格芯 (GFS) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the GLOBALFOUNDRIES conference call to review the fourth quarter and fiscal year 2023 Financial Results. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 GLOBALFOUNDRIES 電話會議，回顧第四季和 2023 財年財務表現。 （操作員說明）

Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Sam Franklin. Please go ahead.

請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人山姆富蘭克林。請繼續。

Thank you, operator. Good morning, everyone, and welcome to GlobalFoundries Fourth Quarter and Full Year 2023 Earnings Call. On the call with me today are Dr. Thomas Caulfield, CEO; and Niels Anderskouv, Chief Business Officer; along with David Reeder, for his final earnings call, and I'm very pleased to welcome to the call John Hollister, who has taken over from Dave as CFO, as announced on December 11, 2023. A short while ago, we released GF's fourth 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.

謝謝你，接線生。大家早安，歡迎參加 GlobalFoundries 2023 年第四季和全年財報電話會議。今天與我通話的是執行長 Thomas Caulfield 博士；商務長尼爾斯‧安德斯庫夫 (Niels Anderskouv)；與 David Reeder 一起參加最後一次財報電話會議，我非常高興地歡迎 John Hollister 參加電話會議，他已於 2023 年 12 月 11 日宣布接替 Dave 擔任首席財務官。不久前，我們發布了 GF 的第四季度財務業績以及今天隨附的幻燈片演示可在我們的網站Investors.gf.com 上取得。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 would remind you that these financial results are unaudited and subject to change. Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend, anticipate, and may 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.

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。我想提醒您的是，這些財務結果未經審計，可能會發生變化。今天電話會議上的某些陳述可能被視為前瞻性陳述。此類陳述可以透過相信、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. We will begin today's call with Tom providing a summary update on the current business environment and technologies, following which Dave will provide details on our end markets and fourth quarter results, while John will provide first quarter 2021 guidance. We will then open the call for questions with Tom, Dave, John and Niels. We request that you please limit your questions to one with one follow-up. I'll now turn the call over to Tom for his prepared remarks.

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，包括標題為“風險因素”的部分。我們於2023 年4 月14 日向SEC 提交的20-F 表格年度報告。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四季度的詳細資訊業績，而約翰將提供 2021 年第一季的指導。然後我們將開始向 Tom、Dave、John 和 Niels 提問。我們請求您將問題限制為一對一跟進。我現在將把電話轉給湯姆，讓他準備好要發言。

Thank you, Sam and welcome, everyone, to our fourth quarter earnings call. 2023 presented a unique set of challenges for the global economy and broader semiconductor industry. Our customers grappled with elevated inventory levels weaker demand and a backdrop of tighter monetary policies. Although we are starting to see the inflationary headwinds moderate, the ongoing high interest rate environment has indoubtedly led to a prolonged and deeper cyclical downturn than was first anticipated by many in our industry.

謝謝 Sam，歡迎大家參加我們的第四季財報電話會議。 2023 年為全球經濟和更廣泛的半導體產業帶來了一系列獨特的挑戰。我們的客戶正在努力應對庫存水準升高、需求疲軟和貨幣政策收緊的背景。儘管我們開始看到通膨阻力有所緩和，但持續的高利率環境無疑導致了比我們行業許多人最初預期的更長期、更嚴重的周期性衰退。

Despite these ongoing challenges, I am pleased to report fourth quarter results which exceeded the midpoint of our guidance ranges, thanks to the dedication of our teams around the world. Following a highly successful 2022, I am proud of the resilience, grit and commitment that GS employees showed in 2023 against a very challenging and prolonged market spectrum. We diligently managed elevated costs and lower utilization levels to deliver gross margin expansion and revenue, which align with the guidance we set out in our first quarter 2023 earnings update.

儘管面臨這些持續的挑戰，我很高興地報告第四季度的業績超出了我們指導範圍的中點，這要歸功於我們世界各地團隊的奉獻精神。繼 2022 年取得巨大成功之後，我對 GS 員工在 2023 年在充滿挑戰且長期的市場環境中所表現出的韌性、勇氣和承諾感到自豪。我們努力管理成本上升和利用率下降，以實現毛利率擴張和收入成長，這與我們在 2023 年第一季收益更新中製定的指導一致。

As we discussed during our last earnings call, we have observed elevated inventory levels across our customers in end markets such as smart mobile devices, comms infrastructure and data center and the lower end of consumer electronics. We're continuing to collaborate closely with these customers to support the acceleration of their inventory depletion while seeking to preserve the economic value of our long-term agreements.

正如我們在上次財報電話會議中所討論的那樣，我們發現智慧行動裝置、通訊基礎設施和資料中心以及低端消費性電子產品等終端市場客戶的庫存水準有所上升。我們將繼續與這些客戶密切合作，支持他們加速庫存消耗，同時尋求維持我們長期協議的經濟價值。

We have invested heavily over several years to grow our manufacturing capacity in support of these partnerships, and our customers have responded positively and proactively to achieve mutually beneficial outcomes when making adjustments to their long-term agreements. In some cases, these discussions have resulted in underutilization or restructuring payments, which Dave will comment on further as part of his prepared remarks.

多年來，我們投入了大量資金來提高我們的製造能力，以支持這些合作夥伴關係，我們的客戶在調整長期協議時也做出了積極主動的回應，以實現互利共贏的結果。在某些情況下，這些討論導致了未充分利用或重組付款，戴夫將在他準備好的演講中進一步對此發表評論。

Entering 2024, we are beginning to see the rate and pace of inventory levels improving across certain end markets and customers versus '23. However, these levels remain elevated across most of the end markets we serve as the macroeconomic weakness and geopolitical uncertainties persist.

進入 2024 年，我們開始看到某些終端市場和客戶的庫存水準與 23 年相比有所改善。然而，由於宏觀經濟疲軟和地緣政治不確定性持續存在，我們服務的大多數終端市場的這些水平仍然較高。

Based on discussions with a broad range of our customers, we expect that inventory reductions will be driven by channel sell down during the first half of 2024, with a return to improved demand dynamics once the macroeconomic landscape has stabilized. More on that to come, but let me first discuss the highlights from our fourth quarter 2023 results, which Dave will comment on further.

根據與廣大客戶的討論，我們預期 2024 年上半年通路銷售下降將推動庫存減少，一旦宏觀經濟格局穩定，需求動態將恢復改善。稍後會詳細介紹，但讓我先討論 2023 年第四季業績的亮點，戴夫將進一步評論。

Revenue in the fourth quarter increased sequentially to $1.854 billion which was above the midpoint of our November provided guidance range. We reported adjusted gross margin of 29% for the quarter, which was at the upper end of our guidance range. Included in these results are amounts associated with the successful resolution of adjustments to customers' near-term volume requirements and associated underutilization payments. We delivered adjusted diluted earnings per share of $0.64, which was also at the high end of our guidance range.

第四季營收連續成長至 18.54 億美元，高於我們 11 月提供的指導範圍的中點。我們報告本季調整後毛利率為 29%，處於我們指引範圍的上限。這些結果中包括與成功解決客戶近期數量需求調整和相關未充分利用付款相關的金額。我們的調整後攤薄每股收益為 0.64 美元，這也處於我們指導範圍的高端。

I'm also pleased to report that we delivered a third consecutive quarter of positive free cash flow generating $456 million in the fourth quarter. This highlights the overall progress we have made investing in our capacity over recent years and the resulting reduction of our CapEx profile as we progress through 2023.

我還很高興地報告，我們連續第三個季度實現了正自由現金流，第四季創造了 4.56 億美元。這突顯了我們近年來在產能投資方面取得的整體進展，以及隨著 2023 年進展而導致的資本支出減少。

Let me now provide a brief update on some of our customer and partnership activity in 2023. 2023 was a milestone year for automotive end market, as we successfully delivered over $1 billion of revenue, surpassing the expectations we set out on our prior earnings call and growing from $373 million we delivered in 2022. Building from this milestone, we continue to expand our automotive product offerings and our customers are ramping multiple design wins in key applications for internal combustion engine models and autonomous, connected and electrified vehicles.

現在讓我簡要介紹一下2023 年我們的一些客戶和合作夥伴活動。2023 年是汽車終端市場具有里程碑意義的一年，我們成功實現了超過10 億美元的收入，超出了我們在之前的財報電話會議上設定的預期，並且從我們2022 年交付的3.73 億美元開始成長。在此里程碑的基礎上，我們繼續擴大我們的汽車產品供應，我們的客戶正在內燃機模型以及自動駕駛、互聯和電動汽車的關鍵應用中贏得多場設計勝利。

GF is supporting the development of critical sensing, processing and safety features to the automotive industry across our most competitive technology platforms at Auto Grade 1 standards. These products span the breadth of our portfolio from 12 LP plus our FinFET platform all the way through our expanded voltage handling capabilities at 130 and 180-nanometer technologies. Through these offerings, we believe that GF will play a key role in the long-term transition of the automotive industry and our customer partnerships are central to them.

格芯正在透過我們最具競爭力的汽車 1 級標準技術平台，支援汽車行業關鍵感測、處理和安全功能的開發。這些產品涵蓋了我們的產品組合，從 12 LP 加上我們的 FinFET 平台，一直到我們在 130 和 180 奈米技術上擴展的電壓處理能力。透過這些產品，我們相信 GF 將在汽車產業的長期轉型中發揮關鍵作用，而我們的客戶合作夥伴關係對此至關重要。

To that end, we've recently extended our long-term agreement with Infineon with a focus on 40-nanometer automotive microcontrollers in power management and connectivity solutions through 2030. Looking ahead to 2024, we remain confident in the opportunities to grow our automotive end market revenue and share even as the industry goes through a period of demand moderation.

為此，我們最近延長了與英飛凌的長期協議，重點關注電源管理和連接解決方案中的40 奈米汽車微控制器，直至2030 年。展望2024 年，我們對發展汽車終端的機會仍然充滿信心即使該行業正經歷需求放緩時期，市場收入和份額仍然會增加。

Turning now to smart mobile devices. 2023 saw excess build and elevated inventory in the channel as macroeconomic uncertainties impacted global consumer demand and reduced handset shipments from the year before. To partially offset these dynamics, we continue to remix our business towards the premier tier of the handset market where demand levels and average selling prices per wafer have remained resilient. GF's high-performance RF technologies continue to drive user connectivity in the industry. The market shows an increasing reliance on 5G and smart mobile devices, which combined with explosion of data, necessitates more connectivity and improved efficiency.

現在轉向智慧型行動裝置。由於宏觀經濟的不確定性影響了全球消費者需求，導致手機出貨量較前一年減少，2023 年通路建設過剩，庫存增加。為了部分抵消這些動態，我們繼續將業務重新組合到手機市場的頂級市場，該市場的需求水平和每片晶圓的平均售價仍然保持彈性。格芯的高性能射頻技術持續推動業界的用戶連線。市場對 5G 和智慧型行動裝置的依賴日益增加，加上數據的爆炸性成長，需要更多的連接性和更高的效率。

GF's newest generation RF SOI platform, we call it NSW that we announced last quarter featured significant reductions in standby currents for longer battery life, creating products over 10% smaller than the previous generations with more than 20% power efficiency. This is specifically designed to enable our customers to build higher quality, longer-range connectivity products for the premium tier front end module segment.

格芯最新一代射頻 SOI 平台（我們稱之為 NSW）在上個季度宣布，其待機電流顯著降低，電池壽命更長，產品尺寸比前幾代產品小 10% 以上，功效超過 20%。這是專門為了讓我們的客戶能夠為高端前端模組領域建立更高品質、更遠距離的連接產品而設計的。

We are also providing outstanding connectivity and low-power performance on GF's 22 FDX RF millimeter wave technology, which went into volume production that will enable industry-leading 5G millimeter wave capability in premier tier Android phones. In IoT, we continue to innovate our differentiated technologies, focused on ultra-low power efficiency and embedded memory for AI, the edge applications. Although we expect a period of short-term inventory correction in this end market, consistent with what others have reported, requirements for speed, security and inference at the edge are all key long-term drivers for our next-generation analog and mixed signal technologies.

我們也利用格芯的 22 FDX RF 毫米波技術提供出色的連接性和低功耗性能，該技術已投入量產，將為頂級 Android 手機提供業界領先的 5G 毫米波功能。在物聯網領域，我們不斷創新差異化技術，專注於人工智慧邊緣應用的超低功耗和嵌入式記憶體。儘管我們預期該終端市場會出現一段短期庫存調整期，但與其他人的報告一致，對速度、安全性和邊緣推理的要求都是我們下一代模擬和混合訊號技術的關鍵長期驅動因素。

Additionally, our U.S. manufacturing capacity was a critical factor within the Aerospace and Defense segment of our IoT end market. In 2023, we announced key partnerships with both the Department of Defense and Lockheed Martin to provide secured chip manufacturing in the United States across a number of critical applications.

此外，我們美國的製造能力是我們物聯網終端市場的航空航太和國防領域的關鍵因素。 2023 年，我們宣布與國防部和洛克希德馬丁公司建立重要合作關係，在美國為許多關鍵應用提供安全的晶片製造。

Finally, our communications infrastructure and data center segment continued to show weakness through 2023. Partly due to the prolonged channel digestion of wireless and wired infrastructure inventory levels across our customers as well as the accelerated node migration of data center and digital-centric customers to single-digit nanometers, we are actively managing these industry trends and executing opportunities to remix some of our excess capacity to service demand in more durable and growing segments, such as automotive and smart mobile devices.

最後，我們的通訊基礎設施和資料中心業務在2023 年繼續表現疲軟。部分原因是我們客戶的無線和有線基礎設施庫存水準的通路消化時間較長，以及資料中心和以數位為中心的客戶加速節點遷移到單一節點。- 數位奈米，我們正在積極管理這些行業趨勢，並抓住機會重新組合我們的一些過剩產能，以滿足更持久和不斷增長的細分市場的需求，例如汽車和智慧移動設備。

We are also diversifying our manufacturing footprint via accelerated technology transfers into our fab facility in Multi New York, which will offer even more choice to our customers across multiple end markets and increased utilization opportunities here in the U.S. Customer partnerships remain the core of our business, and I am pleased to report that approximately 2/3 of our revenue in 2023, came from single source agreements with our customers.

我們還透過加速技術轉移到我們位於紐約的工廠設施來實現製造足蹟的多元化，這將為我們跨多個終端市場的客戶提供更多選擇，並增加在美國的利用機會。客戶合作夥伴關係仍然是我們業務的核心，我很高興地報告，2023 年我們約 2/3 的收入來自與客戶的單一來源協議。

In closing, we have successfully delivered our fourth quarter gross profit and EPS at the high end of our guidance ranges and rounded out 2023 with results consistent with the commentary we provided in our first quarter 2023 earnings update. At this point in the year, we remain cautious on the outlook for 2024, and are closely monitoring for signs of improved demand in the macroeconomic indicators while our customers actively manage down their inventory levels.

最後，我們成功實現了第四季度的毛利和每股收益，達到了指導範圍的高端，並以與我們在 2023 年第一季收益更新中提供的評論一致的結果結束了 2023 年。今年此時，我們對 2024 年的前景保持謹慎態度，並在客戶積極控制庫存水準的同時，密切關注宏觀經濟指標中需求改善的跡象。

Given these dynamics, there are several potential outcomes for 2024. However, at this point, we do believe that our quarterly revenue profile will grow sequentially from the guidance we have provided for the first quarter. Over the longer term, we continue to see a secular acceleration of the role of semiconductors in the world, and GF is uniquely positioned as one of the world's only pure-play foundries with capacity to support our customers across Asia, Europe and the U.S. Lastly, as we look ahead into 2024, and the aforementioned uncertainties that will certainly influence the outcome of the year for GF, we are confident in our ability to deliver in the range of 2x to 3x incremental free cash flow versus 2023.

鑑於這些動態，2024 年有幾個潛在的結果。然而，目前，我們確實相信我們的季度收入狀況將比我們為第一季度提供的指導連續增長。從長遠來看，我們將繼續看到半導體在世界上的作用不斷加速，而格芯作為世界上僅有的純晶圓代工廠之一，擁有獨特的地位，有能力為亞洲、歐洲和美國的客戶提供支援。展望 2024 年，上述不確定性肯定會影響 GF 今年的業績，我們對實現 2023 年自由現金流增量 2 至 3 倍的能力充滿信心。

Before I turn the call over to Dave, I'd like to thank him again for the tremendous job he's done in his time at GF and extend a warm welcome to John. I am excited by the opportunities ahead and look forward to partnering closely with John as our new CFO, as we focus on our financial objectives in 2024 and beyond.

在將電話轉給 Dave 之前，我要再次感謝他在 GF 期間所做的出色工作，並向 John 表示熱烈歡迎。我對未來的機會感到興奮，並期待與新任財務長約翰密切合作，因為我們專注於 2024 年及以後的財務目標。

Thank you, Tom, and welcome to our fourth quarter earnings call. For the remainder of the call, including guidance other than revenue, cash flow, CapEX, net interest and other expense, John and I will reference adjusted metrics, which exclude stock-based compensation and restructuring charges. Our fourth quarter results exceeded the midpoint of the guidance ranges we provided in our last quarterly update. Fourth quarter revenue grew sequentially to approximately $1.854 billion, a decline of 12% year-over-year. These results included approximately $79 million of revenue related to customers' adjustments of their near-term contracted volume requirements.

謝謝湯姆，歡迎參加我們的第四季財報電話會議。對於電話會議的其餘部分，包括收入、現金流量、資本支出、淨利息和其他費用以外的指導，約翰和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。我們第四季度的業績超出了我們在上一季度更新中提供的指導範圍的中點。第四季營收季增至約 18.54 億美元，年減 12%。這些結果包括約 7,900 萬美元的收入，這些收入與客戶對其近期合約數量需求的調整有關。

We shipped approximately 552,000 300-millimeter equivalent wafers in the quarter, a 5% decline from the prior year period. ASP or average selling price per wafer decreased approximately 7% year-over-year, mainly driven by changes in the product mix shipped during the quarter. Despite this decline, ASPs for the full year were flat compared to 2022, which aligns with our commentary from prior quarters.

本季我們出貨了約 552,000 片 300 毫米等效晶圓，比去年同期下降 5%。 ASP（每片晶圓的平均售價）較去年同期下降約 7%，主要是由於本季出貨的產品組合發生變化。儘管出現下降，但全年平均售價與 2022 年持平，這與我們對前幾季的評論一致。

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

來自終端市場的晶圓收入約佔總收入的88%，非晶圓收入（包括光罩、非經常性工程、加急費用和其他項目的收入）約佔第四季總收入的12%，這與我們的數據一致。期望。

For the full year, revenue came in at approximately $7.4 billion, down 9% year-over-year, which is consistent with the outlook we provided in our first quarter earnings update. We shipped approximately 2.2 million 300-millimeter equivalent wafers, an 11% decrease from 2022 and ASP per wafer remained flat year-over-year.

全年營收約為 74 億美元，年減 9%，這與我們在第一季財報更新中提供的前景一致。我們的 300 毫米等效晶圓出貨量約為 220 萬片，較 2022 年下降 11%，每片晶圓的平均售價與去年同期持平。

Let me now provide an update on our revenue by end markets. For the fourth quarter, Smart mobile devices represented approximately 41% of the quarter's total revenue. Fourth quarter revenue declined approximately 2% sequentially and roughly 7% from the prior year period, principally driven by reduced shipments and elevated customer inventory in the channel.

現在讓我提供有關終端市場收入的最新資訊。第四季度，智慧移動設備約佔該季度總收入的 41%。第四季營收季減約 2%，較去年同期下降約 7%，主要是由於通路中出貨量減少和客戶庫存增加所致。

This decline was partially offset by higher ASPs, premium tier mix growth and continued content growth for our 5G RF transceiver and WiFi applications. Full year 2023 revenue for smart mobile devices represented approximately 41% of the year's total revenue. Full year revenue declined 19% year-over-year and reflected similar dynamics to the fourth quarter; namely reduced shipments in the mid- to low tier handset market, partially offset by mix and ASP improvements.

這一下降被更高的平均售價、高端產品組合的成長以及我們 5G 射頻收發器和 WiFi 應用內容的持續成長所部分抵消。 2023年全年智慧型行動裝置收入約佔全年總收入的41%。全年營收年減 19%，反映了與第四季類似的動態；即中低階手機市場出貨量的減少，部分被產品組合和平均售價的改善所抵銷。

As Tom noted in his prepared remarks, we are continuing to execute our strategy to grow content in the premium handset market and have announced several recent additions to our technology platforms to meet this objective. In the fourth quarter, revenue for the home and industrial IoT market represented approximately 17% of the quarter's total revenue. Fourth quarter revenue declined approximately 13% sequentially and 23% year-over-year, principally driven by lower volumes, ASP and mix during the quarter.

正如湯姆在他準備好的演講中指出的那樣，我們將繼續執行我們的策略，以增加高端手機市場的內容，並宣布了我們技術平台的幾項最新新增內容，以實現這一目標。第四季度，家庭和工業物聯網市場的收入約佔該季度總收入的17%。第四季營收季減約 13%，年減 23%，主要是由於該季度銷量、平均售價和產品組合下降。

Full year home and industrial IoT revenue represented approximately 19% of the year's total revenue. Full year revenue declined 6% year-over-year as reduced demand in the consumer-centric portion of IoT was only partially offset by stable demand across industrial and aerospace and defense applications. ASPs within Home and Industrial IoT were roughly flat on a year-over-year basis, which aligns with the commentary provided on our prior earnings calls.

全年家庭和工業物聯網收入約佔全年總收入的 19%。全年營收年減 6%，因為工業、航空航太和國防應用的穩定需求僅部分抵消了物聯網以消費者為中心部分的需求減少。家庭和工業物聯網的平均售價同比大致持平，這與我們先前的財報電話會議上提供的評論一致。

Looking ahead to 2024, we expect some of our customers in the industrial IoT segment to focus on channel inventory depletion, which remained elevated in the second half of 2023. Moving now to automotive, which as Tom outlined, has been a key growth segment for us throughout 2023. Fourth quarter revenue represented approximately 17% of the quarter's total revenue. Revenue for the quarter increased approximately 5% sequentially and roughly 177% year-over-year, principally due to higher ASP and mix dynamics as semiconductor content and features increase across the vehicle architecture.

展望2024 年，我們預計工業物聯網領域的一些客戶將關注通路庫存消耗問題，該庫存消耗在2023 年下半年仍然較高。現在轉向汽車行業，正如Tom 所概述的那樣，汽車行業一直是關鍵增長領域整個 2023 年。第四季營收約佔該季度總營收的 17%。本季營收季增約 5%，年增約 177%，這主要是由於隨著整個車輛架構中半導體內容和功能的增加，平均售價和組合動態增加。

Full year Automotive revenue represented approximately 14% of the year's total revenue which is up from just 2% in 2020. Full year revenue exceeded $1 billion and grew approximately 180% year-over-year in 2023. As Tom noted, we expect automotive revenue growth to continue in 2024 as we support our customers across a diverse range of automotive applications in both ICE and ACE vehicles.

全年汽車收入約佔全年總收入的 14%，而 2020 年僅為 2%。全年收入超過 10 億美元，2023 年同比增長約 180%。正如 Tom 指出的，我們預計汽車收入我們將在ICE 和ACE 車輛的各種汽車應用中為客戶提供支持，並將在2024 年繼續成長。

Next, our communications infrastructure and data center end market, where fourth quarter revenue represented approximately 8% of the quarter's total revenue. Revenue declined approximately 8% sequentially and 63% year-over-year, primarily due to volume reductions, while ASP and mix were slightly down on a year-over-year basis. For the full year 2023, communications infrastructure and data center revenue represented approximately 12% of total revenue. 2023 revenue declined 39% year-over-year as a result of reduced volumes as our customers accelerated transition to single-digit nanometer technology platforms that Tom outlined in his prepared remarks.

接下來是我們的通訊基礎設施和資料中心終端市場，第四季的營收約佔該季總收入的8%。營收季減約 8%，年減 63%，主要是由於銷量減少，而平均售價和產品組合較去年同期略有下降。 2023 年全年，通訊基礎設施和資料中心收入約佔總收入的 12%。湯姆在準備好的演講中概述了我們的客戶加速向個位數奈米技術平台過渡，導致銷量減少，導致 2023 年收入同比下降 39%。

Looking ahead to 2024, we are proactively focusing on opportunities to remix our capacity to other durable end markets as well as accelerating technology transfers and customer qualifications. Finally, our personal computing end market represented 5% of total revenue in the fourth quarter. Revenue in the quarter increased 127% sequentially, but was down 27% year-over-year. Full year PC revenues were approximately 3% of the year's total and revenue declined approximately 30% year-over-year, driven principally by volumes as ASP and mix were flat to slightly up. Given the expected decline in PC revenue as a percentage of total revenue, starting in Q1 of 2024, we will no longer report PC as a separate end market and will incorporate associated PC revenues into our home and industrial IoT end market.

展望 2024 年，我們將積極尋找機會，將我們的產能重新整合到其他耐用終端市場，並加速技術轉移和客戶資格認證。最後，我們的個人計算終端市場佔第四季總營收的5%。該季度營收季增 127%，但年減 27%。全年 PC 收入約佔全年總收入的 3%，營收年減約 30%，主要是由於平均售價和組合持平或略有上升而導致銷量的成長。鑑於PC 收入佔總收入的百分比預計會下降，從2024 年第一季開始，我們將不再將PC 作為單獨的終端市場進行報告，並將相關的PC 收入納入我們的家庭和工業物聯網終端市場。

Moving next to gross profit. For the fourth quarter, we delivered gross profit of $537 million, which translates into approximately 29% gross margin. Gross margin was at the high end of the guidance range indicated. And as Tom mentioned in his prepared remarks, includes revenue associated with the successful resolution of customer volume adjustments. Looking ahead to the first quarter, we expect discussions on customer volume adjustments to continue and this has been reflected in our first quarter guidance. For the full year, we delivered gross profit of $2.1 billion and gross margin of 29.1%, equating to a 70 basis point uplift from 2022. Operating expenses for the fourth quarter represented approximately 8% of total revenue.

接下來是毛利。第四季度，我們實現毛利 5.37 億美元，毛利率約 29%。毛利率處於所示指導範圍的高端。正如湯姆在準備好的演講中所提到的，包括與成功解決客戶量調整相關的收入。展望第一季度，我們預計有關客戶量調整的討論將繼續下去，這已反映在我們第一季的指導中。全年毛利為 21 億美元，毛利率為 29.1%，較 2022 年提高 70 個基點。第四季營運費用約佔總收入的 8%。

R&D for the quarter decreased sequentially to approximately $97 million and SG&A also declined to $57 million. Total operating expenses were $154 million. Included in our total operating expenses is the benefit of approximately $46 million related to the advanced manufacturing investment tax credit for 2023 qualifying expenses. As we continue to spend on qualifying expenses and capitalized assets in 2024 and beyond, we expect to continue to receive these benefits through the life of the program. We delivered operating profit of $383 million for the quarter which translates into an approximately 20.7% operating margin, roughly 50 basis points higher than the year ago period and above the midpoint of our guided range.

本季的研發費用較上季下降至約 9,700 萬美元，SG&A 也下降至 5,700 萬美元。總營運費用為 1.54 億美元。我們的總營運費用中包括與 2023 年合格費用的先進製造投資稅收抵免相關的約 4,600 萬美元的收益。隨著我們在 2024 年及以後繼續支出合格費用和資本化資產，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。我們本季實現營業利潤 3.83 億美元，營業利潤率約為 20.7%，比去年同期高出約 50 個基點，高於我們指引範圍的中點。

For the full year, GF delivered operating profit of $1.4 billion which translates into an 18.5% operating margin, an improvement of roughly 70 basis points year-over-year. Fourth quarter net interest and other expense was $4 million, and we incurred a tax expense of $23 million in the quarter. We delivered fourth quarter net income of approximately $356 million a decrease of approximately $444 million from the year ago period, principally due to the gain on the sale of our East Fishkill facility to onsemi in the fourth quarter of 2022. As a result, we reported diluted earnings of $0.64 per share for the fourth quarter. On a full year basis, GF delivered net income of approximately $1.3 billion and diluted earnings per share of $2.24.

GF 全年營業利潤達 14 億美元，營業利益率為 18.5%，較去年同期提高約 70 個基點。第四季淨利息和其他費用為 400 萬美元，該季度的稅務費用為 2,300 萬美元。我們第四季的淨利潤約為 3.56 億美元，比去年同期減少了約 4.44 億美元，這主要是由於 2022 年第四季將東菲什基爾工廠出售給 Onsemi 獲得的收益。因此，我們報告第四季稀釋後每股收益為0.64 美元。 GF 全年淨利潤約 13 億美元，稀釋後每股收益為 2.24 美元。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the fourth quarter was $684 million. For the full year, cash flow from operations was $2.1 billion. CapEx for the quarter was $228 million or roughly 12% of revenue. Full year CapEx for 2023 was approximately $1.8 billion or 24% 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 $456 million. With that, I am very pleased to report that free cash flow for the full year 2023 was $321 million. As Tom noted, this is an important milestone for GF and we will look to build on this in 2024, while maintaining our capacity growth objectives. At the end of the fourth quarter, our combined total of cash, cash equivalents and marketable securities stood at a healthy $3.9 billion.

現在讓我提供一些關鍵的資產負債表和現金流量指標。第四季營運現金流為 6.84 億美元。全年營運現金流為 21 億美元。該季度的資本支出為 2.28 億美元，約佔營收的 12%。 2023 年全年資本支出約 18 億美元，佔營收的 24%。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 4.56 億美元。至此，我很高興地報告，2023 年全年的自由現金流為 3.21 億美元。正如 Tom 指出的那樣，這是 GF 的一個重要里程碑，我們將在 2024 年在此基礎上再接再厲，同時保持我們的產能成長目標。截至第四季末，我們的現金、現金等價物和有價證券總額達到 39 億美元。

We also have a $1 billion revolving credit facility, which remains undrawn. To summarize the quarter and the year, strong operational execution enabled us to perform well in the phase of a challenging cyclical and macroeconomic environment. And I would like to personally thank all of GF's employees, their dedication and commitment to our vision. With that, I'm pleased to turn the call over to John to provide our guidance for the first quarter as I welcome him to the GF team.

我們還有 10 億美元的循環信貸額度，目前尚未動用。總結本季和本年度，強大的營運執行力使我們能夠在充滿挑戰的周期性和宏觀經濟環境中表現良好。我個人要感謝 GF 的所有員工，感謝他們對我們願景的奉獻和承諾。至此，我很高興將電話轉給約翰，為我們第一季提供指導，同時我歡迎他加入 GF 團隊。

Thank you, Dave, and good morning to everyone on the call. It gives me great pleasure to be taking over as GF's new CFO, and I would like to echo Tom's comments and thanking Dave for all he has done for the company. Manufacturing is at the heart of today's dynamic semiconductor industry and notwithstanding the ongoing inventory dynamics impacting the semiconductor industry, I am truly excited about the opportunities ahead for GF as we deliver innovation and essential chips for our global customers.

謝謝戴夫，祝所有參加電話會議的人早安。我很高興接任格芯的新任財務官，我想附和湯姆的評論，並感謝戴夫為公司所做的一切。製造是當今充滿活力的半導體產業的核心，儘管持續的庫存動態影響半導體產業，但我對 GF 未來的機會感到非常興奮，因為我們為全球客戶提供創新和重要晶片。

Now let me provide you with our outlook for the first quarter of 2024. We expect total GF revenue to be between $1.5 billion to $1.54 billion. Of this, we expect non-wafer revenue to be approximately 11% of total revenue. We expect gross profit to be between $345 million and $385 million. We expect operating profit to be between $120 million and $180 million. Excluding share-based compensation for the first quarter, we expect total OpEx to be between $205 million and $225 million.

現在讓我向您提供我們對 2024 年第一季的展望。我們預計 GF 總收入將在 15 億美元至 15.4 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 3.45 億美元至 3.85 億美元之間。我們預計營業利潤將在 1.2 億美元至 1.8 億美元之間。不包括第一季的股權激勵，我們預計總營運支出將在 2.05 億美元至 2.25 億美元之間。

At the midpoint of our first quarter guidance, we expect share-based compensation to be approximately $55 million, of which roughly $15 million is related to cost of goods sold and approximately $40 million is related to OpEx. We expect net interest and other expense for the quarter to be between $4 million and $12 million and tax expense to be between $8 million and $20 million. We expect net income to be between $100 million and $156 million.

在我們第一季指導的中點，我們預計基於股份的薪酬約為 5,500 萬美元，其中約 1,500 萬美元與銷售商品成本相關，約 4,000 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 400 萬美元至 1,200 萬美元之間，稅費將在 800 萬美元至 2,000 萬美元之間。我們預計淨利潤將在 1 億至 1.56 億美元之間。

On a fully diluted share count of approximately 561 million shares, we expect earnings per share for the first quarter to be between $0.18 and $0.28. For the full year 2024, we expect CapEx to be approximately $700 million, which aligns with our disciplined and demand-driven philosophy. As Tom and Dave have both commented, we expect this to provide GF an opportunity to focus on continued free cash flow generation in 2024. With that, let's open the call for Q&A. Operator?

完全稀釋後的股票數量約為 5.61 億股，我們預計第一季每股收益將在 0.18 美元至 0.28 美元之間。 2024 年全年，我們預計資本支出約為 7 億美元，符合我們嚴謹且需求驅動的理念。正如 Tom 和 Dave 所評論的那樣，我們預計這將為 GF 提供一個在 2024 年專注於持續自由現金流產生的機會。接下來，讓我們開始問答環節。操作員？

Thank you, ladies and gentlemen. (Operator Instructions) Our first question comes from Harlan Sur with JPMorgan.

謝謝你們，女士們、先生們。 （操作員指示）我們的第一個問題來自摩根大通的 Harlan Sur。

Thank you, Dave, for the support over the past few years, and welcome John to the team. The weaker March quarter guide does reflect your customer trends like these customers as though are also saying that even with an improvement in their revenues over the next 1 to 2 quarters that their internal utilizations in foundry wafer (inaudible) may lag revenues due to their high inventory levels.

感謝戴夫過去幾年的支持，並歡迎約翰加入團隊。較弱的三月季度指南確實反映了您的客戶趨勢，就像這些客戶一樣，他們也表示，即使他們的收入在未來1 到2 個季度有所改善，他們在代工晶圓（聽不清）的內部利用率可能會落後於收入，因為他們的高庫存水準。

So how do you see the profile of the business through 2024? And maybe an important consideration in the potential recovery, maybe the move of some of your FinFET customers away from GF to single-digit nanometer competitors and backfilling. We're mixing some of this lost customer business may be a bit challenging in this environment, putting more pressure on multi-utilizations, maybe the overall magnitude of the potential revenue recover. Just help us understand how all of this shapes the 2024 profile for the team.

那麼您如何看待 2024 年之前的業務概況？也許潛在復甦的一個重要考慮因素，也許是您的一些 FinFET 客戶從 GF 轉向個位數奈米競爭對手和回填。在這種環境下，我們混合一些失去的客戶業務可能有點具有挑戰性，給多重利用帶來更大的壓力，也許是潛在收入恢復的整體規模。請幫助我們了解所有這些如何塑造團隊 2024 年的形象。

Good morning Harlan, this is Tom. I'll start. Very good. I actually got 2 questions in your first one. So let me start on, I guess, the overarching question you're asking is how does 2024 shapeup? What do we see happening? You have to -- you can't look at one quarter of this year without first looking back. Let's consider 2023. GF's performance in what I would call like-for-like, and I would call it like, like semiconductor companies playing in the comparable end markets we play in, serving with the same technology. I would rank GF in the high end of performance there. We were down only 9% year-on-year compared to (inaudible).

早安，哈倫，我是湯姆。我開始吧。非常好。實際上我在你的第一個問題中提出了兩個問題。那麼讓我開始吧，我想，您問的首要問題是 2024 年將如何發展？我們看到發生了什麼事？你必須——你不能在不回顧今年的四分之一的情況下。讓我們考慮一下 2023 年。格芯的表現，我稱之為“同類”，我稱之為“就像半導體公司在我們所處的可比終端市場中發揮作用，使用相同的技術”。我認為 GF 的性能處於高端水平。與（聽不清楚）相比，我們年比僅下降了 9%。

We take a little bit about what we talked about in our fourth quarter earnings call that while we were finally seeing inventory peaking, which is the beginning of a good trend, but not anywhere near where we need it to be. We fast forward into 2024. And so we look back now what happened in Q4 of 2022 with our customers, we started to see meaningful decrease in inventory, especially in areas like smart mobile devices, which is a significant part of our revenues, as David just talked about, like 40%.

我們對第四季度財報電話會議中所討論的內容進行了一些討論，雖然我們最終看到庫存見頂，這是一個良好趨勢的開始，但還遠未達到我們需要的水平。我們快轉到2024 年。現在回顧2022 年第四季與客戶發生的情況，我們開始看到庫存顯著減少，特別是在智慧型行動裝置等領域，這是我們收入的重要組成部分，正如David 所說剛才談到了，大概40%。

And so what you're seeing now is good that inventory is coming down, we're still at the high end of absolute inventory, and we need that to be worked down. When we talk to our customers, I think universally, they see the first half of 2024, being the period of inventory correction finally working down so that true demand starts to surface with the second half recovery.

所以你現在看到的情況是，庫存正在下降，我們仍然處於絕對庫存的高端，我們需要降低庫存。我認為，當我們與客戶交談時，他們普遍認為 2024 年上半年是庫存調整最終結束的時期，以便隨著下半年的復甦，真正的需求開始浮現。

Now look, that's got to be predicated on strong consumer demand and better work on (inaudible) purchase that is driving interest rates high. So we need to see that start to come into play this year as this inventory works down. And look, I think for GF, another testimony to our single-source business, long-term agreements we set. This is a pretty deep and long cycle for the industry. The fact that we managed through it with leveraging our LTAs and our customer relationships, we dampened some of that amplitude. And so you trade off and dampened an amplitude is maybe a little bit longer in the time horizon to come back.

現在看來，這必須以強勁的消費者需求和更好地推動（聽不清楚）購買行為為基礎，從而推高利率。因此，隨著庫存的減少，我們需要看到今年開始發揮作用。我認為對於 GF 來說，這是我們單一來源業務的另一個證明，我們制定了長期協議。對於這個行業來說，這是一個相當深且長的周期。事實上，我們透過利用我們的長期協議和客戶關係來解決這個問題，我們在一定程度上抑制了這種幅度。因此，您需要權衡並抑制振幅，以便在回來的時間範圍內可能會更長一些。

So the end part for me is, we believe this is the low point in top line for us in Q4, and we will continue to grow revenue throughout the year. And then the second question is that in there on the FinFET moving out. We reported earlier that yes, in these downturns, this is when customers move more quickly and some of our technology in our FinFET 12-nanometer was getting displaced by going to single-digit nanometer. But that's not the whole story of -- first of all, on our FinFET technology, we're going to be continuing to develop this platform and building out like we've done others, adding better RF capability, adding embedded memory like resistive RAM. This is a technology that will serve us well.

所以對我來說，最後的部分是，我們相信這是我們第四季營收的最低點，我們將在全年繼續成長收入。第二個問題是 FinFET 的移出。我們之前曾報道過，是的，在經濟低迷時期，客戶的行動速度更快，我們的 FinFET 12 奈米技術中的一些技術因轉向個位數奈米而被取代。但這並不是故事的全部——首先，在我們的 FinFET 技術上，我們將繼續開發這個平台，並像其他平台一樣進行構建，增加更好的 RF 功能，添加電阻式 RAM 等嵌入式記憶體。這項技術將為我們提供良好的服務。

But we've learned in the past about our success at in leveraging our assets, is to make sure that our facilities have a range of technologies deployed in them because different end markets react at different times, and one to be up, one could be down. If you recall, we announced last year that we're bringing 40-nanometer embedded memory to our Fab 8 facility as part of our GM deal. We're actively ramping up 22 FDX technology in Fab 8 to get that diversification. So while single-digit nanometer may be accelerating in some of the FinFET business we have, at the same time, we're accelerating the deployment of bringing new technologies to our Fab 8 facility so we can (inaudible).

但我們過去了解到，我們在利用資產方面取得的成功，是確保我們的設施部署了一系列技術，因為不同的終端市場在不同的時間做出反應，一個可能上升，一個可能下降。向下。如果你還記得的話，我們去年宣布，作為通用汽車交易的一部分，我們將在 Fab 8 工廠引入 40 奈米嵌入式記憶體。我們正在 Fab 8 中積極提升 22 FDX 技術，以實現多元化。因此，雖然我們擁有的一些 FinFET 業務可能會加速實現個位數奈米，但與此同時，我們正在加快部署，將新技術引入我們的 Fab 8 設施，以便我們能夠（聽不清楚）。

Perfect. Follow-up. Yes, the team has done a really good job of working with customers against our LTAs and in return, getting payments or fees for resolutions on these agreements. But back in October of last year, one of your large customers actually decided to terminate their supplier agreement with Global Foundries, pay a $65 million fee, which I assume you're recognizing here in the March quarter, right? So where would the gross margins be in the March quarter without the $65 million fee and other one time resolution agreement.

完美的。跟進。是的，該團隊在與客戶就我們的長期協議進行合作方面做得非常好，並作為回報，為這些協議的解決方案獲得付款或費用。但早在去年 10 月，你們的一個大客戶實際上決定終止與 Global Foundries 的供應商協議，支付 6500 萬美元的費用，我想你們在 3 月份的季度就已經意識到了這一點，對嗎？那麼，如果沒有 6500 萬美元的費用和其他一次性解決協議，三月季度的毛利率會是多少。

But I guess more importantly, Tom, like why would an important customer pays $65 million to terminate the supply agreement with you just given all of the technology differentiation that GlobalFoundries brings to the table.

但我想更重要的是，Tom，考慮到 GlobalFoundries 帶來的所有技術差異化，為什麼一個重要客戶會支付 6500 萬美元來終止與您的供應協議。

Yes. Let me answer that in reverse. I'll do the first part on the customer dynamic, and then I'll let David and John comment on gross margin. Look, you have to think of the termination of an agreement like this is how do we settle the fact that we put capacity on made investments to a customer demand that did materialize and how we work with them. I think the termination is one of the technicality of how we move forward. It doesn't mean that customer is not doing business with us going forward.

是的。讓我反過來回答一下。我將討論客戶動態的第一部分，然後讓大衛和約翰評論毛利率。聽著，你必須考慮這樣的協議終止：我們如何解決這樣一個事實：我們將產能投入到確實實現的客戶需求上，以及我們如何與他們合作。我認為終止是我們前進的技術問題之一。這並不意味著客戶今後不再與我們開展業務。

And I think (inaudible) point, we just announced this last quarter or recently rather, the extension of a long-term agreement with an automotive customer Infineon. And so I wouldn't necessarily read too much into termination. That's a mechanism by which we work with our customers to make sure we get balance in the supply/demand and that is not forcing our customers to take more wafers than they need. And part of that reconciliation is some underutilization fees that offsets the cost of the effort for creating capacity. With that, let me hand it over to the Dave to talk about the fourth quarter impact of that.

我認為（聽不清楚）一點，我們剛剛在上個季度或最近宣布延長與汽車客戶英飛凌的長期協議。所以我不一定會對終止有太多的解讀。這是我們與客戶合作的機制，以確保我們實現供需平衡，並且不會強迫我們的客戶購買超出他們所需的晶圓。這種調節的一部分是一些未充分利用的費用，這些費用抵消了創造容量的成本。接下來，讓我把它交給戴夫來談談第四季的影響。

Sure. Thanks, Tom. And let me build on a point that you made. The one that you're referencing, Harlan was from the smart mobile space. And as you know, the inventory in smart mobile devices, at least the inventory drawdown has been -- really been a moving target for the industry in general. And so I would characterize the termination of that LTA has really been a mechanism such that we don't have to continuously renegotiate that LTA as the volumes are moving around. So I would really characterize that as kind of a cleanup activity.

當然。謝謝，湯姆。讓我以你提出的觀點為基礎。你提到的哈倫來自智慧移動領域。如您所知，智慧移動設備的庫存，至少是庫存的減少，確實是整個行業的一個不斷變化的目標。因此，我認為該長期協議的終止實際上是一種機制，這樣我們就不必在數量變化時不斷重新談判該長期協議。所以我真的會將其描述為一種清理活動。

In terms of the benefit for the fourth quarter, as I mentioned, total LTAs termination fees were about $79 million, give or take a little bit. So that's about 4 points of impact to the quarter. As Tom mentioned, I would reiterate that for our guidance for Q1, sequentially, we are expecting to grow revenue from here. And then just from our utilization perspective, we're expecting from fourth quarter to first quarter to be down a little bit, but then kind of balancing along the bottom there. John, anything you'd add?

就第四季度的收益而言，正如我所提到的，長期協議終止費用總額約為 7,900 萬美元（略有差異）。因此，這對本季大約有 4 個百分點的影響。正如湯姆所提到的，我要重申，對於我們對第一季的指導，我們預計將從這裡開始增加收入。然後，從我們的利用率角度來看，我們預計第四季度到第一季會略有下降，但隨後會在底部保持平衡。約翰，你還有什麼要補充的嗎？

Yes, David, I just want to double click on the point you just made on utilization and how strongly that is correlated to our gross margin performance as we pointed out in the past, every 5 points utilization is roughly 2 points of gross margin. And going back to Tom's comments on the journey, if you look back to early '23 and late '22, we had utilization rates in the highs to low 90s and now through the first quarter horizon seeing that down into the low to mid-70s. So you can see about 15 to 20 points split there, which accounts for (inaudible) share of the impact on gross margin.

是的，大衛，我只想雙擊您剛剛提出的關於利用率的觀點，以及它與我們的毛利率表現的相關程度，正如我們過去指出的那樣，每5 個點的利用率大約相當於2個毛利率。回到湯姆對這段旅程的評論，如果你回顧23 年初和22 年底，我們的利用率在90 年代的高點到低點，現在透過第一季看到它下降到70 年代的低點到中點。因此，您可以看到大約 15 到 20 個百分點的差距，這說明了對毛利率影響的（聽不清楚）份額。

One moment for our next question. Our next question comes from Vivek Arya with Bank of America.

請稍等一下我們的下一個問題。我們的下一個問題來自美國銀行的 Vivek Arya。

Best wishes to both Dave and John. For my first one, you're guiding Q1 sales down, I think, about 18% or sequentially. I was hoping you could give us some color by end market or segment as to how you expect those trends? And then, Tom, you suggested that possibly Q1 at the bottom end Q2 but start a process of recovery, which end markets do you think can start recovering into Q2 in that scenario?

向戴夫和約翰致以最美好的祝愿。對於我的第一個目標，我認為你們指導第一季銷售額下降約 18% 或連續下降。我希望您能給我們一些關於終端市場或細分市場的信息，以及您對這些趨勢的預期？然後，湯姆，您建議第一季可能會在第二季的底部，但會開始復甦過程，您認為在這種情況下哪些終端市場可以開始復甦到第二季度？

Let me start with the second part of that question. It is, I think you've seen it from others that -- given how long and prolong the downturn in smart mobile devices. This could be a year where that business starts to pick up. Given again that how much of that revenue is in an end market that's important for GF. We also believe that this year, even after we factor in some of the industry signals we're seeing, we will have meaningful growth in our automotive business.

讓我從這個問題的第二部分開始。我想你已經從其他人那裡看到了這一點——考慮到智慧型行動裝置的低迷持續了多久。今年可能是該業務開始復甦的一年。再次考慮到有多少收入來自終端市場，這對格芯來說很重要。我們也相信，今年，即使考慮到我們看到的一些行業訊號，我們的汽車業務也將實現有意義的成長。

And this has to do a lot with the broad perspective and broad parts of that market we serve from sensing to microcontrollers to in-cabin lighting, entertainment and independent of it being a internal combustion engine car or electrified vehicle, that content is comparable. But I would tell you, those are the 2 end markets that we see as part of the ability to take Q1 as a low point in our top line, the revenue and growth.

這與我們所服務的市場的廣闊視野和廣泛部分有很大關係，從傳感到微控制器，再到車內照明、娛樂，無論是內燃機汽車還是電動車，這些內容都是可比的。但我想告訴你，我們認為這兩個終端市場是我們將第一季作為我們收入和成長的低點的能力的一部分。

Yes, I'll take the second part of that question, Vivek. When you think about first quarter, as you know, we don't guide by end market, but I'll give you a little bit of color. And we're expecting automotive to be better than that average. You referenced about 18% down from Q to Q sequentially Q4 to Q1. Automotive will average us up. In other words, it will be better than that average decline. We're expecting smart mobile devices to be better than that average decline. I referenced that we expect both of those to actually grow on a year-over-year basis and certainly be better than that average decline sequentially. Obviously, that implies that the other segments will be down a little bit more than that average, which will ultimately get you to that down Q-to-Q about 18%. Did you have a follow-up question Vivek?

是的，我將回答這個問題的第二部分，Vivek。當你想到第一季時，如你所知，我們不以終端市場為指導，但我會給你一些解釋。我們預計汽車產業的表現將優於平均水準。您提到，從第 4 季到第 1 季度，從 Q 到 Q 下降了約 18%。汽車將使我們的平均水平提高。換句話說，會好於平均跌幅。我們預期智慧型行動裝置的降幅將優於平均降幅。我提到，我們預計這兩者實際上都會同比增長，並且肯定會比連續平均下降的情況好。顯然，這意味著其他細分市場的下降幅度將比平均水平略高一些，這最終將使您的環比下降約 18%。您還有後續問題嗎 Vivek？

So my follow-up question is just the industry competitive landscape and what it means for the pricing power that GF can have over the longer term? Because we are starting to see more capacity, at least more CapEx in China. We recently saw Intel and UMC announced some kind of partnership. And obviously, there is no immediate impact, I would imagine. But over the long term, Tom, what does that imply in terms of the industry competitive dynamics at these trailing-edge nodes? And what does that really imply for GF's pricing power over the next few years?

所以我的後續問題只是產業競爭格局，以及這對格芯長期擁有的定價能力又意味著什麼？因為我們開始看到中國的產能增加，至少資本支出增加。我們最近看到英特爾和聯華電子宣布了某種合作關係。顯然，我想不會有立即的影響。但從長遠來看，湯姆，這對這些後緣節點的產業競爭動態意味著什麼？這對格芯未來幾年的定價能力意味著什麼？

So there's a lot of different elements to this. Let me start first with the build-out in China. Look, buying a bunch of equipment is the beginning of a very long journey. Even to be competitive on kind of base capability of the technology node, you need standard cells, libraries, PDKs, complex IP, foundational IP.

所以這有很多不同的元素。讓我先從中國的建設開始。你看，購買一堆裝備就是一段漫長旅程的開始。即使要在技術節點的基礎能力方面具有競爭力，您也需要標準單元、函式庫、PDK、複雜 IP、基礎 IP。

Having a tool is not the beginning of the business, right? It's the beginning of the dream of having a business. And it's going to take a long time for new companies to take that capacity, the ability to buy tools and convert it into even a base techno. In the meantime, GF is not sitting still. We're taking our already well-established feature-rich platforms and continually adding new features to them off of a base that we've had for a long time, they continually differentiate. But the GF play, we've said it over and over again, is we want to be a single-source differentiated business, serving a very simple technology is not where we play and we don't provide much value to our customers. So for us, is that capacity is in some ways, not even playing the second (inaudible).

擁有工具不是創業的開始，對嗎？這是創業夢想的開始。新公司需要很長時間才能掌握這種能力、購買工具並將其轉化為基礎技術的能力。同時，GF也沒有坐以待斃。我們正在利用我們已經完善的功能豐富的平台，並在我們長期以來擁有的基礎上不斷向它們添加新功能，它們不斷地與眾不同。但我們已經一遍又一遍地說過，GF 的策略是我們希望成為單一來源的差異化企業，為非常簡單的技術提供服務不是我們的重點，我們不會為客戶提供太多價值。因此，對我們來說，能力在某些方面甚至無法發揮第二個（聽不清楚）。

The second thing about all that capacity is concentrated in China. We're seeing more and more the need for a more resilient global footprint. And so putting more concentration in that capacity in China, it doesn't do anything to solve that. And that's what our customers are looking for. We looking to be differentiated in features. We add to our technology they're looking for us to differentiate it and serving them on our global footprint. The technologies that we can build for them the same product in Singapore, Dresden, Europe and U.S. And then the third part of this that I think is the most interesting, and it feeds back to this resiliency requirement.

第二件事是所有這些產能都集中在中國。我們越來越需要更具彈性的全球足跡。因此，將更多的精力集中在中國的產能上，並不能解決這個問題。這正是我們的客戶所尋求的。我們希望在功能上有所差異。我們添加了我們的技術，他們希望我們能夠使其與眾不同，並在我們的全球足跡中為他們提供服務。我們可以在新加坡、德勒斯登、歐洲和美國為他們建立相同的產品。然後我認為第三部分是最有趣的，它回饋到了這種彈性要求。

Some of our biggest fabless Chinese customers coming to GF because they want to tap into the resilience supply line, because they believe they need worldwide source to serve the markets so they could be taking seriously on the world stage that they will not have supply chain issues being concentrated in it. So I think that's the envelope around that investment going in China. Then I think you pointed out the intel, UMC announced. I think once again, it demonstrates that what GF has the rest of the world wants to get to. And that's a geographically diverse footprint. Certainly, we have been western rolled in the U.S. and in Germany. And so that partnership, as I understand it, is off to create a 12-nanometer platform that will be ready in 2027.

我們一些最大的無晶圓廠中國客戶來到格芯，因為他們希望利用彈性供應線，因為他們相信他們需要全球資源來服務市場，這樣他們就可以在世界舞台上認真對待，以免出現供應鏈問題都集中在其中。所以我認為這就是在中國投資的範圍。然後我想你指出了英特爾、聯華電子宣布的訊息。我認為，這再次表明了 GF 擁有世界其他地區想要達到的目標。這是一個地理上多樣化的足跡。當然，我們在美國和德國都是西方風格的。據我了解，此次合作旨在創建一個 12 奈米平台，並於 2027 年準備就緒。

Sitting here in 2024, and we're not done innovating on the platform we already have to continue to make it relevant and dynamic for our customers in these various end markets. The other thing about that, I don't understand how in the industry, it already had a lot of stacked margins, two foundries serving the same market, from the same technology will work economically, but that's not for me to understand it. But we think about our technology is making sure we work closely with our customers, understand the end market requirements and develop technologies that they're looking for us to build.

到了 2024 年，我們對平台的創新還沒有結束，我們必須繼續使其與這些不同終端市場的客戶相關且充滿活力。另一件事是，我不明白在這個行業中，它已經有很多堆積的利潤，兩個服務於同一市場、採用相同技術的代工廠將如何經濟地運作，但這不是我所理解的。但我們認為我們的技術是確保我們與客戶密切合作，了解終端市場的需求並開發他們希望我們開發的技術。

Yes, this is John. I'll just quickly add. In light of all the fact as Tom mentioned, we see a relatively stable and constructive pricing environment, taking into account companies, differentiation, features the high percentage of sole source. We talked about 2/3 of the business in the prepared commentary as well as the support visibility that are provided by our long-term agreement. So overall, like for like tier structured pricing environment.

是的，這是約翰。我就快速補充一下。鑑於湯姆所提到的所有事實，我們看到一個相對穩定且建設性的定價環境，考慮到公司、差異化、單一來源比例高的特徵。我們在準備好的評論中討論了 2/3 的業務以及我們的長期協議提供的支援可見性。總的來說，就像類似的分層結構定價環境一樣。

Yes, John, and just not to pile on it. But if you think about it, when you're sole source, you're going to service true demand, you can't use pricing to create more demand. So the bad news is you can't create more demand. The good news is it your demand for whatever it is, and the key is to continue to create winning solutions so you can create more demand.

是的，約翰，只是不要多此一舉。但如果你想一想，當你是唯一來源時，你將服務真正的需求，你不能利用定價來創造更多需求。所以壞消息是你無法創造更多需求。好消息是，無論您的需求是什麼，關鍵是繼續創建獲勝的解決方案，以便您可以創造更多需求。

And just to remind everybody, 90% of our design wins are sole source.

謹提醒大家，我們 90% 的設計成果都是獨家來源。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

And congrats to both David and John. David, you'll be missed. My first question is on the node transition dynamic that you talked about. Can you give us an idea of the percentage of your business that you believe is exposed to that? Is it localized to the comm infrastructure and data center segment, where you said you're reallocating -- or is that (inaudible) we should consider in other areas of your business as well.

祝賀大衛和約翰。大衛，我們會想念你的。我的第一個問題是關於您談到的節點過渡動態。您能否告訴我們您認為面臨這種風險的企業比例？它是否局限於您所說的正在重新分配的通訊基礎設施和資料中心部分，或者我們也應該在您業務的其他領域考慮（聽不清楚）。

Yes. Look, I think, again, we're talking over a long period of time, as you know, these transitions don't happen rapidly. I would characterize the portion of the business and I think the question is specifically around FinFET. It's probably about 20%, 25-ish percent of the total business that over the full life cycle will migrate out from what is currently manufactured today. That stated, you constantly always have business that's migrating into that node as well. And so really, what you're looking at is you're not looking at -- of the portion of the business today that will migrate. You're looking at what's the rate and pace of transition from migration out versus the rate and pace of transition for migration in.

是的。聽著，我想，我們再次討論了很長一段時間，正如你所知，這些轉變不會很快發生。我會描述這部分業務的特點，我認為問題主要圍繞在 FinFET。在整個生命週期中，大約有 20% 到 25% 左右的業務將從目前製造的產品中遷移出來。也就是說，您始終會有業務遷移到該節點。事實上，你所看到的是你沒有看到的東西——今天將遷移的業務部分。您正在查看從遷移出的過渡率和速度與遷移入的過渡率和速度。

So while 20-ish to 25-ish percent of the business that we have today on that node will migrate out just like it has historically, we expect over time for about the same amount to migrate in. And so what you're managing is the in versus the out, if that makes sense. Did you have a follow-up question, Ross?

因此，雖然我們今天在該節點上擁有的20％ 到25％ 左右的業務將像歷史上一樣遷移出，但我們預計隨著時間的推移，大約相同數量的業務將遷移進來。所以您要管理的是進與出，如果這有意義的話。羅斯，您還有後續問題嗎？

Yes. I just wanted to get a little bit of an update on the CHIPS Act of the things. You guys have been very clear about the ITC side, especially kind of the OpEx benefits from it, but any clarity on how that OpEx side progressing through the year and perhaps more importantly, any updates on the grant side of the equation.

是的。我只是想了解有關 CHIPS 法案的一些最新情況。你們對 ITC 方面非常清楚，尤其是 OpEx 從中受益，但對 OpEx 方面在這一年中的進展情況有任何了解，也許更重要的是，等式撥款方面的任何更新。

David, why don't you take the ITC part of that, and I'll take the second part of that.

大衛，你為什麼不接受 ITC 的部分內容，我將接受第二部分的內容。

Sure. Well, a couple of things on ITC is, as you know, we do have the tax benefits where you get back 25% essentially of every qualified dollar of capacity that you're spending money on to add capacity in the United States. So that's a benefit that we've been taking advantage of, that's kind of above and beyond these projects that you're submitting into the CHIPS Act OpEx for longer-term approval.

當然。嗯，正如您所知，ITC 上有幾件事是，我們確實有稅收優惠，您可以在為增加美國產能而花錢時，基本上每一美元的合格產能都能獲得 25% 的返還。因此，這是我們一直在利用的一個好處，它超出了您提交到 CHIPS 法案營運支出以獲得長期批准的這些項目。

And we have been taking an advantage or benefit of that for 2023. In fact, in the fourth quarter, what you saw in our prepared commentary was that we had $46 million of benefit that impacted us in a positive way in the fourth quarter. And specifically, it was spread through some of the operating expenses line as those expenses or those benefits were flowing back to the lines in which those charges were accrued. And that's -- there's also additional benefit in the CapEx line that ultimately will be accrued there as well. And so we expect those benefits to remain through the life of the program. and essentially be a like-for-like benefit based upon how much money that we are deploying in the U.S. So it's about a 25% benefit.

我們一直在 2023 年利用這一點。事實上，在第四季度，您在我們準備的評論中看到的是，我們獲得了 4600 萬美元的收益，這對我們第四季度產生了積極的影響。具體來說，它透過一些營運費用項目進行分散，因為這些費用或福利正在回流到應計這些費用的項目中。那就是──資本支出線還有額外的好處，最終也會在那裡累積。因此，我們希望這些好處能夠在該計劃的整個生命週期中持續存在。本質上是基於我們在美國部署了多少錢的同等福利，所以大約是 25% 的福利。

And then the first part or the second part, a little bit that status of the chips bill. Look, those discussions are confidential. You can imagine that GF will play an important role in the U.S. ambitions to create more semiconductor manufacturing in the U.S. I would ask you on the timing of these things. Be patient. I know the White House wants to start getting those dollars deployed post-haste. So just be patient on that.

然後是第一部分或第二部分，一點點籌碼帳單的狀態。看，這些討論是保密的。您可以想像，格芯將在美國創造更多半導體製造業的雄心中發揮重要作用。我想問您這些事情的時間安排。要有耐心。我知道白宮希望開始盡快部署這些資金。所以請耐心等待。

But I think the bigger point for us is to remember, it's not about just having dollars to build SaaS. It's about creating the right business model. If you look at what we shipped for revenue in 2022, sorry, 2023. We shipped about 2.2 million wafers. By the end of this year, we will have through all the investments we've made, and we'll make this year, the ability to ship 3 million wafers. That's a fair amount of revenue growth that we already have in hand. Now that capacity was put on ahead of demand because that's part of what our customers had asked us to do in 2022 as they looked ahead and none of us saw the fact that we were going to hit a business. And so we're in really good shape to think about in the near term of having the capacity to grow our business, leading to that demand.

但我認為對我們來說更重要的是要記住，這不僅僅是有錢來建造 SaaS。這是關於創建正確的商業模式。如果你看看我們 2022 年的收入出貨量，對不起，2023 年。我們出貨了大約 220 萬片晶圓。到今年年底，我們將完成所有投資，今年我們將具備出貨 300 萬片晶圓的能力。這是我們已經掌握的相當可觀的收入成長。現在，產能已經提前滿足需求，因為這是我們的客戶要求我們在 2022 年做的事情的一部分，因為他們展望未來，但我們沒有人看到我們將會開展業務。因此，我們處於非常好的狀態，可以考慮在短期內有能力發展我們的業務，從而滿足這種需求。

When we think about what CHIPS funding in the ITC means for our future, we come back to how do we invest, the investment certainty, durability and profitability. The certainty is we see clarity in demand that our customers are getting on our capacity, they're betting that we're going to be an arm of their business, as their manufacturing model. So we look for them in partnership to go create that expense. We want to do it in durable end markets where our differentiation matters. We talked a lot about automotive. We talked about how much of the smart mobile devices and connectivity really plays to our strength. And then the profitability is really where the economics come in of these government subsidies or government co-investments, I'd rather call them. That closes the economic plan to make sure that we're competitive not only in the capital deployment to create these facilities to run.

當我們思考 ITC 的 CHIPS 資金對我們的未來意味著什麼時，我們會回到如何投資、投資的確定性、持久性和獲利能力。可以肯定的是，我們看到客戶對我們產能的需求很明確，他們押注我們將成為他們業務的一部分，作為他們的製造模式。因此，我們尋找他們合作來創造這筆費用。我們希望在持久的終端市場上做到這一點，因為我們的差異化很重要。我們談了很多關於汽車的話題。我們討論了智慧型行動裝置和連接性在多大程度上真正發揮了我們的優勢。然後，獲利能力實際上是這些政府補貼或政府共同投資的經濟意義所在，我寧願稱之為政府補貼或政府共同投資。這就結束了經濟計劃，以確保我們不僅在創建這些設施運行的資本部署方面具有競爭力。

So I think of these government programs is aligning nicely with our long-term strategy to grow this business for the medium to longer term.

因此，我認為這些政府計劃與我們發展中長期業務的長期策略非常吻合。

Our next question comes from Joseph Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

I want to ask about the smartphone business. Your biggest 4 customers all kind of guided pretty well and all reduced inventory by about 20 days in the fourth quarter collectively. It sounds like they need to do at least that much inventory reduction in Q1. But it seems like there should be a pretty big snapback from that as we return to consumption unless there's some factor I'm missing in-sourcing, anything like that. So maybe if you could just talk to that demand environment.

我想問一下智慧型手機業務。您最大的 4 位客戶都得到了很好的指導，並且在第四季度總共減少了約 20 天的庫存。聽起來他們需要在第一季至少減少那麼多庫存。但隨著我們恢復消費，似乎應該會出現相當大的反彈，除非我錯過了一些內購因素，諸如此類。所以也許你可以談談需求環境。

Yes. I can go first, Tom, if you on the -- Yes. So you're correct. I mean you saw the announcements from all coming for earlier. And we're starting to see the inventory being burning off and getting to more normalized levels. So we do expect (inaudible) to have a return this year as we move forward. So yes, you're exactly right.

是的。湯姆，我可以先走，如果你在──是的。所以你是對的。我的意思是你之前看到了所有人的公告。我們開始看到庫存正在消耗並達到更正常化的水平。因此，隨著我們的前進，我們確實預計（聽不清楚）今年會有所回報。所以是的，你是完全正確的。

Yes. Look, you pointed that early commentary here, the real key is Q1 inventory burn. If it continues at that level and we start to get to normalized levels. We have really good position there. Maybe even in a stronger position than we ever had in the premier tier handsets. And now that the tier 2 handsets not want 5G capability. I think it positions us well for we hope the inevitable return of the smart mobile device.

是的。你看，你在這裡指出了早期的評論，真正的關鍵是第一季的庫存燃燒。如果它繼續保持在這個水平，我們就開始達到正常化水平。我們在那裡的地位非常好。甚至可能比我們在頂級手機領域處於更有利的地位。現在，2 級手機不需要 5G 功能。我認為這對我們來說是有利的，因為我們希望智慧型行動裝置不可避免地回歸。

Yes, we're very pleased with our design wins in both the premium and the tier 2.

是的，我們對我們在高端和二級市場的設計勝利感到非常滿意。

Great. And then Yes. With regards to follow-up on the CapEx, I know I realize $700 million is a relatively low number. But can you talk about where that money is going? I assume utilization is low enough? What is it that you need to spend money on from here?

偉大的。然後是的。關於資本支出的後續行動，我知道 7 億美元是一個相對較低的數字。但你能談談這些錢的去向嗎？我認為利用率夠低？你需要從這裡花錢做什麼？

Yes. I think when you look at the CapEx for 2024, specifically, as you know, we've been on a journey to grow our total capacity from about 2 million wafers at the beginning of '21. So about 3 million wafers where we'll be essentially at the end of this year. And the $700 million really represents kind of the final completion in terms of tooling that needs to be purchased as well as facilities that need to be added to satisfy some of those longer-term agreements that you've seen us continue to add to the portfolio.

是的。我認為，當您查看 2024 年的資本支出時，具體而言，如您所知，我們一直在將總產能從 21 年初的約 200 萬片晶圓增長到一定程度。因此，到今年年底，我們基本上將擁有約 300 萬片晶圓。 7 億美元確實代表了需要購買的工具以及需要添加的設施的最終完成，以滿足您看到我們繼續添加到產品組合中的一些長期協議。

So by spending this amount, it will get us to that 3 million wafers. It will also give us some incremental flexibility as we think about migrating some additional capabilities into our U.S. manufacturing centers, some of the 40-nanometer capability with embedded memory, some of the fully depleted SOI capability and bringing that here to the U.S. So it'll not only $700 million represents not only the kind of the final bill to the completion of 3 million wafers. But it's also the flexibility that's being added and the capacity that's being added for customers that want domestic manufacturing (inaudible).

因此，透過花費這筆資金，我們將獲得 300 萬片晶圓。當我們考慮將一些額外的能力遷移到我們的美國製造中心時，它還將為我們提供一些增量靈活性，一些帶有嵌入式記憶體的40 奈米能力，一些完全耗盡的SOI 能力並將其帶到美國。7億美元不僅代表完成300萬片晶圓的最終帳單。但這也是為想要國內製造的客戶增加的彈性和產能（聽不清楚）。

Yes, we call it capability tool, and it comes in creating the features so that we can give that fungibility of capacity across our fab network as well as some R&D investments that we need to create new features. So there is a certain level of CapEx in our business. That's about sustainability of our business.

是的，我們稱之為能力工具，它用於創建功能，以便我們可以在我們的晶圓廠網路中提供容量的可替代性，以及我們需要創建新功能的一些研發投資。因此，我們的業務存在一定程度的資本支出。這關係到我們業務的可持續性。

Yes, Joe, this is John. I'll just add. As far as the shape of the CapEx in '24, we do expect that to be similar to what the company saw in 2023, a bit stronger in the first half over second half on CapEx spend.

是的，喬，這是約翰。我就補充一下。就 24 年的資本支出形狀而言，我們確實預期該公司將與 2023 年的情況類似，上半年的資本支出支出略強於下半年。

Our next question comes from Chris Caso with Wolfe Research.

我們的下一個問題來自沃爾夫研究公司的克里斯·卡索。

Yes. Thank you. Just the first question is on gross margins. And obviously, a lot of moving parts as we go through the year and it will be dependent on the pace of that recovery. But if you can give us some color on what the puts and takes are as we look at gross margins as we go through the year? And you did mention that you believe that Q1 would be the revenue bottom. Do you believe that holds for gross margin as well?

是的。謝謝。第一個問題是關於毛利率的。顯然，今年會有很多變化，這將取決於復甦的速度。但是，當我們回顧這一年的毛利率時，您能否告訴我們看跌期權和賣出期權的具體情況？您確實提到您認為第一季將是收入的底部。您認為這也適用於毛利率嗎？

Yes Chris, this is John. Similar to the prior comments, gross margin is very much influenced by factory utilization. There are other factors that work clearly with mix as well as some of the customer agreement payments and so on. But as the business can recover and begin to post stronger sequential growth numbers, we would expect some improvement in gross margin, along with that, the rate pace of that we'll have to see as we clearly, the demand environment on the inventory drawdown rate or important variables to that as well. Do you have a follow-up?

是的，克里斯，這是約翰。與先前的評論類似，毛利率很大程度上受工廠利用率的影響。還有其他因素可以明顯地影響混合以及一些客戶協議付款等。但隨著業務能夠復甦並開始發布更強勁的連續成長數據，我們預計毛利率會有所改善，同時，我們必須清楚地看到庫存減少的需求環境率或重要變數。你有後續行動嗎？

Sure. And then with regard to kind of where things go from here as the recovery progresses. I mean you talked about you'll have capacity of 3 million wafers by the end of this year. That's up kind of 35% or so from what you shipped last year. Can you speak to what you expect in terms of cash flow and the investment that's been made, how you monetize that going forward? And with some of the new agreements that you're going to sign to make use of that capacity, do you expect the terms and the pricing of those new agreements that load up that other -- load up the rest of the capacity. Is the impact on that in GlobalFoundries is going to be the same as what we've seen during the last cycle.

當然。然後隨著復甦的進展，事情將如何發展。我的意思是，您談到到今年年底您將擁有 300 萬片晶圓的產能。這比去年的出貨量增加了 35% 左右。您能否談談您對現金流和已進行的投資的期望，以及未來如何將其貨幣化？對於您將要簽署的一些新協議來利用該容量，您是否期望這些新協議的條款和定價能夠加載其他容量 - 加載其餘容量。 GlobalFoundries 受到的影響是否與我們在上一個週期中看到的相同？

Yes, Chris, this is John again. Very encouraged by the progress the company has made in its free cash flow performance. We had the third consecutive quarter of growth in free cash flow in the fourth quarter, but the strong number, $450 million plus generated in the fourth quarter. And as we continue to progress through 2024, we see the opportunity to build upon that and generate free cash flow in the neighborhood of 2x to 3x the annual total for 2023. So short answer is yes, we think we're very well positioned to positively influence the company with strong free cash flow generation.

是的，克里斯，這又是約翰。公司在自由現金流表現方面的進展非常令人鼓舞。第四季我們的自由現金流連續第三個季度成長，但第四季產生的強勁數字超過 4.5 億美元。隨著我們在2024 年繼續取得進展，我們看到了在此基礎上再接再厲的機會，並在2023 年產生約2 至3 倍年度總額的自由現金流。所以簡短的答案是肯定的，我們認為我們處於非常有利的位置透過強大的自由現金流產生對公司產生積極影響。

Yes. Let me take a longer-term view by going back to what we talked about in our roadshow a couple of years ago. We talked about getting our business to scale roughly $10 billion, where we could then spend 20% of revenue on CapEx, grow our business with capacity, at the same time, have sustainable free cash flow. When we start to think about -- this 3 million wafers, we are converging quickly on our long-term model where we can do both invest for growth and drive free cash flow. And now it becomes not a question of, if it's rating pace to demand facility and take advantage of that.

是的。讓我從更長遠的角度回顧我們幾年前在路演中討論的內容。我們談到讓我們的業務規模擴大到大約 100 億美元，然後我們可以將 20% 的收入用於資本支出，透過產能發展我們的業務，同時擁有可持續的自由現金流。當我們開始思考這 300 萬片晶圓時，我們正在快速收斂於我們的長期模型，在該模型中，我們既可以投資促進成長，又可以推動自由現金流。現在，問題不再是是否需要設施並利用設施的評級速度。

And one final comment to kind of build on that to address 2 points that you raised. One, like-for-like pricing, we continue to see is very stable. We see everyone in the market as being very rational, number one. And then two, from a monetization perspective, we look at the investments that we've made. We look at flexibility that we are building into all of our manufacturing facilities and resiliency that we're building into those manufacturing facilities, and we're quite encouraged by what the outlook could look like for us in the future when demand online.

最後的評論是在此基礎上解決您提出的兩點。第一，我們繼續看到同類定價非常穩定。我們認為市場上的每個人都非常理性，第一。第二，從貨幣化的角度來看，我們審視了我們所做的投資。我們著眼於我們在所有製造設施中構建的靈活性以及在這些製造設施中構建的彈性，我們對未來在線需求時的前景感到非常鼓舞。

Kevin, we'll take one more question.

凱文，我們再回答一個問題。

Sure. Our last question comes from Krish Sankar with TD Cowen.

當然。我們的最後一個問題來自 Krish Sankar 和 TD Cowen。

Thanks a lot, Dave, and welcome, John. First question I had was, I don't know Tom or Dave, did you speak about how to think about calendar '24 volume and ASP relative to calendar '23.

非常感謝，戴夫，歡迎，約翰。我的第一個問題是，我不認識 Tom 或 Dave，你們是否談到如何考慮日曆 '24 捲和相對於日曆 '23 的 ASP。

Yes. So we didn't specifically talk about pricing for calendar year 2024 versus '23. But I think you can probably infer from our commentary that on a like-for-like basis that we expect pricing to be very similar essentially the same. And so movements that you'll see in ASPs will primarily be driven by the product mix shifting, either from one end market to another or from one customer to another.

是的。因此，我們沒有具體討論 2024 年與 23 年的定價。但我認為您可能可以從我們的評論中推斷出，在同類基礎上，我們預計定價將非常相似，基本上相同。因此，您將在 ASP 中看到的變動主要是由產品組合轉變所驅動的，無論是從一個終端市場到另一個終端市場，還是從一個客戶到另一個客戶。

In terms of volume, obviously, on a sequential basis as well as a year-over-year basis, we're guiding down for the first quarter. And so when you think about total volume for 2024, it's really the rate and pace of the recovery as we continue to draw down inventory. And again, we did mention, and I think you've seen it from our customers, the reporting that's been done there is that they have made some progress on inventory reduction we're anticipating that they will continue to make progress to reduce some of that inventory here in the first quarter.

顯然，就數量而言，無論是環比還是同比，我們對第一季的指導都是下降的。因此，當您考慮 2024 年的總銷售量時，您會發現，隨著我們繼續減少庫存，這實際上是復甦的速度和步伐。再次，我們確實提到過，我想您已經從我們的客戶那裡看到了這一點，那裡所做的報告表明，他們在減少庫存方面取得了一些進展，我們預計他們將繼續取得進展，以減少一些庫存。第一季的庫存。

And so really, the volume will be dependent upon the rate and pace of the return to growth if that it comes down.

事實上，如果成長下降，數量將取決於恢復成長的速度和步伐。

Very helpful, David. And then a big picture question for Tom. When you look at during the pandemic, the global electronics demand is above long-term trend. You're talking about a cyclical recovery now, but there's also been some macro weakness in channel destocking, customers going to just-in-time manufacturing. So I'm kind of curious, do you think the cyclical recovery could be below trend? Or do you think even how cyclical recovery that you've seen in the past where you see a sharp snapback?

非常有幫助，大衛。然後向湯姆提出一個大局問題。從大流行期間來看，全球電子產品需求高於長期趨勢。你現在談論的是周期性復甦，但渠道去庫存、客戶轉向即時製造方面也存在一些宏觀疲軟。所以我有點好奇，您認為週期性復甦可能低於趨勢嗎？還是你認為你過去看到的周期性復甦有多大，你看到了急劇的反彈？

Look, I've been around this industry for a long time. And what I see is it's a little bit of black box. And Black box is, it responds equally to the stimulation. So if you go really down this industry overcorrect. So what happened? We found ourselves with excess inventory and then everybody binding (inaudible).

瞧，我在這個行業已經待了很久了。我看到的是它有點黑盒子。黑盒子是，它對刺激做出同樣的反應。因此，如果你真的深入這個行業，那就大錯特錯了。所以發生了什麼事？我們發現自己的庫存太多，然後每個人都受到約束（聽不清楚）。

So I think what you're going to see now is the recovery is going to be proportional to how quickly things went down in our industry because in certain end markets, we've seen people -- the end customers, the OEMs take inventory quite low. And so everybody who predicts the future has a great chance of being wrong. I could just look back and see our industry has always been predictable in that if it's a steep decline, it becomes equal and opposite reaction when it comes back. So let's see and you can hold me to that when -- at the next call.

因此，我認為您現在將看到的是，復甦將與我們行業的衰退速度成正比，因為在某些終端市場，我們已經看到人們——終端客戶、原始設備製造商(OEM) 相當多地盤存庫存。低的。因此，每個預測未來的人都有很大可能出錯。我可以回顧一下，看到我們的行業一直是可預測的，因為如果急劇下降，當它回來時，它會產生相同和相反的反應。所以讓我們看看，你可以在下次電話會議時讓我堅持下去。

Ladies and gentlemen, this does conclude the Q&A portion of today's conference. I'd like to turn the call back over to Sam for any closing remarks.

女士們、先生們，今天會議的問答部分到此結束。我想將電話轉回給 Sam，讓其結束語。

Thanks, Kevin. Thanks, everyone, for joining today and apologies we can get to everyone in the call list. We look forward to seeing many of you at the upcoming conference, thank you.

謝謝，凱文。感謝大家今天加入，抱歉我們無法聯絡通話清單中的每個人。我們期待在即將舉行的會議上見到你們，謝謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。