艾克爾 (AMKR) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology third-quarter 2025 earnings call. My name is Diego, and I will be your conference facilitator today. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Amkor Technology 2025 年第三季財報電話會議。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.

現在我想將電話轉給投資者關係主管 Jennifer Jue。

Ms. Jue, please go ahead.

珏小姐，請說。

Good afternoon, and welcome to Amkor's third-quarter 2025 earnings conference call. Joining me today are CEO, Giel Rutten; and CFO, Megan Faust.

下午好，歡迎參加 Amkor 2025 年第三季財報電話會議。今天與我一起出席的還有執行長 Giel Rutten 和財務長 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.

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演示幻燈片。

During this presentation, we will use non-GAAP financial measures, and you can find the reconciliation to the comparable GAAP financial measures in the slides.

在本次簡報中，我們將使用非 GAAP 財務指標，您可以在投影片中找到與可比較 GAAP 財務指標的對帳。

We will make forward-looking statements today based on our current beliefs, assumptions, and expectations. Such statements are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our press release and SEC filings for a discussion on the risk factors and uncertainties that may affect our future results.

今天我們將根據我們目前的信念、假設和期望做出前瞻性陳述。此類聲明受風險和不確定性的影響，可能導致實際結果大不相同。請參閱我們的新聞稿和美國證券交易委員會文件，以了解可能影響我們未來業績的風險因素和不確定性。

We assume no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this presentation. except as may be required by applicable law.

我們不承擔更新任何前瞻性陳述以反映本簡報發布日期之後發生的事件或情況的義務。除非適用法律另有要求。

With that, I will now turn the call over to Giel.

說完這些，我現在將電話轉給吉爾。

Thank you, Jennifer. Good afternoon, everyone, and thank you for joining the call today.

謝謝你，詹妮弗。大家下午好，感謝大家參加今天的電話會議。

I'd like to begin today on a personal note and to share that I have decided to retire from Amkor at the end of 2025. It has been an honor and privilege to be President and CEO of Amkor for over five years, and I'm excited to see what the future holds. I will remain on the Board of Directors to provide continuity and to support our long-term strategy.

今天我想先從個人角度談談我決定在 2025 年底從 Amkor 退休。能夠擔任 Amkor 總裁兼執行長五年多來，我深感榮幸，對未來充滿期待。我將繼續留在董事會，以保證連續性並支持我們的長期策略。

I would like to congratulate Kevin Engel as my successor and will support this transition over the next couple of months. Kevin has been with Amkor for over 20 years and brings deep experience that will benefit the company during this next growth phase. You'll hear more from Kevin at upcoming investor events and on the next earnings call.

我祝賀凱文·恩格爾成為我的繼任者，並將在接下來的幾個月中支持這一過渡。Kevin 在 Amkor 工作了 20 多年，擁有豐富的經驗，這將使公司在下一個成長階段受益。您將在即將舉行的投資者活動和下一次財報電話會議上聽到更多來自 Kevin 的消息。

With that, I will now provide updates on the quarter. Amkor delivered a strong third quarter with revenue of $1.99 billion and EPS of $0.51, both exceeding the high end of our guidance. Revenue increased 31% sequentially driven by a robust demand for advanced packaging.

現在我將提供本季的最新情況。Amkor 第三季表現強勁，營收達 19.9 億美元，每股收益達 0.51 美元，均超出我們預期的最高水準。受先進封裝需求強勁的推動，營收季增 31%。

We executed steep production ramps and achieved record revenue in both the communications and computing end markets, demonstrating our ability to scale quickly and support our customers' product launch cycles.

我們實現了產量的大幅提升，並在通訊和計算終端市場取得了創紀錄的收入，證明了我們快速擴展和支援客戶產品發布週期的能力。

Communications revenue increased 67% sequentially and 5% year on year, driven by the latest iOS product ramp and a 17% year-on-year growth in Android. We expect Q4 to decline sequentially with some slowdown in iOS, partially offset by continued strength in Android. On a year-on-year basis, communication is expected to be up more than 20% in the fourth quarter.

受最新 iOS 產品升級和 Android 年增 17% 的推動，通訊收入環比增長 67%，年增 5%。我們預計第四季度的銷量將環比下降，iOS 銷量將有所放緩，但 Android 銷量的持續走強將部分抵消這一影響。與去年同期相比，第四季通訊預計將成長20%以上。

Edge AI expands into edge devices, we are collaborating closely with customers on next-generation products, and we are confident this will drive future demand for advanced packaging.

Edge AI 擴展到邊緣設備，我們正在與客戶密切合作開發下一代產品，我們相信這將推動未來對先進封裝的需求。

Computing revenue increased 12% sequentially and 23% year on year. We anticipate modest sequential decline in Q4 on product mix changes but expect continued year-on-year growth. Our high-density fan-out technology is ramping as expected with another product moving into production in Q4.

計算收入季增12%，較去年同期成長23%。我們預計，由於產品結構變化，第四季的銷售額將出現小幅環比下降，但預計將年比銷售額持續成長。我們的高密度扇出技術正如預期發展，另一種產品將於第四季投入生產。

Our long-term computing outlook remains robust as innovation in AI and high-performance computing fuels investments across data centers, infrastructure, and personal computing; areas where Amkor has a strong customer pipeline.

由於人工智慧和高效能運算領域的創新推動了對資料中心、基礎設施和個人運算的投資，我們對長期運算前景依然保持強勁；而 Amkor 在這些領域擁有強大的客戶管道。

Automotive and Industrial revenue increased 5% sequentially and 9% year on year driven by growth in advanced products for ADAS applications together with improvements in our mainstream portfolio. Fourth-quarter revenue is expected to be stable sequentially and grow around 20% year on year, supported by broad-based customer demands.

汽車和工業收入環比增長 5%，同比增長 9%，這得益於 ADAS 應用的先進產品的增長以及我們主流產品組合的改進。在廣泛客戶需求的支持下，預計第四季營收將保持穩定，年增約 20%。

Consumer revenue increased 5% sequentially, but was down 5% year on year reflecting the product life cycle of a wearable product introduced in the second half of last year. We expect a further decrease of this product in Q4 and anticipate a slight decline in traditional consumer applications. Year on year, Consumer is expected to be down mid-teens percent.

消費者營收季增 5%，但年減 5%，這反映了去年下半年推出的可穿戴產品的產品生命週期。我們預計第四季度該產品的銷售將進一步下降，並且預計傳統消費應用的銷售量也會略有下降。與去年同期相比，消費者支出預計將下降百分之十五左右。

Overall, our fourth-quarter guidance reflects positive trends of returning to a more normal seasonal pattern and for continued year-on-year growth in both our advanced and mainstream portfolio.

總體而言，我們的第四季度指引反映了恢復更正常的季節性模式的正面趨勢，以及我們的高階和主流投資組合繼續同比增長。

Now let me share an update on our strategic initiatives. The semiconductor industry is rapidly evolving as accelerated AI proliferation drives market expansion, technology transitions, and increased requirements for a resilient manufacturing base. Within this dynamic landscape, Amkor remains focused on its three strategic pillars: investing in our technology leadership, building supply chain resilience in our manufacturing footprint, and deepening partnerships with lead customers.

現在讓我分享一下我們的策略舉措的最新進展。隨著人工智慧的加速普及推動市場擴張、技術轉型以及對彈性製造基礎的要求不斷提高，半導體產業正在快速發展。在這種動態格局下，Amkor 仍然專注於其三大策略支柱：投資我們的技術領導地位、在我們的製造足跡中建立供應鏈彈性以及深化與主要客戶的合作夥伴關係。

Earlier this month, we marked a major milestone with the groundbreaking of our new advanced packaging and test campus in Arizona. Working closely with our foundry partner, this campus will be a cornerstone of US semiconductor manufacturing, delivering a full turnkey supply chain with advanced packaging and test capabilities to leading customers in the industry. The Arizona investment represents a bold step forward in our strategic journey.

本月初，我們在亞利桑那州的新先進封裝和測試園區破土動工，標誌著一個重要的里程碑。透過與我們的代工合作夥伴密切合作，該園區將成為美國半導體製造業的基石，為業界領先的客戶提供具有先進封裝和測試能力的完整交鑰匙供應鏈。亞利桑那州的投資代表著我們戰略旅程中邁出的大膽一步。

We've increased the total projected investment to $7 billion, reflecting additional clean room space and a second facility. Once complete, the campus will include 750,000 square feet of clean room, space and create up to 3,000 high-quality jobs. Construction of Phase 1 is expected to be completed in mid-2027 with production beginning in early 2028.

我們已將預計總投資增加到 70 億美元，用於增加無塵室空間和第二個設施。一旦建成，園區將包括 750,000 平方英尺的無塵室空間，並創造多達 3,000 個高品質工作。第一階段的建設預計將於 2027 年中期完成，並於 2028 年初開始生產。

The Arizona campus will feature smart factory technologies and scalable production lines to meet evolving market demands for AI, high-performance computing, mobile communication, and advanced automotive applications. It will focus on advanced packaging and testing technologies and will complement domestic foundry manufacturing, enabling a full end-to-end semiconductor supply chain in the US.

亞利桑那州園區將採用智慧工廠技術和可擴展的生產線，以滿足人工智慧、高效能運算、行動通訊和先進汽車應用不斷變化的市場需求。它將專注於先進的封裝和測試技術，並將補充國內代工製造，以實現美國完整的端對端半導體供應鏈。

Our expanding geographic footprint with facilities in Asia, Europe, and now the US distinguishes Amkor in the OSAT industry. It allows us to partner more closely with customers and deliver innovative packaging and test solutions aligned with their technology roadmap needs.

我們的地理覆蓋範圍不斷擴大，在亞洲、歐洲和美國均設有工廠，這使得 Amkor 在 OSAT 行業中脫穎而出。它使我們能夠與客戶更緊密地合作，並提供符合其技術路線圖需求的創新封裝和測試解決方案。

In summary, Amkor delivered a strong quarter, advanced our strategic initiatives, and remains well positioned for long-term growth.

總而言之，Amkor 本季表現強勁，推進了我們的策略舉措，並保持了長期成長的良好勢頭。

With that, I will now turn the call over to Megan to provide more details on our third-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三季業績和近期前景的更多細節。

Thank you, Giel, and good afternoon, everyone.

謝謝你，吉爾，大家下午好。

Third-quarter results were better than expected with revenue of $1.99 billion. This represents 31% sequential growth and 7% year-on-year growth. All end markets grew sequentially, and we achieved record revenue in the communications and computing end markets, driven by robust demand for advanced packaging. Given the leverage in our financial model, profitability metrics expanded more than revenue sequentially.

第三季業績優於預期，營收為 19.9 億美元。這意味著環比增長 31%，同比增長 7%。所有終端市場均實現連續成長，在先進封裝需求強勁的推動下，我們在通訊和計算終端市場實現了創紀錄的收入。考慮到我們財務模型中的槓桿作用，獲利能力指標的環比增長超過了收入。

Gross profit was $284 million and gross margin was 14.3%, up 230 basis points as the flow-through benefit from higher volume was partially offset by an increase in material content due to a higher proportion of advanced SiP.

毛利為 2.84 億美元，毛利率為 14.3%，上漲 230 個基點，因為產量增加帶來的流通效益被先進 SiP 比例增加導致的材料含量增加部分抵消。

Operating expenses came in as expected, higher sequentially, primarily due to a nonroutine benefit in Q2. Operating income was $159 million, and operating income margin was 8% compared with 6.1% in Q2. As a result of higher operating income and favorable foreign currency, net income more than doubled at $127 million, driving EPS to $0.51 for the quarter.

營運費用符合預期，環比成長，主要由於第二季的非例行收益。營業收入為 1.59 億美元，營業收入利潤率為 8%，而第二季為 6.1%。由於營業收入增加和外匯有利，淨收入成長一倍多，達到 1.27 億美元，推動本季每股收益達到 0.51 美元。

And finally, EBITDA was $340 million and EBITDA margin was 17.1%.

最後，EBITDA 為 3.4 億美元，EBITDA 利潤率為 17.1%。

Turning now to operational efficiency. We are taking steps to optimize our manufacturing footprint in Japan. We are actively working with our customers to align factory capacity to market demand to assure supply is guaranteed for this broad portfolio of automotive products.

現在來談談營運效率。我們正在採取措施優化我們在日本的製造足跡。我們正在積極與客戶合作，使工廠產能與市場需求保持一致，以確保為廣泛的汽車產品組合提供供應保證。

Near-term focus is on reducing manufacturing costs, as well as working with customers to adjust terms to cover costs for underutilized production lines. We expect to begin to see results from these actions in Q4 2025 while additional adjustments will take effect in the first half of 2026.

近期重點是降低製造成本，以及與客戶合作調整條款以彌補未充分利用的生產線的成本。我們預計這些行動將在 2025 年第四季開始見效，而其他調整將在 2026 年上半年生效。

With the full effect of these actions, we see a path to improving corporate gross margins by around 100 basis points exiting 2027. Japan continues to be a key region for Amkor, supporting the automotive end market and offering geographic flexibility to a global customer portfolio.

隨著這些措施的全面實施，我們預計到 2027 年，企業毛利率將提高約 100 個基點。日本仍然是 Amkor 的關鍵地區，支援汽車終端市場並為全球客戶組合提供地理靈活性。

Over the same time period, we also expect margin improvement from Vietnam ramp-up efficiencies, mainstream recovery, and scaling of leading-edge advanced packaging. We are currently refining our long-term financial targets, and I'm pleased to announce that we plan to host an Investor Day in mid-2026, where we will share these targets and deeper insights into our long-term strategy.

在同一時期，我們也預期越南效率的提高、主流復甦以及尖端先進封裝的擴展將帶來利潤率的提高。我們目前正在完善我們的長期財務目標，我很高興地宣布，我們計劃在 2026 年中期舉辦投資者日，屆時我們將分享這些目標以及對我們長期策略的更深入見解。

Now moving on to the balance sheet. This year, we took proactive steps to position our balance sheet and enhance liquidity for the upcoming investment cycle, particularly for our Arizona campus. We replaced our $600 million Singapore-based revolver with a new $1 billion US-based revolver. We executed a $500 million term loan. We issued $500 million of senior notes due in 2033, and redeemed $525 million of senior notes due in 2027, significantly extending our maturity profile.

現在轉到資產負債表。今年，我們採取了積極措施來調整我們的資產負債表並增強即將到來的投資週期的流動性，特別是對於我們的亞利桑那州園區。我們用 10 億美元的美國循環信貸額度取代了 6 億美元的新加坡循環信貸額度。我們發放了 5 億美元的定期貸款。我們發行了 2033 年到期的 5 億美元優先票據，並贖回了 2027 年到期的 5.25 億美元優先票據，大大延長了我們的期限。

As of September 30, we held $2.1 billion in cash and short-term investments, and total liquidity was $3.2 billion. Total debt as of Q3 was $1.8 billion, and our debt-to-EBITDA ratio was 1.7 times.

截至 9 月 30 日，我們持有 21 億美元現金和短期投資，總流動資金為 32 億美元。截至第三季度，總負債為 18 億美元，我們的負債與 EBITDA 比率為 1.7 倍。

Now turning to our fourth-quarter guidance. Revenue is expected to be between $1.775 billion and $1.875 billion, representing an 8% sequential decline at the midpoint and a 12% year-on-year increase. We are pleased to see forecasts for both advanced and mainstream are up double-digit percent year on year.

現在談談我們的第四季指引。預計營收在 17.75 億美元至 18.75 億美元之間，季減 8%，年增 12%。我們很高興地看到，先進技術和主流技術的預測都比去年同期成長了兩位數。

Gross margin is projected to be between 14% and 15% which includes an anticipated benefit from asset sales of around $30 million. Year on year, gross margins are constrained due to product mix concentrated in higher material content products and higher manufacturing costs as we scale and invest in leading-edge advanced packaging.

預計毛利率將在 14% 至 15% 之間，其中包括預計約 3,000 萬美元的資產出售收益。與去年同期相比，隨著我們擴大規模並投資於尖端先進封裝，產品結構集中在材料含量更高的產品，且製造成本較高，導致毛利率受到限制。

Operating expenses are expected to be around $120 million, and our full year effective tax rate is expected to be around 20%, excluding discrete items. Net income is forecasted to be between $95 million and $120 million, resulting in EPS between $0.38 and $0.48, which includes the anticipated asset sale benefit.

預計營運費用約為 1.2 億美元，不包括單獨項目，我們的全年有效稅率預計約為 20%。預計淨收入在 9,500 萬美元至 1.2 億美元之間，每股收益在 0.38 美元至 0.48 美元之間，其中包括預期的資產出售收益。

Our 2025 CapEx forecast has increased to $950 million, up from $850 million to support expanded investment in our Arizona campus. In addition to investment in our geographic footprint, our focus remains on scaling capacity and capability for leading-edge technologies, including high-density fan-out, advanced SiP, and test solutions.

我們對 2025 年資本支出的預測已從 8.5 億美元增加到 9.5 億美元，以支持我們在亞利桑那州園區的擴大投資。除了對地理覆蓋範圍的投資外，我們的重點仍然是擴大尖端技術的產能和能力，包括高密度扇出、先進的 SiP 和測試解決方案。

We will provide more details on our CapEx spend levels and timing for our new Arizona facility when we give 2026 CapEx guidance at our next earnings call.

當我們在下次財報電話會議上提供 2026 年資本支出指導時，我們將提供有關新亞利桑那州工廠的資本支出水平和時間表的更多詳細資訊。

In closing, our third-quarter results reflect the effectiveness of our strategy, strengthening our technology leadership, building supply chain resilience by expanding our broad geographic footprint, and deepening partnerships with lead customers in growth markets. With the upcoming CEO transition, we remain committed to investing in our long-term growth and our capital allocation strategy, positioning Amkor to deliver sustainable value for our shareholders.

最後，我們的第三季業績反映了我們策略的有效性，加強了我們的技術領導地位，透過擴大我們廣泛的地理覆蓋範圍來建立供應鏈彈性，並深化與成長市場的主要客戶的合作夥伴關係。隨著執行長的過渡即將到來，我們將繼續致力於投資於我們的長期成長和資本配置策略，使 Amkor 能夠為股東創造可持續的價值。

This concludes our prepared remarks, and I'll now turn the call over to the operator for Q&A.

我們的準備好的演講到此結束，現在我將把電話交給接線員進行問答。

(Operator Instructions) Ben Reitzes, Melius Research.

（操作員指示） Ben Reitzes，Melius Research。

Yes. I appreciate it, and Giel wish you the best of luck. Look forward to talking to you later, but enjoyed you on these calls. I got two questions. First of all, with regard to the gross margin guidance in the fourth quarter, if you take out the asset sale, I believe it's 160 basis points lower which puts you below what we were expecting a bit.

是的。我很感激，Giel 祝你好運。期待稍後與您交談，但很高興與您通話。我有兩個問題。首先，關於第四季度的毛利率指引，如果扣除資產出售，我認為它會低 160 個基點，這比我們的預期要低一些。

You mentioned some higher manufacturing costs. Could you just elaborate on that? And what the pressures are that kind of puts you without the sale below 14%?

您提到了一些較高的製造成本。能詳細說明一下嗎？如果銷售額低於 14%，您會面臨什麼樣的壓力？

Ben, this is Megan. I'll take that one. So normalizing for that asset sale, you've got the math right. So that sequential incremental flow-through is actually in line with our financial model. You'll see it's probably about 30% incremental.

本，這是梅根。我要那個。因此，對於該資產出售進行標準化，你的計算是正確的。因此，連續的增量流通實際上符合我們的財務模型。您會發現它的增量大概是 30%。

What's happening there probably compared to last Q4 is we do have a higher material content in Q4. If you look at last year, we actually had over 350 basis points drop in the material content between Q3 and Q4. That was related to a deeper communications drop last year. So that's effectively what's impacting margin in our Q4 guidance.

與去年第四季相比，第四季的材料含量確實更高。如果你回顧去年，你會發現在第三季和第四季之間，材料含量實際上下降了 350 多個基點。這與去年通訊中斷程度加深有關。這其實影響了我們第四季業績指引中的利潤率。

And then you had a follow-up?

然後你還有後續行動嗎？

Yes. Just wondering if you could talk a little bit more about the communications segment. I'm sorry if you said this, but we're picking up indications that there's upside into 4Q with one of -- with your biggest customer at least. And I was wondering about the dynamics there on the consumer guide, if you can elaborate, are you seeing it? Or is there an offset in Android?

是的。我只是想知道您是否可以再多談談通信部分。如果您這麼說我很抱歉，但我們發現有跡象表明，至少您的一個最大客戶在第四季度有上漲空間。我想知道消費者指南中的動態，可以詳細說明一下嗎？您看到了嗎？或者 Android 中是否存在偏移？

Or is there a conservatism in your guidance for communications in particular?

或者，您在指導溝通方面是否特別採取了保守主義態度？

Thanks, Ben. Let me try to answer that question. Overall, I think the Communications segment, we're guiding down slightly into Q4, we see continued strength in Android, and that's also reflected in our guide. We see a slight tapering off in the iOS ecosystem, how that exactly reflects into end product outlook is difficult to say. I think we're a little bit deeper into the supply chain where we supply our services.

謝謝，本。讓我嘗試回答這個問題。總體而言，我認為通訊部門在第四季度的預期略有下降，我們看到 Android 繼續保持強勁勢頭，這也反映在我們的預期中。我們看到 iOS 生態系統略有萎縮，但這如何具體反映在最終產品前景中還很難說。我認為我們在提供服務的供應鏈中已經走得更深入了。

I think for now, this is the exposure that we have, and we take that forecast in our guidance.

我認為就目前而言，這就是我們所擁有的風險敞口，並且我們將該預測納入我們的指導中。

Randy Abrams, UBS.

瑞銀的蘭迪·艾布拉姆斯。

Yes. I wanted to also congratulate you, Giel, just on the next chapter. It has been good working with you. I wanted to ask the first question on the compute opportunities, where you mentioned the start of shipping the high-density fan-out. If you could go how you see the pipeline for AI and networking and also for the first tranche of CoWoS-S capacity, if you see opportunity to utilize that with some of the new products coming out.

是的。吉爾，我也想祝賀你即將迎來下一章。和你合作很愉快。我想問的第一個問題是關於計算機會，您提到了開始運送高密度扇出。如果您可以談談您如何看待人工智慧和網路的管道以及 CoWoS-S 的第一批產能，您是否看到了利用一些新產品的機會。

Let me take that, Randy. Well, first of all, thanks, with your congrats. With respect to the high-density fan-out opportunities, I mean we start shipping the first product in the quarter. We have two more products lined up, one with the same customer and the other with an external party. So we believe that, that high-density fan-out technologies, and I reiterate the question the, let's say, the outlook that we shared last time, is a solid foundation of future growth for Amkor.

讓我來接手，蘭迪。嗯，首先，謝謝你，恭喜你。關於高密度扇出機會，我的意思是我們將在本季開始運送第一批產品。我們也準備了另外兩款產品，一款是同一個客戶的，另一款是外部方的。因此，我們相信，高密度扇出技術，我重申我們上次分享的前景，是 Amkor 未來成長的堅實基礎。

And it was good to see the ramp going into this quarter and also winter next quarter. So we expect that to continue. I think we see a strong outlook there. With respect to the 2.5D, I mean short term, we see a slight moderation there. Longer term, we see, let's say, a stronger potential pipeline coming up.

很高興看到本季和下個季度冬季的銷量都有所增長。因此我們預計這種情況將會持續下去。我認為我們看到了強勁的前景。關於 2.5D，我的意思是短期內，我們看到了輕微的緩和。從長遠來看，我們可以看到，一條更強大的潛在管道即將出現。

And I think we had a review last couple of weeks with our customers on that specific technology, and that's signaled positive trends going forward. It may take a few more quarters before these products are going to be released but it's encouraging to see that, that technology will continue to be a solid foundation also going forward.

我認為，過去幾週我們與客戶就該特定技術進行了審查，這預示著未來的正面趨勢。這些產品可能還需要幾個季度才能發布，但令人鼓舞的是，這項技術將繼續成為未來堅實的基礎。

Okay. Good. And then my follow-up question on the system and package pipeline. This year, you gained back a key socket. It looks like two different things going on that improving, but the consumer pulled back.

好的。好的。然後我接下來的問題是關於系統和包裝管道。今年，你又獲得了一個關鍵插座。看起來，兩件不同的事情正在改善，但消費者卻退縮了。

If you could talk broadly about SiP, how you see the pipeline into next year, continuing on the communication gain and then maybe what's happening on the consumer side.

如果您可以廣泛地談論 SiP，您如何看待明年的通路發展，繼續談論通訊增益，然後也許談談消費者方面的情況。

Yes. I think the sockets on the communication side that is performing as expected. We're executing the ramp going into Q3 and Q4. And also there, I think the outlook for the full year is in line with what we shared in February, including the socket ramp. So we're pretty positive on the communication side.

是的。我認為通訊端的套接字的效能符合預期。我們正在執行進入第三季和第四季的坡道。此外，我認為全年前景與我們在二月分享的一致，包括插座坡道。因此，我們對溝通方面持相當積極的態度。

With respect to the consumer side, I mean the end product goes through a predicted and forecasted sequential decline. It's a cyclicality of that product portfolio. We're encouraged with next products that are being launched going forward in that same portfolio but we expect that Q4, as guided, will be a correction and a further slowdown of that existing product.

就消費者方面而言，我的意思是最終產品會經歷預測的連續下滑。這是該產品組合的周期性。我們對同一產品組合中即將推出的下一代產品感到鼓舞，但我們預計第四季度將按照預期進行調整，現有產品的成長速度將進一步放緩。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I had a couple of questions as well. First, Megan, can you just round out some of the margin to, you mentioned in the prepared remarks also that manufacturing costs were weighing year over year. So I was curious how much that is and where you are relative to sort of peak pressures on that?

我也有幾個問題。首先，梅根，您能否將利潤率四捨五入一下，您在準備好的評論中也提到，製造成本逐年增加。所以我很好奇這個數字是多少，以及相對於峰值壓力你處於什麼位置？

And the same thing for the material content mix. How do we think about that sort of ongoing pressures into next year? If there's any way to give clues on that.

對於材料內容組合也是如此。我們如何看待明年持續存在的這種壓力？如果有任何方法可以提供線索的話。

And I need a follow-up.

我需要跟進。

Sure, Steve. So with respect to the Q4 gross margin, year over year, there's really two things constraining flow through. One is the higher manufacturing costs, and that's really attributable to our leading-edge advanced technology, most of which Giel just mentioned, but having higher overhead and CapEx to support that ahead of scale.

當然，史蒂夫。因此，就第四季度的毛利率而言，與去年同期相比，實際上有兩件事限制了流量。一是製造成本較高，這實際上歸因於我們領先的先進技術，其中大部分是 Giel 剛才提到的，但需要更高的管理費用和資本支出來支持規模化。

So as we build scale with those leading-edge advanced technologies, which we see that scaling well into 2026, that will not be a headwind. The other half is related to, what I would say, year-over-year unfavorable product mix.

因此，當我們利用這些尖端技術擴大規模時，我們預計到 2026 年這些技術將能夠順利擴展，這不會成為阻力。我想說，另一半與同比不利的產品組合有關。

So the decline in our peak material content we had in Q3 to Q4 will probably be around 100 basis points compared to last year, which was over 300 basis points. And that's really attributable to a more stable SiP and a more normal seasonal pattern with regards to that sequential behavior.

因此，與去年同期的 300 多個基點相比，我們在第三季至第四季的峰值材料含量下降幅度可能約為 100 個基點。這實際上歸因於更穩定的 SiP 和與連續行為相關的更正常的季節性模式。

Great. That's helpful. And then just bigger picture on the $7 billion investment for Arizona now. I guess if you can comment a little bit further than what has been described so far and like public comments about why the increase in investment, what does it signal about Amkor's opportunities longer term?

偉大的。這很有幫助。接下來是目前對亞利桑那州 70 億美元投資的整體情況。我想，如果您能比目前描述的內容再進一步評論一下，就像公眾對增加投資的原因的評論一樣，這對 Amkor 的長期機會意味著什麼？

And then I was curious, does it create any near-term opportunities like stamp of approval for winning near-term business in other parts of the world?

然後我很好奇，它是否會創造一些近期的機會，例如在世界其他地區贏得近期業務的認可？

Steve, let me comment to that. I mean, over the last, let's say, 12 months, we see an increased interest in US manufacturing and that comes from multiple customers that is driving up local investments, not only in scale for silicon to be manufactured in the US, but also an increased demand for advanced packaging.

史蒂夫，讓我對此發表評論。我的意思是，在過去的 12 個月裡，我們看到人們對美國製造業的興趣日益濃厚，這源於多個客戶推動了本地投資，不僅在美國矽片製造規模的擴大，而且對先進封裝的需求也在增加。

So we're working very closely with these lead customers, but also with our foundry partner to scale the capacity that we put in place in line with demand of our lead customers. And that's the basis of the increased investment to $7 billion.

因此，我們不僅與這些主要客戶密切合作，還與我們的代工合作夥伴密切合作，以根據主要客戶的需求擴大我們的產能。這就是投資額增加到 70 億美元的基礎。

You have to keep in mind that this investment is coming in different phases, and we stepped that up through two important phases with the two additional -- or a second additional building. And also, of course, we only put equipment then based on real market demand.

您必須記住，這項投資將分不同階段進行，我們將透過兩個額外的建築物（或第二座額外的建築）將其分為兩個重要階段。當然，我們只會根據實際市場需求來投放設備。

But overall, we expect that the $7 billion is justified given the increased interest in the US. But also given the alignment that we have with lead customers here on to require capacity for US manufacturing.

但總體而言，考慮到美國市場興趣的增加，我們預計 70 億美元的投資是合理的。但同時考慮到我們與主要客戶之間的一致性，需要美國製造的產能。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Yes. and I'll start just by thanking you and wishing you well, Giel, for all the help. And then Kevin, look forward to working with you more intensely next year. On to the question, I think there was an indication that within the automotive and industrial end market, we saw broad strength that sounds like ADAS is starting to improve, as I think you expected three months ago against what's been a pretty tepid automotive market.

是的。首先我要感謝你，並祝你一切順利，吉爾，感謝你提供的所有幫助。然後凱文，期待明年與您更密切合作。關於這個問題，我認為有跡象表明，在汽車和工業終端市場，我們看到了廣泛的實力，聽起來 ADAS 正在開始改善，正如您三個月前所預料的那樣，而汽車市場一直相當低迷。

Could you give us a sense for the potential for ADAS and some of your other programs to continue to benefit that segment as we look beyond 4Q into 2026?

當我們展望第四季度之後，展望 2026 年，您能否向我們介紹 ADAS 和您的其他一些項目繼續使該領域受益的潛力？

Thanks, Craig. Yes, let me try to answer that. I mean we expect, going forward, that advanced packaging in the automotive domain will continue to increase and will continue to drive growth. ADAS, it's a broad range of technology going into automotive, and we expect that, that will continue to grow certainly because of the proliferation of that functionality deeper into the car range but also further electrification of the automotive market.

謝謝，克雷格。是的，讓我嘗試回答這個問題。我的意思是，我們預計，未來汽車領域的先進封裝將繼續成長並將繼續推動成長。ADAS 是汽車領域中廣泛應用的技術，我們預計，該技術將繼續成長，這當然是因為該功能在汽車領域的深入普及以及汽車市場的進一步電氣化。

So we expect that to continue over the next, let's say, a couple of years, and that will step-by-step move to a more self-driving functionality into the car, more connectivity into the automotive domain. We're well positioned there. I mean, we're working with the leaders in the semiconductor area that deliver products in this functionality, and we're very pleased with our opportunities and pipeline there.

因此，我們預計這種情況將在未來幾年內持續下去，並將逐步實現汽車的自動駕駛功能和汽車領域的互聯互通。我們在那裡處於有利地位。我的意思是，我們正在與半導體領域的領導者合作，提供具有此功能的產品，我們對在那裡的機會和管道感到非常滿意。

The other positive elements in the automotive domain is the recovery of our mainstream portfolio. We saw the second quarter of this year reaching a trough and going into the third quarter, we see improvement, and we expect that to continue into the fourth quarter. And our customers signaling a strong, let's say, improvement of the overall inventory in the supply chain with a more balance there and that ultimately will drive a more balanced revenue base in the automotive domain for Amkor.

汽車領域的另一個積極因素是我們主流投資組合的復甦。我們看到今年第二季度跌至低谷，進入第三季度，我們看到了改善，我們預計這種情況將持續到第四季度。我們的客戶發出了強勁的信號，可以說，供應鏈中的整體庫存得到了改善，更加平衡，最終將推動 Amkor 在汽車領域實現更平衡的收入基礎。

That's really helpful, Giel. And then I wanted to follow up with a clarification for Megan. Megan, Nice to see the significant gross margin improvement coming from the facility rationalization in Japan. The question is, per the 100 basis points gross margin improvement by end next year, what's our baseline? Is it the adjusted fourth-quarter level after taking out that $30 million benefit or were you pointing back to the third quarter as the baseline?

這真的很有幫助，吉爾。然後我想向梅根進一步澄清一下。梅根，很高興看到日本工廠合理化帶來毛利率的顯著提高。問題是，到明年年底，毛利率將提高 100 個基點，我們的基準是多少？這是扣除 3000 萬美元收益後的調整後的第四季水平，還是以第三季為基準？

Thanks, Craig. Yes. So I would use our Q3 as our baseline, given we are going to begin seeing benefits moving into Q4. I did want to clarify the 100 basis point benefit. We had stated the full impact of that would be seen by the end of 2027 and that marks a two-year activity, which is, for us, very standard as we're managing through rationalizations of this sort in Japan supporting mainly an automotive customer base.

謝謝，克雷格。是的。因此，我將以我們的第三季作為基準，因為我們將在進入第四季時開始看到收益。我確實想澄清一下 100 個基點的收益。我們曾表示，到 2027 年底將會看到其全部影響，這是一項為期兩年的活動，對我們來說，這是非常標準的，因為我們在日本透過此類合理化管理，主要支持汽車客戶群。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

I wonder if you could just address the overall cyclical environment for the OSAT business. Are you seeing customers starting to get concerned about potential tightness and any impact that you could see -- haven't seen on like-for-like pricing and may see in the future on like-for-like pricing?

我想知道您是否可以談談 OSAT 業務的整體週期性環境。您是否發現客戶開始擔心潛在的緊張局勢以及您可能看到的任何影響——尚未在同類定價中看到，但將來可能會在同類定價中看到？

Well, good question, Joe. Thanks for that. Across our portfolio of mainstream and advanced packaging, we see on the advanced packaging side in some pockets, tightness of supply that over lines are filling up quite significantly that holds, for example, a flip-chip portfolio or some wafer-level packaging.

嗯，喬，這個問題問得好。謝謝你。在我們的主流和先進封裝產品組合中，我們看到先進封裝方面的一些領域供應緊張，生產線的供應已經相當充足，例如倒裝晶片產品組合或一些晶圓級封裝。

So I don't see tightness still occurring in the next quarter, but we see that in some pockets that has tightness of supply not only with respect to overcapacity, but there's also some limitations in certain areas, for example, substrates where we're working closely with suppliers to make sure that we have a continued supply base there.

因此，我認為下個季度不會再出現供應緊張的情況，但我們發現，在某些地區，供應緊張不僅是因為產能過剩，而且在某些領域也存在一些限制，例如，在基材方面，我們正與供應商密切合作，以確保我們在那裡擁有持續的供應基礎。

Okay. Great. And then in terms of the strength that you've seen in the smartphone business, any indication that any of that could be pull forward, tariff related, anything like that, I mean it seems like there's a pretty solid demand, but I just wanted you to address that because we get the question a lot.

好的。偉大的。然後就您在智慧型手機業務中看到的實力而言，任何跡象表明其中任何一個可能會向前發展，與關稅有關，諸如此類，我的意思是似乎存在相當穩固的需求，但我只是想讓您解決這個問題，因為我們經常被問到這個問題。

I mean, it's difficult to say what next year will bring on the smartphone base. I mean, for Amkor, it's important to reconfirm our position in this domain, both on the Android side as well as on the iOS side where we can confirm that we are convinced that we have a very strong footprint on both sides of certainly the premium tier smartphones.

我的意思是，很難預測明年智慧型手機市場將會出現什麼變化。我的意思是，對於 Amkor 來說，重新確認我們在這個領域的地位非常重要，無論是在 Android 方面還是在 iOS 方面，我們都可以確認，我們確信我們在高端智慧型手機的兩個方面都擁有非常強大的影響力。

We also see an increased evaluation of next-generation products in that supply chain enabling future phones for more AI functionality as edge devices when that will materialize and then change or increase semiconductor content, it's difficult to share with you at this moment, Joe.

我們還看到該供應鏈中對下一代產品的評估有所增加，使未來的手機能夠作為邊緣設備提供更多的人工智慧功能，當這些功能實現時，半導體內容會發生變化或增加，目前很難與您分享，喬。

But overall, we're confident that we have a solid position in the market, difficult to predict how the individual phone segments will develop into next year.

但總體而言，我們有信心在市場上佔據穩固的地位，很難預測明年各個手機領域將如何發展。

Peter Peng, JPMorgan Chase & Company.

摩根大通公司 Peter Peng。

I want to echo my peers' comments as well and best of luck in your next chapter. Just on your CoWoS-L, there's increasingly more and more of your hyperscale customers and merchant transitioning to CoWoS-L in their technology road maps. I know you guys have something equivalent to your S-Connect.

我也想附和我的同行的評論，並祝你在下一章中好運。光是在您的 CoWoS-L 上，就有越來越多的超大規模客戶和商家在其技術路線圖中轉向 CoWoS-L。我知道你們有與 S-Connect 相當的東西。

Maybe you can share some update on the progress there with your S-Connect and how do you believe you're positioned in this area?

也許您可以分享一下 S-Connect 在這方面的進展情況，以及您認為您在這方面的定位如何？

Well, it's difficult to comment on CoWoS-L. We're working very closely with our foundry partner to make sure that we have a complementary supply chain in place. Current focus is very much on what we share, what we label high-density fan-out, an equivalent of CoWoS-R and we see significant opportunities there.

嗯，很難評論 CoWoS-L。我們正在與我們的代工合作夥伴密切合作，以確保我們擁有互補的供應鏈。目前的重點是我們所分享的內容，也就是我們所說的高密度扇出，它相當於 CoWoS-R，我們看到了其中的巨大機會。

With respect to the other CoWoS-L, I think we're currently evaluating the on substrate part of that technology in Asia as well as to make sure that we have a complementary supply chain put in place in the US. So overall, that's our approach there, Peter.

關於另一個 CoWoS-L，我認為我們目前正在亞洲評估該技術的基板部分，並確保我們在美國建立了互補的供應鏈。總的來說，這就是我們的方法，彼得。

But overall, I think the computing market has multiple opportunities for Amkor. I think we're working closely, both with customers as well as with a foundry partner going forward on the different technology domains.

但總體而言，我認為計算市場對 Amkor 來說有多個機會。我認為我們正在與客戶以及代工合作夥伴在不同的技術領域密切合作。

Got it. Okay. And then maybe just -- you talked about some new ramps in your -- the CoWoS-R equivalent, high density fan out. How is that going to impact seasonality as we think about the first half of next year? Is that anything significant that would alter seasonal?

知道了。好的。然後也許只是 - 您談到了一些新的坡道 - CoWoS-R 等效物，高密度扇出。當我們考慮明年上半年時，這將如何影響季節性？這是否是改變季節的重要因素？

Or do you think those are like less beneficial until later on. Maybe just talk about seasonality and how you think about those products ramping?

或者您認為這些直到以後才變得不那麼有益。也許只是談論季節性以及您如何看待這些產品的成長？

Well, seasonality for Amkor in the past and also now is, to a large extent, driven by our exposure to the communication market. I think there was a strong and there is a strong seasonality in the communication market. If you look to our other markets, be it automotive, computing and also consumer, there is less pronounced seasonality.

嗯，過去和現在 Amkor 的季節性很大程度上是由我們在通訊市場的曝光所驅動的。我認為通訊市場具有很強的季節性。如果你看看我們的其他市場，無論是汽車、計算還是消費，季節性都不那麼明顯。

So the product launches that we are referring to, we expect them to show significantly less seasonality and with more growth in the computer domain that was ultimately level out the significant seasonality that we have, although we foresee, of course, that for the time to come the communications segment will be our biggest segment.

因此，我們預計，對於我們所指的產品發布，季節性將明顯減弱，而電腦領域的成長將更加強勁，這最終將抵消我們所面臨的顯著季節性影響，當然，我們預見到，在未來一段時間內，通訊領域將是我們最大的領域。

Tom Diffely, D.A. Davidson.

湯姆·迪菲利、D.A.戴維森。

Congratulations, Giel, on your next chapter. So maybe just one more question on the new facility in Arizona. When you think about the $7 billion -- the increase to $7 billion, how much of that is because of the extra capacity you're adding versus the increase in costs that we've seen kind of across the board these days in construction?

恭喜吉爾開啟你的新篇章。所以也許我只想再問一個關於亞利桑那州新工廠的問題。當您想到 70 億美元 — — 增加到 70 億美元時，其中有多少是由於您增加了額外的產能，而有多少是由於我們最近在建築領域看到的成本全面增加？

Well, Tom, I think I can be short on that. This is exclusively related to the increased capacity that we are planning for. you may have been informed that we also moved the location of the factory to a different location, a location closer to the TSMC location that gives us twice the land area with an additional option to further expand 50 acres for, potentially, a third facility. So that offers opportunity to grow.

好吧，湯姆，我想我可以簡短地說這一點。這與我們計劃增加的產能完全相關。您可能已經獲悉，我們還將工廠的位置移到了另一個位置，該位置更靠近台積電所在地，這使我們的土地面積增加了一倍，並且還可以進一步擴大 50 英畝，用於建造第三個工廠。因此，這提供了成長的機會。

We're in close cooperation and close alignment between the different partners and customers to make sure that we scale the facility correctly when it comes to scale, but also make sure that we ramp that facility with the right technologies in line with what customers need in the US.

我們與不同的合作夥伴和客戶保持密切的合作和協調，以確保我們在規模方面正確擴展設施，同時也確保我們根據美國客戶的需求，採用正確的技術來擴大該設施。

So it is not related to the increased investment, it is not related to the higher cost. It is strictly related to the share capacity expansion.

所以這與增加投資無關，也與更高的成本無關。這與股票容量擴張密切相關。

Okay. Great. That's very encouraging. And then as a follow-up, when you think about the CapEx of $950 million for next year, how much of that is specifically for Arizona?

好的。偉大的。這非常令人鼓舞。然後作為後續問題，當您考慮明年 9.5 億美元的資本支出時，其中有多少是專門用於亞利桑那州的？

So Tom, I can take that. So we had increased our CapEx guide for 2025 to $950 million and that was really driven by having more visibility in what we would need to spend in 2025. We have not yet given guide for CapEx for 2026. So we will give that at our next earnings call along with more visibility on the timing and expense for the Arizona facility.

所以湯姆，我可以接受。因此，我們將 2025 年的資本支出指南提高到了 9.5 億美元，這實際上是為了讓我們更清楚地了解 2025 年需要支出的金額。我們尚未給出 2026 年資本支出指南。因此，我們將在下次財報電話會議上公佈這項消息，同時進一步說明亞利桑那州工廠的時間表和費用。

Okay. But the increase in '25 was all driven by Arizona, the incremental?

好的。但 25 年的成長全部是由亞利桑那州推動的，增量是多少？

Correct.

正確的。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Thanks. I had another compute question. Giel, I think RDL formats are replacing silicon interposer to some degree, which should be good for OSAT. How much of your CapEx has been to support RDL? And does that shift drive higher value add that translates to unit margins? Or would the primary benefit the volume?

謝謝。我還有另一個計算問題。Giel，我認為 RDL 格式在某種程度上正在取代矽中介層，這對 OSAT 來說是件好事。您的資本支出中有多少用於支持 RDL？這種轉變是否會帶來更高的附加價值，進而轉化為單位利潤？或主要內容對音量有益嗎？

Steve, with respect to the relative CapEx that goes into the expansion of high-density fan-out, the RDL based technology, it's a significant, I would say, the majority of our CapEx. I want to reiterate there that a large part of our capital investments when it comes to individual equipment is highly fungible. Fungible between standard wafer-level packaging, even bumping to into the high-density fan-out.

史蒂夫，關於用於擴展高密度扇出型（基於 RDL 的技術）的相對資本支出，我想說，這是我們資本支出的大部分。我想重申的是，我們在單一裝置上的很大一部分資本投資是高度可替代的。可在標準晶圓級封裝之間互換，甚至可連接到高密度扇出。

But if we look to the ramp that we're preparing for, and I have to correct myself, I think we're ramping up the -- with our lead customers, three individual products and with the second customer another product in the early part of the year. So there is a significant ramp expected and we made a significant commitment to our customers to support that ramp where we are working in close cooperation with our lead customers there.

但是，如果我們看一下我們正在準備的成長，我必須糾正自己，我認為我們正在為主要客戶提供三種單獨的產品，並在年初為第二個客戶提供另一種產品。因此，預計產量將大幅提升，我們向客戶做出了重大承諾，將支持這項提升，我們正在與那裡的主要客戶密切合作。

So that's how we see the investment in high-density fan-out.

這就是我們對高密度扇出型投資的看法。

And I know it's being driven by compute right now, but what are the gating factors to the higher volume applications like PC or mobile? Are there technology challenges for those applications? Or is it just really a function of customers making the decision to go that direction?

我知道它現在是由計算驅動的，但是對於 PC 或行動裝置等更大容量的應用程式來說，限制因素是什麼？這些應用是否有技術挑戰？或者這實際上只是客戶做出朝這個方向發展的決策？

Yes. Good question, Steve. From our perspective, this technology will be applied in multiple domains. One is the data center domain as we just discussed, but it definitely will go into the more higher volume PCs and ultimately, also in the mobile communication domain. The technology is basically the same.

是的。問得好，史蒂夫。從我們的角度來看，這項技術將會應用在多個領域。一個是我們剛才討論的資料中心領域，但它肯定會進入更大容量的個人電腦領域，最終也會進入行動通訊領域。技術基本相同。

I think we use the same production lines for that technology. Of course, the individual specification of the technology is slightly different for each application, but the basic capacity that we won in place -- will put in place is supporting products into -- in the PC domain as well as in the data center and communication domain.

我認為我們對該技術使用相同的生產線。當然，每個應用的技術規格略有不同，但我們贏得的基本能力——將要實施的是支援產品進入個人電腦領域以及資料中心和通訊領域。

Denis Pyatchanin, Needham & Company.

丹尼斯‧皮亞查寧 (Denis Pyatchanin)，Needham & Company。

Great. Well, we'd like to mirror everyone's congratulations as well. And for a quick question about computing. So computing looks like it was over 20% year over year. Can you discuss the key drivers of this growth?

偉大的。好吧，我們也想表達大家的祝賀。還有一個關於計算的簡單問題。因此，計算看起來比去年同期增長了 20% 以上。您能討論一下這一成長的主要驅動力嗎？

And if you will see these persisting into Q4, even with revenue guided down somewhat quarter-over-quarter?

即使營收季減，您是否認為這些趨勢會持續到第四季？

Yes, Denis. I mean computing in the last quarter showed broad-based strength. I think all applications in the computing domain from PCs as well as networking as well as data center products were up in the quarter. And we expect that, that will continue. May we see on the more consumer products on the PC product, we still see strength, and that's also what the market predicts but definitely also on the networking and data center product side, we see continued strength.

是的，丹尼斯。我的意思是，上個季度的計算表現普遍強勁。我認為本季個人電腦、網路以及資料中心產品等運算領域的所有應用程式都出現了成長。我們預計這種情況將會持續下去。我們可能會在更多的消費產品（個人電腦產品）上看到實力，我們仍然看到實力，這也是市場預測的，但在網路和資料中心產品方面，我們也看到了持續的實力。

So overall, we're optimistic. We had a good quarter and a good year in computing. We had a record in the third quarter. I have to remind you that the AI and the AI proliferation is just started. So there will be more products being developed going into the edge and edge devices as well as into networking and data centers.

所以整體而言，我們持樂觀態度。我們在計算領域度過了一個良好的季度和良好的一年。我們在第三節創下了紀錄。我必須提醒你，人工智慧和人工智慧的擴散才剛開始。因此，將會有更多產品進入邊緣和邊緣設備以及網路和資料中心。

So we stay -- and we remain very optimistic there, and we're confident that we are applying there.

所以我們留在那裡——我們對此保持非常樂觀，並且我們有信心在那裡申請。

Great. And then for my follow-up for communications, I think you mentioned strength in Android persisting into next quarter. Can you provide some more color on that, maybe perhaps by geography?

偉大的。然後，對於我的後續溝通，我想您提到了 Android 的優勢將持續到下個季度。您能否提供更多詳細信息，例如按地理位置？

That is difficult to say. I mean, we believe that there is a trend in the Android market. And I also mentioned that last quarter is there -- is a trend to higher-end devices for the premium tier smartphones, and that's a global trend. And I cannot go to individual customers there, Denis, we saw that there was inventory in that supply chain. But overall, we believe that currently that inventory is digested.

這很難說。我的意思是，我們相信 Android 市場有一種趨勢。我還提到，上個季度出現了高階智慧型手機向高階設備發展的趨勢，這是一個全球趨勢。丹尼斯，我無法去找那裡的個別客戶，我們看到供應鏈裡有庫存。但總體而言，我們認為目前庫存已經被消化。

So overall, we are very positive on the Android players.

所以總體而言，我們對 Android 播放器非常看好。

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

女士們、先生們，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。謝謝。

Thank you. Now let me recap our key messages. Amkor delivered a strong third quarter with record revenue in both the communications and computing end markets. Fourth-quarter revenue is expected to increase 12% year on year at the midpoint. We are focused on enhancing operational efficiencies and optimizing our manufacturing footprint in Japan.

謝謝。現在讓我回顧一下我們的關鍵訊息。Amkor 第三季表現強勁，在通訊和計算終端市場均創下創紀錄的營收。預計第四季營收中位數年增12%。我們致力於提高營運效率並優化我們在日本的製造足跡。

And we look forward to hosting an Investor Day in mid-2026 where we will share financial targets and deeper insight in our long-term strategy. Thank you for joining the call today.

我們期待在 2026 年中期舉辦投資者日，屆時我們將分享財務目標並深入了解我們的長期策略。感謝您今天參加電話會議。

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

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。