艾克爾 (AMKR) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Amkor Technology First Quarter 2023 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 2023 年第一季度收益電話會議。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，Jue 女士，請繼續。

Thank you, operator. Good afternoon, everyone and thank you for joining us for Amkor's first quarter 2023 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，感謝您參加我們的 Amkor 2023 年第一季度收益電話會議。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 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 US 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 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.

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。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-Q 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. Amkor delivered first quarter revenue of $1.47 billion and EPS of $0.18, both above the midpoint of our guidance. These results demonstrate Amkor's strength in navigating through this industry cycle. Our automotive and industrial end-market posted another quarterly revenue records, driven by resilient demand and building on Amkor's leadership position in this market.

謝謝你，詹妮弗。大家下午好，感謝您今天加入電話會議。 Amkor 在第一季度實現了 14.7 億美元的收入和 0.18 美元的每股收益，均高於我們指引的中點。這些結果證明了 Amkor 在駕馭這個行業周期方面的實力。我們的汽車和工業終端市場在彈性需求的推動下再創季度收入記錄，並鞏固了 Amkor 在該市場的領導地位。

Our strong footprint in premium tier smartphones also generated positive results, with low-single digit year-on-year growth in our communication business. Challenging macroeconomic conditions and weakening demand in consumer and computing contributed to a total year-on-year revenue decline of 8% for the first quarter. The semiconductor industry is facing near-term headwinds, mainly caused by high inventory and weak end-market demand. Most recent market forecast projecting a further decline for this year.

我們在高端智能手機領域的強大足跡也產生了積極的成果，我們的通信業務同比增長低個位數。具有挑戰性的宏觀經濟狀況以及消費和計算需求疲軟導致第一季度總收入同比下降 8%。半導體行業近期面臨逆風，主要原因是高庫存和疲軟的終端市場需求。最近的市場預測預計今年將進一步下降。

Our advanced packaging portfolio accounted for 73% of first quarter revenue and as a strong project pipeline. We expect to perform better than the market-based on this leading position in advanced packaging, our broad and diverse global footprint and our focus on industry make-up threats.

我們的先進封裝產品組合佔第一季度收入的 73%，並且是一個強大的項目管道。基於我們在先進封裝領域的領先地位、我們廣泛而多樣化的全球足跡以及我們對行業構成威脅的關注，我們希望表現優於市場。

Now let me review the dynamics in each of our end-markets. Revenue from the communications market was up 2% year-on-year, driven by strength in our advanced as IP portfolio supporting multiple functions throughout the phone. We observed customers continuing to work through excess inventory, especially within the Android supply chain. Current estimates projects smartphone units to be down low-single digits this year. However, semiconductor content in premium tier phones continues to increase and innovations are improving performance and adding functionality.

現在讓我回顧一下我們每個終端市場的動態。通信市場的收入同比增長 2%，這得益於我們支持手機多種功能的先進 IP 產品組合的實力。我們觀察到客戶繼續處理過剩庫存，尤其是在 Android 供應鏈中。目前的估計預計今年智能手機出貨量將下降至個位數。然而，高端手機中的半導體含量不斷增加，創新正在提高性能和增加功能。

Amkor also -- leadership position in advanced packaging throughout premium tier smartphones and has a strong track-record as a trusted partner for innovative solutions and for delivering operational excellence. Revenue from the automotive and industrial market increased 14% year-on-year, driven by growth in ADAS, electrification and industrial applications.

Amkor 還在高端智能手機的先進封裝領域處於領先地位，並且作為創新解決方案和提供卓越運營的值得信賴的合作夥伴擁有良好的業績記錄。受ADAS、電氣化和工業應用增長的推動，汽車和工業市場收入同比增長14%。

Advanced driver assistance systems generate growth in multiple applications from cameras and high-performance processors through sensors like radar and LiDAR. EV adoption is leading innovations in electrification, especially the introduction of wide band gap materials like silicon carbide and gallium nitride. These materials enable improvements in power efficiency and charging infrastructure. The trend has accelerated by government initiatives to support a clean-energy transition.

高級駕駛員輔助系統在從攝像頭和高性能處理器到雷達和 LiDAR 等傳感器的多種應用中產生了增長。電動汽車的採用正在引領電氣化創新，尤其是碳化矽和氮化鎵等寬帶隙材料的引入。這些材料可以改善電源效率和充電基礎設施。政府支持清潔能源轉型的舉措加速了這一趨勢。

ADAS, electrification, infotainment and telematics will drive continued expansion of semiconductor content per [COG]. Market reports project automotive electronics to grow at a mid-teens CAGR for the next several years, one of the highest-growth areas in the semiconductor markets. As the leading automotive asset with qualified manufacturing lines in multiple geographies and a broad technology offering, we expect ongoing strength in this market.

ADAS、電氣化、信息娛樂和遠程信息處理將推動每個 [COG] 的半導體內容持續擴展。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，這是半導體市場增長最快的領域之一。作為在多個地區擁有合格生產線和廣泛技術產品的領先汽車資產，我們預計該市場將持續走強。

Revenue from the consumer end-market decreased 43% versus the first quarter last year. We observed multiple near-term headwinds impacting the consumer market including product lifecycles changeovers in the IoT wearable markets, reduced consumer demand and excess inventories. We continue to work on building the pipeline for IoT devices, utilizing our advanced SiP solutions and now diversifying our product and customer portfolio.

與去年第一季度相比，來自消費者終端市場的收入下降了 43%。我們觀察到影響消費市場的多個近期不利因素，包括物聯網可穿戴市場的產品生命週期轉換、消費者需求減少和庫存過剩。我們繼續致力於為物聯網設備構建管道，利用我們先進的 SiP 解決方案，現在使我們的產品和客戶組合多樣化。

We recently began ramping new products for the emerging AR VR experience and expect the proliferation of IoT devices to drive revenue growth beyond to current semi-cycle. Revenue from the computing end-market decreased 17% year-on-year, driven by weakness in personal computing and storage. In data center, we support all areas from CPU, GPU, memory and AI accelerators to routers and switches. High-performance computing devices supporting artificial intelligence require the use of the latest silicon nodes and are unable to buy advanced packaging solutions such as 2.5D and high-density fan-out.

我們最近開始為新興的 AR VR 體驗推出新產品，並預計物聯網設備的激增將推動收入增長超過當前的半週期。受個人計算和存儲疲軟的推動，計算終端市場的收入同比下降 17%。在數據中心，我們支持從 CPU、GPU、內存和 AI 加速器到路由器和交換機的所有領域。支持人工智能的高性能計算設備需要使用最新的矽節點，無法購買2.5D、高密度扇出等先進封裝方案。

In addition, innovative terminal materials we apply in our packaging solutions help our customers resolve technical challenges. With our broad advanced packaging portfolio and established relationship with lead customers on foundries, Amkor has felt position to capitalize on opportunities in the computing market.

此外，我們在封裝解決方案中應用的創新端子材料可幫助我們的客戶解決技術難題。憑藉我們廣泛的先進封裝產品組合以及與鑄造廠主要客戶建立的關係，Amkor 已經找到了利用計算市場機會的優勢。

Our global manufacturing organization continue to demonstrate operational excellence and supply reliability across our factories. That lower capacity utilization, the team is focused on managing cost, while maintaining our high-performance standards. Geopolitical dynamics continue to impact the semiconductor supply chain. With our diversified geographic footprint, Amkor is uniquely positioned to support our customers with reliable and cost-effective manufacturing.

我們的全球製造組織繼續展示我們工廠的卓越運營和供應可靠性。由於產能利用率較低，團隊專注於管理成本，同時保持我們的高性能標準。地緣政治動態繼續影響半導體供應鏈。憑藉我們多元化的地理足跡，Amkor 具有獨特的優勢，可以通過可靠且具有成本效益的製造來支持我們的客戶。

We are actively securing new programs with our customers, in support of diversifying and de-risking their supply chains. Investments in our new Vietnam factory continuous plant with the goal to start high-volume manufacturing late this year. Additionally, we are expanding our silicon carbide and power technology capabilities to both our Portugal and Japan factories. In the US, we continue to be actively engaged in discussions with customers, partners and economic development agencies to establish semiconductor supply chain.

我們正在積極與客戶合作開展新計劃，以支持他們的供應鏈多樣化和降低風險。投資於我們新的越南工廠連續工廠，目標是在今年晚些時候開始大批量生產。此外，我們正在將我們的碳化矽和電力技術能力擴展到我們的葡萄牙和日本工廠。在美國，我們繼續積極參與與客戶、合作夥伴和經濟發展機構的討論，以建立半導體供應鏈。

Now let me turn to our second quarter outlook. We expect second quarter to be similar to first quarter, with revenue of $1.475 billion at the midpoint of guidance. For the second half of this year, we remain optimistic that demand as well as supply chain inventory will improve. We are poised to accelerate with our leading technology portfolio and diversified manufacturing in end-market footprints. We believe that the secular growth drivers for the semiconductor industry remain in place and we are well-positioned to outgrow the market.

現在讓我談談我們的第二季度展望。我們預計第二季度與第一季度相似，收入為 14.75 億美元，處於指導的中點。對於今年下半年，我們仍然樂觀地認為需求和供應鏈庫存將會改善。我們準備好通過我們領先的技術組合和終端市場足蹟的多元化製造來加速發展。我們相信，半導體行業的長期增長動力依然存在，我們有能力超越市場。

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. First quarter revenue of $1.47 billion exceeded our guidance midpoint. Year-on-year, revenue was down 8%, a decline that reflects the current semiconductor cycle. We believe that Amkor's diversified end-market exposure is mitigating cyclical variability and will provide stability and resilience as we work-through this cycle. The automotive and industrial end-market representing 26% of our Q1 revenue continued to run at record revenue level.

謝謝 Giel，大家下午好。第一季度 14.7 億美元的收入超過了我們的指導中點。收入同比下降 8%，反映了當前的半導體週期。我們相信，Amkor 多元化的終端市場敞口正在減輕週期性變化，並將在我們度過這個週期時提供穩定性和彈性。汽車和工業終端市場占我們第一季度收入的 26%，繼續保持創紀錄的收入水平。

Our technology leadership in advanced packaging enabled us to win new programs in premium tier smartphones, growing our revenue and market share year-on-year in the communications end-market despite challenging market condition. The resilience in these markets partially offset the softening of the consumer and computing end-markets, which are being impacted by macroeconomic factors and inventory build up in the supply chain.

我們在先進封裝方面的技術領先地位使我們能夠贏得高端智能手機的新項目，儘管市場環境充滿挑戰，但我們在通信終端市場的收入和市場份額同比增長。這些市場的彈性部分抵消了消費者和計算終端市場的疲軟，這些終端市場受到宏觀經濟因素和供應鏈庫存增加的影響。

Our enhanced focus on cost discipline during a downturn is essential to maintaining profitability and generating free cash flow throughout the cycle. As a reminder, our financial model allows for significant incremental flow through to gross margin of around 40% as revenue increases. The same model applies when revenue declines, profit drops faster than revenue.

我們在經濟低迷時期加強對成本紀律的關注對於在整個週期內保持盈利能力和產生自由現金流至關重要。提醒一下，隨著收入的增加，我們的財務模型允許顯著增加流量，使毛利率達到 40% 左右。當收入下降時，同樣的模型也適用，利潤下降的速度快於收入。

Gross margin for the first quarter was 13.2% and gross profit was $194 million. During the quarter, our factory teams were able to lower manufacturing costs by around $30 million, to help offset the impact of underutilization and foreign currency losses. Headcount control, overtime reduction and reduced work weeks, all contributed to lower labor costs. Lower supplies and maintenance and less electricity usage contributed to a decrease in O COGS. These temporary cost containment measures are flexible tools, allowing us to reduce cost, while maintaining the ability to support the anticipated increase in-demand for the second half of 2023.

第一季度的毛利率為 13.2%，毛利潤為 1.94 億美元。在本季度，我們的工廠團隊能夠將製造成本降低約 3000 萬美元，以幫助抵消未充分利用和外匯損失的影響。人員控制、加班減少和工作週數減少都有助於降低勞動力成本。較低的供應和維護以及較少的用電量導致 O COGS 的減少。這些臨時成本控制措施是靈活的工具，使我們能夠降低成本，同時保持支持 2023 年下半年預期需求增長的能力。

Operating expenses for the first quarter were $126 million. Research and development expense increased over Q4, primarily due to incremental new product introduction activity, including development of test solutions, supporting new products targeted to launch in the second half of 2023.

第一季度的運營費用為 1.26 億美元。研發費用比第四季度有所增加，這主要是由於新產品推出活動的增加，包括測試解決方案的開發，支持計劃於 2023 年下半年推出的新產品。

Operating income was $69 million and operating income margin for the quarter was 4.7%. Net income for the quarter was $45 million, resulting in EPS of $0.18. First quarter EBITDA was $229 million and EBITDA margin was 15.6%. Our balance sheet is strong. We ended the quarter with $1.3 billion of cash and short-term investments and our total liquidity was $1.9 billion. Our total debt as of the end of the first quarter is $1.2 billion and our debt-to-EBITDA ratio is 0.9 times. Our financial strength provides flexibility to continue to invest in our future through this short-term semiconductor cycle.

本季度營業收入為 6900 萬美元，營業利潤率為 4.7%。本季度淨收入為 4500 萬美元，每股收益為 0.18 美元。第一季度 EBITDA 為 2.29 億美元，EBITDA 利潤率為 15.6%。我們的資產負債表很強勁。我們以 13 億美元的現金和短期投資結束了本季度，我們的總流動資金為 19 億美元。截至第一季度末，我們的總債務為 12 億美元，債務與 EBITDA 之比為 0.9 倍。我們的財務實力提供了靈活性，可以通過這個短期半導體週期繼續投資於我們的未來。

Moving on to our second quarter outlook. We expect Q2 performance to be similar to Q1. While there continues to be uncertainty with respect to the duration of the cycle, we anticipate an improved second half of the year, driven by the introduction of new phone models, resilience and automotive and industrial and more balanced inventory levels.

繼續我們的第二季度展望。我們預計第二季度的表現將與第一季度相似。雖然週期的持續時間仍然存在不確定性，但我們預計下半年會有所改善，這得益於新手機型號的推出、彈性以及汽車和工業以及更平衡的庫存水平。

For Q2, we expect revenue of $1.475 billion at the midpoint, representing a year-on-year decrease of 2%. For comparability, a reminder that our Q2 2022 results were adversely affected by the COVID lockdown of our Shanghai factory. We expect gross margin to be between 12% and 14%. We expect Q2 operating expenses of around $125 million. We expect our full-year effective tax-rate to be around 17%. Second quarter net income is expected to be between USD30 million and USD70 million, resulting in EPS of $0.12 to $0.28.

對於第二季度，我們預計中點收入為 14.75 億美元，同比下降 2%。為便於比較，提醒我們 2022 年第二季度的業績受到上海工廠 COVID 封鎖的不利影響。我們預計毛利率在 12%至 14%之間。我們預計第二季度的運營費用約為 1.25 億美元。我們預計全年有效稅率約為 17%。第二季度淨收入預計在 3000 萬美元至 7000 萬美元之間，每股收益為 0.12 美元至 0.28 美元。

We are holding our CapEx forecast for 2023 at $800 million. We are being prudent with our spend and our CapEx forecast is 12% lower than 2022. Our investment plan is focused on strengthening specific advanced packaging technology in growth areas such as advanced as SiP and flip chip, as well as investments in our diversified geographic footprint.

我們將 2023 年的資本支出預測維持在 8 億美元。我們對支出持謹慎態度，我們的資本支出預測比 2022 年低 12%。我們的投資計劃側重於加強 SiP 和倒裝芯片等增長領域的特定先進封裝技術，以及對我們多元化地理足蹟的投資.

With decades of semiconductor industry experience and successfully operating through prior cycles, we are confident in our long-term outlook supported by the industry's secular growth trend. Our technology leadership, broad geographic footprint and strong financial position enable us to continue to outperform the semiconductor market.

憑藉數十年的半導體行業經驗，並在之前的周期中成功運營，我們對行業長期增長趨勢支持的長期前景充滿信心。我們的技術領先地位、廣闊的地域足跡和強大的財務狀況使我們能夠繼續跑贏半導體市場。

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？

Thank you. (Operator Instructions) Our first question comes from Randy Abrams with Credit Suisse.

謝謝。 （操作員說明）我們的第一個問題來自瑞士信貸的 Randy Abrams。

Yeah, wanted to ask the first question just about the application, the view on your applications. I think just from one-side, the auto industrial has been quite strong and I believe you mentioned resilience. So the outlook from here, I'm just curious if you see that strength sustaining it. We've had the foundry feedback get a bit softer from the high base and flip side on some of the applications going through correction. If you could give a view with the consumer SiP where we saw a sharp decline, if you expect that headwind or when new projects could rebound momentum? And then if you could give a comment on the other areas like PC and compute. So, yeah just curious more on the applications, how you're seeing the relative resilience and also the weakness on the consumer side.

是的，想問第一個關於應用程序的問題，即對應用程序的看法。我認為從一方面來看，汽車行業一直很強勁，我相信你提到了彈性。所以從這裡的前景來看，我只是很好奇你是否看到了支撐它的力量。我們已經讓鑄造廠的反饋從高基數和一些正在經歷修正的應用程序的反面變得更加柔和。如果您能對我們看到急劇下降的消費者 SiP 發表看法，您是否預計逆風或新項目何時可以反彈勢頭？然後，如果您可以就 PC 和計算等其他領域發表評論。所以，是的，只是對應用程序更加好奇，你如何看待相對彈性以及消費者方面的弱點。

Let me start trying to shed some light on the automotive and industrial part first. We experienced indeed a resilient demand in the first quarter and expect that to continue the second quarter and actually we have strong indications that, that will remain strong in the remaining part of the year, so in the second half of the year. Just as a reminder, from the foundry side, within the automotive market, there is a significant volume of silicon being produced by IBM's in their internal factory. So it's not only driven by advanced silicon from the foundry side. So we continue to expect resilient, we don't see any indications of increasing inventory in that automotive market.

讓我首先嘗試闡明汽車和工業部分。我們在第一季度確實經歷了一個有彈性的需求，並預計第二季度會持續下去，實際上我們有強烈的跡象表明，在今年剩餘的時間裡，即今年下半年，這種需求將保持強勁。提醒一下，在汽車市場的鑄造廠方面，IBM 在其內部工廠生產了大量的矽。因此，它不僅是由代工廠方面的先進矽驅動的。因此，我們繼續期待彈性，我們沒有看到該汽車市場庫存增加的任何跡象。

Go back to the second part of your question, on the consumer system and package. Yeah, we saw some headwinds in the first quarter as we already mentioned in the earlier part of our earnings call. We see new programs coming up in the second half of the year. There was definitely also -- I had spent with respect to market demand. So going forward, we expect a recovery that will start towards the end of the second quarter, a little bit in the ongoing part of the second quarter and we feel comfortable that towards the later part of the year, there will be continued strength in this market.

回到問題的第二部分，關於消費者係統和包裝。是的，正如我們在財報電話會議的早些時候提到的那樣，我們在第一季度看到了一些不利因素。我們看到今年下半年將推出新計劃。肯定還有——我在市場需求方面花了錢。因此，展望未來，我們預計復甦將在第二季度末開始，在第二季度的持續時間裡會有一點點，我們感到欣慰的是，到今年晚些時候，這種情況將持續強勁市場。

I mean given -- having said that, long-term, we believe that the variable market, specifically on the consumer side, the IoT variable market is a product category that will further grow. It's little bit choppy short-term, it's very much exposed to the swings in-market demand, but overall we are confident that longer-term, this is a good market for us.

我的意思是——話雖如此，從長遠來看，我們相信可變市場，特別是在消費者方面，物聯網可變市場是一個將進一步增長的產品類別。短期內有點波動，它很容易受到市場需求波動的影響，但總體而言，我們有信心長期來看，這對我們來說是一個很好的市場。

With respect to the other parts of our SiP portfolio, a large part of that is related at a very-high level to the swings in the communication market, whether it's on the Android side or on the iOS side and it ebbs and flows with that market. So although, we saw strength and that strength very much underpins by market-share increases in the share in the phone, specifically the premium tier phones, but it's -- we expect definitely there will be an upswing in the second half of the year attributed to the launch of new premium tier phones.

關於我們 SiP 產品組合的其他部分，其中很大一部分與通信市場的波動在非常高的水平上相關，無論是在 Android 端還是在 iOS 端，它都會隨之起伏市場。因此，儘管我們看到了實力，而且這種實力在很大程度上受到手機市場份額增長的支撐，特別是高端手機，但我們預計今年下半年肯定會出現增長，這歸因於到推出新的高端手機。

Does that answer your question, Randy?

這能回答你的問題嗎，蘭迪？

Yeah, that does. I mean, if I can follow-up on the implication for second half, how do you see the inventory, do you see some spill over where it could have a bit of a dampening factor or are you seeing, I guess one on the inventory situation in the slower markets do we get through that and get back to usual third quarter or even just factoring low base, you can pick-up from there. So just curious if this initial stage second-half view and following on that the full-year if you have a view now your outlook versus industry outlook?

是的，確實如此。我的意思是，如果我能跟進下半年的影響，你如何看待庫存，你是否看到一些溢出可能有一些抑制因素，或者你是否看到，我猜庫存中有一個在市場放緩的情況下，我們能否度過難關並回到通常的第三季度，甚至只是考慮低基數，你可以從那裡開始。因此，如果您現在對您的前景與行業前景有看法，那麼只是好奇這個初始階段的下半年觀點以及接下來的全年觀點嗎？

Yeah, it's difficult to predict what will happen exactly in the second half. I mean, in our view the share reduction of inventory which is ongoing currently in the critical markets like BC and also the smartphone market, specifically on the Android side mid range and low-end Android phones. So we expect that to further improve in the second quarter, although it has gone slower-than-expected. And going into the second-half of the year, the recovery for the communication market specifically is partly, of course, attributed to the let's say the burn-off of our inventory and the industry inventory, but is also very much attributed to end market demand and that's difficult to predict our macroeconomic elements with respect to consumer demand for new mobile phone models.

是的，很難預測下半場究竟會發生什麼。我的意思是，在我們看來，目前在 BC 等關鍵市場以及智能手機市場，尤其是在 Android 方面的中端和低端 Android 手機上，庫存份額正在減少。因此，我們預計第二季度會進一步改善，儘管速度慢於預期。進入下半年，通信市場的複蘇當然部分歸因於我們庫存和行業庫存的消耗，但也很大程度上歸因於終端市場需求，這很難預測我們的宏觀經濟因素與消費者對新手機型號的需求有關。

But overall, we are optimistic that there is much more balanced inventory situation going into the second half of the year and further improvement during the second quarter.

但總體而言，我們樂觀地認為進入下半年庫存情況將更加平衡，二季度將進一步改善。

And actually that one other question I had on the [HPC] related. If you could talk, I think in prepared remarks, you mentioned high-density fan-out in 2.5D. So on HPC and especially as we talk about the AI, where a lot use the things like CoWoS, do you supply and figuring content on those areas as far as 2.5D to fan-out or is high-volume opportunity the like working on the high-end flip-chip in test? So just curious, your exposure and how you see the opportunity especially for more AI type accelerators?

實際上，我還有一個與 [HPC] 相關的問題。如果你能談談，我想在準備好的發言中，你提到了 2.5D 中的高密度扇出。因此，在 HPC 上，尤其是當我們談論 AI 時，很多人使用 CoWoS 之類的東西，你是否提供和計算這些領域的內容，直到 2.5D 扇出或是否有大量機會，比如在高端倒裝芯片在測試？所以很好奇，你的曝光率以及你如何看待機會，尤其是更多人工智能類型的加速器？

Yes, with respect to the let's say AI devices, the most advanced AI devices using 2.5D, we have them in production and we started producing them last year using 2.5D technology and we are ramping them further going into this year. And we believe that that will continue for the let's say, the remaining part of this year, contributing to let's say growth in our compute segment in general. So it is 2.5D and I think that it's a common 2.5D technology that's being applied for these devices, Randy.

是的，關於 AI 設備，使用 2.5D 的最先進的 AI 設備，我們已經投入生產，我們去年開始使用 2.5D 技術生產它們，我們將在今年進一步提高它們的產量。而且我們相信，這種情況將持續到今年餘下的時間，這有助於我們計算領域的總體增長。所以它是 2.5D，我認為這是應用於這些設備的常見 2.5D 技術，Randy。

And I'll just ask one other technology follow-up. The mobile market, do you see much, I mean there is been talk about disaggregating diodes and but it's kind of stayed as a flip-chip process. Do you see much shift in how those mobile communication and for that this high-density fan-out is there growing adoption whether in computer, mobile?

我只會問另一項技術跟進。移動市場，你看到很多嗎，我的意思是有人談論分解二極管，但它有點像倒裝芯片工藝。您是否看到這些移動通信以及這種高密度扇出的方式發生了很大變化，無論是在計算機還是移動設備中，這種高密度扇出的採用率都在增加？

Yeah, it's our belief that the adoption of high-density fan-out and also the segregation of SoCs will first happen in the compute market and specifically the most demanding compute segment like AI, where we go to the next-generation technology fairly quickly. Now, the next adoption would be in the mobile market, but that may take a few more years. We think that in the current solution for the mobile processors, be it the most common [HEPS] processors that would happen, let's say, in the time frame after '25 -- '25 to '27 where they adopt 3-nanometer and below processor technology.

是的，我們相信高密度扇出的採用以及 SoC 的分離將首先發生在計算市場，特別是要求最苛刻的計算領域，如 AI，我們很快就會進入下一代技術。現在，下一次採用將在移動市場上進行，但這可能還需要幾年時間。我們認為，在當前的移動處理器解決方案中，無論是最常見的 [HEPS] 處理器，都會發生，比方說，在 25 世紀之後的時間範圍內 - 25 世紀到 27 世紀，他們採用 3 納米及以下處理器技術。

And if I could follow up on -- like if we move toward hybrid bonding for some of these applications, whether processor and memory, high-bandwidth memory, do you see much of a role or would that be foundry process? Just curious if you have plans to get involved in that supply chain?

如果我可以跟進 - 比如我們是否轉向其中一些應用程序的混合鍵合，無論是處理器和內存，高帶寬內存，你看到很多角色還是代工工藝？只是好奇您是否有計劃參與該供應鏈？

Yeah, we believe that when it comes to chiplet technology desegregation of monolithic SoCs utilizing, let's say hybrid bonding technology the first generation, second generation probably will be covered in a foundry environment. The technology is very much an extension of the wafer manufacturing and it requires also technologies that will call for a very high investment level.

是的，我們相信，當談到使用單片 SoC 的小芯片技術分離時，比方說第一代混合鍵合技術，第二代可能會在代工環境中被覆蓋。該技術在很大程度上是晶圓製造的延伸，它還需要需要非常高投資水平的技術。

Next generation when there is a broader proliferation of these technologies that will definitely go into the OSAT domain and that would only happen when we get a cost down on the technology side and further standardization for these technology domains. So yes, longer term, it will move into OSAT domain, but the initial generations would be in the foundry domain.

下一代，當這些技術更廣泛地擴散時，肯定會進入 OSAT 領域，而且只有當我們在技術方面降低成本並進一步標準化這些技術領域時才會發生。所以是的，從長遠來看，它將進入 OSAT 領域，但最初幾代將在代工領域。

(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。

Maybe just a couple of quick questions on the market itself. You talked about 8% decline year-over-year, what was your view of what the market did in that period as well?

也許只是關於市場本身的幾個快速問題。你談到了 8% 的同比下降，你對那個時期的市場表現有何看法？

First quarter market, we see that market forecast, Tom, for the year is actually deteriorating quarter-on-quarter. If you look to the latest numbers, which come out from market firms like Gartner, it comes to, let's say, a correction downward for the full year of 2023 of high single digits to low double digit decline for the total semiconductor market. So for the first quarter, it's difficult really to judge, but we believe it was down close to the same level, high single digit, low double-digit decline on a year-on-year basis.

第一季度市場，湯姆，我們看到今年的市場預測實際上是環比惡化。如果你看一下來自 Gartner 等市場公司的最新數據，比方說，整個半導體市場將在 2023 年全年出現從高個位數到低兩位數的下滑修正。所以對於第一季度，很難判斷，但我們認為它與去年同期相比下降接近同一水平，高個位數，低兩位數下降。

Okay. So I guess when we talk about outgrowing the market, is it just where you're located in the marketplace? Or is there share shifting going on? Or is it just a fact that your leverage to the high end and your leverage to automotive creates a better scenario for you specifically?

好的。所以我想當我們談論超越市場時，它只是你在市場中所處的位置嗎？還是正在發生股份轉移？或者這只是一個事實，你對高端的影響力和你對汽車的影響力為你創造了一個更好的場景？

Yeah, I think that say it's indeed the last part that you mentioned, Tom. We believe that our market footprint is very much into the automotive market, which is the highest growth segment of the semiconductor market in the premium tier of the smartphone market where we feel that we gain market share, specifically with new technologies being introduced. And then on the computing segment, the trends in the computing segment going from a vertical industry to a deverticalized industry, that offers opportunities for Amkor as a leading OSAT to grow faster than the market.

是的，我認為這確實是你提到的最後一部分，湯姆。我們相信我們的市場足跡已深入汽車市場，這是智能手機市場高端半導體市場中增長最快的部分，我們認為我們在該市場獲得了市場份額，特別是隨著新技術的推出。然後在計算領域，計算領域的趨勢從垂直行業轉向非垂直化行業，這為 Amkor 作為領先的 OSAT 提供了比市場增長更快的機會。

And it sounds like there's a reason to be little optimistic about each of the markets improving in the second half. But when you look at the total performance of the company, which of these end markets do you think it will be the biggest contributor to half-over-half growth in second half?

聽起來似乎有理由對下半年每個市場的改善都不樂觀。但是當你看公司的整體業績時，你認為這些終端市場中的哪些將成為下半年一半以上增長的最大貢獻者？

Yeah, the biggest contributor for the second half versus first half growth for Amkor is the biggest market that we're also observing that's the communication market. Communications is still above 40% of the total company revenue and the growth in the second half will be driven by the introduction of new premium tier smartphones across the industry, definitely on the iOS side, where we see a growing market share for our self, but also on the Android side. So recovery of the smartphone market, together with the introduction of new phone types will drive growth in the second half.

是的，Amkor 下半年與上半年增長的最大貢獻者是我們也在觀察的最大市場，即通信市場。通信仍占公司總收入的 40% 以上，下半年的增長將受到整個行業推出新的高端智能手機的推動，尤其是在 iOS 方面，我們看到自己的市場份額不斷增長，而且在Android方面。因此，智能手機市場的複蘇以及新手機類型的推出將推動下半年的增長。

And then I guess looking at the model making, how much variability is there in operating expenses on a quarterly basis?

然後我想看看模型製作，每個季度的運營費用有多少變化？

Yeah. Hi, Tom. So with respect to varying throughout the year and we've given a general guideline that we would anticipate around $120 million per quarter. You can see that with our Q1 actuals and Q2 guide, that's running a little ahead. That really has to do with the timing of our NPI activity, that's going to contribute to some of those second half launches. So I would say there's some variability, but albeit modest. So I would continue to look at a general run rate for the year of $120 million per quarter.

是的。你好湯姆。因此，關於全年的變化，我們給出了一個總體指導方針，我們預計每季度約為 1.2 億美元。您可以看到，通過我們的第一季度實際數據和第二季度指南，它已經領先了一點。這確實與我們的 NPI 活動的時間有關，這將有助於下半年的一些發射。所以我會說有一些可變性，但儘管是適度的。因此，我將繼續關注本年度每季度 1.2 億美元的總體運行率。

And at what point would you expect depreciation to go up for the new facility in Vietnam?

您預計越南新設施的折舊率會在什麼時候上升？

So with respect to our Vietnam facility, we are anticipating that, that would go online at the end of this year, so that again being depreciated over a fairly long period of time is going to have a pretty modest impact on depreciation as it rolls into '24. And then we'll be bringing on the equipment in that facility basically in concert with the programs. And I would view that as a general growth perspective, we manage that with our overall CapEx forecast, so that would just be part of our regular M&A increases.

因此，關於我們的越南設施，我們預計它將在今年年底上線，因此在相當長的一段時間內再次折舊將對折舊產生相當適度的影響，因為它會進入'24。然後我們將基本上與程序一致地在該設施中引入設備。我認為，從總體增長角度來看，我們通過整體資本支出預測來管理這一點，因此這只是我們常規併購增長的一部分。

And just curious, for the first couple of lines, how much of the equipment is going to be new equipment versus relocated equipment from other facilities?

只是好奇，對於前幾條線，有多少設備是新設備，有多少是從其他設施搬遷的設備？

For the beginning, those lines will end up being new equipment to get those lines through MPI [qual] and then into production. As we expand there, we will continue to look at our full capacity and ensure that we're balancing that appropriately. As you may know, our center of excellence for SiP is in Korea. And as we expand that product line in Vietnam, we will consider whether it would be optimal to transfer some of that equipment once we get things up and running.

一開始，這些生產線最終將成為新設備，讓這些生產線通過 MPI [質量]，然後投入生產。隨著我們在那裡的擴張，我們將繼續關注我們的全部產能，並確保我們適當地平衡它。如您所知，我們的 SiP 卓越中心位於韓國。當我們在越南擴大該產品線時，我們將考慮一旦我們啟動並運行，轉移部分設備是否是最佳選擇。

Okay. And then final model question. When you look at the potential for growth in the second half, what would you estimate your incremental gross margin would be on that growth?

好的。然後是最終模型問題。當您查看下半年的增長潛力時，您估計您的增量毛利率是多少？

So, we have given a general guideline from our incremental margin drop through the gross margin of around 40%. I would say, with the anticipated increase in advanced SiP coming in into the second half supporting communications, you would probably see an incremental gross margin of slightly below that 40% in order to accommodate that product mix change.

因此，我們已經給出了從我們的增量利潤率下降到 40% 左右的毛利率的一般指導方針。我想說的是，隨著下半年先進 SiP 的預期增長支持通信，您可能會看到增量毛利率略低於 40%，以適應產品組合的變化。

Okay. Which of your groups would have the highest incremental gross margin?

好的。您的哪個小組的增量毛利率最高？

It's not necessarily driven by end market, Tom, because we have, I would say, SiP supports not only communications and consumer. It's really -- while product mix has some impact, it's really a function of how well those lines are utilized moving into that step-up in revenue.

它不一定由終端市場驅動，湯姆，因為我們有，我想說，SiP 不僅支持通信和消費者。它確實 - 雖然產品組合有一些影響，但它實際上取決於這些產品線在收入增長方面的使用情況。

And then Giel, final question for you. When you look at the want to diversify manufacturing geographies with all of your customers, are you starting to see companies wanting to shift capacity from one region to another? Or is it still kind of in the early stages of just planning out how to do that in the future?

然後是 Giel，最後一個問題。當您看到所有客戶都希望實現製造地域多元化時，您是否開始看到公司希望將產能從一個地區轉移到另一個地區？或者它是否仍處於計劃未來如何做到這一點的早期階段？

Well, what we're actually seeing currently, Tom, is indeed a very, let's say, active shift of capacity from one location to another. Another important trend is that customers look for a second source of existing capacity and that all related to supply chain disruptions in, let's say, in the last couple of years. And it also relies to the, let's say, geopolitical tension in some areas. So we see that this is ongoing on, let's say, I would say, on a very active basis where we shift, let's say, where we offer customers a second source. For example, in our Vietnam factory or where we work with customers to derisk their supply chain by moving volume from one territory or one region to another region. So it's ongoing.

好吧，湯姆，我們目前實際看到的確實是一種非常積極的產能從一個位置轉移到另一個位置。另一個重要趨勢是，客戶正在尋找現有產能的第二個來源，而這一切都與過去幾年的供應鏈中斷有關。而且它還依賴於某些地區的地緣政治緊張局勢。因此，我們看到這種情況正在進行中，比方說，我會說，在我們轉移的非常積極的基礎上，比方說，我們為客戶提供第二來源。例如，在我們的越南工廠或我們與客戶合作的地方，通過將產量從一個地區或一個地區轉移到另一個地區來降低他們供應鏈的風險。所以它正在進行中。

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

目前，我沒有進一步提問。我想將電話轉回給 Giel 以作結束語。

Let me recap our key messages. Amkor delivered revenue of $1.47 billion and EPS of $0.18 in the first quarter, above mid-points of guidance. We are expecting second quarter to be similar to first quarter with revenue of $1.475 billion. We are confident that the secular growth drivers for the industry remain in place and will drive growth beyond the current cycle. With our leading technology portfolio and diversified manufacturing and end market portfolio, Amkor is well positioned to outperform the semiconductor market in 2023. Thank you for joining the call today.

讓我回顧一下我們的關鍵信息。 Amkor 在第一季度實現了 14.7 億美元的收入和 0.18 美元的每股收益，高於指導的中點。我們預計第二季度與第一季度相似，收入為 14.75 億美元。我們相信，該行業的長期增長動力依然存在，並將推動增長超越當前週期。憑藉我們領先的技術組合以及多元化的製造和終端市場組合，Amkor 有望在 2023 年超越半導體市場。感謝您參加今天的電話會議。

Thank you. This concludes today's conference. All parties may disconnect. Have a great evening.

謝謝。今天的會議到此結束。各方可能會斷開連接。祝你有個愉快的夜晚。