艾克爾 (AMKR) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology Fourth Quarter and Full Year 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. I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

女士們、先生們，美好的一天，歡迎參加 Amkor Technology 2023 年第四季和全年收益電話會議。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。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 Fourth Quarter and Full Year 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，接線生。大家下午好，感謝您參加 Amkor 2023 年第四季和全年財報電話會議。今天加入我的是我們的執行長吉爾·魯滕 (Giel Rutten)；和梅根·福斯特，我們的財務長。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-K.

在本次示範中，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 同等指標的調整表。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，以了解可能導致實際結果與這些預期有重大差異的風險因素、不確定性和例外情況的資訊。請注意，今天討論的財務結果是初步的，最終數據將包含在我們的 10-K 表格中。

And now I'd 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.

謝謝你，詹妮弗。大家下午好，感謝您今天加入電話會議。

After a strong third quarter, Amkor delivered solid fourth quarter performance with revenue of $1.75 billion and EPS of $0.48, both at or above the high end of guidance. For full year 2023, revenue of $6.5 billion was down 8% from prior year, better than the double-digit semi market decline. Weak macroeconomic conditions, excess inventory and growing geopolitical tensions made 2023 a challenging year for Amkor, but several highlights also made it an exciting year.

經過強勁的第三季表現後，Amkor 第四季業績穩健，營收為 17.5 億美元，每股收益為 0.48 美元，均達到或高於指導上限。 2023 年全年營收為 65 億美元，比上年下降 8%，優於半市場兩位數的降幅。疲軟的宏觀經濟狀況、過剩的庫存和日益緊張的地緣政治緊張局勢使 2023 年對 Amkor 來說是充滿挑戰的一年，但一些亮點也使其成為令人興奮的一年。

We celebrated our 55th anniversary and our 25th anniversary as a U.S.-listed public company. We had the grand opening of our new Vietnam factory, and we announced our plan for an advanced packaging and test facility in the United States.

我們慶祝了成立 55 週年以及作為美國上市公司成立 25 週年。我們的越南新工廠隆重開業，並宣布了在美國建立先進封裝和測試設施的計劃。

In this challenging business environment, Amkor elevated its leadership position by maintaining focus on its 3 strategic pillars. Our technology leadership in advanced packaging enabled us to gain market share in premium tier smartphones and grow in 2.5D technology for AI products and in ADAS and power solutions for automotive.

在這個充滿挑戰的商業環境中，Amkor 透過維持對三大策略支柱的關注，提升了其領導地位。我們在先進封裝方面的技術領先地位使我們能夠在高階智慧型手機領域獲得市場份額，並在人工智慧產品的 2.5D 技術以及汽車 ADAS 和電源解決方案方面取得成長。

Our continued investments in a global manufacturing footprint offers our customers a secure and reliable semiconductor manufacturing supply chain. And our engagements in the secular growth markets strengthened by long-standing partnerships with lead customers in key markets like AI, high-performance computing and automotive.

我們對全球製造足跡的持續投資為我們的客戶提供了安全可靠的半導體製造供應鏈。透過與人工智慧、高效能運算和汽車等關鍵市場的領先客戶的長期合作關係，我們在長期成長市場中的參與度得到了加強。

Now let me review the dynamics in each of our end markets. Revenue on our communication markets increased 4% for full year 2023, setting a new annual record. This record was achieved despite overall smartphone units declining for the second year in a row. Market share gains within the iOS ecosystem drove this increase by utilizing our advanced SiP technology.

現在讓我回顧一下我們每個終端市場的動態。 2023 年全年，我們的通訊市場收入成長了 4%，創下了新的年度記錄。儘管智慧型手機整體銷量連續第二年下降，但仍實現了這一記錄。透過利用我們先進的 SiP 技術，iOS 生態系統內的市場份額成長推動了這一成長。

Amkor holds a leading position through our premium tier smartphones, built on our technology expertise and our proven track record as a trusted partner for codeveloping innovative solutions and delivering operational excellence. For 2024, we expect a modest low single-digit increase in the phone units, with further improvement in the Android supply chain during the year.

Amkor 透過我們的高階智慧型手機保持領先地位，這建立在我們的技術專業知識和我們作為共同開發創新解決方案和提供卓越營運的值得信賴的合作夥伴的良好記錄的基礎上。到 2024 年，我們預計手機銷量將出現小幅低個位數成長，Android 供應鏈將在這一年進一步改善。

Revenue in our automotive and industrial business declined 4% for full year 2023. Advanced packaging revenue increased 6% year-on-year, driven by ADAS and industrial applications. We continue to see growth in high-power silicon carbide solutions for electrical vehicles, utilizing our unique package capability in our Japan factory. 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. In 2023, we continue to invest in capacity and capability in this market, specifically for silicon carbide in our Japan and Portugal factories.

2023 年全年，我們的汽車和工業業務收入下降 4%。在 ADAS 和工業應用的推動下，先進封裝收入年增 6%。利用我們日本工廠獨特的封裝能力，我們不斷看到電動車高功率碳化矽解決方案的成長。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，這些都是我們的重要優勢。 2023年，我們將繼續投資該市場的產能和能力，特別是我們日本和葡萄牙工廠的碳化矽。

Revenue from the computing end market decreased 11% year-on-year. The robust demand for leading-edge advanced packaging supporting AI and HPC applications partly offset the decreases in PC and storage applications. Amkor leads the OSAT supply chain in 2.5D technology for AI devices, integrating high-bandwidth memory and ASIC on interposers, combined with module attach on substrates. To support the strong demand for AI devices, we doubled capacity exiting 2023, and with our planned investments coming online in the second quarter of 2024, we will have more than tripled our capacity compared to the second quarter of 2023. We expect the 2.5D demand will continue to increase in 2024, and we plan to support our customers in line with market growth.

計算端市場收入較去年同期下降11%。對支援人工智慧和高效能運算應用的領先先進封裝的強勁需求部分抵消了個人電腦和儲存應用的下降。 Amkor 在 AI 設備的 2.5D 技術領域引領 OSAT 供應鏈，在中介層上整合高頻寬記憶體和 ASIC，並結合基板上的模組連接。為了支持對人工智慧設備的強勁需求，我們在2023 年將產能增加了一倍，並且隨著我們計劃的投資在2024 年第二季度上線，我們的產能將比2023 年第二季度增加兩倍以上。我們預計2.5D 2024 年需求將持續增加，我們計劃根據市場成長為客戶提供支援。

The consumer end market declined 38% for the full year. Multiple headwinds, including reduced consumer spending, excess inventory and product changeovers in the IoT wearable market drove the decline. Within consumer, we support a broad portfolio of solutions for IoT wearables as well as the traditional consumer products. We are engaged in the next-generation products with our lead customers that will ramp production in the course of 2024.

消費端市場全年下滑38%。多重不利因素，包括消費者支出減少、庫存過剩以及物聯網穿戴市場的產品更換，推動了業績下滑。在消費者領域，我們支援物聯網穿戴裝置以及傳統消費產品的廣泛解決方案組合。我們正在與我們的主要客戶合作開發下一代產品，這些產品將在 2024 年提高產量。

During the fourth quarter, our manufacturing organization focused on optimizing capacity for 2.5D technology in Korea and on qualifying advanced SiP and memory technology in Vietnam.

第四季度，我們的製造組織專注於優化韓國 2.5D 技術的產能，以及驗證越南先進 SiP 和記憶體技術的能力。

Geopolitical dynamics continue to impact the semiconductor supply chain. Globally, our customers are evaluating their supply chain strategies to reduce risk and to secure a resilient and cost-effective manufacturing base. Amkor's broad geographic footprint is a key differentiator and positions us uniquely to support our customers and to benefit from this shift in global supply chains. In Asia, we recently opened our new Vietnam manufacturing campus. In Japan, we are expanding R&D and manufacturing capability to offer a secure supply chain for automotive semiconductors, including silicon carbide.

地緣政治動態持續影響半導體供應鏈。在全球範圍內，我們的客戶正在評估他們的供應鏈策略，以降低風險並確保有彈性且具成本效益的製造基地。 Amkor 廣泛的地理覆蓋範圍是一個關鍵的差異化因素，它使我們能夠以獨特的方式支持我們的客戶並從全球供應鏈的轉變中受益。在亞洲，我們最近開設了新的越南製造園區。在日本，我們正在擴大研發和製造能力，為包括碳化矽在內的汽車半導體提供安全的供應鏈。

In Europe, we are partnering with lead customers and foundries to support a seamless European automotive supply chain with investments in technology for MEMS, wafer-level fan-out, flip chip and silicon carbide-power devices in our Portugal factory. In the U.S., with support of major customers and partners, we recently announced our plans to build an advanced packaging and test facility in Arizona. We are in discussion with the CHIPS Program Office on funding and continue to work on establishing a facility to provide high-volume, leading-edge technologies to support critical markets such as high-performance computing, automotive and communications.

在歐洲，我們正在與主要客戶和代工廠合作，透過在葡萄牙工廠投資 MEMS、晶圓級扇出、倒裝晶片和碳化矽功率裝置技術，支援無縫的歐洲汽車供應鏈。在美國，在主要客戶和合作夥伴的支持下，我們最近宣布計劃在亞利桑那州建立先進的封裝和測試設施。我們正在與 CHIPS 專案辦公室討論資金問題，並繼續致力於建立一個設施，以提供大批量、領先的技術來支援高效能運算、汽車和通訊等關鍵市場。

Now let me turn to our first quarter outlook. We expect the first quarter to be impacted by 2 main factors. First, after a record 2023, we expect a more than seasonal decline in our iOS-related business. Secondly, we observed continued weakness in the automotive and industrial end market due to inventory corrections, specifically for microcontrollers and ADAS applications. We expect first quarter revenue of $1.35 billion. This represents a year-on-year decline of 8%.

現在讓我談談我們第一季的展望。我們預計第一季將受到兩個主要因素的影響。首先，在創紀錄的 2023 年之後，我們預期 iOS 相關業務將會出現季節性下滑。其次，我們觀察到由於庫存調整，汽車和工業終端市場持續疲軟，特別是針對微控制器和 ADAS 應用。我們預計第一季營收為 13.5 億美元。這意味著同比下降了8%。

For the full year of 2024, we foresee the first half of the year to remain muted but anticipate a strong second half recovery with growth higher than typical seasonality. Second half accelerated growth is supported by additional 2.5D capacity coming online midyear, a meaningful ramp of a new consumer wearable program and further rebalancing of inventories within Androids, automotive, memory and PCs.

對於 2024 年全年，我們預計上半年將保持低迷，但預計下半年將強勁復甦，成長高於典型季節性。下半年的加速成長得益於年中上線的額外 2.5D 產能、新的消費者可穿戴項目的有意義的增長以及 Android、汽車、內存和 PC 內庫存的進一步重新平衡。

We believe that the secular growth drivers for the semiconductor industry remain in place. And with our leading technology portfolio, scale and global footprint, we are confident to accelerate as the industry exits the current cycle.

我們相信半導體產業的長期成長動力仍然存在。憑藉我們領先的技術組合、規模和全球足跡，我們有信心隨著行業退出當前週期而加速發展。

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資訊。

Thank you, Giel, and good afternoon, everyone. Fourth quarter revenue of $1.75 billion was down 4% sequentially. This was slightly softer than historical seasonality and was driven by customer inventory control, particularly within the automotive and industrial and computing end markets. Although revenue declined sequentially, gross margin for the fourth quarter improved 40 basis points to 15.9% as a result of continued disciplined cost management. Fourth quarter gross profit was $279 million. Operating expenses for the quarter came in as expected at $120 million and includes onboarding costs to prepare our new Vietnam facility for high-volume manufacturing later this year.

謝謝吉爾，大家下午好。第四季營收為 17.5 億美元，比上一季下降 4%。這比歷史季節性稍弱，是由客戶庫存控制推動的，特別是在汽車、工業和計算終端市場。儘管收入環比下降，但由於持續嚴格的成本管理，第四季度的毛利率提高了 40 個基點，達到 15.9%。第四季毛利為2.79億美元。本季的營運費用符合預期，為 1.2 億美元，其中包括為今年稍後的大批量生產做好準備的新越南工廠的入職費用。

Operating income was $159 million and operating income margin remained flat sequentially at 9.1%. Net income for the fourth quarter was $118 million, resulting in EPS of $0.48. Fourth quarter EBITDA was $326 million and EBITDA margin was 18.6%.

營業收入為 1.59 億美元，營業利潤率與上一季持平，為 9.1%。第四季淨利為 1.18 億美元，每股收益為 0.48 美元。第四季 EBITDA 為 3.26 億美元，EBITDA 利潤率為 18.6%。

Now let's turn to our full year 2023 performance. Revenue of $6.5 billion was down 8% year-on-year. While a down year, this is an outperformance compared to the semiconductor industry. Gross margin for the year was 14.5% and gross profit was $943 million. During times of lower utilization, it is critical to manage our manufacturing costs to preserve profitability. Our disciplined approach resulted in a 10% reduction in both labor and other manufacturing costs.

現在讓我們來看看我們2023年全年的表現。營收為65億美元，年減8%。儘管今年業績下滑，但與半導體產業相比，其表現仍優於半導體產業。本年度毛利率為 14.5%，毛利為 9.43 億美元。在利用率較低的時期，管理我們的製造成本以保持獲利能力至關重要。我們嚴格的方法使勞動力和其他製造成本降低了 10%。

Net income for the year was $360 million, resulting in EPS of $1.46. EBITDA was $1.13 billion and EBITDA margin was 17.4%. CapEx for 2023 was $749 million and 11.5% capital intensity. We reduced our equipment spend by approximately 45% from 2022, while continuing to invest in our global manufacturing footprint by completing construction of our new Vietnam facility.

該年度淨利潤為 3.6 億美元，每股收益為 1.46 美元。 EBITDA 為 11.3 億美元，EBITDA 利潤率為 17.4%。 2023 年的資本支出為 7.49 億美元，資本密集度為 11.5%。自 2022 年起，我們將設備支出減少了約 45%，同時透過完成越南新工廠的建設，繼續投資於我們的全球製造足跡。

Our financial performance showed great resilience in 2023. We achieved record free cash flow of $534 million, reflecting efficient operations. Our financial strength allows us to continue to invest in our future growth, both in technology development to support leading-edge advanced packaging solutions as well as our manufacturing footprint. Our geographically diversified portfolio of factories has proven to be a key differentiator in supporting regionalization of supply chains. We ended the year with $1.6 billion of cash and short-term investments and total liquidity of $2.3 billion. Our total debt as of the end of the year is $1.2 billion, and our debt-to-EBITDA ratio is 1.1x.

2023 年，我們的財務表現表現出強大的韌性。我們的自由現金流達到創紀錄的 5.34 億美元，反映出高效的營運。我們的財務實力使我們能夠繼續投資於未來的成長，包括支援領先的先進封裝解決方案的技術開發以及我們的製造足跡。事實證明，我們地理位置多元化的工廠組合是支持供應鏈區域化的關鍵差異化因素。截至年底，我們擁有 16 億美元的現金和短期投資，流動資金總額為 23 億美元。截至年底，我們的總債務為 12 億美元，債務與 EBITDA 的比率為 1.1 倍。

Moving on to our first quarter outlook. We expect Q1 revenue of around $1.35 billion, representing a year-on-year decline of 8%. With the continued industry cycle and Q1 being the seasonally lowest quarter, profitability will be constrained, given underutilization, and we expect gross margin to be between 11.5% and 14%. We expect Q1 operating expenses of around $130 million, which includes an annual reset of employee compensation levels as well as costs to support the onboarding of our new Vietnam factory.

繼續我們的第一季展望。我們預計第一季營收約 13.5 億美元，年減 8%。由於產業週期持續，且第一季是季節性最低季度，由於利用率不足，獲利能力將受到限制，我們預計毛利率將在 11.5% 至 14% 之間。我們預計第一季營運費用約為 1.3 億美元，其中包括每年重新調整的員工薪資水平以及支持越南新工廠入職的成本。

We anticipate a higher level of operating expense in the first half of 2024 until we begin high-volume manufacturing in Vietnam projected for the second half of this year. We expect our full year effective tax rate to be around 18%. First quarter net income is expected to be between $8 million and $48 million, resulting in EPS of $0.03 to $0.19. Our CapEx forecast for 2024 is around $750 million. Our investments will focus on key advanced packaging technology solutions, specifically 2.5D in the computing market and Advanced SiP supporting the consumer market as well as expansion of certain factories.

我們預計 2024 年上半年的營運費用將會更高，直到我們預計今年下半年在越南開始大量生產。我們預計全年有效稅率約為 18%。第一季淨利潤預計在 800 萬美元至 4,800 萬美元之間，每股收益為 0.03 美元至 0.19 美元。我們對 2024 年的資本支出預測約為 7.5 億美元。我們的投資將集中在關鍵的先進封裝技術解決方案上，特別是計算市場的 2.5D 和支援消費市場的先進 SiP 以及某些工廠的擴張。

We recently announced our plans to build an advanced packaging and test facility in the United States. We are in the early planning stages and do not expect a material CapEx spend for this project in 2024. We have a target to be ready for high-volume manufacturing in approximately 2 to 3 years.

我們最近宣布計劃在美國建立先進的封裝和測試設施。我們正處於早期規劃階段，預計 2024 年該項目不會有實質資本支出。我們的目標是在大約 2 到 3 年內為大量生產做好準備。

We are excited to see the technology advancements in the industry and believe the secular growth drivers are intact. Amkor is a technology leader with decades of experience. Our culture of operational excellence, coupled with the broadest geographic footprint of all OSATs, positions us well to support the world's leading semiconductor companies.

我們很高興看到該行業的技術進步，並相信長期成長動力完好無損。 Amkor 是擁有數十年經驗的技術領導者。我們卓越的營運文化，加上所有 OSAT 中最廣泛的地理覆蓋範圍，使我們能夠為世界領先的半導體公司提供支援。

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 Craig Ellis with B. Riley Securities.

（操作員說明）我們的第一個問題來自 B. Riley Securities 的 Craig Ellis。

Giel and Megan, congratulations on calendar '23's year of accomplishment. The first thing I wanted to do is just follow up on some of the communications comments regarding the above-seasonal first quarter decline. So I think a lot of us have seen data points that the Android market is starting to recover. Obviously, the iOS market faces significant calendar 1Q seasonality every year. Can you just go into a little bit more detail on what some of the puts and takes are inside of that segment and help us understand what's leading to the above-seasonal decline?

吉爾和梅根，祝賀日曆 23 年的成就。我想做的第一件事就是跟進一些有關第一季高於季節性下降的溝通評論。所以我認為我們很多人都看到了 Android 市場開始復甦的數據。顯然，iOS 市場每年都會面臨明顯的第一季季節性。您能否更詳細地介紹一下該細分市場中的一些看跌期權和看跌期權，並幫助我們了解是什麼導致了高於季節性的下降？

Craig, yes, let me start doing that and Megan can later on give some more details. What we see in the first quarter are a couple of dynamics here. First of all, the first quarter comes on the back of a record 2023 and actually a record fourth quarter in 2023. We see a seasonal correction in the first quarter that is higher than normal but is at the same order of magnitude as what we have seen in 2023. If we take iOS and Android, I mean, both ecosystem -- revenue from both ecosystems is down, Android in line with expectation with some uptick in Q4 but still a decline in Q1.

克雷格，是的，讓我開始這樣做，梅根稍後可以提供更多細節。我們在第一季看到的是一些動態。首先，第一季是在創紀錄的2023 年之後到來的，實際上是創紀錄的2023 年第四季。我們看到第一季的季節性調整高於正常水平，但與我們現有的數量級同2023 年。如果我們以 iOS 和 Android 為例，我的意思是，兩個生態系統的收入都在下降，Android 符合預期，第四季有所上升，但第一季仍然下降。

In the iOS ecosystem, we see an above-seasonal correction. There are a couple of elements that are resulting in that above-seasonal correction in the iOS ecosystem. First of all, we had accelerated bills in the fourth quarter for some specific SiP programs, and that is corrected in the fourth -- in the first quarter. And we see some forecast corrections for system and package programs, and that results from product mix and some operational yield improvements on existing products. All in all, I think that results in an above-average correction for communication in the first quarter.

在 iOS 生態系統中，我們看到了高於季節性的調整。有幾個因素導致 iOS 生態系統出現季節性調整。首先，我們在第四季度加速了一些特定 SiP 項目的帳單，這一點在第四季度（第一季）得到了糾正。我們看到系統和軟體包計劃的一些預測修正，這是由於產品組合和現有產品的一些營運產量的改進而導致的。總而言之，我認為這導致第一季的溝通修正高於平均值。

If I could move on and ask a longer-term question on the broader business. Encouraging to hear the team's view for the second half of 2024 being above-seasonal, but in light of what we're hearing from some analog bellwethers about murky visibility in areas like auto and industrial, can you just list the 3 or 4 things that are giving you confidence that the second half can be above-seasonal? And are you saying that your businesses across the different end markets will be out of the cyclical correction by then?

如果我可以繼續問一個關於更廣泛業務的長期問題。令人鼓舞的是，團隊對2024 年下半年的看法超出了季節性，但鑑於我們從一些模擬領頭羊那裡聽到的關於汽車和工業等領域的前景不明朗的信息，您能否列出3或4 件事是否讓您相信下半年的業績會超出季節性？您是說屆時您在不同終端市場的業務將擺脫週期性調整嗎？

Yes. First, let me refer to your first part of the question is the share -- industrial and automotive corrections that we've indeed seen starting Q4 and moving further into Q1. We expect that these corrections related to specifically these 2 market segments, industrial and automotive, and then very specifically also for the microcontroller segments in both markets, we expect that to continue certainly in the first quarter and going into the second quarter.

是的。首先，讓我提到問題的第一部分是份額——我們確實從第四季度開始並進一步進入第一季看到了工業和汽車行業的調整。我們預計這些調整特別與工業和汽車這兩個細分市場相關，並且特別針對這兩個市場的微控制器細分市場，我們預計這種情況肯定會在第一季持續到第二季​​。

However, after conversations with key customers on Amkor's side, we expect more balanced inventory situation going into the second half of the year. And with that balanced inventory, we expect a recovery of these businesses. Now we are not exposed to some of the more commoditized markets, so we are only exposed for our wire bond and lead frame business to -- mostly to automotive microcontrollers.

然而，在與 Amkor 方面的主要客戶交談後，我們預計下半年庫存狀況將更加平衡。憑藉平衡的庫存，我們預計這些業務將會復甦。現在我們還沒有接觸到一些更商品化的市場，所以我們只接觸到我們的引線鍵合和引線框架業務——主要是汽車微控制器。

So Craig, just to build on your second part of the question as far as what gives us confidence for that higher than second half growth, we are going to have incremental capacity online to support the 2.5D business so we're anticipating further growth there, as well as ramping a consumer IoT product in the second half. So those are 2 other factors that I would say, coupled with Giel's comments, as far as our anticipation that we'll probably start to see further inventory balancing within memory and PC.

克雷格，就問題的第二部分而言，就是什麼讓我們對下半年以上的增長充滿信心，我們將增加在線容量來支持 2.5D 業務，因此我們預計該領域將進一步增長，以及下半年推出消費性物聯網產品。因此，這些是我要說的另外兩個因素，再加上吉爾的評論，就我們的預期而言，我們可能會開始看到記憶體和 PC 內的進一步庫存平衡。

And just to kind of give some context on the shape of 2024, we're expecting the second half could be as strong or stronger than 2022. So back in our peak 2022 growth year, the second half was -- had 30% growth over the first half. And given the dynamics we're seeing with a muted first half, we see the second half could be strong or stronger.

為了提供有關 2024 年情況的一些背景信息，我們預計下半年可能會與 2022 年一樣強勁甚至更強。因此，回到 2022 年增長高峰年，下半年增長了 30%，超過 2022 年。上半場。考慮到我們在上半場看到的動態，我們認為下半場可能會強勁或更強勁。

That's really helpful color. If I could sneak in 1 more. Appreciated the additional disclosure in the press release regarding cost of sales breakout with respect to gross margin and how we get to levels over the last couple of quarters and last couple of years. Megan, as out of a disclosure or plan to continue to provide, and as we think about those inputs, any change to how we think about the revenue upside and downside fall-through versus prior plus and minus 40% commentary?

這真是有用的顏色。如果我能再偷偷溜進去1個就好了。感謝新聞稿中關於毛利率的銷售成本突破以及我們如何達到過去幾個季度和過去幾年的水平的額外披露。梅根，作為披露或計劃繼續提供的信息，當我們考慮這些投入時，與之前的正負 40% 評論相比，我們對收入上行和下行下跌的看法是否有任何變化？

Sure. Yes, the disclosures we've included in our press release, we would expect to continue that going forward, Craig. And I would say no change in our expectations in the financial model for generally an incremental flow-through of around 40%. Looking at full year '23, this was a bit higher on a down year. We were under pressure with increasing material content, and that's what caused that flow-through to be different.

當然。是的，我們已經在新聞稿中披露了這些信息，我們預計未來會繼續這樣做，克雷格。我想說的是，我們對財務模型的預期沒有改變，整體增量流量約為 40% 左右。縱觀 23 年全年，這一數字比下滑的一年略高。我們面臨著材料含量增加的壓力，這就是為什麼流程不同的原因。

I would point too, there was still a healthy reduction in manufacturing costs, which we would characterize as cost of goods sold less -- excuse me, materials, reducing 6.6% on a decrease in revenue of 8%. Looking at Q1, very good flow-through, less than 40% on the down revenue, which does demonstrate disciplined cost management.

我還想指出，製造成本仍然在健康下降，我們將其描述為銷售成本減少——對不起，材料成本減少了 6.6%，而收入減少了 8%。看看第一季度，流動性非常好，收入下降不到 40%，這確實證明了嚴格的成本管理。

And our next question comes from Randy Abrams with UBS.

我們的下一個問題來自瑞銀集團的蘭迪·艾布拉姆斯。

The first question I wanted to follow up. It was good color to Craig's question on the second half, half-on-half. I was curious just between the second quarter, I think one gets the communications coming off below seasonal if you expect correction to extend in the second quarter or that starts to pick up. And then maybe just broadly on the second quarter, if you could remind us what a normal, I think there's always a range, what a normal Q2 look like, and if you see a seasonal pickup off a lower first quarter.

我想跟進的第一個問題。克雷格在下半場的提問非常精彩，半對半。我很好奇第二季之間的情況，我認為如果您預計第二季的調整會延續或開始回升，那麼人們的溝通會低於季節性。然後，也許只是在第二季度，如果你能提醒我們什麼是正常的，我認為總是有一個範圍，正常的第二季度是什麼樣子，如果你看到第一季較低的季節性回升。

Let me try to give some color on these elements. First of all, related to the second half communication business, there were identifiable, let's say, reasons for higher than seasonal correction in the first quarter. We expect that our overall position in the market is strong. We have a very strong product pipeline and deep engagements with lead customers. So in the second half of this year, with the new phone ranges coming online there, we expect an above-average growth rate because we also see that the Android market will continue to recover in the course of this year. So overall, we are very confident with the second half of this year ramp for communications.

讓我嘗試為這些元素賦予一些色彩。首先，與下半年通訊業務相關，比第一季季節性調整更高的原因是有明顯原因的。我們預計我們在市場上的整體地位是穩固的。我們擁有非常強大的產品線，並與主要客戶有深入的合作。因此，今年下半年，隨著新手機系列的上市，我們預計成長率將高於平均水平，因為我們也看到 Android 市場將在今年繼續復甦。總的來說，我們對今年下半年的通訊成長非常有信心。

And Randy, just as a reminder, what our typical second quarter seasonality would be, that can range anywhere from flattish to up low single digits. I would say it's pretty difficult to give that level of precision for Q2 at this time. We're not guiding second quarter, so that's why we gave the commentary on the first half, second half shape.

蘭迪，提醒一下，我們第二季典型的季節性因素是什麼，範圍可以從持平到低個位數。我想說，目前要給第二季提供這樣的精度水準是相當困難的。我們不指導第二季度，所以這就是為什麼我們對上半場、下半場的形狀進行評論。

Yes, it sounds like still conservative, given auto industrial, and usually, we get the flagship in second half, so more second half weighted. The second question I had just on the CapEx where it looks at similar levels and remaining lower capital intensity than the historical. The equipment ramp quite a bit in 2023. How would the mix shift between equipment versus construction? Do you still have ongoing Vietnam or other build-outs? Or does the shift continue to be growth in equipment within that $750 million mix?

是的，考慮到汽車工業，這聽起來仍然保守，通常我們會在下半年推出旗艦產品，因此下半年的權重更大。我剛剛提出的第二個問題是關於資本支出的，它看起來與歷史水準相似，但資本密集度仍低於歷史水準。到 2023 年，設備數量將大幅增加。設備與建築之間的混合將如何變化？你們還有正在進行的越南或其他擴建項目嗎？或者，這種轉變會繼續表現為 7.5 億美元組合中設備的成長？

Yes. That's a good observation, Randy. So for this year CapEx spend, we see a shift from the initial profile that we have in 2023 with a large part of our CapEx related to facilities and the, let's say, building of our Vietnam factory. In 2024, it will be reversed. We will significantly increase our CapEx for equipment and reduce the CapEx for buildings and facilities. So the second half, our CapEx will increase for equipment about 50% on a year-on-year basis based on opportunities that we see in the market. Megan, any share?

是的。這是一個很好的觀察，蘭迪。因此，對於今年的資本支出，我們看到與 2023 年的最初情況相比發生了變化，我們的大部分資本支出與設施以及越南工廠的建設有關。 2024年，情況將會逆轉。我們將大幅增加設備的資本支出，並減少建築物和設施的資本支出。因此，下半年，根據我們在市場上看到的機會，我們的設備資本支出將比去年同期增加約 50%。梅根，有分享嗎？

Yes, Randy, so hopefully, that explains that the equipment portion of our CapEx spend is going to increase approximately 50% in 2024. We do have some, I would say, facility expansions that are more localized to Portugal as well as Taiwan and also expanding -- planning to expand Vietnam and an additional module. But generally, the shift, as Giel mentioned, will move more towards machinery and equipment. That will primarily be focused on advanced packaging, as we've mentioned, our 2.5D capacity coming online midyear as well as Advanced SiP.

是的，蘭迪，希望這能解釋我們的資本支出中的設備部分將在2024 年增加約50%。我想說，我們確實有一些設施擴建，這些設施的擴建更加本地化於葡萄牙和台灣，而且擴展——計劃擴展越南和一個附加模組。但總的來說，正如吉爾所提到的那樣，這種轉變將更多地轉向機械和設備。正如我們所提到的，我們將主要專注於先進封裝，我們的 2.5D 產能以及先進 SiP 將在年中上線。

And for the advanced packaging, where I think you've had that plan to triple by midyear. I'm curious if you're getting any indications for further capacity increase. So once you bring that on, the lead times are quite long. So are you making -- do you see any need for a further step-up to continue to ramp beyond that tripling or do you think we're catching up to demand and starts to stabilize?

對於先進的封裝，我認為你們已經計劃到年中將其數量增加兩倍。我很好奇您是否收到任何進一步增加產能的跡象。因此，一旦啟用，交貨時間就會相當長。那麼，您是否認為有必要進一步提高產量以繼續增加三倍以上，或者您認為我們正在趕上需求並開始穩定下來？

No, we have a fairly strong product pipeline, a project pipeline for 2.5D diversifying our customer base but also our service portfolio going into the year. So we expect after the tripling of capacity that will come online by the end of the second quarter, that we will continue to invest in line with market demand. And like we normally do, we have all the elements in place in order to ramp up where needed and as needed without being too specific here at this point in time.

不，我們擁有相當強大的產品管道、2.5D 項目管道，使我們的客戶群多樣化，而且我們的服務組合也將在今年實現多元化。因此，我們預計在第二季末產能增加兩倍後，我們將繼續根據市場需求進行投資。就像我們通常會做的那樣，我們已經具備了所有要素，以便在需要時根據需要進行升級，而此時此刻不會太具體。

(Operator Instructions) Our next question comes from Ben Reitzes with Melius Research.

（操作員說明）我們的下一個問題來自 Melius Research 的 Ben Reitzes。

Giel and Megan, if the second half of the year ramps to be like 2022, is there anything that would impede you from getting to similar gross margins as that time in the second half of 2022 this year if it's a similar type of performance?

Giel 和 Megan，如果今年下半年的業績與 2022 年一樣，是否有什麼因素會阻礙你們在今年取得與 2022 年下半年類似的毛利率？

Well, Ben, let me hand that question to Megan, making 1 remark on that. I mean, I would say the fundamentals are still in place to get back to that level. Our profitability and gross margins are very much determined by utilization of our lines, but currently running at the utilization level, let's say, below 65%. And with business coming online, we expect that, that could go back to 2022 levels when we were running at 85% utilization levels. But now let me hand over to Megan to give her view.

好吧，本，讓我把這個問題交給梅根，對此發表評論。我的意思是，我想說回到那個水平的基本面仍然存在。我們的獲利能力和毛利率在很大程度上取決於生產線的利用率，但目前的利用率水準低於 65%。隨著業務上線，我們預計這可能會回到 2022 年的水平，當時我們的利用率為 85%。但現在讓我把時間交給梅根來表達她的觀點。

Yes. Ben, so as far as the second half ramp, we would expect to have our financial model of incremental flow-through to gross margin and possibly expect a better flow-through, given we've been really tightening up during this cycle. So as far as Giel mentioned, it will depend on how the utilization progresses in that second half. I wouldn't expect that we would be at the same levels of utilization at the second half of '24 compared to the second half of '22.

是的。 Ben，就下半年的成長而言，我們預計我們的財務模型將增加毛利率，並可能期望更好的流動，因為我們在這個週期中一直在緊縮。據吉爾所說，這將取決於下半年的使用率進展。我預期 24 年下半年的使用率不會與 22 年下半年相同。

I'm sorry, I missed that at the end. You would think you would be or would not be at the same?

抱歉，我最後錯過了。你會認為你會是或不會是相同的嗎？

Yes. So you're pointing to our '22 gross margin of 18.8% and that implied, as Giel said, peak utilization levels that we were experiencing at the height of our growth. So depending upon how the '24 year shapes up and where we're starting at in the first half, I wouldn't anticipate that we would be achieving an 85% utilization by the second half of '24.

是的。因此，您指的是我們 22 年的毛利率為 18.8%，正如吉爾所說，這意味著我們在成長的鼎盛時期經歷了利用率的峰值。因此，根據 24 年的情況以及我們上半年的起點，我預計我們不會在 24 年下半年實現 85% 的利用率。

Okay, I got it. Sorry to make you repeat it. The other question is around your CHIPS Act pre-application and potential application. Is there any news around that? I understand that you mentioned that you may have -- you're not going to spend a lot on the announced facility. But is there a chance that we get some news around CHIPS Act and their ability to help you guys out with the domestic supply chain here in the U.S.?

好的，我明白了。很抱歉讓您重複一遍。另一個問題是關於您的 CHIPS 法案預先申請和潛在申請。有這方面的消息嗎？我知道你提到你可能不會在宣布的設施上花費太多。但是我們是否有機會獲得一些有關《CHIPS 法案》的消息以及他們幫助你們解決美國國內供應鏈問題的能力？

First, to your second part of your question, Ben, we are continuing full speed with preparation for the U.S. facility, specifically optimizing the factory design, aligning with our customer base on loading and technology requirements and working with contractors to plan out the building cycle. So it's not that nothing is happening there on the execution side.

首先，對於你問題的第二部分，Ben，我們正在繼續全速準備美國工廠，特別是優化工廠設計，在裝載和技術要求方面與我們的客戶群保持一致，並與承包商合作規劃建設週期。所以這並不是說執行方面沒有發生任何事情。

With respect to the CHIPS offers, I think we're going there after the pre-application. We're preparing the final application. We're working closely with the CHIPS offers where we have multiple communication points on a weekly-by-weekly basis. So we expect that full application will go in soon.

關於 CHIPS 優惠，我認為我們將在預申請後進行。我們正在準備最終的申請。我們正在與 CHIPS 產品密切合作，每週都有多個溝通點。因此，我們預計完整的申請將很快開始。

And our next question comes from Tom Diffely with D.A. Davidson.

我們的下一個問題來自 Tom Diffely 和 D.A.戴維森。

Giel, maybe first, when you look at 2024, below-seasonal first half, above-seasonal second half, what's kind of the view for the full year on a year-over-year basis at this point?

Giel，也許首先，當你看 2024 年時，上半年低於季節性，下半年高於季節性，此時對全年同比有何看法？

Well, Tom, that is not so easy to answer because there are certainly in the first half, and Megan already alluded to that, we see still significant uncertainties. We don't guide for the second quarter, for example. But the second half of the year, we clearly see significant opportunities for further ramp-up. Megan already gave them. We have 2.5D capacity coming online with a full pipeline of products. Also there, we have a new customer for the share on wafer, let's say, portfolio.

嗯，湯姆，這不是那麼容易回答，因為在上半場肯定有，梅根已經提到過，我們仍然看到很大的不確定性。例如，我們不提供第二季的指導。但今年下半年，我們清楚看到進一步成長的重大機會。梅根已經給了他們。我們有2.5D產能上線，產品線齊全。此外，我們還有一個新客戶，購買晶圓份額，比如說投資組合。

We have a meaningful ramp for new IoT wearable programs in the second half. And we definitely expect that Androids, memory, PC and automotive will be back on stream in the second half of this year. So to quantify that and to give a full year outlook, I mean, in general, we are confident with our product portfolio, with our customer engagements that we should, let's say, grow with or above the market.

下半年，我們將推出有意義的新物聯網穿戴式專案。我們肯定預計 Android、內存、PC 和汽車將在今年下半年重新投入生產。因此，為了量化這一點並給出全年展望，我的意思是，總的來說，我們對我們的產品組合和我們的客戶參與充滿信心，我們應該與市場一起成長或超越市場。

And then when you look at the -- what's driving the weakness in the first quarter between iOS and the automotive inventory, did anything change over the last month or 2? Anything gotten worse or just kind of the view you've had for a little bit here coming into the new year?

然後，當您查看第一季 iOS 和汽車庫存之間的疲軟原因時，過去一兩個月有什麼變化嗎？進入新的一年，有什麼事情變得更糟或只是你在這裡看到的一些觀點嗎？

I mean, at the end of the year, in general, I think that's the end of the first ramp-up in the iOS system. You generally see that stock is taken on the performance, so there are always some corrections. So the corrections may be a little bit higher than normal seasonality. But I already indicated earlier that it's not in the same order of magnitude as in the first quarter of 2023. So nothing extraordinary from our perspective.

我的意思是，總的來說，到年底，我認為 iOS 系統的第一次升級就結束了。您通常會看到對績效進行評估，因此總是會有一些修正。因此，修正可能會比正常的季節性高一些。但我之前已經指出，這與 2023 年第一季的數量級不同。所以從我們的角度來看，沒有什麼特別的。

And just to give some color, Tom, on automotive specifically, what we experienced in Q4, I would say order of magnitude is what we're seeing kind of going into Q1. So we haven't seen anything, I would say, recently that suggests it's deeper. We saw this coming in Q4.

湯姆，為了具體說明汽車方面的情況，我們在第四季所經歷的情況，我想說的是我們在第一季所看到的情況。所以我想說，最近我們沒有看到任何表明它更深層的東西。我們在第四季就看到了這一點。

And then Megan, to follow that up, could you maybe provide a few more specifics on what drove the cost savings, the cost management you referred to earlier?

然後，梅根，接下來，您能否提供更多關於推動成本節約的具體因素，即您之前提到的成本管理？

Sure. So as far as our approach to cost management, especially in times of temporary declines that we're experiencing now, it's very much ensuring that we don't structurally change such that we're not able to support significant ramps, whether that's seasonal ramps or coming out of the cycle where we want to be ready to capture that future growth. So the types of programs centered around our labor cost are very intentional as far as monitoring overtime and ensuring in certain locations, where appropriate, we can extend furloughs to manage that cost. On the other manufacturing costs, there's strict work happening in areas such as energy usage as well as monitoring repairs, maintenance and supplies such that we're being very prudent without sacrificing quality.

當然。因此，就我們的成本管理方法而言，尤其是在我們現在經歷的暫時下降時期，這在很大程度上確保了我們不會進行結構性改變，從而導致我們無法支持大幅增長，無論是季節性成長或走出我們希望準備好捕捉未來成長的周期。因此，圍繞我們的勞動力成本的計劃類型是非常有意的，可以監控加班時間並確保在某些地點，在適當的情況下，我們可以延長休假來管理該成本。在其他製造成本方面，我們在能源使用以及監控維修、維護和供應等領域進行了嚴格的工作，因此我們在不犧牲品質的情況下非常謹慎。

Maybe just last question. Are you guys getting the atmospheric river coming your way? Or is that not that...

也許只是最後一個問題。你們有感受到大氣河的到來嗎？或者說，這不是…

We're holding, we don't have any windows here so we can't look outside, but thanks for the warning.

我們正在等待，我們這裡沒有任何窗戶，所以我們無法向外看，但感謝您的警告。

Our next question comes from Craig Ellis with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Craig Ellis。

I just want to try to connect some dots and clarify a few comments that I heard. So repeatedly, there were comments on expecting strength later this year as 2.5D capacity opens up, and I'm interpreting that as more server GPU-related. And then Giel, I think you mentioned that part of the expectation for the back half of the year is more of a recovery in PCs. And so I really wanted to dig into the PC comment. Is that PC comment something that you see as being driven more cyclically, which is what we've seen in much of the market? Or is it really something related to more AI-optimized PCs that have been discussed for the last couple of quarters by folks like Dell and others that might have different packaging types that would stretch capabilities and needs into the 2.5D realm? Any clarification there would be appreciated.

我只是想嘗試連接一些點並澄清我聽到的一些評論。如此反复，有人評論說隨著 2.5D 容量的開放，預計今年晚些時候會出現強勢，我將其解釋為更多與伺服器 GPU 相關。然後，吉爾，我想你提到對今年下半年的預期更多是個人電腦的復甦。所以我真的很想深入了解 PC 的評論。您是否認為 PC 評論受到更具週期性的驅動，正如我們在大部分市場中看到的那樣？或者它真的與戴爾等公司在過去幾個季度中討論過的更多人工智慧優化的 PC 相關嗎？這些 PC 可能具有不同的封裝類型，可以將功能和需求擴展到 2.5D 領域？如有任何澄清，我們將不勝感激。

Well, we expects the second half, let's say, recovery on the PC side, mostly as it impacts Amkor, mostly for the ARM-based PCs and then peripheral devices for the x86-based PCs. There's a memory component to that also, so we see multiple components that we package assembly -- package and test that go into PCs. But I would say the most prominent delta would be in the ARM-based PCs.

好吧，我們預計下半年 PC 端會出現復甦，主要是因為它會影響 Amkor，主要是基於 ARM 的 PC，然後是基於 x86 PC 的外圍設備。其中還有一個記憶體組件，因此我們看到我們封裝組裝的多個組件 - 封裝和測試進入 PC。但我想說最突出的差異是基於 ARM 的 PC。

And our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

In terms of the HPC AI part of the business, I know there were some news recently that there might be a third supplier of the advanced packaging there. Can you just talk about whether that has any impact on you? And just is there a market share assumption that's kind of underlying your expectations there?

就HPC AI部分業務而言，我知道最近有消息指出那裡可能有第三家先進封裝供應商。能簡單談談這對您有沒有影響嗎？是否有一個市場佔有率假設是您的預期的基礎？

Joe, with respect to the market, I think the capacity and the demand are still in on balance, so there's more demand than capacity in markets, multiple parties bringing capacity online. I don't know exactly which news source you referred to, but what I can say is that our customer portfolio for 2.5D packaging is increasing. We have 2 more customers, let's say, ramping up by the end of this year. By the second quarter of this year, we also start our, what is called our own substrate business with a new customer, and that adds also significantly to our revenue in the second half of the year. So there are multiple elements that contribute to a ramp in the second half. It's a dynamic environment, but there's a consensus that demand and supply will be out of balance for a longer period of time.

喬，就市場而言，我認為產能和需求仍然處於平衡狀態，因此市場上的需求大於產能，多方將產能上線。我不知道你具體指的是哪個新聞來源，但我可以說的是我們2.5D封裝的客戶群正在增加。比方說，我們還有 2 個客戶，到今年底就會增加。到今年第二季度，我們也與新客戶開始了所謂的我們自己的基板業務，這也顯著增加了我們下半年的收入。因此，有多種因素促成了下半年的成長。這是一個動態的環境，但人們一致認為，供需將在較長一段時間內失衡。

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，我沒有再提出任何問題。我想將電話轉回給吉爾，讓他發表結束語。

Well, let me recap the key messages here. After a strong third quarter, Amkor delivered solid fourth quarter performance with revenue of $1.75 billion, above the high end of guidance. For full year 2023, we met a cyclical downturn, Amkor outperformed the semiconductor industry. For the full year of 2024, we foresee the first half of the year to be muted but anticipate a strong second half with growth higher than typical seasonality, driven by expanding AI engagements, a new consumer wearable program and further rebalancing of inventory within Android, automotive, memory and PCs.

好吧，讓我回顧一下這裡的關鍵訊息。經過第三季的強勁表現後，Amkor 第四季業績強勁，營收達 17.5 億美元，高於指導上限。 2023 年全年，我們遇到了週期性低迷，Amkor 的表現優於半導體產業。對於2024 年全年，我們預計上半年將表現平淡，但預計下半年將表現強勁，成長將高於典型的季節性，這主要得益於人工智慧參與度的擴大、新的消費者可穿戴項目以及Android 內部庫存的進一步重新平衡，汽車、記憶體和個人電腦。

Amkor has continued to elevate its leadership position by executing on its 3 strategic pillars: advancing our technology leadership, expanding our broad geographic footprint, and strengthening engagements with lead customers in growth markets. Thank you for joining the call today.

Amkor 透過執行三大策略支柱，不斷提升其領導地位：提升我們的技術領先地位、擴大我們廣泛的地理覆蓋範圍以及加強與成長市場中領先客戶的合作。感謝您今天加入通話。

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

謝謝。女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。