afternoon, everyone, and thank you for joining the call today. Following an all-time record third quarter, Amkor delivered a record fourth quarter revenue of $1.9 billion. Resilience in the automotive and industrial markets and higher-than-expected premium tier smartphone demand offset weakening demand in other markets. In the automotive and industrial markets, we set a new quarterly revenue record driven by demand for advanced packaging and infotainment systems.

謝謝你，詹妮弗。大家下午好，感謝您今天加入電話會議。在創下歷史新高的第三季度之後，Amkor 第四季度的收入創下了 19 億美元的記錄。汽車和工業市場的韌性以及高於預期的高端智能手機需求抵消了其他市場疲軟的需求。在汽車和工業市場，在對先進封裝和信息娛樂系統的需求推動下，我們創造了新的季度收入記錄。

2022 was another great year for Amkor, marking the third consecutive year of growing revenue by $1 billion. We delivered revenue of $7.1 billion and EPS of $3.11, setting new records for the company. Revenue from advanced packaging grew 22% for the year and accounted for 76% of our revenue. We set new records in all of our end markets by executing on our advanced packaging strategy in support of the industry mega trends of 5G, automotive, IoT and high-performance computing.

2022 年對 Amkor 來說又是偉大的一年，這是收入連續第三年增長 10 億美元。我們實現了 71 億美元的收入和 3.11 美元的每股收益，為公司創造了新的紀錄。先進封裝的收入全年增長 22%，占我們收入的 76%。我們通過執行先進的封裝戰略來支持 5G、汽車、物聯網和高性能計算等行業大趨勢，從而在我們所有的終端市場創造了新的記錄。

We continued the strategic investments in our global manufacturing footprint. In close cooperation with lead customers and suppliers, we aim to support capacity and technology needs to strengthen evolving regional semiconductor supply chains. In 2022, Amkor outperformed the semiconductor markets, and for 2023, we are well positioned to continue to outperform the market. Demonstrating confidence in our business outlook and reflecting our strong financial position, we increased our quarterly dividend by 50% in November and announced our goal to return 40% to 50% of free cash flow over time to shareholders.

我們繼續對我們的全球製造足跡進行戰略投資。我們與主要客戶和供應商密切合作，旨在支持能力和技術需求，以加強不斷發展的區域半導體供應鏈。 2022 年，Amkor 跑贏了半導體市場，到 2023 年，我們做好了繼續跑贏市場的準備。為了展示對我們的業務前景的信心並反映我們強大的財務狀況，我們在 11 月將季度股息提高了 50%，並宣布我們的目標是隨著時間的推移向股東返還 40% 至 50% 的自由現金流。

Now let me review the dynamics in each of our end markets. Our communications business grew 23% for the full year and represents 44% of overall revenue. Although total smartphone units were down around 10% in 2022, 5G units increased around 20%. Semiconductor content and premium-tier 5G phones continues to increase and an ongoing innovation, improved performance and add functionality. Our technology solutions support a wide range of applications in multiple package formats throughout the phone. Solutions utilizing our advanced SiP for camera and RF applications and package-on-package flip chip technology for apps processes and modems drove most of the growth in 2022. Amkor holds a leadership position in these markets, built on technology expertise and a strong track record as a trusted partner for innovative solutions and operational excellence.

現在讓我回顧一下我們每個終端市場的動態。我們的通信業務全年增長 23%，佔總收入的 44%。儘管 2022 年智能手機總出貨量下降了約 10%，但 5G 出貨量增長了約 20%。半導體內容和高端 5G 手機不斷增加，並且不斷創新、改進性能和添加功能。我們的技術解決方案支持手機中多種封裝格式的廣泛應用。解決方案利用我們用於相機和射頻應用的先進 SiP 以及用於應用程序工藝和調製解調器的封裝堆疊倒裝芯片技術推動了 2022 年的大部分增長。Amkor 在這些市場中處於領先地位，建立在技術專長和良好的業績記錄之上作為創新解決方案和卓越運營的值得信賴的合作夥伴。

Revenue from the automotive and industrial market increased 14% for the year and represents 20% of overall revenue. Market reports project automotive electronics to grow at a mid-teens CAGR for the next several years, one of the highest growth areas for semiconductors. Semiconductor content per car is expected to further increase due to accelerated proliferation of driver assistance electronics, infotainment and telematics together with the electrification of more car models.

來自汽車和工業市場的收入全年增長 14%，佔總收入的 20%。市場報告預測汽車電子在未來幾年將以十幾歲的複合年增長率增長，這是半導體增長最快的領域之一。由於駕駛員輔助電子設備、信息娛樂和遠程信息處理的加速普及以及更多車型的電氣化，預計每輛車的半導體含量將進一步增加。

Amkor has built a strong track record of partnering with lead customers to develop innovative solutions. With our broad technology portfolio and large body size flip chip, advanced SiP and assembly platforms for sensors and high-power solutions, we are well positioned to support our customer base in this growing market. Our advanced packaging technology supporting ADAS and infotainment grew nearly 40% for the year.

Amkor 在與主要客戶合作開發創新解決方案方面擁有良好的記錄。憑藉我們廣泛的技術組合和大尺寸倒裝芯片、用於傳感器和大功率解決方案的先進 SiP 和組裝平台，我們有能力在這個不斷增長的市場中為我們的客戶群提供支持。我們支持 ADAS 和信息娛樂的先進封裝技術在這一年增長了近 40%。

Additionally, we saw a steep growth in high-power silicon carbide solutions for electrical vehicles, requiring unique manufacturing technology. We are strategically expanding our capacity and technology base for automotive solutions, notably in our factories in Europe, Japan and Korea in support of regional supply chains for critical automotive semiconductors. Establishing automotive qualified manufacturing lines and strategic geographic locations is an important differentiator, and we are proud to have received recognition from top automotive companies for our commitment to supply reliability and quality.

此外，我們看到用於電動汽車的大功率碳化矽解決方案急劇增長，需要獨特的製造技術。我們正在戰略性地擴大汽車解決方案的能力和技術基礎，特別是在我們位於歐洲、日本和韓國的工廠，以支持關鍵汽車半導體的區域供應鏈。建立汽車合格生產線和戰略地理位置是一個重要的差異化因素，我們很自豪能夠因我們對供應可靠性和質量的承諾而獲得頂級汽車公司的認可。

Amkor's multi-decade 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 數十年的汽車行業經驗，加上我們在先進封裝方面的領導地位、全球製造足跡以及與領先汽車客戶值得信賴的合作夥伴關係，使我們能夠很好地把握汽車半導體內容加速發展帶來的增長。

Our Consumer business increased 3% for the year. It represents 20% of overall revenue and consists of a broad portfolio of solutions for IoT wearables and more traditional consumer products. Our high-volume, cost-effective flip chip technology offers excellent value to customers for traditional consumer applications. Our advanced SiP platform enables a high level of integration within a small form factor, and we are working with lead customers to integrate more sensors and connectivity functionality.

我們的消費者業務全年增長 3%。它佔總收入的 20%，包括針對 IoT 可穿戴設備和更多傳統消費產品的廣泛解決方案組合。我們的大批量、高性價比倒裝芯片技術為傳統消費應用的客戶提供了卓越的價值。我們先進的 SiP 平台可在小尺寸內實現高水平集成，我們正在與主要客戶合作以集成更多傳感器和連接功能。

We expect IoT wearable markets will continue to diversify and grow, and we are expanding capacity and investing in our advanced SiP technologies to drive manufacturing scale and innovation. To support future customer demand, we are expanding our footprint to Vietnam, where we expect to start high-volume manufacturing in late 2023. With the advancing digital economy, and increased proliferation of connected wearable devices, Amkor has the technology, the scale and expertise to support this trend and has the financial strength to continue to invest for the future.

我們預計物聯網可穿戴市場將繼續多樣化和增長，我們正在擴大產能並投資於我們先進的 SiP 技術，以推動製造規模和創新。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，我們預計將在 2023 年底開始大批量生產。隨著數字經濟的發展和互聯可穿戴設備的日益普及，Amkor 擁有技術、規模和專業知識支持這一趨勢，並有財力為未來繼續投資。

Our computing business increased 15% for the year and represents 16% of overall revenue. Increasing data traffic across networks and data centers require high-performance solutions, utilizing the latest silicon notes enabled by advanced packaging technology. With growing demand for high-performance package technology, we have established a proven technology portfolio with the required manufacturing scale. With a technology base ranging from larger body size flip chip, multichip modules, 2.5D and high-density fan-out, we are able to offer customers a range of solutions for computing applications from PCs and tablets to networking and data centers.

我們的計算業務全年增長了 15%，佔總收入的 16%。網絡和數據中心之間不斷增加的數據流量需要高性能解決方案，利用先進封裝技術支持的最新矽片。隨著對高性能封裝技術的需求不斷增長，我們已經建立了具有所需製造規模的成熟技術組合。憑藉從更大尺寸的倒裝芯片、多芯片模塊、2.5D 和高密度扇出的技術基礎，我們能夠為客戶提供從 PC 和平板電腦到網絡和數據中心的一系列計算應用解決方案。

In addition to performance requirements driving demand, we continue to observe a growing adoption of an outsourced manufacturing supply chain driven by new entrants and OEMs with in-house silicon design. Amkor is well positioned to capitalize on these opportunities in the computing market with our broad advanced packaging portfolio and established relationships with lead customers and foundries. In October, Amkor was honored to join TSMC's 3DFabric Alliance. This enhances our ability to work with other leaders in the supply chain to accelerate innovation of next-generation, high-performance solutions for our customers.

除了推動需求的性能要求外，我們繼續觀察到越來越多的外包製造供應鏈被新進入者和具有內部矽設計的原始設備製造商所推動。 Amkor 憑藉我們廣泛的先進封裝產品組合以及與主要客戶和代工廠建立的關係，可以很好地利用計算市場中的這些機會。 10月，Amkor有幸加入台積電的3DFabric聯盟。這增強了我們與供應鏈中其他領導者合作的能力，以加速為我們的客戶開發下一代高性能解決方案的創新。

Test revenue increased to a record $925 million. Amkor offers a broad range of test services from wafer probe and final test to fully automated system-level testing. Customers value the test capability in our full turnkey service offering to ensure quality, reliability and reduce cycle time. We will continue to invest in broadening the scope, scale and capability of our test services throughout our global factory footprint.

測試收入增加到創紀錄的 9.25 億美元。 Amkor 提供範圍廣泛的測試服務，從晶圓探針和最終測試到全自動系統級測試。客戶重視我們提供的全套交鑰匙服務的測試能力，以確保質量、可靠性並縮短週期時間。我們將繼續投資擴大我們在全球工廠的測試服務的範圍、規模和能力。

Amkor's global manufacturing organization continued to demonstrate our commitment to operational excellence and supply reliability across our factories. Working through a COVID lockdown and managing supply chain constraints for materials, components and equipment required extraordinary diligence and flexibility to meet customer requirements and support growth. Amkor's quality first program is fully deployed throughout the organization and is being extended to our supply chain partners to further improve supply reliability and quality. We are proud of the customer endorsements that recognize this continuous quality improvement program.

Amkor 的全球製造組織繼續展示我們對工廠卓越運營和供應可靠性的承諾。通過 COVID 鎖定工作和管理材料、組件和設備的供應鏈限制需要非凡的勤奮和靈活性來滿足客戶要求和支持增長。 Amkor 的質量第一計劃已在整個組織全面部署，並正在擴展到我們的供應鏈合作夥伴，以進一步提高供應可靠性和質量。我們為認可這一持續質量改進計劃的客戶認可而感到自豪。

We anticipate that geopolitical dynamics will continue to impact the semiconductor supply chain. Our customers are evaluating their supply chain strategy to reduce risk and secure a reliable and cost-effective manufacturing base. With our diversified geographic footprint, Amkor is uniquely positioned to support our customers' changing requirements. Standardization of manufacturing processes enables the team to effectively transfer technologies across factories.

我們預計地緣政治動態將繼續影響半導體供應鏈。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靠且具有成本效益的製造基地。憑藉我們多元化的地理足跡，Amkor 在支持我們客戶不斷變化的需求方面處於得天獨厚的地位。製造流程的標準化使團隊能夠有效地跨工廠轉移技術。

This accelerated our support of growing European automotive supply chain by our Portugal factory where we are expanding our technology offerings for MEMS, wafer-level fan-out, flip chip and power Solutions. In Vietnam, construction of our new state-of-the-art manufacturing campus is progressing as planned and will offer our customers a large-scale, cost-effective advanced packaging and test location. In the U.S., we are actively engaged in discussions with customers, partners and economic development agencies to establish a semiconductor supply chain.

這加速了我們在葡萄牙工廠對不斷發展的歐洲汽車供應鏈的支持，在那裡我們正在擴展 MEMS、晶圓級扇出、倒裝芯片和電源解決方案的技術產品。在越南，我們最先進的新製造園區的建設正在按計劃進行，將為我們的客戶提供大規模、具有成本效益的先進封裝和測試場所。在美國，我們積極與客戶、合作夥伴和經濟發展機構討論建立半導體供應鏈。

Now let me turn to our first quarter outlook. We expect first quarter revenue of $1.45 billion at the midpoint of guidance. This represents a year-on-year decline of 9%.

現在讓我談談我們的第一季度展望。我們預計第一季度收入為 14.5 億美元，處於指導的中點。這表示同比下降了 9%。

Going into 2023, we anticipate that the overall macroeconomic conditions will remain challenging, and we expect softening of demands beyond the already weak PC and low-end smartphone market. Current market forecasts indicate that the semiconductor market will decline mid-single-digit percentages in 2023. We believe the industry is already taking measures to reduce excess inventory in the PC and smartphone market to return to a more balanced supply chain in the second half of 2023.

進入 2023 年，我們預計整體宏觀經濟狀況仍將充滿挑戰，我們預計本已疲軟的 PC 和低端智能手機市場之外的需求將出現疲軟。目前的市場預測表明，半導體市場將在 2023 年以中等個位數百分比下降。我們認為該行業已經在採取措施減少 PC 和智能手機市場的過剩庫存，以在 2023 年下半年恢復更加平衡的供應鏈。 2023.

While the consumer wearables and high-performance computing markets are also challenged, the automotive market appears more resilient, and we expect continued strength in this market in 2023. We are monitoring the semiconductor market for signs of improvement and are poised to accelerate as the market recovers. We believe that the secular growth drivers for the semiconductor industry remain in place, and with our leading technology portfolio, scale and global footprint, Amkor is well positioned to outgrow the markets.

雖然消費類可穿戴設備和高性能計算市場也面臨挑戰，但汽車市場似乎更具彈性，我們預計該市場將在 2023 年繼續走強。我們正在監測半導體市場以尋找改善跡象，並準備隨著市場加速發展恢復。我們相信，半導體行業的長期增長動力依然存在，憑藉我們領先的技術組合、規模和全球足跡，Amkor 已做好準備超越市場。

With that, I will now turn the call over to Megan to provide more detailed financial information.

有了這個，我現在將把電話轉給梅根，以提供更詳細的財務信息。

Thank you, Giel, and good afternoon, everyone. Amkor wrapped up another outstanding double-digit year with record fourth quarter revenue of over $1.9 billion, outperforming the high end of our guidance. Our communications market drove the outperformance with over 30% growth year-on-year due to strong demand for premium-tier smartphones utilizing our advanced SiP technology. This was partially offset by weakness in the broader smartphone market that is expected to persist into 2023.

謝謝 Giel，大家下午好。 Amkor 以創紀錄的第四季度收入超過 19 億美元，結束了又一個出色的兩位數年度，超出了我們指導的高端。由於對採用我們先進的 SiP 技術的高端智能手機的強勁需求，我們的通信市場推動了超過 30% 的同比增長。這部分被更廣泛的智能手機市場的疲軟所抵消，預計將持續到 2023 年。

Automotive and industrial revenue also contributed to the outperformance with growth of over 10% year-on-year, setting a new quarter record. Amkor's technology leadership position in advanced packaging and multi-decade automotive expertise are recognized by leading customers. In the fourth quarter, we observed a further weakening of the market beyond low-end smartphones, resulting in inventory increases in supply chains. Amkor is not immune to the impacts of these industry-wide inventory corrections, and in the fourth quarter, we experienced a year-on-year decline in both our computing and consumer markets.

汽車和工業收入也貢獻了出色的表現，同比增長超過 10%，創下了新的季度記錄。 Amkor 在先進封裝領域的技術領導地位和數十年的汽車專業知識得到了領先客戶的認可。在第四季度，我們觀察到低端智能手機以外的市場進一步疲軟，導致供應鏈庫存增加。 Amkor 無法免受這些全行業庫存調整的影響，在第四季度，我們的計算和消費市場都出現了同比下滑。

Gross margin for the fourth quarter was 17.5%. We experienced a product mix shift towards higher material content products, such as advanced SiP, driven by the outperformance in our communications end market. Fourth quarter gross profit was $334 million. Operating expenses were in line with expectations at $109 million. Operating income was $225 million, and operating income margin for the quarter was 11.8%.

第四季度的毛利率為 17.5%。在我們的通信終端市場表現出色的推動下，我們經歷了產品組合轉向材料含量更高的產品，例如先進的 SiP。第四季度毛利潤為 3.34 億美元。營業費用為 1.09 億美元，符合預期。本季度營業收入為 2.25 億美元，營業利潤率為 11.8%。

During the fourth quarter, there were significant swings in foreign currency rates, causing a foreign currency loss of $10 million. In addition, the remeasurement of U.S. dollar monetary liabilities into local currencies increased tax expense as we recognized foreign currency gains in local jurisdictions. This pushed our effective tax rate up to 22% for the fourth quarter, higher than expected. Our effective tax rate for the full year remained in line with expectations.

第四季度，外匯匯率大幅波動，造成外匯損失1000萬美元。此外，由於我們在當地司法管轄區確認外匯收益，因此將美元貨幣負債重新計量為當地貨幣增加了稅收費用。這將我們第四季度的有效稅率推高至 22%，高於預期。我們全年的有效稅率仍然符合預期。

The foreign currency loss and higher taxes caused our Q4 net income and EPS to come in just below the midpoint of guidance at $164 million and $0.67, respectively. Q4 EBITDA was $382 million, and EBITDA margin was 20%.

外匯損失和更高的稅收導致我們第四季度的淨收入和每股收益分別略低於指導的中點，分別為 1.64 億美元和 0.67 美元。 Q4 EBITDA 為 3.82 億美元，EBITDA 利潤率為 20%。

Now let's review our full year 2022 performance. Our strategic focus on advanced packaging, our strong position in key growth markets and our broad geographic footprint yielded another year of records and significant accomplishments. We achieved $7.1 billion in revenue, built with new records in all of our end markets. We overcame significant challenges in 2022 to grow the top line by 16%, well above the semiconductor industry growth rate of low single digits.

現在讓我們回顧一下我們 2022 年全年的表現。我們對先進封裝的戰略重點、我們在主要增長市場的強大地位以及我們廣泛的地理足跡創造了又一年的記錄和重大成就。我們實現了 71 億美元的收入，在我們所有的終端市場創造了新的記錄。我們克服了重大挑戰，在 2022 年實現了 16% 的收入增長，遠高於半導體行業低個位數的增長率。

We achieved record profitability, gross profit of $1.3 billion, operating income of $897 million, net income of $766 million and EPS over the $3 mark at $3.11. We continued investing in our advanced packaging technology and began construction of our factory in Vietnam. Our CapEx spend for the full year was $908 million for a 12.8% capital intensity. We believe that these investments will strengthen our leadership position in the high-growth markets of 5G, automotive, IoT and high-performance computing. Even with over $125 million more in CapEx spend during 2022 compared to 2021, we generated approximately $200 million in free cash flow.

我們實現了創紀錄的盈利能力，毛利潤為 13 億美元，營業收入為 8.97 億美元，淨收入為 7.66 億美元，每股收益超過 3 美元，達到 3.11 美元。我們繼續投資於我們先進的封裝技術，並開始在越南建設我們的工廠。我們全年的資本支出為 9.08 億美元，資本密集度為 12.8%。我們相信，這些投資將加強我們在 5G、汽車、物聯網和高性能計算等高增長市場的領導地位。即使 2022 年的資本支出比 2021 年多 1.25 億美元，我們也產生了大約 2 億美元的自由現金流。

Given our outstanding financial performance, confidence in our long-term outlook and sustainable cash flow generation, we increased our quarterly cash dividend by 50% in November. In addition, we announced a shareholder return framework with the goal of returning 40% to 50% of free cash flow over time. We ended the year with $1.2 billion of cash and short-term investments and total liquidity of $1.9 billion. Our total debt as of the end of the year is $1.2 billion, and our debt-to-EBITDA ratio is 0.8x.

鑑於我們出色的財務業績、對我們長期前景的信心和可持續的現金流產生，我們在 11 月份將季度現金股息提高了 50%。此外，我們還宣布了股東回報框架，目標是隨著時間的推移返還 40% 至 50% 的自由現金流。我們以 12 億美元的現金和短期投資以及 19 億美元的總流動資金結束了這一年。截至年底，我們的總債務為 12 億美元，債務與 EBITDA 的比率為 0.8 倍。

Our financial strength enables us to continue to invest for the future even as we enter what we expect to be a short-term inventory correction cycle. We are seeing supply chain regionalization activities among our customers despite a market slowdown, and Amkor is investing in our diversified geographic footprint to support these efforts, specifically in Europe, Japan and Vietnam.

我們的財務實力使我們能夠繼續為未來投資，即使我們進入了我們預期的短期庫存修正週期。儘管市場放緩，但我們看到我們的客戶正在開展供應鏈區域化活動，而 Amkor 正在投資於我們多元化的地理足跡以支持這些努力，特別是在歐洲、日本和越南。

As we enter 2023, we expect overall macroeconomic conditions to be challenged. We anticipate our business to improve in the second half, driven by advanced packaging demand in support of premium-tier smartphone launches and continued strength in the automotive and industrial market. Building on our leadership position in advanced packaging, our broad global footprint and the market share gains we made in 2022, we expect to outgrow the semiconductor market in 2023.

隨著我們進入 2023 年，我們預計整體宏觀經濟狀況將受到挑戰。我們預計我們的業務將在下半年有所改善，這主要受支持高端智能手機發布的先進封裝需求以及汽車和工業市場的持續強勁推動。基於我們在先進封裝領域的領導地位、我們廣泛的全球足跡以及我們在 2022 年取得的市場份額增長，我們預計 2023 年的增長將超過半導體市場。

For our first quarter outlook, we are expecting a more than seasonal decline in revenue to between $1.4 billion and $1.5 billion, representing a year-on-year decline of 9% at the midpoint. With lower utilization, profitability will be constrained, and we expect gross margin to be between 10.5% and 13.5%. We expect Q1 operating expenses of around $120 million. We expect our full year effective tax rate to be around 17%. First quarter net income is expected to be between $15 million and $55 million, resulting in EPS of $0.06 to $0.22.

對於我們第一季度的展望，我們預計收入將超過季節性下降至 14 億美元至 15 億美元之間，中點同比下降 9%。由於較低的利用率，盈利能力將受到限制，我們預計毛利率將在 10.5%至 13.5%之間。我們預計第一季度的運營費用約為 1.2 億美元。我們預計全年有效稅率約為 17%。第一季度淨收入預計在 1500 萬美元至 5500 萬美元之間，每股收益為 0.06 美元至 0.22 美元。

Our CapEx forecast for 2023 is around $800 million. The reduction in CapEx spend from 2022 represents timing alignment of capacity expansion with projected customer needs. We are continuing our factory construction in Vietnam as planned to support our customers' shifting supply chain strategies and expect production to begin by the end of 2023. With decades of semiconductor industry experience, a strong balance sheet and confidence in our technology leadership position and long-term outlook supported by secular growth trends, we remain poised to outperform the semiconductor market.

我們對 2023 年的資本支出預測約為 8 億美元。從 2022 年開始資本支出的減少表示產能擴張與預計的客戶需求在時間上保持一致。我們將按計劃繼續在越南建設工廠，以支持我們客戶不斷變化的供應鏈戰略，並預計將於 2023 年底開始生產。憑藉數十年的半導體行業經驗、強大的資產負債表以及對我們技術領導地位的信心和長期的-在長期增長趨勢的支持下，我們仍有望跑贏半導體市場。

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 Crédit Suisse.

（操作員說明）我們的第一個問題來自 Crédit Suisse 的 Randy Abrams。

Okay. Yes. I wanted to ask actually the first question relating to -- I think Megan made a comment about expecting a short downturn. I think to those lines, given the correction in the first quarter, I'm curious if you're seeing any of the areas correcting earlier like the consumer, low-end smartphone, any signs of stabilization? And for the overall business, do you expect first quarter to mark the low? Or are you seeing it continuing to be generally soft throughout first half and then picking up in the second half?

好的。是的。實際上，我想問的第一個問題是——我認為梅根發表了關於預期經濟低迷的評論。我認為，考慮到第一季度的修正，我很好奇您是否看到任何領域更早修正，例如消費者、低端智能手機，是否有任何穩定跡象？對於整體業務，您預計第一季度是否會創下新低？或者你是否看到它在整個上半場繼續普遍疲軟，然後在下半場回升？

So let me comment to that, Randy. This is Giel. The way that we look at the market is, if you go through the individual market segments, then we expect that the automotive market will stay resilient also going into the first and second quarter. The pickup in the second quarter is still uncertain. It depends on how the inventory is burned off and how certain market drivers will develop. So we believe more than a scenario of a weaker first half and strength in the second half. That's our current anticipated 2023 scenario.

所以讓我對此發表評論，蘭迪。這是吉爾。我們看待市場的方式是，如果你通過各個細分市場，那麼我們預計汽車市場將在第一季度和第二季度保持彈性。第二季度的回升仍不確定。這取決於庫存如何消耗以及某些市場驅動因素將如何發展。因此，我們相信不僅僅是上半場疲軟和下半場走強的情況。這是我們目前預期的 2023 年情景。

Okay. Actually, if I can take the comment about the full year growth where you expect to outperform industry. If you could give a view, if you have it on full year growth and then the Amkor, some of the drivers you see -- I think you mentioned auto as one, but the -- like for the outperformance, what you see as Amkor specific that could help you relative to industry in the coming year?

好的。實際上，如果我能對你期望跑贏行業的全年增長發表評論。如果你能給出一個觀點，如果你有關於全年增長的觀點，然後是 Amkor，你看到的一些驅動因素——我想你提到汽車是其中之一，但是——比如表現出色，你認為 Amkor具體哪一項可以幫助你在來年的行業中？

Okay. Let me comment to that, Randy. I mean the biggest revenue generator for us is the communication market where we have a strong position in the high end of the market, both on the iOS as well as on the Android side. Although we see some weakness also now in the first half of this year, we anticipated in the second half of 2023, this market will continue to grow and will pick up growth again by the launch of new phone types.

好的。讓我對此發表評論，蘭迪。我的意思是，對我們來說最大的收入來源是通信市場，我們在高端市場擁有強大的地位，無論是在 iOS 還是在 Android 端。儘管我們現在在今年上半年也看到了一些疲軟，但我們預計到 2023 年下半年，這個市場將繼續增長，並將隨著新手機類型的推出而再次回升。

Now automotive, I already covered. We are well positioned definitely on the high-end advanced packaging side of that market. Last year 2022, we saw a 40% growth there, and we expect that, that will continue moving forward. On the computing side, the PC market, if you look at the terminal, aside PC and tablets, we expect that in the first half, most of the inventory will be digested and that will normalize in the second half of the year as well as the networking and data center side, where we still see some strength, some hold back on investment. But overall, there, we also see a normalization of the market.

現在汽車，我已經涵蓋了。我們在該市場的高端先進封裝方面絕對處於有利地位。去年 2022 年，我們看到了 40% 的增長，我們預計這將繼續向前發展。在計算端，PC市場，如果看終端，除了PC和平板，我們預計上半年大部分庫存會被消化，下半年會正常化，還有在網絡和數據中心方面，我們仍然看到一些實力，一些投資受到阻礙。但總的來說，我們也看到了市場的正常化。

And last but not least, the IoT part, specifically the wearable market, clearly linked to consumer dynamics. We expect there going into the third, but certainly, the fourth quarter pickup of the market. So basically, across our markets, we will see improvements centered around new product launches around positions that we hold for our advanced packaging portfolio.

最後但同樣重要的是，物聯網部分，特別是可穿戴市場，顯然與消費者動態相關。我們預計市場將進入第三季度，但肯定是第四季度。因此，基本上，在我們的市場中，我們將看到圍繞我們在先進封裝產品組合中所持地位的新產品發布的改進。

Okay. If you could address on the AI accelerators. There's a bit of hype around it recently. For your business, does it have a bit more content that would be a full turnkey like at IDM or foundry? Or do you see, I guess, more like any pickup or incremental demand from things like the AI accelerator? And is that an opportunity set for the high end flip chip? Like so what you are seeing in that subsegment?

好的。如果您可以解決 AI 加速器問題。最近有一些關於它的炒作。對於您的企業，它是否有更多的內容可以像 IDM 或代工廠那樣成為一個完整的交鑰匙工程？或者你認為，我猜，更像是來自 AI 加速器之類的東西的任何回升或增量需求？這是高端倒裝芯片的機會嗎？就像您在該細分市場中看到的那樣？

Yes. That's -- before I answer that question, Randy, I mean maybe the first part is that I can refer to an increasing outsourced trend in the computing market, where computing traditionally was a vertically integrated market by new entrants entering that market, we see a larger percentage of that market being outsourced. That's good for Amkor. With respect to specifically AI accelerators and the companies that drive that they -- the company that drive that are mostly part of that outsourced supply chain. So these are newcomers. Either these are semiconductor divisions of existing hyperscalers. And I think you know the names or companies that are closely related to some of these companies.

是的。那是——在我回答這個問題之前，蘭迪，我的意思是也許第一部分是我可以提到計算市場外包趨勢的增加，傳統上計算是一個垂直整合的市場，新進入者進入該市場，我們看到更大比例的市場被外包。這對 Amkor 來說是件好事。關於特定的 AI 加速器和驅動它們的公司——驅動它們的公司主要是外包供應鏈的一部分。所以這些都是新人。這些都是現有超大規模的半導體部門。我想你知道與其中一些公司密切相關的名稱或公司。

Now last year, we already saw a significant pickup, and we expect that to continue. The technology base is basically large body size flip chip or multichip modules depending on the configuration. But yes, it's definitely an area where we believe that for the next couple of years, there will be growth.

去年，我們已經看到了顯著的回升，我們預計這種情況將繼續下去。技術基礎基本上是大尺寸倒裝芯片或多芯片模塊，具體取決於配置。但是，是的，這絕對是一個我們相信在未來幾年內將會增長的領域。

Okay. Great. And the last question I actually wanted to ask on the geographic diversification where it sounds like a bit more investment in Japan, Europe, and then you're considering the U.S. project. If you could talk the plans, like how quickly you see the CapEx and the mix shifting? And from a return perspective, if you see it where you can maintain the returns, I guess, factoring some potential subsidies relative to the existing footprint?

好的。偉大的。我實際上想問的最後一個問題是關於地域多元化，聽起來像是在日本、歐洲進行更多投資，然後你正在考慮美國項目。如果你能談談計劃，比如你看到資本支出和組合轉變的速度有多快？從回報的角度來看，如果你看到它可以維持回報，我猜，考慮一些與現有足跡相關的潛在補貼？

Yes. Good question, Randy. Let me scan through the regional expansions that we have. To start with Asia where, of course, we have our manufacturing -- a new manufacturing campus in Vietnam, and we believe that offers customers an alternative to their -- or to a balanced alternative to their current presence in China. And we see that we will start production by the end of this year. So we expect revenue in 2024.

是的。好問題，蘭迪。讓我瀏覽一下我們的區域擴張。首先從亞洲開始，當然，我們在那裡有我們的製造——越南的一個新製造園區，我們相信這為客戶提供了一個替代他們的選擇——或者一個平衡的替代他們目前在中國的存在。我們看到我們將在今年年底開始生產。所以我們預計 2024 年會有收入。

Now in Japan, we see a motivation from the Japan government to localize some of the critical technologies. We participate there mostly when it comes to automotive components. We're investing specifically in high-power components in Japan for the automotive industry, and we expect that to continue.

現在在日本，我們看到了日本政府將一些關鍵技術本地化的動機。我們主要參與汽車零部件方面的活動。我們在日本專門投資於汽車行業的大功率組件，我們預計這種投資會繼續下去。

And then we go broader to Europe. There is, I would say, a significant interest in our Portugal factory, where we signed a couple of long-term contracts with key automotive, semiconductor companies to expand capacity and capability in the high-power as well as sensors and MEMS areas. And although that time to revenue in automotive takes longer than, for example, in the communications business, we're optimistic that over the next couple of years, that will grow significantly.

然後我們更廣泛地擴展到歐洲。我想說，人們對我們的葡萄牙工廠很感興趣，我們在那裡與主要汽車、半導體公司簽署了幾份長期合同，以擴大大功率以及傳感器和 MEMS 領域的產能和能力。儘管汽車行業實現收入的時間比通信行業等行業要長，但我們樂觀地認為，在未來幾年內，這一數字將顯著增長。

Now the U.S., we are a little bit earlier stage. We're not building yet, but we made significant progress, I have to say, talking to customers, talking to other partners to establish a U.S.-based supply chain. It becomes more specific. I see increased interest now, specifically also the wafer manufacturing becomes more real. And so we hope to make a step there definitely in 2023 to make this a more specific.

現在美國，我們處於更早的階段。我們還沒有建設，但我們取得了重大進展，我不得不說，與客戶交談，與其他合作夥伴交談以建立美國的供應鏈。它變得更加具體。我現在看到越來越多的興趣，特別是晶圓製造也變得更加真實。因此，我們希望在 2023 年明確邁出這一步，使其更加具體。

So all in all, I think across the globe, we have very specific initiatives to build these regional supply chains, and there is a significant drive not only from semiconductor customers, but actually, most of the drivers coming from the end customers in these industries, both in automotive as well as in the other industries like the computing industry. And either that's national securities or safeguard unique technologies in certain jurisdictions.

所以總而言之，我認為在全球範圍內，我們有非常具體的舉措來建立這些區域供應鏈，並且不僅來自半導體客戶，而且實際上，大多數驅動因素都來自這些行業的最終客戶。 ，無論是在汽車行業還是在計算機行業等其他行業。這要么是國家證券，要么是在某些司法管轄區保護獨特的技術。

And Randy, this is Megan. To add to the CapEx investment you mentioned, as Giel outlined our strategy in the different regions, Vietnam right now is the only greenfield and that's included in our '22 as well as our '23 guide. And you can see that we're managing that very carefully. The investments Giel mentioned in Japan and Europe are at existing facilities. So the capital required to expand is much more moderate than compared to a greenfield. And then as we look at different scenarios in the U.S. as that develops, we would also be looking for an option where we could manage that investment carefully, so that there wouldn't be a step function in capital investment.

蘭迪，這是梅根。為了增加您提到的資本支出投資，正如 Giel 概述了我們在不同地區的戰略，越南現在是唯一的綠地，並且包含在我們的 '22 和 '23 指南中。你可以看到我們正在非常謹慎地管理它。 Giel 在日本和歐洲提到的投資是對現有設施的投資。因此，與綠地相比，擴張所需的資本要溫和得多。然後，當我們觀察美國的不同情況時，我們也會尋找一種我們可以謹慎管理投資的選擇，這樣資本投資就不會出現階躍函數。

Okay. Actually, Megan, a quick follow-up. With the CapEx a bit lower, how's your depreciation for this year relative to last year?

好的。實際上，梅根，快速跟進。由於資本支出略低，您今年的折舊率與去年相比如何？

For 2022, we had about a 9% increase in depreciation, and I'm anticipating that to be much lower in '23, given the lower additions that we're anticipating on the machinery and equipment as well as seeing some roll-off from some prior year investments.

到 2022 年，我們的折舊率增加了約 9%，我預計 23 年的折舊率會低得多，因為我們預計機器和設備的增加量會減少，而且從一些前一年的投資。

(Operator Instructions) Our next question comes from Tom Diffely with D.A. Davidson.

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

Yes. Just following up on the last CapEx question. How much of your capital spending is related to new capital expansion either in existing or new facilities versus what you'd call the maintenance level of capital spending?

是的。只是跟進最後一個資本支出問題。您的資本支出中有多少與現有或新設施的新資本擴張相關，而您稱之為資本支出的維持水平？

Okay. I hand this over to Megan.

好的。我把這個交給梅根。

So with respect to '22, specifically, there was about 75% of our capital was spent on machinery and equipment. As far as capacity expansion, it's difficult to quantify how much of that expands when you think about the variety of products, et cetera and the diversified markets that they support. When we think about '23, lowering that CapEx spend by $100 million, but the equipment portion of that has been lowered significantly more than the $100 million, because we do have additional facilities expense that were -- or capital for '23.

因此，關於 22 年，具體來說，我們大約 75% 的資本用於機械和設備。就產能擴張而言，當您考慮產品的多樣性以及它們支持的多元化市場時，很難量化擴張的程度。當我們考慮 23 年時，將資本支出降低 1 億美元，但其中設備部分的減少幅度遠遠超過 1 億美元，因為我們確實有額外的設施費用——或 23 年的資本。

So just to give you a cut on that, we're anticipating out of that $800 million about 45% of that is geared towards our facilities expansion. So that leaves quite a lower investment for machinery and equipment, given the market demand doesn't require it.

因此，為了給你一個削減，我們預計在這 8 億美元中，大約 45% 將用於我們的設施擴建。因此，鑑於市場需求不需要，因此對機器和設備的投資要少得多。

Okay. But I guess just to confirm, the lower CapEx does not mean you're slowing down your expansion into Vietnam?

好的。但我想只是為了確認，較低的資本支出並不意味著您正在放慢向越南的擴張？

Correct. We are maintaining that. We see that as a midterm, long-term need given the advanced packaging growth that's expected. So we are maintaining that investment on track.

正確的。我們正在維護這一點。鑑於預期的先進封裝增長，我們將其視為中期、長期需求。因此，我們正在維持這項投資的正常進行。

Okay. And from some earlier comments, it sounds like that was mainly for the consumer market?

好的。從之前的一些評論來看，這聽起來像是主要針對消費市場？

For Vietnam, Tom, you referred to?

對於越南，湯姆，你指的是什麼？

Yes.

是的。

I mean, yes, we will launch with products for -- mainly for the consumer market, but very quickly thereafter, we are introducing a broader product portfolio there. Memory products are the second generation and that will be introduced only one quarter after the launch with consumer SiP products.

我的意思是，是的，我們將推出主要針對消費者市場的產品，但此後很快，我們將在那裡推出更廣泛的產品組合。存儲器產品是第二代，將在消費 SiP 產品推出後僅四分之一推出。

Okay. Great. And Giel, just to confirm the statement you made earlier, you said that you expected the industry to be down mid-single digits, but then you expected Amkor to outperform that this year.

好的。偉大的。 Giel，只是為了證實你之前的說法，你說你預計該行業將下降到中個位數，但你預計 Amkor 今年的表現會好於此。

Yes, that's correct, Tom. I think we are well prepared to outperform the industry and to accelerate out of this downturn.

是的，沒錯，湯姆。我認為我們已做好充分準備，超越行業並加速走出低迷。

Great. And then maybe a quick question on the last couple of quarters. Obviously, your spectacular record results, but curious how much of that was driven by the delays you had in China earlier in the year? And how much of it was reflective of true-end market demand?

偉大的。然後可能是關於過去幾個季度的快速問題。顯然，你們取得了驚人的成績，但好奇其中有多少是由於你們今年早些時候在中國的延誤造成的？其中有多少反映了真正的終端市場需求？

Let me make a first comment and then Megan can give more specific. I think we don't believe that there was any revenue upside in the second half related to the China lockdown in the second quarter, Tom. So no corrections there. And so it was mainly driven also by business in the communication and automotive markets, so not out of a recovery of China.

讓我先發表評論，然後 Megan 可以給出更具體的意見。湯姆，我認為我們不認為下半年有任何與第二季度中國封鎖相關的收入增長。所以那裡沒有更正。因此，它主要也受到通信和汽車市場業務的推動，而不是出於中國的複蘇。

Okay. And maybe just sticking on China right now, how much impact you're having from just a soft environment in China today? And then at what point do you think you really benefit from the move from a lot of your customers to the regions around the world? Have you already seen a lot of that? Or is it still to come?

好的。也許現在只關注中國，今天中國的軟環境對您有多大影響？然後，您認為在什麼時候您真正受益於從大量客戶轉移到世界各地的地區？你已經看過很多了嗎？還是它還沒有到來？

Well, Tom, the -- let's say, the transformation into more regional supply chains is a multiyear process. It's a very gradual process like the previous transformation to a globalization of the supply chain was also a very slow process, but it started already. I think, definitely in some areas, specifically automotive, we see that transformation starting and that was part of the motivation for customers to move more volume into Japan and into Europe.

好吧，湯姆，讓我們說，向更多區域供應鏈的轉型是一個多年的過程。這是一個非常漸進的過程，就像之前供應鏈向全球化的轉變也是一個非常緩慢的過程，但它已經開始了。我認為，肯定在某些領域，特別是汽車領域，我們看到轉型開始了，這是客戶將更多數量轉移到日本和歐洲的動機的一部分。

So it has been started, and it starts step-by-step depending on the industries that our customers are active in. And of course, this goes with qualification, requalification of products, end customers need to buy in. But what we observe is that it's ongoing, and it's actually accelerating.

所以它已經開始，並且根據我們客戶活躍的行業逐步開始。當然，這與資格、產品重新資格、最終客戶需要購買。但我們觀察到的是它正在進行中，而且實際上正在加速。

Okay. Great. And then just 2 final questions for Megan. When you look at the gross margin guidance for the first quarter, is that just overhead absorption with a lower revenue level? Or is there something else going on?

好的。偉大的。然後是梅根的最後兩個問題。當您查看第一季度的毛利率指引時，這是否只是收入水平較低的間接費用吸收？還是有其他事情發生？

Yes, Tom. So the decline in Q1 and then the respective decline in gross margin is purely a utilization. We've given general guidelines that our incremental gross profit flow-through is around 40% to 50%, and our guide is actually a little bit better than that. So really, that's -- it's just the drop in utilization. There's no other structural changes.

是的，湯姆。因此，第一季度的下降以及毛利率的相應下降純粹是一種利用。我們給出了一般指導方針，即我們的增量毛利流轉率約為 40% 至 50%，而我們的指導方針實際上比這要好一點。所以真的，那是——這只是利用率的下降。沒有其他結構變化。

Okay. Great. And then you mentioned that tax rate for some one-off reasons was up to 22% in the quarter. On a go-forward basis, is 15% still a good number? Or should we raise that a little bit?

好的。偉大的。然後你提到由於某些一次性原因，該季度的稅率高達 22%。在前進的基礎上，15% 仍然是一個好的數字嗎？還是我們應該提高一點？

We're raising that to 17% for an annual effective tax rate estimate.

我們將年度有效稅率估計值提高到 17%。

And 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。我想將電話轉回給 Giel 以作結束語。

Thank you. Let me recap the key messages. Amkor delivered excellent financial results in 2022. We achieved record revenue of $7.1 billion and a record EPS of $3.11. We are expecting first quarter revenue of $1.45 billion. Going into 2023, we expect macroeconomic conditions to remain challenging. We anticipate our business to improve in the second half, and Amkor is poised to accelerate when the market recovers.

謝謝。讓我回顧一下關鍵信息。 Amkor 在 2022 年取得了出色的財務業績。我們實現了創紀錄的 71 億美元收入和 3.11 美元的每股收益。我們預計第一季度收入為 14.5 億美元。進入 2023 年，我們預計宏觀經濟狀況仍將充滿挑戰。我們預計我們的業務將在下半年有所改善，而 Amkor 準備在市場復甦時加速發展。

We believe the long-term growth drivers for the semiconductor industry remain in place. Amkor is well positioned to continue to execute on its 3 strategic pillars of leveraging our advanced packaging technology leadership, focusing on industry makeup trends and strengthening our broad geographic footprint. We are confident that our strategic focus will enable us to continue to outgrow the semiconductor market.

我們相信半導體行業的長期增長動力依然存在。 Amkor 已準備好繼續執行其 3 大戰略支柱，即利用我們在先進封裝技術方面的領先地位、關注行業構成趨勢並加強我們廣泛的地理足跡。我們相信，我們的戰略重點將使我們能夠繼續超越半導體市場。

Thank you for joining the call today.

感謝您今天加入電話會議。

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

謝謝。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。