格芯 (GFS) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the conference call to review fourth quarter of fiscal year 2022 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加審查 2022 財年第四季度財務業績的電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Sam Franklin. Head of Capital Markets and Investor Relations. Please go ahead.

我現在想把會議交給今天的演講者 Sam Franklin。資本市場和投資者關係主管。請繼續。

Thank you, operator. Good morning, everyone, and welcome to GlobalFoundries Fourth Quarter and Fiscal 2022 Earnings Call. On the call with me today are Dr. Thomas Caulfield, CEO; and David Reeder, CFO. A short while ago, we released GF's fourth quarter and full year 2022 financial results, which are available on our website at investors.gf.com, along with today's accompanying slide presentation. This call is being recorded, and a replay will be made available on our Investor Relations web page.

謝謝你，運營商。大家早上好，歡迎來到 GlobalFoundries 第四季度和 2022 財年財報電話會議。今天與我通話的是首席執行官 Thomas Caulfield 博士；和首席財務官 David Reeder。不久前，我們發布了 GF 的第四季度和 2022 年全年財務業績，可在我們的網站 investors.gf.com 上獲取，以及今天隨附的幻燈片演示。此通話正在錄音中，重播將在我們的投資者關係網頁上提供。

During this call, we'll present both IFRS and adjusted non-IFRS financial measures. The most comparable IFRS measures and reconciliations for adjusted non-IFRS measures are available in today's press release and accompanying slides. I'd remind you that these financial results are unaudited and subject to change.

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。最具可比性的 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。我要提醒您，這些財務結果未經審計，可能會發生變化。

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 or by the use of the future tense. 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.

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、期望、打算、預期和可能等術語或通過使用將來時態來識別。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，我們不承擔任何義務更新我們今天做出的任何前瞻性陳述。

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 section under the caption Risk Factors in our annual report on Form 20-F filed with the SEC on March 31, 2022, and on our current reports on Form 6-K filed with the SEC.

有關可能導致實際結果與前瞻性陳述存在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向美國證券交易委員會提交的文件中描述的風險和不確定性，包括我們的風險因素標題下的部分2022 年 3 月 31 日向美國證券交易委員會提交的 20-F 表格年度報告，以及我們目前向美國證券交易委員會提交的 6-K 表格報告。

We will begin today's call with Tom providing a summary update on the current business environment and technologies, following which Dave will provide details on our end markets and fourth quarter and full year 2022 results and also provide first quarter 2023 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與湯姆一起提供有關當前業務環境和技術的摘要更新，隨後戴夫將提供有關我們的終端市場以及 2022 年第四季度和全年業績的詳細信息，並提供 2023 年第一季度的指導。然後我們將打開問題電話。 （操作員說明）

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

我現在將電話轉給湯姆，聽取他準備好的發言。

Thank you, Sam. And welcome, everyone, to our fourth quarter earnings call. I would like to start by reflecting on our first full year as a public company. October 28, 2022, marked the 1-year anniversary of our listing on the NASDAQ and by any measure, it's been a strong year for GF. I'm immensely proud of our team across the globe for their commitment and dedication in helping GF take significant steps towards delivering our long-term strategic objectives that we set out prior to our IPO.

謝謝你，山姆。歡迎大家參加我們的第四季度財報電話會議。首先，我想回顧一下我們作為上市公司的第一個完整年度。 2022 年 10 月 28 日是我們在納斯達克上市一周年，無論以何種標準衡量，今年對 GF 來說都是強勁的一年。我為我們全球團隊的承諾和奉獻精神感到無比自豪，他們致力於幫助 GF 採取重要步驟來實現我們在首次公開募股之前製定的長期戰略目標。

GF continues to position itself as a crucial enabler of the semiconductor supply chain and we remain deeply committed to working with our customers in providing feature-rich, differentiated and innovative technology solutions to meet the long-term demand trends across each of the end markets that we serve.

GF 繼續將自己定位為半導體供應鏈的關鍵推動者，我們仍然堅定地致力於與我們的客戶合作，提供功能豐富、差異化和創新的技術解決方案，以滿足每個終端市場的長期需求趨勢我們服務。

Simply put, we build capacity for our differentiated offerings our customers want, where they want it and in partnership engagement that creates this capacity with the best economics from both partners. We've continued to implement a long-term partnership-driven model with our industry, which is driving improved visibility for our business through this period of macroeconomic uncertainty. In 2022, we added 10 additional customers under long-term agreement and secured more than $5 billion of incremental lifetime revenue.

簡而言之，我們為客戶想要的差異化產品建立能力，在他們想要的地方，並通過合作夥伴參與創造這種能力，並從合作夥伴那裡獲得最佳經濟效益。我們繼續與我們的行業實施長期合作夥伴關係驅動的模式，這在這段宏觀經濟不確定時期推動了我們業務的知名度提高。 2022 年，我們根據長期協議增加了 10 個客戶，並獲得了超過 50 億美元的增量生命週期收入。

Going forward, we continue to see strong alignment between our customers' needs for certainty and security of supply and our capacity to provide long-term dedicated foundry services.

展望未來，我們將繼續看到客戶對供應的確定性和安全性的需求與我們提供長期專業代工服務的能力之間的強烈一致性。

We are proud to have participated in the development of -- and passage of the CHIPS and Science Act of 2022. This is the most important piece of legislation for our industry in recent times and we expect to continue playing a key role in delivering targeted capacity critical to the reshoring of supply within the U.S. semiconductor ecosystem.

我們很自豪能夠參與 2022 年 CHIPS 和科學法案的製定和通過。這是我們行業近期最重要的立法，我們希望繼續在提供目標能力方面發揮關鍵作用對美國半導體生態系統內的供應回流至關重要。

Finally, we continued the expansion of our global footprint to align with our customers' committed demands. And in 2022, we successfully delivered incremental capacity at our facilities in Singapore and Dresden, Germany. As we look to 2023 and beyond, we remain steadfast with our principles and agile as an organization by focusing on incremental capacity to meet our customers' needs.

最後，我們繼續擴大我們的全球足跡，以滿足客戶承諾的需求。 2022 年，我們在新加坡和德國德累斯頓的工廠成功交付了增量產能。展望 2023 年及以後，我們將堅定不移地堅持我們的原則，並作為一個組織保持敏捷，專注於增加產能以滿足客戶的需求。

Let me now touch on our results. We exceeded the high end of our November provided guidance for both top line and profitability as our teams continue to deliver our strategic and financial priorities, helping us bring our first year as a public company to a very successful close.

現在讓我談談我們的結果。隨著我們的團隊繼續交付我們的戰略和財務優先事項，我們超過了 11 月的高端，為收入和盈利能力提供了指導，幫助我們成功地結束了作為上市公司的第一年。

In the fourth quarter, GF revenue grew 14% year-over-year, driven by a richer mix and average selling prices as well as higher non-wafer revenue. This revenue growth, coupled with strong operational execution, resulted in improvement to adjusted gross margin to 30.1% in the quarter, which is an 8.6-point improvement from the year ago period. As a result, we delivered adjusted earnings per share of $1.44, which was the high end of our guidance range and includes the proceeds from the sale of our East Fishkill fab to ON Semi.

受更豐富的產品組合和平均售價以及更高的非晶圓收入推動，格芯第四季度收入同比增長 14%。這一收入增長，加上強勁的運營執行力，使本季度調整後的毛利率提高至 30.1%，比去年同期提高了 8.6 個百分點。因此，我們實現了 1.44 美元的調整後每股收益，這是我們指導範圍的高端，其中包括將我們的 East Fishkill 工廠出售給 ON Semi 的收益。

Dave will provide more color on our financials in his section. Let me now move to providing a brief update on the current business environment. Despite our record output in 2022, we remain cautious regarding the macroeconomic headwinds facing our industry in the first half of 2023. Our business is not immune from these headwinds. As we communicated in our third quarter update, we took the decision to proactively put in place a restructuring plan, including a number of cost containment initiatives, which we began to implement during the fourth quarter.

戴夫將在他的部分提供更多關於我們財務的顏色。現在讓我簡要介紹一下當前的商業環境。儘管我們在 2022 年創下了創紀錄的產量，但我們對 2023 年上半年我們行業面臨的宏觀經濟逆風仍然持謹慎態度。我們的業務也不能倖免於這些逆風。正如我們在第三季度更新中傳達的那樣，我們決定主動制定重組計劃，包括我們在第四季度開始實施的一些成本控制舉措。

These initiatives are aimed at all aspects of our business. And as we head into 2023, we will continue to focus on ways that we can improve our productivity, reduce input costs and position GF to emerge even stronger from the current macroeconomic environment. Longer term, GF's growth drivers remain firmly intact, and we continue to see opportunities to gain share in our larger end markets such as premium tier smart mobile devices as well as in critical growth segments such as automotive and industrial IoT.

這些舉措針對我們業務的各個方面。隨著我們邁入 2023 年，我們將繼續專注於提高生產力、降低投入成本並使 GF 在當前的宏觀經濟環境中變得更加強大的方法。從長遠來看，GF 的增長動力仍然完好無損，我們繼續看到在高端智能移動設備等更大的終端市場以及汽車和工業物聯網等關鍵增長領域獲得份額的機會。

In automotive, we are excited to be playing an important role on the development and expansion of the market for autonomous, connected and electrified vehicles. We continue to grow our differentiated offerings to our customers across automotive applications such as processing, sensing, safety, infotainment and battery management. As you may have seen last week, we are extremely pleased to report that General Motors has entered into a long-term agreement with GF to secure a capacity corridor in our advanced fab in upstate New York for GM's U.S. supply chain.

在汽車領域，我們很高興能夠在自動駕駛、聯網和電動汽車市場的發展和擴張中發揮重要作用。我們繼續為汽車應用領域的客戶提供差異化產品，例如處理、傳感、安全、信息娛樂和電池管理。正如您上周可能看到的那樣，我們非常高興地報告通用汽車已與 GF 達成長期協議，以確保我們位於紐約州北部的先進工廠為通用汽車的美國供應鏈提供產能走廊。

This first-of-its-kind multiyear agreement for GF brings a critical manufacturing process to the U.S. and supports GM's strategy to reduce the number of unique chips needed to power increasingly complex and tech laden vehicles through the end of the decade. With this strategy, we expect to reduce chips in higher volumes with better quality, predictability and the best economics. In aggregate, our LTAs have increased from the prior quarter as the number of customers under LTA has grown from 38% to 40% and the total value of these LTAs now at approximately $27.5 billion.

GF 的這項史無前例的多年期協議為美國帶來了關鍵的製造工藝，並支持通用汽車的戰略，即在本十年末減少為日益複雜和技術含量高的車輛提供動力所需的獨特芯片的數量。通過這一戰略，我們希望以更好的質量、可預測性和最佳的經濟性減少更多的芯片。總的來說，我們的長期協議比上一季度有所增加，因為長期協議下的客戶數量從 38% 增加到 40%，這些長期協議的總價值目前約為 275 億美元。

Additionally, the amount of committed prepayment and capacity reservation fees have increased 34% from a quarter ago to approximately $5 billion. Our LTAs continue to serve as a solid foundation for working with our customers during times of demand uncertainty. Due to the widely reported inventory correction, in some cases, we have entered into negotiation with our customers to manage their short-term demand needs while working to preserve the intended economics and long-term value under these contracts.

此外，承諾的預付款和容量預留費用較上一季度增長了 34%，達到約 50 億美元。我們的長期協議繼續作為在需求不確定時期與客戶合作的堅實基礎。由於廣泛報導的庫存調整，在某些情況下，我們已與客戶進行談判，以管理他們的短期需求需求，同時努力保持這些合同的預期經濟效益和長期價值。

As we reported in our third quarter earnings call, we expect this can be accomplished through adjustments to the contract, including duration, ASPs, mix, delivery profiles, and, in some cases, underutilization payments.

正如我們在第三季度財報電話會議上報告的那樣，我們預計這可以通過調整合同來實現，包括期限、ASP、組合、交付情況，以及在某些情況下未充分利用的付款。

I will now provide a brief update on our recent technology achievements. In the fourth quarter, we completed 6 technology qualifications, bringing our total for the year to 27. On our 45-nanometer silicon photonics platform, we added 9 additional features in the quarter. Additionally, we had 5 more customer tape-outs on 45 CLO, bringing our total for 2022 to 16. This clearly demonstrates the aggressive adoption of this differentiated technology solution.

我現在將簡要介紹一下我們最近的技術成就。第四季度，我們完成了 6 項技術認證，使全年總數達到 27 項。在我們的 45 納米矽光子平台上，我們在本季度增加了 9 項額外功能。此外，我們在 45 個 CLO 上還有 5 個客戶流片，使我們 2022 年的總數達到 16 個。這清楚地表明了這種差異化技術解決方案的積極採用。

And finally, in November, GF and Purdue University announced a strategic partnership to strengthen and expand collaboration on semiconductor research and education with a joint focus on R&D. This relationship with Purdue exemplifies our growing network of R&D collaborations as part of our broader GF Labs initiative that we launched in 2022.

最後，在 11 月，GF 和普渡大學宣佈建立戰略合作夥伴關係，以加強和擴大半導體研究和教育方面的合作，共同關注研發。與 Purdue 的這種關係體現了我們不斷擴大的研發合作網絡，這是我們於 2022 年啟動的更廣泛的 GF Labs 計劃的一部分。

To summarize, we successfully closed out Q4 with a delivery of record financial performance in 2022, our first full year as a public company. Despite the current economic challenges, we are well positioned to achieve our long-term strategic model and continue to work with our customers to develop and manufacture innovative differentiated solutions.

總而言之，我們以 2022 年創紀錄的財務業績成功結束了第四季度，這是我們作為上市公司的第一個完整年度。儘管當前面臨經濟挑戰，但我們有能力實現我們的長期戰略模式，並繼續與我們的客戶合作開發和製造創新的差異化解決方案。

With that, let me turn it over to Dave.

有了這個，讓我把它交給戴夫。

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

謝謝你，湯姆，歡迎來到我們的第四季度財報電話會議。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和重組費用。

Our fourth quarter results exceeded the guidance we provided in our last quarterly update. Fourth quarter revenue was approximately $2.1 billion, an increase of 14% year-over-year. We shipped approximately 580,000 300-millimeter equivalent wafers in the quarter. And ASP, average selling price per wafer increased approximately 20% year-over-year driven by ramping long-term customer agreements with better pricing as well as continued improvement in product mix.

我們第四季度的業績超出了我們在上一季度更新中提供的指導。第四季度收入約為 21 億美元，同比增長 14%。我們在本季度出貨了大約 580,000 個 300 毫米等效晶圓。而平均銷售價格，每片晶圓的平均銷售價格同比增長約 20%，這得益於長期客戶協議的增加以及更好的定價以及產品組合的持續改進。

Wafer revenue from our end markets accounted for approximately 88% of total revenue. Non-wafer revenue, which includes revenue from our reticles, nonrecurring engineering, expedite fees and other items accounted for approximately 12% of total revenue for the fourth quarter, consistent with our expectations.

我們終端市場的晶圓收入約佔總收入的 88%。非晶圓收入，包括來自我們的光罩、一次性工程、加急費用和其他項目的收入，佔第四季度總收入的約 12%，這與我們的預期一致。

For the full year, I am pleased to report that 2022 was a record year for GlobalFoundries. Revenue came in at approximately $8.1 billion, up 23% year-over-year and an increase of approximately $1.5 billion from the previous year. We shipped approximately 2.5 million 300-millimeter equivalent wafers, a 4% increase from 2021 and ASP per wafer increased 17% year-over-year.

對於全年，我很高興地報告 2022 年是 GlobalFoundries 創紀錄的一年。收入約為 81 億美元，同比增長 23%，比上一年增加約 15 億美元。我們出貨了大約 250 萬片 300 毫米等效晶圓，比 2021 年增長了 4%，每片晶圓的 ASP 同比增長了 17%。

Let me now provide an update on our revenue by end markets. For the fourth quarter and as expected, smart mobile devices represented approximately 39% of the quarter's total revenue. Smart mobile devices fourth quarter revenue declined 7% from the prior year period, principally driven by reduced volumes in the low to mid-tier smartphone segments. This decline was partially offset by higher ASPs, premium tier mix growth and continued content growth in our RF transceiver, audio and specialty power products.

現在讓我按終端市場提供我們收入的最新情況。正如預期的那樣，第四季度智能移動設備約佔該季度總收入的 39%。智能移動設備第四季度收入較上年同期下降 7%，主要原因是中低端智能手機市場銷量下降。這一下降被我們的射頻收發器、音頻和專用電源產品的更高平均售價、高端組合增長和持續增長部分抵消。

Full year 2022 revenue for smart mobile devices grew 11% year-over-year, driven by higher ASPs and better premium tier mix as we continue to execute our strategy to grow content in the premium handset market. Our long-term customer agreements helped us navigate the challenging demand environment by reducing volatility and improving certainty, a trend we expect to continue. Our growth compared favorably to the broader 2022 handset market, which declined 8% year-over-year with respect to handset shipments.

2022 年全年智能移動設備的收入同比增長 11%，這得益於更高的 ASP 和更好的高端組合，因為我們繼續執行我們的戰略以增加高端手機市場的內容。我們的長期客戶協議通過減少波動性和提高確定性幫助我們應對充滿挑戰的需求環境，我們預計這一趨勢將繼續下去。與更廣泛的 2022 年手機市場相比，我們的增長勢頭強勁，後者的手機出貨量同比下降 8%。

Looking ahead to 2023, we expect the first quarter to represent the low point for smart mobile device demand, with the well-publicized inventory burn expected to conclude towards the end of the first half followed by sequential growth in the second half of 2023. Continued growth in the 5G handset market is expected to be a tailwind in 2023 and we expect to maintain our market-leading positions in RF front-end performance and premium tier smartphone features.

展望 2023 年，我們預計第一季度將代表智能移動設備需求的低點，廣為人知的庫存消耗預計將在上半年結束，隨後在 2023 年下半年實現環比增長。續5G 手機市場的增長預計將在 2023 年成為順風，我們預計將保持我們在 RF 前端性能和高端智能手機功能方面的市場領先地位。

Moving on to home and industrial IoT. In the fourth quarter, revenue for the home and industrial IoT market grew approximately 64% year-over-year, representing approximately 20% of the quarter's total revenue. Strong year-over-year growth in this end market was driven mainly by higher ASPs from our LTAs and meaningfully higher volumes from targeted growth in key applications such as smart cards for digital payments and wireless connectivity. Full year home and industrial IoT revenues grew 68% year-over-year, which can be attributed to approximately 30% volume growth with the remainder driven by ASP and mix. Home and Industrial IoT was the fastest-growing end market for GF in 2022.

轉向家庭和工業物聯網。第四季度，家庭和工業物聯網市場的收入同比增長約 64%，約佔該季度總收入的 20%。這一終端市場的同比強勁增長主要是由於我們的 LTA 的平均售價更高，以及數字支付和無線連接智能卡等關鍵應用的目標增長帶來的顯著增長。全年家庭和工業物聯網收入同比增長 68%，這可歸因於約 30% 的銷量增長，其餘部分由 ASP 和混合驅動。家庭和工業物聯網是 GF 在 2022 年增長最快的終端市場。

Looking ahead to 2023, we expect growth to continue for smart card applications, along with rising customer demands for next-generation analog and mixed signal technologies within our aerospace and defense end markets.

展望 2023 年，我們預計智能卡應用將繼續增長，同時我們的航空航天和國防終端市場客戶對下一代模擬和混合信號技術的需求不斷增加。

Moving now to automotive, which, as Tom outlined, has been a key growth segment for us. Fourth quarter revenue grew about 24% year-over-year, representing approximately 5% of the quarter's total revenue. Growth was driven by a strong ramp across our automotive processing, sensing and vehicle infrastructure technologies. Full year automotive revenue grew about 30% year-over-year in 2022 and we expect continued growth in 2023. Based on our current design wins and ramp profile, we now expect almost $1 billion of automotive revenue in 2023.

現在轉向汽車，正如湯姆所概述的那樣，汽車一直是我們的關鍵增長部分。第四季度收入同比增長約 24%，約佔該季度總收入的 5%。我們的汽車加工、傳感和車輛基礎設施技術的強勁增長推動了增長。 2022 年全年汽車收入同比增長約 30%，我們預計 2023 年將繼續增長。根據我們目前的設計勝利和爬坡情況，我們現在預計 2023 年汽車收入將接近 10 億美元。

Next, our communications infrastructure and data center end market, where fourth quarter revenue grew approximately 27% year-over-year and comprised approximately 18% of the quarter's total revenue driven by a combination of better ASPs and mix as well as higher volume. Growth in the quarter was primarily driven by increased network infrastructure and data center processing demand. For the full year 2022, revenue grew 43% year-over-year, driven by increased edge to data center communication traffic, 4G and 5G deployment as well as overall increased demand for data center capacity. Like most other end markets, we expect data center demand to decline in the first half of 2023.

接下來是我們的通信基礎設施和數據中心終端市場，第四季度收入同比增長約 27%，佔本季度總收入的約 18%，這得益於更好的 ASP 和組合以及更高的銷量。本季度的增長主要受到網絡基礎設施和數據中心處理需求增加的推動。 2022 年全年，收入同比增長 43%，這主要受邊緣到數據中心通信流量增加、4G 和 5G 部署以及對數據中心容量的整體需求增加的推動。與大多數其他終端市場一樣，我們預計數據中心需求將在 2023 年上半年下降。

Finally, our personal compute end market was flat year-over-year in the fourth quarter and comprised approximately 5% of the quarter's total revenue. For fiscal year 2022, year-over-year revenue declined approximately 38%. We expect this end market to continue to decline in 2023. As communicated in our third quarter update, we recognize the need to undertake a proactive assessment of our cost base in response to the industry's inventory correction as well as macroeconomic and inflationary headwinds.

最後，我們的個人計算終端市場在第四季度同比持平，約佔該季度總收入的 5%。 2022 財年，收入同比下降約 38%。我們預計該終端市場將在 2023 年繼續下滑。正如我們在第三季度更新中所傳達的那樣，我們認識到有必要對我們的成本基礎進行積極評估，以應對行業庫存調整以及宏觀經濟和通脹逆風。

During the fourth quarter, we implemented several initiatives aimed at achieving greater efficiencies, productivity gains and structural cost savings. These initiatives are projected to deliver approximately $110 million of savings in 2023. Additional savings initiatives are expected to be implemented throughout the year. Also in the fourth quarter, approximately $94 million of restructuring charges were incurred as part of the implemented cost savings initiatives. The financial results for the fourth quarter are presented on an adjusted basis, which excludes these charges.

在第四季度，我們實施了幾項旨在提高效率、提高生產力和節約結構性成本的舉措。這些舉措預計將在 2023 年節省約 1.1 億美元。預計全年將實施更多的節省舉措。同樣在第四季度，作為已實施成本節約計劃的一部分，產生了約 9400 萬美元的重組費用。第四季度的財務業績是在調整後的基礎上公佈的，其中不包括這些費用。

For the fourth quarter, we delivered adjusted gross profit of $633 million, which translates into approximately 30.1% adjusted gross margin. The 8.6 point year-over-year improvement was driven by higher ASPs and a richer mix, which more than offset the inflationary headwinds in 2022. For the full year, we delivered adjusted gross profit of $2.3 billion and gross margin of 28.4%, equating to a 12.2 point uplift from 2021.

第四季度，我們實現了 6.33 億美元的調整後毛利潤，相當於調整後毛利率約為 30.1%。同比增長 8.6 個百分點是由於更高的平均售價和更豐富的產品組合，這大大抵消了 2022 年的通脹逆風。全年，我們實現了 23 億美元的調整後毛利潤和 28.4% 的毛利率，相當於比 2021 年提高 12.2 個百分點。

Operating expenses for the fourth quarter represented approximately 10% of total revenue. R&D for the quarter was down sequentially to approximately $103 million, and SG&A also declined to approximately $105 million. Total operating expenses were $208 million.

第四季度的運營費用約佔總收入的 10%。本季度的研發費用環比下降至約 1.03 億美元，SG&A 也下降至約 1.05 億美元。總運營費用為 2.08 億美元。

We delivered operating profit of $425 million for the quarter, which translates into an approximately 20.2% adjusted operating margin. Roughly 12.5 points better than the year ago period and above the high end of our guided range. For the full year, GF delivered operating profit of $1.4 billion which translates into a 17.8% operating margin, an improvement of roughly 15 points year-over-year.

本季度我們實現了 4.25 億美元的營業利潤，這意味著調整後的營業利潤率約為 20.2%。比去年同期高出約 12.5 個百分點，高於我們指導範圍的高端。 GF 全年實現營業利潤 14 億美元，營業利潤率為 17.8%，同比提高約 15 個百分點。

Fourth quarter net interest and other expenses was $15 million, and we incurred a tax expense of $13 million in the quarter. We delivered fourth quarter adjusted net income of approximately $800 million an increase of approximately $702 million from the year ago period. At the end of the fourth quarter, we closed the sale of our East Fishkill facility to ON Semiconductor and recorded a gain of sale of $403 million, just above the upper end of the guided range. As a result, we reported adjusted diluted earnings of $1.44 per share for the fourth quarter.

第四季度淨利息和其他費用為 1500 萬美元，本季度我們產生了 1300 萬美元的稅收費用。我們在第四季度實現了約 8 億美元的調整後淨收入，比去年同期增加了約 7.02 億美元。第四季度末，我們完成了將 East Fishkill 工廠出售給安森美半導體的交易，並錄得 4.03 億美元的銷售收益，略高於指導範圍的上限。因此，我們報告第四季度調整後的攤薄每股收益為 1.44 美元。

On a full year basis, GF delivered adjusted net income of approximately $1.72 billion and adjusted diluted earnings per share of $3.11. We delivered record fourth quarter adjusted EBITDA of approximately $821 million with a margin of 39.1%. Adjusted EBITDA grew $237 million year-over-year, on $254 million of incremental revenue growth, representing approximately 93% fall-through. Full year adjusted EBITDA was $3.1 billion with an EBITDA margin of 38.1%, an improvement of about 10 points over the previous year.

按全年計算，GF 實現了約 17.2 億美元的調整後淨收入和 3.11 美元的調整後攤薄每股收益。我們在第四季度實現了創紀錄的調整後 EBITDA 約 8.21 億美元，利潤率為 39.1%。調整後的 EBITDA 同比增長 2.37 億美元，收入增量增長 2.54 億美元，跌幅約為 93%。全年調整後的 EBITDA 為 31 億美元，EBITDA 利潤率為 38.1%，比上年提高約 10 個百分點。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the fourth quarter was $491 million. For the full year, cash flow from operations was $2.6 billion. Gross CapEx for the quarter was roughly $991 million or roughly 47% of revenue. Full year CapEx for 2022 was approximately $3.1 billion or 38% of revenue. At the end of the fourth quarter, our combined total of cash, cash equivalents and marketable securities stood at approximately $3.3 billion, we also have a $1 billion revolving credit facility, which remains undrawn.

現在讓我提供一些關鍵的資產負債表和現金流量指標。第四季度的運營現金流為 4.91 億美元。全年，運營現金流為 26 億美元。本季度的總資本支出約為 9.91 億美元，約佔收入的 47%。 2022 年全年資本支出約為 31 億美元，佔收入的 38%。截至第四季度末，我們的現金、現金等價物和有價證券的總和約為 33 億美元，我們還有 10 億美元的循環信貸額度尚未提取。

Next, let me provide you with our outlook for the first quarter. We expect total GF revenue to be between $1.8 million and $1.85 billion. Of this, we expect non-wafer revenue to be approximately 12% of total revenue. We expect adjusted gross profit to be between $498 million and $527 million. We expect adjusted operating profit to be between $283 million and $322 million. Excluding share-based compensation for the quarter, we expect total OpEx to be between $205 million and $215 million. At the midpoint of our first quarter guidance, we expect share-based compensation to be approximately $45 million, of which roughly $16 million is related to cost of goods sold, and approximately $29 million is related to OpEx.

接下來，讓我向您提供我們對第一季度的展望。我們預計 GF 總收入將在 180 萬美元至 18.5 億美元之間。其中，我們預計非晶圓收入約佔總收入的 12%。我們預計調整後的毛利在 4.98 億美元至 5.27 億美元之間。我們預計調整後的營業利潤將在 2.83 億美元至 3.22 億美元之間。不包括本季度基於股份的薪酬，我們預計總運營支出將在 2.05 億美元至 2.15 億美元之間。在我們第一季度指引的中點，我們預計基於股票的薪酬約為 4500 萬美元，其中約 1600 萬美元與銷售商品成本相關，約 2900 萬美元與運營支出相關。

We expect the tax expense, net interest and other expense for the quarter to be between $25 million and $30 million. We expect adjusted net income to be between $252 million and $297 million on a fully diluted share count of approximately 555 million shares. We expect adjusted earnings per share for the first quarter to be between $0.45 and $0.53. For the first quarter, we expect depreciation and amortization to be roughly $400 million of which approximately 90% is related to the cost of goods sold.

我們預計本季度的稅收支出、淨利息和其他支出將在 2500 萬美元至 3000 萬美元之間。我們預計調整後的淨收入將在 2.52 億美元至 2.97 億美元之間，完全攤薄後的股份數量約為 5.55 億股。我們預計第一季度調整後每股收益在 0.45 美元至 0.53 美元之間。對於第一季度，我們預計折舊和攤銷約為 4 億美元，其中約 90% 與銷售成本有關。

We expect adjusted EBITDA to be between $667 million and $722 million. For the full year 2023, we expect CapEx to be approximately $2.25 billion, which aligns with our disciplined and demand-driven philosophy. We expect the CapEx profile to be more heavily weighted towards the first half of the year. And on a full year basis, we expect to be free cash flow positive.

我們預計調整後的 EBITDA 將在 6.67 億美元至 7.22 億美元之間。對於 2023 年全年，我們預計資本支出約為 22.5 億美元，這符合我們紀律嚴明和需求驅動的理念。我們預計今年上半年資本支出的權重將更高。在全年的基礎上，我們預計自由現金流為正。

To summarize the quarter and the year, strong operational execution enabled us to not only deliver fourth quarter results that were better than our guidance, but also deliver a record year of financial performance for the company.

總結本季度和本年度，強大的運營執行使我們不僅能夠實現比我們的指導更好的第四季度業績，而且還為公司創造了創紀錄的年度財務業績。

We are continuing to execute the strategic plan we outlined to our stakeholders at our IPO and remain well positioned to achieve our long-term model.

我們將繼續執行我們在首次公開募股時向利益相關者概述的戰略計劃，並保持有利地位以實現我們的長期模式。

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

有了這個，讓我們打開問答環節。操作員？

(Operator Instructions) Our first question comes from Mark Lipacis with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Mark Lipacis。

Congrats on the nice results. First question, maybe for Tom. Can you talk qualitatively about activity around your long-term agreements. It seems on the hand, some of your customers are getting negatively impacted by the cycle. But on the other hand, secular trends on capacity and consolidation, the geopolitical environment might be driving more customers to use.

祝賀你取得了不錯的成績。第一個問題，也許是給湯姆的。你能定性地談談圍繞長期協議開展的活動嗎？目前看來，您的一些客戶正受到週期的負面影響。但另一方面，容量和整合的長期趨勢、地緣政治環境可能會推動更多客戶使用。

So I'm wondering if you could describe how those 2 are netting out as you engage with your customers in the medium term? And I guess what I'm getting at is it seems like the LTAs pick up every quarter. Do you expect that to continue through the year? And is there a type of customer either by vertical market or geography that seems to have a higher motivation to sign up for the LTAs?

所以我想知道你是否可以描述一下你在中期與客戶互動時是如何淨賺的？我想我的意思是 LTA 似乎每個季度都會增加。你預計這種情況會持續到今年嗎？是否有某種類型的客戶（無論是垂直市場還是地域）似乎更有動力簽署 LTA？

Well, there's a lot to unpack there, Mark. So let me first start with a little context around these LTAs. We think of them as contracts that were signed in 2021, and that's where the life began. Actually, this is a 5-year journey. When we pivoted the company in 2018, decided to become a single source differentiated type of semiconductor manufacturer. We had to do a couple of things with our customers. We had to convince them on our execution. We had to convince them that we had the financial wherewithal to be around for them for the long term and develop those partnerships.

好吧，馬克，那裡有很多東西要打開。因此，讓我首先介紹一下這些 LTA 的一些背景信息。我們將它們視為 2021 年簽署的合同，這就是生活的開始。實際上，這是一個5年的旅程。當我們在 2018 年調整公司時，決定成為單一來源差異化類型的半導體製造商。我們必須與客戶一起做幾件事。我們必須說服他們執行我們的死刑。我們必須讓他們相信，我們有足夠的財力為他們長期服務並發展這些合作夥伴關係。

And so as they started to get more confidence in GF and relied on us for single sourcing key products for them, that created a balanced relationship where we needed each other. Our customers needed security supply, we wanted security of knowing that if we're going to invest for capacity that we would have the ability to use that capacity to service our customers. And so what you're seeing now is the natural consequence of this journey we've been on as customers signing out and looking longer term, securing their future with GF. Now you can imagine in a moment that we're in now where there's the softening that you hear about the inventory correction that customers are going to be a little bit more cautious as they go forward to plan exactly when they want new capacity, extending LTAs.

因此，當他們開始對 GF 更有信心並依賴我們為他們單一採購關鍵產品時，這在我們需要彼此的地方創造了一種平衡的關係。我們的客戶需要安全供應，我們希望知道如果我們要投資容量，我們將有能力使用該容量為我們的客戶提供服務。因此，您現在看到的是我們一直在進行的這一旅程的自然結果，因為客戶退出並著眼於長期，通過 GF 確保他們的未來。現在你可以想像一下，我們現在所處的位置是你聽到的關於庫存調整的軟化，客戶將更加謹慎，因為他們會在他們需要新產能的時候準確計劃，延長 LTA .

Those discussions going all the time. And as you could see in the fourth quarter, we signed additional long-term agreements. We just announced a really important one with GF in segments that clearly see their strength in the near term and the long term. So I think the LTAs are doing exactly, exactly what we talked about in our roadshow over a year ago and through 2022.

這些討論一直在進行。正如您在第四季度看到的那樣，我們簽署了更多的長期協議。我們剛剛宣布了一個非常重要的 GF 在細分市場中清楚地看到他們在短期和長期的實力。因此，我認為長期協議正在做的，正是我們在一年多前和 2022 年的路演中談到的。

They're creating security for both businesses to have long-term supply and to work through cycles like this in partnership mode.

他們正在為兩家企業創造安全保障，以獲得長期供應，並以合作模式度過這樣的周期。

That's very helpful. And Tom, you also had described about some of the dynamics around customers asking for relief or some modifications on these. Is there a case study that you can describe that characterized as a classic way you are dealing with that scenario as your customers who have signed up with the LTAs are coming to you and asking you for help on that?

這很有幫助。湯姆，你還描述了客戶要求救濟或對這些進行一些修改的一些動態。是否有一個案例研究可以描述為您處理這種情況的經典方式，因為您已經簽署了 LTA 的客戶會來找您並尋求您的幫助？

Yes. I think the classic is you're protecting the names of the innocent here is that one of the customers, who was like the complete range of levers we have. One, there was some remixing going on. Softness on one particular technology node and features we provided, where they had more opportunity than others. So we were able to shift some of their volumes from one platform to another. They remixed a little bit later in time and created a duration.

是的。我認為經典的是你在這裡保護無辜者的名字是其中一位客戶，他就像我們擁有的全套槓桿。第一，正在進行一些混音。我們提供的一個特定技術節點和功能的軟性，他們比其他人有更多機會。因此，我們能夠將他們的一些交易量從一個平台轉移到另一個平台。他們稍後重新混音並創造了持續時間。

And then there is a part of that was, hey, we have some near-term underutilization, let's just give you an underutilization fee for that. The key is that the economic intent of these contracts are always getting fulfilled, and we use these levers to go create that opportunity to work in partnership with our customers.

然後有一部分是，嘿，我們有一些近期的未充分利用，讓我們為此給你一筆未充分利用的費用。關鍵是這些合同的經濟意圖總是得到實現，我們利用這些槓桿去創造與客戶合作的機會。

Our next question comes from Joseph Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

Great. Thank you. I wonder if you could talk a little bit more about the GM deal. And just in general, what those conversations are like. I know you've had other OEM deals with autos as well. I feel like 2 or 3 years ago, they probably didn't know who the foundry suppliers were. So how directly do you think they're driving their semiconductor suppliers to use Western foundries? And just maybe some insight into what -- how those conversations came about and how pervasive they could be?

偉大的。謝謝。我想知道你是否可以多談談通用汽車的交易。總的來說，這些對話是什麼樣的。我知道你們也有其他汽車 OEM 交易。我感覺在兩三年前，他們可能不知道代工供應商是誰。那麼，您認為他們如何直接推動他們的半導體供應商使用西方代工廠？也許只是對這些對話是如何產生的以及它們可能有多普遍的一些洞察力？

Joe, I wouldn't put it as just driving the Western foundry. I think the -- if you take a step back, the auto industry is looking forward and looking at the capacity that's been put in place over the last 2 decades in the areas where we play and clearly see that investment needs to be made, there isn't enough of this capacity. Again, we placed 12-nanometer and above and getting ahead of that curve and saying, okay, how do we go create that capacity because new investment is going to be needed.

喬，我不會把它說成只是推動西方鑄造廠。我認為 - 如果你退後一步，汽車行業正在展望過去 20 年在我們開展業務的領域所具備的能力，並且清楚地看到需要進行投資，那裡這個容量是不夠的。同樣，我們將 12 納米及以上置於該曲線之前，然後說，好吧，我們將如何創造這種能力，因為將需要新的投資。

And as they start to understand more and more about the economics of this, it's better direct to create that capacity in partnership with the foundry and then direct their supply chain to use that capacity. So for the automaker, let's first decide what are the important platforms to create this capacity on that have legs over the next decade, decide how much you want, where you want it and then create this partnership mode to make sure it happens with the best economics. That's the model. We called it a first of a kind with General Motors. It's not last of a kind.

隨著他們開始越來越了解這方面的經濟性，最好直接與代工廠合作創造這種能力，然後指導他們的供應鏈使用這種能力。因此，對於汽車製造商來說，讓我們首先決定在未來十年內有哪些重要的平台來創造這種能力，決定你想要多少，你想要它，然後創建這種合作模式以確保它發生在最好的地方經濟學。那就是模型。我們稱其為通用汽車的首創。這不是最後一種。

I think this is a winning model because it creates the opportunity to minimize inefficiencies of the economics of a very steep or broad ecosystem where costs get passed through and marked up without value being added investment cost (inaudible). So we think this is a winning model. We think you'll see more of this coming along. I hope that helps Joe.

我認為這是一個成功的模式，因為它創造了機會，可以最大限度地減少一個非常陡峭或廣泛的生態系統的經濟效率低下，在這個生態系統中，成本被傳遞並被標記，而沒有增加投資成本（聽不清）。所以我們認為這是一個成功的模式。我們認為你會看到更多這樣的事情發生。我希望這對喬有幫助。

Yes, that does. And then I guess as you look at your capacity in the next couple of quarters, you're obviously seeing some capacity free up from smartphone-oriented technologies. Would you still say you're sold out on the specialty process technologies that supply the auto industry? And are you limited in your ability to serve that near term?

是的，確實如此。然後我想當你在接下來的幾個季度查看你的容量時，你顯然會看到一些容量從面向智能手機的技術中釋放出來。您還會說您在供應汽車行業的專業工藝技術上賣光了嗎？你在短期內服務的能力是否有限？

Specifically to auto, all of our capacity is not what we call fungible, able to address all the demand we have in auto. So for every wafer we can make in -- to our auto business, we can sell. And that's where we're constantly looking and putting pressure on our manufacturing teams to figure out how they can make more of them.

具體到汽車，我們所有的能力都不是我們所說的可替代的，能夠滿足我們對汽車的所有需求。因此，對於我們可以製造的每一個晶圓——我們的汽車業務，我們都可以出售。這就是我們不斷尋找並向我們的製造團隊施加壓力的地方，以弄清楚他們如何製造更多。

And Joe, I think I would add on to that is if you listen to the prepared commentary, you would have heard us say that instead of saying that we would exit 2022 or 2023, excuse me, at an automotive revenue run rate of $1 billion, we actually said in this quarter's prepared commentary that we would be about $1 billion of automotive revenue in 2023 so that remixing that Tom just highlighted and that you kind of alluded to in your question, that is ongoing as we speak.

喬，我想我要補充的是，如果你聽準備好的評論，你會聽到我們說，而不是說我們將在 2022 年或 2023 年退出，對不起，汽車收入運行率為 10 億美元，我們實際上在本季度準備好的評論中說過，我們將在 2023 年實現約 10 億美元的汽車收入，因此 Tom 剛剛強調的混音以及您在問題中提到的混音，在我們說話時正在進行中。

Just to file on that, Joe, in that revenue year-on-year '23 to '22 will be greater than 2x growth.

喬，只是為了證明這一點，23 年到 22 年的收入同比增長將超過 2 倍。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the solid execution. Your manufacturing in the times are quite long, right? You guys have to start wafer is about a quarter ahead of target shipments. So I believe the team has pretty good visibility already into Q2. You gave us the puts and takes in the various segments, which is consistent, right, with your customers' demand profile. So if you put it all together, does the team still think a trough in total revenues this quarter or first half of the year is the most likely scenario? And does the team still believe that they can go revenues this calendar year?

祝賀你的執行力。你們製造的年代挺長的吧？你們必須開始晶圓比目標出貨量提前四分之一左右。所以我相信團隊已經對第二季度有了很好的了解。您向我們提供了各個細分市場的看跌期權和收益，這與您客戶的需求概況是一致的。因此，如果將所有這些放在一起，團隊是否仍然認為本季度或今年上半年的總收入觸底是最有可能的情況？團隊是否仍然相信他們可以在本日曆年實現收入？

Harlan, maybe I'll start that one, Tom, and then if you have anything to add on, you can build at the end. And look, we do believe that first half is the trough from a revenue perspective, we think it's most likely first quarter.

哈倫，也許我會開始那個，湯姆，然後如果你有什麼要補充的，你可以在最後建造。看，從收入的角度來看，我們確實認為上半年是低谷，我們認為這很可能是第一季度。

But certainly, from a first half perspective, we believe that, that is the bottom. Based upon what our customers are telling us, based upon our LTAs and based upon, I think, what you all are seeing broadly in the industry, most of the industry is currently forecasting a recovery in the second half of this year. We've mentioned previously, and we still stick with that guidance that we believe ASPs will be up modestly on a year-over-year basis. So really, if you're looking at growth for the year, it's really predicated upon that volume, and it's predicated upon a second half recovery, which right now is what we're currently expecting. Tom, is there anything you'd add to that?

但可以肯定的是，從上半年的角度來看，我們認為這是底部。根據我們的客戶告訴我們的情況，根據我們的 LTA，並且我認為，根據你們在行業中廣泛看到的情況，大多數行業目前預測今年下半年將出現復甦。我們之前已經提到過，我們仍然堅持我們認為平均售價將同比小幅上漲的指導方針。所以真的，如果你正在看今年的增長，它真的取決於那個數量，它取決於下半年的複蘇，這就是我們目前所期待的。湯姆，你還有什麼要補充的嗎？

No, I would just reinforce that we're no smarter than everybody else. It's what our customers are telling us what we're seeing in the industry, and that's what we're planning on.

不，我只是強調我們並不比其他人聰明。這是我們的客戶告訴我們的，我們在行業中看到了什麼，這就是我們的計劃。

Great. And it's -- obviously, it's a tough and an uncertain environment. But for the things that the team can control, right, passes development, innovation, stronger customer engagements, manufacturing optimization, is there a strategy in place to try and emerge from this downturn in a much stronger position and try to accelerate the move to or exceed your 40% gross margin target?

偉大的。而且它 - 顯然，這是一個艱難且不確定的環境。但對於團隊可以控制的事情，正確的，通過開發、創新、更強大的客戶參與、製造優化，是否有適當的戰略來嘗試以更強大的地位擺脫這種低迷，並嘗試加速轉向或超過您 40% 的毛利率目標？

There is, Harlan. We outlined, I would like to think a pretty comprehensive bridge both during the IPO road show as well as Capital Markets Day, that bridge to how we get to our long-term financial model, which includes 40% gross margin. I would actually say that kind of like to date, we've been ahead of that model, slightly ahead of that model where we expect it to be.

有，哈蘭。我們概述了，我想在 IPO 路演和資本市場日期間構想一個非常全面的橋樑，它通向我們如何實現我們的長期財務模型，其中包括 40% 的毛利率。我實際上會說，到目前為止，我們已經領先於該模型，略微領先於我們預期的模型。

We feel like we've made great progress and strides against it. We feel like we still have line of sight to achieve that model. To be able to achieve that model, we've been adding capacity, right? So in 2020 -- in 2020, we said we had about 2 million wafers of capacity. 2021, we built that up to about 2.4 million wafers. In 2022, about 2.6 million wafers of capacity.

我們覺得我們已經取得了很大的進步並大踏步地反對它。我們覺得我們仍然有實現該模型的視線。為了能夠實現該模型，我們一直在增加容量，對嗎？所以在 2020 年——2020 年，我們說我們有大約 200 萬片晶圓的產能。到 2021 年，我們建造了大約 240 萬片晶圓。 2022年約260萬片晶圓產能。

On the CapEx that we're deploying this year, we'll have about 2.8 million wafers of capacity and still on track. Even with reduced CapEx, still on track to more than 3 million wafers of capacity in 2024. So as the industry works its way through a little bit of macroeconomic uncertainty and a little bit of inventory burn here in the first half of the year, and we start to get that utilization and absorption up, we feel like we're on a very good path towards those gross margin numbers that we've outlined in some pretty clear detail.

在我們今年部署的資本支出中，我們將擁有大約 280 萬片晶圓的產能，並且仍在進行中。即使資本支出有所減少，到 2024 年仍有望達到超過 300 萬片晶圓的產能。因此，隨著該行業在今年上半年克服一點宏觀經濟不確定性和一點點庫存消耗，以及我們開始提高利用率和吸收率，我們覺得我們正朝著我們已經非常清楚地概述的那些毛利率數字邁進了一條非常好的道路。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

First one on gross margins. So the Q1 outlook, 28% -- about 150 basis points above their expectations were -- I was wondering, David, if you could give us some of the puts and takes. And from what you're describing seems Q2 revenue could be kind of at least flattish? And if that is a scenario, then can gross margins continue to go up? Or is there anything on the utilization side or anything else that we should keep in mind to think of a gross margin trajectory for this year?

第一個關於毛利率。所以第一季度的前景，28%——比他們的預期高出大約 150 個基點——我想知道，大衛，你是否可以給我們一些看跌期權。從你的描述來看，第二季度的收入似乎至少是持平的？如果是這種情況，那麼毛利率還能繼續上升嗎？或者在考慮今年的毛利率軌跡時，我們應該牢記利用率方面的任何內容或其他任何內容？

Sure. I think when you think about gross margin, you obviously think about 2 big elements. One is ASP which as we mentioned, we believe '23 will have modest ASP growth over 2022 and then the second element is really what you touched upon, which is utilization. So in the fourth quarter, utilization was in the mid-90s. For first quarter, we believe utilization is going to be, call it, the mid-ish 80s to perhaps the high 80s from utilization perspective.

當然。我認為當你考慮毛利率時，你顯然會考慮兩大因素。一個是 ASP，正如我們提到的，我們相信 '23 將在 2022 年有適度的 ASP 增長，然後第二個因素就是你提到的，即利用率。所以在第四季度，利用率處於 90 年代中期。對於第一季度，我們認為從利用率的角度來看，利用率將是 80 年代中期到 80 年代中期。

And we've previously talked about how every -- about every 5 points utilization was about 2 points of gross margin from a mathematical perspective, that's without necessarily taking a lot of actions. So I think sequentially, what you're seeing is you're seeing us move from about 30% gross margin in the fourth quarter, moving to a midpoint in the first quarter of about 28%. And so what you're seeing from us is you're seeing us actually make progress towards that gross margin bridge, but obviously, it's being offset a little bit based upon the utilization.

我們之前已經討論過，從數學的角度來看，每 5 個點的利用率大約是 2 個點的毛利率，而不必採取很多行動。所以我認為，你看到的是我們從第四季度的 30% 左右的毛利率上升到第一季度約 28% 的中點。因此，您從我們這裡看到的是，您看到我們實際上在實現毛利率橋樑方面取得了進展，但顯然，它根據利用率被抵消了一點。

So as utilizations improve throughout the year, and as we mentioned, we think first half is the bottom, then we believe that, that will be the driver for increased gross margin will be that utilization figure and that absorption. Did you have a follow-up?

因此，隨著全年利用率的提高，正如我們所提到的，我們認為上半年是底部，那麼我們相信，毛利率增加的驅動力將是利用率和吸收率。你有跟進嗎？

Yes. Second question is just on the premium smartphone segment. What's your view of how much of your customers' component inventory is in the premium smartphone segment. Do you think Q1 is where it kind of clears out? Or do you think there could be a little bit that persists into Q2 and then there is a seasonal back half assumption. Just curious, specifically in the premium smartphone segment, do you think we get to a supply-demand balance exit in Q1? Or it could take until Q2 for that to happen?

是的。第二個問題只是關於高端智能手機領域。您如何看待客戶的組件庫存中有多少是在高端智能手機領域。你認為 Q1 是清除的地方嗎？或者你認為第二季度可能會有一點點持續存在，然後有一個季節性的後半部分假設。只是好奇，特別是在高端智能手機領域，您認為我們是否會在第一季度達到供需平衡？或者可能要到第二季度才能實現？

I think if you were to maybe be a little bit more granular and look at it perhaps a bit on a monthly basis. We think some of that inventory starts to get cleared out towards the end of first quarter, so call it in the March period and maybe it rolls over a little bit into the second quarter, maybe April, perhaps even May, specifically for the high end of smartphones.

我想如果你能更細化一點，也許每月查看一下。我們認為其中一些庫存在第一季度末開始清理，因此將其稱為三月期間，可能會滾動到第二季度，也許是四月，甚至可能是五月，特別是對於高端的智能手機。

So ultimately, it depends on what's the sellout or the sell-through demand. But we do believe that, that inventory starts to clear out of the channel in a more meaningful way towards the end of the first quarter and perhaps rolling over into the second quarter.

所以最終，這取決於什麼是售罄或銷售需求。但我們確實相信，庫存在第一季度末開始以更有意義的方式從渠道中清除，並可能延續到第二季度。

Our next question comes from Ross Seymore with DB.

我們的下一個問題來自 DB 的 Ross Seymore。

Congrats on the solid results. I just wanted to go back to something, Tom, you said earlier about the prepayments rose, I think, 34% sequentially. How do I reconcile those with the end demand caution? Is this something where people are just having to pay upfront for pushing out the duration because I otherwise would have expected kind of the urge to prepay or the need to, to kind of wane as some of the caution from your customers enter the equation. So any color there would be helpful.

祝賀你取得了不錯的成績。湯姆，我只是想回到過去，你之前說過預付款環比增長了 34%。我如何協調這些與最終需求的謹慎？這是人們只需要為推遲期限而提前付款的事情嗎，否則我會期望預付款的衝動或需要隨著客戶的一些謹慎進入等式而減弱。所以那裡的任何顏色都會有所幫助。

Yes. Look, for me, it's pretty simple. This is a single source business, by and large. Customers are looking to secure their supply. In some cases, it requires investment. The only way the investment can be made and make economic sense for both parties as we both put our balance sheet in there. So the rated pace of some of these LTAs where we're talking about adding capacity, we'll always get a little bit softer in the period we're in now, just because of the uncertainty of when customers will want that growth but that's what we're going through right now.

是的。看，對我來說，這很簡單。總的來說，這是單一來源的業務。客戶希望確保他們的供應。在某些情況下，它需要投資。唯一可以進行投資並對雙方都具有經濟意義的方法，因為我們都將資產負債表放在那裡。因此，我們正在談論增加容量的一些 LTA 的額定速度，在我們現在所處的時期，我們總是會變得更加溫和，只是因為不確定客戶何時會想要這種增長，但那是我們現在正在經歷什麼。

And you can see even the fourth quarter of last year, we were able to ink some long-term agreements where customers had visibility, especially in the auto side of things and what they wanted longer term.

你甚至可以看到去年第四季度，我們能夠簽署一些長期協議，客戶可以看到這些協議，特別是在汽車方面以及他們想要的長期協議。

And if I could build on that, I think when you think about that increase in the fourth quarter, Ross, call it, $1.2 billion, maybe around to $1.3 billion, 34%, as you mentioned, to $5 billion of customer committed funding. The LTAs that are being signed today are not for really capacity in kind of '23 and '24.

如果我能以此為基礎，我想當你考慮第四季度的增長時，羅斯，稱之為 12 億美元，可能大約為 13 億美元，34%，如你提到的，客戶承諾資金為 50 億美元。今天簽署的 LTA 並非針對 23 年和 24 年的實際容量。

It's really for capacity that's being added for ramps and really '25, '26 and '27 and so those committed customer funds, those are being deployed in the areas of capacity increases as well as process technology qualifications the design wins associated with those LTAs. So the customers are looking through this kind of near-term demand perturbation. They're looking through this near-term period. They're looking out into time and they're saying, we believe that the industry will still be structurally short of capacity, especially in the technologies and the geographies where we would like to have it and they're making the investments now to ensure that, that supply chain is there in the future.

這真的是為了增加產能，真的是 '25、'26 和 '27，所以那些承諾的客戶資金，這些資金被部署在產能增加以及工藝技術認證領域，設計贏得了與這些長期協議相關的勝利。因此，客戶正在審視這種近期的需求擾動。他們正在審視這個近期時期。他們正在展望時間，他們說，我們認為該行業在結構上仍將存在產能短缺，尤其是在我們希望擁有的技術和地區，他們現在正在進行投資以確保那，那個供應鏈在未來。

Yes, if I can. I just wanted to go into the CHIPS Act and the investment tax credit side of things. I think the CapEx numbers you gave are all on the growth side of things. I know you guys have been very committed to those programs and Tom, you highlighted that earlier. But mechanically, how should we think about that starting to flow through and kind of timing and magnitude?

是的，如果可以的話。我只想談談 CHIPS 法案和投資稅收抵免方面的事情。我認為你給出的資本支出數字都在增長方面。我知道你們一直非常致力於這些計劃，湯姆，你早些時候強調了這一點。但從機制上講，我們應該如何考慮開始流動的時間和幅度？

But let me tell you how we're going to put that funding to good use, and then I'll let David talk about how it flows through. Most importantly, the capital investment and free cash flow and then maybe on top of the P&L. We are in the process of bringing in the 3-part proposal to leverage the chips funding for capacity expansion. One phase is in our 200-millimeter facility in Vermont, where we're remixing that technology more towards wide-bandgap types of devices.

但是讓我告訴你我們將如何善用這筆資金，然後我會讓大衛談談它是如何流動的。最重要的是，資本投資和自由現金流，然後可能在損益表之上。我們正在引入由 3 部分組成的提案，以利用芯片資金進行產能擴張。其中一個階段是在我們位於佛蒙特州的 200 毫米工廠中，我們正在將該技術更多地用於寬帶隙類型的設備。

And also to do some modernization of that facility to keep it strong going forward. We have a Phase I expansion plan in our Fab 8 facility where we'll use the investment to fill up their existing floor space with additional tools for capacity. That's more or less where the GM capacity will be solutions from and then the last part of our proposal will be a new brick-and-mortar investment module expansion, and that's very same Fab 8 facility in Multi New York to add somewhere between 350,000 to 500,000 wafers of capacity to meet much longer-term needs.

還要對該設施進行一些現代化改造，以保持其強勁的發展勢頭。我們在我們的 Fab 8 設施中有一個第一階段的擴展計劃，我們將利用這筆投資用額外的工具來填充他們現有的佔地面積。這或多或少是通用汽車產能解決方案的來源，然後我們提案的最後一部分將是新的實體投資模塊擴展，這與紐約 Multi 的 Fab 8 設施完全相同，將增加 350,000 至500,000 片晶圓的產能可滿足更長期的需求。

That's the play for GF in this first phase of chips funding. Dave, I'll hand over to you to talk about the implications on free cash flow and P&L.

這就是 GF 在第一階段芯片融資中的表現。戴夫，我將交給你談談對自由現金流和損益的影響。

Yes. So touching on the 2 elements, I think Tom covered Chips in some detail there where we think for any funding or any CapEx and investment in the U.S. where we can get kind of 30% to 40%, we think, of a project refunded via the CHIPS Act. There's also the ITC so the investment tax credit enables companies that deploy CapEx in the U.S. to claim back essentially 25% of the value of that CapEx. The way that it would flow through the P&L is that you would essentially in, call it, late first quarter, early second quarter of the subsequent year, you would file that ITC, you would get that credit back from the government, that would then go on the balance sheet and it would net against that gross CapEx number.

是的。因此，談到這兩個要素，我認為湯姆在那裡詳細介紹了芯片，我們認為在美國我們可以獲得任何資金或任何資本支出和投資，我們認為，我們可以獲得 30% 到 40% 的項目退款CHIPS 法案。還有 ITC，因此投資稅收抵免使在美國部署資本支出的公司能夠收回該資本支出價值的 25%。它流經損益表的方式是，你基本上會在第一季度末、第二季度初提交 ITC，你會從政府那裡收回信用，然後進入資產負債表，它將與總資本支出數額相抵。

And so we have then a net CapEx number that then depreciates over whatever your depreciable period is. So that's how it would flow through the P&L as we make additional investments in the U.S. for some of those projects that Tom mentioned. We will be able to claim not only the CHIPS Act funding, but also the ITC as well.

因此，我們有一個淨資本支出數字，然後在您的折舊期限內貶值。這就是我們在美國為湯姆提到的一些項目進行額外投資時，它會如何通過損益表流動。我們不僅可以申請 CHIPS 法案的資助，還可以申請 ITC。

One thing that I would touch on just briefly because it is a similar type of program that we actually are just seeing the benefit of. So we won a case recently, you may have seen a few details about it but we're essentially getting a $152 million tax refund here in the first quarter, that $152 million will essentially be offset against the purchase of the equipment that we made in kind of that 2014, 2015 period.

有一件事我想簡單地談一談，因為它是一種類似的程序，我們實際上只是看到了它的好處。所以我們最近贏了一個案子，你可能已經看到了一些細節，但我們實際上在第一季度在這裡獲得了 1.52 億美元的退稅，這 1.52 億美元基本上將抵消我們在那種2014年，2015年的時期。

As it's netted against that equipment, some of it will flow through as a gain, some of it will just flow through as a net to that equipment through the depreciation. And I think the treatment of that refund will look very similar to the ITC.

由於它是針對該設備進行淨額計算的，因此其中一些將作為收益流出，其中一些將通過折舊作為淨流向該設備。我認為退款的處理方式看起來與 ITC 非常相似。

Our next question comes from Chris Caso with Credit Suisse. Chris, are you there?

我們的下一個問題來自瑞士信貸的 Chris Caso。克里斯，你在嗎？

Sorry. So first question here is on CapEx for the year, and you've given some indications of what you expected for this year. It seems like it's responding to some of the industry conditions and it slows in the second half of the year. Can you talk about, is that more of a push out into 2024, it sounds like the customers still need the capacity. So what you're not spending from the original plan in '23, does that start to accelerate as you get into 2024?

對不起。所以這裡的第一個問題是關於今年的資本支出，你已經給出了一些你對今年的預期的跡象。它似乎是在對一些行業狀況做出反應，並在今年下半年放緩。你能談談嗎，更多的是推遲到 2024 年，聽起來客戶仍然需要容量。那麼你在 23 年的原始計劃中沒有支出的部分，會隨著你進入 2024 年而開始加速嗎？

Yes. So think about the rate and pace of our CapEx is really being aligned with the rate and pace of our customers' needs as well as the productivity that we're actually able to drive. So we're actually becoming more CapEx efficient. And so the way I would think about it is I would think about some of this CapEx is indeed a push out from '23 to '24 and I would say there's a portion of it, I'm going to round and use a really rough and tough number here and say kind of maybe 10% to as much as 20% of it, where we've actually just become more capital efficient.

是的。因此，考慮一下我們資本支出的速度和速度確實與客戶需求的速度和速度以及我們實際能夠提高的生產力保持一致。所以我們實際上正在變得更有效率的資本支出。所以我會考慮它的方式是我會考慮一些資本支出確實是從 23 年到 24 年的推動，我會說其中有一部分，我將四捨五入並使用一個非常粗略的這裡的數字很難說，大概是 10% 到 20%，我們實際上只是變得更有資本效率了。

And so those savings will be banked to the P&L. And again, as I kind of mentioned earlier on the call, we are still very much on track to delivering the capacity that we've been speaking about for some time. And that's 2.8 million wafers of capacity this year and then more than 3 million wafers of capacity in 2024. We are still very much on track even with some reduced CapEx and some timing of CapEx being slightly delayed, we are very much on track towards those numbers. Did you have a follow-up Chris?

因此，這些儲蓄將存入損益表。再一次，正如我早些時候在電話會議上提到的那樣，我們仍然非常有可能提供我們已經談論了一段時間的能力。這是今年的 280 萬片晶圓產能，然後是 2024 年超過 300 萬片晶圓的產能。即使資本支出有所減少，資本支出的一些時間略有延遲，我們仍然在很大程度上步入正軌，我們非常希望實現這些目標數字。你有跟進克里斯嗎？

I do. And so with the answer there is, I mean, it sounds like it's similar wafer capacity at lower CapEx, which is obviously good. As you go forward, could you give us some more granularity on where you're spending that CapEx? And there's a lot of different businesses and a lot of these processes are not fungible. So give us a sense of where that capacity is being targeted to.

我願意。所以答案是，我的意思是，這聽起來像是在較低的資本支出下類似的晶圓產能，這顯然很好。隨著您的前進，您能否更詳細地說明您將資本支出花在哪裡？而且有很多不同的業務，其中很多流程都是不可替代的。因此，讓我們了解該能力的目標位置。

Sure. The single biggest portion of that CapEx is actually still going towards Singapore and the ramp in Singapore. That's our new fab there on our existing campus. And so that's the lion's share of the CapEx. That said, we are continuing to invest in all the regions with additional CapEx. So we still have some additional CapEx going into Germany to kind of complete that footprint.

當然。該資本支出的最大部分實際上仍在流向新加坡和新加坡的增長。那是我們在現有園區內的新工廠。這就是資本支出的最大份額。也就是說，我們將繼續通過額外的資本支出在所有地區進行投資。因此，我們仍有一些額外的資本支出進入德國以完成這一足跡。

We still have some CapEx coming here into the U.S., as Tom mentioned. We do have some customers that are desiring some capacity on U.S. soil, and so we'll be making some of those investments as well.

正如湯姆提到的，我們仍有一些資本支出進入美國。我們確實有一些客戶希望在美國本土擁有一些產能，因此我們也將進行其中的一些投資。

Yes. Let me just add to that. You said some of this capacity is not fungible. Some of the capital efficiency David's talking about is to make sure there's more fungibility between our technology platforms and quarters so that we can respond to the demand where it is at any given time.

是的。讓我補充一下。你說有些能力是不可替代的。大衛談到的一些資本效率是為了確保我們的技術平台和宿舍之間有更多的可替代性，這樣我們就可以在任何給定時間響應需求。

Our next question comes from Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Going back to the ASP -- wafer ASP. Can you help me understand how the mix is impacting? And how is that compared to ASP like-for-like, then I have a follow-up.

回到 ASP——晶圓 ASP。你能幫我理解混合是如何影響的嗎？與同類 ASP 相比如何，然後我有一個跟進。

Sure. So from an ASP perspective, we've been not only mixing up our business amongst end markets or between end markets, but we're also mixing up our business even within those specific end markets. And so when I look across our end market landscape and I see our ASP sitting north of $3,000 a wafer in the fourth quarter. There's -- within the segments the single biggest differentiator with regards to ASP is how much GF technology do they use as well as is it single source revenue business and so when you look at those 2 factors, about 2/3 of our revenue in 2022 with single source revenue.

當然。因此，從 ASP 的角度來看，我們不僅在終端市場之間或終端市場之間混合了我們的業務，而且我們甚至在那些特定的終端市場內也混合了我們的業務。因此，當我審視我們的終端市場格局時，我發現我們的平均售價在第四季度高於每片晶圓 3,000 美元。在這些細分市場中，與 ASP 相關的最大區別在於他們使用了多少 GF 技術以及它是否是單一來源的收入業務，因此當您查看這兩個因素時，2022 年我們收入的 2/3 左右收入來源單一。

In fact, fourth quarter was our highest quarter of single-source revenue in 2022 and about 90% of our design wins in 2022 are single source. And so as we have customers increasingly being single-sourced at GF on GF technology that deep customer partnership where they're using more of our technology in their products to help them win in their market, then that obviously helps us with value capture. Did you have a follow-up, Mehdi?

事實上，第四季度是我們 2022 年單一來源收入最高的季度，我們 2022 年約 90% 的設計中標都是單一來源。因此，隨著我們越來越多的客戶在 GF 技術上成為 GF 的單一來源，這種深入的客戶合作夥伴關係使他們在他們的產品中使用更多我們的技術來幫助他們贏得市場，這顯然有助於我們獲得價值。你有跟進嗎，邁赫迪？

Yes. If I heard you correctly, auto will account for about I'm sorry, $1 billion of revenue, do you see, right? Did I hear you correctly?

是的。如果我沒聽錯，對不起，汽車將佔大約 10 億美元的收入，你明白嗎？我沒聽錯嗎？

That's correct. It will be approaching $1 billion of revenue in fiscal year 2023.

這是正確的。到 2023 財年，它的收入將接近 10 億美元。

So that's likely almost 2x to 3x higher compared to '22. Is that majority of that? Is that driven by single source -- being single source foundry department? Or is there the technology mix that is also impacting the 2 to 3x increase.

因此，與 22 年相比，這可能高出近 2 到 3 倍。那是大多數嗎？這是由單一來源驅動的——是單一來源的鑄造部門嗎？或者是否存在影響 2 到 3 倍增長的技術組合。

The majority of that business is single source at GF. Michelle, we'll probably take one more question.

該業務的大部分是 GF 的單一來源。米歇爾，我們可能會再回答一個問題。

Our last question comes from Rajvindra Gill with Needham.

我們的最後一個問題來自 Rajvindra Gill 和 Needham。

Congratulations on great results. Just a big picture question, Tom. You mentioned obviously that the trend towards reshoring of supply you guys were instrumental in the CHIPS Act. When you're discussing contracts with customers, and trying to win share. Are you seeing kind of an overarching trend among fabless semiconductor companies to start to kind of reshore here in the U.S. with you versus other foundries in Taiwan or elsewhere? Are you actually seeing that kind of tangible trend as we kind of look out for the next several years?

祝賀你取得好成績。只是一個大問題，湯姆。您顯然提到，供應回流的趨勢在 CHIPS 法案中發揮了重要作用。當您與客戶討論合同並試圖贏得份額時。您是否看到無晶圓廠半導體公司開始在美國這裡與台灣或其他地方的其他晶圓代工廠一起回歸的總體趨勢？當我們展望未來幾年時，您是否真的看到了那種有形的趨勢？

I think we're starting to see the beginning of that and I'll put a context around it. Maybe because it was the end of the year, it was holidays, the NDAA, National Defense Authorization Act was passed. I think it was the last week in December, if not the second to last week in December. And specifically in there, it highlighted that the U.S. government over the next 5 years, we'll want to not have any supply in anything they buy that has chips from (inaudible). So that's a relatively new event that our customers are starting to comprehend what does that mean.

我認為我們開始看到它的開始，我將圍繞它放置一個上下文。也許因為是年底，是假期，NDAA，國防授權法案獲得通過。我認為那是 12 月的最後一周，如果不是 12 月的倒數第二週的話。特別是在那裡，它強調美國政府在未來 5 年內，我們希望他們購買的任何帶有芯片的產品（聽不清）都沒有任何供應。所以這是一個相對較新的事件，我們的客戶開始理解這意味著什麼。

What I see is it's very difficult for them to want to go and take an existing part number and requalified and resource it, but rather looking forward, saying, how do they take their new product lines or their new spins of designs and then create a different footprint for that type of sourcing. And I think this is the year '23, '24, we'll start to see some of that business come our way in response to these types of legislation moves.

我看到的是，他們很難想去獲取現有的零件編號並重新鑑定和資源化，而是期待，說，他們如何採用他們的新產品線或他們的新設計，然後創建一個此類採購的足跡不同。我認為這是 23 年、24 年，我們將開始看到一些業務出現在我們面前，以響應這些類型的立法舉措。

And just in general, to get a more balanced supply chain across the globe and leveraging our footprint. It will never be a look back in doing we work over again in the design that already exists, but I think it's about the future designs. I hope that helps.

總的來說，在全球範圍內獲得更加平衡的供應鏈並利用我們的足跡。在已經存在的設計中重新工作永遠不會是回顧，但我認為這是關於未來的設計。我希望這有幫助。

Yes, that's super helpful. And just my follow-up, Dave, if you look at the free cash flow projections potentially for this year, given kind of the reduction of the CapEx and the cash flow from operations growing this year depending on kind of the assumptions. It looks like free cash flow is going to move up significantly into positive territory. So how are you thinking about the usage of cash going from 2023 and beyond as you get more scale in the model and you generate significant more free cash flow?

是的，這非常有幫助。只是我的後續行動，戴夫，如果你看看今年可能的自由現金流預測，考慮到今年資本支出的減少和運營現金流的增長取決於某種假設。看起來自由現金流將顯著上升到正值區域。那麼，隨著模型規模的擴大以及產生更多自由現金流，您如何看待 2023 年及以後的現金使用情況？

Sure. No, you're right. Based on our cash from operations and our ability to generate cash as well as our reduced CapEx and really kind of an envelope of CapEx going forward where we're essentially at our long-term model or close to our long-term model of roughly 20% of revenue being in CapEx. Obviously, you have the ability to generate increasing and significant free cash flow over time with that model.

當然。不，你是對的。基於我們的運營現金和我們產生現金的能力以及我們減少的資本支出和真正的資本支出信封，我們基本上處於我們的長期模型或接近我們大約 20 的長期模型資本支出佔收入的百分比。顯然，隨著時間的推移，您有能力使用該模型產生越來越大的自由現金流。

So as we look at it right now, we're very pleased with our cash position. We're in a net cash position minus our debt we're in a position where we can be free cash flow positive this year, which I stated in my prepared commentary. And then as we look to the future, as we go through the first half of this year, look at the demand in the second half and then the subsequent demand in 2024, we'll start to formulate those CapEx decisions for the future. And as we do that, I think you'll see us come out with some type of capital structure and perhaps some type of capital program that we would release to shareholders.

所以當我們現在看它時，我們對我們的現金狀況非常滿意。我們的淨現金頭寸減去我們的債務，我們今年的自由現金流量可以為正，我在準備好的評論中已經說過了。然後，當我們展望未來，在今年上半年，看看下半年的需求，然後是 2024 年的後續需求，我們將開始為未來製定這些資本支出決策。當我們這樣做時，我想你會看到我們提出某種類型的資本結構，也許還有某種類型的資本計劃，我們會向股東發布。

At this time, I'm not willing to go out publicly at this stage and state what our policy will be other than we feel like we're at our long-term model or very close to our long-term model from a capital intensity perspective that will enable us to start to generate some meaningful free cash flow and stay tuned for a capital deployment strategy.

在這個時候，我不願意在這個階段公開表示我們的政策是什麼，除非我們覺得我們處於我們的長期模型或非常接近資本密集型的長期模型這將使我們能夠開始產生一些有意義的自由現金流，並繼續關注資本配置策略。

I would now like to turn the conference back to Sam Franklin for closing remarks.

我現在想把會議轉回 Sam Franklin 作閉幕詞。

Thank you, Michelle and thank you very much, everyone, for joining us today. Appreciate the questions, and we look forward to seeing many of you on the upcoming conference circuit. Thanks again.

謝謝米歇爾，非常感謝大家今天加入我們。感謝您提出問題，我們期待在即將舉行的巡迴會議上見到你們中的許多人。再次感謝。

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。