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.

美好的一天，感謝您的支持。歡迎參加 GLOBALFOUNDRIES 2023 財年第三季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

我現在想將會議交給投資者關係主管薩姆富蘭克林 (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.

謝謝你，接線生。大家早安，歡迎參加 GLOBALFOUNDRIES 2023 年第三季財報電話會議。今天與我通話的是執行長 Thomas Caulfield 博士；大衛‧里德，財務長；和首席商務官 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 第三季財務業績（可在我們的網站 Investors.gf.com 上取得）以及今天隨附的幻燈片演示。本次電話會議正在錄音，我們的投資者關係網頁上將提供重播。

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 IFRS 和調整後的非 IFRS 財務指標。今天的新聞稿和隨附的幻燈片中提供了最直接可比較的國際財務報告準則衡量標準以及調整後的非國際財務報告準則衡量標準的調節表。我要提醒您的是，這些財務結果未經審計，可能會發生變化。

Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend, anticipate, and may, or by the use of the future tense. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today.

今天電話會議上的某些陳述可能被視為前瞻性陳述。此類陳述可以透過相信、期望、打算、預期和可能等術語或透過使用將來式來識別。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，我們不承擔更新我們今天所做的任何前瞻性陳述的義務。

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SEC 提交的文件中描述的風險和不確定性，包括風險因素標題下的部分在我們於 2023 年 4 月 14 日向 SEC 提交的 20-F 表格年度報告中。

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.

我們將在今天的電話會議中首先由 Tom 提供有關當前業務環境和技術的最新摘要，隨後 Dave 將提供有關我們的終端市場和第三季度業績的詳細信息，並提供 2023 年第四季度的指導。然後我們將開始向 Tom、Dave 和 Niels 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.

我現在將把電話轉給湯姆，讓他準備好要發言。

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持續不確定的背景下，我們在全球的專業團隊取得的第三季業績處於我們在第二季更新中概述的指導範圍的上限。我為他們的執行力和韌性感到非常自豪。首先，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，並且在許多情況下，到2024 年，多個終端市場的半導體庫存將持續保持在高水準。我們服務的特定終端市場，例如智慧型行動裝置、通訊基礎設施、資料中心以及低端消費和家用電子產品領域繼續努力應對庫存增加和需求同比下降的問題。

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並更改其長期協議。我們正在與這些客戶密切合作，支持他們的短期庫存削減，避免延長庫存調整的持續時間。

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未充分利用費用。

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詳細闡述這一點，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.

擴展我們的第二季更新。我們認為，2024 年恢復年增率將取決於庫存較目前水準大幅下降以及全球需求（特別是在以消費者為中心的終端市場）同時顯著復甦。根據與客戶的討論，我們認為，至少在今年剩餘時間內，成長所需的催化劑仍然不確定。

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.

現在，儘管存在這些產業逆風，我們仍然看到汽車、工業物聯網、航空航太和國防等關鍵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，我很快就會討論這一點。

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.

現在讓我簡要談談我們第三季的業績，戴夫將在稍後的評論中更詳細地討論這一點。本季營收季增至 18.52 億美元，高於我們指引範圍的中點。我們報告本季調整後毛利率為 29.2%，超出了我們的指導範圍。這一好於預期的業績是由我們世界各地的團隊不斷努力優化我們的製造支出以及成功解決客戶近期產量需求和相關未充分利用付款的調整所推動的，戴夫將討論這些問題在他的評論中。

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自由現金流，這延續了我們嚴格的資本管理和部署方法，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，我們的調整後每股收益為 0.55 美元，超出了我們指導範圍的上限。

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夥伴活動。從汽車產業開始，我們的營收又實現了一個季度的穩健成長。我們的汽車級技術平台繼續為車輛基礎設施、智慧感測、汽車處理和安全領域的關鍵應用提供服務。我們仍然專注於為客戶提供一流的解決方案，同時支援業界從內燃機車型向自動連網電動車的轉型。這對我們來說仍然是一個令人興奮的成長向量，也是我們透過開發汽車級半導體解決方案來繼續發展客戶合作關係的向量。

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，我們繼續將業務重新整合到高階手機市場，我們看到了需求的更大彈性以及基於我們功能豐富的解決方案的機會。

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8 月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5G 工作頻率以及前端模組提供顯著改進的開關性能、更低的功耗和面積優勢。未來的 5G 行動和無線通訊應用。

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 平台的進步，引入了一系列創新功能，例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。隨著全球互聯物聯網設備網路的快速擴張，我們不斷看到差異化技術的創新機會，重點關注增強的電源效率和用於邊緣安全智慧解決方案的嵌入式記憶體。

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.

我們已經設計了多種產品，利用特定領域的架構來支援EDGE 應用中的各種人工智慧，例如我們的55 LPx 平台支援Oculi 的嵌入式智慧感測器，以及我們的22FDX 製造流程被設計到Nordic 最新一代的低功耗無線SoC 中具有工作負載優化流程，支援邊緣的複雜機器學習和感測器融合。

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，因為對國家和國際安全的關注在全球舞台上發揮越來越重要的作用。我們很榮幸能夠擴大與美國國防部的合作關係，獲得為期 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產品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平上升以及節點從數據中心和以數字為中心的客戶向個位數奈米遷移的加速所致。

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，由於我們客戶的無線和有線基礎設施庫存水平的渠道消化時間較長，我們預計庫存增加至少將持續到今年年底。因此，我們繼續關注機會，重新調整我們的一些過剩產能，以滿足汽車等更持久和不斷增長的領域的需求。

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.

簡要談談我們的產能增加。我們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發展我們的全球足跡。 9 月份，我很榮幸地參加了我們在新加坡耗資 40 億美元的 Fab 7H 擴建項目的開幕儀式，該工廠每年將具備生產約 45 萬片 300 毫米晶圓的能力。我很高興地報告說，增量產能已經有助於滿足客戶需求。

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.

在考慮增量產能的時機時，我們將繼續嚴格評估更廣泛的市場狀況和堅定的客戶需求。

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出了我們第二季更新中確定的幾個指導指標。儘管經濟衰退對我們行業的影響比預期更深、持續時間更長，但我們在世界各地的專業團隊仍在繼續執行我們為客戶和利害關係人設定的目標。儘管我們對近期前景保持謹慎態度，但從長遠來看，我們繼續看到半導體在世界上的作用將長期加速，我們致力於發展深厚的客戶合作夥伴關係並投資於功能豐富的創新解決方案，使GF 能夠在我們行業的未來中發揮越來越重要的作用。

With that, over to you, Dave.

就這樣，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。對於電話會議的其餘部分，包括指導，除收入、現金流量、資本支出和淨利息及其他費用外，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。

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.

正如湯姆指出的那樣，我們第三季的業績處於我們在上一季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%。這些結果包括約 2,300 萬美元的收入，這些收入與客戶對其近期產量需求的調整有關。

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 575,000 片 300 毫米等效晶圓，比去年同期下降 10%。平均售價（ASP）或每片晶圓的平均售價年減約 2%，主要是由於本季產品結構變化的推動。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升。

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.

來自終端市場的晶圓收入約佔總收入的89%。非晶圓收入（不包括光罩、非經常性工程、加急費用和其他項目的收入）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.

現在讓我介紹一下我們按終端市場劃分的收入的最新情況。智慧型行動裝置約佔該季度總收入的 42%。第三季營收季減約 1%，較上年同期下降約 18%，這主要是由於需求環境持續疲軟以及更廣泛的智慧行動市場中廣為人知的庫存調整的持續。

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.

儘管銷量有所減少，但隨著我們繼續向高階智慧型手機市場進行重新組合，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，全年與這些組合改進相關的定價優勢將會更高。

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.

第三季出貨量較上季下降，主要原因是通路庫存過剩。然而，本季我們繼續看到高階手機對我們的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.

正如湯姆在他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速度低於先前的預期，智慧行動裝置的庫存水準將在年底前保持在高水準。

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該季度總收入的20%。第三季營收季增約 4%，年減 7%。我們的物聯網終端市場以消費者為中心的部分主要導致了同比下降，以及本季平均售價和組合的小幅下降。

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售價將與前一年大致持平。我們繼續看到家庭和工業物聯網領域的穩定需求，這有助於抵消產品組合中以消費者為中心的部分的一些弱點。

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.

第三季度，對我們智慧卡技術的需求再次增長，因為速度、便利性和交易完整性的整合使應用程式能夠擴展到數位支付以外的領域，並擴展到交通、政府、健康、安全和存取控制等領域。

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Tom 在準備好的演講中指出的那樣，航空航天和國防是物聯網中日益重要的一個領域，我們將繼續擴大設計成果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，我們預計這些終端市場的客戶對下一代模擬和混合訊號技術的近期需求不斷增加，這將在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.

汽車業務仍然是我們穩定成長的領域，約佔本季總營收的 17%。第三季營收季增約24%，較上年同期成長約219%，這得益於銷售、平均售價和產品組合的健康成長，同時我們持續提高汽車加工、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.

隨著 ICE 和 ACE 汽車架構的矽含量、功能和應用持續逐年增長，汽車領域的定價環境仍然具有高度建設性。作為我們與客戶討論的一部分，供應鏈的確定性仍然是現有和未來設計的關鍵考慮因素，而格芯擁有獨特的優勢，可以透過投資於我們全球多元化製造基地的產能來滿足這些需求。

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 Tom 指出的那樣，我們的汽車業務預計在 2023 年實現約 10 億美元的收入，這與我們年初傳達的訊息一致。

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準備好的演講中概述的主要驅動因素，第三季營收季減約 26%，年減約 58%。正如我們在第二季更新中所指出的，我們預計到2023 年底，該終端市場的收入將下降，並且正如Tom 所提到的，我們將繼續將製造產能分配到更持久和更具增值性的市場，例如汽車和高端市場智慧移動應用程式。

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%，主要是由於該細分市場銷量下降。儘管我們預計第四季度 PC 終端市場收入將環比增長，但我們仍然預計該終端市場將保持在 2023 年總收入的 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，我們實現了 5.41 億美元的毛利，處於我們指導範圍的高端，相當於毛利率約為 29.2%。毛利率超出了指示的指導範圍，正如湯姆在準備好的演講中所提到的那樣，包括與成功解決客戶數量調整相關的製造成本效率和收入。

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，我們預計其中一些好處將會消退，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.

第三季的營運費用約佔總收入的12%。本季的研發費用大致持平，為 1.01 億美元，SG&A 環比成長至 1.18 億美元。本季總營運支出增加至 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，並且我們的指導中包括預計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 年及以後繼續在符合條件的美國開支和資本化資產上支出，我們預計將在該計劃的整個生命週期內繼續獲得這些福利。

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.

我們本季實現營業利潤 3.22 億美元，營業利潤率約為 17.4%，高於我們指導範圍的上限，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費用為 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.

我們第三季的淨利潤環比成長至約 3.08 億美元，但較去年同期減少約 6,000 萬美元。因此，我們報告第三季稀釋後每股收益環比增長 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量指標。第三季營運現金流為 4.16 億美元。該季度的資本支出為 3.23 億美元，約佔收入的 17%。本季的自由現金流（我們將其定義為經營活動提供的淨現金減去現金流量表中列出的不動產、廠房、設備和無形資產的採購）為 9,300 萬美元。

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，目前尚未動用。

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，讓我向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將佔總收入的約11%。我們預計毛利將在 5.02 億美元至 5.44 億美元之間。我們預計營業利潤將在 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.

不包括基於股權的薪酬，但包括與先進製造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。在我們指導的中點，我們預計基於股份的薪酬約為 4500 萬美元，其中約 1400 萬美元與銷售商品成本相關，約 3100 萬美元與營運支出相關。我們預計本季的淨利息和其他費用將在 700 萬美元至 1,300 萬美元之間，稅務費用將在 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.

我們預計淨利潤將在 2.96 億美元至 3.58 億美元之間。完全稀釋後的股票數量約為 5.57 億股，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，我們第四季度的指導反映了由於湯姆之前概述的當前需求環境和庫存水平上升，2023 年全年利用率將在 80 左右的低至 80 左右的預期。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。正如湯姆在他準備好的演講中指出的那樣，我們仍然有望實現我們在戰略目標中設定的並基於我們的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.

作為第四季度業績的一部分，我們將為 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，我們在全球各地敬業的員工保持一致的營運業績，並持續努力擴大我們在關鍵成長領域的差異化產品供應，使我們能夠在第二季度收益更新中提供的指導範圍的高端實現第三季度業績。我們仍然高度關注 2024 年第四季和同比需求前景，以及為 GF 尋找長期成長機會做好準備。

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

接下來，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。 （操作員說明）

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，當您談論客戶要求救濟或與您合作嘗試調整 LTSA 時，我想知道您正在使用哪些機制來保護這些 LTSA 的價值。您的客戶在多大程度上承擔了與他們最初期望獲得的相關的固定成本，而不是延長 LTSA 更長的時間或獲得更具策略性的插座或更高的後端容量？如果您能幫助我們了解這種合作是如何體現的，我認為這將非常有幫助。

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。您實際上自己在那裡回答了這個問題。看，我們從今年開始，作為一個行業，我們將後退一步，我們將在上半年下滑，並在下半年捲土重來。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。我們現在才剛開始看到這些長期協議的真正目的，就是提供一個平衡的框架，透過這個框架，我們作為合作夥伴與所有客戶一起經歷這些週期。

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.

這些合約是如此定制，以至於你不能接受它是一次性的，對嗎？它們都是獨一無二的。但我想告訴你，他們所有人的共同點是，你在上個季度看到，我們制定了2300 萬美元利用率不足的決議，首先也是最重要的是，我們不要延長庫存過剩的情況，對嗎？讓我們弄清楚建構什麼是有意義的。然後，如何將這些容量重新用於可能有更好需求的其他走廊？我們如何贏得新的設計插座以延長長期協議？再次強調，這不是單方面的長期協議。他們應該是平衡的和夥伴關係驅動的。

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。這意味著很多調整將在年底進行。因此，我認為在本季度剩餘的時間裡，您可以期待看到更多此類決議和調整。但你是對的，它採取了許多不同元素的形式，新的設計獲勝，重新利用容量，延長這些合約的壽命。在某些情況下，為未充分利用而付費是該決議的一部分。我希望這有幫助。

Do you have a follow-up, Mark?

馬克，你有後續行動嗎？

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，當我們談論較低的資本支出時，我很欣賞您沒有給出明年資本支出的指導。但聽起來 2024 年將會減少，這應該會轉化為更好的自由現金流。您考慮的明年資本支出是否較低，是否低於您過去幾年最初的預期？這會比你想像的還要低嗎？

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。讓我在該聲明的序言中重申我們正在努力實現的目標。我們正在努力實現約 300 萬片晶圓的總產能。如果你看看我們過去三年花費的資金，我們基本上就達到了這個水準。其中一些容量仍有待上線。但我們基本上符合這個目標。

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，雖然我們現在沒有提供指導，但我們將在 2 月份透過第四季度更新以及第一季度指導來提供指導，我們正在考慮大幅降低的資本支出。因此，請考慮我們 2023 年支出的一半（如果不少於一半的話）。

Our next question comes from Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

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。你談到了修正需要更長的時間。我認為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，您認為其中一些修正何時會完成？我們聽說過其他一些代工人員在智慧型行動裝置方面的萌芽數據點嗎？你看到了嗎？是否存在滾動基礎來確定終端市場何時會正常化？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。讓我開始吧，然後也許我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整體數字。這實際上與終端市場有關。對我來說，當我退後一步時，受到打擊最嚴重的是終端市場，庫存最高的是那些更明顯看到復甦的市場，因為你有點沿著底部顛簸，而且包括智能移動設備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有機會開始成長。這不僅僅是在低基數基礎上成長，因為它是否會顯著成長。

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，總的來說，庫存已經達到峰值或接近峰值，在某些情況下，其中一些市場的庫存已經下降，這是復甦的開始，而需求將無法進一步推動生長。

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，在汽車行業，雖然你聽到了行業中的一些噪音，但它可能會減弱，也許這是因為今年汽車行業表現強勁。但它仍然強勁，正如我們在準備好的評論中所說，我們對今年在汽車市場創造 10 億美元的收入感到非常滿意。這比去年的約 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.

所以我真的認為我們所有人都在關注終端市場的庫存，然後我們如何讓這個以消費者為主導的消費產業再次充滿消費者。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、大衛，你們還有什麼要補充的嗎？

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.

也許我可以為我們在設計獲勝方面看到的勢頭添加一點內容。正如湯姆所說，汽車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、兩三年前所享受的許多東西，都是我們在設計上取得的勝利。但我還想說，我們仍然對該領域的設計和動力感到非常滿意。

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。我們在開頭談到了 SMD，以及我們如何越來越關注高階手機。看到一點綠色——你所說的綠色，對不起，綠芽，特別是在射頻區域。當然，A&D，我們仍然對我們在這方面建立的勢頭感到滿意。

Did you have a follow-up, Ross?

羅斯，你有後續行動嗎？

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。儘管利用率下降以及混合方面的所有波動，你們仍然很好地保持了這一點。我確信這比我們想像的更具挑戰性。但當我們依次考慮第四季度，然後更重要的是2024 年的看漲期權和看跌期權時，我意識到需求是不確定的，但您談到您的晶圓產能現在已正常化為您的目標率以及您的一些資本支出正在做，等等。當我們考慮 2024 年的毛利率時，看跌期權和看跌期權是多少？

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。讓我先概括性地談談，然後也許我會具體談談一些看跌和看跌。看，我們對如何重新調整成本結構基準感到非常滿意，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 個點相關的約 6 至 8 個點的逆風。這並不是偶然發生的。因此，GF 全球約 13,000 名員工付出了巨大的努力才取得了這項成果。因此，我們對如何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，但我們已經走了很長的路。

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.

關於第三季度，一些看跌期權和看跌期權，我們從我們在準備的評論中提到的一些長期協議的成功解決中獲得了約 1 個百分點的收益。然後，當您考慮第四季度的指導時，它確實包含了該範圍，包含了我們將有更多額外的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，我認為大局的結論是，當你有 5 個點的利用率時，會推動 2 個點的毛利率，根據你的利用率而下降或上升。我們在抵消利用率方面的不利因素方面做得非常好。如果利用率可以向相反的方向回歸並開始改善，那麼我認為我們有一些上升的機會。

Our next question comes from Chris Caso from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的克里斯·卡索。

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?

第一個問題是定價環境。我認識到，您現在向客戶提供的大部分產品都是基於先前簽署的協議，但也許您可以討論新業務的定價環境。您預計在一些新的長期協議中籤署的新業務未來會保持穩定嗎？

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。我開始吧。看，我們一直在談論這個，尼爾斯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模式。我們本季預訂的設計訂單中有 90% 都來自於我們的單一來源業務，我們擁有差異化優勢，可以為客戶提供價值，並讓我們能夠為自己獲得這種價值。因此，我們所有未來業務的定價始終基於我們如何將解決方案推向市場以及我們如何帶來差異化，並且很高興地報告，我們的設計勝利總體上對我們的長期模型有所促進。從第一季到第二季以及我們在第三季的表現都沒有改變。

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.

也許我也可以重申幾點。正如我們長期以來所評論的那樣，我們仍然相信，23 年與 22 年相比，今年的定價將持平或略有上漲。我們已經提到，在任何特定季度，您都會對平均售價產生一些混合影響。但我們確實認為定價環境仍然相當有建設性，特別是在 300 毫米方面。您確實會看到現貨交易和 200 毫米的價格發生了一些變化。但對於 300 毫米，我認為定價環境相當有建設性。

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。也許您可以按細分市場對第四季度的預期進行討論，例如上漲、下跌，並認識到這種需求變化相當不對稱。當您這麼說時，您是否還可以談談您所看到的 LTA 調整付款的細分市場是什麼？這是哪個細分市場——或者它集中在某個特定細分市場？

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.

也許我會從這一點開始，尼爾斯、湯姆，如果你們都有什麼要補充的，請隨時插話。看，我認為當你考慮第四季度時，各個終端市場的連續表現，我認為你將會看到更多與今年全年所見相同的情況。今年，汽車產業對我們來說表現強勁。我們的期望是您將繼續按順序看到這一點。

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。工業、航空航太和國防產業保持相當穩定。總的來說，消費者的一切都面臨更大的挑戰。因此，我認為您從家庭和工業物聯網中看到的是一項業務，有的看跌，有的看漲，但今年每個季度的表現基本上都相當一致。

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.

智慧型移動設備，我將其描述為一種底部碰撞。該通路仍有一些庫存需要消耗。因此，在任何特定季度，你都可能會出現一些波動，但我想說，總的來說，是在底部的碰撞。

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?

然後是通訊基礎設施和資料中心，我認為第三季到第四季相對穩定。尼爾斯或湯姆，你們還有什麼要補充的嗎？

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、[Cerus] 和 [Calum] 報告了他們的結果，是時候看到一些庫存已經觸底的跡象了，對吧？

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

我們的下一個問題來自美國銀行證券公司的 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 [Yadav Sanjay] 代表 Vivek。我只想回到終端市場問題。顯然，在汽車領域，你看到了巨大的力量。您說下一季可能會出現季度環比的強勁增長。考慮到您的一些客戶描述了一些弱點，而且顯然，今年您的業績表現強勁，但明年的情況可能會更加艱難，您認為這種情況的可持續性如何。所以這裡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。我認為你確實預示了這一點。請記住，2020 年我們的收入還不到 1 億美元。我們的營收成長至 3.75 億美元，去年為 10 億美元。分享這些小數字，當你從小基數開始時，看起來成長率很高。現在你有 10 億美元來繼續這種成長率，只是因為汽車的單位成長而不可能。

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型只是電氣化。但這種趨勢的自主性和互聯部分超越了電氣化部分。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進行導航，以管理汽車中雷達設備和類似設備的所有訊號。

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.

所以我認為也許因為我們的基礎更廣泛，我們可以捕捉我們的新模型，因為我們今天為插座而建立的許多業務都是我們在 3 到 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，如果這個產業、如果汽車產業暫停，單位數量下降，沒有人能倖免。但到目前為止，正如我們在第四季度看到的那樣，我們對屆時的出貨量充滿信心。隨著明年的臨近，我們將審視汽車產業並決定它能為 GF 帶來什麼。但對我們來說，隨著我們作為一家公司的發展，這將成為我們收入的很大一部分，因為需求的一致性——汽車的半導體需求和要求以及我們滿足這一需求的任何能力。尼爾斯，你能補充點什麼嗎？

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.

唯一的事情是再次強調這一點，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保持良好平衡，而且我們今年的成長跨越了這兩個領域，我們預計今後也是如此。

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，Vivek，我認為你聽到的有點分歧。從長遠來看，我們認為我們在市場上提供的產品的長期趨勢將成為我們的順風車。我認為短期來看，就像業內許多人一樣，我們正在關注利率的變化。我們正在研究從拖累總銷售量（僅是進入市場的汽車數量）的角度來看，這可能會產生什麼影響。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發展。

Did you have a follow-up, Vivek?

你有後續嗎，維維克？

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。回到智慧型行動設備，我知道您說過我們可能會在下一個或兩個季度接近底部，我們將看到拐點。我知道你們現在不指導 '24，但明年任何定性的顏色都適合你們的假設。

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。聽著，如您所知，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，市場整體上存在一些宏觀經濟不確定性。所有終端市場都是如此。有兩場戰爭正在進行中。因此，我認為，從廣義上講，一般商業環境是需要謹慎的一種。

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.

具體而言，就智慧型行動裝置而言，我認為整個產業以及我們的客戶的積極收穫是，庫存看起來不再成長。看起來庫存一直在下降。我想我們坐在桌子旁，思考這樣一個事實：我們希望庫存下降的速度和步伐更快一點。但我確實認為，人們普遍承認庫存終於開始減少。所以這是非常積極的。

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，當我們考慮更長期的問題時，我們會考慮手機的年同比變化等問題。您已經連續幾年看到手機受到挑戰。我只是在談論全球單位。那麼明年會是手機銷量持平、手機上漲還是手機再次下跌的一年呢？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，這是我們所有人都在關注的，特別是對於這個細分市場。

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.

也許我唯一要補充的是，我們對高階手機的接觸感到滿意。我們相信，隨著我們在市場上的前進，這是一個很好的位置。

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。最後要強調的是，全球經濟的一部分正在中國復甦，世界各地的支出將與中國恢復並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.

我們的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。我想知道您是否能解決這個問題，我們看到中國在這些後緣節點上的支出非常大。您認為這對您的業務有何影響（如果有）？從新增產能的角度來看，您如何看待中國和美國的回流前景？

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.

聽著，我認為──我們永遠不會成為那種模仿的供應商。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，並且客戶會因為他們的解決方案而重視它。擁有支票簿和增加產能，甚至知道如何運行產能，是成為一家優秀代工廠的賭注，但其中許多都與您投入的創新有關，無論是不同的設備類型、PDK、標準單元、庫、獨特功能和圍繞其構建的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 繼續創建這些解決方案，為更通用類型的應用程式建置的容量就不會與我們正在做的事情發生衝突。因此，對我們來說，我們的目標和策略是繼續創新，確保我們從對終端市場以及這些終端市場中的特定應用程式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，並確保我們加速我們的為我們的客戶縮短上市時間，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，你有後續嗎？

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。您如何看待面向智慧型手機的客戶的前景？我覺得四、五年前你們贏得了許多業務，當時你們更多的是價格領先者，顯然，你們在工藝技術上已經有了很大的差異化。人們非常關注汽車、工業和市場等領域的策略發展。但是，對於那些智慧型手機客戶來說，您是否能夠與他們建立這種合作夥伴關係文化，並有可能圍繞您的這部分業務未來建立更持久的定價和商業模式？

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項業務，因為我們當時是價格領先者。我認為那裡存在差異，也許我們可以更好地捕捉這一點。我會給你一個完美的例子，喬。今年早些時候，我們在 GTS 上宣布了 9SW 解決方案，它是 8SW 的後續解決方案。這是前端模組技術的自然延伸。它的固定開關性能提高了 20%，功耗更低，面積更小。在前端模組中利用我們技術的客戶名單也正在支援這項技術，引導他們開發下一代 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.

我認為您將開始看到格芯毫米波解決方案以及這些手機的轉變。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，智慧型移動設備市場對於GF來說非常重要。它的體積很大。由於尺寸和功率性能，差異化很重要。他們繼續挑選我們具有差異化的應用程序，我們的客戶選擇我們以此在市場上獲勝。

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，我們宣布的 9SW，就像 Tom 在 GTS 所說的那樣，我們對這項技術的引入、我們獲得的性能、我們的客戶獲得的性能以及他們的方式感到非常滿意猛衝它。 55 BCD 仍然是手機中音訊、智慧電源 [觸覺] 的一個非常非常強大的過程，所以在這方面也非常令人高興。因此，當您看到 9SW 的性能提高了 20%、功耗水平降低以及購買面積縮小時，我們對此的推出方式感到滿意。

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。我想我要補充的最後一件事，只是為了在那裡建立最後的部分，是你已經看到我們在該市場的競爭方向發生了轉變。我們已經非常明顯地從涉足該市場的低端市場，甚至是中端市場的低端市場。你們已經看到我們在過去四年裡（我們稱之為 2020 年到 2023 年）的重點，你們確實看到我們越來越多地關注高端市場。

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，您會看到平均售價在這些年的時間範圍內以相當顯著的方式上升或增加。更多地關注溢價。

Our next question comes from Chris Danely from Citigroup.

我們的下一個問題來自花旗集團的克里斯·丹利。

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?

另一個問題是關於明年這些長期協議等的重新談判。有人嘗試過重新談判價格嗎？或只是純粹的體積？是不是更像是從24年上半年推到24年下半年？或者有人將任何事情推遲到 2025 年。因此，今年你的庫存增加了。我們如何看待這對利用率的影響？您明年的庫存計畫如何？

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。我來談談當你說庫存時，我認為你指的是GF的庫存。因此，也許我會先解決這個問題，然後再回來為長期協議提供一些額外的資訊。今年我們的庫存增加了，而且絕大多數增加的庫存實際上不是在製品，也不是製成品。它實際上存在於原材料中，其中大部分存在於基材中。這些基材的壽命通常可以長達 5 年，如果其中一些基材的使用壽命甚至不超過 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，GLOBALFOUNDRIES 的庫存增加基本上與進入製造過程的原料種類有關。它不在（聽不清楚）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.

因此，拋開這一點，然後談論長期協議，正如湯姆所提到的，所有長期協議都是客製化的。我們每天與客戶就 40 多個長期協議的數量和需求進行合作。因此，不要太籠統，而是談談這些長期協議中的一些要素。 Tom在剛才的電話會議中描述得非常好，就是今年年初的時候，預計上半年市場會稍微疲軟一點，然後下半年會有一個相對健康的復甦。今年的。

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，你看到客戶所做的是，我想說，總的來說，整個半導體產業的客戶都在關注他們的需求。他們正在考慮一些壽命較長的產品，他們說，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，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，我認為每個人都意識到，我們可能預期的下半年成長並未以我們預期的速度和節奏發生。然後你看到了客戶，我想說的是廣發客戶以及一般行業，你看到客戶說，「好吧，我們不想建立更多的庫存，我們實際上現在需要開始減少對本地的需求邊界和其他一些問題。”然後你開始製定這些長期協議，我想說，圍繞這些長期協議有相當嚴格的細節。

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.

那麼最終的結果，你看到了什麼？您將看到我們對客戶的路線圖有了很好的了解，這為我們贏得設計帶來了更多機會。您看到我們正在與客戶合作，如果您不想滿足庫存需求，那麼我們如何合作，也許可以延長期限，也許可以收取適當的未充分利用費用。所以你會看到這些開始流動。第三季其中一些協議的解決金額約為 2300 萬美元。我們第四季的指導範圍包括預計我們將在第四季度提出一些額外的決議。

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.

所以我不認為你看到的是 24 年上半年或 24 年下半年的一些推進。我認為你現在看到的就是 2023 年的真實情況。我認為，當我們退出 23 世紀並開始進入 24 世紀時，我們的期望是 2024 年長期協議中提出的要求將在很大程度上實現。如果情況並非如此，那麼我們將在 2024 年期間再次與客戶坐下來討論所有要素和變數。

Did you have a follow-up, Chris?

克里斯，你有後續行動嗎？

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。所以我想問湯姆一個問題。我想，湯姆，你暗示在汽車方面，你看到一些客戶開始要求台灣以外的第二個來源。這只是我們開始越來越多地聽到的事情，而不僅僅是在汽車終端市場。那你能擴展一下嗎？我的意思是，這種情況是否會像終端市場一樣發生，半導體客戶開始越來越擔心中國可能入侵台灣，並說，嘿，在兩三年內，你需要為我們提供台灣以外的另一個製造來源，給GLOBALFOUNDRIES 帶來的潛在好處？

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如何能夠在世界任何地方擁有如此高的集中度？我的意思是，這是地緣政治的，有地質風險。你真正看到的是，就像任何事情一樣，太多的好事變成了壞事，我們只是投入了太多的注意力，而客戶正在尋找一個更有彈性、更平衡的供應鏈。

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，他們擔心如果有更多問題阻止他們從中國製造的產品發貨，他們是否有能力轉移到全球。所以，是的，他們對中國感興趣，但他們也對為世界其他地區及其客戶提供全球供應感興趣。我們看到其中一些與客戶一起發生，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獨立於當前正在發生的地緣政治事件的宏觀事件，這是好的，並且審慎的管理可以消除供應鏈的故障信號點和集中度，並使供應鏈變得更廣泛和有彈性。格芯，我的意思是，這就是前提，克里斯，我們在 2009 年創建時的格芯故事，我們將成為世界上第一個真正的全球半導體代工廠。一開始對人們沒有多大價值，但隨著我們越來越看到半導體的重要性，它為客戶創造了巨大的價值。這給我們帶來了一些領先優勢，因為我們擁有全球足跡，而且我們更容易在我們經營的地區創造額外的產能，而不是去綠地。

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

因此，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.

也許我可以補充一件事，因為我不確定除了 GF 之外的每個人都清楚這一點。但我們策略的一個重要部分是在多個地點製造我們的所有技術。因此，當你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。透過這種方式，我們可以為所有客戶提供雙容量足跡，我們認為這是前進策略的一個重要組成部分。

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

因此，我們可以在我們的全球業務中尋找單一成員。

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

好的。還有一個問題。我們的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多餘的庫存。對於許多以消費者為中心的細分市場來說，三月季度是季節性疲軟的季度。您的晶圓廠週期時間通常是一個完整的季度。因此，您已經在第一季執行晶圓啟動。您能否給我們一個方向性的了解，如何看待您第一季的營收和利用率軌跡？我們是否應該預期第一季會出現連續下降，更符合季節性趨勢，或者可能會更加平穩，因為你們的出貨量已經低於消費水準？

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。所以也許我會從那個開始。讓我先來看一個更宏觀的觀點，然後也許會回來具體解決一些問題。我認為我們早些時候在電話會議中提到，鑑於通膨仍然持續高企，我們總體上正在採取謹慎的態度。我們在渠道中有一些庫存，正在進行一些戰爭。

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，我們今年給出的具體指導是，我們預計從 2023 年全年的利用率角度來看，利用率將在 80 左右。上半年，我們有點80年代中後期的風格。顯然，這意味著今年下半年利用率較低，我認為這與我們現在開始看到庫存耗盡的事實非常一致。因此，隨著庫存的耗盡，您會看到利用率下降。

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，該行業歷史上一直在下降，只是季節性因素在起作用。因此，當我們考慮今年時，我想說上半年的利用率較高，下半年的利用率較低下半年，與庫存減少一致。然後，當您考慮進入明年時，通常會遇到一些季節性因素，這在行業中已充分記錄。因此，我認為，我們可能會將有關 2024 年任何事情的指導保留在那裡。

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，很欣賞這一點。在最後一次電話會議中，該團隊根據您的 LTSA 和新客戶參與情況預計，明年的整體同類晶圓價格與今年相比將相對穩定。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。所以在這一點上一直非常一致。請記住，這些長期協議具有固定價格、固定數量和固定期限。顯然，由於我們已經經歷了這一年並且我們已經有了一些庫存，所以必須解決這個問題。顯然，我們必須重新協商其中一些要素。但我想說，總的來說，從定價的角度來看，同類交易確實相當穩定，而且有些建設性。

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。我現在將把會議交給薩姆·富蘭克林進行閉幕致詞。

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.

謝謝安托萬，也謝謝大家今天加入電話會議。抱歉，我們無法聯繫到通話清單中的每個人，但我們期待與您進行雙邊交談並在未來幾個月內跟進。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。