格芯 (GFS) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the GlobalFoundries Review of Fourth Quarter 2021 and Full Year Results. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 GlobalFoundries 2021 年第四季與全年業績回顧電話會議。（接線員指示）

I would now like to turn the conference over to your speaker for today, Sukhi Nagesh, Vice President of Corporate Development and Investor Relations. You may begin.

現在我想將電話會議交給今天的講者——企業發展與投資人關係副總裁 Sukhi Nagesh。您可以開始了。

Thank you, operator, and good afternoon, everyone, and welcome to GlobalFoundries' Fourth Quarter and Full Year 2021 Earnings Call. On the call with me today are Tom Caulfield, CEO; and Dave Reeder, CFO. A short while ago, we released GF's fourth quarter and full year 2021 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.

謝謝接線員。各位下午好，歡迎參加 GlobalFoundries 2021 年第四季與全年財報電話會議。今天與我一同出席的有執行長 Tom Caulfield，以及財務長 Dave Reeder。不久前，我們已發布 GF 2021 年第四季與全年財務結果新聞稿，可於 investors.gf.com 的網站上取得，並附有今天的簡報投影片。本次電話會議將被錄音，並會在我們投資人關係網頁提供重播。

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. 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.

在本次電話會議中，我們將同時呈報 IFRS 與經調整的非 IFRS 財務衡量指標。與經調整非 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。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「相信」、「預期」、「意圖」、「預估」以及「可能」等用語辨識。

You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we undertake no 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 the sections under the caption Risk Factors in our final prospectus filed with the SEC on October 29, 2021, in connection with our IPO.

您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，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 提交文件中所述之風險與不確定性，包括我們於 2021 年 10 月 29 日就 IPO 向 SEC 提交之最終招股說明書中「風險因素」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 fourth quarter and full year financial results and also provide first 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 將說明第四季與全年財務結果，並提供第一季指引。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.

現在我將把電話交給 Tom，請他發表事先準備的談話。

Thank you, Sukhi. Welcome, everyone, to our fourth quarter and full year 2021 earnings call.

謝謝你，Sukhi。各位好，歡迎參加我們 2021 年第四季與全年財報電話會議。

I'd like to start by reflecting on last year. By any measure, 2021 was an outstanding year for GF. We drove an acceleration of our business plan by capitalizing on the vital role we play in the semiconductor supply chain. We created, defined and implemented a new economic model for our industry, and we used it to increase visibility and support our customer success with over 30 significant long-term agreements. With the entire world focused on our industry, we played and continue to play an important role by articulating the importance of semiconductor manufacturing and redefining innovation for our industry.

我想先回顧一下去年。以任何標準衡量，2021 年對 GF 而言都是極為出色的一年。我們把握自身在半導體供應鏈中所扮演的關鍵角色，加速推進我們的商業計畫。我們為本產業建立、定義並落實了一套新的經濟模型，並運用該模型透過超過 30 份重要的長期協議，提高能見度並支持客戶成功。在全球都聚焦本產業之際，我們透過闡述半導體製造的重要性並重新定義本產業的創新，扮演且持續扮演重要角色。

Finally, we took GF public, which was a culmination of over a decade of work to build an at-scale global semiconductor manufacturer with strong technological differentiation and driving meaningful earnings growth. Through strategic partnerships with our customers, we believe we have positioned our business for sustained growth over the next 3 to 4 years, with the trajectory to deliver accelerated profitability.

最後，我們讓 GF 成功上市，這是十多年努力的成果，旨在打造具規模的全球半導體製造商，擁有強勁的技術差異化並推動具意義的獲利成長。透過與客戶的策略夥伴關係，我們相信已使公司在未來 3 到 4 年具備持續成長的定位，並具備實現加速獲利能力的軌跡。

We are well positioned to execute on our plan to deliver a more than 50% output increase exiting 2023 compared to 2020 by adding capacity in Malta, New York; Dresden, Germany; and in Singapore. We are continuing to execute on our plan to mix up our 200-millimeter facilities in Burlington and Singapore with differentiated, single-source SOI, SiGe and feature-rich CMOS technologies. We expect that all of this combined will result in consistent execution from GF that will enable us to achieve our long-term sustainable financial model. That is investing 20% of revenue on CapEx to deliver consistent growth while generating strong free cash flow and as a result, delivering meaningful shareholder value.

我們已具備良好條件執行計畫：透過在紐約州馬爾他（Malta）、德國德勒斯登（Dresden）以及新加坡擴增產能，使 2023 年底的產出相較 2020 年提升超過 50%。我們也持續推進計畫，提升位於伯靈頓（Burlington）與新加坡的 200 毫米廠區之產品組合，導入具差異化、單一來源的 SOI、SiGe 以及功能豐富的 CMOS 技術。我們預期上述各項綜合起來，將使 GF 持續穩健執行，進而達成我們長期可持續的財務模型：亦即將營收的 20% 投入資本支出（CapEx），在帶來穩定成長的同時產生強勁自由現金流，並因此為股東創造具意義的價值。

Now moving on to our fourth quarter. We are pleased to report a quarter of strong top line and profitability growth, demonstrating the continued momentum of our strategy. Fourth quarter revenue grew 9% quarter-on-quarter driven by higher wafer output, higher ASPs and increased nonwafer revenue. Fourth quarter adjusted earnings per share came in at $0.18.

接著談第四季。我們很高興報告本季營收與獲利能力皆強勁成長，展現我們策略的持續動能。第四季營收較前一季成長 9%，主要由更高的晶圓產出、更高的 ASP（平均售價）以及非晶圓營收增加所帶動。第四季經調整每股盈餘為 0.18 美元。

Now Dave will provide more details on the financials in just a moment, but first, let me give a summary of the fourth quarter revenue by our end markets. First, in our smart mobile device end market, which comprised about 48% of fourth quarter revenue, we achieved strong year-over-year quarterly growth of roughly 24%. Growth was driven by a combination of higher ASPs, better mix and higher shipments as we started to ramp customer designs in new applications.

Dave 稍後將提供更多財務細節，但首先我先概述第四季按終端市場劃分的營收。首先，在智慧行動裝置終端市場方面，約占第四季營收的 48%，我們實現約 24% 的年對年季度強勁成長。成長來自更高的 ASP、更佳的產品組合，以及隨著我們開始在新應用中導入客戶設計而帶動的出貨增加。

For the full year, our smart mobile device end market grew roughly 38% over 2020. GF's growth in this end market outpaced smartphone industry growth due to our industry-leading solutions and new connectivity standards, such as sub-6 GHz 5G and WiFi 6 and 6e. These new standards are driving the need for GF's high-performance RF SOI technologies. In addition, in 2021, GF entered the large and growing WiFi 6, 6e, SoC and cellular transceiver markets, with long-term customer agreements that will expand our market share significantly.

就全年而言，我們的智慧行動裝置終端市場較 2020 年成長約 38%。由於我們具產業領先的解決方案與新的連線標準（例如 sub-6 GHz 5G 以及 WiFi 6 與 6e），GF 在此終端市場的成長超越智慧型手機產業成長。這些新標準正推動市場對 GF 高效能 RF SOI 技術的需求。此外，在 2021 年，GF 透過與客戶簽訂長期協議，進入規模龐大且快速成長的 WiFi 6、6e、SoC 與行動通訊收發器市場，將顯著擴大我們的市占率。

We are also seeing strong traction in areas such as near-field communication, display and image sensing. One example is the increased attach rates for NFC authentication in Android smartphones. Other examples include specialty power applications that prolong battery life of 5G handsets and image sensing processors, which power image sensors and cameras. The market for these processors is expected to grow over 25% in 2022. Lastly, our long-term agreements covering the smart mobile device end market with our key customers are providing us with long-term visibility for secular growth over the next few years.

我們也在近場通訊（NFC）、顯示與影像感測等領域看到強勁進展。其中一個例子是 Android 智慧型手機中 NFC 驗證的搭載率提升。其他例子包括可延長 5G 手機電池續航的特殊電源應用，以及驅動影像感測器與相機的影像感測處理器。預期此類處理器市場在 2022 年將成長超過 25%。最後，我們與主要客戶就智慧行動裝置終端市場所涵蓋的長期協議，為未來幾年的結構性成長提供長期能見度。

Next, our communications infrastructure and data center end market, which constituted approximately 16% of fourth quarter revenue, saw sequential growth in the quarter of 7% due to customer share gains in the data center end market. Over the course of 2021, we secured a multiyear long-term agreement with a Tier 1 wireless infrastructure customer for our advanced SiGe technology and a multiyear LTA with a Tier 1 enterprise networking customer.

接下來是通訊基礎設施與資料中心終端市場，約占第四季營收的 16%。由於在資料中心終端市場取得客戶份額提升，本季營收較前一季成長 7%。在 2021 年期間，我們與一家第一級（Tier 1）無線基礎設施客戶就先進 SiGe 技術簽訂多年期長期協議，並與一家第一級企業網路客戶簽訂多年期 LTA（長期協議）。

In addition, we established ourselves as the industry leader in silicon photonics. Our monolithic and hybrid solution garnered over $500 million in new design wins in the year. And silicon photonics revenue almost tripled in 2021 and we expect it to more than double again in 2022. We expect continued growth in communications infrastructure and data center this end market throughout the year and anticipate double-digit year-over-year growth in 2022 driven by strong demand for 5G infrastructure and optical devices.

此外，我們已確立自身為矽光子（silicon photonics）領域的產業領導者。我們的單晶整合（monolithic）與混合（hybrid）解決方案在年度內取得超過 5 億美元的新設計導入（design wins）。矽光子營收在 2021 年幾乎成長至三倍，我們預期 2022 年將再度成長超過一倍。我們預期今年通訊基礎設施與資料中心終端市場將持續成長，並預估在 2022 年受 5G 基礎設施與光學元件強勁需求帶動，年對年成長可達雙位數。

Moving on to our home and industrial IoT end market. Fourth quarter revenue was roughly 14% of the total and grew approximately 20% year-over-year. We saw strong sequential growth in this end market, fueled by the transition from WiFi 5 to WiFi 6 for wireless connectivity and IoT applications and an increase in contactless transactions.

接著是家用與工業物聯網（IoT）終端市場。第四季營收約占總營收的 14%，年對年成長約 20%。我們在此終端市場看到強勁的季對季成長，主要受無線連線與 IoT 應用從 WiFi 5 轉向 WiFi 6，以及非接觸式交易增加所帶動。

We are seeing strong growth demand for wireless connectivity for consumer, industrial asset tracking and audio products, which are backed by multiyear LTAs that we have signed with leading customers. We expect this end market to be our fastest-growing market this year, driven by our strong portfolio of differentiated wireless connectivity, edge compute and power management technologies.

我們看到消費性、工業資產追蹤與音訊產品的無線連線需求強勁成長，且這些需求由我們與領先客戶簽署的多年期 LTA 所支撐。我們預期此終端市場將是今年成長最快的市場，成長動能來自我們具差異化的無線連線、邊緣運算與電源管理技術的強大產品組合。

Touching next on automotive. Revenue in this end market was approximately 5% of our total fourth quarter revenue, but it more than doubled from a year ago. The strong year-over-year revenue growth was driven by a ramp of new designs for ADAS, safety applications and infotainment that have been in development and qualification over the past few years. Adjusting for a sizable capacity access fee in the third quarter, automotive quarterly sequential growth would have been roughly 13%.

接著談汽車。此終端市場營收約占我們第四季總營收的 5%，但較一年前增加逾一倍。強勁的年對年營收成長主要來自 ADAS、安全應用與車載資訊娛樂等新設計的放量，這些設計在過去幾年已完成開發與認證。若排除第三季一筆可觀的產能存取費用（capacity access fee）影響，汽車業務的季度季對季成長約為 13%。

2021 also marked key partnership announcements with Ford, BMW and Bosch. We are very excited about our strong traction in the automotive end market and anticipate double-digit growth for this market in 2022. We have a number of customers in the 4D radar space and in battery management for EVs that will begin to ramp in 2023, fueling our growth beyond traditional auto applications into new automotive growth applications.

2021 年也標誌著與 Ford、BMW 及 Bosch 的關鍵合作夥伴關係公告。我們對於在汽車終端市場的強勁進展感到非常振奮，並預期 2022 年該市場將實現兩位數成長。我們在 4D 雷達領域以及電動車（EV）電池管理方面擁有多家客戶，這些專案將於 2023 年開始放量，推動我們的成長從傳統汽車應用延伸至新的汽車成長型應用。

In our compute end market, revenue was roughly 6% of total and declined year-over-year as expected. As we have mentioned previously, the PC market we serve -- we served in the past will continue to decline as our customers transition their products to single-digit nanometer. We continue to forecast year-over-year decline in this end market in 2022. However, we have been focusing our investments on solutions that play to our strength in mixed signal and power that complement and work side-by-side with the single-digit nanometer processor designs. For instance, we secured a multiyear LTA with a Tier 1 producer to manufacture controller ICs for this end market. We expect to see stabilization in the second half of 2022 from ramps of these new high-margin customer designs in this end market.

在我們的運算終端市場中，營收約占總營收的 6%，並如預期般年減。正如我們先前提到的，我們所服務的 PC 市場——我們過去所服務的市場——將隨著客戶把產品轉移至個位數奈米而持續下滑。我們仍預測 2022 年該終端市場將呈現年減。然而，我們一直將投資聚焦於能發揮我們在混合訊號與電源方面優勢的解決方案，並可與個位數奈米處理器設計互補、並肩運作。例如，我們與一家 Tier 1 製造商簽訂多年期 LTA，以生產該終端市場所需的控制器 IC。我們預期在 2022 年下半年，隨著這些新的高毛利客戶設計在該終端市場放量，市場將趨於穩定。

Next, I would like to provide a brief update on our ongoing capacity expansions. For 2022, our plan is to increase capacity by high single digits, primarily driven by the expansion plans underway in Dresden. All of this expansion in capacity is the support of customer demand for differentiated technologies such as 22FDX; image sensor processors on 28- and 40-nanometer technologies; and BCDLite and embedded nonvolatile memory technologies. Also, construction of our Phase 1 module expansion in Singapore remains on track, with equipment slated to go into that facility in the second half of 2022 to support for first production outs in the first half of 2023. We are working closely and hand-in-hand with our construction and contractors and our equipment suppliers to maintain our capacity expansion schedules.

接下來，我想就我們持續進行的產能擴充提供簡要更新。2022 年，我們的計畫是將產能提高高個位數百分比，主要由德勒斯登正在進行的擴產計畫所帶動。所有這些產能擴充都是為了支援客戶對差異化技術的需求，例如 22FDX；採用 28 奈米與 40 奈米技術的影像感測器處理器；以及 BCDLite 與嵌入式非揮發性記憶體技術。此外，我們在新加坡的第一期模組擴建工程仍按計畫推進，設備預計於 2022 年下半年進駐該廠，以支援 2023 年上半年首次量產出貨。我們正與施工團隊、承包商以及設備供應商密切合作、攜手並進，以維持我們的產能擴充時程。

All of our expansion investments are backed with customer long-term capacity reservation agreements and significant prepayments. Further, the majority of this expansion investment is in support of single-source business.

我們所有的擴產投資皆有客戶長期產能預訂協議與可觀的預付款作為支撐。此外，這些擴產投資的大部分是為了支援單一來源（single-source）業務。

In addition to our ongoing capacity expansion, we continue to make solid progress in enhancing our differentiated technologies. For example, in 2021, we had 19 new technology qualifications for reduction of our customer products. These include qualifications for image sensor, automotive, RF SOI, ultra-low-power BCD power management projects. We aggressively started development and qualified and ramped our 12 low-power RF technology in 2021. We added 6 new feature groups to our proprietary FDX platform such as resistive RAM, automotive-grade capable and next-generation RF. And sampled early customer circuits on our GaN power and RF and power amplifier technologies. For 2022, we are tracked to almost double the number of technology qualifications from last year for all our customers, covering silicon photonics, FDX, BCD and silicon-germanium HBT technologies.

除了持續的產能擴充之外，我們也在強化差異化技術方面持續取得扎實進展。例如在 2021 年，我們完成了 19 項新技術認證，用於導入客戶產品。這些認證涵蓋影像感測器、車用、RF SOI、超低功耗 BCD 電源管理等專案。我們在 2021 年積極啟動 12 低功耗 RF 技術的開發，並完成認證與放量。我們在自有的 FDX 平台新增了 6 個新功能群組，例如電阻式 RAM、可支援車規等級以及下一代 RF。並在我們的 GaN 電源與 RF，以及功率放大器技術上，提供早期客戶電路樣品。展望 2022 年，我們預計幾乎將技術認證數量較去年倍增，涵蓋矽光子、FDX、BCD 以及矽鍺 HBT 技術。

Now before I hand the discussion over to David, let me add a few thoughts on the overall industry supply-demand dynamics and the capacity being added to address the shortfall of supply to today's demand and growing need. We spent a lot of time in thoughtful analysis of this very important topic.

在我把討論交給 David 之前，讓我補充幾點關於整體產業供需動態，以及為了彌補當前供給不足以滿足今日需求與持續成長需求而新增的產能。我們花了很多時間，對這個非常重要的議題進行審慎分析。

So let me start with our SAM. This is 12-nanometer and above. Now this SAM is growing in the mid- to high single digits in units. That's 300-millimeter equivalent wafers, and that growth is over the next 5 years. It's important to note, we're talking about unit growth in this imbalance and not ASPs. Conservatively, we believe the shortfall in industry supply to our SAM today is in the mid- to high single-digit range. This is offset -- I'm sorry, this is off a base of industry-wide capacity of approximately 15 million wafers per year.

那麼我先從我們的 SAM 談起，也就是 12 奈米及以上。這個 SAM 的出貨量（以 300 毫米等效晶圓計）在未來 5 年將以中到高個位數百分比成長。需要強調的是，我們談的是在這種失衡下的「單位數量」成長，而不是 ASP。保守估計，我們認為目前產業對我們 SAM 的供給缺口約在中到高個位數百分比。這是以全產業年產能約 1,500 萬片晶圓為基礎來衡量的。

So let's compare today's supply shortfall and the demand growth to the announced capacity additions in our SAM. Based on announced fab expansions, both those fabs being tooled or presently under construction, supply will grow around 4% over the next 5 years. If we exclude China-based foundries, that number drops from 4% to 2.5% over the next 5 years. So based on this analysis and our customers' continued interest in investing for long-term future capacity, we believe we are making the right long-term investments that will enable us to almost double our revenue while delivering the necessary return on invested capital for our business.

接著我們將今日的供給缺口與需求成長，與我們 SAM 中已公告的新增產能做比較。根據已公告的晶圓廠擴建計畫（包含正在裝機的廠與目前施工中的廠），未來 5 年供給將成長約 4%。若排除中國的晶圓代工廠，該數字在未來 5 年將從 4% 降至 2.5%。因此，基於這項分析以及客戶持續有意願投資長期未來產能，我們相信我們正在進行正確的長期投資，這將使我們在為業務提供必要的投資資本報酬的同時，幾乎能將營收翻倍。

In summary, we ended 2021 on a strong note and business momentum. We are seeing robust growth from our customers in the end markets we serve. We are prudently and in partnership expanding our capacity to service their needs and making great progress in accelerating our differentiated technologies for the future.

總結來說，我們以強勁的表現與業務動能結束 2021 年。我們看到客戶在我們所服務的終端市場中呈現穩健成長。我們以審慎方式並與合作夥伴共同擴充產能以滿足其需求，同時在加速推進未來的差異化技術方面也取得重大進展。

With that, let me turn the call over to Dave to provide the financial details for the fourth quarter and also provide you our guidance for the first quarter. Over to you, David.

接下來，我把電話會議交給 Dave，請他說明第四季的財務細節，並提供第一季的財測指引。交給你了，David。

Thank you, Tom. Now on to our fourth quarter and full year 2021 results.

謝謝你，Tom。接下來說明我們 2021 年第四季與全年業績。

Our fourth quarter results exceeded the high end of the financial range we provided in our last earnings call. Fourth quarter revenue was approximately $1.85 billion, which increased 9% sequentially, driven by higher wafer shipments, ASPs and nonwafer revenue. We shipped approximately 622,300 millimeter equivalent wafers in the quarter, an increase of about 2% on a sequential basis.

我們第四季的結果超出上次法說會所提供財務區間的上緣。第四季營收約 18.5 億美元，季增 9%，主要由更高的晶圓出貨量、ASP 以及非晶圓營收所帶動。本季我們出貨約 622,300 片 300 毫米等效晶圓，較前一季約增加 2%。

ASP per wafer increased approximately 3% sequentially driven by ramping LTAs with better pricing and overall very constructive transactional pricing environment and continued improvement in product mix. Wafer revenue from our end markets accounted for approximately 89% of total revenue. Nonwafer revenue, which includes revenue from reticles, nonrecurring engineering, expedite fees and other items, accounted for approximately 11% of total revenue for the fourth quarter, consistent with our expectation of approximately 10% of total revenue.

每片晶圓 ASP 約季增 3%，主要受惠於以更佳定價放量的 LTA、整體非常有利的交易定價環境，以及產品組合持續改善。來自各終端市場的晶圓營收約占總營收的 89%。非晶圓營收（包含光罩、一次性工程費用、加急費及其他項目）在第四季約占總營收的 11%，與我們預期約占總營收 10% 大致一致。

For the full year, revenue came in at approximately $6.6 billion, representing a 36% year-over-year increase. As expected, all of our end markets grew meaningfully, except for the year-over-year reduction in personal compute, which declined as planned as we remix our business to more differentiated solutions.

全年來看，營收約為 66 億美元，年增 36%。如預期，我們所有終端市場皆有顯著成長，唯獨個人運算（personal compute）因我們將業務重新組合至更具差異化的解決方案而按計畫年減。

For the remainder of the call, including first quarter guidance, I will reference adjusted metrics, which exclude stock-based compensation. For the fourth quarter, we delivered adjusted gross profit of $397 million, which translates into approximately 21.5% adjusted gross margin. The 346 basis points sequential improvement was primarily driven by better fixed cost absorption, higher ASPs and improved mix. Full year 2021 adjusted gross margins were approximately 16%, a significant improvement from the prior year.

在接下來的內容（包含第一季指引）中，我將引用調整後指標，亦即排除以股票為基礎的薪酬。第四季我們的調整後毛利為 3.97 億美元，對應約 21.5% 的調整後毛利率。毛利率較前一季改善 346 個基點，主要由更佳的固定成本吸收、更高的 ASP 以及更好的產品組合所帶動。2021 年全年調整後毛利率約為 16%，較前一年顯著提升。

Similar to Q3, operating expenses for the fourth quarter represented 13.8% of revenue. R&D represented $121 million or 6.6% of quarterly revenue and SG&A was 7.2% at $133 million. Total operating expenses of $254 million excludes $43 million of stock-based compensation.

與第三季類似，第四季營業費用占營收比為 13.8%。研發費用為 1.21 億美元，占單季營收 6.6%；銷售、一般及行政費用（SG&A）為 1.33 億美元，占比 7.2%。總營業費用 2.54 億美元不包含 4,300 萬美元的以股票為基礎的薪酬。

GF delivered operating profit of approximately $142 million for the quarter, which translates into 8% adjusted operating margin, 291 basis points higher than the high end of our guidance. For the full year, we delivered operating profit of $168 million, also a significant improvement from the prior year.

GF 本季營業利益約 1.42 億美元，對應 8% 的調整後營業利益率，較我們指引上緣高出 291 個基點。全年來看，我們的營業利益為 1.68 億美元，同樣較前一年大幅改善。

Fourth quarter net interest expense was approximately $26 million, and we incurred a tax expense of approximately $26 million in the quarter. We delivered fourth quarter adjusted net income of approximately $98 million on a diluted share count of 540 million, resulting in earnings of $0.18 per share. For the full year, we ended with an adjusted net loss of $26 million.

第四季淨利息費用約 2,600 萬美元，且本季認列所得稅費用約 2,600 萬美元。我們第四季調整後淨利約 9,800 萬美元，以稀釋後股數 5.40 億股計算，每股盈餘為 0.18 美元。全年來看，我們以調整後淨損 2,600 萬美元作結。

We delivered record fourth quarter adjusted EBITDA of approximately $584 million. Adjusted EBITDA grew $79 million sequentially on $147 million of incremental revenue growth, representing approximately 54% fall-through. For the full year, we delivered adjusted EBITDA of $1.85 billion, an increase of approximately 90% over the prior year.

我們第四季交出創紀錄的調整後 EBITDA，約為 5.84 億美元。調整後 EBITDA 在營收增加 1.47 億美元的帶動下，較前一季增加 7,900 萬美元，增量落底率（fall-through）約為 54%。全年而言，我們交出 18.5 億美元的調整後 EBITDA，較前一年增加約 90%。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the quarter was approximately $1.15 billion and included approximately $800 million of customer prepayments and capacity access fees. Gross CapEx for the quarter was about $650 million or roughly 35% of revenue. We ended fourth quarter and the year with approximately $3 billion in cash and cash equivalents, an increase of more than $2 billion from the prior year.

接下來我提供一些關鍵的資產負債表與現金流指標。本季營運活動現金流約為 11.5 億美元，其中包含約 8 億美元的客戶預付款以及產能存取費（capacity access fees）。本季總資本支出（Gross CapEx）約為 6.5 億美元，約占營收的 35%。我們在第四季末及年底持有約 30 億美元的現金及約當現金，較前一年增加超過 20 億美元。

Next, let me provide you with our outlook for the first quarter. We expect revenue to be between $1.88 billion and $1.92 billion. We expect adjusted gross profit to be between $409 million and $437 million. We expect adjusted operating profit to be between $164 million and $202 million. Excluding share-based compensation for the first quarter, we expect total OpEx to decrease approximately $15 million sequentially.

接著我提供第一季展望。我們預期營收介於 18.8 億至 19.2 億美元。我們預期調整後毛利介於 4.09 億至 4.37 億美元。我們預期調整後營業利益介於 1.64 億至 2.02 億美元。排除第一季的股份基礎給付（share-based compensation）後，我們預期總營業費用（OpEx）較前一季約減少 1,500 萬美元。

At the midpoint of our first quarter guidance, we expect share-based compensation to be approximately $60 million, of which $25 million is in cost of goods sold and $35 million in OpEx. We expect net interest expense for the quarter to be approximately $29 million and tax and other expenses to be roughly $19 million. We expect adjusted net income to be between $117 million and $153 million.

以第一季財測中位數來看，我們預期股份基礎給付約為 6,000 萬美元，其中 2,500 萬美元列在銷貨成本，3,500 萬美元列在營業費用（OpEx）。我們預期本季淨利息費用約為 2,900 萬美元，稅金及其他費用約為 1,900 萬美元。我們預期調整後淨利介於 1.17 億至 1.53 億美元。

On a fully diluted basis of approximately 560 million shares, we expect adjusted earnings per share for the first quarter to be between $0.21 and $0.27. For the first quarter, we expect adjusted EBITDA to be between $580 million and $620 million. For 2022, we expect total gross CapEx to be approximately $4.5 billion as we continue to invest in partnership with our customers to deliver the capacity necessary to support our contracts.

以完全稀釋後約 5.6 億股計算，我們預期第一季調整後每股盈餘介於 0.21 至 0.27 美元。第一季我們預期調整後 EBITDA 介於 5.8 億至 6.2 億美元。2022 年，我們預期總資本支出（Gross CapEx）約為 45 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。

So 2021, in summary, we executed to plan. We delivered progressively better financials quarter-to-quarter throughout the year. We secured 30 long-term customer agreements with more than $3.2 billion of customer funding and access fees and prepayments, and we executed on our CapEx investment road map that delivers growth and competitive return on invested capital. We are excited about our prospects in 2022, and we fully expect to continue our methodical execution.

總結 2021 年，我們依計畫執行，且全年各季財務表現逐季改善。我們簽下 30 份長期客戶協議，取得超過 32 億美元的客戶資金、存取費與預付款，並依照我們的資本支出投資藍圖執行，帶來成長與具競爭力的投入資本報酬。我們對 2022 年的前景感到振奮，並完全預期將持續有條不紊地執行。

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

接下來，我們開放問答。接線員？

(Operator Instructions) Our first question comes from the line of John Pitzer with Credit Suisse.

（接線員指示）我們的第一個問題來自 Credit Suisse 的 John Pitzer。

Tom, I was wondering if you could talk a little bit about kind of the ASP progression you see for calendar year '22. You're kind of in the envious position of being supply limited. You did a good job on the call kind of talking about the growth in wafer outs through the balance of the year. How are you thinking about ASPs? And how are you navigating kind of getting paid for value, not taking advantage of the cyclical environment and still maintaining those long-term customer relations?

Tom，我想請你談談你們對 2022 日曆年度 ASP 走勢的看法。你們目前處在令人稱羨的供給受限位置。你在電話會議中也很清楚地談到今年剩餘期間晶圓出貨量（wafer outs）的成長。你們如何看待 ASP？以及你們如何在「為價值收費」、不利用景氣循環環境，同時仍維持長期客戶關係之間取得平衡？

Look, John, as we talked on the road show in our last call, it was important for us to be very balanced in this. We wanted to make sure we erred in the side of more certainty longer range when we sign these long-term agreements because we're adding capacity. We wanted to make sure our customers were equally committed to that capacity. And so we balanced that certainty of our business with ASP growth. But David can give you a little bit more details, but this is the year -- really, those ASPs, we needed to give our -- chance for our customers to pass or deal with those ASP increases the way they chose to do it in 2022.

John，你看，我們在路演以及上次電話會議中談過，對我們而言在這件事上保持非常平衡很重要。當我們簽署這些長期協議、因為我們正在擴增產能時，我們希望在更長期的確定性上寧可偏保守一些。我們也希望確保客戶對該產能同樣有承諾。因此，我們在業務確定性與 ASP 成長之間做了平衡。David 可以提供更多細節，但今年——就這些 ASP 而言，我們需要給客戶一個機會，讓他們在 2022 年以他們選擇的方式去轉嫁或因應這些 ASP 的上調。

And so roughly, this is about a high single-digit kind of number of growth of ASPs on -- at the enterprise level for the year this year. Now done in a way that was very methodical in partnership with our customers as we use their balance sheet and our -- and in partnership to go create that capacity for this growth we're talking about.

因此，大致上，今年在企業層級的 ASP 成長約為高個位數百分比。這是以非常有條不紊、與客戶合作的方式完成的；我們運用他們的資產負債表與我們的——並以合作夥伴關係去打造我們所談到的成長所需產能。

David, anything to add to that?

David，還有要補充的嗎？

Yes. John, from a volume perspective, what we've talked about is we're going to grow capacity in the high single digits year-over-year from '21 to '22. And then ASPs, as Tom mentioned, those ASPs will actually grow about 10% year-over-year versus high single digits. So volume up about high single digits year-over-year. ASP is up in the 10% range year-over-year. Did you have a follow-up, John?

有的。John，就量的角度，我們談到的是，從 2021 年到 2022 年，我們的產能將年增高個位數百分比。至於 ASP，如 Tom 所提，ASP 的年增幅實際上約為 10%，高於高個位數。也就是說，量年增約高個位數；ASP 年增約在 10% 左右。John，你還有追問嗎？

That's helpful. Yes, just on my follow-up. There's still some skeptics out there relative to the longer-term financial model you put out on the road show. I was just hoping you could go through some details of kind of the expected margin progression, exiting the March quarter for the balance of the year.

這很有幫助。是的，我的追問是：對於你們在路演提出的長期財務模型，市場上仍有一些質疑者。我希望你們能更詳細說明一下，從 3 月季度結束後到今年其餘期間，預期的利潤率走勢。

And Dave, maybe you can touch on it by geo because I know there's some distinct differences among Singapore, Malta and Dresden as capacity ramps.

另外 Dave，也許你可以按地區談談，因為我知道新加坡、馬爾他與德勒斯登在產能爬坡時有一些明顯差異。

Sure. Maybe I'll answer the first part of that. And then Tom, if you have anything to add, you can chime in to build upon it. John, we talked really about 3 things that were happening to drive our margins. We talked about this disciplined CapEx and partnership investment that would lead to normalization of depreciation as well as improved fixed cost absorption. We've talked about the constructive pricing environment and our increasing percentage of single-source business driven by the differentiation in our business as being something that helps capture margin. And then, of course, we talked about the mixing up of our business through accretive markets that we target.

好的。我先回答第一部分，然後 Tom 若要補充也可以接著說。John，我們談到推動利潤率的三件事。第一，是有紀律的資本支出與合作投資，將帶來折舊的正常化，以及固定成本吸收的改善。第二，我們談到有利的定價環境，以及因我們業務差異化而帶動單一來源（single-source）業務占比提升，這有助於取得利潤率。第三，當然，我們也談到透過我們鎖定的具增益（accretive）市場來優化業務組合。

And so with those 3 points as a backdrop, let me talk about the geographic regions and the individual factories. So let's start with Singapore first. Singapore is our largest campus. It services about 45% of our total capacity. Singapore is already at our long-term financial model. So in 2021, Singapore is at our long-term model, and that's without that 10% kind of year-over-year enterprise ASP increase that we talked about in your prior question.

以這三點為背景，我來談地理區域與各個工廠。先從新加坡開始。新加坡是我們最大的園區，服務約占我們總產能的 45%。新加坡已達到我們的長期財務模型水準。因此在 2021 年，新加坡已達到我們的長期模型，而且這還未包含你在前一題提到的、企業層級約 10% 的年增 ASP。

Dresden, which is about 20% of our total capacity, but of course, growing. Dresden, as we scale that fixed cost footprint through additional tooling, we get the benefit of that fixed cost absorption. So that fixed cost absorption as we almost triple the total output of that facility plus the improved pricing, that gets us to our long-term financial metrics.

德勒斯登約占我們總產能的 20%，當然也在成長。隨著我們透過增加設備（tooling）來擴大固定成本基礎，我們就能享受到固定成本吸收的效益。因此，當我們幾乎將該廠的總產出提高到接近三倍，再加上定價改善，就能讓我們達到長期財務指標。

And then finally, we've got Malta. In Malta, it has a similar fixed cost absorption challenge, big footprint, but wasn't tooled. We'll get that fully tooled around the midyear of 2023, so kind of exiting '23 will be at our entitled fixed cost absorption. And then it has a little bit of depreciation that has to roll off throughout 2024 and then the first half of '25. So it won't quite be to that long-term model until late '24, early '25. But Singapore will be there. Dresden will be there. Burlington is in a very similar situation as Dresden and then, of course, I just described Malta.

最後是馬爾他。馬爾他也有類似的固定成本吸收挑戰：占地大，但尚未完成設備配置。我們將在 2023 年年中左右完成全面配置，因此大約在 2023 年底時可達到其應有的固定成本吸收水準。接著還有一些折舊需要在 2024 年以及 2025 年上半年逐步到期（roll off）。因此要到 2024 年末、2025 年初才會完全達到長期模型。不過新加坡會達到；德勒斯登會達到；Burlington 的情況與德勒斯登非常相似；而馬爾他我剛剛也已說明。

Tom, anything you'd add?

Tom，你還要補充什麼嗎？

No, I think it's good to put it in that concise manner. There's a depreciation dimension this week, we invested heavily in the early years for the company and that depreciation rolls off. So that's one lever. The second lever is remixing and the ASP that will drive our profitability. And then the third one is we have a huge fixed cost, and the more we can leverage that cost for efficiency. Any one of these, I could get some skepticism, but the 3 -- the combination of those 3 really give us our road map to this path to profitability. And it's always good, David, as you like to say, proof point, our Singapore facility is already at our long-term model.

沒有，我認為用這樣精簡的方式說明很好。折舊是一個面向；我們在公司早期投入很大，而那些折舊會逐步到期（roll off），這是一個槓桿。第二個槓桿是組合再平衡（remixing）以及 ASP，將推動我們的獲利能力。第三個槓桿是我們有龐大的固定成本，而我們越能以效率去槓桿化這些成本越好。單看其中任何一項，我都能理解會有些質疑，但這三者——三者的組合——確實為我們提供了通往獲利的路線圖。也一如你常說的，David，最好的佐證是：我們的新加坡廠已經達到長期模型。

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

我們的下一個問題來自摩根大通（JPMorgan）的 Harlan Sur。

Congratulations on the strong execution. Demand environment stepping into this year looks quite strong across your end markets. The team is anticipating strong revenue growth this year. I think based on your shipment and your ASP outlook in your prepared remarks or an answer to one of the questions, it looks like you guys are going to grow revenues in the sort of high teens percentage range this year. Help us sort of rank order which of your segments are going to be driving the strongest growth this year?

恭喜你們展現強勁的執行力。進入今年，你們各終端市場的需求環境看起來相當強勁。團隊預期今年營收將強勁成長。我想根據你們在事先準備的發言中、或在回答其中一個問題時提到的出貨與 ASP（平均銷售單價）展望，看起來你們今年的營收成長大概會落在十幾個百分點的高段。能否協助我們大致排出你們哪些事業部門將在今年帶動最強勁的成長？

David, I'll let you start, and then I'll add some commentary as to why.

David，我先請你開始，然後我再補充一些為什麼的評論。

Sure. Well, Harlan, it's a smaller part of our business, but we've talked a lot about automotive. And so the automotive business, we're expecting it to be kind of lumpy quarter-to-quarter. But on an annual basis, year-over-year '22 versus '21, we're continuing to expect strong growth from the automotive business. The IoT business, that's home and industrial IoT business, that's another business for us that grew nicely in 2021, and we actually expect it to grow even faster in 2022 and become a bigger part of our total portfolio. And so that's a business that for us, we're seeing just a lot of traction in the home and IoT business -- industrial IoT business.

好的。Harlan，雖然汽車在我們業務中占比相對較小，但我們談了很多汽車相關。因此汽車業務，我們預期季度之間會有些起伏。不過以年度來看，2022 年相較 2021 年，我們仍然預期汽車業務將維持強勁的年增成長。IoT 業務，也就是家用與工業 IoT 業務，這也是我們另一項在 2021 年成長不錯的業務，而我們其實預期 2022 年它會成長得更快，並在我們整體產品組合中占比提高。因此對我們而言，我們在家用 IoT 與工業 IoT 業務上看到非常多的動能。

Smart mobile devices, it's not quite half of our business, but certainly around that range. And that business will kind of grow at our enterprise average. So I think in terms of the real highlights, the automotive portion growing from a smaller base to a more sizable portion of our business, the home and industrial IoT having nice growth, smart mobile devices growing at enterprise average. And communications infrastructure and data center also growing, but probably highlight the first 2 automotive in home and industrial IoT.

智慧型行動裝置，雖然不到我們業務的一半，但確實大約在那個區間。該業務的成長大致會與公司整體平均一致。所以我認為真正的亮點在於：汽車業務從較小的基礎成長為更具規模的業務占比；家用與工業 IoT 有不錯的成長；智慧型行動裝置以公司平均水準成長。通訊基礎設施與資料中心也會成長，但可能更值得強調前兩項：汽車，以及家用與工業 IoT。

Yes. I'll just add a little bit on the smart mobile device. David, you pointed out, it's 48% of our revenue this year. Handsets are not growing at high single digits next year, but our revenue is going to be -- have a robust growth. And what does that mean? It means we're winning more sockets within them. As the industry goes to 5G, that's a real franchise for us in the front-end module. We're building our -- and growing our business in image sensor processes. So more sockets, more content. So handsets don't have to grow at the rate our business goes as we win more of the silicon content inside that smart mobile devices.

是的。我再補充一點關於智慧型行動裝置。David，你指出它今年占我們營收的 48%。明年手機出貨不會以高個位數成長，但我們的營收仍將——仍會有強勁成長。這代表什麼？代表我們在其中贏得更多的設計導入（socket）。隨著產業走向 5G，這在前端模組（front-end module）對我們而言是一個真正的核心優勢。我們也正在建立——並擴大我們在影像感測器製程上的業務。因此是更多的 socket、更多的內容（content）。所以即使手機本身的成長率不必與我們業務成長率一致，只要我們在智慧型行動裝置內部贏得更多矽含量（silicon content），我們的業務就能成長得更快。

I appreciate the insights there. And so for my follow-up, with the House passing the America COMPETES Act, which includes the $52 billion CHIPS Act, and a similar version to the one that was passed by the Senate last year. So the bill now needs to be reconciled, agreed upon by Congress, signed by President Biden. You guys have a strong government relations team. Do you have an updated view on time lines for potential appropriations of subsidy dollars? And then maybe over the next 3 years, how much CapEx are you allocating to your U.S. staff, primarily Malta? Just want to get some idea on how much of the U.S. CapEx spend could be supported by CHIPS Act funding.

感謝這些見解。接著我的追問是：眾議院通過了《America COMPETES Act》，其中包含 520 億美元的《CHIPS Act》，而且與參議院去年通過的版本相近。因此該法案現在需要協調、取得國會一致同意，並由拜登總統簽署。你們有很強的政府關係團隊。你們對於可能撥付補助資金的時間表是否有更新的看法？另外在未來 3 年，你們將配置多少資本支出（CapEx）到你們的美國據點，主要是 Malta？我想了解一下，有多少美國的 CapEx 支出可能會由《CHIPS Act》資金支持。

So let's take the first part of that. Our context in Washington, we've been very forthright. And one thing I love about it is it doesn't matter which side of the aisle you're at, everybody knows that funding the CHIPS bill, creating more security around the semiconductor supply chain in the U.S. is a paramount importance. And you're right, it's going to go to conference now with the rationalization that these 2 bills will be passed into law. And the timing for that is it's going to be some time, if it's going to be meaningful, before the first half of this year is over, right? We have to be in that time frame.

先談第一部分。我們在華盛頓的溝通立場一直很坦率。我很喜歡的一點是，不管你站在哪一個黨派立場，每個人都知道為《CHIPS》法案提供資金、在美國半導體供應鏈周邊建立更多安全性，是至關重要的。你說得對，現在它將進入協商委員會（conference），以便整合這兩個法案並通過成為法律。至於時程，如果要有實質意義，就必須在今年上半年結束前的某個時間點完成，對吧？我們必須落在那個時間框架內。

And $53 billion, $52 billion, $37 billion of billing to add capacity is meaningful. As far as our plans are, we don't invest just because there's a government incentive or co-investment. We invest, first and foremost, in partnership with our customers that there's certainty to the demand and we're building our differentiated technologies with a customer in mind, so they participate in this. We leverage the government support because we have to get the kinds of returns on investment that makes sense, and this is mid to high single-digit returns.

而 530 億美元、520 億美元，其中 370 億美元用於增加產能的撥款是很有意義的。就我們的計畫而言，我們不會只是因為有政府誘因或共同投資就去投資。我們投資的首要前提，是與客戶合作，確保需求具備確定性，並以客戶需求為導向打造我們差異化的技術，讓客戶也參與其中。我們會善用政府支持，因為我們必須取得合理的投資報酬率，而這大約是中到高個位數的報酬。

And so first, we make sure the demand is there. The certainty is there, customer partnership, and then we make sure that we can achieve the capital model or the return on our capital investment to go make those -- to make the investments and make sure they have the right payback versus a business.

因此首先，我們要確保需求存在、確定性存在、客戶合作到位；接著我們要確保能達成資本模型或資本投資報酬率，才會去做那些——去進行投資，並確保相較於業務本身，它們有合適的回收期。

Now having said that, I think we will find a way to expand our campus in Fab 8 in Malta, New York, in a meaningful way, and we'll do that in partnership. What I found really encouraging today was Commerce Department actually started to ask for a request for information on how this money can be spent. So it looks like we're -- they're really starting to lean in and get ahead of the appropriations of this funding. So we'll keep a close eye on this as time unfolds here.

話雖如此，我認為我們會找到方法，以有意義的方式擴建我們位於紐約州 Malta 的 Fab 8 園區，而且會以合作方式來做。今天我覺得很令人鼓舞的是，商務部實際上已開始徵詢資訊（request for information），了解這筆資金可以如何使用。這看起來表示他們真的開始積極投入，並在資金撥付前先行推進相關工作。因此隨著時間推進，我們會密切關注。

David, anything to add to that?

David，還有要補充的嗎？

Yes. I think to speak to 2022 CapEx, Harlan, there's about $550 million that's going into investment in Fab 8, primarily for FinFET capacity. And then there's about $150 million, give or take, a little bit that's going into Burlington to mix us up, primarily into SiGe and some of the communications and infrastructure market. So those are the investments that we currently have contemplated for 2022.

有的。Harlan，就 2022 年的資本支出而言，大約有 5.5 億美元將投入 Fab 8 的投資，主要用於 FinFET 產能。然後大約還有 1.5 億美元上下（可能略有增減）將投入 Burlington，以提升我們的組合，主要是 SiGe，以及部分通訊與基礎設施市場相關。這些就是我們目前規劃在 2022 年的投資。

And none of them are dependent on this funding from government support.

而且這些都不依賴政府支持的這筆資金。

That's right.

沒錯。

Our next question comes from the line of 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。

Congrats on the strong results. Tom, I want to go back to one of the topics you hit on in the preamble about the supply coming on and how fast the industry needed to grow the supply to meet up to the demand and that disconnect. If I look at kind of the broad-based lagging edge companies, whether they're IDMs or fab-lite companies, their spending is exploding. Texas Instruments talked about it last week.

恭喜你們的強勁成果。Tom，我想回到你在開場談到的一個主題：供給正在上來，以及產業需要多快擴增供給才能滿足需求，還有其中的落差。如果我看一些較廣泛、偏成熟製程（lagging edge）的公司，不論是 IDM 或 fab-lite 公司，他們的支出正在暴增。德州儀器（Texas Instruments）上週也談到了這點。

So as those companies are spending 2, 3x their 10-year average rate, do you view that as more of an endorsement of the growth of the industry? Or are you in any way scared that, that supply could lead to pricing declines, pressure on your customers? I know you have the long-term agreements, but just wondering how you reconcile these companies that aren't necessarily your customers also spending so aggressively?

因此，當這些公司以其 10 年平均水準的 2 倍、3 倍速度在支出時，你會把這視為對產業成長的背書嗎？還是你會在某種程度上擔心，這些供給可能導致價格下滑、對你們客戶造成壓力？我知道你們有長期協議，但我想了解的是：這些不一定是你們客戶的公司也如此積極擴產，你們如何看待並調和這件事？

Yes, remember, they have to grow their business, too. In our industry, you don't grow if you don't make more product, right? And so TI has been very disciplined in how they make capital expansions. And they got to a point where they needed to maybe spend a little bit more because they needed new facilities, not just expanding existing footprints.

是的，記住，他們也必須成長他們的業務。在我們這個產業，如果你不做出更多產品，你就無法成長，對吧？而 TI 在資本擴張方面一直非常自律。他們到了某個階段，可能需要多花一些，因為他們需要新的設施，而不只是擴充既有的廠區。

I think more to your first part of that, which it really is an endorsement for where this industry needs to go. It took 50 years to become a $0.5 trillion industry. Call it 8, 10 years, it's going to double. And the economic model to go create that first 50 years is not the one that's going to get us to where we want to go as an industry.

我想更回到你第一部分的問題：這確實是對這個產業未來走向的一種背書。花了 50 年，我們才成為一個 0.5 兆美元的產業。再過 8 到 10 年，它將翻倍。用來打造前 50 年的經濟模型，並不是能帶領我們這個產業走到下一個目標的模型。

And for us, it's to make sure that we are creating differentiated solutions for our customers, that our customers are equally committed to that capacity. And that we're building it for them. We're not just building it and saying, "We're going to build ahead and have -- and then go and try to sell the capacity." We're doing it in a very orderly -- in an orderly fashion.

而對我們而言，重點是確保我們為客戶打造差異化解決方案，客戶也同樣承諾相應的產能，並且我們是為他們而建。我們不是先把產能蓋出來，然後再說「我們先超前建置——之後再去嘗試銷售這些產能」。我們是以非常有秩序——以有秩序的方式來進行。

And I'll tell you, we talk a lot about the long-term agreements that we signed last year, right? In fourth quarter, we started to sit down with our customers to think about the future beyond 2024 when we bring all this capacity on. So what's next, what additional capacity would they like to add with us. And those conversations are going well, and we expect this year to be doing more of the same to continue to grow the capacity. But fundamentally, doing it in a partnership mode where our customers hand-in-hand are committed to the capacity we're putting on for them.

我跟你說，我們談了很多去年簽下的長期協議，對吧？在第四季，我們開始和客戶坐下來思考 2024 年之後的未來，當我們把這些產能全部開出來之後。那接下來是什麼、他們還希望和我們一起再增加哪些額外產能。這些對話進展得很順利，我們預期今年也會做更多同樣的事情，持續擴大產能。但從根本上來說，是以夥伴合作的模式來進行，讓我們的客戶與我們手牽手，承諾我們為他們所新增的產能。

As my follow-up, David, one for you on the gross margin side of things. Just wanted to get a little bit more color on what was the surprise to you versus your guidance in the fourth quarter? And then as we're thinking about the linearity of the year, I know there's some steps when depreciation falls off and those sorts of things. Any sort of color on how you see this year progressing quarter-by-quarter in the gross margin line?

作為追問，David，想請教你毛利率方面的問題。想多了解一下，第四季實際結果相較於你們的指引，讓你意外的地方是什麼？另外，當我們思考全年各季的線性走勢時，我知道有一些階段性因素，例如折舊下降之類的。你能否分享一下你對今年毛利率項目按季推進的看法？

Sure. Well, with respect to fourth quarter, the improvement to our guidance that we delivered, I think there were 2 things. One, I think the pricing and some of the expedites and some of this pricing associated with that was a little stronger than we expected. And then, of course, fixed cost absorption is a very, very powerful tool as an engine for accretion for a fixed asset business. And so we got better fixed cost absorption, and we got a little bit better ASP and premium pricing in the fourth quarter, and that really led to the upside.

當然。就第四季而言，我們交出的結果優於指引，我認為有兩個因素。第一，我覺得定價、以及一些急單（expedites）與其相關的定價，比我們預期更強。第二，當然，固定成本吸收對於固定資產型業務而言，是非常、非常強大的增益引擎。因此我們的固定成本吸收更好，同時第四季的 ASP（平均售價）與溢價定價也略優，這就帶來了上行空間。

I think for guidance for the full year, I think I'll stick [path] to what we gave you for the full year with 10% ASP increases year-over-year. But with respect to the first quarter, it's about 2/3 ASP, 1/3 volume-driven when you think about the improvement quarter-over-quarter Q1 to Q4. And so what that means is that the ASPs are coming online a little faster than the fixed cost absorption is -- would expand gross margin.

至於全年指引，我會維持我們給你的全年說法，亦即 ASP 年增 10%。但就第一季而言，當你看 Q1 到 Q4 的按季改善時，大約是 2/3 由 ASP 驅動、1/3 由出貨量驅動。這代表 ASP 的提升上線速度，比固定成本吸收帶動毛利率擴張的速度稍微更快一些。

So still getting the benefit of both, right? As that volume still scales, you're still getting the benefit of that fixed cost absorption in the footprint, but ASP is coming online a little bit faster than the fixed cost absorption. Does that make sense?

所以你仍然同時受惠於兩者，對吧？隨著量持續放大，你仍然能在既有產能版圖中受惠於固定成本吸收，但 ASP 的提升上線速度比固定成本吸收稍微快一些。這樣說有道理嗎？

Yes.

是的。

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

我們的下一個問題來自 Citi 的 Chris Danely。

One more pricing question. So you sketched out the strokes on '22, but I would imagine you're booking into '23. Any first take or first reads on the pricing environment for 2023? Can we expect it to be up double digits again next year?

再問一個定價問題。你剛才勾勒了 2022 年的大致情況，但我想你們應該也在接 2023 年的訂單。對 2023 年的定價環境，有沒有初步看法或初步觀察？我們是否可以預期明年也會再度出現雙位數上漲？

Yes. I think -- look, I think we're going to guide 1 quarter at a time and then try to give you some color and context for the year that we're in. I think as a high-level response, I think I'd say that we remain in a very constructive business environment -- and so we're very encouraged by the environment that we're currently in.

是的。我想——你看，我們會以每一季為單位給指引，並盡量就當年度提供一些補充說明與脈絡。以高層次的回應來說，我會說我們仍處於一個非常正向、建設性的商業環境中——因此我們對目前所處的環境感到非常鼓舞。

Tom, anything?

Tom，有要補充的嗎？

Yes. And I think for us to be able to create the capacity our customers need, ASP is part of the equation to close those returns we need. So that's the story that we got to continue to write and develop here.

有。而且我認為，為了讓我們能夠打造客戶所需要的產能，ASP 是我們達成所需報酬率（returns）方程式的一部分。所以這就是我們必須在這裡持續書寫並推進的故事。

Great. And for my follow-up, just a competitive question. So both of your main competitors in Taiwan have announced increases in CapEx. They're going to focus a little more on the trailing edge. And then you also have a major semiconductor company here in the U.S. with their -- I guess, it's their latest announcement of getting into foundry. Has this changed the conversation with the customers at all? Is this making you guys a little bit more worried about potential capacity issues down the road? Or no change to the business environment when you talk to the customers or internally?

很好。那我的追問是競爭方面的問題。你們在台灣的兩家主要競爭對手都宣布增加資本支出（CapEx），他們會更聚焦在成熟製程（trailing edge）。另外，美國這邊也有一家大型半導體公司——我想是他們最新宣布要切入晶圓代工（foundry）。這有改變你們與客戶的對話嗎？這會不會讓你們對未來可能的產能問題更擔心？或者當你們與客戶或內部討論時，商業環境並沒有改變？

I think you have to segment 3 levels of investment for capital expansion. There's a whole memory dimension to this, clearly doesn't -- it complements the logic part of the industry, but doesn't compete at all. And then there's the segment for -- some like to call it leading edge, we call it single-digit nanometer. This is the smallest, fastest transistors, feeds data centers. It represents 25% of the market, but it's highly capital-intensive, so you see a lot of dollars being poured into that.

我認為你必須把資本擴產的投資分成三個層次。首先，這裡顯然有一個記憶體（memory）的面向，它與邏輯（logic）產業互補，但完全不競爭。其次，是一些人喜歡稱為先進製程（leading edge）的區塊，我們稱之為個位數奈米（single-digit nanometer）。這是最小、最快的電晶體，供應資料中心。它約占市場的 25%，但資本密集度非常高，所以你會看到大量資金投入其中。

There are now 3 competitors in that space as Intel has declared they want to be foundry and serve that market. For us, an Intel entering this market just validates once again how important semiconductor manufacturing is and how important it is to not only the industry, but to the world economy. But we don't see them as a competitor as they're in that market segment that we choose not to serve.

隨著 Intel 宣布他們想成為晶圓代工並服務該市場，現在那個領域有三個競爭者。對我們而言，Intel 進入這個市場，再次印證了半導體製造有多重要，不僅對產業重要，對全球經濟也很重要。但我們不把他們視為競爭對手，因為他們所在的市場區隔是我們選擇不服務的。

The other capacity that's being put on, I spoke about in this -- in the service market we serve, we track that very closely. We watch where shovels are going to ground, where capacity is being added. We gave you the statistics around that. We don't see a lot of capacity going in beyond with the natural demand growth that's going on. I think you're seeing rational capacity expansion, making sure that we don't overbuild for this industry. And that's something we'll watch very closely. And again, we will not add capacity if we don't know we have somebody who's going to be committed to that capacity that we put on.

至於其他正在新增的產能，我在這裡——在我們所服務的市場——也談過，我們會非常密切地追蹤。我們會觀察哪裡開始動工、哪裡在增加產能。我們也提供了相關統計數據。我們沒有看到超出自然需求成長之外的大量新增產能。我認為你看到的是理性的產能擴張，確保這個產業不會過度擴建。這也是我們會非常密切關注的事情。而且再次強調，如果我們不知道有人會承諾使用我們新增的產能，我們就不會增加產能。

David, anything to add to that?

David，還有要補充的嗎？

Yes. I think I'd just add that, again, as a proof point, our -- we signed 5 new LTAs in the fourth quarter. And we continue to have customers engage with us on wanting to secure long-term supply. So from all the signals that we see, it looks like we are currently in a supply-demand imbalance. It looks like things are getting a little bit better. But I think based on what we see, we believe it's going to last for an extended period of time, and it looks like our customers believe that as well.

有。我想我只想補充一點：作為一個佐證，我們在第四季簽了 5 份新的 LTA（長期協議）。而且客戶仍持續與我們接洽，希望確保長期供應。所以從我們看到的所有訊號來看，目前看起來仍是供需失衡。情況似乎正在稍微改善，但根據我們所見，我們相信這種狀況會持續相當長一段時間，而看起來我們的客戶也同樣相信如此。

And so what we're going to do is we're going to, in a very disciplined, methodical way, we are going to continue to execute our plan. And as we execute our plan, we're going to look at the headlights that we have and course correct accordingly if we see anything different than that.

因此我們要做的是：以非常嚴謹、有紀律且循序漸進的方式，持續執行我們的計畫。當我們執行計畫時，我們會根據目前可見的前方狀況來觀察，若看到任何不同於預期的情況，就相應地修正方向。

Our next question comes from the line of Mark Lipacis with Jefferies. I'm sorry.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。抱歉。

That's okay. A lot of people mispronounce my name. It's Mark Lipacis from Jefferies. When you listen to the earnings calls, the semi-cap equipment companies, you hear many of them discuss missing expectations because they're not getting enough components. Given your capacity constraints and it seems the biggest risk to your ability to hit your growth potential and meet your customer commitments is your ability to get that capital equipment. What are your conversations like? I know, Tom, you talked about this in your script a little bit, but maybe you can peel one layer of that onion. What are the conversations with the semi-cap suppliers going like right now? I imagine you're listening to the same calls that we are, too.

沒關係。很多人都念錯我的名字。我是 Jefferies 的 Mark Lipacis。當你聽財報電話會議時，那些半導體資本設備公司（semi-cap equipment companies）中，很多都在談因為拿不到足夠的零組件而未達預期。考量到你們的產能限制，而且看起來你們達成成長潛力並履行客戶承諾的最大風險，是你們取得資本設備的能力。你們的對話情況如何？我知道 Tom 你在講稿裡稍微提到，但也許你可以再多剝一層來談談。你們現在和半導體設備供應商的對話進展如何？我想你們也在聽跟我們一樣的電話會議。

Yes, we listen to...

是的，我們有在聽……

And I have a follow-up.

我還有一個追問。

We listen to the same calls and we're on calls with them. Look, I think fundamentally, we started to plan our capacity expansion at the end of 2020 and early 2021, where their lead times and booking of the slots was a lot less competitive. And so the -- it's kind of a little bit first in, first out. And so we're not seeing huge swings in our delivery of equipment. They're all manageable within the buffers we put in our schedules. They're plus or minus weeks of delivery, we balanced to add our capacity.

我們聽同樣的電話會議，也和他們通話。你看，我認為從根本上來說，我們在 2020 年底與 2021 年初就開始規劃擴產，當時他們的交期與產能名額（slots）的預訂競爭還沒那麼激烈。所以——有點像先到先得。因此我們在設備交付上沒有看到很大的波動。這些都在我們排程中預留的緩衝範圍內可控。交付時間大概是提前或延後幾週，我們也已經平衡安排以增加產能。

I think for us, timing was our friend on this one, and we got our orders in early. I get that no one's immune from daily battles with worldwide supply chains, whether it's chemicals to make wafers or components to make tools, we're all dealing with that as best we can. But for us on the equipment side, we have a pretty good line of sight of the equipment we need to add to create this capacity. And we got our orders in early. Plant receives early, I guess.

我認為就我們而言，這次時機站在我們這邊，我們很早就把訂單下了。我理解沒有人能免於每天與全球供應鏈搏鬥，不論是用來製造晶圓的化學品，或是用來製造設備的零組件，我們都在盡力應對。但就我們設備端來說，我們對於需要新增哪些設備來建立這些產能，有相當清楚的能見度。而且我們很早就下單了。我想工廠也就能更早收到。

Got you. That's helpful. And then a follow-up, if I may. Given that there is such a shortage of semiconductor manufacturing capacity worldwide and many industries outside of semis are losing billions of dollars in revenues because they can't get enough semiconductor components. It seems that prioritizing the semi-cap equipment players for chips would -- might be a way to alleviate the world's focus on the semiconductor industry right now? And I guess I'm wondering, is there like an industry association -- do you guys get together and say, "Hey, one way that we can solve this problem together is to prioritize that vertical market semi-cap players and help them get equipment to us and we can make more chips?" Is that something that goes on? Do you -- or is this a -- they kind of get put into the queue like everybody else does?

了解，這很有幫助。那我可以再追問一下嗎？鑑於全球半導體製造產能如此短缺，且許多非半導體產業因為拿不到足夠的半導體元件而損失數十億美元營收。看起來，優先讓半導體設備（semi-cap）業者取得晶片——可能會是緩解目前全球對半導體產業關注的一種方式？我想問的是，是否有類似產業協會——你們會不會聚在一起說：「嘿，我們一起解決這個問題的一個方法，就是優先供應這個垂直市場的半導體設備業者，幫他們拿到設備所需的晶片，這樣我們就能做出更多晶片？」有這樣的事情在進行嗎？還是說——你們其實也跟其他人一樣被排進隊列？

Well, look, if it's going on, we're not part of those conversations. This is a very complex business. You could be adding one tool to an existing factory that all of a sudden gives you 3% more routes because it was a pinch point tool, you could be doing a greenfield. And very complicated mix and match of configurations and tools and type of tools. I don't even know if that's possible what you're talking about. I think the point here is for everybody to plan their business, understand the markets they want to serve, create the capacity to serve those markets and then work in partnership mode, not only with your customers, but your suppliers to go execute that -- those plans. I think that's a tried-and-true business objective and methodology, and that's what we try to do.

嗯，你看，如果真有在進行，我們並沒有參與那些對話。這是一個非常複雜的產業。你可能只是在既有工廠新增一台設備，因為它是瓶頸設備，突然就讓你多出 3% 的產出路徑；你也可能是在做一個全新廠（greenfield）。而且各種配置、設備、設備類型之間的混搭非常複雜。我甚至不知道你說的那種做法是否可行。我認為重點在於，每家公司都要規劃自己的業務，了解想服務的市場，建立服務那些市場所需的產能，然後以夥伴合作的模式，不僅與客戶，也與供應商一起去落實那些計畫。我認為那是一個經過驗證、行之有效的商業目標與方法論，而這就是我們努力在做的事。

Our next question comes from the line of Chris Caso with Raymond James.

下一個問題來自 Raymond James 的 Chris Caso。

Tom, I'd like to come back to some of your opening remarks on your view of the supply-demand balance for the industry. You spoke about that as a high single-digit shortfall. When do you think the industry gets back into balance? It sounds like you think we make some progress from here. But I'm wondering, as you look at your analysis, at what point do you think that the industry catches up and we get back to what was thought to be normal supply conditions?

Tom，我想回到你開場談到你對產業供需平衡的看法。你提到供給缺口大約是高個位數百分比。你認為產業何時會回到平衡？聽起來你覺得從現在開始會有一些進展。但我想知道，依你們的分析，你認為在什麼時間點產業能追上來，回到過去被認為是正常的供應狀態？

Yes. I think the problem we have is we have this big offset to begin with, and we have something that's growing. And we think of it, we either have a mismatch or a match. I think there's a range. We started mid last year with a really big mismatch, it's gotten better. But again, I think it really comes down to how fast can we add capacity. We just talked about equipment suppliers and lead times going out. How fast can we add capacity while demand continues to grow back to an industry that will double in 8 to 10 years?

是的。我認為我們面臨的問題是，一開始就有很大的缺口，而且需求還在成長。我們常把它想成要嘛不匹配、要嘛匹配，但我覺得其實是一個區間。我們從去年年中開始時有非常大的不匹配，現在已經好一些了。但我認為關鍵還是回到：我們能多快增加產能？我們剛才談到設備供應商以及交期拉長。我們能多快增加產能，同時需求仍持續成長，回到一個在 8 到 10 年內規模會翻倍的產業？

And so for me, the way I think about this, short of some kind of big macroeconomic event that will slow down all economies, including our industry. I think for the better part of the next 5 years, we'll be chasing to put capacity on, not demand and doing everything we can to get a better balance. It doesn't mean it doesn't get better. But it doesn't mean it gets fixed, and we're in a position where we have more supply than we know what to do.

所以對我來說，我的看法是：除非發生某種重大的總體經濟事件，讓所有經濟體（包括我們這個產業）都放緩。否則在接下來大約 5 年的大部分時間裡，我們都會是在追著把產能建上來，而不是追著需求跑，並盡一切努力讓供需更平衡。這不代表情況不會改善，但也不代表問題會被完全解決，讓我們進入一個供給多到不知道怎麼用的狀態。

Got it. As a follow-up, David, you -- there was very good leverage on fall-through from the incremental revenue. I think you spoke about 54% of the incremental revenue fell through. Is that a reasonable expectation going forward? And I'd suspect some of the ASP gains, which might not be even every quarter might have some influence on that.

了解。追問一下，David，你們在增量營收的落袋（fall-through）方面有非常好的槓桿。我記得你提到增量營收有 54% 落到獲利上。這在未來算是合理的預期嗎？我猜其中一些 ASP 的提升（可能不是每一季都有）也會對此有影響。

That's correct. Look, I think I mentioned 54% for the EBITDA fall-through. I think if you did the math on the gross margin, you'd get something that's more -- slightly higher than 60%. I think from a fall-through perspective, somewhere in that mid-50s to low 60s range is a good fall-through estimate. Again, taking advantage of the ASPs and the fixed cost absorption that we talked about earlier.

沒錯。你看，我提到的 54% 是 EBITDA 的落袋率（fall-through）。我想如果你去算毛利率的話，會得到一個更——略高於 60% 的數字。從落袋率的角度來看，大約在 50% 中段到 60% 初段這個區間，是一個不錯的估計。再次強調，這是利用我們先前談到的 ASP 提升，以及固定成本吸收所帶來的效益。

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

下一個問題來自 Morgan Stanley 的 Joe Moore。

I wonder if you could talk about the $4.5 billion of CapEx and what would that -- how much would that increase your wafer fab capacity when fully deployed? I understand it doesn't get fully deployed this year, but can you just give us a ballpark estimate of that number and what it means for your overall wafer growth? And then can you talk a little bit about CapEx in 2023 directionally?

我想請你談談 45 億美元的資本支出（CapEx），在完全到位後，這會讓你們的晶圓廠產能增加多少？我理解今年不會完全到位，但你能否給我們一個大概的估算，說明這個數字對你們整體晶圓成長意味著什麼？另外，也請你方向性地談談 2023 年的 CapEx。

Sure, Joe. Look, what we talked about kind of in the road show as well as a little bit on the prior call, what we talked about taking our wafer capacity from 2020 from about 2 million wafers to north of 3 million wafers as we're exiting 2023 from a run rate perspective. And again, that's what that fully ramped Singapore facility that's currently under construction today. And so if you look at the '21 numbers, we delivered roughly 2.4 million wafers in 2021, rounding up slightly there.

當然，Joe。你看，我們在路演以及前一次電話會議上也稍微談過：我們計畫把 2020 年大約 200 萬片晶圓的產能，提升到在 2023 年底、以運行速率（run rate）來看超過 300 萬片晶圓。再次強調，這主要來自我們目前正在建設中的新加坡廠，在完全爬坡後的貢獻。所以如果你看 2021 年的數字，我們在 2021 年交付了大約 240 萬片晶圓（這裡稍微四捨五入）。

And so we're not quite halfway there, right, to get to more than 3 million wafers per year and so the $4.5 billion investment this year, again, that's our investments in coordination with our customers as well as some partnerships with governments. That helps take us a good portion of the way to that 3 million wafers. So directionally, 2023 will decline from what we're spending in 2022. I'm not going to give a lot more color than that other than it's not significant changes from maybe what was talked about in the road show. And then ultimately, we talked about 2024 being at our long-term model or approaching our long-term model of 20% capital intensity.

所以我們還不到一半，對吧，要達到每年超過 300 萬片晶圓。而今年 45 億美元的投資，同樣是我們與客戶協同的投資，並且也有一些與政府的合作夥伴關係。這會幫助我們在邁向 300 萬片晶圓的目標上前進相當一大段。因此方向性來看，2023 年的支出會低於 2022 年。我不會提供更多細節，只能說相較於路演中提到的內容，不會有重大的變化。然後最終，我們也談到 2024 年會回到我們的長期模型，或接近我們長期模型的 20% 資本強度（capital intensity）。

Great. And then if I could follow up on the sort of government policy angle. You talked about maybe benefit to your spending in Malta. Is there any thought of you guys spending money in Germany or Singapore obviously does a lot to give the U.S. supply chain conviction on their ability to procure if there's any tensions in Asia, things like that? Any chance you can -- you could get subsidies for spending outside of the U.S.?

很好。那我想追問一下政府政策的角度。你提到你們在馬爾他（Malta）的支出可能會受益。你們有沒有考慮在德國投入資金？或是新加坡顯然也能讓美國供應鏈更有信心，若亞洲出現緊張情勢，他們仍有能力採購之類的。你能否談談——你們是否有機會因為在美國以外地區投資而獲得補貼？

Well, first, I think our global footprint is one of our competitive strengths. Because of supply chain risk and mitigation, you spread your risk around the world and you don't have it so highly concentrated. The Singapore facility that we're building right now, it's a Phase 1 expansion of a 3-phase has significant support from the [ECB in Singapore]. We've taken partnership money from the -- in co-investment with the IPCAI program in our Dresden facility over the years. In fact, today, the European Union came out with a bill they want to start debating, that's about $43 billion to go -- that's comparable to the CHIPS bill in the U.S.

嗯，首先，我認為我們的全球布局是我們的競爭優勢之一。因為面對供應鏈風險與風險緩解，你會把風險分散到全球，而不是高度集中在單一地區。我們現在正在建的新加坡廠，是三期擴建計畫中的第一期，並且獲得了新加坡的 [ECB in Singapore] 的大力支持。多年來，我們在德勒斯登（Dresden）廠也透過 IPCAI 計畫，以共同投資的方式取得合作資金。事實上，就在今天，歐盟提出了一項法案，準備開始討論，規模大約 430 億美元——可與美國的 CHIPS 法案相當。

So we're always going to look for opportunities to increase the scale of our global footprint and do it again back with the right economics that make sense. I think one thing I could promise you is you're not going to see us go greenfield. We're not going to go in the middle of some location that doesn't have an ecosystem or scale. We'll always add on to existing facilities because you have faster time to market, you have better capital efficiency and better leverage. And so we'll always look for opportunities to leverage our competitive advantage by having a global footprint and look to add capacity when it makes sense in all 3 continents we operate on.

所以我們會一直尋找機會，擴大我們全球布局的規模，並在合理、可行的經濟條件下去做。我可以向你保證的一點是，你不會看到我們去做全新設廠（greenfield）。我們不會跑到某個沒有產業生態系或規模的地方從零開始。我們永遠會在既有廠區上擴建，因為那樣上市時間更快、資本效率更好、槓桿也更佳。因此，我們會持續尋找機會，利用我們擁有全球布局的競爭優勢，並在我們營運的三大洲，在有意義的時候增加產能。

Would you add anything to that, Dave?

你會對此再補充些什麼嗎，Dave？

No, I think that's well said.

不，我覺得說得很好。

Our next question comes from the line of Raji Gill with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Raji Gill。

Congrats on the good momentum following the IPO. I just wanted to have -- get a better understanding of your revenue mix by region and how that may change over time through 2024. I know you briefly spoke about it. But is your European presence core to your strategy? Or will you invest more heavily in the U.S., Asia in the long term?

恭喜 IPO 之後延續了良好的動能。我想更深入了解你們按地區劃分的營收組合，以及這個組合在 2024 年之前可能如何隨時間變化。我知道你們剛才簡要提到過。但你們在歐洲的布局是策略核心嗎？還是長期來看會在美國、亞洲加大投資？

Yes. So in terms of our revenue mix, about 2/3 of our revenue is from the U.S. About 15% or so, plus or minus a little bit is from Europe. And then China is high single digits, around that 10% range. And then the rest of the world makes up the rest of that revenue. We're incredibly pleased with our geographic footprint from a manufacturing perspective. We think that it's a real strength of ours. We think it appeals to customers in all of the regions that I just mentioned. And as we spend this CapEx in partnership with our customers as well as local governments, it's really enabling that fixed cost absorption and the gross margin expansion that we've spoken about on this call.

是的。就我們的營收組合而言，大約 2/3 的營收來自美國。大約 15% 左右（上下略有浮動）來自歐洲。然後中國是高個位數，大約在 10% 左右。其餘世界其他地區構成剩下的營收。從製造角度來看，我們對自身的地理布局感到非常滿意。我們認為這是我們真正的優勢。我們認為這也能吸引我剛才提到的所有地區的客戶。隨著我們與客戶以及地方政府合作投入這些資本支出（CapEx），這確實在促進固定成本吸收，以及我們在本次電話會議中談到的毛利率擴張。

Tom, anything you'd add?

Tom，你還有什麼要補充的嗎？

Yes. Just think about what this global footprint does when you think of supply chain security, there are a number of part numbers for our customers. One design that's sourced continents away. We can build it in our Fab 7 facility in Singapore, our Fab 1 facility. It's still qualified. It's built in supply chain geographical risk mitigation without any real cost, just qualifying 2 sites instead of 1 site, the same design, same process flow. And our customers see this in a world where there's a lot of concentration, a lot more geopolitical tensions that having that flexibility is starting to create real value for our customers.

有的。想想這個全球布局在供應鏈安全方面帶來的作用：對我們的客戶而言，有許多料號。一個設計可能原本是在相隔數大洲的地方採購。我們可以在新加坡的 Fab 7 廠、我們的 Fab 1 廠來生產；它仍然是合格的。這等於是在供應鏈地理風險緩解上內建了彈性，而且沒有真正的額外成本，只是把 1 個廠區的認證變成 2 個廠區的認證，同樣的設計、同樣的製程流程。在一個高度集中、地緣政治緊張加劇的世界裡，我們的客戶看到這種彈性正開始為他們創造實質價值。

And for my follow-up, of your $20 billion plus in commitments, how much of that is based on tech that is ramped versus developing? And what would be -- the impact be if the process is yield later than expected?

我的追問是：在你們超過 200 億美元的承諾中，有多少是基於已經量產爬坡的技術，而不是仍在開發中的技術？如果製程良率達成時間晚於預期，會有什麼影響？

Well, the vast, vast majority of that is already in production, and it's adding more capacity to continue to build on things we've already been building. So this is not an R&D exercise. This is a manufacturing execution exercise.

嗯，其中絕大、絕大多數都已經在量產，而且是在增加更多產能，以持續擴大我們已經在生產的產品。因此這不是一個研發（R&D）練習，而是一個製造執行的練習。

Our next question comes from the line of Matt Bryson with Wedbush.

我們的下一個問題來自 Wedbush 的 Matt Bryson。

Congrats on a great quarter. When I hear people talk about strength and semis, they often focus on HPC or automotive and the electrification of autos. You don't hear very often people talking about home and industrial IoT being the fastest-growing segment for them. I guess when you're looking at that strength moving forward, do you see that as more market-driven? Or I'm guessing at least a portion of the strength is specific to GlobalFoundries with some of your technologies like FDX fitting well with the requirements of that space and allowing you to take some share. And if that assumption is correct, am I right in thinking that the faster growth in that space ends up with that being a higher margin or being higher margin growth for you guys?

恭喜這是一個非常出色的季度。當我聽到大家談到半導體的強勁需求時，往往會聚焦在 HPC 或汽車以及汽車電動化。很少聽到有人說家用與工業 IoT 是他們成長最快的區塊。我想問的是，當你們展望未來這股強勁動能時，你們認為這更多是市場驅動？還是我猜至少有一部分強勁表現是 GlobalFoundries 特有的，因為你們的一些技術（例如 FDX）很符合該領域需求，讓你們能取得一些市占？如果這個假設成立，我是否可以理解為該領域更快的成長，最終會帶來更高毛利，或對你們而言是更高毛利的成長？

Well, let's talk first the IoT market. As we sat there in 2021, we had shipped 10 billion IoT devices as an industry. And we did that in 10 years. It took 40 years for PCs to ship 10 billion units, and it took 40 years for handsets to actually ship that kind of volume. And that IoT growth is going to give you 30 billion units over the next 3 to 5 years depending on your outlook. So IoT, everything connected, the pervasive deployment of semiconductors, but everything needs to be connected. I was sitting in the dentist office today, they're giving away a blender. And the biggest feature on the blender is that it's wireless connected. Whoever thought they needed their blender connected to the Internet?

好，我們先談 IoT 市場。回到 2021 年，整個產業已經出貨了 100 億台 IoT 裝置，而且是在 10 年內做到的。PC 要出貨 100 億台花了 40 年，手機要達到那樣的出貨量也花了 40 年。而 IoT 的成長在未來 3 到 5 年（取決於你的展望）將帶來 300 億台的出貨量。所以 IoT、萬物互聯、半導體的普及部署——但一切都需要連網。我今天坐在牙醫診所，他們在送一台果汁機，而那台果汁機最大的賣點是它可以無線連網。誰會想到需要讓果汁機連上網際網路？

So I think this is a growth market. IoT and connectivity of everything is a growing market. And you made the exact point. We have differentiated ourselves for things that are connected and especially when they're not tethered. The #1, #2 and #3 priority is power management. You need battery life. We make applications with nontethered cameras that need to do image recognition and image processing at the edge for 2 years on 2 AA batteries. And there's very few technologies that can deliver that, and yet they need to be connected and on all the time. And so IoT -- net-net, IoT is a growing market. It's one of the fastest-growing markets, and it's already been one of the fastest-growing markets, and we have key differentiated technology in that space.

所以我認為這是一個成長市場。IoT 與萬物連網是一個正在成長的市場。而你說得完全正確：我們在連網應用上做出了差異化，尤其是那些不插電、不系留的裝置。第一、第二、第三優先事項都是電源管理。你需要電池續航。我們做的應用包含不系留的相機，需要在邊緣端進行影像辨識與影像處理，而且要用 2 顆 AA 電池運作 2 年。能做到這點的技術非常少，但它們又必須連網並且隨時在線。因此 IoT——總結來說，IoT 是成長市場，是成長最快的市場之一，而且一直以來就是成長最快的市場之一；同時我們在這個領域擁有關鍵的差異化技術。

David, what would you add to that?

David，你會補充什麼？

Yes. I look at this space and I look at how diverse it is, right? I mean if you were to talk about the major kind of subsegments underneath home and industrial IoT, you've got control and compute and wireless connectivity and human machine interface and of course, power management, right? And those are all areas, as Tom mentioned, as he described in that 2-year life with AA batteries. This is an area where we have some real differentiation in our technology. And so we have a purpose-built platform that enables us to compete very effectively in the home and industrial IoT space, and we're very happy with our position.

是的。我看這個領域，會看到它的多樣性，對吧？我的意思是，如果你談家用與工業 IoT 下面的主要子領域，你有控制與運算、無線連接、人機介面，當然還有電源管理，對吧？而這些都是如 Tom 所提到的——他描述的用 AA 電池達到 2 年壽命的情境——我們在技術上確實有一些真正的差異化。因此我們有一個為此量身打造的平台，使我們能在家用與工業 IoT 領域非常有效地競爭，我們也對自身的定位非常滿意。

And to the kind of second part of your question, if you will, it is an accretive business for us. And so it was a battleground that we targeted during our strategic pivot a couple of years ago, and we're very pleased with our progress in this segment. Did you have a follow-up, Matt?

至於你問題的第二部分，如果你願意這麼說的話，這對我們而言是一個增厚（accretive）的業務。因此這是我們在幾年前策略轉向時鎖定的主戰場之一，我們對在這個細分市場的進展非常滿意。Matt，你還有追問嗎？

No, no follow-up.

沒有，沒有追問。

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

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

I have 2 of them. Tom, the first one is I understand there's been a situation today where the demand exceeds supply, and it is going to be like that for a while. So the big picture question is your capital intensity is high and your ASP price increases are also very strong. So simplistically put, would CapEx declining for GlobalFoundries imply that pricing growth or revenue is slowing? And then I have a follow-up.

我有兩個問題。Tom，第一個是：我理解目前出現了需求大於供給的情況，而且這種狀況還會持續一段時間。從大方向來看，你們的資本強度很高，你們的 ASP（平均售價）漲價也非常強勁。簡單來說，如果 GlobalFoundries 的資本支出（CapEx）下降，是否意味著定價成長或營收正在放緩？然後我還有一個追問。

Okay. I'll start and I'll hand it over to David. As we're adding capacity, we're obviously adding top line. And so if you get to a percentage of -- a fixed percentage of your revenue that you deploy to CapEx and your revenue is growing, that means you could deploy more and more CapEx. Our sustainable model is set that we can grow -- we can maintain our growth of -- through our capital investments with 20% of revenue.

好。我先回答，然後交給 David。當我們增加產能時，顯然也在增加營收。因此如果你把資本支出部署設定為營收的一個固定百分比，而你的營收在成長，那就表示你可以部署越來越多的資本支出。我們的可持續模型設定為：我們可以用營收的 20% 來進行資本支出，以維持我們透過資本投資所帶動的成長。

And so the key is for us over the next years, as David talked about, exiting 2023 to get that 1.5, 1.6x growth in our output to grow that revenue so we could get to our sustainable model where we can not only fund our growth through capital investment, but produce competitive free cash flows for our shareholders.

因此，對我們而言未來幾年的關鍵是，如 David 所談到的，在 2023 年結束時把產出提升到 1.5 倍、1.6 倍的成長，帶動營收成長，讓我們能達到可持續模型：不僅能透過資本投資為成長提供資金，同時也能為股東創造具競爭力的自由現金流。

Yes, let me add on to that. Look, CapEx in 2021 was approximately $1.8 billion. I mentioned in the prepared commentary that we're going to spend about $4.5 billion in 2022. And then, of course, we put the market -- the marker out there that says our long-term model is to spend about 20% of revenue in CapEx to continue to sustainably grow our business, and that's kind of 2024 and beyond. And so capital intensity is high. It was, like I mentioned, $1.8 billion last year, $4.5 billion this year in '22.

是的，我再補充一下。你看，2021 年的資本支出大約是 18 億美元。我在事先準備的說明中提到，我們 2022 年將支出約 45 億美元。當然，我們也在市場上立下指標：我們的長期模型是以約營收的 20% 作為資本支出，以持續、可持續地擴張我們的業務，這大概是在 2024 年及以後。因此資本強度確實很高。就像我提到的，去年是 18 億美元，今年 2022 年是 45 億美元。

But those investments are made in partnership with our customers, more than $3.2 billion of customer funding and access fees as well as prepayments as well as partnership with local governments. And so we've taken a very disciplined, methodical approach towards making these investments with profitability, with certainty of demand and with durability of end markets. And so we feel very, very good about these investments. And we don't look at investments just in a 1-year time horizon. These assets will last upwards of 20 years. And so we look at our investments very carefully, very cautiously and we have a very disciplined approach to CapEx.

但這些投資是與我們的客戶共同合作進行的，包含超過 32 億美元的客戶資金與產能使用費，以及預付款，並且也與地方政府合作。因此，我們以非常嚴謹、循序漸進的方法來進行這些投資，著眼於獲利能力、需求的確定性以及終端市場的持久性。所以我們對這些投資感到非常、非常有信心。我們不會只用 1 年的時間視角來看投資。這些資產的使用年限可長達 20 年以上。因此，我們非常仔細、非常謹慎地評估投資，並且對資本支出（CapEx）採取非常嚴謹的紀律性做法。

Got it. Super helpful. And then as a quick follow-up, someone asked a question on equipment access. I just wanted to ask a similar question in a different way. You're going to spend $4.5 billion this year, TSMC's spending $4.2 billion on mature nodes and UMC is stepping up CapEx, so do you actually think semi equipment could be a bottleneck? Or how do you feel that you have enough access to equipment to meet the demand that you're seeing today?

了解。非常有幫助。接著快速追問一下，有人問到設備取得（equipment access）問題。我想用另一種方式問一個類似的問題。你們今年將支出 45 億美元，台積電在成熟製程節點上支出 42 億美元，聯電也在提高資本支出，所以你們是否真的認為半導體設備可能會成為瓶頸？或者你們如何看待自己是否有足夠的設備取得能力，以滿足你們今天所看到的需求？

Yes, we spoke a little bit about this before. We started to order for our growth at the tail end of 2020 and a lot of our orders were placed in the first half of 2021 before the capacity of our equipment manufacturers started to really get spoken for. And so I think it was getting back to -- not maybe the good fortune, but the early planning of us getting our equipment orders in place so that we can build this capacity.

是的，我們之前稍微談過這點。我們在 2020 年底就開始為成長下單，而我們許多訂單是在 2021 年上半年下的，當時設備製造商的產能還沒有真正被大量預訂完。因此我認為這回到——也許不是所謂的好運，而是我們提早規劃、提早把設備訂單安排到位，讓我們能夠建置這些產能。

I think the equipment industry needs to add capacity just like we do, if they're going to feed this growth. And I'm sure they have plans to go do some of that. It's no different for them. They need to add clean rooms that build tools in a highly controlled environment. And so that capacity doesn't come on overnight. And they'll need to plot their course for how they can enhance their ability to ship more tools on a quarterly basis.

我認為設備產業也需要像我們一樣擴充產能，才能支撐這波成長。我相信他們也有計畫去做一些擴產。對他們而言並沒有不同。他們需要增加在高度受控環境中製造設備的無塵室。因此，這些產能不可能一夕之間就到位。他們也需要規劃路徑，來提升其按季度出貨更多設備的能力。

Towanda, we'll take one last question, please.

Towanda，我們請再來最後一個問題。

Our final question comes from the line of Vivek Arya with Bank of America.

我們最後一個問題來自美國銀行（Bank of America）的 Vivek Arya。

Actually, 2 quick questions. First, Tom, I just wanted to revisit this question about levers of content or pricing growth beyond this year. Conceptually, what can help you drive higher price per wafer in the next few years? Is it proprietary technology? Is it supply guarantee, location of supply or mix? Just conceptually, what can help you drive pricing higher in the future? Because it -- there is a perception that the pricing strength that the industry is seeing is more a factor of the supply shortages and once those shortages go away, that pricing may not be a lever, so that's why I wanted to get your perspective.

其實有兩個快速問題。第一個，Tom，我想再回到這個關於今年之後、在內容（content）或定價成長方面的槓桿問題。從概念上來說，未來幾年有哪些因素能幫助你們推動每片晶圓更高的價格？是專有技術嗎？是供應保證、供應地點，或是產品組合（mix）嗎？就概念上而言，未來有哪些因素能幫助你們把價格推得更高？因為市場上有一種看法，產業目前看到的定價強勢更多是供應短缺所致，一旦短缺消失，定價可能就不再是槓桿，所以我想聽聽你的觀點。

Yes, I think for us, it's kind of back to our go-to-market strategy. We chose to be very end-market-focused, not just automotive, but all the way down to a particular device and make sure that we, in our front end of our business really understood what were the features, not feature, features, that really made the best winning product, the real differentiated product. And we don't say, well, you're differentiated on a node or not, it's how many features you add to create that full capability for an application.

是的，我認為對我們而言，這有點回到我們的市場進入（go-to-market）策略。我們選擇非常聚焦於終端市場，不只是汽車，而是一路深入到特定的裝置（device），並確保我們在業務前端真正理解哪些特性——不是單一特性，而是多項特性——能打造出最具競爭力的產品、真正具差異化的產品。我們不會說你是否在某個製程節點上有差異化，而是你能增加多少特性，來為某個應用打造完整能力。

And for us, it's always going to focus on -- very strategically on what we call battlegrounds that require real differentiation, make sure we have customer insight into the kind of differentiation they want, make those investments and create single-source, differentiated business. And then that capacity becomes very sticky. It becomes very hand-in-hand with the applications we've won the business on. And so for us to continue to focus on differentiation, we play in a very large TAM, so we don't have to be all things to all markets. And we're going to be very disciplined in making sure we participate in markets where differentiation matters. It's key to our customers and make sure we create in our innovation engine that type of differentiation for our customers.

對我們來說，我們會一直非常策略性地聚焦在我們所稱的「戰場」（battlegrounds）上——那些需要真正差異化的領域——確保我們對客戶想要的差異化有洞察，進而進行投資並打造單一來源（single-source）、具差異化的業務。接著，這些產能就會變得非常黏著（sticky），與我們贏得業務的應用緊密結合。因此，為了持續聚焦差異化，我們所處的可服務市場總量（TAM）非常大，所以我們不必對所有市場面面俱到。我們會非常有紀律地確保只參與那些差異化很重要、對客戶至關重要的市場，並確保我們在創新引擎中為客戶創造那種差異化。

And maybe one follow-up for Dave. If there are any U.S. government incentives, Dave, I'm curious how will they be reflected in your financials? So for example, we have seen one large U.S. IDM already assume in net CapEx and a net depreciation number based on some government incentives. So I'm curious, whenever those incentives come, how will they affect your financials?

另外也想對 Dave 追問一下。如果有任何美國政府的激勵措施（incentives），Dave，我很好奇它們會如何反映在你們的財務報表中？例如，我們已經看到一家大型美國 IDM 依據某些政府激勵，在淨資本支出（net CapEx）與淨折舊（net depreciation）數字上做了假設。所以我想了解，當那些激勵到位時，會如何影響你們的財務？

Sure. Well, I haven't really seen the mechanism yet, Vivek, with respect to how any of those incentives would flow into the company. So it's a little unclear to me at this point from a geographical perspective on the P&L, whether it would be a gross and then net off CapEx or whether it would come in through a different line. So I don't want to speculate at this point. I've seen in other regions of the world, in GF and other companies for that matter, those benefits come in through different lines. And so I don't want to speculate on that at this point.

當然。嗯，Vivek，就這些激勵將如何流入公司而言，我其實還沒有看到具體機制。所以就損益表（P&L）的地理別呈現來看，目前我還不太清楚：它會先以總額（gross）入帳、再從資本支出（CapEx）中抵減成淨額（net），還是會透過不同的科目進來。因此我現在不想臆測。我在世界其他地區也看過，在 GF 以及其他公司，這些利益會透過不同的科目呈現。所以我現在不想就此做推測。

What I can tell you is that with our geographical footprint and our diversification and with our ability to be differentiated in the marketplace and partner deeply with our customers, I'm just very encouraged by the environment that I see, and I'm very encouraged by our customers' willingness to partner with us to bring online this capacity. And then to the extent that governments also want to participate in that partnership, the more the better. So stay tuned on how that would flow geographically into the P&L.

我能告訴你的是，憑藉我們的地理布局、我們的多元化，以及我們在市場上實現差異化並與客戶深度合作的能力，我對我所看到的環境感到非常受鼓舞，也對客戶願意與我們合作、讓這些產能上線感到非常振奮。而且在政府也希望參與這種合作的程度上，越多越好。所以請持續關注這些激勵將如何在地理別上流入損益表（P&L）。

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

我現在想把電話會議交回給 Sukhi 作結語。

All right. Thank you, Towanda. Thank you, everyone, for your interest in GF and for joining us on this call. Please feel reach out with any questions, and we look forward to speaking with you in the quarter. Thank you.

好的。謝謝你，Towanda。也謝謝各位對 GF 的關注並參與本次電話會議。如有任何問題，請隨時與我們聯繫，我們期待在本季度與各位再度交流。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。