格芯 (GFS) 2021 Q3 法說會逐字稿

Thank you for standing by and welcome to GlobalFoundries Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions)

感謝您的支持並歡迎參加 GlobalFoundries 2021 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）

I would now like to hand the conference over to your host, Head of Investor Relations, Sukhi Nagesh. Please go ahead.

我現在想將會議移交給您的主持人，投資者關係主管 Sukhi Nagesh。請繼續。

Thank you, Latif, and good afternoon, everyone, and welcome to GlobalFoundries Third Quarter 2021 Earnings Conference Call, our first as a public company. On the call with me today are Tom Caulfield, our CEO; and Dave Reeder, our CFO.

謝謝你，Latif，大家下午好，歡迎參加 GlobalFoundries 2021 年第三季度收益電話會議，這是我們作為上市公司的第一次電話會議。今天與我通話的是我們的首席執行官 Tom Caulfield；和我們的首席財務官戴夫·里德。

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

不久前，我們發布了格芯第三季度財務業績新聞稿，該新聞稿可在我們的網站investors.gf.com 以及今天隨附的幻燈片中獲取。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 as well as non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for our non-IFRS measures are available in today's press release and accompanying slides. I would remind you that our financial measures are unaudited.

在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。最直接可比的 IFRS 措施和我們的非 IFRS 措施的調節可在今天的新聞稿和隨附的幻燈片中獲得。我要提醒你，我們的財務指標未經審計。

Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend, anticipate and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we may make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our SEC filings, including in the section under the caption Risk Factors in our financial prospectus filed with the SEC on October 29, 2021, in connection with our IPO.

今天電話會議上的某些陳述可能被視為前瞻性陳述。此類陳述可以通過相信、預期、打算、預期和可能等術語來識別。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，我們不承擔更新我們今天可能做出的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們提交給 SEC 的文件中描述的風險和不確定性，包括在標題“風險因素”下的部分我們於 2021 年 10 月 29 日向美國證券交易委員會提交了與我們的首次公開募股相關的財務招股說明書。

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 third quarter financial results and fourth quarter guidance. We will then open the call up 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，戴夫將提供有關我們第三季度財務業績和第四季度指導的詳細信息。然後，我們將打開電話提問。 （操作員說明）

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

有了這個，我現在將把電話轉給湯姆，讓他準備好發言。

Thank you, Sukhi. Well, welcome, everyone, to our first earnings conference call as a public company. Our IPO on October 28 was an important milestone for GlobalFoundries. It was a culmination of over a decade of work to build an at-scale global semiconductor foundry with strong technology differentiation.

謝謝你，蘇希。好吧，歡迎大家參加我們作為上市公司的第一次收益電話會議。我們在 10 月 28 日的首次公開募股對 GlobalFoundries 來說是一個重要的里程碑。這是建立具有強大技術差異化的大規模全球半導體代工廠的十多年工作的成果。

In 2018, we drove a fundamental change in our strategy to become a more relevant and more importantly, a more vital contributor to this industry by becoming a profitable and sustainable business. We strengthened the management team. We refocused our investments in R&D and CapEx to differentiated feature-rich solutions. We forged stronger customer partnerships, and we streamlined our manufacturing footprint and cost structure. Our strategic initiatives are now well in place, and we anticipate driving profitable growth.

2018 年，我們推動戰略發生根本性變化，通過成為盈利和可持續的業務，成為該行業更相關、更重要、更重要的貢獻者。我們加強了管理團隊。我們將研發和資本支出的投資重新集中在功能豐富的差異化解決方案上。我們建立了更強大的客戶合作夥伴關係，並簡化了我們的製造足跡和成本結構。我們的戰略舉措現在已經到位，我們預計將推動盈利增長。

While we are seeing the initial results of this in 2021, we are really at the beginning of this journey. We expect this will become a more -- this will become more apparent in 2022 and beyond as our revenue will continue to grow with the capacity investments we are making. And as a result of this increasing scale, we expect even faster growth in our margins and earnings. We have significant business visibility and certainty with customer long-term agreements. This gives us confidence that the fundamentals of our business will continue to improve at a rapid pace over the next 3 to 5 years.

雖然我們在 2021 年看到了這方面的初步成果，但我們確實正處於這一旅程的開始。我們預計這將變得更加 - 這將在 2022 年及以後變得更加明顯，因為我們的收入將隨著我們正在進行的產能投資而繼續增長。由於規模不斷擴大，我們預計我們的利潤率和收益將增長更快。我們對客戶的長期協議具有顯著的業務可見性和確定性。這讓我們相信，我們業務的基本面將在未來 3 至 5 年內繼續快速改善。

Now while we are excited and proud of our IPO, we recognize it is ultimately just the first step in a much longer journey. We take our responsibility and duty to create long-term value for investors, our customers, our employees and our many other stakeholders with a heightened sense of urgency. We'll do this by continuing to focus on creating innovative solutions for our customers by partnering closely with them, embracing the diversity of our team and delivering services and products that allow our customers to win in the markets they serve.

現在，雖然我們為 IPO 感到興奮和自豪，但我們認識到這最終只是漫長旅程中的第一步。我們以高度的緊迫感承擔責任和義務，為投資者、我們的客戶、我們的員工和我們的許多其他利益相關者創造長期價值。為此，我們將繼續專注於為我們的客戶創造創新的解決方案，與他們密切合作，擁抱我們團隊的多樣性，並提供讓我們的客戶在他們所服務的市場中取勝的服務和產品。

Now moving on to our third quarter. We are pleased to report a quarter of strong top line and profitability growth, demonstrating the continued success of our strategy. Third quarter revenue grew 5% quarter-on-quarter, driven by higher wafer output than the -- and the continued improvement in mix as our differentiated solutions become a larger portion of our total business.

現在進入我們的第三季度。我們很高興地報告四分之一的收入和盈利能力強勁增長，證明了我們戰略的持續成功。第三季度收入環比增長 5%，這主要是由於晶圓產量高於上一季度，以及隨著我們的差異化解決方案在我們總業務中佔據更大比例而持續改善組合。

Third quarter adjusted earnings per share came in at $0.07. Now David will provide more details on the financials in just a moment. But first, let me give a summary of third quarter revenue by our end markets.

第三季度調整後每股收益為 0.07 美元。現在大衛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三季度收入。

First, in our smart mobile end market, which comprise roughly 50% of our third quarter revenue, we saw strong year-over-year growth of roughly 45%, driven mostly by the continued ramp of our single-source design wins in the growing markets such as 5G RF front-end modules for mobile handsets, for image sensors and WiFi 6. Our differentiated technologies continue to do well in the 5G sub-6 gigahertz market. We are still, though, in the early innings of the industry transition to 5G with market segments -- I'm sorry, with market estimates of doubling of 5G handsets to nearly 500 million units this year.

首先，在我們的智能移動終端市場（約占我們第三季度收入的 50%）中，我們看到了約 45% 的強勁同比增長，這主要是由於我們在不斷增長的單一來源設計中獲勝的持續增長。用於手機、圖像傳感器和 WiFi 6 的 5G 射頻前端模塊等市場。我們的差異化技術在 5G sub-6 GHz 市場繼續表現良好。不過，我們仍處於行業向 5G 過渡的早期階段——很抱歉，市場估計今年 5G 手機將翻一番，達到近 5 億部。

Next, our communications infrastructure and data center end market, which constituted approximately 17% of our third quarter revenue, saw over 30% year-over-year growth, driven by a combination of share gains by our customers, continued strength in the enterprise data center, cellular infrastructure and RF transceiver markets.

接下來，占我們第三季度收入約 17% 的通信基礎設施和數據中心終端市場同比增長超過 30%，這得益於我們客戶的份額增長、企業數據的持續強勁中心、蜂窩基礎設施和射頻收發器市場。

Moving on to home and industrial IoT end market. Third quarter revenue was roughly 13% of the total and grew approximately 37% year-over-year. The growth was driven by a combination of higher ASPs as well as the ramp of IoT products from some of our key customers for applications such as digital TVs, WiFi and secure contactless transactions. In addition, we saw broad-based growth for MCUs in the quarter.

轉向家庭和工業物聯網終端市場。第三季度收入約佔總收入的 13%，同比增長約 37%。這一增長是由更高的 ASP 以及我們的一些主要客戶在數字電視、WiFi 和安全非接觸式交易等應用中推出的物聯網產品共同推動的。此外，我們在本季度看到了 MCU 的廣泛增長。

Touching next on automotive. Revenue in this end market was approximately 6% of our total third quarter revenue and grew almost 4x from the year prior period. The strong growth in our automotive end markets was driven by the ramp of new designs that have been in development and qualification over the past years. GF's automotive products are now going into a variety of automotive uses such as in-vehicle comfort, safety, sensing and battery management solutions in EVs.

接下來是汽車。該終端市場的收入約占我們第三季度總收入的 6%，比去年同期增長了近 4 倍。我們汽車終端市場的強勁增長是由過去幾年一直在開發和認證的新設計的增長推動的。格芯的汽車產品現在正在進入各種汽車用途，例如電動汽車中的車載舒適性、安全性、傳感和電池管理解決方案。

The chip shortage in the auto industry has accelerated demand for many of our customers who have entered into long-term agreements with GF to ensure supply continuity for their new products that ramp over the next 3 to 5 years. We are very excited about our strong traction in the automotive end market.

汽車行業的芯片短缺加速了對我們許多與格芯簽訂長期協議的客戶的需求，以確保其新產品在未來 3 至 5 年內的供應連續性。我們對我們在汽車終端市場的強大牽引力感到非常興奮。

In our compute end market, revenue was roughly 70 -- 7% of total and declined year-over-year as expected as some of our customers designed to continue to transition to smaller nodes. We continue to forecast a decline in this end market for the first half of 2022 and then see stabilization as an improvement in the second half of 2022 from ramps from newer high-margin customer designs. We expect, however, the decline in revenue in this end market to be more than compensated with growth in other end markets.

在我們的計算終端市場，收入大約佔總收入的 70% - 7%，並且按預期同比下降，因為我們的一些客戶旨在繼續過渡到更小的節點。我們繼續預測該終端市場在 2022 年上半年將出現下滑，然後將穩定視為 2022 年下半年由於新的高利潤客戶設計的增長而有所改善。然而，我們預計該終端市場的收入下降將被其他終端市場的增長所彌補。

Next, I'd like to provide a brief update on our ongoing capacity expansion plans. Overall, our global installed capacity will increase approximately 4% from 3Q to 4Q, which is approximately 12% increase from the fourth quarter of last year. Our installed capacity in our Fab 1 facility in Dresden, Germany is increasing output by approximately 16% from 3Q to 4Q this year, and this also represents about a 15% expansion at that facility from a year ago. All of this expansion in capacity is in support of customer demand for our differentiated technologies such as 22FDX, 20-nanometer ISP and our BiCMOS technology.

接下來，我想簡要介紹一下我們正在進行的產能擴張計劃。總體而言，我們的全球裝機容量從第三季度到第四季度將增長約 4%，比去年第四季度增長約 12%。從今年第三季度到第四季度，我們位於德國德累斯頓的 Fab 1 工廠的裝機容量增加了約 16%，這也意味著該工廠比一年前增加了約 15%。所有這些產能擴張都是為了滿足客戶對我們差異化技術的需求，例如 22FDX、20 納米 ISP 和我們的 BiCMOS 技術。

Also, construction on our Phase 1 module expansion in Singapore remains on track with equipment slated to go in the facility in the second half of 2022 to support first production out in the first half of 2023. In addition to our ongoing capacity expansion, we continue to make strong progress in enhancing our differentiated technologies. For instance, in 3Q, we completed automotive Grade 1 qualification of our 22FDX RF and millimeter wave platform, including reference IPs for complex analog and RF blocks; a complete ecosystem of design services, including IP providers, EDA vendors and turnkey services. This feature-rich platform is targeting automotive smart sensors and processors.

此外，我們在新加坡的第 1 階段模塊擴建工程仍在按計劃進行，設備計劃於 2022 年下半年投入該設施，以支持 2023 年上半年的首次生產。除了我們正在進行的產能擴張外，我們還將繼續在提升我們的差異化技術方面取得重大進展。例如，在第三季度，我們完成了 22FDX 射頻和毫米波平台的汽車 1 級認證，包括用於復雜模擬和射頻模塊的參考 IP；完整的設計服務生態系統，包括 IP 提供商、EDA 供應商和交鑰匙服務。這個功能豐富的平台針對汽車智能傳感器和處理器。

For example, Bosch is a lead customer for ADAS radar SoCs, and they're leveraging our 22FDX platform for their next-generation radar systems. Our technology team also delivered the first functional resistive RAM bit cell, an enhanced version of FDX we referred to as 22FDX+, which is targeted for Tier 1 customers seeking next-generation wireless secure transaction capability in mobile, IoT and automotive end markets. These achievements are truly differentiated and are allowing our customers to win with ultra willpower in analog, RF and MCU designs.

例如，博世是 ADAS 雷達 SoC 的主要客戶，他們正在將我們的 22FDX 平台用於他們的下一代雷達系統。我們的技術團隊還交付了第一個功能性電阻式 RAM 位單元，這是我們稱為 22FDX+ 的 FDX 的增強版本，其目標是在移動、物聯網和汽車終端市場尋求下一代無線安全交易能力的一級客戶。這些成就是真正的差異化，讓我們的客戶在模擬、RF 和 MCU 設計中以超強的意志力取勝。

In silicon photonics, our 45CLO platform delivered first customer prototypes that demonstrated in 8 lambda, 32-gigabit per second optical link with extremely low bid errors. We are the technology leader in silicon photonics as we are the only provider of integrated CMOS, RF SOI and optical devices in a monolithic solution. This unique capability will drive a whole new upgrade of connectivity in data centers over the next decade.

在矽光子學方面，我們的 45CLO 平台交付了第一批客戶原型，該原型在 8 λ、每秒 32 吉比特的光鏈路中進行了演示，並且投標錯誤極低。我們是矽光子學的技術領導者，因為我們是唯一一家在單片解決方案中提供集成 CMOS、RF SOI 和光學器件的供應商。這種獨特的能力將在未來十年推動數據中心連接的全新升級。

So to summarize, we are seeing strong growth from our customers in the end markets we serve, and we are prudently and in partnership expanding our capacity to serve their needs and making great progress in accelerating our differentiated technologies for the future.

總而言之，我們看到客戶在我們服務的終端市場的強勁增長，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 David to provide the financial details for the third quarter and also provide you our guidance for the fourth quarter. David?

有了這個，讓我把電話轉給大衛，提供第三季度的財務細節，並為你提供第四季度的指導。大衛？

Thank you, Tom. And let me also express my excitement for GF's IPO. What an incredible milestone for the company and an important funding mechanism for our future capacity expansion. Now on to our third quarter.

謝謝你，湯姆。讓我也表達我對 GF 首次公開募股的興奮。對於公司來說，這是一個令人難以置信的里程碑，也是我們未來產能擴張的重要融資機制。現在進入我們的第三季度。

Our third quarter results came in at or above the high end of our -- of the financial ranges we provided last month in our prospectus. Our third quarter revenue was approximately $1.7 billion, which increased 5% sequentially, driven by higher wafer shipments and mix. We shipped approximately 609,000 300-millimeter equivalent wafers in the quarter, which was up about 2.5% on a sequential basis.

我們的第三季度業績達到或高於我們上個月在招股說明書中提供的財務範圍的高端。我們第三季度的收入約為 17 億美元，環比增長 5%，這得益於更高的晶圓出貨量和產品組合。我們在本季度出貨了約 609,000 片 300 毫米等效晶圓，環比增長約 2.5%。

Wafer revenue from our end markets accounted for approximately 92% of total revenue. Non-wafer revenue, which is typically between 5% and 10% of total revenue, accounted for approximately 8% of revenue for the quarter. As a reminder, non-wafer revenue includes reticles, nonrecurring engineering multiproduct wafers and other foundry services.

來自終端市場的晶圓收入約佔總收入的 92%。非晶圓收入通常佔總收入的 5% 至 10%，約佔本季度收入的 8%。提醒一下，非晶圓收入包括光罩、非經常性工程多產品晶圓和其他代工服務。

For the remainder of the call, including fourth quarter guidance, I will reference adjusted metrics. Our adjusted metrics exclude stock-based compensation.

對於電話會議的其餘部分，包括第四季度的指導，我將參考調整後的指標。我們調整後的指標不包括基於股票的薪酬。

For the third quarter, we delivered adjusted gross profit of $306 million, which translates into approximately 18% adjusted gross margin. The 155-basis-point sequential improvement was primarily driven by better fixed cost absorption and modestly improved ASPs.

第三季度，我們實現了 3.06 億美元的調整後毛利潤，這意味著調整後的毛利率約為 18%。 155 個基點的連續改善主要是由更好的固定成本吸收和適度改善的平均售價推動的。

R&D expense, excluding stock-based compensation, was approximately $111 million, about $10 million lower than the previous quarter. The sequential decline was primarily due to lower fab technology start-up costs and increased customer-funded NRE. Excluding stock-based compensation, the sequential decline in R&D was mostly offset by a $9 million increase in SG&A expense. This increase was primarily due to higher employee costs and IPO-related expenses.

不包括股票薪酬在內的研發費用約為 1.11 億美元，比上一季度減少約 1000 萬美元。環比下降主要是由於晶圓廠技術啟動成本降低和客戶資助的 NRE 增加。不包括基於股票的薪酬，研發的連續下降大部分被 SG&A 費用增加 900 萬美元所抵消。這一增長主要是由於較高的員工成本和與 IPO 相關的費用。

Total operating expenses, excluding stock-based compensation, for the third quarter were approximately $225 million and roughly flat compared to the previous quarter. We delivered adjusted operating profit of approximately $81 million for the quarter, which translates into 5% adjusted operating margin, a sequential improvement of 224 basis points.

第三季度的總運營費用（不包括基於股票的薪酬）約為 2.25 億美元，與上一季度基本持平。我們在本季度實現了約 8100 萬美元的調整後營業利潤，這意味著調整後的營業利潤率為 5%，環比提高了 224 個基點。

Third quarter net interest expense was approximately $27 million, and we incurred a tax expense of approximately $22 million in the quarter. We also had approximately $2 million of other income primarily related to a gain on asset sales. The combination of these results delivered third quarter adjusted net income of approximately $34 million, which is $0.07 of adjusted earnings per share on a basic share count of about 500 million shares.

第三季度淨利息支出約為 2700 萬美元，我們在本季度產生了約 2200 萬美元的稅收支出。我們還有大約 200 萬美元的其他收入，主要與資產銷售收益有關。這些結果的結合帶來了約 3400 萬美元的第三季度調整後淨收入，即在約 5 億股基本股份數量上調整後的每股收益為 0.07 美元。

We delivered record third quarter adjusted EBITDA of approximately $505 million. EBITDA grew $39 million sequentially on $80 million of incremental revenue growth, an almost 50% fall through.

我們實現了創紀錄的第三季度調整後 EBITDA 約 5.05 億美元。 EBITDA 環比增長 3900 萬美元，收入增長 8000 萬美元，下降了近 50%。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the quarter was approximately $1.1 billion and included approximately $574 million of customer prepayments. Gross CapEx for the quarter was about $392 million or roughly 23% of revenue. We ended the quarter with a little over $1 billion in cash and cash equivalents, an increase of more than $200 million from the previous quarter.

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 億美元，其中包括約 5.74 億美元的客戶預付款。本季度的總資本支出約為 3.92 億美元，約佔收入的 23%。我們在本季度末的現金和現金等價物略高於 10 億美元，比上一季度增加了 2 億多美元。

Now as you know, we raised approximately $1.5 billion from our IPO at the end of October. And as a result, we are very well capitalized. We expect to use the majority of the proceeds from the IPO for our capacity expansion plans to meet robust customer demand.

如您所知，我們在 10 月底的 IPO 中籌集了大約 15 億美元。因此，我們資本充足。我們預計將 IPO 的大部分收益用於我們的產能擴張計劃，以滿足強勁的客戶需求。

Next, let me provide you with our outlook for the fourth quarter. We expect revenue to be between $1.8 billion and $1.83 billion. We expect gross profit to be between $335 million and $350 million. And adjusted gross profit is expected to be between $344 million and $359 million. We expect operating profit to be between $55 million and $75 million. And adjusted operating profit is expected to be between $92 million and $112 million.

接下來，讓我為您提供我們對第四季度的展望。我們預計收入將在 18 億美元至 18.3 億美元之間。我們預計毛利潤將在 3.35 億美元至 3.5 億美元之間。調整後的毛利潤預計在 3.44 億美元至 3.59 億美元之間。我們預計營業利潤將在 5500 萬美元至 7500 萬美元之間。調整後的營業利潤預計在 9200 萬美元至 1.12 億美元之間。

Excluding share-based compensation, for the fourth quarter, we expect R&D to increase moderately on a sequential basis, primarily due to higher fab technology start-up costs. SG&A is also expected to increase moderately on a sequential basis, primarily due to expenses related to our IPO and becoming a public company. We expect net income to be between $13 million and $33 million and adjusted net income to be between $50 million and $70 million. On a basic share count of approximately 525 million, we expect basic earnings per share for the fourth quarter to be between $0.02 and $0.06 and adjusted basic earnings per share to be between $0.09 and $0.13.

剔除股權激勵，我們預計第四季度研發將環比適度增長，這主要是由於晶圓廠技術啟動成本較高。 SG&A 預計也將環比適度增長，主要是由於與我們的 IPO 和成為上市公司相關的費用。我們預計淨收入將在 1300 萬美元至 3300 萬美元之間，調整後的淨收入將在 5000 萬美元至 7000 萬美元之間。在基本股數約為 5.25 億股的情況下，我們預計第四季度的基本每股收益將在 0.02 美元至 0.06 美元之間，調整後的每股基本收益將在 0.09 美元至 0.13 美元之間。

For the fourth quarter, we expect adjusted EBITDA to be between $510 million and $530 million. And finally, we expect share-based compensation to be approximately $9 million in cost of revenue, $2 million in R&D and $26 million in SG&A for a total share-based compensation of approximately $37 million.

對於第四季度，我們預計調整後的 EBITDA 將在 5.1 億美元至 5.3 億美元之間。最後，我們預計基於股票的薪酬約為 900 萬美元的收入成本、200 萬美元的研發和 2600 萬美元的 SG&A，總的股票薪酬約為 3700 萬美元。

With that, we can open up the call for Q&A. Operator?

有了這個，我們可以打開問答的電話。操作員？

(Operator Instructions) Our first question comes from the line of Harlan Sur of JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Harlan Sur。

Congratulations on the strong results and guide on your first quarter as a public company. At the time of your filing, your long-term agreements covered about $20 billion of forward revenues, which when you combine that with current purchase orders, it covered about 85% of your revenues over the next 3 years.

祝賀您作為上市公司在第一季度取得的強勁業績和指導。在您提交申請時，您的長期協議涵蓋約 200 億美元的遠期收入，當您將其與當前採購訂單相結合時，它涵蓋了您未來 3 年約 85% 的收入。

Since then, obviously, the supply-demand gap in the industry has gotten more severe and I think further motivating your customers to lock in assurance of supply over multiple years. Can you guys just give us an update on the $20 billion of LTA, what does that number look like today? Does it extend beyond 2024? And is it balanced across all of your end market segments?

從那時起，顯然，行業的供需差距變得更加嚴重，我認為進一步激勵您的客戶在多年內鎖定供應保證。你們能否給我們介紹一下 200 億美元長期協議的最新情況，這個數字今天是什麼樣的？它是否會超過 2024 年？它在您的所有終端細分市場中是否平衡？

So first, Harlan, thank you for joining us. I'll let David start with that, and maybe I'll add some color at the end.

首先，Harlan，感謝您加入我們。我會讓大衛從那個開始，也許我會在最後添加一些顏色。

Harlan, since our road show, we have made progress on our LTAs. I think at the time of road show, we were talking about roughly $2.5 billion of customer prepayments and fund access fees. And today, that number's a little bit north of $3 billion of commitments from customers with respect to prepayments and access fees. So some good progress there.

Harlan，自從我們的路演以來，我們在 LTA 上取得了進展。我認為在路演時，我們談論的是大約 25 億美元的客戶預付款和基金訪問費。而今天，這個數字略高於客戶在預付款和訪問費方面的 30 億美元承諾。所以那裡取得了一些不錯的進展。

With respect to revenues, we've also continued to make progress on our LTA revenues where we've made good progress. We're north of $20 billion now. We're pleased to report that we're north of $20 billion now. We're not going to provide more color than that at this time other than we're very excited about the trajectory of the business.

在收入方面，我們在長期協議收入方面也繼續取得進展，我們取得了良好進展。我們現在超過 200 億美元。我們很高興地報告，我們現在已經超過 200 億美元。除了我們對業務的發展軌跡感到非常興奮之外，我們目前不會提供比這更多的顏色。

Tom, anything you'd add?

湯姆，你有什麼要補充的嗎？

Yes, I would just add. These long-term agreements are very important for us because of the visibility it gives to our business, but we always need to keep a certain amount of flexibility because some of our customers may need more than what they've signed up for. And so we can't have 100% of our business in any given year signed to a long-term agreement. We want to have -- leave some flexibility to be able to respond to our customers.

是的，我只想補充。這些長期協議對我們來說非常重要，因為它為我們的業務提供了可見性，但我們始終需要保持一定的靈活性，因為我們的一些客戶可能需要比他們簽約的更多的東西。因此，我們不可能在任何一年內 100% 地簽署長期協議。我們希望擁有一些靈活性，以便能夠響應我們的客戶。

So as your customers' customers figure out how to prevent a similar supply-demand dislocation, like the one that we're currently going through, they're thinking and rethinking their supply chain strategies. I think your recent partnership with Ford sort of encompasses this, right? They talked about potentially securing supply for their chip suppliers, but they also talked about potentially doing some in-house chip design as well.

因此，當您的客戶的客戶弄清楚如何防止類似的供需錯位時，就像我們目前正在經歷的那樣，他們正在思考和重新思考他們的供應鏈戰略。我認為您最近與福特的合作夥伴關係涵蓋了這一點，對吧？他們談到了可能為他們的芯片供應商確保供應，但他們也談到了可能進行一些內部芯片設計。

You already have other end customers, Cisco, Microsoft, Amazon, as direct customers. Do you guys see this trend continuing? In other words, more cloud titans, more auto OEMs, more consumer device OEMs coming to the table to talk to you? And how many of these discussions are you having? And how do you see this benefiting both GlobalFoundries and the industry longer term?

您已經有其他最終客戶，思科、微軟、亞馬遜作為直接客戶。你們認為這種趨勢還在繼續嗎？換句話說，更多的雲巨頭、更多的汽車 OEM、更多的消費設備 OEM 前來與您交談？你有多少這樣的討論？您如何看待這對 GlobalFoundries 和整個行業的長期利益？

Well, let me start with a high-level view of this is today, product companies differentiated by integrating technology with firmware and software. And now they're seeing that there's real leverage. Others have done this already very successfully. But there's leverage owning some of the silicon design as they integrate the technology. And I think that's the trend you're starting to see. Some of the more famous players in the mobility space kind of patented that technique, and others are following it.

好吧，讓我從一個高層次的觀點開始，今天，產品公司通過將技術與固件和軟件集成來實現差異化。現在他們看到了真正的影響力。其他人已經非常成功地做到了這一點。但是，在整合技術時，擁有一些矽設計是有優勢的。我認為這就是你開始看到的趨勢。移動領域的一些更著名的玩家已經為這項技術申請了專利，其他人也在追隨它。

Taking that down to, I think you're seeing this in automotive, as semiconductor is going to become the defining line for differentiation in the automotive experience, I believe you're seeing automotive companies want to become, what I would call, more silicon aware.

歸根結底，我認為您會在汽車中看到這一點，因為半導體將成為汽車體驗差異化的定義線，我相信您會看到汽車公司希望成為，我稱之為更多的矽知道的。

And that's exactly what Ford is doing in their MOU they signed with GF. They want to first make sure that they understand the supply-demand dynamics. They want visibility to supply. They want to make sure they influence the technology road maps for foundries, so that the features that we create align with their needs. And then also making sure just like our customers, that whether they design the product or not, making sure that they reserve capacity to make sure they can build their -- the vehicles they want. And that's the essence of what I think you're going to see -- that's the essence of that agreement and that you'll see more of that in the industry and more of that from GF.

這正是福特在與 GF 簽署的諒解備忘錄中所做的。他們首先要確保了解供需動態。他們希望提供可見性。他們希望確保他們影響代工廠的技術路線圖，以便我們創建的功能符合他們的需求。然後像我們的客戶一樣確保他們是否設計產品，確保他們保留產能以確保他們能夠製造他們想要的車輛。這就是我認為你們將會看到的精髓——這就是該協議的精髓，你們將在行業中看到更多內容，以及來自 GF 的更多內容。

David, anything you'd add to that?

大衛，你有什麼要補充的嗎？

Well said, tom. We're excited about the opportunity.

說得好，湯姆。我們對這個機會感到興奮。

Our next question comes from Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

I'll echo the congratulations on the first quarter out of the gate. Tom, I just want to ask a high-level question to you about customer behavior. Investors are just a little concerned about the sustainability demand. We know that you have a great batch of LTAs and prepayments, great visibility for next year, and those deals are set in stone, so to speak. But customer behavior on lead times expedites those sorts of things, at this point in the cycle, can tend to get a little bit more volatile. So I want to see if there's any update that you've seen or any changes you've seen in how your customers are acting on the demand side.

我將在第一季度的大門外表示祝賀。湯姆，我只想問你一個關於客戶行為的高級問題。投資者只是有點擔心可持續性需求。我們知道您有大量的長期協議和預付款，明年的知名度很高，可以這麼說，這些交易是一成不變的。但是客戶在交貨時間上的行為會加快這些事情的發生，在周期的這個階段，可能會變得更加不穩定。所以我想看看你是否看到了任何更新，或者你看到客戶在需求方面的行為是否有任何變化。

I think we -- first of all, thanks for joining and Ross, for your question. I think we sit in a very unique position as a foundry where we get to see what's going on in a lot of the end markets, in particular, the 5 we serve. And I have to tell you, not anything noticeable from our seat from what we talked about in the road show. We are still dealing with shortages of what we can supply to our key customers in 2022 and figuring out how we could produce more, how do we do the right balance and allocations. So there's nothing that we see in the industry for 2022 that would suggest the frothiness that you described is changing.

我想我們——首先，感謝您的加入和羅斯的提問。我認為我們作為代工廠處於一個非常獨特的位置，我們可以看到許多終端市場的情況，特別是我們所服務的 5 個市場。而且我必須告訴你，從我們在路演中談到的內容，從我們的座位上看不出任何明顯的東西。我們仍在處理 2022 年向主要客戶供應的短缺問題，並弄清楚我們如何才能生產更多產品，如何進行正確的平衡和分配。因此，我們在 2022 年的行業中沒有看到任何跡象表明您所描述的泡沫正在發生變化。

I have to tell you, though, I would welcome a little bit of the softening of demand just a little bit to make some of the closure of that gap. And so what we're doing, I think, more importantly, is the investments we're making over 2021 and 2022 to close that supply-demand gap for the industry. I hope that helps.

不過，我必須告訴你，我會歡迎需求的一點軟化，只是為了縮小這一差距。因此，我認為，更重要的是，我們正在做的是在 2021 年和 2022 年進行的投資，以縮小該行業的供需差距。我希望這會有所幫助。

It definitely does. One then as a follow-up for David was on the gross margin side of things. I know you talked about mix and scale, which are kind of good things but relatively obvious as you grow. How do we think about the growth -- gross margin trajectory going forward? Any more color on the 1.5 points you got 3Q to 4Q and then going forward beyond that?

確實如此。然後作為大衛的後續行動是在毛利率方面。我知道你談到了混合和規模，這是一種很好的東西，但隨著你的成長相對明顯。我們如何看待未來的增長——毛利率軌跡？你在 3Q 到 4Q 得到的 1.5 分還有什麼顏色嗎？

Absolutely, Ross. And before we move to that question, let me just add one comment and expand upon Tom's answer from the last one. Look, we've signed about 25 long-term customer agreements. We signed even several since the road show, which, as you know, was only a month ago. And we've added more than $500 million of customer prepayments and access fees that are committed since the road show. And so we see some pretty strong demand in front of us. We are capacity limited, and we are working diligently every day to get new tooling in and get factories ramped and online, so that we can produce more wafers for our customers, which is a good lead-in related to the gross margin question that you just asked.

當然，羅斯。在我們轉向這個問題之前，讓我添加一條評論並擴展 Tom 對上一條的回答。看，我們已經簽署了大約 25 份長期客戶協議。自路演以來，我們甚至簽署了幾份，如您所知，那是一個月前的事。自路演以來，我們已經增加了超過 5 億美元的客戶預付款和訪問費。因此，我們看到了一些非常強勁的需求。我們的產能有限，我們每天都在努力工作，讓新工具投入使用，讓工廠投產並上線，這樣我們就可以為我們的客戶生產更多的晶圓，這是與您的毛利率問題相關的一個很好的引導剛問。

Gross margin going forward, we talked about 2021 really being a year in which depreciation moderates and we really start to take advantage of some of the fixed cost absorption as we tool out this manufacturing footprint that has been untooled since our pivot. And so as we start to tool out those facilities, the biggest one being Dresden, as we tool those facilities out, we're actually getting better cost absorption than we expected. That's the positive news about the gross margin in third quarter. It's also part of the reason why we're positive on the trajectory of gross margin in fourth quarter as well.

展望未來的毛利率，我們談到 2021 年確實是折舊放緩的一年，我們真正開始利用一些固定成本吸收，因為我們消除了自轉型以來一直未使用的製造足跡。因此，當我們開始對這些設施進行工具化時，最大的一個是德累斯頓，當我們對這些設施進行工具化時，我們實際上獲得的成本吸收比我們預期的要好。這是關於第三季度毛利率的利好消息。這也是我們對第四季度毛利率軌跡持樂觀態度的部分原因。

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

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

Congratulations to the team on going public. Tom, you described some of the customer prepayments that's kind of very strong endorsement about the visibility. I'm wondering what kind of dialogue you're having with the government, right, whether it's in the U.S. here with the chip side or whether it's with the governments across Europe and in Singapore, because there is a lot of motivation to onshore and bring on more sovereign capacity. And I'm wondering what kind of dialogue you're having, when do you start to see the benefit of that?

恭喜團隊上市。湯姆，您描述了一些客戶預付款，這是對可見性的一種非常強烈的認可。我想知道你正在與政府進行什麼樣的對話，對，無論是在美國與芯片方面，還是與歐洲和新加坡的政府，因為有很多在岸和帶來更多的主權能力。我想知道你正在進行什麼樣的對話，你什麼時候開始看到這樣做的好處？

Well, let me start with our first expansion that we're doing in Singapore. As we spoke about in the road show, that's a $4 billion Phase 1 expansion. And it has significant government support, as we've talked about in the road. So governments are already participating when I call the new economic models to create the kind of capacity we need in this industry, where it's customers, foundries like GF and governments that participate to create the right economics to add capacity.

好吧，讓我從我們在新加坡進行的第一次擴張開始。正如我們在路演中所說，這是 40 億美元的第一階段擴張。正如我們在路上談到的那樣，它得到了政府的大力支持。因此，當我調用新的經濟模式來創造我們在這個行業中所需的那種產能時，政府已經在參與其中，客戶、像格芯這樣的代工廠和政府都在參與創造合適的經濟來增加產能。

The U.S. continues to make progress. There's now a fab bill that talks about 25% rebates on equipment. That's working its way through. Still very positive that you see we'll get funded. I think the timing in the U.S. is -- there's a couple of things that need to get out of the way to clear the hurdle like the debt limit and getting the build back better, kind of funded and clear the deck to get the chips bill funded.

美國繼續取得進展。現在有一個晶圓廠法案，其中涉及 25% 的設備回扣。這正在奏效。您看到我們將獲得資助仍然非常積極。我認為美國的時機是——有幾件事需要擺脫障礙來清除障礙，比如債務限制和更好地重建建設，有點資金並清理甲板以獲得籌碼賬單資助。

And I think that is more targeted. The best crystal ball I have is Q1 of next year. I'd be pleasantly surprised if it got pulled into this year, but we're getting down to the short strokes here, as we -- first day of December is tomorrow.

我認為這更有針對性。我擁有的最好的水晶球是明年的第一季度。如果它被拉到今年，我會感到驚喜，但我們在這裡開始做短線，因為我們 - 12 月的第一天就是明天。

And then Europe continues to have high goals and ambitions to go fund capacity onshore, and we're waiting for more movement in funding of what's called IPCAI 2. Nothing new to report on that front from our road show just a month ago.

然後歐洲繼續有遠大的目標和雄心壯志，為在岸的產能提供資金，我們正在等待為所謂的 IPCAI 2 提供更多資金。就在一個月前，我們的路演中沒有關於這方面的新報導。

And maybe I would add -- I'd add on that, just that in all of those regions, GF is uniquely positioned to be part of that partnership to create the capacity.

也許我會補充——我會補充一點，只是在所有這些地區，格芯都處於獨特的地位，可以成為創造能力的伙伴關係的一部分。

Do you have a follow-up, Vivek?

你有後續嗎，維維克？

Yes, Sukhi. So for the follow-up, one more on gross margins. So the pricing environment seems very strong, right? It's clear to see your sales growth is outpacing your capacity, right, and wafer shipment growth. I'm curious, Dave, as you look at the next several quarters, how should we think about that interplay between how pricing and mix and utilization will help to drive your gross margins and help to kind of close the gap between where you guys are and versus where your peer group is?

是的，蘇希。因此，對於後續行動，還有一個關於毛利率的問題。所以定價環境看起來很強大，對吧？很明顯，您的銷售增長速度超過了您的產能和晶圓出貨量增長速度。我很好奇，戴夫，當你看接下來的幾個季度時，我們應該如何考慮定價、組合和利用率之間的相互作用將如何幫助提高你的毛利率並幫助縮小你們之間的差距和你的同齡人群體在哪裡？

Sure. Look, it does remain, I would say, a robust pricing environment. When we saw the demand that was in front of us, Vivek, as we kind of talked about in the road show, earlier this year and, in fact, even late 2020, we really wanted to focus on 3 things as a company to get us to our long-term model. We wanted to focus on certainty of demand. We wanted to focus on durability of the end markets and the customers that we serve, and we wanted to focus on profitability, in no particular order, those 3.

當然。看，我想說，它確實仍然是一個穩健的定價環境。當我們看到擺在我們面前的需求時，Vivek，正如我們在今年早些時候的路演中談到的那樣，事實上，甚至在 2020 年底，我們真的很想作為一家公司專注於三件事我們的長期模式。我們希望專注於需求的確定性。我們希望專注於終端市場和我們服務的客戶的持久性，我們希望專注於盈利能力，沒有特別的順序，這三個。

And so as we made progress on our LTAs throughout the course of the year, we started to see that 2021 for us, as I mentioned, was really a year of moderation of depreciation and fixed cost absorption. And we had a large percentage of our business that's single-sourced with those customers. And so as we signed and contemplated those LTAs, we really baked in a lot of the pricing improvements into 2022 and beyond.

因此，隨著我們全年在長期協議方面取得進展，我們開始看到，正如我所提到的，2021 年對我們來說確實是折舊和固定成本吸收放緩的一年。我們的大部分業務都是與這些客戶單一來源的。因此，當我們簽署並考慮這些長期協議時，我們確實在 2022 年及以後做出了許多定價改進。

And so 2021, you're seeing the margin expand in a methodical and predictable way really based on moderation of depreciation and fixed cost absorption. And then when you look further out into time and you start to see those LTAs really start to pick up in the 2022 time frame, that's when you really start to see the pricing impacts.

因此，到 2021 年，您會看到利潤以一種有條不紊和可預測的方式擴大，這實際上是基於折舊和固定成本吸收的緩和。然後，當您進一步觀察時間並開始看到這些長期協議在 2022 年的時間範圍內真正開始回升時，您才真正開始看到定價影響。

Tom, anything you'd add to that?

湯姆，你有什麼要補充的嗎？

Yes. I'd just say there was a real methodology to that as well with our customer engagement was to give our customers the chance to understand where these pricings will come from and give them a chance to respond for what they want to do in the marketplace.

是的。我只想說，我們的客戶參與還有一個真正的方法是讓我們的客戶有機會了解這些定價的來源，並讓他們有機會對他們想在市場上做的事情做出回應。

Our next question comes from Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Congratulations on your first quarter. I wonder if you could talk about the smartphone business. You guys seem to be showing quite a bit of strength there. It's one area where, at least from the RF customers, there was a little bit of a mix. Q4 outlook is still a very good 2022 outlook. So maybe if you could just kind of talk to the prospects for growing that business over time.

祝賀你的第一季度。我想知道你是否可以談談智能手機業務。看來你們那邊的實力還是蠻強的。這是一個領域，至少從射頻客戶那裡，有一點混合。第四季度的前景仍然是非常好的 2022 年前景。因此，也許您可以談談隨著時間的推移發展該業務的前景。

Yes. So I think for me, the smart mobile device is the poster child for feature-rich technology like we make, whether it's secure pay transaction, audio functions, the power management ICs, the chips that control the touchscreen or, as you're talking about, for connectivity, the front-end modules. You'll -- I think you'll see puts and takes amongst all the players, but we have a significant share because of our differentiated technology with all the players in that front-end market, the front-end module market with our ADAS [W] and RF SOI technologies.

是的。所以我認為，對我來說，智能移動設備是我們製造的功能豐富技術的典型代表，無論是安全支付交易、音頻功能、電源管理 IC、控制觸摸屏的芯片，還是正如你所說的那樣關於，為了連接，前端模塊。你會 - 我想你會看到所有參與者之間的投入和接受，但由於我們與該前端市場的所有參與者的差異化技術，我們擁有重要份額，前端模塊市場與我們的 ADAS [W] 和 RF SOI 技術。

So what we're seeing is maybe some puts and takes across the customers, but the overall volumes, we're not seeing any change. In fact, we're still trying to catch up to all the demand.

因此，我們看到的可能是客戶的一些投入，但總體而言，我們沒有看到任何變化。事實上，我們仍在努力滿足所有需求。

David, anything you'd add to that?

大衛，你有什麼要補充的嗎？

No, I think it's well said, Tom. We're positive on the trajectory of that business.

不，我認為它說得好，湯姆。我們對該業務的發展軌跡持積極態度。

Great. And just as a follow-up on that segment, is the visibility and the kind of supply constraint different in smartphone versus other markets? Or does it feel just as constrained to you as kind of the other end markets are?

偉大的。作為該細分市場的後續行動，智能手機與其他市場的可見性和供應限制類型是否不同？或者它對你的感覺和其他終端市場一樣受到限制？

A lot of the solutions we provide to our customers play in multiple markets. And so it's kind of squeezing the balloon one end, and it pops at the other end. So I think it's pretty broad-based, actually.

我們為客戶提供的許多解決方案都在多個市場中發揮作用。所以它的一端擠壓氣球，另一端彈出。所以我認為它的基礎非常廣泛，實際上。

Our next question comes from Chris Danely of Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

And I'll add to the conga line of congratulations. Just another question on end markets to follow up Joe's question. So to be a little more specific on the sequentials, why was mobile flat sequentially? Was that pretty much in line with expectations? And then also, why was the comm business up so much sequentially? And then, any color you can give on guidance by end markets for Q4 would be great.

我將在康加舞中加入祝賀。只是關於終端市場的另一個問題，以跟進喬的問題。所以更具體地講一下順序，為什麼移動平板是順序的？這是否符合預期？然後，為什麼通信業務連續增長如此之多？然後，您可以為第四季度的終端市場提供指導的任何顏色都會很棒。

Dave, why don't you take that one, and I'll add some comments?

戴夫，你為什麼不拿那個，我會添加一些評論？

Sure. Look, smart mobile is -- as you know, it represents about half of our total revenue. And we were expecting that business -- after good sequential growth from Q1 to Q2, we were actually expecting that business -- it was up modestly. We're expecting that business to be kind of relatively flat on a quarter-to-quarter basis on a sequential.

當然。看，智能手機——如你所知，它約占我們總收入的一半。我們預計該業務 - 在從第一季度到第二季度的良好連續增長之後，我們實際上期待該業務 - 它溫和增長。我們預計該業務在環比的基礎上將相對持平。

And so the rest of the businesses, however, when we look at automotive up in a meaningful way, comms, as you mentioned, infrastructure data center up in a meaningful way and then, of course, home and industrial IoT also up in a meaningful way, if you think about the macro trends across those markets, those are all markets that we expected to grow in a pretty meaningful way for us sequentially, and they did.

因此，其他業務，然而，當我們以一種有意義的方式看待汽車時，通信，正如你提到的，基礎設施數據中心以一種有意義的方式，然後，當然，家庭和工業物聯網也以一種有意義的方式上升方式，如果你考慮這些市場的宏觀趨勢，這些都是我們預計將以一種對我們來說非常有意義的方式連續增長的市場，他們確實做到了。

Tom, anything that you'd add?

湯姆，你有什麼要補充的嗎？

Yes, I'd add. Yes, I'd like -- there is some timing between when the cyclicality of the smart mobile market and when inventory start to build, and there's a little bit of that in play there as well.

是的，我會補充。是的，我想——在智能移動市場的周期性和庫存開始增加之間存在一定的時間間隔，其中也有一些時間。

Great. And for my follow-up, do you think that the supply chain is starting to get a handle on the shortages, especially in the automotive and the industrial space? Or do you think it's still getting a little bit worse out there?

偉大的。對於我的後續行動，您認為供應鍊是否開始處理短缺問題，尤其是在汽車和工業領域？還是您認為那裡的情況仍然變得更糟？

That's a great question. I think, broad-brush, say better or worse that there's pockets where there's maybe better planning and there's better opportunity. I would say that over the course of this year, we've closed the gap, but it really started with a significant gap between the supply and the demand. And I think we've made as an industry as we have record shipments in all manufacturing, we've closed that gap, but nowhere near where it needs to be closed. I think that's the closest I could come to given a broad-based answer to that.

這是一個很好的問題。我認為，粗略地說，更好或更壞的說法是有口袋可能有更好的計劃和更好的機會。我想說，在今年的過程中，我們已經縮小了差距，但實際上是從供需之間的巨大差距開始的。而且我認為我們作為一個行業已經取得了所有製造業的創紀錄出貨量，我們已經縮小了這個差距，但離需要縮小的地方還差得很遠。我認為這是我能給出的最接近的廣泛答案。

David, would you add anything to that?

大衛，你會添加什麼嗎？

No, I think that's well said.

不，我認為這說得很好。

Our next question comes from Chris Caso of Raymond James.

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

The first question is a follow-up on some of your earlier comments on pricing. And what it sounds like from your comments and just to confirm my understanding that it sounds like there's a natural tailwind for pricing as we go into 2022 as the LTAs kick in that were signed at higher prices. But as a follow-on to that is just a question of, what the trajectory of pricing in the industry do you believe is longer term? I guess a question on how much of the improved pricing that we're seeing now is cyclical versus structural for your part of the industry.

第一個問題是對您之前對定價的一些評論的跟進。從您的評論中聽起來是什麼意思，只是為了確認我的理解，當我們進入 2022 年時，隨著 LTA 以更高的價格簽署，這聽起來像是一種自然的定價順風。但作為一個後續問題，您認為行業定價的長期軌跡是什麼？我想一個問題是，我們現在看到的定價改進中有多少是周期性的，而不是你所在行業的結構性的。

Yes. Let me -- I'll give the industry perspective. Dave, I always ask you for your thoughts on it. I think it really comes back to the fundamentals. This is an industry that's, call it, $0.5 trillion industry. It took 50 years to get to become $0.5 trillion industry. And you pick your analyst, it's going to double in the next 8 to 10 years, kind of a 5x acceleration it creates.

是的。讓我 - 我會給出行業的觀點。戴夫，我總是問你對此的看法。我認為這真的回到了基本面。這是一個價值 0.5 萬億美元的產業。花了 50 年才成為價值 5 萬億美元的產業。如果你選擇你的分析師，它會在接下來的 8 到 10 年內翻一番，這是它創造的 5 倍加速。

The economic model that created this $0.5 trillion industry is not the economic model that will allow us to double in the next 8 to 10 years. And as a result, there has to be better ways of funding this capacity. And one of which is higher ASPs to be able to afford that type of investment. So I don't think this is a moment in time. I think this is part of the growth trajectory of our industry to be able to afford the capacity and do it in a way where it makes economic sense for the offtakers of that capacity and foundries like GF that have to create that capacity.

創造這個價值 0.5 萬億美元的產業的經濟模式並不是讓我們在未來 8 到 10 年內翻一番的經濟模式。因此，必須有更好的方式為這種能力提供資金。其中之一是更高的 ASP 能夠承受這種類型的投資。所以我不認為這是一個時刻。我認為這是我們行業增長軌蹟的一部分，我們能夠負擔得起產能，並以一種對產能承購商和像格芯這樣必須創造產能的代工廠來說具有經濟意義的方式來做到這一點。

David, what would you add to that?

大衛，你會補充什麼？

Yes. Just a couple of things really specific to GF. I agree and echo all of Tom's comments. But specific to GF, you've seen some modest -- I would say, modest price improvement from sequentially Q1 to Q2, Q2 to Q3. As Tom mentioned in his script, capacity sequentially Q3 to Q4 goes up about 4%. But if you look at our revenue guide at the midpoint, we're guiding up about 7%; at the high end, about 8%; at the low end, about 6%. And so that implies that we're mixing up and ASP upping our business sequentially from Q3 to Q4.

是的。只有幾件事真正特定於 GF。我同意並回應湯姆的所有評論。但具體到 GF，你已經看到了一些適度的——我想說的是，從第一季度到第二季度，從第二季度到第三季度，價格都有適度的改善。正如湯姆在他的腳本中提到的那樣，第三季度到第四季度的產能依次增長了約 4%。但如果你看看我們的收入指南在中點，我們指導了大約 7%；在高端，約 8%；在低端，約 6%。因此，這意味著我們正在混合和 ASP 從第三季度到第四季度依次增加我們的業務。

And so I think when I look out into time, I look at these LTAs, I look at the duration on the LTAs probably centered up around 4 years for us. I look at the pricing in those LTAs, which is really pretty flat. So kind of step function up and then pretty flat as those LTAs ramp kind of throughout 2022 and even parts of 2023. This looks like a long-term trend to me, and that's speaking specific to the data that I gave you.

所以我認為，當我展望時間時，我會看看這些長期協議，我看看長期協議的持續時間可能對我們來說集中在 4 年左右。我看看那些長期協議的定價，這真的很平。隨著那些長期協議在整個 2022 年甚至 2023 年的部分時間裡逐漸增加，這種階梯函數逐漸上升，然後相當平緩。這對我來說似乎是一個長期趨勢，這就是我給你的數據所特有的。

Got it. Helpful. As a follow-up, if you can make some commentary on CapEx, where it is now and where it's been going. It looks like it's obviously up a lot year-on-year. From my numbers, it looks like it's actually down a bit sequentially. You talk about where CapEx needs to run over the next couple of quarters in order to hit your customer shipment goals and maybe speak generally about the availability of equipment, is the availability of equipment adequate to be able to support the ramp that you need to execute on?

知道了。有幫助。作為後續行動，如果您可以對資本支出發表一些評論，它現在在哪里以及它的去向。看起來它顯然比去年同期增長了很多。從我的數字來看，它看起來實際上是按順序下降的。您談到了在接下來的幾個季度中資本支出需要在哪裡運行才能達到您的客戶出貨目標，並且可能會一般性地談論設備的可用性，設備的可用性是否足以支持您需要執行的坡道上？

Sure. So if you recall from the road show, we were talking about our CapEx over '21 and '22 roughly being about $2 billion in 2021, roughly $4.5 billion in 2022, again, all supported by those LTAs that we've talked a bit about on this phone call. For 2021, we'll probably come in closer to about $1.9 billion, plus or minus $100 million or so, depending on what comes in between now and the end of the month from an equipment perspective. And then we're still looking good to roughly that $4.5 billion number for 2022.

當然。因此，如果您從路演中回想一下，我們談論的是 21 年和 22 年的資本支出，到 2021 年大約為 20 億美元，到 2022 年大約為 45 億美元，這一切都得到了我們已經談到的那些長期協議的支持在這個電話上。到 2021 年，我們可能會接近 19 億美元左右，上下浮動 1 億美元左右，這取決於從設備角度來看從現在到月底之間的情況。然後我們仍然看好 2022 年大約 45 億美元的數字。

So from a CapEx perspective, I would say we're largely on plan to what we spoke about in the road show. And so no real meaningful changes there with respect to CapEx.

因此，從資本支出的角度來看，我想說我們在很大程度上按照我們在路演中談到的內容進行了計劃。因此，在資本支出方面沒有真正有意義的變化。

Tom, anything to add?

湯姆，有什麼要補充的嗎？

No, I'd add 2 things. One, our long-term model is after we get through this essentially acceleration of capacity to meet our customers' needs in their partnership, we'll get to that 20% of revenue in time. And then there was a little bit of a question on do we have the access to the equipment. When we started the -- our expansion in our plans, it was late Q4 of 2020, early Q1 of 2021. A little bit ahead of the kind of the acceleration of all the equipment needs. So the combination of we were early into block our slots with our equipment suppliers in this rapid expansion the whole industry is doing as well as prudent planning of when those tools would come online, it gives us the confidence that when we look forward in how we're managing our business, we won't be gated by equipment deliveries.

不，我會添加兩件事。第一，我們的長期模式是，在我們通過這種本質上的產能加速來滿足客戶在他們的合作夥伴關係中的需求之後，我們將及時獲得 20% 的收入。然後有一點關於我們是否可以使用設備的問題。當我們開始我們的計劃擴展時，是在 2020 年第四季度末、2021 年第一季度初。比所有設備需求的加速提前了一點。因此，在整個行業正在進行的快速擴張中，我們很早就與我們的設備供應商合作，以及對這些工具何時上線的審慎規劃，這讓我們有信心，當我們展望我們如何'正在管理我們的業務，我們不會受到設備交付的限制。

Our next question comes from Tristan Gerra of Baird.

我們的下一個問題來自 Baird 的 Tristan Gerra。

Congratulations on going public. A question about your end market mix longer term. I think you've mentioned in the past that smartphones and IoT are pretty much in line with corporate average gross margin, and the rest is higher margin. You've talked about the contribution of depreciation in ASPs and gross margin. Longer term, when do mix shift within your end markets and notably the higher-margin infrastructure, automotive start really contributing to your gross margin? And also, where could we see automotive as a percent of revenue in a few years from now from the 6% that you're exposed to today?

恭喜上市。關於您的長期終端市場組合的問題。我認為您過去曾提到，智能手機和物聯網幾乎與企業平均毛利率一致，其餘的是更高的毛利率。您談到了折舊對 ASP 和毛利率的貢獻。從長遠來看，您的終端市場，尤其是利潤率較高的基礎設施，汽車何時開始真正為您的毛利率做出貢獻？而且，從現在你所接觸的 6% 來看，從現在開始的幾年內，我們可以從哪裡看到汽車佔收入的百分比？

David?

大衛？

Yes. So what we've spoken about is that our end market mix longer term, our personal computing segment will become a smaller part of our business as a percentage of total revenue going forward. I think you're starting to see some of that on a sequential basis, and you're certainly seeing some of that on a year-over-year basis. So that's a trend that we expect to continue over time as we start to reach our longer-term model, let's call it, the 2025-ish time frame.

是的。因此，我們所說的是，從長遠來看，我們的終端市場組合將成為我們業務的一小部分，佔未來總收入的百分比。我認為您開始按順序看到其中的一些，而且您肯定會逐年看到其中的一些。因此，隨著我們開始達到我們的長期模型（我們稱之為 2025 年的時間框架），我們預計隨著時間的推移，這種趨勢會持續下去。

Automotive, for us, you've seen grow in a very meaningful way this year off a very small base, granted, but we have some very nice design wins. You've seen some of those publicly announced in the marketplace. You've seen some of the partnerships that have also been announced. And so that's a segment for us. That could get to a level of, call it, 10% to 15% of business longer term. That's something that could grow for us in a really meaningful way.

汽車，對我們來說，你已經看到今年在一個非常小的基礎上以非常有意義的方式增長，當然，但我們有一些非常好的設計勝利。您已經看到了一些在市場上公開宣布的內容。您已經看到了一些已經宣布的合作夥伴關係。所以這對我們來說是一個細分市場。從長遠來看，這可能會達到業務的 10% 到 15% 的水平。這可以以一種非常有意義的方式為我們成長。

Comms, infrastructure and data center, home and industrial IoT and smart mobile devices, those are all areas where we have real franchises. So whether we're talking about our franchise in connectivity and SOI, whether you're talking about some of the things that we're able to do uniquely in power management, whether you're talking about longer-term silicon photonics or silicon germanium. Those are some areas where we have some real differentiation of the company, and those market segments will start to grow as those design wins are employed.

通訊、基礎設施和數據中心、家庭和工業物聯網以及智能移動設備，這些都是我們擁有真正特許經營權的領域。因此，無論我們是在談論我們在連接性和 SOI 方面的專營權，無論您是在談論我們在電源管理方面能夠做的一些獨特的事情，無論您是在談論長期矽光子學還是矽鍺.這些是我們對公司有一些真正差異化的一些領域，隨著這些設計勝利的採用，這些細分市場將開始增長。

Tom, anything you'd add?

湯姆，你有什麼要補充的嗎？

Yes. I'd add a little bit about what's really shifting in the industry. Maybe 10 years ago, the #1 criteria for a designer was digital performance, then power, then maybe connectivity. It's kind of flipped around now. Power is the #1 element to solve for, then connectivity and then there's plenty of digital compute. And I think that plays to our strength across these end markets.

是的。我想補充一點關於這個行業真正發生的變化。也許 10 年前，設計師的第一標準是數字性能，然後是功率，然後可能是連接性。現在有點顛倒了。功率是要解決的第一要素，然後是連接性，然後是大量的數字計算。我認為這對我們在這些終端市場上的優勢發揮了作用。

Now on PC, that's a little bit different. That's all about digital compute, and that's why that market kind of moves away from us, which is fine, because the markets we play in, in IoT and industrial business and automotive and the mobile handset, it's all about power management. And so that's really where I think our differentiation, our leadership as a company comes into play. Not to mention next generation of connectivity in the data center and our leadership, I call bleeding edge in silicon photonics, is where we're positioned.

現在在PC上，這有點不同。這都是關於數字計算的，這就是為什麼那個市場會遠離我們，這很好，因為我們所涉足的市場，物聯網和工業業務以及汽車和手機，都是關於電源管理的。這就是我認為我們的差異化，我們作為一家公司的領導力發揮作用的地方。更不用說數據中心的下一代連接和我們的領導地位，我稱之為矽光子學的前沿，是我們所處的位置。

Do you have a follow-up, Tristan?

你有後續嗎，特里斯坦？

Yes. For my follow-up, wanted to get a sense perhaps of your growth for the various nodes, whether we're looking at 12-nanometer and higher nodes or any areas that you see growing faster. And how does that compare with the industry average? Just trying to get a sense of your mix by node in terms of growth prospect.

是的。對於我的後續行動，可能想了解您在各種節點上的增長情況，無論我們是在關注 12 納米和更高的節點還是您認為增長更快的任何領域。與行業平均水平相比如何？只是試圖從增長前景的角度了解您的混合節點。

We don't think about our business that way, and we don't talk about the business that way. When we pivoted the company, it was about platforms that are enabled with markets and applications. There's a single device type in mind. For us, it's what are the features we're creating and what platform that make the most sense. And that's how we think about investments, that's what we think about driving our business, and that's what drives our top line growth in these markets. So we really don't have a view of that granularity, looking for in a node basis.

我們不會那樣思考我們的業務，我們也不會那樣談論業務。當我們改變公司時，它是關於支持市場和應用程序的平台。記住一種設備類型。對我們來說，這是我們正在創建的功能以及最有意義的平台。這就是我們對投資的看法，這就是我們對推動業務的看法，這就是推動我們在這些市場的收入增長的原因。所以我們真的沒有這個粒度的視圖，在一個節點的基礎上尋找。

David, anything you'd add to that?

大衛，你有什麼要補充的嗎？

No, that's absolutely right, Tom. And when I look at our sequential performance, what I see is -- I see feature-rich CMOS sequentially, let's call it, flat. It's actually slightly down, but I see good growth in FDX, good growth in RF SOI, good growth in SiGe. Even, I would say, very small numbers, but even a little bit of revenue in silicon photonics. And so I look at those areas, all areas where we have some real meaningful differentiation in the market, and I'm quite encouraged.

不，這完全正確，湯姆。當我查看我們的順序性能時，我看到的是 - 我看到功能豐富的 CMOS 順序，我們稱之為平坦。它實際上略有下降，但我看到 FDX 增長良好，RF SOI 增長良好，SiGe 增長良好。我會說，即使是非常小的數字，但矽光子學的收入甚至是一點點。所以我看看那些領域，我們在市場上有一些真正有意義的差異化的領域，我很受鼓舞。

Our next question comes from Krish Sankar of Cowen.

我們的下一個問題來自 Cowen 的 Krish Sankar。

(inaudible) calling on behalf of Krish. First off, I'd like to congratulate you guys as well on the strong results. Yes. The first question I had was related to your resin fab. And I guess, for the, I guess, the headroom there for driving much of the revenue growth in the coming quarters. So just curious, like can you provide any color on what the -- roughly what the utilization rates might be currently at Dresden? And also, for the new 22FDX process that was qualified for automotive platforms, is that just a new process that's being offered at that fab? Or is it like a new line that's been built out and, hence, might be driving a lot of the near-term revenues?

（聽不清）代表 Krish 打電話。首先，我也要祝賀你們取得了不錯的成績。是的。我的第一個問題與你們的樹脂工廠有關。而且我想，我想，在未來幾個季度推動大部分收入增長的空間。所以只是好奇，就像你能提供任何顏色 - 大致上德累斯頓目前的利用率可能是多少？此外，對於符合汽車平台條件的新 22FDX 工藝，這是否只是該工廠提供的一種新工藝？還是它就像一條已經建成的新生產線，因此可能會推動大量近期收入？

So David, why don't you talk about the Dresden build-out, and I'll talk about the 22FDX?

所以大衛，你為什麼不談談德累斯頓的擴建，我來談談 22FDX？

Sure. Look, you're right on highlighting Dresden, it's an important fab for us. They're all important fabs for us. But from a build-out perspective, it's a fab that has the ability and the capacity once fully tooled to be able to deliver about 850,000 wafers a year, and that's up from about 300,000 tooled wafers per year in 2020.

當然。看，你在強調德累斯頓是對的，這對我們來說是一個重要的工廠。它們對我們來說都是重要的晶圓廠。但從擴建的角度來看，它是一家擁有能力和產能的晶圓廠，一旦完全加工，每年能夠交付約 850,000 片晶圓，而這比 2020 年的每年約 300,000 片加工晶圓有所增加。

And so we are tooling Dresden, as you know, from the road show conversations. We're not quite doubling capacity on a year-over-year basis there but getting close. And so that's a factory that is continuing to bring tools in, get them installed, ramp them to production and ship product for our customers that are clamoring for it. And so we're quite pleased with how Dresden is performing.

如您所知，我們正在通過路演對話為德累斯頓提供工具。我們在那裡的產能並沒有比去年同期翻一番，但已經接近了。因此，這家工廠將繼續引進工具、安裝它們、將它們投入生產並為我們迫切需要它的客戶運送產品。所以我們對德累斯頓的表現非常滿意。

From a utilization perspective, I would say, at the enterprise level, we are above 100% utilization as an enterprise, as a GlobalFoundries entity. And I can say that's true for almost every factory, over 100% utilization right now.

從利用率的角度來看，我想說，在企業層面，作為一個企業，作為一個 GlobalFoundries 實體，我們的利用率超過了 100%。我可以說幾乎每家工廠都是如此，目前利用率超過 100%。

Tom, anything that you'd add?

湯姆，你有什麼要補充的嗎？

Yes, I'd add 2 things. One I'd add is, look, it makes sense as you're trying to add capacity as fast as possible. You add it where you already have the brick-and-mortar and a building that's facilitated but needs the equipment. And that's why we're able to ramp very quickly there, as you noted.

是的，我會添加兩件事。我要補充的是，看，這是有道理的，因為您正試圖盡快增加容量。您將它添加到您已經擁有實體和便利但需要設備的建築物的地方。正如您所指出的，這就是為什麼我們能夠在那裡快速發展的原因。

With regards to 22FDX, that is one of the key technologies that we've built in Dresden for our Fab 1 facility. So that's -- the real story about 22FDX is that was a homegrown technology, which is a great example of how we think about technology. We don't say, well, here's a node, what do we do with it? We started with application in mind. We said we wanted the lowest power technology possible. So that's why it's built on SOI technology. We first enabled it with back [pipes], so we can make the power even lower. Then we embedded RF and embedded memory to make it the platform of choice for any SoC that wanted to be connected, wanted the ultimate leadership technology in power per device -- minimalization of power per device.

關於 22FDX，這是我們在德累斯頓為 Fab 1 設施建造的關鍵技術之一。所以這就是——關於 22FDX 的真實故事是它是一種本土技術，這是我們如何看待技術的一個很好的例子。我們不說，好吧，這是一個節點，我們用它做什麼？我們從應用程序開始。我們說過我們想要盡可能低的功耗技術。這就是它建立在 SOI 技術之上的原因。我們首先使用 back [pipes] 啟用它，因此我們可以使功率更低。然後，我們嵌入了 RF 和嵌入式存儲器，使其成為任何想要連接的 SoC 的首選平台，想要在每台設備的功耗方面擁有終極領先技術——每台設備的功耗最小化。

That was a technology that was developed in Dresden, and we're building out in Dresden and that we're winning a lot of our connectivity business. And part of that expansion David talked about in Dresden is to enable that platform with capacity.

這是一項在德累斯頓開發的技術，我們正在德累斯頓進行建設，我們正在贏得很多連接業務。 David 在德累斯頓談到的擴展的一部分是使該平台具有容量。

Perfect, Tom. Just a real quick follow-up, Dave, on -- in terms of government incentives in Q3 and maybe any expectations for Q4. Like how much in terms of incentives and grants might have been embedded in COGS and OpEx?

完美，湯姆。就第三季度的政府激勵措施以及對第四季度的任何期望而言，戴夫只是一個真正的快速跟進。就像 COGS 和 OpEx 中可能包含多少激勵和贈款？

Very, very little in Q3. And so when we look out, the single largest area for us with government partnership right now is actually the Fab 7H in Singapore, which Tom referenced earlier. That is an area where, right now, we have an ongoing, very strong partnership with the Singaporean government to bring that economic development there to Singapore. But in terms of benefit from that relationship, very, very little. Nothing that's really material in Q3, but we do expect it to be more meaningful in the future.

第三季度非常非常少。因此，當我們放眼望去時，我們目前與政府合作的最大單一區域實際上是湯姆之前提到的新加坡 Fab 7H。這是一個領域，目前，我們與新加坡政府建立了持續的、非常強大的合作夥伴關係，以將那裡的經濟發展帶到新加坡。但就從這種關係中獲益而言，非常非常少。第三季度沒有什麼真正重要的東西，但我們確實希望它在未來更有意義。

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

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

Congratulations on a strong quarter out of the gate. So that's great to see. A couple of questions, if I may. The first question on the $500 million increase in customer prepayments access fees since the road show, it's about a 20% increase, can you maybe elaborate further on what you're seeing there in terms of customers paying you upfront to get access to capacity? What's been -- what has changed over the last 6 weeks? Any details there?

祝賀一個強大的季度走出大門。所以很高興看到。有幾個問題，如果可以的話。第一個問題是自路演以來客戶預付款訪問費增加了 5 億美元，大約增加了 20%，您能否進一步詳細說明您在客戶預付費用以獲得容量方面所看到的情況？過去 6 週發生了什麼變化？那裡有詳細信息嗎？

And just for my follow-up, the capacity increases that you saw this quarter and you're talking about another 4% in going into Q4, coupled with a 3% increase in ASPs, how do we think about the split between capacity expansion versus ASP growth when we're looking at calendar '22? Any kind of flavor there, directionally, data would be helpful.

就我的跟進而言，您在本季度看到的產能增加，您說的是進入第四季度再增加 4%，加上平均售價增加 3%，我們如何看待產能擴張與產能擴張之間的差距當我們查看日曆 '22 時的 ASP 增長？那裡的任何風味，定向，數據都會有所幫助。

Sure. So let me take those, and then Tom, I'll throw it over to you and see if you have anything to add. So look, what's changed in the last 6 weeks, really, we just continue to execute. We've been engaged with customers, well, given the size and the scope of our single-source business for a long time, as you know. And as we've continued to work those LTAs, that queue of LTAs, we have customers that are willing to put their balance sheet to work and provide prepayments and access fees for us to bring online and commit capacity to them, both today as well as in the future.

當然。所以讓我拿走那些，然後湯姆，我會把它交給你，看看你是否有什麼要補充的。所以看，過去 6 週發生了什麼變化，真的，我們只是繼續執行。如您所知，長期以來，鑑於我們單一來源業務的規模和範圍，我們一直在與客戶進行接觸。隨著我們繼續處理這些長期協議、長期協議隊列，我們的客戶願意讓他們的資產負債表發揮作用，並為我們提供預付款和訪問費，以便我們在今天也為他們帶來在線和承諾容量就像在未來一樣。

Remember, we are capacity constrained right now. And so new agreements that we're signing, they're really signing up for new capacity that will come online in the future. So that's the future capacity that we're adding specific for those customers.

請記住，我們現在的能力有限。所以我們正在簽署的新協議，他們真的在簽署未來將上線的新容量。這就是我們為這些客戶增加的未來容量。

So in terms of what changed, I'd just say we're continuing to execute. We're working down the queue of engagements with customers, working with them in close partnership to bring them the product that they need.

因此，就變化而言，我只想說我們將繼續執行。我們正在與客戶接洽，與他們密切合作，為他們帶來他們需要的產品。

Yes. And I would just add, David, that the time frame from the time you begin to carve out the nonbinding MOU to creating a definitive agreement is roughly 2 to 3 months, almost a quarter. And so what you're seeing that took place since the last quarter is the signing of LTAs that are already well along in closing the final Ts and Cs.

是的。我只想補充一點，大衛，從您開始製定不具約束力的諒解備忘錄到製定最終協議的時間框架大約是 2 到 3 個月，幾乎是四分之一。因此，您所看到的自上個季度以來發生的事情是簽署了 LTA，這些 LTA 已經在結束最終的 Ts 和 Cs 方面進展順利。

And then -- and look, in terms of your question about 2022, I'll defer the question about the split between volume, mix and ASP for 2022 until maybe a conversation in February. But I think what you're seeing on a sequential basis where I mentioned earlier that capacity is growing about 4% sequentially. But yet, we're guiding at the midpoint up about 7% sequentially. I think if you're looking to model something, you can maybe take some of those recent proof points and expand those out into the future if you're looking for guidance.

然後 - 看，就你關於 2022 年的問題而言，我將把關於 2022 年銷量、混合和 ASP 之間劃分的問題推遲到 2 月份的對話。但我認為你所看到的順序是我之前提到的容量連續增長約 4%。但是，我們在中點指導連續上漲約 7%。我認為，如果您想對某些東西進行建模，那麼如果您正在尋找指導，您也許可以獲取一些最近的證明點並將其擴展到未來。

Our next question comes from Mehdi Hosseini of SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

A couple of follow-ups. Did I hear you correct that all your facilities are currently running at full utilization rate?

幾個後續。我是否聽到您說您的所有設施目前都在滿負荷運行？

So let me be very clear on that. Our facilities for what its tools for today are running white-hot. They're making as many wafers as possible. Our customers are counting on us to do that. The capacity, every day changes as we add more tools, right, to create more capacity. And as soon as that tool -- those tools are qualified and able to make more wafers, we will. So utilization, for all intents and purposes, is 100-plus percent, and we see that remaining for quite some time.

所以讓我非常清楚這一點。我們今天所使用的工具的設施正在白熱化。他們正在製造盡可能多的晶圓。我們的客戶指望我們做到這一點。隨著我們添加更多工具，容量每天都在變化，對，創造更多容量。只要那個工具——這些工具是合格的並且能夠製造更多的晶圓，我們就會這樣做。因此，就所有意圖和目的而言，利用率都是 100% 以上，我們看到這一比例還會持續相當長的一段時間。

Okay. And then in terms of your technology platforms comparing like SOI to CMOS and FinFET, is there a big margin difference? Should we think about the mix also has an impact to your gross and operating margin profile?

好的。然後就您的技術平台而言，將 SOI 與 CMOS 和 FinFET 進行比較，是否存在很大的差距？我們是否應該考慮這種組合也會對您的毛利率和營業利潤率產生影響？

David, why don't you start, and I'll add a little color?

大衛，你為什麼不開始，我會添加一點顏色？

Yes. Look, I think you could look across any of our technology platforms, and you could find products that have higher margins and lower margins. So whether you're looking at SOI with RF SOI and FDX, whether you're looking at feature-rich CMOS, FinFET, SiGe, silicon photonics, I think the real question is how differentiated is that the product that, that customer is engaging with GF, how differentiated is that product, and the margin structure tends to follow.

是的。看，我認為你可以瀏覽我們的任何技術平台，你會發現利潤率更高和利潤率更低的產品。因此，無論您是查看 SOI 與 RF SOI 和 FDX，還是查看功能豐富的 CMOS、FinFET、SiGe、矽光子學，我認為真正的問題是，該客戶所參與的產品的差異化程度如何與GF，產品的差異化程度如何，利潤率結構趨於遵循。

Tom, would you add anything?

湯姆，你會加點什麼嗎？

Yes. And again, a little bit, think of it this way. Every one of these platforms have a number of different features. If a solution is only using one feature, there's a different ASP associated with that than if they kind of leverage the RF connectivity, they're going to put embedded memory. It adds complexity, but they have value that our customers need that they get rewarded for and we get rewarded for.

是的。再一次，一點點，這樣想。這些平台中的每一個都有許多不同的功能。如果一個解決方案只使用一個功能，那麼與它相關的 ASP 與他們利用 RF 連接性不同，他們將使用嵌入式存儲器。它增加了複雜性，但它們具有我們的客戶需要的價值，他們因此而獲得回報，我們也因此而獲得回報。

So I think of it more feature-rich, the solution we sell independent of the platform at time. The more differentiated it is, the more we create value for our customers for them to capture, for us to capture.

所以我認為它功能更豐富，我們銷售的解決方案有時獨立於平台。越是差異化，我們為客戶創造的價值就越多，讓他們去捕捉，讓我們去捕捉。

All right. I just want to better understand because I'm under assumption that like with SOI, the wafer or raw material cost is much higher than FinFET, but you're able to get the premium on wafer ASP that would make it competitive with other platforms. That's what I was trying to better understand.

好的。我只是想更好地理解，因為我假設與 SOI 一樣，晶圓或原材料成本遠高於 FinFET，但您可以獲得晶圓 ASP 的溢價，使其與其他平台競爭。這就是我試圖更好地理解的。

Yes. Look, no one is going to pay for an extra cost substrate if it doesn't come with the value that's required to do the application. So it gets factored into the differentiation and the value we create using that specialty substrate.

是的。看，如果基材不具備應用所需的價值，沒有人會為額外成本的基材付費。因此，它被納入我們使用該特種基材創造的差異化和價值中。

Got it.

知道了。

Do you have a follow-up, Mehdi?

你有後續嗎，邁赫迪？

Yes. And then just for purpose of modeling, as I'm under the assumption that with these long-term agreements, there's a large proportion of those agreements that are coming in earlier during that 2- to 4-year period. Should I also assume that your OpEx growth should be moderate? So therefore, your operating margin expansion is pretty much driven by top line growth and the margin improvement that comes with better fixed cost absorption?

是的。然後僅出於建模的目的，因為我假設通過這些長期協議，這些協議中有很大一部分是在 2 到 4 年期間較早達成的。我是否還應該假設您的 OpEx 增長應該是適度的？因此，您的營業利潤率擴張在很大程度上是由收入增長和更好的固定成本吸收帶來的利潤率提高推動的？

That's right. If you recall, our long-term financial model, we've got revenue growth about 8% to 12%, gross margin at 40%, operating income margin, about 25%, which that implies then that OpEx is about 15%. And I think if you look at OpEx today, you'll see it's kind of rough and top around that level. And so that's something that we expect that to be relatively flat and to scale maybe modestly with revenue but certainly less than the rest of the group.

這是正確的。如果您還記得我們的長期財務模型，我們的收入增長約為 8% 至 12%，毛利率為 40%，營業利潤率約為 25%，這意味著運營支出約為 15%。而且我認為，如果您今天查看 OpEx，您會發現它在該級別附近有點粗糙和頂級。因此，我們預計這將是相對平穩的，並且可能隨著收入適度擴大規模，但肯定低於該集團的其他成員。

At this time, I'd like to turn the call back over to Sukhi Nagesh for closing remarks.

在這個時候，我想把電話轉回給 Sukhi Nagesh 來結束髮言。

All right. Great. Thank you, Latif. Well, thank you, everyone, for joining us on our Q3 2021 earnings call. We look forward to meeting with many of you over the course of the quarter. And if you have any follow-ups, please feel free to reach out to us. Thank you.

好的。偉大的。謝謝你，拉蒂夫。好吧，謝謝大家加入我們的 2021 年第三季度財報電話會議。我們期待在本季度與你們中的許多人會面。如果您有任何後續行動，請隨時與我們聯繫。謝謝你。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。