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.

女士們、先生們，美好的一天，歡迎參加 Amkor Technology 2023 年第二季度收益電話會議。我叫迭戈，今天我將擔任你們的會議主持人。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

我現在想將電話轉給投資者關係主管 Jennifer Jue。爵女士，請講。

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. Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call.

謝謝你，接線員。大家下午好，感謝您參加 Amkor 2023 年第二季度收益電話會議。今天加入我的是我們的首席執行官吉爾·魯滕 (Giel Rutten)；和梅根·福斯特，我們的首席財務官。我們的收益新聞稿已於今天下午向美國證券交易委員會提交，並可在我們網站的投資者關係頁面上查看，以及今天電話會議附帶的演示幻燈片。

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. 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.

在本次演示中，我們將使用非 GAAP 財務指標，您可以在我們的網站上找到與美國 GAAP 同等指標的調節表。我們將根據我們目前所看到的環境，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 文件，了解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吉爾。

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

謝謝你，詹妮弗。大家下午好，感謝您今天加入電話會議。 Amkor 第二季度業績符合我們的預期，收入為 14.6 億美元，每股收益為 0.26 美元。第二季度對先進封裝的需求有所增加，特別是對消費類可穿戴產品和高性能計算設備的需求。

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，收入為 29 億美元，比 2022 年上半年下降 6%，好於半導體行業同期預計的 20% 以上的降幅。

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.

宏觀經濟形勢嚴峻、庫存高企和終端市場需求疲軟，整體業務繼續受到抑制。憑藉我們的技術領先地位和廣泛的地理覆蓋範圍，Amkor 的表現優於行業，並且處於有利地位，可以利用我們預計將推動增長超越當前週期的行業大趨勢。

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.

現在讓我回顧一下我們每個終端市場的動態。通信終端市場收入環比下降11%，同比增長7%。由於終端市場需求疲軟，尤其是 Android 供應鏈，庫存消耗時間比預期要長。 2022 年智能手機銷量下降約 10%，預計今年將進一步下降 5%。我們在整個高端智能手機的先進封裝領域處於領先地位，我們預計半導體含量將繼續增加，以支持新的特性和功能。再加上我們對技術的持續投資以及與主要客戶的密切合作，使我們能夠跑贏市場，並在行業退出當前週期時加速發展。

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，汽車和工業終端市場營收較2022年上半年增長5%，其中先進封裝營收增長30%。第二季度，由於某些客戶的庫存控制，傳統汽車和工業應用的收入疲軟。本季度，ADAS 和電氣化應用保持彈性，季度收入創歷史新高。

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.

儘管近期存在變化，但在 ADAS、電氣化、信息娛樂和遠程信息處理技術普及的推動下，每輛車的半導體含量預計將繼續增加。 Amkor 是領先的汽車 OSAT，擁有數十年滿足汽車行業嚴格要求的經驗。我們在韓國、日本和葡萄牙等多個地區擁有合格的生產線，以及從先進封裝、引線鍵合到電源等廣泛的技術組合，這些對我們的客戶來說是重要的差異化優勢。

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.

來自計算端市場的收入佔總收入的20%，環比增長15%，同比增長5%。對支持人工智能應用的高性能計算設備的領先先進封裝的需求不斷增長，導致了連續增長。作為技術領導者，Amkor 通過部署 2.5D 異構集成技術、在中介層上集成高帶寬內存和 ASIC，並結合基板上的模塊化連接，為 OSAT 供應鏈提供支持。

In the computing market, we support leading customers in all areas of data centers and networks, ranging from CPUs and 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.

在計算市場，我們為數據中心和網絡各個領域的領先客戶提供支持，從CPU和GPU、內存和人工智能加速器到路由器和交換機。我們繼續投資高性能計算市場的容量和技術，為客戶提供下一代設備的創新解決方案。

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.

消費端市場收入環比增長33%，但同比下降27%。隨著我們觀察到庫存減少的初步跡象，可穿戴設備的先進 SiP 從第一季度的低谷開始增長。消費者物聯網設備需要高度集成到小型化中。這些物聯網設備越來越多地結合無線連接、傳感器和數據保護設備，並具有超低功耗要求。實現外形尺寸和功率分佈需要先進的系統和封裝解決方案。儘管我們觀察到影響消費市場的多種近期不利因素，包括產品生命週期轉變、消費者需求減少和庫存過剩，但我們預計，在當前的行業周期之外，我們的系統和包裝專業知識將使我們能夠實現增長。

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. 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 planed 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.

2023 年上半年，我們的製造組織繼續在整個工廠展示卓越運營，注重質量和供應商可靠性，同時以較低的產能利用率努力管理成本。地緣政治動態繼續影響半導體供應鏈。 Amkor 擁有獨特的優勢，能夠在地理多元化的製造足跡中為客戶提供可靠且經濟高效的製造服務。我們對越南新工廠的投資繼續按計劃進行，目標是在今年晚些時候投入生產。我們已經在日本建立了碳化矽產能，並將這些產能擴展到包括葡萄牙在內的多個其他工廠。

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.

我們還與代工合作夥伴密切合作，擴大在葡萄牙的晶圓加工、先進倒裝芯片和測試技術，以支持無縫的歐洲半導體供應鏈。在韓國，我們正在擴大 2.5D 技術的產能，以支持客戶增加 AI 應用設備。在美國，我們繼續積極與客戶、合作夥伴和經濟發展機構討論建立美國製造工廠。

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.

現在讓我談談我們的第三季度展望。我們預計業績將比上半年有所改善，收入達到指導中點的 17.75 億美元。在支持高端智能手機全面推出的先進封裝的推動下，環比增長了 22%。

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

現在，我將把電話轉給梅根，以提供更詳細的財務信息。

Thank you, Giel. And good afternoon, everyone. 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. 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.

謝謝你，吉爾。大家下午好。第二季度收入為 14.6 億美元，與第一季度持平，消費和計算業務增長，但被通信、汽車和工業業務下降所抵消。 Amkor 的技術領先地位和強大的市場地位正在緩解週期性波動，並提供超越行業增長所需的彈性。與 2022 年上半年相比，2023 年上半年收入下降了 6%。這反映出與半導體行業相比表現強勁，預計同期半導體行業下降了 20% 以上。

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 costs 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.

第二季度毛利率為12.8%，毛利潤為1.87億美元。我們在周期內繼續關注成本控制，這對於保持盈利能力至關重要。隨後，我們又將製造成本降低了 1000 萬美元。製造團隊正在仔細平衡當前和未來的需求，我們維持了支持 2023 年下半年預期需求增長所需的結構。

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. 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 half of the increase is in operating income, while the other half is due to favorable foreign currency balance sheet remeasurement, lower net interest expense and lower taxes.

由於激勵性薪酬降低以及其他成本控制舉措，第二季度運營支出低於預期，為 1.11 億美元。該季度營業收入為 7600 萬美元，營業利潤率為 5.2%。該季度淨利潤為 6400 萬美元，每股收益為 0.26 美元。與第一季度相比，這意味著底線盈利能力提高了 40% 以上。大約一半的增長來自營業收入，另一半則得益於有利的外幣資產負債表重新計量、較低的淨利息支出和較低的稅收。

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. 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.

第二季度 EBITDA 為 2.45 億美元，EBITDA 利潤率為 16.9%。截至本季度末，我們擁有 12 億美元的現金和短期投資，總流動資金為 19 億美元。截至第二季度末，我們的總債務為 11 億美元，債務與 EBITDA 的比率為 0.8 倍。 Amkor 在本週期中的成本和資本支出紀律帶來了持續的財務實力，正如我們強大的資產負債表所證明的那樣。這使我們能夠在這個週期中繼續投資，以實現與主要客戶的未來增長。

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. 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.

繼續我們的第三季度展望。我們預計第三季度收入將達到指導中點的 17.75 億美元，環比增長 22%。第三季度的強勁增長主要是由於新的高端智能手機的推出。我們預計毛利率在13.5%至15.5%之間。我們預計第三季度運營支出約為 1.15 億美元。我們預計全年有效稅率約為 17%。第三季度淨利潤預計在 9000 萬美元至 1.3 億美元之間，每股收益為 0.36 美元至 0.53 美元。我們正在微調全年資本支出目標，將其減少 5000 萬美元至 7.5 億美元。這比 2022 年低 17%。我們將繼續投資加強我們的全球製造足跡和先進的封裝技術。

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. 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.

Amkor 在半導體行業擁有 55 年的經驗，並成功度過了多個行業周期。在過去的幾年裡，我們已經將經營業績和資產負債表轉變為財務實力雄厚的企業。我們強大的財務狀況使我們擁有技術領先地位和多樣化的地理足跡，使我們能夠比之前的周期表現得更好，並利用行業大趨勢，我們預計在退出週期時將推動加速增長。

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

現在，我們將開始徵集您的問題。操作員？

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

（操作員說明）我們的第一個問題來自瑞士信貸銀行的蘭迪·艾布拉姆斯。

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? 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.

我想先問幾個有關財務前景的問題。對於下半年的展望，您在第三季度提到了季節性智能手機的增長。我認為，首先，您是否認為今年智能手機銷量增長的情況正常或時間安排有任何變化？然後對於其他應用程序，如果您可以了解其他一些領域，您如何看待汽車、工業、計算、消費者趨勢，以及如果您預計持續增長，對第四季度的初步看法。

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. 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.

好的。蘭迪，讓我嘗試在這裡回答這個問題。我們首先關注通信市場以及您提出的問題，下半年我們是否會回到正常的季節性模式。現在，如果我們以 iOS 生態系統這兩個生態系統為例，我們會看到一個正常的模式。很明顯，即將出貨的數量與前幾年一致，並且我們看到支持該手機的多種設備數量有所增加。另一方面，對於Android生態系統，我們仍然看到下半年的疲軟，特別是因為補充或減少現有庫存需要更長的時間，無論是對於最終產品還是庫存在供應鏈中。因此，對於整個市場而言，並不是完全恢復正常的季節性。

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. 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.

就今年下半年而言，我們看到了一些初步跡象，表明按季度的季節性模式恢復到正常的季節性模式。然後就其他市場而言，我們在第二季度看到了汽車庫存的一些調整，我們預計汽車市場在今年下半年總體上將保持彈性。我們有多種新產品正在開發中，特別是在 ADAS、電氣化等應用方面。我認為這些市場將繼續強勁，我們預計庫存調整將是暫時的——在第二季度是暫時的。

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.

因此，對於其他市場，特別是在計算市場，第三季度會出現一些讓步，因為我們看到一些客戶逐步淘汰某些產品並逐步引入新產品。但總體而言，我們認為，在今年剩餘時間裡，我們看到了下半年強勁業務的良好基礎。

Does that answer your question, Randy?

這能回答你的問題嗎，蘭迪？

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 expect [it will] improve...

是的。其實，也許只是為了跟進。我想你提到了第四季度的比較。我想總體而言，因為這是第二季度的良好連續增長。但我認為，第四季度可能會出現任何變化，具體取決於年份。但是，您如何看待即將出現的配置文件，因為今年早些時候進行了修正，如果您預計[它將]有所改善……

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.

好吧，我的意思是 Android 方面仍然有點不確定，蘭迪，當然是在今年下半年。另一方面，我們在今年下半年的第四季度看到了回歸正常季節性的初步跡象。正如您之前提到的，它可以上升一點，也可以下降一點。我認為這就是我們目前的情況——我們目前的觀點是我們所期待的。

Okay. No, that's helpful. 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 going to pickup, I think, a bit more, but I'm wondering if there's any factors impacting some of -- gross margins.

好的。不，這很有幫助。利潤率的盈利槓桿，是否存在您正在處理的通貨膨脹成本，或者向具有更高材料含量的系統和包裝的混合轉變？只是對利潤率感到好奇，我認為，有些年甚至會增加一點，但我想知道是否有任何因素影響毛利率。

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

是的。我想梅根可以對此發表評論，蘭迪。

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.

蘭迪，是的。因此，對於第三季度盈利能力增長 22%，我們預計毛利率將擴大約 170 個基點。因此，這低於我們增量流通的典型指南。然而，其主要原因是產品結構轉向材料含量更高的產品。正如我們所提到的，第三季度增長的驅動力是通信，而先進的 SiP 是支持高端智能手機發布的最大技術之一。因此，隨著先進 SiP 和其他先進產品比例的提高，我想說，這就是導致材料含量更高的原因。我們還可以使用第二季度先進 SiP 同比增長 12% 的證據。

So that's the primary reason. 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.

這是主要原因。第三季度電力和電價出現一些季節性增長。除了成交量增加之外，我們還有夏季費率，我們通常會在第三季度看到夏季費率平均上漲 10%。因此，雖然毛利率很重要，但我只是想關注整體情況，因為正如你所知，毛利率會因材料內容的增加而壓縮。然而，您會發現毛利潤的顯著增長遠遠快於收入和營業收入的增長。第三季度的淨利潤環比增長超過 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.

偉大的。對於合作機會或者更廣泛的人工智能，如果您可以更多地討論您可以提供的處理或功能。您如何看待收入機會？如果您收到的訂單可能會晚一點到達，是否有交貨時間？或者你有能力提升嗎？因此，您能否多談談您所看到的以及您可以為該市場提供哪些功能。

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，這是一個很好的觀點，蘭迪。讓我嘗試對此發表評論。我的意思是，Amkor 多年來一直致力於針對多種設備、多個客戶的 2.5D 技術。目前，我們看到在人工智能採用的推動下，人工智能算法驅動了最新的矽技術節點，而這種採用正在創造 2.5D 體積的顯著增長。所以我們有一定的裝機容量。進入明年，我們將加大力度。事實上，我們目前的計劃是明年將 2.5D 的產量增加兩倍。

We do end-to-end processing. So we have a full turnkey process flow, so both the high-bandwidth memories and as we see 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.

我們進行端到端處理。因此，我們擁有完整的交鑰匙工藝流程，因此高帶寬存儲器和我們在中介層上看到的以及基板部分上的份額結合在一起。我們擁有多個客戶的管道，我們預計隨著人工智能在數據中心的採用，這項技術將成為未來更廣泛採用的裝配技術。

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. 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 -- you're cutting -- or a few questions...

對於明年增長兩倍的情況，如果你能給出貢獻百分比和盈利能力等信息——盈利能力或回報率與公司平均水平的比較。我的另一個後續行動是，您實際上正在減少總體資本支出。那麼，就資本支出而言，今年或明年這項投資是否有增量資本支出？然後——你在剪輯——或者幾個問題……

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。我的意思是讓我開始評論盈利能力。我的意思是，公司的盈利能力就像在許多其他領域一樣，很大程度上取決於我們的利用率。如果我們考慮增值，那麼我們會發現 2.5D 的工藝步驟數遠高於我們正常工藝流程的平均水平。因此，從這個意義上說，我們在那裡產生的增值收入和增值利潤率高於平均水平。

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.

那麼說到投資水平，是的，我認為今年和明年都有一些增量投資。我們必須記住，我們在這項技術上的投資是可替代的，因此設備可以應用於多個技術領域。它是 2.5D，但很多技術也與我們正在推出的凹凸技術和下一代技術領域有關。

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.

但是，是的，我們今年和明年都在投資增量產能。總體而言，對於 Amkor 來說，考慮到下半年正常季節性的情況較為平靜，我們將資本支出支出減少了 5000 萬美元，而之前的目標是 8 億美元。我們將其恢復到 7.5 億美元。但在這個範圍內，我們仍然能夠控制這一增長。

(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。

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?

梅根首先回到增量毛利率問題。我一直認為你們的低端產品和高端產品之間的利潤結構沒有太大差異。它更多的是不同階段的利用因素。所以我很好奇，您談到了本季度增量利潤率略有下降。這是因為消費品或一些低端產品的利用率仍然相當低嗎？

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.

湯姆，是的。事實上，我們在第三季度看到的是其他產品線仍然存在明顯的利用率不足的情況。因此，與去年第三季度相比，我們第三季度的目標利用率仍將低於 70%，我們的總體利用率約為 85%。這就是造成盈利能力緊張的部分原因是周期內持續未得到充分利用。

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

好的。這方面的最新趨勢是什麼？還在下降嗎？開始恢復了嗎？

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 hit the bottom.

第二季度，與第一季度相比，我們看到利用率略有下降，然後看到了很好的增長，正如我提到的，第三季度低於 70%。所以我們確實認為，這已觸底。

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。偉大的。然後我想您早些時候曾評論說您的利息支出正在下降。我想知道你是否可以在周圍添加更多顏色。

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，湯姆。實際上，這是綜合淨利息支出下降的函數。實際上，我們的現金和投資餘額的利息收入有了相當大的增長。

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，您提到 - 您談到從日本擴展到葡萄牙。這需要什麼？這需要您額外的設備嗎？或者只是工藝知識？如何將其擴展到不同的位置？

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.

湯姆，讓我對此發表評論。是的，我認為對於碳化矽，我們的碳化矽製造服務有兩種風格。一是分立器件，二是碳化矽模塊——功率模塊。因此，我們從日本轉移到葡萄牙的技術實際上是雙重的，既是技術領域，又確實需要對特定設備和特定技術進行增量投資。

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. 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.

當然，我們轉移的技術，我們轉移到現場的人員。而且——將該技術轉移到不同的工廠，在那裡我們有標準的程序來實現這一點。對於容量安裝，我們購買並安裝了專用設備。總體而言，無論是在分立器件方面還是在模塊方面，碳化矽都是一個不斷增長的領域，不僅在汽車領域，而且在整個能源轉型領域也是如此。我們認為氮化矽和碳化矽絕對是 Amkor 不斷增長的業務領域。

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

好的。您是否看到從離散到模塊的良好轉變？

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。儘管兩種風格將共存很長一段時間，但模塊絕對是未來。這些模塊有多種形狀和形式，從相當小型的外形尺寸到相當大的封裝模塊。

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?

偉大的。最後一個問題是，當您查看您的計算細分市場時，那裡的客戶集中度如何？該空間內的客戶數量增加一倍會對您的整體業務產生多大影響？

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，湯姆。我的意思是，客戶集中在計算領域，特別是在人工智能應用程序和算法的部署方面，是相當集中的。我想說，公平地說，公眾對誰是那裡的球員有廣泛的了解。我想說，我們有一個產品管道和一個客戶管道，可以滿足所有關鍵參與者的需求。

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.

湯姆，我想只是提供另一個數據點。就貢獻而言，我們的起點相當低。因此，就我們第二季度的表現而言，我想說，這相當於我們計算領域的中個位數。

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，我沒有再提出任何問題。我想將電話轉回給吉爾，讓他發表結束語。

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。讓我回顧一下關鍵信息。 Amkor 第二季度業績符合我們的預期，收入為 14.6 億美元，每股收益為 0.26 美元。我們預計第三季度業績將顯著改善，收入達到指導中點的 17.75 億美元，環比增長 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. Thank you for joining the call today.

我們相信，該行業的長期增長動力仍然存在，並將推動增長超越當前週期。憑藉我們在先進封裝領域的領先地位、廣泛的地理覆蓋範圍以及對行業大趨勢的了解，我們準備超越半導體市場並加速擺脫這一周期。感謝您今天加入通話。

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

謝謝。女士們、先生們，今天的電話會議到此結束。您可以斷開連接。