格芯 (GFS) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to GLOBALFOUNDRIES Third Quarter of Fiscal Year 2023 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加格芯2023財年第三季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Sam Franklin, Head of Investor Relations. Please go ahead.

現在，我想將會議移交給投資人關係主管 Sam Franklin。請繼續。

Thank you, operator. Good morning, everyone, and welcome to GLOBALFOUNDRIES third quarter 2023 earnings call. On the call with me today are Dr. Thomas Caulfield, CEO; David Reeder, CFO; and Niels Anderskouv, Chief Business Officer.

謝謝您，接線生。大家早安，歡迎參加 GLOBALFOUNDRIES 2023 年第三季財報電話會議。今天與我一起通話的有執行長 Thomas Caulfield 博士； David Reeder，財務長；以及首席商務官 Niels Anderskouv。

A short while ago, we released GF's third 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.

不久前，我們發布了 GF 的第三季財務業績，您可以在我們的網站 investor.gf.com 上查看該業績，同時還可以查看今天的幻燈片演示。本次通話正在錄音，重播將發佈在我們的投資人關係網頁上。

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

在本次電話會議中，我們將介紹國際財務報告準則和調整後的非國際財務報告準則財務指標。最直接可比較的 IFRS 指標以及調整後的非 IFRS 指標的對帳表可在今天的新聞稿和隨附的幻燈片中查閱。我要提醒您，這些財務結果未經審計，可能會有所變動。

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聲明可能被視為前瞻性聲明。此類陳述可以透過相信、期望、打算、預期、可能等術語或使用將來時態來識別。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異，我們不承擔更新今天所做的任何前瞻性陳述的任何義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our SEC filings, including in the sections under the caption Risk Factors in our annual report on Form 20-F filed with the SEC on April 14, 2023.

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，包括我們於 2023 年 4 月 14 日向美國證券交易委員會提交的 20-F 表年度報告中“風險因素”標題下的部分。

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 third quarter results and also provide fourth quarter 2023 guidance. We will then open the call for questions with Tom, Dave and Niels. We request that you please limit your questions to 1 with 1 follow-up.

今天的電話會議將由湯姆首先介紹當前商業環境和技術的摘要更新，隨後戴夫將詳細介紹我們的終端市場和第三季業績，並提供 2023 年第四季的指引。然後，我們將與湯姆、戴夫和尼爾斯一起開始提問。我們請您將問題限制為 1 個，並進行 1 個後續追蹤。

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

現在我將電話轉給湯姆，請他發表準備好的發言。

Thank you, Sam, and welcome to everyone joining our third quarter earnings call. Against the backdrop of ongoing global economic and geopolitical uncertainties, our dedicated teams worldwide have achieved third quarter results that are at the upper end of the guidance ranges we outlined in our second quarter update. I'm very proud of their execution and resilience. Let me start by providing a brief update on the current business landscape.

謝謝你，山姆，歡迎大家參加我們的第三季財報電話會議。在全球經濟和地緣政治不確定性持續存在的背景下，我們全球敬業的團隊在第三季度取得了我們在第二季度更新中概述的指導範圍的上限業績。我為他們的執行力和韌性感到非常自豪。首先，讓我簡單介紹一下當前的商業狀況。

Similar to others in the industry, we anticipate that semiconductor inventories will persist at high levels across multiple end markets through the end of 2023 and, in many cases, into 2024. Specific end markets that we serve, such as smart mobile devices, communications infrastructure, data center and the lower end of the consumer and home electronics segment continue to grapple with increased inventory compounded by decreased year-over-year demand.

與業內其他公司類似，我們預計到 2023 年底，多個終端市場的半導體庫存將維持在高位，在許多情況下甚至會持續到 2024 年。 我們所服務的特定終端市場，例如智慧移動設備、通訊基礎設施、數據中心以及消費和家用電子產品領域的低端市場，將繼續努力應對庫存增加和同比需求下降的問題。

To manage elevated inventory, some customers have requested shipment adjustments and alterations to their long-term agreements. We are collaborating closely with these customers to support their short-term inventory reductions and avoid prolonging the duration of the inventory correction.

為了管理增加的庫存，一些客戶要求調整出貨量並修改長期協議。我們正在與這些客戶密切合作，支持他們短期減少庫存，避免延長庫存調整的時間。

In addition to working collaboratively with our customers, our primary objective throughout all of these negotiations is to safeguard the long-term value of these agreements. In some cases, these discussions have led to underutilization charges related to these adjustments.

除了與客戶合作之外，我們在所有這些談判中的主要目標是維護這些協議的長期價值。在某些情況下，這些討論導致了與這些調整相關的利用不足費用。

Dave will elaborate on this in his remarks, but we expect these productive conversations to continue during the fourth quarter as we work collaboratively to address ongoing market challenges.

戴夫將在他的演講中對此進行詳細闡述，但我們預計這些富有成效的對話將在第四季度繼續進行，因為我們將共同努力應對持續的市場挑戰。

Expanding on our second quarter update. We believe a return to year-over-year growth in 2024 will be contingent upon inventories significantly declining from their current levels and a concurrent marked recovery in global demand, particularly across consumer-centric end markets. Based on discussions with our customers, we believe that the required catalyst for growth will, at a minimum, remain uncertain at least through the remainder of the year.

擴展我們第二季的更新。我們認為，2024 年恢復年增率將取決於庫存從當前水準大幅下降以及全球需求同時明顯復甦，尤其是以消費者為中心的終端市場。根據與客戶的討論，我們認為，至少在今年剩餘時間內，成長所需的催化劑至少仍將不確定。

Now despite these industry headwinds, we're still witnessing resilient demand in key end markets like automotive, industrial IoT, and aerospace and defense. As semiconductors play an increasingly vital role in these critical sectors, we've unveiled exciting partnerships in product developments, which I will discuss shortly.

儘管產業面臨這些阻力，但我們仍然看到汽車、工業物聯網、航空航太和國防等主要終端市場的需求強勁。隨著半導體在這些關鍵領域發揮越來越重要的作用，我們在產品開發方面建立了令人興奮的合作夥伴關係，我將在稍後討論。

Let me now touch briefly on our third quarter results, which Dave will discuss in more detail later in his commentary. Revenue in the quarter increased sequentially to $1.852 billion, which was above the midpoint of our guidance range. We reported adjusted gross margin of 29.2% in the quarter, which exceeded our guidance range. This better-than-expected performance was driven by the continued efforts of our teams around the world to optimize our manufacturing spending as well as the successful resolution of adjustments to customers' near-term volume requirements and the associated underutilization payments, which Dave will discuss in his commentary.

現在讓我簡單談談我們第三季的業績，戴夫將在後面的評論中更詳細地討論。本季營收季增至 18.52 億美元，高於我們預期範圍的中點。我們報告本季調整後的毛利率為29.2％，超出了我們的預期範圍。這一好於預期的業績得益於我們全球團隊的持續努力，優化我們的製造支出，以及成功解決了客戶近期產量需求的調整和相關的未充分利用付款，戴夫將在他的評論中討論這些。

We delivered a consecutive quarter of positive free cash flow, which continues our disciplined approach to capital management and deployment, while preserving our strategic capacity expansion objectives.

我們連續一個季度實現了正的自由現金流，這延續了我們嚴謹的資本管理和部署方式，同時保持了我們的策略產能擴張目標。

I am also pleased to report that we delivered adjusted earnings per share of $0.55, which exceeded the high end of our guidance range.

我還很高興地報告，我們實現的調整後每股收益為 0.55 美元，超過了我們預期範圍的高端。

Let me now provide you a brief update on some of our recent customer partnership activity. Starting with Automotive, we delivered another quarter of solid revenue growth. Our Auto Grade technology platforms continue to serve crucial applications across vehicle infrastructure, smart sensing, auto processing and safety. We remain focused on providing best-in-class solutions to our customers while supporting the transition of the industry from internal combustion engine models to autonomous connected electrified vehicles. This remains an exciting growth vector for us and one where we continue to grow our customer partnerships with the development of automotive grade semiconductor solutions.

現在讓我向您簡要介紹我們最近的一些客戶合作活動。從汽車產業開始，我們又實現了一個季度的穩健收入成長。我們的汽車級技術平台持續服務於車輛基礎設施、智慧感應、汽車處理和安全領域的關鍵應用。我們始終專注於為客戶提供一流的解決方案，同時支援產業從內燃機模式轉向自動連網電動車的轉變。對我們來說，這仍然是一個令人興奮的成長方向，我們將透過開發汽車級半導體解決方案繼續發展與客戶的合作關係。

I'm pleased to report that we remain on track to deliver $1 billion of automotive end market revenue in 2023.

我很高興地報告，我們仍有望在 2023 年實現 10 億美元的汽車終端市場收入。

In smart mobile devices, we continue to remix our business towards the premium-tier handset market, where we have seen greater resilience in demand and opportunities to build upon our feature-rich solutions.

在智慧型行動裝置方面，我們繼續將業務轉向高階手機市場，該市場的需求更具彈性，並且有機會在我們功能豐富的解決方案的基礎上進行建構。

At our Annual Technology Summit in August, we launched 9SW RFSOI technology platform, which is our most advanced RF solution and will offer significant improvements in switching performance, lower power consumption and area advantages in front-end modules for today's 5G operating frequencies as well as future 5G mobile and wireless communication applications.

在八月份的年度技術高峰會上，我們推出了9SW RFSOI技術平台，這是我們最先進的射頻解決方案，將為當今的5G工作頻率以及未來的5G行動和無線通訊應用提供顯著的開關性能提升、更低的功耗和前端模組的面積優勢。

Meanwhile, in IoT, we recently announced advancements to our industry-leading 22FDX platform introducing a suite of innovative features such as ultra-low power memory and temperature-resistant capabilities to deliver top-tier performance and intelligent power consumption. With a rapidly expanding network of globally connected IoT devices, we continue to see opportunities for innovation across our differentiated technologies, focused on enhanced power efficiency and embedded memory for secure intelligence solutions at the edge.

同時，在物聯網領域，我們最近宣布了業界領先的 22FDX 平台的改進，引入了一系列創新功能，如超低功耗記憶體和耐溫功能，以提供頂級效能和智慧功耗。隨著全球連網物聯網設備網路的迅速擴張，我們不斷看到差異化技術的創新機會，重點是提高電源效率和嵌入式內存，以實現邊緣安全智慧解決方案。

We are already designed into several products that utilize domain-specific architectures to support various AI at the EDGE applications, such as our 55 LPx platform supporting Oculi's embedded intelligence sensors and our 22FDX manufacturing process being designed into Nordic's latest generation of low-power wireless SoCs with workload optimized processes that support complex machine learning and sensor fusion at the EDGE.

我們已設計出多種產品，利用特定領域的架構來支援 EDGE 應用中的各種 AI，例如，我們的 55 LPx 平台支援 Oculi 的嵌入式智慧感測器，而我們的 22FDX 製造流程則被設計到 Nordic 最新一代低功耗無線安裝和融合感測器上，其工作負載優化流程支援 EDGE 上的複雜功能。

Aerospace and defense is another important growth area within IoT, as the focus on national and international security takes an increasingly prominent role on the global stage. We are proud to have extended our partnership with the U.S. Department of Defense with the award of a 10-year contract for the supply of secure semiconductors for use across a wide range of critical applications.

航空航太和國防是物聯網的另一個重要成長領域，因為國家和國際安全在全球舞台上扮演越來越重要的角色。我們很榮幸能夠與美國國防部延長合作夥伴關係，並授予其為期 10 年的合同，為廣泛的關鍵應用提供安全半導體。

Finally, communications infrastructure and data center remains a challenged end market within our portfolio. Consistent with previous downturns, we believe that this is due to a combination of elevated inventory levels and the acceleration of node migration from data center and digital-centric customers to single-digit nanometers.

最後，通訊基礎設施和資料中心仍然是我們投資組合中面臨挑戰的終端市場。與先前的低迷一致，我們認為，這是由於庫存水準上升，以及從資料中心和數位中心客戶向個位數奈米節點遷移加速所致。

As discussed during our second quarter earnings update, we expect that elevated inventories will continue at least until the end of the year due to the prolonged channel digestion of both wireless and wired infrastructure inventory levels across our customers. As a result, we continue to focus on opportunities to remix some of our excess capacity to service demand in more durable and growing segments, such as Automotive.

正如我們在第二季度收益更新中所討論的那樣，我們預計，由於客戶的無線和有線基礎設施庫存水平的渠道消化時間延長，庫存高企的情況至少將持續到年底。因此，我們將繼續專注於尋找機會，重新整合部分過剩產能，以滿足汽車等更耐用、成長更快的領域的需求。

Turning briefly to our capacity additions. We continue to develop our global footprint in a measured and capital-efficient manner, in geographies that align with our customer supply chain requirements. In September, I was proud to attend the opening ceremony for our $4 billion Fab 7H expansion in Singapore, which will have the capacity to produce approximately 450,000 300-millimeter wafers annually. And I'm pleased to report that the incremental capacity is already helping to meet customer demand.

簡單談談我們的產能增加。我們將繼續以審慎且資本高效的方式在符合客戶供應鏈要求的地區拓展我們的全球業務。 9 月份，我很榮幸地參加了我們位於新加坡、投資 40 億美元的 Fab 7H 擴建項目的開幕儀式，該項目每年將具備生產約 450,000 片 300 毫米晶圓的能力。我很高興地報告，增量產能已經能夠滿足客戶的需求。

When it comes to considering the timing of incremental capacity additions, we will remain highly disciplined in assessing the broader market conditions and committed customer demand.

在考慮增加增量產能的時機時，我們將嚴格遵守更廣泛的市場狀況和承諾的客戶需求進行評估。

To summarize, I'm pleased to report financial performance which exceeded several of the guidance metrics identified in our second quarter update. Notwithstanding the deeper and longer-than-expected downturn impacting our industry, our dedicated teams around the world continue to execute on the targets that we set out to deliver for our customers and our stakeholders. Although we remain cautious on the near-term outlook, over the longer term, we continue to see a secular acceleration of the role of semiconductors in the world, and we are committed to developing deep customer partnerships and investing in innovative feature-rich solutions, so that GF can play an increasingly vital role in the future of our industry.

總而言之，我很高興地報告財務表現超過了我們第二季更新中確定的幾個指導指標。儘管我們的產業遭受了比預期更深、更長的經濟衰退，但我們遍布全球的專業團隊仍在繼續努力實現我們為客戶和利害關係人設定的目標。儘管我們對短期前景仍持謹慎態度，但從長遠來看，我們繼續看到半導體在全球的作用長期加速，我們致力於發展深度客戶合作夥伴關係並投資於創新的功能豐富的解決方案，以便格芯能夠在未來發揮越來越重要的作用在我們行業中。

With that, over to you, Dave.

現在，就交給你了，戴夫。

Thank you, Tom, and welcome to our third quarter earnings call. For the remainder of the call, including guidance, other than revenue, cash flow, CapEx and net interest and other expense, I will reference adjusted metrics, which exclude stock-based compensation and restructuring charges.

謝謝你，湯姆，歡迎參加我們第三季的財報電話會議。對於電話會議的剩餘部分，包括除收入、現金流量、資本支出和淨利息及其他費用以外的指導，我將參考調整後的指標，這些指標不包括股票薪酬和重組費用。

As Tom noted, our third quarter results were at the upper end of the guidance ranges we provided in our last quarterly update. Third quarter revenue grew sequentially to approximately $1.852 billion, a decrease of 11% year-over-year. These results included approximately $23 million of revenue related to customers' adjustments to their near-term volume requirements.

正如湯姆所指出的，我們第三季的業績處於我們在上次季度更新中提供的指導範圍的上限。第三季營收季增至約 18.52 億美元，年減 11%。這些結果包括與客戶對其近期銷售需求的調整相關的約 2,300 萬美元的收入。

We shipped approximately 575,000 300-millimeter equivalent wafers in the quarter, a 10% decrease from the prior year period. ASP or average selling price per wafer declined approximately 2% year-over-year, mainly driven by changes in the product mix shift during the quarter. Despite the modest decline in ASPs during the quarter, we expect that the pricing environment will remain stable through the end of 2023, and we believe that ASPs for the full year will be roughly flat to slightly up compared to 2022.

本季我們出貨了約 57.5 萬片 300 毫米當量晶圓，比去年同期下降了 10%。每片晶圓的平均銷售價格 (ASP) 年減約 2%，主要由於本季產品結構變化所致。儘管本季平均售價略有下降，但我們預計到 2023 年底定價環境將保持穩定，並且我們認為全年平均售價將與 2022 年相比大致持平或略有上漲。

Wafer revenue from our end markets accounted for approximately 89% of total revenue. Non-wafer revenue, which excludes revenue from reticles, non-recurring engineering, expedite fees and other items, accounted for approximately 11% of total revenue for the third quarter.

來自我們終端市場的晶圓收入約佔總收入的89%。非晶圓收入（不包括來自光罩、非經常性工程、加急費和其他項目的收入）約佔第三季總收入的 11%。

Let me now provide an update on our revenues by end markets. Smart mobile devices represented approximately 42% of the quarter's total revenue. Third quarter revenue decreased approximately 1% sequentially and decreased roughly 18% from the prior year period, principally driven by ongoing weakness in the demand environment and a continuation of the well-publicized inventory correction within the broader, smart mobile market.

現在讓我提供一下我們按終端市場劃分的收入最新情況。智慧型行動裝置約佔本季總營收的42%。第三季營收比上一季下降約 1%，比去年同期下降約 18%，主要原因是需求環境持續疲軟，以及更廣泛的智慧型手機市場廣為人知的庫存調整持續。

Despite these reduced volumes, ASP and mix improved year-over-year as we continue to remix to the premium end of the smartphone market. We expect the pricing benefits associated with these mix improvements to be higher for the full year as compared to 2022.

儘管銷量有所下降，但隨著我們繼續向高階智慧型手機市場轉型，平均售價和產品組合較去年同期有所改善。我們預計，與 2022 年相比，這些組合改進帶來的全年定價效益將更高。

During the third quarter, shipment volumes decreased sequentially, which was primarily due to the excess channel inventory. However, we continued to see healthy demand during the quarter for our RF transceiver solutions into premium tier handsets.

第三季度，出貨量較上月下降，主要由於通路庫存過剩。然而，本季我們繼續看到高階手機對射頻收發器解決方案的強勁需求。

As Tom noted in his prepared remarks, we believe that inventory levels across smart mobile devices will remain elevated going into the year-end as the rate and pace of demand growth is slower than previously anticipated.

正如湯姆在其準備好的演講中指出的那樣，我們認為，由於需求成長的速度和步伐低於先前的預期，智慧行動裝置的庫存水準將在年底前保持高位。

In the third quarter, revenue for the Home and Industrial IoT markets represented approximately 20% of the quarter's total revenue. Third quarter revenue increased approximately 4% sequentially and declined 7% from the year prior period. The consumer-centric portion of our IoT end market primarily contributed to the year-over-year declines, as well as modest declines in ASP and mix within the quarter.

第三季度，家庭和工業物聯網市場的收入約佔本季總收入的20%。第三季營收季增約4％，較去年同期下降7％。我們物聯網終端市場以消費者為中心的部分是造成同比下滑以及本季平均售價和產品組合小幅下滑的主要原因。

For the full year, we expect that ASPs within Home and Industrial IoT will be roughly flat compared to the prior year. We continue to see stable demand within our Home and Industrial IoT segment, which is helping to offset some of the weakness in the consumer-centric portions of the portfolio.

就全年而言，我們預計家庭和工業物聯網的平均銷售價格將與去年大致持平。我們繼續看到家庭和工業物聯網領域內穩定的需求，這有助於抵消投資組合中以消費者為中心的部分的部分弱點。

The demand for our smart card technology grew again in the third quarter as the confluence of speed, convenience and transaction integrity are enabling applications to expand beyond digital payments and into areas such as transportation, government, health, security and access control.

由於速度、便利性和交易完整性的整合使得應用程式能夠從數位支付擴展到交通、政府、醫療、安全和存取控制等領域，對我們的智慧卡技術的需求在第三季度再次增長。

As Tom noted in his prepared remarks, aerospace and defense is a segment of growing importance within IoT where we continue to grow design wins and establish new partnerships to deliver best-in-class semiconductor manufacturing security and traceability. As a result, we expect increasing near-term customer demand for our next-generation analog and mixed-signal technologies into these end markets to largely offset the current inventory correction and market softness in the more consumer-centric portions of the IoT market.

正如湯姆在其準備好的演講中指出的那樣，航空航天和國防是物聯網中越來越重要的一個領域，我們在該領域繼續增加設計勝利並建立新的合作夥伴關係，以提供一流的半導體製造安全性和可追溯性。因此，我們預計近期這些終端市場對我們下一代模擬和混合訊號技術的需求將會增加，從而很大程度上抵消物聯網市場中以消費者為中心的部分當前的庫存調整和市場疲軟。

Automotive continues to be a stable growth segment for us and represented approximately 17% of the quarter's total revenue. Third quarter revenue increased approximately 24% sequentially and roughly 219% from the year prior period, driven by healthy growth in volumes, ASP and mix as we have continued to ramp production across automotive processing, sensing, vehicle infrastructure and safety applications.

汽車業務繼續成為我們穩定的成長領域，約佔本季總收入的 17%。第三季營收比上一季成長約 24%，比去年同期成長約 219%，這得益於產量、平均售價和產品組合的健康成長，因為我們繼續提高汽車處理、感測、車輛基礎設施和安全應用領域的產量。

The pricing environment within automotive remains highly constructive as the silicon content, functionality and applications across ICE and ACE vehicle architecture continue to grow year-over-year. As part of our discussions with customers, supply chain certainty continues to be a key consideration for existing and future designs, and GF is uniquely positioned to meet these needs by investing in capacity across our globally diverse manufacturing footprint.

由於 ICE 和 ACE 車輛架構中的矽含量、功能和應用逐年增長，汽車行業的定價環境仍然保持高度建設性。作為我們與客戶討論的一部分，供應鏈確定性仍然是現有和未來設計的關鍵考慮因素，而 GF 透過投資於我們全球多元化製造基地的產能，擁有獨特的優勢來滿足這些需求。

As Tom noted, our automotive business is on track to deliver approximately $1 billion of revenue in 2023, consistent with what we communicated at the start of the year.

正如湯姆所說，我們的汽車業務預計在 2023 年實現約 10 億美元的收入，這與我們今年年初傳達的目標一致。

Next, moving to our Communications Infrastructure & Datacenter end market, which represented approximately 8% of the quarter's total revenue. Third quarter revenue declined approximately 26% sequentially and roughly 58% year-over-year as a result of declining volumes and the key drivers outlined by Tom in his prepared remarks. As noted during our second quarter update, we expect to see a decline in revenues for this end market through the end of 2023 and, as mentioned by Tom, we will continue to allocate manufacturing capacity into more durable and accretive markets such as automotive and premium smart mobile applications.

接下來，轉向我們的通訊基礎設施和資料中心終端市場，該市場約佔本季總收入的 8%。由於銷量下降以及湯姆在其準備好的發言中概述的關鍵驅動因素，第三季度收入環比下降約 26％，同比下降約 58％。正如我們在第二季更新中所指出的那樣，我們預計到 2023 年底該終端市場的收入將下降，正如湯姆所提到的，我們將繼續將製造產能分配到更耐用、更具增值的市場，例如汽車和高端智慧行動應用。

Finally, our Personal Computing end market represented approximately 2% of the quarter's total revenue. Third quarter revenue declined approximately 29% sequentially and 23% year-over-year, principally driven by declining volume in this segment. Although we anticipate a sequential increase in PC end market revenue in the fourth quarter, we still expect this end market to remain at approximately 3% of total 2023 revenue.

最後，我們的個人計算終端市場約佔本季總營收的 2%。第三季營收季減約 29%，年減 23%，主要由於該部門銷售下降。儘管我們預計第四季度 PC 終端市場收入將環比增長，但我們仍預計該終端市場在 2023 年總收入中的佔比仍將保持在 3% 左右。

Moving next to gross profit. For the third quarter, we delivered gross profit of $541 million, which was at the high end of our guided range and translates into approximately 29.2% gross margin. Gross margin exceeded the guidance range indicated, and as Tom alluded to in his prepared remarks, includes manufacturing cost efficiencies and revenue associated with the successful resolution of customer volume adjustments.

接下來是毛利。第三季度，我們的毛利為 5.41 億美元，處於我們預期範圍的高位，相當於毛利率約為 29.2%。毛利率超出了預期範圍，正如湯姆在準備好的演講中所提到的，其中包括製造成本效率和成功解決客戶數量調整相關的收入。

Looking ahead to the fourth quarter, we expect some of these benefits to subside, and this has been reflected in our fourth quarter guidance.

展望第四季度，我們預期其中一些好處將會減弱，這已反映在我們的第四季指引中。

Operating expenses for the third quarter represented approximately 12% of total revenue. R&D for the quarter was roughly flat at $101 million, and SG&A increased sequentially to $118 million. Total operating expenses increased sequentially to $219 million in the quarter.

第三季的營業費用約佔總收入的12%。本季研發費用基本持平於 1.01 億美元，銷售、一般及行政開支較上月增加至 1.18 億美元。本季總營運費用較上季增加至 2.19 億美元。

We expect total operating expenses to decline in the fourth quarter and included in our guidance is the expectation that we will receive approximately $30 million of benefit related to the advanced manufacturing and investment tax credit. As we continue to spend on qualifying U.S. expenses and capitalized assets in 2024 and beyond, we expect to continue to receive these benefits through the life of the program.

我們預計第四季度總營運費用將下降，我們的預期包括我們將獲得與先進製造和投資稅收抵免相關的約 3000 萬美元的收益。隨著我們在 2024 年及以後繼續在合格的美國費用和資本化資產上花錢，我們預計在整個計劃期間將繼續獲得這些好處。

We delivered operating profit of $322 million for the quarter, which translates into an approximately 17.4% operating margin, which was above the high end of our guided range and 140 bps below the prior year period.

本季度，我們實現了 3.22 億美元的營業利潤，相當於約 17.4% 的營業利潤率，高於我們預期範圍的高位，比去年同期低 140 個基點。

Third quarter net interest and other expense was $18 million, and we incurred a tax benefit of $4 million in the quarter.

第三季淨利息和其他支出為 1,800 萬美元，本季我們獲得了 400 萬美元的稅收優惠。

Our third quarter net income increased sequentially to approximately $308 million, but represented a decrease of approximately $60 million from the year-ago period. As a result, we reported a sequential increase in diluted earnings of $0.55 per share for the third quarter.

我們第三季的淨收入環比成長至約 3.08 億美元，但較去年同期減少約 6,000 萬美元。因此，我們報告第三季每股攤薄收益環比增加 0.55 美元。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the third quarter was $416 million. CapEx for the quarter was $323 million or roughly 17% of revenue. Free cash flow for the quarter, which we define as net cash provided by operating activities, less purchases of property, plant, equipment and intangible assets as set out on the statement of cash flows, was $93 million.

現在讓我提供一些關鍵的資產負債表和現金流指標。第三季經營活動現金流為4.16億美元。本季的資本支出為 3.23 億美元，約佔營收的 17%。本季的自由現金流為 9,300 萬美元，我們將其定義為經營活動提供的淨現金減去現金流量表所列的物業、廠房、設備和無形資產的購買額。

At the end of the third quarter, our combined total of cash, cash equivalents and marketable securities stood at approximately $3.36 billion. We also have a $1 billion revolving credit facility, which remains undrawn.

截至第三季末，我們的現金、現金等價物及有價證券總額約為 33.6 億美元。我們還有 10 億美元的循環信貸額度，尚未動用。

Next, let me provide you with our outlook for the fourth quarter. We expect total GF revenue to be between $1.825 billion and $1.875 billion. Of this, we expect non-wafer revenue to be approximately 11% of total revenue. We expect gross profit to be between $502 million and $544 million. We expect operating profit to be between $327 million and $389 million.

接下來，讓我為您提供我們對第四季的展望。我們預計 GF 總收入將在 18.25 億美元至 18.75 億美元之間。其中，我們預期非晶圓收入約佔總收入的11%。我們預計毛利在 5.02 億美元至 5.44 億美元之間。我們預計營業利潤在 3.27 億美元至 3.89 億美元之間。

Excluding share-based compensation but including the benefit related to the advanced manufacturing investment tax credit, for the fourth quarter, we expect total OpEx to be between $155 million and $175 million. At the midpoint of our guidance, we expect share-based compensation to be approximately $45 million, of which roughly $14 million is related to cost of goods sold and approximately $31 million is related to OpEx. We expect net interest and other expense for the quarter to be between $7 million and $13 million and tax expense to be between $18 million and $24 million.

不包括股權激勵但包括與先進製造業投資稅收抵免相關的收益，我們預計第四季度的總營運支出將在 1.55 億美元至 1.75 億美元之間。在我們的指導中點，我們預計股權激勵費用約為 4,500 萬美元，其中約 1,400 萬美元與銷售成本有關，約 3,100 萬美元與營運支出有關。我們預計本季淨利息和其他支出將在 700 萬美元至 1,300 萬美元之間，稅金支出在 1,800 萬美元至 2,400 萬美元之間。

We expect net income to be between $296 million and $358 million. On a fully diluted share count of approximately 557 million shares, we expect adjusted earnings per share for the fourth quarter to be between $0.53 and $0.64.

我們預計淨收入在 2.96 億美元至 3.58 億美元之間。基於約 5.57 億股的完全稀釋股數，我們預計第四季度調整後每股收益將在 0.53 美元至 0.64 美元之間。

Consistent with our commentary in August, our fourth quarter guidance reflects the expectation that utilization will be in the low to mid-80s for the full year of 2023 due to prevailing demand environment and elevated inventory levels that Tom outlined earlier. As we discussed in our second quarter update for the full year of 2023, we now expect CapEx to be approximately $2 billion. As Tom noted in his prepared remarks, we remain on track to meet the capacity footprint aspirations that we set out in our strategic objectives and based upon our CapEx commitments.

與我們 8 月的評論一致，我們對第四季度的指引反映了這樣的預期：由於當前的需求環境和湯姆之前概述的庫存水準上升，2023 年全年的利用率將在 80 年代中期左右。正如我們在 2023 年全年第二季更新中討論的那樣，我們現在預計資本支出約為 20 億美元。正如湯姆在其準備好的發言中指出的那樣，我們仍在按計劃實現我們在戰略目標中確定的並基於資本支出承諾的產能足跡願望。

As part of our fourth quarter results, we will provide more specific guidance on our CapEx targets for 2024, however, we anticipate a material year-over-year reduction in CapEx as we focus on delivering significant year-over-year free cash flow generation.

作為我們第四季度業績的一部分，我們將對 2024 年的資本支出目標提供更具體的指導，但是，我們預計資本支出將同比大幅減少，因為我們專注於實現同比顯著的自由現金流產生。

In summary, consistent operational performance from our dedicated employees across the world and continued efforts to expand our differentiated product offerings in key growth segments enabled us to achieve third quarter results at the high end of the guidance ranges we provided in our second quarter earnings update. We remain acutely focused on the fourth quarter and year-over-year demand outlook heading into 2024 as well as positioning GF for long-term growth opportunities.

總而言之，我們遍布全球的敬業員工的穩定營運表現，以及在關鍵成長領域擴大差異化產品的持續努力，使得我們第三季度的業績達到了我們在第二季度收益更新中提供的指導範圍的高位。我們將繼續密切關注 2024 年第四季和同比需求前景，並為 GF 的長期成長機會做好準備。

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

現在，讓我們開始問答環節。操作員？

Thank you. We will now conduct a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員指令）

Our first question comes from Mark Lipacis from Jefferies.

我們的第一個問題來自 Jefferies 的 Mark Lipacis。

Tom, you had mentioned, when you're talking about customers asking for relief or working collaboratively with you to try to adjust the LTSA, I'm wondering like what are the mechanisms that you are using to safeguard the value of those LTSAs. To what extent -- is it that your customers are covering the fixed costs associated with what they originally expected to get versus extending an LTSA for a longer period of time or getting more strategic sockets or higher volume on the back end? If you could help us understand how that collaboration manifest, I think that would be very helpful.

湯姆，您曾提到，當您談到客戶要求救濟或與您合作嘗試調整 LTSA 時，我想知道您使用什麼機制來保障這些 LTSA 的價值。在多大程度上——您的客戶是否承擔了與他們最初預期獲得的內容相關的固定成本，而不是將 LTSA 延長更長時間或獲得更具戰略性的插座或後端更高的產量？如果您能幫助我們了解這種合作如何體現，我認為這將會非常有幫助。

Thank you, Mark. You actually answered the question yourself there. Look, we started this year, we'll just take a step back, as an industry, that we were going to be down in the first half and come roaring back in the second half. So in the first half, customers were saying, let's build some of that inventory because we have to get ready for the second half, and clearly, that didn't happen. And we're just starting to see now is exactly what these long-term agreements were meant to, was to provide a balanced framework by which we as partners with all our customers go through these cycles together.

謝謝你，馬克。您實際上自己回答了這個問題。看看，我們今年開始時，作為一個行業，我們會退後一步，上半年我們會陷入低迷，下半年我們會強勢反彈。因此在上半年，客戶說，讓我們建立一些庫存，因為我們必須為下半年做好準備，但顯然，這並沒有發生。我們現在才開始明白這些長期協議的真正目的，就是提供一個平衡的框架，讓我們作為合作夥伴與所有客戶共同經歷這些週期。

The contracts are so bespoke that it's -- you can't take -- it's a one-off, right? They're all unique. But I would tell you, the one thing that is common to all of them, and you saw in the last quarter, we had an underutilization resolution to $23 million, is first and foremost, let's not prolong an over-inventory situation, right? Let's figure out what makes sense to build. And then how do you repurpose that capacity for other corridors that maybe there is better demand? How do we go win new design sockets to extend the long-term agreement? Again, this is not about one-sided long-term agreement. They were supposed be balanced and partnership driven.

這些合約都是客製化的，你不能接受，它是一次性的，對嗎？它們都是獨一無二的。但我要告訴你，他們都有一個共同點，正如你在上個季度看到的，我們將未充分利用的資金減少到了 2300 萬美元，最重要的是，我們不要延長庫存過剩的情況，對吧？讓我們弄清楚建造什麼才有意義。那麼，您如何將該容量重新用於可能有更好需求的其他走廊？我們如何贏得新設計的插座以延長長期協議？再說一遍，這不是單方面的長期協議。他們應該是平衡的、以合作為導向的。

Now the last thing I would tell you about this is they're calendar-based. And that means a lot of the true-up takes place at the end of the year. So I think you can expect to see more of these types of resolutions and alignments as we get through the rest of this quarter. But you're right, it takes the form of many different elements, new design wins, repurposing capacity, extending the life of these contracts. And in some cases, a payment for an underutilization is part of that resolution. I hope that helps.

現在我要告訴你的最後一件事是，它們是基於日曆的。這意味著許多調整工作將在年底進行。因此我認為，在本季度剩餘時間裡，您將會看到更多此類決議和調整。但你是對的，它包含許多不同的元素，新的設計勝利，重新利用容量，延長這些合約的有效期。在某些情況下，對未充分利用的補償也是解決方案的一部分。我希望這能有所幫助。

Do you have a follow-up, Mark?

馬克，你還有後續消息嗎？

Yes, I do. And I think when we talk about a lower -- I appreciate that you're not giving the guidance on the CapEx for next year. But it sounds like it's going to be a reduction in 2024, which should translate to a better free cash flow. Is that lower -- is what you're thinking about for CapEx next year, is that lower than what you had originally envisioned over the last couple of years? Is that going to be kind of a lower bogey than what you were thinking?

是的，我願意。我認為當我們談論較低的——我很感激你沒有給出明年資本支出的指導。但聽起來到 2024 年將會減少，這將帶來更好的自由現金流。這是否較低——您考慮的明年的資本支出是否低於過去幾年您最初設想的水平？這是否比您想像的要低一些？

It is, Mark. And let me just maybe preface that statement with just kind of reiterating what we're trying to achieve. We're trying to achieve about 3 million total wafers of capacity. When you look at the funds that we've spent over the last 3 years, we are essentially at that mark. Some of that capacity still to come online. But we are essentially in line with that target.

是的，馬克。首先，請容許我重申我們正在努力實現的目標。我們正努力實現約 300 萬片晶圓的總產能。如果回顧我們過去三年花費的資金，就會發現我們基本上已經達到了這個水準。部分產能仍有待上線。但我們基本上符合該目標。

And so when you think about CapEx for 2024, while we're not guiding it right now, we'll guide that in February with our fourth quarter update as well as our first quarter guidance, we're thinking about something materially lower. So think in terms of kind of half, if not less than half, of what we're spending in 2023.

因此，當您考慮 2024 年的資本支出時，雖然我們現在沒有指導它，但我們會在 2 月份的第四季度更新以及第一季度指導中指導它，我們正在考慮大幅降低某個水平。因此，想想看，這大約是 2023 年我們支出的一半，甚至更少。

Our next question comes from Ross Seymore from Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Tom, I want to talk a little bit about the linearity of demand. You've talked about the correction taking a little bit longer. I think that's no surprise to anybody. But you guys are holding in quite well despite that. Just wanted to talk about, when do you think some of those corrections will be done? We've heard data points of green shoots from some other foundry folks on the smart mobile device side of things? Are you seeing that? And is there kind of a rolling basis as to when you're going to see that normalization by end market? Any color on that would be helpful.

湯姆，我想談談需求的線性。您剛才談到了修正過程需要更長的時間。我想這對任何人來說都不足為奇。但儘管如此，你們還是堅持得很好。只是想談談，您認為什麼時候會進行其中一些修正？我們從其他一些代工廠那裡聽說了智慧移動設備方面的一些積極跡象？你看到了嗎？是否存在某種滾動基礎來決定何時能看到終端市場正常化？任何顏色都會有幫助。

Yes. Let me start, and then maybe I'll pass it to my colleagues. You're right, you can't think about semi demand as a monolithic number. It's really about end markets. And for me, when I take a step back, it's the end markets that were hit the hardest, with the highest inventory are the ones that it's more obvious to see green shoots, because you're kind of bumping along the bottom, and that includes smart mobile devices and a lot of things that are more consumer centric. And so we do see that there may be opportunities for some of that to start growing. And it's not about just growing off a low base as it will be a significant growth or not.

是的。讓我先開始，然後我可能會將其傳遞給我的同事。你是對的，你不能將半需求視為一個單一的數字。這實際上與終端市場有關。對我來說，當我退一步思考時，你會發現受到打擊最嚴重的是終端市場，庫存最高的市場是最容易看到復甦跡象的市場，因為你是在底部徘徊，其中包括智慧型行動裝置和許多更以消費者為中心的東西。因此我們確實看到其中一些可能存在開始成長的機會。而這不僅是在低基數上實現成長與否的問題。

It's nice to see that, by and large, inventories have either peaked or came close to peak, and in some cases have come down in some of those markets, and that's the beginning of getting a recovery where demand will not be able to drive further growth.

很高興看到，總體而言，庫存已達到峰值或接近峰值，某些市場庫存甚至有所下降，這是復甦的開始，需求將無法推動進一步成長。

I'd say that automotive, while you hear some noise in the industry, it could soften, maybe that's because it's been such a strong year for automotive. But it remains strong, and as we said in our prepared comments, that we're feeling really good about producing $1 billion of revenue this year in automotive market. That's up from about $375 million last year.

我想說的是，儘管你會聽到汽車行業中的一些噪音，但這種噪音可能會減弱，也許是因為今年是汽車行業強勁發展的一年。但它仍然保持強勁，正如我們在準備好的評論中所說的那樣，我們對今年在汽車市場創造 10 億美元的收入感到非常高興。這一數字比去年的 3.75 億美元有所增加。

So I really think it's about all of us watching inventory by end market, and then how do we go get this consumer-led spending industry supercharged with consumers again. And that will be the -- it touches many of the end markets when that takes place.

因此，我真的認為，我們所有人都應該關注終端市場的庫存，然後我們如何讓這個消費者主導的支出產業再次受到消費者的青睞。當這種情況發生時，它將觸及許多終端市場。

Niels, David, anything you'd add to that?

尼爾斯、戴維，您還有什麼要補充嗎？

Maybe I can add a little bit on the momentum we're seeing on the design win side. So automotive, obviously, very pleased with the results, as Tom said. And we talked about in previous calls that a lot of what we are enjoying this year, 2 to 3 years ago, we made those design wins. But I'd like to say it also, we continue to be very pleased with the design and momentum that we have in that space.

也許我可以補充一點我們在設計勝利方面看到的勢頭。正如湯姆所說，汽車產業顯然對結果非常滿意。我們在之前的電話會議中談到，我們今年享受的很多東西，都是兩三年前我們取得的設計勝利。但我也想說，我們對該領域的設計和發展動能感到非常滿意。

And it's similar comments for IoT. We talked a little bit about SMD in the opening, how we are getting more and more focused on the high-end tier phones there. See a little bit of green -- what you call green, sorry, green shoots, especially in the RF area there. And then, of course, A&D, we continue to be pleased with the momentum we are building on that front as well.

對於物聯網也有類似的評論。我們在開始時談論了一點關於SMD的事情，以及我們如何越來越關注高階手機。看到一點綠色 - 你們所說的綠色，對不起，是綠芽，特別是在 RF 區域那裡。當然，對於 A&D，我們也對這方面所取得的進展感到滿意。

Did you have a follow-up, Ross?

羅斯，你還有後續消息嗎？

Yes. I just wanted to pivot to you, David, over on the gross margin side of things. You guys have held that in well despite utilization coming down and all the gyrations on the mix side. I'm sure it's more challenging than we can appreciate. But as we think about the fourth quarter sequentially and then, more importantly, the puts and takes for 2024, I appreciate demand is uncertain, but you talked about your wafer output capacity being normalized now to your target rate and some of the CapEx you're doing, et cetera. What are the puts and takes as we think about gross margin going into 2024?

是的。大衛，我只是想談談毛利率方面的問題。儘管利用率下降且混合方面出現各種波動，你們仍然保持了良好的狀態。我確信這比我們想像的更具挑戰性。但是，當我們按順序思考第四季度，然後更重要的是，思考 2024 年的利弊時，我知道需求是不確定的，但您談到了晶圓產能現在已經標準化到目標率和您正在進行的一些資本支出等等。當我們考慮 2024 年的毛利率時，需要考慮哪些因素？

Thanks, Ross. And let me speak generally first, and then maybe I'll speak specifically about some of the puts and takes. Look, we're quite pleased with how we've rebaselined our cost structure such that we can largely absorb headwinds of about 6 to 8 points associated with, call it, roughly 20 points decrease in demand utilization. And that doesn't happen by accident. So there's a lot of great work from roughly 13,000 employees around the world at GF to be able to accomplish that result. And so we're very pleased with how we've rebaselined things from a cost structure perspective on the manufacturing side. Still plenty of work to do, but we've come a long way.

謝謝，羅斯。首先讓我概括地講一下，然後我可能會具體講一些事情。看，我們對如何重新調整我們的成本結構感到非常滿意，這樣我們就可以在很大程度上吸收與需求利用率下降約 20 點相關的約 6 到 8 點的阻力。這並不是偶然發生的。因此，GF 全球約 13,000 名員工付出了很多努力才能夠實現這一成果。因此，我們對從製造方面的成本結構角度重新調整基準感到非常滿意。還有很多工作要做，但我們已經取得了長足的進步。

With respect to the third quarter, some puts and takes, look, we received about 1 point of benefit from the successful resolution of some of those LTA under utilizations that we mentioned in the prepared commentary. And then when you think about guidance for fourth quarter, it does incorporate that range, incorporates the expectation that we will have some more additional underutilization resolution.

就第三季而言，我們從成功解決部分在準備好的評論中提到的長期協議利用不足問題中獲得了大約 1 點的收益。然後，當您考慮第四季度的指導時，它確實包含了該範圍，包含了我們將獲得更多額外未充分利用解決方案的預期。

So you put all of that together, and I think the big picture takeaway is just really, when you have 5 points of utilization, drives 2 points of gross margin, either down or up based on where your utilization is. We've done a very nice job offsetting the utilization headwinds. And to the extent that utilization can come back in the opposite direction and start to improve, then I think we have some opportunity to the upside.

所以，你把所有這些放在一起，我認為總的來說，當你有 5 個利用率點時，就會帶來 2 個毛利率點，具體上升或下降取決於你的利用率。我們在抵消利用率不利因素方面做得非常好。如果利用率能夠朝相反的方向回升並開始改善，那麼我認為我們就有上行的機會。

Our next question comes from Chris Caso from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Chris Caso。

The first question is on the pricing environment. And I recognize that most of what you ship to customers now is based on agreements that was signed previously, but perhaps you could talk to the pricing environment for new business. Is your expectation that new business that you signed on some of the new LTAs remain flat going forward?

第一個問題是關於定價環境。我知道您現在向客戶運送的大部分貨物都是基於先前簽署的協議，但也許您可以談論新業務的定價環境。您是否預計，您在一些新的長期協議中簽署的新業務未來將保持穩定？

Yes. I'll start. Look, we speak about this all the time, and Niels touched on it about our design win pipeline. Our goal is to make sure all new business is accretive to our long-term model. 90% of the design wins that we booked this quarter were on our single-source business where we have differentiation that provides value to our customers and allows us to capture that value for ourselves. So pricing for us on all future business is always based about how the solutions we bring to the marketplace and we're bringing differentiation, and happy to report that our design wins in aggregate are accretive to our long-term model. And that hasn't changed from Q1 to Q2 and how we did in Q3.

是的。我先開始。看，我們一直在談論這個，尼爾斯也談到了我們的設計獲勝管道。我們的目標是確保所有新業務都能促進我們的長期發展模式。本季我們獲得的設計訂單有 90% 都來自單一來源業務，在該業務中，我們的差異化可以為客戶提供價值，並讓我們自己獲得該價值。因此，我們所有未來業務的定價始終基於我們如何向市場提供解決方案以及如何帶來差異化，並且很高興地報告，我們的設計總體上獲勝對我們的長期模式有益。從第一季到第二季度，以及從第三季度到第四季度，這種情況都沒有改變。

Maybe I could reiterate a few points as well. We still believe, as we've commented for a long time, that pricing for the year, year-over-year, '23 versus '22, will be flat to slightly up for the year. We've mentioned that on any given quarter, you're going to have some mix impact with respect to ASPs. But we do think that the pricing environment is still quite constructive, particularly on the 300-millimeter side. You do see a little bit of pricing action taking place on spot deals and 200-millimeter. But for 300-millimeter, I'd say the pricing environment is quite constructive.

或許我也可以重申幾點。我們仍然相信，正如我們長期以來所評論的那樣，23 年的價格與 22 年相比，將持平或略有上漲。我們已經提到，在任何一個季度，你都會受到與 ASP 相關的一些混合影響。但我們確實認為定價環境仍然相當有利，尤其是在 300 毫米方面。您確實會看到現貨交易和 200 毫米的定價活動有所變化。但對於 300 毫米，我認為定價環境非常有利。

Did you have a follow-up?

你有後續行動嗎？

I do. And perhaps you could talk about your expectations by market segment into the fourth quarter, kind of what's up, what's down, recognizing that this demand change has been pretty asymmetric. If you could also speak to, while you say that, about what's the -- what's the market segment where you're seeing some of these payments for LTA true-ups? Which segment is that -- or is it concentrated in a particular segment?

我願意。或許您可以談談對第四季各細分市場的預期，有哪些上漲，有哪些下跌，並且意識到這種需求變化是非常不對稱的。如果您能同時談談這些 LTA 補償付款在哪些細分市場中出現嗎？那是哪一個部分——或者它集中在某個特定的部分？

Maybe I'll start on this one, and Niels, Tom, if you all have anything to add, feel free to chime in. Look, I think when you think about fourth quarter, the sequential performance of the individual end markets, I think you're going to see a little bit of more of the same of what you've seen throughout the course of this year. Automotive has been strong for us this year. Our expectation is you're going to continue to see that on a sequential basis.

也許我應該從這個開始，尼爾斯、湯姆，如果你們還有什麼要補充的，請隨意加入。今年，汽車產業對我們來說表現強勁。我們的預期是您將繼續連續地看到這一點。

Within the Home and Industrial IoT business, there's kind of a tale of 2 stories there. You've got industrial as well as aerospace and defense remaining quite stable. And then you've got, by and large, everything consumer being a little bit more challenged. And so I think what you've seen out of home and industrial IoT is a business, some puts, some takes, but largely kind of performing pretty consistently quarter-to-quarter to quarter throughout this year.

在家庭和工業物聯網業務中，有兩個故事可以講。工業、航空航太和國防領域都保持相當穩定。整體而言，你會發現消費者面臨的所有問題都變得更具挑戰性。所以我認為，大家看到的家庭和工業物聯網是一項業務，有的投入，有的收穫，但總體而言，今年各季度的表現都相當穩定。

Smart mobile devices, I would characterize as kind of bumping along the bottom. There's still some inventory that needs to be depleted out of that channel. And so on any given quarter, you could have a little bit of movement there, but I would say, by and large, kind of bumping along the bottom.

我認為智慧型移動設備就像是沿著底部碰撞的設備。該通路仍有一些庫存需要消耗。因此，在任何一個季度，都可能會有一點點波動，但我想說，總的來說，是在底部徘徊。

And then you've got comms infrastructure and data center, and I would characterize that kind of on a sequential basis as being relatively stable third quarter to fourth quarter. Niels or Tom, anything you guys would add to that?

然後你有通訊基礎設施和資料中心，我會將其描述為按順序相對穩定的第三季到第四季。 Niels 或 Tom，你們還有什麼要補充嗎？

Maybe only on smart mobile devices, we did see Qualcomm and [Cerus] and [Calum] reporting their results, and time to see a little bit of signs that the inventory has bottomed up, right?

也許只有在智慧型行動裝置上，我們確實看到高通和[Cerus]和[Calum]報告了他們的業績，並且是時候看到庫存觸底的一點跡象了，對吧？

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

下一個問題來自美國銀行證券的 Vivek Arya。

This is [Yadav Sanjay] on behalf of Vivek. I just want to go back to the end market question. In autos, obviously, you're seeing great strength. You said likely a quarter-over-quarter strength into next quarter. How sustainable do you think this is just given some of your customers have portrayed some weaknesses and, obviously, you've had a strong year this year, but it's likely going to be a tougher compare next year. So any color here would be helpful.

我是 Vivek 的代表 [Yadav Sanjay]。我只想回到終端市場的問題。顯然，在汽車領域，你看到了巨大的實力。您說下個季度的環比增長可能會更強。考慮到您的一些客戶表現出了一些弱點，您認為這種狀況能持續多久？所以這裡的任何顏色都會有幫助。

Yes. I think you did foreshadow to that. Remember, 2020, we were under $100 million of revenue. We grew to $375 million, last year $1 billion. Sharing these small numbers, it looks like high growth rates when you start from a small base. Now you're at $1 billion to continue those kind of growth rates, just not in the cards because the unit growth of automobiles.

是的。我想你確實預示了這一點。請記住，2020 年，我們的收入不到 1 億美元。我們的營收成長到了 3.75 億美元，去年達到了 10 億美元。分享這些小數字，當你從小基數開始時，看起來像是高成長率。現在你有 10 億美元來維持這樣的成長率，但這是不可能的，因為汽車單位的成長。

I think the one thing that plays to our advantage is everybody thinks about the transformation or transition in the industry of auto being just the electrification. But there's a whole bit about the autonomous nature and the connected part of that trend that transcends the electrification piece. So whether it's an internal combustion car or electrified vehicle, they're going to need all these other semiconductor devices for navigation for managing all the signals in the car for radar devices and things of that nature.

我認為對我們有利的一件事是，每個人都認為汽車產業的轉型或轉變只是電氣化。但是，自動駕駛的本質以及與此趨勢相關的部分已經超越了電氣化。因此，無論是內燃機汽車還是電動車，它們都需要所有其他半導體設備來進行導航、管理汽車內所有雷達設備的訊號以及諸如此類的東西。

So I think maybe because we play in a little bit broader base, we can capture our new models, because a lot of this business that we're building to today for sockets we've won 3 to 5 years ago.

因此，我認為可能是因為我們的業務基礎更加廣泛，我們能夠抓住新的模式，因為我們今天為插座構建的許多業務都是在3至5年前贏得的。

Now if the industry, if the automotive industry takes a pause and units coming down, no one is immune from that. But so far, as we can see in Q4, we're solid about what our shipments will be then. And as we get closer to next year, we'll take a look at the auto industry and decide what it has for GF. But it will be, for us, a big part of our revenue as we go forward as a company, because of the alignment of the needs -- the semiconductor needs and requirements for automotive and our any capability to deliver to that. Niels, would you add anything?

現在，如果汽車業暫停營業並且產量下降，那麼沒有人能夠倖免。但到目前為止，正如我們在第四季度看到的那樣，我們對我們的出貨量很有信心。隨著明年的臨近，我們將關注汽車產業並判斷它對 GF 有何影響。但對於我們公司而言，隨著公司的發展，它將成為我們收入的重要組成部分，因為需求是一致的——半導體需求和汽車要求，以及我們滿足這些需求的能力。尼爾斯，您還有什麼要補充嗎？

The only thing is just reemphasizing the point that, whether it's internal combustion engine or whether it's electrical vehicles, we are well positioned and well balanced across both of those areas and the growth we've had this year goes across both, and we expect that to be the same going forward.

唯一需要強調的是，無論是內燃機還是電動車，我們在這兩個領域都處於有利地位並且保持著良好的平衡，今年我們實現的成長涵蓋了這兩個領域，我們預計未來也將保持同樣的成長。

Yes, Vivek, I think what you're hearing is a little bit of a bifurcation. Long term, we feel like the secular trends with the products that we provide in the market will be a tailwind for us. I think short term, look, like many in the industry, we're looking at what's happening with interest rates. We're looking at what potentially that could create from a drag perspective on total units sold, just car units into the market. So obviously, that's something that we're watching. But long term, we're still quite bullish on the sector longer term.

是的，維韋克，我認為你所聽到的有點分歧。從長遠來看，我們覺得我們在市場上提供的產品的長期趨勢將對我們有利。我認為短期內，像業內的許多人一樣，我們正在關注利率的變化。我們正在研究這可能會對總銷量（僅汽車銷售進入市場）造成什麼影響。顯然，這是我們正在關注的事情。但從長遠來看，我們仍然非常看好該行業的長期前景。

Did you have a follow-up, Vivek?

維韋克，您有後續行動嗎？

Yes. So going back to smart mobile devices, I know you said we're approaching the bottom probably the next quarter or 2, we're going to see an inflection. I know you guys don't guide '24 now, but any color qualitatively for your assumptions next year would be great as well.

是的。所以回到智慧型移動設備，我知道你說過我們正在接近底部，可能在下個季度或兩個季度，我們將會看到一個拐點。我知道你們現在還沒有對 24 年做出指導，但是如果能對明年的假設做出任何定性說明那就太好了。

Yes, maybe I'll take that one. Look, we'll guide one quarter at a time, as you know. But with respect to catalysts, what are we looking for? Obviously, there's a little bit of macroeconomic uncertainty in the market just in general. That's across all end markets. There's 2 wars that are ongoing. And so I think just broadly speaking, kind of general business environment is one of a little caution.

是的，也許我會選擇那個。你看，正如你所知，我們將一次指導一個季度。但就催化劑而言，我們在尋找什麼？顯然，整體而言，市場存在一些宏觀經濟不確定性。這涉及所有終端市場。有兩場戰爭正在進行。因此我認為，從廣義上講，整體商業環境是需要謹慎的。

With respect to smart mobile devices, specifically, I think the positive takeaway from the industry in general, as well as from our customers, is that it does not look like inventory is growing any longer. It looks like, pretty consistently, inventory is coming down. I think we sit around the table and we think about the fact that we wish the rate and pace of that decline of inventory was a little bit faster. But I do think there's kind of broad acknowledgment that, that inventory is finally starting to decrease. And so that's quite positive.

具體就智慧型行動裝置而言，我認為從整個產業以及我們的客戶的角度來看，積極的一面是庫存似乎不再增加。看起來庫存在持續下降。我想我們坐在一起思考這樣一個事實：我們希望庫存下降的速度和步伐能夠更快一些。但我確實認為，人們普遍承認庫存終於開始減少。這是非常積極的。

I think when we think about longer term, we think about things like what are handsets going to do on a year-over-year basis. You've seen a couple of years in a row now where handsets have been challenged. I'm just talking global units. And so will next year be a year in which handsets are flat, handsets are up or handsets are down again? I think that will inform us in a pretty meaningful way the rate and pace of that inventory reduction, which is what we're all watching, in particular, for this segment.

我認為，當我們考慮長遠時，我們會考慮諸如手機同比變化的情況等問題。您已經看到手機連續幾年受到挑戰。我只是在談論全球單位。那麼明年手機出貨量將是持平的一年、上漲的一年，還是再次下跌的一年？我認為這將以一種非常有意義的方式告訴我們庫存減少的速度和步伐，這也是我們都在關注的，特別是這個部分。

Maybe the only thing I would add is that we are pleased with our exposure to the premium handsets. And we believe that's a good position to be in as we move forward in the market.

也許我唯一想補充的是，我們對高階手機的曝光感到滿意。我們相信，這對我們在市場上的前進來說是一個好的開始。

Yes. And last thing, just to pile on, is part of this global economy is seeing a revival in China, where the spend in the world will be proportional to how fast China could come back and start to have handsets and other consumer devices.

是的。最後一點，全球經濟的一部分正在中國復甦，全球消費支出將與中國復甦的速度以及開始擁有手機和其他消費設備的速度成正比。

Our next question comes from Joe Moore from Morgan Stanley.

下一個問題來自摩根士丹利的喬·摩爾。

Great. I wonder if you could address, we see very significant spending in China on these trailing edge nodes. What do you think is the impact of that on your business, if any? And how do you kind of think about reshoring prospects both in China and from the U.S. kind of looking at that incremental capacity coming online?

偉大的。我想知道您是否可以回答一下，我們看到中國在這些後端節點上投入了非常多的資金。如果有的話，您認為這對您的業務有何影響？從新增產能來看，您如何看待中國和美國製造業回流的前景？

Look, I think for -- we were never going to be the kind of the me-too supplier. We need to innovate and provide solutions to end markets that are very unique and specific and that customers value it for their solutions. Having a checkbook and adding capacity, and even knowing how to run the capacity, is the table stakes to be a good foundry, but a lot of it is about the innovation you put in, whether it's the different device types, the PDK, the standard cells, the libraries, the unique features and IP you build around that.

看，我認為——我們永遠不會成為那種「我也一樣」的供應商。我們需要創新並為終端市場提供非常獨特和具體的解決方案，並且客戶重視他們的解決方案。擁有支票簿和增加產能，甚至知道如何運行產能，是成為優秀代工廠的必備條件，但很大程度上取決於您投入的創新，無論是不同的設備類型、PDK、標準單元、庫、獨特功能以及您圍繞其構建的 IP。

And as long as GF continues to innovate, as long as GF continues to create these solutions, capacity that's built for more generic type of applications doesn't conflict with what we're doing. And so for us, our goal and our game is to continue to innovate, making sure we start with a very crisp understanding of end markets and particular applications and device types in these end markets, understand where differentiation really matters and make sure we accelerate our time to market for our customers and make sure the capacity we're putting on and the capacity we have is going to be fully utilized because we've created value for our customers.

只要 GF 繼續創新，只要 GF 繼續創造這些解決方案，為更通用類型的應用程式建立的容量就不會與我們正在做的事情衝突。因此對我們來說，我們的目標和策略是持續創新，確保我們從對終端市場以及這些終端市場中的特定應用和設備類型有非常清晰的了解開始，了解差異化真正重要的地方，確保我們加快為客戶上市的時間，並確保我們正在投入的產能和我們擁有的產能將得到充分利用，因為我們已經為客戶創造了價值。

Would you have a follow-up, Joe?

喬，你還有後續問題嗎？

That's very helpful. How are you seeing the prospects with the sort of smartphone-oriented customers? I feel like you won a lot of that business 4, 5 years ago when you were more of a price leader, obviously, you've differentiated a lot on the process technology. And there's a lot of focus on kind of strategic developments in autos and industrial and markets like that. But are those smartphone customers, are you able to kind of build this partnership culture with them and kind of potentially build more durable pricing and business models around that part of your business going forward as well?

這非常有幫助。您如何看待這類智慧型手機客戶的前景？我覺得 4、5 年前你們贏得了許多業務，當時你們更像是個價格領導者，顯然，你們在工藝技術上已經實現了許多差異化。人們非常關注汽車、工業和類似市場的策略發展。但是，這些是智慧型手機客戶嗎？

Yes. I wouldn't say we won the business because we're price leaders back in the day. I think there was a differentiation there, and maybe we could have done a better job capturing that back. I'll give you a perfect example, Joe. We announced on GTS earlier this year our 9SW solution, which is the follow-on for 8SW. This is a natural extension for front-end module technology. It gives 20% better fixed switching performance, lower power, and smaller area. And that same list of customers that leverage our technology in the front-end modules are lining up behind this technology to lead them to the next generation of 5G wireless solutions.

是的。我不會說我們贏得了這筆生意，因為我們當時是價格領導者。我認為那裡存在差異，也許我們可以更好地將其恢復。我會給你一個完美的例子，喬。我們今年稍早在 GTS 上宣布了我們的 9SW 解決方案，它是 8SW 的後續產品。這是前端模組技術的自然延伸。它可提供20％更好的固定開關性能、更低的功率和更小的面積。而在前端模組中利用我們技術的客戶也紛紛支援這項技術，以引領他們走向下一代 5G 無線解決方案。

I think you'll start to see a shift into GF's millimeter wave solution as well into these handsets. Just by way of example, some of our 55 BCD technology finding new applications in these smartphones. So I would say that the smart mobile device market, very important for GF. It has high volumes. Differentiation matters there because of size and power performance. And they continue to pick and choose the applications, again, where we have differentiation and our customers choosing us to go win in the marketplace with that.

我認為您將會開始看到 GF 的毫米波解決方案在這些手機中的應用。僅舉例來說，我們的一些 55 BCD 技術在這些智慧型手機中找到了新的應用。所以我想說智慧型行動裝置市場對 GF 來說非常重要。它的容量很大。由於尺寸和功率性能，差異化很重要。他們繼續挑選應用程序，同樣，我們具有差異化，我們的客戶選擇我們以在市場上獲勝。

I'll just add, 9SW that we announced, like Tom said, at GTS, we're very pleased with the introduction of that technology, the performance we're getting, the performance our customers are getting, and the way they're ramping at it. And 55 BCD continues to be a really, really strong process for audio, smart power [haptics] in the phones, so also very pleased on that front. So as you see 20% more performance, lower power levels and also smaller buy area on 9SW, we're pleased with how that's rolling out.

我只想補充一點，正如湯姆在 GTS 上所說，我們在宣布 9SW 時，對於這項技術的推出、我們所獲得的性能、我們的客戶所獲得的性能以及他們對該技術的推進方式感到非常滿意。 55 BCD 對於手機的音訊、智慧電源 [觸覺] 來說仍然是一個非常強大的工藝，因此在這方面我也非常滿意。因此，當您看到 9SW 的性能提高了 20%、功率等級降低了、購買區域也縮小了時，我們對這一進展感到非常滿意。

Yes. I think the last thing I would add, just to build the final piece on there, is you have seen us shift where we play in that market. We have very clearly shifted from playing across kind of the lower tier of that market and even the low end of the medium tier of that market. And you've seen us focus over the last, let's call it, 4 years, 2020 through 2023, you've really seen us focus much, much more on that premium tier.

是的。我想補充的最後一點是，為了在此基礎上再添加一點，您已經看到我們在該市場上的定位發生了轉變。我們已經非常明確地從該市場的低端轉向了該市場的中端低端。你們已經看到我們在過去 4 年（2020 年到 2023 年）中更加專注於高端產品。

And you've correspondingly seeing the ASPs go up or increase in a pretty significant way across -- or across that time line along those years. So much more of a focus towards the premium.

相應地，您會看到 ASP 在這些年份的時間線上以相當顯著的方式上升或增加。更加重視保費。

Our next question comes from Chris Danely from Citigroup.

下一個問題來自花旗集團的 Chris Danely。

Just another question on the renegotiation of these LTSAs, et cetera, for next year. Has anyone tried to renegotiate on price? Or has it just been pure volume? And is it more a push out from like the first half of '24 into the second half of '24? Or is anybody pushing anything out into 2025. And then as a result of this, your inventories has gone up this year. What can we think about the implications to utilization rates? And how would be your inventory plans coming into next year?

我還想問一下關於明年重新談判這些 LTSA 等等的問題。有人嘗試過重新協商價格嗎？還是只是單純的音量？這是否更像是從 24 年上半年到 24 年下半年的延伸？或者有人將任何東西推遲到 2025 年。我們對利用率的影響有何看法？明年您的庫存計畫是怎樣的？

Sure. Let me speak about when you say inventory, I think you're referring to GFs inventory. So maybe I'll address that one first, come back around and provide some additional color on the LTAs. Our inventory has increased this year, and the vast majority of all of that increase is actually not in work in process, nor is it in finished goods. It's actually in the raw materials, the majority of which is in substrates. And those substrates, typically, their lives could be up to 5 years, if not even longer than 5 years with some of those substrates.

當然。讓我談談當您說庫存時，我認為您指的是 GF 庫存。因此我或許會先解決這個問題，然後再回過頭來提供一些有關長期協議的更多詳細資訊。我們的庫存今年有所增加，而所有增加的庫存中絕大部分實際上既不是在製品，也不是製成品。它實際上存在於原料中，其中大部分存在於基質中。通常這些基質的壽命可長達 5 年，有些基質的壽命甚至超過 5 年。

So the inventory increase specifically at GLOBALFOUNDRIES is by and large associated with kind of raw materials, if you will, that feed into the manufacturing process. It is not in (inaudible) it is not in finished goods. We build to our customers' demand.

因此，如果你願意的話，GLOBALFOUNDRIES 的庫存增加大致上與進入製造過程的原料有關。它不在（聽不清楚）中，它不在成品中。我們根據客戶的需求進行生產。

And so taking that aside and then talking about the LTAs, all of the LTAs, as Tom mentioned, are bespoke. There's over 40 LTAs that we work with our customers on a daily basis with respect to what their volumes and their demand needs are. And so without being too generic, but to talk about some of the elements in those LTAs. Tom described it very well earlier in this call, which was, at the beginning of this year, the expectation was that the first half would be a little bit softer in the market, and then there would be a relatively healthy recovery in the second half of this year.

所以撇開這一點，再來談談長期協議，正如湯姆所提到的，所有的長期協議都是客製化的。我們每天與 40 多個 LTA 進行合作，以了解他們的數量和需求。我們不必太籠統地談論，而是要談論這些長期協議中的一些要素。湯姆早些時候在電話會議上對此進行了很好的描述，即今年年初，人們預計上半年市場會稍微疲軟一些，而下半年將出現相對健康的復甦。

And so during the first half of this year, what you saw customers doing is, I'd say, by and large, across the semiconductor industry, customers were looking at their demand needs. They were looking at some of their longer-lived products, and they were saying, well, let's build a little bit of inventory to be able to accommodate a second half recovery, such that we're not left stranded and unable to satisfy demand.

因此，在今年上半年，您看到客戶的做法是，我想說，總體而言，在整個半導體行業，客戶都在關注他們的需求。他們正在研究一些壽命較長的產品，並說，好吧，讓我們建立一點庫存，以便能夠適應下半年的復甦，這樣我們就不會陷入困境而無法滿足需求。

As we made it through the first and second quarter and we got into the second half of this year, I think what everyone recognized was that the second half ramp that maybe we were expecting was not happening at the rate and pace that we expected. And so then you saw customers, and I would say GF customers as well as the general industry, you saw customers say, "Okay, we don't want to build any more inventory, we actually now need to start reducing our demand on local boundaries and on some others." And then you start working through those LTAs, I would say, in some pretty good rigor and detail around those LTAs.

當我們度過第一季和第二季並進入今年下半年時，我想每個人都意識到，我們所期待的下半年成長並沒有按照我們預期的速度和步伐發生。然後你會看到客戶，我想說 GF 的客戶以及整個行業，你會看到客戶說，“好吧，我們不想再建立任何庫存，我們實際上現在需要開始減少對本地邊界和其他一些邊界的需求。”然後，您就開始著手處理這些長期協議，我想說，這些長期協議的處理會非常嚴謹和詳細。

And so the end results, what are you seeing? You're seeing us get great visibility to customers' road maps, which is giving us greater opportunity for design wins. You're seeing us working with customers on, if you don't want to take the inventory demand, then how can we work together maybe for either increasing the duration, maybe a modest underutilization fee. So you're seeing those start to flow through. The resolution of some of those agreements, again, for the third quarter was about $23 million. Included in our guidance range for the fourth quarter is the expectation that we'll have some additional resolutions in the fourth quarter.

那麼最終結果如何？您將看到我們對客戶的路線圖有了很好的了解，這為我們贏得設計勝利提供了更大的機會。您看到我們與客戶合作，如果您不想承擔庫存需求，那麼我們如何合作，也許是增加持續時間，也許是適度的未充分利用費用。所以你會看到它們開始流動。第三季度，部分協議的解決金額約為 2,300 萬美元。我們對第四季度的預期範圍包括我們將在第四季度有一些額外的解決方案。

And so I don't think what you're seeing is some push out into first half of '24 or the second half of '24. I think what you're seeing is, call it, the true-up of 2023 right now. And I think as we exit '23 and as we start to get into '24, our expectations are that the demands that are loaded in the LTAs for 2024, that those demands will largely be realized. And to the extent that they're not, then we'll sit down again in the 2024 period with our customers on all the elements and variables.

因此，我認為您看到的並不是 2024 年上半年或 2024 年下半年的某種推動力。我認為您現在看到的就是 2023 年的真實情況。我認為，當我們退出23年、進入24年時，我們預期2024年長期協議中提出的要求將基本實現。如果不是，那麼我們將在 2024 年與我們的客戶再次坐下來討論所有因素和變數。

Did you have a follow-up, Chris?

克里斯，你有後續消息嗎？

Yes. So I guess a question for Tom. I think, Tom, you intimated that in the automotive side, you're seeing some customers start to ask for a second source outside of Taiwan. This is just something that we're starting to hear more and more, not just in the automotive end market. So can you just expand on that? I mean, is this happening like across end markets where semi customers are starting to get more and more fearful of a potential Chinese invasion of Taiwan and saying, hey, within 2, 3 years, you need to give us another manufacturing source outside of Taiwan, the potential benefits to GLOBALFOUNDRIES?

是的。我想問湯姆一個問題。湯姆，我想你暗示過，在汽車方面，你看到一些客戶開始要求尋找台灣以外的第二個供應商。這是我們越來越多聽到的說法，不僅僅是在汽車終端市場。那您能進一步闡述嗎？我的意思是，這種情況是否發生在終端市場？

Yes. I think it's more macro than that. I think it's about single points of failure and resiliency. How can you have something that's critical in the semiconductor industry have such a high level of concentration, in any part of the world? I mean, it's geopolitical, there's geological risk. And what you're really seeing is that, like anything, too much of a good thing becomes a bad thing, that we just put too much concentration, and customers are looking for a more resilient supply chain, a little bit more balanced.

是的。我認為這比這更宏觀。我認為這與單點故障和彈性有關。半導體產業中至關重要的東西怎麼會在世界任何地方有如此高的集中度？我的意思是，這是地緣政治問題，有地質風險。而你真正看到的是，就像任何事情一樣，過猶不及，我們過於集中註意力，而客戶正在尋求一個更有彈性、更加平衡的供應鏈。

I think the leaders in that right now are customers in China who want to be international players, and they worry about their ability to shift worldwide if there are more issues that prevent them from shipping from things manufacturing in China. So yes, interested in China for China, but also they are interested for worldwide supply for the rest of the world and their customers. And we're seeing some of that take place with customers and getting design wins where they want us to be an alternative manufacturing for a footprint to supply their global customers.

我認為，目前這方面的領導者是希望成為國際參與者的中國客戶，他們擔心，如果出現更多問題阻礙他們從中國製造的產品發貨，他們就無法實現全球轉移。所以是的，他們對中國感興趣，但他們也對為世界其他地區和他們的客戶進行全球供應感興趣。我們看到一些客戶正在採取這種做法並獲得了設計勝利，他們希望我們成為其全球客戶的替代製造商。

So I think this is more of a macro event of independent of geopolitical things going on right now, which is good, and prudent managing that you eliminate signal points of failure and concentration of supply chain and you make it a little bit broader and resilient. And GF, I mean, that was the premise, Chris, the GF story when we were created in 2009, we were going to be the first world's first truly global semiconductor foundry. In the beginning didn't have much value for people, but more and more as we see how important semiconductors are, it creates great value for customers. It gave us a bit of a head start because we have that global footprint, and it's easier for us to create additional capacity in the regions we operate on rather than go greenfield.

因此，我認為這更像是一個宏觀事件，不受當前地緣政治事件的影響，這是好的，並且是審慎的管理，可以消除故障信號點和供應鏈集中，並使其更廣泛、更有彈性。克里斯，我的意思是，這就是 GF 的前提，當我們在 2009 年成立時，我們將成為世界上第一個真正的全球半導體代工廠。一開始它對人們並沒有太大的價值，但隨著我們越來越認識到半導體的重要性，它為客戶創造了巨大的價值。這讓我們領先一步，因為我們擁有全球影響力，而且我們可以更輕鬆地在我們經營的地區創造額外的產能，而不是開闢新領域。

And so -- and I think this is a trend for the future, independent of what the temperature is in the geopolitical landscape.

所以——我認為這是未來的趨勢，與地緣政治格局的溫度無關。

And maybe if I could just add one thing because I'm not sure it's clear to everybody outside of GF. But a big part of our strategy is to have manufacture all our technologies in multiple locations. So when you can get manufacturing in Singapore, we try to do the same in Dresden, and vice versa, in Manta. In that way, all customers, we can provide them those dual capacity footprints, and we think that's a big and important part of the strategy moving forward.

也許我可以補充一點，因為我不確定 GF 之外的其他人是否都清楚這一點。但我們的策略很重要的一部分是在多個地點生產我們的所有技術。因此，當您可以在新加坡進行製造時，我們會嘗試在德累斯頓做同樣的事情，反之亦然，在曼塔也做同樣的事情。透過這種方式，我們可以為所有客戶提供雙重容量足跡，我們認為這是未來策略的重要組成部分。

So a single part member can be sourced across our global business.

因此，我們可以在全球業務中尋找單一零件供應商。

Okay. One more question. Our next question comes from Harlan Sur from JPMorgan.

好的。還有一個問題。 下一個問題來自摩根大通的 Harlan Sur。

Many of your customers are still working to clear excess inventories. March quarter is a seasonally weaker quarter for many of your consumer-focused segments. Your wafer fab cycle times are typically a full quarter. So you're already executing wafer starts for the first quarter. Can you just give us a sense directionally on how to think of your revenue and utilization trajectory into Q1? Should we expect a sequential step down in Q1, more in line with seasonal trends, or maybe a more flattish profile as you guys are already kind of shipping below consumption?

您的許多客戶仍在努力清理過剩庫存。對於許多以消費者為中心的細分市場而言，三月季度是季節性疲軟的季度。您的晶圓製造週期通常為整整一個季​​度。因此，您已經開始執行第一季的晶圓生產了。您能否向我們簡要介紹一下您第一季的營收和利用軌跡？我們是否應該預期第一季的銷售量會出現環比下降，更符合季節性趨勢，或者可能出現更平穩的趨勢，因為你們的出貨量已經低於消費量了？

Sure. So maybe I'll start with that one. And let me just take a more macro view first and then maybe come back and address specifically some of the questions. I think we mentioned earlier in the call that we are taking, just in general, a cautious approach given the fact that we still have persistently high inflation. We've got some inventory in the channel, a couple of wars going on.

當然。因此我或許應該從這個開始。首先，讓我從更宏觀的角度來看這個問題，然後再回過頭來具體解答一些問題。我想我們之前在電話會議中提到過，鑑於通膨仍然持續居高不下，我們總體上採取了謹慎的態度。我們在渠道中有一些庫存，正在進行幾場戰爭。

But that aside, the specific guidance that we've kind of given for the year is that we've given that we expect to be in the low to mid 80s from a utilization perspective for all of 2023. For the first half, we were kind of mid- to high 80s. Obviously, that implies a lower utilization heading into the second half of this year, which is very much, I think, consistent with the fact that we're starting to see inventories drain now. And so you're seeing utilization rates come down as that inventory is being drained.

但除此之外，我們為今年提供的具體指導是，我們預計從利用率的角度來看，2023 年全年的利用率將處於 85% 到 88% 之間。顯然，這意味著今年下半年利用率會下降，我認為這與我們現在開始看到庫存減少的事實非常一致。因此，您會看到隨著庫存減少，利用率會下降。

So I think sequentially from fourth quarter to first quarter, I think the industry has historically seen a decline with just seasonality perspective weighing in. And so when we think about this year, I would say higher utilizations in the first half, lower utilizations in the second half, consistent with that inventory decrease. And then when you think about rolling into next year, you typically have some seasonality, which is pretty well documented in the industry. So I think with that, we'd probably leave the guidance there with respect to anything in 2024.

因此，我認為從第四季度到第一季度，該行業歷史上一直出現下滑，僅僅是受季節性因素的影響。然後，當你考慮進入明年時，你通常會遇到一些季節性因素，這在業內是有據可查的。因此，我認為，我們可能會將 2024 年的任何預期保留在那裡。

Yes. No, appreciate that. And then last call, the team had anticipated based on your LTSAs and new customer engagements that overall like-for-like wafer pricing would be relatively stable-ish next year versus this year. Is that still the case?

是的。不，我很感激。最後一次通話時，團隊根據您的 LTSA 和新客戶參與度預測，明年整體同類晶圓定價將與今年相比相對穩定。現在還是這樣嗎？

Sure. With respect to our LTAs, like-for-like pricing is pretty flat. So been pretty consistent on that point. Remember, those LTAs had fixed price, fixed volume, fixed duration. Obviously, as we've gone through the year and we've had some inventory, that had to be worked out. Obviously, we've had to renegotiate some of those elements. But I would say, by and large, from a pricing perspective, like-for-like is really pretty stable and somewhat constructive.

當然。就我們的長期協議而言，同類定價相當平穩。因此在這一點上我們是相當一致的。請記住，這些長期協議都有固定價格、固定數量和固定期限。顯然，隨著我們度過這一年並且累積了一些庫存，這個問題必須解決。顯然，我們必須重新協商其中的一些因素。但我想說，總的來說，從定價的角度來看，同類價格確實相當穩定，而且具有一定的建設性。

At this time, the Q&A session has now ended. I will now turn the conference over to Sam Franklin for closing remarks.

至此，問答環節已經結束。現在我將把會議交給薩姆·富蘭克林作結束語。

Thanks, Antoine, and thanks, everyone, for joining the call today. Sorry, we couldn't get to everyone in the call list, but we look forward to speaking to you bilaterally and catching up over the coming months. Thank you.

謝謝 Antoine，也謝謝大家今天參加電話會議。抱歉，我們無法聯繫到通話清單中的每個人，但我們期待在未來幾個月內與您進行雙邊交談並了解最新進展。謝謝。

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

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。