艾克爾 (AMKR) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor First Quarter 2022 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. I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

女士們，先生們，美好的一天，歡迎參加 Amkor 2022 年第一季度收益電話會議。我的名字是 Diego，今天我將成為您的會議主持人。 （操作員說明）作為提醒，本次會議正在錄製中。我現在想將電話轉給投資者關係主管 Jennifer Jue。珏小姐，請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Amkor's First Quarter 2022 Earnings Conference Call. Joining me today are Giel Rutten, our Chief Executive Officer; and Megan Faust, our Chief Financial Officer.

謝謝你，接線員。大家下午好，感謝您參加 Amkor 的 2022 年第一季度收益電話會議。今天加入我的是我們的首席執行官 Giel Rutten；和我們的首席財務官梅根浮士德。

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，可在我們網站的投資者關係頁面以及今天電話會議隨附的演示幻燈片上找到。

During this presentation, we will use non-GAAP financial measures, and you can find the reconciliation to the U.S. GAAP equivalent on our website. 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 other SEC filings for information on risk factors, uncertainties and exceptions that could cause actual results to differ materially from these expectations.

在本次演示中，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 等值的對賬。我們將根據我們目前所看到的環境，就我們對 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其他 SEC 文件。

Please note that the financial results discussed today are preliminary, and final data will be included in our Form 10-Q. And now I would like to turn the call over to Giel.

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。現在我想把電話轉給吉爾。

Thanks, Jennifer. Good afternoon, everyone, and thank you for joining the call today. Amkor delivered solid results in the first quarter, with both revenue and profitability at the high end of guidance. Revenue of $1.6 billion and EPS of $0.69 are first quarter records, reflecting year-on-year increases of 20% and 40%, respectively. Continued strong demand for our advanced packaging solutions, particularly in the communication end market, drove better-than-expected results.

謝謝，詹妮弗。大家下午好，感謝您今天加入電話會議。 Amkor 在第一季度取得了可觀的業績，收入和盈利能力均處於指導的高端。第一季度收入為 16 億美元，每股收益為 0.69 美元，分別同比增長 20% 和 40%。對我們先進封裝解決方案的持續強勁需求，特別是在通信終端市場，推動了好於預期的業績。

Now let me review the current dynamics in our end markets. Our Communications business grew 22% year-on-year, driven by demand for advanced SiP and flip chip technology for the latest 5G processors and peripheral devices in new smartphone models. Some weakness in the China market was offset by strength in the high-end smartphones as well as the spring launch of new models.

現在讓我回顧一下我們終端市場的當前動態。我們的通信業務同比增長 22%，這得益於對新智能手機型號中最新 5G 處理器和外圍設備的先進 SiP 和倒裝芯片技術的需求。中國市場的一些疲軟被高端智能手機的強勢以及新機型的春季推出所抵消。

With Amkor's leadership position across multiple semiconductor devices and 5G phones, we expect the ongoing proliferation of 5G to remain an important growth driver.

憑藉 Amkor 在多種半導體設備和 5G 手機中的領先地位，我們預計 5G 的持續普及仍將是重要的增長動力。

Solid performance in the automotive and industrial markets drove 15% growth compared to first quarter 2021. In the automotive supply chain, we observe an increased attention to risk management. Both semiconductor suppliers as well as Tier 1 companies are exploring multiple sourcing arrangements as well as options to establish regional supply chains. With Amkor's manufacturing lines in the main automotive geographies, we are well positioned to support our customers in implementing these changes.

與 2021 年第一季度相比，汽車和工業市場的穩健表現推動了 15% 的增長。在汽車供應鏈中，我們觀察到對風險管理的關注度越來越高。半導體供應商和一級公司都在探索多種採購安排以及建立區域供應鏈的選擇。憑藉 Amkor 在主要汽車地區的生產線，我們能夠很好地支持我們的客戶實施這些變革。

In Korea, we have a strong automotive manufacturing hub for advanced packaging. In Japan, we offer a well-established manufacturing base, supporting a broad range of automotive solutions, including emerging silicon carbide power products for EV. And in Europe, we are expanding our technology portfolio in our Portugal factory, where we have started production of automotive sensors using wafer-level fan-out and MEMS technology.

在韓國，我們擁有強大的先進封裝汽車製造中心。在日本，我們提供完善的製造基地，支持廣泛的汽車解決方案，包括新興的 EV 碳化矽電源產品。在歐洲，我們正在葡萄牙工廠擴展我們的技術組合，我們已經開始使用晶圓級扇出和 MEMS 技術生產汽車傳感器。

In all locations, we are working with lead automotive customers on their next-generation products, and we have multiple new product introductions ramping this year. With our global manufacturing footprint and broad technology offering, we expect ongoing strength in this market. ADAS, electrification and infotainment and telematics will drive continued expansion of semiconductor content per car.

在所有地點，我們都在與領先的汽車客戶合作開發他們的下一代產品，今年我們將推出多個新產品。憑藉我們的全球製造足跡和廣泛的技術產品，我們預計該市場將持續保持強勁勢頭。 ADAS、電氣化和信息娛樂以及遠程信息處理將推動每輛車的半導體含量不斷擴大。

As the leading automotive OSAT, Amkor has a strong track record of partnering with customers, who demand automotive-grade quality and supply reliability. Automotive-qualified manufacturing lines are a critical differentiator, and we are proud to have received recognition from top automotive companies for our commitment to quality and supply reliability.

作為領先的汽車 OSAT，Amkor 在與需要汽車級質量和供應可靠性的客戶合作方面有著良好的記錄。符合汽車標準的生產線是一個關鍵的差異化因素，我們很自豪能夠因為我們對質量和供應可靠性的承諾而獲得頂級汽車公司的認可。

Our Consumer business increased 11% year-on-year, supported by strength in traditional consumer products and a broad portfolio of IoT wearables. Our advanced SiP assembly and test platform offers a turnkey solution for the IoT wearable market, and our high-volume, cost-effective flip chip technology offers excellent value to customers for traditional consumer applications. We expect the consumer market to further expand and overall product and customer pipeline remains strong.

在傳統消費產品的實力和廣泛的物聯網可穿戴設備組合的支持下，我們的消費者業務同比增長 11%。我們先進的 SiP 組裝和測試平台為物聯網可穿戴市場提供交鑰匙解決方案，我們的大批量、高性價比倒裝芯片技術為傳統消費應用的客戶提供卓越價值。我們預計消費市場將進一步擴大，整體產品和客戶渠道將保持強勁。

IoT wearables continues to be an important driver for growth. Although we expect that this emerging product category is more prone to quarterly variability due to supply chain constraints and varying product life cycles.

物聯網可穿戴設備仍然是增長的重要驅動力。儘管我們預計，由於供應鏈限制和不同的產品生命週期，這一新興產品類別更容易出現季度變化。

Continued strong momentum in the computing market drove year-on-year growth of 36%, the tenth consecutive quarter of sequential growth. We achieved robust growth in all compute applications. In data centers, introduction of AI, as well as the trends of increased data traffic, is driving investments in high-performance computing, utilizing the latest silicon nodes with advanced packaging technology.

計算市場的持續強勁勢頭推動同比增長 36%，連續第十個季度環比增長。我們在所有計算應用程序中實現了強勁增長。在數據中心，人工智能的引入以及數據流量增加的趨勢正在推動對高性能計算的投資，利用具有先進封裝技術的最新矽節點。

We see similar technology requirements in the wired and wireless infrastructure market, notably in support of 5G infrastructure. Although the PC market is softening, we observed the trend to ARM-based PC architectures. In this emerging PC segment, Amkor is able to support our customers with a proven multichip modular solution.

我們在有線和無線基礎設施市場看到了類似的技術要求，特別是在支持 5G 基礎設施方面。儘管 PC 市場正在走軟，但我們觀察到了基於 ARM 的 PC 架構的趨勢。在這個新興的 PC 領域，Amkor 能夠為我們的客戶提供經過驗證的多芯片模塊化解決方案。

With our broad advanced packaging portfolio and established partnerships with lead customers and foundries, we believe we are well positioned to capitalize on opportunities in these growing computing applications. And we continue investing in advanced technology and manufacturing scale for these markets.

憑藉我們廣泛的先進封裝產品組合以及與主要客戶和代工廠建立的合作夥伴關係，我們相信我們已做好充分準備來利用這些不斷增長的計算應用程序中的機會。我們繼續為這些市場投資先進技術和製造規模。

Finally, our test business grew 14% compared to first quarter 2021. We have established a broad test expertise by supporting both industry leaders as well as emerging companies in new application areas. Through early engagement in customers' product life cycles, we are able to define test strategies and intelligent equipment selection to provide differentiated test solutions. We are broadening the scope of our test services in areas like 5G communications, computing and system-level testing to enhance this turnkey support to our customers.

最後，與 2021 年第一季度相比，我們的測試業務增長了 14%。我們通過支持行業領導者以及新應用領域的新興公司，建立了廣泛的測試專業知識。通過早期參與客戶的產品生命週期，我們能夠定義測試策略和智能設備選擇，以提供差異化的測試解決方案。我們正在擴大我們在 5G 通信、計算和系統級測試等領域的測試服務範圍，以加強對客戶的交鑰匙支持。

Our manufacturing organization continues to demonstrate Amkor's commitment to quality and supply reliability to our customers. The ongoing semiconductor supply challenges require diligence and flexibility from our global organization to meet customer requirements, while maintaining industry-leading quality standards and high factory utilization.

我們的製造組織繼續向我們的客戶展示 Amkor 對質量和供應可靠性的承諾。持續的半導體供應挑戰需要我們全球組織的勤奮和靈活性來滿足客戶要求，同時保持行業領先的質量標準和高工廠利用率。

In late March, the Chinese government mandated a COVID-19 lockdown of our Shanghai factory. Demonstrating the utmost in flexibility, our manufacturing team is closely cooperating with local authorities and customers to minimize the impact and resume regular operations. We anticipate that our Shanghai factory will return to normal production during the second half of the quarter.

3 月下旬，中國政府下令對我們的上海工廠實施 COVID-19 封鎖。我們的製造團隊展示了最大的靈活性，正與當地政府和客戶密切合作，以盡量減少影響並恢復正常運營。我們預計我們的上海工廠將在本季度下半年恢復正常生產。

Our guidance reflects this. And as we work through this dynamic situation, we are doing what we can to support our people and keep them safe. We are leveraging our global factory network to support our customers, and we work with authorities to enable a controlled restart of production.

我們的指導反映了這一點。在我們應對這種動態情況時，我們正在盡我們所能來支持我們的人民並確保他們的安全。我們正在利用我們的全球工廠網絡來支持我們的客戶，我們與當局合作以實現受控重啟生產。

In addition to managing the supply chain challenges, the Amkor team continues to expand our global manufacturing footprint to ensure we can capture future growth opportunities and meet expanding customer requirements. Besides supporting a changing automotive supply chain, we are also expanding our footprint to offer customers a broader geographical diversification.

除了管理供應鏈挑戰外，Amkor 團隊還在繼續擴大我們的全球製造足跡，以確保我們能夠抓住未來的增長機會並滿足不斷擴大的客戶需求。除了支持不斷變化的汽車供應鏈外，我們還在擴大我們的業務範圍，為客戶提供更廣泛的地域多元化。

In November 2021, we announced our plans to expand our global factory footprint by building a state-of-the-art factory in Bac Ninh, Vietnam. The project is on schedule to start pilot production in the second half of 2023. When completed, our Bac Ninh manufacturing campus will offer our customers an attractive large-scale, cost-effective manufacturing location with a diversified technology portfolio.

2021 年 11 月，我們宣布計劃通過在越南北寧市建立最先進的工廠來擴大我們的全球工廠足跡。該項目計劃於 2023 年下半年開始試生產。完成後，我們的北寧製造園區將為我們的客戶提供具有吸引力的大規模、具有成本效益的製造基地，並提供多樣化的技術組合。

Now let me turn to our second quarter revenue outlook. We have included an estimated revenue impact for the Shanghai lockdown of around $120 million in our guidance, assuming that the situation continues to improve. Including this impact, we are expecting second quarter revenue of $1.52 billion at the midpoint of our guidance. This would represent a year-on-year increase of 8%.

現在讓我談談我們第二季度的收入前景。假設情況繼續改善，我們在指導中包括了對上海封鎖的估計收入影響約為 1.2 億美元。包括這一影響，我們預計第二季度收入為 15.2 億美元，處於我們指導的中點。這意味著同比增長 8%。

Megan will now provide more detailed financial information.

梅根現在將提供更詳細的財務信息。

Thank you, Giel, and good afternoon, everyone. Amkor delivered strong financial results in Q1, setting first quarter records for revenue, gross profit, operating income, EPS and EBITDA. First quarter revenue of $1.6 billion was up 20% year-on-year and down 7% sequentially.

謝謝你，吉爾，大家下午好。 Amkor 在第一季度實現了強勁的財務業績，創下了第一季度收入、毛利潤、營業收入、每股收益和 EBITDA 的記錄。第一季度收入為 16 億美元，同比增長 20%，環比下降 7%。

The communications end market led the strong performance versus guidance, with strength in both the iOS and Android ecosystems. All of our end markets grew double digits year-on-year and computing achieved another quarter of record revenue.

通信終端市場在 iOS 和 Android 生態系統中均表現強勁，表現優於指引。我們所有的終端市場都同比增長兩位數，計算收入再創歷史新高。

While we were able to exceed our Q1 expectations, this did not come without challenges. We continue to successfully manage the ongoing supply chain constraints on wafers, substrates, lead frames and components to support robust customer demand.

雖然我們能夠超出第一季度的預期，但這並非沒有挑戰。我們繼續成功地管理對晶圓、基板、引線框架和組件的持續供應鏈限制，以支持強勁的客戶需求。

Revenue for advanced products grew 26% year-on-year in the first quarter and represents approximately 70% of our business. Demand for our advanced SiP and flip chip solutions within the computing, automotive and industrial and communications end markets is strong and is driving this significant growth. Our mainstream products make up around 30% of our business, and demonstrate continued strength with a year-on-year increase of 9% in the first quarter.

第一季度先進產品的收入同比增長 26%，約占我們業務的 70%。計算、汽車、工業和通信終端市場對我們先進的 SiP 和倒裝芯片解決方案的需求強勁，正在推動這一顯著增長。我們的主流產品占我們業務的30%左右，並顯示出持續的實力，一季度同比增長9%。

Gross margin of 20.4% exceeded the high end of our guidance, driven by disciplined cost control. Gross profit of $325 million is a first quarter record.

在嚴格成本控制的推動下，20.4% 的毛利率超過了我們指引的高端。 3.25億美元的毛利潤是第一季度的記錄。

Operating expenses for the quarter were in line with expectations at $115 million, resulting in operating income margin for the quarter of 13.2%. Net income for the quarter was $171 million, resulting in record Q1 EPS of $0.69. Q1 EBITDA increased 30% year-on-year to $363 million and EBITDA margin was 23%.

本季度的運營費用為 1.15 億美元，符合預期，導致本季度的營業利潤率為 13.2%。本季度的淨收入為 1.71 億美元，第一季度每股收益達到創紀錄的 0.69 美元。第一季度 EBITDA 同比增長 30% 至 3.63 億美元，EBITDA 利潤率為 23%。

Our balance sheet is solid. We ended the quarter with $1.2 billion of cash and short-term investments. During the first quarter, we executed a new $600 million revolving credit facility, replacing a $250 million revolving credit facility. Total liquidity increased to $1.9 billion, providing us with financial flexibility. Our total debt as of the end of the first quarter is $1.2 billion, and our debt-to-EBITDA ratio is 0.9x.

我們的資產負債表很穩固。我們以 12 億美元的現金和短期投資結束了本季度。在第一季度，我們執行了一項新的 6 億美元的循環信貸額度，取代了一項 2.5 億美元的循環信貸額度。總流動性增加到 19 億美元，為我們提供了財務靈活性。截至第一季度末，我們的總債務為 12 億美元，我們的債務與 EBITDA 比率為 0.9 倍。

Moving on to our second quarter outlook. As Giel mentioned, a government-mandated COVID-19 lockdown impacted our Shanghai facility beginning in late March. Our factory team has been working closely with local authorities to resume regular operations, and we anticipate our Shanghai factory will return to normal production during the second half of Q2.

繼續我們的第二季度展望。正如 Giel 所說，政府規定的 COVID-19 封鎖從 3 月下旬開始影響了我們在上海的工廠。我們的工廠團隊一直在與地方當局密切合作以恢復正常運營，我們預計我們的上海工廠將在第二季度下半年恢復正常生產。

Market demand continues to remain strong across our portfolio and geographic footprint, and we don't expect the short-term disruption to have a material effect on our mid- and long-term results. With the reduced Shanghai factory output included and assuming that the lockdown ends as currently anticipated, we expect revenue to be between $1.47 billion and $1.57 billion.

在我們的投資組合和地域範圍內，市場需求繼續保持強勁，我們預計短期中斷不會對我們的中長期業績產生重大影響。考慮到上海工廠產量的減少，並假設封鎖如目前預期的那樣結束，我們預計收入將在 14.7 億美元至 15.7 億美元之間。

Gross margin is expected to be between 16.5% and 18.5%. The Shanghai lockdown is estimated to have an approximately 300 basis point impact on gross margin, reflecting underutilization and incremental COVID lockdown costs. We expect Q2 operating expenses of around $115 million. We expect our full year effective tax rate to be around 15%. Q2 net income is expected to be between $90 million and $140 million, resulting in EPS of $0.37 to $0.57. Our forecast for capital expenditures for the year remains at $950 million to support strong demand expected in 2022 and beyond.

毛利率預計在 16.5% 至 18.5% 之間。據估計，上海的封鎖將對毛利率產生約 300 個基點的影響，反映出利用率不足和 COVID 封鎖成本的增加。我們預計第二季度的運營費用約為 1.15 億美元。我們預計全年有效稅率約為 15%。第二季度淨收入預計在 9000 萬美元至 1.4 億美元之間，每股收益為 0.37 美元至 0.57 美元。我們對今年資本支出的預測仍為 9.5 億美元，以支持 2022 年及以後預期的強勁需求。

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

有了這個，我們現在將打開您的問題的電話。操作員？

(Operator Instructions) Our first question comes from Randy Abrams with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Randy Abrams。

And good result for first quarter. I wanted to just go into the Shanghai factory impact, and just have a few follow-ups to that. I think, first, just it seems like it's been different by supplier. Some suppliers have kept going or operating partial utilization. So was there a factor that mandated the total shutdown?

第一季度取得了不錯的成績。我只想了解上海工廠的影響，並對此進行一些跟進。我認為，首先，供應商似乎有所不同。一些供應商一直在繼續或部分使用。那麼是否有一個因素要求全面關閉？

And in terms of what you're seeing on the timing, like the date you expect to get the production back up or if you're still waiting that clearance. And given the loss impact, I think you mentioned $120 million, how much do you see as a makeup that in the third quarter it would supplement where normally you have a seasonal ramp? But how much do you anticipate incremental revenue versus some of that production may have shifted to other non-China sites at competitors that might be lost revenue?

就您在時間上看到的情況而言，例如您希望恢復生產的日期，或者您是否仍在等待許可。考慮到損失的影響，我認為您提到了 1.2 億美元，您認為在第三季度它將補充多少作為補充，而通常情況下您有季節性增長？但是，您預計增加的收入有多少，而其中一些生產可能已經轉移到競爭對手的其他非中國工廠，可能會損失收入？

Randy, this is Giel. Let me try to answer your questions here. First of all, on the lockdown in Shanghai and why this is different across multiple companies. What we experienced in Shanghai was very much that the location where the factory is situated depends on the local measures that are taken. I mean, currently, we see that, for example, we are in Pudong that there are very strict measures in the Pudong area, and it's actually within Pudong's region by region. And that forced actually the local authorities to go to a lockdown of most of the manufacturing locations in Pudong. They kept it very strict also in the Hi-Tech Park where we are situated. Other areas in the Shanghai area may experience slightly different measures, although we see that similar things are proliferating there.

蘭迪，這是吉爾。讓我試著在這裡回答你的問題。首先，關於上海的封鎖以及為什麼多家公司的情況不同。我們在上海的經驗是，工廠所在的位置取決於當地採取的措施。我的意思是，目前我們看到，比如我們在浦東，浦東地區有非常嚴格的措施，實際上是在浦東一個地區一個地區。這實際上迫使地方當局封鎖了浦東的大部分製造地點。他們在我們所在的高科技園區也保持非常嚴格。上海地區的其他地區可能會採取略有不同的措施，儘管我們看到類似的事情正在那裡激增。

With respect to the impact. We do a couple of things. Of course, we work with customers very closely, because with many of the customers, we have long-term supply agreements where we utilize our global manufacturing footprint to shift volume to other factories in areas outside of Shanghai. It is also a relative low season for the business. So we have a bit of excess capacity, and our customers have a bit more flexibility there.

關於影響。我們做了幾件事。當然，我們與客戶的合作非常密切，因為我們與許多客戶簽訂了長期供應協議，我們利用我們的全球製造足跡將產量轉移到上海以外地區的其他工廠。這也是該業務的相對淡季。所以我們的產能有點過剩，我們的客戶在那裡有更多的靈活性。

So we expect that, on an annual basis, the impact will be able to compensate for a large extent, Randy. Maybe not to the full extent, but to a large extent.

因此，我們預計，每年的影響將能夠在很大程度上彌補蘭迪。也許不是全部，但在很大程度上。

And just to recall for the status. Do you have a date for resuming production or it's still set to how the conditions go in the coming weeks?

只是為了回憶一下狀態。您是否有恢復生產的日期，或者仍然確定未來幾週的情況？

Yes, there are a couple of strict conditions that you need to apply. Currently, we're working with customers, and we feel that we have a way forward where we meet all of the conditions. So it would be a matter of days before we can start again.

是的，您需要申請一些嚴格的條件。目前，我們正在與客戶合作，我們覺得我們有一條前進的道路，我們可以滿足所有條件。因此，我們需要幾天的時間才能重新開始。

And if we think in a worst case, the $120 million for -- it's about first half of the quarter. In worst case, if it is extended, is that the way to think about it like half a quarter that much revenue impact if say another -- the outbreak gets worse again? Or as we move on over time, you have more time to ship orders so you'll try to manage it to a lesser impact if it were to extend on further?

如果我們認為在最壞的情況下，1.2 億美元用於 - 大約是本季度的上半年。在最壞的情況下，如果它被延長，是否可以將其視為一半的收入影響，如果說另一個 - 疫情再次變得更糟？或者隨著時間的推移，您有更多的時間來運送訂單，所以如果它進一步擴展，您會嘗試管理它以減少影響？

Yes. I think the longer it would take, the more, let's say, options that open up to utilize other factories. But we are fairly confident that there is a way forward where we are back to normal operations definitely before the second half of this month.

是的。我認為需要的時間越長，比方說，可以利用其他工廠的選項就越多。但我們相當有信心，我們肯定會在本月下半月之前恢復正常運營。

I just wanted to ask on the demand side then. If you could talk to -- since we last had the results with the Russia-Ukraine, there's been the demand side in China from these lockdowns and inflation has been persistent. Have you witnessed in certain applications demand change that affects your view or how customers if they're slowing down their order rates?

我只是想問一下需求方面的問題。如果你能談談 - 自從我們上次與俄羅斯 - 烏克蘭取得結果以來，中國的需求一直受到這些封鎖的影響，通脹一直持續存在。您是否目睹了某些應用程序的需求變化會影響您的觀點或客戶在降低訂單率時會如何？

Well, that's a good question, Randy. I mean, currently, we are very alert on-demand changes. But we have not seen demand changes. Actually, we still see upsides that we cannot fulfill because of hiccups in the supply chain, material supplies or certain component supplies. So we still believe that the end markets are strong, even in the communication market where there is some weakness in the China communication market. But on the other hand, we see upside on the premium tier Android smartphones where we hold a strong position.

嗯，這是個好問題，蘭迪。我的意思是，目前，我們非常警惕按需更改。但我們還沒有看到需求變化。實際上，我們仍然看到由於供應鏈、材料供應或某些組件供應中的問題而無法實現的好處。所以我們仍然認為終端市場是強勁的，即使是在中國通信市場存在一些疲軟的通信市場。但另一方面，我們看到我們佔據強勢地位的高端 Android 智能手機有上行空間。

So all in all, we believe that the demand side is still very strong. But we are watching it. Clearly, we're also watching the inventory in the chain when it comes to distributors or inventory at our customers. And so far, we don't see any indications of concern.

所以總而言之，我們認為需求端還是很強勁的。但我們正在關注它。顯然，當涉及到經銷商或客戶的庫存時，我們也在關注鏈中的庫存。到目前為止，我們沒有看到任何擔憂的跡象。

Just a follow up on the inventory. It seems like the IDMs are still relatively okay or a bit low. Fabless have built up some in the past couple of quarters like from some mismatch, but the absolute level is a bit higher. Are you witnessing it more on a wafer bank level, like waiting for a substrate? Or is it your view, it's already finished packaging test chips that they're carrying a bit elevated inventory?

只是跟進庫存。似乎 IDM 仍然相對不錯或有點低。 Fabless 在過去幾個季度中已經建立了一些，比如一些不匹配，但絕對水平要高一些。您是否更多地在晶圓庫級別上看到它，例如等待基板？還是您認為，他們已經完成了封裝測試芯片，他們的庫存有點高？

Well, on the wafer bank in the foundry share side, we have limited exposure what the inventory level is there, Randy, on the finished products, so the packages and tested products, we have a bit more insight. I mean, on the distributor side, we see a slight increase, but still below their target level on the IDM side. We believe that the inventory levels at both our fabless customers as well as the IDM customers is still below their targets. That is at least our observation at this point in time.

好吧，在代工廠份額方面的晶圓庫，我們對成品庫存水平的了解有限，蘭迪，所以封裝和測試的產品，我們有更多的了解。我的意思是，在分銷商方面，我們看到略有增加，但仍低於 IDM 方面的目標水平。我們認為，我們的無晶圓廠客戶和 IDM 客戶的庫存水平仍然低於他們的目標。這至少是我們目前的觀察結果。

And final question I want to ask it is just a little bit of a preview into second half given the comments on demand side. Is it rough expectation to your catch-up and could see above seasonal quarter? Or is it difficult to make it up given the relative tightness? And then the way to think about the margin where you hit a bit over 20%, if we start to pass that, if you see the leverage, we could start pushing back into low 20s again.

我想問的最後一個問題只是對下半場的一點預覽，鑑於需求方面的評論。對你的追趕是否有粗略的期望，並且可以看到高於季節性季度？或者考慮到相對緊張，很難彌補？然後是考慮你達到 20% 以上的保證金的方式，如果我們開始超過那個，如果你看到槓桿，我們可以開始再次推回 20 多歲的低點。

Yes. From the revenue perspective and also from the margin perspective, we should be very positive that we can make up the loss in the second quarter in the remaining part of the year. Maybe not in the exact portfolio elements, but we believe that the market is strong. We see upsides for the third and the fourth quarter. So we are definitely confident that we can make up for the Q2 correction due to the lockdown.

是的。從收入和利潤率的角度來看，我們應該非常樂觀，我們可以在今年剩餘的時間內彌補第二季度的虧損。也許不在確切的投資組合元素中，但我們相信市場很強勁。我們看到第三和第四季度的上漲空間。因此，我們絕對有信心能夠彌補由於鎖定而導致的第二季度修正。

Actually, I want to ask one final question. Just on the advanced versus mature. Is the bottleneck more advanced side, but on just your capacity for the flip chip test and substrate? Or do you have -- do you see also some bottlenecks on mainstream where you're running full capacity or have the lead frame constraint?

其實，我想問最後一個問題。只是高級與成熟。瓶頸是否更先進，但僅取決於您的倒裝芯片測試和基板能力？或者你有沒有 - 你是否也看到了主流的一些瓶頸，你正在運行全部產能或有引線框架限制？

Yes. I think you already mentioned it, Randy. I think on the mainstream side, we still see constraints on the lead frame side. A little bit on the substrate side, but that's the lower end of substrates. So less than the advanced side. So mainly it's lead frame on the mainstream side, which is still a significant impact if we look to the revenue and the forecast that we cannot deliver upon.

是的。我想你已經提到了，蘭迪。我認為在主流方面，我們仍然看到引線框架方面的限制。在基板一側有一點點，但那是基板的下端。所以不及先進的一面。所以主要是主流方面的領先框架，如果我們關注收入和我們無法實現的預測，這仍然是一個重大影響。

On the advanced product side, it is a couple of things. Now if we look to SiP, it is still the more mature silicon nodes and the related components that are a bottleneck in the industry, and that force end customers to make decisions on their portfolio. Then when it comes to substrates, specifically in the high-end substrates side, we see constraints in the compute segment certainly on the infrastructure side as well as on certain parts of the automotive market where we're still constrained on high-end substrates.

在高級產品方面，這是幾件事。現在，如果我們看 SiP，仍然是更成熟的矽節點和相關組件是行業的瓶頸，並迫使最終客戶對其產品組合做出決策。然後在基板方面，特別是在高端基板方面，我們看到計算領域的限制肯定在基礎設施方面以及汽車市場的某些部分，我們仍然受到高端基板的限制。

And one word I may have missed, in mainstream, do you say significant or insignificant impact?

我可能錯過了一個詞，在主流中，你說影響顯著還是微不足道？

Significant. Significantly.

重大。顯著地。

Our next question comes from Krish Sankar with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Krish Sankar。

I had a few of them. First one, a clarification, Giel. You mentioned the Shanghai lockdown impact is $120 million, and you expect it to come back online in the second half of the quarter. Just simplistically speaking, if Shanghai was shut down for the whole quarter, would it be a $240 million impact or lesser or higher?

我有幾個。第一個，澄清，吉爾。您提到上海的封鎖影響為 1.2 億美元，您預計它將在本季度的下半年重新上線。簡單來說，如果上海整季停擺，會是2.4億美元的影響，還是更少或更高？

Well, I mean, we don't quote the revenue per factory, Krish. But the mathematics add up to about that level, yes. I think the Shanghai factory on a revenue basis is about 15% of Amkor revenue.

好吧，我的意思是，我們不引用每家工廠的收入，Krish。但是數學加起來大約是那個水平，是的。我認為上海工廠的收入約佔 Amkor 收入的 15%。

Got it. Very helpful. And then you mentioned about the China smartphone has been offset by high-end smartphones. Having more high end in the mix, is that positive, negative or a near-term impact of the gross margin?

知道了。很有幫助。然後你提到中國智能手機已經被高端智能手機所抵消。在組合中擁有更多高端產品，這是對毛利率的正面、負面還是短期影響？

Let me try to repeat the question, Krish. So your question is related to the premium tier smartphones and our position there and strength in that segment, whether that would be a positive impact to our gross margin -- our average gross margin. Is that correct reflection of your...

讓我試著重複這個問題，Krish。因此，您的問題與高端智能手機以及我們在該領域的地位和實力有關，這是否會對我們的毛利率（我們的平均毛利率）產生積極影響。這是否正確反映了你的...

Yes. Exactly. Yes, exactly. And it's impact is like positive, negative or neutral.

是的。確切地。對，就是這樣。它的影響是積極的、消極的或中性的。

Yes. I think we hold a strong position in the premium tier smartphones, and we already have that for multiple years in a row. So I would consider that a positive because we deliver their full turnkey solutions that includes both the bump, the probe, the assembly and the final test. And if we add that business up, that would be a positive contribution to our average gross margin.

是的。我認為我們在高端智能手機中佔據強勢地位，而且我們已經連續多年擁有這種地位。所以我認為這是積極的，因為我們提供他們完整的交鑰匙解決方案，包括凸塊、探針、組裝和最終測試。如果我們把這項業務加起來，那將對我們的平均毛利率做出積極貢獻。

Got it. Got it. And then you mentioned about auto and the diversifying supply chain there. I'm kind of curious on the auto side, your exposure, if I'm right, it's more on the wire bonder side. Is that correct? And how do you see auto through the second half of this year?

知道了。知道了。然後你提到了汽車和那裡的多元化供應鏈。我對汽車方面有點好奇，你的曝光，如果我是對的，更多的是在銲線機方面。那是對的嗎？您如何看待今年下半年的汽車行業？

Yes. Let me first try to answer the first question with respect to the diversification of the supply chain in auto. Actually, we see that more pronounced on the advanced package side. I mean the driver behind the diversification of the supply chain in automotive is driven by security of supplies, IP protection and more control on the factory base by Tier 1 semiconductor companies, but also end customers.

是的。讓我首先嘗試回答關於汽車供應鏈多元化的第一個問題。實際上，我們看到在高級封裝方面更為明顯。我的意思是，汽車供應鏈多樣化背後的驅動因素是供應安全、IP 保護和一級半導體公司對工廠基礎的更多控制，還有終端客戶。

So if we look to where that's most prominently available, then that will be in the advanced product side. With respect to -- and then specifically, that is very broad. So that also includes automotive sensors, which is a very broad product category. And there, we see that customers want to have more control on their supply chain.

因此，如果我們尋找最突出可用的地方，那將是在高級產品方面。關於 - 然後具體來說，這是非常廣泛的。所以這也包括汽車傳感器，這是一個非常廣泛的產品類別。在那裡，我們看到客戶希望對其供應鏈有更多的控制權。

Then with respect to automotive in the second half of the year, I mean, we're very confident that the automotive market will go through a strong year, the volumes in the produced cars. And I understand there are some hiccups because of the Ukraine disruption. But overall, the industry expects that 6% more cars being built this year versus last year. Also, the EV penetration and the hybrid car penetration is faster than expected. So with that, we expect that this will be a solid year, with a good second half of the year, and that's what we factor into our numbers, Krish.

然後關於下半年的汽車，我的意思是，我們非常有信心汽車市場將經歷強勁的一年，即生產的汽車數量。而且我知道由於烏克蘭的中斷而出現了一些問題。但總體而言，該行業預計今年的汽車產量將比去年增加 6%。此外，電動汽車和混合動力汽車的普及速度也快於預期。因此，我們預計這將是穩健的一年，下半年會有良好的表現，這就是我們在數據中考慮的因素，Krish。

Got it. Very helpful. And then a final question for Megan. The $950 million CapEx has kind of maintained for this year. I remember last year, we said $100 million goes into Vietnam. So the rest goes into advanced SiP packaging, wire bonders. Is there any color you can give on the remaining $850 million? How to think about what goes into SiP's advanced packaging, wire bonders, et cetera?

知道了。很有幫助。然後是梅根的最後一個問題。今年 9.5 億美元的資本支出保持不變。我記得去年，我們說有 1 億美元進入越南。所以剩下的就是先進的 SiP 封裝、引線鍵合機。剩下的 8.5 億美元你有什麼可以給的嗎？如何思考 SiP 的高級封裝、引線鍵合機等中包含哪些內容？

Sure. I can do that, Krish. So out of our $950 million, there's about 30% of that is for infrastructure, and that does include the incremental $100 million for Vietnam that you mentioned. So then there's about 5% -- 3% to 5% for quality and R&D, leaving about 65% for capacity and capability that you just mentioned. And the majority of that, I would say, 90% of that equipment CapEx is geared towards advanced SiP, flip chip, wafer services. And about 10% is allocated for wirebond mainstream business.

當然。我能做到，克里希。因此，在我們的 9.5 億美元中，約有 30% 用於基礎設施建設，這確實包括你提到的為越南增加的 1 億美元。那麼大約有 5% - 3% 到 5% 用於質量和研發，剩下大約 65% 用於您剛才提到的容量和能力。我想說，其中大部分設備資本支出的 90% 用於先進的 SiP、倒裝芯片、晶圓服務。約10%用於wirebond主流業務。

(Operator Instructions) Our next question comes from Tom Diffely with D.A. Davidson.

（操作員說明）我們的下一個問題來自 D.A. 的 Tom Diffely。戴維森。

Maybe just a quick clarification on the Shanghai facility. Did that completely close? The doors were closed essentially to 0 production when it closed? Or is there such a thing as a central business that would allow you to rent some capacity through there?

也許只是對上海工廠的快速澄清。那完全關閉了嗎？當它關閉時，門基本上是關閉到 0 生產？或者有沒有像中央企業這樣的東西，可以讓你通過那裡租用一些容量？

Tom, let me try to answer that. I mean, completely closed, no. I think we still maintain about 1,000 people on site, facilities keep on running. We make sure that equipment is maintained. All of that continues. But there is no effective production going through. So no shipments leaving the facility, but a significant number of people on site. And currently, we go through a process where we bring more people in to ramp up while we're ramping production that more people get on board.

湯姆，讓我試著回答一下。我的意思是，完全關閉，不。我認為我們仍然在現場維持大約 1,000 人，設施繼續運行。我們確保設備得到維護。這一切還在繼續。但是沒有進行有效的生產。因此沒有貨物離開設施，但現場有大量人員。目前，我們正在經歷一個過程，在我們增加更多人參與的生產的同時，我們會吸引更多人參與。

Okay. Okay. That's helpful. And you mentioned that there's a little bit of slowing in the PC market. I'm curious, is that more of a seasonal trend? Is the weakness in end-market demand or supply chain? How would you characterize the softness?

好的。好的。這很有幫助。你提到個人電腦市場有一點放緩。我很好奇，這更像是一種季節性趨勢嗎？是終端市場需求疲軟還是供應鏈疲軟？你如何描述柔軟度？

Tom, I missed the first part of your question. Which market are you referring to?

湯姆，我錯過了你問題的第一部分。你指的是哪個市場？

The PC market.

個人電腦市場。

The PC market. Yes. On the PC market, we see a broader weakness more than the traditional PC markets. The point we're making is that within the PC market, where there's a little bit slowness in this part of the year, I think that's public knowledge, we see a trend from the traditional PC architecture to an ARM-based architecture. In the traditional PC market, it is very much for a large part, a vertically integrated supply chain. If the market moves to an ARM-based architecture than the companies that are playing there are actually utilizing an outsource of supply chain, which is good for Amkor.

個人電腦市場。是的。在個人電腦市場，我們看到比傳統個人電腦市場更廣泛的疲軟。我們要說明的一點是，在 PC 市場中，在今年的這個階段會有一點放緩，我認為這是眾所周知的，我們看到了從傳統 PC 架構到基於 ARM 架構的趨勢。在傳統PC市場，很大一部分是垂直整合的供應鏈。如果市場轉向基於 ARM 的架構，那麼那些正在參與其中的公司實際上是在利用供應鏈外包，這對 Amkor 是有利的。

Okay. And then last question. When you look at the supply chain, is there any way to quantify the impact either on the results or output either in the revenue or a margin point of view?

好的。然後最後一個問題。當您查看供應鏈時，是否有任何方法可以從收入或利潤的角度量化對結果或產出的影響？

Megan, can you comment to that?

梅根，你能對此發表評論嗎？

Yes, Tom. So when we look at the constraints that we've had in the quarter, it's very difficult to quantify, one, on the top line, because both Amkor and our customers are working to refine their forecasts, both with our material supply and their downstream. So it's very difficult to quantify that.

是的，湯姆。因此，當我們查看我們在本季度遇到的限制時，很難量化，一個是頂線，因為 Amkor 和我們的客戶都在努力完善他們的預測，包括我們的材料供應和下游.所以很難量化。

So without having that, it's also difficult to quantify the margin impact. That being said, I would say that the impact from a margin perspective is not significant given that we've still been able to deliver especially in Q1 upside results. We were able to more than offset that constraints with other demand.

因此，如果沒有它，也很難量化利潤率的影響。話雖如此，我想說的是，從利潤率的角度來看，影響並不顯著，因為我們仍然能夠交付，尤其是在第一季度的上行業績中。我們能夠用其他需求來抵消這些限制。

Okay. That's very helpful. Maybe I'll sneak in just one more. Has there been any COVID outbreaks or impacts in any other regions besides your Shanghai facility?

好的。這很有幫助。也許我會再偷偷溜進去一個。除了您的上海工廠外，其他地區是否有任何 COVID 爆發或影響？

Tom, no. Of course, the COVID, let's say, pandemic is already ongoing for well over 2 years. And in these 2 years, we put very strict procedures in place in all of our global factories where there were flare-ups in areas like Malaysia, like the Philippines and other jurisdictions. We were able to manage that very well in our manufacturing organization with strict procedures. The Shanghai situation, in our case, is an exception. But currently, we don't see any other locations that see COVID impacts.

湯姆，沒有。當然，COVID，比方說，大流行已經持續了 2 年多。在這兩年中，我們在馬來西亞、菲律賓和其他司法管轄區等地區出現突發事件的所有全球工廠都制定了非常嚴格的程序。我們能夠通過嚴格的程序在我們的製造組織中很好地管理這一點。就我們而言，上海的情況是個例外。但目前，我們沒有看到任何其他地方受到 COVID 影響。

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

在這個時候，我沒有再提出任何問題。我想把電話轉回給 Giel 做結束語。

Thank you. Before closing the call, I would like to recap our key messages. Amkor delivered strong first quarter results, with revenue of $1.6 billion and EPS of $0.69. Both first quarter records, and up 20% and 40% year-on-year, respectively.

謝謝你。在結束通話之前，我想回顧一下我們的關鍵信息。 Amkor 第一季度業績強勁，收入為 16 億美元，每股收益為 0.69 美元。第一季度均創紀錄，同比分別增長 20% 和 40%。

Including the anticipated effect of the Shanghai factory lockdown, we expect revenue of $1.52 billion, reflecting year-on-year growth of 8%. Demand for our technology and services remain strong, and Amkor is well positioned within key growth markets of 5G, IoT, automotive and high-performance computing.

包括上海工廠停工的預期影響，我們預計收入為 15.2 億美元，同比增長 8%。對我們的技術和服務的需求依然強勁，Amkor 在 5G、物聯網、汽車和高性能計算等關鍵增長市場中處於有利地位。

And finally, I would like to thank our global Amkor team for delivering an excellent first quarter. Special thanks to the factory management team and employees in our Shanghai factory for their diligence in managing the mandated factory lockdown and the continued focus on bringing the factory back to regular operations. Thank you for joining the call today.

最後，我要感謝我們的全球 Amkor 團隊提供了出色的第一季度業績。特別感謝我們上海工廠的工廠管理團隊和員工在管理強制工廠停工期間的辛勤工作，並繼續專注於使工廠恢復正常運營。感謝您今天加入電話會議。

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。您現在可以斷開連接。