格芯 (GFS) 2024 Q3 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the GlobalFoundries conference call to review third quarter of fiscal year 2024 financial results.

歡迎參加 GlobalFoundries 電話會議，回顧 2024 財年第三季財務表現。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Sam Franklin, VP Business Finance and Investor Relations.

現在，我想將會議交給今天的第一位發言人，商業財務和投資者關係副總裁 Sam Franklin。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone, and welcome to GlobalFoundries' third quarter of 2024 earnings call.

大家早安，歡迎參加 GlobalFoundries 2024 年第三季財報電話會議。

On the call with me today are Dr. Thomas Caulfield, CEO; John Hollister, CFO; and Niels Anderskouv, Chief Business Officer.

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。

A short while ago, we released our third-quarter financial results, which are available on our website at investors.gf.com, along with today's accompanying slide presentation.

不久前，我們發布了第三季度財務業績，可在我們的網站 Investors.gf.com 上查看該業績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.

本次電話會議正在錄音，我們的投資者關係網頁上將提供重播。

During this call, we will present both IFRS and non-IFRS financial measures.

在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。

The most directly comparable IFRS measures and reconciliations for non-IFRS measures are available in today's press release and accompanying slides.

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。

Please note that these financial results are unaudited and subject to change.

請注意，這些財務結果未經審計，可能會發生變化。

Certain statements on today's call may be deemed to be forward-looking statements.

今天電話會議上的某些陳述可能被視為前瞻性陳述。

Such statements can be identified by terms such as believe, expect, intend, anticipate, and may or by the use of the future tense.

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.

您不應過度依賴前瞻性陳述。

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.

實際結果可能與這些前瞻性陳述有重大差異，我們不承擔更新我們今天所做的任何前瞻性陳述的義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our SEC filings, including in the sections under the caption Risk Factors in our annual report on Form 20-F filed with the SEC on April 29, 2024.

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'll begin today’s call with Tom providing a summary update on the current business environment and technologies.

我們將從今天的電話會議開始，湯姆將提供有關當前業務環境和技術的最新摘要。

Neils will then discuss our recent design wins and highlights across the end markets, following with John who will provide details on our third-quarter results and also provide fourth quarter 2024 guidance.

然後，尼爾斯將討論我們最近在終端市場的設計成果和亮點，約翰將提供有關我們第三季度業績的詳細信息，並提供 2024 年第四季度的指導。

We will then open the call for questions.

然後我們將開始提問。

With Tom, John, and Neils.

與湯姆、約翰和尼爾斯。

We request that you please limit your questions to one with one follow-up.

我們請求您將問題限制為一對一跟進。

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

我現在將把電話轉給湯姆，讓他準備好要發言。

Thank you, Sam, and welcome, everyone, to our third-quarter earnings call.

謝謝山姆，歡迎大家參加我們的第三季財報電話會議。

Our 3Q results reflect another consistent quarter of execution towards our strategic objectives as we continue to partner with our customers to deliver feature-rich products in the geographies where they need it using our essential chip technologies.

我們的第三季業績反映了我們策略目標的另一個一致的季度執行情況，我們繼續與客戶合作，使用我們的基本晶片技術在他們需要的地區提供功能豐富的產品。

In the third quarter, we delivered revenue at the high end of the guidance range, meaningful year-over-year free cash flow generation, and gross margins consistent with our commentary from the start of the year in an environment of lower factory utilization levels.

第三季度，在工廠利用率較低的環境下，我們的收入達到了指導範圍的高端，自由現金流量與去年同期相比有意義，毛利率也與我們年初的評論一致。

Although we remain mindful of the near-term demand and utilization dynamics impacting the end markets we serve, these results reinforce our prior commentary that the first quarter was a low point for our revenue in 2024 and that we will deliver sequential quarter-over-quarter topline growth throughout the year.

儘管我們仍然關注影響我們服務的終端市場的近期需求和利用率動態，但這些結果強化了我們先前的評論，即第一季度是我們 2024 年收入的低點，我們將按季度連續交付全年營收增長。

To this end, we are reporting revenue of $1.739 billion for the quarter, which is roughly 7% sequential quarterly revenue growth.

為此，我們報告本季營收為 17.39 億美元，比季度營收季增約 7%。

John will later cover that we are guiding the continuation of sequential growth in the fourth quarter.

約翰稍後將介紹我們正在指導第四季繼續實現環比成長。

As we focus on diversifying and differentiating our product portfolio and broadening our customer base, I am also encouraged by the rate and pace and the size of the business opportunity of new design wins we closed in 3Q, as well as the funnel of opportunities we have built in partnership with our customers across all the end markets that we serve.

當我們專注於產品組合的多樣化和差異化並擴大我們的客戶群時，我也對我們在第三季度完成的新設計業務機會的速度、速度和規模以及我們擁有的機會漏斗感到鼓舞與我們服務的所有終端市場的客戶建立合作夥伴關係。

Year to date, approximately 90% of our design wins are sole source opportunities.

今年迄今為止，我們大約 90% 的設計勝利都是獨家來源機會。

These wins are important proof points of our relentless focus on innovation and meeting the needs of our customers.

這些勝利是我們不懈地致力於創新和滿足客戶需求的重要證明。

Just recently, we announced the key design win with NXP on our 22FDX platform.

就在最近，我們宣佈在 22FDX 平台上贏得 NXP 的關鍵設計。

We developed our 22FDX platform for a broad set of applications serving a range of end markets, including AI and intelligence at the edge application.

我們開發了 22FDX 平台，用於服務一系列終端市場的廣泛應用，包括邊緣應用的人工智慧和智慧。

The performance benefits are purpose-built by optimizing energy management to deliver up to 50% higher performance and 70% lower power versus other planar CMOS technologies.

這些效能優勢是透過優化能源管理而專門打造的，與其他平面 CMOS 技術相比，效能提高了 50%，功耗降低了 70%。

Niels will comment further in his prepared remarks that this partnership is a testament to what matters most to our customers, power and performance solutions, delivering with the resiliency of GF's manufacturing execution and global footprint.

Niels 將在他準備好的演講中進一步評論說，這種合作夥伴關係證明了對我們的客戶最重要的電源和性能解決方案，並透過格芯的製造執行力和全球足跡提供了彈性。

Our global manufacturing footprint uniquely positions GF to support our customers' desire to source from the US, Europe, and Asia across all the critical end markets we serve.

我們的全球製造足跡使 GF 能夠滿足客戶在我們服務的所有關鍵終端市場從美國、歐洲和亞洲採購的願望。

These design wins are consistent with our strategy to diversify our technology footprint and markets served and breadth of customer service in our Malta, New York fab.

這些設計勝利與我們的策略是一致的，即使我們的技術足跡和服務的市場多樣化，以及我們在馬耳他和紐約工廠的客戶服務的廣度。

We remain on track to transport capacity across 22-nanometer, 28-nanometer, and 40-nanometer offerings into the Malta facility over the coming years.

我們仍將在未來幾年內向馬耳他工廠輸送 22 奈米、28 奈米和 40 奈米產品的產能。

Upon completion of these transfers, Malta will offer our customers one of the most diversified family solutions here in the US to complement the 12-nanometer FinFET (inaudible) and silicon photonic platforms that are already manufactured there.

完成這些轉讓後，馬耳他將為我們的客戶提供美國最多樣化的系列解決方案之一，以補充已在當地製造的 12 奈米 FinFET（聽不清楚）和矽光子平台。

Our silicon photonics product line positions Fab 8 beyond diversification as data center bandwidth and connectivity requirements continue to rapidly increase.

隨著資料中心頻寬和連接需求持續快速成長，我們的矽光子產品線使 Fab 8 超越了多元化。

GF's monolithic solution is well positioned to win next-generation applications with hyperscalers, leading fabless companies and startups in this phase.

格芯的整體解決方案處於有利地位，能夠贏得超大規模企業、這一階段領先的無晶圓廠公司和新創公司的下一代應用。

Before I pass it over to Niels to discuss our end markets and design win activity, let me now review our third-quarter results, which John will discuss in more detail in his commentary.

在我將其交給尼爾斯討論我們的終端市場和設計獲勝活動之前，讓我現在回顧一下我們的第三季度業績，約翰將在他的評論中更詳細地討論這一點。

As mentioned earlier, revenue in the third quarter increased sequentially to $1.739 billion, which was at the high end of our guidance range.

如前所述，第三季營收季增至 17.39 億美元，處於我們指引範圍的高端。

We reported non-IFRS gross margin of 24.7% in the quarter, which exceeded the midpoint of our guidance range.

我們公佈的本季非 IFRS 毛利率為 24.7%，超過了我們指引範圍的中位數。

We delivered non-IFRS diluted earnings per share of $0.41, which exceeded the high end of our guidance range.

我們的非 IFRS 攤薄每股收益為 0.41 美元，超出了我們指導範圍的上限。

I am also pleased to report another quarter of strong year-over-year free cash flow generation.

我還很高興地報告另一個季度自由現金流同比增長強勁。

Cash flow generation remains a long-term objective for driving the company towards a sustainable foundry expansion model and creating long-term value for our shareholders.

現金流生成仍然是推動公司走向永續代工擴張模式並為股東創造長期價值的長期目標。

We are well on our way to this goal, and we have delivered $779 million of non-IFRS adjusted free cash flow in the year to date.

我們正在努力實現這一目標，今年迄今為止，我們已經交付了 7.79 億美元的非 IFRS 調整後自由現金流。

For the full year 2024, we still anticipate approximately 3 times growth that this metric compared to 2023.

對於 2024 年全年，我們仍預計該指標將比 2023 年增長約 3 倍。

Free cash flow is an important metric for our business and as our cash balance continues to grow and our total leverage reduces, we intend to consider a range of capital allocation strategies.

自由現金流是我們業務的重要指標，隨著我們的現金餘額持續成長和總槓桿率下降，我們打算考慮一系列資本配置策略。

In conclusion, our third-quarter results reflect good progress towards our long-term strategic goals.

總之，我們第三季的業績反映出我們在實現長期策略目標方面取得了良好進展。

I am tremendously proud of our teams around the world, that they executed to plan and partnered closely with our customers on critical design wins to support our growth objectives.

我為我們世界各地的團隊感到非常自豪，他們在關鍵設計方面執行了計劃並與我們的客戶密切合作，以支持我們的成長目標。

So a big thank you to the entire GF team for their hard work and to our customers for their continued trust in us.

非常感謝整個 GF 團隊的辛勤工作，也感謝客戶對我們的持續信任。

With that, over to you, Niels.

好了，尼爾斯，交給你了。

Thank you, Tom, and welcome to everyone on the call.

謝謝你，湯姆，歡迎大家參加電話會議。

I'd like to provide a brief update on some of our key customer partnership and market performance.

我想簡要介紹一下我們的一些主要客戶合作夥伴關係和市場表現。

As Tom said, we are pleased with our ongoing design win momentum.

正如湯姆所說，我們對我們持續的設計獲勝勢頭感到滿意。

Our recent announcement that NXP, using our 22FDX platform, is a key example of what we set out to achieve in our design wins.

我們最近宣布 NXP 使用我們的 22FDX 平台，這是我們在設計中所要實現的目標的關鍵範例。

This collaboration will focus on next-generation solutions for automotive, IoT and smart mobile devices.

此次合作將重點放在汽車、物聯網和智慧行動裝置的下一代解決方案。

More importantly, this will enable an experience to provide more compact and power-efficient solutions, increasing the overall performance of this system solution by leveraging the best manufacturing proximity, via GF's global footprint, including our facility in Malta, New York.

更重要的是，這將帶來提供更緊湊、更節能的解決方案的體驗，透過格芯的全球足跡（包括我們位於紐約馬耳他的工廠），利用最佳的製造鄰近性，提高該系統解決方案的整體性能。

Partnerships like this underscore our capability to deliver cutting-edge solutions that meet the stringent requirements of the end markets we serve, such as automotive grade

像這樣的合作夥伴關係強調了我們提供尖端解決方案的能力，這些解決方案滿足我們所服務的終端市場的嚴格要求，例如汽車級

(inaudible).

（聽不清楚）。

On that note, automotive remains a key growth driver across our end market portfolio and despite higher levels of channel inventory over the last quarter, it served our customers; we are continuing to support the expanding semiconductor content per vehicle.

在這一點上，汽車仍然是我們終端市場產品組合的關鍵成長動力，儘管上季度通路庫存水平較高，但它為我們的客戶提供了服務；我們將繼續支援每輛車不斷擴大的半導體含量。

Our relentless focus on diversifying our product portfolio and gaining market share in this critical end market continued to offset some of the short-term demand dynamics facing the automotive industry.

我們堅持不懈地致力於產品組合多元化並在這個關鍵的終端市場中獲得市場份額，這繼續抵消了汽車行業面臨的一些短期需求動態。

Notwithstanding the sequential revenue decline in the quarter, we expect to remain on track to deliver high-single-digit revenue growth in 2024 in our automotive end market.

儘管本季營收季減，我們預計 2024 年汽車終端市場仍將實現高個位數營收成長。

Longer term, we expect to talk share gains with our customers across automotive applications such as radar, safety, power management, and connectivity.

從長遠來看，我們希望與客戶討論雷達、安全、電源管理和連接等汽車應用領域的份額效益。

We therefore believe that the automotive end market will be an important revenue growth engine for us as a range of automotive semiconductor content and applications continue to grow.

因此，我們相信，隨著一系列汽車半導體內容和應用的持續成長，汽車終端市場將成為我們重要的營收成長引擎。

Turning now to smart mobile devices.

現在轉向智慧型行動裝置。

This end market returned to year-over-year revenue growth in the third quarter.

該終端市場第三季營收恢復年增。

Based on our conversations with our customers, demand for smart mobile devices appears to be returning to modest volume growth in 2024 as customers' inventories begin to normalize.

根據我們與客戶的對話，隨著客戶庫存開始正常化，對智慧行動裝置的需求似乎將在 2024 年恢復適度成長。

Given these inventory dynamics, we believe that our full-year revenue in this end market would be roughly flat.

考慮到這些庫存動態，我們相信我們在這個終端市場的全年收入將大致持平。

We are encouraged by our ongoing design wins, which are proof point of both the technology leadership we established and our growing content gains in this market.

我們對不斷取得的設計勝利感到鼓舞，這證明了我們建立的技術領先地位以及我們在這個市場上不斷增長的內容收益。

As our penetration continues to grow, we are reinforcing our position as a leading provider of higher, front-end content with key design wins in the quarter on our 8SW and 9SW RF SOI platforms.

隨著我們的滲透率不斷增長，我們正在鞏固我們作為高端前端內容領先提供商的地位，本季度我們在 8SW 和 9SW RF SOI 平台上取得了關鍵設計勝利。

We also picked up key design wins on our 22FDX platform for 5G millimeter-wave applications as well as micro-display backplanes for smart glasses and AR applications.

我們還在用於 5G 毫米波應用的 22FDX 平台以及用於智慧眼鏡和 AR 應用的微顯示背板方面獲得了關鍵設計勝利。

We expect continued interest from these applications for mobile and wearables using our 22FDX platform, thanks to its enhanced performance and power efficiency capability.

由於其增強的性能和能源效率，我們預計使用我們的 22FDX 平台的行動和穿戴式裝置應用程式將繼續受到關注。

In IoT, our customers are continuing to carefully manage the inventories, and although we report our sequential revenue growth of 4% in the quarter, this end market is down on a full-year basis due principally to the ongoing inventory levels across both industrial and consumer applications.

在物聯網領域，我們的客戶正在繼續謹慎管理庫存，儘管我們報告本季收入環比增長 4%，但該終端市場全年同比下降，主要是由於工業和工業領域的持續庫存水平。 。

During the third quarter, we secured over 20 new design wins across our IoT end market.

第三季度，我們在物聯網終端市場贏得了 20 多項新設計。

This includes edge applications and our 12-nanometer platforms, next-generation smart cards, and 28-nanometer and connectivity products across both Wi-Fi and Bluetooth on our 22FDX platform.

這包括邊緣應用程式和我們的 12 奈米平台、下一代智慧卡以及 22FDX 平台上跨 Wi-Fi 和藍牙的 28 奈米和連接產品。

Longer-term, we expect our IoT end market to grow as the number of smart and connected devices continue to expand more than expected, driven by the need to sense, acquire, process, and communicate data.

從長遠來看，在感知、獲取、處理和通訊資料的需求的推動下，我們預計物聯網終端市場將會成長，因為智慧和連網設備的數量持續成長超過預期。

Finally, revenue of our communication infrastructure and data center segment declined sequentially into third quarter.

最後，我們的通訊基礎設施和資料中心部門的收入進入第三季連續下降。

Although the node migration of our data center and data centric has [lastly tapered off], this transition of compute to SOP 12-nanometer node is increasing the new and growing opportunities for high bandwidth communication and efficient power conversion and storage applications into data center.

儘管我們的資料中心和以資料為中心的節點遷移[最終逐漸減少]，但計算向SOP 12 奈米節點的過渡正在為資料中心的高頻寬通訊以及高效電源轉換和儲存應用增加新的和不斷增長的機會。

GF's technology portfolio is ideally suited to service this evolving trend.

格芯的技術組合非常適合滿足這一不斷發展的趨勢。

Optical networking and power management, a key battleground for future growth as we remix our product offerings in this end market towards our high-speed silicon germanium and silicon photonics products.

光網路和電源管理是未來成長的關鍵戰場，因為我們將這一終端市場的產品重新組合為高速矽鍺和矽光子產品。

To that end, I'm pleased to report that we're working with three of the largest optical transceiver customers in this space as we focus on silicon photonics and power solutions to address data center requirements ranging from Gen AI servers and high-performance network switches to [start] solutions.

為此，我很高興地報告，我們正在與該領域三個最大的光收發器客戶合作，專注於矽光子和電源解決方案，以滿足從 Gen AI 伺服器和高效能網路等資料中心的需求切換到[開始]解決方案。

Commercial satellite communication is also emerging as a growth vector into this market as large, phased array antennas using satellite ground terminals requires significant higher, front-end silicon content, expanding the market opportunity for GF's silicon germanium and its allied products.

商業衛星通訊也正在成為該市場的成長載體，因為使用衛星地面終端的大型相控陣天線需要更高的前端矽含量，從而擴大了格芯矽鍺及其相關產品的市場機會。

As we discussed on previous earning calls, we believe that the second half 2024 revenue in this end market will be roughly in line with what we have reported for the first half of 2024.

正如我們在先前的財報電話會議上討論的那樣，我們認為該終端市場 2024 年下半年的收入將與我們報告的 2024 年上半年的收入大致一致。

Overall, I'm very pleased to report the positive progress that we're seeing across our design wins in all of the end markets that we support.

總的來說，我很高興地向大家報告我們在我們支持的所有終端市場中所取得的設計勝利所取得的積極進展。

Although short-term demand dynamics remain a focus, we continue to precision GF for long-term growth opportunities by tailoring product features to support the key secular trends and performance requirements our cost will need in each of these end markets.

儘管短期需求動態仍然是一個焦點，但我們繼續透過客製化產品功能來支援關鍵的長期趨勢和我們的成本在每個終端市場所需的效能要求，從而為長期成長機會提供精確的 GF。

I'll now pass the call over to John for a deeper dive on the third-quarter financials.

我現在將把電話轉給約翰，以更深入地了解第三季的財務狀況。

Thank you, Niels.

謝謝你，尼爾斯。

For the remainder of the call, including guidance, other than revenue, cash flow, CapEx, and net interest and other income and expenses, I will reference non-IFRS metrics, which exclude share basic compensation and or restructuring charges.

對於電話會議的其餘部分，包括除收入、現金流量、資本支出以及淨利息和其他收入和支出之外的指導，我將參考非國際財務報告準則指標，其中不包括股票基本薪酬和/或重組費用。

As Tom noted, our third-quarter results exceeded the midpoint of the guidance ranges we provided in our last quarterly update.

正如湯姆指出的那樣，我們第三季的業績超出了我們在上一季更新中提供的指導範圍的中點。

We delivered third quarter revenue of $1.739 billion, which represented a 7% increase over the prior quarter, but a decrease of 6% year over year, principally due to lower shipments of the utilization levels in the mid 70s, consistent with the commentary on our last earnings call.

我們第三季營收為 17.39 億美元，比上一季成長 7%，但年減 6%，主要是由於 70 年代中期利用率水準的出貨量較低，這與我們的評論一致。財報電話會議。

We shipped approximately 549,300-millimeter equivalent wafers in the quarter, up 6% sequentially and down 5% from the prior year period.

本季我們出貨了約 549,300 毫米等效晶圓，比上一季成長 6%，比去年同期下降 5%。

ASP or average selling price per wafer was roughly flat year over year.

平均售價（ASP）或每片晶圓的平均售價與去年同期大致持平。

Wafer revenue from our end markets accounted for approximately 90% of total revenue.

來自終端市場的晶圓收入約佔總收入的90%。

Non-wafer revenue, which includes revenue from radicals, nonrecurring engineering, expedite fees and other items, accounted for approximately 10% of total revenue for the third quarter.

非晶圓收入包括來自自由基、非經常性工程、加急費用和其他項目的收入，約佔第三季總收入的10%。

Let me now provide an update on our revenues by end markets.

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。

Smart mobile devices represented approximately 50% of the quarter's total revenue.

智慧型移動設備約佔該季度總收入的 50%。

Third-quarter revenue increased approximately 14% sequentially and approximately 11% from the prior-year period, principally due to higher seasonal shipments.

第三季營收季增約 14%，較去年同期成長約 11%，主要是因為季節性出貨量增加。

We believe that our customers' inventory levels have begun to normalize and for the full year, we still expect revenue in our largest end market by revenue to be roughly flat on a year-over-year basis.

我們相信，我們客戶的庫存水準已經開始正常化，全年我們仍然預計我們最大的終端市場的收入將與去年同期大致持平。

As outlined by Niels, we are well positioned to support our customers when demand rebounds with our design win momentum supporting the content and feature expansion in smart mobile devices.

正如尼爾斯所概述的，當需求反彈時，我們有能力為客戶提供支持，我們的設計贏得動力，支持智慧行動裝置的內容和功能擴展。

In the third quarter revenue for the home and industrial IoT markets represented approximately 18% of the quarter's total revenue.

第三季家庭和工業物聯網市場的收入約佔該季總收入的 18%。

Third-quarter revenue increased approximately 4% sequentially and decreased 25% from the prior-year period as our customers in the consumer and industrial IoT segments continue to tackle elevated channel inventories.

由於消費者和工業物聯網領域的客戶持續應對通路庫存增加的問題，第三季營收季增約 4%，較上年同期下降 25%。

As discussed by Neils, our design win momentum with customers for home that industrial wireless connected devices is expected to drive long-term growth opportunities.

正如尼爾斯所討論的，我們的設計贏得了家庭客戶的青睞，工業無線連接設備有望推動長期成長機會。

In the short term, we expect that revenue for this end market will continue on a similar path to our third-quarter run rate until there's a meaningful reduction in channel inventory across our customers.

短期內，我們預期該終端市場的營收將繼續與第三季的運行速度類似，直到我們客戶的通路庫存大幅減少。

Automotive remains a key growth segment for us and represented approximately 15% of the quarter's total revenue.

汽車仍然是我們的關鍵成長領域，約佔本季總收入的 15%。

Third-quarter revenue decreased approximately 5% sequentially and 16% from the year prior period due to the timing of customer inventory management.

由於客戶庫存管理的時間安排，第三季營收季減約 5%，年減 16%。

As Niels noted, we expect year-over-year automotive revenue growth to be on the high-single digits for 2024 as we continue to gain share and support our customers across a diverse range of applications.

正如 Niels 所指出的那樣，隨著我們繼續獲得份額並為各種應用領域的客戶提供支持，我們預計 2024 年汽車收入將同比增長將達到高個位數。

Finally, moving onto our communications, infrastructure, and data center end market, which represented approximately 7% of the quarter's total revenue, third-quarter revenue decreased 14% sequentially and approximately 15% year over year as a result of declining volumes.

最後，我們的通訊、基礎設施和資料中心終端市場約佔本季總收入的 7%，但由於銷量下降，第三季營收季減 14%，年減約 15%。

However, this was partially offset by a year-over-year improvement in ASPs.

然而，這被平均售價的同比改善部分抵消。

As Tom and Niels noted, we are gaining new design wins in this end market in the areas of power connectivity and optical networking as the range of data center and communications infrastructure applications continues to grow.

正如 Tom 和 Niels 所指出的那樣，隨著資料中心和通訊基礎設施應用範圍的不斷擴大，我們在電力連接和光纖網路領域的終端市場中獲得了新的設計勝利。

Moving next to gross profit.

接下來是毛利。

For the third quarter, we delivered gross profit of $429 million, which was above the midpoint of our guided range and translates into approximately 24.7% gross margin.

第三季度，我們實現了 4.29 億美元的毛利，高於我們指導範圍的中點，相當於毛利率約為 24.7%。

Gross margin also exceeded the midpoint we had indicated and as discussed in our second-quarter earnings call, revenue from customer volume adjustments in the third quarter reduced by roughly half from the prior quarter.

毛利率也超過了我們指出的中點，正如我們在第二季度財報電話會議中所討論的那樣，第三季度來自客戶量調整的收入比上一季度減少了大約一半。

We expect that these adjustments will be similar in the fourth quarter.

我們預計這些調整將在第四季類似。

Operating expenses for the third quarter represented approximately 11% of total revenue.

第三季的營運費用約佔總收入的11%。

R&D for the quarter increased to $122 million and SG&A declined sequentially to $71 million.

該季度的研發費用增加至 1.22 億美元，SG&A 環比下降至 7,100 萬美元。

Total operating expenses declined sequentially to $193 million in the quarter and incorporated and advanced manufacturing investment tax credit of $16 million.

本季總營運費用較上季下降至 1.93 億美元，合併和先進製造投資稅收抵免為 1,600 萬美元。

As discussed on our last earnings call, as we continue to spend on qualifying US expenses and capital assets, in 2024 and beyond, we expect to continue to receive these benefits through the life of the program.

正如我們在上次財報電話會議上所討論的，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 $236 million for the quarter, which translates into an operating margin of 13.6%, which is the high end of our guided range and 380 basis points below the prior-year period.

本季我們實現了 2.36 億美元的營業利潤，相當於 13.6% 的營業利潤率，這是我們指導範圍的上限，比去年同期低了 380 個基點。

Third-quarter net interest income and other income and expense was $10 million, and we incurred income tax expense of $17 million in the quarter.

第三季淨利息收入和其他收入和支出為 1,000 萬美元，本季產生的所得稅費用為 1,700 萬美元。

We reported third-quarter net income of $229 million, a decrease of approximately $79 million from the year-ago period.

我們報告第三季淨利潤為 2.29 億美元，比去年同期減少約 7,900 萬美元。

As a result, we reported diluted earnings of $0.41 per share for the third quarter, which was above the high end of our guidance range.

因此，我們報告第三季稀釋後每股收益為 0.41 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.

現在讓我提供一些關鍵的資產負債表和現金流量指標。

Cash flow from operations for the third quarter was $375 million.

第三季營運現金流為 3.75 億美元。

CapEx for the quarter was $162 million or roughly 9% of revenue.

該季度的資本支出為 1.62 億美元，約佔收入的 9%。

Adjusted 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 equipment and tangible assets has set out on the statement of cash flows was $216 million.

本季調整後的自由現金流（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財產、工廠設備和有形資產的採購） 2.16 億美元。

At the end of the third quarter, our combined total of cash, cash equivalents, and marketable securities stood at approximately $4.3 billion.

截至第三季末，我們的現金、現金等價物及有價證券總額約為 43 億美元。

We also have a $1 billion revolving credit facility which remains undrawn.

我們還有 10 億美元的循環信貸額度尚未動用。

Next, let me provide you with our outlook for the fourth quarter of 2024.

接下來，讓我向您提供我們對 2024 年第四季的展望。

We expect total GF revenue to be between $1.8 billion and $1.85 billion.

我們預計 GF 總收入將在 18 億美元至 18.5 億美元之間。

Of this, we expect non-wafer revenue to be approximately 10% of total revenue.

其中，我們預期非晶圓收入將佔總收入的10%左右。

We expect gross profit to be between $432 million and $481 million, which at the midpoint is 25%.

我們預計毛利將在 4.32 億美元至 4.81 億美元之間，中間值為 25%。

Excluding share-based compensation, but including the benefit related to the advanced manufacturing investment tax credit, for the fourth quarter, we expect total OpEx to be between $180 million and $200 million.

不包括基於股權的薪酬，但包括與先進製造投資稅收抵免相關的收益，我們預計第四季度的總營運支出將在 1.8 億美元至 2 億美元之間。

We expect the operating profit to be between $232 million and $301 million.

我們預計營業利潤將在 2.32 億美元至 3.01 億美元之間。

At the midpoint of our guidance, we expect share-based compensation to be up approximately $50 million, of which roughly $14 million is related to cost of goods sold and approximately $36 billion is related to OpEx.

在我們指導的中點，我們預計基於股份的薪酬將增加約 5,000 萬美元，其中約 1,400 萬美元與銷售商品成本相關，約 360 億美元與營運支出相關。

We expect net interest income and other income for the quarter to be between $ 7 million and $15 million and income tax expense to be between $23 million and $35 million.

我們預計本季淨利息收入和其他收入將在 700 萬美元至 1500 萬美元之間，所得稅費用將在 2,300 萬美元至 3,500 萬美元之間。

We expect net income to be between $216 million and $281 million.

我們預計淨利潤將在 2.16 億美元至 2.81 億美元之間。

On a fully diluted share count of approximately 550 million shares, we expect earnings per share for the fourth quarter to be between $0.39 and $0.51. For the full year of 2024, we maintain our CapEx guidance of approximately $700 million.

根據約 5.5 億股的完全稀釋後股票數量，我們預計第四季每股收益將在 0.39 美元至 0.51 美元之間。 2024 年全年，我們維持約 7 億美元的資本支出指引。

And as Tom indicated, we expect this to provide GF an opportunity to focus on delivering adjusted free cash flow generation in 2024, approaching $1 billion.

正如 Tom 所指出的，我們預計這將為 GF 提供一個機會，專注於在 2024 年實現調整後的自由現金流生成，接近 10 億美元。

In summary, the dedication from our employees across the world and their continued efforts to expand our differentiated product offerings in key growth markets enabled us to achieve third-quarter results at the high end of the guidance ranges we provided in our second-quarter earnings update.

總而言之，我們世界各地員工的奉獻精神以及他們在主要成長市場擴大差異化產品供應的持續努力，使我們能夠在第二季度收益更新中提供的指導範圍的高端實現第三季度業績。

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

接下來，讓我們開始問答環節。

Operator?

操作員？

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）Ross Seymore，德意志銀行。

Hi, guys.

嗨，大家好。

Thanks for [taking] the question and congrats on the solid execution.

感謝您提出問題並祝賀您的出色執行。

Tom, I guess my first question is for you.

湯姆，我想我的第一個問題是問你的。

And what I'm really trying to do is reconcile the strength you're exhibiting in the second half of this year to the weakness of a number of your customers.

我真正想做的是協調你們今年下半年所展現的優勢與一些客戶的弱點。

And then perhaps more importantly, how does that set you up for 2025?

也許更重要的是，這將如何為 2025 年做好準備？

What are the puts and takes that are kind of the idiosyncratic benefits that you're enjoying relative to the macro market, which doesn't seem to be so strong?

相對於宏觀市場而言，您所享有的看跌期權和看跌期權有哪些特殊的好處，而宏觀市場似乎不那麼強勁？

Good morning, Ross.

早安，羅斯。

Really good question.

真是個好問題。

So let's start with the first part of this, which is why GF may be the best way to save, bucking the trend a little bit.

因此，讓我們從第一部分開始，這就是為什麼 GF 可能是最好的儲蓄方式，稍微逆勢而行。

I think it really comes down to two factors.

我認為這實際上可以歸結為兩個因素。

The breadth of the end markets we play in, and pretty well distributed, but we have a high concentration in smart mobile devices.

我們涉足的終端市場廣泛且分佈均勻，但我們高度集中在智慧移動設備領域。

Third quarter was 50% of revenue in our automotive business.

第三季的營收占我們汽車業務的 50%。

And even in a year, we hear a lot about sluggishness in the auto end markets.

即使在一年內，我們也聽到很多關於汽車終端市場低迷的消息。

We're growing high-single digits.

我們正在實現高個位數成長。

And so smart mobile devices, remember they had their down period two years ago.

所以智慧移動設備，請記住它們在兩年前經歷過低迷期。

And so they've become a steady state.

所以他們已經成為一個穩定的狀態。

And the opportunity for growth for us in the auto has been growing.

我們在汽車產業的成長機會一直在增加。

And a lot of that is the design wins over the last five, six years.

其中很大一部分是過去五、六年的設計勝利。

It's not just that more content in cars are growing.

這不僅僅是汽車內容的增加。

We've won more sockets in cars and we expect that to continue, and auto is a growth engine for GlobalFoundries.

我們已經贏得了更多的汽車插座，我們預計這種情況會持續下去，而汽車是 GlobalFoundries 的成長引擎。

So I think it's really the combination of those two elements, the breadth of our end markets and in particular, the concentration of smart mobile devices in auto in our revenue.

因此，我認為這實際上是這兩個因素的結合，即我們終端市場的廣度，特別是汽車智慧型行動裝置在我們收入中的集中度。

Now, 2025.

現在，2025 年。

So let me first start by putting a little context in this by talking about 2024.

首先，讓我先介紹一下 2024 年的背景。

We began the year and we said Q1 would be the low point in revenue and that we would sequentially grow every quarter.

今年年初，我們表示第一季將是營收的最低點，我們將每季依序成長。

And so, that's exactly what we did in.

所以，這正是我們所做的。

Q2 over Q1 was 7% growth, results today of Q3 over Q2 was another 5%.

第二季較第一季成長 7%，今天第三季的業績較第二季又成長 5%。

And then we just guided in Q4 for further growth.

然後我們剛剛在第四季度指導了進一步的成長。

On top of that, we were also -- let's not lose sight of the fact that we're going to be on track to deliver $1 billion of free cash flow, and that's with utilizations in the mid-70s.

最重要的是，我們也不要忽視這樣一個事實，即我們將有望實現 10 億美元的自由現金流，而這是 70 年代中期的利用率。

I think that's pretty impressive, shows the power of the cash generation of our business.

我認為這非常令人印象深刻，顯示了我們業務產生現金的力量。

So we think that 2025 for GF, as we stand here today, and this is in the face of why we don't like to guide more than one quarter at a time, but if it's fair to talk a little bit about 2025.

因此，當我們今天站在這裡時，我們認為 GF 的 2025 年是，這就是為什麼我們不喜歡一次指導超過一個季度的原因，但如果公平地談論一下 2025 年的話。

It's going to be an up year for GlobalFoundries.

對 GlobalFoundries 來說，今年將是成長的一年。

The magnitude of that really is going to be tied to how the industry performs and probably how it performs relative to the macro economy.

其幅度確實與該產業的表現以及相對於宏觀經濟的表現有關。

And given that we are almost halfway through Q1 and most of the wafers that we will ship, the [WIP] is in the line for Q1.

鑑於我們第一季已接近一半，並且我們將運送大部分晶圓，[WIP] 已在第一季的生產線中。

I can tell you one thing about Q1 for 2025.

我可以告訴你關於 2025 年第一季的一件事。

Year over year, Q1 2025 compared to Q1 2024, will have some growth; on the other end of that, the sequential 4Q this year to Q1 will be in the high end of the decline in cyclicality.

與去年同期相比，2025 年第一季與 2024 年第一季相比，將會有一些成長；另一方面，今年第四季至第一季將處於週期性下降的高端。

And so, while we're growing year on year, it will be in the high end of the cyclicality of the normal range of cyclicality we see on a Q4 to Q1.

因此，雖然我們逐年成長，但它將處於我們在第四季度到第一季看到的正常週期性範圍的高端。

And I'll just leave it at that, Ross.

我就這樣吧，羅斯。

Do you have any follow-on?

你還有後續嗎？

Yeah, just wanted to pivot over to the gross margin side.

是的，只是想轉向毛利率方面。

So one quickly for John on that.

約翰很快就知道了這一點。

I guess, a little clarification when you talked about the benefits that you guys were cutting in half in the third quarter and the LTSA side of things, you meant that that stays at about the same absolute level in the fourth quarter, not getting cut in half again?

我想，當您談到你們在第三季度將收益削減一半以及 LTSA 方面的好處時，需要澄清一點，您的意思是在第四季度保持在相同的絕對水平，而不是被削減又一半？

And then my bigger your question is, how do you think of the puts and takes on gross margin as we think of 2025?

然後我更大的問題是，當我們考慮 2025 年時，您如何看待看跌期權和看跌期權的毛利率？

Yes, Ross, thanks for the question.

是的，羅斯，謝謝你的提問。

First point is, you did understand me, right?

第一點是，你確實理解我的意思，對嗎？

Roughly the same in terms of the absolute number in fourth quarter and what we saw in the third quarter.

第四季的絕對數量與第三季的絕對數量大致相同。

Let me just talk more broadly about profitability, if I can.

如果可以的話，讓我更廣泛地談談獲利能力。

I know we're pleased with our results through versus this year.

我知道我們對今年的結果感到滿意。

We've seen a steady delivery of net income and EPS through the course of this year in 2024.

我們看到 2024 年淨利和每股盈餘穩定實現。

On the gross profit margin, if you look at the other utilization charges that we've generated, which has had a very positive effects and partially offset the lack of loadings in the factories, we can quantify that as roughly about 4 points of benefit in Q1, roughly 3 points in Q2, about a 1.5 points in the third quarter, and [a little less than] that in the fourth quarter.

就毛利率而言，如果你看看我們產生的其他使用費用，這產生了非常積極的影響，部分抵消了工廠負荷的不足，我們可以將其量化為大約 4 個百分點的收益Q1，Q2大約3分，第三節約1.5分，第四節[略低於]。

So the point is, Ross, net of that, we've actually seen an improvement in gross profit margin as our utilization has stabilized on the back of operating leverage with revenue coming up sequentially every quarter in the year, just as Tom had indicated.

所以，羅斯，重點是，除此之外，我們實際上看到了毛利率的改善，因為我們的利用率在營運槓桿的支持下已經穩定，收入在一年中每個季度都在連續增長，正如湯姆所指出的。

And as we look into 2025, it's really that as we see recovery in the industry, ongoing recovery and continued improvement in utilization, we would expect a similar positive effect on our gross profit margins.

當我們展望 2025 年時，我們確實會看到行業的復甦、持續的復甦以及利用率的持續改善，我們預計毛利率也會受到類似的正面影響。

Thank you.

謝謝。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Hi, thanks for taking my question and congrats on the strong results.

您好，感謝您提出我的問題，並祝賀取得了優異的成績。

Tom, I have two of them.

湯姆，我有兩個。

First one is question on the overall ASP environment.

第一個是關於整個ASP環境的問題。

Your pricing has been surprisingly resilient this year, but one of your peers have spoken about some pricing adjustment in March quarter, another peer seems to be okay.

今年你們的定價出乎意料地有彈性，但你們的一位同行談到了三月份季度的一些定價調整，另一位同行似乎還不錯。

Some it kind of feels like there's a lot of mixed messages on pricing out there.

有些人感覺定價方面存在著許多混雜的資訊。

So Tom, can you just help us with some color on pricing trends and how to think about it in calendar '25?

Tom，您能幫助我們了解定價趨勢以及如何在 25 日曆中考慮它嗎？

And then I'll add a quick follow-up.

然後我將添加一個快速跟進。

Yeah, so let's start with the big foundry player in the industry.

是的，讓我們從業內的大型代工廠商開始。

They represent 30% of all the wafers that are shipped, TSMC.

它們佔台積電出貨總量的 30%。

They've been very clear that they see a lot of pressure on costs.

他們非常清楚，他們看到了很大的成本壓力。

Most recent articles about how energy prices in Taiwan is the highest anywhere in the world.

關於台灣能源價格如何成為世界上最高的最新文章。

They're expanding capacity.

他們正在擴大產能。

So they are -- in deploying capital, you need to get a return on that.

所以他們是——在部署資本時，你需要獲得回報。

Deploying capital in regions where their cost structures are going to be challenged, until they've talked repeatedly about this in a constructive environment for pricing.

將資本部署到成本結構將受到挑戰的地區，直到他們在建設性的定價環境中反覆討論這一點。

And so when the big rational player understands that inflation is part of our industry and recognizes that needs to be shared, that sets the tone for pricing.

因此，當理性的大玩家了解通貨膨脹是我們行業的一部分並認識到需要共享時，就會為定價定下基調。

Now, what is GF's scheme and what do we see going into 2025?

現在，GF 的計畫是什麼？

If you look at our results, we have been roughly flat on pricing this year.

如果你看一下我們的結果，你會發現今年我們的定價大致持平。

But remember, our LTAs give us a lot of certainty.

但請記住，我們的長期協議給了我們很大的確定性。

They give us certainty to give our customers certainty, remember they're based on fixed volume, fixed duration, and fixed pricing.

它們使我們能夠確定性地為客戶提供確定性，請記住它們是基於固定數量、固定期限和固定價格的。

And so that's the rules of the game we play under.

這就是我們所遵循的遊戲規則。

And so you've seen it in our results.

所以您已經在我們的結果中看到了這一點。

But as we think about 2025, more of our revenue is going to come outside of these long-term agreements.

但當我們考慮 2025 年時，我們的更多收入將來自這些長期協議之外。

It's going to come on kind of a [noncommitted] deal basis.

它將在某種[非承諾]交易的基礎上進行。

And we see the opportunity at the two years of inflation that we've had to offset our costs against the opportunity to have these discussions to actually get better pricing for our technology.

我們看到了兩年通貨膨脹的機會，我們必須透過這些討論來抵消我們的成本，從而真正為我們的技術獲得更好的定價。

And that's what we see in 2025.

這就是我們在 2025 年看到的情況。

You'll hear anecdotal one-time events of people giving some pricing for tactical load.

您會聽到人們為戰術負載定價的軼事一次性事件。

I don't think I would confuse that with the general trend we see.

我認為我不會將其與我們看到的整體趨勢混淆。

And remember, a lot of GF's business is sole source, single-source type business, which means we have a special engagement, our customers on setting the value of capture and creation for both of us.

請記住，GF 的許多業務都是單一來源、單一來源類型的業務，這意味著我們與客戶有特殊的合作關係，為我們雙方設定捕獲和創造的價值。

I'll just leave it at that.

我就這樣吧。

Do you have a follow-on?

你有後續嗎？

Yes, Tom, and thanks for that very hopeful of feedback.

是的，湯姆，感謝您的充滿希望的回饋。

My quick follow-up is on smart mobile.

我的快速跟進是在智慧型手機上。

Obviously, it's a very important part of your revenue stack.

顯然，這是您收入來源中非常重要的一部分。

Can you talk a bit about the demand and seasonality trends in this segment, especially as we head into 2025?

您能否談談該細分市場的需求和季節性趨勢，特別是在我們即將進入 2025 年？

And also, is the strength here coming from the RF components or power devices, what process node the smart mobile is focused on?

還有，這裡的優勢是來自射頻元件還是功率元件，智慧型手機主要關注哪些製程節點？

Thank you very much.

非常感謝。

Well, this is right in Neil's wheelhouse.

嗯，這就是尼爾的駕駛艙。

I'm going to let him take this.

我會讓他接受這個。

Yes, good morning.

是的，早安。

This is Neil.

這是尼爾.

So yes, on smart mobile devices, we talked a little bit about when we opened up the call today, basically getting back to a year of growth.

所以，是的，在智慧型行動裝置上，我們今天打開電話時討論了一些，基本上回到了成長的一年。

I think we are very well known for our position in the premier [tier] phones.

我認為我們因在頂級手機中的地位而聞名。

But maybe I can also add that from a design win standpoint, we have seen really good growth in China where we have expanded into 5G, both low- and mid-tier phones.

但也許我還可以補充一點，從設計獲勝的角度來看，我們在中國看到了非常好的成長，我們已經擴展到 5G，包括中低階手機。

So starting to see business coming in with the three of the major players in China in addition to the usual premier phones that we're well known phone today.

因此，除了我們今天眾所周知的通常的頂級手機之外，開始看到中國三大主要廠商的業務進來。

They've got the technologies, this is on 8SW, 9SW SOI, it's on our SiGe as well as -- we're starting to have some early traction on the [IFM] portfolio as well for SMD.

他們擁有技術，這是在 8SW、9SW SOI 上，在我們的 SiGe 上，以及——我們開始對 [IFM] 產品組合以及 SMD 產生一些早期吸引力。

Thanks, Niels.

謝謝，尼爾斯。

Thanks, Tom.

謝謝，湯姆。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yes, thank you.

是的，謝謝。

I guess the first question is just getting some more detail on the impact of the customer underutilization payments as we go into next year.

我想第一個問題只是在進入明年時獲取有關客戶未充分利用付款的影響的更多詳細資訊。

You gave some commentary about how that would go, it's right that that kind of gets down to de minimis levels as we get into the first half of next year.

你對這將如何發展發表了一些評論，隨著我們進入明年上半年，這種情況會降到最低水平，這是正確的。

And then just following on that, Tom, you provided some commentary on the March quarter.

接下來，湯姆，您對三月季度提供了一些評論。

And I think what I heard you say is still up year on year, but on the higher end, there's seasonality.

我認為我聽到你說的情況仍然逐年上升，但從高端來看，存在季節性。

And it seems like if that's the case -- and it sort of implies sort of a down high-single digits in Q1 basis.

看來情況確實如此——這有點意味著第一季的高個位數下降。

So if you could confirm my math is right on that?

那你能確認我的數學是正確的嗎？

Yes, Chris, this is John.

是的，克里斯，這是約翰。

I'll take the first part.

我將採取第一部分。

You are interpreting that correctly.

你的解釋是正確的。

We've been through a number of customer discussions with the LTAs through the course of 2023 and 2024.

在 2023 年和 2024 年期間，我們與長期協議進行了許多客戶討論。

We're seeing less of those now and we're seeing the effect of that less material to our overall gross profit outlook, including in the fourth quarter of just roughly just over a point of effect on the first quarter, I mean, fourth quarter.

我們現在看到的這些影響越來越少，我們看到這種影響對我們整體毛利前景的影響越來越小，包括在第四季度，對第一季度的影響大約略高於第一季度，我的意思是，第四季。

And as we look up into next year, first half of next year, we see a similar dynamic, less material to the overall gross profit margin story here.

當我們展望明年、明年上半年時，我們會看到類似的動態，但對整體毛利率的影響較小。

And I'll let Tom take the next part of that question.

我將讓湯姆回答這個問題的下一部分。

Chris, you've done the math right on that side in this.

克里斯，你在這方面的計算是正確的。

Do you have a follow-up, Chris?

克里斯，你有後續行動嗎？

I do, and the other question is a little bit bigger picture, but there's two competing dynamics of what's going in your foundry segment.

我確實這麼認為，另一個問題是一個更大的問題，但是代工領域存在著兩種相互競爭的動態。

One is what I think you benefit from a while, which is your customers want to diversify their supply geographically.

一是我認為您暫時受益，即您的客戶希望在地域上實現供應多元化。

But there's another in that --we're starting to see a bifurcation where for again, for geopolitical reasons, customers are tending to want to produce locally within China for that product that's within China.

但還有另一個問題——我們開始看到一個分歧，出於地緣政治原因，客戶往往希望在中國本地生產該產品。

As you look at your business going forward, how do you kind of balance those two things in terms of the opportunity for business coming your way because of where you are geographically located as compared to some of the customers having some incentive to produce in China?

當您展望未來的業務時，您如何平衡這兩件事，因為您所處的地理位置與一些有動力在中國生產的客戶相比，您將如何平衡這兩件事？

It's a really good question, Chris, because it's like what's your tailwind, which are headwinds.

克里斯，這是一個非常好的問題，因為這就像什麼是你的順風，什麼是逆風。

For China, I'll come to that in a second.

對於中國，我稍後會談到這一點。

But let's talk about China for the rest of world.

但讓我們為世界其他國家談談中國。

We, just a month ago, had and over the summer we had three global technology summits.

就在一個月前，我們在整個夏天舉辦了三場全球技術高峰會。

So GF hosted events for customers and ecosystem partners.

因此，格芯為客戶和生態系統合作夥伴舉辦了活動。

We had three times as many partners and customers at our Shanghai event than we had in the US and in Europe.

我們在上海舉辦的活動中擁有的合作夥伴和客戶數量是在美國和歐洲的三倍。

Now, by the way, the US and Europe events were well attended, but this gives you an idea of how the fabless companies of China have a strategy in

順便說一下，現在美國和歐洲的活動參與人數很多，但這讓你了解中國的無晶圓廠公司如何制定策略

[plus one].

[加一]。

They need, yes, local for local, but they also need a geographically diverse foundry like GF and very few given them this to support their worldwide business.

是的，他們需要在地化，但他們也需要像 GF 這樣的地域多元化的代工廠，而很少有人能提供這樣的代工廠來支持他們的全球業務。

In fact, they taught us of an expression they use: NCNT, No China, No Taiwan in their N+1 strategy.

事實上，他們教會了我們他們在 N+1 策略中使用的一句話：NCNT、No China、No Taiwan。

And so they're building their business around being a global supplier, recognizing they need to supply sources.

因此，他們意識到自己需要供應貨源，並圍繞成為全球供應商開展業務。

And GF is the most logical choice for them in the representation at our GTS, the kind of design wins alluded to three of the four major players in the front-end modules, content or content for smart mobile devices, are all engaged with GF.

在我們的 GTS 展會上，GF 是他們最合理的選擇，這種設計勝利提到了前端模組、內容或智慧型行動裝置內容的四個主要參與者中的三個，都與 GF 合作。

So that's the big part of the tailwind.

所以這是順風的重要部分。

Now, there is a headwind of local for local and its GF's job to figure out how we partner and take advantage of some of that opportunity there.

現在，本地對本地來說存在著逆風，其 GF 的工作就是弄清楚我們如何合作並利用那裡的一些機會。

I believe very strongly that our tailwind offsets by more than some of headwinds we face in the localization because first of all, it can take a long time for the types of differentiated technology our customers get from -- need from us in China.

我堅信，我們的順風會被我們在本地化中面臨的一些逆風所抵消，因為首先，我們的客戶從我們那裡獲得所需的差異化技術可能需要很長時間。

And I think there's an opportunity for partnerships for us to even improve on that.

我認為我們有機會透過合作來改進這一點。

I hope that helps.

我希望這有幫助。

Thank you.

謝謝。

Mehdi Hosseini, Susquehanna International Group.

邁赫迪‧侯賽尼 (Mehdi Hosseini)，薩斯奎哈納國際集團。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

First one is for Tom.

第一個是給湯姆的。

I want to go back to what you said earlier discussing the design wins across the platform.

我想回到您之前所說的，討論整個平台的設計勝利。

Can you give us a sense of what specific segments of the market these design wins are happening and when should we expect any material contribution?

您能否讓我們了解這些設計贏得了哪些具體的市場區隔以及我們何時應該期待任何實質貢獻？

And I do have a follow-up.

我確實有後續行動。

So I'll talk a little bit high level about design wins in our funnel.

因此，我將在我們的漏斗中談論一些關於設計勝利的高層次內容。

For GF to outgrow the industry when this thing turns around, it's all predicated on converting our funnel of opportunities into design wins and tape-outs in business, and we've really accelerated our commercial engine on that point.

當情況好轉時，格芯要超越行業，一切都取決於將我們的機會管道轉化為設計勝利和業務流片，在這一點上我們確實加速了我們的商業引擎。

We feel confident that we had this clarity around what does our funnel need to be in total size to be able to outgrow the industry and a very disciplined process of identifying and qualifying, driving those leads into actions on design win and tape-out.

我們相信，我們已經清楚地了解了我們的漏斗總規模需要達到什麼程度，才能超越行業的發展，並製定了非常嚴格的識別和資格流程，推動這些潛在客戶採取設計獲勝和流片的行動。

For the specifics around some of the wins we're really excited about, I'm going to hand it over to Niels.

對於我們真正興奮的一些勝利的具體細節，我將把它交給尼爾斯。

Yeah, thanks, Tom.

是的，謝謝，湯姆。

Maybe the best way to talk about our confidence in delivering superior revenue growth and accretive margins moving forward, really, I think the best way to do it is for me to talk about GlobalFoundries' growth strategy and speak specifically default pillars that we based that strategy on.

也許談論我們對實現卓越收入成長和利潤成長的信心的最佳方式，實際上，我認為最好的方式是談論 GlobalFoundries 的成長策略，並具體談論我們基於該策略的預設支柱在。

So the four pillars we base it on a basis: the essential chip technology; focus on high-growth market segments and battlegrounds; global-for-local manufacturing in all three major regions; and then a balanced customer support model.

因此，我們將其建立在四個支柱的基礎上：基本的晶片技術；聚焦高成長的細分市場與戰場；所有三個主要地區的全球本地化製造；然後是平衡的客戶支援模型。

So let me walk you through what we mean with these four pillars.

那麼，讓我來向您介紹一下這四大支柱的含義。

So starting out with essential chip technology, just to maybe ensure that everybody knows what essential chip technology is, the best way to talk about it is, really, it is the technology -- the major technologies behind embedded processing, analog, and power.

因此，從基本晶片技術開始，也許只是為了確保每個人都知道什麼是基本晶片技術，談論它的最好方式是，實際上，它就是技術——嵌入式處理、模擬和電源背後的主要技術。

And if you think about companies out there that are in these spaces today that are well-known; companies like TI, ADI, and ASP.

如果你想想當今這些領域的知名公司； TI、ADI 和 ASP 等公司。

So that's really the technologies that we are focused on.

這確實是我們關注的技術。

It's 10-nanometer and above.

是10奈米以上。

Within essential chip technology, you then get down to three major areas of technology: CMOS, and within CMOS you have bulk, which is a typical commodity, second-source type of CMOS; you got feature-rich CMOS, and you've got ultra-low power CMOS.

在基本晶片技術中，您可以深入了解三個主要技術領域：CMOS，在 CMOS 中，您可以看到批量，這是一種典型的商品、第二來源類型的 CMOS；您擁有功能豐富的 CMOS，並且擁有超低功耗 CMOS。

Within RF, you have SOIs, silicon germanium, and GaN.

在射頻領域，有 SOI、矽鍺和 GaN。

And within power, it's really the BCD technologies, the MOSFET, the silicon carbide, and the GaN.

在功率方面，它實際上是 BCD 技術、MOSFET、碳化矽和 GaN。

So that's what essential chip technology -- what the market is and what the technologies are.

這就是晶片技術的本質——市場是什麼，技術是什麼。

There are people that are focused on there.

有人專注於那裡。

Now if I take GF's strategic overlay and put it on these these three technology areas, we basically can talk about it in the following technology product mixes.

現在如果我把格芯的策略疊加放在這三個技術領域的話，我們基本上可以在下面的技術產品組合中來談。

Frst, ultra-low power CMOS.

首先，超低功耗CMOS。

This is where we have our 12LP and our 22FDX technologies.

這就是我們擁有 12LP 和 22FDX 技術的地方。

Our focus here is the 22FDX to offer 30% to 50% high performance and/or 30% to 50% lower power at the same kind of performance levels.

我們這裡的重點是 22FDX 在相同的效能水準下提供 30% 到 50% 的高效能和/或降低 30% 到 50% 的功耗。

The latest NXP announcement that we just did a few weeks back, we're excited on 22FDX, we're most excited for the reasons of providing the higher power -- the higher performance and a lower power.

幾週前我們剛發布的最新恩智浦公告，我們對 22FDX 感到興奮，我們最興奮的是提供更高功率的原因——更高的性能和更低的功耗。

And those wins were across multiple applications, like I mentioned earlier, automotive, IoT, SMD.

這些勝利涉及多個應用，就像我之前提到的，汽車、物聯網、SMD。

Next to ultra-low power CMOS, you've got feature-rich CMOS, which really is focused on sensing, computing, and display.

除了超低功耗 CMOS 之外，還有功能豐富的 CMOS，它真正專注於感測、運算和顯示。

This is 28-nanometer and above.

這是 28 奈米及以上。

A good example here of the technologies we have and the differentiation we have is our 40-nanometer NVM technology that now is powering the number one automotive MCU portfolio in the world.

我們擁有的技術和差異化的一個很好的例子是我們的 40 奈米 NVM 技術，該技術現在正在為世界排名第一的汽車 MCU 產品組合提供動力。

But other areas like display and imaging are also very prominent in that space.

但顯示和成像等其他領域在該領域也非常突出。

Next we have RF, basically the 8SW, the 9SW, the silicon germanium, and our RF GaN with the recent Finwave announcement.

接下來我們有 RF，基本上是 8SW、9SW、矽鍺，以及最近發布的 Finwave 的 RF GaN。

Very differentiated technology, single-source across the gamut there.

非常差異化的技術，跨領域的單一來源。

Power being the fourth one, 130 BCD, 55 BCD, 650-volt and 200-volt and 100-volt GaN, the latest acquisition we announced there with Tagore on the GaN side, really focusing in on higher integration of GaN devices.

Power 是第四個，130 BCD、55 BCD、650 伏特、200 伏特和 100 伏特 GaN，這是我們在 GaN 方面宣布與 Tagore 進行的最新收購，真正專注於 GaN 裝置的更高集成度。

And then lastly, silicon photonics where we offer the highest bandwidth at the lowest power.

最後是矽光子學，我們以最低的功率提供最高的頻寬。

And we mentioned earlier, three major players in optical transceivers are engaged with us in that.

我們之前提到，光收發器領域的三大廠商正在與我們合作。

So that's really the essential chip technology pillar.

所以這確實是重要的晶片技術支柱。

That's the first one, differentiated technology, single-sourced and highly tailored to what our customers need into segments they're playing in.

這是第一個，差異化技術，單一來源，並根據客戶所在細分市場的需求進行高度客製化。

The second part of -- the second pillar of the strategy is really the high-growth market segments and battlegrounds.

該策略的第二個支柱實際上是高成長的細分市場和戰場。

And that's an example here, we are growing our service addressable market from $60 billion.

這就是一個例子，我們的服務目標市場正在從 600 億美元成長。

We expect that to go to about $120 billion by 2031.

我們預計到 2031 年這一數字將達到約 1200 億美元。

Key markets there are automotive, smart mobile devices, industrial, and home IoT and of course, communication infrastructure and data centers.

主要市場包括汽車、智慧移動設備、工業和家庭物聯網，當然還有通訊基礎設施和資料中心。

And as you look into those markets, we're focusing on the key battlegrounds that drive superior growth; that would be automotive safety, powertrain, body electronics, and automotive.

當您研究這些市場時，我們將重點關注推動卓越成長的關鍵戰場；這將是汽車安全、動力總成、車身電子和汽車。

Of course, in SMDS, they are high front end.

當然，在SMDS中，它們是高階的。

WiFi, audio haptics, display and imaging, and IoT, it's home and industrial, AI at the edge, MCU, Bluetooth, WiFi, aerospace, and defense.

WiFi、音訊觸覺、顯示器和成像、物聯網、家庭和工業、邊緣人工智慧、MCU、藍牙、WiFi、航空航天和國防。

And lastly, in communication infrastructure and data center, besides silicon photonics that we mentioned earlier and power delivery, we are also seeing a quite interesting growth of design wins in in the commercial satellite communications space.

最後，在通訊基礎設施和資料中心中，除了我們之前提到的矽光子學和電力傳輸之外，我們還看到商業衛星通訊領域的設計勝利出現了相當有趣的成長。

You mentioned that earlier, the large phased array antennas.

您之前提到過大型相控陣天線。

We have a major win there that we believe is going to drive some meaningful growth off for GlobalFoundries moving forward.

我們在那裡取得了重大勝利，我們相信這將推動 GlobalFoundries 向前邁進一些有意義的成長。

So the first pillar is really the global-for-local manufacturing.

因此，第一個支柱實際上是全球本地製造。

We are in all three key regions: Singapore, Germany, and the US.

我們遍佈三個關鍵地區：新加坡、德國和美國。

We are at scale with our manufacturing; we have 300-millimeter factories in all three regions.

我們的製造規模化；我們在所有三個地區都有 300 毫米工廠。

We have automotive and dual qualification on all our major technologies.

我們在所有主要技術上都擁有汽車和雙重資格。

So we can support almost any technology needs out there from an automotive standpoint.

因此，從汽車的角度來看，我們幾乎可以支援任何技術需求。

And we give the security of the dual qualification across factories.

而我們給予跨工廠的雙重資質保障。

And we have a very CapEx-efficient capacity expansion model for the next few years as we move forward.

隨著我們的前進，我們在未來幾年擁有一個非常資本支出高效的產能擴張模型。

And then the last pillar is a balanced customer support model, and that really consists of three different components here.

最後一個支柱是平衡的客戶支援模型，它實際上由三個不同的組件組成。

The first one we've talked more about in the past and it's the LTAs, as Tom mentioned, fixed price, fixed volume, fixed duration.

我們過去更多地討論過的第一個是長期協議，正如湯姆所提到的，固定價格、固定數量、固定期限。

That was about $20 billion.

那大約是200億美元。

We announced that in the 20-F and last time we had a major announcement around LTAs, it was the Infineon announcement we did early in the year.

我們宣布，在 20-F 中，我們上次發布了有關長期協議的重大公告，這是我們在今年年初發布的英飛凌公告。

This was also a very meaningful.

這也是一件非常有意義的事。

Outside of LTAs, we got our sales force deployed -- the top 100 major accounts across the world.

除了長期協議之外，我們還部署了銷售團隊——全球前 100 名主要客戶。

So we have sales coverage and support across those hundred accounts.

因此，我們為這一百個客戶提供銷售覆蓋和支援。

These accounts, the design wins we're seeing there, the momentum that we are building in the last 18 months. 90% single source and accretive to -- margin-accretive to our long-term model.

這些帳戶、我們在那裡看到的設計勝利以及我們在過去 18 個月中建立的勢頭。 90% 單一來源，並增加我們的長期模型的利潤。

Again, the latest announcement there with NXP is a good example of one of these design wins and you will see more of these announcements coming in the future.

同樣，恩智浦的最新公告就是這些設計勝利之一的一個很好的例子，您將來會看到更多這樣的公告。

And then thirdly, within the balance customer support model is really the channel.

第三，在平衡中，客戶支援模型實際上是管道。

And this is where we get to the next 100s of customers.

這就是我們吸引下 100 位客戶的地方。

We build the ecosystem around that.

我們圍繞它構建生態系統。

We have a set of channel partners from a worldwide basis.

我們在全球擁有一批通路合作夥伴。

And we believe, based on design wins we have seen, that the margin will further be accretive to our long-term model.

我們相信，根據我們所看到的設計勝利，利潤將進一步增加我們的長期模型。

And like Tom mentioned early on, just the latest GTS (inaudible) with our customers, we had more than 1,000 customers and partners attending that, which bodes well for the growth into the channel.

正如 Tom 早些時候提到的，僅與我們的客戶舉行的最新 GTS（聽不清楚），我們就有超過 1,000 名客戶和合作夥伴參加，這對該管道的增長來說是個好兆頭。

So if I should summarize why we believe we're well-positioned to deliver superior revenue growth at margins that are accretive to our long-term model, it really comes down to expanding and strengthening the portfolio of differentiated essential tip technologies; focused on fast-growing market segments with the same doubling from $60 billion to $120 billion by 2030; the global and local manufacturing footprint with a very efficient CapEx expansion; and then the balanced customer engagement model with a very meaningful growth of [pipeline] and design wins, again, at margins that are accretive to our long-term model.

因此，如果我應該總結為什麼我們相信我們有能力以有利於我們長期模式的利潤率實現卓越的收入增長，那麼這實際上取決於擴大和加強差異化的基本尖端技術的組合；專注於快速成長的細分市場，到 2030 年同樣翻倍，從 600 億美元增至 1,200 億美元；全球和本地製造足跡以及非常有效率的資本支出擴張；然後，平衡的客戶參與模型以及[管道]和設計的非常有意義的成長再次獲勝，這為我們的長期模型帶來了利潤。

Thanks for all the details.

感謝您提供所有詳細資訊。

Just quickly for John, how should we think about OpEx, especially in the context of some of these credits that you're receiving?

約翰，我們應該如何考慮營運支出，特別是在您收到的一些積分的背景下？

Is the $70 million to $75 million SG&A should be like a baseline?

7,000 萬至 7,500 萬美元的 SG&A 是否應該作為基準？

Any color would be great.

任何顏色都會很棒。

Yes, Mehdi.

是的，邁赫迪。

So we've been managing OpEx carefully this year.

因此，我們今年一直在謹慎管理營運支出。

We expect to continue to do that as we head into next year.

我們預計明年將繼續這樣做。

And as we form our ongoing views of the 2025 revenue recovery, we'll adjust our OpEx accordingly.

當我們對 2025 年收入復甦形成持續看法時，我們將相應調整我們的營運支出。

On your specific question, the advanced investment manufacturing tax credit that we generated in the year to date -- in 2024, thus far has been slightly ahead of our expectations.

關於你的具體問題，我們今年迄今（即 2024 年）產生的先進投資製造業稅收抵免，迄今略高於我們的預期。

We expect that to continue through the life of this program at roughly $10 million a quarter would be a normal rate, if you will.

如果您願意的話，我們預計在該計劃的整個生命週期中，每季度約 1000 萬美元的費用將是正常的。

It's been a bit ahead of that this year, but $10 million a quarter would be a good estimate going forward, Mehdi.

今年這個數字有點超前，但未來每季 1000 萬美元將是一個不錯的估計，Mehdi。

Thank you.

謝謝。

Mark Lipacis, Evercore ISI.

馬克·利帕西斯，Evercore ISI。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

It looks like you're set up to throw off some really healthy cash flow for the next several years and under what I would consider reasonable expectations for industry growth with free cash flow being higher than earnings.

看起來你準備在未來幾年中放棄一些真正健康的現金流，並且在我認為對行業增長的合理預期下，自由現金流高於收益。

Tom, I believe, in your prepared remarks, you used the expression, you'd consider capital allocation programs, which I think is a pretty broad expression because I think you could allocate capital to new fabs or increasing R&D or buying back stock or even issue a dividend.

湯姆，我相信，在你準備好的發言中，你使用了這樣的表達，你會考慮資本分配計劃，我認為這是一個相當廣泛的表達，因為我認為你可以將資本分配給新的晶圓廠或增加研發或回購股票，甚至發行股利。

So I'm wondering if you could give us some -- help us out with a little bit more color on that, what you mean in there.

所以我想知道你是否可以給我們一些 - 幫助我們更多地了解你的意思。

Is capital return part of the conversation?

資本回報是談話的一部分嗎？

And maybe, John, as part of that, if you could remind us the cash you'd like to have on your balance sheet to run the company and the capital structure so we can figure out what would qualify as excess cash.

也許，約翰，作為其中的一部分，如果你能提醒我們你希望在資產負債表上有哪些現金來經營公司和資本結構，這樣我們就可以弄清楚什麼是多餘現金。

Thank you.

謝謝。

So Mark, you're looking for a secret decoder ring.

馬克，你正在尋找一個秘密解碼環。

I'm going to pass it over to John.

我要把它交給約翰。

Hey, Mark, thanks for the question.

嘿，馬克，謝謝你的提問。

Yes.

是的。

So we have entered a phase in the corporate history of GF, where we've gone from where we were formed to now generating solid free cash flow results for the company.

因此，我們已經進入了 GF 公司歷史的一個階段，從我們成立時到現在為公司創造了穩定的自由現金流結果。

It's really good, it's exciting to see this happen and approaching our goal of near $1 billion in free cash flow this year is quite a milestone for this company.

這真的很好，很高興看到這種情況發生，並且接近我們今年自由現金流接近 10 億美元的目標對於這家公司來說是一個里程碑。

And it's not lost on us that we're now see a cash balance that is accumulating.

我們並沒有忘記，我們現在看到現金餘額正在累積。

We ended the quarter with about $4.3 billion in the total cash and investments and about $2.3 billion in total debt, so roughly $2 billion net cash.

本季結束時，我們的現金和投資總額約為 43 億美元，債務總額約為 23 億美元，因此淨現金約為 20 億美元。

As we continue to progress in this manner, we will talk more about capital deployment.

隨著我們繼續以這種方式取得進展，我們將更多地談論資本部署。

And it can take the form of everything you would expect, from share repurchases, dividends potentially in the future, and reducing our overall leverage amount out is in the cards as well.

它可以採取你所期望的一切形式，從股票回購、未來可能的股息，以及減少我們的整體槓桿率也是可能的。

So we'll continue to look at all that.

所以我們將繼續關注這一切。

We'll update you all as things progress and our thoughts form more fully in this area.

隨著事情的進展以及我們在這一領域的想法更充分地形成，我們將向大家通報最新情況。

We need to see some more consistent results in history in this domain.

我們需要在這個領域的歷史中看到一些更一致的結果。

But again, it's not lost on us that we're starting to build a cash balance here we'll need to think about deployment at some point.

但同樣，我們並沒有忘記，我們正在開始建立現金餘額，我們需要在某個時候考慮部署。

Yeah, look, in every good business that wants to accelerate their growth is always going to look out for accretive M&A opportunities.

是的，你看，每個想要加速成長的優秀企業總是會尋找增值的併購機會。

Now, that becomes a door that's open for us given our cash balance.

現在，考慮到我們的現金餘額，這成為一扇向我們敞開的門。

There's nothing we see, as we sit here today, but that's another deployment of capital allocation.

當我們今天坐在這裡時，我們什麼也沒看到，但這是資本配置的另一種部署。

And look, I also commented -- I'm sorry, Mark -- on sustainable foundry growth.

看，我還評論了——對不起，馬克——關於永續代工成長。

And we have the capacity and we said this before already in our factories to get us between $9 billion and $10 billion in revenue.

我們有能力為我們帶來 90 億至 100 億美元的收入，我們之前已經在我們的工廠說過了。

And that's a really important number because with that, not only is the free cash flow generation there, it's allowing us to invest in growth without having to trade-off.

這是一個非常重要的數字，因為有了這個，不僅可以產生自由現金流，還可以讓我們無需權衡就可以投資成長。

Do we deliver free cash flow or not in our business for growth?

我們的業務是否提供自由現金流以實現成長？

And we really do both.

我們確實兩者都做。

Until this idea of free cash flow is going to exceed getting to where we need to invest again in the capital allocation into growth, into factories, because we'll have enough scale to be able to do both to generate free cash flow and grow our business.

直到這種自由現金流的想法超出我們需要再次投資於成長、工廠的資本配置的程度，因為我們將有足夠的規模，能夠既產生自由現金流又發展我們的業務。

Fair enough.

很公平。

Thank you very much.

非常感謝。

Harlan Sur, J.P. Morgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

The team was first to market in terms of developing a manufacturing silicon photonics solution for a lot of these sort of next-generation data center networking connectivity products.

該團隊率先進入市場，為許多此類新一代資料中心網路連接產品開發製造矽光子解決方案。

So I think that's your 45-nanometer PLO technology.

所以我認為這就是你們的 45 奈米 PLO 技術。

I think NVIDIA, Marvell, and Broadcom, all your customers here, the team is also doing some pretty good work on compound semiconductors like silicon germanium for high-speed optical TIAs drivers and the likes.

我認為 NVIDIA、Marvell 和 Broadcom，你們這裡的所有客戶，團隊也在化合物半導體方面做了一些相當好的工作，例如用於高速光學 TIA 驅動器等的矽鍺。

So as many of these customers move to a cycle-based architecture for their optical transceivers next year, does [cycle] become a meaningful part of CID next year?

因此，隨著許多客戶明年將其光收發器轉向基於週期的架構，[週期] 是否會成為明年 CID 的一個有意義的部分？

Anyway to quantify?

無論如何要量化？

I think -- this is Neils.

我想——這是尼爾斯。

Maybe I can start.

也許我可以開始。

So we haven't really announced the customer names, but I did say earlier, we are three of the major players in the industry on our platform.

所以我們還沒有真正公佈客戶名稱，但我之前確實說過，我們是我們平台上行業的三個主要參與者。

And you are right, we were early.

你是對的，我們來得很早。

We've been working on this for 10 years and finally seeing it come into fruition through the design wins.

我們為此工作了 10 年，最終透過設計勝利看到了成果。

Personally, you mentioned both silicon photonics and SiGe.

就您個人而言，您提到了矽光子學和 SiGe。

And I think of those two as the future of true high-performance analog.

我認為這兩者是真正高性能模擬的未來。

So really, the type of performances we're trying to get to here in the future is going to require these types of technologies.

事實上，我們未來想要實現的表演類型將需要這些類型的技術。

And we are very well-positioned, in GlobalFoundries to take advantage of that.

我們格羅方德 (GlobalFoundries) 處於非常有利的位置，可以利用這一點。

So when you think about in that context, yeah, I do think that this will be a meaningful revenue generator for us out in time.

因此，當你在這種情況下思考時，是的，我確實認為這將成為我們及時的有意義的收入來源。

Of course, you're still needing to see some ecosystem changes and they're going to have to be -- you're going to have to get to some levels of data speeds as well as power limitations.

當然，您仍然需要看到一些生態系統的變化，而且必須達到一定程度的資料速度和功率限制。

But the minute you hit those, I think you're going to see a pretty rapid ramp-up with these technologies.

但一旦你接觸到這些技術，我想你就會看到這些技術的快速發展。

Yeah, look, Harlan, I think success for us, it's great to have done this monolithic integration of our RF CMOS and photonics in a single chip.

是的，聽著，Harlan，我認為我們的成功，在單一晶片中完成 RF CMOS 和光子學的單晶片整合真是太棒了。

We have to do more to enable our customers and some of the other pieces of the puzzle.

我們必須做更多的事情來幫助我們的客戶和解決其他一些問題。

And look for us to invest one way or the other to continue to help our customers integrate what we call kind of the best ingredient at the core of this into opportunities.

並期待我們以一種或另一種方式進行投資，以繼續幫助我們的客戶將我們所謂的核心最佳成分融入機會。

And look, I'll just add one other thing.

聽著，我要補充另一件事。

That's a big play for us in data centers, silicon photonics, but don't underestimate power delivery where we're focused here as well.

這對我們在資料中心、矽光子學領域具有重要意義，但也不要低估我們重點關注的電力傳輸。

Power is becoming the biggest challenge and it's neck-and-neck with connectivity.

電力正在成為最大的挑戰，並且它與連接性並駕齊驅。

And we think some of the things we're doing with our technology in particular, again, for the future is going to help solve that problem as well.

我們認為，我們正在利用我們的技術所做的一些事情，特別是在未來，也將有助於解決這個問題。

I appreciate that.

我很欣賞這一點。

And also, great to see the partnership with NXP that you guys announced last month for 22FDX and also, you mentioned in your prepared remarks, much of it is going to be used for automotive, smart mobile, IoT, continuation in light of the strong partnership that you guys had with them at the 40-nanometer embedded MCU [plus] node.

而且，很高興看到你們上個月宣布與NXP 就22FDX 建立合作夥伴關係，而且，你們在準備好的發言中提到，其中大部分將用於汽車、智能移動、物聯網，鑑於強勁的持續發展你們與他們在 40 奈米嵌入式 MCU [plus] 節點上的合作關係。

Did the GF team sign an associated long-term agreement with NXP, especially given the strategic nature of their leadership in automotive kind of similar to the partnership and LTA you signed with Infineon at the beginning of this year?

格芯團隊是否與恩智浦簽署了相關的長期協議，特別是考慮到他們在汽車領域的領導地位的戰略性質類似於今年年初與英飛凌簽署的合作夥伴關係和長期協議？

I'm just trying to figure out the difference in some of these strategic partnerships, why some have an LTA associated with them, while maybe others might not.

我只是想弄清楚其中一些策略夥伴關係的差異，為什麼有些夥伴關係有長期協議，而其他夥伴關係可能沒有。

Without getting into specifics on the NXP deal, what you typically see is that markets like automotive, aerospace and defense, some industrial spaces, the customers would like to have LTAs in place.

在不討論恩智浦交易的具體細節的情況下，您通常會看到汽車、航空航太和國防、一些工業領域等市場的客戶希望簽訂長期協議。

And it's back to getting certainty around volume, pricing and duration, right?

這又回到了確定數量、定價和持續時間的問題，對嗎？

So in some cases, we see that, in other cases, we basically -- you can almost call it the standard Ts and Cs, with dynamic pricing, dynamic volume commitments, right?

因此，在某些情況下，我們看到，在其他情況下，我們基本上——你幾乎可以稱之為標準的條款和條件，具有動態定價、動態數量承諾，對吧？

And renegotiation on a 12-month basis.

並且每12個月重新談判一次。

So we do a mix of it, really depending on what suits the customer and the markets the customer is going after the best.

因此，我們將其混合起來，實際上取決於什麼適合客戶以及客戶追求最好的市場。

Right.

正確的。

It's really the complexity of the end market.

這確實是終端市場的複雜性。

If it's a product design that last 10 years, this is where customers want certainty.

如果這是一個可持續 10 年的產品設計，這就是客戶想要確定性的地方。

If it's a refresh cycle every year, it's less important to them because it's changing all the time.

如果每年都是一個刷新周期，那麼對他們來說就不那麼重要了，因為它一直在變化。

And so you could almost think a customer who plays in different end markets may want an LTA for one product and not at another.

因此，您幾乎可以認為，從事不同終端市場的客戶可能希望為一種產品而不是另一種產品簽訂長期協議。

But just on that point, to give you an idea, when we hit peak LTA revenues or our total revenue under LTA, it was it was about $30 billion, and we ended last year, we still had a $20 billion of LTA revenue and as we sit here today, we have $17 billion.

但就這一點而言，給你一個想法，當我們達到 LTA 收入峰值或 LTA 下的總收入時，大約為 300 億美元，去年結束時，我們仍然有 200 億美元的 LTA 收入，並且今天我們坐在這裡，我們有170 億美元。

And so, there's still a fair amount of our business that's on the LTAs, and it's not because it is bleeding out slow, it's because we still get customers in some of these long-tail businesses that want to get that type of certainty locked in.

因此，我們仍有相當多的業務依賴長期協議，這並不是因為它正在緩慢流失，而是因為我們仍然在一些長尾業務中擁有希望鎖定這種確定性的客戶。

And so I think it's becoming an important part for our industry and it's never about one thing or another thing, it's always a little bit about the nuance underneath, what's the problem that's trying to be solved and LTA solve some of that certainty for a long product line use.

所以我認為它正在成為我們行業的一個重要組成部分，它從來都不是關於一件事或另一件事，它總是有一點細微差別，試圖解決的問題是什麼，LTA 長期解決一些確定性的問題產品線使用。

Do you have a follow-on?

你有後續嗎？

No, that's it for me.

不，對我來說就是這樣。

Thank you, Neils.

謝謝你，尼爾斯。

Thank you, Tom.

謝謝你，湯姆。

We'll take one last question.

我們將回答最後一個問題。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Hi, thank you for squeezing us.

你好，謝謝你對我們的擠壓。

This is [Takson] on behalf of Vivek.

我是 [Takson] 代表 Vivek。

One follow up or I guess clarification, you've guided auto to be up high-single-digit, smart mobile device to be flattish for the year.

一個後續行動或我想澄清一下，您已經引導汽車達到高個位數，智慧型行動裝置今年持平。

Now I'm not sure how you can get to the Q4 guidance of 18%, 25% at the midpoint with those numbers.

現在我不確定如何才能達到第四季指導值 18%、25% 的中間值。

And then the real question is, the smartphone trends have remained pretty weak to date.

真正的問題是，迄今為止，智慧型手機的趨勢仍然相當疲軟。

So how should we think about your smart mobile device demand going forward, particularly given that Q1 tends to be seasonally down?

那麼，我們應該如何看待未來的智慧行動裝置需求，特別是考慮到第一季往往會季節性下降？

I'll take the first part.

我將採取第一部分。

I mean, really, it's an IoT and [comms] infrastructure where you see year-on-year declines for 2024 compared to '23 will round out the Q4 guide.

我的意思是，實際上，與 23 年第四季指南相比，您會看到 2024 年物聯網和[通訊]基礎設施的同比下降。

And I'll let Neils comment on the smart mobile trends.

我將讓尼爾斯評論智慧移動趨勢。

Yeah, smart mobile, you could say that GlobalFoundries may be [bucking] the trend a little bit here.

是的，智慧移動，你可以說 GlobalFoundries 可能在這裡有點[逆向]趨勢。

We are doing well in smart mobile devices.

我們在智慧型行動裝置方面做得很好。

We are particularly doing well on our RF portfolio.

我們在射頻產品組合方面表現尤其出色。

And from a design win standpoint, we have very meaningful design win momentum in that space as well moving forward.

從設計獲勝的角度來看，我們在該領域擁有非常有意義的設計獲勝動力，並且不斷向前發展。

Got it.

知道了。

And then a quick follow-up on the gross margin front.

然後是毛利率方面的快速跟進。

You mentioned that without the prepayment impacts, you expect, say 100-ish basis points impact in Q4.

您提到，如果沒有預付款影響，您預計第四季將產生 100 個基點左右的影響。

So excluding those, you should be up, say 40 basis points in Q4.

因此，排除這些因素，你應該會上漲，例如第四季上漲 40 個基點。

So how should we think about gross margin going forward now that you pretty much run out of those impacts?

那麼，既然這些影響基本上已經消失，我們該如何考慮未來的毛利率呢？

Yes, you'll see the natural progression of gross margin performance along with the various factors that lead to that, namely improvement in factory utilization as the industry recovers and our loadings increase along with our ongoing cost recovery initiatives, the mixing of the business, growth in the channel, the various factors that Neils touched on earlier of growing the business in a manner that is margin accretive.

是的，您會看到毛利率表現的自然進展以及導致這種情況的各種因素，即隨著行業復甦而工廠利用率的提高，以及我們持續的成本回收舉措、業務混合、我們的負荷增加，通路的成長，尼爾斯之前提到的以利潤增值的方式發展業務的各種因素。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

I would now like to turn it back to Sam Franklin for closing remarks.

現在我想請薩姆·富蘭克林作結束語。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

We appreciate the questions, and we'll continue some of the other questions in the call back to later this afternoon.

我們感謝這些問題，我們將在今天下午晚些時候的電話中繼續回答一些其他問題。

Thanks very much.

非常感謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This concludes the program.

程式到此結束。

You may now disconnect.

您現在可以斷開連線。