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.

美好的一天，感謝您的支持。歡迎參加 GlobalFoundries 電話會議，回顧 2022 財年第一季度財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，企業發展副總裁兼投資者關係主管 Sukhi Nagesh。請繼續。

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，大家下午好，歡迎參加 GlobalFoundries 的 2022 年第一季度財報電話會議。今天與我通話的是首席執行官 Tom Caulfield 博士；和首席財務官戴夫·里德。

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，我們發布了格芯 2022 年第一季度財務業績新聞稿，該新聞稿可在我們的網站 Investors.gf.com 上獲取，並附有今天隨附的幻燈片演示。該電話正在錄音，我們的投資者關係網頁上將提供重播。

During this call, we will present both IFRS and 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，我們將介紹 IFRS 和調整後的非 IFRS 財務指標。最直接可比的 IFRS 措施和調整後的非 IFRS 措施的調節可在今天的新聞稿和隨附的幻燈片中找到。我要提醒您，這些財務指標未經審計，可能會發生變化。

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

今天電話會議上的某些陳述可能被視為前瞻性陳述。此類陳述可以通過相信、預期、打算、預期和可能等術語來識別。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，我們不承擔更新我們今天做出的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述大不相同的因素的更多信息，請參閱我們今天發布的新聞稿以及我們提交給美國證券交易委員會的文件中描述的風險和不確定性，包括在標題“風險因素”下的部分我們於 2022 年 3 月 31 日向 SEC 提交的 20-F 表格年度報告。

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)

我們將開始今天的電話會議，Tom 將簡要介紹我們的終端市場、產能擴張和技術方面的最新情況。之後，戴夫將提供我們第一季度業績的詳細信息，並提供第二季度的指導。然後，我們將打開問題電話。 （操作員說明）

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

我現在將把電話轉給湯姆，讓他準備好發言。

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

謝謝 Sukhi，歡迎大家參加我們的 2022 年第一季度財報電話會議。

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.

我們在去年的強勁勢頭基礎上開始了新的一年，並交付了創紀錄的第一季度業績，遠遠超過了我們在 2 月份提供的展望。在需求持續強勁的背景下，儘管存在通貨膨脹、地緣政治和大流行相關的挑戰，我們擁有 15,000 人的全球團隊仍繼續超額交付。這種類型的執行建立在自身之上，並為我們向客戶和合作夥伴傳達的信心和信心奠定了基礎。因此，建立了他們對 GF 的信任。因此，向整個 GF 團隊大聲疾呼，你們中的 15,000 人。偉大的第一季度。讓我們一起在第二季度創造另一個創紀錄的季度。

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.

除了強大的製造和運營業績外，我很高興地報告，我們的商業團隊繼續贏得新老客戶的新增值設計。使用 GF 解決方案贏得市場的客戶。我們繼續看到我們所有戰略性和長期增長終端市場的強勁需求，其中大部分需求建立在 GF 的差異化工藝技術之上。

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，第一季度單一來源晶圓出貨量同比增長 48%。此外，在很大程度上可以預期，我們看到市場的某些領域正在正常化；尤其是低端手機和個人電腦。如前所述，這兩個市場都不是格芯的戰略重點領域，除了這些終端市場中需要獨特和差異化技術的少數應用。

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.

總而言之，需求環境在很大程度上符合我們的預期，我們的收入可見性依然強勁。它得到多年長期客戶協議的支持。我們在 2022 年和 2023 年仍然完全售罄，我們越來越有信心能夠交付我們在路演中概述和闡明的長期商業模式。

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.

以此為背景，讓我們繼續討論我們的第一季度業績。我們很高興地報告公司又一個季度的創紀錄業績。第一季度收入同比增長 37%，主要受晶圓出貨量和 ASP 同比增長的推動。再加上我們所有晶圓廠的強大運營執行力，調整後的毛利率顯著提高，提高到 25%。這比去年同期提高了 18%。因此，我們報告第一季度調整後每股收益為 0.42 美元，比我們指引的高端高 0.15 美元，是我們上季度報告的調整後每股收益 0.18 美元的兩倍多。戴夫稍後將在他的評論中更詳細地討論我們的財務狀況。

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.

但首先，讓我總結一下我們第一季度的終端市場收入，從智能移動設備開始。智能移動設備約佔第一季度收入的 50%，同比增長 20%。這一增長主要是由功能更豐富的手機市場的持續轉型推動的，這與向 5G 連接的轉型同時發生。

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一個很好的例子。它是業界首個領先的 300 毫米 RF SOI 平台，具有一流的開關和 L&A 性能。它提供卓越的數據速率、範圍和電池電量。此外，我們還看到射頻收發器、移動圖像傳感器和專用電源解決方案實現兩位數的強勁同比增長。我們的技術組合包括 8SW、12 LPRF、22FDX 以及 55 和 28 納米 BCD 光，使我們的客戶能夠設計出在他們的市場中獲勝的產品，這有助於我們參與到這方面最具吸引力的細分市場市場。

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.

接下來，佔第一季度收入約 17% 的我們的通信基礎設施和數據中心終端市場同比增長約 80%。增長是由更高的出貨量、更高的平均售價和更好的組合推動的。數據中心的需求，尤其是對 2 芯片產品解決方案的需求開始增加，格芯在這個市場上處於有利地位。

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.

我們還看到我們的通信基礎設施客戶的強勁需求，他們利用了格芯豐富的 IP 和差異化的 12 納米射頻矽鍺解決方案。蜂窩基礎設施的強勁需求是由於從 5G MIMO 到 5G 毫米波的過渡。這種轉變增加了可用的頻譜、帶寬和容量，所有這些最終都會改善用戶體驗。

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.

在本季度，我們還宣布了我們的第二代矽光子平台。這是園藝強大而廣泛的客戶牽引力。我們的品牌光子學平台是用於光互連、服務交換機、GPU、加速器和可插拔收發器的行業領先的單片解決方案。該平台還為 800 Gb 收發器提供更高級別的射頻性能。

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.

這種領先解決方案的最佳證明是在我們的客戶群中。 NVIDIA、Broadcom、Marvell 和 Cisco 等行業領導者正在使用 GF Fotonix 和矽鍺平台為高性能計算、網絡和雲數據中心設計高帶寬、低功耗的光互連。此外，我們的差異化光子學平台已擴展到量子計算市場，並在一些最具創新性的初創公司中獲得了巨大的吸引力。

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 正在我們的光子學平台上設計和構建世界上第一台可用的、可擴展的量子計算機。我們已經佔據多數份額的矽光子業務有望在 2022 年增長超過 50%。總而言之，我們相信通信基礎設施和數據中心終端市場仍有望成為我們增長最快的終端市場之一今年的市場。

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.

轉向我們的家庭和工業物聯網終端市場。收入約佔格芯第一季度總收入的 17%，同比增長 55%。這一終端市場的強勁增長是由更高的需求、不同的 ASP 和更豐富的組合推動的。格芯在功能豐富的技術方面的優勢，專注於以盡可能低的功耗提供卓越的無線連接性能，這使我們在家庭和物聯網終端市場實現了強勁增長。這是一個終端市場，隨著智能連接設備在全球範圍內的不斷普及，該市場將繼續經歷長期增長。

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.

現在，在這個終端市場中，由於 WiFi 6 應用程序加速採用 22FDX 技術，我們的無線連接解決方案實現了顯著增長。我們還看到物聯網微控制器具有強大的吸引力，這些微控制器具有用於許多智能卡應用的非易失性存儲器，例如數字支付、訪問控制和電子 ID。

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，我們在用於樓宇自動化和安全等應用的模擬技術方面的差異化能力推動了這一終端市場的增長。集成無線、安全計算、模擬和多個傳感器的趨勢正充分發揮我們的優勢，並且是格芯強大的家庭和物聯網增長的核心。我們有望使這個終端市場成為今年 GF 增長最快的市場。

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.

接下來是汽車。該市場的收入約占我們第一季度總收入的 4%，同比增長約 170%。正如我們之前指出的那樣，我們在這個市場的增長將是崎嶇不平的，因為我們受到產能建設速度的限制。現在隨著新產能上線，我們預計我們的收入增長將在這個終端市場加速。

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.

在第一季度，我們還開始推出一些令人興奮的新產品，這些新產品是在過去幾年中開發的，可實現汽車電氣化和安全性。我們還看到我們的單一來源業務持續增長，其頂級汽車雷達 IDM 將在未來幾年推動顯著增長。我們在汽車領域的設計勝利管道依然強勁。這是由電動汽車生產計劃的加速推動的。第二，汽車製造商希望在大流行期間恢復丟失的汽車出貨量。這兩者將共同推動對先進汽車架構的需求。正是這些架構在每輛車上具有更高的半導體含量，其中大部分由 GF 產品組合中功能豐富的技術提供服務。

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.

示例範圍從我們支持先進電池管理系統的 130 BCD 技術到我們一流的 22FDX 技術，這些技術正在迅速成為毫米波解決方案的市場標準。它們是實現安全和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，正如預期的那樣，我們的計算終端市場同比下降，約占我們第一季度總收入的 2%，預計該市場將不到我們 2022 年總收入的 5%。正如本次電話會議前面提到的，我們在這個市場的投資集中在我們可以提供差異化技術的領域。具體來說，我們的目標是混合信號、電源管理和伴隨解決方案。從占總收入的百分比來看，我們預計第一季度將成為該終端市場的低谷，並且全年將穩步改善。

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.

我現在想簡要介紹一下我們正在進行的產能擴張計劃。第一季度，晶圓出貨量同比增長 14%。我們對德累斯頓晶圓廠的產量特別滿意，晶圓出貨量同比增長超過 50%。簡而言之，我們正在執行計劃並將我們的產能投資轉換為滿足我們長期客戶協議所需的晶圓產量。我們有望將晶圓產量同比增長 10% 以上。

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.

同樣，儘管面臨與 COVID 相關的挑戰，我們在新加坡的新工廠建設也在很大程度上按計劃進行，並且我們按計劃在第三季度開始安裝工具，並在 2023 年上半年增加產量。除了我們的在產能擴張的同時，我們在提升差異化技術方面繼續取得紮實進展。

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，我們在第一季度完成了六項技術認證，包括我們為前端模塊和手機添加到行業領先的 8SW RF SOI 平台的新功能。此外，我們還在本季度發布了增強型 SiGe 高帶寬技術。我們很高興地報告，僅在今年第一季度，我們的下一代光子技術平台就有近 20 個產品流片，今年計劃有 30 多個客戶流片。這反映了我們差異化光子技術的快速和廣泛採用。

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，鑑於對我們 22FDX 平台的空前需求，我們已開始從德國德累斯頓向我們在紐約的馬耳他工廠轉移技術，以建立我們的第二條 22FDX 走廊。

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.

總而言之，我很高興地報告四分之一的穩健執行，因為我們繼續在我們的業務中表現出強勁的勢頭，並且正在朝著我們的長期業務模式取得重大進展。有了這個，讓我把電話轉給戴夫，提供第一季度的財務細節，並為您提供第二季度的指導。

Thank you, Tom.

謝謝你，湯姆。

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.

我們的第一季度業績超出了我們在上次財務更新中提供的財務範圍的高端。第一季度收入約為 19.4 億美元，同比增長 37%。我們在本季度出貨了大約 625,000 片 300 毫米等效晶圓，比去年同期增長了 14%。平均銷售價格，每片晶圓的 ASP 同比增長約 19%，這得益於以更好的價格簽訂的長期客戶協議、整體非常有建設性的交易定價環境以及產品組合的持續改進。

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.

來自終端市場的晶圓收入約佔總收入的 90%。非晶圓收入（包括來自標線片、非經常性工程、加急費和其他項目的收入）佔第一季度總收入的約 10%，與我們的預期一致。對於電話會議的其餘部分，包括第二季度的指導，我將參考調整後的指標，其中不包括基於股票的薪酬。

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.

第一季度，我們實現了 4.9 億美元的調整後毛利潤，這意味著調整後的毛利率約為 25.3%。同比增長 18 個百分點是由更好的固定成本吸收、更高的平均售價和改進的組合推動的。大約 70% 的改善歸因於平均售價，其餘 30% 歸因於與數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.

第一季度的運營費用好於預期，約佔總收入的 9%。本季度的研發與上一季度持平，約為 1.22 億美元，而 SG&A 約為 8900 萬美元。總運營費用為 2.11 億美元，不包括 3260 萬美元的股票薪酬。第一季度總運營費用比一年前增加了約 1700 萬美元，主要是由於對開發新功能和 IP 以及我們技術平台的客戶支持的投資。

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.

格芯本季度的營業利潤約為 2.79 億美元，調整後的營業利潤率為 14.4%，比去年同期高出約 21 個百分點，比我們指導範圍的高端高出 7700 萬美元。第一季度淨利息支出約為 2800 萬美元，本季度我們產生了約 2900 萬美元的稅收支出。

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.

我們在稀釋後的股票數量為 5.49 億股的情況下，第一季度調整後的淨收入約為 2.32 億美元，調整後的每股收益為 0.42 美元。我們實現了創紀錄的第一季度調整後 EBITDA 約為 6.98 億美元。調整後的 EBITDA 同比增長 4.04 億美元，收入增長 5.22 億美元，下降率為 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.

現在讓我提供一些關鍵的資產負債表和現金流量指標。本季度運營現金流為 8.45 億美元，其中包括約 4.75 億美元的客戶預付款和容量訪問費。本季度的總資本支出為 6.43 億美元，約佔收入的 33%。我們在第一季度結束時擁有大約 33 億美元的現金和現金等價物，比去年同期增加了 26 億多美元。

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.

在我過渡到第二季度指引之前，我想簡要談談當前市場對通貨膨脹及其對我們業務的影響的擔憂。與其他公司一樣，我們的業務也面臨一些通脹阻力，尤其是在材料、能源和勞動力成本方面。我們估計這些通脹成本對我們全年業績的影響不到收入的 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，我們的團隊一直在努力為我們的業務模式建立確定性。在我們的長期協議的推動下，您已經看到了商業工作的成果和我們的收入可見性。在運營方面，我們還努力為業務建立確定性。在材料方面，我們簽署了許多長期、多年的固定成本供應協議，用於交付客戶承諾所需的材料。關於能源成本，我們有一個為期 24 個月的滾動套期保值計劃，幫助我們緩解能源市場的重大波動。

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.

在勞動力方面，我們制定了可變的績效薪酬計劃，獎勵員工的出色表現，例如 2022 年第一季度的績效。此外，我們還有每月滾動的外匯對沖計劃，有助於緩解貨幣定價的重大變動.最後，我們擁有積極而強大的製造成本節約計劃渠道，歷來每年節省超過 2 億美元。我們認為，所有這些計劃的總體影響將在很大程度上抵消 2022 年預測的通脹逆風，並且對損益表的淨影響將微乎其微。

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，讓我為您提供我們對第二季度的展望。我們預計格芯總收入將在 19.55 億美元至 19.85 億美元之間。其中，我們預計非晶圓收入將佔總收入的 8.5% 左右。我們預計調整後的毛利潤將在 5.03 億美元至 5.31 億美元之間。我們預計調整後的營業利潤將在 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.

不計第二季度的股票薪酬，我們預計運營支出總額將在 2.26 億美元至 2.31 億美元之間。我們預計運營費用的環比增長主要是由較高的勞動力費用和某些企業 IT 項目推動的。在我們第二季度指引的中點，我們預計基於股票的薪酬約為 6000 萬美元，其中約 3000 萬美元與銷售成本相關，約 3000 萬美元與運營支出相關。

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.

我們預計本季度的淨利息支出約為 2500 萬美元，稅收和其他支出約為 2600 萬美元。我們預計調整後的淨收入將在 2.35 億美元至 2.65 億美元之間。我們預計本季度的折舊和攤銷約為 4.25 億美元，其中 90% 與銷售成本有關。在大約 5.5 億股完全稀釋的基礎上，我們預計第二季度調整後的每股收益將在 0.43 美元至 0.48 美元之間。我們預計調整後的 EBITDA 將在 7.05 億美元至 7.45 億美元之間。到 2022 年，我們預計總資本支出約為 40 億美元，因為我們將繼續與客戶合作投資，以提供支持我們合同所需的能力。

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.

總之，強大的運營執行使我們能夠提供明顯優於我們指導範圍高端的第一季度業績。在我們的長期客戶協議的支持下，我們的需求可見性依然強勁，隨著我們繼續有條不紊地執行我們的計劃，我們預計全年季度財務狀況將逐步改善。

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

有了這個，讓我們打開問答電話。操作員？

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

（操作員說明）我們的第一個問題來自摩根大通的 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?

祝賀團隊取得了驕人的成績和強大的執行力。正如你所提到的，無論是 COVID 供應鏈中斷，還是一些弱點，終端市場都有很多交叉貨幣。但總體而言，大多數終端市場的需求似乎繼續超過供應。因此，當你們查看自己的業務，與客戶交談時，考慮到您的積壓資料，你們看到了什麼？然後看起來今年的產能增長目標湯姆被修正為高於 10% 以上。我只是想知道，團隊是否還預計 10% 的 ASP 增長？

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。讓我開始吧，大衛，你可以添加一些評論。看，我覺得你說的對。需求環境仍然強勁，但我認為我們必須正確看待這一點。我們將討論小口袋，我將重申我們所看到的一些柔軟的小口袋。

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.

今年開始時，我們的需求量比每週銷售量高出 25%。因此，我們處於供過於求的境地。因此，我從整體上認為，對於整個行業來說，你要么處於供應一致性中，要么沒有。有這樣的範圍。而且，作為一個行業，尤其是格芯，我們確實有比我們能夠滿足的更多的需求。

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.

所以我們對個人電腦市場的曝光率並不高。我們對低端手機市場的敞口並不高。所以一點點 - 我們在那裡看到的軟化，我們正在藉此機會縮小我們今年開始的一些巨大差距，以滿足對我們來說更具戰略意義的終端市場的客戶。

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。讓我補充一下，哈倫。我們預計整個 2022 年晶圓總出貨量將增長 10% 左右的高個位數。在我們指導的中點，特別是第二季度，我們指導同比增長 22%。我們預計每個終端市場都將在第二季度參與同比增長，但個人計算除外，我們預計個人計算將在 22 年第一季度真正跌入谷底，然後我們預計它會增長依次。

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

你們還預計今年 ASP 大約會增長 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].

與去年同期相比，我們預計全年平均售價將同比增長約 10%，正確。顯然，他們在[第一季度]增長得更快。

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?

偉大的。然後關於我的第二個問題，我很欣賞那裡的見解。更具體地說，在您的移動業務中，您的客戶受到 COVID-19 鎖定中斷的影響。這正在影響高端市場。中國國內智能手機需求疲軟，這正在影響該細分市場的低端市場。因此，鑑於有關移動業務疲軟的評論，湯姆在 6 月季度的強勁業績指引中——考慮到這些細分市場中一些客戶的供需缺口，您的移動業務是否能夠連續維持？

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.

或者您的移動業務在 6 月季度環比疲軟 - 只是業務的多樣化只是允許你們將產能重新分配給我們知道需求仍然遠遠超過供應的非汽車領域。

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?

看，我認為我們會在該領域的高端手機中稱其為平面和順序。同樣，低端，我們沒有太多曝光，我們正在重新分配。我認為您必須在移動領域為我們考慮，第一，我們在那里高度集中，而且增長速度沒有那麼快，因為它是我們其他一些重要終端市場的巨大基礎。然後第二個要素是當我們考慮新功能是什麼、5G 的過渡以及如何——我們在那裡的強勢地位時，我們實際上會為手機獲得更多的矽片。因此，我們在這些高端手機中擁有強大的地位，通常是手機製造商，銷售該系列的品牌，我們將在低端之前將他們擁有的任何容量分配給高端手機。這就是我們至少在對我們的需求中看到的。大衛，你有什麼要補充的嗎？

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，我認為我們看到了第一季度的延續，哈倫。這就是——在射頻前端模塊中，這就是我們的 8SW 射頻 SOI 技術。我們確實在那裡推動了從 4G 到 5G 的過渡。因此，我們將繼續看到該領域的持續增長，特別是在該技術方面。在智能移動設備的圖像傳感器處理器方面，格芯的產品解決方案包括 22FDX 平台路線圖，該路線圖以最佳功率提供優化的圖像傳感以及其他一些技術，這些技術每年都在顯著增長。年為基礎。

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，我們看到對我們的特種電源的持續需求。這就是我們的 [Pemex]——這就是 GF 包絡跟踪解決方案以及 65 納米和 22FDX 為 5G sub-6 GHz 解決方案提供實時跟踪和延長電池壽命的地方，以及真正為毫米波和更高帶寬的解決方案。

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，在智能移動設備中，有一些細分市場正在推動從 4G 到 5G 的過渡，這是我們專門針對的市場領域，並且會繼續為我們發揮作用。

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 月份的增量毛利率環比下降了近 100%。我很好奇，mix 中有什麼特別幫助了你？我們應該如何看待今年剩餘時間的毛利率增長？

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。我們已經談了很多，特別是在路演中，關於我們的固定成本足跡和成本吸收。因此，當您擁有一個定價非常有建設性的環境時，您就會擁有更高的 ASP，這些 ASP 在我們的長期協議中起作用並根據合同義務。然後，您將採用相同的固定成本足跡，只需適度增加成本，就可以逐年生產更多的單位。這就是你得到的失敗。

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.

因此，從固定成本吸收的角度來看，增加了 ASP，降低了單位成本，如果你願意的話，你會遇到這種失敗，這確實是我們在 IPO 路演中談論的很多內容。所以我們正在執行該計劃。現在，從系統的角度或程序的角度來看，我們對未來有何期待？我認為您可以預期會在 60% 左右的範圍內下跌。這就是業務的變數失敗。因此，一旦我們完全從固定成本吸收中獲得我們的權利，您就可以期待這種類型的失敗。

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?

知道了。很有幫助，戴夫。對於我的後續行動，我想我聽到你說資本支出為 40 億美元。我認為它曾經是 45 億美元。所以想知道為什麼會發生變化？有什麼含義？僅僅是工具的緊張可用性嗎？這對您今年和明年的增長計劃有何影響？

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。因此，我們對 '22 和 '23 的增長計劃仍保持在正軌上。我認為我們看到的是你在行業中聽到的很多情況，而其他人在整個行業中看到的是，我們的工具供應商平均延遲大約 30 天左右。並為您提供一些真實的證明點。到目前為止，我們已經接受了大約 150 個工具的收貨，其中大約 15% 的工具遲到了 30 多天，而且隨著時間的推移，情況實際上變得更糟了。因此，我們預計該數字將從 15% 上升到 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.

以此類推，一個大約 45 億美元的資本支出計劃，你在 20% 的工具上滑了大約 30 天，你會計算出大約 40 億美元。

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.

戴夫，另一方面，當我們制定計劃時，我們在此過程的早期就收到了針對此容量的採購訂單。所以我們有點排在前面。這就是為什麼我們不像其他人那樣受到影響。如果沒有一定程度的應急，我們不會制定計劃。而且我們仍然——雖然我們已經度過了一些突發事件，但這就是為什麼我們有信心保持我們預計的增長前景。

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的羅斯·西莫爾。

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?

祝賀你取得了不錯的成績。我剛剛又對毛利率有疑問。也許另一種方式來問它。你們怎麼 - 或者我猜，對你的導游來說是一個驚喜？我知道你建立了健康的保守主義，我們都對此表示讚賞。但上個季度的上漲幅度比我們想像的要好得多。所以戴夫，我知道你之前在驅動程序中給出了 70-30 的組合，但對你們來說，有什麼驚喜？

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.

我認為對我們來說，令人驚訝的是，羅斯，是持續的固定成本吸收。隨著我們在現有足跡上生產更多單元，我們將繼續獲得越來越多的生產力。世界各地的團隊只是從生產力的角度繼續真正執行，我們在固定成本吸收中看到了這一點。也就是說，ASP 的表現要好一些。混合進來一點更好。所以我想說，從我們的指導角度來看，一切都有所改善，但我們一直在呼籲的領域是固定成本吸收。

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?

知道了。而且我想只是後續行動會停留在毛利率線上。這是否有助於加快實現 40% 毛利率的長期目標的時間表，讓您對此更有信心，甚至可能提高您認為的目標？而且我知道這還有很多年，但是由於您對長期目標的信心，您在過去幾個季度中的表現如何？

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.

我想我會重申湯姆在開幕詞中所說的話，這確實是我們對實現長期目標的能力增強了信心。我認為在這一點上堅持這些目標是謹慎的，但我們對實現這些長期財務目標的能力越來越有信心。

Our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗銀行的 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?

我想只是在終端市場上，你能給我們提供終端市場第二季度的指導嗎？而且我想，嵌入其中，你已經發布了一些相當不錯的連續收入增長，但它在第二季度顯著下降。這僅僅是因為個人電腦增強功能的弱點嗎？還是那裡發生了其他事情？

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。我認為顯然，我們在企業層面進行指導。但是，當我們從 Q1 到 Q2 以及 Q2 '22 到 Q2 '21 依次查看時，我們今年強調的增長領域仍然是為我們帶來巨大收益的領域。具體來說，我會指家庭和工業物聯網，我會指通信基礎設施和數據中心。然後在逐年的基礎上——而且因為它的數量較小，所以有點混亂，我會指出汽車。對我們來說，這些細分市場繼續發揮作用。這些是我們認為我們有巨大差異化的領域，我們真正瞄準了我們的戰略支點，我們希望這些領域繼續發揮作用。

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?

知道了。我認為在電話會議的早些時候，你們提到不久前，需求比你能滿足的高出大約 25%。您現在根據需求與計劃容量如何評價該指標？

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.

看，我會告訴你以下。我會告訴你，我們的訂單出貨比仍然在 1 以上。順便說一下，它比 1 更接近 1.5。我會告訴你，我們的積壓訂單依次增加了 5% 和 10%一年又一年。所以當我想到在這裡被趕上時，我想相信我們是，但那些統計數據會說不是。

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的喬摩爾。

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?

我想知道您是否可以談談非晶圓收入，以及您在那裡看到的實力。你提到了加急費。這會在接下來的幾個季度中重複嗎？那麼這些非晶圓收入中是否還有任何其他因素可能會在未來變得不穩定？

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.

當我們查看 - 非晶圓收入約為第一季度總收入的 10% 時。與去年同期的百分比相似。我們將其指導為 2022 年第二季度佔總收入的 8.5% 左右。當我查看非晶圓收入線時，如您所知，它包括標線片和 NRE 以及加急費，我會說加急費，按年和按順序計算，我將其描述為坦率地說，有點平淡。

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.

我會說標線，這是具有最大可變性的線是標線。這真的是——這真的是基於什麼時候設計獲勝，什麼時候客戶可以把他們的設計獲勝給我們，什麼時候我們可以排入製造光罩的隊列。所以有很多工程實際上進入了該過程的那一部分以及 NRE 線。那是非經常性的工程線。

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，無論是在第一季度業績還是在第二季度指南中，我認為在非晶圓收入線上對我們來說並沒有真正的驚喜。

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.

偉大的。然後就 - 聽起來你全年肯定有強大的積壓覆蓋率。但是在這些小口袋中，如果一些更負面的經濟情景開始出現，並且您看到手機等領域的那些小部分疲軟變得更大，那麼速度有多快——我認為其他市場對晶圓的需求會更多。你談到了汽車，提高產能的挑戰。如果這確實成為您需要考慮的事情，您能多快將這些晶圓轉移到其他市場？我意識到那不是你今天的樣子。

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 年的路演中談到的我們公司重心的最大要素之一不僅是我們關注的市場，而且是在我們的能力範圍內創造可替代性；我們如何投資，我們如何看待我們的能力。所以它是可替代性的，我們擁有可以在多個位置建立的能力走廊。在位置內，我們嘗試使我們為幾個不同的節點和功能提供的容量可替代。

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，任何給定機會的特殊性都必須是真正被取消的內容與正在上升的內容。可能存在可替代性不如我們希望的高的機會。但我們已經計劃將其納入我們的業務。這是我們在全球和本地管理供應鏈的一些方式的一部分，即創造我們可以資助的能力。這不僅僅是對具有特定功能的特定節點進行一對一的替換。

Our next question comes from Chris Caso with Raymond James.

我們的下一個問題來自 Chris Caso 和 Raymond James。

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。在你所說的汽車市場和收入不穩定的背景下，關於一些產能增加的問題，因為你仍在增加產能的過程中。您能否讓我們了解一下我們預計未來幾個季度產能擴張最大的終端市場是什麼？我想你對今年預期增長的終端市場的評論應該與你今年將投資產能的領域和流程結合起來嗎？

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。好吧，正如我們所說，我們今年的資本支出計劃約為 40 億美元。我將在這裡使用一些粗略和嚴格的數字，但大約一半的資本支出確實與我們在新加坡的模塊 7H 相關，這是我們在今年年底上線的 450,000 片年度晶圓，但真正開始明年開始產生一些實際收入。該設施將提供 40 納米到 90 納米的工藝。它是它旁邊的一個姐妹設施，因此它有助於釋放其姐妹設施中的一些瓶頸容量。

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.

因此，您將看到對這些特定走廊的投資。我們在我們的 22FDX 走廊上進行了投資，該走廊的認購率明顯超額。我們還在增加 FinFET 走廊的產能。所以我想說，如果你看一下這 40 億美元，我會說，它更傾向於 22 到 65。然後，當然，在 FinFET 走廊中，一些容量一直下降到 12 納米，因為以及市場專門要求的一些更高技術。

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。讓我也可以在這方面有點色彩。我認為值得注意。格芯沒有為格芯增加產能。 GF 為我們的客戶提供產能。因此，當您考慮我們的市場意圖時，這些對我們有吸引力的增長市場，我們不僅排列了我們的產能，而且我們排列了我們的長期協議。所以你是絕對正確的。這都是自我實現的。您在這些終端市場聽到我們的聲音，我們專注於長期增長，這就是我們增加產能的地方，這就是我們簽署客戶長期協議的地方，因為這是我們客戶想要的能力。這不是我們為 GF 設置的容量。

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.

湯姆，這是一個很好的觀點。值得注意的是，我們的客戶現在已經簽署了超過 35 億美元的客戶資金。這是專門用於將他們迫切需要的容量在線化的預付款和訪問費。

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。作為後續行動，我想知道您是否可以解決一些被稱為非前沿節點結構性投資不足的問題。你的一位客戶昨晚提到了那個。我想我們已經聽了一段時間了，湯姆，你一直在談論結構和你的投資。有沒有辦法在上面加上任何數字？

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.

我認為，在人們擔心宏觀狀況和最終需求的背景下，了解您所服務的市場中供需之間的真正差距是有幫助的。

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。我認為，首先，讓我們談談在我們所玩的部分中所發揮的能力。為了簡單起見，比如說 12 納米及以上。當我們看到市場如何以高個位數增長時，當我們看到容量時，這不僅是宣布的，而且你實際上看到了某種活動，我們認為容量不是 - 可能是匹配我們想要的行業增長率。但這並不能說明仍然存在很大差距的事實。

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.

我認為這就是為什麼你會聽到持續投資不足的消息，並且需要一段時間才能平衡這一切。我認為這讓我們的業務有一點彈性，可以抵禦來自全球宏觀事件的任何暫時性疲軟。但我們沒有看到在我們發揮大量產能的領域，相對於縮小與需求的差距並隨著需求的增長而增長。 Dave，也許是關於 IDC 報告的一點點，我們只是在看它。

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，湯姆。不只是我們以同樣的方式看待數據。我認為 IDC 最近可能在過去幾個月發布了一份報告，顯示了該行業的長期利用情況。而且我認為取決於你看哪一年，從 21 年一直到 25 年，我認為最低的利用率大約是 96%，我認為它一直到超過需求的 105%足夠的容量。所以不只是格芯這麼看，這種結構上的不匹配或充其量是匹配的；我認為業內其他人也看到了類似的情況。

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.

過去的一些容量不均是基於較小的基礎。因此，當您增加增量容量時，這意味著更多容量。當我們把這個行業發展到今天的規模時，增量容量就不那麼重要了。因此，我們必須建立一定的增量，它使它比你需要的多一點，它必須在需求中被消化。我們作為一個行業發展得越大，你看到的這種現象就越少。

Our next question comes from Mehdi Hosseini with SIG.

我們的下一個問題來自 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。我只是想更好地了解這種組合如何影響您的收入和毛利率。在這種情況下，如果您的 ASP 同比增長 28%，Q-over-Q 增長 5%，您能否定性或定量地幫助我了解該 ASP 如何受到組合變化的影響。

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

大衛，你先去，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.

當然。一，讓我澄清一下。平均售價同比增長 19%。銷量增長了 14%，特別是 22 年第一季度到 21 年第一季度。當我們查看我們的 ASP 時，我認為您真正要解決的根本問題是毛利率，我將在這裡進行一些推斷。實際上，當您查看 ASP 和毛利率時，您真正要問的是您的解決方案的差異化程度，因為您的差異化程度越高，您創造的價值就越多，您可以捕獲的價值就越多。

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.

所以我認為有 - 我們沒有具體指導終端細分市場的盈利能力。但我確實認為你可以看看一些里程碑，你可以看看一些證明點，你可以將它們指向提高盈利能力的方向。我認為一個是單一來源設計在單一來源收入中獲勝。因此，正如湯姆在評論中提到的那樣，單一來源收入同比增長。這是 2022 年第一季度到 21 年第一季度的 48%。因此，單一來源收入約占我們 GF 總收入的 2/3。單源設計獲勝，我們大約 80% 的設計獲勝是單源的。

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，無論您為格芯尋找哪種技術平台，無論是 FDX 還是 SiGe 或 RF SOI 以及我們擁有的其他平台，格芯帶來的內容越多，價值就越大，ASP 就越好，毛利率。湯姆，你有什麼要補充的嗎？

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。那正是我要去的地方。我認為領先指標是設計獲勝的想法，並且以 80% 的速度運行——至少是這樣——我們在去年的路演中談到了它。現在您開始看到收入流向更高標準的單一來源業務，這通常是我們更具增值業務的生計。

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。實際上，您對我的問題的構想比我對它的構想要好。這裡的重點是創造的價值，這是您為客戶提供的一些特殊基材，您是單一來源。因此，當我展望明年時，這種混合可能會增加，SiGe 會增加，也許一些矽光子會開始物化。我認為那時對 12 納米或以上大塊矽供應過剩的擔憂就會消失，因為這只是一種混合轉變，將加速到明年。這是思考模型的正確方式嗎？

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。我們考慮我們的模式的方式是我們希望為市場帶來差異化的解決方案，並且我們相信我們擁有一些真正的差異化特許經營權。因此，隨著我們的單一來源業務的增長，隨著我們的設計在單一來源中的增長，我們通過我們的業務推動了單一來源的更高滲透率，這變得更加增值。然後，當然，我們採用那些更高的 ASP 和更高的價值創造，我們將它們分佈在相同的固定成本足跡上，這使我們能夠吸收固定成本，從而建立我們對模型的信心和信心我們可以提供我們的長期財務模型。

Our next question comes from Matt Bryson with Wedbush Securities.

我們的下一個問題來自 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?

我想談談 Mehdi 和 Chris 所問的問題。在新技術方面，FDX 是否總是計劃在德累斯頓開設第二條走廊？還是你把它往前拉了？聽起來那裡有更多的需求，而且潛在地，這比你計劃的要多？我是否正確地假設這至少對利潤率有一些積極影響？同樣，當您談到矽光子學和今年的收入翻番時，您是否認為矽光子學成為收入的重要部分？再說一次，在這一點上，我假設這對毛利率有一些積極影響是否正確？

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。讓我開始吧，戴夫，你可以添加。讓我們從矽光子學開始。我們在矽光子學領域擁有健康的市場份額。大約是2500億美元...

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，對不起，部分。我們看到在未來 5 年內，這一數字將增長到 10 億美元左右。如果有的話，我們會看到更多的市場份額，而不是更少。因此，這對我們來說是一個實現增長和更多差異化盈利增長的機會。你說的 FDX 和移動走廊實際上是從德累斯頓到紐約。情況並非相反。你說，這總是計劃嗎？

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.

看，我們公司的戰略是在經濟和資本擴張有意義的地方，至少有兩個站點能夠建立相同類型的能力。所以我們總是有一個計劃，我們想把 22FDX 放在某個地方。問題是在任何給定的時間，把它放在哪里合適。今天，我們的 Fab 8 設施代表了一個很好的機會，可以充分利用定義該技術特徵的光刻能力。這是我們在這裡放置和建造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，當我們再次考慮它時，這不僅僅是——我們需要容量。我們以深思熟慮的方式考慮它，我們可以保持供應鏈平衡並利用我們的資產實現可替代性，並在單一來源中為我們的客戶提供第二次採購。

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。我想我要補充一點，看，我們的 FDX 平台是一個 SOI 平台，它也類似於我們的 RF SOI 平台。這些對我們來說是兩個平台，在那裡我們擁有真正的特許經營權。我們未來將大幅增加 FDX 的產能，以滿足那裡的需求。然後正如湯姆所提到的，在矽光子學方面，我們在該市場擁有大部分份額。我們是該領域唯一擁有整體式集成解決方案的公司，我們在今天大約 2.5 億美元的市場中佔有大部分份額，我們預計到 2026 年，該市場將增長到大約 10 億美元。我們預計我們的份額將即使不高於今天的水平，仍然是多數份額。因此，對於我們在該領域從事的客戶，我們不僅對 FDX 持樂觀態度，而且對未來的矽光子學也持樂觀態度。

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

我們的下一個問題來自 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.

湯姆，我首先有一個大問題。你在半導體行業已經足夠長的時間了，你已經看到了很多周期。因此，讓我們假設存在宏觀修正或衰退。我有點好奇，在您的 GlobalFoundries 業務中，我們首先會在哪裡看到它？會是智能手機、汽車、IO 團隊嗎？你會先在哪裡看到它？然後我進行了跟進。

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。所以看，永遠不要進入辯論，它會是還是不會是一個循環。我想我們可以談談週期。如果是這樣，這將是一個宏觀經濟驅動的事件。考慮到半導體與世界經濟的聯繫程度，它的持續時間可能會更短，深度也會更小。我認為您將看到的地方-首先，將是消費者主導的。對於宏觀經濟事件來說，這將是一個以消費者為主導的事件，然後它將在半導體方面以消費者為主導。我認為這涉及到我們談到的很多終端市場，對嗎？

Got it. Got it.

知道了。知道了。

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.

如果我可以插話。當我考慮未來的知名度時，因為這個問題的一個元素是當我得到它時，我會考慮未來的知名度，對嗎？嗯，2022 年，Tom 提到交貨時間會依次延長。他們實際上已經逐年擴大，並且按順序延長，賬面比接近 1.5 而不是 1。當然，我們的長期協議，我們繼續簽署和續訂，我們的客戶繼續提供資金在他們的資產負債表中，訪問他們的資產負債表以增加產能。現在，他們的資產負債表中有超過 30 億美元在發揮作用，以便能夠提供市場所需的產能增加。

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.

所以我看看這個環境，我認為我們的知名度從未如此強大。我著眼於客戶以及他們與我們在增加產能方面的互動。我對單一來源設計的勝利以及我們與客戶在我們所有技術方面的合作夥伴關係感到非常鼓舞。

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.

如果我們必須應對宏觀事件和行業的一些軟化，這一點就會顯現出來，我們將能夠與我們的客戶合作，共同度過難關。

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?

知道了。知道了。超級有用的評論，大衛。作為後續行動，一些代工廠已經談到明年提高價格。鑑於您繼續售罄 LTA，並且您談到今年 10% 的 ASP 增長，我們應該如何考慮 GlobalFoundries 在 2023 年的定價？

David, you start and I'll add.

大衛，你開始，我會補充。

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.

當然。好吧，正如我剛剛提到的——正如我所提到的，在我們簽署的那些長期協議的背後，我們對 2023 年的可見度非常高。我認為最近，我們看到一些同行在市場上採取行動提高價格，特別是與通貨膨脹有關。這是我們在第二季度初開始與客戶討論的事情，我們一直在與他們合作，通過通脹成本轉嫁，以便他們有時間真正準備將其轉嫁給最終客戶。

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，所有這些都圍繞著這種合作夥伴關係，他們以他們的單一來源設計獲勝押注我們，我們正在與他們合作以通過其中一些通貨膨脹定價，我們的合同允許這樣做。湯姆，你有什麼補充嗎？

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。記住我們是如何來到這裡的。我們討論了為什麼 2022 年是您會看到更高 ASP 的一年。我們之所以這麼說，是因為我們將在 2021 年達成這些交易，我們希望讓我們的客戶有機會平衡他們的業務以接受這一點。這在這裡沒有什麼不同。當我們傳遞這些通脹壓力時，我們這樣做的方式是讓我們的客戶有機會在他們自己的損益表中減輕它。

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%.

所以我認為這就是你應該考慮定價的方式。我們在定價上有一個階梯函數增加，然後是通貨膨脹增加。而且我認為市場已經廣泛傳達了這些通脹增長將在 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.

恭喜取得好成績。感謝您就通貨膨脹及其對您的收入的影響提供一些評論。我想你說的不到 2%。我只是想知道，假設是什麼以及你是如何達到這個數字的？我認為它顯然是基於您的長期協議和基於這些協議的某種分析。但只是好奇你是如何得出這樣的結論的，即如果存在持續的通貨膨脹，它對收入的影響會小於 - 大約 2%。

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.

當然，拉吉。當我提到總收入的 2% 時，實際上是對損益表本身的影響。換句話說，這會對底部的邊緣產生多大的影響。所以真的，我們只是在溝通，因為我們已經建立了所有這些長期協議並考慮了這些合同，我們正在後台工作，以固定數量、固定價格鎖定材料。我們正在研究勞動報酬的可變性。當然，我們在對沖一些商品風險敞口，這些風險是您對能源投入價格的影響。

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，從所有這些方面來看，我們認為，當您達到底線時，2022 年的通脹壓力將對我們的淨損益產生非常小的影響。因此，這就是我們在準備好的評論中與該聲明所傳達的內容，即通脹對我們 2022 年底線的通脹壓力的影響微乎其微。

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

這並沒有考慮通過任何這些。

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

這還沒有考慮到我們客戶的任何額外通脹增長。

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。我認為嘗試解決一些投資者的擔憂是一個重要的觀點。就我的後續而言，就毛利潤下滑而言，之前的一位分析師提出一個問題，即從第四季度到第一季度有 100% 的毛利潤下滑。您 - 根據該指南，看起來第二季度將有大約 81% 的毛利潤下降。然後你的意思是在 60 歲左右緩和。只是好奇，當你看到一個 60 的數字時，我猜這種情況是否會考慮到你的 ASP 協議，一定程度的固定成本吸收或混合轉移。 60% 的毛利潤下降的上行動力是什麼，因為你在過去幾個季度中一直超過這個水平。

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 60% 左右的數字實際上是一個穩態數字。因此，隨著時間的推移，您可以預期基本上可變的跌幅，範圍在 60-ish 和 65% 之間。我認為近期的季度對季度，對吧？我們已經討論了這種固定成本吸收，以及您可以在哪裡顯著增加設施的容量和產量。我認為德國的德累斯頓就是一個很好的例子。您可以以非常有意義的方式增加設施的產出，而該過程的投入成本非常低。這就是導致近期下跌的原因。然後，當然，隨著時間的推移，我引用的穩態數字是 60%，65%。一旦我們達到穩定狀態，這就是您可以預期的變量下降類型。

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

謝謝你。我現在想把電話轉回給 Sukhi Nagesh 做結束語。

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，香農。偉大的。謝謝大家今天下午加入我們。我們期待在本季度的會議巡迴賽上與您會面。祝你有個美好的夜晚。

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。感謝您的參與。您現在可以斷開連接。