艾克爾 (AMKR) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology Second 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.

各位女士、先生，大家好，歡迎參加 Amkor Technology 2023 年第二季財報電話會議。我是 Diego，今天將擔任本次會議的主持人。（接線員指示）提醒各位，本次會議將被錄音。

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

現在我想把電話會議交給投資人關係主管 Jennifer Jue。Jue 女士，請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Amkor's Second Quarter 2023 Earnings Conference Call. Joining me today are Giel Rutten, our Chief Executive Officer; and Megan Faust, our Chief Financial Officer.

謝謝，接線員。各位下午好，感謝各位參加 Amkor 2023 年第二季財報電話會議。今天與我一同出席的有：我們的執行長 Giel Rutten，以及我們的財務長 Megan Faust。

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.

我們的財報新聞稿已於今天下午向美國證券交易委員會（SEC）提交，並可在我們網站的投資人關係頁面取得；同時也提供配合今日電話會議的簡報投影片。

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. 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.

在本次簡報中，我們將使用非 GAAP 財務衡量指標，您可在我們網站上找到與美國 GAAP 對應項目的調節表。我們也將就 Amkor 未來表現提出前瞻性陳述，係基於我們目前所見的環境所作之預期。當然，實際結果可能有所不同。

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.

請參閱我們的新聞稿與向 SEC 提交的文件，以了解可能導致實際結果與上述預期存在重大差異的風險因素、不確定性與例外情況。

Please note that the financial results discussed today are preliminary, and final data will be included in our Form 10-Q.

請注意，今天討論的財務結果為初步數據，最終數據將納入我們的 Form 10-Q。

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

現在我想把電話會議交給 Giel。

Thank you, Jennifer. Good afternoon, everyone, and thank you for joining the call today.

謝謝你，Jennifer。各位下午好，感謝各位今天加入電話會議。

Amkor delivered second quarter performance in line with our expectations with revenue of $1.46 billion and EPS of $0.26. Demand for advanced packaging increased in the second quarter, notably demand for consumer wearable products and for high-performance computing devices.

Amkor 第二季表現符合我們的預期，營收為 14.6 億美元，每股盈餘（EPS）為 0.26 美元。第二季先進封裝需求增加，尤其是消費性穿戴式產品以及高效能運算裝置的需求。

For the first half of 2023, revenue of $2.9 billion was down 6% versus the first half of 2022, better than the semiconductor industry estimated decline of over 20% in that same period.

2023 年上半年營收為 29 億美元，較 2022 年上半年下降 6%，優於半導體產業在同期間估計超過 20% 的下滑幅度。

Overall business continues to be dampened by challenging macroeconomic conditions, high inventories and weak end-market demand. With our technology leadership and broad geographic footprint, Amkor is outperforming the industry and is well positioned to capitalize on industry mega trends that we expect to propel growth beyond the current cycle.

整體業務仍受到具挑戰性的總體經濟環境、高庫存以及疲弱終端市場需求的抑制。憑藉我們的技術領先地位與廣泛的全球布局，Amkor 的表現優於產業，並已做好準備把握我們預期將在本輪景氣循環之後推動成長的產業重大趨勢。

Now let me review the dynamics in each of our end markets. Revenue from our communications end market decreased 11% sequentially and increased 7% year-on-year. Inventory consumption is taking longer than anticipated due to weaker end-market demand, especially in the Android supply chain. Smartphone units declined around 10% in 2022 and are expected to decline a further 5% this year. We have a leadership position in advanced packaging throughout premium tier smartphones, and we expect semiconductor content to continue to increase to support new features and functionality. This, combined with our continued investments in technology in close cooperation with key customers, positions us well to outperform the market and to accelerate when the industry exits the current cycle.

接下來我將回顧各終端市場的動態。我們通訊終端市場的營收季減 11%，年增 7%。由於終端市場需求較弱，庫存去化所需時間比預期更長，尤其是在 Android 供應鏈。智慧型手機出貨量於 2022 年約下降 10%，今年預期將再下降 5%。我們在高階智慧型手機的先進封裝方面具領先地位，並預期為支援新功能與新特性，半導體含量將持續提升。再加上我們與關鍵客戶緊密合作、持續投入技術，這使我們具備優於市場的條件，並在產業走出本輪循環時加速成長。

In the first half of 2023, revenue from the automotive and industrial end market increased 5% compared to the first half of 2022, with advanced packaging revenue up 30%. In the second quarter, revenue from conventional automotive and industrial application softened due to inventory control by certain customers. In the quarter, ADAS and electrification applications remained resilient at record quarterly revenue levels.

2023 年上半年，汽車與工業終端市場營收較 2022 年上半年增加 5%，其中先進封裝營收成長 30%。第二季，由於部分客戶進行庫存控管，傳統汽車與工業應用的營收走弱。本季 ADAS 與電動化應用仍具韌性，維持在創紀錄的單季營收水準。

Despite near-term variability, semiconductor content per car is expected to continue to increase, driven by the proliferation of ADAS, electrification, infotainment and telematics. Amkor is the leading automotive OSAT and has multiple decades of experience meeting the stringent requirements of the automotive industry. Our qualified manufacturing lines in multiple geographies such as Korea, Japan and Portugal and our broad technology portfolio ranging from advanced packaging, wire bond and power, are important differentiators to our customers.

儘管短期存在波動，單車半導體含量預期仍將持續提升，主要受 ADAS 普及、電動化、車載資訊娛樂與車聯網（telematics）推動。Amkor 是領先的汽車 OSAT，並擁有數十年滿足汽車產業嚴格要求的經驗。我們在韓國、日本與葡萄牙等多個地區具備通過認證的製造產線，以及涵蓋先進封裝、打線封裝（wire bond）與功率（power）等的廣泛技術組合，都是對客戶而言的重要差異化優勢。

Revenue from the computing end market represents 20% of total revenue and increased 15% sequentially and 5% year-on-year. Increasing demand for leading-edge advanced packaging supporting high-performance computing devices for AI applications led to the sequential growth. As a technology leader, Amkor is enabling the OSAT supply chain with the deployment of 2.5D heterogeneous integration technology, integrating high-bandwidth memory and ASIC on interposers, combined with modular attach on substrates.

運算終端市場營收占總營收的 20%，季增 15%，年增 5%。支援 AI 應用之高效能運算裝置對領先先進封裝的需求增加，帶動了季增。作為技術領導者，Amkor 正透過部署 2.5D 異質整合技術來強化 OSAT 供應鏈，將高頻寬記憶體（HBM）與 ASIC 整合於中介層（interposer）上，並結合在基板上的模組化貼裝（modular attach）。

In the computing market, we support leading customers in all areas of data centers and networks, ranging from CPUs, GPUs, memory and AI accelerators to routers and switches. We continue to invest in the high-performance computing market, both in capacity and technology to support customers with innovative solutions for next-generation devices.

在運算市場方面，我們支援資料中心與網路各領域的領先客戶，涵蓋 CPU、GPU、記憶體與 AI 加速器，以及路由器與交換器。我們持續在高效能運算市場投入，不論是產能或技術，皆以創新解決方案支援下一代裝置的客戶需求。

Revenue from the consumer end market increased 33% sequentially but decreased 27% year-on-year. Advanced SiP for wearable devices increased from a trough in the first quarter as we observed first signs of inventory reductions. Consumer IoT devices require miniaturization at high levels of integration into small form factors. These IoT devices are increasingly incorporating wireless connectivity, sensors and devices for data protection, combined with ultra-low power requirements. Achieving the form factor and power profile requires advanced system and package solutions. Although we observed multiple near-term headwinds impacting the consumer markets, including product life cycle changeovers, reduced consumer demand and excess inventories, we expect that beyond the current industry cycle, our system and package expertise positions us well for growth.

消費性終端市場營收季增 33%，但年減 27%。用於穿戴式裝置的先進 SiP 在第一季觸底後於第二季回升，因我們觀察到庫存下降的初步跡象。消費性 IoT 裝置需要在小型化外形中達到高度整合。這些 IoT 裝置日益納入無線連線、感測器與資料保護裝置，並同時要求超低功耗。要達成所需的外形尺寸與功耗特性，需要先進的系統與封裝解決方案。雖然我們觀察到多項短期逆風影響消費市場，包括產品生命週期換代、消費需求下降與庫存過剩，但我們預期在本輪產業循環之後，憑藉我們的系統與封裝專業能力，將有利於成長。

In the first half of 2023, our manufacturing organization continued to demonstrate operational excellence across our factories, focusing on quality and supplier reliability while diligently managing cost at lower capacity utilization.

2023 年上半年，我們的製造組織持續在各工廠展現卓越營運，專注於品質與供應商可靠性，同時在較低產能利用率下審慎管理成本。

Geopolitical dynamics continue to impact the semiconductor supply chain. Amkor is uniquely positioned to support our customers with reliable and cost-effective manufacturing across a geographically diversified manufacturing footprint. Investments in our new Vietnam factory continue as planned, with the goal to be production ready late this year. We have established silicon carbide capabilities in Japan and are expanding these capabilities to multiple other factories, including Portugal.

地緣政治動態持續影響半導體供應鏈。Amkor 具備獨特優勢，可透過地理分散的製造布局，為客戶提供可靠且具成本效益的製造服務。我們對越南新廠的投資按計畫持續進行，目標是在今年稍晚具備量產準備。我們已在日本建立碳化矽（silicon carbide）能力，並正將此能力擴展至其他多座工廠，包括葡萄牙。

We are also expanding our wafer processing, advanced flip chip and test technology in Portugal in close cooperation with foundry partners to support a seamless European semiconductor supply chain. In Korea, we are expanding capacity for 2.5D technology in support of customers ramping devices for AI applications. In the U.S., we continue to be actively engaged in discussions with customers, partners and economic development agencies to establish a U.S. manufacturing facility.

我們也正與晶圓代工夥伴密切合作，在葡萄牙擴充晶圓製程、先進倒裝晶片（flip chip）與測試技術，以支援無縫的歐洲半導體供應鏈。在韓國，我們正擴充 2.5D 技術產能，以支援客戶針對 AI 應用裝置的放量。在美國，我們持續積極與客戶、合作夥伴及經濟發展機構討論，以建立美國製造設施。

Now let me turn to our third quarter outlook. We expect performance to improve from the first half with revenue of $1.775 billion at the midpoint of guidance. This represents sequential growth of 22%, driven by advanced packaging in support of the full launch of premium tier smartphones.

接下來談第三季展望。我們預期表現將較上半年改善，指引中位數營收為 17.75 億美元。這代表季增 22%，主要由先進封裝帶動，以支援高階智慧型手機的全面上市。

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

接下來，我將把電話會議交給 Megan，提供更詳細的財務資訊。

Thank you, Giel. And good afternoon, everyone. Second quarter revenue of $1.46 billion was flat compared to the first quarter with increases in consumer and computing, offset by declines in communications and auto and industrial. Amkor's technology leadership and strong market position are mitigating cyclical variability and providing the resilience needed to exceed industry growth.

謝謝你，Giel。各位下午好。第二季營收為 14.6 億美元，較第一季持平；其中消費性與運算成長，抵銷了通訊以及汽車與工業的下滑。Amkor 的技術領先與強勁市場地位正在緩解景氣循環波動，並提供超越產業成長所需的韌性。

First half 2023 revenue was down 6% compared to the first half of 2022. This reflects strong outperformance compared to the semiconductor industry, which is estimated to have declined over 20% during the same period.

2023 年上半年營收較 2022 年上半年下降 6%。相較之下，半導體產業在同期間估計下滑超過 20%，這反映出我們顯著優於產業的表現。

Gross margin for the second quarter was 12.8%, and gross profit was $187 million. We have continued to focus on cost discipline during the cycle, which is essential to preserve profitability. Sequentially, we reduced manufacturing cost by another $10 million. The manufacturing teams are carefully balancing current and future needs, and we have maintained the structure required to support the anticipated increase in demand in the second half of 2023.

第二季毛利率為 12.8%，毛利為 1.87 億美元。我們在本輪循環中持續專注於成本紀律，這對維持獲利能力至關重要。就季比而言，我們再將製造成本降低 1,000 萬美元。製造團隊正審慎平衡當前與未來需求，並維持支援 2023 年下半年預期需求增加所需的組織架構。

Operating expenses for the second quarter were lower than expected at $111 million due to lower incentive compensation as well as other cost control initiatives.

第二季營業費用低於預期，為 1.11 億美元，主要由於激勵性薪酬較低，以及其他成本控管措施所致。

Operating income was $76 million, and operating income margin for the quarter was 5.2%. Net income for the quarter was $64 million, resulting in EPS of $0.26. This represents a more than 40% improvement in bottom line profitability compared to Q1. Approximately 1/2 of the increase is in operating income, while the other 1/2 is due to favorable foreign currency balance sheet remeasurement, lower net interest expense and lower taxes.

營業利益為7,600萬美元，本季營業利益率為5.2%。本季淨利為6,400萬美元，EPS為0.26美元。相較於第一季，這代表底線獲利能力提升超過40%。其中約一半的增幅來自營業利益，另一半則來自有利的外幣資產負債表重估、較低的淨利息費用以及較低的稅負。

Second quarter EBITDA was $245 million and EBITDA margin was 16.9%. We ended the quarter with $1.2 billion of cash and short-term investments, and our total liquidity was $1.9 billion. Our total debt as of the end of the second quarter is $1.1 billion, and our debt-to-EBITDA ratio is 0.8x.

第二季EBITDA為2.45億美元，EBITDA利潤率為16.9%。我們在季末持有12億美元的現金及短期投資，總流動性為19億美元。截至第二季末，我們的總負債為11億美元，負債對EBITDA比率為0.8倍。

Amkor's cost and CapEx discipline during this cycle has resulted in continued financial strength as demonstrated by our strong balance sheet. This allows us to continue to invest through this cycle to enable future growth with lead customers.

Amkor在本輪景氣循環期間對成本與資本支出（CapEx）的紀律控管，帶來持續的財務韌性，並由我們強健的資產負債表所展現。這使我們能在此循環中持續投資，與主要客戶一同推動未來成長。

Moving on to our third quarter outlook. We expect Q3 revenue to be $1.775 billion at the midpoint of guidance, representing sequential growth of 22%. The strong ramp into Q3 is primarily due to the introduction of new premium tier smartphones. We expect gross margin to be between 13.5% and 15.5%. We expect Q3 operating expenses of around $115 million. We expect our full year effective tax rate to be around 17%. Third quarter net income is expected to be between $90 million and $130 million, resulting in EPS of $0.36 to $0.53.

接著談第三季展望。我們預期第三季營收在指引中值為17.75億美元，季增22%。第三季的強勁拉升主要來自新款高階智慧型手機的推出。我們預期毛利率介於13.5%至15.5%。我們預期第三季營業費用約為1.15億美元。我們預期全年有效稅率約為17%。第三季淨利預期介於9,000萬至1.3億美元，EPS為0.36至0.53美元。

We are fine-tuning our full year CapEx target, reducing it by $50 million to $750 million. This is 17% lower than 2022. We are continuing to invest in strengthening our global manufacturing footprint and our advanced packaging technology.

我們正在微調全年資本支出目標，將其下調5,000萬美元至7.5億美元，較2022年低17%。我們將持續投資以強化全球製造布局以及先進封裝技術。

Amkor has 55 years of experience in the semiconductor industry and has successfully navigated through many industry cycles. Over the past several years, we have transformed our operational performance and balance sheet to a position of financial strength.

Amkor在半導體產業擁有55年的經驗，並成功度過多次產業循環。過去幾年，我們已將營運表現與資產負債表轉型至財務實力更為強健的狀態。

Our strong financial position enables our technology leadership and diverse geographic footprint, allowing us to perform significantly better than previous cycles and to capitalize on the industry mega trends, which we expect to drive accelerated growth as we exit the cycle.

我們強健的財務狀況支撐我們的技術領先地位與多元的地理布局，使我們能較以往循環有顯著更佳的表現，並把握產業的重大趨勢；我們預期在走出本輪循環時，這些趨勢將帶動加速成長。

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

接下來，我們將開放提問。接線員？

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

（接線員指示）我們的第一個問題來自Credit Suisse的Randy Abrams。

I want to ask my first couple of questions about the financial outlook first. For the second half outlook, you had mentioned on the third quarter the growth from the seasonal smartphone. I think, first, just within that, do you see a normal profile or any change to timing for this year for that smartphone ramp?

我想先就財務展望問前幾個問題。關於下半年展望，你提到第三季成長來自季節性的智慧型手機。我想先問，在這之中，你是否看到今年智慧型手機拉貨爬坡的走勢是正常的，或在時點上有任何變化？

And then for other applications, if you could go through a few of the other areas, how you're seeing auto, industrial, compute, consumer trending and an initial view for fourth quarter if you expect continued growth?

另外就其他應用而言，若你能談談幾個其他領域的狀況：你如何看待車用、工業、運算、消費性產品的趨勢，以及對第四季是否預期持續成長的初步看法？

Okay. Randy, let me try to answer that here. Let's first focus on the communication market and your question whether we go back to a normal seasonal pattern in the second half of the year. Now, if we take the 2 ecosystems, the iOS ecosystem, we see there a normal pattern. It's clear the volumes that are going to be shipped are in line with previous years and we see a ramp in multiple devices supporting that phone ramp.

好的，Randy，我來嘗試回答。先聚焦在通訊市場，以及你問到下半年是否會回到正常的季節性型態。若以兩個生態系來看，在iOS生態系方面，我們看到的是正常型態。很明顯，預計出貨量與往年一致，而且我們看到多款裝置的拉升共同支撐這波手機爬坡。

On the other hand, for the Android ecosystem, we still see weakness in the second half of the year, specifically because it takes a longer time to replenish or to build down the existing inventory, both with respect to end products as with respect to inventory in the supply chain. So for the full market, not a full return to normal seasonality.

另一方面，在Android生態系方面，我們仍看到下半年偏弱，主要因為不論是終端產品或供應鏈中的庫存，既有庫存的補回或去化都需要更長時間。因此就整體市場而言，尚未完全回到正常季節性。

With respect to the latter part of the year, we see some first signs that the seasonal pattern on a quarterly basis gets back to a normal seasonal pattern.

至於今年較後段，我們看到一些初步跡象顯示，以季度來看，季節性型態正回到較正常的季節性。

Then with respect to the other markets, we saw a bit of inventory corrections in our second quarter for automotive, and we expect the automotive market in general to stay resilient for the latter part of the year. We have multiple new products in the pipeline. Specifically when it comes to applications like ADAS, electrification, I think these markets will continue to be strong. And we expect that the corrections for inventory will be temporarily -- temporary in the second quarter.

再談其他市場，我們在第二季於車用領域看到一些庫存修正，而我們預期車用市場整體在今年後半仍將維持韌性。我們有多項新產品在開發管線中。特別是在ADAS、電動化等應用上，我認為這些市場將持續強勁。我們也預期庫存修正是暫時性的——主要發生在第二季。

So for the other markets, specifically on the computing market, a little bit give and take in the third quarter because there, we see some customers phasing some products out and phasing in new products. But overall, we believe that for the remaining part of the year, we see a good, let's say, basis for a strong business in the second half of the year.

至於其他市場，特別是運算市場，第三季會有些拉鋸，因為我們看到部分客戶正在將某些產品退場並導入新產品。但整體而言，我們相信在今年剩餘期間，下半年業務仍有良好基礎、可望維持強勁。

Does that answer your question there, Randy?

Randy，這樣有回答到你的問題嗎？

Yes. Actually, maybe just to follow up. The fourth quarter, I think you mentioned on comps. I guess just overall, because it's a good sequential ramp-up of second quarter, but fourth quarter, I think, can swing either way, depending on the year. But how you see the profile coming up because there was a correction early this year if you're expecting it to continue to improve?

有。其實我想再追問一下。第四季方面，我想你提到運算（comps）。整體來看，第二季到第三季的季增爬坡不錯，但第四季依年份不同可能上下波動。你如何看待接下來的走勢？因為今年初有一波修正，你是否預期會持續改善？

Well, I mean the Android side is still a little bit uncertain, Randy, certainly in the latter part of the year. On the other hand, we see first signs in the later part of the year in the fourth quarter to go back to normal seasonality. And as you mentioned before, it can be up a little bit, it can be down a little bit. I think that's what we currently -- the view that we currently have is that's what we are expecting.

嗯，我的意思是，Android端仍有些不確定性，Randy，尤其是在今年後段。不過另一方面，我們在今年後段、第四季看到一些初步跡象顯示會回到正常季節性。正如你先前提到的，可能會略為上升，也可能略為下降。我想這就是我們目前的看法——也是我們目前所預期的情況。

Okay. No, that's helpful. And the profitability leverage for the margins, are there inflationary costs that you're dealing with or a mix shift to system and package with higher material content? Just curious on the margins where, some years even get a pickup, I think, a bit more, but I'm wondering if there's any factors impacting some of -- gross margins.

了解，這很有幫助。關於利潤率的獲利槓桿，你們是否正面臨通膨成本？或是產品組合轉向系統與封裝、材料含量更高？我只是好奇毛利率方面，有些年份甚至會有更明顯的回升，但我想了解是否有任何因素正在影響部分——毛利率。

Yes. I guess Megan can comment to that, Randy.

是的，我想Megan可以回應這個問題，Randy。

Randy, yes. So for the Q3 profitability with the increase of 22%, we're looking at about 170 basis points of gross margin expansion. So that is lower than what our typical guideline would be for incremental flow-through. However, the primary reason for that is a product mix shift to the higher material content products. So as we mentioned, the driver for the Q3 increase is communications, and advanced SiP is one of the biggest technologies supporting that in -- for the premium tier smartphone launches. And so with that higher proportion of advanced SiP and other advanced products, that's what's contributing to, I would say, a higher material content. We can also use the proof point that advanced SiP for Q2 was even up 12% year-over-year. So that's the primary reason.

Randy，是的。就第三季獲利能力而言，隨著營收成長22%，我們預期毛利率約擴張170個基點。這低於我們對增量流入（incremental flow-through）的典型指引。不過，主要原因是產品組合轉向材料含量較高的產品。如我們所提到，第三季成長的驅動力是通訊，而先進SiP是支援高階智慧型手機上市的主要技術之一。因此，先進SiP及其他先進產品占比提高，帶來較高的材料含量。我們也可用一個佐證：第二季先進SiP年增甚至達12%。這是主要原因。

There is some seasonal increase in electricity and pricing in Q3. In addition to the higher volume, we do have the summer rates, which, together, we usually see in Q3, on average, an increase of 10%. So while the gross margin is important, just wanted to also focus on the full picture because gross margin is compressed, as you know, by that material content increase, however, you will see significant increase in the gross profit dollars growing much faster than revenue as well as operating income. And the bottom line EPS for Q3 is growing over 70% sequentially.

第三季電力成本與電價也有一些季節性上升。除了出貨量增加之外，我們也面臨夏季費率；兩者加總下，我們通常在第三季平均會看到約10%的增加。因此，雖然毛利率很重要，但也想請你看整體全貌：如你所知，毛利率會因材料含量增加而受到擠壓；然而，你將會看到毛利金額的增幅顯著快於營收，同時營業利益也會提升。而第三季底線EPS將較前一季成長超過70%。

Great. And for the co-ops opportunity or maybe broadly on AI, if you could discuss a bit more the processing or capability you can provide. And how do you see the revenue opportunity? And is there a lead time where if you get orders that may come in a bit later? Or do you have capability to ramp up? So if you could just talk a little more on what you're seeing and what capability you can provide to that market.

很好。關於co-ops的機會，或更廣泛地談AI，如果可以的話，請再多談一些你們能提供的處理能力或相關能力。你如何看待營收機會？以及是否存在交期（lead time）——也就是如果接到訂單，可能會在稍晚才反映？或者你們具備擴產爬坡的能力？所以如果你能再多談一些你們看到的狀況，以及你們能為該市場提供哪些能力。

Yes, that's a good point, Randy. Let me try to comment to that. I mean Amkor is engaged in 2.5D technology for multiple devices, multiple customers already for several years. Currently, we see driven by the adoption of AI that AI algorithms drive the latest silicon technology nodes, and that adoption then is creating a significant increase in 2.5D volumes. So we have a certain capacity installed base. Going into next year, we're going to ramp that up. Actually, we -- our current plan is to triple our current volume for 2.5D going into next year.

是的，Randy，這點說得很好。我來嘗試回應一下。我的意思是，Amkor 多年來已經在多種裝置、服務多家客戶上投入 2.5D 技術。目前我們看到，在 AI 採用的帶動下，AI 演算法推動最新的矽技術節點，而這樣的採用進一步帶來 2.5D 量的顯著增加。因此我們已經有一定的既有產能基礎。展望明年，我們會把它拉升。實際上——我們目前的計畫是在明年把現有的 2.5D 產量提升到三倍。

We do end-to-end processing. So we have a full turnkey process flow, so both the high-bandwidth memories and SoC on interposers and then the share on substrate part combined. We have a pipeline with multiple customers, and we expect that with the adoption of AI in data centers that this technology will become more a broadly adopted assembly technology going forward.

我們提供端到端的製程。因此我們有完整的一站式（turnkey）製程流程，包含高頻寬記憶體與 SoC 置於中介層（interposer）上，接著再與基板（substrate）端的部分整合。我們有多家客戶的案源管線（pipeline），並且我們預期，隨著 AI 在資料中心的採用，這項技術未來將成為更廣泛採用的組裝技術。

And for the tripling into next year, if you could give a sense like percent contribution and how the profitability is -- profitability or return is versus the corporate average.

至於明年要提升到三倍，如果可以的話，能否說明一下例如占比貢獻的百分比，以及其獲利能力——獲利或報酬相較於公司平均水準如何？

And just the other follow-up I had is that you are actually reducing overall CapEx. So with the CapEx, is there incremental CapEx that you have this year or next year for this investment? And then [even though] you're cutting -- or a few questions.

另外我還有一個追問是，你們其實正在降低整體資本支出（CapEx）。那在 CapEx 方面，針對這項投資，今年或明年是否有額外的增量 CapEx？然後即使你們在削減——或我有幾個問題。

Yes. I mean let me start commenting with respect to the profitability. I mean the profitability, like in many other areas for the company, is very much dependent on our utilization. If we take the value-adds, then we see that the number of process steps for 2.5D is well above average of our normal process flow. So in that sense, the value-add revenue as well as the value-add margins that we generate there is above average.

是的。我先從獲利能力談起。獲利能力和公司許多其他領域一樣，很大程度取決於我們的產能利用率。如果看附加價值（value-add），我們看到 2.5D 的製程步驟數明顯高於我們一般製程流程的平均水準。因此在這個意義上，我們在那裡產生的附加價值營收以及附加價值毛利率都高於平均。

Then when it comes to the investment level, yes, I think there are some incremental investments for this year and also next year. We have to keep in mind that the investments that we're making in this technology is what we call fungible, so the equipment can be applied for multiple technology domains. It's 2.5D, but a lot of the technology is also related to bumping technology and next-generation technology areas that we're launching.

至於投資水準，是的，我認為今年以及明年都會有一些增量投資。我們必須記住，我們在這項技術上的投資屬於我們所稱的可互用（fungible），也就是設備可以應用於多個技術領域。它是 2.5D，但其中很多技術也與凸塊（bumping）技術以及我們正在推出的下一代技術領域相關。

But yes, we're investing in that incremental capacity this year and also next year. Overall, for Amkor, given the bit muted second half when it comes to normal seasonality, we decreased our CapEx spending $50 million versus our earlier target of $800 million. We brought it back to $750 million. But within that bucket, we are still able to manage that increase.

不過是的，我們今年以及明年都在投資這些增量產能。整體而言，對 Amkor 來說，考量到下半年在一般季節性方面相對偏弱，我們把資本支出相較於先前 8 億美元的目標下調了 5,000 萬美元，調回到 7.5 億美元。但在這個額度內，我們仍能管理並吸收這項增加。

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

（接線員指示）下一個問題來自 D.A. Davidson 的 Tom Diffely。

So Megan, first, just going back to the incremental gross margin question. I always assume that there wasn't a big difference in the margin structure between your low-end products and your high-end products. It was much more of a factor of utilization at the different stages. So I'm curious, you talked about the slightly lower incremental margins for the out quarter. Is that because items like consumer or some of the lower-end stuff are still at fairly poor utilization rates?

Megan，首先回到增量毛利率的問題。我一直假設你們低階產品與高階產品的毛利結構差異不大，更多是取決於不同製程階段的利用率。因此我很好奇，你提到本季的增量毛利率略低。這是因為像消費性或一些較低階的產品線仍處於相當低的利用率嗎？

Tom, yes, so really, what we're looking at for Q3 is there are still significant underutilization amongst other product lines. So our target utilization for Q3 is still going to be sub-70% compared to, let's say, Q3 last year, which we were on in the aggregate about 85%. So that is what's causing -- part of that profitability strain is continued underutilization during the cycle.

Tom，是的，所以我們在看第三季時，其他產品線仍然存在顯著的產能未充分利用。因此我們第三季的目標利用率仍會低於 70%，相較之下，例如去年第三季我們整體約在 85%。這就是造成——獲利壓力的一部分原因，是在這個循環期間持續的低利用率。

Okay. And what's the most recent trend in that? Is it still going down? Is it starting to recover?

了解。那最近的趨勢如何？還在往下走嗎？還是開始回升了？

Q2, we saw a slight decrease in utilization compared to Q1 and then seeing a nice increase, as I mentioned, the sub-70% in Q3. So we do think that that's hit the bottom.

第二季我們看到利用率相較第一季略有下降，然後如我提到的，第三季會看到不錯的回升，回到低於 70% 的水準。因此我們確實認為已經觸底。

Okay. Great. And then I think you made a comment earlier that your interest expense was going down. I'm wondering if you could just add a little more color around that.

好的。很好。然後我想你先前提到利息費用在下降。我想請你再多補充一些背景說明。

Yes, Tom. So really, that's a function of combined net interest expense has decreased. We've actually seen quite a nice increase in our interest income on our cash and investment balances.

是的，Tom。基本上，這是因為合併後的淨利息費用下降了。實際上，我們在現金與投資餘額上的利息收入有相當不錯的增加。

Okay. And then on the silicon carbide, you mentioned, you talked about expanding from Japan maybe into Portugal. What does that require? Does that require additional equipment for you? Or is it just process know-how? How do you expand that to different locations?

好的。然後關於碳化矽，你提到可能從日本擴展到葡萄牙。那需要什麼？需要你們添購額外設備嗎？還是主要是製程 know-how？你們如何把它擴展到不同地點？

Tom, let me comment to that. Yes, I think for silicon carbide, there are 2 flavors to our silicon carbide manufacturing services. One is discrete devices and the other is silicon carbide module -- power modules. So the technology that we're transferring from Japan into Portugal is actually twofold, both technology areas and it requires, indeed, incremental investments in specific equipment and specific technology.

Tom，我來回應一下。是的，我想在碳化矽方面，我們的碳化矽製造服務有兩種型態：一種是分離式元件（discrete devices），另一種是碳化矽模組——功率模組（power modules）。我們從日本轉移到葡萄牙的技術其實是雙重的，涵蓋兩個技術領域，而且確實需要在特定設備與特定技術上進行增量投資。

So of course, the technology we transfer. We transfer people that go on site. And that -- transfer that technology to a different factory, there we have standard procedures in place how to do it.

當然，技術我們會轉移。我們也會派人到現場。而且——把技術轉移到另一座工廠，我們有標準作業程序來執行。

And for the capacity installation, we have dedicated equipment that we purchase and that we install. Silicon carbide in general, both on the discrete side as well as on the module side, is a growing area, not only in automotive, but also in the overall energy transition. We see silicon nitride and silicon carbide as definitely a growing business area for Amkor.

至於產能建置，我們會採購並安裝專用設備。整體而言，碳化矽不論在分離式元件端或模組端，都是成長中的領域，不僅在車用，也在整體能源轉型中。我們認為氮化矽與碳化矽對 Amkor 而言絕對是成長中的業務領域。

Okay. Are you seeing a pretty nice shift from discrete to the modules?

了解。你們是否看到從分離式元件轉向模組的趨勢相當明顯？

Yes. Although both flavors will coexist for a significant time, but modules is definitely the future. And these modules, they come in multiple shapes and forms from fairly miniaturized form factors to fairly large packaged modules.

是的。雖然這兩種型態在相當長一段時間內都會共存，但模組絕對是未來。而這些模組有多種形態與規格，從相當小型化的尺寸到相當大型的封裝模組都有。

Great. And then final question, when you look at your compute segment, how concentrated are the customers there? And how big an impact could the doubling of a customer inside of that space be for your overall business?

很好。最後一個問題，當你看你們的運算（compute）部門時，那裡的客戶集中度有多高？而在那個領域中，若某個客戶的業務量翻倍，對你們整體業務可能會有多大的影響？

It's a good question, Tom. I mean customer concentration in the compute segment, specifically in the deployment of AI applications and algorithms, is fairly concentrated I would say. I think it's fair to say that there is broad public knowledge on who are the players there. We have a product pipeline and a customer pipeline that would cater for, I would say, all the key players.

這是個好問題，Tom。我的意思是，運算部門的客戶集中度，特別是在 AI 應用與演算法的部署上，我會說相當集中。我想可以公平地說，市場上對於那些主要參與者是誰有廣泛的公開認知。我們有產品管線與客戶管線，我會說可以涵蓋所有關鍵玩家。

I think, Tom, just to offer another data point. As far as the contribution, we're starting from a fairly low base. So with respect to our Q2 performance, this would amount to, I would say, mid-single digits of our compute segment.

Tom，我再提供另一個數據點。就貢獻度而言，我們是從相當低的基期開始。因此就我們第二季的表現來看，這大約會是我們運算部門的中個位數百分比（mid-single digits）。

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

謝謝。目前我這邊顯示沒有其他問題。我想把電話交回給 Giel 做結語。

Okay. Thank you. Let me recap the key messages. Amkor delivered second quarter results in line with our expectations with revenue of $1.46 billion and EPS of $0.26. We are expecting third quarter performance to improve significantly with revenue of $1.775 billion at the midpoint of guidance, a 22% sequential increase.

好的，謝謝。我來重申關鍵訊息。Amkor 第二季的結果符合我們的預期，營收 14.6 億美元，EPS 為 0.26 美元。我們預期第三季表現將顯著改善，營收在指引中點為 17.75 億美元，季增 22%。

We are confident that the secular growth drivers in the industry remain in place and will drive growth beyond the current cycle. With our leadership in advanced packaging, our broad geographic footprint and exposure to industry mega trend, we are poised to outperform the semiconductor market and accelerate out of this cycle.

我們有信心，產業中的結構性成長驅動因素仍然存在，並將在本輪循環之外推動成長。憑藉我們在先進封裝的領導地位、廣泛的全球布局，以及對產業重大趨勢（mega trend）的曝險，我們已蓄勢待發，有望優於半導體市場表現，並加速走出本輪循環。

Thank you for joining the call today.

感謝各位今天參與本次電話會議。

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

謝謝。各位女士、先生，今天的電話會議到此結束。您可以掛線。