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)

女士們，先生們，感謝您的支持，歡迎收看 GlobalFoundries 2021 年第四季度和全年業績回顧。 （操作員說明）

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.

我現在想將會議轉交給您今天的發言人，企業發展和投資者關係副總裁 Sukhi Nagesh。你可以開始了。

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.

謝謝運營商，大家下午好，歡迎參加 GlobalFoundries 的 2021 年第四季度和全年財報電話會議。今天與我通話的是首席執行官 Tom Caulfield；和首席財務官戴夫·里德。不久前，我們發布了格芯 2021 年第四季度和全年財務業績新聞稿，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. 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。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。

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所做的任何前瞻性陳述的義務。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，包括我們的風險因素標題下的部分與我們的首次公開募股有關的最終招股說明書於 2021 年 10 月 29 日向美國證券交易委員會提交。

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)

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，戴夫將提供我們第四季度和全年財務業績的詳細信息，並提供第一季度的指導。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. Welcome, everyone, to our fourth quarter and full year 2021 earnings call.

謝謝你，蘇希。歡迎大家參加我們的 2021 年第四季度和全年財報電話會議。

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。無論以何種標準衡量，2021 年對格芯來說都是傑出的一年。通過利用我們在半導體供應鏈中發揮的重要作用，我們加速了我們的業務計劃。我們為我們的行業創建、定義和實施了一種新的經濟模式，我們用它來提高知名度並通過 30 多項重要的長期協議支持我們的客戶成功。隨著全世界都在關注我們的行業，我們通過闡明半導體製造的重要性和重新定義我們行業的創新來發揮並將繼續發揮重要作用。

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，我們讓格芯上市，這是我們十多年來努力打造一家具有強大技術差異化並推動盈利增長的規模化全球半導體製造商的成果。通過與客戶的戰略合作夥伴關係，我們相信我們的業務已在未來 3 至 4 年內實現持續增長，並有望實現加速盈利。

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.

通過增加紐約馬耳他的產能，我們有能力執行我們的計劃，即到 2023 年與 2020 年相比，產量增加 50% 以上；德國德累斯頓；在新加坡。我們將繼續執行我們的計劃，將我們在伯靈頓和新加坡的 200 毫米設施與差異化的單源 SOI、SiGe 和功能豐富的 CMOS 技術相結合。我們預計，所有這些結合起來將導致 GF 始終如一地執行，這將使我們能夠實現我們的長期可持續財務模式。這就是將 20% 的收入投資於資本支出，以實現持續增長，同時產生強勁的自由現金流，從而帶來有意義的股東價值。

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.

現在進入我們的第四季度。我們很高興地報告一個季度的強勁收入和盈利能力增長，展示了我們戰略的持續動力。第四季度收入環比增長 9%，受晶圓產量增加、平均售價提高和非晶圓收入增加的推動。第四季度調整後每股收益為 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.

現在，戴夫將在稍後提供有關財務的更多詳細信息，但首先，讓我總結一下我們終端市場的第四季度收入。首先，在佔第四季度收入約 48% 的智能移動設備終端市場，我們實現了約 24% 的強勁同比季度增長。隨著我們開始在新應用中增加客戶設計，更高的 ASP、更好的組合和更高的出貨量共同推動了增長。

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.

全年，我們的智能移動設備終端市場比 2020 年增長了約 38%。由於我們行業領先的解決方案和新的連接標準，例如 sub-6 GHz 5G 和 WiFi 6，格芯在該終端市場的增長超過了智能手機行業的增長和 6e。這些新標準正在推動對格芯高性能 RF SOI 技術的需求。此外，2021 年，格芯進入了龐大且不斷增長的 WiFi 6、6e、SoC 和蜂窩收發器市場，其長期客戶協議將顯著擴大我們的市場份額。

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.

我們還在近場通信、顯示和圖像傳感等領域看到了強大的吸引力。一個例子是 Android 智能手機中 NFC 身份驗證的附加率增加。其他示例包括延長 5G 手機電池壽命的特殊電源應用和為圖像傳感器和相機供電的圖像傳感處理器。這些處理器的市場預計將在 2022 年增長超過 25%。最後，我們與主要客戶的智能移動設備終端市場長期協議為我們提供了未來幾年長期增長的長期可見性。

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，由於數據中心終端市場的客戶份額增加，佔第四季度收入約 16% 的我們的通信基礎設施和數據中心終端市場在本季度實現了 7% 的環比增長。在 2021 年期間，我們與一級無線基礎設施客戶就我們先進的 SiGe 技術達成了一項多年長期協議，並與一家一級企業網絡客戶達成了一項多年長期協議。

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，我們將自己確立為矽光子學的行業領導者。我們的單片和混合解決方案在這一年贏得了超過 5 億美元的新設計勝利。矽光子收入在 2021 年幾乎翻了三倍，我們預計 2022 年將再次翻一番以上。我們預計通信基礎設施和數據中心這一終端市場全年將持續增長，並預計 2022 年將實現兩位數的同比增長由於對 5G 基礎設施和光學設備的強勁需求。

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.

轉向我們的家庭和工業物聯網終端市場。第四季度收入約佔總收入的 14%，同比增長約 20%。在無線連接和物聯網應用從 WiFi 5 向 WiFi 6 過渡以及非接觸式交易增加的推動下，我們看到了這個終端市場的強勁連續增長。

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.

我們看到消費者、工業資產跟踪和音頻產品對無線連接的需求強勁增長，我們與領先客戶簽署的多年 LTA 為這些產品提供了支持。在我們強大的差異化無線連接、邊緣計算和電源管理技術組合的推動下，我們預計這個終端市場將成為我們今年增長最快的市場。

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%.

接下來是汽車。這個終端市場的收入約占我們第四季度總收入的 5%，但比一年前翻了一番還多。強勁的同比收入增長是由過去幾年一直在開發和認證的 ADAS、安全應用和信息娛樂的新設計推動的。調整第三季度可觀的容量接入費後，汽車季度環比增長約為 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 年還標誌著與福特、寶馬和博世的重要合作夥伴關係公告。我們對我們在汽車終端市場的強大牽引力感到非常興奮，並預計該市場在 2022 年將實現兩位數的增長。我們在 4D 雷達領域和電動汽車電池管理領域擁有許多客戶，這些客戶將於 2023 年開始增長，推動我們的增長超越傳統汽車應用，進入新的汽車增長應用。

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.

在我們的計算終端市場，收入約佔總收入的 6%，並且按預期同比下降。正如我們之前提到的，隨著我們的客戶將他們的產品轉變為個位數納米級，我們過去服務的個人電腦市場將繼續下滑。我們繼續預測該終端市場在 2022 年將同比下降。但是，我們一直將投資重點放在能夠發揮我們在混合信號和電源方面的優勢的解決方案上，這些解決方案與單一的數字納米處理器設計。例如，我們與一級生產商簽訂了一份多年長期協議，為該終端市場製造控制器 IC。我們預計 2022 年下半年這些新的高利潤客戶設計在這個終端市場上的增長將趨於穩定。

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，我想簡要介紹一下我們正在進行的產能擴張。到 2022 年，我們的計劃是以高個位數增加產能，這主要受德累斯頓正在進行的擴張計劃的推動。而這一切的產能擴張，都是為了支持客戶對22FDX等差異化技術的需求；採用 28 和 40 納米技術的圖像傳感器處理器；和 BCDLite 和嵌入式非易失性存儲器技術。此外，我們在新加坡的第一階段模塊擴建工程的建設仍在按計劃進行，設備計劃於 2022 年下半年進入該工廠，以支持 2023 年上半年的首次生產。我們正在密切合作並交接-與我們的建築和承包商以及我們的設備供應商合作，以維持我們的產能擴張計劃。

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.

我們所有的擴張投資都得到了客戶長期容量預留協議和大量預付款的支持。此外，大部分擴張投資用於支持單一來源業務。

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.

除了持續擴大產能外，我們在提升差異化技術方面繼續取得紮實進展。例如，2021年，我們的客戶產品減量化新技術資質19項。其中包括圖像傳感器、汽車、RF SOI、超低功耗 BCD 電源管理項目的資格認證。我們在 2021 年積極開始開發並認證並提升了我們的 12 種低功耗 RF 技術。我們在我們的專有 FDX 平台中添加了 6 個新功能組，例如電阻式 RAM、汽車級功能和下一代 RF。並就我們的 GaN 功率以及射頻和功率放大器技術對早期客戶電路進行了採樣。到 2022 年，我們為所有客戶提供的技術資格認證數量將比去年增加近一倍，涵蓋矽光子學、FDX、BCD 和矽鍺 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.

現在，在我將討論交給大衛之前，讓我對整個行業的供需動態以及為解決當今需求的供應短缺和不斷增長的需求而增加的產能添加一些想法。我們花了很多時間對這個非常重要的話題進行深思熟慮的分析。

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.

因此，讓我從我們的 SAM 開始。這是12納米及以上。現在這個 SAM 正在以中高個位數的單位增長。那是等效於 300 毫米的晶圓，並且這種增長將在未來 5 年內實現。重要的是要注意，我們談論的是這種不平衡中的單位增長，而不是平均售價。保守地說，我們認為今天我們的 SAM 的行業供應短缺在中高個位數範圍內。這被抵消了——對不起，這偏離了每年大約 1500 萬片全行業產能的基礎。

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.

因此，讓我們將今天的供應短缺和需求增長與我們 SAM 中宣布的新增產能進行比較。根據宣布的晶圓廠擴建，無論是在加工中還是在建設中，未來 5 年供應量將增長約 4%。如果我們排除中國代工廠，這個數字在未來 5 年將從 4% 下降到 2.5%。因此，基於這一分析以及我們客戶對長期未來產能投資的持續興趣，我們相信我們正在進行正確的長期投資，這將使我們的收入幾乎翻倍，同時為我們的投資資本提供必要的回報商業。

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.

總而言之，我們以強勁的勢頭和業務勢頭結束了 2021 年。在我們服務的終端市場中，我們看到客戶的強勁增長。我們正在謹慎地合作，擴大我們滿足他們需求的能力，並在加速我們未來的差異化技術方面取得巨大進展。

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.

有了這個，讓我把電話轉給戴夫，提供第四季度的財務細節，並為你提供第一季度的指導。交給你了，大衛。

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

謝謝你，湯姆。現在是我們的第四季度和 2021 年全年業績。

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.

我們的第四季度業績超出了我們在上次財報電話會議中提供的財務範圍的高端。第四季度收入約為 18.5 億美元，環比增長 9%，受晶圓出貨量、平均售價和非晶圓收入增加的推動。我們在本季度出貨了約 622,300 毫米等效晶圓，環比增長約 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.

由於具有更好定價和整體非常有建設性的交易定價環境以及產品組合持續改進的 LTA 增加，每片晶圓的 ASP 環比增長約 3%。來自終端市場的晶圓收入約佔總收入的 89%。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）佔第四季度總收入的約 11%，與我們預計的總收入約 10% 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.

全年收入約為 66 億美元，同比增長 36%。正如預期的那樣，我們所有的終端市場都有顯著增長，除了個人計算的同比減少，隨著我們將業務重新組合成更加差異化的解決方案，這種減少按計劃進行。

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.

對於電話會議的其餘部分，包括第一季度的指導，我將參考調整後的指標，其中不包括基於股票的薪酬。第四季度，我們實現了 3.97 億美元的調整後毛利潤，這意味著調整後的毛利率約為 21.5%。 346 個基點的連續改善主要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。 2021 年全年調整後的毛利率約為 16%，較上年有顯著改善。

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.

與第三季度類似，第四季度的運營費用佔收入的 13.8%。研發佔季度收入的 1.21 億美元或 6.6%，SG&A 佔 7.2%，為 1.33 億美元。 2.54 億美元的總運營費用不包括 4300 萬美元的股票薪酬。

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.

格芯本季度的營業利潤約為 1.42 億美元，調整後的營業利潤率為 8%，比我們指引的高端高出 291 個基點。全年，我們實現了 1.68 億美元的營業利潤，與上一年相比也有了顯著改善。

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.

第四季度的淨利息支出約為 2600 萬美元，本季度的稅收支出約為 2600 萬美元。我們在稀釋後的股票數量為 5.4 億股的情況下實現了約 9800 萬美元的調整後淨收入，每股收益為 0.18 美元。全年，我們調整後的淨虧損為 2600 萬美元。

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.

我們實現了創紀錄的第四季度調整後 EBITDA 約 5.84 億美元。調整後的 EBITDA 在收入增長 1.47 億美元的基礎上環比增長 7900 萬美元，下降了約 54%。全年，我們實現了 18.5 億美元的調整後 EBITDA，比上一年增長了約 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.

現在讓我提供一些關鍵的資產負債表和現金流量指標。本季度的運營現金流約為 11.5 億美元，其中包括約 8 億美元的客戶預付款和容量訪問費。本季度的總資本支出約為 6.5 億美元，約佔收入的 35%。我們在第四季度和當年結束時擁有大約 30 億美元的現金和現金等價物，比上一年增加了 20 億美元以上。

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.

接下來，讓我為您提供我們對第一季度的展望。我們預計收入將在 18.8 億美元至 19.2 億美元之間。我們預計調整後的毛利潤將在 4.09 億美元至 4.37 億美元之間。我們預計調整後的營業利潤將在 1.64 億美元至 2.02 億美元之間。不計第一季度的股票薪酬，我們預計總運營支出將環比減少約 1500 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.

在我們第一季度指引的中點，我們預計基於股票的薪酬約為 6000 萬美元，其中 2500 萬美元是銷售成本，3500 萬美元是運營支出。我們預計本季度的淨利息支出約為 2900 萬美元，稅收和其他支出約為 1900 萬美元。我們預計調整後的淨收入將在 1.17 億美元至 1.53 億美元之間。

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.

在大約 5.6 億股完全稀釋的基礎上，我們預計第一季度調整後的每股收益將在 0.21 美元至 0.27 美元之間。對於第一季度，我們預計調整後的 EBITDA 將在 5.8 億美元至 6.2 億美元之間。到 2022 年，我們預計總資本支出約為 45 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。

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.

所以 2021 年，總而言之，我們按計劃執行。我們全年提供逐季改善的財務業績。我們以超過 32 億美元的客戶資金和訪問費和預付款獲得了 30 份長期客戶協議，並且我們執行了資本支出投資路線圖，以實現增長和具有競爭力的投資回報。我們對 2022 年的前景感到興奮，我們完全期望繼續有條不紊地執行。

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

有了這個，讓我們打開問答的電話。操作員？

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

（操作員說明）我們的第一個問題來自瑞士信貸的 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?

湯姆，我想知道您能否談談您在 22 日曆年看到的 ASP 進展情況。你有點羨慕供應有限。你在電話會議上做得很好，談到了今年餘下時間晶圓產量的增長。您如何看待 ASP？您如何在獲得價值的情況下獲得報酬，而不是利用周期性環境並仍然保持那些長期的客戶關係？

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.

看，約翰，當我們在上次電話會議的路演中談到時，在這方面保持平衡對我們來說很重要。當我們簽署這些長期協議時，我們希望確保我們在更確定性更遠的範圍內犯了錯誤，因為我們正在增加產能。我們希望確保我們的客戶同樣致力於這種能力。因此，我們平衡了我們業務的確定性與 ASP 增長。但大衛可以給你更多細節，但今年——真的，那些 ASP，我們需要給我們的——讓我們的客戶通過或處理那些 ASP 增加的機會，他們選擇這樣做的方式2022 年。

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.

粗略地說，這大約是今年企業級 ASP 的高個位數增長。現在以一種非常有條理的方式與我們的客戶合作，因為我們使用他們的資產負債表和我們的 - 並且合作為我們正在談論的這種增長創造這種能力。

David, anything to add to that?

大衛，還有什麼要補充的嗎？

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?

是的。約翰，從數量的角度來看，我們談到的是，從 21 年到 22 年，我們將以高個位數的年增長率增長產能。然後 ASP，正如 Tom 所提到的，這些 ASP 實際上將同比增長約 10%，而不是高個位數。因此，銷量同比增長約高個位數。 ASP 同比增長 10%。約翰，你有跟進嗎？

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，就在我的後續行動中。對於您在路演中提出的長期財務模型，仍有一些懷疑論者。我只是希望你能詳細了解一下預期的利潤率進展，退出 3 月季度的年度餘額。

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.

戴夫，也許你可以通過地理來談一談，因為我知道隨著容量的增加，新加坡、馬耳他和德累斯頓之間存在一些明顯的差異。

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.

當然。也許我會回答第一部分。然後湯姆，如果你有什麼要補充的，你可以加入進來。約翰，我們真的談到了推動我們利潤增長的 3 件事。我們談到了這種有紀律的資本支出和合作夥伴投資，這將導致折舊正常化並改善固定成本吸收。我們已經討論了建設性的定價環境以及我們在業務差異化驅動下不斷增加的單一來源業務百分比，這有助於獲取利潤。然後，當然，我們談到了通過我們目標的增值市場來混合我們的業務。

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.

因此，以這三點為背景，讓我談談地理區域和各個工廠。所以讓我們先從新加坡開始。新加坡是我們最大的校園。它為我們總容量的 45% 提供服務。新加坡已經採用了我們的長期財務模式。因此，在 2021 年，新加坡處於我們的長期模式，而且沒有我們在您之前的問題中談到的 10% 的企業 ASP 同比增長。

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.

德累斯頓，約占我們總產能的 20%，但當然還在增長。德累斯頓，當我們通過額外的工具擴展固定成本足跡時，我們從固定成本吸收中受益。因此，固定成本吸收，因為我們幾乎將該設施的總產量增加了三倍，加上改進的定價，這使我們達到了我們的長期財務指標。

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，我們有馬耳他。在馬耳他，它面臨著類似的固定成本吸收挑戰，佔地面積大，但沒有經過工具化處理。我們將在 2023 年年中左右完成這一工作，因此 23 年的退出將是我們有權吸收的固定成本。然後它有一點貶值，必須在整個 2024 年和 25 年上半年下降。因此，直到 24 年末、25 年初，這種長期模式才會完全適用。但新加坡會在那裡。德累斯頓會在那裡。伯靈頓的情況與德累斯頓非常相似，當然，我只是描述了馬耳他。

Tom, anything you'd add?

湯姆，你有什麼要補充的嗎？

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.

不，我認為以簡潔的方式表達它很好。本周有一個折舊維度，我們在公司的早期投入巨資，並且折舊滾滾。所以這是一個槓桿。第二個槓桿是再混合和將推動我們盈利的平均售價。第三個是我們有一個巨大的固定成本，我們越能利用這個成本來提高效率。其中任何一個，我都可能會受到一些懷疑，但是這三個——這三個的結合確實為我們提供了通往盈利之路的路線圖。這總是好的，大衛，正如你所說，證明點，我們的新加坡工廠已經處於我們的長期模式。

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?

祝賀強大的執行力。進入今年的需求環境在您的終端市場上看起來相當強勁。該團隊預計今年收入將實現強勁增長。我認為根據您在準備好的評論中的出貨量和您的 ASP 前景或對其中一個問題的回答，看起來你們今年的收入將增長到十幾歲的百分比範圍內。幫助我們排序今年您的哪些細分市場將推動最強勁的增長？

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

大衛，我會讓你開始，然後我會添加一些關於原因的評論。

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.

當然。嗯，哈蘭，這是我們業務的一小部分，但我們已經談了很多關於汽車的事情。所以汽車業務，我們預計每季度都會出現波動。但從 22 年與 21 年的同比來看，我們繼續預計汽車業務將實現強勁增長。物聯網業務，即家庭和工業物聯網業務，對我們來說是另一項在 2021 年增長良好的業務，我們實際上預計它在 2022 年增長得更快，並成為我們總投資組合中更大的一部分。所以這對我們來說是一項業務，我們在家庭和物聯網業務——工業物聯網業務中看到了很大的吸引力。

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.

智能移動設備，它不是我們業務的一半，但肯定在這個範圍內。該業務將以我們的企業平均水平增長。所以我認為就真正的亮點而言，汽車部分從較小的基數增長到我們業務的更大部分，家庭和工業物聯網增長良好，智能移動設備以企業平均水平增長。通信基礎設施和數據中心也在增長，但可能會突出家庭和工業物聯網中的前 2 個汽車。

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。我將在智能移動設備上添加一點。大衛，你指出，這是我們今年收入的 48%。明年手機不會以高個位數增長，但我們的收入將會——強勁增長。那是什麼意思？這意味著我們在其中贏得了更多的插槽。隨著行業走向 5G，這對我們來說是前端模塊的真正特許經營權。我們正在建立我們的 - 並發展我們在圖像傳感器過程中的業務。所以更多的套接字，更多的內容。因此，隨著我們在智能移動設備中贏得更多的矽內容，手機不必以我們的業務發展速度增長。

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.

我很欣賞那裡的見解。在我的後續行動中，眾議院通過了美國競爭法案，其中包括 520 億美元的芯片法案，以及與去年參議院通過的法案類似的版本。因此，該法案現在需要得到協調，得到國會的同意，並由拜登總統簽署。你們有一個強大的政府關係團隊。您對潛在的補貼資金撥款時間表有最新的看法嗎？然後可能在接下來的 3 年中，您為美國員工（主要是馬耳他）分配了多少資本支出？只是想了解 CHIPS 法案資金可以支持多少美國資本支出。

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.

所以讓我們來看看第一部分。我們在華盛頓的背景下，我們一直非常直率。我喜歡它的一件事是，無論你在過道的哪一邊，每個人都知道，為 CHIPS 法案提供資金，為美國的半導體供應鏈創造更多的安全是至關重要的。你說得對，現在要開會了，理由是這兩項法案將通過成為法律。這樣做的時機是，如果它有意義的話，在今年上半年結束之前，對吧？我們必須在那個時間範圍內。

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.

增加容量的 530 億美元、520 億美元、370 億美元的計費是有意義的。就我們的計劃而言，我們不會僅僅因為有政府激勵或共同投資而進行投資。我們首先與客戶合作投資，確保需求是確定性的，我們正在以客戶為中心構建差異化技術，因此他們參與其中。我們利用政府的支持，因為我們必須獲得有意義的投資回報，這是中高個位數的回報。

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，我們確保需求存在。確定性就在那裡，客戶合作夥伴關係，然後我們確保我們能夠實現資本模型或資本投資回報來進行這些投資 - 進行投資並確保他們對企業有正確的回報。

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，我認為我們會找到一種方法，以一種有意義的方式擴大我們在紐約馬耳他 Fab 8 的校園，我們將通過合作來做到這一點。我今天發現真正令人鼓舞的是，商務部實際上開始要求提供有關如何使用這筆錢的信息。所以看起來我們 - 他們真的開始傾斜並領先於這筆資金的撥款。因此，隨著時間的推移，我們將密切關注這一點。

David, anything to add to that?

大衛，還有什麼要補充的嗎？

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.

是的。我認為談到 2022 年的資本支出，Harlan，大約有 5.5 億美元將用於投資 Fab 8，主要用於 FinFET 產能。然後有大約 1.5 億美元，給予或接受，有一點點進入伯靈頓，讓我們混在一起，主要是進入 SiGe 和一些通信和基礎設施市場。因此，這些是我們目前計劃在 2022 年進行的投資。

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

他們都不依賴政府支持的資金。

That's right.

那就對了。

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的羅斯·西莫爾（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.

恭喜取得了不錯的成績。湯姆，我想回到你在序言中提到的一個話題，關於即將到來的供應，以及該行業需要多快來增加供應以滿足需求和這種脫節。如果我看一下基礎廣泛的落後公司，無論它們是 IDM 還是 fab-lite 公司，它們的支出都在爆炸式增長。德州儀器上週談到了它。

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，由於這些公司的支出是其 10 年平均水平的 2 倍、3 倍，您是否認為這更多地是對行業增長的認可？或者您是否以任何方式害怕供應可能導致價格下降，給您的客戶帶來壓力？我知道您有長期協議，但只是想知道您如何協調這些不一定是您的客戶也如此積極花錢的公司？

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，請記住，他們也必鬚髮展業務。在我們這個行業，如果你不生產更多的產品，你就不會成長，對吧？因此，TI 在如何進行資本擴張方面一直非常自律。他們到了需要多花一點錢的地步，因為他們需要新的設施，而不僅僅是擴大現有的足跡。

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.

我認為你的第一部分更多，這確實是對這個行業需要去的地方的認可。成為價值 5 萬億美元的產業用了 50 年。稱它為 8 年、10 年，它會翻倍。創造第一個 50 年的經濟模式並不能將我們作為一個行業帶到我們想去的地方。

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.

對我們來說，這是為了確保我們正在為我們的客戶創造差異化的解決方案，我們的客戶同樣致力於這種能力。我們正在為他們建造它。我們不只是建造它並說，“我們將提前建造並擁有 - 然後去嘗試出售產能。”我們正在以非常有序的方式進行 - 以有序的方式。

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.

我會告訴你，我們經常談論我們去年簽署的長期協議，對吧？在第四季度，當我們啟用所有這些產能時，我們開始與客戶坐下來思考 2024 年以後的未來。那麼接下來是什麼，他們想與我們一起增加什麼額外的容量。這些對話進展順利，我們預計今年將採取更多相同措施，繼續擴大產能。但從根本上說，以合作模式進行，我們的客戶攜手合作，致力於我們為他們提供的能力。

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?

作為我的後續行動，大衛，在毛利率方面給你一個。只是想對第四季度的指導與您的驚喜相比有更多的了解？然後當我們考慮今年的線性度時，我知道當折舊下降和諸如此類的事情時會有一些步驟。您如何看待今年在毛利率線上逐季度進展的任何顏色？

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。好吧，關於第四季度，我們提供的指導改進，我認為有兩件事。一，我認為定價和一些加速以及與之相關的一些定價比我們預期的要強一些。然後，當然，固定成本吸收是一個非常非常強大的工具，可以作為固定資產業務增長的引擎。所以我們獲得了更好的固定成本吸收，我們在第四季度獲得了更好的平均售價和溢價定價，這確實帶來了上行空間。

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.

我認為對於全年的指導，我想我會堅持 [path] 我們給你的全年 ASP 同比增長 10%。但就第一季度而言，當您考慮第一季度至第四季度的環比改善時，它大約是 2/3 的 ASP，1/3 的銷量驅動。因此，這意味著 ASP 上線的速度比固定成本吸收快一點——這將擴大毛利率。

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?

所以仍然得到兩者的好處，對吧？由於該數量仍在擴展，您仍然可以從占用的固定成本吸收中受益，但 ASP 上線的速度比固定成本吸收快一點。那有意義嗎？

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花旗銀行的 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?

還有一個定價問題。所以你在 22 年畫了筆劃，但我想你是在 23 年預訂的。對 2023 年的定價環境有任何初步了解或初步了解嗎？我們可以期待它明年再次上升兩位數嗎？

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。我認為 - 看，我認為我們將一次指導 1 個季度，然後嘗試為您提供我們所在年份的一些顏色和背景。我認為作為高層回應，我認為我會說我們仍然處於一個非常有建設性的商業環境中——因此我們對我們目前所處的環境感到非常鼓舞。

Tom, anything?

湯姆，什麼？

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.

是的。而且我認為，為了讓我們能夠創造客戶所需的容量，ASP 是關閉我們需要的那些回報的方程式的一部分。所以這就是我們必須在這裡繼續編寫和發展的故事。

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?

偉大的。對於我的後續行動，這只是一個競爭性問題。因此，您在台灣的兩個主要競爭對手都宣布增加資本支出。他們將更多地關注後緣。然後你在美國也有一家大型半導體公司——我猜，這是他們進入代工的最新公告。這是否完全改變了與客戶的對話？這是否讓你們更加擔心未來的潛在容量問題？還是在與客戶或內部交談時沒有改變商業環境？

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.

我認為您必須將投資劃分為 3 個級別以進行資本擴張。這有一個完整的內存維度，顯然沒有——它補充了行業的邏輯部分，但根本不競爭。然後是——有些人喜歡稱之為前沿，我們稱之為個位數納米。這是最小、最快的晶體管，為數據中心供電。它佔市場的 25%，但它是高度資本密集型的，因此您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.

現在該領域有 3 個競爭對手，因為英特爾已宣布他們希望成為代工廠並服務於該市場。對我們來說，英特爾進入這個市場只是再次驗證了半導體製造的重要性，以及它不僅對行業而且對世界經濟的重要性。但我們不認為他們是競爭對手，因為他們處於我們選擇不服務的細分市場。

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.

我在本文中談到了正在投入的其他能力——在我們服務的服務市場中，我們非常密切地跟踪它。我們觀察鐵鍬將在哪裡落地，在哪裡增加產能。我們為您提供了相關的統計數據。隨著自然需求的增長，我們沒有看到很多產能超出。我認為你正在看到合理的產能擴張，確保我們不會為這個行業過度建設。這是我們將密切關注的事情。再說一次，如果我們不知道有人會致力於我們投入的能力，我們就不會增加能力。

David, anything to add to that?

大衛，還有什麼要補充的嗎？

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.

是的。我想我想再次補充一點，作為證明點，我們 - 我們在第四季度簽署了 5 份新的長期協議。我們繼續讓客戶與我們合作，希望獲得長期供應。因此，從我們看到的所有信號來看，我們目前似乎處於供需失衡狀態。看起來情況正在好轉一些。但我認為根據我們所看到的，我們相信它會持續很長時間，而且看起來我們的客戶也相信這一點。

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.

所以我們要做的是，我們將以一種非常有紀律、有條不紊的方式，繼續執行我們的計劃。當我們執行我們的計劃時，我們將查看我們擁有的前燈，如果我們看到任何不同的東西，我們會相應地糾正。

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。很多人誤讀了我的名字。是 Jefferies 的 Mark Lipacis。當您聽取半市值設備公司的財報電話會議時，您會聽到他們中的許多人討論缺少預期，因為他們沒有獲得足夠的組件。考慮到您的產能限制，您實現增長潛力和滿足客戶承諾的最大風險似乎是您獲得資本設備的能力。你的談話是什麼樣的？我知道，湯姆，你在劇本中談到了一點，但也許你可以剝一層洋蔥。目前與半帽供應商的對話情況如何？我想你也在聽和我們一樣的電話。

Yes, we listen to...

是的，我們聽...

And I have a follow-up.

我有一個後續行動。

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，我們正在與他們通話。看，我認為從根本上說，我們在 2020 年底和 2021 年初開始計劃我們的產能擴張，他們的交貨時間和插槽預訂的競爭力要小得多。所以——有點先進先出。因此，我們在設備交付方面沒有看到巨大的波動。它們都可以在我們放在日程表中的緩衝區內進行管理。它們是正負數週的交貨時間，我們平衡以增加我們的容量。

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.

我認為對我們來說，時機是我們的朋友，我們很早就收到了訂單。我知道沒有人能免於與全球供應鏈的日常鬥爭，無論是製造晶圓的化學品還是製造工具的組件，我們都在盡最大努力應對。但是對於設備方面的我們來說，我們可以很好地看到我們需要添加的設備來創建這種能力。我們很早就收到了訂單。我猜植物很早就收到了。

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?

得到你。這很有幫助。如果可以的話，然後是後續行動。鑑於全球半導體製造能力如此短缺，並且半導體以外的許多行業由於無法獲得足夠的半導體組件而損失了數十億美元的收入。似乎優先考慮芯片的半導體設備製造商將——可能是緩解世界目前對半導體行業的關注的一種方式？我想我想知道，有沒有像行業協會那樣——你們聚在一起說，“嘿，我們可以一起解決這個問題的一種方法是優先考慮垂直市場的半市值公司並幫助他們獲得設備給我們，我們可以製造更多的芯片嗎？”是這樣嗎？你 - 或者這是一個 - 他們會像其他人一樣進入隊列嗎？

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.

好吧，看，如果它繼續下去，我們不參與這些對話。這是一項非常複雜的業務。您可能會在現有工廠中添加一種工具，突然間為您提供了 3% 的路線，因為它是一個夾點工具，您可能正在做一個綠地。以及非常複雜的配置和工具以及工具類型的混合和匹配。我什至不知道這是否可能你在說什麼。我認為這裡的重點是讓每個人都規劃他們的業務，了解他們想要服務的市場，創造服務這些市場的能力，然後以合作模式工作，不僅與您的客戶，而且與您的供應商一起執行——那些計劃。我認為這是一個久經考驗的業務目標和方法，這就是我們試圖做的。

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

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

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?

湯姆，我想回到你對行業供需平衡的看法的一些開場白。你說這是一個高個位數的缺口。您認為行業何時恢復平衡？聽起來您認為我們從這裡取得了一些進展。但我想知道，當您查看您的分析時，您認為該行業在什麼時候趕上來，我們回到了被認為是正常的供應條件？

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我們一開始就有這麼大的偏移量，而且我們有一些正在增長的東西。我們想一想，我們要么不匹配，要么匹配。我認為有一個範圍。我們從去年年中開始就出現了非常大的不匹配，情況變得更好了。但同樣，我認為這真的取決於我們增加容量的速度。我們剛剛談到了設備供應商和交貨時間。在需求繼續增長到一個將在 8 到 10 年內翻倍的行業的同時，我們能以多快的速度增加產能？

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，我的想法是，沒有某種大型宏觀經濟事件會減緩所有經濟體，包括我們的行業。我認為在未來 5 年的大部分時間裡，我們將追求增加產能，而不是需求，並儘我們所能獲得更好的平衡。這並不意味著它不會變得更好。但這並不意味著它會得到修復，而且我們的供應量比我們知道的要多。

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.

知道了。作為後續行動，大衛，你——有很好的槓桿作用來從增量收入中跌落。我認為你談到了 54% 的增量收入失敗了。這是一個合理的預期嗎？而且我懷疑某些 ASP 收益，甚至可能不是每個季度都可能對此產生一些影響。

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.

這是正確的。看，我想我提到了 EBITDA 下降的 54%。我認為如果你對毛利率進行數學計算，你會得到更多——略高於 60%。我認為從跌倒的角度來看，在 50 年代中期到 60 年代中期的某個地方是一個很好的跌倒估計。同樣，利用我們之前談到的 ASP 和固定成本吸收。

Our next question comes from the line of 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 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?

我想知道您是否可以談談 45 億美元的資本支出以及那將是什麼——當完全部署後，這將增加您的晶圓廠產能多少？我知道它今年沒有完全部署，但你能不能給我們一個大概的估計這個數字，以及它對你的整體晶圓增長意味著什麼？然後你能談談 2023 年的資本支出嗎？

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，喬。看，我們在路演中以及在之前的電話會議中談到了一些內容，我們談到了從 2020 年到 2023 年將我們的晶圓產能從大約 200 萬片增加到 300 萬片以北的內容從運行率的角度來看。再說一次，這就是目前正在建設中的新加坡設施。因此，如果您查看 21 年的數字，我們在 2021 年交付了大約 240 萬片晶圓，略微向上取整。

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.

所以我們還沒有完成一半，對，每年超過 300 萬片晶圓，所以今年 45 億美元的投資，同樣是我們與客戶協調以及與政府的一些合作夥伴關係的投資。這有助於我們在實現 300 萬片晶圓的過程中取得很大進展。因此，從方向上看，2023 年的支出將比我們在 2022 年的支出有所下降。除了路演中談到的可能沒有重大變化之外，我不會給出更多的色彩。最後，我們談到 2024 年處於我們的長期模型或接近我們 20% 資本密集度的長期模型。

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.?

偉大的。然後，如果我能跟進政府政策的角度。您談到可能對您在馬耳他的消費有所幫助。有沒有想過你們在德國或新加坡花錢顯然有助於美國供應鏈相信他們有能力在亞洲出現任何緊張局勢時進行採購，諸如此類？你有任何機會——你可以獲得在美國境外消費的補貼嗎？

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，我認為我們的全球足跡是我們的競爭優勢之一。由於供應鏈風險和緩解措施，您將風險分散到世界各地，而您的風險並沒有如此高度集中。我們現在正在建設的新加坡設施是三期工程的一期擴建，得到了 [ECB in Singapore] 的大力支持。多年來，我們從與 IPCAI 計劃共同投資的德累斯頓工廠中獲得了合作資金。事實上，今天，歐盟提出了一項他們想要開始辯論的法案，大約需要 430 億美元——這與美國的 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.

因此，我們總是會尋找機會來擴大我們全球足蹟的規模，並以合理的經濟方式再次做到這一點。我想我可以向你保證的一件事是你不會看到我們進入綠地。我們不會去某個沒有生態系統或規模的地方的中間。我們將始終增加現有設施，因為您有更快的上市時間、更好的資本效率和更好的槓桿作用。因此，我們將始終尋找機會通過在全球開展業務來利用我們的競爭優勢，並在我們運營的所有 3 大洲有意義時尋求增加產能。

Would you add anything to that, Dave?

戴夫，你會加點什麼嗎？

No, I think that's well said.

不，我認為這說得很好。

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?

祝賀首次公開募股後的良好勢頭。我只是想 - 按地區更好地了解您的收入組合，以及到 2024 年隨著時間的推移會如何變化。我知道您簡要地談到了它。但是，您的歐洲業務是您戰略的核心嗎？或者從長遠來看，你會加大對美國、亞洲的投資嗎？

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。所以就我們的收入組合而言，我們大約 2/3 的收入來自美國，大約 15% 左右，加上或減去一點點來自歐洲。然後中國是高個位數，大約在 10% 的範圍內。然後世界其他地方彌補了其餘的收入。從製造的角度來看，我們對我們的地理足跡感到非常滿意。我們認為這是我們的真正優勢。我們認為它吸引了我剛才提到的所有地區的客戶。當我們與客戶和地方政府合作使用這筆資本支出時，它確實能夠實現我們在本次電話會議上談到的固定成本吸收和毛利率擴張。

Tom, anything you'd add?

湯姆，你有什麼要補充的嗎？

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.

是的。當您想到供應鏈安全時，請想想這個全球足蹟的作用，我們的客戶有許多零件編號。一種來自各大洲的設計。我們可以在我們位於新加坡的 Fab 7 工廠，即我們的 Fab 1 工廠中建造它。還是有資格的。它內置於供應鏈地理風險緩解中，無需任何實際成本，只需限定 2 個站點而不是 1 個站點，相同的設計，相同的流程。我們的客戶在一個高度集中、更多地緣政治緊張局勢的世界中看到了這一點，擁有這種靈活性開始為我們的客戶創造真正的價值。

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?

對於我的後續行動，在你們 200 億美元以上的承諾中，其中有多少是基於技術的提升與發展？如果該過程的產量比預期的晚，將會產生什麼影響？

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，其中絕大多數已經在生產中，並且它正在增加更多的能力來繼續構建我們已經在構建的東西。所以這不是研發活動。這是一個製造執行練習。

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

我們的下一個問題來自馬特布賴森與韋德布什的對話。

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?

祝賀一個偉大的季度。當我聽到人們談論實力和半決賽時，他們通常會關注 HPC 或汽車以及汽車的電氣化。您不會經常聽到人們談論家庭和工業物聯網是他們增長最快的部分。我想當你看到這種力量向前發展時，你是否認為這更受市場驅動？或者我猜至少有一部分優勢是 GlobalFoundries 特有的，你們的一些技術（如 FDX）非常適合該領域的要求，並允許您分一杯羹。如果這個假設是正確的，我是否認為該領域的快速增長最終會為你們帶來更高的利潤率或更高的利潤率增長？

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?

好吧，讓我們先談談物聯網市場。當我們在 2021 年坐在那裡時，我們已經運送了 100 億台 IoT 設備作為一個行業。我們在 10 年內做到了這一點。 PC 用了 40 年才出貨 100 億台，而手機用了 40 年才真正出貨這麼多。根據您的前景，物聯網的增長將在未來 3 到 5 年內為您提供 300 億台設備。所以物聯網，一切都連接，半導體的普遍部署，但一切都需要連接。我今天坐在牙醫辦公室，他們正在贈送攪拌機。攪拌機最大的特點是它是無線連接的。誰認為他們需要將攪拌機連接到互聯網？

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型市場。物聯網和萬物互聯是一個不斷增長的市場。你提出了準確的觀點。我們已經在相互關聯的事物上脫穎而出，尤其是在它們不受束縛的情況下。 #1、#2 和#3 優先級是電源管理。你需要電池壽命。我們使用需要使用 2 節 AA 電池在邊緣進行圖像識別和圖像處理 2 年的非系留相機應用。很少有技術可以實現這一點，但它們需要始終保持連接。所以物聯網——net-net，物聯網是一個不斷增長的市場。它是增長最快的市場之一，並且已經是增長最快的市場之一，我們在該領域擁有關鍵的差異化技術。

David, what would you add to that?

大衛，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。我看著這個空間，我看看它是多麼的多樣化，對吧？我的意思是，如果你要談論家庭和工業物聯網下的主要子領域，你有控制和計算、無線連接和人機界面，當然還有電源管理，對吧？正如湯姆所說，這些都是領域，正如他在 AA 電池的 2 年壽命中所描述的那樣。這是我們在技術上有一些真正差異化的領域。因此，我們有一個專門構建的平台，使我們能夠在家庭和工業物聯網領域非常有效地競爭，我們對我們的地位感到非常滿意。

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?

對於您問題的第二部分，如果您願意，這對我們來說是一項增值業務。因此，這是我們幾年前在戰略重心期間瞄準的戰場，我們對我們在這一領域的進展感到非常滿意。你有跟進嗎，馬特？

No, no follow-up.

不，沒有後續。

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

我們的下一個問題來自與 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 2 個。湯姆，第一個是我知道今天出現了供不應求的情況，這種情況會持續一段時間。所以大局的問題是你的資本密集度很高，你的平均售價上漲也很強勁。簡單地說，GlobalFoundries 的資本支出下降是否意味著定價增長或收入正在放緩？然後我有一個跟進。

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.

好的。我會開始，我會把它交給大衛。當我們增加容量時，我們顯然增加了頂線。因此，如果您將收入的固定百分比部署到資本支出並且您的收入正在增長，這意味著您可以部署越來越多的資本支出。我們設定的可持續模式是，我們可以通過 20% 的收入進行資本投資來實現增長——我們可以保持增長。

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，正如大衛所說，關鍵是在接下來的幾年裡，我們要在 2023 年結束時讓我們的產出實現 1.5 倍、1.6 倍的增長以增加收入，這樣我們就可以實現可持續的模式，不僅可以為增長提供資金通過資本投資，但為我們的股東產生有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，讓我補充一下。看，2021 年的資本支出約為 18 億美元。我在準備好的評論中提到，我們將在 2022 年花費約 45 億美元。然後，當然，我們將市場——標明我們的長期模式是花費大約 20% 的收入在資本支出中繼續可持續地發展我們的業務，這是 2024 年及以後的事。所以資本密集度很高。就像我提到的，去年是 18 億美元，今年 22 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合作進行的，超過 32 億美元的客戶資金和訪問費以及預付款以及與當地政府的合作。因此，我們採取了一種非常有紀律、有條不紊的方法來進行這些具有盈利能力、需求確定性和終端市場持久性的投資。所以我們對這些投資感覺非常非常好。而且我們不只關注 1 年時間範圍內的投資。這些資產將持續 20 年以上。因此，我們非常仔細、非常謹慎地看待我們的投資，並且我們對資本支出採取了非常嚴格的方法。

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?

知道了。超級有幫助。然後作為快速跟進，有人問了一個關於設備訪問的問題。我只是想以不同的方式問一個類似的問題。今年你將花費 45 億美元，台積電在成熟節點上花費 42 億美元，而聯電正在加緊資本支出，那麼你真的認為半導體設備可能會成為瓶頸嗎？或者你覺得你有足夠的設備來滿足你今天看到的需求？

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，我們之前談過一點。我們在 2020 年底開始為我們的增長訂購，我們的很多訂單是在 2021 年上半年下達的，當時我們的設備製造商的產能開始真正得到重視。所以我認為它正在回歸 - 也許不是好運，而是我們獲得設備訂單的早期計劃，以便我們能夠建立這種能力。

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.

我認為設備行業需要像我們一樣增加產能，如果他們要滿足這種增長。我相信他們有計劃去做其中的一些。對他們來說沒有什麼不同。他們需要增加在高度受控的環境中製造工具的潔淨室。因此，這種能力不會在一夜之間出現。他們需要規劃自己的路線，以了解如何提高每季度交付更多工具的能力。

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

Towanda，請我們回答最後一個問題。

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

我們的最後一個問題來自美國銀行的 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.

實際上，2個快速問題。首先，湯姆，我只是想重新審視這個關於今年以後內容或定價增長槓桿的問題。從概念上講，什麼可以幫助您在未來幾年推動更高的每片晶圓價格？是專有技術嗎？是供應保證、供應地點還是混合？只是從概念上講，什麼可以幫助您在未來提高定價？因為它 - 人們認為行業所看到的定價優勢更多是供應短缺的一個因素，一旦這些短缺消失，定價可能就不是一個槓桿，所以這就是我想了解你的觀點的原因。

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，我認為對我們來說，這有點回到我們的上市戰略。我們選擇非常關注終端市場，不僅僅是汽車，而是一直到特定設備，並確保我們，在我們的業務前端真正了解什麼是功能，而不是功能，功能，真正做到了最好的製勝產品，真正的差異化產品。我們並不是說，你在一個節點上是否有區別，而是你添加了多少特性來為應用程序創建完整的功能。

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，它總是會非常戰略性地關注需要真正差異化的戰場，確保我們對客戶想要的差異化有洞察力，進行這些投資並創建單一來源的差異化業務。然後這種容量變得非常粘。它與我們贏得業務的應用程序密切相關。因此，為了讓我們繼續專注於差異化，我們在一個非常大的 TAM 中發揮作用，所以我們不必成為所有市場的一切。我們將非常自律，確保我們參與差異化很重要的市場。這對我們的客戶至關重要，並確保我們在我們的創新引擎中為我們的客戶創造這種差異化。

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?

也許是戴夫的後續行動。如果有任何美國政府的激勵措施，戴夫，我很好奇它們將如何反映在您的財務中？例如，我們已經看到一個大型美國 IDM 已經承擔了淨資本支出和基於一些政府激勵措施的淨折舊數。所以我很好奇，每當這些激勵措施出現時，它們將如何影響您的財務狀況？

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。好吧，我還沒有真正看到機制，Vivek，關於這些激勵措施將如何流入公司。因此，從損益表的地理角度來看，此時我有點不清楚，它是否會是總資本支出，然後是淨資本支出，或者它是否會通過不同的方式進入。所以我不想在這一點上推測。我在世界其他地區、格芯和其他公司看到，這些好處來自不同的渠道。所以我現在不想推測這一點。

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.

我可以告訴你的是，憑藉我們的地理足跡和多元化，以及我們在市場上的差異化能力以及與客戶深入合作的能力，我對我所看到的環境感到非常鼓舞，我也深受鼓舞我們的客戶願意與我們合作，將這種能力帶到網上。如果政府也希望參與這種夥伴關係，那麼越多越好。因此，請繼續關注這將如何在地理上流入損益表。

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

我現在想把電話轉回給 Sukhi 來做閉幕詞。

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，托旺達。謝謝大家，感謝您對 GF 的興趣並加入我們的電話會議。如有任何問題，請隨時聯繫我們，我們期待在本季度與您交談。謝謝你。

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

女士們，先生們，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。