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)

您好，感謝您的支持。歡迎參加格芯電話會議，回顧2023年第四季及2023財年的財務表現。 （操作員指令）

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，今天的會議正在錄音。現在我想將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.

謝謝您，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。今天與我一起通話的有執行長 Thomas Caulfield 博士；以及首席商務官 Niels Anderskouv；以及 David Reeder 參加他的最後一次財報電話會議，我很高興歡迎 John Hollister 參加電話會議，他已接替 Dave 擔任首席財務官，這一消息已於 2023 年 12 月 11 日宣布。不久前，我們發布了 GF 的第四季度財務業績，您可以在我們的網站 investor.gf.com 上隨附該幻燈片，同時查看該幻燈片。本次通話正在錄音，重播將發佈在我們的投資人關係網頁上。

During this call, we will present both IFRS and adjusted non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for adjusted non-IFRS measures are available in today's press release and accompanying slides. I 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，我們將介紹國際財務報告準則和調整後的非國際財務報告準則財務指標。最直接可比較的 IFRS 指標以及調整後的非 IFRS 指標的對帳表可在今天的新聞稿和隨附的幻燈片中查閱。我要提醒您，這些財務結果未經審計，可能會有所變動。今天電話會議上的某些聲明可能被視為前瞻性聲明。此類陳述可以透過相信、期望、打算、預期、可能等術語或將來時態的使用來識別。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異，我們不承擔更新今天所做的任何前瞻性陳述的任何義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our SEC filings, including in the sections under the caption Risk Factors in our annual report on Form 20-F filed with the SEC on April 14, 2023. 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美國證券交易委員會提交的文件中描述的風險和不確定性，包括我們於 2023 年 4 月 14 日向美國證券交易委員會提交的 20-F 終端年度報告中“風險因素”表的標題下的部分。將提供 2021 年第一季的指引。然後，我們將與湯姆、戴夫、約翰和尼爾斯一起開始提問。我們請求您將問題限制為一個，並進行一次跟進。現在我將電話轉給湯姆，請他發表準備好的發言。

Thank you, Sam and welcome, 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.

謝謝你，山姆，歡迎大家參加我們的第四季財報電話會議。 2023 年將為全球經濟和更廣泛的半導體產業帶來一系列獨特的挑戰。我們的客戶面臨著庫存水準上升、需求減弱以及貨幣政策緊縮的背景下的問題。儘管我們開始看到通膨逆風有所緩和，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時間和更深的周期性衰退。

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，我仍然很高興地報告第四季度的業績超出了我們預期範圍的中點，這要歸功於我們全球團隊的奉獻精神。繼 2022 年取得巨大成功之後，我為 GS 員工在 2023 年極具挑戰性和長期的市場環境中表現出的韌性、勇氣和承諾感到自豪。我們努力管理上升的成本和降低的利用率，以實現毛利率擴大和收入成長，這與我們在 2023 年第一季收益更新中製定的指引一致。

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上所討論的那樣，我們觀察到智慧型行動裝置、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，支持他們加速消耗庫存，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.

為了支持這些合作夥伴關係，我們多年來投入了大量資金來擴大我們的製造能力，我們的客戶在調整長期協議時也積極主動地做出回應，以實現互利的結果。在某些情況下，這些討論導致了利用不足或重組付款，戴夫將在其準備好的發言中對此進一步評論。

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 年相比有所改善的速度和步伐。然而，由於宏觀經濟疲軟和地緣政治不確定性持續存在，我們所服務的大多數終端市場中這些水準仍然較高。

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.

根據與廣泛客戶的討論，我們預計庫存減少將受到 2024 年上半年通路銷售下降的推動，一旦宏觀經濟情勢穩定，需求動態將恢復改善。有關更多資訊即將發布，但讓我先討論一下我們 2023 年第四季業績的亮點，戴夫將對此進一步評論。

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.

第四季營收季增至 18.54 億美元，高於我們 11 月提供的指導範圍中位數。我們報告本季調整後的毛利率為29％，處於我們預期範圍的上限。這些結果包括與成功解決客戶近期數量需求調整以及相關未充分利用付款相關的金額。我們實現的調整後每股攤薄收益為 0.64 美元，這也處於我們預期範圍的高點。

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，第四季度產生了 4.56 億美元。這凸顯了我們近年來在產能投資方面取得的整體進展，以及到 2023 年我們資本支出狀況的下降。

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，讓我簡要介紹一下我們在 2023 年的一些客戶和合作夥伴活動。多項設計勝利。

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.

GF 透過我們最具競爭力的、符合汽車一級標準的技術平台，支援汽車產業關鍵感測、處理和安全功能的開發。這些產品涵蓋了我們的整個產品組合，從 12 LP 加上我們的 FinFET 平台，一直到 130 和 180 奈米技術的擴展電壓處理能力。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 2030 年的電源管理和連接解決方案中的 40 奈米汽車微控制器。

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.

現在來談談智慧型行動裝置。由於宏觀經濟不確定性影響了全球消費需求，導致手機出貨量較前一年減少，2023 年通路出現過剩產能和庫存增加。為了部分抵消這些動態，我們繼續將我們的業務轉向手機市場的頂級層級，該市場的需求水平和每片晶圓的平均銷售價格仍然保持彈性。 GF 的高效能射頻技術持續推動產業用戶連接的發展。市場對 5G 和智慧型行動裝置的依賴日益增加，再加上數據的爆炸性成長，需要更多的連接和更高的效率。

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.

GF 最新一代的 RF SOI 平台（我們稱之為 NSW）於上個季度發布，其特點是顯著降低待機電流，從而延長電池壽命，產品體積比前幾代產品小 10% 以上，功率效率提高 20% 以上。這是專門為幫助我們的客戶為高端前端模組領域建立更高品質、更長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.

我們還在 GF 的 22 FDX RF 毫米波技術上提供出色的連接性和低功耗性能，該技術已投入批量生產，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，專注於超低功耗效率和用於人工智慧和邊緣應用的嵌入式記憶體。儘管我們預期該終端市場將出現一段短期庫存調整期，但與其他公司的報告一致，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力。

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，我們的美國製造能力是我們物聯網終端市場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，為美國多項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部門在 2023 年將繼續表現出疲軟。

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位於紐約 Multi 的晶圓廠來實現製造足蹟的多元化，這將為多個終端市場的客戶提供更多選擇，並增加在美國的使用機會。

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盈餘達到指導範圍的高位，並在 2023 年取得了與我們在 2023 年第一季收益更新中提供的評論一致的業績。今年此時，我們對 2024 年的前景仍持謹慎態度，並密切關注宏觀經濟指標中需求改善的跡象，同時我們的客戶積極管理降低庫存水準。

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 年可能會出現幾種結果。從長遠來看，我們將繼續看到半導體在全球的作用長期加速，而格芯是全球僅有的幾家純晶圓代工廠之一，有能力支持亞洲、歐洲和美國的客戶。

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.

在我將電話轉給戴夫之前，我想再次感謝他在 GF 任職期間所做的出色工作，並向約翰表示熱烈的歡迎。我對未來的機會感到興奮，並期待與約翰作為我們的新任財務長密切合作，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.

謝謝你，湯姆，歡迎參加我們的第四季財報電話會議。對於電話會議的剩餘部分，包括除收入、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，這些指標不包括股票薪酬和重組費用。我們的第四季度業績超過了我們在上一季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%。這些結果包括與客戶調整近期合約量需求相關的約 7,900 萬美元的收入。

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 毫米當量晶圓，較去年同期下降 5%。每片晶圓的平均銷售價格 (ASP) 年減約 7%，主要由於本季出貨的產品組合變化所致。儘管出現下降，但全年平均售價與 2022 年相比持平，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.

我們終端市場的晶圓收入約佔總收入的 88%，非晶圓收入（包括來自光罩、非經常性工程、加急費和其他項目的收入）約佔第四季總收入的 12%，與我們的預期一致。

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。我們出貨了約 220 萬片 300 毫米當量晶圓，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.

現在讓我提供一下我們按終端市場劃分的收入最新情況。第四季度，智慧移動設備約佔本季總營收的 41%。第四季營收季減約 2%，年減約 7%，主要由於出貨量減少和通路客戶庫存增加。

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、高階產品組合的成長以及 5G RF 收發器和 WiFi 應用的持續內容成長部分抵消。 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%，與第四季的情況類似；具體而言，中低階手機市場的出貨量減少，但被產品組合和平均售價的改善部分抵消。

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.

正如湯姆在其準備好的演講中指出的那樣，我們將繼續執行我們的策略，以在高端手機市場增加內容，並宣布了最近在我們的技術平台上增加的幾個功能，以實現這一目標。第四季度，家庭和工業物聯網市場收入約佔本季總收入的17%。第四季營收季減約 13%，年減 23%，主要由於本季銷售、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%，因為物聯網中以消費者為中心部分的需求減少僅被工業、航空航太和國防應用領域的穩定需求部分抵銷。家庭和工業物聯網的平均售價與去年同期基本持平，這與我們先前的收益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專注於通路庫存消耗，而這一情況在 2023 年下半年仍然居高不下。本季營收比上一季成長約 5%，比去年同期成長約 177%，主要由於隨著整個車輛架構中半導體內容和功能的增加，平均售價和產品組合動態也隨之提高。

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%，高於 2020 年的 2%。

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，第四季營收約佔本季總營收的 8%。營收季減約 8%，年減 63%，主要原因是銷量減少，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%。由於我們的客戶加速向湯姆在其準備好的發言中概述的個位數奈米技術平台過渡，導致產量減少，2023 年營收年減 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組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在第四季度佔總收入的 5%。本季營收季增 127%，但年減 27%。全年個人電腦收入約佔全年總收入的 3%，營收年減約 30%，主要受銷售影響，平均售價和產品組合持平或略有上升。鑑於 PC 收入佔總收入的百分比預計下降，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 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，我們的毛利為 5.37 億美元，毛利率約為 29%。毛利率處於預期範圍的高端。正如湯姆在準備好的演講中所提到的那樣，其中包括與成功解決客戶數量調整相關的收入。展望第一季度，我們預計有關客戶數量調整的討論將繼續進行，這已反映在我們的第一季指引中。全年，我們的毛利為 21 億美元，毛利率為 29.1%，比 2022 年上升了 70 個基點。

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，銷售、一般及行政開支也下降至 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業投資稅收抵免相關的約 4,600 萬美元的收益。隨著我們在 2024 年及以後繼續在合格費用和資本化資產上支出，我們預計在整個計劃期間將繼續獲得這些好處。本季度，我們實現了 3.83 億美元的營業利潤，相當於約 20.7% 的營業利潤率，比去年同期高出約 50 個基點，也高於我們指導範圍的中點。

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 全年營業利潤為 14 億美元，營業利益率為 18.5%，較去年同期增加約 70 個基點。第四季淨利息和其他支出為 400 萬美元，本季我們的稅費為 2,300 萬美元。我們實現的第四季淨收入約為 3.56 億美元，較去年同期減少約 4.44 億美元，主要原因是 2022 年第四季將 East Fishkill 工廠出售給 onsemi 所獲得的收益。全年來看，GF 淨收入約為 13 億美元，每股攤薄收益為 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指標。第四季經營活動現金流為6.84億美元。全年營運現金流為 21 億美元。本季的資本支出為 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%。本季的自由現金流為 4.56 億美元，我們將其定義為經營活動提供的淨現金減去現金流量表所列的物業、廠房、設備和無形資產的購買額。我很高興地報告，2023 年全年自由現金流為 3.21 億美元。正如湯姆所說，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了 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，尚未動用。總結本季和全年，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階段表現良好。我還要親自感謝 GF 的所有員工，感謝他們對我們願景的奉獻和承諾。因此，我很高興將電話交給約翰，讓他提供第一季的指導，並歡迎他加入 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.

謝謝你，戴夫，祝電話裡的每個人早安。我很高興接任 GF 的新任財務官，我想贊同湯姆的評論並感謝戴夫為公司所做的一切。製造業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，因為我們將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，讓我為您提供我們對 2024 年第一季的展望。其中，我們預期非晶圓收入約佔總收入的11%。我們預計毛利在 3.45 億美元至 3.85 億美元之間。我們預計營業利潤在 1.2 億美元至 1.8 億美元之間。除去第一季的股權激勵費用，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.

在我們的第一季指引中位數中，我們預期股權激勵費用約為 5,500 萬美元，其中約 1,500 萬美元與銷售成本有關，約 4,000 萬美元與營運支出有關。我們預計本季淨利息和其他支出將在 400 萬美元至 1,200 萬美元之間，稅金支出在 800 萬美元至 2,000 萬美元之間。我們預計淨收入在 1 億美元至 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?

基於約 5.61 億股完全稀釋股數，我們預期第一季每股收益將介於 0.18 美元至 0.28 美元之間。就 2024 年全年而言，我們預計資本支出約為 7 億美元，這符合我們嚴謹且需求驅動的理念。正如湯姆和戴夫都評論的那樣，我們預計這將為 GF 提供一個機會，專注於在 2024 年繼續產生自由現金流。操作員？

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

謝謝各位，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，例如這些客戶似乎也在表示，即使他們的收入在未來 1 到 2 個季度有所改善，但由於庫存水平高，他們在代工晶圓（聽不清）方面的內部利用率可能會落後於收入。

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 年的業務狀況？在潛在的復甦中，一個重要的考慮因素可能是將一些 FinFET 客戶從 GF 轉移到個位數奈米競爭對手並進行填補。在這種環境下，我們將一些失去的客戶業務混合起來可能會有點挑戰性，給多種利用帶來更多壓力，也許會影響潛在收入恢復的整體幅度。只需幫助我們了解所有這些如何塑造球隊 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，哈蘭，我是湯姆。我先開始。非常好。事實上，對於你的第一個問題我有兩個疑問。所以讓我開始吧，我想，你要問的首要問題是 2024 年會如何發展？我們看到什麼情況發生了？你必須——你不能不先回顧過去就看今年的一個季度。讓我們考慮一下 2023 年。我會將 GF 排在性能最高端的行列。與（聽不清楚）相比，我們的年比僅下降了 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%.

我們稍微回顧一下我們在第四季度財報電話會議上談到的內容，雖然我們終於看到庫存達到峰值，這是一個良好趨勢的開始，但還遠遠沒有達到我們需要的水平。我們快轉到 2024 年。

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.

所以您現在看到的是庫存下降，這是好事，但我們仍然處於絕對庫存的高端，我們需要降低這一水平。當我們與客戶交談時，我認為他們普遍認為 2024 年上半年是庫存調整的時期，最終會逐漸減少，而真正的需求將隨著下半年的復甦而開始浮出水面。

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，這必須以強勁的消費需求和更好的（聽不清楚）購買力為前提，而這推動了利率的上升。因此，我們需要看到，隨著庫存的減少，這一因素在今年開始發揮作用。我認為，對於 GF 來說，這是我們單一來源業務的另一個證明，也是我們制定的長期協議。對於該行業來說，這是一個相當深且漫長的周期。事實上，我們透過利用長期協議和客戶關係解決了這個問題，並抑制了部分波動。因此，您需要權衡並抑制振幅，可能需要更長的時間才能恢復。

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，最後的結論是，我們相信這是我們第四季營收的最低點，我們將在全年繼續增加收入。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，客戶的行動更加迅速，我們 FinFET 12 奈米中的部分技術正被個位數奈米技術所取代。但這並不是全部——首先，在我們的 FinFET 技術上，我們將繼續開發這個平台，並像我們對其他技術所做的那樣進行擴展，增加更好的 RF 功能，增加電阻式 RAM 等嵌入式記憶體。這是一項能為我們帶來良好服務的技術。

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).

但我們過去學到的是，在充分利用我們的資產方面，確保我們的設施部署了一系列的技術，因為不同的終端市場在不同的時間做出反應，一個市場可能上升，另一個市場可能下降。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，我們將把 40 奈米嵌入式記憶體引入我們的 Fab 8 工廠。我們正在 Fab 8 積極推廣 22 FDX 技術，以實現這種多樣化。因此，雖然我們的一些 FinFET 業務可能正在加速個位數奈米的進程，但與此同時，我們正在加速將新技術引入我們的 Fab 8 工廠，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，該團隊在與客戶就長期協議進行合作方面做得非常出色，作為回報，他們獲得了解決這些協議的付款或費用。但去年 10 月，您的一個大客戶實際上決定終止與 Global Foundries 的供應協議，並支付 6500 萬美元的費用，我想您在 3 月份季度就已經意識到了這一點，對嗎？那麼，如果沒有 6,500 萬美元的費用和其他一次性解決協議，3 月份季度的毛利率會是多少呢？

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，湯姆，考慮到 GlobalFoundries 帶來的所有技術差異化，為什麼一個重要的客戶會支付 6500 萬美元來終止與你的供應協議。

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這個問題。我將首先介紹客戶動態，然後讓大衛和約翰評論毛利率。看，你必須考慮像這樣終止協議，我們如何解決我們將產能投資於確實實現的客戶需求這一事實，以及我們如何與他們合作。我認為終止是我們前進的技術細節之一。這並不意味著客戶今後不會與我們做生意。

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）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。所以我不會對解僱進行過多的解讀。這是我們與客戶合作的機制，以確保供需平衡，並且不會強迫我們的客戶購買超過其所需的晶圓。這種調節的一部分是收取一些未充分利用的費用，以抵消創造容量的努力的成本。說到這裡，讓我把話題交給戴夫來談談這對第四季的影響。

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。讓我根據你提出的觀點進一步闡述。您所提到的哈蘭 (Harlan) 來自智慧移動領域。如你所知，智慧型行動裝置的庫存，至少是庫存減少，一直是整個產業的一個移動目標。因此，我認為終止該長期協議實際上是一種機制，這樣我們就不必隨著交易量的變動而不斷地重新協商該長期協議。所以我實際上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 7900 萬美元，多或少。因此這對本季的影響約為 4 點。正如湯姆所提到的，我想重申，對於我們對第一季的預期，我們預計收入將從現在開始連續成長。然後從我們的利用率角度來看，我們預計第四季到第一季會略有下降，但隨後會在底部達到平衡。約翰，您還有什麼要補充嗎？

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，我只想再次強調你剛才提到的關於利用率的觀點，以及它與我們的毛利率表現之間的強烈相關性，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 個點的毛利率。回到湯姆對這趟旅程的評論，如果回顧 23 年初和 22 年底，我們的利用率在 90 年代中期，而現在從第一季來看，利用率下降到了 70 年代中期。因此，您可以看到那裡大約有 15 到 20 個點的分佈，這佔了對毛利率影響的（聽不清楚）份額。

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

請稍候，回答下一個問題。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良好的祝愿。首先，您預計第一季的銷售額將下降約 18%，或較上季下降。我希望您能根據終端市場或細分市場給我們提供一些信息，說明您對這些趨勢的預期？然後，湯姆，您認為第一季可能處於底部，但第二季會開始復甦，您認為在這種情況下哪些終端市場可以在第二季開始復甦？

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.

讓我從該問題的第二部分開始。是的，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期持續了多長時間。今年該業務可能會開始回升。再次考慮到有多少收入來自終端市場，這對 GF 來說很重要。我們也相信，即使考慮到我們看到的一些行業訊號，今年我們的汽車業務仍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.

這與我們服務的市場的廣闊視角和廣泛部分有很大關係，從傳感覺到微控制器到車內照明、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將第一季視為我們的營收和成長低潮的一部分。

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，我來回答這個問題的第二部分，維韋克。當您考慮第一季時，如您所知，我們不會以終端市場為指導，但我會給您一些資訊。我們預計汽車業的表現將優於這一平均。您提到，第四季與第一季相比下降了約 18%。汽車產業將會使我們的平均水準上升。換句話說，這將比平均降幅更好。我們預期智慧型行動裝置的表現將優於平均降幅。我提到，我們預計這兩項業務實際上都會年比成長，而且肯定會比連續的平均下降幅度好。顯然，這意味著其他部分的降幅將比平均值略大一些，最終導致環比下降約 18%。 Vivek，你還有其他後續問題嗎？

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?

所以我的後續問題是產業競爭格局以及它對 GF 長期定價權意味著什麼？因為我們開始看到更多的產能，至少有更多的資本支出。我們最近看到英特爾和聯華電子宣佈建立某種合作關係。顯然，我想這不會產生直接影響。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？那麼這對於 GF 未來幾年的定價能力究竟意味著什麼呢？

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.

這其中有很多不同的因素。讓我先從中國的建設情況開始說。看，購買一堆設備是一段非常漫長的旅程的開始。即使要在技術節點的基礎能力上具有競爭力，您也需要標準單元、函式庫、PDK、複雜 IP 和基礎 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).

擁有工具並不是事業的開始，對嗎？這是創業夢想的開始。新公司需要花費很長時間才能獲得這種能力，即購買工具並將其轉化為即使是最基本的技術的能力。同時，GF 也沒有閒著。我們正在利用我們已經成熟的功能豐富的平台，並在長期擁有的基礎上不斷添加新功能，使它們不斷差異化。但我們已經一再說過，GF 的目標是成為單一來源的差異化企業，服務於非常簡單的技術不是我們的優勢，我們也無法為客戶提供太多價值。因此對我們來說，從某種程度上來說，這種能力甚至還沒有發揮出第二（聽不清楚）的作用。

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，所有這些產能都集中在中國。我們越來越意識到對更具彈性的全球足跡的需求。因此，在中國投入更多的精力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。我們增加了我們的技術，他們希望我們能夠使其與眾不同，並在我們的全球影響力上為他們提供服務。我們可以在新加坡、德勒斯登、歐洲和美國為他們打造相同產品的技術。

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.

我們的一些最大的中國無晶圓廠客戶之所以選擇與格芯合作，是因為他們希望利用其彈性供應線，因為他們相信他們需要全球資源來服務市場，這樣他們才能在世界舞台上認真對待這一問題，確保他們的供應鏈問題不會集中在格芯身上。所以我認為這就是在中國進行投資的範圍。那我想你指出了聯華電子宣布的消息。我認為這再一次證明了 GF 所擁有的東西也是世界其他國家所渴望的。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化的。據我了解，此次合作是為了創建一個 12 奈米平台，將於 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.

現在已經是 2024 年了，我們還沒有完成平台的創新，我們必須繼續使其與各個終端市場的客戶緊密相關且充滿活力。關於另一件事，我不明白在產業中，已經有很多的利潤空間，兩家服務於同一市場、採用相同技術的代工廠如何能實現經濟效益，但我無法理解這一點。但我們認為我們的技術確保我們與客戶密切合作，了解最終市場需求並開發他們希望我們建立的技術。

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和建設性的定價環境，考慮到公司、差異化、單一來源的比例高的特徵。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。整體而言，就像層級結構化的定價環境一樣。

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，只是不要再添亂了。但是如果你仔細想想，當你是唯一的來源時，你要滿足真正的需求，你不能用定價來創造更多的需求。因此壞消息是你無法創造更多需求。好消息是，無論它是什麼，它都是您的需求，而關鍵是繼續創造成功的解決方案，這樣您才能創造更多的需求。

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

需要提醒大家的是，我們 90% 的設計勝利都是單一來源。

Our next question comes from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

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.

並祝賀大衛和約翰。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轉換動態。您能否告訴我們，您認為您的業務中有多少比例受到這種影響？它是否局限於通訊基礎設施和資料中心部分，您說您正在重新分配 - 或者（聽不清楚）我們也應該考慮您業務的其他領域。

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。你看，我認為，我們討論的是一段很長的時間，如你所知，這些轉變不會迅速發生。我將描述該業務的各個部分，我認為問題具體圍繞著 FinFET。在整個生命週期中，大概有 20% 到 25% 的業務將從目前的生產中遷移出來。也就是說，您的業務也總是會遷移到該節點。所以實際上，你所看到的並不是今天將要遷移的業務部分。您正在觀察遷出轉型的速度和步伐與遷入轉型的速度和步伐之間的對比。

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，雖然我們目前在該節點上的 20% 到 25% 左右的業務將像歷史上一樣遷出，但我們預計隨著時間的推移，大約相同數量的業務將遷入。羅斯，你還有其他後續問題嗎？

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《CHIPS 法案》的最新進展。你們已經非常清楚 ITC 方面，尤其是 OpEx 從中受益的情況，但對於 OpEx 方面在今年的進展情況，以及或許更重要的是，等式的贈款方面有任何更新嗎？

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

大衛，你為什麼不負責 ITC 部分，而我來負責第二部分。

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，關於 ITC 有幾件事，如你所知，我們確實有稅收優惠，即你在美國增加產能所花費的每一美元合格產能基本上都可以獲得 25% 的返還。所以這是我們一直在利用的優勢，這超出了您提交給 CHIPS 法案 OpEx 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.

我們一直在利用這一點，為 2023 年謀福利。具體來說，它透過部分營運費用線分攤，因為這些費用或收益流回了產生這些費用的線。而且，資本支出 (CapEx) 線路中還有額外的好處，最終也會在那裡累積。因此，我們期望這些好處能夠在整個計劃的整個生命週期中持續存在。本質上是根據我們在美國部署的資金數額而確定的同等福利 所以福利大約是 25%。

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，有點像晶片帳單的狀態。你看，那些討論是保密的。你可以想像，GF 將在美國創造更多半導體製造業的雄心壯誌中發揮重要作用。要有耐心。我知道白宮希望盡快部署這些資金。所以請保持耐心。

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，建造 SaaS 並不只是需要錢。這是為了創建正確的商業模式。如果你看看我們在 2022 年（抱歉，是 2023 年）的出貨量。到今年年底，我們將完成所有投資，並在今年實現 300 萬片晶圓的能力。我們已經實現了相當可觀的收入成長。現在，產能已經超越了需求，因為這是我們的客戶要求我們在 2022 年做的事情之一，他們展望未來，但我們都沒有預見到我們會對業務造成影響。因此，我們目前的狀態非常好，可以考慮在短期內擴大我們的業務，從而滿足這項需求。

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 中的 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，我們清楚地看到客戶對我們的產能的需求，他們認為我們將成為他們業務的一個分支，作為他們的製造模式。因此，我們尋求與他們合作來創造這筆費用。我們希望在耐用品終端市場上實現這一目標，而我們的差異化至關重要。我們談論了很多有關汽車的話題。我們討論了智慧型行動裝置和連接性如何真正發揮我們的優勢。那麼獲利能力其實就是這些政府補貼或政府共同投資（我比較願意這麼稱呼）的經濟效益所在。這就是經濟計畫的最終目的，以確保我們不僅在創建這些設施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中長期發展該業務的長期策略非常契合。

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.

我想問一下關於智慧型手機業務的問題。你們最大的 4 位客戶的指導都非常好，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的庫存。但當我們恢復消費時，似乎應該會出現相當大的反彈，除非我在採購過程中忽略了某些因素，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。我可以先走，湯姆，如果你在——是的。所以你是對的。我的意思是您早就看到了所有公告。我們開始看到庫存被消耗並達到更正常的水平。因此，我們確實期望（聽不清楚）今年能夠有所回報。是的，你完全正確。

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。看，你指出了早期的評論，真正的關鍵是第一季的庫存消耗。如果它繼續保持這一水平，我們就會開始達到正常化水平。我們在那裡的地位確實很有利。或許，我們的地位甚至會比在頂尖手機領域的地位更強。現在二線手機不需要 5G 功能。我認為這為我們帶來了良好的定位，因為我們希望智慧型行動裝置必然會回歸。

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

是的，我們對我們的設計在高端和二級市場的勝利感到非常高興。

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情況，我知道 7 億美元是一個相對較低的數字。但你能談談這些錢去哪了嗎？我認為利用率夠低？從這裡開始您需要花錢買什麼？

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，具體來說，如您所知，我們一直在努力將我們的總產能從 21 年初的約 200 萬片晶圓擴大。今年底，我們的晶圓產量將達到約 300 萬片。 7 億美元實際上代表了需要購買的工具和需要添加的設施的最終完成，以滿足一些長期協議，您已經看到我們繼續將這些協議添加到投資組合中。

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).

所以花費這筆錢，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，一些帶有嵌入式存儲器的 40 奈米能力，一些完全耗盡的 SOI 能力，並將其帶到美國。 所以它不僅僅是 7 億美元，也代表著完成 300 萬片晶圓的最終賬單。但對於想要國內製造的客戶來說，它也增加了靈活性和產能（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，以便我們可以在整個晶圓廠網路中提供容量的可替代性，以及創建新功能所需的一些研發投資。因此我們的業務存在一定程度的資本支出。這與我們業務的可持續性有關。

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。我只是補充一下。就 24 年資本支出的情況而言，我們確實預計它將與公司 2023 年的情況類似，上半年的資本支出將比下半年略強。

Our next question comes from Chris Caso with Wolfe Research.

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

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，這一年中有很多變化因素，而這將取決於經濟復甦的速度。但是，您能否向我們介紹一下，當我們回顧全年的毛利率時，收益和利弊呢？您確實提到過，您認為第一季將是收入最低的季度。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，毛利率受工廠利用率的影響很大。還有一些其他因素與組合以及一些客戶協議付款等有明顯關係。但隨著業務復甦並開始公佈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，需求環境對庫存下降率的影響也是重要的變數。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，你們剛才談到到今年年底你們的晶圓產能將達到 300 萬片。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預期，以及未來您如何將其貨幣化？對於您為利用該產能而要簽署的一些新協議，您是否預期這些新協議的條款和定價會影響到其他產能？這會對 GlobalFoundries 造成什麼影響？

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，我又是約翰。公司自由現金流表現所取得的進步令我深受鼓舞。我們的第四季自由現金流連續第三個季度成長，但第四季的強勁成長數字超過了 4.5 億美元。隨著我們繼續向 2024 年邁進，我們看到了在此基礎上再接再厲並產生約 2023 年年度總額 2 倍至 3 倍的自由現金流的機會。

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來回顧我們幾年前路演時討論的內容。我們討論過將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，擴大我們的業務，同時獲得可持續的自由現金流。當我們開始考慮這 300 萬片晶圓時，我們很快就形成了長期模式，我們既可以進行成長投資，又可以推動自由現金流。現在的問題不再是，是否要按照需求設施的步伐進行評級，並利用這一點。

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.

最後我想針對您提出的 2 點提出最後一則評論。首先，我們繼續看到同類定價非常穩定。首先，我們認為市場中的每個人都非常理性。其次，從貨幣化的角度來看，我們來看看我們所做的投資。我們關注的是我們在所有製造設施中建立的靈活性和彈性，當線上需求出現時，我們對未來前景感到非常鼓舞。

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 TD Cowen 的 Krish Sankar。

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，我不知道湯姆或戴夫，你是否談論過如何看待 24 年日曆的銷量和 ASP 相對於 23 年日曆的銷量和 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。但我想您可能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，您在 ASP 中看到的變更主要由產品組合轉變所驅動，無論是從一個終端市場轉移到另一個終端市場，還是從一個客戶轉移到另一個客戶。

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.

就銷量而言，顯然，與上一季和去年同期相比，我們預計第一季的銷量會有所下降。因此，當您考慮 2024 年的總量時，隨著我們繼續減少庫存，這實際上就是復甦的速度和步伐。我們再次提到，我想您也從我們的客戶那裡看到了這一點，根據報告，他們在減少庫存方面取得了一些進展，我們預計他們將在第一季繼續取得進展，減少部分庫存。

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

因此，實際上，其數量將取決於恢復成長的速度和步伐（如果下降的話）。

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問題。從疫情期間來看，全球電子產品需求高於長期趨勢。你現在談論的是週期性復甦，但在通路去庫存、客戶轉向即時生產等方面也存在一些宏觀疲軟因素。所以我有點好奇，你認為週期性復甦可能低於趨勢嗎？或者您認為，即使您在過去看到的周期性復甦也會出現急劇的反彈？

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，我在這個行業已經工作很久了。我看到的是一個小小的黑盒子。而黑盒子則對刺激做出了同等的反應。因此，如果你真的深入研究這個行業，你就矯枉過正了。那麼發生了什麼事？我們發現庫存過剩，然後每個人都綁定（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下滑速度成正比，因為在某些終端市場，我們已經看到人們——終端客戶、原始設備製造商的庫存相當低。因此，每個預測未來的人都很有可能預測錯誤。回顧過去，我會發現，我們的行業總是可以預測的，如果出現大幅下滑，那麼當它回升時，就會出現相等而相反的反應。所以讓我們看看，下次通話時您可以讓我做到這一點。

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，請他做最後發言。

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。感謝大家今天的加入，很抱歉我們無法聯絡通話名單上的每個人。我們期待在即將召開的會議上見到大家，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。現在您可以斷開連接並享受美好的一天。