格芯 (GFS) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the GlobalFoundries conference call to review first quarter of fiscal year 2022 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Sukhi Nagesh, Vice President of Corporate Development and Head of Investor Relations. Please go ahead.

各位好，感謝您稍候。歡迎參加 GlobalFoundries 會議電話會議，以回顧 2022 會計年度第一季財務結果的電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）現在我想把會議交給今天的講者 Sukhi Nagesh，企業發展副總裁兼投資人關係主管。請開始。

Thank you, operator, and good afternoon, everyone, and welcome to GlobalFoundries' First Quarter 2022 Earnings Call. On the call with me today are Dr. Tom Caulfield, CEO; and Dave Reeder, CFO.

謝謝接線員，各位下午好，歡迎參加 GlobalFoundries 2022 年第一季財報電話會議。今天與我一同出席的有執行長 Tom Caulfield 博士，以及財務長 Dave Reeder。

A short while ago, we released GF's first quarter 2022 financial results press release, which is available on our website at investors.gf.com, along with today's accompanying slide presentation. This call is being recorded, and a replay will be made available on our Investor Relations web page.

不久前，我們已發布 GF 2022 年第一季財務結果新聞稿，可於我們的網站 investors.gf.com 查閱，並附有今天的簡報投影片。本次電話會議將被錄音，重播內容將於我們投資人關係網頁提供。

During this call, we will present both IFRS and adjusted non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for adjusted non-IFRS measures are available in today's press release and accompanying slides. I would remind you that these financial measures are unaudited and subject to change.

在本次電話會議中，我們將同時呈報 IFRS 與經調整之非 IFRS 財務衡量指標。與經調整之非 IFRS 指標最直接可比的 IFRS 指標及其調節表，已載於今日新聞稿與隨附投影片中。提醒各位，這些財務衡量指標未經審計，且可能變動。

Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend, anticipate, and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from those forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our SEC filings, including in the section under the caption Risk Factors in our annual report on Form 20-F filed with the SEC on March 31, 2022.

今天電話會議中的某些陳述可能被視為前瞻性陳述。此類陳述可透過 believe、expect、intend、anticipate 以及 may 等用語辨識。您不應過度依賴前瞻性陳述。實際結果可能與前瞻性陳述有重大差異，我們亦不承擔更新今日所作任何前瞻性陳述之義務。關於可能導致實際結果與前瞻性陳述出現重大差異之因素，請參閱我們今日發布的新聞稿，以及我們向 SEC 提交之文件中所述的風險與不確定性，包括我們於 2022 年 3 月 31 日向 SEC 提交之 Form 20-F 年報中「Risk Factors」標題下的章節。

We will begin today's call with Tom providing a summary update on our end markets, capacity expansion and technologies. Following which, Dave will provide details on our first quarter results and also provide second quarter guidance. We will then open the call for questions. (Operator Instructions)

今天的電話會議將先由 Tom 就我們的終端市場、產能擴張與技術提供摘要更新；接著 Dave 將說明第一季業績細節，並提供第二季展望。之後我們將開放提問。（接線員指示）

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

現在我將把電話會議交給 Tom，請他發表事先準備的談話。

Thank you, Sukhi, and welcome, everyone, to our first quarter 2022 earnings call.

謝謝你，Sukhi，也歡迎各位參加我們 2022 年第一季財報電話會議。

We started the new year building on the strong momentum from last year and delivered record Q1 results that are well ahead of our outlook we provided in February. Amidst the backdrop of sustained and robust demand, our global team, 15,000-strong, continues to overdeliver despite inflationary, geopolitical and pandemic-related challenges. This type of execution builds upon itself and creates a foundation of confidence, confidence that we convey to our customers and partners. And as a result, builds their trust in GF. So a huge shout out to the entire GF team, all 15,000 of you. Great Q1. Let's together deliver another record quarter in Q2.

我們在新的一年延續去年強勁動能，交出創紀錄的第一季成果，且明顯優於我們在 2 月提供的展望。在需求持續且強勁的背景下，我們由 15,000 人組成的全球團隊，儘管面臨通膨、地緣政治與疫情相關挑戰，仍持續超額達成目標。這種執行力會自我強化，並建立信心的基礎——我們把這份信心傳達給客戶與合作夥伴，進而建立他們對 GF 的信任。因此，要向整個 GF 團隊、你們 15,000 位致上最深的感謝。第一季表現出色。讓我們一起在第二季再創一個創紀錄的季度。

In addition to strong manufacturing and operation performance, I am pleased to report that our commercial teams continue to win new accretive designs with both new and existing customers. Customers that are winning in their markets with GF solutions. We continue to see strong demand across all of our strategic and secular growing end markets with the majority of that demand built upon GF's differentiated process technology.

除了強勁的製造與營運表現之外，我也很高興報告，我們的商務團隊持續在新舊客戶中贏得新的、具增益性的設計案。這些客戶正憑藉 GF 的解決方案在其市場中勝出。我們持續看到在所有策略性與長期成長的終端市場中需求強勁，而其中多數需求皆建立在 GF 具差異化的製程技術之上。

In fact, Q1 single-source wafer shipments grew 48% year-over-year. Also, and is largely expected, we see some areas of the market normalizing; notably low-end handsets and PCs. As previously communicated, neither of these markets are areas of strategic focus for GF, with the exception of a few applications in these end markets that require unique and differentiated technology.

事實上，第一季單一來源晶圓出貨量年增 48%。同時，且大致如預期，我們看到市場某些領域正在正常化；尤其是低階手機與 PC。如先前所溝通，除少數需要獨特且具差異化技術的應用外，這兩個市場並非 GF 的策略重點。

In summary, the demand environment is largely as we expected, and our revenue visibility remains strong. It's backed by multiyear long-term customer agreements. We remain fully sold out in 2022 and 2023, and we are increasingly confident that we can deliver the long-term business model we outlined and articulated in our road show.

總結而言，需求環境大致符合我們的預期，我們的營收能見度仍然強勁，並由多年期的長期客戶協議所支撐。我們在 2022 年與 2023 年仍維持滿載售罄，且我們愈來愈有信心能夠實現我們在路演中所概述並闡述的長期商業模式。

With that as context, let's move on to our first quarter results. We are pleased to report another quarter of record results for the company. First quarter revenue grew 37% year-over-year and was driven by year-over-year increases in both wafer shipments and ASP. This, coupled with strong operational execution across all our fabs, resulted in significant improvements to adjusted gross margin, which increased to 25%. This is an 18% point improvement from the year ago quarter. And as a result, we reported first quarter adjusted earnings per share of $0.42, which is $0.15 higher than the high end of our guidance and more than double the $0.18 adjusted earnings per share we reported last quarter. Dave will discuss in more detail our financials later in his commentary.

在此背景下，讓我們進入第一季業績。我們很高興再次向各位報告，公司又創下一個創紀錄的季度。第一季營收年增 37%，主要由晶圓出貨量與 ASP 的年增所帶動。再加上我們所有晶圓廠的強勁營運執行，帶來經調整毛利率的顯著改善，提升至 25%。這較去年同期提升 18 個百分點。因此，我們第一季經調整每股盈餘為 0.42 美元，較我們指引上緣高出 0.15 美元，且超過我們上季所報告 0.18 美元經調整每股盈餘的兩倍以上。Dave 稍後將在他的說明中更詳細討論我們的財務表現。

But first, let me provide a summary of our first quarter revenue by end markets, starting with smart mobile devices. Smart mobile devices represented approximately 50% of first quarter revenue and it grew 20% year-over-year. This growth was primarily driven by the continued transition of the market for more feature-rich handsets, which is happening concurrently with the transition to 5G connectivity.

不過首先，讓我按終端市場概述第一季營收，從智慧行動裝置開始。智慧行動裝置約占第一季營收的 50%，年增 20%。此成長主要由市場持續轉向功能更豐富的手機所帶動，而此趨勢正與向 5G 連線的轉換同步發生。

Our 8SW platform is a great example of our differentiated technology. It is the industry's first and leading 300-millimeter RF SOI platform with best-in-class switch and L&A performance. It delivers superior data rate, range and battery power. Additionally, we are also seeing strong double-digit year-over-year growth for RF transceiver, mobile image sensor and specialty power solutions. Our portfolio of technologies, which includes 8SW, 12 LPRF, 22FDX, and both 55- and 28-nanometer BCD light enable our customers to design products that win in their markets, which in term helps us participate in the most attractive segments in this end market.

我們的 8SW 平台是我們差異化技術的絕佳例子。它是業界首個且領先的 300 毫米 RF SOI 平台，具備同級最佳的開關與 L&A（低雜訊放大器）效能，可提供更優異的資料速率、傳輸距離與電池續航。此外，我們也看到 RF 收發器、行動影像感測器與特殊功率解決方案呈現強勁的年增雙位數成長。我們的技術組合包含 8SW、12 LPRF、22FDX，以及 55 與 28 奈米 BCD light，使客戶能設計出在其市場中勝出的產品，進而協助我們參與此終端市場中最具吸引力的區隔。

Next, our communications infrastructure and data center end market, which comprised approximately 17% of first quarter revenue, grew approximately 80% year-over-year. Growth was driven by a combination of higher shipments, higher ASPs and better mix. Data center demand, especially for 2-chip product solutions, is starting to ramp and GF is well positioned to grow in this market.

接著是通訊基礎設施與資料中心終端市場，約占第一季營收的 17%，年增約 80%。成長由更高的出貨量、更高的 ASP 以及更佳的產品組合共同帶動。資料中心需求，特別是針對 2-chip 產品解決方案，正開始放量成長，而 GF 已具備良好條件在此市場擴張。

We also saw strong demand from our communications infrastructure customers who leverage GF's IP-rich and differentiated 12-nanometer RF in silicon germanium solutions. The robust demand in cellular infrastructure is due to the transition from 5G MIMO to 5G millimeter wave. This transition increases available spectrum, bandwidth and capacity, all of which culminates into improved user experience.

我們也看到通訊基礎設施客戶的強勁需求，這些客戶採用 GF 具豐富 IP 且差異化的 12 奈米 RF 矽鍺（SiGe）解決方案。蜂巢式通訊基礎設施的強勁需求，源於從 5G MIMO 轉向 5G 毫米波。此轉換提升可用頻譜、頻寬與容量，最終帶來更佳的使用者體驗。

In the quarter, we also announced our second-generation silicon photonics platform. This is gardening strong and broad customer traction. Our branded photonics platform is the industry-leading monolithic solution for optical interconnects, serving switches, GPUs, accelerators and pluggable transceivers. This platform also provides the next level of RF performance for 800-gigabit transceivers.

本季我們也宣布第二代矽光子平台。這項業務正獲得強勁且廣泛的客戶採用。我們的品牌光子平台是業界領先的單晶整合（monolithic）光互連解決方案，服務於交換器、GPU、加速器與可插拔式收發器。此平台亦為 800G 收發器提供更上一層的 RF 效能。

The best proof of this leadership solution is in our customer set. Industry leaders such as NVIDIA, Broadcom, Marvell and Cisco are designing high-bandwidth, low-power optical interconnects for high-performance computing, networking and cloud data centers using GF Fotonix and silicon germanium platforms. Further, our differentiated photonics platform has been extended to the quantum computing market and is gaining significant traction with some of the most innovative startups.

對此領先解決方案最好的證明在於我們的客戶群。NVIDIA、Broadcom、Marvell 與 Cisco 等產業領導者，正使用 GF Fotonix 與矽鍺平台，為高效能運算、網路與雲端資料中心設計高頻寬、低功耗的光互連。此外，我們具差異化的光子平台也已延伸至量子運算市場，並在一些最具創新力的新創公司中獲得顯著的採用動能。

For example, PsiQuantum is designing and building the world's first usable, scalable quantum computer on our photonics platform. Our silicon photonics business, which is already has a majority share position, is on track to grow over 50% in 2022. In summary, we believe the communications infrastructure and data center end markets remain on track to be one of our fastest-growing end markets this year.

例如，PsiQuantum 正在我們的光子平台上設計並打造全球第一台可用且可擴展的量子電腦。我們的矽光子業務目前已擁有過半的市占地位，並有望在 2022 年成長超過 50%。總結而言，我們相信通訊基礎設施與資料中心終端市場今年仍將如期成為我們成長最快的終端市場之一。

Moving on to our home and industrial IoT end market. Revenue was approximately 17% of GF's total first quarter revenue, and it grew 55% year-over-year. The strong growth in this end market was driven by higher demand, varying ASPs and richer mix. GF's strength in feature-rich technologies that are focused on superior wireless connectivity performance at the lowest possible power consumption has enabled our strong growth in the home and IoT end market. This is an end market that continues to experience secular growth with the ongoing global proliferation of smart-connected devices.

接下來是家用與工業物聯網（IoT）終端市場。其營收約占 GF 第一季總營收的 17%，年增 55%。此終端市場的強勁成長由更高的需求、不同的 ASP 以及更佳的產品組合所帶動。GF 在功能豐富的技術方面具備優勢，聚焦於以最低可能的功耗提供卓越的無線連線效能，這使我們在家用與 IoT 終端市場實現強勁成長。這是一個隨著全球智慧連網裝置持續普及而長期成長的終端市場。

Now within this end market, our wireless connectivity solutions saw significant growth due to the accelerated adoption of 22FDX technology for WiFi 6 applications. We are also seeing strong traction for IoT microcontrollers that feature nonvolatile memory for a number of smart card applications, such as digital payments, access control and electronic IDs.

如今在這個終端市場中，由於 WiFi 6 應用加速採用 22FDX 技術，我們的無線連接解決方案實現了顯著成長。我們也看到具備非揮發性記憶體的 IoT 微控制器在多種智慧卡應用上獲得強勁動能，例如數位支付、門禁控制與電子身分證。

In addition, growth in this end market is being driven by our differentiated power in analog technologies for applications such as building automation and security. The trend of integrating wireless, secure compute, analog and multiple sensors is squarely playing to our strength and is at the heart of this strong home and IoT growth for GF. We are on track for this end market to be the fastest growing for GF this year.

此外，這個終端市場的成長也受到我們在類比技術上的差異化優勢所帶動，應用包括樓宇自動化與安防。整合無線、安全運算、類比以及多種感測器的趨勢，正好發揮我們的強項，也是 GF 在家用與 IoT 強勁成長的核心。我們正按計畫推進，預期今年這個終端市場將成為 GF 成長最快的市場。

Touching next on automotive. Revenue in this market was approximately 4% of our total first quarter revenue and grew approximately 170% year-on-year. As we previously indicated, our growth in this market will be lumpy as we are constrained by how quickly we can build capacity. Now as new capacity comes online, we expect our revenue growth to accelerate in this end market.

接著談汽車。該市場營收約占我們第一季總營收的 4%，年增約 170%。如我們先前所指出，我們在此市場的成長將呈現波動，因為受限於我們能多快建置產能。隨著新產能陸續上線，我們預期在此終端市場的營收成長將加速。

In Q1, we also began to ramp some exciting new products that have been developed over the last few years that enable automobile electrification and safety. We're also seeing continued ramp of our sole-source business with a top-tier automotive radar IDM that will drive significant growth over the next several years. Our pipeline of design wins in automotive remains robust. This is driven by, one, the acceleration of plans for EV production; and two, automakers desire to recover lost vehicle shipments during the pandemic. These 2 together will pull forward demand for advanced automotive architectures. And it's these architectures that have higher semiconductor content per vehicle and the majority of which is serviced by feature-rich technologies across GF's portfolio.

在第一季，我們也開始量產一些令人振奮、過去幾年開發的新產品，這些產品可支援汽車電動化與安全。我們也看到與一家頂級汽車雷達 IDM 的獨家供應業務持續放量，將在未來數年帶動顯著成長。我們在汽車領域的設計導入（design wins）管線仍然強勁。這主要由兩項因素驅動：第一，電動車（EV）生產計畫加速；第二，車廠希望彌補疫情期間流失的車輛出貨。這兩者將把先進汽車架構的需求提前釋放。而正是這些架構使得每輛車的半導體含量更高，其中多數需求可由 GF 產品組合中功能豐富的技術來滿足。

Examples range from our 130 BCD technologies that enable advanced battery management systems to our best-in-class 22FDX technologies that are quickly becoming the market standard for millimeter wave solutions. They're at the foundation to enabling safety and the future autonomous driving.

例子涵蓋從我們可支援先進電池管理系統的 130 BCD 技術，到我們同級最佳、正快速成為毫米波解決方案市場標準的 22FDX 技術。這些技術是實現安全與未來自動駕駛的基礎。

Next, and as expected, our compute end market declined year-over-year, and it comprised approximately 2% of our total first quarter revenue and expect this market to be less than 5% of our total 2022 revenue. As mentioned earlier in this call, our investments in this market are focused upon areas which we can provide differentiated technology. Specifically, we have targeted mixed signal, power management and companionship solutions. From a percent of total revenue perspective, we expect Q1 to be the trough for this end market, and that it will steadily improve throughout the year.

接下來，如預期所示，我們的運算（compute）終端市場營收年減，約占第一季總營收的 2%，並預期該市場在 2022 年的總營收占比將低於 5%。如本次電話會議稍早所提，我們在此市場的投資聚焦於能提供差異化技術的領域。具體而言，我們鎖定混合訊號、電源管理與配套（companion）解決方案。就總營收占比而言，我們預期第一季將是該終端市場的谷底，並將在全年逐步改善。

I would now like to provide a brief update on our ongoing capacity expansion plans. In Q1, wafer shipments increased 14% year-over-year. We are particularly pleased with the output from our Dresden fab where wafer shipments increased more than 50% year-over-year. In short, we are executing to plan and converting our capacity investments to the wafer output required to satisfy our long-term customer agreements. We are on track to increase wafer output more than 10% year-over-year.

我現在想就我們持續進行的產能擴張計畫提供簡要更新。第一季晶圓出貨量年增 14%。我們對德勒斯登（Dresden）晶圓廠的產出尤其感到滿意，該廠晶圓出貨量年增超過 50%。總之，我們正按計畫執行，並將產能投資轉化為滿足長期客戶協議所需的晶圓產出。我們正按計畫推進，晶圓產出可望年增超過 10%。

Also as committed and despite COVID-related challenges, our new fab construction in Singapore is largely progressing to plan, and we are on schedule to install tools at the beginning of Q3, with production ramping in the first half of 2023. In addition to our ongoing capacity expansion, we continue to make solid progress towards enhancing our differentiated technologies.

同時，依照承諾且儘管面臨與 COVID 相關的挑戰，我們在新加坡的新廠建設大致按計畫推進，並預計在第三季初開始安裝設備，於 2023 年上半年逐步量產。除了持續擴產之外，我們也持續在強化差異化技術方面取得穩健進展。

For example, we completed six technology qualifications in the first quarter, including new features that we added to our industry-leading 8SW RF SOI platform for front-end modules and mobile handsets. In addition, we also released our enhanced SiGe high-bandwidth technology in the quarter. We are pleased to report we have nearly 20 product tape-outs on our next-generation photonics technology platform in the first quarter alone of this year, with more than 30 customer tape-outs scheduled for this year. This reflects the rapid and broad adoption of our differentiated photonics technology.

例如，我們在第一季完成了六項技術認證（qualification），其中包括我們為前端模組與行動手機所使用、業界領先的 8SW RF SOI 平台新增的功能。此外，我們也在本季發布了強化版的 SiGe 高頻寬技術。我們很高興地報告，僅今年第一季，我們在下一代光子（photonics）技術平台上就完成了近 20 次產品流片（tape-out），且今年預計還有超過 30 次客戶流片排程。這反映出我們差異化光子技術正快速且廣泛地被採用。

And finally, given the unprecedented demand on our 22FDX platform, we have commenced a technology transfer from Dresden, Germany to our Malta, New York facility to establish our second 22FDX corridor.

最後，鑑於我們 22FDX 平台出現前所未有的需求，我們已啟動從德國德勒斯登轉移技術至美國紐約州馬爾他（Malta）廠區，以建立第二條 22FDX 產線走廊（corridor）。

To summarize, I'm pleased to report a quarter of solid execution as we continued to demonstrate strong momentum across our business and are making significant progress towards our long-term business model. With that, let me turn the call over to Dave to provide the financial details for the first quarter and also provide you with our guidance for the second quarter.

總結來說，我很高興報告本季執行穩健，我們持續展現業務的強勁動能，並在邁向長期商業模式方面取得重大進展。接下來，我把電話會議交給 Dave，請他提供第一季的財務細節，並同時提供第二季的財測指引。

Thank you, Tom.

謝謝你，Tom。

Our first quarter results exceeded the high end of the financial range we provided in our last financial update. First quarter revenue was approximately $1.94 billion, an increase of 37% year-over-year. We shipped approximately 625,000 300-millimeter equivalent wafers in the quarter, a 14% increase from the year prior period. Average selling price, ASP per wafer increased approximately 19% year-over-year, driven by ramping long-term customer agreements with better pricing, an overall very constructive transactional pricing environment as well as continued improvement in product mix.

我們第一季的結果超出我們在上次財務更新中所提供財務區間的上緣。第一季營收約 19.4 億美元，年增 37%。本季我們出貨約 62.5 萬片 300 毫米等效晶圓，較去年同期增加 14%。每片晶圓平均售價（ASP）年增約 19%，主要受惠於以更佳價格逐步放量的長期客戶協議、整體非常有利的交易型定價環境，以及產品組合持續改善。

Wafer revenue from our end markets accounted for approximately 90% of total revenue. Nonwafer revenue, which includes revenue from reticles, nonrecurring engineering, expedite fees and other items, accounted for approximately 10% of total revenue for the first quarter, consistent with our expectations. For the remainder of the call, including second quarter guidance, I will reference adjusted metrics, which exclude stock-based compensation.

來自各終端市場的晶圓營收約占總營收的 90%。非晶圓營收（包括光罩、一次性工程費用、加急費及其他項目）約占第一季總營收的 10%，符合我們的預期。在接下來的說明（包含第二季指引）中，我將引用調整後指標，該指標排除以股票為基礎的薪酬。

For the first quarter, we delivered adjusted gross profit of $490 million, which translates into approximately 25.3% adjusted gross margin. The 18 percentage point year-on-year improvement was driven by better fixed cost absorption, higher ASPs and improved mix. Approximately 70% of this improvement was attributable to ASP and mix with the remaining 30% attributable to volume-related fixed cost absorption.

第一季我們實現調整後毛利 4.90 億美元，對應約 25.3% 的調整後毛利率。毛利率年增改善 18 個百分點，主要由更佳的固定成本吸收、更高的 ASP 以及更優的產品組合所帶動。其中約 70% 的改善來自 ASP 與產品組合，其餘 30% 來自與出貨量相關的固定成本吸收。

Operating expenses for the first quarter were better than expected and represented approximately 9% of total revenue. R&D for the quarter was flat sequentially at approximately $122 million, while SG&A came in at about $89 million. Total operating expenses were $211 million, excluding $32.6 million of stock-based compensation. Q1 total operating expenses increased approximately $17 million from a year ago, largely due to investments in developing new features and IP as well as customer enablement for our technology platforms.

第一季營業費用優於預期，約占總營收的 9%。本季研發費用（R&D）較前一季持平，約 1.22 億美元；銷售、一般及行政費用（SG&A）約 8,900 萬美元。扣除 3,260 萬美元的以股票為基礎的薪酬後，總營業費用為 2.11 億美元。第一季總營業費用較去年增加約 1,700 萬美元，主要由於投資於新功能與 IP 的開發，以及為我們的技術平台進行客戶導入支援。

GF delivered operating profit of approximately $279 million for the quarter which translates into 14.4% adjusted operating margin, approximately 21 percentage points better than the year ago period and $77 million higher than the high end of our guidance range. First quarter net interest expense was approximately $28 million, and we incurred a tax expense of approximately $29 million in the quarter.

GF 本季營業利益約 2.79 億美元，對應 14.4% 的調整後營業利益率，較去年同期提升約 21 個百分點，且比我們指引區間上緣高出 7,700 萬美元。第一季淨利息費用約 2,800 萬美元，本季認列所得稅費用約 2,900 萬美元。

We delivered first quarter adjusted net income of approximately $232 million on a diluted share count of 549 million shares, resulting in adjusted earnings of $0.42 per share. We delivered record first quarter adjusted EBITDA of approximately $698 million. Adjusted EBITDA grew $404 million year-on-year on $522 million of incremental revenue growth, a 77% fall-through rate.

我們第一季調整後淨利約 2.32 億美元，以稀釋後股數 5.49 億股計算，調整後每股盈餘為 0.42 美元。我們也創下第一季調整後 EBITDA 約 6.98 億美元的紀錄。調整後 EBITDA 在營收增量 5.22 億美元的帶動下年增 4.04 億美元，落底率（fall-through rate）為 77%。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the quarter was $845 million and included approximately $475 million of customer prepayments and capacity access fees. Gross CapEx for the quarter was $643 million or roughly 33% of revenue. We ended first quarter with approximately $3.3 billion in cash and cash equivalents, an increase of more than $2.6 billion from the prior year period.

接著我提供幾項資產負債表與現金流的關鍵指標。本季營運活動現金流為 8.45 億美元，其中包含約 4.75 億美元的客戶預付款與產能使用費。第一季資本支出（CapEx）總額為 6.43 億美元，約占營收的 33%。第一季結束時，我們持有約 33 億美元的現金及約當現金，較去年同期增加超過 26 億美元。

Before I transition to Q2 guidance, I want to briefly touch upon current market concerns regarding inflation and its impact to our business. Like others, we are seeing some inflationary headwinds in our business especially with respect to materials, energy and labor costs. We estimate the impact of these inflationary costs to our full year results to be less than 2% of revenue.

在我轉入第二季指引之前，我想簡要談談目前市場對通膨及其對我們業務影響的疑慮。與其他公司一樣，我們確實在業務上看到一些通膨逆風，特別是在材料、能源與人力成本方面。我們估計這些通膨成本對我們全年結果的影響將低於營收的 2%。

Since 2021, our teams have worked diligently to build certainty into our business model. You've seen the results of the commercial work and our revenue visibility, driven by our long-term agreements. Operationally, we've also worked to build certainty into the business. With respect to materials, we have signed many long-term, multiyear fixed cost supply agreements for the materials needed to deliver customer commitments. With respect to energy costs, we have a rolling 24-month hedging program that helps us mitigate significant movements in the energy markets.

自 2021 年以來，我們的團隊一直努力在商業模式中建立確定性。各位已看到商務工作的成果與我們的營收能見度，這主要由長期協議所驅動。在營運面，我們也致力於為業務建立確定性。在材料方面，我們已簽署多項長期、多年期的固定成本供應協議，以確保履行客戶承諾所需的材料供應。在能源成本方面，我們採用滾動式 24 個月避險計畫，協助我們降低能源市場大幅波動的影響。

With respect to labor, we have variable pay-for-performance programs that reward our employees for excellent performance, like the performance delivered in the first quarter of 2022. Additionally, we have monthly rolling FX hedging programs that help mitigate significant movements in currency pricing. And finally, we have an active and robust pipeline of manufacturing cost savings initiatives that have historically delivered annual savings of more than $200 million. We believe the aggregate impact of all of these programs will largely offset the forecasted inflationary headwinds in 2022 and that the net impact to the P&L will be minimal.

就勞動力而言，我們有可變動的績效薪酬計畫，獎勵員工的卓越表現，例如 2022 年第一季所展現的績效。此外，我們有每月滾動式的外匯（FX）避險計畫，有助於緩解匯率價格的重大波動。最後，我們也有一套積極且強健的製造成本節省專案管線，過去歷來每年可帶來超過 2 億美元的節省。我們相信，所有這些計畫的綜合影響，將在很大程度上抵銷 2022 年預期的通膨逆風，對損益表（P&L）的淨影響將是最小的。

Next, let me provide you with our outlook for the second quarter. We expect total GF revenue to be between $1.955 billion and $1.985 billion. Of this, we expect nonwafer revenue to be about 8.5% of total revenue. We expect adjusted gross profit to be between $503 million and $531 million. We expect adjusted operating profit to be between $272 million and $305 million.

接下來，我來提供我們對第二季的展望。我們預期 GF 總營收介於 19.55 億美元至 19.85 億美元之間。其中，我們預期非晶圓營收約占總營收的 8.5%。我們預期調整後毛利介於 5.03 億美元至 5.31 億美元之間。我們預期調整後營業利益介於 2.72 億美元至 3.05 億美元之間。

Excluding share-based compensation for the second quarter, we expect total OpEx to be between $226 million and $231 million. We expect the sequential increase in operating expenses to primarily be driven by higher labor expenses and certain enterprise IT projects. At the midpoint of our second quarter guidance, we expect share-based compensation to be approximately $60 million, of which, roughly $30 million is related to cost of goods sold, and approximately $30 million is related to OpEx.

若排除第二季的股份基礎薪酬，我們預期總營業費用（OpEx）介於 2.26 億美元至 2.31 億美元之間。我們預期營業費用的季增主要由較高的人力成本以及部分企業 IT 專案所帶動。以我們第二季財測的中位數來看，我們預期股份基礎薪酬約為 6,000 萬美元，其中約 3,000 萬美元與銷貨成本相關，約 3,000 萬美元與營業費用（OpEx）相關。

We expect net interest expense for the quarter to be approximately $25 million and tax and other expenses to be roughly $26 million. We expect adjusted net income to be between $235 million and $265 million. We expect depreciation and amortization for the quarter to be about $425 million, of which 90% is related to cost of goods sold. On a fully diluted basis of approximately 550 million shares, we expect adjusted earnings per share for the second quarter to be between $0.43 and $0.48. We expect adjusted EBITDA to be between $705 million and $745 million. For 2022, we expect total gross CapEx to be approximately $4 billion as we continue to invest in partnership with our customers to deliver the capacity necessary to support our contracts.

我們預期本季淨利息費用約為 2,500 萬美元，稅金及其他費用約為 2,600 萬美元。我們預期調整後淨利介於 2.35 億美元至 2.65 億美元之間。我們預期本季折舊與攤銷約為 4.25 億美元，其中 90% 與銷貨成本相關。以完全稀釋後約 5.5 億股計算，我們預期第二季調整後每股盈餘介於 0.43 美元至 0.48 美元之間。我們預期調整後 EBITDA 介於 7.05 億美元至 7.45 億美元之間。對 2022 年而言，我們預期總資本支出（CapEx）約為 40 億美元，因為我們將持續與客戶合作投資，以提供支撐合約所需的產能。

In summary, strong operational execution enabled us to deliver first quarter results that were significantly better than the high end of our guidance range. Our demand visibility remains strong, supported by our long-term customer agreements and we expect to deliver progressively better financials quarter-to-quarter throughout the year as we continue to methodically execute our plans.

總結來說，強勁的營運執行使我們交出第一季結果，顯著優於我們財測區間的上緣。我們的需求能見度仍然強勁，並受到長期客戶協議的支持；我們預期在今年內，隨著我們持續有條不紊地執行計畫，財務表現將逐季改善。

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

接下來，我們開放問答。接線生？

(Operator Instructions) Our first question comes from Harlan Sur with JPMorgan.

（接線生指示）我們的第一個問題來自摩根大通（JPMorgan）的 Harlan Sur。

Congratulations on the solid results and strong execution by the team. There's a lot of cross-currency in the end markets whether COVID supply chain disruptions, as you mentioned, some pockets of weakness. But overall, it appears that demand continues to outstrip supply across most end markets. So as you guys look at your business, talk to customers, given your backlog profile, what are you guys seeing out there? And then it looks like capacity growth target, Tom, was revised higher than 10% plus for this year. I'm just wondering, does the team also still anticipate 10% ASP growth as well?

恭喜團隊交出穩健的成果並展現強勁的執行力。終端市場有很多交錯因素，包括你們提到的 COVID 供應鏈中斷，以及某些區塊的疲弱。但整體看起來，多數終端市場仍是需求持續超過供給。因此，當你們檢視自身業務、與客戶交流、並考量你們的積壓訂單（backlog）結構時，你們在市場上看到了什麼？另外，Tom，看起來今年的產能成長目標被上修到高於 10% 以上。我想請問，團隊是否也仍預期今年 ASP 也會成長 10%？

Yes. Let me start, and David, you could add some commentary. Look, I think you said it right. The demand environment is still strong, but I think we have to put this in perspective. We'll talk about the small pockets, I'll reiterate some of the small pockets of softness we're seeing.

是的。我先開始，David 你也可以補充一些看法。你說得沒錯，需求環境仍然強勁，但我認為我們必須把它放在正確的脈絡下。我們會談到一些小區塊，我也會重申我們看到的一些小幅疲弱的區塊。

When we started this year, we had demand that was 25% higher than the capacity weekly for sale. And so we are way in over demand situation. So I think holistically for the industry, it's not like you're either in supply alignment or you're not. There's ranges of that. And we were really, as an industry and in particular, GF having a lot more demand than we can satisfy.

今年一開始，我們的需求比每週可供銷售的產能高出 25%。因此我們處於明顯供不應求的狀態。我認為就整體產業而言，不是只有「供需對齊」或「不對齊」兩種狀態，而是存在不同程度的區間。而我們在產業中、尤其是 GF，面臨的需求遠高於我們能滿足的程度。

So we don't have high exposure to the PC market. We don't have high exposure to the low-end handset market. So a little bit -- the softening that we are seeing there, we're taking as an opportunity to close some of that big gap that we started this year with to feed the customers that are more strategic end markets for us.

因此，我們在 PC 市場的曝險不高，在低階手機市場的曝險也不高。所以我們在那裡看到的一點點轉弱，對我們而言反而是個機會，讓我們縮小今年一開始就存在的巨大缺口，把產能供應給對我們更具策略性的終端市場客戶。

Yes. And let me just add on, Harlan. We're expecting total wafer shipments to grow kind of high single digits, 10-ish percentage in -- throughout 2022. And at the midpoint of our guidance, specifically for second quarter, we guided up 22% year-over-year. And we're expecting every end market to participate in that growth year-over-year in second quarter with the exception of personal compute, which we expect to really have troughed in the first quarter of '22, and then we expect it to grow sequentially.

是的。Harlan，我再補充一下。我們預期 2022 年全年晶圓出貨量成長大約是高個位數、約 10% 左右。以我們財測中位數來看，特別是第二季，我們給出的指引是年增 22%。我們預期第二季所有終端市場都會參與這個年增成長，唯獨個人運算（personal compute）例外；我們預期它在 2022 年第一季已經落底，之後將呈現季增。

Do You guys still expect roughly ASPs to grow 10% this year?

你們仍預期今年 ASP 大約成長 10% 嗎？

Year-over-year, we expect ASPs to grow about 10% year-over-year, correct, for the entire year. Obviously, they grew a little faster in the [first quarter].

是的，以年對年來看，我們預期全年 ASP 年增約 10%，正確。當然，在［第一季］它的成長速度稍微更快一些。

Great. And then on my second question, I appreciate the insights there. More specifically on your mobile business, your customers have been impacted by COVID-19 lockdown disruptions. This is impacting the premium end of the market. You've got weak China domestic smartphone demand, which is impacting the low end of the segment. So on the strong June quarter guidance, Tom, given the commentary around weakness in mobile -- so is your mobile business sustaining sequentially given the supply-demand gap by some of the customers in those segments?

很好。第二個問題，謝謝你們的分享。更具體地談你們的行動（mobile）業務，你們的客戶受到 COVID-19 封控干擾的影響，這衝擊了高階市場。同時，中國國內智慧型手機需求疲弱，影響了低階區段。因此在強勁的 6 月季度指引下，Tom，考量你們對行動端疲弱的評論——你們的行動業務在這些區段部分客戶仍存在供需缺口的情況下，是否能在 6 月季度維持季比持平？

Or is your mobile business weaker sequentially in the June quarter -- and it's just the diversification in the business is just allowing you guys to reallocate capacity to your non-auto segments where we know that demand is still strongly outstripping supply.

或者你們的行動業務在 6 月季度是季比轉弱——只是因為業務多元化，讓你們能把產能重新分配到非車用（non-auto）領域，而我們知道那裡的需求仍明顯大於供給。

Look, I think we'd call it flat and sequentially in the kind of the high-end handset in that space. Again, the low end, where we didn't have a lot of exposure, we're reallocating. I think you have to think about for us in the mobility space is, one, we have high concentration there, and that's not as growing as fast because it's such a big base of some of the other important end markets to us. And then the second element of this is as we think about what the new features are, the transition of 5G and how -- our strong position there, we would actually get kind of more silicon for handset. And so we have a strong position in these high-end handsets, typically, handset manufacturers, brands that sell that range, we'll air whatever capacity they have to the high-end handset before the low end. And so that's what we're seeing at least in the demand to us. David, anything you'd add to that?

我想我們會把它稱為在高階手機那一塊大致持平、季比持平。再說一次，低階那邊我們本來曝險就不大，我們正在重新分配產能。我認為在行動領域，你必須從兩點來看我們：第一，我們在那裡的集中度很高，而由於基期很大，相較於其他對我們重要的終端市場，它的成長速度沒有那麼快。第二個因素是，當我們思考新功能、5G 的轉換，以及我們在那裡的強勢地位時，實際上每支手機會需要更多的矽含量（silicon）。因此我們在這些高階手機上有很強的地位；通常手機製造商、品牌在分配產能時，會先把手上有限的產能優先供給高階手機，再供給低階。至少就我們所看到的對我們的需求而言，是這樣。David，你還要補充什麼嗎？

Yes, I think we see a continuation of the first quarter, Harlan. And that's -- in the RF front-end module, that's our 8SW RF SOI technology. We're really driving the transition from 4G to 5G there. So we're continuing to see sustained growth in that segment and particularly in that technology. In the image sensor processor side of the smart mobile devices, that's a space where GF's product solution includes the 22FDX platform road map that delivers optimized image sensing at optimal power as well as some other technologies that are growing pretty significantly on a year-over-year basis.

是的，Harlan，我認為我們看到第一季態勢的延續。在 RF 前端模組方面，也就是我們的 8SW RF SOI 技術，我們確實在推動從 4G 到 5G 的轉換。因此我們持續看到該區段、特別是該技術的穩健成長。在智慧行動裝置的影像感測處理器方面，GF 的產品解決方案包含 22FDX 平台路線圖，可在最佳功耗下提供最佳化的影像感測，此外還有一些其他技術也在年對年基礎上顯著成長。

And then finally, we're seeing sustained demand on our specialty power. So that's our [Pemex] -- and that's where GF envelope tracking solutions and 65-nanometer and 22FDX provide real-time tracking and increased battery life for 5G sub-6 gigahertz solutions and really a road map to assemble tracking for the millimeter wave and the higher bandwidth solution.

最後，我們也看到我們的特殊功率（specialty power）需求持續強勁。也就是我們的［Pemex］——在這裡，GF 的包絡追蹤（envelope tracking）解決方案，以及 65 奈米與 22FDX，可為 5G sub-6 GHz 解決方案提供即時追蹤並提升電池續航力，並且在路線圖上可延伸到毫米波與更高頻寬解決方案的組裝追蹤（assemble tracking）。

So within smart mobile devices, there's subsegments within that, that are driving the transition from 4G to 5G, and that's an area of the market that we've specifically targeted that continues to perform for us.

因此在智慧行動裝置之內，還有一些子區段正在推動從 4G 到 5G 的轉換，而這正是我們特別鎖定的市場領域，並且持續為我們帶來表現。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行（Bank of America）的 Vivek Arya。

There was almost a 100% fall-through on incremental gross margins for March on a sequential basis. And I'm curious, what specifically in mix helped you? And how should we think about gross margin progression for the rest of the year?

3 月份在序列基礎上，增量毛利率幾乎出現了 100% 的落差（fall-through）。我很好奇，具體是哪些產品組合（mix）因素幫助了你們？以及我們應該如何看待今年剩餘時間的毛利率走勢？

Sure. We've talked a lot, especially in the roadshow, about our fixed cost footprint and cost absorption. And so when you have an environment where you have very constructive pricing, you have higher ASPs that are worked in and contractually obligated into our long-term agreements. And then you're taking that same fixed cost footprint, and for just modest increases in cost, producing more units on a year-over-year basis. And that's the fall-through that you get.

當然。我們談了很多，尤其是在路演中，關於我們的固定成本結構與成本吸收。因此，當你處在一個定價非常有利的環境時，你會有更高的 ASP（平均售價），而且這些 ASP 已經被納入並以合約形式約束在我們的長期協議中。接著，你用同樣的固定成本結構，在成本僅小幅增加的情況下，年對年生產更多單位。這就是你所看到的落差（fall-through）。

So increased ASPs, reduced cost per unit, if you will, from a fixed cost absorption perspective, and you get this fall-through that really is what we talked a lot about in our roadshows for IPO. So we're executing on that plan. Now what do we expect going forward from a systemic perspective or a programmatic perspective? I think you can expect fall-through in the 60-ish percent range. That's the kind of variable fall-through of the business. And so that's the type of fall-through that you can expect going forward once we fully get our entitlement out of our fixed cost absorption.

所以，ASP 提升、從固定成本吸收角度來看單位成本下降（如果你願意這麼說），就會帶來這種落差（fall-through），而這正是我們在 IPO 路演中談了很多的內容。我們正在執行這個計畫。那麼，從系統性或方案性的角度來看，未來我們預期如何？我認為你可以預期落差大約在 60% 左右。這是這門生意的變動落差水準。因此，一旦我們把固定成本吸收的應有權益（entitlement）完全釋放出來，往後你可以預期就是這種程度的落差。

Got it. Very helpful, Dave. And for my follow-up, I thought I heard you say CapEx of $4 billion. I thought it used to be $4.5 billion. So wondering why the change? What's the implication? Is it just the tight availability of tools? And just how does that impact your growth plans for this and next year?

了解。非常有幫助，Dave。我的追問是，我想我聽到你說資本支出（CapEx）是 40 億美元。我記得以前是 45 億美元。想請問為什麼有變動？有什麼影響？只是因為設備（tools）供應緊張嗎？以及這對你們今年和明年的成長計畫有何影響？

Sure. So our growth plans for '22 and '23 remain on track. I think what we're seeing is a lot of what you're hearing in the industry and others are seeing across the industry is that our tool suppliers are, on average, late by around 30 days or so. And to put that into some real proof points for you. So to date, we have accepted receipt of about 150 tools, and about 15% of those tools are slightly more than 30 days late, and it's actually gotten a little worse as the year has progressed. So we expect that number to go from 15% to in that 20-ish percent range.

當然。我們 2022 年與 2023 年的成長計畫仍按進度進行。我認為我們看到的情況，和你在產業裡聽到的、以及其他公司在整個產業中看到的很類似：我們的設備供應商平均延遲大約 30 天左右。給你一些具體佐證：截至目前，我們已驗收約 150 台設備，其中約 15% 的設備延遲略超過 30 天，而且隨著年度推進情況其實有些惡化。因此我們預期這個比例會從 15% 上升到約 20% 左右。

And so on a CapEx plan of roughly $4.5 billion, you slip about 30 days on that plan on 20-ish percent of your tools and what you'll calculate is something around $4 billion.

因此，在大約 45 億美元的資本支出計畫下，如果約 20% 左右的設備在該計畫上延遲約 30 天，你計算出來的數字大概就會落在 40 億美元左右。

And Dave, on the other end of that is when we built our plans, one, we had our purchase orders in early in this process for this capacity. So we're kind of front in line. And that's why we're not as impacted as, say, others may be. And we don't build plans without a certain level of contingency. And we're still -- while we've eaten through some of that contingency, this is why we're confident we will maintain our projected growth outlook.

而 Dave，從另一個角度來看，當我們制定計畫時，第一，我們在這個產能建置流程的早期就下了採購訂單（PO），所以我們算是排在隊伍前面。這也是為什麼我們受到的影響不像其他人可能那麼大。第二，我們不會在沒有一定程度備援（contingency）的情況下制定計畫。雖然我們已經消耗掉部分備援，但這也是為什麼我們有信心能維持我們所預估的成長展望。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行（Deutsche Bank）的 Ross Seymore。

Congratulations on the strong results. I just had a question on the gross margin again. Maybe a separate way to ask it. How do you guys -- or I guess, was a surprise versus your guide? I know you built in a healthy amount of conservatism, and we all appreciate that. But the magnitude of the upside in this last quarter was just so significantly better than we thought. So Dave, I know you gave that 70-30 mix in the drivers before, but to you guys, what was the surprise?

恭喜你們交出強勁的結果。我想再問一次毛利率的問題，或許換個方式問：你們這次的表現——或者說，相對於你們的指引（guide）——是否算是驚喜？我知道你們在指引中保留了相當程度的保守性，我們也都很感謝。但上一季的超預期幅度真的遠比我們想像的大。Dave，我知道你之前提到驅動因素大概是 70-30 的組合，但對你們而言，真正的驚喜是什麼？

I think to us, what the surprise was, Ross, was the continued fixed cost absorption. As we produce more units on our existing footprint, we continue to get more and more productive. And the team across the world is just continuing to really execute from a productivity perspective, and we're seeing that in our fixed cost absorption. That said, ASPs came in a little bit better. Mix came in a little bit better. So I would say from our guidance perspective, everything improved a little bit, but the area that we kind of consistently under call is really fixed cost absorption.

我想對我們而言，Ross，驚喜在於固定成本吸收持續改善。當我們在既有的產能佈局上生產更多單位時，我們就持續變得更有效率。全球各地的團隊在生產力方面持續落實執行，我們也在固定成本吸收上看到了成果。話雖如此，ASP 的表現稍微好一些，產品組合（mix）也稍微好一些。所以我會說，從我們的指引角度來看，各項因素都有些微改善，但我們一貫比較低估的其實是固定成本吸收。

Got it. And I guess just a follow-up is sticking on the gross margin line. Does this do anything to either accelerate the timetable to your long-term target of a 40% gross margin, give you more confidence in it or potentially even raise where you think the target can be? And I know it's a number of years down the road, but what is the performance you've delivered over the last couple of quarters now due to your confidence in that longer-term target?

了解。那我再追問一個仍然關於毛利率的問題：這是否會讓你們達到長期 40% 毛利率目標的時程加快、讓你們更有信心，甚至可能提高你們認為的目標水準？我知道那是好幾年以後的事，但你們過去幾季交出的表現，對你們在那個長期目標上的信心有什麼影響？

I think I'd reiterate what Tom said in his opening statement, which is really we have increased confidence in our ability to achieve our long-term targets. I think it'd be prudent at this point to stick with those targets, but we are becoming more and more confident in our ability to deliver those long-term financial targets.

我想我會重申 Tom 在開場白所說的，也就是我們對達成長期目標的能力更有信心。我認為在此時此刻，維持既有目標會是較審慎的做法，但我們對於交付這些長期財務目標的能力正變得越來越有信心。

Our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗（Citi）的 Chris Danely。

I guess just on the end markets, can you give us any sense of Q2 guidance by end market? And I guess, embedded in that, you've been posting some pretty nice sequential revenue growth, but it's dropping markedly in Q2. Is that just because of the weakness in enhancements in PCs? Or is there something else going on there?

我想就終端市場（end markets）來問一下，你們能否提供按終端市場拆分的第二季（Q2）指引的一些概念？另外，包含在這個問題裡的是：你們之前的序列營收成長相當不錯，但在 Q2 明顯放緩。這只是因為 PC 相關增量（enhancements）的疲弱嗎？還是還有其他因素？

Yes. I think obviously, we guide at the enterprise level. But when we look sequentially from Q1 to Q2 as well as Q2 '22 to Q2 '21, the areas that we've highlighted for growth this year continue to remain the areas that are driving outsized gains for us. And specifically, I'd point to home and industrial IoT, I would point to comms infrastructure and data center. And then on a year-over-year basis -- and a little lumpy because it's a smaller number, I'd point to automotive. And those segments of the market for us continue to perform. Those are the areas where we feel like we have tremendous differentiation, that we really targeted on our strategic pivot and we expect those areas to continue to perform.

是的。我想很明顯地，我們是在公司整體層級提供指引。不過，當我們看從 Q1 到 Q2 的序列變化，以及 2022 年 Q2 相對 2021 年 Q2 的年對年變化時，我們今年所強調的成長領域仍然是推動我們超額成長的主要動能。具體來說，我會指出家用與工業 IoT，我會指出通訊基礎設施與資料中心。然後在年對年基礎上——由於基數較小所以會有些波動——我會指出汽車。對我們而言，這些市場區隔仍持續表現良好。這些是我們認為具備巨大差異化的領域，也是我們在策略轉型中重點鎖定的方向，我們預期這些領域將持續表現。

Got it. And I think earlier in the call, you guys mentioned that a while ago, demand was about 25% higher than what you could fill. How would you rate that metric now in terms of demand versus your planned capacity?

了解。我想你們在稍早的電話會議中提到，之前需求大約比你們能供應的量高出 25%。以目前來看，你們會如何評估這個指標，也就是需求相對於你們規劃產能的差距？

Look, I would tell you the following. I would tell you that our book-to-bill ratio is still north of 1. And by the way, it's a lot closer to 1.5 than it is 1. I would tell you that sequentially, our backlog has increased 5% and 10% year-over-year. So when I think of getting caught up here, I'd like to believe we are, but those statistics would say not.

你看，我會這麼說：我們的接單出貨比（book-to-bill）仍然高於 1。而且順帶一提，它更接近 1.5，而不是 1。我也會說，從序列來看，我們的積壓訂單（backlog）增加了 5%，年對年增加了 10%。所以當我在想我們是否已經追上需求時，我很想相信我們正在追上，但這些統計數據顯示並非如此。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利（Morgan Stanley）的 Joe Moore。

I wonder if you could talk to the nonwafer revenue, the strength you're seeing there. You mentioned expedite fees. Is that something that is going to be repeated in the next few quarters? And then is there any other element of those nonwafer revenues that would be potentially lumpy going forward?

我想請你談談非晶圓（nonwafer）營收，以及你們在那裡看到的強勁表現。你提到加急費（expedite fees）。這是否會在接下來幾季重複出現？另外，非晶圓營收中是否還有其他可能在未來呈現波動（lumpy）的項目？

When we look at the -- nonwafer revenue was about 10% of total revenue in Q1. It was about a similar percentage in the year ago period. We guided it for second quarter of 2022 to be about 8.5% of total revenue. And when I look at the nonwafer revenue line, as you know, it includes reticles and NREs and expedite fees, I would say expedite fees, on a year-over-year basis as well as on a sequential basis, I would characterize it as kind of flattish, quite frankly.

當我們看——非晶圓營收在第一季約占總營收的 10%。在去年同期也大約是相近的比例。我們對 2022 年第二季的指引是約占總營收的 8.5%。而當我看非晶圓營收這一行，如你所知，它包含光罩（reticles）、NRE（一次性工程費用）以及加急費（expedite fees）。我會說，加急費無論是年對年或序列來看，我會把它形容為大致持平，坦白說。

I would say reticle line, that's the line with the most variability is that reticle line. And that's really -- that's really based upon when design wins ramp, when customers can get their design wins to us, when we can get in the queue to manufacture the reticles. So there's a lot of engineering that actually goes into that segment of the process as well as the NRE line. That's the nonrecurring engineering line.

我會說光罩這一行是變動性最大的，也就是光罩那一行。這主要——這真的取決於設計案（design wins）何時放量、客戶何時能把設計案交付給我們、以及我們何時能排入隊列去製造光罩。因此，在這個流程區段以及 NRE 這一行（也就是一次性工程費用）中，實際上都涉及大量工程作業。

So from that perspective, I'd say no real surprises to us on the nonwafer revenue line, either in Q1 performance or in the second quarter guide.

因此，從這個角度來看，我會說我們在非晶圓營收這一項上沒有真正的意外，不論是第一季的表現或是第二季的指引。

Great. And then in terms of -- it sounds like you definitely have robust backlog coverage kind of through the year. But in these small pockets, if some of the more negative economic scenario start to play out and you see those small pockets of weakness in areas like phones get bigger, how quickly -- I assume there's a lot more demand for wafers from other markets. You talked about autos, the challenge of bringing up capacity. How quickly can you kind of move those wafers over to other markets, if that indeed becomes something you need to contemplate? I realize that's not where you are today.

很好。接著就——聽起來你們確實在今年大部分時間都有相當強健的在手訂單覆蓋。不過在這些小區塊裡，如果一些較負面的經濟情境開始發生，而你看到像手機等領域的那些小區塊疲弱變得更大，你們能多快——我假設其他市場對晶圓的需求要大得多。你提到汽車，以及擴產的挑戰。如果這確實成為你們需要考慮的事情，你們能多快把那些晶圓轉移到其他市場？我知道你們今天還不是這種狀況。

I think one of the biggest elements of our pivot of our company that we talked about in the roadshow in 2018 is not just the markets we focused on, but also to create fungibility in our capacity; how we invest, how we think about our capacity. And so it's fungibility, and we have corridors of capacity that we can build in more than one location. Within locations, we try to make that capacity we put on fungible for a couple of different nodes and features.

我認為我們在2018年路演中談到的公司轉型中，最大的要素之一，不只是我們聚焦的市場，也是在於打造產能的可互換性（fungibility）；也就是我們如何投資、如何思考我們的產能。因此是可互換性，而且我們有一些產能走廊（corridors of capacity），可以在不只一個地點建置。在各個據點內，我們也努力讓我們新增的產能能在幾個不同的製程節點與特性之間互通使用。

And so the specificity of any given opportunity has to be really what's being taken down versus what is going up. There may be opportunities where the fungibility is not as high as we'd like it to be. But we've planned this into our business. It's part of some of how we manage supply chain, both globally and locally, is to create capacity that we could fund. It's not just a one-for-one substitution of a particular node with a particular feature.

因此，任何特定機會的具體情況，必須真正取決於哪些需求在下降、哪些在上升。可能會有一些機會，其可互換性沒有我們希望的那麼高。但我們已把這點納入商業規劃。這也是我們管理供應鏈（不論全球或在地）的一部分作法：打造我們可以調度的產能。這不只是把某個特定節點、某個特定特性做一對一替換而已。

Our next question comes from Chris Caso with Raymond James.

下一個問題來自 Raymond James 的 Chris Caso。

Yes. A question about some of the capacity additions in the context of what you said about the auto market and that revenue being lumpy because you're still in the process of adding capacity there. Could you give us some sense of in which end markets we expect capacity expansion to be the greatest over the next few quarters? I'd imagine that the comments that you had about the end markets you expected to grow this year should be paired up with the areas and the processes in which you're going to be investing capacity this year?

是的。我想問一下你們在擴產方面的情況，結合你剛才談到汽車市場，以及那邊的營收之所以波動，是因為你們仍在增加那裡的產能。你能否讓我們大致了解，未來幾季哪些終端市場的產能擴張會最大？我想你們對今年預期成長的終端市場的評論，應該要和你們今年將投資產能的領域與製程相互對照？

Sure. Well, as we've stated, we've got a CapEx plan of about $4 billion this year. I'm going to use some rough and tough numbers here, but about half of that CapEx is really related to our module 7H in Singapore, that's the 450,000 annual wafers that we're bringing online towards the end of this year, but really starting to start to produce some real revenue next year. That facility, it will deliver 40-nanometer all the way up to 90-nanometer. It's a sister facility to the one right next to it, and so it helps free up some bottleneck capacity in its sister facility.

當然。如同我們先前所說，我們今年的資本支出（CapEx）計畫大約是 40 億美元。我用一些比較粗略的數字來說，其中大約一半的 CapEx 其實與我們在新加坡的 7H 模組有關，也就是我們在今年底前會上線、年產 45 萬片晶圓的產能，但真正開始帶來實質營收會是在明年。那座廠將提供從 40 奈米一直到 90 奈米的製程。它是旁邊那座廠的姊妹廠，因此也有助於釋放姊妹廠的一些瓶頸產能。

So you're going to see investments in those specific corridors. We've got investments in our 22FDX corridor, which is significantly oversubscribed. And we're also increasing capacity in our FinFET corridor. So I would say if you looked at that $4 billion, I would say, it's skewed a little bit more heavily towards 22 through 65. And then, of course, some capacity increases all the way down at 12-nanometer in the FinFET corridor as well as some higher technologies that are specifically asked for from the market.

所以你會看到我們在那些特定的產能走廊上投資。我們也在 22FDX 走廊投資，該走廊的需求遠超供給（oversubscribed）。同時我們也在增加 FinFET 走廊的產能。因此如果你看這 40 億美元，我會說它在 22 到 65 奈米這一段的比重稍微更高一些。當然，在 FinFET 走廊我們也會把產能一路往下擴到 12 奈米，同時也會針對市場特別要求的一些更高階技術增加產能。

Yes. Let me maybe a little bit of color around that, too. I think it's worth noting. GF doesn't put capacity on for GF. GF puts capacity on for our customers. So when you think of our market intention, these growth markets that are attractive to us, we lined up not only our capacity, but we line up our long-term agreements to that capacity. And so you're absolutely right. It's all self-fulfilling. Where you hear us in these end markets, where we have secular growth that we've concentrated on, that's where we add capacity, that's where we've signed up a customer's long-term agreements because that's the capacity our customers want. It's not capacity we put on for GF.

是的。我也許再補充一點背景，我覺得值得一提。GF 不會為了 GF 自己去新增產能；GF 是為了我們的客戶新增產能。所以當你思考我們的市場意圖、這些對我們有吸引力的成長市場時，我們不只把產能對齊，我們也把長期協議對齊到那個產能上。因此你說得完全正確，這是自我實現的。你聽到我們在這些終端市場上發聲、在我們聚焦的具長期結構性成長（secular growth）的領域，那就是我們增加產能的地方，也是我們與客戶簽下長期協議的地方，因為那是客戶想要的產能，而不是我們為了 GF 自己去新增的產能。

Tom, that's a great point. And it's worth noting now that our customers have now signed up for more than $3.5 billion of customer funding. That's prepayments and access fees specifically to bring online that capacity that they desperately need.

Tom，這點說得很好。而且也值得注意的是，我們的客戶目前已簽下超過 35 億美元的客戶資金支持。這包括預付款與存取費（access fees），是為了讓他們迫切需要的那些產能得以上線。

That's helpful. As a follow-up, I wonder if you could address some of these issues of what's been referred to as structural underinvestment in the nonleading-edge nodes. One of your customers was referring to that last night. And I guess we've been hearing it for a while, Tom, you've been talking about that for a while about structural and your investment. Is there any way to put any numbers on that?

這很有幫助。作為追問，我想知道你是否能談談一些被稱為在非先進節點上的「結構性投資不足」的問題。昨晚你們的一位客戶也提到這點。而且我想我們已經聽了一段時間了，Tom，你也談了很久關於結構性因素與你們的投資。是否有任何方式可以把它量化？

And I think in the context of people being worried about macro conditions and end demand, getting a sense of what the real gap is between supply and demand in the markets you serve would be helpful.

而且在大家擔心總體環境與終端需求的背景下，若能了解你們所服務市場中供需之間真正的缺口有多大，會很有幫助。

Yes. I think, first, let's talk about the capacity that's being put on in the segments we play. And just to make it simple, say 12-nanometer and above. When we look at how we see the market growing, in the high single digits, and when we look at capacity, that's not only been announced, but you actually see kind of activity going on, we think capacity is not -- is may be matching the kind of growth rates we want in the industry. But that doesn't account for the fact that there's still a big gap.

是的。我想首先談談我們所參與的區隔正在新增的產能。為了簡化，就以 12 奈米及以上來說。當我們看市場成長（高個位數），再看產能——不只是已宣布的，還包括你實際看到的各種活動——我們認為產能可能正在匹配我們希望產業達到的成長率。但那並沒有把仍然存在的巨大缺口納入考量。

And I think that's why you hear about continued underinvestment and it's going to take a while to balance all of this. I think that puts a little bit of resiliency in our business against any temporary softening in -- from a global macro event. But we do not see in the areas we play a large amount of capacity being put on relative to closing the gap to the demand and growing with the demand. And Dave, maybe a little bit on the IDC report, we were just looking at it.

我想這就是你會聽到持續投資不足的原因，而且要花一段時間才能讓這一切達到平衡。我認為這也讓我們的業務對於任何因全球總體事件造成的短期需求轉弱，具備一些韌性。但在我們所參與的領域，我們並沒有看到相對於縮小供需缺口、以及隨需求成長所需的程度，有大量新增產能。Dave，或許你也可以補充一下我們剛看的 IDC 報告。

That's right, Tom. It's not just us that see the data the same way. I think IDC recently released a report maybe in the last couple of months that show kind of the long-term utilization of the industry. And I think depending on which year you look at, and it goes from '21 all the way through '25, I think the lowest utilization rate was something like 96% and I think it went all the way to 105% over demand or not enough capacity. And so it's not just GF that sees it this way, this kind of structural mismatch or matched at best; I think there's others in the industry that are seeing similar things.

沒錯，Tom。不只是我們用同樣方式看待這些數據。我想 IDC 最近在過去幾個月內發布了一份報告，顯示產業的長期稼動率。依你看的是哪一年，從 2021 年一路到 2025 年，我記得最低的稼動率大概是 96%，而最高甚至到 105%，也就是需求超過供給、或說產能不足。因此不只是 GF 這樣看：這種結構性的供需不匹配——或充其量只是勉強匹配——我想產業內也有其他人看到類似的情況。

And some of the lumpiness of capacity in the past was off a smaller base. So when you added incremental capacity, it meant much more capacity. When we get to the industry to the size we are today, the incremental capacity is not as significant. And so this idea of we have to build a certain increment, it makes it a little bit more than you need and it has to get digested in demand. The bigger we grow as an industry, the less that you'll see that phenomenon.

而且過去產能的波動性，是建立在較小的基礎之上。所以當你新增一些產能時，代表的增量就更大。當產業規模成長到今天這個程度，新增的邊際產能就沒那麼顯著。因此「我們必須一次建置某個增量」這個概念，會讓新增量稍微超過你所需要的，然後必須等待需求把它消化。產業規模越大，你就越不會看到那種現象。

Our next question comes from Mehdi Hosseini with SIG.

下一個問題來自 SIG 的 Mehdi Hosseini。

Yes. I'm just trying to better understand how the mix is impacting your top line and gross margin. And to that extent, if your ASPs were up by 28% year-over-year and 5% Q-over-Q, can you perhaps qualitatively or quantitively help me understand how this ASP being impacted by the change in the mix.

是的。我只是想更了解產品組合（mix）如何影響你們的營收與毛利率。就此而言，如果你們的 ASP 年增 28%、季增 5%，你能否用定性或定量的方式，幫我理解這個 ASP 是如何受到組合變化影響的？

David, you go first and then I'll add in.

David，你先回答，然後我再補充。

Sure. One, let me just provide some clarification. ASPs year-over-year were up 19%. And volume was up 14%, and that's specifically first quarter '22 to first quarter '21. When we look at our ASPs, I think really the underlying question that you're really getting at, and I'm going to infer a little bit here, is gross margin. And really, when you look at ASPs and gross margin, what you're really asking is how differentiated is your solution, because the more differentiated you are, the more value that you create, well, the more value that you can capture.

好的。第一，我先澄清一下：ASP 年增是 19%。而出貨量成長 14%，這是特指 2022 年第一季相較 2021 年第一季。當我們看 ASP 時，我認為你真正想問的底層問題——我在這裡稍微推測一下——是毛利率。而實際上，當你看 ASP 與毛利率，你真正問的是你的解決方案有多差異化，因為你越差異化，就能創造越多價值，而你能捕捉到的價值也就越多。

And so I think there are -- we don't specifically guide by end market segment profitability. But I do think that you can look at some milestones, you can look at some proof points and you can point them directionally towards increased profitability. I think one would be single-source design wins in single source revenue. So as Tom mentioned in his commentary, single-source revenue grew year-over-year. That's Q1 2022 to Q1 '21, 48%. So single-source revenue is about 2/3 of our total GF revenue. Single-source design wins, about 80% of our design wins are single source.

因此我認為——我們並不會特別以終端市場區隔的獲利能力來提供指引。但我確實認為，你可以看一些里程碑、一些佐證點，並可從方向上指向獲利能力提升。我認為其中一項會是單一來源（single-source）的設計導入（design wins）帶動單一來源營收。正如 Tom 在他的評論中提到的，單一來源營收年增了。也就是 2022 年第 1 季相較 2021 年第 1 季，成長 48%。因此單一來源營收約占我們 GF 總營收的 2/3。單一來源的設計導入方面，我們約 80% 的設計導入屬於單一來源。

And so regardless of which technology platform you're looking at for GF, whether it's FDX or SiGe or RF SOI and the other platforms that we have, the more content, the more value that GF brings, the better the ASP, the better the gross margin. Tom, is there anything you'd add to that?

因此不論你在看 GF 的哪一個技術平台，不管是 FDX、SiGe、RF SOI，或我們其他的平台，內容越多、GF 帶來的價值越高，ASP 就越好，毛利率也越好。Tom，你還有什麼要補充的嗎？

Yes. That's exactly where I was going to go. I think this idea that the leading indicator is design wins, and that's running at an 80% -- at least it was -- we talked about it in the roadshow last year. And now you're starting to see the revenue flow through to that higher bar of single-source business, which is typically are bread and butter in our more accretive business.

是的。這正是我想要談的方向。我認為這個概念是：領先指標是設計導入，而那個比例在 80%——至少當時是——我們去年在路演時談過。現在你開始看到營收流入到更高門檻的單一來源業務，而那通常是我們在更具增益（accretive）的業務中賴以為生的核心。

Yes. Actually, you frame my question better than I could have framed it. And the point here is the value created, and that's some of the specialty substrate that you offer your customer, and you're a single source. So as I look into next year, that mix probably would increase, SiGe would increase, maybe some silicon photonics with the start materializing. And I think that's when the concern over excess supply for bulk silicon at or above 12-nanometer would go away because it's just a mix shift that is going to accelerate into next year. Is that the right way to think about the model?

是的。其實你把我的問題表述得比我自己還好。而這裡的重點是所創造的價值，也就是你提供給客戶的一些特殊基板（specialty substrate），而且你是單一來源。所以當我展望明年，這個組合占比可能會提高，SiGe 會增加，也許隨著開始逐步實現，部分矽光子（silicon photonics）也會增加。我認為那時對於 12 奈米或以上的體矽（bulk silicon）供給過剩的擔憂就會消失，因為這只是產品組合轉移，而且會在明年加速。這樣理解這個模型是對的嗎？

Yes. The way that we think about our model is we want to bring differentiated solutions to the marketplace, and we believe we have some real franchises that are differentiated. And so as our single-source business grows, as our design wins grow in single-source, we drive a higher penetration of single-source through our business, that becomes more accretive to that. And then, of course, we take those higher ASPs and that higher value creation, and we spread them over the same fixed cost footprint, which enables us to get fixed cost absorption, which creates the confidence that we have in our model and our confidence that we can deliver our long-term financial model.

是的。我們對模型的看法是：我們希望為市場帶來具差異化的解決方案，而我們相信我們確實擁有一些真正具差異化的核心事業（franchises）。因此，隨著我們的單一來源業務成長、單一來源的設計導入增加，我們推動單一來源在整體業務中的滲透率提高，這會帶來更高的增益。然後，當然，我們把更高的 ASP 與更高的價值創造，分攤在相同的固定成本基礎上，這使我們能夠提高固定成本吸收（fixed cost absorption），也就建立了我們對模型的信心，以及我們能交付長期財務模型的信心。

Our next question comes from Matt Bryson with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Matt Bryson。

I want to touch upon, I think, something Mehdi was asking about and also Chris. In terms of new technologies, with FDX, was it always the plan to start a second corridor in Dresden? Or did you pull that forward? It sounded like there's more demand there and potentially, that's a greater portion of your mix moving forward than you might have planned? And am I right in assuming that at least has some positive implications for margins? And then similarly, when you're talking about silicon photonics and revenue doubling this year, is there a point where you see silicon photonics becoming a meaningful portion of revenue? And then again, at that point, am I correct in assuming that has some positive implications on the gross margin side?

我想觸及我認為 Mehdi 以及 Chris 也在問的一些事情。就新技術而言，關於 FDX，一開始就規劃要在德勒斯登（Dresden）啟動第二條產線走廊（second corridor）嗎？還是你把時程提前了？聽起來那邊需求更強，而且未來在你的組合中占比可能比你原先規劃的更高？我是否可以假設，這至少對毛利率有一些正面影響？同樣地，當你談到矽光子以及今年營收翻倍時，是否有一個時間點你會看到矽光子成為營收中有意義的一部分？而且到那個時候，我是否可以正確地假設，這也會對毛利率面帶來一些正面影響？

Yes. Let me start, Dave, and you can add. Let's start with the silicon photonics. We have a healthy market share in silicon photonics. It's about a $250 billion...

是的。我先開始，Dave，你可以補充。我們先談矽光子。我們在矽光子領域有健康的市占率。它大約是一個 2,500 億美元的……

Million.

百萬。

$250 million, sorry, segment. And we see that growing to $1 billion or so over the next 5 years. And if anything, we see more market share in that, not less. And so that is an opportunity for us for both growth and more differentiated profitable growth. You said about FDX and moving the corridor is actually it's from Dresden to New York. It's not the other way around. And you say, was that always the plan?

2.5 億美元，抱歉，這個區隔。我們看到它在未來 5 年成長到大約 10 億美元。而且如果有什麼不同的話，我們看到的是更高的市占，而不是更低。因此，這對我們而言是同時帶來成長與更具差異化的獲利性成長的機會。你提到 FDX 與移動走廊，其實是從德勒斯登到紐約，不是反過來。你問，這是否一直都是計畫？

Look, our strategy for our company is for wherever it makes economic and capital expansion sense to have at least 2 sites to be able to build the same type of capability. And so we always had a plan somewhere we want to put 22FDX. The question is at any given time, where is the right place to put that. And today, our Fab 8 facility represents a great opportunity that best use the lithography capability that defines the features of the technology. It's the next best place for us to put and build that second corridor here.

你看，我們公司的策略是：只要在經濟性與資本擴張上合理，我們就希望至少有 2 個據點能夠建置相同類型的能力。因此我們一直都有某個地方要導入 22FDX 的計畫。問題在於任何特定時間點，哪裡才是放置它的正確地點。而今天，我們的 Fab 8 廠區代表一個很好的機會，能最有效地運用決定該技術特徵的微影（lithography）能力。這是我們在此放置並建置第二條走廊的下一個最佳地點。

And so when we think about it, again, it's not just -- we need capacity. We think about it in a thoughtful way where we can have our supply chain balance and leverage our assets around for fungibility and to give our customers second sourcing within a single-source.

因此當我們思考這件事時，再次強調，不只是——我們需要產能。我們會以審慎的方式思考，讓供應鏈保持平衡，並透過可互換性（fungibility）來靈活運用我們的資產，同時在單一來源之內為客戶提供第二來源（second sourcing）。

Yes. I think I'd just add that, look, our FDX platform is an SOI platform that's also similar to kind of our RF SOI platform. Those are 2 platforms for us, where we have real franchises. We are increasing capacity pretty significantly in the future on FDX to be able to satisfy the demand there. And then as Tom mentioned, on the silicon photonics side, we have the majority share in that market. We're the only one with a monolithic integrated solution in that space, and we have the majority share in roughly what's a $250 million market today, and we expect that, that market grows to roughly $1 billion by 2026. We expect our share to still be a majority share, if not higher than where it is today. So with the customers that we're engaged in, in that space, we're optimistic not only for FDX, but also for silicon photonics for the future.

是的。我想我只補充一點：你看，我們的 FDX 平台是一個 SOI 平台，也與我們的 RF SOI 平台有些相似。這兩個平台對我們而言都是真正的核心事業。我們未來會相當顯著地擴增 FDX 產能，以滿足那裡的需求。然後如 Tom 提到的，在矽光子方面，我們在該市場擁有多數市占。我們是該領域唯一提供單晶片（monolithic）整合式解決方案的廠商；在目前約 2.5 億美元的市場中，我們擁有多數市占，並預期該市場到 2026 年成長至約 10 億美元。我們預期我們的市占仍將維持多數，甚至可能高於目前水準。因此，就我們在該領域合作的客戶而言，我們不僅對 FDX，也對未來的矽光子感到樂觀。

Our next question comes from Krish Sankar with Cowen and Company.

下一個問題來自 Cowen and Company 的 Krish Sankar。

Tom, I just had a big picture question first. You've been in the semiconductor industry long enough and you've seen many cycles. So let's just assume there is a macro correction or a recession. I'm kind of curious, where would we see it first in your -- in GlobalFoundries business? Would it be smartphones, auto, IO team? Where would you see it first? And then I had a follow-up.

Tom，我先問一個宏觀層面的問題。你在半導體產業待得夠久，也看過很多景氣循環。所以我們先假設真的出現總體修正或衰退。我有點好奇，在 GlobalFoundries 的業務中，你會最先在哪裡看到影響？會是智慧型手機、汽車、IO 團隊？你會最先在哪裡看到？然後我還有一個追問。

Yes. So look, never getting into a debate, will it be or it won't be a cycle. I think we could talk about the cycles. If it is, it's going to be a macroeconomic-driven event. It's probably going to be shorter in duration and less in depth given the -- how tied semiconductors are to the world economy. I think where you're going to see -- first, would be a consumer-led. It would be a consumer-led event for a macroeconomic event and then it would be consumer-led on the semiconductor side. And I think that touches a lot of the end markets we spoke about right?

是的。所以你看，我不會去辯論到底會不會出現循環。我想我們可以談循環。如果真的發生，那將會是由總體經濟驅動的事件。考量到——半導體與世界經濟的連動程度，它可能持續時間較短、幅度也較淺。我認為你會看到——最先發生的會是由消費端帶動。對於總體經濟事件而言會是消費端帶動，而在半導體端也會是消費端帶動。我想這會觸及我們談到的許多終端市場，對吧？

Got it. Got it.

了解。了解。

And if I could just chime in. When I think about future visibility, because there's an element of this question that when I get it, I think about future visibility, right? Well, 2022, Tom mentioned that lead times extended sequentially. They've actually extended year-over-year and sequentially, book-to-bill closer to 1.5 than it is to 1. And then, of course, our LTAs, which we continue to sign and renew and our customers continue to provide funding in their balance sheet, access to their balance sheet to put capacity on. More than $3 billion now of their balance sheet at work to be able to deliver capacity increases that the market needs.

如果我也補充一下。當我思考未來能見度時，因為這個問題有一部分在我聽到時，我會想到未來能見度，對吧？嗯，2022 年，Tom 提到交期（lead times）連續季度拉長。事實上，它們年對年以及季對季都拉長了，接單出貨比（book-to-bill）更接近 1.5 而不是 1。然後當然還有我們的長期協議（LTAs），我們持續簽署與續約，而我們的客戶也持續在其資產負債表上提供資金、動用其資產負債表來投放產能。現在已有超過 30 億美元的客戶資產負債表資金在運作，用以交付市場所需的產能提升。

And so I look at this environment, and I think our visibility has never been stronger. I look at the customers and their engagement with us on increasing capacity. And I'm just really encouraged by the single-source design wins and the partnerships that we have with our customers across all of our technology.

因此我看這個環境，我認為我們的能見度從未如此強。我看到客戶與我們在擴增產能上的互動。我也確實因為單一來源的設計導入，以及我們與客戶在所有技術上的合作夥伴關係而深受鼓舞。

Which manifests itself if we have to deal with a macro event and some softening in the industry, we'll be able to work in a partnership with our customers on how we get through it together.

這會在我們必須應對宏觀事件以及產業出現一些趨緩時體現出來——我們將能夠與客戶以夥伴關係合作，討論我們如何一起度過難關。

Got it. Got it. Super helpful comment, David. And just as a follow-up, some of the foundries have spoken about raising prices for next year. And given the fact that you continue to sold out your LTAs and you spoke about the 10% ASP growth this year, how should we think about pricing for GlobalFoundries in 2023?

了解。了解。David，這個評論非常有幫助。再追問一下，有些晶圓代工廠談到明年要調漲價格。考量到你們的 LTA 仍持續售罄，且你提到今年 ASP 成長 10%，我們應該如何看待 GlobalFoundries 在 2023 年的定價？

David, you start and I'll add.

David 你先說，我再補充。

Sure. Well, as I just mentioned -- as I mentioned, we have incredible visibility into 2023 really on the back of those LTAs that we've signed. I think more recently, we've seen actions in the market by some of our peers to increase prices, specifically related to inflation, for example. That's something that we've started speaking to our customers about in early Q2, and we've been working with them on passing through inflationary costs so that they have time really to prepare to pass them on to their end customers as well.

好的。嗯，正如我剛提到的——如我所說，憑藉我們已簽署的那些 LTA，我們對 2023 年其實有極高的能見度。我認為最近我們看到市場上部分同業採取了漲價行動，特別是與通膨相關，例如。這也是我們在第二季初就開始與客戶溝通的事情，我們一直在與他們合作轉嫁通膨成本，讓他們也有時間準備把這些成本轉嫁給其終端客戶。

Again, all centered around this partnership, they bet on us with their single-source design wins, and we're working in partnership with them to pass through some of these inflationary pricing and our contracts allow for that. Tom, anything you add?

同樣地，一切都圍繞著這種夥伴關係：他們以單一來源的設計導入（design wins）押注我們，而我們也與他們以夥伴方式合作，轉嫁部分通膨性定價，我們的合約也允許這麼做。Tom，你要補充什麼嗎？

Yes. Remember how we got here. We talked about why was 2022 the year where you'd see the higher ASPs. And we said because we were striking those deals in 2021, and we wanted to give our customers a chance to balance their business to accept that. And this is no different here. As we're passing along these inflationary pressures, we're doing it in a way to give our customers the chance to mitigate it in their own P&L.

是的。回想我們是怎麼走到這一步的。我們談過為什麼 2022 年會看到較高的 ASP。我們說過，因為我們在 2021 年敲定了那些交易，而且我們希望給客戶時間去平衡他們的業務，以便接受這件事。這次也沒有不同。當我們轉嫁這些通膨壓力時，我們會以一種方式進行，讓客戶有機會在他們自己的損益表（P&L）中加以緩解。

So I think that's the way you should think about pricing. We had a step-function increase in pricing and then the passing along of inflationary increases. And I think the market broadly has kind of communicated that those inflationary increases would be somewhere between 5% and 10%.

所以我認為你應該用這種方式來看待定價。我們先有一個階梯式（step-function）的價格上調，接著再轉嫁通膨性的漲幅。而我認為市場整體大致已經傳達，這些通膨性漲幅大約會落在 5% 到 10% 之間。

Our last question comes from Raji Gill with Needham & Company.

我們的最後一個問題來自 Needham & Company 的 Raji Gill。

Congrats on the good results. I appreciate you kind of providing some commentary about the inflation and what that impact will be on your revenue. I think you said less than 2%. I was just wondering, what are the assumptions and how you're kind of getting to that number? I would assume it's based on, obviously, your long-term agreements and some sort of analysis based on those agreements. But just curious how you're kind of coming to the conclusion that if there is kind of persistent inflation, it would have like less than -- around the 2% impact on revenue.

恭喜有很好的業績。我很感謝你們提供一些關於通膨以及它對營收影響的評論。我想你說的是低於 2%。我只是想知道，你們的假設是什麼，以及你們是如何得出那個數字的？我猜這顯然是基於你們的長期協議，以及基於那些協議所做的某種分析。但我只是好奇，你們是如何得出結論：如果通膨持續存在，它對營收的影響會低於——大約 2% 左右。

Sure, Raji. When I mentioned 2% of total revenues, really the impact on the P&L itself. So in other words, how much impact would that have at the margins at the bottom. And so really, we were just communicating that as we had set up all these LTAs and contemplated these contracts, we were working in the background to lock in the materials at fixed volume, fixed prices. We were working on variability in our labor pay. And of course, we were hedging against some of the commodity exposure that you have on input prices into your energy sources.

好的，Raji。我提到總營收的 2%，其實指的是對損益表（P&L）本身的影響。換句話說，這對最終端的利潤率會有多大影響。因此，我們想傳達的是：當我們建立所有這些 LTA 並在擬定這些合約時，我們在背後做了很多工作，把材料以固定數量、固定價格鎖定下來；我們也在處理勞動薪酬的變動性；當然，我們也針對你在能源來源投入價格上的部分大宗商品曝險進行避險。

And so from all those things, we believe that the inflationary pressures in 2022 will have a very minimal impact on our net P&L by the time you get to the bottom line. So that was the -- that was what we were communicating with that statement in our prepared commentary, is minimal impact from inflation, inflationary pressure on our bottom line in 2022.

因此，基於上述所有措施，我們相信 2022 年的通膨壓力在你看到最終淨損益表（P&L）底線時，對我們的影響會非常有限。所以——我們在事先準備的評論中用那句話要傳達的就是：2022 年通膨、通膨壓力對我們底線的影響很小。

And that doesn't take into account passing any of that.

而且那還沒有把任何轉嫁計入。

That does not take into account taking any additional inflationary increases on to our customers.

那不包含把任何額外的通膨性漲幅轉嫁給我們的客戶。

Right. I think it was an important point to make to try to address some of those investor concerns. And just for my follow-up, in terms of the gross profit fall-through, there was a question from a previous analyst that there was 100% gross profit fall-through from Q4 to Q1. You -- it looks like there's going to be about 81% gross profit fall through into Q2 based on the guide. And then you're kind of saying kind of moderating around 60-ish. Just curious, when you're looking at kind of a 60 number, does this kind of, I guess, factor in, obviously, your ASP agreements, a certain level of fixed cost absorption or mix shift. What would be kind of the upside driver to that 60% gross profit fall through because you've been exceeding that in the last couple of quarters.

對。我認為這是個重要的點，試著回應一些投資人的疑慮。再追問一下，關於毛利落差（gross profit fall-through），先前有位分析師問到從第四季到第一季毛利落差是 100%。你們——看起來根據指引，進入第二季的毛利落差大約會是 81%。然後你們又說會趨於緩和到大約 60% 左右。我想了解的是，當你們看 60% 這個數字時，這是否納入了——我想——顯然包括你們的 ASP 協議、一定程度的固定成本吸收或產品組合變化（mix shift）。那麼，推動毛利落差高於 60% 的上行因素會是什麼？因為你們在過去幾個季度一直超過那個水準。

The 60-ish percent number that I gave you is really a steady-state number. So that's over time, you can expect essentially variable fall-through, which ranges between 60-ish and 65%. I think near term kind of quarter-to-quarter, right? We've talked about this fixed cost absorption and where you can increase capacity and output significantly at a facility. I think Dresden in Germany would be a great example. You can increase output from a facility in a very meaningful way with a very minimal amount of input cost into that process. And so that's what's leading to the more near-term fall through. And then, of course, over time, the steady-state number that I was quoting kind of 60, 65-ish percent. That's the type of variable fall-through that you can expect once we hit steady state.

我給你的約 60% 這個數字，其實是穩態（steady-state）的數字。也就是說，隨著時間推移，你基本上可以預期的變動落差（variable fall-through）會落在約 60% 到 65% 之間。我認為短期按季度來看，對吧？我們談過固定成本吸收，以及當你能在某個廠區大幅提升產能與產出時會發生什麼。我想德國德勒斯登（Dresden）會是一個很好的例子。你可以在投入成本增加非常有限的情況下，非常顯著地提高一座工廠的產出。因此，這就是導致短期落差較高的原因。當然，隨著時間推移，我剛才引用的穩態數字大約是 60% 到 65% 左右。一旦我們達到穩態，你就可以預期那種程度的變動落差。

Thank you. I would now like to turn the call back over to Sukhi Nagesh for closing remarks.

謝謝。我現在想把電話交回給 Sukhi Nagesh 作結語。

Thank you, Shannon. Great. Thank you, everyone, for joining us this afternoon. We look forward to meeting you on the conference circuit this quarter. Have a good evening.

謝謝你，Shannon。很好。也謝謝各位今天下午加入我們。我們期待在本季的各場會議行程中與各位見面。祝各位晚安。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。