艾克爾 (AMKR) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology First Quarter 2024 Earnings Conference Call. My name is Diego, and I will be your conference facilitator today. (Operator Instructions).

女士們、先生們，美好的一天，歡迎參加 Amkor Technology 2024 年第一季財報電話會議。我叫迭戈，今天我將擔任你們的會議主持人。 （操作員說明）。

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

我現在想將電話轉給投資者關係主管 Jennifer Jue。朱女士，請講。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Amkor's First Quarter 2024 Earnings Conference Call. Joining me today are Giel Rutten, our Chief Executive Officer; and Megan Faust, our Chief Financial Officer.

謝謝你，接線生。大家下午好，感謝您參加 Amkor 2024 年第一季財報電話會議。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。

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.

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。

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是初步的，最終數據將包含在我們的 10-Q 表格中。

And now I'll turn the call over to Giel.

現在我將把電話轉給吉爾。

Thank you, Jennifer. Good afternoon, everyone, and thank you for joining the call today. Amkor delivered first-quarter results in line with expectations with revenue of $1.37 billion and EPS of $0.24. Overall, a 7% year-on-year revenue decline with the most significant decline from the automotive and industrial markets.

謝謝你，詹妮弗。大家下午好，感謝您今天加入電話會議。 Amkor 第一季業績符合預期，營收為 13.7 億美元，每股收益為 0.24 美元。整體而言，營收年減 7%，其中汽車和工業市場下降最為顯著。

After a multi-quarter industry cycle, we believe the first quarter marks the low point for revenue and utilization for Amkor. Although macroeconomic and geopolitical uncertainties continue to impact market sentiments, we observed positive signs of market recovery in multiple areas across our portfolio. During the quarter, we continued to focus on our strategic pillars to elevate our leadership position. With our strong technology leadership in advanced packaging, a unique diversified global footprint, and partnerships with lead customers in the secular growth markets, we are well positioned to accelerate as the industry exits the cycle.

經過多個季度的行業週期後，我們認為第一季標誌著 Amkor 收入和利用率的低點。儘管宏觀經濟和地緣政治的不確定性繼續影響市場情緒，但我們在投資組合的多個領域觀察到市場復甦的正面跡象。本季度，我們繼續專注於策略支柱，以提升我們的領導地位。憑藉我們在先進封裝領域的強大技術領先地位、獨特的多元化全球足跡以及與長期成長市場中領先客戶的合作夥伴關係，我們處於有利位置，可以隨著行業退出週期而加速發展。

Now let me review the dynamics in each of our end markets. Revenue in the communications end market declined 3% year-on-year in the first quarter. Within the iOS ecosystem, we experienced a larger-than-seasonal correction after record revenues in the second half of 2023. Within the Android supply chain as well as in NAND memory, we observed improvement in demand and year-on-year growth from the lows in 2023. Overall smartphone units are projected to be up low single digits this year. We believe that the introduction of AI into edge devices like smartphones will accelerate innovation and drive increased demand for advanced packaging solutions. With Amkor's strong position throughout premium tier smartphones and our advanced packaging leadership, we expect this to create opportunities for further business growth.

現在讓我回顧一下我們每個終端市場的動態。一季通訊終端市場營收年減3%。在 iOS 生態系統中，我們在 2023 年下半年營收創紀錄之後經歷了一次大於季節性的調整。將出現低點。我們相信，將人工智慧引入智慧型手機等邊緣設備將加速創新，並推動對先進封裝解決方案的需求增加。憑藉 Amkor 在高階智慧型手機領域的強大地位以及我們在先進封裝方面的領先地位，我們預計這將為進一步的業務成長創造機會。

In Q1, revenue in our automotive and industrial business declined 22% year-on-year as several of our customers implemented inventory control measures. Despite these near-term inventory corrections, long-term drivers for growth remain intact. Semiconductor content per car is expected to continue to increase, driven by the proliferation of ADAS, electrification, infotainment, and telematics all requiring advanced packaging technology.

第一季度，由於多家客戶實施庫存控制措施，我們的汽車和工業業務收入較去年同期下降 22%。儘管有這些近期庫存調整，但長期成長動力仍然完好無損。由於 ADAS、電氣化、資訊娛樂和遠端資訊處理都需要先進的封裝技術，預計每輛車的半導體含量將繼續增加。

Amkor is the leading automotive OSAT and has multiple decades of experience meeting the stringent requirements of the automotive industry. During the quarter, we used our Portugal facility as a base for enhancing key partnerships with industry leaders in support of a resilient European semiconductor supply chain. We also expanded engagements with leading Japanese automotive semiconductor companies through our factory in Kumamoto and other locations in Japan. We remain focused on leveraging our broad geographic footprint and strengthening partnerships with leading automotive semiconductor customers.

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。在本季度，我們以葡萄牙工廠為基礎，加強與產業領導者的重要合作關係，以支持有彈性的歐洲半導體供應鏈。我們也透過熊本和日本其他地區的工廠擴大了與日本領先汽車半導體公司的合作。我們仍然專注於利用我們廣泛的地理足跡並加強與領先的汽車半導體客戶的合作關係。

Revenue from the computing end market increased 4% sequentially, driven by strength in the AI devices and several new product introductions for ARM-based PCs. Slow recovery of infrastructure and traditional server demand resulted in a 4% year-on-year decline. Planned investments to expand 2.5D capacity for AI devices are on track to come online by the end of the second quarter. We also strengthened our R&D efforts in Korea to innovate and enable next-generation advanced packaging technologies for high-performance computing.

受 AI 設備實力和基於 ARM 的 PC 推出的幾款新產品的推動，計算終端市場的收入環比增長 4%。基礎設施和傳統伺服器需求復甦緩慢，導致年減4%。擴大 AI 設備 2.5D 產能的計畫投資預計將在第二季末投入使用。我們也加強了在韓國的研發工作，以創新和實現用於高效能運算的下一代先進封裝技術。

The consumer end market increased 6% year-on-year and experienced a typical seasonal decline in the first quarter. Traditional consumer product demand remains weak, while increased demand for IoT wearables drove the year-on-year growth. Production ramps of new products, utilizing advanced SiP technologies are on track for high volume production in the second half of this year. Amkor is engaged with lead customers across a diverse set of products, ranging from audio devices, smartwatches, and the emerging AR/VR experience. Our advanced SiP expertise positions us well for growth, and we continue to expand capacity and invest to drive manufacturing scale and innovation.

消費端市場年增6%，第一季出現典型的季節性下滑。傳統消費產品需求依然疲軟，而物聯網穿戴裝置需求的增加推動了年成長。利用先進 SiP 技術的新產品量產預計將在今年下半年實現大批量生產。 Amkor 與多種產品的主要客戶合作，包括音訊設備、智慧手錶和新興的 AR/VR 體驗。我們先進的 SiP 專業知識為我們的發展奠定了良好的基礎，我們將繼續擴大產能並進行投資，以推動製造規模和創新。

During the first quarter, our manufacturing organization continued to demonstrate operational excellence with a focus on cost control while maintaining the high-quality standards required by our customers. We focused on optimizing capacity for 2.5D technology in Korea, supporting AI data center applications, and on qualifying advanced SiP and memory technology in Vietnam to support ramps in the second half of this year. Additionally, we progressed our plans for our advanced packaging and test facility in Arizona and submitted our full application for CHIPS funding.

在第一季度，我們的製造組織繼續展示卓越運營，專注於成本控制，同時保持客戶要求的高品質標準。我們專注於優化韓國 2.5D 技術的產能，支援人工智慧資料中心應用，並在越南鑑定先進的 SiP 和記憶體技術，以支援今年下半年的產能提升。此外，我們還推進了亞利桑那州先進封裝和測試設施的計劃，並提交了完整的 CHIPS 資金申請。

Now let me turn to our second quarter outlook. After a multi-quarter semiconductor industry cycle, we believe the first quarter marked the low point of our revenue. We expect second-quarter revenue of $1.45 billion, which represents sequential growth of 6% and flat revenue year-on-year. Overall, our expectations for full-year 2024 have not changed. We foresee a muted first half followed by strong growth in the second half, driven by the seasonal launch of premium tier smartphones, a meaningful ramp of a new consumer wearable program, and additional capacity coming online for 2.5D technology.

現在讓我談談第二季的展望。經過多季的半導體產業週期，我們認為第一季標誌著我們營收的低點。我們預計第二季營收為 14.5 億美元，季增 6%，營收將年減。整體而言，我們對 2024 年全年的預期並沒有改變。我們預計，在高階智慧型手機的季節性推出、新的消費者穿戴式專案的大幅成長以及 2.5D 技術上的額外產能的推動下，上半年將出現低迷，下半年將出現強勁成長。

Assumptions for more balanced inventory levels within Android, memory, and PCs and additional confidence. Although the automotive and industrial market appears to be softening more than we expected earlier this year, we see upsides in other areas of our portfolio. 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 in our position to accelerate as the industry exits the current cycle.

假設 Android、記憶體和 PC 內的庫存水準更加平衡，並增加信心。儘管汽車和工業市場的疲軟程度似乎超出了我們今年稍早的預期，但我們看到了我們投資組合的其他領域的優勢。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，我們對隨著行業退出當前週期而加速發展充滿信心。

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. Amkor delivered first-quarter revenue of $1.37 billion, in line with expectations. We believe this will be the lowest revenue quarter for this cycle as we see signs of recovery and anticipate a stronger second half. First quarter gross profit was $202 million, and gross margin was 14.8%. Gross margin includes a benefit of approximately 100 basis points related to lower depreciation expense on our test equipment.

謝謝吉爾，大家下午好。 Amkor 第一季營收為 13.7 億美元，符合預期。我們認為，這將是本週期中收入最低的季度，因為我們看到了復甦的跡象，並預計下半年將更加強勁。第一季毛利為2.02億美元，毛利率為14.8%。毛利率包括與測試設備折舊費用降低相關的約 100 個基點的收益。

During the quarter, we performed a periodic assessment of the useful lives of our manufacturing equipment and extended the estimated useful life of our test equipment as a result of broader and longer use. The factory teams continue to utilize temporary cost control measures during the quarter in response to the low utilization environment. Headcount control, overtime reduction, and reduced work weeks contributed to lower labor costs. Reduced factory supplies and maintenance contributed to a decrease in other costs of goods sold. These focused cost containment measures are flexible tools, allowing us to sustain profitability while maintaining the ability to support an anticipated increase in demand in the second half of 2024.

在本季度，我們對製造設備的使用壽命進行了定期評估，並由於使用範圍更廣、時間更長而延長了測試設備的預計使用壽命。工廠團隊在本季繼續採取臨時成本控制措施，以應對低利用率環境。人員控制、減少加班和減少工作週有助於降低勞動成本。工廠供應和維護的減少導致其他銷售商品成本的下降。這些有針對性的成本控制措施是靈活的工具，使我們能夠維持獲利能力，同時保持支援 2024 年下半年預期需求成長的能力。

Operating expenses for the quarter came in as expected at $129 million, reflecting an annual reset of employee compensation levels as well as costs to bring our new Vietnam factory online. Operating income was $73 million and operating income margin was 5.4%.

本季的營運支出符合預期，為 1.29 億美元，反映了員工薪資水準的年度重置以及越南新工廠上線的成本。營業收入為 7,300 萬美元，營業利潤率為 5.4%。

Net income for the first quarter was $59 million, resulting in EPS of $0.24, which includes a $0.05 benefit from the change in depreciable useful lives of our test equipment. First quarter EBITDA was $233 million, and EBITDA margin was 17.1%.

第一季淨利潤為 5,900 萬美元，每股收益為 0.24 美元，其中包括測試設備折舊使用壽命變化帶來的 0.05 美元收益。第一季 EBITDA 為 2.33 億美元，EBITDA 利潤率為 17.1%。

Our balance sheet remains strong. We ended the quarter with $1.6 billion of cash and short-term investments and total liquidity of $2.2 billion.

我們的資產負債表仍然強勁。截至本季末，我們擁有 16 億美元的現金和短期投資，流動性總額為 22 億美元。

Our total debt as of the end of the quarter is $1.2 billion, and our debt-to-EBITDA ratio is 1x.

截至本季末，我們的總負債為 12 億美元，負債與 EBITDA 的比率為 1 倍。

Moving on to our second quarter outlook. We expect Q2 revenue of around $1.45 billion, representing a sequential increase of 6%, slightly stronger than historical seasonality. While there are still some areas of softness, we are seeing signs of returning to a more balanced seasonal demand pattern. We expect the gross margin to be between 13% and 15%, reflecting a product mix with higher material content. We expect Q2 operating expenses to increase to around $135 million, primarily due to preparation costs for our Vietnam factory. Our activities to qualify initial products are on track, and we expect to begin high-volume manufacturing in the second half of the year.

繼續我們的第二季展望。我們預計第二季營收約 14.5 億美元，季增 6%，略強於歷史季節性。儘管仍然存在一些疲軟的領域，但我們看到了回歸更平衡的季節性需求模式的跡象。我們預期毛利率在 13% 至 15% 之間，反映出材料含量較高的產品組合。我們預計第二季營運費用將增加至 1.35 億美元左右，主要是由於我們越南工廠的準備成本。我們對初始產品進行資格鑑定的活動正在按計劃進行，我們預計將在今年下半年開始大量生產。

We expect our full-year effective tax rate to be around 18%. Second quarter net income is expected to be between $35 million and $75 million, resulting in EPS of $0.14 to $0.30. Our CapEx forecast for the year remains at $750 million. Our investments are primarily focused on increasing advanced packaging capacity for 2.5D and advanced SiP as well as expanding select manufacturing facilities.

我們預計全年有效稅率約為 18%。第二季淨利預計在 3,500 萬美元至 7,500 萬美元之間，每股收益為 0.14 美元至 0.30 美元。我們今年的資本支出預測仍為 7.5 億美元。我們的投資主要集中在提高 2.5D 和先進 SiP 的先進封裝產能以及擴大精選製造設施。

Amkor is a technology leader with decades of experience, and we have leveraged that experience to successfully navigate through this semiconductor cycle. We managed our cost structure to align with lower demand, preserve profitability, and generate free cash flow. We continue to invest in the most advanced packaging technology to support growth markets such as high-performance computing, specifically for AI applications. We strategically invested to further expand our broad geographic footprint by completing our Vietnam factory and beginning the qualification of new products.

Amkor 是一家擁有數十年經驗的技術領導者，我們利用這些經驗成功地度過了這個半導體週期。我們管理成本結構，以適應較低的需求、保持獲利能力並產生自由現金流。我們持續投資最先進的封裝技術，以支援高效能運算等成長市場，特別是人工智慧應用。我們進行策略性投資，透過完成越南工廠並開始新產品的資格認證，進一步擴大我們廣泛的地理足跡。

These activities enable us to serve the world's leading semiconductor companies in this dynamic environment, and we are poised for growth as we exit the cycle.

這些活動使我們能夠在這個充滿活力的環境中為世界領先的半導體公司提供服務，當我們退出這個週期時，我們已經做好了成長的準備。

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 Toshiya Hari with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

Congrats on the strong results. Giel, for the full year, you mentioned that your outlook remains largely unchanged. You did comment that auto and industrial are a little softer than what you had expected 3 months ago. So what are some of the offsets, if you can walk through how you're thinking about computing, consumer, et cetera, that would be helpful.

祝賀取得強勁的成果。吉爾，您提到全年的前景基本上保持不變。您確實評論說，汽車和工業的表現比您三個月前的預期要軟一些。那麼，如果您能詳細了解您對計算、消費者等的看法，那麼有哪些偏移量將會很有幫助。

Yes, Toshi, good to see you on the call. I mean some of the offsets for that will compensate in our view for the weaker automotive performance during this year will come, first of all, from the launch of the communication devices in the second half of the year. We see there some upsides also with the recovery of the Android markets that will give us slightly an upside, but also on the compute side as well as on the consumer side, the elements that we mentioned before, the launch of a new device for consumer as well as the 2.5D upsides where we expect 2024 revenue to be triple the revenue in 2023, that will give us compensation for the lower automotive performance.

是的，Toshi，很高興在電話中見到你。我的意思是，我們認為，今年汽車性能疲軟的一些抵消將首先來自下半年通訊設備的推出。我們看到 Android 市場的復甦也有一些好處，這會為我們帶來一些好處，而且在計算方面以及消費者方面，我們之前提到的元素，即為消費者推出新設備以及2.5D 的優勢，我們預計2024 年的收入將是2023 年收入的三倍，這將為我們較低的汽車性能帶來補償。

And then as my follow-up, maybe one for Megan, on the gross margin side. So in Q1, even if you exclude the benefit from lower depreciation, I think gross margins came in towards the high end of guidance. What drove the upside in Q1? Was it just conservatism on your part 3 months ago? Or did you see any pricing upside or what have you, maybe it was mix? And then for Q2, you talked about the mix deteriorating with higher material costs. If you can expand on that, that would be helpful.

然後作為我的後續行動，也許是針對梅根的，在毛利率方面。因此，在第一季度，即使排除較​​低折舊的好處，我認為毛利率也接近指引值的上限。是什麼推動了第一季的上漲？這只是你三個月前的保守態度嗎？或者您是否看到任何價格上漲或什麼，也許是混合的？然後，在第二季度，您談到了隨著材料成本上升而導致的混合惡化。如果您能對此進行擴展，那將會很有幫助。

So with respect to the outperformance, you're right that our gross margin performance, even without that depreciation benefit exceeded even on the higher revenue in our range. Really, the only notable thing was I would say there was continued cost control. So the costs came in slightly lower than what we had guided despite the upside in revenue. So that's the story around Q1 gross margin. As we move into Q2, you'll note that there is some pressure on the gross margin percentage. That is a product mix element. We're anticipating as we move into the Q2 and as we start to see things come in for communications, there will be higher advanced SiP products, and those tend to have a higher material content associated with that.

因此，就業表現而言，您是對的，即使沒有折舊收益，我們的毛利率表現也超過了我們範圍內較高的收入。確實，唯一值得注意的是我想說的是持續的成本控制。因此，儘管收入有所上升，但成本仍略低於我們的指引。這就是第一季毛利率的故事。當我們進入第二季時，您會注意到毛利率面臨一些壓力。這是一個產品組合元素。我們預計，當我們進入第二季度時，當我們開始看到通訊領域的發展時，將會出現更先進的 SiP 產品，而這些產品往往具有與之相關的更高材料含量。

So despite there being higher material content putting pressure on the gross margin percentage, we are expecting to have higher gross profit dollars.

因此，儘管更高的材料含量給毛利率帶來壓力，但我們預計會有更高的毛利。

And our next question comes from Ben Reitzes with Melius Research.

我們的下一個問題來自 Melius Research 的 Ben Reitzes。

I wanted to ask about the smartphone market. Just as we go throughout the year, are you expecting a strong second half of launches in 2024? Or does it feel like 2025 is when AI really kicks in? And just if you can characterize smartphones this year. I'd appreciate it. And then I have a follow-up.

我想問一下智慧型手機市場的情況。正如我們全年的發展一樣，您是否預計 2024 年下半年的發布會強勁？或者感覺 2025 年是人工智慧真正發揮作用的時候嗎？如果你能描述一下今年的智慧型手機的話。我會很感激。然後我有一個後續行動。

On the smartphone market, 2 comments from my side. One is the volumes are expected to go up, let's say, mid-single digits if we compare the market versus 2023. And on top of that, we see that the inventory levels, specifically on the Android side when we enter the year are lower, and that gives us some upside there. That's one important trend that drives the market up. The second trend is a trend where we see both in the China market as well as in the non-China smartphone market, a trend toward higher-end smartphones. And that gives a place to over advantage our position in the premium tier segment of the smartphone market is better than in the midrange or low end. So given these 2 elements, we see some upside on the smartphone market as compared to our earlier assumptions entering this year.

關於智慧型手機市場，我有兩則評論。一是，如果我們將市場與 2023 年進行比較，銷量預計會上升，比如說，中個位數。這給了我們一些好處。這是推動市場上漲的一個重要趨勢。第二個趨勢是我們在中國市場和非中國智慧型手機市場都看到的趨勢，也就是朝向高階智慧型手機發展的趨勢。這使得我們在智慧型手機市場的高階市場中的地位比在中階或低階市場中的地位更好。因此，考慮到這兩個因素，與我們今年早些時候的假設相比，我們認為智慧型手機市場有一些上漲的空間。

Great Megan, for you, on the gross margin, I just want to clarify. So there's a $0.05 benefit from depreciation in the quarter. It's going to last, I assume, all year each quarter. Can we flow that through to earnings? Or were you in answer to the prior question, mentioning that there could be offsets that make up for it? Or can we flow through each quarter, the upside from that change?

偉大的梅根，對你來說，關於毛利率，我只想澄清一下。因此，本季的折舊帶來了 0.05 美元的收益。我想，這種情況會持續到全年每季。我們可以將其轉化為收益嗎？或者您在回答先前的問題時提到可能會有補償來彌補？或者我們可以回顧每季的變化帶來的好處嗎？

Ben, yes, with respect to the change in estimated useful lives, that impact in Q1 as disclosed, was about $0.05 on the bottom line. As we go through the year, that benefit is going to gradually decrease as those assets become fully depreciated. So as we get through the second half, that impact will become less than it is, say, in Q1 and further out. So it won't be something that you can just add straight to the bottom line.

Ben，是的，就估計使用壽命的變化而言，正如披露的那樣，對第一季的影響約為底線 0.05 美元。隨著這一年的推移，隨著這些資產完全折舊，這種效益將逐漸減少。因此，當我們度過下半年時，這種影響將變得比第一季甚至更遠的時候要小。所以它不是你可以直接加到底線的東西。

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。

Congratulations on the good performance, Giel and Megan. I wanted to go back 3 months, Megan, and just use that as a reference point to understand how you're thinking about the business' performance half-on-half. I think 3 months ago, we thought there was potential for 30% half-on-half growth. Is that still the right way to look at the business?

恭喜吉爾和梅根的出色表現。梅根，我想回顧 3 個月前的情況，並將其作為參考點來了解您對業務績效的看法。我認為 3 個月前，我們認為有可能達到 30% 的半成長。這仍然是看待業務的正確方式嗎？

Well, let me start giving some comments, Greg, and then maybe Megan can give some more details. I mean, the assumption is still that we see roughly a 30% first-half, second-half seasonality. We expect the first half to come in a bit better than we originally anticipated. So with that seasonality still in place and the underlying assumption to that higher seasonality still being confirmed, we expect, let's say, the outlook similar than 3 months ago. That's on a qualitative basis. And Megan, can you add to that?

好吧，讓我開始發表一些評論，格雷格，然後也許梅根可以提供更多細節。我的意思是，我們仍然假設上半年和下半年的季節性因素大約是 30%。我們預計上半年的情況會比我們最初預期的要好一些。因此，由於季節性仍然存在，並且季節性較高的基本假設仍在得到證實，我們預計前景將與 3 個月前相似。這是在品質的基礎上。梅根，你能補充一下嗎？

Yes, Craig. So I would say, overall, that's the same sentiment. It's just the puts and takes that get us to that have shifted a bit, as we just previously described with a bit weaker automotive and a bit more upside in some of the other markets. So even though there's an outperformance in Q1, and I would say our Q2 guide is slightly better than seasonal. For the full year, I would still say we would anticipate something that could be as strong as that '22 second-half growth.

是的，克雷格。所以我想說，總的來說，這是同樣的情緒。只是讓我們看到的看跌期權和看跌期權發生了一些變化，正如我們之前所描述的那樣，汽車市場稍微疲軟，而其他一些市場的上漲空間更大。因此，儘管第一季的表現出色，但我想說我們的第二季指南略好於季節性。對於全年，我仍然會說，我們預計會出現與 22 年下半年一樣強勁的成長。

Got it. That's helpful. And then the second one is just a deeper dive into the compute business in the first quarter. So sequentially was better than we had modeled than had expected. Can you just go into a little bit more detail on what drove that? And maybe what I'm getting at is that more memory? Or was there an early start on the 2.5D HPC program for 2Q that might have helped a little bit?

知道了。這很有幫助。第二個只是在第一季更深入地研究計算業務。因此，順序比我們建模的效果好，比預期的要好。您能否更詳細地介紹一下是什麼推動了這一點？也許我的意思是更多的記憶？或者是否提前啟動了第二季的 2.5D HPC 計劃可能會有所幫助？

Yes, Greg, I mean, we had some puts and takes in the first quarter on the compute market. On the downside, our more conventional compute business was still slow. I think the conventional servers were still slow. We saw some upside on the memory business, although that was relatively small. We saw a good upside on PC and laptop where we launched some new products in the ARM-based PC market. And since the PC market is gradually improving, that gave us some upside. And I would say the other one was in the data center you already mentioned that slightly better than we expected on the 2.5D, although, let's say, the bigger capacity increase will come on stream in the second quarter, we continuously try to optimize overline utilization there.

是的，格雷格，我的意思是，我們第一季在計算市場上有一些看跌期權和賣出期權。不利的一面是，我們更傳統的運算業務仍然進展緩慢。我認為傳統伺服器仍然很慢。我們看到了記憶體業務的一些優勢，儘管相對較小。我們看到了 PC 和筆記型電腦的良好優勢，我們在基於 ARM 的 PC 市場推出了一些新產品。由於個人電腦市場正在逐漸改善，這為我們帶來了一些好處。我想說的是，另一個是在資料中心，您已經提到過，比我們對2.5D 的預期稍好一些，儘管可以說，更大的容量增長將在第二季度投入使用，我們不斷嘗試優化上線那裡的利用。

If I could just ask a clarification on that, that might tilt a little bit more toward Megan. Megan, I know when we've talked in the past, new programs can often ramp at a lower than corporate gross margin. I know you've had 2.5D capability for some time, but I think this is a new program. So anything we should have in mind as we think about the back half of the year as this program becomes bigger?

如果我能對此做出澄清，可能會更傾向於梅根。梅根，我知道當我們過去談論過時，新專案的成長速度通常會低於公司的毛利率。我知道您擁有 2.5D 功能已經有一段時間了，但我認為這是一個新程式。那麼，當我們考慮下半年這個計畫變得更大時，我們應該記住什麼？

So with respect to the profitability associated with this since we are expanding the existing scale and these products have already been in production, I wouldn't anticipate any significant movements. We do -- obviously, this is a very technical high-value product. Its profitability is greater than our corporate average, but we would continue to see that play out in the second half.

因此，就與此相關的盈利能力而言，由於我們正在擴大現有規模並且這些產品已經投入生產，我預計不會出現任何重大變動。我們確實這樣做——顯然，這是一個技術含量很高的高價值產品。它的盈利能力高於我們公司的平均水平，但我們將繼續看到這種情況在下半年發揮作用。

Our next question comes from Charles Shi with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Charles Shi。

Megan, allow me to ask the technology question on 2.5D. I think the leading foundry is probably moving from standard silicon in the posted base 2.5D more towards organic interposer base, the 2.5D, and probably a little bit in the distant future that the embedded type of the 2.5D. So one thing you can address is what capability you have in-house right now. And how long do you expect you can maintain the status of being in offset that has the full pump capability with respect to the standard in the poster base, organic interposer base, and maybe embedded application in the future? Could you help us understand a little bit better about the capability?

Megan，請容許我問有關 2.5D 的技術問題。我認為領先的代工廠可能正在從貼裝底座 2.5D 中的標準矽轉向有機中介層底座 2.5D，並且可能在遙遠的將來會轉向 2.5D 的嵌入式類型。因此，您可以解決的一件事是您目前的內部能力。您預計在海報底座、有機中介層底座以及未來的嵌入式應用中能夠保持具有完全泵浦能力的膠印狀態多久？您能幫助我們更了解該功能嗎？

Yes, I got your question, Charles. Let me repeat that. Your question was indeed along the technologies line on the next-generation technology after 2.5D interposer how we see that and how we are positioned with that. Now when it comes to 2.5D with interposers, we see that running currently, but we also expect that we'll continue to run for, let's say, the next 1 to 2 years. But we see an active transition from silicon interposer into RDL structures with 2.5D. We launched those technologies with 3 new customers and one existing customer, we expect that to be qualified and introduced early 2025. For, let's say, the time being, we expect that to run in parallel to the interposer technologies. And then on top of that, we see as a variation to that the bridge technology, which basically uses a silicon bridge together with RDL as a next-generation connectivity structure between 2 dies. And I think there, we have the capability in-house also. So is that answering your question, Charles?

是的，我收到你的問題了，查爾斯。讓我重複一遍。您的問題確實是沿著 2.5D 中介層之後的下一代技術的技術路線，我們如何看待它以及我們如何定位它。現在，當談到帶有中介層的 2.5D 時，我們看到目前正在運行，但我們也預計我們將繼續運行，比如說，未來 1 到 2 年。但我們看到從矽中介層到 2.5D RDL 結構的正向轉變。我們向 3 個新客戶和 1 個現有客戶推出了這些技術，我們預計該技術將獲得資格並於 2025 年初推出。除此之外，我們將橋接技術視為一種變體，它基本上使用矽橋和 RDL 作為 2 個晶片之間的下一代連接結構。我認為我們內部也有能力。這就是你的問題的答案嗎，查爾斯？

Yes. Maybe as a follow-up, your OSAT competitor probably lie on the earnings call was in a little bit ambiguous about what role they play under their partnership with its foundry with respect to what part of the 2.5D packaging they do versus what they don't. Can you kind of clarify a little bit between you and your peers? What are the things you are more uniquely positioned than you are capable to do 2.5D, what you are already doing? And maybe your competitors are still having?

是的。也許作為後續，你的OSAT 競爭對手可能會在財報電話會議上撒謊，他們在與代工廠的合作中扮演什麼角色，以及他們在2.5D 封裝中做什麼和不做什麼方面，可能有點含糊不清。您能澄清一下您和您的同事之間的情況嗎？哪些事情是你比 2.5D 能力更獨特的，你已經在做什麼？也許你的競爭對手仍然有？

Charles, I mean, generally, we don't comment to the capabilities or business of our competitors. But let me give you a few highlights here. Amkor started with a lead customer on a full flow. That means on wafer as well as on substrate for 2.5D multiple years ago, we currently are in the third generation, and we are currently performing at yield levels because that's an important performance indicator that is, I would say, industry standards. That doesn't hold for our competitors. We still believe that we are the only OSAT that is doing this at scale, and we're ramping up. The industry still has a shortage in capacity when it comes to high-end computing devices, and we expect that to continue.

查爾斯，我的意思是，一般來說，我們不會評論競爭對手的能力或業務。但讓我在這裡給你一些亮點。 Amkor 從一個完整流程的主要客戶開始。這意味著多年前在晶圓和基板上的 2.5D，我們目前處於第三代，我們目前的產量水平，因為這是一個重要的性能指標，我想說，行業標準。這對我們的競爭對手來說並不成立。我們仍然相信，我們是唯一一家大規模開展這項工作的 OSAT，而且我們正在加強。在高端計算設備方面，該行業仍然存在產能短缺，我們預計這種情況將持續下去。

So definitely, there are alternatives being explored to rapidly expand capacity to accelerate there. And I cannot comment to all the details there. But as we mentioned, compared to last year, we're tripling our capacity coming on stream by the end of the second quarter, that results in tripling of our revenue for 2.5D, and we are launching our, let's say, fan-out technology or RDL technologies in high-volume production by early 2025. So I would see still in that whole environment of growing markets, we are well positioned, but we don't exclude that the supply chain will diversify when the volumes really go up.

因此，可以肯定的是，我們正在探索其他替代方案來快速擴大產能，以加速那裡的發展。我無法評論那裡的所有細節。但正如我們所提到的，與去年相比，我們將在第二季末將產能增加兩倍，這將使我們的 2.5D 收入增加兩倍，並且我們正在推出扇出技術或RDL 技術在2025 年初實現大批量生產。 因此，我認為在市場不斷增長的整個環境中，我們處於有利地位，但我們不排除當產量真正增加時供應鏈將實現多元化。

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, actually, Giel, just to follow up on the last one on the advanced packaging. Just factoring you do see RDL interposer and also we're seeing good strength or interest for the NVIDIA new parts. Do you have any further plans to expand? Just after the tripling, are you already starting to prepare orders for further capacity if you have anything to share on that?

事實上，第一個問題，Giel，只是為了跟進有關先進封裝的最後一個問題。考慮到您確實看到了 RDL 中介層，我們也看到了 NVIDIA 新零件的良好實力或興趣。您還有進一步的擴張計畫嗎？就在增加兩倍之後，您是否已經開始準備進一步產能的訂單（如果您對此有什麼可以分享的）？

Yes, Randy. We also commented in the last earnings call that we will continue to ramp our capacity beyond the tripling. But we wanted to avoid this becomes, let's say, a recurring team where we report out on the capacity, but definitely, in the second half of the year, we will continue to ramp our capacity. A lot of the equipment that we bring in is fungible between our, let's say, RDL interposer versus our silicon interposer as well as our advanced pumping technologies. The factory where we ramp up and will continue to ramp up is in Korea, where we have, let's say, significant plans in place to ramp this capacity.

是的，蘭迪。我們也在上次財報電話會議中表示，我們將繼續將產能提高兩倍以上。但我們希望避免這種情況成為一個經常性團隊，我們在其中報告容量，但可以肯定的是，在今年下半年，我們將繼續提高我們的容量。我們引入的許多設備在 RDL 中介層與矽中介層以及先進的泵浦技術之間是可以互換的。我們擴大並將繼續擴大的工廠位於韓國，我們在那裡制定了重大計劃來提高產能。

And to follow up, when you do the RDL interposer, since I would assume the silicon interposer is built up to foundry, is there -- how is the step up in dollar opportunity per solution or on that kind of scale versus what you're doing now? Do you expect you'll get a meaningful amount of the processing of the actual RDL interposer? And just curious how that scales your business versus the value you can do now.

後續，當你做 RDL 中介層時，因為我假設矽中介層是在代工廠製造的，所以每個解決方案的美元機會或在這種規模上與你所採用的方案相比，是否有進步？現在在做什麼？您是否期望獲得有意義的實際 RDL 中介層處理量？只是好奇這會如何擴展您的業務以及您現在可以實現的價值。

Yes, I don't want to quote specific numbers here. So the answer is yes. I think if you look to the value that we bring on the RDL interposer, then it's significantly more than on the silicon interposer where the silicon interposer is being procured or supplied by a foundry and the value is generated by the foundries on the RDL interposers. The value is created in this case by ourselves. And that will give us an upside per unit.

是的，我不想在這裡引用具體數字。所以答案是肯定的。我認為，如果您專注於我們為 RDL 中介層帶來的價值，那麼它明顯高於矽中介層，其中矽中介層由代工廠採購或提供，而價值是由 RDL 中介層的代工廠產生的。在這種情況下，價值是我們自己創造的。這將為我們帶來單位收益。

And to ask maybe a follow-up since you called out the addition of the AI compute. Do you see much change, whether it's in test time or packaging type of value for -- as we start to put like the AI engine added to the mobile device or even in the compute device?

既然你提到了人工智慧運算的增加，也許要問一個後續問題。當我們開始將人工智慧引擎添加到行動裝置甚至計算設備中時，您是否看到了很大的變化，無論是在測試時間還是包裝價值類型方面？

Yes, that's a good question, Randy. We see a transition, the next-generation mobile devices, including with integrated AI capabilities that we gradually move to another test platform, and that means that also for 2024, we actually increased our investment in test and test equipment not only for this one but in general, with 50% or not we're doubling it actually versus 2023. So a significant increase. And one of the reasons, not the only reason, but one of the reasons is that the complexity of testing these devices with an AI co-processor is getting more complex.

是的，這是個好問題，蘭迪。我們看到了一個轉變，下一代行動設備，包括整合人工智慧功能，我們逐漸轉移到另一個測試平台，這意味著同樣在2024 年，我們實際上增加了對測試和測試設備的投資，不僅是針對這個，而且是針對總的來說，無論是 50% 還是不是 50%，我們實際上都會比 2023 年翻一番。原因之一，不是唯一的原因，而是原因之一是使用人工智慧協處理器測試這些設備的複雜性變得越來越複雜。

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。

I guess first, another margin question for Megan. When you look at the ramp in Vietnam over the next several quarters, and I know that some costs are already in the system, but how do you expect that to impact depreciation or the gross margin?

我想首先是梅根的另一個保證金問題。當你看到越南未來幾季的成長時，我知道系統中已經存在一些成本，但你預計這會如何影響折舊或毛利率？

Tom, yes, so we have started to incur our cost to bring that factory online with respect to labor and other costs. And so that is part of the OpEx uptick that we had in Q1 as well as moving into Q2. As we think about that moving to a high volume ramp at the second half of the year, when that moves into production and those costs move into the cost of goods sold, that is a fairly minor part of our total picture. So we're not anticipating a significant impact. However, as you do ramp up programs and that utilization is small, there will be some impact.

湯姆，是的，所以我們已經開始承擔使工廠上線的勞動力和其他成本的成本。這是我們在第一季以及進入第二季營運支出上升的一部分。當我們考慮在今年下半年轉向高產量成長時，當它進入生產並且這些成本進入銷售商品成本時，這只是我們整體情況的一小部分。因此，我們預計不會產生重大影響。然而，當你增加程序並且利用率很小時，就會產生一些影響。

And as a follow-up, Giel, I was wondering if you can give us an update on the Arizona facility as far as timing or potential subsidies go. The new one that you haven't built Carter.

作為後續行動，吉爾，我想知道您是否可以向我們介紹亞利桑那州設施的最新情況，包括時間表或潛在補貼。你還沒有建造卡特的新的。

Yes, Tom, thanks. I think the question was clear. I mean, we're making significant progress there. We have a team in place. We're working with a design company to design the facility. We're identifying contractors to start the building and we work with customers as well as with other partners in the supply chain to plan our capacity, our technologies, our technology roadmap to detail out the timing. So there is a significant effort ongoing to prepare for building the factory. The timeline is still in place. We try to tune the timeline as good as possible to the availability of silicon capacity in the U.S. And yes, that's the only confirmation that I can get. I think we settled a lot of the details when it comes to the location also.

是的，湯姆，謝謝。我認為這個問題很清楚。我的意思是，我們正在這方面取得重大進展。我們有一個團隊。我們正在與一家設計公司合作設計該設施。我們正在物色承包商來啟動建設，並與客戶以及供應鏈中的其他合作夥伴合作，規劃我們的產能、技術和技術路線圖，以詳細說明時間表。因此，我們正在為建造工廠做大量的準備工作。時間線仍然存在。我們盡可能調整時間表以適應美國矽產能的可用性，是的，這是我能得到的唯一確認。我認為我們在地點方面也解決了很多細節。

Okay. But it doesn't require CHIP X funding, irrespective of that, you'll continue on with it?

好的。但它不需要 CHIP X 資金，不管怎樣，你會繼續做下去嗎？

Well, the CHIP X funding is a very fundamental part of starting the facility in the U.S. I mean starting greenfield operations in the U.S. requires significant start-up costs on top of the higher running cost, and there, we will require chip funding in order to build a sustainable business case for this facility in the U.S. But I cannot comment to all the details there, but we feel very confident that we are aligned with, let's say, the market strategy for manufacturing and reshoring manufacturing back to the U.S. and the support of the CHIPS office there. So we are fairly confident that we're on the right track there.

嗯，CHIP X 資金是在美國啟動設施的一個非常基本的部分。為美國的這家工廠建立一個可持續的商業案例，但我無法評論那裡的所有細節，但我們非常有信心，我們與製造業和製造業回流美國的市場策略保持一致，我們非常有信心。那裡的CHIPS 辦公室的支援。因此，我們非常有信心我們走在正確的軌道上。

(Operator Instructions) Our next question comes from Joe Moore with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的喬摩爾。

I just wondered, you've been generating quite a bit of cash on the balance sheet. Any plans there? Any kind of uses of cash that you can talk about?

我只是想知道，你的資產負債表上已經產生了大量現金。那裡有什麼計劃嗎？您可以談談現金的任何用途嗎？

So as far as it relates to our liquidity, looking at our current capital allocation priorities, I would say really the -- and reinvesting in the business is our #1 priority. And as we've been sharing our expansion of our footprint, we're all well aware of the opening of our Vietnam facility. We're also expanding our Europe facility. We're building a new building there. And then, of course, the upcoming U.S. facility will require cash for that as well. So that I would say is our #1 priority followed by ensuring that we're staying up on the most advanced technology and investing in R&D.

因此，就我們的流動性而言，看看我們目前的資本配置優先事項，我想說的是，對業務的再投資是我們的第一要務。當我們一直在分享我們的足跡擴張時，我們都非常清楚越南工廠的開幕。我們還在擴大我們的歐洲工廠。我們正在那裡建造一棟新大樓。當然，即將建成的美國工廠也將需要現金。所以我想說的是，我們的第一要務是確保我們掌握最先進的技術並投資研發。

Also with our commitment of returning 40% to 50% of our free cash flow to shareholders, that would be then another commitment that we have with respect to our cash.

此外，我們承諾將 40% 至 50% 的自由現金流返還給股東，這將是我們對現金的另一項承諾。

Our next question comes from Steve Barger with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Steve Barger。

Domestic chip makers in China have been really active in buying wafer fabrication equipment over the past several quarters. And I think a lot of that's for memory. So first, how long do you think it will take for that incremental capacity in China to come online? And second, can you talk about the potential for share gains with those mature node chip makers as you manage your own capacity across regions in Asia?

過去幾個季度，中國國內晶片製造商一直非常積極地購買晶圓製造設備。我認為其中很多都是為了記憶。首先，您認為中國增量產能需要多久才能上線？其次，當您在亞洲各地區管理自己的產能時，您能否談談與那些成熟的節點晶片製造商分享收益的潛力？

Yes, Steve. That's a good question. There is indeed a significant capacity expansion ongoing in China, mostly for the more mature silicon nodes and I would say the previous generation of memory I include that in that assessment. Now with respect to our sell-off and the markets that we're serving, we are very much focusing our business on advanced packaging and advanced packaging uses silicon of the latest silicon nodes, I would say, 7 meters and below, and that is still very much restricted when it comes to expansion in China. The expansion, as we understand it, and I don't have full detail available is very much on the mature nodes in China. Mature nodes would require more mature assembly and test packaging. And I believe it's very much focused to a local-for-local market currently. More, I cannot say on that topic, Steve.

是的，史蒂夫。這是個好問題。中國確實正在進行大規模的產能擴張，主要是針對更成熟的矽節點，我想說的是，我將上一代記憶體納入了評估中。現在，就我們的拋售和我們服務的市場而言，我們非常關注先進封裝的業務，先進封裝使用最新矽節點的矽，我想說，7米及以下，那就是在中國的擴張仍然受到很大限制。據我們了解，這次擴張主要是在中國的成熟節點上進行的，但我沒有提供完整的細節。成熟的節點需要更成熟的組裝和測試封裝。我相信目前它非常關注本地市場。關於這個主題我不能說更多，史蒂夫。

And you talked about expanded engagements with industry leaders in auto industrial for Europe and Japan. Are those new relationships or existing that you're just trying to get deeper with those potential customers? And is there any way to think about timing for conversion of engagement to orders?

您還談到了擴大與歐洲和日本汽車工業行業領導者的合作。您只是想與潛在客戶加深聯繫，是新的關係還是現有的關係？有沒有辦法考慮將參與度轉化為訂單的時機？

Yes. Good question, Steve. I mean most of the customers that we refer to for expanding our, let's say, partnership with our existing customers where we change our engagement model from more, I would say, more a tactical model to more a longer-term partnership model, and that holds definitely in the European supply chain. I can say without calling out names here that we're engaged with all the semiconductor leaders in the, let's say, IDM space in Europe for supporting them in our manufacturing facility in Portugal.

是的。好問題，史蒂夫。我的意思是，我們提到的大多數客戶都是為了擴大我們與現有客戶的合作夥伴關係，我們將我們的參與模式從戰術模式轉變為長期合作模式，並且在歐洲供應鏈中絕對佔有一席之地。我可以在這裡不點名地說，我們正在與歐洲 IDM 領域的所有半導體領導者合作，為他們在葡萄牙的製造工廠提供支援。

We have a broad range of technology there, let's say, from FlipsiBGA for ADAS devices to sensors to, let's say, extended wafer bump and wafer probe technologies we teamed up and that was, let's say, an announcement that we've made in last quarter with Global Foundries. That supports the same supply chain in Europe out of their Drayson factories to offer a seamless manufacturing footprint in Europe. So all in all, I think existing engagement, but we're expanding them with different business models, and that also relates to, for example, models like co-investments, dedicated capacities, and broadening the portfolio from what we had in Portugal to also, for example, in the latest announcement, power modules for the EV market.

我們在那裡擁有廣泛的技術，比如說，從用於 ADAS 設備的 FlipsiBGA 到感測器，再到我們合作的擴展晶圓凸塊和晶圓探針技術，比如說，我們去年發布的一項公告與Global Foundries 合作的季度。這為歐洲的德雷森工廠提供了相同的供應鏈支持，從而在歐洲提供了無縫的製造足跡。總而言之，我認為現有的參與，但我們正在透過不同的商業模式來擴展它們，這也涉及到，例如，共同投資、專用能力以及將投資組合從我們在葡萄牙的模式擴大到例如，在最新的公告中，也介紹了用於電動車市場的電源模組。

And so do you view this as an ongoing process in which there may be some near-term wins, but you're also setting seeds for wins and multiple years out?

那麼，您是否認為這是一個持續的過程，其中可能會有一些短期的勝利，但您也在為勝利和多年後的勝利埋下種子？

Yes. Exactly, Steve. I think for some of these engagements, basically, let's say, can materialize and will materialize in revenue this year. Others will ramp up in the course of the next couple of years. For example, in the latest announcement that would require or that's requiring the build-out of a separate manufacturing module that will go on stream in 2025. But before that has material revenue contribution, that may go towards the end of '25 into 2026. So there are several engagements with different dynamics, but we expect the upside starting this year.

是的。沒錯，史蒂夫。我認為其中一些合作基本上可以實現，並將在今年實現收入。其他人將在未來幾年內增加。例如，在最新的公告中，需要建造一個單獨的製造模組，該模組將於 2025 年投入運行。 但在此之前有實質性的收入貢獻，這可能會在 25 年底到 2026 年進行。幾項具有不同動態的合作，但我們預計從今年開始就會出現上行趨勢。

Thank you. And 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。此時，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。

Thank you. Let me recap the key messages. Amkor delivered first-quarter results in line with expectations with revenue of $1.37 billion and EPS of $0.24. After a multi-quarter industry cycle, we believe the first quarter marked the low point for revenue and utilization for Amkor. We expect second-quarter revenue of $1.45 billion, which represents sequential growth of 6% and flat revenue year-on-year.

謝謝。讓我回顧一下關鍵訊息。 Amkor 第一季業績符合預期，營收為 13.7 億美元，每股收益為 0.24 美元。經過多個季度的行業週期後，我們認為第一季標誌著 Amkor 收入和利用率的低點。我們預計第二季營收為 14.5 億美元，季增 6%，營收將年減。

Overall, our expectations for full-year 2024 have not changed. We foresee a muted first half followed by strong growth in the second half. 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 the growth markets. Thank you for joining the call today.

整體而言，我們對 2024 年全年的預期並沒有改變。我們預計上半年將放緩，下半年將強勁成長。 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。

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

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。