格芯 (GFS) 2024 Q4 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the conference call to review fourth quarter and full year 2024 financial results.

歡迎參加電話會議，回顧 2024 年第四季和全年財務表現。

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

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today.

現在，我想將會議移交給今天的發言人。

Sam Franklin, please go ahead.

山姆·富蘭克林，請繼續。

Thank you, operator.

謝謝您，接線生。

Good morning, everyone, and welcome to GlobalFoundries fourth quarter and full year 2024 earnings call.

大家早安，歡迎參加 GlobalFoundries 2024 年第四季和全年財報電話會議。

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

今天與我一起通話的有執行長 Thomas Caulfield 博士；約翰·霍利斯特（John Hollister），財務長； Niels Anderskouv，商務長；Tim Breen，營運長。

A short while ago, we released GF's fourth quarter and full year 2024 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 GF 2024 年第四季度和全年財務業績，可在我們的網站 investor.gf.com 上查看，同時還可查看今天的隨附幻燈片演示。

This call is being recorded, and a replay will be made available on our investor relations webpage.

本次電話會議正在錄音，重播將發佈在我們的投資人關係網頁上。

During this call, we will present both IFRS and 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提供了最直接可比較的 IFRS 指標和非 IFRS 指標的對帳表。

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並且可能會發生變化。

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

今天電話會議上的某些聲明可能被視為前瞻性聲明。

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、可能等術語或透過使用將來時態來識別。

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，我們不承擔更新今天所做的任何前瞻性陳述的任何義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our SEC filings, including in the sections under the caption risk factors in our annual reports and on Form 20-F and current reports on Form 6-K filed with the SEC.

有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿，以及我們向美國證券交易委員會提交的文件中描述的風險和不確定性，包括我們向美國證券交易委員會提交的年度報告和 20-F 表以及 6-K 表當前報告中標題為“風險因素”的章節。

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

今天的電話會議將由湯姆首先簡要介紹當前的商業環境和技術的最新情況。

Niels will then discuss our recent design wins and highlights across the end markets, following which John will provide details on our fourth quarter and full year results, and also provide first quarter 2025 guidance.

隨後，Niels 將討論我們最近在終端市場的設計勝利和亮點，隨後 John 將詳細介紹我們的第四季度和全年業績，並提供 2025 年第一季的指導。

We will then open the call for questions with Tom, John, Tim, and Niels.

然後，我們將與湯姆、約翰、提姆和尼爾斯一起開始提問。

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個，並進行一次跟進。

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

現在我將電話轉給湯姆，請他發表準備好的發言。

Thank you, Sam, and welcome, everyone, to our fourth quarter and full year 2024 earnings call.

謝謝你，山姆，歡迎大家參加我們的 2024 年第四季和全年財報電話會議。

In the fourth quarter, we delivered results that exceeded the midpoints of our guidance ranges across revenue, gross margin and EPS.

第四季度，我們的營收、毛利率和每股盈餘業績均超出了預期範圍的中點。

We also continued to generate progressively higher free cash flow.

我們也繼續產生越來越高的自由現金流。

As we set out at the start of 2024, our goal was to generate approximately 3 times the adjusted free cash flow over 2023 with over $1 billion of adjusted free cash flow in 2024 we significantly exceeded that target.

正如我們在 2024 年初所製定的那樣，我們的目標是在 2023 年產生約 3 倍的調整後自由現金流，並在 2024 年實現超過 10 億美元的調整後自由現金流，我們大大超出了這一目標。

Our free cash flow generation is a testament to our strong execution, multiyear investments in our capacity footprint and our ability to react quickly to market conditions.

我們的自由現金流產生證明了我們強大的執行力、對產能足跡的多年投資以及對市場狀況的快速反應能力。

This will be an important metric for our company on a go-forward basis, and we expect to grow adjusted free cash flow in 2025 above the $1 billion target that we set out to achieve in 2024.

這將是我們公司未來的重要指標，我們預計 2025 年調整後的自由現金流將超過我們設定的 2024 年 10 億美元的目標。

Our full year results are consistent with what we indicated at the beginning of 2024 as the macroeconomic environment began to stabilize through the second half of 2024 and our customers cautiously manage down their inventory loss.

我們的全年業績與我們在 2024 年初所預測的一致，因為宏觀經濟環境在 2024 年下半年開始穩定，我們的客戶謹慎地降低庫存損失。

This time last year, we indicated that GF's first quarter of 2024, which signaled the revenue bottom for the year with an expectation for consistent sequential growth throughout 2024.

去年這個時候，我們指出 GF 的 2024 年第一季預示著該年度的營收將觸底，預計 2024 年全年將持續連續成長。

I am pleased to report that not only did we deliver on those expectations, we continue to build the foundations for longer-term growth with a record level of design wins across all end markets we serve as well as new opportunities that support the expansion of critical applications such as autonomous vehicles, satellite communications, optical networking and power delivery in the data center.

我很高興地報告，我們不僅實現了這些期望，而且我們繼續為長期增長奠定基礎，在我們所服務的所有終端市場中取得了創紀錄的設計勝利，並抓住了支持自動駕駛汽車、衛星通信、光纖網路和數據中心電力傳輸等關鍵應用擴展的新機遇。

With almost 90% of these design wins secured on a sole source basis, we continue to focus on deep customer partnerships, coupled with our strategic global footprint to reinforce GFs position as a critical enabler of essential chip technologies.

由於幾乎 90% 的設計勝利都是在單一來源基礎上獲得的，我們將繼續專注於深度的客戶合作夥伴關係，加上我們的策略性全球足跡，以鞏固 GF 作為關鍵晶片技術關鍵推動者的地位。

Entering 2025, we expect continued design win momentum and an improving demand outlook across several end markets.

進入 2025 年，我們預計設計勝利的動能將持續下去，多個終端市場的需求前景也將改善。

Our guidance for the first quarter of 2025 indicates a modest return to year-over-year revenue growth, and we expect the full year 2025 to mark a return to growth across key revenue and profitability metrics.

我們對 2025 年第一季的預期表明，營收將適度恢復年成長，我們預計 2025 年全年主要營收和獲利指標將恢復成長。

Although it's too soon to comment on the rate and pace of this growth, we expect continued moderation of the macroeconomic headwinds that impacted some of the end markets we operate in, and our customers are indicating a return to normalized inventory levels.

雖然現在評論這種成長的速度和步伐還為時過早，但我們預計影響我們營運的部分終端市場的宏觀經濟逆風將繼續緩和，我們的客戶也表示庫存水準將恢復正常。

Meanwhile, our strategic initiatives in Malta remain on track as we actively transfer a range of essential chip technologies into our Fab 8 facility in Malta, New York.

同時，我們在馬耳他的戰略計劃仍在順利推進，我們積極將一系列重要的晶片技術轉移到位於紐約馬耳他的 Fab 8 工廠。

This will diversify the existing technology portfolio in Malta by supporting our customers with access to our 22 FDX platform, our 40-nanometer auto-grade offerings.

透過支援我們的客戶使用我們的 22 FDX 平台和 40 奈米汽車級產品，這將使馬耳他現有的技術組合多樣化。

This will complement the existing 12-nanometer FinFET RF SOI and silicon photonic technologies in production today.

這將對目前生產的現有 12 奈米 FinFET RF SOI 和矽光子技術進行補充。

These transfers are part of our long-term capacity investments, which include partnering closely with governments and securing incentive packages to offer our customers differentiated technologies in geographically strategic regions.

這些轉移是我們長期產能投資的一部分，其中包括與政府密切合作並獲得激勵方案，以便在具有戰略意義的地區為我們的客戶提供差異化技術。

To that end, we recently announced a first-of-a-kind center for advanced packaging and test capabilities to be housed at our multi facility Supported by grants from New York State and the US Department of Commerce.

為此，我們最近宣佈在我們的多功能設施內建立一個獨特的先進封裝和測試能力中心，該中心由紐約州和美國商務部的資助。

GF's advanced packaging and photonics center will help meet the growing demand for US-made essential chips used in AI, automotive, aerospace and defense and communication applications.

GF 先進的封裝和光子學中心將有助於滿足人工智慧、汽車、航空航太、國防和通訊應用領域對美國製造的重要晶片日益增長的需求。

Our customers continue to seek more geographic resilience in their supply chain and GF's unique footprint is well placed to meet them both globally and locally.

我們的客戶不斷尋求其供應鏈中更具地理彈性的機遇，而 GF 的獨特業務範圍能夠很好地滿足他們的全球和本地需求。

In conclusion, I'm extremely proud of our achievements in 2024.

最後，我對我們在 2024 年所取得的成就感到非常自豪。

The focus and determination from our 13,000 employees around the globe give me confidence, GF can accelerate its performance as we return to growth in 2025.

我們全球 13,000 名員工的專注和決心讓我相信，GF 能夠在 2025 年恢復成長的同時加速業績成長。

With that, over to you, Neils.

現在，就交給你了，尼爾斯。

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 partnerships and end market performance. 2024 has been a pivotal year for the design win momentum that we have seen across all of the end markets we serve.

我想簡要介紹一下我們與一些主要客戶之間的合​​作夥伴關係以及終端市場的表現。 2024 年是我們在所服務的所有終端市場中看到的設計成功動能的關鍵一年。

These design wins set the stage for increasing the content growth and penetration of our essential chip technology portfolio.

這些設計的勝利為我們重要晶片技術組合的內容成長和滲透奠定了基礎。

Now let me walk you through that by end market.

現在讓我帶您了解終端市場。

In automotive, despite soft market demand and inventory builds at OEMs, GF continues to grow.

在汽車領域，儘管市場需求疲軟且原始設備製造商庫存增加，但 GF 仍在繼續成長。

We continue to capture share in order, expand our content per vehicle and build on our strong momentum with customers.

我們將繼續按順序佔領市場份額，擴大每輛車的內容，並與客戶一起保持強勁發展勢頭。

During our prior earnings calls, we indicated that the expected full year 2024 revenue from our automotive end markets growth meaningfully year on year.

在我們先前的財報電話會議上，我們表示，預計 2024 年全年汽車終端市場收入將比去年同期大幅成長。

I'm very pleased to report that in 2024, we delivered revenue growth of 15% at the high end of these expectations.

我很高興地報告，到 2024 年，我們的收入成長將達到 15%，達到這些預期的高點。

Reaching a new annual record for automotive revenue and accomplishments we have achieved every year in our history as a public company.

我們汽車業務收入和業績都創下年度新高，這是我們作為上市公司以來每年都取得的成就。

We intend to continue this momentum in 2025 and over the last year, we secured several key design wins to deliver critically important ADAS, micro-controllers and sensor applications, all manufactured to the highest automotive grade standards.

我們打算在 2025 年繼續保持這一勢頭，並且在過去的一年裡，我們獲得了幾項關鍵設計勝利，以提供至關重要的 ADAS、微控制器和感測器應用，所有這些都是按照最高汽車級標準製造的。

In October 2024, we announced a key collaboration with NXP to deliver low-power, high-performance chips using our leading 22 FDX platform.

2024 年 10 月，我們宣布與 NXP 進行重要合作，利用我們領先的 22 FDX 平台提供低功耗、高效能晶片。

Qualified automotive grade 1 and 2 applications, 22 FDX not only ensures excellent liability but also optimizes energy management to deliver up to 50% higher performance and 70% less power compared with other planar CMOS technologies.

22 FDX 符合汽車 1 級和 2 級應用的要求，不僅能確保出色的責任感，還能優化能源管理，與其他平面 CMOS 技術相比，性能提高 50%，功耗降低 70%。

In 2025, supported by our robust design win pipeline, we expect a similar growth rate to 2024 as we focus on content gains across automotive processing, camera, LiDAR, haptics and battery management systems.

到 2025 年，在我們強大的設計獲勝管道的支持下，我們預計成長率將與 2024 年相似，因為我們專注於汽車處理、攝影機、雷射雷達、觸覺和電池管理系統方面的內容收益。

Longer term, as vehicles become increasingly autonomous, connected and electrified we remain deeply focused on capturing new content and growing our share of the market through our diverse product portfolio and global footprint.

從長遠來看，隨著汽車日益自動化、連網化和電氣化，我們將繼續高度專注於捕捉新內容，並透過多樣化的產品組合和全球影響力擴大我們的市場份額。

Turning now to smart mobile devices.

現在來談談智慧型行動裝置。

Revenue grew slightly year-over-year in 2024 despite a market challenged by an environment of elevated inventory and soft consumer demand for premium tier handsets.

儘管市場面臨庫存高企和消費者對高階手機需求疲軟的挑戰，但 2024 年的營收仍較去年同期略有成長。

Against this backdrop, we continue to focus on opportunities for content growth and secured several key design wins throughout 2024.

在此背景下，我們繼續關注內容成長的機會，並在 2024 年獲得了許多關鍵的設計勝利。

Customer interest for 9SW, our latest generation RFSOI platform that enables low standby current or longer battery life has continued to drive momentum in this end market.

客戶對 9SW 的興趣持續推動著這個終端市場的發展，9SW 是我們最新一代 RFSOI 平台，可實現低待機電流或更長的電池壽命。

Offering up to 25% reduction in die size along with greater than 20% power efficiency improvement compared to prior generations, this is well suited to offset the increased power consumptions of premium handsets.

與前幾代產品相比，晶片尺寸減少了 25%，同時電源效率提高了 20% 以上，這非常適合抵消高階手機增加的功耗。

In 2024, we not only reinforced GF's leading position in front end, but also deliver design momentum in display, imaging and power.

2024年，我們不僅鞏固了GF在前端的領先地位，而且還在顯示、成像和電源方面提供了設計動力。

With key socket wins across applications ranging from 5G millimeter wave to micro displays in AR smart glasses and wireless video applications in premium smartphones.

其在從 5G 毫米波到 AR 智慧眼鏡中的微顯示器以及高階智慧型手機中的無線視訊應用等眾多應用領域都獲得了關鍵成功。

Looking ahead to 2025 and based on discussions with our customers, the expectation is for consumer end demand and unit shipments in premium smart mobile devices to show modest year-over-year growth.

展望2025年，根據我們與客戶的討論，預計高階智慧行動裝置的消費者終端需求和單位出貨量將較去年同期略有成長。

To that end, our strategy remains to continue growing our content in the premium tier handset market and supporting our customers as they continue to add new features, including AI-enabled capabilities.

為此，我們的策略仍然是繼續在高階手機市場增加我們的內容，並支援我們的客戶不斷添加新功能，包括支援人工智慧的功能。

2024 was a challenging year for IoT as customers were working down the elevated inventory levels for both industrial and consumer applications.

2024 年對物聯網來說是充滿挑戰的一年，因為客戶正在努力降低工業和消費應用的高庫存水準。

Although 2024 revenue was down on a year-over-year basis, we saw strong design win momentum on our 12-nanometer, 28-nanometer and 22 FDX platforms across a variety of applications, such as edge devices, next-generation smart cards and connectivity products across WiFi and Bluetooth.

儘管 2024 年的營收年減，但我們看到 12 奈米、28 奈米和 22 FDX 平台在各種應用（例如邊緣設備、下一代智慧卡和 WiFi 和藍牙連接產品）上的設計獲勝勢頭強勁。

In Q4, GF also delivered wins on our 55 BCD life platform for portable ultra-cell and imaging.

在第四季度，GF 還在用於便攜式超級電池和成像的 55 BCD 壽命平台上取得了勝利。

By partnering with our customers to enable low-power SoCs, GF is well positioned to capture share in the growing medical imaging market.

透過與客戶合作實現低功耗 SoC，GF 能夠在不斷增長的醫學成像市場中佔據有利地位。

As another example of our diverse portfolio with growing medical applications, in 2024, we also secured key design wins our 130 BCD light platforms for continuous glucose monitoring systems.

作為我們多元化產品組合和不斷增長的醫療應用的另一個例子，2024 年，我們還獲得了用於連續血糖監測系統的 130 個 BCD 光平台的關鍵設計勝利。

We also announced our collaboration with IDEMIA to deliver our next-generation smart card technology with improved data retention, low relatency and enhanced power efficiency.

我們也宣布與IDEMIA合作，提供具有更好的資料保留率、低相關性和增強的電源效率的下一代智慧卡技術。

This multiyear partnership will be 100% manufactured and tested in Europe on our 28 ESF free platform, ensuring trusted profits.

該多年期合作夥伴關係將在我們的 28 個 ESF 免費平台上 100% 在歐洲製造和測試，確保可信賴的利潤。

Lastly, through our leadership in RFSOI, GF continues to benefit from the transition to WiFi 6E and WiFi 7 standards.

最後，憑藉我們在 RFSOI 領域的領導地位，GF 將繼續受益於向 WiFi 6E 和 WiFi 7 標準的過渡。

Looking ahead, we expect customer inventory adjustment to start to stabilize throughout 2025.

展望未來，我們預期客戶庫存調整將在 2025 年開始穩定。

And longer term, we expect to be well positioned to support the tectonic shifts in IoT applications as the number of smart and connected devices continues to expand over the next decade.

從長遠來看，隨著未來十年智慧互聯設備數量的不斷增加，我們預計我們將能夠很好地支援物聯網應用的結構性轉變。

Finally, in our communications infrastructure and data center end market, the expected headwinds of platform transition in 2023 and 2024 have largely concluded.

最後，在我們的通訊基礎設施和資料中心終端市場，預計 2023 年和 2024 年平台轉型的阻力已基本結束。

In 2024, we started to see our accumulated design wins to deliver revenue in three new and exciting areas.

2024 年，我們開始看到我們累積的設計勝利在三個新的和令人興奮的領域帶來收入。

First, we see growing demand in optical transceivers.

首先，我們看到光收發器的需求不斷成長。

We're working with three of the largest optical transceiver customers to address a range of data center requirements from GenAI servers to high-performance network switches and storage solutions.

我們正在與三家最大的光收發器客戶合作，以滿足從 GenAI 伺服器到高效能網路交換器和儲存解決方案的一系列資料中心需求。

As ever larger data centers move ever larger amount of data across ever greater spans, we believe this is an exciting long-term secular growth opportunity that will benefit both our silicon photonics and silicon germanium technologies.

隨著越來越大的數據中心在越來越大的跨度上傳輸越來越多的數據，我們相信這是一個令人興奮的長期成長機會，將使我們的矽光子學和矽鍺技術受益。

Second, we see satellite communication as another high-growth opportunity area, getting significant traction and GFX partnering with the world's foremost companies in this space.

其次，我們將衛星通訊視為另一個高成長機會領域，該領域正在獲得顯著的發展，GFX 正在與該領域的全球頂尖公司建立合作夥伴關係。

In 2024, we secured design wins on our 22 FDX platform to enhance satellite beam forming, our 12th LP platform for modem and our 130 NSX platform to support the growth of ground terminals.

2024 年，我們獲得了 22 FDX 平台的設計勝利，以增強衛星波束成形，第 12 LP 平台用於調製解調器，以及 130 NSX 平台用於支援地面終端的成長。

Industry estimates indicate an acceleration of satellite deployments and as the industry growth we expect to benefit from the significant front-end content in a large base array antennas.

產業估計顯示衛星部署正在加速，隨著產業的成長，我們預計將受益於大型基陣天線中的重要前端內容。

Third, we see positive momentum in partnerships with rapidly growing disruptors such as

第三，我們看到與快速成長的顛覆者建立合作關係的積極勢頭，例如

[Grok].

[格羅克]。

A leading developer of fast AI inference technology using our 14-nanometer platform.

使用我們的 14 奈米平台的快速 AI 推理技術的領先開發商。

We believe this momentum will continue as inference applications accelerated further at the edge and endpoint.

我們相信，隨著推理應用在邊緣和端點的進一步加速，這種勢頭將會持續下去。

We're encouraged by both the breadth and the depth of our expanding opportunities in communications infrastructure and data center, which we expect to grow revenue meaningfully in 2025 from the borrowing that we saw in '24.

我們在通訊基礎設施和資料中心領域不斷擴展的機會的廣度和深度令我們感到鼓舞，我們預計到 2025 年，這些領域的收入將比我們在 24 年看到的借款有顯著增長。

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

總的來說，我很高興地報告我們在我們支持的所有終端市場的設計勝利中都取得了進展。

We continue to position DAF for long-term growth opportunities and our direct product portfolio is well positioned to capitalize on the secular trends of our time.

我們將繼續為 DAF 定位長期成長機會，我們的直接產品組合也能夠充分利用我們這個時代的長期趨勢。

I'll now pass the call over to John for a deeper dive on fourth quarter and full year 2021 financials.

現在，我將把電話轉給約翰，以便更深入地探討 2021 年第四季和全年的財務狀況。

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 expense, I will reference non-IFRS metrics.

對於電話會議的剩餘部分，包括除收入、現金流量、資本支出、淨利息和其他費用以外的指導，我將參考非國際財務報告準則指標。

Our fourth quarter results exceeded the midpoints of the guidance ranges we provided in our last quarterly update.

我們的第四季度業績超過了我們在上一季更新中提供的指導範圍的中點。

Fourth quarter revenue grew 5% sequentially to approximately $1.83 billion, which was above the midpoints of our guidance range and consistent with the commentary on our last earnings call, and equated to a 1% decline in revenue compared to the prior year period.

第四季營收季增 5% 至約 18.3 億美元，高於我們預期範圍的中點，與我們上次財報電話會議上的評論一致，相當於營收與去年同期相比下降了 1%。

We shipped approximately 595,000 300-millimeter equivalent wafers in the quarter, an 8% increase from the prior year period.

本季我們出貨了約 59.5 萬片 300 毫米當量晶圓，較去年同期成長 8%。

ASP, or average selling price per wafer, decreased approximately 5% year-over-year, mainly driven by changes in the product mix shipped during the quarter and the reduction in underutilization payments from our customers, which we indicated on our last earnings call.

ASP，即每片晶圓的平均銷售價格，年減約 5%，主要由於本季度出貨的產品組合變化，以及客戶未充分利用付款的減少，我們在上次財報電話會議上提到了這一點。

Wafer revenue accounted for approximately 92% of total revenue.

晶圓收入約佔總收入的92%。

Non-wafer revenue, which includes revenue from reticles, non-recurring engineering, expedite fees, and other items, accounted for approximately 8% of total revenue for the fourth quarter.

非晶圓收入包括光罩收入、非經常性工程收入、加急費和其他項目收入，佔第四季總收入的約 8%。

For the full year, revenue came in at approximately $6.75 billion, down 9% year-over-year, principally due to the prolonged industry downturn and weak economic conditions, which led to factory utilization levels in the mid-70s.

全年營收約 67.5 億美元，較上年下降 9%，主要原因是該產業長期低迷和經濟狀況疲軟，導致工廠利用率降至 70 年代中期。

We shipped approximately 2.1 million 300-millimeter equivalent wafers, a 4% decrease from 2023, and ASP per wafer was slightly down year-over-year.

我們出貨了約210萬片300毫米當量晶圓，較2023年下降4%，每片晶圓的平均售價較去年同期略有下降。

In the fourth quarter, we incurred a one-time $935 million impairment charge on long-lived assets relating to the legacy investments in our production capacity at our Fab 8 facility in Malta, New York.

第四季度，我們對位於紐約馬耳他的 Fab 8 工廠的生產能力的遺留投資相關的長期資產產生了 9.35 億美元的一次性減值費用。

We undertook this action related to the diversification of our long-term manufacturing technology platform roadmap in Malta, which is consistent with the technology transfer strategy mentioned earlier by Tom and as discussed on our prior earnings calls.

我們採取的這一行動與我們在馬耳他的長期製造技術平台路線圖的多樣化有關，這與湯姆之前提到的技術轉移戰略以及我們之前的財報電話會議上討論的那樣一致。

Our decision was based on an evaluation of the current technology capabilities and our go-forward business strategy to position our Malta facility with a broader range of technology platforms consistent with the expected demand from our customers.

我們的決定是基於對當前技術能力的評估以及我們的未來業務策略，即為我們的馬耳他工廠配備更廣泛的技術平台，以滿足我們客戶的預期需求。

With this better alignment of our Malta manufacturing capabilities, the company is now better positioned to generate long-term sustainable growth and profitability moving forward.

透過更好地整合我們在馬耳他的製造能力，公司現在能夠更好地實現長期可持續增長和盈利。

Inclusive of the existing asset depreciation schedules, we expect depreciation and amortization in 2025 to reduce by approximately 15% compared to 2024.

包括現有的資產折舊計劃，我們預計 2025 年的折舊和攤提將比 2024 年減少約 15%。

Since we do not expect such impairment to be a recurring event, we believe this additional adjustment to our non-IFRS metrics better enables management and investors to make more meaningful comparisons of our fourth quarter 2024 results against prior periods and peer results.

由於我們預計此類減損不會成為經常性事件，因此我們認為對非國際財務報告準則指標的額外調整可以使管理層和投資者更好地將我們 2024 年第四季度的業績與前期和同行的業績進行更有意義的比較。

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

現在讓我提供一下我們按終端市場劃分的收入最新情況。

For the fourth quarter, smart mobile devices represented approximately 40% of the quarter's total revenue.

第四季度，智慧移動設備約佔本季總營收的 40%。

Fourth quarter revenue declined approximately 15% sequentially and roughly 4% from the prior year period, principally driven by ASP decline and mix, partially offset by volume growth.

第四季營收季減約 15%，年減約 4%，主要由於平均售價下降及產品組合變化，但銷量成長部分抵銷了這一影響。

Full year 2024 revenue for smart mobile devices represented approximately 45% of the year's total revenue.

2024年全年智慧型行動裝置收入約佔全年總收入的45%。

Full year revenue increased 1% year-over-year, driven by similar dynamics as the fourth quarter.

受與第四季類似動態的影響，全年營收年增 1%。

Longer term, we are well positioned to capture opportunities for increased silicon content in handsets, including RF run-ins, power, display, and imaging.

從長遠來看，我們已準備好抓住機會提高手機中的矽含量，包括射頻磨合、電源、顯示器和成像。

In the fourth quarter, revenue for the home and industrial IoT market represented approximately 19% of the quarter's total revenue.

第四季度，家庭和工業物聯網市場收入約佔本季總收入的19%。

Fourth quarter revenue marked a second consecutive quarter of sequential growth and grew approximately 15% sequentially.

第四季營收連續第二季實現成長，季增約 15%。

The IoT end market declined 13% year-over-year, principally driven by lower volumes, partially offset by ASP and mix improvements during the quarter.

物聯網終端市場較去年同期下降 13%，主要原因是銷量下降，但本季平均售價和產品組合的改善部分抵消了這一影響。

Full year home and industrial IoT revenue represented approximately 19% of the year's total revenue.

全年家庭和工業物聯網收入約佔全年總收入的19%。

Full year revenue declined 21% year-over-year, as inventory management across both industrial and consumer applications remained a top priority for our customers.

全年營收年減 21%，因為工業和消費應用的庫存管理仍然是我們客戶的首要任務。

While in the short term, customers are carefully managing inventories, we continue to capture long-term growth opportunities driven by the increased number and complexity of smart connected devices.

雖然短期內客戶正在謹慎管理庫存，但我們將繼續抓住智慧連網設備數量和複雜性增加所推動的長期成長機會。

Moving now to automotive, which continues to be a key growth driver for us, fourth quarter revenue represented approximately 23% of the quarter's total revenue.

現在轉向汽車，這仍然是我們的主要成長動力，第四季的收入約佔本季總收入的 23％。

Revenue for the quarter increased approximately 62% sequentially and roughly 30% year-over-year, principally due to higher volumes, ASP, and mixed dynamics as semiconductor content increases across the vehicle architecture.

本季營收比上一季成長約 62%，比去年同期成長約 30%，主要由於銷量和平均售價的提高，以及隨著車輛架構中半導體含量的增加而出現的混合動態。

Full year automotive revenue represented approximately 18% of the year's total revenue, which is up from just 2% in 2020.

全年汽車收入約佔全年總收入的 18%，高於 2020 年的 2%。

Full year revenue grew roughly 15% year-over-year and achieved a new record and exceeded our $1 billion milestone in 2023.

全年營收年增約 15%，創下新高，並在 2023 年突破 10 億美元的里程碑。

Looking ahead to 2025, we expect to see another year of meaningful revenue growth in our automotive end market.

展望 2025 年，我們預期汽車終端市場的營收將再次實現有意義的成長。

Next, our communications infrastructure and data center end market, where fourth quarter revenue represented approximately nine percent of the quarter's total revenue.

接下來是我們的通訊基礎設施和資料中心終端市場，第四季的營收約佔本季總營收的 9%。

Revenue increased approximately 28% sequentially and 18% year-over-year, primarily due to growth in volume and ASP on a year-over-year basis.

營收比上一季成長約 28%，比去年同期成長 18%，主要由於銷量和平均售價較去年同期成長。

For the full year 2024, communications infrastructure and data center revenue represented approximately 9% of total revenue. 2024 revenue declined 33% year-over-year as a result of the continued and expected platform transitions for compute applications.

2024 年全年，通訊基礎設施和資料中心收入約佔總收入的 9%。由於計算應用程式的持續和預期平台轉型，2024 年營收年減 33%。

Looking ahead to 2025, we expect meaningful revenue growth driven by upside in AI accelerators, optical networking for data centers, and satellite communication.

展望 2025 年，我們預計，在人工智慧加速器、資料中心光纖網路和衛星通訊的推動下，營收將實現顯著成長。

Moving next to gross profit.

接下來是毛利。

For the fourth quarter, we delivered gross profit of $464 million, which translates into approximately 25.4% gross margin.

第四季度，我們的毛利為 4.64 億美元，毛利率約為 25.4%。

Gross margin was above the midpoint of the guidance range.

毛利率高於預期範圍的中點。

For the full year, we delivered gross profit of $1.709 million and gross margin of 25.3% , equating to a 380 basis points decline from 2023.

全年我們的毛利為 170.9 萬美元，毛利率為 25.3%，比 2023 年下降了 380 個基點。

Operating expenses for the fourth quarter represented approximately 10% of total revenue.

第四季的營業費用約佔總收入的10%。

R&D for the quarter decreased sequentially to approximately $110 million, and SG&A also declined to $69 million.

本季研發費用較上季下降至約 1.1 億美元，銷售、一般及行政開支也下降至 6,900 萬美元。

Total operating expenses were $179 million.

總營運費用為 1.79 億美元。

Included in our total operating expenses is the benefit of approximately $17 million related to the advanced manufacturing investment tax credit for 2024 qualifying expenses.

我們的總營運費用中包括與 2024 年合格費用的先進製造業投資稅收抵免相關的約 1,700 萬美元的收益。

As we continue to spend on qualifying expenses and capitalized assets in 2025 and beyond, we expect to continue to receive these benefits through the life of the program.

隨著我們在 2025 年及以後繼續在合格費用和資本化資產上投入，我們預計在整個計劃期間將繼續獲得這些好處。

We delivered operating profit of $285 million for the quarter, which translates into an approximately 15.6% operating margin, roughly 510 basis points lower than the year-ago period and above the midpoint of our guided range.

本季度，我們實現了 2.85 億美元的營業利潤，相當於約 15.6% 的營業利潤率，比去年同期低約 510 個基點，高於我們指導範圍的中點。

For the full year, GEOF delivered operating profit of $920 million, which translates into 13.6% operating margin, a decrease of roughly 490 basis points year-over-year.

GEOF 全年營運利潤 9.2 億美元，營業利益率為 13.6%，較去年同期下降約 490 個基點。

Fourth quarter net interest income, net of other expenses, was $14 million, and we incurred tax expense of $43 million in the quarter.

第四季淨利息收入（扣除其他費用）為 1,400 萬美元，本季我們的稅費為 4,300 萬美元。

We delivered fourth quarter net income of approximately $256 million, a decrease of approximately $100 million from the year-ago period.

我們第四季的淨收入約為 2.56 億美元，較去年同期減少約 1 億美元。

As a result, we reported diluted earnings of $0.46 per share for the fourth quarter on a fully diluted share count of approximately 556 million shares.

因此，我們報告第四季每股攤薄收益為 0.46 美元，完全攤薄股份總數約為 5.56 億股。

On a full-year basis, GF delivered net income of approximately $870 million and diluted earnings per share of $1.56.

全年來看，GF 淨收入約為 8.7 億美元，每股攤薄收益為 1.56 美元。

Let me now provide some key cash flow and balance sheet metrics.

現在讓我提供一些關鍵的現金流量和資產負債表指標。

Cash flow from operations for the fourth quarter was $457 million.

第四季經營活動現金流為4.57億美元。

For the full year, cash flow from operations was $1.722 billion.

全年經營現金流為17.22億美元。

CapEx for the quarter was $135 million, or roughly 7% of revenue.

本季的資本支出為 1.35 億美元，約佔收入的 7%。

Full-year CapEx for 2024 was approximately $625 million, or 9% of revenue.

2024 年全年資本支出約 6.25 億美元，佔營收的 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, and equipment, and intangible assets, as set out on the statement of cash flows, was $328 million.

本季調整後的自由現金流為 3.28 億美元，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所得，減去現金流量表所列的物業、廠房及設備及無形資產的購買額。

With that, I am very pleased to report that adjusted free cash flow for the full year 2024 was $1.1 billion.

我很高興地報告，2024 年全年調整後的自由現金流為 11 億美元。

As Tom noted, this is an important milestone for GF, and we will look to continue this flywheel of free cash flow generation in 2025 while maintaining our capacity growth objectives.

正如湯姆所說，這對 GF 來說是一個重要的里程碑，我們將期待在 2025 年繼續產生自由現金流，同時維持產能成長目標。

At the end of the fourth quarter, our combined total of cash, cash equivalents, and marketable securities stood at a healthy $4.2 billion, which is net of an approximately $350 million term loan maturity payment in Q4.

截至第四季末，我們的現金、現金等價物和有價證券總額達到了健康的 42 億美元，扣除第四季約 3.5 億美元的定期貸款到期支付。

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。

Looking ahead to 2025, and as noted in our filing with the SEC on January 2, we prepaid $664 million on our outstanding term loan aid facility balance, which will be reflected in our first quarter financials.

展望 2025 年，正如我們在 1 月 2 日向美國證券交易委員會提交的文件中所述，我們預付了 6.64 億美元的未償還定期貸款援助餘額，這將反映在我們的第一季財務報表中。

Next, let me provide you with our outlook for the first quarter of 2025.

接下來，讓我為您提供我們對 2025 年第一季的展望。

We expect total GF revenue to be between $1.55 billion and $1.6 billion.

我們預計 GF 總收入將在 15.5 億美元至 16 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約佔總收入的10%。

We expect gross profit to be between $341 million and $384 million, which at the midpoint is 23% of revenue.

我們預計毛利在 3.41 億美元至 3.84 億美元之間，中間值為收入的 23%。

Excluding share-based compensation, but including the benefit related to the advanced manufacturing investment tax credit, for the first quarter, we expect total OpEx to be between $170 million and $190 million.

不包括股權激勵，但包括與先進製造業投資稅收抵免相關的收益，我們預計第一季的總營運支出將在 1.7 億美元至 1.9 億美元之間。

We expect operating profit to be between $151 million and $214 million.

我們預計營業利潤在 1.51 億美元至 2.14 億美元之間。

At the midpoint of our guidance, we expect share-based compensation to be approximately $52 million, of which roughly $15 million is related to cost of goods sold, and approximately $37 million is related to OpEx.

在我們的指導中點，我們預計股權激勵費用約為 5,200 萬美元，其中約 1,500 萬美元與銷售成本有關，約 3,700 萬美元與營運支出有關。

We expect net interest income and other income for the quarter to be between zero and $8 million, and income tax expense to be between $16 million and $33 million.

我們預計本季的淨利息收入和其他收入在零至 800 萬美元之間，所得稅支出在 1,600 萬美元至 3,300 萬美元之間。

We expect net income to be between $135 million and $189 million.

我們預計淨收入在 1.35 億美元至 1.89 億美元之間。

On a fully diluted share count of approximately 556 million shares, we expect earnings per share for the first quarter to be between $0.24 and $0.34. For the full year, we expect 2025 non-IFRx net CapEx to be approximately $700 million.

基於約 5.56 億股的完全攤薄股數，我們預計第一季每股收益將在 0.24 美元至 0.34 美元之間。就全年而言，我們預計 2025 年非 IFRx 淨資本支出約為 7 億美元。

This metric includes proceeds from government grants where applicable, and while the timing of proceeds may vary quarter to quarter, we remain extremely focused on aligning capacity expansion plans with customer demand.

該指標包括適用的政府補助收益，雖然收益時間可能因季度而異，但我們仍然高度注重將產能擴張計劃與客戶需求相結合。

Our disciplined approach to cost and expense management also extends to SG&A and R&D, which in 2025 we expect will be roughly in line with 2024 while continuing to invest in our people and long-term growth objectives.

我們對成本和費用管理的嚴格方法也延伸到銷售、一般及行政開支和研發開支，我們預計 2025 年這些開支將與 2024 年大致持平，同時我們將繼續對人才和長期成長目標進行投資。

As Tom noted, we expect 2025 will be a growth year for GF, and although we only guide one quarter at a time, as customer demand and utilization levels improve, coupled with the benefits associated with our continuing cost and productivity initiatives, we believe we can exit the fourth quarter of 2025 with adjusted gross margins of approximately 30%.

正如湯姆所說，我們預計 2025 年將是 GF 的增長年，儘管我們每次僅預測一個季度，但隨著客戶需求和利用率水平的提高，再加上我們持續的成本和生產力舉措帶來的好處，我們相信到 2025 年第四季度，調整後的毛利率可以達到約 30%。

This is just an interim step, and longer term, we remain focused on optimizing our cost structure, mix of business, and utilization of our global capacity to continue growing our core profitability metrics.

這只是一個臨時步驟，從長遠來看，我們仍將專注於優化成本結構、業務組合和全球產能的利用，以繼續提高我們的核心獲利指標。

In summary, the dedication of our employees across the world and their continued efforts to expand our differentiated product offerings in key growth markets enabled us to achieve fourth quarter results at the higher end of the guidance ranges.

總而言之，我們全球員工的奉獻精神以及他們為在主要成長市場擴大差異化產品供應而做出的持續努力，使我們第四季度的業績達到了預期範圍的較高水平。

I'll now pass back to Tom and Tim before we move to Q&A.

在我們進入問答環節之前，我現在將話題轉回給湯姆和提姆。

Thanks, John.

謝謝，約翰。

In conclusion, GF not only navigated the cycle well in 2024, it achieved new milestones that highlight the strength of our customer partnerships and the resilience of our business.

總而言之，GF 不僅在 2024 年很好地度過了周期，還實現了新的里程碑，凸顯了我們與客戶合作夥伴關係的實力和我們業務的韌性。

We remain focused on execution and advancing our strategic goals.

我們將繼續專注於執行和推進我們的策略目標。

I deeply appreciate our team members around the globe for their tenacity, dedication and teamwork in securing key design wins and our customers have my sincere gratitude for their support and trust in us.

我深深感謝我們遍佈全球的團隊成員，感謝他們的堅韌、奉獻和團隊合作，確保了關鍵設計的成功，我也衷心感謝客戶對我們的支持和信任。

Lastly, as announced last week an effective April 28, I want to congratulate Tim as GF's incoming CEO; and Neils as GF's new President and COO.

最後，正如上周宣布的 4 月 28 日起生效的任命，我要祝賀 Tim 成為 GF 新任執行長； Neils 擔任 GF 新任總裁兼營運長。

I am proud of what we've accomplished together, and I'm looking forward to our continued partnership as I take on the role of Executive Chairman.

我為我們共同取得的成就感到自豪，並期待在我擔任執行主席期間繼續保持合作。

It has been the honor of my career to lead GF these last 7 years.

過去 7 年裡能夠領導 GF 是我職業生涯中的榮幸。

And as I hand over the reins to Tim as CEO, I am confident the company's additional hands with a bright and exciting future.

當我將執行長一職移交給蒂姆時，我相信公司的新員工將擁有光明而令人興奮的未來。

With that, over to you, Tim, to say a few words.

下面，就由你，提姆，來講幾句話了。

Tim?

提姆？

Thanks, Tom, and congratulations to you as our next Executive Chairman of the Board.

謝謝，湯姆，恭喜您成為我們的下一任董事會執行主席。

GF will undoubtedly continue to benefit from your knowledge, experience and support.

GF 無疑將繼續受益於您的知識、經驗和支持。

It's a privilege to take on this new role.

我很榮幸能擔任這項新職位。

To partner with Neils and to lead our 13,000 strong team into a new chapter of growth and opportunity.

與 Neils 合作並帶領我們 13,000 人的強大團隊邁入成長和機會的新篇章。

GF is uniquely positioned with our exceptionally talented employees, essential chip technologies and a diverse global manufacturing footprint to meet our customers where they need us.

GF 擁有獨特的優勢，擁有非常優秀的員工、重要的晶片技術和多樣化的全球製造業務，能夠滿足客戶的需求。

I'm incredibly excited for the next phase of GS growth trajectory, and I'm looking forward to executing on our strategic vision.

我對 GS 下一階段的成長軌跡感到無比興奮，並期待執行我們的策略願景。

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

現在，讓我們開始問答環節。

Operator?

操作員？

(Operator Instructions) Chris Caso, Wolfe Research.

（操作員指示）Chris Caso，Wolfe Research。

Yes, thank you.

是的，謝謝。

Good morning, and congrats, Tim, and all the best to you, Tom, on your next endeavor.

早安，恭喜你，提姆，祝你，湯姆，接下來的一切一切順利。

I'll start with a commentary on the end markets.

我首先會評論一下終端市場。

And if you could provide some explanation of what your expectation is by end market for Q1.

如果您可以解釋一下您對第一季終端市場的預期的話。

And particularly in auto, that was stronger than what we would have expected.

特別是在汽車領域，其表現比我們預期的更強勁。

Is this something that you expect to continue as you go into next year?

您預計這種現像明年還會持續嗎？

Yeah.

是的。

Let me give a little context first and talk a little bit about the year and what we're seeing.

讓我先介紹一下背景，並談談今年的情況和我們所看到的情況。

So let's go back a year ago.

讓我們回顧一年前。

1Q 2024, we said would be the low point of GF revenue.

我們說過，2024 年第一季將是 GF 收入的最低點。

And over 2024, we grew revenue sequentially all through the year.

到 2024 年，我們的全年收入將持續成長。

At our last earnings call in November, we stated that, one, Q1 of 2025 and which show year-on-year growth, and we're seeing approximately 2% growth.

在我們 11 月的上一次財報電話會議上，我們表示，2025 年第一季的業績將年增，預計成長率約為 2%。

By the way, if we normalize this Q1 '24 to Q1'25 eliminating or normalizing out the LTA revenue, our growth would be actually 7%.

順便說一句，如果我們將 2024 年第一季至 2025 年第一季標準化，消除或標準化 LTA 收入，我們的成長率實際上會達到 7%。

And then while we only guide one quarter at a time, as we said in our prepared remarks, we do see 2025 being a growth year over 2024.

雖然我們每次只預測一個季度，但正如我們在準備好的評論中所說，我們確實看到 2025 年將比 2024 年更具成長性。

Now here's the thing.

現在事情是這樣的。

The range of that growth will be, in large part, determined by the secular industry growth in the diversified space that we play in, in the end markets that we serve.

成長範圍在很大程度上取決於我們所處的多元化領域以及我們所服務的終端市場的長期產業成長。

But if you compare our Q1 revenue year-over-year to other companies in this diversified space, we're showing growth as we said, whether it's roughly 2% or the normalization of 7% where many others, the vast majority were showing decreasing year-over-year mid-single digits.

但是，如果將我們的第一季營收與這個多元化領域的其他公司進行比較，就會發現正如我們所說，我們顯示出成長，無論是大約 2% 還是 7% 的正常化，而許多其他公司中，絕大多數都顯示出同比中個位數下降。

Some of them as high as 25%.

有的甚至高達25%。

So where is the upside for GF?

那麼 GF 的優勢在哪裡呢？

Why are we seeing it different?

為什麼我們看到的情況不同？

Well, it's certainly auto, which, by the way, this will be a fifth year in a row of achieving revenue growth.

嗯，當然是汽車業務，順便說一句，這將是汽車業務連續第五年實現收入成長。

Remember, we started in 2020 with somewhere under $100 million in revenue.

請記住，我們在 2020 年開始時的收入還不到 1 億美元。

And last year, as you see, we reported $1.2 billion, and we see there's no reason we shouldn't continue to grow in 2025.

如您所見，去年我們的收入為 12 億美元，我們認為沒有理由不在 2025 年繼續成長。

Why is auto strong for us, say, versus what you're hearing from others.

為什麼對我們來說，汽車產業很強大，而不是你從別人那裡聽到的？

It's not only just the content growth.

這不僅僅是內容的成長。

It's the number of sockets we've won over the last number of years, and they are starting to ramp.

這是過去幾年中我們贏得的插座數量，而且它們的數量正在開始增加。

So even in the face of sluggish auto sales out of the dealerships that you're seeing.

因此，即使面臨經銷商汽車銷售低迷的情況。

Even with that, we're going to grow again this year.

即使如此，今年我們仍將再次成長。

And then the other upside for us in 2025 is in our comms infrastructure and data center end market.

2025 年我們的另一個優勢在於通訊基礎設施和資料中心終端市場。

That was a transitional market for us.

對我們來說這是一個過渡市場。

We've been bumping along the bottom at about $0.5 billion of revenue on an annual basis.

我們每年的收入一直在 5 億美元左右的低谷中掙扎。

But given the strength in some of the key design wins in satellite communications and our Photonics platform in the data center, this is the year that CID is going to start growing for us.

但考慮到我們在衛星通訊和資料中心光子平台領域的一些關鍵設計勝利，今年 CID 將開始為我們實現成長。

So as the industry comes back, we will come back.

因此，隨著產業復甦，我們也會復甦。

The theme for us is we should outperform because we positioned the company with these key design wins in these end markets for growth.

我們的主題是我們應該表現出色，因為我們透過這些關鍵的設計勝利使公司在這些終端市場實現了成長。

Do you have a follow-up, Chris?

克里斯，您還有後續問題嗎？

I do.

我願意。

My follow-up on gross margins.

我對毛利率的追蹤。

And you made a comment in your prepared remarks of exiting the year at 30%.

而且您在準備好的發言中提到，今年的成長率將達到 30%。

Can you walk us through how you intend to get there?

您能向我們介紹一下您打算如何實現這一目標嗎？

And I presume that there would be some revenue expectation attached to that.

我推測這會帶來一些收入預期。

You speak about what sort of revenue growth you would need to get to that 30% exiting the year?

您能談談需要達到什麼樣的收入成長才能達到今年年底的 30% 的目標嗎？

Yeah, Chris, this is John.

是的，克里斯，這是約翰。

Let me first talk about the first quarter.

我先講一下第一季的情況。

And overall, we see an improving gross margin story here.

總體而言，我們看到毛利率正在改善。

And let me do the year on year comparison.

讓我進行一下同比比較。

If you look at the first quarter of '24, that included, as Tom indicated, the roughly $80 million underutilization benefit, that roughly accounts for about 4 points of the gross margin result in the first quarter.

如果你看一下 24 年第一季度，正如湯姆所指出的，其中包括約 8000 萬美元的未充分利用收益，這大約佔第一季毛利率的 4 個百分點。

So if I normalize that and compare it to the guide that we just put out, you actually can see that our gross margins are improving by roughly 100 basis points year-over-year on a normalized basis.

因此，如果我將其標準化並與我們剛剛發布的指南進行比較，您實際上可以看到我們的毛利率在標準化基礎上同比增長了約 100 個基點。

And as we look to the balance of this year and expect continued sequential growth as we experienced in 2024, yes, you will see the benefit coming in the form of improved factory utilization ongoing structural cost improvement, and that's comprised of both our optimization of our cash input costs as well as the roll-off of our depreciation and amortization costs, we indicated in the prepared commentary, an expectation of a roughly 15% improvement in depreciation and amortization costs.

展望今年的收尾工作並預計我們會像 2024 年一樣繼續實現連續增長，是的，您會看到帶來的好處，包括工廠利用率的提高和持續的結構性成本改善，這包括我們對現金投入成本的優化以及折舊和攤銷成本的降低，我們在準備好的評論中指出，預計折舊和攤銷成本將提高約 15%。

As well as ever enriching product mix in the overall portfolio.

以及整體產品組合不斷豐富。

So that's what gives us the view that through the balance of this year, we have the opportunity to improve our gross margins -- and according to those expectations, exit the year at roughly 30% gross profit margin.

因此，我們認為，透過今年的剩餘時間，我們有機會提高我們的毛利率——根據這些預期，今年年底的毛利率將達到約 30%。

Mark Lipacis, Evercore ISI.

Evercore ISI 的 Mark Lipacis。

Great.

偉大的。

Thanks for taking my question.

感謝您回答我的問題。

A question for John, I think.

我想這是一個問約翰的問題。

So in 2024, it looks like the free cash flow was about 25% higher than your net income.

因此，到 2024 年，自由現金流似乎比您的淨收入高出約 25%。

And it looks like CapEx is lower but you actually had -- it looks like you had a headwind from working capital.

而且看起來資本支出較低，但實際上——看起來你面臨營運資本的阻力。

So I'm wondering, you gave us some of the pieces here, the depreciation, and it looks like you're underfunding depreciation expense again.

所以我想知道，您給了我們這裡的一些信息，折舊，但看起來您再次沒有為折舊費用提供資金不足。

So that's an what happens with working capital?

那麼營運資金會發生什麼事呢？

Is that -- do you expect that to still be a headwind again this year?

您是說—您是否預計今年這仍將是個阻力？

Or do you get -- does that become a source of cash?

或者你明白──這會成為現金來源嗎？

Do you expect to maintain this kind of high level of free cash flow in '25?

您預計在25年能夠維持這種高水準的自由現金流嗎？

And I had a follow-up.

我進行了後續行動。

Thank you.

謝謝。

Sure, Mark.

當然，馬克。

The short answer is yes, we do expect to continue to have strong performance in free cash flow, and that's driven by strong performance in the business, coupled with a capital-efficient strategy that we have at the moment, where we're leveraging some of the prior installed base of investment for the company, and we're able to deliver what our customers need with a modest CapEx experience.

簡短的回答是肯定的，我們確實預計自由現金流將繼續保持強勁表現，這是由業務的強勁表現推動的，再加上我們目前的資本效率戰略，我們正在利用公司之前安裝的一些投資基礎，並且我們能夠通過適度的資本支出經驗來滿足客戶的需求。

We did about $625 million in net CapEx in 2024 and indicated in our prepared comments, roughly $700 million in 2025.

我們在 2024 年的淨資本支出約為 6.25 億美元，並在我們的準備好的評論中指出，2025 年的淨資本支出約為 7 億美元。

Working capital should be fairly normalized for the year, we did experience a nice benefit in inventory of roughly $200 million in the fourth quarter.

今年的營運資本應該相當正常化，我們確實在第四季度獲得了約 2 億美元的庫存收益。

That helped our result for the year.

這對我們今年的業績有幫助。

And yes, we expect to generate similar amounts of free cash flow in 2025 is what we just posted for 2024.

是的，我們預計 2025 年將產生類似數量的自由現金流，這是我們剛發布的 2024 年的預測。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then a follow-up, John, also for you.

接下來是後續問題，約翰，也為你準備。

I think the impairment charge -- can you describe what was written down?

我認為減損費用—您能描述一下減損費用是多少嗎？

I understand that this is part of what you're doing at Malta.

我知道這是你們在馬耳他所做工作的一部分。

But if you could just give a little bit more color on that.

但如果您可以對此進行更詳細的說明的話。

And then does that write-down, does that also help your depreciation expense as you look into this year?

那麼，當您回顧今年時，這種減記是否也有助於減少折舊費用？

Yes, Mark, certainly.

是的，馬克，確實如此。

Yes, this fundamentally relates to the diversification of the Malta Fab and the essential technologies that we are offering there.

是的，這從根本上與馬耳他工廠的多樣化以及我們在那裡提供的關鍵技術有關。

We indicated this in the prepared comments, but if you really look at the 22 FDX, 40-nanometer, what we're doing in advanced packaging and Photonics.

我們在準備好的評論中指出了這一點，但如果你真正看看22 FDX、40奈米，你就會知道我們在先進封裝和光子學領域所做的事情。

These are new essential technologies that we're adding onshore here in the Malta-fab and that speaks very much to our global manufacturing footprint and how critical it is, particularly in today's environment that we're able to have fungible consistent essential technologies globally at each of our locations in the world.

這些都是我們在馬耳他工廠新增的關鍵技術，這充分說明了我們的全球製造足跡，以及它的重要性，特別是在當今的環境下，我們能夠在世界各地的每個工廠擁有可替代的、一致的關鍵技術。

So that's really what's behind that.

事情背後的真相就是這樣的。

And as part of that diversification strategy, we felt it appropriate to analyze the legacy investments in the Malta fab and based on that, we did a comprehensive analysis in the fourth quarter and determined that in order to right size the carrying value of Malta fab, it was appropriate to incur this roughly $900 million impairment charge.

作為多元化策略的一部分，我們認為分析馬耳他工廠的遺留投資是適當的，在此基礎上，我們在第四季度進行了全面分析，並確定為了正確確定馬耳他工廠的賬面價值，承擔約 9 億美元的減值費用是適當的。

And yes, to your question, Mark, that is included in the 15% decline in D&A costs, although it's not the majority.

是的，馬克，回答你的問題，這包括在 D&A 成本 15% 的下降中，儘管這不是大部分。

The majority of that is coming from simply the natural runoff of the depreciation schedule for Malta.

其中大部分只是來自馬耳他折舊計劃的自然流失。

Very helpful.

非常有幫助。

Thank you very much.

非常感謝。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

Hi.

你好。

Thanks for taking my question, and congrats, Kim.

感謝您回答我的問題，恭喜您，Kim。

And Tom, I had two questions.

湯姆，我有兩個問題。

First one, you said you expect revenue growth in calendar '25.

首先，您說預計 25 年收入會成長。

Within that how to think about ASP versus wafer volumes this year?

那麼，今年的 ASP 與晶圓產量相比如何呢？

And then I had a follow-up.

然後我進行了後續行動。

Yes.

是的。

Let me start on that, and I'll pass it over to Neils.

讓我先開始講這個，然後我會把它交給尼爾斯。

Look, in a phrase, we have a constructive pricing environment.

簡而言之，我們有一個建設性的定價環境。

Why?

為什麼？

Now the win in the marketplace, our customers need differentiated solutions.

現在為了在市場上取勝，我們的客戶需要差異化的解決方案。

That's when they come to us.

這時候他們就來找我們了。

When we talk to them in our engagements, it's centered around what features we can add with kind of unique customization and enablement that they could bring to maximize the performance in the marketplace.

當我們在業務中與他們交談時，主要討論的是我們可以添加哪些功能，以及他們可以帶來哪些獨特的客製化和支持，以最大限度地提高市場表現。

So our first priority when we think about capture and value is how do we go and leverage the range of technology platforms we have because that we bring great solutions to our customers but to maximize our profitability.

因此，當我們考慮捕獲和價值時，我們的首要任務是如何利用我們擁有的一系列技術平台，因為我們為客戶帶來了出色的解決方案，同時最大化了我們的盈利能力。

So let me give you a little insight on that.

因此，讓我向您提供一些關於這一點的見解。

The range of complexity of our technologies is somewhere in the order of 2x in process steps depending on what platform we're talking about.

根據我們討論的平台，我們技術的複雜程度範圍在流程步驟中大約 2 倍。

So when we think about ASP, it's not really a good indicator of value capture, which is the whole ASP is about.

因此，當我們考慮 ASP 時，它其實並不是一個很好的價值獲取指標，而價值獲取正是 ASP 的全部意義。

It's really about us maximizing the leverage of the breadth of our portfolio to win business that our customers need our solutions for.

這實際上關乎我們最大限度地利用我們廣泛的產品組合來贏得客戶需要我們解決方案的業務。

I think this is evident by the fact that we continue to have 90% of our design wins on single-source opportunities because we bring these different differentiation across a broad range of platforms and end markets.

我認為，這一點很明顯，因為我們在廣泛的平台和終端市場中帶來了這些不同的差異化，因此我們 90% 的設計勝利仍然來自單一來源機會。

Maybe a couple of examples on some of that differentiation.

也許可以舉幾個例子來說明這種差異。

Yes.

是的。

No, you answered it very well, Tom.

不，你回答得很好，湯姆。

I mean for GF, pricing continues to be very constructive.

我的意思是，對於 GF 來說，定價仍然非常具有建設性。

And it really is due to our strategy and focus on essential chip technologies.

這確實歸功於我們的策略和對關鍵晶片技術的關注。

I mentioned on the last earnings calls, we are not competing with bulk CMOS at all. 90% of our design wins are in higher differentiated sole-source technologies.

我在上次財報電話會議上提到，我們根本沒有與批量 CMOS 競爭。我們 90% 的設計成果均來自差異化程度較高的單一來源技術。

And whether that's RF, whether that's 22 FDX low-power, high-performance or whether that's any of our 40-nanometer, 28-nanometer ESF free type of technologies for automotive, that allows us to have a very constructive pricing environment where we continue to be able to differentiate and help our customers develop superior products.

無論是 RF、22 FDX 低功耗、高性能，還是我們用於汽車的任何 40 奈米、28 奈米無 ESF 類型的技術，這都使我們能夠擁有非常建設性的定價環境，讓我們能夠繼續實現差異化並幫助我們的客戶開發出更卓越的產品。

And when they develop superior products, they're also able to pay us better price and thereby a better margin for GF.

當他們開發出更優質的產品時，他們也能夠向我們支付更優惠的價格，為 GF 帶來更高的利潤。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then, Tom, I had a follow-up for you.

然後，湯姆，我要跟進一下你的狀況。

Kind of curious about the impact of China.

有點好奇中國的影響。

Are there some concerns in terms of the incremental capacity coming from there?

對於由此產生的增量容量是否存在一些擔憂？

On the print side, there are also some resections that could curtail their expansion.

在印刷方面，也存在一些可能會限制其擴張的切除範圍。

So I'm kind of curious how to think about opportunities and threats from the region for GlobalFoundries?

所以我有點好奇您如何看待 GlobalFoundries 來自該地區的機會和威脅？

Yes.

是的。

Look, the best defense we have against the capacity build in the diversified space or essential chip technology is our differentiation.

你看，我們針對多元化領域或關鍵晶片技術產能建設的最佳防禦就是我們的差異化。

It goes right back to that.

一切又回到那個時候了。

We have to continue to innovate on what matters to our customers and we win our fair share of business and let others fight it out in the more commoditized part of this marketplace.

我們必須在客戶關心的領域中不斷創新，贏得公平的業務份額，讓其他人在這個市場更商品化的部分競爭。

But for China, I think it also gives us great opportunity besides the headwinds you point out about overcapacity.

但對中國來說，除了你指出的產能過剩的阻力之外，我認為它也為我們帶來了巨大的機會。

First, let's talk about with fabless companies in China are telling us.

首先我們來談談中國的無晶圓廠公司告訴我們的情況。

They need diversification.

他們需要多樣化。

In fact, they've coined the phrase C&T, no China, Taiwan, in there and plus one sourcing strategy.

事實上，他們創造了「C&T」這個詞，即沒有中國，只有台灣，再加上一個採購策略。

So what they need is a diversified platform or a diversified manufacturing footprint that GF offers, to serve the markets outside of China.

因此，他們需要的是 GF 提供的多元化平台或多元化製造足跡，以服務中國以外的市場。

And the natural choice for them GF.

而 GF 也是他們的自然選擇。

And so we'll see a lot of great engagement with the fabulous companies of China who want to become international players.

我們將看到許多希望成為國際參與者的中國優秀公司進行積極參與。

On the other end of that, China for China, while we don't have any plans to build our own factory, that doesn't mean we don't have plays and opportunities working first with our customers and then with partners in China to bring very specific technology platform, very specific to products so that they can have a China for China play.

另一方面，對於中國而言，雖然我們沒有建立自己工廠的計劃，但這並不意味著我們沒有機會首先與我們的客戶合作，然後與中國的合作夥伴合作，提供非常具體的技術平台，非常具體的產品，以便他們能夠在中國為中國服務。

Now look, we'll do that eyes wide open, making sure we protect our IP, our differentiation, but we need to do this in partnership with customers, first and foremost, and then people who are building factories in China.

現在看，我們會睜大眼睛去做這件事，確保保護我們的智慧財產權和差異化，但我們首先需要與客戶合作，然後是在中國建廠的人。

Thanks, very helpful.

謝謝，非常有幫助。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Quick questions, and Tim, Tom and Neils, congratulations on all your new roles.

簡短提問，提姆、湯姆和尼爾斯，恭喜你們獲得所有新職位。

I guess following up the last question, one for you, I guess, probably, Tom.

我想接著最後一個問題，我想可能有一個問題想問你，湯姆。

Your US customers, any sort of change in behavior, new administration, maybe some other questions on the chips Act, maybe the flip side of it is even greater importance on kind of US-based manufacturing.

您的美國客戶，任何行為上的變化，新的政府，也許還有一些關於晶片法案的其他問題，也許它的另一面是對美國製造業更大的重視。

Have you noticed anything from the design win perspective or just general behavior that has changed due to this change in administration?

從設計獲勝的角度來看，您是否注意到由於管理變革而發生的一般行為變化？

Yeah.

是的。

Look, I think in the world of uncertainty, especially how are tariffs going to impact.

看，我認為在充滿不確定性的世界中，尤其是關稅將會產生怎樣的影響。

Customers.

顧客。

The dialogues we're having with them is a little bit like we're not going to necessarily wait and see, we need to start becoming more diversified.

我們與他們進行的對話有點像我們不一定要等待觀望，我們需要開始變得更加多元。

We need to have the ability to source from different regions.

我們需要有從不同地區採購的能力。

And I think it's just raising the height of importance of diversification of supply chain with customers.

我認為這只是提高了客戶供應鏈多樣化的重要性。

Now they don't run out the next day and say, here's 7 design wins.

現在他們不會在第二天跑出去說，這裡有 7 個設計獲勝了。

But the conversations we're having with customers, some with existing chronics saying, Hey, I'd like to start to multisource that in other regions.

但是我們與一些已有記錄的客戶進行的對話中，他們說，『嘿，我想開始在其他地區進行多源採購。

Others saying, Hey, I need a new supply for these types of applications, GF, let's start to talk about how you can we can leverage your footprint.

其他人說，嘿，我需要針對這些類型的應用提供新的供應，GF，讓我們開始討論如何利用你的足跡。

So the short answer to your question is it's becoming real for customers now.

所以對你的問題的簡短回答是，它現在對客戶來說已經成為現實。

And while it's in early days and starting with discussions, I can see this materially starting to change where we have the footprint, the rest of the world is going to try to get, and so we're ahead of the curve on that.

儘管一切尚處於早期階段，僅處於討論階段，但我可以看到，這一進程正在從實質性上改變我們所處的位置，世界其他國家也將嘗試跟上，因此，我們在這方面走在了前列。

Niels is there any you want to add to that?

尼爾斯，您還有什麼要補充的嗎？

Yes.

是的。

I just want to confirm in a couple of examples.

我只是想透過幾個例子來確認一下。

So you look at aerospace and defense, that's probably the most obvious one, very strong traction with our two US factories in Malta, Burlington.

所以你看看航空航太和國防，這可能是最明顯的一個，我們在馬耳他和伯靈頓的兩家美國工廠有著非常強勁的吸引力。

But you then move into comm infrastructure and data center, very critical that silicon that is well on the stoppages coming from.

但是當你進入通訊基礎設施和資料中心時，矽的停工情況就變得至關重要了。

So also very focused on Malta, Burlington from that front.

因此從這方面來說也非常關注馬耳他和伯靈頓。

And then, of course, you you're seeing automotive and you're seeing the automotive players having a lot more focus on, especially the American automotive players are more focused on where the silicon is coming from.

然後，當然，你會看到汽車產業，你會看到汽車廠商更加關注，特別是美國汽車廠商更加關注矽的來源。

So all of these trends are clearly building in the market space.

因此，所有這些趨勢顯然都在市場空間中形成。

I think the uncertainty that Tom is talking about and some of the news you read in the past few years, really built momentum on that front.

我認為湯姆所說的不確定性以及過去幾年讀到的一些新聞確實在這方面增強了動力。

So what we're doing from a strategic standpoint is we are positioning some of our most differentiated and advanced technologies into Malta and Burlington for that reason.

因此，從戰略角度來看，我們正在將一些最具差異化和最先進的技術定位到馬耳他和伯靈頓。

Yes.

是的。

And Ross, this is John.

羅斯，這是約翰。

You touched on the chip's angle and just to add on all of these trends and themes that Tom and Nils are referencing with respect to Malta and Burlington are supported with our strong partnership with the chips office.

您提到了晶片的角度，並且補充一下，湯姆和尼爾斯提到的有關馬耳他和伯靈頓的所有這些趨勢和主題都得到了我們與晶片辦公室的緊密合作的支持。

Perfect.

完美的。

I guess as my follow-up.

我想這是我的後續行動。

The first quarter, I know, is seasonally volatile at times, and you did give some directional color for the full year for the whole company and even a little bit by segment.

我知道，第一季有時會受到季節性波動的影響，而您確實為整個公司全年甚至每個部門給出了一些方向性的信息。

But versus the kind of down 14% at the midpoint sequentially.

但與上一季中位數相比，下降了 14%。

Are there any large puts and takes by various end markets?

各個終端市場是否出現較大的賣出與賣出？

And if so, what's the cause of that if it's something more than seasonality?

如果確實如此，如果這不僅僅是季節性因素造成的，那麼原因又是什麼呢？

Yes, Ross, it's John.

是的，羅斯，我是約翰。

It really is seasonality.

這確實是季節性的。

There's not really any one single item there, and this was not -- the trend was not unexpected by us.

實際上那裡並沒有任何單一的項目，而且這並不是——這種趨勢並不令我們意外。

It was a little more than we anticipated a quarter ago.

這比我們一個季度前的預期要多一點。

But yes, it's diversified across our various end markets based on seasonality.

但是的，它是根據季節性在我們各個終端市場上多樣化的。

Thank you.

謝謝。

Harlan Sur, JP Morgan.

哈蘭‧蘇爾 (Harlan Sur)，摩根大通 (JP Morgan)。

Congratulations to Tom on your appointment to Executive Chair and CEO, I appreciate all of the support over the past few years, guys.

恭喜湯姆被任命為執行主席兼首席執行官，我感謝大家過去幾年來的支持。

My first question, the impairment charge in the long-lived asset, which I assume is what took down your net PP&E by about 13% in Q4, the depreciation dropped by about $18 million quarter on quarter, which is about a 1% positive impact to your gross margins in Q4.

我的第一季度是長期資產的減損費用，我認為這是導致貴公司第四季淨 PP&E 下降約 13％的原因，折舊費環比下降約 1800 萬美元，這對貴公司第四季度的毛利率產生了約 1％的積極影響。

Is that the right math?

這是正確的計算嗎？

Some of that impairment could have been below the COGS line.

部分減損可能低於銷貨成本線。

Just trying to figure out the impact to depreciation on the takedown of PT in Q4.

只是想弄清楚第四季度 PT 下調對折舊的影響。

Yeah, Harlan.

是的，哈蘭。

The impairment charge was implemented during the quarter.

減損費用於本季實施。

So there was some in-quarter effect.

因此存在一些季度效應。

And of course, that is continuing into the first quarter, and that will build some through the course of the year as some of those benefits are inventory and then flow through later through the course.

當然，這種情況會持續到第一季度，並且會在整個一年中逐漸形成，因為其中一些好處是庫存，然後在以後的過程中流轉。

But you're generally thinking about it correctly.

但總體來說，你的想法是正確的。

I appreciate that.

我很感激。

And then as a part of the impairment charge on PP&E relating to Malta, I assume it's because the team is rolling in your 22, 28-nanometer technologies and capacity into fab 8.

然後，作為與馬耳他相關的 PP&E 減損費用的一部分，我認為這是因為該團隊正在將您的 22、28 奈米技術和產能投入第 8 座晶圓廠。

Can you guys just give us an update here?

你們能在這裡提供我們最新消息嗎？

Are you already qualified in shipping these technologies out of Malta?

您是否已經具備將這些技術運出馬耳他的資格？

If not, like what's the time line for starting to ship production wafers of these technologies?

如果沒有，那麼開始出貨這些技術的生產晶圓的時間表是什麼時候？

Yeah.

是的。

Harlan, you are right.

哈蘭，你說得對。

It is very much related to the diversification of the multi fab.

這與多晶圓廠的多樣化有很大關係。

And as you indicated, it's bringing those essential chip technologies into Malta for production.

正如您所說，它正在將這些重要的晶片技術引入馬耳他進行生產。

And we're making a lot of progress.

我們正在取得很大進展。

We are working our way through the final qualifications and have early customer engagement in Malta as well.

我們正在努力完成最後的資格認證，並且也在馬耳他與客戶進行了早期接觸。

So the project is continuing at pace here at GF.

該項目正在 GF 穩步推進。

Great.

偉大的。

Thank you.

謝謝。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks for taking my questions.

感謝您回答我的問題。

For the first one, if I were to use the sort of the sequential growth rates that we saw last year, I get to a full year sales growth of roughly 2% right, or so, sort of what you're seeing in Q1.

首先，如果我使用去年看到的連續成長率，我會得到全年銷售額成長率約為 2% 左右，類似於您在第一季看到的水平。

Is that a reasonable way to think about growth?

這是思考成長的合理方式嗎？

Or do you see any scenarios which can help you grow above seasonally in quarters this year?

或者您看到任何情景可以幫助您今年在各個季度實現高於季節性的成長？

Yeah.

是的。

Let me start out, Vivek.

讓我先開始吧，維維克。

We're really only giving the guidance one quarter at a time.

實際上，我們每次只給出一個季度的指導。

The general trend of growth for the year and sequential growth from here is what we expect.

今年的整體成長趨勢以及接下來的連續成長都符合我們的預期。

The rate and pace of it, as we indicated, is going to depend on the recovery in the market as customers work through inventory and we get more clarity on the demand signal for the year, and that's the general trend that we see.

正如我們所指出的，其速度和步伐將取決於市場的復甦，因為客戶將消化庫存，我們對今年的需求訊號會更加清晰，這是我們看到的總體趨勢。

Okay.

好的。

And then on gross margins, I mean you've given a very specific number, right, of 30% exiting the year.

然後關於毛利率，我的意思是你給了一個非常具體的數字，對吧，今年年底的毛利率是 30%。

So is that supported if you're growing top line in this range?

那麼，如果您在這個範圍內增加營收，這是否能得到支持？

And then in that 30%, how much is the benefit, not just for that Q4 but also in Q1 of the lower depreciation expenses, the assumptions around wafer pricing, factory utilization, any impact of cancellation fees.

那麼在這 30% 中，收益是多少？

So if you could just help us kind of bridge gross margins last year to how you are thinking about gross margins this year, right?

所以，您能否幫助我們將去年的毛利率與您對今年毛利率的預期進行比較，對嗎？

What would be different this year in terms of those gross margin drivers when it comes to depreciation when it comes to wafer pricing, factory utilization and impact of any cancellation fees.

就毛利率驅動因素、折舊、晶圓定價、工廠利用率和任何取消費用的影響而言，今年會有什麼不同？

Yes.

是的。

Sure, Vivek.

當然，維維克。

It's John again here.

約翰又來了。

So yes, we indicated roughly 30% exit rate for the year based on the assumption of continued revenue growth sequentially through the course of this year at some level.

所以是的，我們根據今年全年營收持續成長的假設，預測今年的退出率約為 30%。

And really, it is different drivers this year than what we had.

事實上，今年的驅動因素與我們以往的不同。

The expectation for underutilization payments is really not as relevant now.

現在，對於未充分利用付款的期望實際上已經不那麼重要了。

It's really not a material amount of that and comprehensive in the first quarter guidance.

這實際上不是一個實質的數額，也不是第一季的綜合預期。

It's driven by other factors.

這是由其他因素引起的。

And as you indicated, it's really around the utilization improving and the structural optimization of our costs, both on cash input costs, our team does a lot of good work to continue to assess and negotiate and push on continuous cost improvement on the cash side as well as the roll off of the depreciation costs based on the legacy investments that we have in the fabs as well as the capital-efficient approach that we've had the last couple of years.

正如您所說，這實際上圍繞著利用率的提高和成本的結構優化，包括現金投入成本，我們的團隊做了很多很好的工作，繼續評估、協商並推動現金方面的持續成本改進以及基於我們在晶圓廠的遺留投資和過去幾年我們採取的資本效率方法的折舊成本的減少。

We're benefiting from all of those trends.

我們從所有這些趨勢中受益。

We indicated roughly 15% improvement in D&A costs.

我們指出 D&A 成本大約改善了 15%。

That's on a base of roughly $1.6 billion in 2024.

這是以 2024 年約 16 億美元為基礎的。

So framing that in dollars, it's about $250 million of improvement in the D&A cost profile for the company in 2025.

因此，以美元計算，到 2025 年，公司的 D&A 成本狀況將改善約 2.5 億美元。

So those are some of the key drivers for us as we expect continuous improvement in gross profit margin in 2025.

因此，這些是我們預計 2025 年毛利率將持續提高的一些關鍵驅動因素。

Let me -- No, look, I want to build a line on this.

讓我——不，看，我想在這上面建一條線。

It's really about the three key themes or takeaways for GF where we sit today.

這實際上是關於我們今天所處的 GF 的三個關鍵主題或要點。

It's about taking share.

這是為了獲取份額。

Is about growing profitability and it's about growing free cash flow.

是為了提高獲利能力，也是為了提高自由現金流。

Taking share, look, this -- we will grow when this market comes back, but we will grow disproportionately because of the design wins we've been able to fill in our pipeline during this downturn.

就份額而言，你看，當市場復甦時，我們將會成長，但是我們的成長將不成比例，因為我們在這次經濟低迷期間能夠填補我們的設計空白。

We're going to grow profitability because with the top line comes higher utilization rates, we're going to leverage the structural costs that we've taken over the last few years, including the productivity improvements.

我們將提高獲利能力，因為營收成長帶來了更高的利用率，我們將利用過去幾年承擔的結構性成本，包括生產力的提高。

And we're going to leverage the fact that these design wins we have on single source business are richer mix cost.

而且，我們將利用單一來源業務上的設計勝利來獲得更豐富的組合成本。

And then the last part is, look, we've invested already ahead for the long term.

最後一部分是，你看，我們已經為長期進行了投資。

We have the footprint in place, call it, $9 billion plus of revenue.

我們已經取得了一定的成績，收入已經超過 90 億美元。

So we could be very capital efficient going forward to grow.

因此，我們可以非常有效率地利用資本，實現未來的成長。

And so this allows us to leverage that footprint to grow free cash flow.

因此，這使我們能夠利用這一足跡來增加自由現金流。

So taking share, growing profitability and growing free cash flow, a story GF as we look forward.

因此，擴大市場份額、提高盈利能力和增加自由現金流是我們期待的 GF 故事。

(Operator Instructions) Quinn Bolton, Needham & Company

（操作說明）Quinn Bolton，Needham & Company

Hey, congrats, Tom, Tim, and Niels.

嘿，恭喜湯姆、提姆和尼爾斯。

Neils, I might have missed it, but you went through the growth outlook for each of the end markets.

尼爾斯，我可能錯過了，但你已經討論了每個終端市場的成長前景。

I may have missed it, but did you give us a sort of sense of what you thought the home and IoT business would do in 2025.

我可能錯過了，但您是否能告訴我們您認為 2025 年家庭和物聯網業務將會如何發展？

I did mention earlier, but we do think that it bottomed out in 2024.

我之前確實提到過，但我們確實認為它將在 2024 年觸底。

We're starting to see green shoots across the customer base.

我們開始看到整個客戶群中出現了復甦的跡象。

You've seen the same -- read the same news and releases that came out this month.

您已經看到了相同的內容——讀到了本月發布的相同的新聞和新聞稿。

And you see some of the companies that are almost 100% focused on IoT, you're starting to see the revenue coming back.

你會看到一些幾乎 100% 專注於物聯網的公司開始看到收入回升。

You're starting to see the inventory being drained.

你開始看到庫存被消耗殆盡。

So I have a similar take on that, that IoT bottom up last year, and we're going to get back to growth this year.

所以我對此有類似的看法，物聯網去年自下而上發展，今年我們將恢復成長。

Perfect.

完美的。

And then just, John, on the gross margin walk to by the fourth quarter.

然後，約翰，毛利率將隨著第四季的到來而上升。

Is there any sort of lift in ASP assumed in that?

這是否意味著 ASP 會有所提升？

It looks like ASPs were sort of down sequentially in each of Q2, Q3, Q4 of '24 wondering if you get a little bit of pricing recovery just driven by mix in 2025?

看起來 ASP 在 24 年第二季、第三季和第四季都連續下降，想知道 2025 年是否會在產品組合的推動下實現一點價格回升？

Yes, Quinn.

是的，奎因。

So we see a generally constructive pricing environment for the essential chip technology that we offer.

因此，我們看到，我們所提供的關鍵晶片技術的定價環境總體上是積極的。

As Neils indicated, we're not operating in bulk CMOS per se.

正如 Neils 所指出的，我們本身並沒有採用體矽 CMOS 製程。

It's very specialized and differentiated for the markets we serve.

對於我們所服務的市場來說，它非常專業且具有差異化。

So we see generally stable pricing.

因此，我們看到價格整體穩定。

We have been selectively taking some price back in a few cases.

在一些情況下，我們有選擇地取消部分價格。

But in general, there is a mix of price dynamics depending on the technology and application, but generally a stable environment for pricing.

但整體而言，價格動態取決於技術和應用，但整體而言定價環境穩定。

Thank you.

謝謝。

Tonya, we'll make this the last question.

托尼亞，我們將把這個當作最後一個問題。

Certainly, I would now like to hand the conference back to Sam Franklin for closing remarks.

當然，現在我想將會議交還給薩姆·富蘭克林，請他作結束語。

Very good.

非常好。

All right.

好的。

Thank you, Tonya.

謝謝你，托妮亞。

Thank you, everyone, for joining us on the call today.

感謝大家今天的電話會議。

Just as a reminder, we will be at the Wolfe Research semiconductor conference tomorrow, and we'll also be participating in the Morgan Stanley TMT Conference on the March 4.

提醒一下，我們明天將參加 Wolfe Research 半導體會議，我們也將在 3 月 4 日參加摩根士丹利 TMT 會議。

See you there.

到時候見。

Thank you very much for joining today.

非常感謝您今天的參加。

Certainly.

當然。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。