格芯 (GFS) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the GlobalFoundries conference call to review the first quarter of fiscal year 2024 financial results. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Sam Franklin, VP of Business Finance and Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 GlobalFoundries 電話會議，回顧 2024 財年第一季財務表現。 （操作員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給今天的第一位發言者，商業金融和投資者關係副總裁薩姆·富蘭克林 (Sam Franklin)。請繼續。

Thank you, operator. Good morning, everyone, and welcome to GlobalFoundries' First Quarter 2024 Earnings Call. On the call with me today are Dr. Thomas Caulfield, CEO; John Hollister, CFO; and Niels Anderskouv, Chief Business Officer. A short while ago, we released GF's first quarter financial results, which are available on our website at investors.gf.com, along with today's accompanying slide presentation.

謝謝你，接線生。大家早安，歡迎參加 GlobalFoundries 2024 年第一季財報電話會議。今天與我通話的是執行長 Thomas Caulfield 博士；約翰‧霍利斯特，財務長；和首席商務官 Niels Anderskouv。不久前，我們發布了 GF 第一季財務業績（可在我們的網站 Investors.gf.com 上取得）以及今天隨附的幻燈片演示。

This call is being recorded and a replay will be made available on our Investor Relations web page. During this call, we will present both IFRS and non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for 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.

本次電話會議正在錄音，並將在我們的投資者關係網頁上提供重播。在本次電話會議中，我們將介紹 IFRS 和非 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 IFRS 衡量標準以及非 IFRS 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。

You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as 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 29, 2024.

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。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。

We will begin today's call with Tom providing a summary update on the current business environment and technologies, following which John will provide details on our end markets and first quarter results and also provide second quarter 2024 guidance. We will then open up the call for questions with Tom, 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.

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 John 將提供有關我們的終端市場和第一季度業績的詳細信息，並提供 2024 年第二季度的指導。然後我們將開始向湯姆、約翰和尼爾斯提問。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 first quarter earnings call. We believe our industry is beginning to emerge from a challenging period of inventory correction, albeit in a very cautious manner. For GF, I'm pleased to report first quarter results that exceeded the guidance ranges we indicated in our fourth quarter earnings call. The continued efforts of our employees are positioning GF to support our customers over the long term in the markets where they excel, on the technology platforms they want and across the regions where they need us, both globally and locally.

謝謝山姆，歡迎大家參加我們的第一季財報電話會議。我們相信，我們的產業正開始走出充滿挑戰的庫存調整時期，儘管方式非常謹慎。對於 GF，我很高興地報告第一季業績超出了我們在第四季度財報電話會議中指出的指導範圍。我們員工的持續努力使 GF 能夠在客戶擅長的市場、他們想要的技術平台以及他們需要我們的地區（無論是全球還是本地）長期為他們提供支援。

So before I move on to the business update, let me give a shout out and thank you to all our teams across the world. I'm proud of how well they are partnering with our customers and executing to our plans, particularly as we begin to see signs of channel inventory in absolute dollars decline in some of the key end markets that we serve. Having said this, certain end markets remain challenged, mostly related to macroeconomic conditions, and the rate of inventory reduction is much slower than anticipated as we began 2024.

因此，在繼續介紹業務更新之前，請允許我向我們世界各地的所有團隊表示感謝。我對他們與我們的客戶合作以及執行我們的計劃的表現感到自豪，特別是當我們開始看到我們服務的一些關鍵終端市場的通路庫存絕對值下降的跡象時。話雖如此，某些終端市場仍然面臨挑戰，主要與宏觀經濟狀況有關，而且庫存減少的速度比 2024 年伊始的預期要慢得多。

I'm confident in the resilience and commitment of our teams to keep winning new opportunities and innovating our technology offerings as we continue to build our future together. With this in mind, let me start with providing a brief update on the current business landscape. Like many others across the industry, we expect macroeconomic and geopolitical uncertainties to persist through 2024.

我對我們團隊的韌性和承諾充滿信心，他們將在我們繼續共同建立未來的過程中不斷贏得新機會並創新我們的技術產品。考慮到這一點，讓我先簡要介紹一下當前的商業狀況。與業內許多其他公司一樣，我們預計宏觀經濟和地緣政治的不確定性將持續到 2024 年。

Although we're seeing signs of inventory levels trending down among some of our customers in core end markets such as smart mobile devices, other customers have indicated to us that inventory levels have remained higher in end markets such as IoT and automotive. The combination of elevated inventory levels and the uncertain demand environment has led to some of our customers seeking to adjust their near-term volume requirements under their agreements with us.

儘管我們看到智慧行動裝置等核心終端市場的一些客戶的庫存水準呈下降趨勢，但其他客戶向我們表示，物聯網和汽車等終端市場的庫存水準仍然較高。庫存水準上升和需求環境不確定，導致我們的一些客戶尋求根據與我們的協議調整其近期數量需求。

We have continued to collaborate closely with these customers to find mutually beneficial outcomes while seeking to safeguard the long-term economic value of our relationships. In some instances, the conclusion of these discussions has resulted in underutilization or restructuring payments, which John will comment on further.

我們繼續與這些客戶密切合作，尋求互惠互利的結果，同時尋求維護我們關係的長期經濟價值。在某些情況下，這些討論的結論會導致未充分利用或重組付款，約翰將進一步對此發表評論。

Importantly, the dialogue with our customers has been very constructive as we work together to accelerate the channel inventory depletion and continue to find new ways to partner together going forward. Based on the progress of these discussions and as we set out during our last earnings call, we still anticipate that our first quarter revenue will represent the low point for 2024 with quarter-to-quarter sequential growth through the year.

重要的是，與客戶的對話非常有建設性，我們共同努力加速通路庫存消耗，並繼續尋找新的合作方式。根據這些討論的進展，以及我們在上次財報電話會議中指出的那樣，我們仍然預計第一季收入將是 2024 年的最低點，全年季度環比增長。

Let me now touch briefly on our first quarter results, which John will discuss in more detail later in his commentary. Revenue in the quarter decreased sequentially to $1.549 billion, which was above the high point of our guidance range. We reported non-IFRS gross margin of 26.1% in the quarter, which again exceeded our guidance range.

現在讓我簡要介紹一下我們第一季的業績，約翰將在稍後的評論中更詳細地討論這一點。本季營收季減至 15.49 億美元，高於我們指引範圍的高點。我們報告本季非 IFRS 毛利率為 26.1%，再次超出我們的指引範圍。

We delivered a fourth consecutive quarter of positive non-IFRS free cash flow, which continues our disciplined approach to capital deployment while preserving our strategic capacity expansion objectives. I am also pleased to report that we delivered non-IFRS diluted earnings per share of $0.31, which exceeded the high end of our guidance range.

我們連續第四個季度實現了正的非國際財務報告準則自由現金流，這延續了我們嚴格的資本部署方法，同時保持了我們的策略產能擴張目標。我還很高興地報告，我們實現了非 IFRS 稀釋後每股收益 0.31 美元，超出了我們指導範圍的上限。

Let me now provide you a brief update on some of our recent customer and partnership activity. After a milestone year for our automotive end market in 2023, in which we delivered over $1 billion of revenue, we are continuing to partner with our customers to identify long-term opportunities to expand share and content in the vehicles of today and the future.

現在讓我向您簡要介紹我們最近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，我們的收入超過 10 億美元，我們將繼續與客戶合作，尋找長期機會，擴大當今和未來汽車的份額和內容。

GF technologies are key enablers to the silicon content growth in vehicles, including 12LP+, our FinFET platform widely used in infotainment and navigation systems, to 40-nanometer microcontrollers with and without embedded nonvolatile memory for safety, powertrain and comfort applications, and all the way through our power technologies at 130- and 180-nanometer technologies.

格芯技術是汽車矽含量成長的關鍵推動因素，包括廣泛應用於資訊娛樂和導航系統的FinFET 平台12LP+，以及用於安全、動力總成和舒適應用的帶或不帶嵌入式非揮發性記憶體的40 奈米微控制器等透過我們 130 奈米和 180 奈米技術的電源技術。

Continuing this trend through the first quarter, our teams closed key design wins on our 40 ISP technology, this is for image sensor processor, and 130 BCD power platforms, delivering critical ADAS, motor controllers and sensor applications at automotive-grade standards. The semiconductor content of automobiles continues to expand. And although we expect a period of automotive demand moderation in 2024, we still expect full year revenue in this end market to grow meaningfully on a year-over-year basis.

在第一季延續這一趨勢，我們的團隊在40 個ISP 技術（用於影像感測器處理器）和130 個BCD 電源平台上完成了關鍵設計，以汽車級標準提供關鍵的ADAS、馬達控制器和感測器應用。汽車的半導體含量不斷擴大。儘管我們預計 2024 年汽車需求將放緩，但我們仍然預計該終端市場的全年收入將比去年同期大幅成長。

Turning now to smart mobile devices. As I alluded to in my introduction, we are beginning to see positive indicators across the smart mobile device ecosystem as excess inventories are drawing down on an absolute dollar basis across several of our customers. Although inventories remain above normal levels, we expect the rate and pace of the drawdown to progress throughout 2024.

現在轉向智慧型行動裝置。正如我在介紹中提到的，我們開始在整個智慧行動裝置生態系統中看到積極的跡象，因為我們的幾個客戶的過剩庫存正在以絕對美元為基礎減少。儘管庫存仍高於正常水平，但我們預計 2024 年庫存減少的速度和步伐將繼續推進。

We have excellent traction with our RF front-end offerings, especially our 9SW RF SOI platform, which features low standby currents for longer battery life. Our 22FDX millimeter wave technology for smartphone connectivity has ramped to volume production and we're also engaged with key OLED display driver makers with design wins ramping in 2024.

我們的射頻前端產品具有出色的吸引力，尤其是我們的 9SW RF SOI 平台，該平台具有低待機電流，可延長電池壽命。我們用於智慧型手機連接的 22FDX 毫米波技術已投入量產，我們也與主要 OLED 顯示器驅動器製造商合作，預計 2024 年設計成果將大幅增加。

These features drive increased silicon content, which in turn drives the need for higher-performance connectivity and low-power technologies, which GF is well placed to serve. In IoT, we continue to see long-term opportunities as the number and complexity of smart connected devices continues to grow. This is driven by the need to sense, acquire, process and communicate data.

這些功能推動了矽含量的增加，進而推動了對更高性能連接和低功耗技術的需求，而格芯完全有能力滿足這些需求。在物聯網領域，隨著智慧互聯設備的數量和複雜性不斷增長，我們繼續看到長期機會。這是由感知、獲取、處理和通訊數據的需求所驅動的。

This also translates into new requirements for more efficient power management, connectivity and AI at the edge functionalities, as the number of wirelessly connected and battery-operated products continues to broaden. In the first quarter, we closed a key design win on our 22FDX+ platform, which will be used to enable high-speed wireless interfaces for IoT applications. Our 22FDX ecosystem supports design enablement, IP and design services to a wide range of our customers to develop wireless IoT products with improved efficiency at the lowest possible power.

隨著無線連接和電池供電產品數量的不斷增加，這也轉化為對邊緣功能更有效率的電源管理、連接和人工智慧的新要求。第一季度，我們在 22FDX+ 平台上取得了關鍵設計勝利，該平台將用於為物聯網應用提供高速無線介面。我們的 22FDX 生態系統為廣大客戶提供設計支援、IP 和設計服務支持，以盡可能低的功耗開發更高效率的無線物聯網產品。

We expect inventories to remain elevated across IoT during at least the first half of 2024. However, the requirements for speed, security and inference at the edge are all long-term drivers for our next-generation analog and mixed-signal technologies. Furthermore, we continue to see traction in aerospace and defense, where we are addressing key needs across harsh environments, such as satellite and space avionics and terrestrial applications with our resilient, secure and performance-optimized products.

我們預計至少在 2024 年上半年，整個物聯網的庫存將保持在較高水準。此外，我們繼續看到航空航太和國防領域的吸引力，我們正在利用我們的彈性、安全和性能優化的產品來滿足惡劣環境下的關鍵需求，例如衛星和太空航空電子設備以及地面應用。

Finally, our communications infrastructure and data center segment continued to show weakness in the first quarter amidst the sustained node migration of data center and digital-centric customers to single-digit nanometer platforms, which we discussed in our prior earnings call. We expect this end market to remain challenged in 2024, with quarterly revenue expected to be roughly in line with what we have reported for in the first quarter.

最後，由於資料中心和以數位為中心的客戶持續向個位數奈米平台進行節點遷移，我們的通訊基礎設施和資料中心部門在第一季繼續表現疲軟，我們在先前的財報電話會議中對此進行了討論。我們預計這一終端市場在 2024 年仍將面臨挑戰，季度收入預計將與我們第一季的報告大致一致。

However, over the long term, we expect the transition to generative AI will increase the demand for high bandwidth communication and efficient power conversions, a trend that GF is well positioned to address through our silicon photonics and power delivery solutions. To that end, I am pleased to report an important Q1 design win using our 130 [NSX] platform, which will support ground terminal infrastructure for satellite communications. As we ramp these programs, we continue to execute opportunities to [remix] some of our excess capacity to service FinFET demand in more durable segments, such as automotive and smart mobile devices.

然而，從長遠來看，我們預計向生成式人工智慧的過渡將增加對高頻寬通訊和高效功率轉換的需求，格芯完全有能力透過我們的矽光子和電力傳輸解決方案來應對這一趨勢。為此，我很高興地報告使用我們的 130 [NSX] 平台在第一季取得的重要設計勝利，該平台將支援衛星通訊的地面終端基礎設施。隨著我們加強這些計劃的力度，我們將繼續抓住機會[重新組合]我們的一些過剩產能，以滿足汽車和智慧行動裝置等更耐用領域的 FinFET 需求。

We are also diversifying our manufacturing footprint by accelerating the transfer of technologies such as 22FDX, 28-nanometer high voltage and 40-nanometer ESF3 into our Fab 8 facility in Malta, New York. This diversification will offer even more choice to our customers across multiple end markets here in the U.S. and enable a broader end market participation.

我們也透過加速將 22FDX、28 奈米高壓和 40 奈米 ESF3 等技術轉移到我們位於紐約馬耳他的 Fab 8 工廠，實現製造足跡的多元化。這種多元化將為我們在美國多個終端市場的客戶提供更多選擇，並實現更廣泛的終端市場參與。

To that end, we are delighted with the announcement from the Department of Commerce to award $1.5 billion in proposed funding for GF as part of the U.S. CHIPS and Science Act, in addition to the over $600 million proposed by New York State under its Green CHIPS Program.

To that end, we are delighted with the announcement from the Department of Commerce to award $1.5 billion in proposed funding for GF as part of the U.S. CHIPS and Science Act, in addition to the over $600 million proposed by New York State under its Green CHIPS程式.

We're very excited to be working closely with the federal and state governments on these grants, which will enable us to add critical semiconductor manufacturing capacity and construction jobs in our U.S. locations while supporting our customers where they need us.

我們非常高興能夠與聯邦政府和州政府在這些撥款方面密切合作，這將使我們能夠在美國工廠增加關鍵的半導體製造能力和建設工作，同時為需要我們的客戶提供支援。

To summarize, I am proud of our teams around the world as they executed to plan, and we delivered first quarter revenue, gross profit and EPS which all exceeded the high end of our guidance ranges. With that, over to you, John.

總而言之，我為我們世界各地的團隊感到自豪，因為他們執行了計劃，我們實現了第一季度的收入、毛利和每股收益，全部超出了我們指導範圍的上限。那麼，就交給你了，約翰。

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

謝謝湯姆，歡迎大家參加我們的第一季財報電話會議。對於電話會議的其餘部分，包括除收入、現金流量、資本支出、稅務費用和淨利息及其他費用之外的指導，我將參考非國際財務報告準則指標，其中不包括基於股票的薪酬和重組費用。

As Tom noted, our first quarter results exceeded the upper end of the guidance ranges we provided in our last quarterly update. We delivered first quarter revenue of $1.549 billion, a decrease of 16% year-over-year, principally due to lower shipments and utilization levels in the low to mid-70s, consistent with the commentary on our last earnings call. We shipped approximately 463,000 300-millimeter equivalent wafers in the quarter, a 9% decrease from the prior year period.

正如湯姆指出的那樣，我們第一季的業績超出了我們在上一季更新中提供的指導範圍的上限。我們第一季的營收為 15.49 億美元，年減 16%，主要是由於 70 年代中期的出貨量和利用率較低，這與我們上次財報電話會議的評論一致。本季我們出貨了約 463,000 片 300 毫米等效晶圓，比去年同期下降 9%。

ASP or average selling price per wafer declined approximately 6% year-over-year, mainly driven by changes in the product mix shipped during the quarter. We expect that the pricing environment will remain constructive through 2024, and we believe that ASPs for the full year will be roughly flat compared to 2023.

ASP 或每片晶圓的平均銷售價格年減約 6%，主要是由於本季出貨的產品組合發生變化。我們預計到 2024 年定價環境將保持建設性，我們認為全年平均售價將與 2023 年大致持平。

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

來自終端市場的晶圓收入約佔總收入的89%。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，約佔第一季總收入的 11%。

Let me now provide an update on our revenues by end markets. Smart mobile devices represented approximately 44% of the quarter's total revenue. First quarter revenue decreased approximately 2% from the prior year period, principally driven by reduced shipments as customers continue to draw down inventory. This decline was partially offset by slightly higher ASPs, premium tier mix growth and continued content growth and value capture in 5G RF front-end content as well as imaging and display applications. As Tom discussed, we believe that inventory levels in this end market will begin to normalize through the first half of 2024, with some of our customers signaling demand growth in the second half of the year.

現在讓我介紹一下我們按終端市場劃分的收入的最新情況。智慧型行動裝置約佔該季度總收入的 44%。第一季營收較去年同期下降約 2%，主要是由於客戶持續減少庫存而導致出貨量減少。這一下降被平均售價略有上升、高端組合增長以及 5G RF 前端內容以及成像和顯示應用的內容持續增長和價值獲取所部分抵消。正如 Tom 所討論的，我們相信這一終端市場的庫存水準將在 2024 年上半年開始正常化，我們的一些客戶表示下半年需求將成長。

In the first quarter, revenue for the home and industrial IoT markets, which now includes revenue from our legacy PC end market, represented approximately 20% of the quarter's total revenue. First quarter revenue decreased approximately 19% from the year prior period as our customers in the consumer and industrial IoT segments continue to focus on bringing down channel inventory, which remains elevated compared to recent years. Reduced shipments in the consumer-centric and industrial portions of IoT were partially offset by year-over-year improvements in ASP and mix as well as increased volumes in our aerospace and defense segment.

第一季度，家庭和工業物聯網市場的收入（現在包括我們傳統 PC 終端市場的收入）約佔該季度總收入的 20%。第一季營收較上年同期下降約 19%，因為我們的消費和工業物聯網領域的客戶繼續專注於降低通路庫存，而通路庫存與近年來相比仍然較高。以消費者為中心的物聯網和工業部分的出貨量減少被平均售價和組合的同比改善以及航空航天和國防領域的銷售增加部分抵消。

Automotive continues to be a key growth segment for us and represented approximately 17% of the quarter's total revenue. First quarter revenue grew approximately 48% from the year prior period principally due to higher volumes as semiconductor content and features increased across the vehicle architecture and our designs continue to ramp at key customers, which were partially offset by reductions in ASP and mix. 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 internal combustion engine and autonomous connected electrified vehicles.

汽車仍然是我們的關鍵成長領域，約佔本季總收入的 17%。第一季營收較上年同期成長約48%，主要是由於整個車輛架構中半導體含量和功能的增加以及我們的設計繼續吸引主要客戶而導致銷量增加，但平均售價和產品組合的減少部分抵消了這一影響。正如 Tom 指出的那樣，我們預計汽車收入將在 2024 年繼續增長，因為我們為內燃機和自動互聯電動車等各種汽車應用的客戶提供支援。

Finally, moving on to our communications infrastructure and data center end market, which represented approximately 8% of the quarter's total revenue, first quarter revenue declined approximately 66% year-over-year as a result of declining volumes and the key drivers outlined by Tom in his prepared remarks, while ASP and mix remained roughly flat in this end market. As Tom noted, we will continue to allocate manufacturing capacity in order to diversify our footprint with the additional allocation targeted to markets such as automotive and premium smart mobile applications.

最後，轉向我們的通訊基礎設施和資料中心終端市場，該市場約佔本季總收入的 8%，由於銷量下降以及 Tom 概述的主要驅動因素，第一季收入同比下降約 66%在他準備好的演講中，儘管該終端市場的平均售價和混合價格基本上持平。正如湯姆所指出的那樣，我們將繼續分配製造能力，以實現我們的足跡多元化，並針對汽車和高端智慧行動應用程式等市場進行額外分配。

Moving next to gross profit. For the first quarter, we delivered gross profit of $405 million, which was above the high end of our guidance range and translates into approximately 26.1% gross margin. Gross margin exceeded the guidance range indicated, and as Tom alluded to in his prepared remarks, includes $82 million in revenue associated with the execution of customer volume adjustments. Looking ahead to the second quarter of 2024, we expect additional customer volume adjustments, which have been reflected in our second quarter guidance ranges.

接下來是毛利。第一季度，我們實現了 4.05 億美元的毛利，高於我們指導範圍的上限，相當於毛利率約為 26.1%。毛利率超出了指示的指導範圍，正如湯姆在準備好的演講中提到的那樣，其中包括與執行客戶量調整相關的 8,200 萬美元收入。展望 2024 年第二季度，我們預計客戶數量將進行額外調整，這已反映在我們第二季度的指導範圍中。

Operating expenses for the first quarter represented approximately 14% of total revenue. R&D for the quarter increased sequentially to $117 million and SG&A increased sequentially to $101 million. Total operating expenses increased sequentially to $218 million in the quarter and incorporated an advanced manufacturing investment tax credit of $10 million. As we discussed on our last earnings call, as we continue to spend on qualifying U.S. expenses and capitalized assets in 2024 and beyond, we expect to continue to receive these benefits through the life of the program.

第一季的營運費用約佔總收入的14%。該季度的研發費用連續增加至 1.17 億美元，SG&A 連續增加至 1.01 億美元。本季總營運費用連續增加至 2.18 億美元，並納入了 1,000 萬美元的先進製造投資稅收抵免。正如我們在上次財報電話會議上討論的那樣，隨著我們在2024 年及以後繼續在符合條件的美國支出和資本化資產上支出，我們預計將在該計劃的整個生命週期內繼續獲得這些福利。

We delivered operating profit of $187 million for the quarter, which translates into approximately 12.1% operating margin, above the high end of our guidance range and 560 basis points below the prior year period. First quarter net interest income and other income and expense was $8 million and we incurred a tax expense of $21 million in the quarter.

本季我們實現了 1.87 億美元的營業利潤，相當於約 12.1% 的營業利潤率，高於我們指導範圍的上限，比去年同期低 560 個基點。第一季淨利息收入和其他收入和支出為 800 萬美元，該季度的稅務費用為 2,100 萬美元。

We reported first quarter net income of $174 million, a decrease of approximately $116 million from the year ago period. As a result, we reported diluted earnings of $0.31 per share for the first quarter, which was above the high end of our guidance range.

我們報告第一季淨利潤為 1.74 億美元，比去年同期減少約 1.16 億美元。因此，我們報告第一季稀釋後每股收益為 0.31 美元，高於我們指導範圍的上限。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the first quarter was $488 million. CapEx for the quarter was $227 million or roughly 15% of revenue. Free cash flow for the quarter, which we define as net cash provided by operating activities, plus the proceeds from government grants related to capital expenditure, less purchases of property, plant and equipment and intangible assets, as set out on the statement of cash flows, was $261 million. At the end of the first quarter, our combined total of cash, cash equivalents and marketable securities stood at approximately $4.164 billion. We also have a $1 billion revolving credit facility, which remains undrawn.

現在讓我提供一些關鍵的資產負債表和現金流量指標。第一季營運現金流為 4.88 億美元。該季度的資本支出為 2.27 億美元，約佔收入的 15%。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，加上與資本支出相關的政府補助收益，減去現金流量表中列出的不動產、廠房和設備以及無形資產的採購，為2.61億美元。截至第一季末，我們的現金、現金等價物及有價證券總額約為 41.64 億美元。我們還有 10 億美元的循環信貸額度，目前尚未動用。

Next, let me provide you with our outlook for the second quarter of 2024. We expect total GF revenue to be between $1.59 billion and $1.64 billion. Of this, we expect non-wafer revenue to be approximately 10% of total revenue. We expect gross profit to be between $382 million and $426 million.

接下來，讓我向您提供我們對 2024 年第二季的展望。其中，我們預期非晶圓收入將佔總收入的10%左右。我們預計毛利將在 3.82 億美元至 4.26 億美元之間。

Excluding share-based compensation, but including the benefit related to the advanced manufacturing investment tax credit, for the second quarter, we expect total OpEx to be between $213 million and $233 million. We expect operating profit to be between $149 million and $213 million. At the midpoint of our guidance, we expect share-based compensation to be approximately $50 million, of which roughly $14 million is related to cost of goods sold and approximately $36 million is related to OpEx.

不包括基於股權的薪酬，但包括與先進製造投資稅收抵免相關的收益，我們預計第二季的總營運支出將在 2.13 億美元至 2.33 億美元之間。我們預計營業利潤將在 1.49 億美元至 2.13 億美元之間。在我們指引的中位數，我們預計基於股份的薪酬約為 5,000 萬美元，其中約 1,400 萬美元與銷售商品成本相關，約 3,600 萬美元與營運支出相關。

We expect net interest and other income and expense for the quarter to be between negative $4 million and positive $4 million and tax expense to be between $12 million and $26 million. We expect net income to be between $133 million and $191 million. On a fully diluted share count of approximately 561 million shares, we expect earnings per share for the second quarter to be between $0.24 and $0.34.

我們預計本季的淨利息和其他收入和支出將在負 400 萬美元至正 400 萬美元之間，稅費將在 1,200 萬美元至 2,600 萬美元之間。我們預計淨利潤將在 1.33 億美元至 1.91 億美元之間。完全稀釋後的股票數量約為 5.61 億股，我們預計第二季每股收益將在 0.24 美元至 0.34 美元之間。

Consistent with our commentary on our last earnings call, our second quarter guidance reflects the expectation that utilization will be in the low to mid-70s, as some of our core end markets start to emerge from the ongoing inventory correction during the first half of 2024. For the full year 2024, we continue to expect CapEx to be approximately $700 million, and as Tom commented during our last earnings call, we expect this to provide GF an opportunity to focus on delivering free cash flow generation 2 to 3x higher than 2023.

與我們對上次財報電話會議的評論一致，我們第二季度的指導反映了利用率將在70 多歲左右的預期，因為我們的一些核心終端市場開始從2024 年上半年持續的庫存調整中恢復過來對於2024 年全年，我們仍然預計資本支出約為7 億美元，正如Tom 在我們上次財報電話會議上評論的那樣，我們預計這將為GF 提供一個機會，專注於提供比2023 年高2至3 倍的自由現金流。

In summary, the dedication from our 12,000 employees across the world and their continued efforts to expand our differentiated product offerings in key growth segments while navigating a challenging cyclical backdrop enabled us to achieve first quarter results above the high end of the guidance ranges we provided in our fourth quarter earnings update.

總而言之，我們全球12,000 名員工的奉獻精神，以及他們在應對充滿挑戰的周期性背景的同時，不斷努力擴大我們在關鍵增長領域的差異化產品供應，使我們能夠實現第一季度的業績，高於我們在2017 年提供的指導範圍的上限。

We remain focused on winning opportunities in critical end markets and partnering with our customers to position them and GF for long-term growth opportunities. With that, let's open the call for Q&A. Operator?

我們仍然專注於贏得關鍵終端市場的機會，並與客戶合作，幫助他們和 GF 獲得長期成長機會。接下來，讓我們開始問答環節。操作員？

(Operator Instructions) Our first question comes from the line of Vivek Arya of Bank of America Securities.

（操作員指令）我們的第一個問題來自美國銀行證券公司的 Vivek Arya。

Tom, it seems your trends at GF are kind of bottoming about a quarter before some of the downstream customers in industrial and RF markets. I was hoping you could talk more to that contrast. What is helping you kind of emerge from this roughly a quarter before?

湯姆，看來您在 GF 的趨勢比工業和射頻市場的一些下游客戶早了大約四分之一。我希望你能多談論這種對比。大約四分之一年前，是什麼幫助您走出困境？

And then you mentioned Q1 could be the bottom and I was hoping you could give us a sense for how you're looking at sequential growth through the rest of the year. Should we assume that Q3, Q4 can kind of grow the way you're growing from Q1 to Q2? Or are there other seasonal or mix factors we should keep in mind?

然後您提到第一季可能是底部，我希望您能讓我們了解您如何看待今年剩餘時間的連續成長。我們是否應該假設第三季、第四季可以像從第一季到第二季一樣成長？或者我們還應該牢記其他季節性或混合因素嗎？

Good morning, Vivek. Let me break the -- so the answer is yes, we're going to continue to grow quarter-on-quarter. Let me give you some context around that. So let's first start with overall inventory. Inventory, we look at it in 2 dimensions: Days of inventory and then absolute dollars of inventory. While in some cases, days of inventory has gotten worse, the actual dollar amounts have come down, and that's an important indicator.

早上好，維維克。讓我打破——所以答案是肯定的，我們將繼續季度環比增長。讓我給你一些相關的背景資訊。因此，我們首先從整體庫存開始。庫存，我們從兩個維度來看：庫存天數和庫存絕對金額。雖然在某些情況下，庫存天數變得更糟，但實際的美元金額卻下降了，這是一個重要的指標。

And so clearly, as this year rolls on, more and more of this inventory will come down, especially in dollar amount, and we'll get closer to the natural demand. So from a macro level, as long as inventory continues to, to come down in the dollar amount, we're going to get to a point somewhere where we get closer to natural demand, a macro quick topic.

很明顯，隨著今年的推移，越來越多的庫存將會下降，尤其是美元金額，我們將更接近自然需求。因此，從宏觀層面來看，只要庫存繼續以美元計價下降，我們就會達到更接近自然需求的地步，這是一個宏觀的快速話題。

Now let's think about GF and we'll about 4 end markets and what that looks like for the balance of the year. We'll start with our comms infrastructure and data center. In our prepared remarks, we talked about that level of revenue is roughly going to be flat as we look forward over the coming quarters. So we have CID, flat.

現在讓我們考慮一下 GF，我們將討論 4 個終端市場以及今年剩餘時間的情況。我們將從我們的通訊基礎設施和資料中心開始。在我們準備好的演講中，我們談到，隨著我們對未來幾季的展望，營收水準將大致持平。所以我們有 CID，平。

We go next to our home and industrial IoT. The levels we had in Q1 represent more or less flat for at least 1 to 2 quarters with the opportunity back-tied to that macro inventory situation for it to become growth for us in the back end of this year.

接下來我們討論家庭和工業物聯網。我們第一季的水平至少在 1 到 2 個季度內基本持平，並且有機會與宏觀庫存狀況掛鉤，使其在今年年底成為我們的成長。

And then we have auto and smart mobile devices. There's a lot of talk about inventory in automotive growing. If you think about GF, last year was a really big ramp year for us, where some of our design wins that were years in the making really started to ramp. So we didn't have a lot of time for those key products to build inventory in the channel, right? And as we said in the first -- in our first quarter, our previous call, we talked about automotive is going to have meaningful growth this year for us and we still see that. So there's automotive is growth as we go sequentially quarter-on-quarter.

然後我們還有汽車和智慧移動設備。關於汽車庫存成長的討論很多。如果你想想 GF，去年對我們來說是一個非常大的成長年，我們多年來醞釀的一些設計成果真正開始成長。所以我們沒有太多時間讓這些關鍵產品在通路中建立庫存，對嗎？正如我們在第一季所說的那樣，在我們之前的電話會議中，我們談到汽車行業今年將出現有意義的成長，我們仍然看到這一點。因此，當我們按季度環比計算時，汽車行業正在成長。

And then the last is smart mobile devices. Look, we see -- a bunch of our customers have seen and you've heard during earnings seasons, that this is a -- handsets up low, low single digits this year, with a disproportionate amount of that growth coming in premium-tier smartphones, where we play. So there's the opportunity for growth again on a sequential basis for our company. And if you think about it, automotive, smart model devices, 60-plus percent of our revenue in Q1, that's where our growth is coming from.

最後是智慧型移動設備。聽著，我們看到，我們的許多客戶在財報季節都看到了，你們也聽說過，今年手機的銷量增長很低，低個位數，其中不成比例的增長來自高端手機智慧型手機，我們玩的地方。因此，我們公司有再次實現環比成長的機會。如果你想一想，汽車、智慧模型設備占我們第一季營收的 60% 以上，這就是我們的成長來源。

And so this gives us the confidence to really feel solid about Q1 being the low point of revenue and then growth coming from there. The real question is back to the macro economy, how much growth will there be? Will it be the kind of growth we all want to write home about? Or is it going to be muted growth? But again, Q1 is the low point for us. Any follow-up questions?

因此，這讓我們有信心真正感受到第一季是營收的低點，然後是從那裡開始的成長。真正的問題是回到宏觀經濟，會有多少成長？這會是我們都想大書特書的那種成長嗎？還是成長會放緩？但同樣，第一季對我們來說是低點。還有後續問題嗎？

Yes. Thank you, Tom. So for my follow-up, maybe one on gross margins. How much did Q1 gross margins benefit from some of the restructuring and underutilization payments? How much is that effect in your Q2 outlook? And then how are you feeling about the shape of gross margins from here, given all the pricing and mix trends? So let's say if GF does conceptually grow roughly in this range, in Q3 and Q4, how should we think about the shape of gross margins for the rest of the year?

是的。謝謝你，湯姆。因此，對於我的後續行動，也許是關於毛利率的。第一季的毛利率從一些重組和未充分利用的付款中受益多少？這對您對第二季前景的影響有多大？考慮到所有的定價和組合趨勢，您對這裡的毛利率形狀有何看法？那麼，假設格芯在第三季和第四季的概念上確實大致在這個範圍內增長，那麼我們應該如何考慮今年剩餘時間的毛利率形狀？

Yes, I'm going to pass it to John, but I think you're on an important point about sometimes there's timing in some of these events. And so the precision around -- tight precision around gross margin has something -- a lot to do about timing. But John, I want to let you do that.

是的，我要把它傳遞給約翰，但我認為你說的話很重要，有時其中一些事件是有時間安排的。因此，圍繞毛利率的精確度與時機有很大關係。但是約翰，我想讓你這麼做。

Yes. This is John. So we had a business plan at the beginning of the year, of course, which formed the foundation of our first quarter guidance. And as Tom was just indicating, timing can vary on business outcomes. And we saw some favorability in Q1 that helped our gross margins. So we're pleased with that. The customer volume adjustment factor was also at play there. We did comprehend that in our guidance. The outcomes there were a bit better than we had anticipated.

是的。這是約翰。當然，我們在年初制定了一項業務計劃，這構成了我們第一季指導的基礎。正如湯姆剛剛指出的那樣，時機可能會因業務成果而異。我們在第一季看到了一些有利因素，這有助於我們的毛利率。所以我們對此感到滿意。客流量調整因素也在那裡發揮作用。我們在指導中確實理解了這一點。那裡的結果比我們預期的要好一些。

So it's really a result of those 2 factors, Vivek, with driving the gross margin outcome for first quarter. As we look ahead into second quarter, similar dynamics at work. There are some customer payment adjustments planned in Q2, albeit not at the level of Q1. And that's starting to come in as we're settling through various customer volume discussions that we're having constructively with our customers to address business conditions and move ahead.

所以，Vivek，這實際上是這兩個因素推動第一季毛利率結果的結果。當我們展望第二季度時，類似的動態正在發揮作用。第二季計劃對客戶付款進行一些調整，儘管沒有達到第一季的水平。當我們正在與客戶進行建設性的各種客戶量討論以解決業務狀況並繼續前進時，這種情況就開始出現。

I will note that the guidance for Q2 is 100 basis points above the guidance for Q1. And just a reminder, the single biggest factor affecting our gross margin is factory utilization. And a good rule of thumb is that every 5 points of utilization influences gross margin by roughly 200 basis points. So as one would expect, as loadings can pick up through the course of growth onward, we would expect improvement in gross margin over time here.

我要指出的是，第二季的指導比第一季的指導高出 100 個基點。提醒一下，影響我們毛利率的最大因素是工廠利用率。一個好的經驗法則是，每 5 個使用率點就會影響毛利率大約 200 個基點。因此，正如人們所期望的那樣，隨著裝載量在未來的成長過程中不斷增加，我們預計毛利率會隨著時間的推移而改善。

Our next question comes from the line of Chris Caso of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的克里斯·卡索。

Good morning. I guess first question is regarding pricing. In your prepared remarks, you gave some indication of where you thought pricing would be for the year. But I guess if you could expand on that a little bit, because we have heard of some of the Tier 2 foundries being a little more aggressive on pricing as the utilization comes down. And specifically for new business that you're signing outside of the existing LTAs that have been kind of helping your pricing, where has the pricing been for new contracts that you're signing today?

早安.我想第一個問題是關於定價的。在您準備好的評論中，您給出了一些您認為今年定價的資訊。但我想您是否可以對此進行擴展，因為我們聽說隨著利用率的下降，一些二級代工廠在定價上更加激進。特別是對於您在現有長期協議之外簽署的新業務，這些長期協議對您的定價有所幫助，您今天簽署的新合約的定價在哪裡？

Yes. So consistent with our prepared remarks, a lot of what you'll see in our ASP is dominated by what the particular mix is for that quarter. So year-on-year, we talked about being down 6%, but all of 2024, we see a normalizing pricing flat year-on-year, '24 to '23. What that means is, one, the pricing environment remains constructive, and I don't think we're telling -- saying anything new here. You heard that from our peer foundries or competitors on their earnings call, that they see the same environment.

是的。因此，與我們準備好的評論一致，您在我們的 ASP 中看到的許多內容都是由該季度的特定組合決定的。因此，我們談到同比下降 6%，但從 2024 年到 23 年，我們預計價格將同比正常化持平。這意味著，第一，定價環境仍然具有建設性，我認為我們沒有在這裡說任何新的東西。您從我們的同行代工廠或競爭對手的財報電話會議上聽說，他們看到了相同的環境。

The second thing is a big fraction of our revenue is single source business. And so you really can do is service true demand. There's no elasticity in pricing. So more price doesn't give more opportunity. And so constructive environment, differentiated business, keeps the pricing, we believe, flat year-on-year 2024 to 2023. Changes quarter-to-quarter mostly mix related. John, would you add anything to add?

第二件事是我們收入的很大一部分來自單一來源業務。所以你真正能做的就是服務真正的需求。定價沒有彈性。因此，更高的價格並不意味著更多的機會。因此，我們認為，建設性的環境、差異化的業務使定價在 2024 年至 2023 年期間保持同比持平。約翰，你有什麼要補充的嗎？

Yes, I would. Chris, I think it's important to not conflate absolute ASP with profitability as well. In other words, just because our products may have a higher ASP doesn't necessarily mean it would have higher gross profit. Obviously, it affects wafer account and top line. I just wanted to make that point.

是的，我會。克里斯，我認為不要將絕對平均售價與獲利能力混為一談，這一點很重要。換句話說，僅僅因為我們的產品可能有更高的平均售價，並不一定意味著它會有更高的毛利。顯然，它影響了晶圓帳戶和營收。我只是想強調這一點。

Did you have a follow-up, Chris?

克里斯，你有後續行動嗎？

I do. If I could come back to your earlier comments on gross margins as well. And just more specifically, presumably, if revenue continues to grow during the year, some of these volume adjustments will continue to come down. What does that mean for the pace of gross margins as you go into the second half and into '25? Just the improvement in utilization, will that be enough to offset some of the reduced volume adjustments, presumably as that happens and gives you an increase in gross margin profile as we go through the year?

我願意。如果我也能回到您之前對毛利率的評論的話。更具體地說，如果今年收入繼續成長，其中一些銷售調整將繼續下降。當你進入下半年和 25 世紀時，這對毛利率的成長意味著什麼？只是利用率的提高，是否足以抵銷一些減少的銷售調整，大概當這種情況發生時，你的毛利率會隨著我們全年的成長而增加？

Yes, Chris, this is John again. So I would call it modest and stable, in a stable environment for gross margin in light of those dynamics. Yes, those are -- those are a put and a take around how that's all playing out. The flip side to the customer volume adjustment economics is that that's really in lieu of what would have otherwise been there as far as wafer shipments and better utilization. So I mean that's the purpose of those economics. So they are kind of offsetting one another. You can think of it that way. But the long and short of it, as we can get to higher levels of utilization, that will be the large driver over time.

是的，克里斯，這又是約翰。因此，鑑於這些動態，在毛利率穩定的環境中，我將其稱為適度和穩定。是的，這些是——這些是圍繞這一切如何進行的看跌期權和看跌期權。客戶數量調整經濟學的另一面是，這實際上取代了原本應該存在的晶圓出貨量和更好的利用率。所以我的意思是這就是這些經濟學的目的。所以它們在某種程度上是相互抵消的。你可以這樣想。但無論長短，隨著我們能夠達到更高的利用率，隨著時間的推移，這將成為巨大的推動力。

Look, and we've also, Chris, taken a lot of structural cost out. We've used -- leveraged this downturn to hold the line to become more and more efficient. And we see the opportunity for every dollar of revenue, as we start to get back into growth, having a higher degree of flow-through than any dollar we have today. And so a lot of the things we've been able to do as a business weathering this prolonged downturn is positioning us structurally to be a better company as growth returns.

克里斯，我們也削減了大量的結構成本。我們利用這次低迷來保持控制，變得越來越有效率。當我們開始恢復成長時，我們看到每一美元收入都有機會，其流動程度比我們今天擁有的任何美元都更高。因此，作為一家企業，我們在應對長期低迷時期所做的許多事情，使我們在結構上能夠隨著成長的回報而成為一家更好的公司。

Our next question comes from the line of Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的哈蘭‧蘇爾。

Good morning. Nice job to the team on the quarterly execution. December quarter, you guys had $79 million of this high gross margin sort of customer utilization and restructuring fees. It was $82 million in the March quarter. So it looks like core product gross margins were about 22%. Is that fair?

早安.團隊在季度執行方面做得很好。 12 月季度，你們擁有 7,900 萬美元的高毛利率客戶使用費和重組費。三月季度的銷售額為 8200 萬美元。所以看起來核心產品的毛利率約為22%。這樣公平嗎？

And you said on the utilization fees would be lower in Q2. Can you just quantify, John, is that $50 million, $60 million, $70 million? And then given your fab cycle times, your wafer starts this quarter are shipments in the second half, right, which typically is seasonally stronger, especially for your smart mobile customers. So I would have assumed utilizations would have been up in the June quarter, but it sounds like they're staying flattish. So why is that and how do you see utilizations trending for the remainder of the year?

您說第二季的使用費會降低。約翰，你能量化一下是 5,000 萬美元、6,000 萬美元還是 7,000 萬美元嗎？然後考慮到您的晶圓廠週期時間，本季開始的晶圓出貨量將在下半年進行，對吧，這通常會季節性更強，特別是對於您的智慧移動客戶而言。因此，我以為六月季度的利用率會有所上升，但聽起來它們仍然持平。那麼這是為什麼？

Yes, Harlan. So yes, we didn't specify the level of customer volume adjustment in Q2. We'll have to see how it plays out. There's a few open items that we're continuing to address in that -- in that regard. As we work through the balance of the year, we'll see how the second half ramps.

是的，哈倫。所以，是的，我們沒有具體說明第二季的客戶量調整水準。我們得看看結果如何。在這方面，我們正在繼續解決一些懸而未決的問題。當我們度過今年剩餘的時間時，我們將看到下半年的情況如何。

Clearly, if we can see a more robust second half ramp, and there is some seasonality. As Tom indicated, a lot of that is just around the rate and pace of the recovery of the global economy and inventory drawdown and improvement with our customers. But those are -- those are the signs we're looking for to see our loadings come up, see the utilization come up. And again, it's -- you can look at it that one is an offset or it's additional gross profit from customer volume adjustments or really, the way we think about it, it's really in lieu of what would have otherwise been higher utilization.

顯然，如果我們能看到下半年更加強勁的成長，並且存在一些季節性。正如湯姆指出的那樣，其中很大一部分與全球經濟復甦的速度和步伐以及我們客戶的庫存減少和改善有關。但這些是——這些是我們正在尋找的跡象，以看到我們的負載上升，看到利用率上升。再說一次，你可以把它看作是一種抵消，或者是來自客戶量調整的額外毛利，或者實際上，我們思考它的方式，它確實代替了本來會更高的利用率。

Yes, so as one goes down, because the revenue will be going up in the natural way.

是的，隨著收入下降，收入會自然上升。

Tom, you took us through some of the dynamics around sort of diversifying the technology mix for Malta, Fab 8. It's a very smart strategy, right, you talk about 40-nanometer embedded MCU, RF SOI, fully depleted SOI capabilities. And even on the mainstream 12-nanometer FinFET capacity, right, mixing in new customers and applications as older programs phase out. Maybe you can just expand on this a little bit, maybe time lines on phasing in new technologies and success in backfilling the FinFET technology.

Tom，您向我們介紹了馬耳他 Fab 8 技術組合多樣化的一些動態。即使在主流 12 奈米 FinFET 產能上，隨著舊計畫的逐步淘汰，新的客戶和應用也將隨之增加。也許您可以稍微擴展一下這一點，也許是逐步採用新技術和成功回填 FinFET 技術的時間軸。

Yes, Harlan, first of all, thanks for this question, because I think we've not done this topic justice. I used to watch this show with my son growing up, MythBusters, and I think there's a lot of myths around what we do and don't do in Fab 8 and what diversification looks like.

是的，哈倫，首先，感謝你提出這個問題，因為我認為我們還沒有公正地討論這個話題。我曾經和我的兒子一起看這個節目，《流言終結者》，我認為關於我們在 Fab 8 做什麼、不做什麼以及多元化是什麼樣子，存在著很多神話。

So let's take Fab 8 and think about it in 2 dimensions of diversification, the first being end markets we serve with our 12-nanometer platform. And then we'll talk about diversification for the fab and the technology portfolio we will bring there in the customers, what that means to GF and also to our global footprint.

因此，讓我們以 Fab 8 為例，從多元化的兩個維度來思考它，第一個是我們透過 12 奈米平台服務的終端市場。然後我們將討論晶圓廠的多元化以及我們將為客戶帶來的技術組合，這對格芯以及我們的全球足跡意味著什麼。

So think about 4 end markets, our comms infrastructure data center, auto, IoT and smart mobile devices. The baseload, right, is data center. And that is almost equivalent to what we have as automotive load in the fab.

因此，請考慮 4 個終端市場：我們的通訊基礎設施資料中心、汽車、物聯網和智慧行動裝置。右側的基本負載是資料中心。這幾乎相當於我們工廠中的汽車負載。

Next up is IoT, which is 1.5x more load than either the automotive -- I'm sorry, either the automotive or data center. And then smart mobile devices is 1.5x more than the other 3 end markets combined. So there's a broad diversification. So when we think of data center clients moving to single-digit nanometer, that represents a fraction of what we do in Fab 8 on 12-nanometer. So we need to dispel the fact that Fab 8 means data center, data center business goes down, we're going to struggle.

接下來是物聯網，它的負載比汽車多 1.5 倍——抱歉，無論是汽車還是資料中心。智慧型行動裝置的數量是其他 3 個終端市場總和的 1.5 倍。因此存在廣泛的多元化。因此，當我們想到資料中心客戶轉向個位數奈米時，這僅代表我們在 Fab 8 中在 12 奈米上所做的工作的一小部分。因此，我們需要消除 Fab 8 意味著資料中心、資料中心業務下降的事實，我們將陷入困境。

Now diversification, you pointed out, you said it better than I did. We have 12-nanometer technology plus the features we're adding on that, serves like we said, smart mobile devices, 1.5x more than any other combination of all our other markets. We have 22FDX that's being currently qualified and brought up, 28-nanometer high-voltage, 40-nanometer embedded memory for automotive, 45 RF SOI, silicon photonics.

現在多元化，你指出，你說得比我好。我們擁有 12 奈米技術以及我們正在添加的功能，就像我們所說的智慧移動設備，比我們所有其他市場的任何其他組合多 1.5 倍。我們擁有目前正在認證和生產的 22FDX、用於汽車的 28 奈米高壓、40 奈米嵌入式記憶體、45 RF SOI、矽光子學。

This diversification will play out for us in qualification this year, customers starting to tape out towards the end of this year into next year and then ramping in 2026 to bring this full diversification. Now why is diversification important? And this is a point that I think we all need to understand. Having a global footprint means more than just having a location where you can produce one thing.

這種多元化將在今年的資格賽中為我們發揮作用，客戶將在今年年底開始進入明年，然後在 2026 年加速實現這種全面的多元化。為什麼多元化很重要？我認為這是我們都需要理解的一點。擁有全球足跡不僅意味著擁有一個可以生產一件產品的地點。

I call it a mailing address, a fab in any location that can make one technology is a mailing address. Because the by and large, most of your customers' demand can't be served there. What GF has done and we've done over the last decade and accelerated in the last 5 to 6 years, was making sure every one of our global sites had diversification, so our customers can source globally and locally. It's great to have a global footprint, but it has to have a broad range of technologies.

我稱之為郵寄地址，任何地點的晶圓廠，能夠製造一種技術的都是郵寄地址。因為總的來說，大多數客戶的需求都無法在那裡滿足。 GF 所做的事情以及我們在過去十年中所做的事情以及在過去5 到6 年中加速所做的事情，就是確保我們的每個全球站點都具有多元化，以便我們的客戶可以在全球和本地進行採購。擁有全球足跡固然很棒，但它必須擁有廣泛的技術。

When we complete this journey with Fab 8 and its diversification, we'll have Singapore, European Union in GF, with a lot of overlap in the technology platforms. So it's important for us as a strategic value of our global footprint, to diversify Fab 8. And clearly, it's important for diversification to make sure our Fab 8 facility stays full.

當我們完成 Fab 8 及其多元化的旅程時，我們將在 GF 中擁有新加坡、歐盟，技術平台有許多重疊。因此，作為我們全球足跡的戰略價值，Fab 8 的多元化對我們來說非常重要。

Our next question comes from the line of Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬·摩爾。

Great, thank you. So a little over a year ago, you guys had a partnership with an automotive OEM with General Motors. Before that, you had some discussions with Ford. We found this really interesting. We haven't really seen OEMs work with foundries more directly like that.

太好了謝謝。一年多前，你們與一家汽車原始設備製造商（通用汽車）建立了合作關係。在此之前，您與福特進行了一些討論。我們發現這真的很有趣。我們還沒有真正看到原始設備製造商像這樣更直接地與代工廠合作。

Those automotive shortages are behind us. So I wonder if you could kind of talk to the commitment, the focus that those guys have on geographic diversification of their foundry and how that might help you.

汽車短缺的情況已經成為過去。因此，我想知道您是否可以談談這些人對代工廠地理多元化的承諾和關注，以及這對您有何幫助。

So maybe I can take that one. This is Niels Anderskouv. I'd like to take a little bit of a background on the LTA in general. And remember that the LTA is still a relatively new feature within the foundry model, but I want to emphasize that they have been a key feature of our business since 2021 and really have enabled us to invest more than $7 billion into new capacity to support our customers.

所以也許我可以接受那個。我是尼爾斯·安德斯庫夫。我想簡單介紹一下 LTA 的整體背景。請記住，LTA 仍然是代工模式中相對較新的功能，但我想強調，自2021 年以來，它們一直是我們業務的關鍵功能，並且確實使我們能夠投資超過70 億美元用於新產能，以支持我們的顧客。

So you'll recollect from prior earning calls, earnings calls, that we've entered into more than 40 of these LTAs, including the ones you just mentioned, and with over $30 billion of lifetime revenue coming out of those for the LTAs. Fast forward to the end of 2023, and you may recall, we had approximately 2/3 of that lifetime revenue remaining.

因此，您將從先前的財報電話會議中回想起，我們已經簽訂了 40 多項此類長期協議，包括您剛才提到的那些，並且這些長期協議帶來的終身收入超過 300 億美元。快進到 2023 年底，您可能還記得，我們​​的總收入大約剩下 2/3。

And then again, with the announcement of a significant LTA extension in January this year with Infineon, that continues to be a very, very important part of our future business model. So the [main] point here is that the LTAs have benefited both GF and our customers through a number of lenses: Number one, they provided a level of certainty for both supply and demand; two, they demonstrate durability in the application to all end markets we serve; and three, they provide greater visibility and profitability to our business through a challenging market backdrop.

再說一遍，隨著今年 1 月宣布與英飛凌達成重大長期協議延期，這仍然是我們未來業務模式中非常非常重要的一部分。因此，這裡的[主要]要點是，長期協議透過許多方面使格芯和我們的客戶受益：第一，它們為供應和需求提供了一定程度的確定性；第二，它們在我們服務的所有終端市場的應用中表現出耐用性；第三，它們在充滿挑戰的市場背景下為我們的業務提供了更高的知名度和盈利能力。

So clearly, our customers are essential to this and so is the longevity of our relationships with our customers. So notwithstanding some of the recent discussions with our customers on their near-term volume adjustments, it's fair to say that LTAs remain a very important feature of our business model. So if I take those and comment a little bit to the current quarter, take Q1 here, for example. Clearly, given the inventory levels across certain end markets, the rate and pace of entering new LTAs has slowed as our customers are working through the inventory in the channel. But by no means are LTAs less important to us or our customers, as evident by the fact that we in Q1 again announced the extension of one of our largest LTAs with Infineon. And that one was to support the long-term supply requirements of automotive-grade 40-nanometer microcontrollers.

顯然，我們的客戶對此至關重要，因此我們與客戶的長期關係也至關重要。因此，儘管最近與我們的客戶就近期銷售調整進行了一些討論，但可以公平地說，長期協議仍然是我們業務模式的一個非常重要的特徵。因此，如果我對當前季度進行一些評論，請以第一季為例。顯然，考慮到某些終端市場的庫存水平，隨著我們的客戶正在處理渠道中的庫存，進入新長期協議的速度和步伐已經放緩。但長期協議對我們或我們的客戶來說絕不是不那麼重要，這一點從我們在第一季度再次宣布延長與英飛凌的最大長期協議之一這一事實就可以看出。其中之一是支援汽車級 40 奈米微控制器的長期供應需求。

So as you heard on the call today, there have been a couple instances where we work with our customers on adjusting their near-term volume requirements. And I would highlight that these have been highly constructive conversations and we work together on finding a balanced outcome based on the common features of our LTAs, namely fixed price, fixed volume and fixed duration.

正如您今天在電話會議上聽到的那樣，在某些情況下，我們與客戶合作調整他們的近期產量需求。我想強調的是，這些都是非常有建設性的對話，我們共同努力，根據我們長期協議的共同特徵，即固定價格、固定數量和固定期限，找到平衡的結果。

So these are the key features that we've been able to flex in order to preserve these relationships and strike the right long-term balance with our customers. So what's the outlook? Well, what's most encouraging is actually how well our customers have responded to these discussions.

因此，這些是我們能夠靈活運用的關鍵功能，以維持這些關係並與客戶達成正確的長期平衡。那麼前景如何呢？嗯，最令人鼓舞的其實是我們的客戶對這些討論的反應如何。

For example, in one instance, we mutually agreed on terminating an agreement, but that was primarily to align with our customer's long-term supplier requirements. And just to demonstrate the resilience of the relationship, the very next week, that same customer taped out a new design with us.

例如，在一個例子中，我們雙方同意終止一項協議，但這主要是為了符合客戶的長期供應商要求。為了展示這種關係的彈性，就在下週，同一位客戶與我們一起流片了一個新設計。

So what you're hearing from us today is that we continue to believe the LTA framework offers a mutual -- mutually beneficial arrangement for both us and our customers to partner together over the long term.

因此，您今天從我們這裡聽到的是，我們仍然相信長期協議框架為我們和我們的客戶提供了一種互惠互利的安排，可以長期合作。

And looking forward, I would expect to see the LTAs remaining very key to serve our customers across various end markets, automotive included, and also including the OEMs. So I think you should expect to see more on that front. But however, it is reasonable to assume that the terms and duration of the agreements will vary according to the end markets and what we are supporting.

展望未來，我預計長期協議對於服務各個終端市場的客戶（包括汽車市場和原始設備製造商）仍然至關重要。所以我認為你應該期待在這方面看到更多。但是，可以合理地假設協議的條款和期限將根據終端市場和我們支援的內容而有所不同。

Great. That's helpful. And I guess to follow up on that, there's obviously one reason to do LTAs and those types of relationships is because of tactical supply concerns, but there's also the sort of bigger picture OEM concern that maybe we're too reliant on certain geographies. So just like how strategic do you think those relationships can be?

偉大的。這很有幫助。我想跟進這一點，顯然，進行長期協議和此類關係的一個原因是出於戰術供應方面的考慮，但也有一種更大的 OEM 擔憂，即我們可能過於依賴某些地區。那麼，就像您認為這些關係具有多大的戰略意義一樣？

And I guess I'm just trying to make sure people don't, with the [shortage space], people sort of forget about some of the reasons that they came to you guys in the first place. Are you still having those strategic discussions in terms of bigger picture geographic diversification?

我想我只是想確保人們不會因為[空間短缺]而忘記他們最初來找你們的一些原因。你們還在就更大的地域多元化進行策略討論嗎？

Joe, I think you're hitting on a really important point. One of the things that we learned is not all end markets -- this is back to the -- there's no such thing as macro in our world anymore. There's no such thing as just a semiconductor industry. There's a lot of different components to it that have different behaviors. And I want to go back to the kind of discussions that we're having with auto players, why that's different with some of the other end markets.

喬，我認為你說到了一個非常重要的觀點。我們學到的一件事並不是所有的終端市場——這又回到了——我們的世界不再有宏觀這樣的東西了。不存在單純的半導體產業。它有很多不同的組件，它們具有不同的行為。我想回到我們與汽車製造商的討論，為什麼這與其他一些終端市場不同。

So what's unique about auto, these are long-term supply agreements. When they qualify a part, they're going to use it for 5 to 10 years. So having long-term visibility and long-term certainty on supply pricing is really important for automotive makers because they're making commitments for a long time. The discussions we started with them continue, but they continue in a different fashion.

汽車的獨特之處在於這些是長期供應協議。當他們對某個部件進行鑑定時，他們將使用它 5 到 10 年。因此，擁有供應定價的長期可見性和長期確定性對於汽車製造商來說非常重要，因為他們做出了長期的承諾。我們與他們開始的討論仍在繼續，但他們以不同的方式繼續。

Since we don't design and they don't design, there's a third party of one of our customers in the middle, and we sit down, collectively talk about what we're going to do to make sure they have the level of certainty and durability and supply for their future. In more markets that have much quicker product life cycles, what we're finding is the LTA durations don't need to be as long. It doesn't mean customers don't want LTAs, they just want them on a much shorter duration so they can be nimble and flexible.

由於我們不設計，他們也不設計，所以中間有我們的一個客戶的第三方，我們坐下來，集體討論我們要做什麼，以確保他們有一定程度的確定性以及未來的耐用性和供應。在更多產品生命週期較快的市場中，我們發現 LTA 持續時間不需要那麼長。這並不意味著客戶不想要長期協議，他們只是希望長期協議的期限短得多，這樣他們就可以靈活機動。

They still need, like all of us, certainty that when they need their product, they can have it. And so what we're all learning as an industry is to make sure that the terms and conditions of these LTAs reflect the uniqueness of each market. Long-term markets or segments that last a long time, want long-term certainty.

像我們所有人一樣，他們仍然需要確定當他們需要他們的產品時，他們可以擁有它。因此，作為一個行業，我們正在學習的是確保這些長期協議的條款和條件反映每個市場的獨特性。長期市場或持續很長時間的細分市場需要長期的確定性。

In markets that have fast product transitions, they want near-term certainty, but recognizing commitments for the longer term will have to be renegotiated every year. And I think that's the one learning we're all getting out of this. And at the end of all of this for you, you started the question with how are discussions going with the auto -- the automotive OEMs?

在產品快速轉型的市場中，他們希望獲得近期的確定性，但每年都必須重新協商長期承諾。我認為這就是我們所有人將從中得到的教訓。在這一切結束時，您首先提出了一個問題：與汽車——汽車原始設備製造商——的討論進展如何？

We continually sit down and make sure we're aligning technology road maps, first and foremost, that we're brought into conversations with our customers so that we can make sure we're all serving the same purposes. And I think there's another entrant into this marketplace, the Tier 1s are also starting to think about doing their own designs. And we need to and continue to partner with them as well.

我們不斷坐下來，確保我們調整技術路線圖，首先也是最重要的是，我們與客戶進行對話，以便我們可以確保我們都服務於相同的目的。我認為這個市場還有另一個進入者，一級供應商也開始考慮進行自己的設計。我們也需要並繼續與他們合作。

Yes, maybe I can just comment on the long life cycle. This is an essential part of our strategy from a technology standpoint. Essential chip technology is all about supporting long life cycles. And we are seeing continued momentum building across the automotive space. You just heard us talk about 17% of our revenue here in Q1 came from automotive and it continues to be a strong growth driver for us.

是的，也許我可以評論一下生命週期長。從技術角度來看，這是我們策略的重要組成部分。基本的晶片技術就是支援長生命週期。我們看到整個汽車領域的勢頭持續增強。您剛剛聽到我們談論第一季 17% 的收入來自汽車行業，它仍然是我們強勁的成長動力。

So strong fit to the strategy. I also want to mention, Tom alluded a little bit to it earlier, that our strategy is that we will have -- we will qualify all our process nodes for automotive. And when you get back to what Tom just discussed about Fab 8, automotive is going to become a very, very integral factory for our automotive strategy, and that's something that's been very well perceived by the OEMs as well, having a U.S. supply within that space.

非常適合該策略。我還想提一下，湯姆之前提到過，我們的策略是——我們將驗證我們所有的汽車工藝節點。當你回到 Tom 剛剛討論的有關 Fab 8 的內容時，汽車將成為我們汽車戰略中非常非常重要的工廠，而 OEM 廠商也充分認識到這一點，其中有美國供應。

Our next question comes from the line of Chris Danely of Citi.

我們的下一個問題來自花旗銀行的克里斯丹利 (Chris Danely)。

I guess just a question on CHIPS Act and the money there. So $1.5 billion, that's great, but that's -- I think that's over a year's worth of CapEx. So you're getting all this money, but utilization rates are in the 70s and you have plenty of inventory and we're sitting here coming out of a downturn. So I guess how do we allocate all of that capacity and not have like some sort of overcapacity or some sort of pricing problem? How is that going to work?

我想只是關於 CHIPS 法案和那裡的錢的問題。 15 億美元，這很好，但我認為這超過了一年的資本支出。所以你得到了所有這些錢，但利用率在 70 多歲，你有充足的庫存，而我們正坐在這裡走出低迷。所以我想我們如何分配所有這些產能而不出現某種產能過剩或某種定價問題？這將如何運作？

Yes, Chris, we don't build capacity ahead of its need. There's nothing worse than that, to overshoot the target. And there's nothing worse than government programs with the right intention to get diversification and resiliency in supply chain, to have companies get ahead of themselves and build empty factories.

是的，克里斯，我們不會在需求之前建立能力。沒有什麼比超出目標更糟糕的了。沒有什麼比政府計劃的正確意圖是實現供應鏈的多元化和彈性，讓企業超越自己並建造空工廠。

And so when I think about our global footprint, our investments going forward, we talked about at the end of this year, we'll have capacity, roughly 3 million wafers a year of output. That's the 300-millimeter equivalent. You could do the math on our ASPs and you can see between wafers and non-wafer revenue, that gets us to a company that's $9 billion to $10 billion in revenue. And you see where we are this year, the $6 billion, $8 billion, $7 billion.

因此，當我想到我們的全球足跡、我們未來的投資時，我們在今年年底談到，我們將擁有每年約 300 萬片晶圓的產能。這相當於 300 毫米。你可以計算一下我們的平均售價，你可以看到晶圓和非晶圓收入之間的差異，這使我們成為一家收入在 90 億至 100 億美元之間的公司。你看我們今年的處境，60 億美元、80 億美元、70 億美元。

So plenty of growth ahead within our current footprint. Now securing your future and the optionality to build capacity is what we're doing with the CHIPS Act in the European Union with the CHIPS Act in the U.S. It's to make sure that we have proper funding so that when we need to invest again, we can and we can do it in the most capital efficient way.

在我們目前的足跡範圍內，未來還有很大的成長空間。現在，我們正在通過歐盟的 CHIPS 法案和美國的 CHIPS 法案來確保您的未來和建立能力的選擇權。最高效的資本方式做到這一點。

And it really comes back to your belief if you think the industry is done, there's no growth, then you wouldn't need any of this. We happen to believe, like many others, that this industry will double. And it's a question if it does it 6 years, 8 years, but we need to be ready for that growth so that we can answer that for our customers. And we need to do it in the most economic, efficient way, and that's where these government funding partnerships come into play.

這真的回到了你的信念，如果你認為這個行業已經完蛋了，沒有成長，那麼你就不需要這些了。和許多其他人一樣，我們碰巧相信這個行業將會翻倍。這是一個問題，它是否會持續 6 年、8 年，但我們需要為這種成長做好準備，以便我們能夠為我們的客戶回答這個問題。我們需要以最經濟、最有效的方式做到這一點，這就是這些政府資助夥伴關係發揮作用的地方。

And we talk about the CHIPS bill at $1.5 billion. The CHIPS bill will only fund up to roughly 15% of a project. The ITC covers another 25%. So in combination, you're seeing a high mix of government participation in these investments. Sure, the lion's share comes to foundries like GF. But I'm not worried about -- well, I'm certainly not worried about GF putting more capacity on than we need to serve our customers.

我們談論 15 億美元的 CHIPS 帳單。 CHIPS 法案最多只能為該項目提供約 15% 的資金。 ITC 涵蓋另外 25%。因此，綜合起來，您將看到政府對這些投資的高度參與。當然，最大的份額來自像 GF 這樣的代工廠。但我並不擔心——嗯，我當然不擔心格芯投入的容量超出了我們為客戶服務所需的容量。

But I'm not worried about the rest of the EU and U.S. manufacturers overshooting because they'll plan their capacity adds with the true demand for our industry.

但我並不擔心其他歐盟和美國製造商的超調，因為他們會根據我們行業的真實需求來規劃產能增加。

Thanks for that clarification, Tom. And then my follow-up is on the LTAs and the contracts. Can you let us know what percentage of say, '24 and '25 are covered by LTAs? And in terms of these customer revenue adjustments, is it that they come to you and say, "Hey, we need to renegotiate." And so you say, "If you want to renegotiate, you just have to pay us this money," and is it all 100% gross margin? Just any insight into the machinations of all this.

謝謝你的澄清，湯姆。然後我的後續工作是長期協議和合約。您能否告訴我們長期協議涵蓋了「24 歲」和「25 歲」等人的百分比？就這些客戶收入調整而言，他們是否會來找你說：“嘿，我們需要重新談判。”所以你說，“如果你想重新談判，你只需付給我們這筆錢”，這都是100%的毛利率嗎？只是對這一切陰謀的任何洞察。

Yes, Chris, this is John. We have identified how much LTA total value we have, which is approximately $20 billion. And that's disclosed in our 20-F that we recently filed. The specific time domain of that is not called out. That's lifetime revenue, you've got time -- product life cycles that vary by the end market. But that gives you a sense of the coverage level, if you will.

是的，克里斯，這是約翰。我們已經確定了我們擁有多少 LTA 總價值，約 200 億美元。這在我們最近提交的 20-F 中已披露。其具體時域並未提及。這是終身收入，你有時間——產品生命週期因終端市場而異。但這可以讓您了解覆蓋範圍（如果您願意）。

I mean look, the economics may flow in with customer volume adjustments, but the fundamental purpose of these LTAs, as Niels just spelled out, to provide that surety to customers and to give, give the confidence that they'll have the supply in a resilient manner when they need it. So that's really the purpose.

我的意思是，經濟可能會隨著客戶數量的調整而變化，但正如尼爾斯剛才闡明的那樣，這些長期協議的根本目的是為客戶提供這種保證，並給予他們信心，讓他們相信他們將在當他們需要時，以彈性的方式。這就是真正的目的。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Couple questions. The first one is on the node transition risk. I know, Tom, you talked about what's happening in the comm infrastructure and data center segment, but how would you characterize that node transition risk entering this year versus exiting this year? How do we think about that as a headwind over time? And I know you're diversifying away from it as well.

幾個問題。第一個是節點轉換風險。我知道，湯姆，您談到了通訊基礎設施和資料中心領域正在發生的事情，但是您如何描述今年進入與今年退出的節點轉換風險？隨著時間的推移，我們如何看待這是一個逆風？我知道你也在多元化發展。

Yes, I think, as I said before, how we serve that market, we're pretty much at the low end of that revenue. And the real question is how do we build this back to the business we want it to be, through our technology platforms for power delivery and solving the bandwidth challenges. And so that's the growth opportunity for us back into this end market. We can hold the line of where we are today at that level of revenue that we spoke about.

是的，我認為，正如我之前所說，我們如何服務該市場，我們幾乎處於收入的低端。真正的問題是，我們如何通過我們的電力傳輸技術平台並解決頻寬挑戰，將其重新打造為我們想要的業務。這就是我們重返這個終端市場的成長機會。我們可以保持我們今天所說的收入水準。

Well, I guess as a quick follow-up, is there something beyond that? Do you have a similar problem in smart mobile devices, not just limiting the original question to the comm infrastructure side of things.

好吧，我想作為一個快速的後續行動，還有其他的事情嗎？您在智慧型行動裝置中是否也遇到類似的問題，而不僅僅是將原始問題限制在通訊基礎架構方面。

I think there's a fundamental element to which single-digit nanometer does and what it doesn't do. If you're able to have an application where it doesn't make a difference that the cost per transistor goes higher, but the power used per transition -- transistor is a premium, then those applications will pay that for that transistor.

我認為個位數奈米有一個基本的作用和不作用。如果您能夠擁有一個應用程序，其中每個晶體管的成本增加不會產生任何影響，但每個轉換所使用的功率 - 晶體管是溢價，那麼這些應用程式將為該晶體管支付費用。

And so that creates a real moat around not wanting to go to single-digit nanometer unless the application actually requires that. And so you're seeing it in data center. You're seeing it in where power is the key metric and minimizing power use. So we think the moat is if this was the old days of Moore's Law, where you've got a lower cost per transistor, right, we'd all have to move.

因此，這創造了一條真正的護城河，除非應用程式確實需要，否則不想使用個位數奈米。所以你會在資料中心看到它。您可以在以功耗為關鍵指標並最大限度地減少功耗的情況下看到這一點。所以我們認為護城河是如果這是摩爾定律的舊時代，每個晶體管的成本更低，對吧，我們都必須搬家。

Now we sit in an area where customers are, are working with us with the expressed intent, save us from having to go to single-digit nanometer and pay more per transistor. And that's what is the barrier and that's why we need to continue to innovate and drive features on our platforms to prevent our customers needing to have to pay more for the products to service the markets they want.

現在，我們坐在客戶所在的區域，帶著明確的意圖與我們合作，使我們不必轉向個位數奈米並為每個晶體管支付更多費用。這就是障礙，這就是為什麼我們需要繼續創新並推動我們平台上的功能，以防止我們的客戶需要為產品支付更多費用來服務他們想要的市場。

If I may add to that, we actually -- we're seeing it today on 22FDX. We're seeing several of our customers asking for us to continue to innovate on the process nodes so they can stay on it longer. And we're seeing the early same trend happening on 12-nanometer. In our road maps, we have newer versions of 12-nanometer that gives you a much better power performance ratio out in time. So if you think about the essential chip technology strategy we put in place across the 4 product lines, it really is about extending the life cycles of these process nodes and continue to make sure that they stay competitive so we continue to win new businesses.

如果我可以補充一點，我們實際上 - 我們今天在 22FDX 上看到了它。我們看到一些客戶要求我們繼續在製程節點上進行創新，以便他們能夠在該節點上停留更長時間。我們看到早期的 12 奈米技術也出現了同樣的趨勢。在我們的路線圖中，我們提供了更新版本的 12 奈米技術，可以及時為您提供更好的功率性能比。因此，如果你考慮我們在 4 個產品線中實施的基本晶片技術策略，它實際上是為了延長這些製程節點的生命週期，並繼續確保它們保持競爭力，以便我們繼續贏得新業務。

And I think the example of smart mobile devices being the biggest end market in 12-nanometer today exactly just illustrates that. It's a great fit to that segment and we'll continue to optimize for it and make it even better.

我認為智慧型行動裝置成為當今 12 奈米最大終端市場的例子恰好說明了這一點。它非常適合該細分市場，我們將繼續對其進行優化並使其變得更好。

Our next question comes from the line of C.J. Muse of Cantor Fitzgerald.

我們的下一個問題來自坎托·菲茨杰拉德 (Cantor Fitzgerald) 的 C.J. Muse。

Good morning. I guess first question on auto, down 16% sequentially. I think it came in a little bit worse than what we were thinking when you initially guided. Curious, maybe what changed in the quarter in terms of product or subsegment? And then I guess as you think about the recovery into June and beyond, what are the key drivers that we should be focused on there?

早安.我猜第一個問題是關於汽車的，比上一季下降了 16%。我認為這比我們最初指導時的想法還要糟糕。好奇，也許本季產品或細分市場發生了什麼變化？然後我想當你考慮六月及以後的復甦時，我們應該關注的關鍵驅動因素是什麼？

Look, I think this quarterly seasonality, those things, we don't pay a lot of attention to in this segment given the fact that it's a very long duration. What we're highly confident in is that this is a business that will continue to grow, not only in the out years, but this year, and meaningful growth in the mid- to high-single digits for us in 2024.

聽著，我認為這個季度季節性，這些事情，我們在這個領域並沒有太多關注，因為它的持續時間很長。我們非常有信心的是，這項業務不僅在過去幾年，而且在今年都將繼續成長，並在 2024 年實現中高個位數的有意義的成長。

So we see it. We see it in the order book and we see it in our business plans. So I wouldn't read too much into a quarter and quarter down in automotive, especially given last year was a year of over $1 billion, growing from $375 million the year before.

所以我們看到了。我們在訂單簿中看到它，並在我們的商業計劃中看到它。因此，我不會過度解讀汽車產業的季度下滑，特別是考慮到去年的銷售額超過 10 億美元，而前一年的銷售額為 3.75 億美元。

Do you have a follow-up, C.J.?

你有後續行動嗎，C.J.？

Yes. I guess maybe a question on smart mobile. Maybe kind of similar type of question. You talked about mix shift to premium phones, which benefits you. think you talked about RF front end and display drivers as incremental drivers for you in '24. So is that a business that you think can grow in all of calendar '24? Or is there sufficient inventory challenge that that might be difficult?

是的。我想也許是關於智慧型手機的問題。也許是類似類型的問題。您談到了向高階手機的混合轉型，這對您有利。想想你在 24 年談到射頻前端和顯示器驅動器作為增量驅動器。那麼您認為這項業務在整個 24 年內都可以成長嗎？或者是否有足夠的庫存挑戰，這可能會很困難？

No, we'll -- we believe that's an area that we will grow this year. With content growth, with handset growth, means we can have growth. We're coming off of a Q1 that was already challenged with inventories in the channel. So as inventories bleed out, handset growth happens, we see growth in smart mobile devices for GF this year.

不，我們會——我們相信這是我們今年將發展的領域。隨著內容的成長，隨著手機的成長，意味著我們可以實現成長。我們剛結束的第一季已經面臨通路庫存的挑戰。因此，隨著庫存的減少，手機的成長，我們預計格芯今年的智慧型行動裝置將會成長。

Yes. I think that's a good growth story we have there. Handsets growing, us growing, us having a larger share in premium handsets that we believe that to grow faster. And then on top of that, you're starting to see inventory dollar-wise draining in the space. So yes, we do believe that's going to be a growth market for us this year.

是的。我認為這是我們的一個很好的成長故事。手機正在成長，我們也在成長，我們在高階手機中佔據了更大的份額，我們相信這種成長速度會更快。最重要的是，你開始看到該領域的庫存（以美元計算）正在耗盡。所以，是的，我們確實相信今年這將成為我們的成長市場。

Julia, we'll take one last question, thank you.

朱莉婭，我們將回答最後一個問題，謝謝。

Our final question comes from Mehdi Hosseini of Susquehanna International Group.

我們的最後一個問題來自薩斯奎哈納國際集團的邁赫迪·侯賽尼。

Yes. A couple of follow-ups. Tom, just double-clicking on communication. I believe that your comments suggest that the revenues there are expected to grow flattish throughout the year, especially with the migration to nanometer.

是的。一些後續行動。湯姆，雙擊通訊即可。我相信您的評論表明，全年收入預計將持平，尤其是在向奈米技術遷移的情況下。

What I want to better understand is, when do you expect new opportunities like silicon photonics that have been talked about in the downstream, are going to be material to you?

我想更了解的是，您預計下游所談論的矽光子等新機會何時會對您產生實質影響？

And then one follow-up question for John. How should we think about D&A and OpEx in '24 versus '23?

然後是約翰的一個後續問題。我們應該如何看待「24 年」與「23 年」的 D&A 和營運支出？

John, go in reverse order (inaudible).

約翰，以相反的順序進行（聽不清楚）。

Yes. Yes. No problem, Mehdi. So D&A, roughly consistent. It's how we see that. We've drawn down our CapEx a fair amount. As we said in our prepared remarks, we see about $700 million as our estimate for the year, which is enabling tremendous growth in free cash flow and we're holding the view that, that can increase to 2x to 3x the free cash flow that we generated in 2023. So that's, that's positive.

是的。是的。沒問題，邁赫迪。所以 D&A 大致一致。我們就是這樣看的。我們已經減少了相當多的資本支出。正如我們在準備好的演講中所說，我們對今年的估計約為 7 億美元，這使得自由現金流量大幅增長，我們認為，這可以增加到自由現金流量的 2 至 3 倍。生成了。

As far as OpEx, just a quick reminder that we had a large credit in the fourth quarter related to the advanced investment tax credit. That was coming into SG&A. That was about $50 million of credit in Q4. We've got that more normalized now in the first quarter, but you do see an uptick in OpEx for Q1 related to that as that was a onetime benefit in the fourth quarter of 2023.

就營運支出而言，我想快速提醒一下，我們在第四季度獲得了與預付投資稅收抵免相關的大量信貸。這將納入SG&A。第四季的信貸額約為 5,000 萬美元。我們現在在第一季已經更加規範化，但您確實看到與此相關的第一季營運支出的上升，因為這是 2023 年第四季的一次性收益。

So let me maybe address the data center part of the question. So in data center, the 2 major growth vectors that we're seeing is, as you pointed out, silicon photonics and power delivery. So maybe if I start with silicon photonics, where the market is at today is that you're starting to see adoption and products being released in what we term as the pluggable space.

那麼讓我來談談問題的資料中心部分。因此，正如您所指出的，在資料中心，我們看到的兩個主要成長方向是矽光子學和電力傳輸。因此，如果我從矽光子學開始，今天的市場狀況是，你開始看到我們所說的可插拔空間的採用和產品的發布。

So these are the pluggable type of silicon photonic devices that you're seeing out there today. Where we're seeing a lot of activity for future growth and maybe more substantial growth is in the co-packaged silicon photonics, where basically you're starting to see silicon photonics becoming a real design consideration for GPUs, NPUs and CPUs, simply to be able to enable the [BaM if] you need to have, not just within the rack, between the racks, but also within and between the processors that sits on the main board. So that's a big growth vector.

這些就是您今天看到的可插拔類型的矽光子裝置。我們看到未來成長的大量活動，也許更實質的成長是在共同封裝的矽光子學領域，基本上你開始看到矽光子學成為 GPU、NPU 和 CPU 的真正設計考慮因素，只是為瞭如果您需要，則能夠啟用[BaM]，不僅在機架內、機架之間，而且還需要位於主機板上的處理器內部和之間。所以這是一個很大的成長向量。

Obviously, not something that happens overnight. These are big infrastructure changes. So you should expect that, that will probably take a couple of years before it really materialize, but starting to see some early momentum on that front.

顯然，這不是一朝一夕就能發生的事。這些都是基礎設施的重大變化。所以你應該預料到，這可能需要幾年時間才能真正實現，但開始看到這方面的一些早期動能。

Power delivery, very exciting. We're making very good progress on that, power delivery for data centers. initially, it is with our BCD technology and our 12-nanometer technology that we're seeing the first tape-outs. And as you know from previous calls, we are investing in GaN technology as well, and we believe that GaN, both the 650-volt as well as the 100-volt GaN, will have a major play also within the data center. So those are some of the future growth areas for us in data center out in time.

動力輸出，非常刺激。我們在資料中心供電方面取得了非常好的進展。最初，我們透過 BCD 技術和 12 奈米技術實現了首次流片。正如您從先前的電話會議中了解到的，我們也在投資 GaN 技術，我們相信 GaN，無論是 650 伏特還是 100 伏特 GaN，都將在資料中心內發揮重要作用。這些是我們資料中心未來的一些成長領域。

Thanks, Niels. Julia, I think we're coming up on the O&O.

謝謝，尼爾斯。朱莉婭，我想我們即將討論 O&O。

This concludes the question-and-answer session. I would now like to turn it back to Sam Franklin, Vice President of Business Finance and Investor Relations, for closing remarks.

問答環節到此結束。現在我想請企業財務和投資者關係副總裁薩姆富蘭克林 (Sam Franklin) 致閉幕詞。

Thank you, Julia. Thank you everyone for joining us on the call today. I appreciate the questions and looking forward to seeing and speaking to many of you over the next couple of months.

謝謝你，茱莉亞。感謝大家今天加入我們的電話會議。我很高興收到這些問題，並期待在接下來的幾個月與你們中的許多人見面並交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。