格芯 (GFS) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the conference call to review first quarter fiscal year 2023 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 2023 財年第一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，資本市場和投資者關係主管薩姆富蘭克林。請繼續。

Thank you, operator. Good morning, everyone, and welcome to GlobalFoundries' First Quarter 2023 Earnings Call.

謝謝你，運營商。大家早上好，歡迎來到 GlobalFoundries 2023 年第一季度財報電話會議。

On the call with me today are Dr. Thomas Caulfield, CEO; and David Reeder, CFO. A short while ago, we released GF's first quarter 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.

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 第一季度的財務業績（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 will present both IFRS and adjusted non-IFRS financial measures. The most directly comparable IFRS measures and reconciliation for adjusted non-IFRS measures are available in today's press release and accompanying slides.

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, all 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. 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 the risks and uncertainties described in our SEC filings, including the sections under the caption, Risk Factors, in our annual report on Form 20-F filed with the SEC on April 14, 2023.

我想提醒您，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。此類陳述可以通過諸如相信、期望、打算、預期和可能等術語來識別，所有這些都使用將來時態。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。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在 SEC 文件中描述的風險和不確定性，包括標題下的部分，風險因素，在我們於 2023 年 4 月 14 日向美國證券交易委員會提交的 20-F 表格年度報告中。

We'll 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 first quarter results and also provide second quarter 2023 guidance. We will then open the call for questions. (Operator Instructions)

我們將從今天的電話會議開始，Tom 將提供有關當前業務環境和技術的摘要更新，隨後 Dave 將提供有關我們的終端市場和第一季度業績的詳細信息，並提供 2023 年第二季度的指導。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 first quarter earnings call.

謝謝 Sam，歡迎大家參加我們的第一季度財報電話會議。

I'm pleased to report Q1 results that are in line with the guidance we provided in February as we continue to deliver resilient financial performance amidst a challenging macroeconomic and cyclical backdrop. Let me start by providing a brief update on the current business environment.

我很高興地報告第一季度業績符合我們在 2 月份提供的指引，因為我們在充滿挑戰的宏觀經濟和周期性背景下繼續提供有彈性的財務業績。首先讓我簡要介紹一下當前的商業環境。

Similar to others in the industry, we believe that semiconductor inventories are coming down more slowly than previously expected and that the rebalancing of demand will extend at least through the second quarter, particularly in end markets such as smart mobile devices, communications infrastructure and data centers as well as the lower end of the consumer and home electronics markets in general.

與業內其他人類似，我們認為半導體庫存的下降速度比之前預期的要慢，需求的再平衡至少會持續到第二季度，尤其是在智能移動設備、通信基礎設施和數據中心等終端市場以及一般的消費和家用電子市場的低端。

Based on discussions with our customers prior to our fourth quarter update, we've previously anticipated that the first half of 2023 and likely the first quarter of 2023 would mark the low point in revenue and the peak of the inventory cycle. Based on more recent conversations with customers and our own internal models, we continue to anticipate that the first quarter revenue will represent the low point of our 2023 quarterly revenue and that we'll have quarter-to-quarter modest sequential growth throughout the year.

根據我們在第四季度更新之前與客戶的討論，我們之前曾預計 2023 年上半年和 2023 年第一季度可能是收入的低點和庫存週期的高峰。根據最近與客戶的對話和我們自己的內部模型，我們繼續預計第一季度收入將代表我們 2023 年季度收入的低點，並且我們全年將實現季度環比溫和增長。

Though we are expecting continued sequential revenue growth, the return to more normalized inventory and demand levels is forecast to happen more slowly than previously anticipated and will most likely occur later in the year well into the second half of 2023. Despite forecasting slight year-over-year improvements in ASP, or our average selling price per wafer, we are now anticipating that revenue will decline year-over-year in the mid- to high single-digit percentage range. David will comment on this further in his section.

儘管我們預計收入將持續連續增長，但預計庫存和需求水平恢復正常的速度將比之前預期的要慢，而且很可能會在今年晚些時候一直持續到 2023 年下半年。儘管預測略有同比增長- ASP 的年度改進，或我們每片晶圓的平均售價，我們現在預計收入將同比下降在中高個位數百分比範圍內。大衛將在他的部分進一步評論這一點。

Despite the headwinds in the aforementioned end markets, we continue to see healthy demand in faster-growing segments, such as industrial IoT, aerospace and defense and the automotive markets. Additionally, we are continuing to grow our single source design wins and customers and sign new LTAs. Let me now touch on our results.

儘管上述終端市場存在不利因素，但我們繼續看到工業物聯網、航空航天和國防以及汽車市場等快速增長領域的健康需求。此外，我們將繼續增加我們的單一來源設計勝利和客戶，並簽署新的 LTA。現在讓我談談我們的結果。

In the first quarter, GF revenue declined 5% year-over-year and 12% sequentially, with reduced wafer shipments being partially offset by year-over-year improvements in ASP and mix. Coupled with strong operational execution, this resulted in a resilient adjusted gross margin for the quarter as we continue to proactively manage our costs to help offset the broader industry headwinds. We reported adjusted gross margin of 28.5% in the quarter, and we delivered adjusted earnings per share of $0.52, which were at the high end of our guidance range.

第一季度，GF 收入同比下降 5%，環比下降 12%，晶圓出貨量的減少部分被 ASP 和產品組合的同比改善所抵消。加上強大的運營執行力，這導致本季度調整後的毛利率具有彈性，因為我們繼續主動管理我們的成本以幫助抵消更廣泛的行業逆風。我們報告本季度調整後毛利率為 28.5%，調整後每股收益為 0.52 美元，處於我們指導範圍的高端。

Dave will give more color on our financials in a moment, but let me now provide a brief update on some of our recent customer and partnership activities. Consistent with continuing to build our customer partnership strategy, we added an additional five long-term agreements during the quarter, which added incremental prepayments and access fees of roughly $200 million and revenues of approximately $1.4 billion under these LTAs.

戴夫稍後會詳細介紹我們的財務狀況，但現在讓我簡要介紹一下我們最近的一些客戶和合作夥伴活動。與繼續建立我們的客戶合作夥伴關係戰略相一致，我們在本季度又增加了五項長期協議，增加了大約 2 億美元的增量預付款和訪問費，以及這些長期協議下的大約 14 億美元的收入。

With respect to our differentiated product platforms, we continue to make progress in the first quarter with new GF product qualifications serving our customer needs across communications, infrastructure and data center, automotive as well as smart mobile devices and IoT end markets.

關於我們的差異化產品平台，我們在第一季度繼續取得進展，新的 GF 產品資格滿足了我們在通信、基礎設施和數據中心、汽車以及智能移動設備和物聯網終端市場的客戶需求。

Starting with automotive, we continue to deliver new power management products with expanded voltage handling capabilities on our highly competitive 130 BCDLite product line at automotive grade. This adds additional differentiated feature on our growing automotive product portfolio.

從汽車開始，我們繼續在極具競爭力的汽車級 130 BCDLite 產品線中提供具有擴展電壓處理能力的新電源管理產品。這為我們不斷增長的汽車產品組合增加了額外的差異化功能。

In the communications infrastructure and data center end market, at the most recent Optical Fiber Communications Conference in March, we were pleased to have no less than five of our customers, including Ayar Labs and Ranovus, shared demos of their data center solutions using GF Photonics, specifically our 45CLO technology. Ayar Labs also demonstrated the industry's first 4 terabytes per second optical solution for chip-to-chip connectivity.

在通信基礎設施和數據中心終端市場，在 3 月舉行的最近一次光纖通信會議上，我們很高興有不少於五家客戶（包括 Ayar Labs 和 Ranovus）分享了他們使用 GF Photonics 的數據中心解決方案的演示，特別是我們的 45CLO 技術。 Ayar Labs 還展示了業界首個每秒 4 TB 的芯片間連接光學解決方案。

For smart mobile devices, we are accelerating the delivery of enhanced features on [ASW]. That's our leading RF silicon on insulator based product line for front-end module components, including an enhanced low-noise amplifier. This technology will be making its way into the next releases of premium tier handsets.

對於智能移動設備，我們正在加速交付 [ASW] 上的增強功能。這是我們領先的基於絕緣體上射頻矽的前端模塊組件產品線，包括增強型低噪聲放大器。這項技術將進入下一版本的高端手機。

In IoT, we continue to innovate our differentiated technologies, focused on enhanced power efficiency and embedded memory for secure intelligence solutions at the edge. One example of this is our customer, Nordic, the market share leader in Bluetooth low-energy microcontrollers, recently announced their next-generation product series using GlobalFoundries' 22FDX. This is an exciting application of 22FDX as it enables an integrated single-chip solution, delivering more RF range at industry-leading low power efficiency and embedded nonvolatile memory for security.

在物聯網方面，我們繼續創新我們的差異化技術，專注於提高電源效率和嵌入式內存，以實現邊緣安全智能解決方案。這方面的一個例子是我們的客戶 Nordic，它是低功耗藍牙微控制器市場份額的領導者，最近宣布了他們使用 GlobalFoundries 的 22FDX 的下一代產品系列。這是 22FDX 的一個令人興奮的應用，因為它支持集成的單芯片解決方案，以業界領先的低功率效率和嵌入式非易失性存儲器提供更大的射頻範圍以確保安全。

Finally, continuing our research partnership efforts under GF Labs, we executed and announced a strategic university partnership agreement with Georgia Tech. This agreement spans a broad range of research activities, including their leadership capabilities in advanced packaging, silicon photonics and workforce development initiatives.

最後，繼續我們在 GF Labs 下的研究合作努力，我們執行並宣布了與佐治亞理工學院的戰略大學合作協議。該協議涵蓋廣泛的研究活動，包括他們在先進封裝、矽光子學和勞動力發展計劃方面的領導能力。

To summarize, I am pleased to report resilient financial performance in line with our guidance as our dedicated teams around the world continue to execute on the targets that we set and to deliver to our customers and our stakeholders.

總而言之，我很高興根據我們的指導報告具有彈性的財務業績，因為我們在世界各地的專業團隊繼續執行我們設定的目標，並交付給我們的客戶和利益相關者。

With that, over to you, Dave.

有了這個，就交給你了，戴夫。

Thank you, Tom, and welcome to our first 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，歡迎來到我們的第一季度財報電話會議。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 first quarter results were in line with the financial range we provided in our last quarterly update. First quarter revenue was approximately $1.84 billion, and we shipped approximately [511,000] 300-millimeter equivalent wafers in the quarter, an 18% decrease from the year prior period, driven by reduced wafer shipments, primarily related to mobile and consumer-driven end markets.

我們第一季度的業績與我們在上一季度更新中提供的財務範圍一致。第一季度收入約為 18.4 億美元，本季度我們出貨了約 [511,000] 個 300 毫米等效晶圓，比去年同期下降 18%，這是由於晶圓出貨量減少，主要與移動和消費者驅動的終端市場有關.

ASP increased approximately 12% year-over-year, driven by ramping long-term customer agreements with better pricing as well as continued improvement in product mix. Wafer revenue from our end markets accounted for approximately 87% of total revenue. Non-wafer revenue, which includes revenue from reticles, nonrecurring engineering, expedite fees and other items, accounted for approximately 13% of total revenue for the first quarter, broadly consistent with our expectations.

ASP 同比增長約 12%，這主要是由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。我們終端市場的晶圓收入約佔總收入的 87%。非晶圓收入，包括光罩、一次性工程、加急費用和其他項目的收入，約佔第一季度總收入的 13%，與我們的預期基本一致。

Let me now provide an update on our revenues by end markets. Smart mobile devices represented approximately 38% of the quarter's total revenue. First quarter revenue declined 29% from the prior year period, principally driven by reduced volumes and the low to mid-tier smartphone segments and a continuation of the well-publicized inventory correction within the broader smart mobile market. This decline was partially offset by higher ASPs, premium tier mix growth and continued content growth in our RF transceiver and audio products, which recorded double-digit growth from the prior year period.

現在讓我按終端市場提供我們收入的最新情況。智能移動設備約佔本季度總收入的 38%。第一季度收入較上年同期下降 29%，這主要是由於銷量下降和中低端智能手機細分市場以及更廣泛的智能移動市場內廣為人知的庫存調整持續進行。這一下降被更高的平均售價、高端混合增長以及我們的 RF 收發器和音頻產品的持續增長所部分抵消，這些產品比去年同期實現了兩位數的增長。

As you've heard from others, inventory levels have remained higher than expected in most of the smart mobile markets during the first quarter as the inventory correction continues to work through the supply chain. We believe that inventory levels will be largely normalized throughout the first half of 2023, and that more historical inventory levels will be achieved by the second half of the year. We continue to focus on growth opportunities in our RF transceiver and WiFi SoC technologies as we see greater value capture from the premium tier smartphone segment by supporting the transition towards more feature-rich handsets.

正如您從其他人那裡聽說的那樣，隨著庫存調整繼續在整個供應鏈中發揮作用，第一季度大多數智能移動市場的庫存水平仍然高於預期。我們認為，庫存水平將在 2023 年上半年基本正常化，到下半年將達到更多的歷史庫存水平。我們繼續關注我們的 RF 收發器和 WiFi SoC 技術的增長機會，因為我們看到通過支持向功能更豐富的手機過渡，從高端智能手機市場獲取更大的價值。

In the first quarter, revenue for the home and industrial IoT market grew approximately 7% year-over-year, representing approximately 19% of the quarter's total revenue. Year-over-year growth in this end market was primarily driven by our aerospace and defense business, where we continue to ramp to volume our design wins and driven by our wireless technologies that enable the broadening use of digital payments as well as industrial and government-connected devices. We expect increased customer demand for next-generation analog and mixed signal technologies, particularly within the smart card and aerospace and defense end markets, to largely offset the near-term inventory correction and market softness and the more consumer-centric portions of the IoT market.

第一季度，家庭和工業物聯網市場的收入同比增長約 7%，佔該季度總收入的約 19%。這一終端市場的同比增長主要是由我們的航空航天和國防業務推動的，我們在這些業務中繼續擴大我們的設計成果，並由我們的無線技術推動，這些技術能夠擴大數字支付以及工業和政府的使用範圍- 連接的設備。我們預計客戶對下一代模擬和混合信號技術的需求增加，尤其是在智能卡、航空航天和國防終端市場，這將在很大程度上抵消近期庫存調整和市場疲軟以及物聯網市場更以消費者為中心的部分.

As Tom discussed, Automotive continues to be a strong growth segment for us. First quarter revenue grew 122% year-over-year, representing approximately 10% of the quarter's total revenue. As discussed in our fourth quarter results, we expect to see a continued ramp across our processing, sensing, connectivity and vehicle infrastructure technologies throughout 2023. We have and will continue to allocate more of our existing capacity as well as add additional capacity to support the continued growth of silicon content within the automotive market.

正如湯姆所討論的那樣，汽車仍然是我們強勁的增長領域。第一季度收入同比增長 122%，約佔該季度總收入的 10%。正如我們在第四季度業績中所討論的那樣，我們預計到 2023 年我們的處理、傳感、連接和車輛基礎設施技術將持續增長。我們已經並將繼續分配更多的現有產能，並增加額外的產能來支持汽車市場中矽含量的持續增長。

Next, moving to our communications infrastructure and data center end market. First quarter revenue grew approximately 8% year-over-year and comprised approximately 19% of the quarter's total revenue, which was broadly in line with expectations. Due to the buildup of data center inventory in 2022 and demand softening for enterprise wired infrastructure, we expect to see a decline in revenues for this end market through the first half of 2023, with volumes expected to improve later in the second half of 2023.

接下來，轉向我們的通信基礎設施和數據中心終端市場。第一季度收入同比增長約 8%，佔本季度總收入的約 19%，基本符合預期。由於 2022 年數據中心庫存增加和企業有線基礎設施需求疲軟，我們預計到 2023 年上半年該終端市場的收入將下降，預計 2023 年下半年晚些時候銷量將有所改善。

Finally, our personal computing end market declined 12% year-over-year in the first quarter and comprised approximately 2% of the quarter's total revenue. PC and notebook demand continues to be soft, and we expect this end market to continue to decline as a percentage of our overall revenue in 2023.

最後，我們的個人計算終端市場在第一季度同比下降了 12%，約佔該季度總收入的 2%。個人電腦和筆記本電腦的需求持續疲軟，我們預計到 2023 年這一終端市場占我們總收入的百分比將繼續下降。

Also in the first quarter, we were awarded and received a tax refund of $152 million by the state of New York related to the significant manufacturing investments we've made in the state. We're proud to have partnered with the state of New York to create tremendous value for the local community.

同樣在第一季度，我們獲得併收到紐約州 1.52 億美元的退稅，這與我們在該州進行的重大製造業投資有關。我們很自豪能與紐約州合作，為當地社區創造巨大價值。

For the first quarter, we delivered adjusted gross profit of $525 million, which was at the high end of our guided range and translates into approximately 28.5% adjusted gross margin. The roughly 320 basis point year-over-year improvement was driven by higher ASPs and a richer product mix.

第一季度，我們實現了 5.25 億美元的調整後毛利潤，處於我們指導範圍的高端，相當於調整後毛利率約為 28.5%。大約 320 個基點的同比改善是由更高的平均售價和更豐富的產品組合推動的。

Operating expenses for the first quarter represented approximately 11% of total revenue. R&D for the quarter was approximately $105 million and SG&A declined sequentially to $94 million. Total operating expenses were about $199 million as we continue to prudently manage our costs.

第一季度的運營費用約佔總收入的 11%。本季度的研發費用約為 1.05 億美元，SG&A 環比下降至 9400 萬美元。由於我們繼續審慎管理成本，總運營費用約為 1.99 億美元。

We delivered operating profit of $326 million for the quarter, which translates into an approximately 17.7% adjusted operating margin, roughly 330 basis points better than the year ago period and above the high end of our guided range. First quarter net interest and other expense was $13 million, and we incurred a tax expense of $23 million in the quarter. We delivered first quarter adjusted net income of approximately $290 million, an increase of approximately $58 million from the year ago period. As a result, we reported adjusted diluted earnings of $0.52 per share for the quarter.

本季度我們實現了 3.26 億美元的營業利潤，這意味著調整後的營業利潤率約為 17.7%，比去年同期高出約 330 個基點，高於我們指導範圍的高端。第一季度淨利息和其他費用為 1300 萬美元，本季度我們產生了 2300 萬美元的稅收費用。我們第一季度的調整後淨收入約為 2.9 億美元，比去年同期增加約 5800 萬美元。因此，我們報告本季度調整後的攤薄收益為每股 0.52 美元。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the first quarter was $479 million. CapEx for the quarter was $957 million or roughly 52% of revenue. At the end of the first quarter, our combined total of cash, cash equivalents and marketable securities stood at approximately $3.2 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。第一季度的運營現金流為 4.79 億美元。本季度的資本支出為 9.57 億美元，約佔收入的 52%。截至第一季度末，我們的現金、現金等價物和有價證券的總和約為 32 億美元。我們還有 10 億美元的循環信貸額度，尚未提取。

Before I transition to guidance for the second quarter, I will comment briefly on the outlook for the year. As Tom articulated in his prepared commentary, we believe that the first quarter represents the low point for our revenue in 2023 and that we will grow slightly on a sequential basis quarter-to-quarter to quarter-to-quarter throughout the year.

在我過渡到第二季度的指導之前，我將簡要評論一下今年的前景。正如湯姆在他準備好的評論中所闡明的那樣，我們認為第一季度是我們 2023 年收入的低點，我們將在全年的季度環比和環比基礎上略有增長。

Although we only guide 1 quarter at a time, our expectation based on our internal models and our discussions with customers, is that the second half of 2023 will signal the normalization of inventory levels and that increased volumes are forecast to occur later in the second half than previously anticipated. Based on updated models, we expect that year-over-year shipment volumes for 2023 will decline in the high single-digit percentage points range, partially offset by modest improvements in ASP and mix, resulting in a 2023 year-over-year revenue decline in the mid- to high single digits.

雖然我們一次只指導 1 個季度，但根據我們的內部模型和與客戶的討論，我們的預期是 2023 年下半年將標誌著庫存水平正常化，預計下半年晚些時候會出現銷量增加比之前預期的要多。根據更新後的模型，我們預計 2023 年的出貨量同比將下降個位數的高個百分點，部分被 ASP 和組合的適度改善所抵消，導致 2023 年收入同比下降在中高個位數。

Next, let me provide you with our outlook for the second quarter. We expect total GF revenue to be between $1.81 billion and $1.85 billion. Of this, we expect non-wafer revenue to be approximately 10% of total revenue. We expect adjusted gross profit to be between $498 million and $527 million. We expect adjusted operating profit to be between $288 million and $327 million. Excluding share-based compensation for the quarter, we expect total OpEx to be between $200 million and $210 million.

接下來，讓我向您提供我們對第二季度的展望。我們預計 GF 總收入將在 18.1 億美元至 18.5 億美元之間。其中，我們預計非晶圓收入約佔總收入的 10%。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 2.88 億美元至 3.27 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 億美元至 2.1 億美元之間。

At the midpoint of our 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. We expect net interest and other expense for the quarter to be between $4 million and $12 million and tax expense to be between $20 million and $25 million. We expect adjusted net income to be between $256 million and $299 million, on a fully diluted share count of approximately 558 million shares. We expect adjusted earnings per share for the first quarter to be between $0.46 and $0.54.

在我們指導的中點，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。我們預計本季度的淨利息和其他費用在 400 萬美元至 1200 萬美元之間，稅收費用在 2000 萬美元至 2500 萬美元之間。我們預計調整後的淨收入將在 2.56 億美元至 2.99 億美元之間，完全攤薄後的股份數量約為 5.58 億股。我們預計第一季度調整後的每股收益在 0.46 美元至 0.54 美元之間。

For the full year 2023, we continue to expect CapEx to be approximately $2.25 billion.

對於 2023 年全年，我們繼續預計資本支出約為 22.5 億美元。

In summary, strong operational performance and proactive decision-making across our business enabled us to deliver first quarter results broadly in line with the guidance ranges we provided in our fourth quarter earnings update. We are continuing to tackle the challenges presented by the cyclical headwinds impacting our industry and are implementing initiatives to mitigate their impacts on our business as we remain focused on delivering the strategic goals and financial targets set out in our long-term model.

總而言之，我們業務的強勁運營業績和積極的決策制定使我們能夠提供與我們在第四季度收益更新中提供的指導範圍大致一致的第一季度業績。我們將繼續應對影響我們行業的周期性逆風帶來的挑戰，並實施舉措以減輕它們對我們業務的影響，因為我們仍然專注於實現我們長期模型中設定的戰略目標和財務目標。

With that, I'll turn the call back over to Tom.

有了這個，我會把電話轉回給湯姆。

Thanks, Dave. We are proud of GF's 14-year history and specifically the strong progress we have made over the last several years. But the opportunity ahead is even more exciting for GF. In a world that depends on the supply of semiconductors for economic, national and supply chain security, we offer our customers a unique and differentiated value proposition. We achieved this by focusing our innovation on application-specific features, our end markets require and deliver these via deep customer partnerships.

謝謝，戴夫。我們為 GF 的 14 年曆史，特別是我們在過去幾年取得的巨大進步感到自豪。但未來的機會對 GF 來說更令人興奮。在一個依賴半導體供應來保障經濟、國家和供應鏈安全的世界中，我們為客戶提供獨特且差異化的價值主張。我們通過將創新重點放在特定於應用程序的功能上來實現這一目標，我們的終端市場需要並通過深入的客戶合作夥伴關係提供這些功能。

You've heard the story play out as we've continued to achieve significant growth in sectors, such as Automotive and IoT, two of the most exciting growth engines for our industry. What's different about these markets is that innovation required to win is not based on Moore's Law scaling. GF wins in these end markets because we deliver industry-leading power efficiency with our proprietary FDX technology.

隨著我們繼續在汽車和物聯網等行業取得顯著增長，這兩個行業是我們行業最令人興奮的增長引擎，您已經聽說過這個故事。這些市場的不同之處在於，取勝所需的創新並非基於摩爾定律。 GF 在這些終端市場中獲勝，因為我們利用我們專有的 FDX 技術提供行業領先的能效。

We win because we bring world-class RF connectivity across all our technology platforms, allowing for optimized digital and analog content in customer designs. And we win because we add intelligence and security at the edge with a range of world-class embedded memory technologies. The proof is in the numbers. As you heard early on during the call, we are continuing to grow our revenue in these markets, and it's our differentiation that is driving that.

我們之所以獲勝，是因為我們在所有技術平台上帶來了世界一流的 RF 連接，允許在客戶設計中優化數字和模擬內容。我們之所以獲勝，是因為我們通過一系列世界一流的嵌入式內存技術在邊緣增加了智能和安全性。證據就在數字中。正如您早些時候在電話會議中聽到的那樣，我們正在繼續增加這些市場的收入，而正是我們的差異化推動了這一點。

We see secular acceleration of the role of semiconductors in the world. We believe in the criticality of secure manufacturing to deliver products to global markets. And we are committed to continuing to invest in our global talent so that GF can play an increasingly vital role in the future of this industry.

我們看到半導體在世界上的作用在長期加速。我們相信安全製造對於向全球市場交付產品至關重要。我們致力於繼續投資於我們的全球人才，以便 GF 能夠在這個行業的未來發揮越來越重要的作用。

It is in that context that I'm delighted to announce two accomplished leaders who are joining the GF leadership team to help drive our business and our technology leadership and accelerate our financial performance during the next exciting phase of our journey.

正是在這種背景下，我很高興地宣布兩位有成就的領導者將加入 GF 領導團隊，以幫助推動我們的業務和技術領先地位，並在我們旅程的下一個激動人心的階段加速我們的財務業績。

Industry veteran, Niels Anderskouv, will be joining us in June as our Chief Business Officer. Niels will own and deliver our product and technology road map, our commercial strategy and our go-to-market execution. Niels comes to us following a 20-plus year career at Texas Instruments, where his last role was as Senior Vice President and Executive Officer, responsible for the company's multibillion-dollar analog power business.

行業資深人士 Niels Anderskouv 將於 6 月加入我們，擔任我們的首席商務官。 Niels 將擁有並提供我們的產品和技術路線圖、我們的商業戰略和我們的上市執行。 Niels 在德州儀器 (Texas Instruments) 工作 20 多年後加入我們，他在德州儀器 (TI) 的最後一個職位是擔任高級副總裁兼執行官，負責公司價值數十億美元的模擬電源業務。

He brings deep expertise in power management, analog and mixed signal technologies and an impeccable track record of driving and delivering financial performance. Our existing product end markets sales and technology teams will report to Niels.

他在電源管理、模擬和混合信號技術方面擁有深厚的專業知識，並且在推動和實現財務業績方面有著無可挑剔的記錄。我們現有的產品終端市場銷售和技術團隊將向 Niels 匯報。

Additionally, Tim Stone will be joining GF in June as our Chief Financial Officer. Tim will build on the strong foundation laid by David Reeder, and we'll focus on accelerating our financial performance, enhancing our investment discipline and continuing to bring transparent communication to all of our stakeholders.

此外，Tim Stone 將於 6 月加入 GF，擔任我們的首席財務官。 Tim 將在 David Reeder 打下的堅實基礎上再接再厲，我們將專注於加快我們的財務業績，加強我們的投資紀律，並繼續為我們所有的利益相關者帶來透明的溝通。

He brings a world-class finance pedigree to GF, including 20 years at Amazon in senior finance roles, including as CFO for the AWS and Devices business. Tim is a seasoned public company CFO, with experience at Ford Motor Company, Snap and most recently as the CFO for a private AI software company. With his breadth of experience and track record of delivering business outcomes in fast-moving technology-enabled industries that GF serves today, Tim brings new and vital perspectives to help guide GF in its next chapter.

他為 GF 帶來了世界一流的財務背景，包括在亞馬遜擔任高級財務職位 20 年，包括擔任 AWS 和設備業務的首席財務官。 Tim 是一位經驗豐富的上市公司首席財務官，曾在福特汽車公司、Snap 工作，最近擔任一家私營人工智能軟件公司的首席財務官。憑藉其在當今 GF 所服務的快速發展的技術支持行業中交付業務成果的廣泛經驗和業績記錄，Tim 帶來了新的重要觀點來幫助指導 GF 開啟新的篇章。

David Reeder will be leaving GF after transitioning to Tim Stone over the coming months. Dave has been a true partner to me through our transition to the public markets and has left an indelible imprint on GF and on me personally. On behalf of the entire GF family, I wish Dave the best of success in his next chapter.

David Reeder 將在未來幾個月轉投 Tim Stone 後離開 GF。在我們向公開市場過渡期間，Dave 一直是我真正的合作夥伴，並在 GF 和我個人身上留下了不可磨滅的印記。我代表整個 GF 家族，祝愿 Dave 在他的下一個篇章中取得圓滿成功。

Dave, I'll turn it back to you for your final thoughts before we head into Q&A.

戴夫，在我們進入問答環節之前，我會把它轉回給你，徵求你的最終想法。

Thanks, Tom. 3 years ago, I joined GlobalFoundries with a singular mission, one that was shared across GF's talented and diverse workforce, to build the world's leading and only geographically diversified, feature-rich semiconductor foundry. We have made tremendous progress towards this goal, and have never been better positioned to serve our customers' increasing demand across multiple markets as a secure geographically diverse partner with best-in-class technology.

謝謝，湯姆。 3 年前，我帶著一個獨特的使命加入了 GlobalFoundries，這個使命是 GF 才華橫溢、多元化的員工隊伍所共有的，即建立世界領先的、地域多元化、功能豐富的半導體代工廠。我們在實現這一目標方面取得了巨大進展，並且作為一個具有一流技術的安全的地域多元化合作夥伴，我們能夠更好地滿足客戶在多個市場日益增長的需求。

With all the progress GF has made, I'm ready to hand over the reins to Tim Stone. I look forward to welcoming him to GF and will continue to support the company as we complete the transition over the coming months.

隨著 GF 取得的所有進展，我準備將控制權移交給 Tim Stone。我期待著歡迎他加入 GF，並將在我們完成未來幾個月的過渡期間繼續支持公司。

In closing, I wanted to extend my appreciation to our 13,000 employees around the globe who deliver every day for our customers.

最後，我想對我們全球 13,000 名每天為客戶提供服務的員工表示感謝。

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) And our first question comes from the line of Harlan Sur with JPMorgan.

（操作員說明）我們的第一個問題來自 Harlan Sur 與摩根大通的合作。

Dave, thanks for all the support and helping the team drive the strong execution profile. And best of luck on future endeavors.

戴夫，感謝您的所有支持並幫助團隊推動強大的執行力。祝你在未來的努力中好運。

Thanks, Harlan.

謝謝，哈倫。

The team's pricing is based on technology differentiation, right, which drives the very high mix of sole-source engagements. And your partnerships are not arm's length, right, but very strategic.

該團隊的定價基於技術差異化，對，這推動了單一來源參與的高度組合。你的伙伴關係不是一臂之遙，對吧，但非常具有戰略意義。

On the flip side, I mean, the supply/demand dynamics in the industry have weakened. Competitors continue to add capacity. You did say that the team is still on track to grow ASPs this year. What about on new business and LTAs that you're winning, LTAs that you're negotiating? What's the ASP trend on the new business?

另一方面，我的意思是，該行業的供需動態已經減弱。競爭對手繼續增加產能。您確實說過該團隊今年仍有望增長 ASP。關於您正在贏得的新業務和 LTA，以及您正在談判的 LTA，情況如何？新業務的 ASP 趨勢如何？

Thanks, Harlan. Look, when I think about our pricing, the first time we talked about pricing for 2023 was on our November call, where we said we thought pricing was going to increase on a year-over-year basis in '23 versus '22. We reiterated that again in February. We delivered it in Q1, and we're kind of reiterating it for the year here in 2023 that we believe that pricing will increase slightly on a year-over-year basis, '23 versus '22.

謝謝，哈倫。看，當我考慮我們的定價時，我們第一次談論 2023 年的定價是在我們 11 月的電話會議上，我們說我們認為定價將在 23 年與 22 年同比增長。我們在二月份再次重申了這一點。我們在第一季度交付了它，我們在某種程度上重申了 2023 年的這一年，我們相信價格將同比略有上漲，'23 與 '22。

When we look out in time and we think about the [D] wins that we're winning and the LTAs that we're signing, five of them in the first quarter, another $1.4 billion of LTAs, those LTAs deliver the economic value that GF needs to deliver our long-term financial model. And so I think customers are looking through this kind of near-term perturbation with the inventory in their channel, they're looking out into time.

當我們及時觀察並考慮我們正在贏得的 [D] 勝利和我們正在簽署的長期協議時，第一季度有五個，另外 14 億美元的長期協議，這些長期協議帶來的經濟價值GF 需要提供我們的長期財務模型。因此，我認為客戶正在審視他們渠道中庫存的這種近期擾動，他們正在尋找時間。

And they are seeing capacity constraints in the future, particularly in the geographies where they want that capacity and they're hungry for that geographic diversification as well as the technology that you have delivered.

他們看到了未來的容量限制，特別是在他們需要這種容量的地區，他們渴望這種地域多樣化以及您提供的技術。

Tom, anything you'd add to that?

湯姆，你還有什麼要補充的嗎？

Yes. I'd add, this is the bottom of our slowdown, and we sign these kinds of long-term agreements. Our single-source base business, if you look at the design win mix -- for the first quarter, over 90% were single-source business. And our discipline around design wins, we make sure that all new design wins are accretive to our financial model. And that's the way we're driving our business. It's not about all business, it's about accretive business.

是的。我要補充的是，這是我們放緩的底部，我們簽署了這類長期協議。我們的單一來源基礎業務，如果你看一下設計獲勝組合——第一季度，超過 90% 是單一來源業務。我們圍繞設計獲勝的紀律，我們確保所有新的設計獲勝都能增加我們的財務模型。這就是我們推動業務發展的方式。這與所有業務無關，而是與增值業務有關。

And then for my follow-up, given the weaker full year revenue outlook, you should still grow your revenues on average like mid-single digits sequentially in Q3 and Q4. You've got the strong ASP profile. So how should we think about the gross margin profile for the remainder of the year? Can the team exit this year at 30% or better gross margins?

然後對於我的後續行動，鑑於全年收入前景較弱，您的收入仍應平均增長，如第三季度和第四季度的中個位數連續增長。您擁有強大的 ASP 配置文件。那麼我們應該如何考慮今年剩餘時間的毛利率呢？團隊今年能否以 30% 或更高的毛利率退出？

So Harlan, as you know, we'll guide 1 quarter at a time, but we did want to give you some of that color for the year. That stated, I would like to add a little bit more context. When you think about 2022 -- for the year of 2022, we ran utilization in the very high 90s percent for the entire year, almost 100% for the entire year.

所以 Harlan，如你所知，我們將一次指導一個季度，但我們確實想為你提供當年的一些顏色。也就是說，我想添加更多的上下文。想想 2022 年——2022 年，我們全年的利用率都高達 90%，幾乎是 100%。

And so when you think about 2023, in the first quarter, we guided that we would run in the mid-80s from a utilization perspective. As you know, every 5 points of utilization is roughly 2 points of gross margin. But yet when you look at what we delivered in Q1 from a gross margin perspective, it was actually very much in line with what we delivered for the year of 2022.

因此，當您考慮 2023 年時，在第一季度，我們指導我們從利用率的角度來看將在 80 年代中期運行。如您所知，每 5 個點的利用率大約是 2 個點的毛利率。但是，當你從毛利率的角度來看我們在第一季度交付的產品時，它實際上與我們在 2022 年交付的產品非常一致。

And so we've been able, through good operational performance, improved mix, improved pricing to be able to reset the gross margin baseline for 2023. And so when you think about the full year, Q1 being the lowest quarter for our revenue, we stated that we believe we would guide on a Q-to-Q-to-Q-to-Q basis sequentially throughout the year. I would expect there to be a high correlation of gross margin and revenue.

因此，通過良好的運營績效、改進的組合、改進的定價，我們能夠重新設定 2023 年的毛利率基線。所以當你考慮全年時，第一季度是我們收入最低的一個季度，我們表示我們相信我們將在全年按順序按 Q-to-Q-to-Q-to-Q 的方式進行指導。我預計毛利率和收入之間會有很高的相關性。

And your next question comes from the line of Mark Lipacis with Jefferies.

你的下一個問題來自 Mark Lipacis 與 Jefferies 的合作。

Dave, sorry, you're leaving. I really appreciate all the great support that you've given us over here at Jefferies. On the topic of reshoring, which is interesting for many investors, it sounds like your engagement with customers is very high. And I imagine that this is because you guys are providing great technology with a good value.

戴夫，對不起，你要走了。我非常感謝您在 Jefferies 給予我們的所有大力支持。關於許多投資者感興趣的回流話題，聽起來您與客戶的互動度很高。我想這是因為你們正在提供具有良好價值的偉大技術。

But I guess I'm wondering, is there a way to quantify or how the trend of reshoring is impacting your engagements? Or are customers telling you that part of your value proposition is the ability to bring the manufacturing back to local markets? Or if you can provide any color on the conversations that you're having with your customers on that topic.

但我想我想知道，是否有辦法量化或回流趨勢如何影響您的參與？還是客戶告訴您，您的價值主張的一部分是能夠將製造帶回當地市場？或者，如果您可以為您與客戶就該主題進行的對話提供任何顏色。

Thanks, Mark. It's an important -- I think the realization of how important it is to first to get a more balanced supply chain. Concentration in very small pockets of the world are not good for geopolitical, geological reasons for a lot of reasons.

謝謝，馬克。這很重要——我認為首先要獲得更平衡的供應鍊是多麼重要。由於地緣政治和地質原因，集中在世界上非常小的地區並不好。

So the realization is there. And now it always comes down to execution implementation. I would tell you, a lot more awareness and drive in more sensitive applications, think of aerospace and defense, where supply chains out of China, for example, would be very problematic for those types of applications.

所以實現就在那裡。現在它總是歸結為執行實施。我會告訴你，在更敏感的應用程序中有更多的意識和動力，想想航空航天和國防，例如，中國以外的供應鏈對於這些類型的應用程序來說是非常有問題的。

A lot of energy out of the fabless companies in China and Taiwan, their businesses could be shut down if they don't have a global supply chain. So I think what we're seeing is a lot more conversations. Companies trying to plan their next move. I don't think it's realistic for anybody to say, let me take an existing design and report it somewhere else.

中國大陸和台灣的無晶圓廠公司耗費了大量精力，如果他們沒有全球供應鏈，他們的業務可能會被關閉。所以我認為我們看到的是更多的對話。試圖計劃下一步行動的公司。我認為任何人說讓我採用現有設計並將其報告到其他地方都是不現實的。

That's a lot of reuse of important engineering talent, but thinking about future designs and planning it not only on technology and application space, but who and where it's going to be built. So I would tell you, in net of all of that, this still remains an opportunity for us ahead, very little in the present P&L that you've heard today.

這是對重要工程人才的大量重用，但考慮未來的設計和規劃不僅要考慮技術和應用空間，還要考慮將由誰和在哪裡構建。所以我會告訴你，在所有這些之後，這仍然是我們未來的機會，在你今天聽到的當前損益表中很少。

Got you. That's helpful. And a follow-up on the auto business, which is more than doubled on a year-over-year basis. You continue -- you expect to see continued ramp here and you're adding capacity. How -- like can you just remind us like how you think about the growth vector? And auto is doubling annually, is this kind of how we should think about this for you guys? Or could you just talk about how you see this business over the next several years?

明白了這很有幫助。以及汽車業務的後續行動，該業務同比增長了一倍多。你繼續 - 你希望看到這裡繼續增加並且你正在增加容量。如何 - 你能提醒我們你如何看待增長向量嗎？汽車每年翻一番，這是我們應該為你們考慮的方式嗎？或者你能談談你如何看待未來幾年的這項業務嗎？

So I'll go in reverse order. It's all about what you believe. If you believe that the transition from an internal combustion engine to what we call ACE, an autonomous connected electrified vehicle, drive significant content growth of semiconductors in the automotive industry, somewhere between 10% and 15% compounded.

所以我會以相反的順序進行。這完全取決於你相信什麼。如果您認為從內燃機到我們所謂的 ACE（一種自動聯網的電動汽車）的過渡，將推動汽車行業半導體的含量顯著增長，複合增長率在 10% 到 15% 之間。

Eventually, that's the rate at which we expect our growth, but because we're starting with new design wins on new models. And off a relatively smaller base, you'll see a higher growth rate like you've seen from us. Think about -- if we go back in 2020, our automotive revenue was less than $100 million. Last year, it was around the $375 million mark.

最終，這就是我們預期的增長速度，但因為我們從新設計開始贏得新模型。在相對較小的基礎上，您會看到更高的增長率，就像您從我們這裡看到的那樣。想一想——如果我們回到 2020 年，我們的汽車收入還不到 1 億美元。去年，這一數字約為 3.75 億美元。

This year, we still feel that we're going to be bumping our head up on $1 billion, where earlier we were talking about our fourth quarter run rate. So we have high visibility to the types of applications our technology is going into with cars and the types of features to feel very confident that we're not done growing in this space. But doubling on a big basis, a lot harder than doubling on small base, but I firmly believe that we will continue to grow revenue in this market and gaining share more importantly.

今年，我們仍然認為我們將在 10 億美元的基礎上實現目標，而早些時候我們談論的是第四季度的運行率。因此，我們對我們的技術在汽車中的應用類型和功能類型有很高的了解，因此我們非常有信心我們在這個領域的發展還沒有結束。但是在大的基礎上翻一番，比在小的基礎上翻一番要難得多，但我堅信我們將繼續增加這個市場的收入，更重要的是獲得份額。

And your next question comes from the line of Vivek Arya with Bank of America Securities.

你的下一個問題來自美國銀行證券公司的 Vivek Arya。

Thanks and best wishes to Dave on his next adventure. He'll be really missed. So first, I wanted to ask, Tom, you mentioned second half '23 to mark a return to some kind of normal trends. Is that based on historical seasonality? Is that based on specific customer orders?

感謝並祝愿 Dave 的下一次冒險之旅。他會真的很想念。所以首先，我想問，湯姆，你提到 23 年下半年標誌著某種正常趨勢的回歸。這是基於歷史季節性嗎？是基於特定的客戶訂單嗎？

Because your large smartphone customer was talking about the weakness in the smartphone market kind of persisting towards the end of the year. So that's why I'm just curious what is giving you the confidence that the second half could mark a return to some level of seasonal trends?

因為您的智能手機大客戶正在談論智能手機市場的疲軟，這種疲軟會持續到年底。所以這就是為什麼我很好奇是什麼讓你相信下半年可以標誌著某種程度的季節性趨勢的回歸？

Well, I think the point was we're starting -- we start to see normalization of inventories in the second half. And as a result, that's why our revenue will have very modest sequential growth. Inventories are coming down. If you look on aggregate, first quarter, we saw, from an industry range, a modest decrease in inventories, and that bodes well for the second half, especially with certain customers are telling us they want to let the inventories come down. They more normalize how they're feeding the channel, they want to get this past us.

好吧，我認為關鍵是我們開始了——我們開始看到下半年庫存正常化。因此，這就是為什麼我們的收入將有非常適度的連續增長。庫存正在下降。如果你從整體來看，第一季度，我們看到，從一個行業範圍來看，庫存略有下降，這對下半年來說是個好兆頭，尤其是某些客戶告訴我們他們希望讓庫存下降。他們更加規範了他們如何餵養頻道，他們想讓我們過去。

And so the real change, I think, is when we came into this year there was a belief that the second half would be a strong recovery. And what we're seeing in the second half is a more muted recovery. That was the point we were trying to make.

因此，我認為真正的變化是，當我們進入今年時，人們相信下半年將出現強勁復甦。而我們在下半年看到的是更加溫和的複蘇。這就是我們試圖表達的觀點。

And if I could just build on that just a little bit in a couple of end markets. So with respect to smart mobile, obviously, that market is a bit more challenged with some of the inventory there as well as some of the handset volumes.

如果我能在幾個終端市場上稍微建立一點的話。因此，就智能手機而言，顯然，該市場的一些庫存和一些手機數量面臨更大的挑戰。

The bright spot for us is that we do play in that premium segment of the market, where we actually not only play in that premium segment, but we also attach more silicon in that premium segment, and that's a segment of the market that's held up a little bit better. We talked a little bit about automotive earlier in the call, so I won't reiterate that point.

對我們來說，亮點是我們確實在高端市場中發揮作用，我們實際上不僅在高端市場中發揮作用，而且我們還在高端市場中附加了更多的矽，這是一個被阻止的市場細分市場好一點。我們在電話會議的早些時候談到了汽車，所以我不會重申這一點。

But then the other end market or maybe sub-end market that I would talk about is the aerospace and defense business as well as the industrial side and governmental side of the IoT business has also held up quite well. And so while we've seen smartphone general weakness, and we've also seen some of the lower-end consumer-centric weakness, we do have some other businesses that are helping to offset that weakness. And we've been able to reallocate capacity in a very capital-efficient way to those markets that are growing.

但我要談論的另一個終端市場或子終端市場是航空航天和國防業務，以及物聯網業務的工業方面和政府方面也表現良好。因此，雖然我們看到了智能手機的普遍弱點，並且我們也看到了一些以低端消費者為中心的弱點，但我們確實有一些其他業務正在幫助抵消這種弱點。我們已經能夠以一種非常具有資本效率的方式將產能重新分配給那些正在增長的市場。

And my second question is what is the report card on LTAs that were supposed to be executed this year? Because if you go back, let's say, a year, right, and think about the LTAs that were supposed to come through in '23, what has been the actual realization of that? How much has been pushed out or canceled? What I'm trying to get a sense for is how flexible are you guys with the LTAs? And how much can we depend on them to deliver on a certain amount of revenue expectation for a given year?

我的第二個問題是本應在今年執行的長期協議的成績單是什麼？因為如果你回去，比方說，一年，對吧，想想應該在 23 年通過的長期協議，實際實現的是什麼？有多少被推遲或取消了？我想了解的是你們對 LTA 的靈活性如何？我們能在多大程度上依賴他們來實現給定年份的一定收入預期？

Great. Let me address that one. And then, Tom, maybe you can build on it as well. So from an LTA perspective, the LTAs are actually performing through their stated purpose. And what was that stated purpose? Well, that stated purpose was that they would create a framework for discussion for GlobalFoundries and our customers, such that when there are inflection points in the market that we would sit down in a rational way, in an equal way and have a healthy conversation around the investments that we've made for maybe demand that perhaps isn't materializing the way we originally expected.

偉大的。讓我來談談那個。然後，湯姆，也許你也可以以此為基礎。因此，從長期協議的角度來看，長期協議實際上是在履行其既定目的。那個明確的目的是什麼？好吧，既定的目的是他們將為 GlobalFoundries 和我們的客戶創建一個討論框架，這樣當市場出現拐點時，我們將以理性的方式坐下來，以平等的方式進行健康的對話我們為可能需求所做的投資可能沒有按照我們最初預期的方式實現。

And so we all recognized that we're in an environment where there's too much inventory in the channel. And so just continuing to ship more inventory in the channel actually isn't helpful. And so that framework has really come into play where we have sat down with our customers, and we have looked at the entire economic life and value of that contract, and we've worked across the three main elements that we had spoken about previously, I mean, as early as even our road show.

因此，我們都認識到我們處於渠道庫存過多的環境中。因此，僅僅繼續在渠道中運送更多庫存實際上是沒有幫助的。因此，在我們與客戶坐下來討論時，該框架真正發揮了作用，我們研究了該合同的整個經濟壽命和價值，並且我們已經研究了我們之前談到的三個主要要素，我的意思是，甚至早在我們的路演時。

And that was -- we talked to our customers about price. We talked to them about volume. We talked to them about duration, and we also talked to them about future design win opportunities such that we can capture more share of their wallet in the future to preserve, if not enhance the economic value of those LTAs. And so we've been able to deliver on that.

那就是——我們與客戶討論了價格。我們與他們討論了音量。我們與他們討論了持續時間，我們還與他們討論了未來設計獲勝的機會，這樣我們就可以在未來獲得他們更多的錢包份額，以保留（如果不是提高）這些長期協議的經濟價值。因此，我們已經能夠實現這一目標。

And so as we mentioned last quarter, we had one customer where we had an underutilization fee settlement. That one was fairly well publicized. We do not have any other new settlements to announce, but what we have been able to do with those contracts is work across that framework that I discussed to not only preserve, but also enhance the economic value to GF.

因此，正如我們上個季度提到的那樣，我們有一個客戶，我們有一個未充分利用的費用結算。那個宣傳得相當好。我們沒有任何其他新的和解協議要宣布，但我們能夠對這些合同做的是在我討論過的框架內開展工作，不僅要保留，還要提高 GF 的經濟價值。

Tom, anything you'd add to that?

湯姆，你還有什麼要補充的嗎？

I think that was exactly the intent. It was to create partnerships, to go -- to manage the upsides and the downsides together. And the operative term is preserve the overall economic value of the agreement. And a lot of that has to do with new wins and new opportunities and extending the life of these.

我認為這正是意圖。這是為了建立夥伴關係，共同管理優勢和劣勢。執行期限是保持協議的整體經濟價值。這在很大程度上與新的勝利和新的機會以及延長這些機會的壽命有關。

And again, back to a quarter that we're all calling the low point for our industry, we still brought in $1.5 billion of new long-term agreements and $200 million of prepay as part of that.

再一次，回到一個我們都稱之為我們行業低點的季度，我們仍然帶來了 15 億美元的新長期協議和 2 億美元的預付款作為其中的一部分。

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

你的下一個問題來自德意志銀行的 Ross Seymore。

David, best of luck. It's sad to see you go. I want to go back to the pricing side of the equation. I know you guys don't guide by wafer units and pricing, but it looks like the first half of this year is on the pricing side going to be up double digits. And you said the full year was going to be slightly up year-over-year.

大衛，祝你好運。看到你走了很難過。我想回到等式的定價方面。我知道你們不以晶圓單位和定價為指導，但看起來今年上半年的定價方面將上漲兩位數。你說全年將同比略有增長。

That seems to imply the second half is going to go down. If that math is correct, is that something to do with mix? Are you having to price more aggressively as part of the negotiations with the LTAs that you just discussed in the last question? Is there any sort of metric that I'm missing in that analysis?

這似乎暗示下半場將走低。如果這個數學是正確的，那與混合有關嗎？作為您剛剛在上一個問題中討論的 LTA 談判的一部分，您是否必須更積極地定價？該分析中是否缺少任何類型的指標？

Sure, Ross. Obviously, the comparison in the first half are a little bit easier than it compares to the second half of last year. What we've always talked about is we've talked about the pricing would continue to improve as we ramp those LTAs, many of which started ramping in the middle to the last half of 2022.

當然，羅斯。顯然，上半年的比較比去年下半年要容易一些。我們一直在談論的是，隨著我們增加這些 LTA，定價將繼續提高，其中許多 LTA 在 2022 年中期至下半年開始增加。

And so the way we think about pricing is we think pricing at the current levels is very stable, slightly up, and then you're going to bump around a little bit depending on what the mix of your business is. And so when you think about a year-over-year basis, that would lead you to the kind of double -- high single digit, double -- low teens type of growth that you mentioned. And then as you get towards the back half of the year, you look at pricing that's relatively flat depending on exactly what the final mix is.

因此，我們考慮定價的方式是，我們認為當前水平的定價非常穩定，略有上漲，然後你會根據你的業務組合有所波動。因此，當你考慮同比增長時，你會想到你提到的那種雙倍——高個位數，雙倍——低青少年類型的增長。然後當你進入今年下半年時，你會看到相對平穩的定價，具體取決於最終組合是什麼。

Got it. And then -- from an end market perspective, you said earlier that you reiterated the bumping up against the $1 billion in the automotive side of things. So that's really impressive growth. It seems like that could get you that slight sequential growth in the back half quarters all by itself.

知道了。然後——從終端市場的角度來看，你之前說過你重申了汽車方面的 10 億美元。所以這真是令人印象深刻的增長。似乎這本身就可以讓你在後半個季度實現輕微的連續增長。

Are there other segments that you expect to continue to go down in the back half? It seemed like you said that inventory should be pretty normalized. So I wouldn't expect them to go up that fast necessarily, but it didn't sound like anything was going to go down. So what's really the offset to the automotive growth?

您預計後半段是否還有其他細分市場會繼續下跌？你好像說庫存應該非常規範化。所以我不希望他們一定會上升得那麼快，但聽起來並沒有什麼東西會下降。那麼，汽車增長的真正抵消因素是什麼？

Sure. When you think about the sequential growth in the back half of the year, really, what you're looking at is you're hearing us say -- when we say (inaudible), you're hearing us say, "We feel good about the industrial and the governmental portion of home and industrial IoT."

當然。當你考慮下半年的連續增長時，真的，你看到的是你聽到我們說——當我們說（聽不清）時，你聽到我們說，“我們感覺很好關於家庭和工業物聯網的工業和政府部分。”

So that's the A&D as well as the industrial business and IoT. We feel good about automotive. We've taken a more cautious outlook on the low end of consumer as well as the lower end of the handset market. And so that's -- what you've heard us communicate is just the fact that we feel good about those markets on the aforementioned comments and then the other markets, we've just taken a cautious outlook.

這就是 A&D 以及工業業務和物聯網。我們對汽車感覺良好。我們對低端消費者以及低端手機市場持更為謹慎的看法。所以這就是 - 你聽到我們傳達的只是我們對上述評論和其他市場感覺良好的事實，我們只是採取了謹慎的前景。

And if the inventory normalizes the way we expected, then perhaps we'll do slightly better. If the inventory and the macroeconomic kind of low-end malaise continues, then we'll be in line with what we told you. So we feel like we've positioned ourselves conservatively.

如果庫存按我們預期的方式正常化，那麼也許我們會做得更好。如果庫存和宏觀經濟的低端萎靡不振繼續存在，那麼我們將與我們告訴你的一致。所以我們覺得我們已經保守地定位了自己。

Your next question comes from the line of Joseph Moore with Morgan Stanley.

你的下一個問題來自摩根士丹利的約瑟夫摩爾。

And let me add my thanks to David, and good luck. In terms of the CapEx, you guys maintained this $2.25 billion from last quarter. Your revenue outlook is a little lower for the year. So I wonder if you could just kind of walk us through the trade-offs that you're making. Is that confidence in 2024? And what are the -- just what are the trade-offs between trying to drive more cash flow versus trying to invest in the business?

讓我感謝大衛，祝你好運。就資本支出而言，你們維持了上個季度的 22.5 億美元。你們今年的收入前景略低。所以我想知道你是否可以引導我們完成你正在做出的權衡。這是對2024年的信心嗎？什麼是 - 嘗試推動更多現金流與嘗試投資業務之間的權衡是什麼？

Sure. So first, let me start with -- just by saying that the majority of that CapEx is really related to Fab7H on our campus there in Singapore and really giving us the capability longer term to be able to satisfy some of these LTAs that we're signing today as well as some of those LTAs that we've signed in the past.

當然。所以首先，讓我開始 - 只是說大部分資本支出確實與我們在新加坡校園的 Fab7H 相關，並且真正讓我們有能力更長期地滿足我們正在今天簽署的協議以及我們過去簽署的一些長期協議。

Before I just immediately direct your question -- I do -- address your question, I do want to provide a little bit of context. When we talked about our expansion plans, we talked about increasing our wafer capacity from about 2 million wafers in 2020, to about 2.4 million wafers in '21, to about 2.6 million wafers last year, to about 2.8 million wafers this year, to north of 3 million wafers in 2024. And we're actually very much on track to deliver that capacity. In fact, we're on track to deliver that capacity with probably what will be something like $3 billion less CapEx than originally anticipated for that total expansion that I just mentioned.

在我直接提出你的問題之前——我確實是——回答你的問題，我想提供一些背景信息。當我們談到我們的擴張計劃時，我們談到將我們的晶圓產能從 2020 年的約 200 萬片晶圓增加到 21 年的約 240 萬片晶圓，去年增加到約 260 萬片晶圓，今年增加到約 280 萬片晶圓，向北到 2024 年將生產 300 萬片晶圓。實際上，我們非常有可能實現這一產能。事實上，我們正在按計劃交付該容量，而資本支出可能比我剛才提到的總擴張最初預期的少 30 億美元。

And so we feel like we have appropriately positioned ourselves for growth in the future, for the business that we're winning, both through LTAs and design wins. We will continue to make trade-offs with regards to free cash flow for the period. In fact, we stated last quarter that we thought we would be free cash flow positive for the year.

因此，我們覺得我們已經為未來的增長、我們通過 LTA 和設計勝利贏得的業務做好了適當的定位。在此期間，我們將繼續對自由現金流進行權衡。事實上，我們在上個季度表示，我們認為今年的自由現金流為正。

I'll reiterate that on this call that we believe will be free cash flow positive for the year. And then as we look to the future, we are very well positioned with capacity for future growth.

我會重申，在這次電話會議上，我們認為今年的自由現金流量將為正。然後，當我們展望未來時，我們在未來增長能力方面處於非常有利的地位。

Tom, anything you'd add to that?

湯姆，你還有什麼要補充的嗎？

Yes. Joe, let me do a little (inaudible) here. Average price 3,000, 3 million wafers. We've essentially positioned the facilities -- our factories to give $9 billion plus of revenue for the future without any -- just on the wafer business, not even the non-wafer revenue.

是的。喬，讓我在這裡做一點（聽不清）。均價3000，300萬晶圓。我們基本上已經將這些設施定位——我們的工廠為未來提供 90 億美元以上的收入而沒有任何收入——只是在晶圓業務上，甚至沒有非晶圓收入。

So the capital we've planted is going to allow us to grow and actually respond to the market much more quickly than we were in 2021 when we had to build that capacity. So I think the capital that we've deployed has really positioned the company for the eventual growth, and it will make us a lot more capital efficient as we think about 2023 and 2024 and beyond.

因此，我們投入的資金將使我們能夠比 2021 年不得不建立這種能力時更快地發展和實際響應市場。因此，我認為我們部署的資本確實為公司的最終增長做好了準備，並且在我們考慮 2023 年和 2024 年及以後時，它將使我們的資本效率大大提高。

Great. And then in terms of your overall utilization of your capacity, we continue to hear about from some of the automotive-centric companies that there are some bottlenecks still in terms of specifically nonvolatile memory-oriented MCU processes for automotive, things like that.

偉大的。然後就您的整體產能利用率而言，我們繼續從一些以汽車為中心的公司那裡聽說，在面向汽車的特定非易失性存儲器的 MCU 流程方面仍然存在一些瓶頸，諸如此類。

I know you've talked about broad fungibility, but are there still any areas where you guys would say, here's a hotspot where if we can add a little bit more of this type of capacity we can grow more?

我知道你們已經談到了廣泛的可替代性，但你們是否還有任何領域會說，這是一個熱點，如果我們可以增加更多這種類型的容量，我們就可以增長更多？

Yes. There's never a perfect world. This idea that supply matches demand every day, every month for a year is not there. And there are segments and customers where we are scrambling to find enough capacity in the corridor to make those very specific platforms with the features.

是的。從來沒有一個完美的世界。一年中每個月每天供需都匹配的想法並不存在。在某些細分市場和客戶中，我們正爭先恐後地在走廊中尋找足夠的容量來製作具有這些功能的非常具體的平台。

And so we see that, too. We see that we're still in a game of trying to respond to the complete set of customer demand. Notwithstanding that, we still will deliver our full outlook on the automotive business for this year.

所以我們也看到了這一點。我們看到我們仍在努力響應完整的客戶需求集。儘管如此，我們仍將對今年的汽車業務做出全面展望。

Your next question comes from the line of Raji Gill with Needham & Co.

您的下一個問題來自 Raji Gill 與 Needham & Co. 的合作。

And best of luck to you, Dave, as well. So just a question on the smart mobile market. That's really one of the main drivers of the weakness. I wonder if you could maybe break it down a little bit more specifically in terms of where you're seeing the softness in terms of technology? Is it more on the -- with the RF front-end module customers? Is it with some of the NFC? Or is this just kind of across the board given kind of the large inventory correction that's occurring in the smartphone industry? Any color on the smart mobile will be helpful.

也祝你好運，戴夫。所以只是關於智能移動市場的問題。這確實是弱點的主要驅動因素之一。我想知道您是否可以根據您在技術方面看到軟性的地方更具體地分解它？是否更多地與 RF 前端模塊客戶有關？它與一些NFC有關嗎？或者這只是一種全面的考慮到智能手機行業正在發生的大量庫存調整？智能手機上的任何顏色都會有所幫助。

Maybe Dave, I'll start on this point. So with the industry outlook, last year, double-digit decline in handsets this year at 3% with an inventory climate. So this is the broadest stroke and most heavily weighted is just in unit sales.

也許戴夫，我將從這一點開始。因此，從行業前景來看，去年，由於庫存環境，今年手機銷量出現兩位數下降 3%。所以這是最廣泛的筆劃，最重的權重只是在單位銷售中。

As David pointed out before, at least the premium handsets are impacted less than any other handset, and that's where we have high content. In fact, I think our smart mobile -- smart devices -- smart mobile device business is faring better because of some important design wins we had last year that is shipping this year that's offsetting some of this decline.

正如大衛之前指出的那樣，至少高端手機受到的影響比任何其他手機都要小，而這正是我們擁有高內容的地方。事實上，我認為我們的智能移動 - 智能設備 - 智能移動設備業務表現更好，因為我們去年獲得了一些重要的設計勝利，今年將出貨，這抵消了部分下滑。

So it's not any particular element or feature in the handsets, it's just the overall volume. That's a high -- high fraction of the fact that our smart mobile revenue -- smart mobile device revenue was only 38% in Q1 for this year.

所以它不是手機中的任何特定元素或功能，它只是整體音量。這是一個很高的事實——我們的智能移動收入——今年第一季度智能移動設備收入僅為 38%。

David, anything you would add to that?

大衛，你還有什麼要補充的嗎？

No. Well stated, Tom.

不，說得好，湯姆。

And just for my follow-up regarding pricing, you talked about some of the pricing in the near term. But if you kind of think about long term, there's been discussions around if wafers are made in the U.S. that domestic foundries could charge a premium in terms of pricing. So there's been chatter about that. Is that something that you are debating with customers? Is that a reality, premium pricing for kind of wafers made in the USA?

就我關於定價的後續行動而言，你談到了近期的一些定價。但如果你從長遠考慮，有人討論過如果晶圓在美國製造，國內代工廠可能會在定價方面收取溢價。所以一直在談論這個。這是您正在與客戶辯論的事情嗎？這是現實嗎，美國製造的晶圓的溢價定價？

I would say it this way. What you're hearing about is capacity being put on, capacity drives investments and investments require competitive returns. And so you're seeing -- with the reality of the right economics to go create new capacity on these nodes and how do we do it in the most efficient and economic way?

我會這樣說。您所聽到的是容量正在增加，容量驅動投資，而投資需要有競爭力的回報。所以你看到了——在正確的經濟現實下，在這些節點上創造新的容量，我們如何以最有效和最經濟的方式做到這一點？

And the answer is, we have a very disciplined industry environment. Capacity is being put on in partnership. Investments that is being put on with long-term agreements. And what I think that does -- it's really healthy for the industry, and it creates a very constructive environment that -- with through partnerships that the investments that companies make will get healthy and competitive returns.

答案是，我們擁有紀律嚴明的行業環境。產能正在以合作夥伴關係的形式投入使用。通過長期協議進行的投資。而且我認為這樣做 - 它對行業來說真的很健康，並且它創造了一個非常有建設性的環境 - 通過合作夥伴關係，公司所做的投資將獲得健康和有競爭力的回報。

And your next question comes from the line of Chris Danely with Citi.

你的下一個問題來自花旗銀行的 Chris Danely。

Just to get a little more specific in terms of what's going on this year. Can you just talk about how much in aggregate of the LTAs have been pushed out? And then what's been the change? Or how much change in pricing have you had to renegotiate?

只是為了更具體地了解今年發生的事情。您能否談談總共推出了多少長期協議？然後發生了什麼變化？或者您必須重新協商多少定價變化？

Sure, Chris. Look, when we think of this year, if you go back to our Capital Markets Day, we thought we were going to essentially be fully utilized this year. Now not all of that was covered with LTAs, but that -- between LTAs and POs, I mean that was our expectation this year.

當然，克里斯。看，當我們想到今年時，如果你回到我們的資本市場日，我們認為我們今年將基本上得到充分利用。現在並非所有這些都包含在 LTA 中，但在 LTA 和 PO 之間，我的意思是這是我們今年的期望。

And as we kind of rolled into the year and we looked at the inventory positions in the channel, and we looked at how the sell-through was going based upon the macroeconomic backdrop that we're in, we recognized with our customers that continuing to build inventory was the wrong decision. So we sat down with those customers, and we started working on the framework of the LTAs to be able to preserve the economic value of those contracts because of the dollars that we had invested in capacity.

隨著我們進入這一年，我們查看了渠道中的庫存狀況，並根據我們所處的宏觀經濟背景查看了銷售情況，我們與客戶一起認識到繼續建立庫存是錯誤的決定。因此，我們與這些客戶坐下來，開始研究 LTA 的框架，以便能夠保留這些合同的經濟價值，因為我們已經投資於產能。

And so what I can say I can't speak specifically contract by contract. I can tell you that we did close a contract that we disclosed or maybe they disclosed, but it was broadly talked about where there was an underutilization fee. I do not believe that we're going to have significant underutilization fees that are required throughout the year, and certainly, that's not really factored in a meaningful way, I would say, for our annual forecast for 2023.

所以我能說的是我不能按合同具體說。我可以告訴你，我們確實關閉了一份我們披露的合同，或者他們可能披露了一份合同，但人們廣泛談論的是哪裡有未充分利用的費用。我不認為我們會在全年收取大量未充分利用的費用，當然，對於我們 2023 年的年度預測，這並沒有真正以有意義的方式考慮在內。

We've been working with those customers to take the economic value of those contracts, preserve them as well as to ultimately enhance our value and deliver our long-term model. And so I think that's probably the most that I would add there.

我們一直在與這些客戶合作，以獲取這些合同的經濟價值，保護它們，並最終提升我們的價值並實現我們的長期模式。所以我認為這可能是我要添加的最多的內容。

Tom, anything that you would add to that?

湯姆，你還有什麼要補充的嗎？

Yes, a minor add to that. When you think of single-sourced business, it's not -- if I -- if there's price elasticity, if I low this price, do I get more volume? The volume is the volume and the price is the price. And the question is, how do you go work through an inventory correction like this? It's not -- let's go win share by price elasticity.

是的，對此稍作補充。當你想到單一來源的業務時，它不是 - 如果我 - 如果有價格彈性，如果我降低這個價格，我會得到更多的數量嗎？量是量，價是價。問題是，您如何進行這樣的庫存調整？不是——讓我們通過價格彈性來贏得份額。

That's the value proposition we provide to our customers. We have single-sourced business differentiate. They can differentiate their products, but we can be a better supplier to them in great times and in the inventory correction time.

這就是我們為客戶提供的價值主張。我們有單一來源的業務差異化。他們可以差異化他們的產品，但我們可以在大好時期和庫存修正時間成為他們更好的供應商。

And if I could just add one point. I don't know of a contract that we've amended in which price went down in the LTA amendment. So when the volumes are being decommitted, the conversation isn't about, how do you decrease price to try to stimulate demand when you have too much inventory. So it's usually the going in the other direction. So hopefully, that's a helpful clarification.

如果我可以加一分。我不知道我們修改過的合同在 LTA 修正案中價格下降了。因此，當數量被取消時，談話不是關於，當你有太多庫存時，你如何降低價格來刺激需求。所以通常是朝另一個方向發展。希望這是一個有用的澄清。

Very helpful. And for my follow-up, great job on landing Niels. He's got a good reputation. I guess, Tom, can you talk about the genesis of the CBO job? I don't think you guys have had this before. Is this just to sort of manage this downturn that seems a little more longer and serious than expected? Or just talk about why he's coming over and what his specific duties are going to be?

很有幫助。對於我的後續行動，登陸 Niels 的工作非常出色。他的名聲很好。我想，湯姆，你能談談 CBO 工作的起源嗎？我不認為你們以前有過這個。這是否只是為了應對這場似乎比預期更長、更嚴重的經濟低迷？或者只是談談他為什麼過來以及他的具體職責是什麼？

Yes, very good. It has nothing to do with this downturn. It has everything to do about our future. We -- the complexity of our business and the uniqueness of being a foundry requires a tight coupling between understanding the end markets and the specific requirements in end markets. So we need to be as much as an expert as our customers and understanding the future where end markets are going so that we can create product lines, by definition, to meet those end markets and then drive our technology development in an aggressive and accelerated way.

是的，很好。這與這次低迷無關。它與我們的未來息息相關。我們——我們業務的複雜性和作為鑄造廠的獨特性需要在了解終端市場和終端市場的具體要求之間緊密結合。因此，我們需要像我們的客戶一樣成為專家並了解終端市場的未來發展方向，以便我們可以根據定義創建產品線以滿足這些終端市場，然後以積極和加速的方式推動我們的技術發展.

And we need the three of those areas to come together with one executive who can integrate that activity. And so our commercial team, with -- under one (inaudible) with our business unit team under Mike Hogan and our technology development under Gregg Bartlett, altogether will report into Niels to drive that integration, to accelerate our financial and commercial success and performance.

我們需要將這三個領域與一位能夠整合該活動的高管結合在一起。因此，我們的商業團隊，與 - 在邁克霍根領導下的我們的業務部門團隊以及我們在格雷格巴特利特領導下的技術開發團隊一起，將共同向尼爾斯報告以推動這種整合，以加速我們的財務和商業成功和績效。

Your next question comes from the line of Mehdi Hosseini with SFG.

你的下一個問題來自 SFG 的 Mehdi Hosseini。

I have two follow-ups. David, do you have any guide for EBITDA in Q2 and 2023? And I have a follow-up.

我有兩個後續行動。大衛，你對第二季度和 2023 年的 EBITDA 有任何指導嗎？我有一個後續行動。

Sure. Mehdi. EBITDA guide. I would think about EBITDA, on a sequential basis as tracking with the marginal fall-through that you'd see from slight revenue growth. So I think that statement holds true for second quarter as well as the subsequent quarters where we are expecting sequential growth throughout the year, kind of Q-to-Q-to-Q for the remainder of 2023.

當然。邁赫迪。 EBITDA 指南。我會考慮 EBITDA，在連續的基礎上跟踪你從輕微的收入增長中看到的邊際下降。因此，我認為該聲明適用於第二季度以及我們預計全年連續增長的後續季度，即 2023 年剩餘時間的環比增長。

Got it. And best of luck in your next endeavor. And a question for Tom. I understand there's a lot of insight over the inventory correction, which is nothing new, given the cyclical nature of the industry. But what I wonder to learn from you, maybe it's a good time for you to remind us in a smartphone and electric vehicle and outside of the SOI wafer, what are the -- some of the key products or drivers for increased content, especially as you look into post inventory correction? It would be great if you could remind us of those key growth drivers outside of the core SOI wafers.

知道了。祝你在接下來的努力中好運。還有一個問題要問湯姆。我知道有很多關於庫存調整的見解，鑑於行業的周期性，這並不是什麼新鮮事。但我想從你身上學到的是，也許現在是你提醒我們在智能手機和電動汽車以及 SOI 晶圓之外的好時機，一些關鍵產品或增加內容的驅動因素是什麼，尤其是作為您調查過後庫存修正嗎？如果您能提醒我們核心 SOI 晶圓之外的那些關鍵增長動力，那就太好了。

It starts with embedded memory for microcontrollers for automotive. It starts with our BiCMOS device technology for higher voltage, if you think of power management, chips with embedded memory for both control and power management.

它從用於汽車微控制器的嵌入式存儲器開始。首先是我們用於更高電壓的 BiCMOS 器件技術，如果您想到電源管理，帶有用於控制和電源管理的嵌入式存儲器的芯片。

It's a suite of applications and technologies beyond our RF SOI, which features in the front-end module of phones. And so I said it earlier in my remarks we are the ultimate player in low power on our FDX platform.

它是我們 RF SOI 之外的一套應用程序和技術，在手機的前端模塊中具有特色。所以我在前面的發言中說過，我們是 FDX 平台上低功耗的終極參與者。

We bring a broad range of RF to all our platforms, not just for front-end modules, but for all levels of connectivity, especially in the IoT space. And then the winning play is to create intelligent and secure processing capability by having industry-leading embedded memory in our solutions. And that's what plays to the strength of these end markets.

我們為我們的所有平台帶來了廣泛的射頻，不僅用於前端模塊，還用於所有級別的連接，尤其是在物聯網領域。然後製勝法寶是通過在我們的解決方案中採用行業領先的嵌入式內存來創建智能和安全的處理能力。這就是發揮這些終端市場優勢的原因。

Is there a key milestone or a threshold for increased adoption, specifically electric vehicle? Is this -- or is this just going to be a steady-eddy kind of adoption as electric vehicles prolific, then you will see increased contract? Or is there a milestone that would accelerate that adoption?

是否有增加採用率的關鍵里程碑或門檻，特別是電動汽車？這是 - 或者這只是一種穩定的採用，因為電動汽車多產，然後你會看到合同增加？或者是否有一個里程碑可以加速這種採用？

So I think if it was just an electrification of cars, you'd start to look for inflection points of how model years come where units of -- internal combustion cars go down and fleets change or brands change their fleet strategy.

所以我認為，如果這只是汽車的電氣化，你就會開始尋找轉折點，看看車型年是如何到來的——內燃機汽車的數量下降，車隊發生變化，或者品牌改變他們的車隊戰略。

But because it's about autonomous and connectivity in the car, it's not just one driver. And we play in a broad range of those applications. I don't think I could pick a particular car model year-on-year has less features in it. In fact, it becomes a standard each year. So think of this as about a transformation of the auto industry, not just to electrification, but to connected cars to autonomous cars, and that's the range of -- and suite of products and applications we...

但因為它是關於汽車的自主性和連接性，所以它不僅僅是一個司機。我們在廣泛的這些應用程序中發揮作用。我不認為我可以選擇一款功能較上年少的特定車型。事實上，它每年都成為一個標準。因此，將此視為汽車行業的轉型，不僅僅是電氣化，還包括聯網汽車到自動駕駛汽車，這就是我們的產品和應用的範圍和套件......

[Bella], we'll take one last question, please.

[貝拉]，請問我們最後一個問題。

All right. And your last question comes from the line of Krish Sankar with Cowen Company.

好的。你的最後一個問題來自 Cowen Company 的 Krish Sankar。

David, thanks for your help, and good luck on the next endeavor. I have two questions, either Tom or David.

大衛，感謝你的幫助，祝你在接下來的努力中好運。我有兩個問題，Tom 或 David。

Number one, on ASPs, it's nice to see ASPs holding up despite lower volumes. But next year as more double-digit nanometer capacity comes online for the industry, how to think about ASPs into next year? And then I have a follow-up.

第一，在 ASP 上，很高興看到 ASP 在銷量下降的情況下保持穩定。但明年隨著更多兩位數的納米產能上線，該行業如何看待明年的 ASP？然後我有一個後續行動。

Sure. When we think about ASPs for 2024, again, I'll kind of point you back to that Capital Markets Day presentation. If you stood back and kind of squinted at that chart, you would see that we had LTAs that covered about 3/4 of the capacity for 2024. And so I would say that a lot of the pricing discussion has already happened. It's already been memorialized, and it's already been signed in a contract.

當然。當我們再次考慮 2024 年的 ASP 時，我會讓你回到資本市場日的演講中。如果你退後一步，瞇著眼睛看那張圖表，你會發現我們的長期協議涵蓋了 2024 年約 3/4 的容量。所以我想說很多定價討論已經發生。它已經被紀念了，它已經在合同上簽了字。

So then you look to the future and you say, well, what does pricing look like in the future? And when I look at the new design wins and the new LTAs that we're signing, pricing is holding up very, very well. In fact, I'd say pricing is actually delivering -- it's accretive to our long-term financial model that we had put out as we became a public company.

那麼你展望未來，你會說，未來的定價會是什麼樣子？當我看到新的設計勝利和我們正在簽署的新 LTA 時，定價非常非常好。事實上，我想說定價實際上是在交付——它增加了我們在成為上市公司時推出的長期財務模型。

And so it remains a very constructive pricing environment in the future. I recognize that there's more single-digit nanometer capacity that's come online. And even in some regions of the world, more double-digit nanometer capacity that has come online. But as we've always stated, our interest is in differentiated accretive business where we provide and attach a lot of GF technologies. More than 90% of our design wins in Q1 were single-sourced design wins.

因此，它在未來仍然是一個非常有建設性的定價環境。我認識到有更多個位數的納米容量上線。甚至在世界某些地區，也有更多兩位數的納米產能上線。但正如我們一直所說的那樣，我們的興趣在於我們提供並附加大量 GF 技術的差異化增值業務。我們在第一季度贏得的設計中有超過 90% 是單一來源的設計勝利。

We remain kind of around that 2/3 of revenue is single source revenue. And over time, those two numbers will converge. And so we feel quite good about pricing.

我們仍然認為 2/3 的收入是單一來源收入。隨著時間的推移，這兩個數字將會趨於一致。所以我們對定價感覺很好。

Tom, anything you'd add?

湯姆，你有什麼要補充的嗎？

Yes, it's back to -- the economics for investment we'll be forced for a much more constructive environment for how we all fund the doubling of this industry over the next decade.

是的，這又回到了——投資經濟學，我們將被迫為未來十年我們如何為這個行業的翻番提供資金而創造一個更具建設性的環境。

Got it. Super helpful. And then just a quick follow-up. Obviously, the auto industrial segment has held up pretty well for you folks and many, many other folks of the industry. Kind of curious, do you worry that, that could be the next shoe to drop or it could moderate as smartphones start getting better and dampen what could be a stronger recovery?

知道了。超級有幫助。然後只是快速跟進。顯然，汽車工業領域對你們以及該行業的許多其他人來說表現良好。有點好奇，你是否擔心，這可能是下一隻掉下來的鞋子，或者隨著智能手機開始變得更好並抑制可能更強勁的複蘇，它可能會緩和？

For the horizon that we see in talking to our customers, and the fact that this transition we've been talking about this morning, autonomous connected and electrification cars, see the next decade automotive is a key driver for our industry because we continue to add more and more content to these cars. The key for GF is to make sure that we are developing the technologies that best meet those needs and provide differentiation for our customers.

對於我們在與客戶交談時看到的地平線，以及我們今天早上一直在談論的這種轉變，自動聯網和電氣化汽車，看到未來十年汽車是我們行業的關鍵驅動力，因為我們繼續增加這些車的內容越來越多。 GF 的關鍵是確保我們正在開發最能滿足這些需求並為我們的客戶提供差異化的技術。

And we don't have any further questions at this time. I will now turn the call back over to Sam Franklin.

我們現在沒有任何進一步的問題。我現在將把電話轉回給山姆·富蘭克林。

Thank you, Bella, and thank you, everyone, for joining us today. We appreciate the questions. And as always, look forward to seeing many of you on the upcoming conference circuit.

謝謝貝拉，謝謝大家今天加入我們。我們感謝您提出問題。一如既往，期待在即將舉行的巡迴會議上見到你們中的許多人。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Have a good day.

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。祝你有美好的一天。