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、先生們，大家好，歡迎參加 Amkor Technology 2024 年第二季財報電話會議。我叫迭戈，今天我將擔任您的會議主持人。（操作員指示）提醒一下，本次會議正在錄音。

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

現在，我想將電話轉給投資者關係主管 Jennifer Jue。請珏小姐說。

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.

謝謝您，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。今天與我一起的還有我們的執行長 Giel Rutten 和我們的財務長 Megan Faust。

Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call. 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提交給美國證券交易委員會 (SEC)，並可在我們網站的「投資者關係」頁面上查閱，同時還可查看今天電話會議的簡報幻燈片。在本次簡報中，我們將使用非公認會計準則 (GAAP) 財務指標，您可以在我們的網站上找到與美國公認會計準則 (GAAP) 相當的對帳表。

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.

我們將根據目前所見的環境，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。有關可能導致實際結果與這些預期存在重大差異的風險因素、不確定性和例外情況的信息，請參閱我們的新聞稿和美國證券交易委員會文件。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 表中。

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

現在我將電話轉給吉爾。

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，感謝大家參加今天的電話會議。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。總收入環比增長 7%，這主要得益於對先進封裝的需求，尤其是高階智慧型手機和人工智慧解決方案的 2.5D 技術。

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.

在本季度，我們繼續專注於我們的策略支柱，以提升我們的領導地位。我們成功地在韓國上線了 2.5D 技術的額外產能，並在越南認證了先進的 SiP 和記憶體技術，以支援第三季的生產提升。

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，我們很高興在建立美國先進封裝製造業務方面取得了重要的里程碑。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《晶片與科學法案》向其提供高達 4 億美元的資助。

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立新工廠，為高效能運算 AI、通訊和汽車市場提供先進的封裝和測試。我們期待成為前端晶圓廠、IDM 和供應商組成的強大生態系統的一部分，建立一個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，我們經歷了比季節性更大的成長，這得益於高階智慧型手機的全面發布。

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，但年比仍強勁成長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 技術以及專有的倒裝晶片封裝技術，我們支援從射頻和攝影機到最新的 AI 應用處理器等各種應用，這些應用需要高速、高密度互連和細間距鍵合。

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收入較上季下降 2%。由於需求疲軟和持續的庫存調整，該市場的復甦時間比預期的要長。儘管短期內存在這些變化，但我們相信，長期成長動力仍然完好。

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.

隨著 ADAS 電氣化、資訊娛樂和遠端資訊處理的普及，每輛汽車的半導體含量預計將持續增加，而所有這些都需要先進的封裝技術。Amkor 是領先的汽車資產。它擁有數十年滿足汽車行業嚴格要求的經驗。

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、在歐洲和日本等關鍵地區建立的大規模製造基地以及與汽車供應鏈中的關鍵客戶建立的值得信賴的關係，Amkor 完全有能力在退出當前週期後支持該市場的長期增長。

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.

受人工智慧設備強勁成長和多款基於 ARM 的個人電腦新產品推出的推動，計算端市場收入環比增長 20%。我們按照計畫擴大了 AI 設備的 2.5D 產能，與 2023 年第二季相比，產能增加了兩倍多。

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.

我們預計第三季高頻寬記憶體供應的限制將限制收入成長。Amkor 正透過部署 2.5D 技術引領 OSAT 供應鏈。隨著強勁的需求和額外的產能，我們預計全年 2.5D 收入將比 2023 年的水平增長四倍。

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.

我們將繼續與多家客戶合作開發下一代技術，利用有機中介層，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.

消費終端市場營收季減 6%，原因是傳統物聯網設備在下一代產品預期推出前逐漸停產。傳統消費品需求一直低迷。但採用先進 SiP 技術的新型穿戴產品的大量生產預計將於第三季開始。

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.

消費級物聯網設備需要小型化，並不斷提高整合度。我們的先進 SiP 異質整合技術也能滿足這些要求，而我們新的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很低，我們的重點是成本控制，同時保持高品質標準。

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，我們在韓國實施了2.5D技術的產能提升，在越南實現了先進的SiP和記憶體技術，並為第三季的季節性大幅成長做好了準備。此外，團隊還進一步推進了我們位於亞利桑那州的先進封裝和測試設施，透過推進工廠設計和建設規劃，與客戶合作制定技術路線圖和產能負載方案。

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

在下半年，成本和品質以及管理急劇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，讓我來談談我們第三季的展望。考慮到目前的市場狀況，我們預計第三季的營收將達到指導值的中位數 18.35 億美元。這意味著環比增長 26%，這得益於先進封裝技術為支援季節性推出的高階智慧型手機所做出的貢獻。新型消費穿戴裝置的興起以及高效能運算和基於 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導地位、獨特多元化的全球影響力以及與主要客戶的合作夥伴關係，我們已準備好加速退出這一周期。

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

說完這些，我現在將電話轉給梅根，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 公司第二季營收為 14.6 億美元，符合預期，季增 7%，這得益於先進的 SiP 和 2.5D 技術的優勢。

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%，由於材料含量較高，毛利率較第一季略有下降，毛利擴大了5%。本季的營運費用低於預期，為 1.31 億美元。由於我們越南工廠的準備成本，我們預計 2024 年第二季的營運費用將達到高峰。

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%.

我們計劃於第三季在越南開始生產，我們預計生產開始時部分成本將轉移到銷售成本。營業收入為8,200萬美元，營業收入利潤率為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.

第二季淨收入為 6,700 萬美元，每股收益為 0.27 美元。第二季的 EBITDA 為 2.47 億美元，EBITDA 利潤率為 16.9%。我們的資產負債表依然強勁，本季末我們擁有 15 億美元的現金和短期投資，總流動資金為 22 億美元。截至本季末，我們的總負債為 11 億美元，負債與 EBITDA 比率為 1 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.

接下來是我們對第三季的展望。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得益於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的先進 SiP 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 AI 設備的 2.5D 技術的產能，但高頻寬記憶體限制可能會限制連續的收入成長。鑑於汽車和工業市場需求疲軟且庫存持續調整，我們預計該終端市場與第二季相比可能保持穩定。

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 上，我們預期材料含量將高於季節性。雖然這確實會限制毛利率，但絕對獲利能力的成長率將遠高於收入的成長率。

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.

我們預計第三季的營運費用約為 1.25 億美元。我們預計全年有效稅率約為18%。預計第三季淨收入在 1.05 億美元至 1.4 億美元之間，每股收益在 0.42 美元至 0.56 美元之間。與第二季相比，獲利能力提高了 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.

我們對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 的封裝能力，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。美國商務部將根據《晶片與科學法案》獲得高達 4 億美元的直接資助。我們很自豪能夠成為總部位於美國的領先先進封裝和測試 OSAT，這一里程碑凸顯了我們致力於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，透過提供擴大的產能來支援日益增長的 2.5D 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.

第二，擴大我們廣泛的地理覆蓋範圍，透過在美國製造計劃上取得重要里程碑並簽署 Chip 融資的初步條款備忘錄。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將在我們退出週期後推動未來的成長。

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

現在，我們將開始回答大家的提問。操作員？

(operator instructions)

（操作員指令）

Tom Diffely, D.A. Davidson.

湯姆·迪菲利（Tom Diffely），地方檢察官戴維森。

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

是的，下午好。感謝您允許我提問幾個問題。

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，第一個問題是關於模型本身的。當您將利潤率指引與先前對隨著收入增加而增加的增量毛利率的預期進行比較時。我很好奇，從營運費用線轉移到這個新工廠的毛利率線會產生多大的影響？這對季度環比的影響相對如何？

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.

嗨，湯姆。關於越南生產設施的上線，營運費用的變動，其數量級不會比我們在第二季和第三季的指南中看到的下降幅度大太多。所以這個數字還不到 1000 萬美元。這並不是對第三季利潤率指引的最大影響。

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。那麼，當您查看第三季的利潤率指引時，哪種因素對營收成長和利潤增量的最大影響是抵銷呢？

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，所以實際上，就我們的第三季獲利能力而言，它是與某些產品和產品組合相關的利用率的函數。因此，我們預計第三季的利用率將會增加，可能在 70% 以下。這種現像在我們工廠傳播的方式非常活躍。

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的工廠的利用率很高，而其他工廠的利用率則遠低於預期。和我們之前估計的一樣。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的準備好的評論中所提到的。

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材料內容的旺季。所以這是最大的驅動因素，它將限制流通，這只是需求和產品組合的函數。這不是結構性成本。這就是你關於越戰成本的第一個問題，它不是結構性的。事實上，第三季的製造成本預估我們將其定義為勞動力、折舊和OCOGS，不包括材料。與26%的收入成長相比，這些只會增加中等個位數。

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。當您觀察個人電腦和伺服器市場時，您談到一些新型個人電腦變得越來越活躍，但伺服器仍然相當薄弱。這與正常的季節性不同嗎？這有季節性嗎？或者這實際上只是您在 PC 和伺服器上看到的周期性影響？

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

是的，湯姆。讓我嘗試提供一點色彩。

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.

首先，我們看到通用 PC 市場出現了一些初步復甦，其中 Amkor 在基於 ARM 的 PC 方面實現了具體成長，他們從今年第一季開始加速發展，並進入第四季度，實現了顯著的成長，並且覆蓋了多個客戶。

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，所以整個 PC 市場正在逐漸復甦，特別是基於 ARM 的 PC，我們在這方面佔據了有利地位，並且今年它的銷量正在上升。

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

好的。那麼，就伺服器端而言，您對復原的期望是什麼？

Sorry, can you repeat --

抱歉，您能重複一遍嗎--

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

那麼僅僅針對伺服器晶片和伺服器市場本身嗎？

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，那麼我們預計它將在今年剩餘時間內繼續成長，甚至持續到 2025 年。對於傳統伺服器，我們仍然看到弱點。我們相信，在資料中心，超大規模企業的投資其實都針對人工智慧伺服器。這意味著，可以說，傳統的伺服器仍然相當、相當薄弱。到目前為止，我還不能報告那裡有任何改進。

Charles Shi, Needham & Company.

查爾斯·施（Charles Shi），Needham & Company。

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.

你好，吉爾，梅根。我想問幾個問題。首先，我很高興聽到你們在有機中介層方面取得了進展。你們將在明年上半年，也就是2025年進入市場。我想知道您能否為我們提供更多詳細信息，因為我相信您的 2.5D 技術有三個客戶，至少 90 天前是這樣的。

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.

不知道您是否可以提供最新消息？第二，您與客戶的互動方式是怎麼樣的？有多少人堅持使用矽中介層？如果可以的話，這個問題的第三部分是您為 2.5D 矽中介層基礎和基於 2.5D 有機中介層所採用的工具，它們可以互換嗎？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，你好，查爾斯。很高興聽到你的消息。讓我從你問題的最後一部分開始，關於我們正在投資的工具更具體地說。我認為，我們已經在第二季完成了第一批投資，並且進行了第二批同等規模的投資，這些投資將於 2025 年初（今年年底或 2025 年初）到位。大多數這些工具都可以在基於晶圓的技術之間互換。因此，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.

現在關於從一種技術到另一種技術的轉變，對於這些有機中介層，我們與廣泛的客戶合作，大概有 5 到 10 個客戶。我們目前正在進行初步試生產，預計將於 2025 年初投入大規模生產。從客戶參與的角度和產品組合的角度來看，這種參與更加廣泛。

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，那麼我們確實有三到五個數量級的客戶，我們可以說，這是一個目前正在批量生產的變量，我們預計這種情況也會持續到 2025 年。因此，儘管最初預計一項技術向另一項技術的轉變會更快，但我們現在看到 2.5D 技術將持續到 2025 年。

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

謝謝。是的，太棒了。我可能還會問第二個問題，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，我認為你之前預計收入增長率為 30%。可以理解的是，汽車、傳統消費品、2.5 Dbrand 市場仍然有些疲軟。看起來 HBM 方面存在一些上游限制。這是否會改變你最初認為的 90 天前會出現的 30% 的半年度成長前景？

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，雖然可能存在一些組合轉變，並且我們在第二季度的表現確實略好於預期，但我們的全年營收預期並沒有發生根本性改變。我們預計上半年業績將較為平淡，但下半年將出現比季節性更強勁的顯著成長。推動這一趨勢的因素也與我們強勁的季節性 IOS 發布週期、我們的新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.

我們已經安裝完畢，並且已具備 2.5D 的增量容量。然而，這將受到一些高頻寬記憶體限制的限制。而實際上唯一的改變是汽車和工業持續疲軟。然而，對於汽車和工業而言，我們確實預計第二季將是低谷，並預計第三季將出現溫和的復甦和成長。因此總體而言，就今年第一季和第二季的情況而言，情況可能有所調整，但全年出口站的情況是相同的。

Randy Abrams, UBS.

瑞銀的蘭迪艾布拉姆斯（Randy Abrams）。

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。我想跟進一下您之前對前景的評論。只需澄清幾點，其中之一是關於 HBM 約束。這是我們的觀點嗎？您是否能預見或感覺到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，我認為儘管第三季受到了一點影響，但全年業績相對沒有變化。那麼，如果您可以給出初步看法，那麼在第四季度末，您是否看到了高於季節性的情況？您認為哪些驅動因素將持續到第四季？

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給出一些解釋。目前，我們正在與這三家供應商合作提供高頻寬記憶體。因此，我們完全有資格獲得這三個資格。此限制與產量無關，而是與高頻寬記憶體的供應有關，主要是來自那裡最大的供應商。它在第二季末開始，並且持續到本月。我們預計，第二季和第三季的未來兩個月，情況將恢復正常。但整體來說，對2.5D業務的進一步營收成長還是有一定影響的。

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.

關於您問題的第二部分，下半年成長的驅動因素是什麼？因此，儘管第二季 Android 銷量較上季略有下降，但我們仍看到第二季年增 20%，我們預計這種強勁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，我們預計下半年在通訊方面將會表現強勁。此外，物聯網可聽設備的興起將為下半年帶來有意義的貢獻。我們執行了該資格認證，我們預計產能提升將按計劃進行，正如我們實施的 2.5D 產能擴張一樣。而且，前景和預測符合我們的預期，而且還會成長。

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重新平衡，這比預期的要花費更長的時間。儘管我們認為 2024 年第二季是低谷，但從現在開始，我們將看到更平衡的供應鏈。汽車業大多數細分市場的庫存情況比今年年初更加平衡。根據客戶的回饋，進入第三季度，我們的業務將略有復甦。進入第四季和 2025 年，汽車市場將恢復到原來的季節性。

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，我補充一下你關於第四季的問題，我們第四季的歷史季節性通常是連續持平、上漲或下跌 1% 左右。

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。也許需要澄清的是，我得到了兩個後續問題，快速的後續問題。平坦的正負，聽起來就像你暗示的它正在成長，所有這些部分都應該處於上升階段。看上去一切都好起來了。我想您只是進一步澄清了一下，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？我認為你有點。您是否覺得它有點早，或者您認為它實際上很強大？感覺它實際上更強勁，那麼這與第四季度的成長有什麼關係呢？

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，我們相信這是由於 IOS 的成長，我們看到第二季的營收優於預期。在我看來，這其中有兩個因素。其中一個確實是為下半段坡道而早期建造的。而且，我們看到第一季出現了非常大的調整。因此，我認為這次調整可能幅度太大，因此需要在第二季進行一些調整。因此有兩個主要影響。淨效應是第二季的勢頭更加強勁，但我們預計這種勢頭還將持續到第三季和第四季。

Craig Ellis, B. Riley Securities.

艾利斯 (Craig Ellis)，B. Riley Securities。

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，感謝您回答這個問題。我想跟進一些評論，這些評論似乎是之前許多問題的一個主題，它涉及與三個月前相比在汽車工業、個人電腦市場的傳統伺服器部分以及一些上游約束和高頻寬記憶體方面的觀點變化。

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，首先，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？然後從總體上看，您能否量化這種影響，與您認為的 4 月的影響相比？

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，我會給一些顏色。首先，一個季度前我們沒有預測第三季。所以我只是想確定它們肯定不是我們可以比較的基準。但就其實際而言，我們確實表明了利潤率概況，其會有一個與之相關的產品組合。我們原本預計汽車和工業將比現在更快復甦。所以這可能是您提到的三者中最大的，其次是傳統資料中心。這一數字還在持續下降，而且我們 — — 在我們的計算領域很難看到這種情況，因為這被基於 ARM 的 PC 以及真正重要的 2.5D 的強勁表​​現所抵消。

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，正如您所說，這對第三季度的影響是，由於我們看到一些高頻寬記憶體限制開始回升，我們安裝的增量容量啟動有點慢。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 Giel 來說，這個問題可能更多的是關於您從該地區的一些大客戶那裡聽到的情況，而且可能還有很多小客戶。但是他們對於業務真正開始復甦的時間有何預測呢？第四季它會帶來實質成長嗎？他們是否預期直到 2020 年之前，健康狀況都不會真正恢復到以前的水平？

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，我可以給你一些資訊。首先，我們將今年第二季度稱為汽車產業的低谷季度，這似乎是我們整個客戶群都傳達的一個一致的訊息。也有少數例外，但他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在汽車市場的曝光率，那麼我們的客戶確實一直在向我們傳達這樣的訊息：第二季是低潮。

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.

從這裡來看，如果以同比計算對 Amkor 收入的影響，汽車和工業領域的收入下降幅度約為 20%。因此從現在開始，我們期待情況逐步改善。現在，如果我們看一下第二季和第三季的改善情況，它仍然是適度的，與第二季相比，成長率為低到中等個位數，但我們預計這種改善將繼續下去。但這種情況將持續到 2025 年，我們才會恢復正常運作率。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.

第二件事當然對我們來說，檢查我們的市場地位並驗證這一點非常重要。我們堅信，我們在汽車市場的份額仍在不斷擴大。您可能已經看到歐洲最大的汽車電力公司之一發布的關於碳化矽的公告，我們正在葡萄牙投資或共同投資我們的工廠。該項目正在按計劃繼續進行。實際上，某種程度上，這一趨勢正在加速，因為他們預計 2025 年下半年和 2026 年的需求實際上會增加。

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.

所以總的來說，是的，第三季、第四季將逐步改善，到 2025 年將進一步改善。很難準確預測我們何時能恢復全速運轉。但一些來自客戶的回饋也表明，一級供應商和原始設備製造商實際上對庫存情況有些反應過度。因此目前，一些一級供應商的庫存水準似乎已回升至兩週。因此，您可能會看到在 2025 年出現擺脫這種調整的轉變。但就目前而言，我認為這只是我們的假設。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

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，你好。謝謝你的提問。我想談談毛利率和利用率。因此，如果您可以討論我們進入下半年時毛利率的變化，看起來比第三季中點提高了 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，我知道您在上一季獲得了折舊收益。我只是想知道，針對我們剛才在您的展望中看到的內容，我們是否還需要考慮其他的優缺點？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，就我們第三季的毛利率指導值而言，中間值為 15%。利用率是限制因素，我想說，利用率會對產品組合產生影響，影響因素取決於利用率不足的產品或工廠的性質。因此，就我們的汽車和工業表現弱於預期而言，這對我們所說的高利潤產品以及 2.5D 產生了影響，我們沒有看到預期的連續成長幅度。

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.

話雖如此，我們看到與通訊和消費者相關的成長確實強勁。這主要得益於我們先進的 SIP 技術，且其材料含量非常高。因此，雖然這將毛利率限制在 15% 左右，但我們看到底線收益大幅擴大。因此你會注意到我們的底線每股收益成長了 80% 以上。因此，我們的財務模型中仍然具有很大的槓桿作用。

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.

您還詢問了有關第四季度潛在的賣出和賣出交易的情況。雖然我們目前還沒有預測第四季度的業績，但我們確實預計其中一些產品組合會有所增長，正如 Giel 剛才提到的，具體涉及汽車以及我們的 2.5D 技術。然後，您還詢問了使用壽命中的折舊變化，這是 0.05 美元的收益，並且對第一季產生了約 100 個基點的影響。這對第二季度的影響相當相似，而且也將是類似的，儘管隨著進入下半年並且一些資產的流失，影響將會下降。

Did that address your question, Ben?

這回答了你的問題嗎，本？

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，在剛剛過去的季度，折舊仍然有 0.05 美元的收益，並且會隨著全年的推移而減少。那是不是--

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 針對 25 年上半年所做的插入評論而言，在您進行這種轉變並幫助那些客戶轉向這種轉變時，我們是否需要注意季節性或對利潤率的影響？當這個模型問世時，我們應該注意哪些方面？

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.

本 (Ben) 的評論很少。相對於有機中介層與具有中介層的 2.5D 中介層而言，我們在有機中介層中提供的附加價值更為顯著，比 2.5D 更大，因為我們在那裡採購中介層。那個中介層不存在，但是我們自己基本上提供了一個有機中介層。因此，我們預期利潤率在這轉變過程中會有所提升。

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.

這種轉變究竟如何進行取決於產品的轉換。目前我們看到的是，採用較舊技術的產品似乎使用壽命更長，而一些較新的產品的推出時間可能會比預期的稍晚一些，但這就是我們預見到的影響。

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，僅僅撤回溝通就比預期的結果要好，而且這種情況會持續一整年。這與美國個人投資者協會 (AIPC) 的情況相同嗎？所以我相信這在計算領域會很受歡迎。那麼，您是否認為 AIPC 領域具有像智慧型手機領域一樣的優勢？或者您認為它低於預期嗎？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.

整體來看，AIPC的絕對收入仍然較小。然而，從 x86 到架構的轉變對 Amkor 來說無疑是一個優勢，而且我們相信我們在那裡擁有良好的市場地位。我們從三代前開始與主要客戶合作，目前他們正在不斷成長。他們還在同一台 PC 中擴展自己的矽片，因此這為我們提供了更大的牽引力。

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.

但第二個客戶推出的產品似乎對 PC 製造商非常有吸引力，他們現在正在利用該架構向市場推出新產品。因此我們相信它會有力量並且會進一步發展。關於年內或年內成長的一些具體情況，我們看到各季度的成長呈現逐季遞增趨勢，從目前的情況來看，這種趨勢將持續到 2025 年。

Thank you.

謝謝。

Toshiya Hari, Goldman Sachs.

高盛的 Toshiya Hari。

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.

大家下午好，感謝您回答這個問題。我的第一個問題是您的第三季收入指南。梅根，如果我理解得沒錯的話，你提到汽車工業應該會適度成長。我很好奇您對通訊、消費者和計算有何看法？從季節性的角度來看，我猜測銷售額將達到強勁的兩位數。但計算，特別是您提到的一些 HBM 限制，這項業務能實現兩位數的成長嗎？或者更像個位數？任何形式的定量背景都會非常有幫助。

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

你好，Toshiya。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，我們說汽車產業將會連續實現溫和成長。就計算而言，考慮到高頻寬記憶體限制的一些動態，我們並沒有看到可能出現的兩位數成長。所以對於計算來說這也將處於低到中等個位數。通訊將會變得非常強大。

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，我們看到了非常非常強勁的連續通訊成長。話雖如此，我們第二季的表現確實比季節性更強勁，因此第三季的季節性可能會稍微弱一些，但總體而言，它將非常顯著。然而，隨著我們新推出的物聯網穿戴設備，消費者業務將實現本季環比最大增幅，考慮到其發布規模，季增幅可能高達 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.

這很有幫助，謝謝。然後作為我的後續問題，我問一個關於美國設施的多部分問題。我知道現在還早，但我只是想了解您對亞利桑那州的看法。那麼，就 CHIPS 法案的資金而言，未來幾年或幾年的資本支出時間安排是如何實現的？再說一次，從長期來看，您預計在美國擁有多少比例的產能，以及您在美國工廠的成本競爭力相對於您目前的位置如何？周圍的任何顏色都會非常非常有用。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。讓我先開始，然後梅根可以在財務部分方面提供幫助。都志。我們計劃在美國建造的設施規模相當大。我記得我們一開始是從一個 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，研究建造一個接近 60,000 平方米的無塵室。所以它是相當大的。

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 總貢獻有多大？但這是我們未來將會成長到的數量級。我認為，成長率以及我們將擴大哪些客戶或哪些技術目前正在評估中。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.

人們確實對高效能運算部分很感興趣，但對通訊部分也很感興趣。現在說這個還為時過早，但這是一個相當可觀的設施，規模與我們目前在韓國的 K5 工廠相當，而且我們在美國將採用目前在韓國運行的技術相同。

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.

我可以對這項投資發表一些評論。就 2024 年而言，這不會對我們 2024 年的投資產生任何重大影響。我們計劃在 2025 年下半年破土動工，因此我們將在 2025 年開始看到部分資本支出發揮作用。但最重要的投資，包括我們的機械和設備，將在26年和27年進行。因此，就 CHIPS 資金而言，現在談論它還為時過早。通常而言，這些因素會落後於投資本身。當我們接近尾聲時，我們會及時向您更新訊息。對於25年，我們確實預期能夠持續保持低十幾倍的資本密集度。

Very helpful. Thank you so much.

非常有幫助。太感謝了。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

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，你好，感謝您回答我的問題。吉爾，我有一個第一個問題。您提到了[感知 AI] 和基於 ARM 的強大運算。我只是有一個——非常小的——有沒有辦法量化公司今天的收入或總收入是多少？那麼，24 年曆中的數據將會如何呢？

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.

你好，Krish。這個界線不是很清楚，但你問題的第二部分，據我理解，這是人工智慧目前的收入貢獻。我可以說的是，我們分享了產能提升的目標，到今年第二季我們的產能將增加兩倍，我們已經實現了這個目標。除此之外，我們可以分享的是，到 2024 年，我們的收入將比 2023 年增加四倍。因此，這是一個重要的成長階段，或者說是 40 年。Amkor 總收入的具體百分比仍為個位數，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（技術難度）有那麼小嗎。這樣假設公平嗎？

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電話。讓我看看詹妮弗。

Jennifer -- can you repeat, Krish?

珍妮佛－你能重複一遍嗎，克里什？

What percentage of your compute revenues almost is it today?

目前，這佔您計算收入的百分之多少？

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.

我們的計算收入迄今為止佔總收入的百分比，讓我幫您算算看。約佔總收入的 15% 至 17%。

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？

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.

我們不去談論細節。我之前剛剛提到過，這一類的個人電腦現在才剛開始流行。我們有兩家主要客戶被引入市場。本季的營收仍低於 1 億美元。所以它仍然相對較小。

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。然後是梅根的後續報導。感謝你對 4 億美元 PMP 的評價[碎片袋] 。但如果我理解正確的話，你從晶片袋中獲得的 4 億美元 PMP，我們不想花費總計 27 億美元的資本支出，也就是從你自己的口袋裡拿出約 23 億美元。這是一個合理的假設嗎？您提到大部分收入（聽不清楚）那麼我們是否應該假設這 23 億美元，因為我們從 25 年曆開始就花了這筆錢，可以取代 28 年日曆的一部分？

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.

因此，Krish，我們再次嘗試確保我們正確聽取了您的問題。我想您指的是我們在美國投資的時間和規模，以及這與晶片融資的對應關係。對於整個項目，我們預計將花費約 20 億美元，而且我們將分階段進行，這也是這個特定的晶片計劃的目標。因此，就第一階段而言，我們預計它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，我們將投資約 15 億美元來使該階段充分運作。此項投資的時間將集中在2027年、2026年和2027年。且晶片的報銷通常會落後於投資。並且與此相關。目前我們無法分享有關該問題的更多詳細資訊。

Randy Abrams, UBS.

瑞銀的蘭迪艾布拉姆斯（Randy Abrams）。

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。僅有幾個後續問題。首先，就毛利率而言，除了晶片之外，唯一落後的領域似乎就是成熟票據。非常好奇，當您進入明年並看到回升時，槓桿率如何？而且，考慮到您必須投入資金來發展先進封裝業務，您如何看待投資先進封裝的槓桿效應？

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。讓我在這裡開始對成熟的筆記發表一些初步評論。在我們的成熟票據中，我們有針對 Amkor 的成熟票據組合，特別是與引線框架引線鍵合相關的票據，這非常適合汽車工業市場。因此，我們並未涉足成熟票據市場的大宗商品領域，而這些領域的競爭源自於中國不斷發展的供應鏈。

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，我們相信，在汽車市場，儘管同比大幅下滑，但我們仍然能夠保持我們在汽車市場成熟階段的市場地位，並且我們與那裡的關鍵客戶合作，主要是在歐洲、美國，但我們的製造業務已經開展了一年，但也在日本。每個市場的動態相似但不完全相同，但我們預計這種情況將在今年年底和明年年初出現。我們看到那裡正在逐步復甦。

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.

這與先進封裝投資的成熟票據有關。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高密度扇出技術可以說正在發展成為高效能運算和人工智慧領域的標準技術。我們在那裡佔有領導地位。考慮到廣大客戶對我們的關注，我們相信這將是未來永續發展的基礎。

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?

您提出的最後一個問題是關於隨著這些更複雜技術的興起，營運支出 (OpEx) 的情況。您是否看到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金額或營運支出比率，以推進其中一些新技術？

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%.

你好，蘭迪。是的，我們將繼續專注並投資研發，以確保我們在這些新技術方面為客戶提供支援。我們沒有看到我所描述的研發中的階躍函數，這種函數有時會出現波動，我們的程式在投入生產和轉入銷貨成本 (COGS) 之前會加速。我想說，從整體營運支出的角度來看，我不會看到這一數字超過 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。目前，我沒有其他問題，我想將電話轉回給吉爾作結束語。

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 公佈的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。我們成功上線了 2.5D 技術的額外產能，並使我們越南工廠能夠支援第三季的生產提升。我們預計第三季營收將大幅成長，營收將達到 18.35 億美元（預期中位數），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，並就一項初步條款備忘錄達成一致，根據《晶片與科學法案》直接撥款高達 4 億美元，以支持我們在亞利桑那州計劃中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導地位、獨特多元化的全球足跡以及與主要客戶的合作夥伴關係，我們已準備好加速退出週期。

Thank you for joining the call today.

感謝您今天的電話會議。

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

謝謝各位女士、先生們，今天的電話會議到此結束。您現在可以斷開連線。