艾克爾 (AMKR) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology first-quarter 2026 earnings call. My name is Diego, and I will be your conference facilitator today. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加 Amkor Technology 2026 年第一季財報電話會議。我叫 Diego，今天將擔任本次會議的主持人。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我想把電話會議交給投資人關係主管 Jennifer Jue。Jue 女士，請開始。

Good afternoon, and welcome to Amkor's first-quarter 2026 earnings conference call. Joining me today are CEO, Kevin Engel; and CFO, Megan Faust.

各位下午好，歡迎參加 Amkor 2026 年第一季財報電話會議。今天與我一同出席的有執行長 Kevin Engel，以及財務長 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.

我們的財報新聞稿已於今天下午向美國證券交易委員會（SEC）提交，並可在我們網站的投資人關係頁面取得；同時也提供配合今天電話會議的簡報投影片。

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

在本次簡報中，我們將使用非 GAAP 財務衡量指標；您可在投影片中找到與可比 GAAP 財務衡量指標的調節表。我們今天將基於目前的信念、假設與預期，發表前瞻性陳述。請參閱我們的新聞稿中關於前瞻性陳述的免責聲明，以及我們向 SEC 提交的文件中對可能影響未來業績之風險因素與不確定性的討論。

I will now turn the call over to Kevin.

接下來我把電話會議交給 Kevin。

Thank you, Jennifer. Good afternoon, everyone. Thank you for joining us today.

謝謝你，Jennifer。各位下午好。感謝各位今天加入我們。

Amkor delivered a strong start to the year, achieving record first quarter revenue of $1.68 billion, up 27% year on year. We saw growth across all end markets, and we're encouraged by the breadth of demand we're seeing across our technology platforms. Communications delivered the strongest growth, and mainstream posted its fourth consecutive quarter of both sequential and year-on-year growth.

Amkor 在今年開局表現強勁，第一季營收創下 16.8 億美元的歷史新高，年增 27%。我們在所有終端市場都看到成長，且對於我們在各技術平台所見到的廣泛需求感到鼓舞。通訊業務帶來最強勁的成長，而主流（mainstream）業務則連續第四季在季增與年增上皆呈現成長。

Leading chip companies continue to trust us for their advanced packaging and test needs. We are clearly benefiting from our partnerships and our leading technology as we execute on a growing set of advanced packaging programs.

領先的晶片公司持續信賴我們，以滿足其先進封裝與測試需求。隨著我們執行日益增加的先進封裝專案組合，我們顯然正受惠於合作夥伴關係以及我們的領先技術。

Earnings per diluted share were $0.33, significantly higher than last year, reflecting disciplined execution, and continued progress on our margin initiatives. Overall, this was a quarter that reflected momentum in demand, disciplined execution by our teams and continued preparation for the advanced packaging ramps we expect in the second half of the year.

稀釋後每股盈餘為 0.33 美元，顯著高於去年，反映出嚴謹的執行力，以及我們在毛利率改善措施上的持續進展。整體而言，本季反映了需求動能、團隊的紀律執行，以及為我們預期下半年先進封裝放量所做的持續準備。

As we discussed last quarter, overall semiconductor demand is robust. The industry backdrop remains dynamic. We are closely monitoring export controls and evaluating trade policies. We see supply dynamics around advanced silicon, advanced substrates and memory and are managing these risks with agility alongside our customers and suppliers.

如同我們在上一季所討論的，整體半導體需求依然強勁。產業環境仍然多變。我們正密切關注出口管制並評估貿易政策。我們看到先進矽材料、先進基板與記憶體的供需動態，並與客戶及供應商一同以敏捷方式管理這些風險。

Some customer supply materials are being delayed, causing nonlinear loading. This has been expected, and we are prioritizing production where materials are available to minimize impact. Uncertainty related to the geopolitical events in the Middle East have increased over the last few months. To date, we have not seen any supply disruptions related to these dynamics.

部分客戶供應的材料出現延遲，導致產能載入呈現非線性。這在預期之內，我們正優先安排材料到位的產品生產，以將影響降至最低。過去幾個月，中東地緣政治事件相關的不確定性有所升高。截至目前，我們尚未看到因這些動態而造成的任何供應中斷。

However, conditions in the region are putting additional pressure on material pricing. We're working closely with our customers to offset these increases across the supply chain. Now let me share an update on our strategic initiatives.

然而，該地區的情勢正對材料價格帶來額外壓力。我們正與客戶密切合作，在整個供應鏈中抵銷這些成本上升。接下來我將分享我們策略性計畫的最新進展。

First, elevating technology leadership. We continue to invest in advanced packaging platforms, including HDFO, flip chip and test. These are critical to next-generation AI and high-performance computing. As discussed last quarter, we are engaged on several HDFO programs this year and the newest data center CPU program is expected to begin ramping this quarter. Our preparations in Korea remain on track to scale this program into high volume in the second half of the year.

第一，提升技術領導地位。我們持續投資於先進封裝平台，包括 HDFO、倒裝晶片（flip chip）以及測試。這些對下一代 AI 與高效能運算至關重要。如同上一季所提到的，我們今年正參與多個 HDFO 專案，而最新的資料中心 CPU 專案預期將於本季開始放量。我們在韓國的準備工作仍按計畫進行，目標是在下半年將該專案擴展至高量產。

Overall, we see increasing opportunities for the compute market from a diverse customer base.

整體而言，我們看到來自多元客戶基礎的運算市場機會正在增加。

Second, expanding our geographic footprint. In 2026, our priorities include meeting construction milestones of our Arizona facility and expanding manufacturing space in Korea. In Arizona, we are excited to see the progress as we wrap up foundation work and move towards building steel construction. Construction of Phase 1 is planned to be completed in 2027.

第二，擴大我們的地理布局。在 2026 年，我們的優先事項包括達成亞利桑那州廠房的建設里程碑，以及擴增韓國的製造空間。在亞利桑那州，隨著我們完成地基工程並邁向鋼構施工，我們很高興看到工程進展。第一期工程計畫於 2027 年完工。

In Korea, the new test building is on track for completion at the end of this year. This will provide incremental space to support data center demand going into 2027.

在韓國，新的測試大樓預計可在今年底如期完工。這將提供額外空間，以支援 2027 年起的資料中心需求。

Third, enhancing our strategic partnerships in key markets. We continue to strengthen collaboration with customers across the ecosystem, including foundries, fabless companies, IDMs and OEMs. As part of our partnership engagement model, our customers are making contributions that help align technology road maps, support our capital investment and enable rapid ramps as new capacity comes online.

第三，在關鍵市場強化我們的策略夥伴關係。我們持續強化與生態系客戶的合作，包括晶圓代工廠、無晶圓廠（fabless）公司、整合元件製造商（IDM）以及 OEM 廠商。作為我們夥伴合作模式的一部分，客戶正提供各項貢獻，以協助對齊技術路線圖、支持我們的資本投資，並在新產能上線時實現快速放量。

Across all three pillars, we remain focused on margin improvements driven by operational excellence, increased utilization, favorable pricing and a sustained mix shift towards higher-value advanced packaging.

在這三大支柱之下，我們仍聚焦於透過營運卓越、提高稼動率、有利的定價，以及產品組合持續轉向更高價值的先進封裝，來推動毛利率改善。

Our mainstream factories in the Philippines are seeing improving demand, and we're continuing to optimize cost in Japan. Utilization of our advanced sites in Korea and Taiwan is increasing, improving profitability.

我們在菲律賓的主流工廠需求正在改善，同時我們也持續在日本進行成本最佳化。我們在韓國與台灣的先進廠區稼動率正在提升，進而改善獲利能力。

In just over three weeks, we will host our 2026 Investor Day. This will give us an opportunity to provide a deeper view into our strategic pillars. We will explain Amkor's position as the semiconductor industry turns to advanced packaging for value creation. We are well positioned for this shift, and we are at the beginning of a multiyear value creation journey.

再過三週多一點，我們將舉辦 2026 年投資人日。這將讓我們有機會更深入地說明我們的策略支柱。我們將闡述當半導體產業轉向以先進封裝創造價值時，Amkor 所處的位置。我們已為這一轉變做好充分準備，而我們正站在一段多年期價值創造旅程的起點。

We're excited about our future. We look forward to sharing more of our story at the event on May 21.

我們對未來感到振奮。期待在 5 月 21 日的活動上分享更多內容。

I'll now turn the call over to Megan to provide more details on our first quarter performance and near-term outlook.

接下來我把電話會議交給 Megan，請她提供第一季表現與近期展望的更多細節。

Thank you, Kevin, and good afternoon, everyone.

謝謝你，Kevin，各位下午好。

Amkor delivered record first quarter revenue of $1.68 billion, increasing 27% year on year. Revenue was above the midpoint of guidance, driven by stronger-than-expected performance across all end markets, except computing, where we saw softness in PCs and laptops. The communications end market was the largest contributor to our year-on-year growth, increasing 42%.

Amkor 第一季營收創下 16.8 億美元新高，年增 27%。營收高於財測區間的中位數，主要受惠於除運算以外各終端市場表現優於預期；在運算方面，我們看到 PC 與筆電需求偏弱。通訊終端市場是我們年增成長的最大貢獻來源，年增 42%。

We saw healthy demand across premium tier smartphones, especially iOS due to our strong footprint in the current generation. Android demand also remained healthy. For the second quarter, communications revenue is expected to be stronger than seasonal increasing mid- to high single digits sequentially, driven by continued strength in the iOS ecosystem.

我們在高階智慧型手機需求方面表現健康，尤其是 iOS，因為我們在本世代產品上具有強勁的布局。Android 需求也維持健康。第二季通訊營收預期將強於季節性表現，季增中到高個位數，主要由 iOS 生態系的持續強勁所帶動。

Revenue in the computing end market increased 19% year on year. Record revenue within AI data center applications was driven by broad-based strength across multiple customers. This was partially offset by softness in PCs and laptops. Computing is expected to grow mid-single digits sequentially in the second quarter, driven by the ramp of the new HDFO data center CPU device that Kevin mentioned.

運算終端市場營收年增 19%。AI 資料中心應用的營收創新高，主要由多家客戶的廣泛強勁需求所帶動。但部分被 PC 與筆電需求偏弱所抵銷。運算業務預期在第二季將季增中個位數，主要受 Kevin 提到的新 HDFO 資料中心 CPU 裝置放量所帶動。

Automotive and industrial revenue increased 28% year on year. ADAS and infotainment demand drove record revenue for advanced technology in this end market. The recovery in the mainstream portion of automotive and industrial continued with Q1 marking the fourth consecutive quarter of sequential growth.

汽車與工業營收年增28%。ADAS與資訊娛樂需求帶動該終端市場先進技術營收創下新高。汽車與工業主流領域的復甦持續，第一季為連續第四季呈現季增。

Revenue within the automotive and industrial end market is expected to grow mid-single digits sequentially in Q2. Consumer revenue increased 4% year on year due to broad-based improvement in demand across customers. Revenue in Q2 is expected to grow low teens percent sequentially driven by wearable products.

預期第二季汽車與工業終端市場營收將季增中個位數百分比。由於各客戶需求普遍改善，消費性營收年增4%。在穿戴式產品帶動下，預期第二季營收將季增低十幾個百分點。

Gross margin of 14.2% exceeded the high end of our Q1 guidance range primarily due to favorable product mix. Gross profit for the quarter was $239 million, up 52% from last year due to increased volume and focused cost management.

毛利率14.2%高於我們第一季財測區間上緣，主要受惠於有利的產品組合。本季毛利為2.39億美元，因出貨量增加與聚焦成本管理，較去年成長52%。

Operating expenses were $139 million for Q1. Operating income was $100 million, and operating income margin was 6%, an improvement of 360 basis points year on year. Our effective tax rate for the quarter was 12.8%, lower than our full year target of 20% due to discrete tax benefits recognized in the quarter.

第一季營業費用為1.39億美元。營業利益為1.00億美元，營業利益率為6%，年增360個基點。本季有效稅率為12.8%，低於全年20%的目標，係因本季認列一次性稅務利益。

Net income was $83 million and EPS was $0.33, EBITDA was $285 million and EBITDA margin was 16.9%. As we have grown revenue by delivering high-value advanced packaging technology to our customers, we are benefiting from the operating leverage in our model.

淨利為8,300萬美元，EPS為0.33美元；EBITDA為2.85億美元，EBITDA利潤率為16.9%。隨著我們透過向客戶提供高價值先進封裝技術來推動營收成長，我們正受惠於營運槓桿。

In addition, our actions to structurally manage costs are showing up in our results, demonstrating our ability to drive sustained margin improvement. As of March 31, we held $1.8 billion in cash and short-term investments and total liquidity was $2.9 billion.

此外，我們在結構性成本管理上的作為已反映在成果中，展現我們推動毛利率持續改善的能力。截至3月31日，我們持有18億美元現金與短期投資，總流動性為29億美元。

Total debt was $1.4 billion and our debt-to-EBITDA ratio was 1.1 times. Our strong balance sheet provides the financial flexibility and liquidity for this next investment cycle.

總負債為14億美元，負債對EBITDA比率為1.1倍。我們強健的資產負債表，為下一輪投資週期提供財務彈性與流動性。

Now turning to our second-quarter outlook. Building on the strong momentum in the first quarter, Q2 revenue is expected to be between $1.75 billion and $1.85 billion, representing a 7% sequential increase at the midpoint. Gross margin is projected to be between 14.5% and 15.5%. We expect operating expenses of approximately $120 million which includes a gain on the sale of real estate of approximately $20 million. Our full year 2026 effective tax rate is expected to be around 20%.

接著談第二季展望。延續第一季的強勁動能，預期第二季營收介於17.5億至18.5億美元，中位數較前一季成長7%。毛利率預估介於14.5%至15.5%。我們預期營業費用約為1.20億美元，其中包含約2,000萬美元的不動產出售利益。我們預期2026全年有效稅率約為20%。

Net income is forecasted to be between $105 million and $130 million, resulting in EPS between $0.42 and $0.52. Our 2026 CapEx estimate remains at $2.5 billion to $3 billion. As a reminder, 65% to 70% is projected for facilities expansion, including Phase 1 of our Arizona campus. About 30% to 35% is projected for HDFO, test and other advanced packaging capacity. The remaining spend is projected for R&D and quality programs.

淨利預估介於1.05億至1.30億美元，EPS介於0.42至0.52美元。我們2026年資本支出（CapEx）估計維持在25億至30億美元。提醒一下，其中65%至70%預計用於廠房擴建，包括亞利桑那園區第一期。約30%至35%預計用於HDFO、測試及其他先進封裝產能。其餘支出預計用於研發與品質計畫。

We anticipate elevated CapEx spend for facilities expansion through 2027 as we complete Phase 1 of our Arizona campus. At that point, we will begin recognizing depreciation and other start-up costs as we build and train the workforce ahead of production in 2028.

我們預期在完成亞利桑那園區第一期之前，廠房擴建的資本支出將一路維持在較高水準至2027年。屆時，隨著我們在2028年投產前建立並訓練人力，我們將開始認列折舊及其他啟動成本。

Similar to our Vietnam ramp-up phase, these preparation costs will be recognized in OpEx until programs are qualified for production at which point they will transition to cost of goods sold. As a result, we anticipate this will start to dilute operating income margin by approximately 1% to 2%, beginning in 2027 and improving in 2028.

類似我們越南產能爬坡階段，這些準備成本將先以營業費用（OpEx）認列，直到專案通過量產資格認證後，才會轉列為銷貨成本。因此，我們預期自2027年起將使營業利益率稀釋約1%至2%，並在2028年改善。

Once at full scale, we expect Arizona will be a significant driver of operating income margin expansion reflecting the benefits of high-value advanced packaging at what is planned to be our most automated factory.

一旦達到完整規模，我們預期亞利桑那將成為推動營業利益率擴張的重要動能，反映高價值先進封裝的效益，且該廠預計將是我們自動化程度最高的工廠。

To wrap up, we are pleased with our first quarter performance. and the momentum we are building in 2026. We remain confident in the full year outlook we provided last quarter, with revenue growth driven by acceleration in computing, and strong growth in advanced automotive. Our focus and discipline as we execute on our strategic pillars positions us well to continue generating improved financial results and sustain shareholder value.

總結來說，我們對第一季表現以及2026年正在累積的動能感到滿意。我們仍對上季提供的全年展望充滿信心，營收成長將由運算加速與先進汽車的強勁成長所帶動。在執行策略支柱時的專注與紀律，使我們具備良好條件持續創造更佳財務成果並維持股東價值。

I would like to emphasize Kevin's remarks regarding our upcoming Investor Day. We are embarking on a multiyear value creation journey, investing today to drive materially stronger earnings power in the future. We look forward to sharing more with you at our event on May 21.

我想強調Kevin關於即將到來的投資人日的談話。我們正展開一段為期多年的價值創造旅程，今日投資以在未來帶來顯著更強的獲利能力。我們期待在5月21日的活動上與各位分享更多。

This concludes our prepared remarks. We will now open the call up for your questions. Operator?

以上為我們事先準備的發言。接下來我們將開放提問。接線生？

(Operator Instructions) Jim Schneider, Goldman Sachs.

(接線生指示) 高盛（Goldman Sachs）的Jim Schneider。

Given your commentary on some of the customer supply materials being delayed as well as some pricing pressure that you expect could happen. Can you maybe kind of discuss what on-net you expect to happen in terms of gross margins in the back half of this year?

鑑於你提到部分客戶供應材料有所延遲，以及你預期可能出現一些價格壓力。你能否談談綜合來看，你預期今年下半年毛利率會如何變化？

I mean, it seems like there are some things very much in your favor, increased loadings, better mix. Maybe talk about from the Q2 baseline you just guided to what the sort of puts and takes are in terms of net impact on gross margins in the back half?

我的意思是，看起來有些因素對你們非常有利，例如稼動率提升、產品組合更佳。也請談談以你們剛給出的第二季基準來看，下半年毛利率淨影響的利多與利空因素各是什麼？

So maybe let me -- and thanks, Jim. So let me start maybe with a little bit more detail on the material supply dynamics, and then Megan can cover the margin and profitability perspective. So I think when we look at the materials, obviously, we've highlighted that memory, advanced silicon, substrates, we are seeing dynamics there. Different -- slightly different dynamics.

那我先——謝謝你，Jim。我先就材料供應的動態補充更詳細的說明，接著Megan可以從毛利率與獲利能力的角度來補充。我想當我們看材料時，顯然我們已指出記憶體、先進矽材、基板等方面，我們正看到一些動態。不同——略有不同的動態。

I'd say the one that we were able to kind of really see from a supply perspective is the advanced silicon. Sometimes when it comes to memory, we're not quite sure how customers are moving demand around depending on their supply, but we definitely see that from advanced silicon. So basically, what dynamics going on there is we have these situations where there's forecasted material, the wafers or the memory doesn't show up.

我會說，從供應角度我們比較能清楚看到的是先進矽材。有時候談到記憶體，我們不太確定客戶會如何依其供應狀況去調整需求配置，但在先進矽材方面我們確實看得到。所以基本上，那裡正在發生的情況是：有些預估的材料——晶圓或記憶體——沒有如期到貨。

And then we luckily we're in such a demand profile situation such that we have other material that we can typically load, so we haven't really seen a utilization impact, but that is creating a dynamic to where some of the demand is getting pushed forward. So we're definitely seeing that. And overall, we feel that this supply dynamic for Q2 will be similar as Q1. And we'll continue to manage that way.

不過幸運的是，我們目前的需求結構使得通常還有其他材料可以上線投產，因此我們並未真正看到稼動率受到影響，但這確實造成部分需求被往後遞延的動態。所以我們確實看到這種情況。整體而言，我們認為第二季的供應動態將與第一季相似。我們也會持續以同樣方式加以管理。

But Megan, can you talk a little bit about the margin profile?

不過 Megan，你能不能稍微談一下毛利率概況？

Sure. So given that environment, we're also in what we would say a constructive pricing environment. So we have been working with our customers to manage some of these pricing pressures. So considering that aspect, we expect that would cover most of those cost increases.

當然。在那樣的環境下，我們也處於我們所說的具建設性的定價環境。因此我們一直與客戶合作，來管理其中一些定價壓力。所以考量到這一點，我們預期這將能涵蓋大部分的成本上升。

So as we look out to the second half of the year, we're still seeing our gross margins being able to rise in that mid- to high teens level given the increase in utilization as well as the ramp expected for our compute segment surrounding the data center. That will have a favorable impact on product mix in addition to that being more high-value advanced packaging.

當我們展望今年下半年時，隨著產能利用率提升，以及我們圍繞資料中心的運算（compute）事業部門預期的爬坡，我們仍看到毛利率有能力上升到中到高十幾%的水準。這將對產品組合帶來有利影響，此外也會帶來更多高價值的先進封裝。

So those three elements, pricing, utilization and product mix are all going to support that lift in the second half.

因此這三個要素——定價、產能利用率與產品組合——都將支撐下半年毛利率的提升。

Yes. And maybe let me add a little bit more on pricing to give you a little color there. So when we go back to Q1, we started some pricing activities then that was early on focused on Japan. We had talked about some of the dynamics for Japan in the past. But what we've been doing over the last quarter is we're working with most, if not all, of our customers to look at pricing dynamics throughout the course of the year.

是的。另外也許我再補充一點關於定價的內容，讓你更有一些脈絡。回到第一季時，我們就開始了一些定價行動，當時早期主要聚焦在日本。我們過去也談過日本的一些動態。但在上一季我們所做的是：我們正與大多數（如果不是全部）的客戶合作，檢視全年期間的定價動態。

I think, in general, customers understand that the environment is such that costs are going up, and we're seeing some ability and willingness from customers to help us in those dynamics. So we expect to see pricing will kind of increase as we go throughout the year. So that will just help offset some of these cost increases that we're seeing on the material side.

我想整體而言，客戶理解目前的環境是成本正在上升，而我們也看到客戶在這些動態上有一定的能力與意願來協助我們。因此我們預期定價會在全年過程中逐步上調。這將有助於抵銷我們在材料端所看到的一些成本上升。

That's great color. And then just to clarify, in terms of the computing ramp you're expecting in the back half, should we expect that to inflect in Q3? Or is that more of a kind of Q4 weighted event?

這些說明很有幫助。另外再確認一下，關於你們預期下半年運算業務的爬坡，我們應該預期在第三季出現拐點嗎？還是說更偏向第四季的事件？

So it's going to continue to ramp throughout the year. I'd say the ramp, specifically for the CPE device will start this quarter, but we'll start seeing meaningful revenue contribution in the third quarter and then just continues to ramp beyond that even going into 2027 and beyond.

所以它會在全年持續爬坡。我會說，特別是針對 CPE 裝置的爬坡會在本季開始，但我們會在第三季開始看到有意義的營收貢獻，之後還會持續爬坡，甚至延伸到 2027 年及更久之後。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

I wanted to clarify your comments around the 1- to 2-point hit that comes at some point in 2027 due to the ramp of, I believe, Arizona. And when exactly should we think about that timing to [op in]? And then how should we be thinking about the offsetting revenue impacts there? Because I assume that there's quite a bit, but I'm not sure what -- if it hits right on time or if there's a delay.

我想釐清你們提到的在 2027 年某個時間點，因為（我相信是）亞利桑那的爬坡而帶來 1 到 2 個百分點的衝擊。我們應該把這個時間點想成什麼時候才會[op in]？另外，我們應該如何看待那邊對應的營收抵銷效果？因為我假設會有相當多，但我不確定——它是否會準時反映，或是會有延遲。

And I know you only guide one quarter at a time here or not that far out, but I'm wondering how you would advise us to model that as we look into '27, which is going to be a really strong year for the space.

我知道你們通常一次只提供一季的指引，或不會看那麼遠，但我想請教你們會如何建議我們在展望 2027 年時建模，因為那將會是這個領域非常強勁的一年。

Yes. So thanks. Megan will go through a little bit of the details on the timing. I wanted to kind of step back a little bit and give you our color here. We wanted to make sure that the investment community understood the way we were looking at the dilution and the cost impacts. And part of that is thinking about obviously the building depreciation versus the equipment depreciation.

是的。謝謝。Megan 會說明一些時程細節。我想先稍微退一步，給你我們這邊的看法。我們希望投資社群能理解我們看待稀釋與成本影響的方式。其中一部分是思考，顯然，廠房折舊相對於設備折舊的差異。

And obviously, the equipment depreciation cycle is only a seven-year cycle. So that will have a larger impact as we really bring in equipment. So we wanted to just make sure that the investment community understood these dynamics and understood the timing and then, Megan, can you give me some more color there?

而且很明顯，設備折舊週期只有七年。因此當我們真正導入設備時，影響會更大。所以我們想確保投資社群理解這些動態並理解時程；然後，Megan，你能再補充一些脈絡嗎？

So Ben, as far as the exact timing for when in 2027, that's expected to hit, it's a bit too early. Our estimates can shift based on the timing of equipment delivery as well as the speed of qualification process. So as a reminder, this impact is really following the same framework as what we experienced in Vietnam, where those costs will begin in OpEx.

Ben，至於 2027 年具體會在什麼時間點開始反映，現在還有點太早。我們的估算可能會因設備交付時程以及認證（qualification）流程的速度而變動。提醒一下，這個影響基本上是沿用我們在越南所經歷的相同框架，也就是那些成本會先在營業費用（OpEx）中開始出現。

And then once we call our first program, those costs move to cost of goods sold, and then those will be in margin. So as far as that 1% to 2% impact on operating income margin that was anticipated to be a full year impact based on our estimate of currently when we believe those costs will begin. And then we see that improving in 2028, which is when we're going to start scaling.

接著一旦我們啟動第一個專案（program），那些成本就會轉到銷貨成本，然後反映在毛利率中。因此，關於對營業利益率 1% 到 2% 的影響，我們原先預期這會是以全年為基礎的影響，這是基於我們目前對成本開始發生時間點的估計。然後我們看到 2028 年會改善，因為那時我們將開始擴大規模（scaling）。

And that leads to your second part of the question. We will see some modest revenue in 2028. That will then scale in 2029, where we believe exiting '29, we will have meaningful revenue such that moving into 2030, we would experience the full impact from the Arizona facility. And all that obviously is subject to customer qualification, et cetera, but that's what our current plan shows.

這也帶到你問題的第二部分。我們會在 2028 年看到一些溫和的營收。接著在 2029 年放大，我們相信到 2029 年底時，會有具意義的營收，因此進入 2030 年時，我們將會感受到亞利桑那廠的完整影響。當然，這些都取決於客戶認證等因素，但這是我們目前計畫所顯示的情況。

Okay. And then just with regard to the CPU ramp. This is a new product and whatnot. You've talked about it being higher margin. How should we think about -- you already mentioned, Kevin, that it's going to sustain and get bigger in '27. Do you see a strong pipeline for the CPU business, both ARM and maybe even x86?

好的。另外關於 CPU 的爬坡。這是一個新產品等等。你們談到它的毛利率較高。我們應該如何看待——你已經提到，Kevin，它會在 2027 年維持並變得更大。你們是否看到 CPU 業務有強勁的案源（pipeline），包含 ARM，甚至可能也包含 x86？

And just how would you characterize that win? Is it the first one? Is that the only one you have visibility on? Or is this a category that could become a meaningful contributor even beyond the big one that you got?

另外你會如何形容這個拿下的案子（win）？這是第一個嗎？這是你們唯一能見度所及的案子嗎？或者這個類別即使在你們拿到的那個大案之外，也可能成為有意義的貢獻者？

Yes. Thanks for that. I would say, in general, strong tailwinds, obviously, the one device that will ramp first, we see a lot of opportunity there. Again, really ramping even beyond 2026. Other customers, we are engaged. So there are other activities going on there even in some of the more advanced package types, kind of again, kind of looking more into 2027 for the more advanced packages.

是的。謝謝你的提問。我會說整體而言有很強的順風；顯然，第一個會先爬坡的那個裝置，我們看到很多機會。同樣地，它的爬坡會延伸到 2026 年之後。我們也正在與其他客戶接洽。所以那邊也有其他活動在進行，甚至在一些更先進的封裝型態上也是如此；同樣地，針對更先進的封裝，可能會更著眼於 2027 年。

But if we look at our -- this HDFO platform in general, whether this is a SWIFT technology, similar to TSMC's CoWoS-R or whether it's CoWoS-L, Amkor's S-Connect technology. The customer engagements are broadening. So those platforms now we have over five customers that we're engaged with, different levels of qualification.

但如果我們看我們的——這個 HDFO 平台整體而言，不論是 SWIFT 技術（類似台積電的 CoWoS-R），或是 CoWoS-L、Amkor 的 S-Connect 技術。客戶接洽正在擴大。因此在這些平台上，我們目前與超過五家客戶有合作接洽，且處於不同的認證階段。

And then obviously, just to go back to the 2.5D, the silicon interposer type technologies. Again, while we're ramping down the legacy volume customer, we continue to see more customers engaging there. So that customer base, we had talked about before being half a dozen, I would say, we're over half a dozen now.

然後很明顯地，回到 2.5D，也就是矽中介層（silicon interposer）類型的技術。同樣地，雖然我們正在逐步降低傳統大宗客戶的出貨量，但我們持續看到更多客戶在這方面投入與合作。所以那個客戶基礎，我們之前談到大約半打左右，我會說現在已經超過半打了。

So across that whole platform, that's where we're really looking at the -- when we look at our investments in equipment for this year, vast majority of that investment is going into these types of platforms in Korea and then some of the other wafer-based activities in Taiwan.

因此在整個平台上，這正是我們真正關注的地方——當我們看今年在設備上的投資時，絕大多數投資都會投入到韓國的這類平台，另外也有一部分投入到台灣其他以晶圓為基礎的活動。

Randy Abrams, UBS.

Randy Abrams，瑞銀（UBS）。

Yes. Okay. I wanted to ask a follow-up question on your loading level. Was it picking up across mainstream events. If you could give a sense of utilization or headroom to grow to take on projects both in Korea, Vietnam, just ahead of Arizona.

是的。好的。我想追問一下你們的載入水準（loading level）。它是否在各個主流業務上都有回升？如果可以的話，請提供一下產能利用率或可用餘裕（headroom），以便在韓國、越南承接專案，並在亞利桑那廠之前做好準備。

And then if we look at the Phase 1, it looks like it adds about 10% to your network in terms of floor space. Should we think that's approximate revenue power or doing advanced packaging, should we take a different approach to revenue as you bring on Arizona?

另外，如果我們看第一期（Phase 1），看起來它在廠房面積上大約為你們的網路增加了 10%。我們是否應該把它視為大致相當的營收能力？還是因為做的是先進封裝，當你們導入亞利桑那時，營收的估算方式應該不同？

Okay. Yes. Thanks, Randy. So first, utilization. So at a high level, our Q1 utilization was in the low 70s, and if you compare that to Q1 last year, we were in the 50s, so pretty significant improvement year on year. When we think about Q2, we'll still be in the 70s. It will be a slight improvement, but a little bit of an increase from Q1. And then when we kind of think about how that split, I think, we talked about this a little bit last quarter. The advanced lines are filling up.

好的。是的。謝謝你，Randy。先談利用率。整體來看，我們第一季的利用率在 70% 出頭；如果和去年第一季相比，當時在 50% 左右，所以年對年有相當顯著的改善。談到第二季，我們仍會在 70% 的區間。會小幅改善，比第一季略有提升。至於這個分布如何拆分，我想我們上季也稍微談過。先進產線正在被填滿。

And some of these areas, are getting to levels of high utilization. And then we still have some factories more on the mainstream side where utilization is low. I think we're seeing improvements in the Philippines and mainstream, but some other factories where we have some additional space to improve utilization.

而其中一些領域，正接近高利用率水準。同時我們仍有一些偏主流（mainstream）的工廠，利用率偏低。我認為我們在菲律賓以及主流業務看到改善，但也有其他一些工廠仍有額外空間可提升利用率。

Then when we think about these more advanced programs prior to the US factory coming online, for Korea, space is something that we're monitoring very closely. You may recall, we're building a new facility there now. That facility will be completed at the end of this year. So that will give us some headroom going into 2027 to continue to ramp.

接著談到在美國工廠上線之前的這些較先進專案，就韓國而言，空間是我們非常密切監控的項目。你可能記得，我們目前正在那裡興建一座新廠。該廠將在今年底完工。因此在 2027 年之前，這會給我們一些餘裕，讓我們能持續擴產爬坡。

And then when we look at Vietnam, we talked a little bit about this in the past. We're migrating some of our SiP products from our Korea facility over to Vietnam. That will help provide additional room in Korea and then we'll also obviously improve our utilization in Vietnam. So we have continued room in Vietnam to grow from a space perspective.

再來看越南，我們過去也稍微談過。我們正把部分 SiP 產品從韓國廠移轉到越南。這將有助於在韓國釋出更多空間，同時也會明顯提升我們在越南的利用率。所以從空間角度來看，我們在越南仍有持續成長的空間。

That building, we even have some clean room space that's yet to be facilitated. So we have headroom there. And then just to summarize again, Korea, we're expanding aggressively. I think that's an area where we see just a tremendous amount of demand going through this year and into next.

那棟廠房甚至還有一些無塵室空間尚未完成建置。所以我們在那裡仍有餘裕。再總結一次，韓國方面我們正在積極擴張。我認為那是我們看到需求非常強勁的領域，會貫穿今年並延續到明年。

Great. I appreciate the color on that. And then for the Arizona, maybe just a follow-up to the first question, Arizona, if you could run through a bit on the scale that could add?

很好。謝謝你提供這些細節。那關於亞利桑那，或許就第一個問題再追問一下：你能否說明一下它可能帶來的規模增量？

And then the second question I wanted to ask on the -- just a bit more on the computing. I think one side with the traction that Intel seeing on EMIB, if you could talk about opportunity, timing or potential to take on either foundry or internal business. If that's an opportunity.

第二個問題我想問的是——再多談一點運算（computing）。考量到英特爾在 EMIB 上看到的進展，如果你能談談機會、時程，或是是否有可能承接代工或內部業務。如果那是一個機會的話。

And then just curious a bit more on the CoWoS-L or S-Connect, how that's coming together with a lot more projects seem to be moving in that direction.

另外也想再了解一下 CoWoS-L 或 S-Connect 的情況，因為看起來有更多專案正朝那個方向推進，它們是如何整合與進展的。

Okay. Okay. Yes, Randy. So for Arizona, you're thinking right. I think we had mentioned roughly from a revenue perspective, we can be in the $1 billion run rate kind of range about 10% of our 2025 revenue to over 10%. So I think you're thinking around the right levels.

好的。好的。是的，Randy。關於亞利桑那，你的理解是對的。我想我們之前提過，從營收角度來看，我們大概可以達到年化（run rate）約 10 億美元的區間，約占我們 2025 年營收的 10% 以上。所以我認為你估的水準大致是對的。

Then when it comes to EMIB, I don't want to talk too much about that. Obviously, we had talked about how in the past that there is a collaboration with Amkor and Intel related to providing some additional outsourced modeling for EMIB, I'd say that activity is continuing. I don't think I want to go too much more into detail there.

至於 EMIB，我不想談太多。很明顯地，我們過去談過，Amkor 與英特爾在 EMIB 相關方面有合作，主要是提供一些額外的外包建模（outsourced modeling）；我會說那項活動仍在持續進行。我想我不太想再深入更多細節。

And then on the CoWoS-L, as I mentioned a little while ago, we do have 1 CPE product that we're working on with our customer. I think I would say we're still a little bit early in the development cycle with that customer, so it's going to take some time. I would say that's more likely a 2027 discussion.

至於 CoWoS-L，如我稍早提到的，我們確實有 1 個 CPE 產品正在與客戶共同開發。我想我會說，我們在與該客戶的開發週期上仍稍早期，因此還需要一些時間。我會說那更可能是 2027 年的討論。

But because of this, the constraints in general in the supply chain and in the packaging space, these customers are very motivated to try to move as quickly as they can to develop these new technologies new supply chain options. So we really feel that's a positive benefit for us.

但也因為如此，供應鏈與封裝領域整體的限制，這些客戶非常有動機盡可能快速地開發這些新技術與新的供應鏈選項。所以我們確實覺得這對我們是正面的利多。

Peter Peng, JPMorgan.

Peter Peng，摩根大通（JPMorgan）。

Just on your advanced -- AI advanced packaging, I think last quarter, you mentioned that it can grow year over year. To what extent is that a demand number? Or is that a supply constrained number? I just want to get a sense of how much you guys can improve that number over the course of this year.

關於你們的先進——AI 先進封裝，我記得上季你們提到它可以年對年成長。這在多大程度上是需求端的數字？或是在供給受限下的數字？我只是想了解，你們今年在這個數字上，整體還能提升多少。

Okay, Peter. So yes, I'd say we're still on track for tripling. I'd say the opportunities are there to grow beyond that. I'd say there are several dynamics that can affect it. Like you said, potentially silicon supply, memory supply, also just our ramp profile.

好的，Peter。所以是的，我會說我們仍按計畫朝三倍成長前進。我會說機會確實存在，甚至可以成長超過三倍。我會說有幾個動態因素會影響它。如你所說，可能包括矽材料供應、記憶體供應，以及我們自身的爬坡曲線（ramp profile）。

Obviously, we're bringing in equipment as rapidly as we can to support these ramps. So I think either one of those could affect it. We'll see how the year progresses. But I think at this point, we're still very confident in that tripling.

很明顯地，我們正以最快速度導入設備，以支援這些擴產爬坡。所以我認為上述任何一項都可能影響結果。我們會看今年進展如何。但就目前而言，我們對三倍成長仍非常有信心。

Got it. And then I think last quarter, you guys mentioned that the compute is going to grow 20% and then the high end of the automotive is going to grow pretty strong and then rest of the business is kind of this low single digits. But if you kind of look at your communications, right, you guys are setting up for a strong growth.

了解。然後我想在上一季，你們提到運算（compute）將成長 20%，汽車高階市場會相當強勁成長，而其餘業務大概是低個位數成長。但如果你們回頭看你們的對外溝通，你們其實是在為強勁成長做鋪陳。

So one is, do you still see low single digit as a reasonable assumption for the remainder of the business? And if so, does that imply that you guys are probably baking in some sort of deterioration in your communication markets for the second half of the year?

所以第一個問題是，你們仍然認為其餘業務維持低個位數成長是合理的假設嗎？如果是，是否意味著你們可能已經把今年下半年通訊市場的某種程度惡化納入預期？

Yes. So I would say, if we look at communications today, a little bit stronger than we were thinking last quarter. So I'll say that. I think we guided single digits. I don't know that we've said low or mid, but we said single digits. I'd say now we're feeling a little more confident that, that market is going to be higher into low double digits. So I think that's positive.

是的。我會說，如果我們看今天的通訊市場，比我們上季原先想的要強一些。所以我先這麼說。我想我們給的指引是個位數成長。我不確定我們是否有說是低或中，但我們說的是個位數。我會說現在我們更有信心，該市場會往較高的個位數、甚至到低雙位數。所以我認為這是正面的。

We are obviously looking at first half versus second half, the dynamics there. Typically, that second half lift is very high. We're anticipating potentially a slightly less boost in the second half related to that this was a very strong cycle we're coming off of the first half. We're seeing a little bit of strength, a little bit more than we would have anticipated. So we're a little bit hesitant to say that the first half, second half dynamic will be the same for this year.

我們當然也在看上半年相對下半年的動態。通常下半年的拉升幅度會很大。我們預期下半年可能會稍微少一些提振，原因是我們上半年是從一個非常強勁的循環走下來。我們看到一些強勢，略高於我們原先預期。因此我們對於今年上半年、下半年的動態是否會與往年相同，會比較保守一些。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yes. Kevin, I'll start with one there and just dig a little bit deeper into what you guys are seeing. So I think, in the data that we track, it sure looks like the supply chain built above seasonal for both smartphones, mid- to high end and PCs mid- to high end through the first quarter and our read is that, that's persisting in the second quarter. And some of that relates to memory and other component availability and there are some other things that are at play.

是的。Kevin，我先從這個問題開始，並再深入挖一下你們看到的狀況。所以我想，從我們追蹤的數據來看，供應鏈在第一季對智慧型手機（中高階）以及 PC（中高階）的備貨都高於季節性水準，而我們的解讀是這種情況在第二季仍在持續。其中一部分與記憶體及其他零組件供應可得性有關，另外也有一些其他因素在發揮作用。

So the question is this: can you quantify the extent to which the communications business, it may be tracking a little bit better and are you hearing any concerns from your customers about the build intensity in the back half of the year? And I was a little bit surprised to see that notebooks weren't a little stronger. Intel's client computing group comes to mind as an area of strength there. Is there something programmatic that's happening inside of that business? Or what do you see going on?

所以問題是：你能否量化通訊業務表現可能略優於預期的幅度？以及你是否從客戶那邊聽到任何對於下半年備貨強度的疑慮？另外，我有點意外筆電沒有更強一些。Intel 的客戶端運算事業群（client computing group）讓我想到那邊似乎是強勢區域。那個業務內部是否有什麼專案/方案層面的變化正在發生？或你看到的是什麼狀況？

Okay, Craig. I'll actually start with that one, and I'll ask Megan to help me a little bit on the communications side. So on the PC, yes, I'd say there's something a little bit different going on there. If we look at the unit volumes that we're seeing from the customers that we're supporting, it's still holding in there. So we've talked in the past about how the transition to ARM-based PCs, how more of a preference towards a premium tier that we think that will buffer us somewhat from the material constraints.

好的，Craig。我先回答這題，然後我會請 Megan 在通訊面向補充一下。就 PC 而言，是的，我會說那邊確實有一些比較不同的狀況。如果看我們所支援客戶的出貨量（unit volumes），目前仍然維持得住。我們過去談過，向 ARM 架構 PC 的轉換，以及偏好更高階的產品層級，我們認為這會在一定程度上緩衝材料供給限制的影響。

And I'd say we're seeing that. One of the biggest dynamics that we're seeing is we have a customer where they were rebalancing their supply chain a bit and so we saw increases in a different market and then slight decreases in the computing in the PC space. So overall, that customer is growing significantly, but they decided to prioritize a slight different market.

我會說我們確實看到這點。我們看到的最大動態之一是：我們有一個客戶正在重新平衡其供應鏈，因此我們在另一個市場看到增加，而在 PC 運算領域則看到些微下降。所以整體而言，該客戶仍在顯著成長，但他們決定優先投入一個略有不同的市場。

So I'd say that's a bigger dynamic than actual PC unit volume. So I definitely don't want to signal that we're seeing strong PC sales. So that's the first one. Megan, can you comment a little bit on comms?

所以我會說，這個因素比 PC 的實際出貨量變化更關鍵。因此我絕對不想傳達我們看到 PC 銷售很強。這是第一點。Megan，你能稍微評論一下通訊（comms）嗎？

Yes, Craig. So if I understood the question around comms, I mean, we did -- we are seeing both with our Q1 actuals and our Q2 guide the communications market coming in stronger than we expected last quarter. And just to reiterate Kevin's comments about the full year shape for comms because of that strength coming off a very successful last fall launch, we don't anticipate that the second half growth over the first half will be as pronounced because we see the first half being, I'm going to say, much stronger.

好的，Craig。如果我理解你對通訊的問題，我的意思是，我們從第一季實際表現以及第二季指引來看，通訊市場的表現都比我們上季預期更強。另外再重申 Kevin 對通訊全年走勢的評論：由於這股強勢是承接去年秋季非常成功的新品上市，我們不預期下半年相對上半年的成長會那麼明顯，因為我們看到上半年會——我會說——強很多。

And then for the full year, we do see a better outlook on comms rising into the high single-digit plus. Did that answer your question, Craig?

而就全年而言，我們確實看到通訊的展望更好，提升到高個位數以上。Craig，這有回答你的問題嗎？

Yes, it does. And then the follow-up, I'll direct to you, Megan. So we're looking for $2.75 billion in CapEx this year. It looks like we spent about $275 million in the first quarter. So how should we think about the linearity through the year with the balance of the CapEx investment?

有，回答到了。接著追問我想請教你，Megan。我們預期今年資本支出（CapEx）為 27.5 億美元。看起來第一季大約花了 2.75 億美元。那我們應該如何看待今年剩餘 CapEx 投資在年度內的分布/線性（linearity）？

Yes, sure. So the first quarter came in a little bit lower than what we were expecting. I will point you to the balance sheet. Our CapEx payable did increase $200 million. So that's really just timing of when those payments will be made. But as far as the shape of the year, it looks like it's going to be more of a 30% first half, 70% second half year for CapEx.

好的，當然。第一季確實比我們原先預期低一些。我會請你看資產負債表。我們的應付資本支出（CapEx payable）增加了 2 億美元。所以那主要只是付款時點的差異。但就全年節奏而言，看起來 CapEx 會是上半年約 30%、下半年約 70% 的分布。

Denis Pyatchanin, Needham & Company.

Denis Pyatchanin，Needham & Company。

I think sort of maybe partially answered in the previous question, but maybe for your end markets, could you please like rank order the expected growth or visibility going through the rest of 2026. And for all of these end markets are high memory prices showing any impact on demand at all?

我想前一題可能部分已經回答了，但就你們的終端市場而言，能否請你們把 2026 年剩餘期間的預期成長或能見度做個排序（rank order）？另外，對於所有這些終端市場，高記憶體價格是否對需求有任何影響？

Okay. Thanks, Denis. So we don't want to start. So if we look at the -- trying to rank them a little bit. So the compute segment or market, as an example, we're still seeing plus 20% in that kind of a rate for the full year. Again, a couple of things there. As we mentioned, tripling on the advanced side for the data center and then muted on the PC side related to the dynamics we just spoke about.

好的。謝謝你，Denis。所以我們不想開始——如果我們試著把它們稍微排序一下。以運算（compute）這個區隔或市場為例，我們仍然看到全年大約 +20% 的成長率。同樣地，這裡有幾個因素。如我們提到的，資料中心的先進端（advanced side）會成長到三倍，而 PC 端則因為我們剛才談到的動態而相對溫和。

For auto industrial, we had talked about pretty strong growth there, definitely on the advanced side, a little bit modest growth on the mainstream. So that's the wire bond type packages and again, what's going on there, the dynamics you're aware of, increases in ADAS, in car computing, those types of applications. And then the more traditional drivetrain type of CPU, those types of products, they're just a little bit more muted, but at least recovering.

就汽車工業而言，我們先前談到那邊有相當強勁的成長，先進端確實更強，主流端則是較為溫和的成長。也就是打線（wire bond）類型的封裝；再者，您也了解那裡的動態，包括 ADAS 的增加、車用運算等這類應用。而較傳統的動力系統（drivetrain）類 CPU 等產品，表現就稍微偏弱一些，但至少正在復甦。

Then when we look at the rest of the market, we had signaled again single-digit growth. We've been talking about how comms is looking a little bit better, potentially approaching double digits. So we feel better there. But in general, still a lot of different dynamics. It's hard to gauge how memory is going to impact things.

接著看市場其餘部分，我們再次指出是個位數成長。我們一直在談通訊（comms）看起來好一些，可能接近雙位數。所以我們對那部分更有信心。但整體而言，仍有許多不同的動態。很難判斷記憶體會如何影響整體情況。

I'd say a lot of customers obviously are talking about memory, prioritizing, looking at different supply chain options -- optionality for them. But in general, we're still seeing pretty strong demand. If we look at impacts related to material supply. I would try to give that a range of around $50 million to $100 million for and again, that likely is just a pushout of materials, and then we would expect a similar level in Q2.

我想很多客戶顯然都在談記憶體，進行優先順序安排，並為他們尋找不同的供應鏈選項——也就是保留彈性。但整體來看，我們仍看到相當強勁的需求。如果看與材料供應相關的影響，我會試著給一個大約 5,000 萬到 1 億美元的區間；而且這很可能只是材料交期往後遞延，我們預期第二季也會是類似水準。

But again, we'll see how that develops over time.

不過，我們會再看看這隨時間如何發展。

Great. And then regarding the operating margin impact from the Arizona facility, maybe so if we look at the positive side going into 2028, how big of an impact can we expect there? Like what are your expecting CoWoS product margins? Are they significantly higher than the current corporate average? Maybe like on a related note, what are we thinking about the financing mix for the overall $7 billion outlay.

了解。那關於亞利桑那廠對營業利益率的影響，若看正面情境到 2028 年，預期影響會有多大？例如你們預期 CoWoS 產品的毛利率如何？是否顯著高於目前公司的平均水準？另外相關的一點，整體 70 億美元資本支出的融資組合，你們是怎麼思考的？

Sure, I can take that. So as far as the business that we are operating in our Arizona facility, that will be at a, I would say, meaningfully higher than our corporate average. So as far as impact on '28, we don't want to give too much detail here. We'll save that for our Investor Day and long-term outlooks.

好的，我來回答。就我們在亞利桑那廠營運的業務而言，我會說其水準將明顯高於公司平均。至於對 2028 年的影響，我們不想在這裡提供太多細節。我們會留到投資人日以及長期展望時再說明。

And then your second part of that question was about funding. So we had outlined a $7 billion investment for the 2 phases in Arizona. We have several, I would say, opportunities to help fund that. Just as a reminder, we do have government incentives in the form of chips grant funding of $400 million as well as the 35% investment tax credit. So together, that's a pretty meaningful support of $2.8 billion.

你問題的第二部分是資金來源。我們已概述亞利桑那兩期合計 70 億美元的投資。我們有幾個、我會說是多種機會來協助籌措資金。提醒一下，我們確實有政府補助，包括 4 億美元的晶片法案補助資金，以及 35% 的投資稅額抵減。合計起來，這提供了相當有力的支持，約 28 億美元。

In addition, we are working with our customers on different forms of support. And so that is a second part. We have some that have been executed and others that are currently in discussion. And then on the Amkor side, we have quite a bit of liquidity. We have, I would say, debt capacity. And so we're evaluating what we may need to do there as well in the future.

此外，我們也正與客戶合作，尋求不同形式的支持。這是第二個部分。其中有些已經執行，其他則仍在討論中。再就 Amkor 方面而言，我們有相當充裕的流動性。我會說我們也有舉債空間。因此我們也在評估未來可能需要採取哪些作法。

But as far as our 2026 investments, our current liquidity provides ample flexibility for us to manage that.

但就我們 2026 年的投資而言，目前的流動性為我們提供了充足的彈性來加以管理。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

You talked about export controls as a factor you're considering. Can you talk about what the variables might be there? Is that more around the AI-centric stuff or anything else that we should be aware of?

你們提到出口管制作為你們考量的因素之一。能否談談那裡可能有哪些變數？這主要是與 AI 相關的項目，還是還有其他我們需要注意的？

Joe, I think what we were trying to signal more there was around pricing that basically between -- so -- well, I guess, two dynamics. One related to the Middle East and what's going on there. And as oil prices continue to rise and just commodity pricing in general, whether it's precious metals, things like that. Those are putting pricing dynamics in play for our suppliers. So that's one dynamic that we're watching very closely.

Joe，我想我們在那裡更想傳達的是與定價相關的訊號，基本上——我想是兩個動態。一個與中東局勢及其發展有關。隨著油價持續上升，以及一般商品價格（無論是貴金屬等）走高，這些都讓我們供應商面臨定價壓力與變化。所以這是我們非常密切關注的一個動態。

And then the other one is just in general, whether it's trade discussions going back and forth between the US and China related to different AI products. But I'd say that is at least become more normalized now for us. So we see the demand in fluctuations, but for us, there's -- whether it accelerates from a restriction perspective, or it loosens, I think, we're ready to kind of balance that. It's not a not a dynamic that has a huge impact on what we're looking at today.

另一個則是整體而言，無論是美中之間針對不同 AI 產品的貿易討論來回拉鋸。但我會說，對我們而言這至少已經更趨於常態化。所以我們看到需求的波動；但對我們來說——不論限制面是否加速，或是有所放鬆，我想我們都已準備好去平衡因應。這不是一個會對我們目前所觀察的情況造成巨大影響的動態。

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

謝謝。此刻我這邊顯示沒有其他問題。我想把電話交回 Kevin 做結語。

Thank you. Now for a recap of our key messages. Amkor delivered a strong start to the year, achieving record first quarter revenue of $1.68 billion, up 27% year on year, with growth across all markets. Utilization is improving, even as material supplies are constrained in the industry.

謝謝。現在我來回顧我們的重點訊息。Amkor 今年開局強勁，第一季營收達到 16.8 億美元的歷史新高，年增 27%，各市場皆有成長。即使產業材料供應受限，產能利用率仍在改善。

Over the past couple of quarters, we have been preparing for growth in our advanced packaging portfolio. We are ready to support a strong Q2. Key product ramps are coming in the second half of the year. Our footprint is expanding to meet customer needs going into 2027 and beyond.

過去幾個季度，我們一直在為先進封裝產品組合的成長做準備。我們已準備好支援強勁的第二季。關鍵產品的放量將在下半年到來。我們的據點版圖正持續擴張，以滿足客戶在 2027 年及更長期的需求。

Thank you for joining the call today and we look forward to seeing you at our Investor Day. Goodbye.

感謝各位今天參與會議，我們期待在投資人日與各位見面。再見。

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

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。