艾克爾 (AMKR) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology second quarter 2024 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 2024 年第二季財報電話會議。我叫迭戈，今天我將擔任你們的會議主持人。 （操作員說明） 請注意，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 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 年第二季財報電話會議。今天與我一起出席的有我們的執行長吉爾·魯滕 (Giel Rutten) 和我們的財務長梅根·福斯特 (Megan Faust)。

Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call. During this presentation, we will use non-GAAP financial measures and you can find the reconciliation to the US GAAP equivalent on our website.

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。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。

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.

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-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 second quarter performance in line with expectations with revenue of $1.46 billion and EPS of $0.27. Total revenue increased 7% sequentially, driven by demand for advanced packaging, notably for premium-tier smartphones and 2.5D technology for AI solutions.

謝謝你，詹妮弗。大家下午好，感謝您今天加入電話會議。 Amkor 第二季業績符合預期，營收為 14.6 億美元，每股收益為 0.27 美元。受先進封裝需求的推動，特別是高階智慧型手機和人工智慧解決方案的 2.5D 技術，總收入較上季成長 7%。

During the quarter, we maintained focused on our strategic pillars to elevate our leadership position. We successfully brought online additional capacity for 2.5D technology in Korea and qualified advanced SiP and memory technology in Vietnam to support production ramps in the third quarter.

本季度，我們繼續專注於策略支柱，以提升我們的領導地位。我們成功地在韓國增加了 2.5D 技術的線上產能，並在越南驗證了先進的 SiP 和記憶體技術，以支援第三季的產量成長。

Additionally, we are excited that we have reached a significant milestone in establishing a US manufacturing presence for advanced packaging. We aligned on a non-binding preliminary memorandum of terms with the US Department of Commerce for up to $400 million in grants under the chips and science Act.

此外，我們很高興我們在建立美國先進封裝製造基地方面達到了一個重要的里程碑。我們與美國商務部達成了一份不具約束力的初步條款備忘錄，根據晶片和科學法案提供高達 4 億美元的補助金。

These funds will support building a new facility in Arizona, enabling advanced packaging and test for high-performance computing AI, communications and automotive markets. We look forward to being part of and strong ecosystem of front-end fabs, IDMs and suppliers in establishing a resilient US semiconductor supply chain.

這些資金將支持在亞利桑那州建設新工廠，為高效能運算人工智慧、通訊和汽車市場提供先進的封裝和測試。我們期待成為由前端晶圓廠、IDM 和供應商組成的強大生態系統的一部分，建立有彈性的美國半導體供應鏈。

Now, let me review the current dynamics in each of our end markets. Revenue in the communications end market increased 10% sequentially, within the iOS ecosystem, we experienced a larger than seasonal increase driven by builds for the full launch of premium tier smartphones.

現在，讓我回顧一下我們每個終端市場的當前動態。通訊終端市場的營收季增了 10%，在 iOS 生態系統中，由於高階智慧型手機的全面推出，我們經歷了比季節性成長更大的成長。

Revenue within the Android supply chain declined slightly sequentially, but still showed a strong 20% year-on-year growth. Our advanced packaging technology supports a wide range of applications and functionality throughout the phone.

Android供應鏈內的營收較去年同期略有下降，但仍較去年強勁成長20%。我們先進的封裝技術支援整個手機的廣泛應用和功能。

With our advanced SiP technologies for heterogeneous integration together with our proprietary flip chip package on package technologies, we support a full range of applications from RF and camera to the latest AI enabled apps processors that require high speed and high-density interconnect with fine pitch bonding.

憑藉我們先進的異構整合SiP 技術以及我們專有的倒裝晶片封裝技術，我們支援從射頻和相機到最新的人工智慧應用處理器的全系列應用，這些應用需要高速、高密度互連和細間距接合。

Revenue from our automotive and industrial end market was down 2% sequentially. Recovery in this market is taking longer than anticipated due to weak demand and ongoing inventory corrections. Despite these near-term dynamics, we believe the long-term drivers for growth remain intact.

我們的汽車和工業終端市場的收入比上一季下降了 2%。由於需求疲軟和持續的庫存調整，該市場的復甦需要比預期更長的時間。儘管有這些近期動態，我們相信成長的長期驅動力仍然完好無損。

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. Amkor is the leading automotive assets. It has multiple decades of experience meeting the stringent requirements of the automotive industry.

在 ADAS 電氣化、資訊娛樂和遠端資訊處理激增的推動下，每輛汽車的半導體含量預計將繼續增加，所有這些都需要先進的封裝技術。 Amkor 是領先的汽車資產。它擁有數十年的經驗，可以滿足汽車行業的嚴格要求。

With a broad portfolio of advanced and mainstream technologies and establish large-scale manufacturing base in critical regions like Europe and Japan and trusted relationships with key customers in the automotive supply chain, Amkor is well positioned to support the secular growth in this market when it exits the current cycle.

憑藉廣泛的先進和主流技術組合，並在歐洲和日本等關鍵地區建立了大規模製造基地，並與汽車供應鏈中的主要客戶建立了值得信賴的關係，Amkor 處於有利位置，可以在退出時支持該市場的長期成長當前週期。

Revenue from the computing end market increased 20% sequentially, driven by strength in AI devices and several new product introductions for ARM-based PCs. We executed on our planned expansion for 2.5D capacity for AI devices more than tripling our capacity versus second quarter of 2023.

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 20%。我們執行了 AI 設備 2.5D 容量擴展計劃，與 2023 年第二季度相比，容量增加了兩倍以上。

In the third quarter, we expect constraints in high-bandwidth memory supply to limit revenue growth. Amkor is leading the OSAT supply chain with the deployment of 2.5D technology. And with the robust demand and additional capacities we now expect the full year 2.5D revenue to quadruple versus 2023 levels.

在第三季度，我們預計高頻寬記憶體供應的限制將限制收入成長。 Amkor 透過 2.5D 技術的部署引領 OSAT 供應鏈。憑藉強勁的需求和額外的產能，我們現在預計全年 2.5D 收入將比 2023 年水準翻兩番。

We continue to partner with multiple customers on next-generation technology, utilizing organic interposers and expect those solutions to be brought to market in the first half of 2025.

我們持續與多位客戶合作開發下一代技術，利用自然中介層，並預計這些解決方案將於 2025 年上半年推向市場。

Revenue from the consumer end market decreased 6% sequentially, driven by the wind-down of legacy IoT devices ahead of the expected ramp-up of next-generation products. Traditional consumer product demand has been muted. But the high volume production ramp of a new wearable product utilizing advanced SiP technology is expected to start in the third quarter.

消費終端市場的營收季減 6%，因為傳統物聯網設備在下一代產品預計推出前逐漸淘汰。傳統消費品需求已經減弱。但採用先進 SiP 技術的新型穿戴式產品預計將於第三季開始大量生產。

Consumer IoT devices require miniaturization, with increasing levels of integration. Our advanced SiP technology for heterogeneous integration positions as well to meet these requirements and our new Vietnam facility enables us to continue to drive manufacturing scale and innovation.

消費性物聯網設備需要小型化，並且整合度不斷提高。我們先進的 SiP 技術適用於異質整合定位，也可以滿足這些要求，而我們的新越南工廠使我們能夠繼續推動製造規模和創新。

During the second quarter, our manufacturing organization had to manage multiple challenges. On one hand, several factories still showed low utilization, we're focus was on cost control while maintaining high quality standards.

在第二季度，我們的製造組織必須應對多重挑戰。一方面，一些工廠的利用率仍然較低，我們的重點是在維持高品質標準的同時控製成本。

On the other hand, we executed the capacity ramp for 2.5D technology in Korea qualified advance SiP and memory technology in Vietnam, and prepared for the steep seasonal ramp in the third quarter. Additionally, the team further progressed with our advanced packaging and test facility in Arizona, by advancing factory design and construction planning, are working with customers to develop the technology roadmap and capacity loading scenarios.

另一方面，我們在韓國執行了2.5D技術的產能提升，在越南實施了合格的先進SiP和內存技術，並為第三季度的急劇季節性增長做好了準備。此外，該團隊透過推進工廠設計和建設規劃，進一步推進了位於亞利桑那州的先進封裝和測試設施的建設，並與客戶合作開發技術路線圖和產能加載場景。

During the second half of the year, cost and quality together with managing a steep seasonal ramp will remain top priorities.

今年下半年，成本和品質以及管理陡峭的季節性成長仍將是首要任務。

Now, let me turn to our third quarter outlook. Considering current market conditions, we expect third quarter revenue of $1.835 billion at the midpoint of guidance. This represents sequential growth of 26%, driven by advanced packaging in support of the seasonal launch of premium-tier smartphones. The ramp of a new consumer wearable device and continued strong demand in high-performance computing and ARM-based PCs.

現在，讓我談談我們的第三季展望。考慮到目前的市場狀況，我們預計第三季營收為 18.35 億美元，處於指導中位數。這意味著環比增長 26%，這是由先進封裝推動的，以支援季節性推出的高階智慧型手機。新型消費性穿戴裝置的興起以及對高效能運算和基於 ARM 的 PC 的持續強勁需求。

The slower than expected recovery in the automotive and industrial markets, together with the continued weak demand in traditional data centers has dampened anticipated growth in the third quarter. Looking forward, we remain confident that the secular growth drivers for the industry remain in place. With our strong technology leadership in advanced packaging, a uniquely diversified global footprint and partnerships with lead customers, we are well positioned to accelerate while exiting this cycle.

汽車和工業市場的復甦慢於預期，加上傳統資料中心的需求持續疲軟，抑制了第三季的預期成長。展望未來，我們仍然相信該行業的長期成長動力仍然存在。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主要客戶的合作夥伴關係，我們處於有利位置，可以在退出這一周期的同時加速發展。

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.

謝謝你，吉爾。大家下午好。

Amkor delivered second quarter revenue of $1.46 billion, this was in line with guidance and represents a 7% sequential increase driven by strength in advanced SiP and 2.5D technology.

Amkor 第二季營收達到 14.6 億美元，符合預期，在先進 SiP 和 2.5D 技術實力的推動下，季增 7%。

Second quarter gross profit was $212 million, and gross margin was 14.5%, while gross margin declined modestly from Q1 due to higher material content, gross profit dollars expanded 5%. Operating expenses for the quarter came in lower than expected at $131 million. We expect Q2 to be the peak for operating expenses in 2024, due to preparation costs for our factory in Vietnam.

第二季毛利為 2.12 億美元，毛利率為 14.5%，而由於材料含量較高，毛利率較第一季小幅下降，毛利美元成長了 5%。該季度的營運支出為 1.31 億美元，低於預期。由於我們越南工廠的準備成本，我們預計 2024 年第二季將成為營運費用的高峰。

We are on track to begin production in Vietnam in Q3, and we expect a portion of the cost to move to cost of goods sold when production begins. Operating income was $82 million and operating income margin was 5.6%.

我們預計在第三季在越南開始生產，我們預計部分成本將在生產開始時轉入銷售成本。營業收入為 8,200 萬美元，營業利益率為 5.6%。

Net income for the second quarter was $67 million, resulting in EPS of $0.27. Second quarter EBITDA was $247 million and EBITDA margin was 16.9%. Our balance sheet remains strong, we ended the quarter with $1.5 billion of cash and short-term investments and total liquidity of $2.2 billion. Our total debt as of the end of the quarter is $1.1 billion and our debt to EBITDA ratio is one times.

第二季淨利為 6,700 萬美元，每股收益為 0.27 美元。第二季 EBITDA 為 2.47 億美元，EBITDA 利潤率為 16.9%。我們的資產負債表仍然強勁，本季末我們擁有 15 億美元的現金和短期投資，總流動性為 22 億美元。截至本季末，我們的總負債為 11 億美元，負債與 EBITDA 的比率為一倍。

Moving on to our third quarter outlook. We expect Q3 revenue of around $1.835 billion, representing a significant sequential increase of 26%. Our Q3 increase is primarily driven by advanced SiP products supporting the fall launch of premium tier smartphones, as well as a next-generation consumer wearable product.

繼續我們的第三季展望。我們預計第三季營收約 18.35 億美元，季增 26%。我們第三季的成長主要是由先進的 SiP 產品推動的，這些產品支援秋季推出的高階智慧型手機以及下一代消費穿戴產品。

While we have expanded our capacity for 2.5D technology supporting AI devices, high-bandwidth memory constraints may limit sequential revenue growth. Given the soft demand and ongoing inventory corrections in the automotive and industrial markets, we anticipate this end market may stay fairly flat compared to Q2.

雖然我們擴大了支援人工智慧設備的 2.5D 技術的產能，但高頻寬記憶體限制可能會限制收入的連續成長。鑑於汽車和工業市場的需求疲軟和持續的庫存調整，我們預計該終端市場與第二季相比可能會保持相當穩定。

We expect gross margin to be between 14% and 16%. We are anticipating a higher than seasonal material content due to a product mix concentrated in advanced SiP. While this does constrain gross margin, absolute profitability will expand at a much higher growth rate than revenue.

我們預計毛利率在 14% 至 16% 之間。由於產品組合集中在先進的 SiP 中，我們預期材料含量將高於季節性材料含量。雖然這確實限制了毛利率，但絕對獲利能力將以遠高於收入的成長率成長。

We expect Q3 operating expenses of around $125 million. We expect our full year effective tax rate to be around 18%. Third quarter net income is expected to be between $105 million to $140 million, resulting in EPS of $0.42 to $0.56. This represents more than an 80% increase in profitability compared to Q2.

我們預計第三季營運支出約為 1.25 億美元。我們預計全年有效稅率約為 18%。第三季淨利預計在 1.05 億美元至 1.4 億美元之間，每股收益為 0.42 美元至 0.56 美元。與第二季相比，這意味著獲利能力增加了 80% 以上。

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。

Last week, Amkor signed a non-binding preliminary memorandum of terms. With the US Department of Commerce to receive up to $400 million in direct funding as the part of the CHIPS and Science Act. We are proud to be the leading advanced packaging and test OSAT headquartered in the US, and this milestone underscores our commitment to ensuring US semiconductor manufacturing security and innovation.

上週，Amkor 簽署了一份不具約束力的初步條款備忘錄。作為 CHIPS 和科學法案的一部分，美國商務部將獲得高達 4 億美元的直接資金。我們很自豪能夠成為總部位於美國的領先的先進封裝和測試 OSAT，這一里程碑強調了我們對確保美國半導體製造安全和創新的承諾。

In closing, Amkor continues to execute on our three strategic pillars. First, technology leadership by providing expanded capacity to support growing demand for 2.5D, enabling AI.

最後，Amkor 繼續執行我們的三大策略支柱。首先，透過提供擴展的能力來支援對 2.5D 不斷增長的需求，從而實現技術領先，從而實現人工智慧。

Second, expanding our broad geographic footprint, by hitting a significant milestone with our US manufacturing plans and signing a preliminary memorandum of terms for Chip's funding. And third, our focus on industry megatrends. We believe that the secular growth drivers for the industry remain in place and that our partnerships with leading semiconductor companies will drive future growth as we exit the cycle.

其次，透過我們的美國製造計劃達到一個重要的里程碑並簽署 Chip 融資的初步條款備忘錄，擴大我們廣泛的地理覆蓋範圍。第三，我們關注產業大趨勢。我們相信，該行業的長期成長動力仍然存在，我們與領先半導體公司的合作關係將在我們退出週期時推動未來的成長。

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)

（操作員說明）

Tom Diffely, D.A. Davidson.

湯姆·迪夫利，D.A.戴維森。

Yes, good afternoon. Thank you for letting me ask a few questions.

是的，下午好。謝謝你讓我問幾個問題。

Megan, first question on the model itself. When you look at the margin guidance versus previous expectations for increased incremental gross margins as you ramped up revenue. I'm curious how big of an impact is it moving from the operating expense line to the gross margin line of this new facility? What is the relative kind of quarter over quarter impact of that?

梅根，關於模型本身的第一個問題。當您查看利潤率指引與先前隨著收入增加而增加毛利率的預期時。我很好奇從營運費用線轉移到這個新工廠的毛利率線有多大的影響？其相對季度環比影響是怎樣的？

Hi, Tom. With respect to the Vietnam production facility going online, that movement from operating expenses, the order of magnitude isn't going to be that much more than what you're seeing in our guide between Q2 and Q3 going down. So that's less than $10 million. That is not, the biggest impact to the Q3 margin guidance.

你好湯姆。就越南生產設施的上線而言，營運費用的變動幅度不會比您在我們的指南中看到的第二季和第三季下降幅度大多少。所以這還不到 1000 萬美元。這並不是對第三季利潤指引的最大影響。

Okay. So when you look at the Q3 margin guidance, what is the biggest impact that's kind of counteracting the just the revenue growth, incremental margins?

好的。因此，當您查看第三季的利潤指引時，抵銷收入成長和增量利潤的最大影響是什麼？

Yeah, so really what's happening with respect to our Q3 profitability is, it's a function of utilization as it relates to certain products and product mix. So while we are anticipating an increase in our utilization in Q3, probably in the low 70s. The way that that's spreading amongst our factories is very dynamic.

是的，我們第三季獲利能力的實際情況是，它是利用率的函數，因為它與某些產品和產品組合有關。因此，雖然我們預計第三季的利用率會增加，但可能會在 70 左右。這種情況在我們工廠中的傳播方式非常活躍。

We have high utilization in factories such as Korea that are supporting advanced SiP, while others are much lower than expected. And as what we had estimated previously. And that's really due to some ongoing lower demand in our traditional consumer, traditional data center, and as we had mentioned in our prepared remarks in the automotive and industrial.

我們在韓國等支援先進 SiP 的工廠利用率很高，而其他工廠則遠低於預期。正如我們之前的估計。這實際上是由於我們的傳統消費者、傳統資料中心的需求持續下降，正如我們在汽車和工業領域準備好的評論中所提到的那樣。

So with respect to those dynamics, we are going to see a peak season of material content in Q3. So that's the biggest driver and that will constrain flow through, that is just a function of demand and product mix. It's not a structural cost. So that's where your first question about the Vietnam cost, it's not structural. In fact, the manufacturing costs estimated for Q3, which we characterize as labor, depreciation and OCOGS, that excludes materials. Those are only going to increase in the mid single digits as compared to the 26% increase in revenue.

因此，就這些動態而言，我們將在第三季看到內容內容的旺季。因此，這是最大的驅動因素，它將限制流量，這只是需求和產品組合的函數。這不是結構性成本。這就是你關於越南成本的第一個問題，它不是結構性的。事實上，第三季的製造成本估算（我們將其描述為勞動力、折舊和 OCOGS），不包括材料。與收入 26% 的增幅相比，這些增幅只會達到中個位數。

Great. Okay. Now I appreciate all the extra color on the margins. And then here when you look at the PC and server market, you talked about how some of the new PCs are getting more active, but yet the servers are still pretty weak. Is that different than normal seasonality. Is there seasonality in that? Or is it really just a cyclical impact that you see in the PC and servers?

偉大的。好的。現在我很欣賞邊緣上所有額外的顏色。然後，當您觀察 PC 和伺服器市場時，您談到了一些新的 PC 變得更加活躍，但伺服器仍然相當薄弱。這與正常的季節性有什麼不同嗎？這裡面有季節性嗎？或者這真的只是您在 PC 和伺服器中看到的周期性影響嗎？

Yes, Tom. Let me try to give a little bit of color there.

是的，湯姆。讓我嘗試在那裡添加一點顏色。

Well, first of all, we see, some initial recovery in the general PC market, where we see specific growth for Amkor is in the ARM-based PCs and they were ramping up starting Q1, and that goes into Q4 of this year, with significant ramps and that goes across multiple customers.

嗯，首先，我們看到，一般 PC 市場出現了一些初步復甦，我們看到 Amkor 的具體增長是基於 ARM 的 PC，它們從第一季度開始加速增長，一直到今年第四季度，顯著的增長並且涉及多個客戶。

Yeah, so it's general PC market gradually recovering and very specifically ARM-based PCs, that's a where we have a good position, it's ramping up in the course of this year.

是的，一般 PC 市場正在逐漸復甦，特別是基於 ARM 的 PC，這是我們處於有利地位的領域，它在今年正在加速復甦。

Okay. Then on just on the server side, though, what's your expectation for that recovery?

好的。那麼在伺服器端，您對復原的期望是什麼？

Sorry, can you repeat --

抱歉，您能再說一次嗎——

So just for the server chips and the server market itself?

那麼只是為了伺服器晶片和伺服器市場本身？

Well, I mean, the server market is a broad market. I mean, if we take the category of AI based servers, then we expect that to continue to grow into the remaining part of this year, and also into 2025. For the conventional servers, we still see weakness. We believe that in data centers, the investments that are being made by the hyperscalers are really tuned towards the AI servers. And that means that the more, -- let's say, conventional servers are still fairly, fairly weak. So far, I cannot report an improvement there.

嗯，我的意思是，伺服器市場是一個廣闊的市場。我的意思是，如果我們採用基於人工智慧的伺服器類別，那麼我們預計該類別將在今年剩餘時間以及 2025 年繼續成長。我們相信，在資料中心，超大規模企業的投資確實是針對人工智慧伺服器的。這意味著，比方說，傳統伺服器仍然相當非常薄弱。到目前為止，我還無法報告那裡的改進。

Charles Shi, Needham & Company.

查爾斯‧史（Charles Shi），李約瑟公司。

Hi, Giel, Megan. I want to ask a couple of questions. First up, I'm glad to hear that you guys are getting tractions on the organic interposer. You will come to the market in first half next year, 2025. I wonder, can you provide us a little bit more color because I believe you have three customers on your 2.5D technology, at least that was the case 90 days ago.

嗨，吉爾，梅根。我想問幾個問題。首先，我很高興聽到你們對有機中介層產生了興趣。你們將於明年2025年上半年上市。

Wonder if you can give an update? And two, what's the mix in terms of engagement with your customer? How many are sticking with the silicon interposer and how many are actually looking at that organic interposer ramp with you in first half of next year? And if I may, just a third part of this question would be the tools you put in place for silicon interposer base at 2.5D versus organic interposer based at 2.5D, are they fungible? Thank you.

不知道能否提供更新資訊？第二，與客戶的互動程度如何？有多少人堅持使用矽中介層，有多少人真正在明年上半年與您一起關注有機中介層？如果可以的話，這個問題的第三部分是您為 2.5D 矽中介層與基於 2.5D 有機中介層所使用的工具，它們是否可以互換？謝謝。

Yes, hi, Charles. Good to hear you. Let me start with the last part of your question, with respect to the tools that we are investing in a bit more specific there. I think we had a first tranche of investments finalized in the second quarter, and we went for a second tranche of the same order of magnitude of investment that will become available in the early part of 2025 late this year, early part of 2025. Most of the these tools are fungible across wafer-based technology. So that's both 2.5D with interposer as well as what you call a organic interposer or high-density fan-out technology.

是的，嗨，查爾斯。很高興聽到你的聲音。讓我從你問題的最後一部分開始，關於我們在那裡投資的更具體的工具。我認為我們在第二季度完成了第一筆投資，並且我們進行了第二筆相同數量級的投資，該投資將於今年年底、2025 年初於 2025 年初投入使用。圓的技術中互換。這既是帶有中介層的 2.5D，也是所謂的有機中介層或高密度扇出技術。

Now with respect to the transition from one technology to another, for these organic interposers, we are engaged with a broad range of customers that say between 5 and 10 customers. We are currently running pilot production initial arounds, and we expect to ramp into mass production early 2025. That engagement is broader from a customer engagement perspective and also from a product portfolio perspective.

現在，對於從一種技術到另一種技術的過渡，對於這些有機中介層，我們正在與廣泛的客戶合作，大約有 5 到 10 個客戶。我們目前正在進行初步試生產，預計將於 2025 年初投入大量生產。

If we take the traditional 2.5Ds with interposer, then we be indeed have the order of magnitude of three to five customers where we run, let's say, a variable that's a volume production currently, and we expect that to continue into 2025 also. So although initially there was expected a faster change over one technology to another, we now see that 2.5D will continue well into 2025.

如果我們採用具有中介層的傳統 2.5D，那麼我們確實有 3 到 5 個數量級的客戶，我們可以說，目前已經實現批量生產，我們預計這種情況也將持續到 2025 年。因此，儘管最初預計一種技術會更快轉變為另一種技術，但我們現在看到 2.5D 將持續到 2025 年。

Thank you. Yeah, that's great. And I may ask a second question, maybe to Megan.

謝謝。是的，那太好了。我可能會問第二個問題，也許是問梅根。

Hey, Megan, I think you previously expect a 30% half-over-half revenue growth. Understandably, there is a little bit of a softness still in auto, in traditional consumer, 2.5 Dbrand. It looks like there's some upstream constraints on the HBM side. Is that -- does that change that 30% half-over-half growth outlook you originally thought is going to be the case, let's say, 90 days ago?

嘿，梅根，我想您之前預計收入將增長 30%。可以理解的是，汽車、傳統消費者、2.5 Dbrand 仍然有一點疲軟。 HBM 方面似乎存在一些上游限制。這是否會改變您 90 天前最初認為的 30% 一半以上的成長前景？

Hey, Charles. Yeah. So while there may have been some mix shift changes and we did perform slightly better in the second quarter than expected, our full year top-line expectations have not fundamentally changed. We are expecting a muted first half, followed by a stronger than seasonal significant growth in the second half. And what's driving that is also consistent with respect to our strong seasonal IOS launch cycle, our new consumer wearable program.

嘿，查爾斯。是的。因此，儘管可能存在一些組合變化，並且我們第二季度的表現確實略好於預期，但我們全年的營收預期並沒有從根本上改變。我們預計上半年將表現平淡，下半年將出現強於季節性的顯著成長。推動這一趨勢的因素也與我們強勁的季節性 IOS 發布週期以及我們新的消費者穿戴式裝置計畫一致。

We have installed and have incremental capacity for our 2.5D. However, that will be limited with some of the high-bandwidth memory constraints. And really the only change then is with respect to the ongoing automotive and industrial continuing to be weak. However, for automotive and industrial we do expect Q2 to be the trough and we are expecting some mild recovery and increase in Q3 . So overall, with respect to the shape of the year with Q1, and Q2 outperforming somewhat that might have adjusted the shape, but the full year exit stations are the same.

我們已經安裝並增加了 2.5D 的容量。然而，這將受到一些高頻寬記憶體限制的限制。事實上，唯一的變化是汽車和工業持續疲軟。然而，對於汽車和工業來說，我們確實預計第二季將是低谷，我們預計第三季將出現一些溫和的復甦和成長。因此，總體而言，就今年的形狀而言，第一季和第二季的表現有所好轉，這可能會調整形狀，但全年出口站是相同的。

Randy Abrams, UBS.

蘭迪艾布拉姆斯，瑞銀集團。

Okay, thank you. I wanted to follow-up just on that the prior comments you made on outlook. Just a couple of clarifications, one on the HBM constraints. Is that our view, is it a production or a yield issue that's limiting the ramp up? And is there a visibility or how you're feeling how long that constraint hold?

好的謝謝。我想跟進您之前對 Outlook 發表的評論。只需進行幾項說明，其中一項是關於 HBM 限制的說明。這是我們的觀點嗎？是否有可見性或您感覺這種限制會持續多久？

And then I wanted to ask pulp, I think your full year relatively unchanged despite a little bit of impact on third quarter. So if you could give an initial view, just the tail end of your fourth quarter, are you seeing above seasonal? And what do you see as kind of drivers continuing into Q4?

然後我想問紙漿，我認為儘管第三季度受到了一點影響，但全年相對沒有變化。因此，如果您能給出初步的看法，即第四季度末的情況，您是否看到了季節性因素？您認為進入第四季的驅動因素是什麼？

Okay. Let me tries to give a little bit color on the high-bandwidth memory constraints. Currently, we're working with all three suppliers for high-bandwidth memory. So we are fully qualified for all three. The constraint is not related to yield, it's related to supply from high-bandwidth memories, mostly from the biggest to supplier there. It started by the end of the second quarter, and it goes into, let's say, this month. And we expect that the next two months of the second quarter -- of the third quarter, it will normalize. But overall, it has some impact on the further revenue growth in the 2.5D business.

好的。讓我嘗試對高頻寬記憶體限制進行一些說明。目前，我們正在與所有三個供應商合作開發高頻寬記憶體。所以我們完全有資格獲得這三項。此限制與產量無關，它與高頻寬記憶體的供應有關，主要是來自最大的供應商。它從第二季末開始，一直持續到本月。我們預計第二季和第三季的接下來兩個月，情況將會正常化。但整體而言，對2.5D業務收入的進一步成長有一定影響。

With respect to your second part of the question, what are the drivers in second half growth, there are in line what we expected in the, let's say at the end of the first quarter, the main drivers are, as Megan already highlighted, the ramp of seasonal launch of the iOS system together with Android recovering. So although that in the second quarter, Android was sequentially slightly down, we still see 20% year on year in the second quarter, and we expect that strength to continue in the remaining part of the year.

關於問題的第二部分，下半年成長的驅動因素是什麼，這符合我們的預期，比方說，在第一季末，主要驅動因素是，正如梅根已經強調的那樣， iOS 系統季節性推出以及Android 系統復甦。因此，儘管在第二季度，Android 環比略有下降，但我們仍預計第二季度將同比增長 20%，並且我們預計這一勢頭將在今年剩餘時間內持續下去。

So definitely, in the communications side, we expect strength in the second half. Also, the ramp of the IoT hearable device, that will be here a meaningful contribution in the second half. We executed that qualification and we expect that ramp to go as planned, as is the 2.5D capacity expansion that we put in place. And there, the outlook, the forecast is in line with our expectation and that will grow.

因此，毫無疑問，在通訊方面，我們預計下半年會出現強勁表現。此外，物聯網可聽設備的成長將在下半年做出有意義的貢獻。我們執行了該資格認證，並預計產能擴張將按計劃進行，我們實施的 2.5D 產能擴張也是如此。在那裡，前景、預測符合我們的預期，並且將會成長。

Megan already mentioned the rebalancing in the automotive and industrial markets, that takes a slightly longer than expected. Although we believe that the second quarter of 2024 is the trough and that from here on, we see a much more balanced supply chain. The inventory situation on most of the subsegments in automotive is much more balanced than it was when we started this year. And the feedback from our customers is that in our going into Q3, there will be a slight recovery. And then going into Q4 and 2025, the automotive market will go back to original seasonality.

梅根已經提到了汽車和工業市場的再平衡，這需要比預期稍長的時間。儘管我們認為 2024 年第二季是低谷，從現在開始，我們看到供應鏈更加平衡。汽車業大部分細分市場的庫存狀況比今年年初時平衡得多。我們客戶的回饋是，進入第三季度，將會出現輕微復甦。然後進入第四季和2025年，汽車市場將恢復原來的季節性。

And Randy, just to add to your question about Q4, our historical seasonality for Q4 is usually a sequential flattish to up or down plus or minus 1%.

蘭迪，我想補充您關於第四季度的問題，我們第四季度的歷史季節性通常是連續平坦的，上升或下降正負 1%。

Okay. And maybe to clarify, I got two follow-ups, quick follow-ups. The flat plus or minus, which sounds like your implied is it's growing, all those pieces up should at this stage. It seems like it's all better. And I guess you entered into just further clarification, the ILS -- and it seems like your competitor (inaudible) over the earlier build. Is that what you're seeing to notice in the second quarter? I think you had a bit. Is it -- do you feel that it was a little earlier or do you think it's actually strong? It feels like it's actually stronger, so that kind of ties to the fourth quarter being up better than that, flat plus or minus?

好的。也許為了澄清，我得到了兩次跟進，快速跟進。平坦的加號或減號，聽起來就像你暗示的那樣，它正在增長，所有這些部分都應該在這個階段。似乎一切都好起來了。我想您只是進一步澄清了 ILS，它似乎是您早期版本的競爭對手（聽不清楚）。這是您在第二季看到的情況嗎？我想你有一點。是——你覺得它早了一點還是你認為它實際上很強？感覺它實際上更強了，所以這與第四季度的成長有更好的聯繫，是持平還是減去？

Yeah, we believe it's for the IOS ramp, we saw a second quarter revenue better than expected. In my view, there are two elements to this. One is indeed an early build for the second half ramp. And also, we saw a very large correction in the first quarter. So I believe that that correction was probably too significant and therefore, it needed to be corrected a little bit in the second quarter. So two main effects. The net effect is more strength in the second quarter, but we also expect that to continue in the third and fourth quarter.

是的，我們相信這是為了 IOS 的提升，我們看到第二季的營收好於預期。在我看來，這有兩個要素。其中一個確實是下半年坡道的早期構建。而且，我們在第一季看到了非常大的調整。因此，我認為該修正可能過於重大，因此需要在第二季進行一些修正。所以有兩個主要影響。淨效應是第二季更加強勁，但我們也預計這種情況將在第三和第四季持續下去。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

Yeah, thanks for taking the question. I wanted to follow up on some comments that seem to have been a theme through a number of prior questions and it relates to the changes in views versus three months ago in auto industrial, the traditional server part of the PC market, and some of the upstream constraints and high-bandwidth memory.

是的，感謝您提出問題。我想透過一些先前的問題來跟進一些似乎是主題的評論，它涉及到汽車工業、PC 市場的傳統伺服器部分以及一些領域與三個月前相比的觀點變化。

I'm wondering if that's possible to, one, just rank those in terms of how they're impacting the business in the third quarter versus what you would have expected three months ago? And then in aggregate, can you quantify what that impact is versus what you're thinking are back in the April timeframe?

我想知道是否有可能，第一，根據它們對第三季業務的影響與三個月前的預期進行排名？然後總的來說，您能否量化這種影響與您認為的 4 月份時間範圍內的影響？

Megan, can you comment to that?

梅根，你能對此發表評論嗎？

Yeah. So Craig, I'll give some color there. One, we didn't guide Q3, a quarter ago. So I just want to establish that there that they're surely not a baseline for us to compare to. But as far as it does really, we did indicate either margin profile which would have had a product mix associated with that. The auto and industrial, we had expected that to start to recover faster than it is. So that's probably the largest of the three that you mentioned, followed by the traditional data center. That one also has continued to decline, and we -- it's more difficult to see that within our computing segment because that's being offset by the strength in ARM-based PCs as well as the really significant 2.5D.

是的。所以克雷格，我會在那裡給一些顏色。第一，我們在一個季度前沒有指導第三季。所以我只是想證明它們肯定不是我們可以比較的基準。但就其實際情況而言，我們確實指出了與此相關的產品組合的任何一種利潤狀況。我們原本預期汽車和工業的復甦速度會比現在更快。這可能是您提到的三個中最大的一個，其次是傳統資料中心。這一數字也在持續下降，而且我們在運算領域更難看到這一點，因為這一趨勢被基於 ARM 的 PC 以及真正重要的 2.5D 的實力所抵消。

And last and that's not -- that is impacting Q3 is, as you mentioned, a bit of a slower start on the incremental capacity that we've installed, given some of the high-bandwidth memory constraints that we are seeing start to come back through. So from that perspective, that's the order of magnitude on those three items.

最後，正如您所提到的，影響第三季度的是我們安裝的增量容量的啟動速度有點慢，因為我們看到一些高頻寬記憶體限制開始回來通過。所以從這個角度來看，這就是這三個項目的數量級。

That's really helpful, thanks for clarifying, Megan. And the second thing I wanted to do is just understand the market dynamic a little bit better. So it's encouraging to see that the business should be up a little bit in 3Q. The question maybe more for Giel regarding what you're hearing from some of your bigger customers in that area, and immediately there might be a lot of smaller ones. But what are they indicating about the timing of when that business really start to come back? Would it gain materially in the fourth quarter? Are they setting an expectation that it really isn't coming back to something resembling prior health until 2020 time?

這真的很有幫助，謝謝你的澄清，梅根。我想做的第二件事就是更了解市場動態。因此，看到第三季業務略有成長是令人鼓舞的。對於吉爾來說，問題可能更多是關於您從該地區一些大客戶那裡聽到的情況，並且立即可能會有很多小客戶。但他們對於業務真正開始復原的時間有何暗示？第四季會大幅上漲嗎？他們是否設定了一個預期，在 2020 年之前它真的不會恢復到之前的健康狀況？

Yeah, that's a good question, Greg. And from the customer feedback, I can give you a bit color here. First of all, calling the second quarter this year, the trough quarter for for automotive, that seems to be across our customer base, a consistent message. There are a few exceptions there, but the portfolio that they serve for the automotive market is slightly different. So if you look to our own exposure to the automotive markets, then our customers really consistently give us the message, the second quarter is the trough.

是的，這是個好問題，格雷格。根據客戶的回饋，我可以在這裡為您提供一些資訊。首先，將今年第二季度稱為汽車行業的低谷季度，這似乎是我們整個客戶群的一致訊息。有一些例外，但它們為汽車市場提供的產品組合略有不同。因此，如果你看看我們自己對汽車市場的了解，那麼我們的客戶確實一直在向我們傳達這樣的訊息：第二季是低谷。

Going from here, if you take the impact on Amkor's revenue on a year-on-year basis, it's roughly 20% down in automotive and industrial. So from here on, we expect a gradual improvement. Now if we take the, let's say, the improvement in the second and the third quarter, it is still moderate, let's say a low to mid single digit up versus the second quarter, but we expect that improvement to continue. But it will continue well into 2025 before we are back to our normal run rate. That's one thing.

從這裡開始，如果考慮到 Amkor 收入年比受到的影響，汽車和工業領域的收入大約下降了 20%。因此，從現在開始，我們預計會逐步改善。現在，如果我們考慮第二季和第三季的改善，那麼它仍然是溫和的，比第二季低到中個位數的成長，但我們預計這種改善將繼續。但這種情況將持續到 2025 年，然後我們才能恢復正常運作率。這是一回事。

Second thing is, of course, for us, it's very important to check our market position and validate that. And we are convinced that we are still gaining market share in the automotive markets. And you may have seen the announcements in Europe with one of the biggest power companies in automotive for silicon carbide, where are we investing or co-investing in our factory in in Portugal. And that project continues as planned. And actually, to some extent are accelerating there because they expected the demand going towards the second half 2025 and 2026 is actually increasing.

當然，第二件事對我們來說，檢查並驗證我們的市場地位非常重要。我們堅信，我們仍在汽車市場上贏得市場份額。您可能已經看到了歐洲最大的汽車碳化矽電力公司之一的公告，我們正在葡萄牙的哪裡投資或共同投資我們的工廠。該項目按計劃繼續進行。實際上，在某種程度上正在加速，因為他們預計 2025 年下半年和 2026 年的需求實際上正在增​​加。

So overall, yes, step-by-step improvement into Q3, Q4, and further improvement into 2025. To exactly predict when we are back at the full run rate is difficult to say. Although some feedback from customers gives also the indication that the tier-ones and the OEMs are actually sort of overreacting to the, let's say, inventory situation. So currently, some of the tier-ones seem to go back to two-week inventory level. So you may see a swing there of getting out of this correction in 2025. But for now, I think that's our assumption.

因此，總體而言，是的，將逐步改進到第三季度、第四季度，並進一步改進到 2025 年。儘管來自客戶的一些回饋也表明，一級供應商和原始設備製造商實際上對庫存情況反應過度。因此，目前一些一級供應商的庫存水準似乎回到了兩週水準。因此，您可能會看到 2025 年擺脫這種調整的搖擺。

Ben Reitzes, Melius Research.

本‧雷茨 (Ben Reitzes)，Melius 研究中心。

Yeah, hi. Thanks for the question. I wanted to talk about gross margin and utilization rates. So if you could just discuss the puts and takes on gross margin as we head into the second half, looks like about a 0.5 point improvement on the midpoint in the 3Q, and I was wondering if you were going to get more leverage in the 4Q, how material that could be, given the pace of sales? And then, I know you had a depreciation benefit in the prior quarter. I just was wondering and if there's any other puts and takes we need to be thinking about with regard to what we just saw in your outlook? Thanks.

是的，嗨。謝謝你的提問。我想談談毛利率和利用率。因此，如果您能在我們進入下半年時討論看跌期權和承兌期權的毛利率，那麼看起來第三季度中點的毛利率大約提高了0.5 個百分點，我想知道您是否會在第四季度獲得更多槓桿考慮到銷售速度，這可能有多重要？然後，我知道您在上一季有折舊收益。我只是想知道，根據我們剛剛在您的展望中看到的內容，我們是否還需要考慮任何其他看跌期權和看跌期權？謝謝。

Hi, Ben. So with respect to our Q3 guide with 15% at the midpoint for gross margin. Utilization is what is constraining that, which has then, I would say, had an impact on the product mix based on the nature of the of the products that are underutilized or the factories that are underutilized. So with respect to our automotive and industrial being weaker than expected, that is having an impact on what we would say are highly profitable products as well as the 2.5D, where we're not seeing the magnitude of sequential growth that we would have anticipated.

嗨，本。因此，就我們的第三季指南而言，毛利率的中點為 15%。利用率是限制因素，我想說，根據未充分利用的產品或未充分利用的工廠的性質，這對產品組合產生了影響。因此，就我們的汽車和工業弱於預期而言，這對我們所說的高利潤產品以及 2.5D 產品產生了影響，我們沒有看到我們預期的連續增長幅度。

That being said, we are seeing really strong growth as it relates to communications and consumers. That is primarily supported by our advanced SIP technology, and that has a very high material content. So while that is constraining the gross margin to around 15%, we are seeing very significant bottom line earnings expansion. So you'll note that our bottom-line EPS is growing more than 80%. So there continues to be significant leverage in our financial model.

話雖這麼說，我們看到了與通訊和消費者相關的真正強勁的成長。這主要是由我們先進的 SIP 技術提供支持，而且材料含量非常高。因此，雖然這將毛利率限制在 15% 左右，但我們看到底線獲利成長非常顯著。因此您會注意到，我們的每股盈餘底線成長了 80% 以上。因此，我們的財務模型仍然具有重要的槓桿作用。

You've also asked about potential Q4 puts-and-takes. While we're not guiding Q4 at this time, we do anticipate some of those product mix items to have some growth, as Giel has, just mentioned with respect to automotive as well as our 2.5D technology specifically. And then, you also asked about the depreciation change in useful life, that was a $0.05 benefit and had an impact of it's around 100 basis points in Q1. That's a fairly similar impact for Q2, and that will also be similar, albeit it will somewhat decline as we get into the second half and some of those assets roll off.

您也詢問了第四季度潛在的看跌期權。雖然我們目前沒有指導第四季度，但我們確實預計其中一些產品組合項目會有一些成長，正如吉爾剛剛提到的關於汽車以及我們的 2.5D 技術的具體情況。然後，您還詢問了使用壽命的折舊變化，即 0.05 美元的收益，並在第一季產生了約 100 個基點的影響。這對第二季度的影響相當相似，而且也將是相似的，儘管隨著我們進入下半年，其中一些資產會減少，影響會有所下降。

Did that address your question, Ben?

本，這解決了你的問題嗎？

Yes. So the depreciation was still a $0.05 benefit in the quarter you just had, and it will diminish as you go throughout the year. Is that --

是的。因此，在您剛剛享受的季度中，折舊仍然是 0.05 美元的收益，隨著全年的增長，折舊將會減少。就是它 -

Correct, yes, comparable to Q1.

正確，是的，與 Q1 相當。

Okay. And then just with regard to the interposer comment that Giel made that for the first half of '25, is there anything what we need to be aware of with regard to seasonality or impact on margin as you make that transition and help those customers move to that? Is there something that with regard to the model that when it comes out that we should be aware of?

好的。然後，就 Giel 在 25 年上半年發表的中介評論而言，當您進行轉型並幫助這些客戶轉向那？當模型問世時，有什麼我們該注意的嗎？

Few comments that Ben. With respect to the organic interposer versus the 2.5D with interposer, the value adds that we deliver in organic interposer is more significant, is larger than for 2.5D because there we procure the interposers. That interposer is not present there, but we we delivered basically an organic interposer ourself. So we expect some uplift in margin in that transition.

很少有人評論本。就有機中介層與帶有中介層的 2.5D 而言，我們在有機中介層中提供的附加價值更顯著，大於 2.5D，因為我們在那裡採購中介層。這個中介層不存在於那裡，但我們基本上自己提供了一個有機中介層。因此，我們預計在這轉型過程中利潤率會有所上升。

How that transition exactly pans out depends on the product changeover. And what we're currently seeing is that products in the older technology seem to last longer and that some of the newer products may be launched a little bit later than expected, but that's the impact that we foresee.

這種轉變的具體結果取決於產品的轉變。我們目前看到的是，採用舊技術的產品似乎使用壽命更長，一些新產品的推出可能會比預期晚一點，但這就是我們預見的影響。

Okay. And so it's safe to say just pulling back that communication is better than expected outcome and that's continuing throughout the year. Is that the same case with the AIPC or is the -- so there's been some reports that the AIPC has been a little muted, but you're saying it's going to increase sequentially throughout the year. So I believe that hits in the computing segment. So are you seeing strength in the AIPC area like you are in smartphones? Or are you seeing it kind of below expectations? That's my final question. Thanks

好的。因此，可以肯定地說，只是撤回溝通就比預期的結果要好，而且這種情況全年都會持續。這是與 AIPC 相同的情況嗎？ 或者是 - 所以有一些報導稱 AIPC 已經有點沉默，但你說它會在全年中連續增加。所以我相信這會在計算領域產生影響。那麼您是否看到了 AIPC 領域的優勢，就像智慧型手機領域一樣？或者您認為它低於預期？這是我的最後一個問題。謝謝

Overall, the absolute revenue in AIPC is still small. However, made the transition from x86 to architecture is definitely an upside for Amkor, and we believe that we have a good market position there. We started with our lead customers three generations ago, and they are currently ramping up. They are also expanding their own silicon in that same PC, so that gives us more traction.

總體而言，AIPC的絕對收入仍然較小。然而，從 x86 到架構的過渡對 Amkor 來說絕對是一個優勢，我們相信我們在那裡擁有良好的市場地位。我們從三代前的主要客戶開始，目前他們的數量正在增加。他們還在同一台 PC 上擴展自己的晶片，這給了我們更多的吸引力。

But also a second customers that launched products that seem to be very attractive for the PC makers and they now launching new products in the market with that architecture. So we believe it will have legs and it will further grow. Some specifics over the growth during the year or in the year, we see that over the quarters there is a step-up quarter on quarter, and from what we see now, that will continue into 2025.

還有第二個客戶推出的產品似乎對 PC 製造商非常有吸引力，他們現在在市場上推出採用該架構的新產品。所以我們相信它會有腿並且會進一步生長。關於年內或年內成長的一些具體情況，我們看到各個季度都有逐季度的上升，從我們現在看到的情況來看，這種情況將持續到 2025 年。

Thank you.

謝謝。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi, good afternoon and thank you for taking the question. My first one is your Q3 revenue guide. Megan, you mentioned auto industrial should be up modestly, if I caught right. I'm curious how you're thinking about coms, consumer and computing? Coms from a seasonal the seasonality perspective, I'm guessing strong double digits. But computing and in particular, with some of the HBM constraints that you spoke to, can that business grow double digits? Or is it more like single digits? Any sort of quantitative context that would be super helpful.

你好，下午好，感謝你提出問題。我的第一個是你們的第三季收入指南。梅根，你提到汽車工業應該適度成長，如果我沒聽錯的話。我很好奇您如何看待通訊、消費者和計算領域？從季節角度來看，我猜是兩位數。但計算，特別是考慮到您談到的一些 HBM 限制，該業務能否實現兩位數成長？還是更像個位數？任何類型的定量背景都會非常有幫助。

Hi, Toshiya. Yeah, I can give you some color there.

嗨，俊哉。是的，我可以給你一些顏色。

So as I mentioned, automotive, we said would have mild growth sequentially. As it relates to computing, we aren't seeing that double digit growth that was possible, given some of the dynamics with the high-bandwidth memory constraints. So that's also going to be in the low to mid single digits for computing. Communications is going to be very strong.

正如我所提到的，我們表示汽車產業將持續溫和成長。由於與計算相關，考慮到高頻寬記憶體限制的一些動態，我們沒有看到可能的兩位數增長。因此，對於計算來說，這也將處於中低個位數。溝通將會非常強大。

Historically, we've seen very, very strong sequential communications ramp. That being said, we did have a stronger than seasonal Q2, so that Q3 seasonality will probably be a little bit softer, but overall, it will be very significant. Consumer, however, with our new launch of a IoT wearable device, that will have the largest percentage increase sequentially for the quarter, and that can be up to 75% or more sequential growth given the scale of that launch.

從歷史上看，我們已經看到了非常非常強大的順序通訊成長。話雖這麼說，我們確實比第二季的季節性更強，因此第三季的季節性可能會稍微軟一些，但總體而言，這將非常重要。然而，隨著我們新推出的物聯網穿戴設備，消費者將在本季度實現最大百分比的環比增長，考慮到該設備的發布規模，環比增長可能高達 75% 或更多。

That's very helpful, thank you. And then as my follow-up, a multipart question on the US facility. I know it's early, but just wanted to to get a feel as to how you're thinking about Arizona. So timing of CapEx or capital spending outlay over the next couple of years, several years, in terms of CHIPS Act funding, how does that come through? And again, long term, what percentage of capacity do you expect to have in the US and the cost competitiveness of your facility in the US vis a vis your current locations? Any color around that would be very, very helpful. Thank you.

這非常有幫助，謝謝。然後作為我的後續行動，一個關於美國設施的多部分問題。我知道現在還早，但只是想了解您對亞利桑那州的看法。那麼，就《CHIPS 法案》融資而言，未來幾年、幾年的資本支出或資本支出支出的時機是如何實現的呢？再說一遍，從長遠來看，您預計在美國的產能百分比以及您在美國的工廠相對於您目前工廠的成本競爭力是多少？周圍的任何顏色都會非常非常有幫助。謝謝。

Okay. Let me start and then Megan can help on the on the financial part term. Toshi. The facility that we're planning to build in the US is a sizable facility. I think we started off with a 40,000 square meter clean room. And currently, we're working with the design companies to look at a closer to a 60,000 square meter clean room. So it's sizable.

好的。讓我開始吧，然後梅根可以在財務方面提供幫助。托西。我們計劃在美國建造的設施是一個相當大的設施。我想我們是從一個 40,000 平方米的無塵室開始的。目前，我們正在與設計公司合作，研究更接近60,000平方公尺的無塵室。所以規模很大。

How much will it contribute to Amkor total, I think it will be less than 10%, significantly less than 10% of our total. But that's the order of magnitude that we will grow to in the future. The rate of growth and which customers or which technologies that we will ramp up, I think that's currently under evaluation. We are working with customers on the roadmap and on the ramp scenarios for that facility.

它對 Amkor 總量的貢獻有多大，我認為將不到 10%，遠低於我們總量的 10%。但這就是我們未來將會成長到的數量級。我認為目前正在評估成長率以及我們將增加哪些客戶或哪些技術。我們正在與客戶合作制定該設施的路線圖和坡道方案。

There is definitely a high interest in the high-performance computing part, but also in the communication part. So early to tell, but it's a significant sizable facilities in the size of what we are currently having in our K5 facility in Korea, and the same technologies will run in the US as what we're currently running in in Korea.

人們肯定對高效能運算部分很感興趣，而且對通訊部分也很感興趣。現在說還為時過早，但與我們目前在韓國的 K5 設施的規模相比，這是一個相當大的設施，而且美國將運行與我們目前在韓國運行的技術相同的技術。

I can add a few comments on the investment. As far as it relates to '24, this won't have any material impact on our 2024 investment. We'll start to see some of that CapEx come into play in 2025 as we're planning to break ground in the second half of 2025. But the most significant investments, which will include our machinery and equipment, those will happen in '26 and '27. So as it relates to CHIPS funding, it's a bit too early to tell. Typically, those will lag the investments themselves. And so as we get closer, we'll update you. With respect to '25, we do anticipate being able to continue in our low-teens capital intensity.

我可以就投資補充一些評論。就「24」而言，這不會對我們 2024 年的投資產生任何實質影響。我們將開始看到一些資本支出在 2025 年發揮作用，因為我們計劃在 2025 年下半年破土動工。因此，就 CHIPS 融資而言，現在下結論還為時過早。通常，這些將落後於投資本身。當我們接近時，我們會向您通報最新情況。就 25 年而言，我們確實預計能夠繼續保持低十幾歲的資本強度。

Very helpful. Thank you so much.

很有幫助。太感謝了。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Yeah, hi, thanks for taking my question. Giel, I had a first question. You mentioned of [sensing AI] and ARM-based compute of strong. I hjust has a -- very small -- is there a way to quantify how much is the company's revenues or total revenues today? And where could it be exiting calendar '24, and repeat about the shape of the growth longer term?

是的，嗨，謝謝你提出我的問題。吉爾，我有第一個問題。您提到了[感測AI]和基於ARM的強大運算。我只是有一個——非常小——有沒有辦法量化公司今天的收入或總收入是多少？ 24 年曆會在哪裡退出，並重複長期增長的形狀？

Hi, Krish. The line is not very clear, but the part of your question, the second part was, as I understood it well, this the revenue contribution of AI currently. What I can say there is that we shared the capacity ramp that we triple our capacity by the second quarter of this year, and we executed upon that. What we can share on top of that is that we share for 2024, we will quadruple our revenue versus 2023. So it is a significant ramp or 40 years. The exact percentage of total revenue for Amkor is still in the single digits, but it's growing rapidly.

嗨，克里什。這條線不是很清楚，但你問題的一部分，第二部分，據我了解，這是目前人工智慧的收入貢獻。我可以說的是，我們共享了產能提升，到今年第二季我們的產能增加了兩倍，我們執行了這一目標。除此之外，我們可以分享的是，到 2024 年，我們的收入將比 2023 年翻兩番。 Amkor 總收入的確切百分比仍然是個位數，但正在快速成長。

Giel, I was (technical difficulty) Is it that small. Is it fair to assume that?

吉爾，我是（技術難度）有那麼小嗎。這樣的假設公平嗎？

sorry, I think we missed the line is breaking up. Let me look here at Jennifer.

抱歉，我想我們錯過了分手的線路。讓我看看詹妮弗。

Jennifer -- can you repeat, Krish?

珍妮佛－你能再說一遍嗎，克里什？

What percentage of your compute revenues almost is it today?

今天，它幾乎佔您的計算收入的百分比是多少？

Our compute revenue to date as a percentage of total revenue, let me find that for you. It's in the order of 15% to 17% of total revenue.

我們迄今為止計算的收入佔總收入的百分比，讓我為您找到答案。佔總收入的 15% 至 17% 左右。

And on PCs, like the (inaudible) how much is that?

在個人電腦上，例如（聽不清楚）那是多少錢？

We don't go into the details. I just mentioned before that, that category of PCs is just ramping up now. We have two main customers being introduced in the market. It's still below $100 million of revenue in the quarter. So it's still relatively small.

我們不討論細節。我之前剛剛提到過，這類電腦現在才剛興起。我們在市場上引入了兩個主要客戶。該季度的營收仍低於 1 億美元。所以還是比較小的。

Got it. And then a follow-up for Megan. Thanks for the color on the $400 million in PMP from [chip sack ]. But if I understand it right, the $400 million PMP you get from chip sack, we didn't want to spend a total of $2.7 billion in CapEx, about $2.3 billion out of your own pocket. Is that a fair assumption? And you mentioned that the majority income (inaudible) So should we assume this $2.3 billion as we spned from calendar '25 you can replace some of calender '28?

知道了。然後是梅根的後續行動。感謝 [chip sack] 為價值 4 億美元的 PMP 提供的顏色。但如果我理解正確的話，你從晶片袋中獲得的 4 億美元 PMP，我們不想在資本支出上花費總共 27 億美元，大約是你自己掏腰包的 23 億美元。這是一個公平的假設嗎？您提到大部分收入（聽不清楚）那麼我們是否應該假設我們從日曆'25 中支出的這 23 億美元可以替換日曆'28 的一些？

So Krish, again, we're trying to make sure we heard your question appropriately. I think you're referring to the timing and magnitude of our US investment and how that counter plays with the chips funding. And for the full project, we're expecting to spend about $2 billion, and we are going to do that in phases, which is what this particular chip program is aligned to. So as it relates to phase one, we expect that to be within the next three years be up and running.

克里什，我們再次努力確保我們正確地聽到了您的問題。我認為您指的是我們在美國投資的時機和規模，以及這種投資如何與晶片融資結合。對於整個項目，我們預計花費約 20 億美元，並且我們將分階段進行，這就是這個特定晶片計劃的目標。因此，由於它與第一階段相關，我們預計將在未來三年內啟動並運行。

So we will have had an investment in the order of magnitude of $1.5 billion in order to get that phase up and running to its fullest. The timing of that investment will be concentrated in '27 -- '26 and '27. And the chip's reimbursement traditionally will lag that investment. And as it relates to that. We can't share further details on that at this time.

因此，我們將投資 15 億美元的數量級，以便使該階段充分運作。該投資的時間將集中在'27-'26和'27。傳統上，晶片的報銷將落後於投資。與此相關。目前我們無法透露更多細節。

Randy Abrams, UBS.

蘭迪艾布拉姆斯，瑞銀集團。

Yes, thank you. Just a couple of follow-up questions. First, on the gross margin, it seems like the one area lagging aside from chips is the mature notes. So curious, as you go into next year and you see pickup, how the leverages? And then also, how do you see the fall-through for leverage for investment in the advanced packaging, given you have to spend to grow that business?

是的，謝謝。只是幾個後續問題。首先，就毛利率而言，除了晶片之外，成熟票據似乎是落後的一個領域。很好奇，當你進入明年並看到回升時，槓桿作用如何？另外，考慮到您必須花錢來發展該業務，您如何看待先進封裝投資槓桿的下降？

Okay. Let me start to give some initial comments here on mature notes. In our mature notes, we have in our for Amkor, if we take our mature notes portfolio, specifically related to wirebond the lead frame, and that's very much tuned towards the automotive industrial market. So we are not exposed to the commodity segments of the mature note markets, where there's significant competition from China evolving supply chain.

好的。讓我開始對成熟的筆記發表一些初步評論。在我們的成熟筆記中，我們有 Amkor 的成熟筆記組合，特別是與引線框架引線鍵合相關的筆記，這非常適合汽車工業市場。因此，我們沒有接觸成熟票據市場的商品領域，這些市場存在著來自中國不斷發展的供應鏈的激烈競爭。

So we believe that in the automotive market, although that declined significantly year on year, we were able to hold our market position for mature notes in the automotive markets, and we work with critical customers there, mostly in Europe, US, but a year on our manufacturing, but also in Japan. And the dynamics in each of these markets is similar but not completely the same, but we expect that going towards the end of the year and early next year. We see here a gradual recovery there.

因此，我們認為，在汽車市場，儘管同比大幅下降，但我們能夠在汽車市場上保持成熟票據的市場地位，並且我們與那裡的關鍵客戶合作，主要在歐洲、美國，但一年我們的製造，但也包括日本。每個市場的動態相似但不完全相同，但我們預計這種情況會持續到今年年底和明年初。我們在這裡看到那裡正在逐漸復甦。

That relates to the mature notes with respect to the investment in advanced packaging. We already mentioned the profitability for that investment portfolio and our product and service portfolio is higher than corporate average, and we believe that's a good investment for the company. We also believe that the 2.5D, the high density fan-out technology is a technology, let's say, is developing as a standard technology in the high-performance computing and AI domain. We have a leadership position there. And given the interest we get from a broad customer base that we believe that that will be a sustainable position going forward.

這與先進封裝投資方面的成熟記錄有關。我們已經提到該投資組合的盈利能力以及我們的產品和服務組合高於公司平均水平，我們相信這對公司來說是一項很好的投資。我們也認為，2.5D、高密度扇出技術是一項技術，可以說，正在作為高效能運算和人工智慧領域的標準技術發展。我們在那裡擁有領導地位。鑑於我們從廣泛的客戶群中獲得的興趣，我們相信這將是一個可持續發展的立場。

And the final question you had on the OpEx with the ramp-up of these more complex technologies. Do you see changed R&D intensity or OpEx level that you need to spend like absolute dollars had to pickup or OpEx ratio to advance some of these new technologies?

最後一個問題是關於隨著這些更複雜技術的發展而產生的營運支出。您是否發現您需要花費的研發強度或營運支出水準發生了變化，例如必須增加的絕對美元或營運支出比率才能推進某些新技術？

Hi, Randy. Yeah, we continue to focus and invest in R&D in order to ensure that we're supporting our customers in these new technologies. We don't see what I would characterize a step function in R&D that can be lumpy from time to time, where we have programs that are accelerating before they move into production and move into COGS. I would say from a total OpEx perspective, I wouldn't see that increasing above 8%.

嗨，蘭迪。是的，我們繼續專注並投資於研發，以確保我們在這些新技術方面為客戶提供支援。我們不明白我對研發中階躍函數的描述，它有時會變得不穩定，我們的專案在投入生產和投入銷貨成本之前正在加速。我想說，從整體營運支出的角度來看，我不會看到成長超過 8%。

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

謝謝。此時，我不再提出任何問題，我想將電話轉回給吉爾進行結束語。

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 $0.27. We successfully brought online additional capacity for 2.5D technology and qualified our Vietnam facility to support production ramps in the third quarter. We are expecting third quarter revenue to grow significantly with revenue of $1.835 billion at the midpoint of guidance, reflecting a 26% sequential increase.

好的。謝謝。讓我回顧一下關鍵訊息。 Amkor 第二季業績符合我們的預期，營收為 14.6 億美元，每股收益為 0.27 美元。我們成功地在線增加了 2.5D 技術的產能，並使我們的越南工廠合格，以支持第三季度的產量成長。我們預計第三季營收將大幅成長，營收達到指導中點的 18.35 億美元，季增 26%。

We reached a significant milestone with the US Department of Commerce and aligned on a preliminary memorandum of terms for up to $400 million in direct funding under the Chips and Science Act to support our planned advanced packaging and test facility in Arizona.

我們與美國商務部達成了一個重要的里程碑，並根據《晶片與科學法案》達成了一份初步條款備忘錄，提供高達4 億美元的直接資金，以支持我們計劃在亞利桑那州建立的先進封裝和測試設施。

Looking forward, we remain confident that the secular growth drivers for the industry remain in place. And with our strong technology leadership in advanced packaging, uniquely diversified global footprints, and partnerships with lead customers, we are well positioned to accelerate while exiting the cycle.

展望未來，我們仍然相信該行業的長期成長動力仍然存在。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主要客戶的合作夥伴關係，我們處於有利位置，可以在退出週期的同時加速發展。

Thank you for joining the call today.

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。