格芯 (GFS) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to GlobalFoundries Second Quarter Fiscal Year 2022 Earnings Conference Call. (Operator Instructions)

感謝您的支持，歡迎參加 GlobalFoundries 2022 財年第二季度收益電話會議。 （操作說明）

I would now like to hand the call over to Head of Investor Relations, Sukhi Nagesh. Please go ahead.

我現在想將電話轉交給投資者關係主管 Sukhi Nagesh。請繼續。

Thank you, operator, and good morning, everyone. And welcome to GlobalFoundries' Second Quarter 2022 Earnings Call. On the call with me today are Dr. Thomas Caulfield, CEO; and Dave Reeder, CFO. A short while ago, we released GF's second quarter 2022 financial results, which is available on our website at investors.gf.com, along with today's accompanying slide presentation.

謝謝接線員，大家早上好。歡迎參加 GlobalFoundries 的 2022 年第二季度財報電話會議。今天與我通話的是首席執行官 Thomas Caulfield 博士；和首席財務官戴夫·里德。不久前，我們發布了格芯 2022 年第二季度的財務業績，該業績可在我們的網站 Investors.gf.com 上獲取，並附有今天隨附的幻燈片演示。

This call is being recorded, and a replay will be made available on our Investor Relations web page. During this call, we will present both IFRS and adjusted non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for adjusted non-IFRS measures are available in today's press release and accompanying slides.

該電話正在錄音，我們的投資者關係網頁上將提供重播。在本次電話會議中，我們將介紹 IFRS 和調整後的非 IFRS 財務指標。最直接可比的 IFRS 措施和調整後的非 IFRS 措施的調節可在今天的新聞稿和隨附的幻燈片中找到。

I would remind you that these financial results are unaudited and subject to change. Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend, anticipate, and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today.

我要提醒您，這些財務結果未經審計，可能會發生變化。今天電話會議上的某些陳述可能被視為前瞻性陳述。此類陳述可以通過相信、預期、打算、預期和可能等術語來識別。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，我們不承擔更新我們今天所做的任何前瞻性陳述的任何義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our SEC filings, including in the sessions under the caption Risk Factors in our annual report on Form 20-F filed with the SEC on March 31, 2022.

有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們提交給美國證券交易委員會的文件中描述的風險和不確定性，包括在標題風險因素下的會議中我們於 2022 年 3 月 31 日向 SEC 提交的 20-F 表格年度報告。

We will begin today's call with Tom providing a summary update on the current business environment and update on our capacity expansion in technologies, following which, Dave will provide details on our end markets and second quarter results and also provide third quarter guidance. We will then open the call for questions. (Operator Instructions)

我們將在今天的電話會議開始時，Tom 將提供有關當前業務環境的摘要更新以及我們在技術方面的產能擴張的最新情況，隨後，Dave 將提供有關我們的終端市場和第二季度業績的詳細信息，並提供第三季度的指導。然後，我們將打開問題電話。 （操作說明）

I would also like to remind you that our first Capital Markets Day will be taking place in New York City tomorrow. If you would like to attend in person, please e-mail ir@gf.com in order to be registered for the event.

我還想提醒您，我們的第一個資本市場日將於明天在紐約市舉行。如果您想親自參加，請發送電子郵件至 ir@gf.com 以便註冊參加此次活動。

I'll now turn the call over to Tom for his prepared remarks.

我現在將把電話轉給湯姆，讓他準備好發言。

Thank you, Sukhi, and welcome, everyone, to our second quarter earnings call. I'm pleased to report 2Q results that were once again ahead of guidance that we provided in May as we continue to make significant progress on our strategic and financial priorities. Amidst the challenging macroeconomic environment, the GF team 15,000 strong continues to execute each and every day.

謝謝你，Sukhi，歡迎大家參加我們的第二季度財報電話會議。我很高興地報告第二季度的業績再次領先於我們在 5 月份提供的指導，因為我們繼續在戰略和財務重點方面取得重大進展。在充滿挑戰的宏觀經濟環境中，15,000 人的 GF 團隊每天都在繼續執行。

So let me start with providing a brief update on the current business environment. Similar to others in the industry, we are seeing some areas of the market beginning to rebalance supply and demand, including end markets such as low-end handsets, PCs and in general, the lower end of consumer electronics market. Although we've experienced some decrease in some pockets of our unconstrained demand, the total demand for GF solutions remains robust and capacity continues to be oversubscribed.

因此，讓我首先簡要介紹一下當前的商業環境。與業內其他領域類似，我們看到市場的某些領域開始重新平衡供需，包括終端市場，如低端手機、個人電腦，以及總體而言的低端消費電子市場。儘管我們的一些不受限制的需求有所減少，但對 GF 解決方案的總需求仍然強勁，產能繼續被超額認購。

Specifically, we continue to see healthy demand in fast-growing end markets, such as home and industrial IoT, automotive, communications infrastructure and data center. If you recall, we've previously mentioned that we started this year oversubscribed, with demand that was 25% higher than available capacity. Today, demand continues to outpace our ability to supply by about 10%. We remain oversubscribed for 2022 and 2023. And given the increasingly single-sourced nature of our business, we expect to continue to grow revenue and profit through the remainder of this year and next.

具體來說，我們繼續看到快速增長的終端市場的健康需求，例如家庭和工業物聯網、汽車、通信基礎設施和數據中心。如果您還記得，我們之前曾提到，我們從今年開始超額認購，需求比可用容量高出 25%。今天，需求繼續超過我們的供應能力約 10%。我們在 2022 年和 2023 年仍然超額認購。鑑於我們業務日益單一的來源，我們預計在今年和明年的剩餘時間裡，收入和利潤將繼續增長。

In the second quarter, GF revenue grew 23% year-over-year driven by increases in both wafer shipments and ASP. This, coupled with strong operational excellence, resulted in significant improvement to adjusted gross margin. We reported adjusted gross margin of 28% in the quarter, a 12 percentage point improvement from a year-ago period. As a result, we delivered earnings per share of $0.58, which was $0.10 better than the high end of our guidance. David will give more color on the financials in a moment, but let me now provide you with a brief update on some of our recent customer and partnership activity.

第二季度，受晶圓出貨量和平均售價增長的推動，格芯收入同比增長 23%。再加上強大的卓越運營，導致調整後的毛利率顯著提高。我們報告本季度調整後的毛利率為 28%，比去年同期提高 12 個百分點。因此，我們的每股收益為 0.58 美元，比我們指導的高端高出 0.10 美元。 David 稍後會詳細介紹財務狀況，但現在讓我向您簡要介紹一下我們最近的一些客戶和合作夥伴活動。

At the time of our IPO last year, we had signed long-term agreements totaling approximately $20 billion in revenue. Now about 1 year later, we have 36 customers under long-term agreement with revenue totaling approximately $27 billion and prepayments and access fees totaling about $3.6 billion. Yesterday, on the heels of the U.S. CHIPS bill being passed, we announced an extension of our long-term agreement with Qualcomm that adds more than $4 billion in incremental wafer purchases from our Fab A facility in Upstate New York. With this extension, the long-term agreement with Qualcomm now represents more than $7 billion in global revenue through 2028.

去年首次公開募股時，我們簽署了總收入約 200 億美元的長期協議。現在大約 1 年後，我們有 36 個長期協議客戶，收入總計約 270 億美元，預付款和訪問費總計約 36 億美元。昨天，在美國 CHIPS 法案獲得通過後，我們宣布延長與高通的長期協議，從我們位於紐約州北部的 Fab A 工廠增加超過 40 億美元的增量晶圓採購。通過此次延期，與高通的長期協議現在意味著到 2028 年全球收入將超過 70 億美元。

Since the beginning of the year, we've secured approximately $6 billion in incremental new long-term agreements with our customers. All these new agreements, as well as extensions to existing long-term agreement, are 100% single-source business. In fact, single-source revenue in the first half of 2022 outpaced overall revenue, growing 37% year-over-year. And 90% of the first half design wins were single-sourced as well.

自今年年初以來，我們已與客戶簽訂了約 60 億美元的增量新長期協議。所有這些新協議，以及對現有長期協議的擴展，都是 100% 的單一來源業務。事實上，2022 年上半年的單一來源收入超過了整體收入，同比增長 37%。上半年 90% 的設計勝利也是單一來源的。

In the quarter, we also signed a definitive agreement with ST Micro to create a new jointly operated 300-millimeter manufacturing facility, adjacent to ST's existing 300-millimeter facilities in Crolles, France. With this agreement, and combined with our capacity increase in Germany, GF will be tripling capacity in Europe from 2020 through 2028. This partnership with ST enables GF to add capacity in a highly capital-efficient manner, backed by grants from the French government as well as customer prepayments.

在本季度，我們還與 ST Micro 簽署了一項最終協議，將在 ST 在法國 Crolles 現有的 300 毫米工廠附近建立一個新的聯合運營的 300 毫米製造工廠。有了這項協議，再加上我們在德國的產能增加，從 2020 年到 2028 年，格芯在歐洲的產能將增加兩倍。與 ST 的這種合作夥伴關係使格芯能夠以高度資本效率的方式增加產能，並得到法國政府的撥款支持：以及客戶預付款。

Finally, let me provide a brief update on some of the important technology milestones we achieved this quarter. In the second quarter, we completed 9 technology qualifications. We are extremely pleased to have released our 22FDX+ platform. This platform offers greater-than-25% power reduction, thereby enabling a technology road map to further improve power and performance optimization for many of our customers' IoT applications.

最後，讓我簡要介紹一下我們本季度實現的一些重要技術里程碑。第二季度，我們完成了9項技術資格。我們非常高興地發布了我們的 22FDX+ 平台。該平台可將功耗降低 25% 以上，從而製定技術路線圖，進一步提高我們許多客戶物聯網應用的功耗和性能優化。

Additionally, we have now fully qualified our highly differentiated 45CLO photonic solution, which we just recently announced at the Optical Fiber Communications Conference. We have over a dozen customers currently developing prototypes in preparation for volume manufacturing in 2023. We believe GF photonics solution is the only 300-millimeter monolithic integration of electro-optical components in our industry. We're combining SOI, CMOS and photonics in a single-chip solution.

此外，我們現在已經完全驗證了我們最近在光纖通信會議上宣布的高度差異化的 45CLO 光子解決方案。我們目前有十幾個客戶正在開發原型，為 2023 年的量產做準備。我們相信格芯光子學解決方案是我們行業中唯一的 300 毫米單片集成電光元件。我們將 SOI、CMOS 和光子學結合在一個單芯片解決方案中。

Lastly, we released to production the industry's first 55-nanometer embedded nonvolatile memory solutions for power management that will be adopted in new releases of premium tier handsets.

最後，我們發布了業界首款用於電源管理的 55 納米嵌入式非易失性存儲器解決方案，該解決方案將在新版本的高端手機中採用。

To summarize, I'm pleased to report another quarter of solid execution as we deliver to our customers and all our stakeholders. We continue to demonstrate steady momentum across our business and are making significant progress towards our long-term business model.

總而言之，我很高興地報告我們向客戶和所有利益相關者交付產品時又一個季度的穩健執行。我們繼續在我們的業務中表現出穩定的勢頭，並在我們的長期業務模式方面取得重大進展。

Now before I hand it over to Dave and Sukhi, I would like to let you know that normally, I would be participating in the Q&A session following our prepared remarks. But I'm currently in Washington, D.C. to witness the signing of the CHIPS bill at the White House. This landmark legislation will have a profound positive impact on our nation, our industry and GF for years to come. I am looking forward to seeing many of you at our Capital Markets Day in New York City tomorrow.

現在，在我把它交給 Dave 和 Sukhi 之前，我想告訴你們，通常情況下，我會在我們準備好的發言之後參加問答環節。但我目前正在華盛頓特區見證在白宮簽署 CHIPS 法案。這項具有里程碑意義的立法將在未來幾年對我們的國家、我們的行業和格芯產生深遠的積極影響。我期待著明天在紐約市的資本市場日見到你們中的許多人。

With that, over to you, Dave.

有了這個，交給你，戴夫。

Thank you, Tom, and welcome to our second quarter earnings call. For the remainder of the call, including guidance, I will reference adjusted metrics, which exclude stock-based compensation.

謝謝你，湯姆，歡迎來到我們的第二季度財報電話會議。對於電話會議的其餘部分，包括指導，我將參考調整後的指標，其中不包括基於股票的薪酬。

Our second quarter results exceeded the high end of the financial range we provided in our last quarterly update. Second quarter revenue was approximately $1.993 billion, an increase of 23% year-over-year. We shipped approximately 630,300 millimeter-equivalent wafers in the quarter, a 6% increase from the year prior period. Average selling price, ASP, per wafer increased approximately 16% year-over-year, driven by ramping long-term customer agreements with better pricing, a constructive transactional pricing environment as well as continued improvement in product mix.

我們的第二季度業績超出了我們在上一季度更新中提供的財務範圍的高端。第二季度收入約為 19.93 億美元，同比增長 23%。我們在本季度出貨了大約 630,300 毫米等效晶圓，比去年同期增長 6%。每片晶圓的平均銷售價格（ASP）同比增長約 16%，這得益於以更好的價格簽訂的長期客戶協議、建設性的交易定價環境以及產品組合的持續改進。

Wafer revenue from our end markets accounted for approximately 92% of total revenue. Non-wafer revenue, which includes revenue from reticles, nonrecurring engineering, expedite fees and other items, accounted for approximately 8% of total revenue for the second quarter, consistent with our expectations.

來自終端市場的晶圓收入約佔總收入的 92%。非晶圓收入，包括來自標線片、非經常性工程、加急費和其他項目的收入，約佔第二季度總收入的 8%，與我們的預期一致。

Let me now provide an update on our revenue by end market. Smart Mobile devices represented approximately 49% of second quarter revenue, growing 14% year-over-year. Growth was driven by higher ASPs and better mix as we continue to increase our silicon content in the premium-tier handset market. In the RF front end, which is the largest segment of our mobile business, growth was relatively flat year-over-year. However, our industry-leading 300-millimeter RF SOI platform, that is widely used in the premium-tier handset market, continues to increase as a percentage of the total front-end mix, which is accretive to our business.

現在讓我按終端市場提供我們收入的最新信息。智能移動設備約佔第二季度收入的 49%，同比增長 14%。隨著我們在高端手機市場繼續增加我們的矽含量，更高的平均售價和更好的組合推動了增長。射頻前端是我們移動業務的最大部分，同比增長相對持平。然而，我們行業領先的 300 毫米 RF SOI 平台廣泛用於高端手機市場，占前端組合的百分比繼續增加，這對我們的業務產生了增長。

For 2022, we are on track to grow our premium-tier 5G revenue by more than 35% year-over-year, offsetting the modest decline we see in low-end handsets. Additionally, in this end market, we are growing our silicon content, mostly due to gains in RF transceivers, [PEMEX], audio ICs and image sensor processors. Growth in these submarkets are all trends we expect to continue throughout the year.

到 2022 年，我們的高端 5G 收入有望同比增長 35% 以上，抵消了我們在低端手機中看到的小幅下滑。此外，在這個終端市場，我們正在增加我們的矽含量，主要是由於射頻收發器、[PEMEX]、音頻 IC 和圖像傳感器處理器的增長。這些子市場的增長都是我們預計全年都會持續的趨勢。

Revenue for the home and industrial IoT market grew 72% year-over-year, representing 17% of total revenue. Strong year-over-year growth in this end market was driven by wafer volume growth of almost 40%, better ASPs and improved mix. GF strength and feature-rich technologies that are focused on superior wireless connectivity performance at the lowest possible power consumption has enabled our growth in the home and industrial IoT end market. Within this end market, our wireless connectivity solutions saw a significant growth due to the accelerated adoption of our 22FDX technology for WiFi 6 applications.

家庭和工業物聯網市場的收入同比增長 72%，佔總收入的 17%。該終端市場的強勁同比增長是由近 40% 的晶圓量增長、更好的 ASP 和改進的組合推動的。格芯的實力和功能豐富的技術專注於以盡可能低的功耗實現卓越的無線連接性能，使我們能夠在家庭和工業物聯網終端市場取得增長。在這個終端市場中，由於我們的 22FDX 技術在 WiFi 6 應用中的加速採用，我們的無線連接解決方案實現了顯著增長。

We are also seeing strong traction for our IoT microcontrollers that feature embedded nonvolatile memory for a number of smart card applications, such as digital payments, access control and electronic IDs, driven by features such as connectivity speed, security and a growing touchless transaction environment.

我們還看到我們的物聯網微控制器具有強大的吸引力，這些微控制器具有嵌入式非易失性存儲器，適用於數字支付、訪問控制和電子 ID 等多種智能卡應用，其驅動力包括連接速度、安全性和不斷增長的非接觸式交易環境。

Additionally, growth in our IoT end market is also being driven by our differentiated power and analog technologies for applications such as factory and building automation as well as test, measurement and security. We are on track for home and industrial IoT to be the fastest-growing market for GF in 2022.

此外，我們用於工廠和樓宇自動化以及測試、測量和安全等應用的差異化電源和模擬技術也推動了我們物聯網終端市場的增長。家庭和工業物聯網有望成為 2022 年格芯增長最快的市場。

Touching next on automotive. Revenue in this market was approximately 4% of our total second quarter revenue and grew approximately 34% year-over-year, driven by the ramp of new products in ADAS, safety and infotainment. As we have previously indicated, our growth in this market will be lumpy as we are constrained by how quickly we can build capacity. As capacity comes online, we will be ramping new products enabling automotive, electrification and safety. As a result, our automotive business is on track to grow more than 25% in the second half of the year versus the first half of the year.

接下來是汽車。該市場的收入約占我們第二季度總收入的 4%，同比增長約 34%，這主要得益於 ADAS、安全和信息娛樂領域新產品的推出。正如我們之前所指出的，我們在這個市場的增長將是崎嶇不平的，因為我們受到產能建設速度的限制。隨著產能上線，我們將推出支持汽車、電氣化和安全的新產品。因此，我們的汽車業務有望在下半年較上半年增長 25% 以上。

Next, our communications infrastructure and data center end market comprised approximately 17% of second quarter revenue and grew approximately 50% year-over-year. Growth was driven by a combination of higher shipments, higher ASPs and better mix. Our strongest year-over-year growth is within the data center submarket. Our customers are continuing to grow in market share in this segment, and GF is contributing by providing critical connectivity and IoT components. We also grew revenue modestly in all of our other submarkets, including optical networking and wired/wireless infrastructure.

接下來，我們的通信基礎設施和數據中心終端市場約佔第二季度收入的 17%，同比增長約 50%。增長是由更高的出貨量、更高的平均售價和更好的組合推動的。我們最強勁的同比增長來自數據中心子市場。我們的客戶在該領域的市場份額持續增長，格芯通過提供關鍵連接和物聯網組件做出貢獻。我們在所有其他子市場的收入也適度增長，包括光網絡和有線/無線基礎設施。

Next, and as expected, our compute end market declined year-over-year and comprised approximately 5% of total second quarter revenue. We expect this end market to be less than 5% of our total 2022 revenue. After a trough in Q1, we are now seeing a modest uplift in revenues following the finalization of a design with a major PC customer.

接下來，正如預期的那樣，我們的計算終端市場同比下降，約佔第二季度總收入的 5%。我們預計這個終端市場將不到我們 2022 年總收入的 5%。在經歷了第一季度的低谷之後，隨著與一家主要 PC 客戶的設計最終確定，我們現在看到收入略有上升。

Moving to gross profit. For the second quarter, we delivered adjusted gross profit of $559 million, which translates into approximately 28% adjusted gross margin. The 12% increase year-over-year was driven by better fixed cost absorption, higher ASPs and improved mix. Approximately 80% of this improvement was attributable to ASP and mix, with the remaining 20% attributable to volume and fixed cost absorption.

轉向毛利潤。第二季度，我們實現了 5.59 億美元的調整後毛利潤，這意味著調整後的毛利率約為 28%。同比增長 12% 是由更好的固定成本吸收、更高的平均售價和改進的組合推動的。大約 80% 的改進歸因於 ASP 和組合，其餘 20% 歸因於數量和固定成本吸收。

Operating expenses for the second quarter were better than expected and represented approximately 10% of total revenue. R&D for the quarter was down sequentially at approximately $112 million, while SG&A came in at $97 million. Total operating expenses were $209 million, excluding $32 million of stock-based compensation.

第二季度的運營費用好於預期，約佔總收入的 10%。本季度的研發環比下降約 1.12 億美元，而 SG&A 則為 9700 萬美元。總運營費用為 2.09 億美元，不包括 3200 萬美元的股票補償。

Q2 total operating expenses decreased approximately $17 million from a year ago, largely due to lower start-up costs associated with fab expansion projects as well as lower headcount costs. GF delivered operating profit of approximately $350 million for the quarter, which translates into an approximately 18% adjusted operating margin, roughly 15 percentage points better than the year-ago period and $45 million higher than the high end of our guidance range.

第二季度總運營費用比一年前減少了約 1700 萬美元，主要是由於與晶圓廠擴建項目相關的啟動成本降低以及員工成本降低。格芯本季度實現營業利潤約 3.5 億美元，調整後營業利潤率約為 18%，比去年同期高出約 15 個百分點，比我們指導範圍的高端高出 4500 萬美元。

Second quarter net interest expense was approximately $19 million, and we incurred a tax expense of approximately $30 million in the quarter. We delivered second quarter adjusted net income of approximately $317 million, an increase of approximately $350 million from the year-ago period. As a result, we reported adjusted earnings of $0.58 per share for the second quarter. We delivered record second quarter adjusted EBITDA of approximately $784 million. Adjusted EBITDA grew $318 million year-over-year on $373 million of incremental revenue growth, representing approximately 85% fall-through.

第二季度淨利息支出約為 1900 萬美元，本季度我們產生了約 3000 萬美元的稅收支出。我們第二季度實現了約 3.17 億美元的調整後淨收入，比去年同期增加了約 3.5 億美元。因此，我們報告第二季度調整後每股收益為 0.58 美元。我們實現了創紀錄的第二季度調整後 EBITDA 約 7.84 億美元。調整後的 EBITDA 同比增長 3.18 億美元，收入增長 3.73 億美元，下降約 85%。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the second quarter was $609 million. Gross CapEx for the quarter was $812 million or roughly 40% of revenue. At the end of the second quarter, our combined total of cash, cash equivalents and marketable securities stood at approximately $3.3 billion, an increase of roughly $2.5 billion from the previous year.

現在讓我提供一些關鍵的資產負債表和現金流量指標。第二季度的運營現金流為 6.09 億美元。本季度的總資本支出為 8.12 億美元，約佔收入的 40%。在第二季度末，我們的現金、現金等價物和有價證券合計約為 33 億美元，比上年增加約 25 億美元。

Before I transition to Q3 guidance, I briefly wanted to update you on the current inflationary environment and its impact on our business.

在我過渡到第三季度指導之前，我想簡要地向您介紹當前的通貨膨脹環境及其對我們業務的影響。

Last quarter, we provided you our view on inflation and the headwinds we are facing in our business, especially with respect to materials, energy and labor costs. While we have experienced a slight uptick in cost for materials and energy in Q2, we continue to estimate the impact of these inflationary costs to our full year results to be less than 2% of revenue.

上個季度，我們向您提供了我們對通貨膨脹和我們業務面臨的不利因素的看法，特別是在材料、能源和勞動力成本方面。雖然我們在第二季度經歷了材料和能源成本的小幅上漲，但我們繼續估計這些通脹成本對我們全年業績的影響不到收入的 2%。

Next, let me provide you with our outlook for the third quarter. We expect total GF revenue to be between $2.035 billion and $2.065 billion. Of this, we expect non-wafer revenue to be approximately 11% to 12% of total revenue. An increase in design wins and the corresponding customer tape-outs should result in sequential third quarter [vertical] revenue growth of more than 25%. We expect adjusted gross profit to be between $580 million and $609 million. We expect adjusted operating profit to be between $347 million and $381 million. Excluding share-based compensation for the third quarter, we expect total OpEx to be between $228 million and $233 million. We expect a sequential increase in operating expenses to primarily be driven by higher IT and other administrative costs.

接下來，讓我為您提供我們對第三季度的展望。我們預計格芯總收入將在 20.35 億美元至 20.65 億美元之間。其中，我們預計非晶圓收入約佔總收入的 11% 至 12%。設計勝利的增加和相應的客戶流片應該會導致第三季度[垂直]收入連續增長 25% 以上。我們預計調整後的毛利潤將在 5.8 億美元至 6.09 億美元之間。我們預計調整後的營業利潤將在 3.47 億美元至 3.81 億美元之間。不計第三季度的股票薪酬，我們預計運營支出總額將在 2.28 億美元至 2.33 億美元之間。我們預計運營費用的連續增長主要是由更高的 IT 和其他管理成本推動的。

At the midpoint of our third quarter guidance, we expect share-based compensation to be approximately $42 million, of which roughly $21 million is related to cost of goods sold and approximately $21 million related to OpEx. We expect net interest expense for the quarter to be approximately $15 million and tax and other expenses to be roughly $24 million.

在我們第三季度指引的中點，我們預計基於股票的薪酬約為 4200 萬美元，其中約 2100 萬美元與銷售成本相關，約 2100 萬美元與運營支出相關。我們預計本季度的淨利息支出約為 1500 萬美元，稅收和其他支出約為 2400 萬美元。

We expect adjusted net income to be between $324 million and $356 million. And we expect D&A for the quarter to be about $405 million, of which 90% is related to cost of goods sold. On a fully diluted basis of approximately 551 million shares, we expect adjusted earnings per share for the third quarter to be between $0.59 and $0.65. We expect adjusted EBITDA to be between $775 million and $813 million.

我們預計調整後的淨收入將在 3.24 億美元至 3.56 億美元之間。我們預計本季度的 D&A 約為 4.05 億美元，其中 90% 與銷售成本有關。在大約 5.51 億股完全稀釋的基礎上，我們預計第三季度調整後的每股收益將在 0.59 美元至 0.65 美元之間。我們預計調整後的 EBITDA 將在 7.75 億美元至 8.13 億美元之間。

As we mentioned on our earnings call last quarter, for the full year 2022, we expect total gross CapEx to be less than $4 billion, impacted by the well-known delays in capital equipment. Despite the slight delay, we are on track to meet all of our customer commitments for the year.

正如我們在上個季度的財報電話會議上提到的那樣，在眾所周知的資本設備延誤的影響下，我們預計 2022 年全年的總資本支出將低於 40 億美元。儘管略有延遲，但我們仍有望兌現全年的所有客戶承諾。

In summary, strong operational execution enabled us to deliver second quarter results that were significantly better than the high end of our guidance range. Our demand visibility remains strong, supported by our long-term customer agreements. And we expect to deliver progressively better financials quarter-to-quarter throughout the year as we continue to methodically execute our plan.

總之，強大的運營執行使我們能夠提供明顯優於我們指導範圍高端的第二季度業績。在我們的長期客戶協議的支持下，我們的需求可見性仍然很強。隨著我們繼續有條不紊地執行我們的計劃，我們預計全年季度財務狀況將逐步改善。

With that, let's open the call for Q&A. Operator?

有了這個，讓我們打開問答電話。操作員？

(Operator Instructions) Our first question comes from the line of Harlan Sur of JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Harlan Sur。

Congratulations on the team's support and helping to get the CHIPS bill over the finish line and also the strong quarterly execution. You guys came into this year, as you mentioned, with demand about 25% higher than your ability to supply. I think last earnings call, you guys talked about a 1.5x book-to-bill ratio. Clearly, as you mentioned, the demand environment has weakened, especially in the areas that are encompassed in your smart mobile and your compute segment, which is about half of your revenues. But on the flip side, you guys do have fungibility and [put] technology and capacity by geography. So there is some slack for your business to take a hit on demand. So with demand looking like it's normalizing a bit lower, trending about 10% above supply, maybe you can just help us think about how much demand has to drop before you have to modulate your utilizations or your forward capacity expansion plans.

祝賀團隊的支持和幫助使 CHIPS 法案越過終點線以及強大的季度執行力。正如你們所提到的，你們今年的需求比你們的供應能力高出約 25%。我認為上次財報電話會議上，你們談到了 1.5 倍的訂單出貨比。顯然，正如您所提到的，需求環境已經減弱，特別是在您的智能手機和計算領域所包含的領域，這大約是您收入的一半。但另一方面，你們確實有可替代性，並且按地理位置 [put] 技術和能力。因此，您的企業在應對需求方面存在一定的鬆懈。因此，隨著需求看起來正常化一點點，趨勢比供應高出約 10%，也許您可以幫助我們考慮在您必須調整您的利用率或您的未來產能擴張計劃之前，需求必須下降多少。

Harlan, exciting day here in New York City and exciting day in Washington where Thomas, he certainly wishes he could be with us today. But given the choice of being on his phone and in the White House for the signing of the CHIPS bill, I think he chose wisely.

哈蘭，紐約市令人興奮的一天，以及托馬斯在華盛頓令人興奮的一天，他當然希望他今天能和我們在一起。但考慮到在他的電話和白宮簽署 CHIPS 法案的選擇，我認為他的選擇是明智的。

Look forward to seeing you tomorrow at Capital Markets Day. With respect to demand, we're still oversupply, meaning the demand outstrips our supply. And that's true for 2022 and 2023 as well. We'll obviously cover that in more detail tomorrow. But given that it's obvious already, our order book for 2022 looks good, and it's largely complete. So our revenue ability remains solid. And to the extent that we see customers that want to rebalance, we're usually trading up a rebalance towards richer, more accretive mix for GlobalFoundries. So demand is still strong.

期待明天在資本市場日與您相見。在需求方面，我們仍然供過於求，這意味著需求超過了我們的供應。 2022 年和 2023 年也是如此。我們顯然會在明天更詳細地介紹這一點。但鑑於這已經很明顯，我們 2022 年的訂單看起來不錯，而且基本上已經完成。因此，我們的收入能力仍然穩固。就我們看到想要重新平衡的客戶而言，我們通常會為 GlobalFoundries 提供更豐富、更具增值性的組合。所以需求依然強勁。

Did you have a follow-up, Harlan?

你有後續行動嗎，哈倫？

Yes. Maybe as a reflection of some of the weaker segments, and I know you have fungibility. We know that one of your RF customers has been impacted by the weak China domestic smartphone market. I think this customer actually took a charge against their COGS in the June quarter. And most of that charge was due to wafer shipments that were going to fall below the minimum threshold, the wafers under the long-term agreements with you. So the good news is that the take-or-pay is clearly working for you. This customer is sole sourced with you. They've made prepayments.

是的。也許作為一些較弱部分的反映，我知道你有可替代性。我們知道您的一位射頻客戶受到了疲軟的中國國內智能手機市場的影響。我認為這個客戶實際上在六月季度對他們的銷貨成本進行了收費。大部分費用是由於晶圓出貨量將低於最低門檻，即與您簽訂長期協議的晶圓。所以好消息是照付不議顯然對你有用。該客戶是您獨家採購的。他們已經預付了款項。

So they clearly see the differentiation that you bring to their products. Now they're in renegotiations on their LTA with you. And if we assume that the demand environment will probably continue to weaken maybe, and you maybe have more customers that have to renegotiate the terms of their LTAs, given the clear differentiation you bring to your customers, is it fair to assume that pricing has not been negotiated, but it's primarily around prepayments, duration or volume of the LTAs that is being renegotiated?

因此，他們清楚地看到了您為他們的產品帶來的差異化。現在他們正在與你重新談判他們的長期協議。如果我們假設需求環境可能會繼續走弱，並且鑑於您為客戶帶來的明顯差異化，您可能有更多的客戶必須重新協商其長期協議的條款，那麼假設定價沒有公平嗎？已協商，但主要是圍繞正在重新協商的 LTA 的預付款、期限或數量？

You get it right, Harlan. The pricing environment is still very constructive. Given inflation and also the shortages that we see with respect to capacity, I don't really expect that pricing environment to change in near future.

你說得對，哈倫。定價環境仍然非常具有建設性。考慮到通貨膨脹以及我們看到的產能短缺，我真的不認為定價環境會在不久的將來發生變化。

And then finally, I think the piece I would add is that if you were to look at a 5% drop in utilization, we've mentioned before that if you have a 5% drop in utilization, then you typically see just a couple of points, call it, 2-points-or-so impact to gross margin. But if you took a 5-point decrease in ASP, that's 5 points that flows all the way through.

最後，我想我要補充的一點是，如果您要查看利用率下降 5%，我們之前提到過，如果利用率下降 5%，那麼您通常只會看到幾個點，稱之為，對毛利率的 2 個點左右的影響。但是，如果您將 ASP 降低 5 個點，那就是 5 個點一直流過。

So I think given all things that I just mentioned, the strong end market demand, very instructive price environment, still inflation that continues to hit the global economy. It's difficult to see an environment in the near future where pricing becomes a concern.

所以我認為考慮到我剛才提到的所有事情，強勁的終端市場需求、非常有指導意義的價格環境，以及繼續打擊全球經濟的通脹。在不久的將來很難看到定價成為問題的環境。

Our next question comes from Vivek Arya of Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Dave, for my first one, just a clarification on the Q3 outlook. If I exclude the increase in the non-wafer revenue, it suggest wafer sales could be kind of flattish to somewhat down sequentially. I imagine that's probably because of the smartphone market. But I just wanted a clarification on how you were thinking about the interplay of wafer shipment and ASPs in Q3. And if you could maybe give us a little bit of color on how you are thinking about it extending into Q4 versus what you thought for the year originally.

戴夫，我的第一個，只是對第三季度前景的澄清。如果我排除非晶圓收入的增長，這表明晶圓銷售可能會持平或環比有所下降。我想這可能是因為智能手機市場。但我只是想澄清一下您如何看待第三季度晶圓出貨量和 ASP 的相互作用。如果你可以給我們一點顏色，說明你是如何考慮將它擴展到第四季度的，而不是你最初對這一年的想法。

Sure. As you know, we're currently constrained from a [slight] perspective, but we are expecting wafers to increase sequentially from Q2 to Q3. So no change in our plans there like we had talked about. Our wafer shipments last year were about 2.4 million wafers. Those wafers were to grow to about 2.6 million wafers this year and then about 2.8 million wafers in 2023. And so all those plans remain on track. We expect to grow water sequentially from Q2 to Q3 and actually from Q3 to Q4 for that matter and well into 2023. So from that perspective, I still feel quite good about the trajectory there.

當然。如您所知，我們目前從[輕微]的角度來看受到限制，但我們預計晶圓將從第二季度到第三季度依次增加。因此，我們在那裡的計劃沒有像我們所說的那樣發生變化。我們去年的晶圓出貨量約為 240 萬片。這些晶圓今年將增長到約 260 萬片，到 2023 年將增長到約 280 萬片。所以所有這些計劃都在按計劃進行。我們預計從第二季度到第三季度，實際上從第三季度到第四季度連續增長水，一直到 2023 年。所以從這個角度來看，我仍然對那裡的軌跡感覺很好。

Pricing, we don't talk a lot in detail about pricing. If you were to look at how we performed this quarter, 23% year-over-year growth, Q2 '22 to Q2 '21. Of that [23%], 6% was volume growth and about 16% was ASP. As we look from Q2 to Q3 and we look year-over-year from Q3 ['22] to Q3 '22 , we expect those some trends to continue.

定價，我們不詳細談定價。如果您要查看我們本季度的表現，從 22 年第二季度到 21 年第二季度同比增長 23%。在這 [23%] 中，6% 是銷量增長，約 16% 是 ASP。當我們從 Q2 到 Q3 以及從 Q3 ['22] 到 Q3 '22 的逐年觀察時，我們預計這些趨勢將繼續下去。

Did you have a follow-up on that?

你有跟進嗎？

Yes. I know it's probably -- you'll talk more about expectations for '23 and the longer term tomorrow at the Capital Markets Day. But as you look at the capacity announcements that you and several of your peers have been making, do you think, Dave, that from an industry perspective, pricing will be a headwind or a tailwind in calendar '23?

是的。我知道這可能是——你會在資本市場日更多地談論對 23 年和更長期的預期。但是，當您查看您和您的幾個同行一直在發布的產能公告時，戴夫，您認為從行業的角度來看，定價將是 23 年日曆中的逆風還是順風？

Yes. Let me break that in 2 parts. Look, at GlobalFoundries, we don't put capacity on for ourselves. When we have capacity, we are adding capacity in partnership with our customers. So we have customers that are signed LTAs with us. $27 billion now is, as we mentioned, more than 36 or 36 customers. Roughly $3.6 billion of customer funding that's actually come to GF to be able to expand that capacity. So the capacity that we're putting on, we're putting on at the [test] of our customers and in partnership with our customers and as more recently with governments.

是的。讓我把它分成兩部分。看，在 GlobalFoundries，我們不會為自己增加產能。當我們有產能時，我們會與客戶合作增加產能。所以我們有客戶與我們簽署了長期協議。正如我們所提到的，現在 270 億美元是超過 36 或 36 個客戶。大約 36 億美元的客戶資金實際上來自 GF，以便能夠擴大產能。因此，我們正在投入的能力，我們正在對我們的客戶進行[測試]，並與我們的客戶以及最近與政府合作。

In terms of are we concerned about pricing coming to play as more capacity is added, about 2/3 of our shipments are actually single-sourced wave shipments. And about 90% of our design wins are actually single-sourced design wins. And so we're not clearly non-generic capacity for the market. We are putting on capacity in partnership with our customers. So we feel quite good about that. We feel like the pricing environment remains quite constructive. We see that as being constructive, not only today but also 2023.

至於我們是否擔心隨著更多產能的增加而定價，我們大約 2/3 的出貨量實際上是單一來源的波次出貨量。我們大約 90% 的設計勝利實際上是單一來源的設計勝利。因此，我們顯然不是市場的非通用容量。我們正在與客戶合作提高產能。所以我們對此感覺很好。我們認為定價環境仍然具有建設性。我們認為這是建設性的，不僅在今天，而且在 2023 年也是如此。

Our next question comes from the line of Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Ross, are you there? Ross, you may be on mute.

羅斯，你在嗎？羅斯，你可能靜音了。

Can you guys hear me?

你們能聽到我嗎？

We can hear you, Ross.

我們可以聽到你的聲音，羅斯。

Okay. Sorry about that. I'm not sure what happened. So I want to go back to the LTA side of things. Obviously, you guys are doing a good job of enforcing them. But as we start to see more companies write down your customers or any [fab] companies write down their own side of that equation, I just want to have you walk us through the mechanics of how you handle the slowdown in demand. I get that you're single source. But at some point, end demand is end demand. And if they don't need the volume, you can force them to take it, but they don't need that inventory either. And I would imagine that would hurt the relationship. So just talk a little bit about how the negotiations go when the demand weakens, how you adjust to the various levers, whether it's units, pricing, et cetera. So I think that's what investors really want to get confidence in as they look forward to a potentially slowing macroeconomic environment.

好的。對於那個很抱歉。我不確定發生了什麼。所以我想回到 LTA 方面。顯然，你們在執行它們方面做得很好。但隨著我們開始看到越來越多的公司寫下你的客戶或任何 [fab] 公司寫下他們自己的等式，我只想讓你帶我們了解如何處理需求放緩的機制。我知道你是單一來源。但在某些時候，最終需求就是最終需求。如果他們不需要該數量，您可以強制他們接受，但他們也不需要該庫存。我想這會損害這種關係。因此，只需談談需求減弱時談判的進展情況，您如何調整各種槓桿，無論是單位、定價等。因此，我認為這是投資者真正希望獲得的信心，因為他們期待著可能放緩的宏觀經濟環境。

Sure. I think the first thing that we do, Ross, when we have a customer -- I mean, as you know, we're in market and very customer focused here at GF. And so the first thing that we do is we recognize that the LTA creates a first time work for us and the customer to have a frank discussion. And so because we have more demand than we actually have supply today, we've been able to have those discussions with customers that want to rebalance their commitments a little bit. We've been able to negotiate with those customers, be able, by and large, to be able to satisfy their reductions and some of their demand and then replace it with business that's actually more accretive to us.

當然。我認為羅斯，當我們有客戶時，我們要做的第一件事——我的意思是，正如你所知，我們在市場上，並且在 GF 非常以客戶為中心。因此，我們要做的第一件事是我們認識到 LTA 為我們和客戶創造了第一次的工作，以便進行坦率的討論。因此，由於我們今天的需求量超過了實際供應量，因此我們能夠與希望稍微重新平衡其承諾的客戶進行這些討論。我們已經能夠與這些客戶進行談判，大體上能夠滿足他們的減少和他們的一些需求，然後用實際上對我們更有利的業務取而代之。

And so to the extent that we can do that, we don't charge our customers for capacity that was underutilized if we're able to replace it with demand from another customer. So having a broad-based, diverse base of business in automotive and IoT and data center comps structure and data center, that's really enabled us to be able to accommodate some of these rebalancings that you see in the marketplace.

因此，在我們可以做到這一點的範圍內，如果我們能夠用其他客戶的需求來替換未充分利用的容量，我們不會向客戶收取費用。因此，在汽車和物聯網以及數據中心結構和數據中心擁有基礎廣泛、多樣化的業務基礎，這確實使我們能夠適應您在市場上看到的一些重新平衡。

Practically, how do we handle it? We sit down with our customers. We talk about what their end-market demand look like. We talk about the duration of their LTAs, the extensions of LTAs. We talk about rebalancing of their portfolios if they have some pockets of demand that are doing better and they have some pockets that are weaker, being able to rebalance those pockets to meet their end-market demand. And so really, it's a framework for us to sit down and have a negotiation.

實際上，我們如何處理它？我們與客戶坐下來。我們談論他們的終端市場需求是什麼樣的。我們談論他們的長期協議的持續時間，長期協議的擴展。如果他們的一些需求領域表現更好，而他們的一些領域較弱，能夠重新平衡這些領域以滿足他們的終端市場需求，我們就會談論他們的投資組合的再平衡。所以真的，這是我們坐下來進行談判的框架。

And new design wins.

新設計獲勝。

And new design wins as well for their next generation of business, that's another element that Sukhi just mentioned.

新設計也為他們的下一代業務贏得了勝利，這是 Sukhi 剛剛提到的另一個元素。

Did you have a follow-up, Ross?

羅斯，你有後續行動嗎？

Yes. I just want to ask about the gross margin side of things and more specifically, some of the units versus the wafer units versus the ASP side. I know you guys don't guide overtly by those metrics each quarter. But it seems like if the units are going up in your third quarter, I mean the ASPs are actually going to go down a little bit at the midpoint. I think that's the first time your implied ASPs will drop sequentially since you've been public.

是的。我只想問一下毛利率方面，更具體地說，一些單位與晶圓單位與 ASP 方面。我知道你們不會在每個季度都公開指導這些指標。但看起來如果單位在第三季度上升，我的意思是平均售價實際上會在中點下降一點。我認為這是自您公開以來您的隱含 ASP 第一次依次下降。

So can you just walk us through maybe the third quarter and then the second half, what would be some of the puts and takes on that? Is that just an end-market dynamic? Is it a non-wafer revenue dynamic? Any of the moving parts there would be helpful.

所以你能不能帶我們經歷第三季度然後下半場，會有哪些看跌和承擔？這只是終端市場的動態嗎？它是非晶圓收入動態嗎？那裡的任何活動部件都會有所幫助。

Sure. Well, first, the correlation between ASPs and gross margins don't always hold true in all instance. So sometimes you can have a different product that actually has a higher gross margin even if it has a lower ASP. So from that perspective, it's really product by product related, and it's probably more directly correlated actually to the amount of features from GlobalFoundries that is actually included in the product with respect to the health of the gross margin.

當然。嗯，首先，平均售價和毛利率之間的相關性並不總是在所有情況下都成立。因此，有時您可以擁有一種實際上具有更高毛利率的不同產品，即使它的平均售價較低。因此，從這個角度來看，它實際上是逐個產品相關的，而且它實際上可能更直接地與 GlobalFoundries 的功能數量相關，這些功能實際上包含在產品中就毛利率的健康狀況而言。

Sequentially, from Q2 to Q3, I'm looking at pricing, and I would say ASP per wafer looks pretty flat. I mean it's a flattish profile. We've had a little bit more ramp in volume from Q2, Q3 than we had from Q1 to Q2. But I would say, pricing remains relatively flat from quarter to quarter. And I expect to actually increase as we progress throughout the year.

從第二季度到第三季度，我依次關注定價，我會說每個晶圓的 ASP 看起來相當平穩。我的意思是這是一個扁平的輪廓。從第二季度到第三季度，我們的銷量增長比第一季度到第二季度要多一些。但我想說的是，每個季度的定價仍然相對持平。我希望隨著我們全年的進步而實際增加。

So that implies fourth quarter increase. So I think pricing from my perspective, again, kind of a growth price, if you will, ASP for wafer, relative flat volumes grow. And we expect profitability from a gross margin perspective to continue to grow. So all in all, the progression from Q2 to Q3 looks pretty good from where I sit.

所以這意味著第四季度的增長。所以我認為，從我的角度來看，定價是一種增長價格，如果你願意的話，晶圓的平均售價，相對平坦的銷量會增長。我們預計從毛利率的角度來看，盈利能力將繼續增長。所以總而言之，從我所在的位置來看，從 Q2 到 Q3 的進展看起來相當不錯。

(Operator Instructions) Our next question comes from the line of Mehdi Hosseini of SIG.

（操作員說明）我們的下一個問題來自 SIG 的 Mehdi Hosseini。

I have a couple of -- and I apologize, I joined the call late, but did you discuss as to what drove the COGS in the June quarter down on a sequential basis?

我有幾個——我很抱歉，我參加電話會議的時間很晚，但是您是否討論過是什麼導致 6 月季度的 COGS 連續下降？

We didn't discuss it in detail. I mean, but a lot of that's due to product mix. And then, of course, we get better absorption. So as we do ship more volume, especially on a year-over-year basis, what you start to see is fixed cost option that kicks in, in a pretty meaningful way.

我們沒有詳細討論。我的意思是，但其中很多是由於產品組合。然後，當然，我們得到更好的吸收。因此，隨著我們的出貨量增加，尤其是在同比基礎上，您開始看到固定成本選項以一種非常有意義的方式開始發揮作用。

And so from that perspective, that's something that we've been talking about for a long time, and we continue to experience that in the second quarter. And we expect that to continue, in fact, all the way through 2023 as we continue to ramp our volumes from [2.4] million wafers last year to 2.6 million wafers this year to roughly 2.8 million wafers in 2023.

因此，從這個角度來看，這是我們長期以來一直在談論的事情，我們將在第二季度繼續經歷這一點。事實上，我們預計這種情況會一直持續到 2023 年，因為我們將繼續將我們的產量從去年的 [2.4] 萬片晶圓增加到今年的 260 萬片晶圓，再到 2023 年的大約 280 萬片晶圓。

Did you have a follow-up?

你有跟進嗎？

Yes. and I'm not going to ask you about LTA. It's actually on OpEx, and I don't want to take anything from your tomorrow's Analyst Day. But should we -- just for a purpose of modeling, should we assume the OpEx into Q4 December would be kind of a [2 4-ish] flattish on a Q-over-Q basis?

是的。我不會問你關於 LTA 的事。它實際上是在運營支出上，我不想從你明天的分析師日中拿走任何東西。但是我們是否應該——僅僅為了建模的目的，我們是否應該假設到 12 月第四季度的 OpEx 在 Q-over-Q 的基礎上會有點 [2 4-ish] 持平？

Yes. We tend to guide 1 quarter at a time. But what we've talked about for the entire year is that OpEx in total, roughly around the 12% range (inaudible) of revenue, roughly equally split between R&D and SG&A. So that should give you some color on how we think about the whole year. And I don't think Q3 or Q4 will be tremendously different than that.

是的。我們傾向於一次指導 1 個季度。但我們一整年都在談論的是，運營支出總額約為收入的 12%（聽不清），研發和 SG&A 大致平分。所以這應該會給你一些關於我們如何看待全年的顏色。而且我認為第三季度或第四季度不會有太大的不同。

Our next question comes from the line of Krish Sankar of Cowen.

我們的下一個問題來自 Cowen 的 Krish Sankar。

This is Steven calling on behalf of Krish. I have a couple of questions. First, I just wanted to drill down a little more on the customers that are currently rebalancing inventories. I guess, from your perspective, any estimates on the duration of the rebalancing process? Is it like a 1 or 2 quarter? Or perhaps is it more extended into the duration?

我是 Steven 代表 Krish 打電話來的。我有一些問題。首先，我只是想深入了解目前正在重新平衡庫存的客戶。我想，從你的角度來看，對再平衡過程的持續時間有任何估計嗎？像 1 季度還是 2 季度？或者也許它更延長到持續時間？

I think what we're seeing, and I'm speaking broadly here because we're really not seeing a lot of it, but what we are seeing is modest rebalancing. I would probably characterize it as 10-ish percent, maybe 15-ish percent, but in that type of ballpark. It tends to be a way for markets that are heavy consumer and that tend to be just kind of lower in nature.

我認為我們所看到的，我在這裡泛泛而談，因為我們真的沒有看到很多，但我們看到的是適度的再平衡。我可能會將其描述為 10% 左右，也許 15% 左右，但在那種類型的球場上。它往往是重度消費市場的一種方式，而且往往只是性質較低的市場。

And the business that it's being replaced with, it's being replaced with automotive business. It's being replaced with business associated with a data center infrastructure in comms and then, of course, home and industrial IoT. Those businesses continue to perform quite well as you saw in our second quarter. We expect that to continue throughout the year.

而它正在被取代的業務，它正在被汽車業務所取代。它正在被與通信數據中心基礎設施相關的業務所取代，當然還有家庭和工業物聯網。正如您在第二季度看到的那樣，這些業務繼續表現良好。我們預計這種情況將持續一整年。

Did you have a follow-up?

你有跟進嗎？

Yes. The follow up I had was for Q3 revenues, specifically the reference around higher [vertical] revenues within your non-wafer business? Is there any color on the concentration of like customers or maybe the end market where the higher vertical activity is coming from? And when would production revenues be ramping for those related verticals?

是的。我跟進的是第三季度的收入，特別是關於您的非晶圓業務中更高的[垂直]收入的參考？類似客戶的集中度或更高垂直活動來自的終端市場是否有任何顏色？這些相關垂直行業的生產收入何時會增加？

Sure. Look, from a design win perspective, you really -- the design wins in LTAs, you're seeing those both progressed pretty nicely. So to the extent it's an LTA associated with new products, then obviously, you need the [vertical] and the non-wafer revenue to grow to be able to satisfy those LTAs and then, of course, the corresponding design wins. So those are all kind of move in tandem.

當然。看，從設計獲勝的角度來看，你真的 - 設計在 LTA 中獲勝，你看到這兩者都取得了很好的進展。因此，如果它是與新產品相關的 LTA，那麼顯然，您需要 [垂直] 和非晶圓收入增長才能滿足這些 LTA，然後，當然，相應的設計會獲勝。所以這些都是一前一後的舉動。

And so it's no surprise that you're going to get these quarters where you have some heavy development activity to then be able to fuel that future revenue growth. On specific areas that are growing, we typically don't talk too much about that quarter-to-quarter. There is a segment in Q3, [Aerospace] and defense, that's an area that is specifically growing in a meaningful way in third quarter, particularly for vertical revenue. So that would be one area that's driving that increase sequentially from Q2 to Q3.

因此，毫不奇怪，您將在這些季度進行一些繁重的開發活動，然後能夠推動未來的收入增長。對於正在增長的特定領域，我們通常不會過多地談論每個季度。第三季度有一個細分市場，[航空航天]和國防，這是一個在第三季度以有意義的方式特別增長的領域，特別是垂直收入。因此，這將是推動從第二季度到第三季度連續增長的一個領域。

Our next question comes from Tristan Gerra of Baird.

我們的下一個問題來自 Baird 的 Tristan Gerra。

This is Tyler on for Tristan. Can you describe the importance of the FS SOI process, notably in EVs? And maybe as it relates to that, any additional color you can provide on the recently announced European investment and partnership with ST Micro?

這是特里斯坦的泰勒。您能否描述 FS SOI 工藝的重要性，尤其是在 EV 中？也許與此相關，您可以在最近宣布的歐洲投資和與 ST Micro 的合作夥伴關係中提供任何其他顏色嗎？

Sure. Look, so from an FD SOI perspective, so on SOI in general, we believe that we're actually the leader in the SOI space. So whether you're referring to RF SOI or fully depleted SOI technologies, we believe that we are the leader and delivering those analogies to market and certainly the foundry leader for those technologies.

當然。看，所以從 FD SOI 的角度來看，總的來說 SOI，我們相信我們實際上是 SOI 領域的領導者。因此，無論您是指 RF SOI 還是完全耗盡的 SOI 技術，我們都相信我們是領先者並將這些類比推向市場，當然也是這些技術的代工領導者。

The importance of fully depleted SOI are manyfold, but I'll just -- I'll try to touch upon the big ones. For us, we manufacture our FDX technology on 22-nanometer. So you have very good digital compute power. So your digital computation's quite big. And then you also have the best-in-class power management. So you have best-in-class power management with very good digital compute.

完全耗盡的 SOI 的重要性是多方面的，但我只是 - 我會嘗試觸及大的。對我們來說，我們在 22 納米上製造 FDX 技術。所以你有很好的數字計算能力。所以你的數字計算量很大。然後您還擁有一流的電源管理。因此，您擁有一流的電源管理和非常出色的數字計算能力。

And then you layer on with that, the connectivity capability, both in millimeter wave and in some of the RF characteristics. And you really have a platform that's ideally suited for anything that need power management or advanced connectivity. And those are the markets that actually we're winning in with regards to our RF SOI, as you said, our fully depleted SOI technologies. So that announcement we made in France which seems like a long time ago, given how busy second quarter was for us and how good second quarter was for us. But it was only a couple of weeks ago. That announcement was really about growing our capacity to be able to service the design wins and the LTAs that we have on our FDX technologies.

然後再以毫米波和某些射頻特性的形式疊加連接能力。您確實擁有一個非常適合任何需要電源管理或高級連接的平台。正如你所說，這些是我們在 RF SOI 方面真正贏得的市場，我們完全耗盡的 SOI 技術。因此，考慮到第二季度對我們來說有多忙，第二季度對我們來說有多好，我們在法國發布的那個公告似乎是很久以前的事了。但這只是幾週前的事。該公告實際上是為了提高我們的能力，以便為我們在 FDX 技術上獲得的設計勝利和 LTA 提供服務。

And those specifically related to IO devices, connectivity devices and more and more frequently automotive devices. So those are all areas related to power management, connectivity and then some millimeter wave in automated driver is and other things in the automotive segment that really benefit from that technology.

以及那些專門與 IO 設備、連接設備以及越來越頻繁的汽車設備相關的設備。因此，這些都是與電源管理、連接性以及自動驅動程序中的一些毫米波以及汽車領域中真正受益於該技術的其他事物相關的所有領域。

Great. For my follow-up, without jumping the gun on your Capital Markets Day tomorrow, how should we think about the impact of the CHIPS Act on your CapEx into 2023 and beyond?

偉大的。對於我的後續行動，在明天的資本市場日不急於求成，我們應該如何考慮 CHIPS 法案對 2023 年及以後的資本支出的影響？

Yes. Let me hit that question a bit more broadly, and then I'll come back to it. But let me be a bit more broad on it. GlobalFoundries is a trusted company. We are engaged in Singapore with the Economic Development Board of Singaporean government. So we're engaged with them with our customers to grow capacity in Singapore. We've been engaged in Germany for a decade and the EU to grow our capacity in Germany, for over a decade engaged with [Deepti] there. And we continue to expand our capacity in Germany. In fact, we're increasing it from [300,000 wafers] to 850,000 wafers per year.

是的。讓我更廣泛地討論這個問題，然後我會回到它。但讓我更廣泛一點。 GlobalFoundries 是一家值得信賴的公司。我們在新加坡與新加坡政府的經濟發展局合作。因此，我們與他們一起與我們的客戶合作，以增加在新加坡的產能。我們已經在德國和歐盟從事了十年的工作，以提高我們在德國的能力，十多年來與 [Deepti] 在那里合作。我們繼續擴大我們在德國的產能。事實上，我們正在將其從 [300,000 個晶圓] 增加到每年 850,000 個晶圓。

And then of course, you mentioned France, in France, we're engaged with the French government now, trusted by the French government to engage with them as an extension of our Dresden facility to increase our capacity ultimately from 0 to about [300,000] wafers per year. And then, of course, here in the U.S., we're a trusted foundry for the U.S. government. And Tom's in Washington today signing the CHIPS bill. And so we're a trusted company, both by our customers and by governments. And by signing the CHIPS bill, what that enables us to is in partnership with our customers, we will look at our investments and opportunities to grow Malta. That's within the 4 walls today, expand our tooling -- and we've also done a lot of project work.

然後當然，你提到了法國，在法國，我們現在正在與法國政府接觸，法國政府信任他們與他們接觸，作為我們德累斯頓工廠的延伸，最終將我們的產能從 0 增加到大約 [300,000]晶圓每年。然後，當然，在美國，我們是美國政府值得信賴的代工廠。湯姆今天在華盛頓簽署了 CHIPS 法案。因此，我們是一家值得客戶和政府信賴的公司。通過簽署 CHIPS 法案，使我們能夠與客戶合作，我們將著眼於我們的投資和發展馬耳他的機會。這就是今天的 4 面牆，擴展我們的工具——我們還完成了很多項目工作。

So that ultimately, when our customers agree with their commitments, when the government's worked out the details for how the CHIPS Act will be deployed and, of course, GlobalFoundries will be there with a project-ready project, when all 3 of those criteria are met, then we'll sit down and we'll figure out the next steps for investment here in the U.S. for new greenfield capacity.

因此，最終，當我們的客戶同意他們的承諾時，當政府制定出如何部署 CHIPS 法案的細節時，當然，當所有這 3 個標準都滿足時，GlobalFoundries 將與項目就緒項目一起出現會面，然後我們會坐下來，我們將找出在美國投資新的綠地產能的下一步措施。

Our next question comes from Rajvindra Gill of Needham.

我們的下一個問題來自 Needham 的 Rajvindra Gill。

Congrats on the solid results, good results. Just a follow-up on the [LTAs]. I'm just trying to get a sense of, again, how you'll kind of navigate through that potential slowdown, particularly in the smartphone market. There's been many forecasts that have been revised down for the overall smartphone market, particularly 5G smartphones, anywhere between 150 million to 200 million units this year have been revised down. That's going to affect the forecast for 2023. You obviously generate a large percentage of revenue from the mobile phone market through a variety of customers.

恭喜你取得了不錯的成績，取得了不錯的成績。只是對 [LTA] 的跟進。我只是想再次了解您將如何應對潛在的放緩，尤其是在智能手機市場。對整個智能手機市場，特別是 5G 智能手機，今年有 1.5 億至 2 億部的智能手機市場預測已被下調。這將影響對 2023 年的預測。顯然，您通過各種客戶從手機市場獲得很大比例的收入。

So I'm curious, I know you haven't seen it yet, but is there any indication that a lot of your smartphone RF front-end module customers, as they look to the overall forecast next year starting to rebalance down their volume.

所以我很好奇，我知道你還沒有看到它，但有沒有跡象表明你的很多智能手機射頻前端模塊客戶，因為他們期待明年的整體預測，開始重新平衡他們的銷量。

Let me break that part in a couple of sections, and I'll share some high-level numbers from what we see in the market and how we feel it handsets. We think that quarter-to-quarter (inaudible) forecast look at total global handsets are going to be down something in the magnitude of about 200 million units. But if you look at what's happening under the covers. So total handsets, the 5G, 4G 3G, 2G, all the handsets down about 200 million units. That's the forecast from Q1 going to the forecast from Q2. But if you actually look at the 5G segment of that forecast, units actually went up. In fact, units went up about 5%. The forecast for 5G handsets went up 5% from Q1, Q2.

讓我把這部分分成幾個部分，我將分享一些來自我們在市場上看到的以及我們對手機的感覺的高級數字。我們認為，全球手機總量的季度（聽不清）預測將下降約 2 億部。但如果你看看幕後發生的事情。所以手機總數，5G、4G、3G、2G，全部手機下降了約2億部。這是從第一季度到第二季度的預測。但如果你真的看一下該預測的 5G 部分，單位實際上會上升。事實上，單位上漲了約 5%。對 5G 手機的預測較 Q1、Q2 上調 5%。

So you have to look at the market in aggregate, and then you have to look at the market in detail and specificity. And when you see the 5G portion of the market, not only doing well, but expected to do better in the second half of the year than in the first half. What that implies for GF is that we have higher content in the front-end module of 5G handsets. We have higher content. It's more accretive for us as a business. And so what we're seeing specifically in front-end module is that our growth in 5G is more than offsetting the decline that we see in the medium and lower-end handsets.

所以你必須從總體上看市場，然後你必須詳細和具體地看市場。而當你看到5G部分的市場，不僅表現不錯，而且預計下半年會比上半年做得更好。這對格芯來說意味著我們在5G手機的前端模塊中有更高的含量。我們有更高的內容。作為一家企業，這對我們來說更具增值性。因此，我們在前端模塊中特別看到的是，我們在 5G 方面的增長遠遠抵消了我們在中低端手機中看到的下滑。

And of course, you look around the front-end module, and GlobalFoundries is winning sockets. So we're winning sockets in power management, we're winning sockets and connectivity and we're also winning sockets and in audio as well as payment devices. And so you add all those things together, and that's the type of growth that you get is 14% year-over-year in the smart mobile market, when the rest of the market looks flat to down.

當然，看看前端模塊，GlobalFoundries 正在贏得套接字。因此，我們贏得了電源管理領域的插座，我們贏得了插座和連接性，我們也贏得了插座、音頻以及支付設備。所以你把所有這些東西加在一起，你得到的增長類型是智能移動市場的同比增長 14%，而其他市場看起來持平甚至下降。

It's also important that you're engaged with as well. I would say that there are OEMs in end markets that are doing better than others. So mixing up with 5G, many more sockets are taking share and then engage with the right OEMs that are doing reasonably well in this market. All of that leads to the growth that you saw in the second quarter.

你參與其中也很重要。我想說的是終端市場中的 OEM 比其他廠商做得更好。因此，與 5G 相結合，更多的插座正在佔據份額，然後與在這個市場上表現相當不錯的合適的 OEM 合作。所有這些都導致了您在第二季度看到的增長。

Yes. I appreciate that detail. It's helpful. Just my follow-up. You talked about, in general, the pricing environment, you're still constructive on it. And it's really mainly a function of the inflationary environment and the supply shortage. Maybe you could elaborate a little bit further.

是的。我很欣賞這個細節。這很有幫助。只是我的後續。總的來說，您談到了定價環境，您仍然對此持建設性態度。這實際上主要是通貨膨脹環境和供應短缺的函數。也許您可以進一步詳細說明。

When you talk about the inflationary environment on the cost side, can you talk about the cost of the equipment or the raw materials that's leading you to continue to kind of pass on those cost increases?

當您談論成本方面的通脹環境時，您能談談導致您繼續轉嫁這些成本增加的設備或原材料成本嗎？

And then any sense in terms of the supply shortage for your raw materials? Is there any indication that in some areas, that's easing up or in other areas that you're still constrained?

那麼你們的原材料供應短缺有什麼意義嗎？是否有任何跡象表明在某些領域正在放鬆或在其他領域您仍然受到限制？

Sure. So let me kind of take those in order here. With respect to inflation, look, our expectation is to pass along inflationary costs. And when I think about inflation, I think about materials, I think about [lever] and I think about energy, those are kind of the 3 big drivers for GlobalFoundries from an inflationary environment perspective.

當然。所以讓我在這裡整理一下。關於通脹，看，我們的預期是轉嫁通脹成本。當我想到通貨膨脹時，我想到了材料，我想到了[槓桿]，我想到了能源，從通脹環境的角度來看，這些都是 GlobalFoundries 的三大驅動力。

So from a materials perspective, when we were signing our LTAs, we were actually in market securing our long-term supply. And so from that perspective, we feel reasonably well hedged on the material side, so that we have the materials at the right prices to then be able to satisfy the LTAs, which ultimately will deliver profitability that we've committed to the market. So we feel pretty good about materials. They are tight. Materials are tight in the environment state. There's not a lot of available capacity in the market. So the materials environment is tight.

因此，從材料的角度來看，當我們簽署長期協議時，我們實際上是在市場上確保我們的長期供應。因此，從這個角度來看，我們覺得在材料方面進行了合理的對沖，因此我們以合適的價格擁有材料，然後能夠滿足長期協議，最終將實現我們對市場承諾的盈利能力。所以我們對材料感覺很好。他們很緊。材料在環境狀態下是緊密的。市場上的可用容量並不多。所以材料環境比較緊張。

From a labor perspective, we continue to execute very, very well on labor. We have some variable structures in place, such that we outperform like we did in Q1, we did in Q2. We expect to do again in Q3, that our employees get to participate in that. And so that variable labor element for us is quite effective in terms of helping us from an inflationary perspective.

從勞動力的角度來看，我們繼續非常非常好地執行勞動力。我們有一些可變結構，因此我們的表現就像我們在第一季度和第二季度所做的那樣。我們希望在第三季度再次這樣做，我們的員工可以參與其中。因此，從通貨膨脹的角度來看，可變勞動要素在幫助我們方面非常有效。

And then from an energy perspective, we've got some hedges and some forward buys in place to be able to mitigate some of the increases that we've seen in energy around the world.

然後從能源的角度來看，我們已經進行了一些對沖和一些遠期購買，以減輕我們在全球能源領域看到的一些增長。

And then, of course, finally, from a pricing perspective, in April, we actually passed along some energy prices to many of our customers. We have energy surcharges that went out in the market in the early April time period in Q2, that we think of it in terms of kind of mid-single-digit price increases from a surcharge perspective.

然後，當然，最後，從定價的角度來看，在 4 月份，我們實際上將一些能源價格轉嫁給了我們的許多客戶。我們有能源附加費在 4 月初的第二季度在市場上出現，從附加費的角度來看，我們將其視為中個位數的價格上漲。

So materials, labor, energy and then, of course, pricing along all those elements, we feel like we've addressed reasonably well for 2022.

因此，材料、勞動力、能源，當然還有所有這些要素的定價，我們覺得我們在 2022 年已經解決得相當好。

Our next question comes from Chris Danely of Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

Just a follow-up on one of the earlier questions. So Dave, just to confirm, you guys don't expect any material impact to result from the CHIPS Act?

只是對早期問題之一的跟進。所以戴夫，只是為了確認一下，你們不認為芯片法案會產生任何實質性影響嗎？

And then while you're answering, do you guys expect to see your taxes go higher from this raise taxes on everything in every one act that looks like it's about to pass as well, that takes the minimum tax to 15%?

然後當你回答的時候，你們是否希望看到你的稅收會因為對每一個看起來即將通過的行為中的所有東西的稅收提高而提高，這將最低稅率提高到 15%？

From the -- with respect to the CHIPS Act, the kind of 2 elements to the CHIPS Act relative to really our P&L. One is the investment tax credit, and that's a 25% investment tax credit for equipment that is purchased and then -- in the U.S. and installed and delivers incremental capacity. We'll continue to look at the details of that as the CHIPS bill get signed and we get more details. But it looks like that ITC is pretty straight forward. We do have investments going in to increase capacity in Malta. We already have some to increase capacity in our Burlington facility.

從 - 關於 CHIPS 法案，CHIPS 法案的 2 個元素與我們的損益表相關。一個是投資稅收抵免，這是對在美國購買然後安裝並交付增量容量的設備的 25% 的投資稅收抵免。隨著 CHIPS 法案的簽署，我們將繼續關注細節，我們將獲得更多細節。但看起來 ITC 非常簡單。我們確實有投資來增加馬耳他的產能。我們已經有一些可以增加我們伯靈頓工廠的產能。

We expect to be able to use that investment tax credit to be able to accelerate some of those investments. And as we work through those details, we'll update you in subsequent quarters to the benefit to our P&L, but our understanding as it sits today is that, that would essentially create a net CapEx effect. So it would be a one-for-one offset to depreciation and amortization for new equipment that we purchased here in the U.S. So that's the investment tax credit.

我們希望能夠利用該投資稅收抵免來加速其中一些投資。當我們處理這些細節時，我們將在隨後的幾個季度向您更新我們的損益表的好處，但我們今天的理解是，這基本上會產生淨資本支出效應。因此，這將是我們在美國購買的新設備的折舊和攤銷的一對一抵消。這就是投資稅收抵免。

Second element of the CHIPS Act is really associated with doing more kind of greenfield or brick-and-mortar investment, I should say. And that is -- the details need to be worked out in some detail and specificity by the commerce department. We expect those details to be worked out over the next, call it, 6 to 9 months. And as those details become available, we'll update the market. Our gross CapEx plans have not changed. To the extent that we'll get additional benefit from either the ITC or the second element of the CHIPS Act related to new investments in greenfield capacity, we'll update market accordingly.

我應該說，CHIPS 法案的第二個要素確實與進行更多類型的綠地或實體投資有關。那就是 - 商務部門需要詳細和具體地制定細節。我們預計這些細節將在接下來的 6 到 9 個月內得到解決。隨著這些細節的出現，我們將更新市場。我們的總資本支出計劃沒有改變。如果我們將從 ITC 或與新建產能新投資相關的 CHIPS 法案的第二個要素中獲得額外利益，我們將相應地更新市場。

Did you have a follow-up?

你有跟進嗎？

Yes. Thanks for the clarification. One more clarification. So given all of the -- I guess, the weakness that you guys are seeing in the low end, it has not changed your 2023 outlook versus, let's call it, 3 or 6 months ago in terms of pricing or revenue or LTAs or anything like that?

是的。感謝您的澄清。再澄清一件事。因此，考慮到所有 - 我想，你們在低端看到的弱點，它並沒有改變你 2023 年的前景，而我們稱之為 3 或 6 個月前的定價或收入或長期協議或任何東西像那樣？

It has (inaudible). And let me tell you why. We had significantly more demand in '22 and in '23 than we could satisfy. And so when we look at the current environment today, yes, do we see some rebalancing in different end markets? Yes, we do like others in the market, again, specifically related to consumer -- specifically (inaudible) consumer.

它有（聽不清）。讓我告訴你為什麼。我們在 22 年和 23 年的需求遠遠超過了我們所能滿足的需求。因此，當我們審視今天的當前環境時，是的，我們是否看到不同終端市場的一些重新平衡？是的，我們確實像市場上的其他人一樣，再次，特別是與消費者相關 - 特別是（聽不清）消費者。

And then you're seeing that manifest itself in handsets as well. As a portion of that market, that kind of low to medium and handset is under pressure. But that said, we had more demand than we could satisfy. Our capacity equation hasn't changed. We're expecting to deliver about 2.6 million wafers [this year], 300-millimeter equivalent, about 2.8 million wafers next year.

然後你會在手機中看到這一點。作為該市場的一部分，這種中低端手機面臨壓力。但話雖如此，我們的需求比我們所能滿足的要多。我們的容量方程沒有改變。我們預計 [今年] 將交付約 260 萬片晶圓，相當於 300 毫米，明年約 280 萬片晶圓。

And so what we are able to do is we are able to take some of that demand, look at our over subscription, and for demand that we see rebalancing, choose the demand that's most accretive to GF. And so that's created an opportunity for us to be able to take some of that unsatisfied demand in end markets that we really like and be able to bring that into a production schedule. And you're seeing the benefits of that in our P&L results.

所以我們能夠做的是我們能夠接受一些需求，看看我們的超額認購，對於我們看到再平衡的需求，選擇對 GF 最具增值的需求。因此，這為我們創造了一個機會，讓我們能夠在我們真正喜歡的終端市場中吸收一些未滿足的需求，並將其納入生產計劃。您會在我們的損益表結果中看到這樣做的好處。

We've been able to deliver a bit more accretion than we expected. We're a bit ahead of plan that we laid out at IPO. We're executing well, and that rebalancing is actually benefiting us right now.

我們已經能夠提供比我們預期更多的增長。我們有點超前於我們在 IPO 時制定的計劃。我們執行得很好，這種再平衡實際上正在使我們受益。

Our next question comes from the line of Randy Abrams of Credit Suisse.

我們的下一個問題來自瑞士信貸的蘭迪艾布拉姆斯。

I wanted to follow up on the CapEx. You mentioned a bit of the timing delay for equipment. Could you then give the view for 2023 with the incremental, how it's looking?

我想跟進資本支出。你提到了一些設備的時間延遲。然後，您能否給出 2023 年的增量視圖，它的外觀如何？

And then for Dresden, you reaffirmed the [850,000]. If you could give an update on Malta, how that expansion is. And now with CHIPS Act, whether that pulls in the Malta expansion.

然後對於德累斯頓，您重申了 [850,000]。如果您可以提供有關馬耳他的最新信息，那麼該擴展是如何進行的。現在有了 CHIPS 法案，這是否會推動馬耳他的擴張。

Sure. Equipment, the [WFE] vendors continue to be challenged. And so I think maybe it was 2 quarters ago or maybe 1.5 quarters ago, we talked about equipment being somewhere between, call it, 2 to 4 weeks late. I think if you look at equipment day, you're probably seeing more like 4 to 6 weeks late, and it may even be as much as kind of 6 to 8 weeks late on equipment deliveries.

當然。設備方面，[WFE] 供應商繼續受到挑戰。所以我認為可能是 2 個季度前或 1.5 個季度前，我們談到設備介於兩者之間，稱之為延遲 2 到 4 週。我認為，如果您查看設備日，您可能會看到更多的延遲 4 到 6 週，甚至可能延遲 6 到 8 週的設備交付。

And so equipment continues to be very, very tight. They are short components many others in the market, which is somewhat ironic given that we need more equipment to be able to produce more chips that are in shortage situation. But that environment remains pretty challenging. We appropriately kind of hedged our commitments. And so from that perspective, we still feel very good about the commitments that we've made, but we are experiencing delays in receiving that equipment.

所以設備仍然非常非常緊張。它們是市場上許多其他的短組件，這有點諷刺意味，因為我們需要更多的設備才能生產更多處於短缺狀態的芯片。但這種環境仍然相當具有挑戰性。我們適當地對沖了我們的承諾。因此，從這個角度來看，我們仍然對我們做出的承諾感到非常滿意，但我們在接收設備方面遇到了延誤。

In terms of the impact, originally, we were hoping to spend CapEx this year of (inaudible), call it, the $4.25 billion range. We're now indicating that we're going to spend under $4 billion and probably a little closer to $3.5 billion than $4 billion. And so that's the impact of the pushouts that we're currently seeing, particularly given that we had a very strong fourth quarter from a CapEx perspective. So when you slip out from fourth quarter would flow directly into 2023.

就影響而言，最初，我們希望在今年（聽不清）花費 42.5 億美元的資本支出。我們現在表明我們將花費不到 40 億美元，並且可能比 40 億美元更接近 35 億美元。這就是我們目前看到的推出的影響，特別是考慮到從資本支出的角度來看，我們第四季度的表現非常強勁。因此，當您從第四季度滑出時，將直接流入 2023 年。

I think push in 2023, [10 years], so I think 2023, when we were originally saying something around $3 billion-ish, I think we have slippage from '22 into '23 and then correspondingly have slippage from '23 into '24. So I think it's a bit of a snowplow effect with regards to WFE and CapEx spend.

我認為推進到 2023 年，[10 年]，所以我認為 2023 年，當我們最初說大約 30 億美元時，我認為我們從 22 年滑到 23 年，然後相應地從 23 年滑到 24 年.因此，我認為就 WFE 和資本支出而言，這有點像掃雪機效應。

With respect to the expansion in Dresden and Malta, the German team continues to do very well and bring in new equipment as it arrives, getting on floor, getting it installed, getting it qualified and getting it producing units. So hats off to that team in Dresden, Germany, under the Manfred's leadership at they're just doing a great job. And the work that they're doing there is flowing through to our P&L results and our fixed cost absorption. In fact, I'd say that's a true statement for all of our manufacturing team.

關於在德累斯頓和馬耳他的擴張，德國團隊繼續做得很好，並在新設備到貨、上樓、安裝、合格和生產單元時引進新設備。所以向德國德累斯頓的那支球隊致敬，在曼弗雷德的領導下，他們做得很好。他們在那裡所做的工作正在影響我們的損益表結果和我們的固定成本吸收。事實上，我會說這是我們所有製造團隊的真實陳述。

With regards to expansion in Malta, we are slowly increasing that alpha in Malta. [Technical Difficulty] The Malta team will work diligently to get you on the floor and do some units.

關於在馬耳他的擴張，我們正在慢慢增加馬耳他的阿爾法。 [技術難度]馬耳他隊會努力讓你上場並做一些單元。

Okay. Great. Good luck getting that in. And a follow-up on the East Fishkill since that's coming up. Could you remind us the impact as you sell the fab into early next year? And given the tightness, just one other question about timing, would you have the annual maintenance? Or would we continue to ride through it, expecting to stay full? So just those because those time lines as we get towards end of the year.

好的。偉大的。祝你好運。自那以後，就對東菲什基爾進行跟進。您能否提醒我們將工廠出售到明年初時的影響？考慮到密封性，還有一個關於時間的問題，你會進行年度維護嗎？還是我們會繼續騎行，期待保持飽滿？所以只是那些因為我們接近年底的時間線。

Yes. So if you recall, we signed that agreement a couple of years ago. We've -- on semi has been ramping up. We've been slowly kind of ramping out of that facility. So East Fishkill is on track to transact at the end of this year. So 12/31 of this year, that facility will transact. We'll then enter in. In fact, we've already entered into an agreement with Semi, such that they'll continue to produce some wafers for us and kind of a make by relationship.

是的。因此，如果您還記得，我們在幾年前簽署了該協議。我們已經 - 在 semi 一直在增加。我們一直在慢慢地走出那個設施。因此，East Fishkill 有望在今年年底進行交易。因此，今年 12 月 31 日，該設施將進行交易。然後我們會進入。事實上，我們已經與 Semi 達成了一項協議，這樣他們將繼續為我們生產一些晶圓，並且是一種由關係製造的關係。

Over the course of '23 and '24, we'll continue to ramp slowly out of that facility in an orderly way. They'll continue to ramp up in an orderly way. But at the end of this year, that facility fully transacts and moves over to ON Semi for full ownership. And at that point in time, we're simply buying wafers from an order desk type perspective from ON Semi, fully qualified wafers that are manufactured there today.

在 23 年和 24 年期間，我們將繼續以有序的方式緩慢地離開該設施。他們將繼續有序推進。但在今年年底，該設施完全交易並轉移到 ON Semi 以獲得全部所有權。在那個時候，我們只是從安森美半導體的訂單台類型的角度購買晶圓，即今天在那裡製造的完全合格的晶圓。

In terms of impact, we're estimating that we'll get roughly a $250 million impact [to] benefit on a year-over-year basis, 23 versus 22 by transacting that facility. It will lower our cost of goods by that amount on an ongoing basis.

在影響方面，我們估計我們將獲得大約 2.5 億美元的影響 [to] 通過交易該設施，年同比受益，23 對 22。它將持續降低我們的商品成本。

Thank you. At this time, I'd like to turn the call back over to Sukhi Nagesh for closing remarks. Sir?

謝謝你。在這個時候，我想把電話轉回給 Sukhi Nagesh 來結束髮言。先生？

Thank you, Latif, and thank you all who joined. We look forward to seeing many of you tomorrow at our Capital Marks Day. Have a nice day.

謝謝你，Latif，謝謝所有加入的人。我們期待著在明天的大寫紀念日見到你們中的許多人。祝你今天過得愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。