艾克爾 (AMKR) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology first-quarter 2025 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 2025 年第一季財報電話會議。我叫 Diego，今天我將擔任你們的會議主持人。（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。珏小姐，請說。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Amkor's first-quarter 2025 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 2025 年第一季財報電話會議。今天與我一起出席的還有我們的執行長 Giel Rutten；以及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，同時還可查閱今天電話會議的簡報幻燈片。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 等效指標的對帳。

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，我將把電話轉給吉爾。

Thank you, Jennifer. Good afternoon, everyone, and thank you for joining the call today. Amkor delivered revenue of $1.32 billion in the first quarter, at the upper end of our guidance. Communications revenue exceeded our expectations, while other end markets performed as anticipated. EPS was $0.09, impacted by higher R&D costs, including accelerated development in RDL technology for additional programs scheduled to ramp this year.

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 第一季的營收為 13.2 億美元，處於我們預期的上限。通訊收入超出我們的預期，而其他終端市場的表現也符合預期。每股收益為 0.09 美元，受到研發成本增加的影響，包括為今年計劃增加的其他項目加速 RDL 技術的開發。

We are closely monitoring the tariffs and trade regulations. On tariffs, our global manufacturing operations are largely unaffected at this time because the majority of our facilities operate in free trade zones, and we only ship a small amount of semiconductors into the US. The main uncertainties revolve around potential disruptions to our customers' supply chains and potential demand swings for consumer-driven end products.

我們正在密切關注關稅和貿易法規。關於關稅，我們的全球製造業務目前基本上不受影響，因為我們的大多數工廠都在自由貿易區運營，我們只向美國運送少量半導體。主要的不確定因素包括我們客戶供應鏈的潛在中斷以及消費者驅動的最終產品的潛在需求波動。

Our diversified global footprint and long-standing partnerships allow us to help customers work through this complexity. On trade, we continue to monitor evolving US export controls, including expanding technology restrictions. As an approved OSAT by the US Department of Commerce, we are an ideal partner for our customers.

我們多元化的全球業務和長期的合作夥伴關係使我們能夠幫助客戶解決這個複雜問題。在貿易方面，我們持續關注美國出口管制的演變，包括擴大技術限制。作為美國商務部批准的OSAT，我們是客戶的理想合作夥伴。

The Amkor team is handling these market dynamics with agility and is focused on executing our long-term strategy. Our strategic framework is based on three pillars: strengthening our technology leadership, expanding our geographic footprint, and partnering with lead customers in growth markets. This strategy helps us to leverage our competitive advantages that differentiate Amkor as a Tier 1 OSAT.

Amkor 團隊正在靈活地應對這些市場動態，並專注於執行我們的長期策略。我們的策略框架基於三大支柱：加強我們的技術領導地位、擴大我們的地理覆蓋範圍以及與成長市場的主要客戶合作。這項策略有助於我們發揮競爭優勢，使 Amkor 成為一級 OSAT。

As a technology leader in advanced packaging and test, we are a trusted partner for the largest semiconductor companies to enable their product roadmaps. Our leadership and engineering expertise allow us to address manufacturing complexities through co-development with customers, utilizing our broad technology portfolio.

作為先進封裝和測試領域的技術領導者，我們是最大的半導體公司值得信賴的合作夥伴，可以幫助他們實現產品路線圖。我們的領導力和工程專業知識使我們能夠利用廣泛的技術組合與客戶共同開發來解決製造複雜性。

High-performance computing and AI are driving technology innovations and the need for advanced packaging. In addition to our engagements in 2.5D and RDL technology, we are collaborating with our data center and networking customers on co-packaged optics and photonics solutions. Amkor is engaged in photonics in pluggable devices and in next-generation advanced co-packaged optics devices with heterogeneous integration of optical engine chiplet dies in a module format, improving power, bandwidth, signal, and space efficiency.

高效能運算和人工智慧正在推動技術創新和對先進封裝的需求。除了我們在 2.5D 和 RDL 技術方面的投入外，我們還與資料中心和網路客戶合作開發共封裝光學和光子學解決方案。Amkor 致力於可插拔設備中的光子學以及下一代先進的共封裝光學設備，採用模組格式異質整合光學引擎晶片，提高功率、頻寬、訊號和空間效率。

The growing complexity of devices requires a comprehensive testing strategy. This quarter, we confirmed plans for a turnkey test solutions expansion on our K5 campus in Incheon, Korea, where also our main R&D center is located. We expect the first phase of the expansion to be operational in the existing K5 facility by the end of 2025. The next phase, including a new building, is expected to be operational in the first half of 2027.

設備日益複雜，需要全面的測試策略。本季度，我們確認了在韓國仁川 K5 園區（我們的主要研發中心也位於此處）擴展交鑰匙測試解決方案的計畫。我們預計擴建的第一階段將於 2025 年底在現有的 K5 工廠投入營運。下一階段包括一座新建築的建設，預計將於 2027 年上半年投入營運。

Our second pillar aims to expand our geographic footprint to align with customer and industry supply chains. To support accelerated demand for advanced packaging services in the US, we are evaluating options to increase scale and expand our technology offerings. We continue to broaden our partnerships with lead customers and silicon foundries, and we are on track to begin construction of our Arizona facility in the second half of 2025. Beyond these significant projects, we continuously evaluate our footprint to ensure we are optimally scaled with the right technologies in the right locations.

我們的第二個支柱旨在擴大我們的地理覆蓋範圍，以與客戶和行業供應鏈保持一致。為了支持美國對先進封裝服務的加速需求，我們正在評估擴大規模和擴展技術產品的方案。我們繼續擴大與主要客戶和矽片代工廠的合作夥伴關係，並計劃於 2025 年下半年開始建造亞利桑那州工廠。除了這些重要項目之外，我們還不斷評估我們的足跡，以確保我們在正確的地點採用正確的技術以實現最佳擴展。

In our third pillar, we are strengthening collaboration with leading semiconductor companies to facilitate early engagements in product development and to co-develop innovative advanced packaging solutions to enable fast time to market for lead applications in the industry. In communications, we have primarily served the premium-tier smartphone market for both the iOS and the Android ecosystems.

在我們的第三支柱中，我們正在加強與領先半導體公司的合作，以促進產品開發的早期參與，並共同開發創新的先進封裝解決方案，以快速將行業領先應用推向市場。在通訊領域，我們主要服務 iOS 和 Android 生態系統的高階智慧型手機市場。

With AI applications shifting to edge devices, we expect innovation within smartphones will accelerate in premium tier first, notably in apps processors and connectivity applications, both requiring advanced packaging. Within the computing end market, we support customers across the data center and PC landscape with advanced packaging and tests for multiple devices in AI and high-performance computing applications.

隨著人工智慧應用轉向邊緣設備，我們預計智慧型手機的創新將首先在高階領域加速，尤其是應用處理器和連接應用，這兩者都需要先進的封裝。在運算終端市場，我們為資料中心和 PC 領域的客戶提供針對 AI 和高效能運算應用中多種設備的先進封裝和測試支援。

The accelerated transition to a new AI GPU product family and the expanded trade restrictions tempered our outlook for this year. Demand for prior generation devices will continue for the year, but volumes are difficult to predict due to impact of export controls. Overall, we have a robust project pipeline in our computing end market, including our new 2.5D switching customer that continues to ram volume and our first AI CPU programs ramping on RDL interposing technology, which gives us further confidence in our long-term outlook.

向新的 AI GPU 產品系列的加速過渡以及擴大的貿易限制降低了我們對今年的展望。今年對上一代設備的需求將持續，但由於出口管制的影響，銷售量難以預測。總體而言，我們在計算終端市場擁有強大的專案管道，包括我們新的 2.5D 交換客戶（該客戶繼續增加容量）和我們的第一個 AI CPU 程式在 RDL 插入技術上增加，這使我們對長期前景更加有信心。

While the automotive and industrial end markets are still recovering from weak end market demand and elevated inventory levels, the demand for advanced packaging solutions continues to be robust. The main driver is proliferation of ADAS and infotainment functionality across the car ranges. Amkor is a leading automotive OSAT provider with a strong track record in automotive manufacturing and advanced packaging technology, where we have a solid pipeline with multiple customers for new radar and lidar applications, ADAS, and CMOS image sensor programs.

雖然汽車和工業終端市場仍在從疲軟的終端市場需求和高庫存水準中復甦，但對先進封裝解決方案的需求仍然強勁。主要驅動因素是 ADAS 和資訊娛樂功能在汽車領域的普及。Amkor 是一家領先的汽車 OSAT 供應商，在汽車製造和先進封裝技術領域擁有良好的業績記錄，我們擁有面向新雷達和雷射雷達應用、ADAS 和 CMOS 影像感測器專案的多個客戶的穩定管道。

In the consumer market, long-term drivers include the growing demand for wearables and connected devices. Our advanced SIP expertise positions us well for consumer growth. And between our established Korea facility and new Vietnam facility, we have alternative locations to offer customers this technology. In summary, we remain confident in our strategy to achieve long-term profitable growth. We are actively supporting customers to resolve supply chain challenges in the current dynamic environment, and we are focused on executing our strategy.

在消費市場，長期驅動因素包括對穿戴式裝置和連網裝置日益增長的需求。我們先進的 SIP 專業知識使我們在消費者成長方面佔據有利地位。在我們現有的韓國工廠和新建的越南工廠之間，我們有其他地點可以為客戶提供這項技術。總而言之，我們對實現長期獲利成長的策略仍然充滿信心。我們積極支持客戶解決當前動態環境中的供應鏈挑戰，並專注於執行我們的策略。

With that, I will now turn the call over to Megan to provide more details on our first-quarter performance and near-term outlook.

現在，我將把電話轉給梅根，讓她提供有關我們第一季業績和近期展望的更多細節。

Thank you, Giel. And good afternoon, everyone. As Giel mentioned, we are navigating a dynamic environment. The team is focused on adapting to change and managing elements within our control while continuing to execute on our long-term strategy. Amkor delivered first-quarter revenue of $1.32 billion, reflecting a 3% year-on-year decline. Revenue in our communications end market decreased 19% year on year, primarily driven by lower revenue within the iOS ecosystem.

謝謝你，吉爾。大家下午好。正如吉爾所提到的，我們正在一個動態的環境中航行。團隊專注於適應變化和管理我們控制範圍內的因素，同時繼續執行我們的長期策略。Amkor 第一季營收為 13.2 億美元，年減 3%。我們的通訊終端市場營收年減 19%，主要原因是 iOS 生態系收入下降。

A new SIP socket we are co-developing for the next generation of smartphones is on track to begin production by the end of June. For the second quarter, communications revenue is expected to increase sequentially, reflecting efforts to optimize line utilization. Revenue in our computing end market increased 21% year on year, driven by multiple engagements across data center, networking, and PC customers, as well as accommodating dynamic build patterns for AI GPUs using 2.5D technology.

我們正在為下一代智慧型手機共同開發的新型 SIP 插座預計將於 6 月底開始生產。第二季度，通訊收入預計將環比成長，反映出優化線路利用率的努力。我們的運算終端市場營收年增 21%，這得益於資料中心、網路和 PC 客戶的多項合作，以及使用 2.5D 技術適應 AI GPU 的動態建構模式。

Computing is expected to grow sequentially in the second quarter, driven by strong demand for new PC devices. Revenue in the automotive and industrial end market declined 6% year on year but remained stable sequentially across both Advanced and Mainstream Products. Our project pipeline with our largest customers in ADAS, infotainment, and other advanced applications is robust. And we have begun ramping solutions that we expect to drive growth for this end market in Q2.

受新 PC 設備強勁需求的推動，預計第二季計算業務將環比成長。汽車和工業終端市場的收入年減 6%，但先進產品和主流產品的收入較上季保持穩定。我們與 ADAS、資訊娛樂和其他先進應用領域的最大客戶之間的專案合作非常緊密。我們已經開始推出預計在第二季推動該終端市場成長的解決方案。

Revenue in our consumer end market increased 23% year on year, driven by a continuation of the hearable program utilizing advanced SIP technology that launched in the second half of last year. For Q2, we expect the consumer market to be relatively flat sequentially. First-quarter gross profit was $158 million, and gross margin was 11.9%. Gross margin was lower sequentially and year over year due to the impact from lower volumes, with resulting factory utilization in the low 50s.

我們的消費終端市場收入年增 23%，這得益於去年下半年推出的利用先進 SIP 技術的可聽設備專案的延續。對於第二季度，我們預計消費市場將環比持平。第一季毛利為1.58億美元，毛利率為11.9%。由於產量下降的影響，毛利率環比和年比均有所下降，導致工廠利用率降至 50% 以下。

Operating expenses came in higher than expected at $126 million, primarily due to the increase in R&D, which Giel mentioned is associated with development of new technology, including RDL, that is expected to ramp later this year. Operating income was $32 million, or 2.4% of sales. Cost containment measures are in place globally, and we have continued to be profitable throughout this semiconductor cycle.

營運費用高於預期，達到 1.26 億美元，主要原因是研發費用增加，Giel 提到這與包括 RDL 在內的新技術開發有關，預計該技術將在今年稍後增加。營業收入為 3,200 萬美元，佔銷售額的 2.4%。全球範圍內都採取了成本控制措施，並且我們在整個半導體週期中持續保持盈利。

Net income was $21 million and EPS was $0.09. First-quarter EBITDA was $197 million and EBITDA margin was 14.9%. Amkor has exhibited strict financial discipline and maintains a strong balance sheet. We ended the quarter with $1.56 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 $1.15 billion and our debt-to-EBITDA ratio is 1.1 times.

淨收入為 2,100 萬美元，每股收益為 0.09 美元。第一季 EBITDA 為 1.97 億美元，EBITDA 利潤率為 14.9%。Amkor 一直嚴格遵守財務紀律，並維持強勁的資產負債表。本季末，我們的現金和短期投資為 15.6 億美元，總流動資金為 22 億美元。截至本季末，我們的總負債為 11.5 億美元，負債與 EBITDA 比率為 1.1 倍。

The strong and flexible balance sheet we have built enables us to enhance shareholder returns by investing in organic growth, including technology development with lead customers; exploring strategic investments to optimize our global footprint; and returning cash to shareholders within our capital allocation framework. We are confident that this multifaceted and balanced approach will allow us to create long-term shareholder value.

我們建立的強大且靈活的資產負債表使我們能夠透過投資有機成長（包括與主要客戶的技術開發）來提高股東回報；探索策略性投資以優化我們的全球影響力；並在我們的資本配置框架內向股東返還現金。我們相信，這種多面向、均衡的方法將使我們能夠創造長期股東價值。

Moving on to our second-quarter outlook, we expect revenue between $1.375 billion and $1.475 billion, representing growth of 8% sequentially at the midpoint. We are closely monitoring the impact of tariffs and other trade regulations, which may affect demand. Gross margin is expected to be between 11.5% and 13.5%, reflecting a modest improvement in utilization across our factories. We expect operating expenses of around $125 million for the quarter and a full-year effective tax rate of around 20%.

展望第二季度，我們預期營收在 13.75 億美元至 14.75 億美元之間，中間值環比成長 8%。我們正在密切關注關稅和其他貿易法規的影響，這些可能會影響需求。預計毛利率將在 11.5% 至 13.5% 之間，這反映出我們工廠的利用率略有提高。我們預計本季營運費用約為 1.25 億美元，全年有效稅率約為 20%。

As a result, second-quarter net income is expected to be between $17 million and $57 million, resulting in EPS between $0.07 and $0.23. Our CapEx forecast for 2025 remains unchanged at $850 million, of which 5% to 10% is estimated for our new advanced packaging facility in Arizona. Our investments are focused on expanding capacity and capability for leading-edge technology, including the next-generation RDL and bridge technology, advanced SIP, and test solutions. We will continue to monitor the environment and prudently evaluate our investments.

因此，預計第二季淨收入在 1,700 萬美元至 5,700 萬美元之間，每股收益在 0.07 美元至 0.23 美元之間。我們對 2025 年的資本支出預測保持不變，為 8.5 億美元，其中預計 5% 至 10% 用於我們位於亞利桑那州的新先進封裝工廠。我們的投資重​​點是擴大尖端技術的產能和能力，包括下一代 RDL 和橋接技術、先進的 SIP 和測試解決方案。我們將繼續監測環境並審慎評估我們的投資。

Although tariffs and trade regulations are constantly evolving, Amkor's operations remain largely unaffected. Our shipments to the US are immaterial, and nearly all of our operations are in some form a free trade zone, which provide duty relief for the direct supply of equipment, materials, and components. We believe our diversified geographic footprint remains a competitive advantage, and we will continue to closely monitor developments in this area.

儘管關稅和貿易法規不斷變化，但 Amkor 的營運基本上不受影響。我們向美國的出貨量並不大，而且我們幾乎所有的業務都以某種形式存在於自由貿易區，這為直接供應設備、材料和零件提供了關稅減免。我們相信，我們多元化的地理覆蓋範圍仍然是我們的競爭優勢，我們將繼續密切關注這一領域的發展。

In this dynamic environment, we remain poised and ready to support our customers. Our team continues to execute our strategic plan. We are investing in differentiated technology to maintain our position as a leader in the OSAT space. We are optimizing and expanding our geographic footprint, and we are closely partnering with leading semiconductor companies that are addressing market megatrends.

在這個充滿活力的環境中，我們始終保持冷靜並隨時準備為客戶提供支援。我們的團隊繼續執行我們的策略計劃。我們正在投資差異化技術，以保持我們在 OSAT 領域的領先地位。我們正在優化和擴大我們的地理覆蓋範圍，並與領先的半導體公司密切合作，以應對市場大趨勢。

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) Charles Shi, Needham.

（操作員指示）Charles Shi，Needham。

Hi, thanks for taking my question. Maybe I missed a little bit the first part of the preparing marks, but I wonder if you guys can provide some color on why the Q1 you've done, a little bit better than expected. But Q2, I'm especially interested in your thoughts on Q2. Because the amount of sequential growth for Q2, if I look at the midpoint of the guidance range, is one of the stronger Q2 in recent history; and wonder, do you see any potential impact from any pull-ins due to concerns on the tariffs for any of the two quarters, Q1 or Q2? Thank you.

你好，謝謝你回答我的問題。也許我錯過了準備分數的第一部分，但我想知道你們是否可以解釋為什麼你們所做的 Q1 比預期的要好一點。但是 Q2，我對您對 Q2 的想法特別感興趣。因為如果我看一下指導範圍的中點，第二季度的連續增長量是近代歷史上較強勁的第二季度之一；並且想知道，您是否認為由於對第一季度或第二季度的關稅擔憂而產生的任何潛在影響？謝謝。

Hello, Charles. This is Giel. Let me start answering your question. First of all, Q1 -- in Q1, we had strength in our communication business, and the other businesses were performing in line with expectations. Now for Q2, we see growth versus Q1, again in communication. And on top of that, we see strength in the computing domain, and that goes across applications from data center into the PC domain but also in networking. So that's a strength in Q2.

你好，查爾斯。這是吉爾。讓我開始回答你的問題。首先，在第一季度，我們的通訊業務表現強勁，其他業務的表現也符合預期。現在就第二季而言，我們再次看到與第一季相比有所成長，這體現在溝通方面。除此之外，我們也看到了運算領域的優勢，這種優勢涵蓋了從資料中心到 PC 領域的應用，也涵蓋了網路領域。所以這是第二季的優勢。

Do we believe that the Q2 strength is related to market pull-ins? That's not what we observe, Charles. I think we see -- we're working with customers to optimize the utilization of our lines, but that's more on our own, let's say, management structure that we normally have, but it's not really a pull-in from our customers. So we don't see that in neither of the markets that we serve.

我們是否認為第二季的強勁表現與市場吸引力有關？查爾斯，我們觀察到的並不是這樣。我想我們看到了——我們正在與客戶合作以優化我們的生產線的利用率，但這更多的是我們自己的，可以說，我們通常擁有的管理結構，但這並不是真正來自客戶的拉動。因此，在我們服務的兩個市場中，我們都沒有看到這種情況。

Got it, thanks. The second question, you guys are maintaining that $850 million CapEx. Given the recent tariff news, any thoughts on the continued expansion in Vietnam? And any thoughts that you may or may not continue the current investment in that specific country that probably can be hit by the tariffs?

明白了，謝謝。第二個問題，你們維持 8.5 億美元的資本支出。鑑於最近的關稅新聞，您對越南的持續擴張有何看法？您是否考慮過是否會繼續在可能受到關稅影響的特定國家進行當前的投資？

Yes, let me give you some color on our CapEx plans, and Megan can give more details later on, Charles. Currently, we don't foresee that we significantly change of our CapEx plan, although we remain flexible as much as possible if we observe unexpected events later in the year where we then can push out certain investments.

是的，讓我向您介紹我們的資本支出計劃，查爾斯，梅根稍後可以提供更多細節。目前，我們預計我們的資本支出計畫不會發生重大變化，但如果我們在今年稍後觀察到意外事件，我們會盡可能保持靈活性，然後可以推遲某些投資。

Now 70% of our investments are in capacity and capabilities, of which -- and then 25% is facilities and construction expansion, of which 5% to 10% is for our Arizona and Portugal facility. Now if we take the 70% on capacity and capabilities, it's mostly to support our high-performance computing market that goes across different applications from PC into networking across 2 and RFD technology as well as RDL technologies.

現在，我們 70% 的投資用於產能和能力，其中 25% 用於設施和建設擴建，其中 5% 到 10% 用於我們的亞利桑那州和葡萄牙工廠。現在，如果我們將 70% 的容量和能力用於支援我們的高效能運算市場，該市場涵蓋從 PC 到 2G 網路、RFD 技術以及 RDL 技術的不同應用。

We still see a strong pipeline there, but that may be impacted by a tariff structure that may change in the course of this year. And by watching that closely and working with our customers, we foresee that we have opportunities to, let's say, delay certain shipments of equipment. Although we believe that long term and midterm, this will continue to be a strong market. And most of our investments are for fungible equipment. And on top of that, we invest in expansion of our test capability and capacity. Megan, anything to add from your side?

我們仍然看到那裡有強大的管道，但可能會受到今年可能發生變化的關稅結構的影響。透過密切關注並與客戶合作，我們預見到我們有機會延遲某些設備的發貨。儘管我們相信從長期和中期來看，這仍將是一個強勁的市場。我們的大部分投資都是用於可替代設備。除此之外，我們還投資擴大我們的測試能力和容量。梅根，您還有什麼要補充的嗎？

Charles, I think as we look at our current view, our first half, I would say, shaped up slightly better than what we expected with our Q1 coming in at the high end of guide, and then strong compared to our seasonal expectations for Q2. So as Giel mentioned, we're not seeing any significant changes from our customers' perspectives, so we are holding our CapEx expectations, although we will continue to monitor that.

查爾斯，我認為，從我們目前的觀點來看，我們的上半年表現略好於我們的預期，第一季度的表現達到了指導值的高端，而第二季度的表現則比我們的季節性預期更為強勁。正如吉爾所提到的，從客戶的角度來看，我們沒有看到任何重大變化，因此我們維持資本支出預期，但我們會繼續監控這一點。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Yes, hi. Good afternoon. Hope you can hear me okay. I wanted to ask about the Communications segment beyond the 2Q. Should this be better than seasonal for the second half, given the win of the new socket? And I was wondering what that would mean for margins. And then also, in the answer to your question, if you thought about tariffs and how that may impact the seasonality in the second half as well in the comms sector. Thanks.

是的，你好。午安.希望您能聽到我的聲音。我想詢問一下第二季之後的通訊部門的情況。考慮到新插座的勝利，這是否應該比下半年的季節性表現更好？我想知道這對利潤意味著什麼。另外，在回答你的問題時，你是否考慮過關稅以及關稅如何影響下半年通訊產業的季節性。謝謝。

Well, it's difficult to give details on the second half here, Ben, because what we can say on the second half is that the fundamentals going into the second half are unchanged. I mean, if we take critical programs, specifically in the Communications segments, that's still in line with what we expected before. The new program with our lead customer is we have line of sight, and we will start initial ramp in the second quarter towards the end of the second quarter. So we expect that to happen. Our projections and our program and project pipeline in the Communications segment is also expected.

嗯，本，這裡很難提供有關下半年的詳細信息，因為我們可以說的是，進入下半年的基本面沒有改變。我的意思是，如果我們採取關鍵項目，特別是在通訊領域，這仍然符合我們先前的預期。我們與主要客戶的新計劃是我們已經預見的，我們將在第二季末開始初步試運行。所以我們預計這會發生。我們對通訊領域的預測以及計劃和專案管道也是有預期的。

So we believe that our market position there is strong, both on the iOS side as well as on the Android side. However, given the trade restrictions and the uncertainties there, the macro indicators like the consumer demand profile and impact of, let's say, tariffs may impact the total volumes and may influence bill plans of customers. So that creates significant uncertainties. Now for ourselves, we clearly focus on the elements that we can influence, and we are very confident that our position in the communication market is as we predicted earlier.

因此我們相信，無論是在 iOS 還是 Android 領域，我們的市場地位都很穩固。然而，考慮到貿易限制和不確定性，消費者需求狀況和關稅等宏觀指標可能會影響總量，並可能影響客戶的帳單計劃。因此，這會產生很大的不確定性。現在對於我們自己來說，我們明確地專注於我們能夠影響的因素，並且我們非常有信心我們在通訊市場中的地位正如我們之前所預測的那樣。

Ben, just to comment on your question with respect to gross margins, as we move into the second half, we would expect those gross margins to expand as we increase utilization. So that would be expected given our financial model. But as Giel mentioned, we'll be watching demand carefully in order to flex costs where possible to manage profitability.

本，我只是想評論一下你關於毛利率的問題，隨著我們進入下半年，我們預計隨著利用率的提高，毛利率將會擴大。因此，根據我們的財務模型，這是可以預料到的。但正如吉爾所提到的，我們將密切關注需求，以便盡可能調整成本，從而管理獲利能力。

Okay, great. If I could just slip in one more, I wanted to just clarify on the auto industrial guidance given that the margin impact that you have in that vertical. What are you thinking there? Can you just reiterate what you said about the 2Q and in the second half? And does that have the same uncertainty with regard to tariffs as the other spaces, or is that space really picking up?

好的，太好了。如果我可以再插播一點的話，我想澄清一下汽車行業指導，因為該行業對利潤率有影響。你在想什麼？您能否重申您對第二季和下半年的看法？那麼，這個領域在關稅方面是否也存在著與其他領域相同的不確定性，還是這個領域真的在復甦？

Well, we believe that the automotive market and the performance in that market hit the trough, and we are very careful in anticipating further growth. We definitely see strength on the advanced packaging in automotive that is driven by in-car infotainment, ADAS applications, and that comes also with peripheral devices like image sensors and other sensor devices. So we see strength there.

嗯，我們認為汽車市場及其表現已經觸底，我們對進一步的成長持非常謹慎的預測。我們確實看到了汽車先進封裝的優勢，這種優勢由車載資訊娛樂、ADAS 應用以及影像感測器和其他感測器設備等周邊設備所驅動。所以我們在那裡看到了力量。

On the more mainstream side of the automotive market, if we talk to our customers, the lead customers there are confident that they hit the trough, although we don't see too much of a growth signal there going into the next quarter. So overall, we believe that the second quarter is giving, let's say, single-digit, mid-single-digit growth quarter on quarter. But still, we're careful in predicting a strong second half of this year in automotive.

在汽車市場的更主流方面，如果我們與客戶交談，那裡的主要客戶相信他們已經觸底，儘管我們沒有看到下個季度出現太多的成長訊號。因此，總體而言，我們認為第二季的環比成長將達到個位數或中等個位數。但我們仍然謹慎地預測今年下半年汽車產業將表現強勁。

Thanks a lot. Appreciate the answers from both of you.

多謝。感謝你們兩位的回答。

Randy Abrams, UBS.

瑞銀的蘭迪·艾布拉姆斯。

Yes, hi. Thank you. I wanted to ask the first question on the Arizona expansion. Two parts to it. I think, first, how you're thinking about your opportunity now with TSMC announcing their two sites in US, if you could talk where you see your opportunity versus their expansion. And the other side, it sounds like even given that you're expanding or potentially considering a faster plan -- so if you could talk the potential to either pull in or raise the scale of Arizona, if indeed you see a bigger opportunity there.

是的，你好。謝謝。我想問的第一個問題是關於亞利桑那州擴張的。它分為兩部分。我認為，首先，鑑於台積電宣佈在美國建立兩個工廠，您如何看待自己的機會，能否談談相對於他們的擴張，您認為自己的機會在哪裡。另一方面，聽起來即使您正在擴張或可能考慮一個更快的計劃 - 所以如果您可以談論吸引或擴大亞利桑那州規模的可能性，如果您確實在那裡看到了更大的機會。

Yes, good point. Let me share our view there. Now the announcements made by TSMC for enhancing and increasing their investments in the US, we believe that's an opportunity for Amkor. The increased scale of their operation, also the enhancement of next-generation technology that would come into the US will mean that the volumes will increase. And we currently believe that in our strategy to be complementary to TSMC that that will increase the opportunity for Amkor.

是的，說得好。讓我分享一下我們的觀點。現在台​​積電宣布加強和增加在美國的投資，我們認為這對安靠來說是一個機會。其經營規模的擴大以及進入美國的下一代技術的增強將意味著產量將會增加。我們目前認為，我們的策略與台積電互補，這將增加 Amkor 的機會。

We're currently evaluating the technology portfolio for our Arizona facility because that will be impacted, moving maybe more to an on-substrate technology, but that's still to be seen. So we're looking at two ways currently. One is to accelerate, and secondly, to scale up faster than we originally anticipated in line with increasing demand. And that's how we currently evaluate the opportunities in the US, Randy.

我們目前正在評估亞利桑那州工廠的技術組合，因為它將受到影響，可能會更多地轉向基板技術，但這還有待觀察。因此我們目前正在考慮兩種方法。一是加速，二是隨著需求的不斷成長，以比原先預期更快的速度擴大規模。這就是我們目前對美國機會的評估，蘭迪。

Okay. Yes, and a quick follow up, and then I'll ask a second question. The faster than anticipated -- if you could give the timeline how you see the scale up, like in terms of going into volume for that facility. And then the second question on a couple of the advanced technology, curious how you're seeing the potential come in.

好的。是的，快速跟進一下，然後我會問第二個問題。比預期的要快——如果您可以給出時間表，您如何看待規模擴大，例如就該設施的產量而言。第二個問題是關於一些先進技術，我很好奇您如何看待這些技術的潛力。

I think you mentioned the RDL interposer accelerating some of the R&D. So how you see it in terms of design activity or opportunities once you go into production for that? And then the second, you mentioned a bit more on the co-packaged optics, when you see timing and how you see participating versus TSMC, which has some vertical integration there.

我想您曾提到 RDL 中介層加速了一些研發。那麼，一旦投入生產，您如何看待設計活動或機會呢？第二，您更提到了共同封裝光學元件，以及時間和與台積電相比的參與情況，台積電在這方面有一些垂直整合。

Okay. Well, let me start with the first part of your question related to the timeline, Randy. We were currently still on schedule to start our manufacturing location in Arizona, the building in the second half of this year. We're looking for ways to accelerate this, and I think options are there to have a 7/24 building schedule. You have to keep in mind that building a packaging facility for us, our last facility that we built in Vietnam, took us 18 months from groundbreaking to equipment move in. We expect that to be a little bit longer in Arizona, but we're looking for ways and means with our contractors to accelerate that.

好的。好吧，蘭迪，讓我從與時間線相關的問題的第一部分開始。我們目前仍按計劃於今年下半年啟動位於亞利桑那州的生產基地建設。我們正在尋找加速這一進程的方法，我認為可以選擇制定 7/24 的建設計劃。您必須記住，我們在越南建造的最後一個包裝設施，從破土到設備進場，花了我們 18 個月的時間。我們預計在亞利桑那州這一過程會稍微長一些，但我們正在與承包商一起尋找方法來加快這一進程。

Now also with respect to the scale and the technology portfolio, now originally, when we started to evaluate an opportunity, and that was also publicly announced with TSMC and our lead customer, we were very much tuned towards starting with communication technology. Currently, with the compute market growing as it does, we are evaluating the best technology portfolio there. We believe that it's a combination of communication together with compute technology, and compute would be a combination of a few elements.

現在，就規模和技術組合而言，最初，當我們開始評估一個機會時，並且這也是與台積電和我們的主要客戶公開宣布的，我們非常傾向於從通訊技術開始。目前，隨著計算市場的不斷增長，我們正在評估最佳的技術組合。我們認為它是通訊與計算技術的結合，而計算則是幾個元素的結合。

It would be an RDL or 2.5D technology portfolio combined with an on-substrate portfolio. We're working with TSMC to be as seamless as possible for customers that transfer their technology, their product portfolio out of Asia into the US, but we had currently anticipated that that will be a portfolio of technology that we will support. Now on the timing exactly, of -- I cannot talk about on behalf of TSMC, so there's still many details to be discussed. And we are in constant communication to get the details sorted out.

它將是 RDL 或 2.5D 技術組合與基板上組合的結合。我們正在與台積電合作，盡可能為那些將其技術和產品組合從亞洲轉移到美國的客戶提供無縫銜接的服務，但我們目前預計這將是我們將支援的技術組合。現在關於具體時間，我無法代表台積電談論，所以還有很多細節需要討論。我們一直在保持溝通，以理清細節。

Now on the co-packaged optics, we currently work with a lead customer, which is a leading data center company on the first products that go into the market. We're actually in production now. There are multiple new generations coming up, and that will diversify. We see, let's say, the co-packaged optics technology to diversify both within the data centers as well as within the networking. We expect multiple devices to ramp over the next couple of years.

目前，在共封裝光學元件方面，我們目前正與一家主要客戶合作，該客戶是一家領先的資料中心公司，致力於開發首批進入市場的產品。我們實際上現在正在生產中。新一代人正在崛起，這將帶來多樣化。我們看到，共同封裝的光學技術可以在資料中心和網路內實現多樣化。我們預計未來幾年內多種設備將會增產。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Yes, thanks for taking the question. In fact, I'll start with a couple of clarifications. If you could clarify in the Communications segment, you mentioned it was stronger than you expected in the first quarter. Can you just characterize the linearity of that strength? Was it all quarter long, early quarter, late quarter? And then on the RDL-based opportunity you just talked about, can you clarify, is that something that as you work on it this year generates revenue this year, or is that revenue generative next year? And can you comment if that would be first or second half?

是的，感謝您提出這個問題。事實上，我首先要澄清幾點。如果您可以澄清一下通訊部門的情況，您提到第一季的業績比您預期的要強勁。你能描述一下這種強度的線性嗎？是整個季度，季度初，季度末嗎？然後，關於您剛才談到的基於 RDL 的機會，您能否澄清一下，這是您今年致力於創造收入的事情，還是明年創造收入的事情？您能否評論一下這是上半場還是下半場？

Very good, Craig. With respect to your first part of the question, how the Communications segment developed and how the improved revenue developed over the quarter, I don't have the data here, but I would expect that it would be rather linear. We started the quarter pretty strong, and it developed in line with normal expectations throughout the quarter, but a bit stronger than expected.

非常好，克雷格。關於您問題的第一部分，即通訊部門如何發展以及本季收入如何成長，我這裡沒有數據，但我預計它會相當線性。我們本季的開局相當強勁，整個季度的發展符合正常預期，但比預期強一些。

We have a weekly review of how our revenue expected, but now from the beginning of the quarter we saw, I would say a fairly solid communication business buildup. With respect to the RDL technology, currently, we have one device in production for a CPU data center device. There are multiple other devices currently in qualification, and we definitely think that that's a next-generation technology that will take off.

我們每週都會回顧我們的預期收入，但從本季初我們就看到，我認為通訊業務的成長相當穩健。關於 RDL 技術，目前，我們正在生產一款用於 CPU 資料中心設備的設備。目前還有多個其他設備正在接受認證，我們確信這是將會起飛的下一代技術。

So the investments will result revenue in this year. You have to keep in mind that the investments that we're making for high-performance computing is fungible across applications. So the capacity that we put in place for 2.5D, for RDL, for large-body-size flip chip BGA, even for co-packaged optics, the equipment in instances are fungible across the whole domain, even for standard bumping. So we are able to reach a high utilization. So most of the investments will start generating when they come in. And of course, we need to qualify the equipment, but we'll start generating revenue towards the end of the year or early next year.

因此這些投資將在今年產生收入。您必須記住，我們為高效能運算所做的投資在各個應用程式之間是可以互換的。因此，我們為 2.5D、RDL、大尺寸倒裝晶片 BGA 甚至共同封裝光學元件提供的產能，這些裝置在整個領域都是可互換的，甚至對於標準凸塊也是如此。因此我們能夠達到較高的利用率。因此，大多數投資一旦到位就會開始產生效益。當然，我們需要對設備進行鑑定，但我們將在年底或明年年初開始產生收入。

That's very helpful. Thank you. And then the follow up is really a higher-level question for you or Megan, and it goes back to some commentary from last quarter's conference call. I think in characterizing the year, the company was of the view that revenues could be flat to modestly up year on year with strong half-on-half seasonality, potentially in the 40-60 range, half-on-half. Is that still the right way to think about the year, or how should we think about the year's potential and the way linearity could break down?

這非常有幫助。謝謝。然後，後續問題對於您或梅根來說實際上是一個更高層次的問題，它回到了上個季度電話會議的一些評論。我認為，在描述今年的情況時，該公司認為營收可能與去年同期持平或略有成長，季節性因素較強，可能在 40-60 的範圍內。這仍然是思考這一年的正確方式嗎？或者我們應該如何思考這一年的潛力以及線性可能崩潰的方式？

I hand it over to Megan now.

我現在把它交給梅根。

Hi, Craig. Yes, so as I just mentioned, our first half has shaped up better than we had originally expected. So that alone would moderate some of that first-half, second-half magnitude that we had talked about last quarter. With respect to our position on the second half, we're not providing second-half or full-year guide given the dynamics and the environment.

你好，克雷格。是的，正如我剛才提到的，我們的上半年表現比我們最初預期的要好。因此，僅此一點就可以緩和我們上個季度談到的上半年和下半年的一些影響。關於我們對下半年的定位，考慮到當前的動態和環境，我們不會提供下半年或全年的指導。

That being said, the fundamentals of what's driving our second-half growth are still intact. And so those are really centered around communications with that new socket and the seasonal launch expected. A lot of the new compute programs that Giel has mentioned, strength in automotive, as well as the continuation in consumer for that wearable product. So with that, we're just going to leave it at that point, given the dynamics.

話雖如此，推動我們下半年成長的基本面仍然完好無損。因此，這些實際上都圍繞著與新插座的通訊以及預期的季節性發布。Giel 提到的許多新運算程式、汽車領域的力量以及穿戴式產品在消費者領域的延續。因此，考慮到動態情況，我們只會將其停留在這一點上。

Peter Peng, JPMorgan.

摩根大通的 Peter Peng。

Hi, thanks for taking my question. I wanted to double-click on your computing and specifically your 2.5D segment. It sounds like you guys are -- just given some of the expert controls at your marquee customers, you're down-ticking that, but you're also ramping with a networking switch customer this quarter. So given the puts and takes, should we expect that this segment could be flyers for the year, or just given that that marquee customer is quite big that this could be declining this year?

你好，謝謝你回答我的問題。我想雙擊您的計算，特別是您的 2.5D 段。聽起來你們——只是考慮到你們的主要客戶的一些專家控制，你們正在降低這個數字，但本季度你們也正在與網路交換機客戶進行合作。那麼，考慮到利弊，我們是否應該預期這一細分市場今年可能會蓬勃發展，還是僅僅因為這個大客戶規模很大，所以今年的細分市場可能會下滑？

Yes, Peter, let me start by sketching the color in the Compute segment. Now as you mentioned, we are indeed ramping up with a second customer in 2.5D, and we are continuing with 2.5D for our prime customer, although at lower volumes due to the current situation on export controls. Next to that, we're ramping up multiple other devices for both customers, both on the GPU domain as well as the CPU domain, and we expect that to be in production for the second half of this year, given the uncertainties of the overall environment.

是的，彼得，讓我先勾勒一下計算部分的顏色。正如您所提到的，我們確實正在為第二個客戶提供 2.5D 產品，並且我們將繼續為我們的主要客戶提供 2.5D 產品，儘管由於當前的出口管制情況，產量有所降低。除此之外，我們也正在為這兩位客戶推出多種其他設備，包括 GPU 領域和 CPU 領域，考慮到整體環境的不確定性，我們預計這些設備將在今年下半年投入生產。

Next to that, we have multiple devices in qualification that will have strength in the second half of the year. And that goes beyond the wafer-based technology. There are certain devices in the data center that go for large-body-size flip chip BGA. All of that contributes to strength in the computing domain. So we're optimistic for the second half of this year, for the full year, given the disclaimer that in the current market environment, things may change rapidly.

除此之外，我們還有多個設備處於認證階段，將在下半年發揮優勢。這超越了基於晶圓的技術。資料中心中的某些裝置採用大尺寸倒裝晶片 BGA。所有這些都增強了計算領域的實力。因此，我們對今年下半年甚至全年都持樂觀態度，但需要注意的是，在當前的市場環境下，情況可能會迅速改變。

Got it. And maybe just kind of follow up to that question, maybe as we kind of look into 2026, I know you guys were working on the Connect S technology with the CoWoS-L. Any update on there and whether you're able to support that market customer for next year? And then maybe more broadly, if you can talk about your design win pipeline for your 2.5D segment.

知道了。也許只是為了跟進這個問題，也許當我們展望 2026 年時，我知道你們正在使用 CoWoS-L 開發 Connect S 技術。有任何更新嗎？明年您是否能夠為該市場客戶提供支援？然後也許更廣泛地說，如果您可以談談您的 2.5D 部分的設計獲勝管道。

Well, let's first try to look at the first part of the question on the bridge technology. Currently, we have two customers in qualification to be ramping by 2026, so in the course of next year. The volumes are hard to predict, but we expect that to complement our 2.5D and RDL-based portfolio. So we still expect growth, and that's also how we invest.

好吧，我們首先嘗試看一下有關橋接技術的問題的第一部分。目前，我們有兩位客戶符合資格，將在 2026 年（也就是明年）之前開始量產。產量很難預測，但我們預計這將補充我們的 2.5D 和基於 RDL 的產品組合。所以我們仍然期待成長，這也是我們的投資方式。

We also see diversification in the Compute segment, where multiple devices, as well as in the data center, moving from GPU; and on top of that, we see CPUs programs in data centers. We also see networking devices being refreshed and renewed in data centers. So the portfolio is broadening beyond, I would say, the single device, GPU device that you're referring to, Peter.

我們也看到計算領域的多樣化，其中多個設備以及資料中心從 GPU 轉移；除此之外，我們還看到了資料中心中的 CPU 程式。我們也看到資料中心的網路設備正在更新換代。因此，我想說，產品組合正在擴大，超越您所指的單一設備、GPU 設備，彼得。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Thanks. As you move into the socket recovery ramp, does the content and pricing there mean you'll outgrow the prior program? And do you have visibility into share gains or content gains beyond the socket issue that we should be thinking about? Or is whatever happens in the back half just more about unit volume?

謝謝。當您進入插座恢復階段時，那裡的內容和定價是否意味著您將超越先前的計劃？除了我們應該考慮的插座問題之外，您是否還了解份額成長或內容成長的情況？或是後半部發生的一切都僅僅與單位體積有關？

Let's start from the latter part of your question. Our overall business in communication is very dependent on unit volume. Unit volume depends on build plans for individual customers, both in iOS as well as in the Android ecosystem. And these build plans may be impacted by current trade restrictions, export controls, et cetera. So that as a disclaimer.

我們從你問題的後半部開始。我們的整體通訊業務非常依賴單位數量。單位數量取決於 iOS 和 Android 生態系統中各個客戶的建置計劃。這些建設計劃可能會受到當前貿易限制、出口管制等的影響。因此這是一個免責聲明。

Now to go back to your earlier part of your question, how is -- the sockets that we're currently ramping in the latter part in the next generation IOS devices, how does that compare to previous devices when it comes to technology, complexity, and pricing? If we compare it on revenue potential for the second half of the year and we compare it with previous devices, then it's in the same order of magnitude. So the devices are different, but the total revenue potential is in the same order of magnitude if the volumes are the same. And that's the uncertainty that we have.

現在回到您問題前面的部分，我們目前在下一代 IOS 設備後期推出的插座，在技術、複雜性和定價方面與以前的設備相比如何？如果我們將其與下半年的收入潛力進行比較，並將其與以前的設備進行比較，那麼它們處於相同的數量級。因此，設備雖然不同，但如果數量相同，總收入潛力就處於相同的數量級。這就是我們所面臨的不確定性。

Then in the middle part of your question is what is our view, what is our visibility of our, let's say, position in the individual phones? Do we have a clear visibility of our socket position beyond the sockets that we regain? And there we have a very open communication with our lead customer and customers, both in iOS as well as in the Android ecosystem.

那麼你問題的中間部分是我們的觀點是什麼，我們對我們在各個手機中的地位的可見性是什麼？除了我們重新獲得的插座之外，我們是否能清楚地看到我們的插座位置？我們與 iOS 和 Android 生態系統的主要客戶和客戶保持著非常開放的溝通。

And we know pretty exactly which positions that we're in. Slight uncertainty is that in some of the positions and slots. There are multiple suppliers, so then it's a bit on market share division. But overall, we know exactly what our footprint is, and we do a very detailed planning on volume expectation for the ramp of a new phone generation.

我們非常清楚自己處於什麼位置。輕微的不確定性在於一些位置和插槽。由於有多個供應商，因此存在一些市場份額劃分問題。但總的來說，我們清楚地知道我們的足跡是什麼，並且我們對新一代手機的銷售預期做了非常詳細的規劃。

Understood. That's good detail. Thank you. And I know you can't make firm statements about trade issues at this point, but if you do have customers ask to move a program to mitigate tariffs and it goes into an area with higher labor costs; or if you incur costs because you have to move things around, is that all a complete pass-through, or how will that customer conversation go?

明白了。細節很好。謝謝。我知道你現在不能就貿易問題做出肯定的聲明，但如果確實有客戶要求轉移一項計劃以降低關稅，而該計劃又進入了勞動力成本更高的地區；或者如果你因為必須移動東西而產生了成本，這是否完全是一個轉嫁過程，或者客戶對話將如何進行？

Well, this goes on a case-by-case basis. We cannot say that we have a general approach. I mean, we are all in, I hope, a once-in-a-lifetime experience, but this is definitely a first for many of us. And we do that on a case-by-case basis. I mean, generally, we work with customers for many, many years.

嗯，這要根據具體情況來決定。我們不能說我們有一個普遍的方法。我的意思是，我希望我們都擁有一生難得的一次經歷，但這對我們許多人來說絕對是第一次。我們會根據具體情況來處理。我的意思是，一般來說，我們與客戶合作很多年。

I think on our lead customers, generally, all more than 10 years, we have a conversation. And there is a certain rationale that if we incur more cost that we look at the rationale and we come to an agreement. I feel that in the current way that Amkor approaches this, we work with a high level of agility. And we see our customers work in the same way, looking for practical and pragmatic solutions in case that bottlenecks occur in the supply chain.

我認為，對於我們的主要客戶，一般來說，所有超過 10 年的客戶，我們都進行了對話。並且有一個特定的理由，如果我們產生更多的成本，我們會考慮這個理由並達成協議。我認為，按照 Amkor 目前處理這個問題的方式，我們的工作具有高度的彈性。我們看到我們的客戶也以同樣的方式運作，尋找切實可行的解決方案，以防供應鏈出現瓶頸。

Understood, thank you.

明白了，謝謝。

Tom Diffely, D. A. Davidson.

湯姆·迪菲利、D.A.戴維森。

Yes, good afternoon. Thank you for taking my questions. Giel, curious maybe to follow up on the communication side. Do you expect the AI going to the edge to drive unit growth this year in the handsets? And perhaps if not, is there enough technology changes to allow you to grow in a -- for the depressed market?

是的，下午好。感謝您回答我的問題。Giel，也許我很好奇想跟進溝通方面的狀況。您是否預期今年邊緣人工智慧將推動手機銷售的成長？如果沒有的話，是否有足夠的技術變革讓你們在低迷的市場中成長？

That's not an easy question to answer, Tom. With respect to AI entering the Smartphone segment, we believe it will enter the Smartphone segment through the premium tier of the market. That's basically good for Amkor because that's where we are concentrated when it comes to our market position.

湯姆，這不是一個容易回答的問題。關於人工智慧進入智慧型手機領域，我們相信它將透過高階市場進入智慧型手機領域。這對 Amkor 來說基本上是件好事，因為就我們的市場地位而言，這正是我們集中精力的地方。

Will it drive upside this year already? It's difficult for me to forecast that part of the market. Will it come at a given point in time? I currently see that there is definitely a belief in the market that AI will proliferate towards edge devices, whether it's smartphones or whether it's PCs. I think there are some first applications coming on the market.

今年它會帶來上漲嗎？我很難預測那部分市場。它會在某個特定的時間點到來嗎？我目前看到，市場上確實存在這樣一種信念，即人工智慧將向邊緣設備擴散，無論是智慧型手機還是個人電腦。我認為一些首批應用程式即將上市。

It will drive innovation in the smartphones, whether it's innovation in the connectivity part, whether it's innovation in the compute or co-processor part in the phones or in the modems. I think many of these devices will go through an innovation cycle. When will it come? When will it start driving upside? It's difficult to say. This year is a very difficult year anyhow for the market to predict volumes.

它將推動智慧型手機的創新，無論是連接部分的創新，還是手機運算或協處理器部分的創新，還是數據機的創新。我認為其中許多設備都會經歷一個創新週期。啥時候來？它什麼時候會開始上漲？這很難說。無論如何，今年對市場來說都是非常難以預測銷售量的一年。

Okay, that's fair. Megan, I had a question on the margins for the reported quarter. When you compare fiscal first-quarter '25 to fiscal first-quarter '24 on lower revenue, you had about the same COGS. And I'm curious. You obviously talked about overhead absorption being an issue. But to get the same level of COGS, was there a difference in the mix, or was there weaker pricing, or how would you describe what drove that?

好的，這很公平。梅根，我對報告季度的利潤率有疑問。當你將 2025 財年第一季與 2024 財年第一季在較低收入的情況下進行比較時，你會發現它們的銷貨成本大致相同。我很好奇。您顯然談到了間接費用吸收是一個問題。但是，為了獲得相同程度的 COGS，產品組合是否存在差異，或者定價是否更弱，或者您如何描述造成這種情況的原因？

So Tom, I just want to clarify, you're looking at Q1 '25 compared to Q1 '24?

所以湯姆，我只是想澄清一下，你是在比較 25 年第一季和 24 年第一季嗎？

Correct, yes.

正確，是的。

So really, the main difference between those two periods is moving our Vietnam factory to production. And so those costs are having an impact on the margin in '25 that was not there in '24. For Q1, that was around 100 basis points.

所以實際上，這兩個時期的主要差異在於將我們的越南工廠投入生產。因此，這些成本對 25 年的利潤率產生了影響，而 24 年則沒有。對於第一季來說，這個數字約為 100 個基點。

Okay, perfect. All right. Well, thank you.

好的，完美。好的。好的，謝謝你。

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

謝謝。目前，我沒有其他問題。我想將電話轉回給吉爾，請他做最後發言。

Thank you. Now let me recap the key messages. First-quarter results met our expectations with revenue of $1.32 billion and EPS of $0.09. Second-quarter revenue is expected to grow 8% at the midpoint of guidance of $1.425 billion. We stay agile to support our customers in this dynamic environment, and we stay focused on executing our long-term strategy by strengthening our technology leadership, expanding our geographic footprint, and partnering with lead customers in growth markets. Thank you for joining the call today.

謝謝。現在讓我回顧一下關鍵資訊。第一季業績符合我們的預期，營收為 13.2 億美元，每股收益為 0.09 美元。預計第二季營收將成長 8%，達到指導中位數 14.25 億美元。我們保持敏捷，在這種動態的環境中為客戶提供支持，並透過加強我們的技術領導地位、擴大我們的地理覆蓋範圍以及與成長市場的主要客戶合作，專注於執行我們的長期策略。感謝您今天參加電話會議。

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

女士們、先生們，今天的電話會議到此結束。您可以斷開連線。