高塔半導體 (TSEM) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Tower Semiconductor Third Quarter 2021 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded November 8, 2021. Joining us today are Mr. Russell Ellwanger, Tower's CEO; and Mr. Oren Shirazi, CFO.

女士們，先生們，謝謝你們的支持。歡迎參加 Tower Semiconductor 2021 年第三季度業績電話會議。 （操作員說明）提醒一下，本次會議將於 2021 年 11 月 8 日錄製。今天加入我們的是 Tower 首席執行官 Russell Ellwanger 先生；和首席財務官 Oren Shirazi 先生。

I would now like to turn the conference over to Ms. Noit Levy, Senior Vice President of Investor Relations and Corporate Communications. Ms. Levy, please go ahead.

我現在想將會議轉交給投資者關係和企業傳播高級副總裁 Noit Levy 女士。利維女士，請繼續。

Thank you, and welcome to Tower Semiconductor Financial Results Conference Call for the Third Quarter of 2021. Before we begin, I would like to remind you that some statements made during this call may be forward looking and are subject to uncertainties and risk factors that could cause actual results to be different from those currently expected. These uncertainties and risk factors are fully disclosed in our Forms 20-F, F-4, F-3 and 6-K filed with the Securities and Exchange Commission as well as filings with the Israeli Securities Authority. They are also available on our website. Tower assumes no obligation to update any such forward-looking statements.

謝謝大家，歡迎參加 Tower Semiconductor 2021 年第三季度財務業績電話會議。在我們開始之前，我想提醒您，本次電話會議中的一些陳述可能是前瞻性的，並且可能受到不確定性和風險因素的影響導致實際結果與當前預期的結果不同。這些不確定性和風險因素在我們提交給證券交易委員會的表格 20-F、F-4、F-3 和 6-K 以及提交給以色列證券管理局的文件中得到了充分披露。它們也可以在我們的網站上找到。 Tower 不承擔更新任何此類前瞻性陳述的義務。

Please note that the third quarter of 2021 financial results have been prepared in accordance with U.S. GAAP. The financial tables and data in today's earning release and in this earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirement as established with the Securities and Exchange Commission. The financial tables include a full explanation of these measures and the reconciliation of these non-GAAP measures to the GAAP financial measures.

請注意，2021 年第三季度的財務業績是根據美國公認會計原則編制的。今天的收益發布和本次收益電話會議中的財務表格和數據還包括某些調整後的財務信息，這些信息可能被視為 G 條例下的非公認會計原則財務措施以及與證券交易委員會制定的相關報告要求。財務表包括對這些措施的完整解釋以及這些非公認會計原則措施與公認會計原則財務措施的對賬。

Now I'd like to turn the call to our CEO, Mr. Russell Ellwanger. Russell, please go ahead.

現在我想把電話轉給我們的首席執行官 Russell Ellwanger 先生。拉塞爾，請繼續。

Thank you, Noit. Welcome, everyone. Thank you for joining our call. Our revenue for the third quarter of the year was $387 million, a sequential revenue record for Tower, which represented 25% quarterly year-over-year total and 40% year-over-year organic growth. In the order of revenue dollars, the technology that drove the 40% organic growth was, firstly, RF CMOS at about 75%, predominantly driven by RFSOI. Second was sensors at about 65% Q3 versus Q3 '20 with industrial sensors as the major contributor. The third significant contributor was power IC at about 50% year-over-year organic increase.

謝謝你，諾特。歡迎大家。感謝您加入我們的電話。我們今年第三季度的收入為 3.87 億美元，創下了 Tower 的連續收入記錄，這代表了 25% 的季度同比總額和 40% 的同比有機增長。按照收入美元的順序，推動 40% 有機增長的技術首先是 RF CMOS，約佔 75%，主要由 RFSOI 推動。其次是傳感器在第三季度與 20 年第三季度相比約為 65%，工業傳感器是主要貢獻者。第三個重要貢獻者是功率 IC，同比有機增長約 50%。

We guide the fourth quarter of the year to continue to grow to a mid-range guidance of $410 million, representing quarterly year-over-year 19% total growth and 26% organic growth which, according to mid-range guidance, will yield an annual revenue of $1.506 billion for 2021, which would be a 19% total and 28% organic full year growth against the $1.266 billion for 2020.

我們指導今年第四季度繼續增長至 4.1 億美元的中檔指導，代表季度同比總增長 19% 和 26% 的有機增長，根據中檔指導，這將產生2021 年的年收入為 15.06 億美元，與 2020 年的 12.66 億美元相比，全年總收入增長 19%，有機增長 28%。

Looking into our specific businesses. During the third quarter, our RF mobile business was 26% of our revenues and is expected to continue to grow in the fourth quarter and into 2022. Growth is driven by market share increases, accelerated by increased RF content in 5G handsets. As 5G requires the most advanced technology which we provide a higher value, this change in mix drives increases in margins. Demand is very strong in both 200 millimeter and 300 millimeter, providing returns on capacity investments to date and giving confidence on the return for our present and planned investments.

調查我們的具體業務。在第三季度，我們的射頻移動業務占我們收入的 26%，預計將在第四季度和 2022 年繼續增長。增長是由市場份額的增長推動的，而 5G 手機中射頻內容的增加則加速了增長。由於 5G 需要我們提供更高價值的最先進技術，這種組合變化推動了利潤率的提高。 200 毫米和 300 毫米的需求都非常強勁，這為迄今為止的產能投資提供了回報，並為我們目前和計劃中的投資帶來了回報。

The RF infrastructure business, serving telecom and datacom end markets with our industry-leading silicon germanium and silicon photonics technology, was about 13% of our corporate revenues. During Q3, we witnessed the first significant revenue ramp of our silicon photonics flows. This is the highest margin we serve and we expect it to be a meaningful contribution to our bottom line in 2022.

射頻基礎設施業務以我們行業領先的矽鍺和矽光子技術服務於電信和數據通信終端市場，約占我們公司收入的 13%。在第三季度，我們見證了我們的矽光子流的首次顯著收入增長。這是我們服務的最高利潤率，我們預計它將對我們在 2022 年的利潤做出有意義的貢獻。

This quarter, we announced next-generation silicon photonics process flow, which will include lasers and potentially other [35] components fully integrated into our high-volume silicon process. This can more than double our revenue potential in this market with the laser being the most valuable single component in an optical communication system.

本季度，我們宣布了下一代矽光子工藝流程，其中將包括完全集成到我們的大批量矽工藝中的激光器和可能的其他 [35] 組件。這可以使我們在這個市場上的收入潛力增加一倍以上，因為激光器是光通信系統中最有價值的單個組件。

Last week, we announced a partnership with Anello Photonics to productize a new low-loss waveguide technology, both through Anello's own products, which include precision gyroscopes using silicon photonics to replace optical fiber coils as well as in a new foundry offering for a wide scope of applications in automotive LiDAR, biosensing and quantum computing.

上週，我們宣布與 Anello Photonics 建立合作夥伴關係，以生產一種新的低損耗波導技術，既通過 Anello 自己的產品，包括使用矽光子代替光纖線圈的精密陀螺儀，也通過新的代工廠產品提供廣泛的範圍在汽車激光雷達、生物傳感和量子計算方面的應用。

Our power IC business was 16% of our total revenues, with strength in automotive, industrial and consumer segments. We continue our strong position in automotive battery management area, additionally having now signed a long-term capacity agreement with a market leader. Automotive battery management is expected to significantly outpace the overall power IC market due to the worldwide push for electrification of the vehicle.

我們的電源 IC 業務佔總收入的 16%，在汽車、工業和消費領域具有優勢。我們繼續在汽車電池管理領域保持強勢地位，此外現在還與市場領導者簽署了長期產能協議。由於全球都在推動汽車電氣化，汽車電池管理預計將大大超過整個電源 IC 市場。

Beyond this market, we are gaining overall market share through technology leadership in what is the largest portion of the overall analog market. Our power discrete was 16% of our revenues. Like power ICs, growth is broad-based, but led by automotive applications. As discussed last quarter, we anticipate the power discrete business to level off, while we focus our CapEx expansion on other higher-margin segments.

除了這個市場之外，我們還通過在整個模擬市場中最大部分的技術領先地位獲得整體市場份額。我們的分立電源占我們收入的 16%。與電源 IC 一樣，增長基礎廣泛，但由汽車應用引領。正如上個季度所討論的，我們預計電力離散業務將趨於平穩，同時我們將資本支出擴展重點放在其他利潤率更高的領域。

Our imaging business represented more than 15% of our revenues. We continue to see very strong demand in the industrial and machine vision market as well as the medical and dental x-ray markets. Our customers in these areas are highly interested in securing capacity for the coming years, seeing long-term market demand. Regarding display, we continue in a substantial partnership for the development of backplane micro OLEDs, mainly for the VR display market, a very fast-growing market.

我們的影像業務占我們收入的 15% 以上。我們繼續看到工業和機器視覺市場以及醫療和牙科 X 射線市場的需求非常強勁。我們在這些領域的客戶對確保未來幾年的產能非常感興趣，因為他們看到了長期的市場需求。在顯示方面，我們繼續在背板微型 OLED 的開發方面建立實質性的合作夥伴關係，主要針對 VR 顯示市場，這是一個增長非常快的市場。

The automotive portion of our business represented 12% of our corporate revenues this past quarter, supported by most all of our technology flows. We have been a dependable supplier to the automotive market for many years with our industry-leading offerings in imaging and sensing, wireless and wireline communications, mixed signal and power management. We are not only continuing to invest in new capacity and technology road maps, but are also enabling innovative technologies, such as solid-state LiDARs based on our silicon photonics open platform.

在上個季度，我們業務的汽車部分占我們公司收入的 12%，得到了我們大部分技術流的支持。多年來，我們一直是汽車市場的可靠供應商，我們在成像和傳感、無線和有線通信、混合信號和電源管理方面提供行業領先的產品。我們不僅繼續投資於新的產能和技術路線圖，而且還在啟用創新技術，例如基於我們的矽光子學開放平台的固態激光雷達。

We recently partnered with the University of Southern California to announce a breakthrough development in LiDAR IC technology designed for advanced driver assistance system and, ultimately, self-driving cars. And as stated, we recently signed a long-term capacity agreement with a market leader in battery management solutions, ensuring a growing position serving this megatrend of vehicle electrification.

我們最近與南加州大學合作，宣布了激光雷達 IC 技術的突破性發展，該技術專為高級駕駛輔助系統以及最終的自動駕駛汽車而設計。如前所述，我們最近與電池管理解決方案的市場領導者簽署了一項長期產能協議，確保在汽車電氣化這一大趨勢中處於不斷增長的地位。

Moving to utilization. The following are the third quarter foundry layers, all numbers give an 8-inch equivalents. As well, there is a full table of all numbers in our Q3 financial highlights presentation that will be available on our website at the end of this call. For 150 millimeter, 455,000 layers were processed, up 55% as compared to Q3 2020, and up slightly from the previous quarter. For 200 millimeter, 6,197,000 layers were processed, up 28% as compared to Q3 2020, and up 5% as compared to the previous quarter. For 300 millimeter, 1,539,000 layers were processed, up 57% year-over-year, and up 10% as compared to the previous quarter.

轉向利用。以下是第三季度的代工層數，所有數字均為 8 英寸等效值。此外，我們的第三季度財務摘要演示文稿中的所有數字的完整表格將在本次電話會議結束時在我們的網站上提供。對於 150 毫米，加工了 455,000 層，與 2020 年第三季度相比增長 55%，比上一季度略有增長。對於 200 毫米，加工了 6,197,000 層，與 2020 年第三季度相比增長 28%，與上一季度相比增長 5%。對於 300 毫米，加工了 1,539,000 層，同比增長 57%，與上一季度相比增長 10%。

We will now give more color on the revenue and margin impacts of our capacity growth, including the impact of investments in certain capability tools to enable a richer shipment volume mix. As stated, the Q4 2021 mid-range guidance represents a 26% year-over-year organic growth. We've created this growth through 3 vectors: firstly, 50% of this is pure capacity increase; secondly, 25% of the revenue increase is from a richer mix, meaning higher value, higher ASP shipment mix; thirdly, 25% is by ASP increases of existing products, which customers participated in predominantly to secure a longer-term committed capacity. All of the above contributes to strong increases in top line revenues and margins, targeting to be above 15% net profit margin in 2022.

現在，我們將對產能增長對收入和利潤率的影響進行更多說明，包括投資某些能力工具以實現更豐富的出貨量組合的影響。如前所述，2021 年第四季度的中檔指引代表了 26% 的同比有機增長。我們通過 3 個向量創造了這種增長：首先，其中 50% 是純容量增長；其次，25% 的收入增長來自更豐富的組合，意味著更高的價值、更高的 ASP 出貨組合；第三，25% 是由於現有產品的平均售價增加，客戶主要參與其中以確保長期承諾的產能。以上所有因素都有助於收入和利潤率的強勁增長，目標是在 2022 年實現 15% 以上的淨利潤率。

In 2021, our organic growth resulted -- or will result in a Q4 2021 annualized organic revenue of $1.27 billion, slightly more than the 2020 total revenue. This $1.27 billion of revenue excludes the circa $400 million of Panasonic now Nuvoton and San Antonio Maxim long-term contracts that were part of the 2020 revenue. Including those long-term contracts, we end 2021 with mid-range fourth quarter revenue guidance, representing a $1.64 billion annualized revenue.

2021 年，我們的有機增長導致或將導致 2021 年第四季度的年化有機收入為 12.7 億美元，略高於 2020 年的總收入。這 12.7 億美元的收入不包括作為 2020 年收入一部分的松下現在 Nuvoton 和 San Antonio Maxim 的約 4 億美元長期合同。包括這些長期合同，我們在 2021 年結束時的第四季度收入指引為中檔，年化收入為 16.4 億美元。

Longer term, our CapEx initiatives, which will experience full ramp in 2023 and with the addition of the initial 2023 revenue ramp of the Agrate factory should allow greater than 30% organic growth on top of the present 26% organic growth guided for the fourth quarter of 2021. From that point, revenue and margins should continue to increase as the Agrate fab continues to ramp through to 2026. Such capacity increases are fully spoken for by customers.

從長遠來看，我們的資本支出計劃將在 2023 年全面增長，加上 Agrate 工廠 2023 年的初始收入增長，應該會在目前第四季度的 26% 有機增長的基礎上實現 30% 以上的有機增長到 2021 年。從那時起，隨著 Agrate 晶圓廠繼續擴建到 2026 年，收入和利潤率應該會繼續增加。這種產能增加得到了客戶的充分肯定。

With that, I'd like to turn the call to our CFO, Mr. Shirazi. Oren, please.

有了這個，我想把電話轉給我們的首席財務官 Shirazi 先生。奧倫，請。

Hi, everyone. We released our quarterly results today presenting an additional record revenue, reflecting 25% year-over-year total revenue increase for the third quarter of 2021 or 40% organic increase and resulting in significant increases in our gross operating and net profit margins as well as in cash flow from operating activities. The revenue and margins increases are driven by the significant customer demand we continue to see in mostly all of our fabs.

大家好。我們今天發布了季度業績，收入再創紀錄，反映了 2021 年第三季度總收入同比增長 25% 或有機增長 40%，並導致我們的總營業利潤率和淨利潤率以及經營活動產生的現金流量。收入和利潤率的增長是由我們在大多數晶圓廠中繼續看到的巨大客戶需求推動的。

We are executing the $250 million capacity and capability CapEx expansion plans in our existing fabs, as announced in previous quarters, and the ramp up of the Agrate 12-inch factory being established in Italy. I will start my review by analyzing the P&L highlights, and then discuss our balance sheet and cash flow financial statement.

正如前幾個季度宣布的那樣，我們正在我們現有的晶圓廠執行 2.5 億美元的產能和能力資本支出擴張計劃，以及正在意大利建立的 Agrate 12 英寸工廠的擴建。我將從分析損益表重點開始我的審查，然後討論我們的資產負債表和現金流量財務報表。

Revenue for the third quarter of 2021 was $387 million, $76 million higher year-over-year, reflecting a 25% total revenue increase and 40% organic increase. Organic revenues are defined as total revenue, excluding revenue from Nuvoton in our Japan fab and revenue for Maxim in our San Antonio fab.

2021 年第三季度的收入為 3.87 億美元，同比增長 7600 萬美元，反映出總收入增長 25% 和有機增長 40%。有機收入被定義為總收入，不包括來自我們日本工廠的 Nuvoton 的收入和我們在聖安東尼奧工廠的 Maxim 的收入。

Gross and operating profit for the third quarter were $85 million and $44 million, respectively. This gross profit is 60% higher year-over-year and 16% higher quarter-over-quarter. And this operating profit is 131% higher year-over-year and 30% higher quarter-over-quarter.

第三季度的毛利潤和營業利潤分別為 8500 萬美元和 4400 萬美元。毛利潤同比增長 60%，環比增長 16%。這一營業利潤同比增長 131%，環比增長 30%。

Net profit for this quarter was $39 million or $0.36 basic and diluted earnings per share. And adjusted net profit was $45 million, resulting in adjusted basic and diluted earnings per share of $0.42 and $0.41, respectively, as reconciled in today's press release tables. This net profit is 157% higher year-over-year and 27% higher quarter-over-quarter.

本季度淨利潤為 3900 萬美元，即每股基本和稀釋收益 0.36 美元。調整後的淨利潤為 4500 萬美元，調整後的基本每股收益和稀釋後每股收益分別為 0.42 美元和 0.41 美元，如今天的新聞稿所示。該淨利潤同比增長 157%，環比增長 27%。

Comparing to the second quarter of 2021, the $25 million higher revenue in the past quarter resulted in $12 million higher gross profit, reflecting 47% incremental gross profit margin, $8 million higher net profit, reflecting 33% incremental net profit margin and $14 million higher EBITDA, reflecting 58% incremental EBITDA margin.

與 2021 年第二季度相比，上一季度收入增加 2500 萬美元導致毛利潤增加 1200 萬美元，毛利率增加 47%，淨利潤增加 800 萬美元，淨利潤增加 33%，毛利率增加 1400 萬美元EBITDA，反映了 58% 的 EBITDA 利潤率增量。

Moving to our cash flow report and forecast. During this past quarter, we achieved a record cash flow from operations at a level of $107 million. We invested $88 million in fixed assets, mainly for manufacturing equipment, and we repaid $29 million of our debt, mainly a principal payment towards bond Series G issued in 2016.

轉到我們的現金流量報告和預測。在過去的這個季度，我們的運營現金流達到了創紀錄的 1.07 億美元。我們在固定資產上投資了 8800 萬美元，主要用於製造設備，我們償還了 2900 萬美元的債務，主要是對 2016 年發行的 G 系列債券的本金支付。

As we announced in our February 2021 and August 2021 quarterly financial press releases, this year, we ordered a significant amount of equipment tools to increase our capacity and capabilities in our existing 12-inch and 8-inch fabs in order to satisfy our customer demand. These equipment tools were mainly directed to fab 2 in Israel, fabs 3 and 9 in the U.S. as well as fabs 5 and 7 in Japan. The total amount of such approved and issued purchase orders was $250 million as announced, which are payable between mid-2021 and the end of 2022. In addition, we forecast that we will make CapEx payments for equipment tools for the newly built 12-inch Agrate factory in an amount of $160 million in 2022 and an additional $240 million in 2023.

正如我們在 2021 年 2 月和 2021 年 8 月的季度財務新聞稿中宣布的那樣，今年，我們訂購了大量設備工具，以提高我們現有 12 英寸和 8 英寸晶圓廠的產能和能力，以滿足我們的客戶需求.這些設備工具主要針對以色列的 2 號晶圓廠、美國的 3 號和 9 號晶圓廠以及日本的 5 號和 7 號晶圓廠。已公佈的此類已批准和發出的採購訂單總額為 2.5 億美元，將於 2021 年年中至 2022 年底期間支付。此外，我們預計我們將為新建 12 英寸的設備工具支付資本支出在 2022 年投資 1.6 億美元，在 2023 年追加 2.4 億美元。

Looking at the balance sheet. We demonstrated, again, a strong and stable financial position. Few points to note. Shareholders' equity reached a record of $1.56 billion as of the end of the quarter. Current assets ratio, defined as current assets divided by short-term liability, strong at a value of 3.8x. Deferred revenue and customers’ advance balances under current liabilities and long-term liabilities in the balance sheet have increased by $19 million and $35 million as compared to the end of Q2 '21 and the end of Q4 '20, respectively, and are expected to continue to increase, reflecting enhanced receipts from customers that have asked to secure more capacity and fund manufacturing equipment cost to grow their business potential and address their increasing demand.

看著資產負債表。我們再次展示了強大而穩定的財務狀況。有幾點需要注意。截至本季度末，股東權益達到創紀錄的 15.6 億美元。流動資產比率，定義為流動資產除以短期負債，高達 3.8 倍。與 21 年第二季度末和 20 年第四季度末相比，資產負債表中流動負債和長期負債項下的遞延收入和客戶預付款分別增加了 1900 萬美元和 3500 萬美元，預計將繼續增加，反映出客戶要求獲得更多產能並為製造設備成本提供資金以擴大業務潛力並滿足其不斷增長的需求的收入增加。

And now I would like to turn the call back to the operator. Operator?

現在我想把電話轉回接線員。操作員？

(Operator Instructions) The first question is from Raji Gill of Needham & Company.

（操作員說明）第一個問題來自 Needham & Company 的 Raji Gill。

Congrats on the strong momentum this year and the execution. Russell, I had a question on your comment about given the capacity that you're putting in place, plus the capacity that will come from Agrate in Italy, you had mentioned a 30% organic increase in revenue on top of the 26% in Q4 of this year. Wondering if you could elaborate a little bit further on how you're getting to that number? Any idea in terms of the time line, the cadence of that revenue growth and how we should think about it maybe across product line because that's a pretty strong kind of long-term potential organic growth rate that you're indicating to folks?

祝賀今年的強勁勢頭和執行力。羅素，我對你的評論有疑問，考慮到你正在實施的產能，加上來自意大利 Agrate 的產能，你提到在第四季度的 26% 的基礎上，收入有機增長了 30%今年的。想知道你是否可以進一步詳細說明你是如何達到這個數字的？關於時間線、收入增長的節奏以及我們應該如何考慮整個產品線的任何想法，因為這是您向人們表明的一種相當強勁的長期潛在有機增長率？

Thank you for the comment. And I think we'd agree that it's a very strong target to be giving forecast, if you will. Specifically related it to the fourth quarter of 2023, we have a good amount of CapEx that has been ordered. Some of that will still be ordered, that will be coming fully online within 2023, even at the 200-millimeter levels.

謝謝你的意見。我想我們會同意，如果你願意的話，給出預測是一個非常強大的目標。特別是與 2023 年第四季度相關，我們已經訂購了大量的資本支出。其中一些仍將被訂購，將在 2023 年內完全上線，即使是 200 毫米級別。

So to give really a huge amount of color on the ramp, I don't wish to do that at this point. We will give our guidances for 2022 as we get into 2022. But what I wanted to point out is that the growth avenues of the company remain very, very strong, looking forward. And that even from this 2023, where I'm talking about a 30% organic, I said above 30% organic actually, that is only the start of a ramp at Agrate itself.

所以要在坡道上提供大量的顏色，我現在不希望這樣做。進入 2022 年，我們將給出 2022 年的指導。但我想指出的是，公司的增長途徑仍然非常非常強勁，向前看。即使從 2023 年開始，我說的是 30% 的有機食品，實際上我說的是 30% 以上的有機食品，這只是 Agrate 本身斜坡的開始。

So the prospects are very good. Where I mentioned previously of different areas where we're growing, you could assume that those should remain. We see a lot of strengths, as stated, in present ramping of silicon photonics. I had stated that we see that -- we would believe that that will be a significant contributor to margins next year as the present price per layer of SiPho exceeds all else that we make and for very good reasons. It's a platform that enables a lot, that takes a lot of capability to make. So it adds tremendous value to our customers. That will continue to grow. We're investing specific for silicon photonics growth and that will certainly not taper off in 2022. It will expand in 2022 and 2023.

所以前景非常好。在我之前提到我們正在發展的不同領域的地方，你可以假設這些應該保留。如前所述，我們在矽光子學的當前增長中看到了很多優勢。我曾說過，我們看到了這一點——我們相信這將成為明年利潤率的重要貢獻者，因為目前每層 SiPho 的價格超過了我們製造的所有其他產品，並且有很好的理由。這是一個可以實現很多功能的平台，需要很多能力才能實現。因此，它為我們的客戶增加了巨大的價值。這將繼續增長。我們正在專門針對矽光子學的增長進行投資，而且肯定不會在 2022 年逐漸減少。它將在 2022 年和 2023 年擴大。

I stated that our RFSOI has benefited substantially from the content increases of 5G, but also for market share increases and that -- we see that growth continuing into 2022. That's certainly an engine that we continue to put fuel into both as far as growing capacity and as far as being very aggressive in figures of merit to ensure that we have the best figures of merit in the world.

我說過，我們的 RFSOI 已從 5G 的內容增加中受益匪淺，同時也受益於市場份額的增加，而且我們認為這種增長將持續到 2022 年。這無疑是我們繼續為容量增長提供動力的引擎並且在品質因數方面非常積極，以確保我們擁有世界上最好的品質因數。

I mentioned the sensor area to where we have very strong demand in industrial, stating customers are very involved in ensuring they have long-term demand there. But in addition, mentioned display, which is not something that has been a substantial revenue stream for the company in the past, but something that we expect will become a very substantial revenue stream in the future, beginning most likely end of '23 and growing very, very strong in '24 and '25.

我提到了傳感器領域，我們在工業領域有非常強烈的需求，指出客戶非常參與確保他們在那裡有長期需求。但除此之外，還提到了顯示器，這在過去對公司來說並不是一個可觀的收入來源，但我們預計未來將成為一個非常可觀的收入來源，很可能從 23 年底開始並不斷增長在 24 和 25 年非常非常強大。

Silicon germanium has been a big business for us, continues to be a big business. At the present, if you noticed, I didn't mention silicon germanium as one of the growth drivers for our Q3 40% organic growth, and indeed, it wasn't. Silicon germanium had very big growth in 2020 year for the benefit of the build of infrastructure for 5G and that infrastructure build that was done in 2020 is what's enabling all of the growth that we have within the high-end mobile platforms right now.

對我們來說，矽鍺一直是一項大生意，而且仍然是一項大生意。目前，如果您注意到的話，我沒有提到矽鍺是我們第三季度 40% 有機增長的增長動力之一，事實上，事實並非如此。矽鍺在 2020 年實現了非常大的增長，這有利於 5G 基礎設施的建設，而 2020 年完成的基礎設施建設是我們目前在高端移動平台中實現所有增長的原因。

The infrastructure demand is down slightly or maybe even slightly more than slightly, but the data center demand is up. So SiGe, although it's growing, is growing not great at this moment from Q2 to Q3 and Q4, but it is staying stable, as we go forward into 400 gigabit per second, 800 gig per second in data center. The complexity of the laser drivers and the TIAs goes up substantially. So we would assume that that will mean a larger die and more wafers for those applications, and hence, the growth will still be driven in data center due to the complexity of the parts that will be needed, but as well, that takes into account the silicon photonics, which is one of the big areas at SiGe -- or that for SiPho will be used for within the data center.

基礎設施需求略有下降，甚至可能略微下降，但數據中心需求上升。所以 SiGe 雖然在增長，但目前從 Q2 到 Q3 和 Q4 的增長並不大，但它保持穩定，因為我們向每秒 400 Gb、數據中心每秒 800 Gb 發展。激光驅動器和 TIA 的複雜性大幅上升。因此，我們假設這將意味著更大的芯片和更多的晶圓用於這些應用，因此，由於所需部件的複雜性，數據中心仍將推動增長，但同時考慮到矽光子學是 SiGe 的主要領域之一，或者 SiPho 的領域將用於數據中心內。

So I think that that gives a summary of some of the areas of growth. One of the other underpinning areas that I'd mentioned is that of power management, having signed a long-term agreement with a leader in battery management, but having multiple platforms that really have market differentiation. And looking forward to our increases in capacity to enable that market to take off for us as well. So hopefully, that's enough color. I think it was a fairly detailed answer.

所以我認為這總結了一些增長領域。我提到的其他基礎領域之一是電源管理領域，它與電池管理領域的領導者簽署了長期協議，但擁有多個真正具有市場差異化的平台。並期待我們提高產能，使該市場也為我們騰飛。所以希望，這是足夠的顏色。我認為這是一個相當詳細的答案。

Yes. I appreciate all the great insight. Russell, just wondering if you take kind of a bigger picture view. Given the capacity constraints that you're seeing in the market, are you noticing any kind of fundamental changes in customer behavior? It would appear to be that the foundries, particularly high-performance analog foundries, like yourself, would have a lot of leverage, bargaining power in a capacity constrained environment, and hence, pricing power.

是的。我感謝所有偉大的洞察力。拉塞爾，只是想知道你是否有更大的視野。鑑於您在市場上看到的容量限制，您是否注意到客戶行為發生了任何根本性的變化？看起來，代工廠，尤其是像您這樣的高性能模擬代工廠，在產能受限的環境中擁有很大的影響力和議價能力，因此也具有定價能力。

So just wondering if the position of your company in this capacity constrained environment is growing, given the importance of semiconductors for all these kind of growth markets? And you mentioned that the long-term supply agreement with this leading auto battery management supplier. Are you seeing more long-term supply agreements across certain customers? Is that a trend that you think is going to last given this capacity constrained environment?

因此，考慮到半導體對所有這些增長市場的重要性，想知道貴公司在這種產能受限的環境中的地位是否正在增長？你提到了與這家領先的汽車電池管理供應商的長期供應協議。您是否在某些客戶中看到了更多的長期供應協議？鑑於這種容量受限的環境，您認為這種趨勢會持續下去嗎？

So the answer to the first part of the question, very, very candidly, I believe that we've enjoyed very strong customer relationships for multiple years being with -- or based upon the fact that our advanced road maps are predominantly aligned with customer needs and customer prequalification in choosing the customers that we partner with for every next-generation technology node.

所以問題第一部分的答案，非常非常坦率地說，我相信我們多年來一直享有非常牢固的客戶關係——或者基於我們的高級路線圖主要與客戶需求保持一致這一事實和客戶資格預審，以選擇我們與每個下一代技術節點合作的客戶。

Certainly, there's, I would believe, across the board, in a capacity constrained environment, more willingness of customers to invest in order to ensure capacity and that only makes sense if there's an abundance of capacity with low utilizations, obviously, no one needs to invest, not the manufacturer, not the customer to grow capacity. When capacity is severely constrained, which is in the market right now, then customers are more than willing to participate to ensure that they have capacity corridor for the present and the future.

當然，我相信，全面而言，在產能受限的環境中，客戶更願意投資以確保產能，而這只有在產能充足但利用率低的情況下才有意義，顯然，沒有人需要投資，而不是製造商，而不是客戶來增加產能。當目前市場上的產能受到嚴重限制時，客戶更願意參與以確保他們擁有當前和未來的產能走廊。

So I think that, that's eye-opening in that way that customers are -- not eye-opening necessarily, but customers are more willing to participate, but that is just the sign of the times, right? It's not that that’s -- I think it's just the fact of the cycles that you're in. And when capacity gets constrained, when utilization is very high, customers are more willing and there's more of a necessity to secure capacity. So that was, I think, the first part of your question. What is the second part?

所以我認為，這是讓客戶大開眼界的方式——不一定是大開眼界，但客戶更願意參與，但這只是時代的標誌，對吧？不是那樣 - 我認為這只是你所處的周期的事實。當容量受到限制時，當利用率非常高時，客戶更願意並且更有必要確保容量。我認為這就是你問題的第一部分。第二部分是什麼？

No, I was just saying, I think you might have answered it already. But we're seeing, across the industry, this phenomenon where chip companies are entering into longer-term supply agreements with their end customers. And then, in turn, the chip companies are entering into longer-term supply agreements with their foundry partners. And I was just wondering if this is something that, as you said, is the sign of the times, or is this something more permanent?

不，我只是說，我想你可能已經回答過了。但我們在整個行業中看到了這種現象，即芯片公司正在與其最終客戶簽訂長期供應協議。然後，反過來，芯片公司正在與他們的代工合作夥伴簽訂更長期的供應協議。我只是想知道，正如你所說，這是否是時代的標誌，還是更永久的東西？

I believe it will become more permanent. It's been catalyzed maybe because of the present, which there are many reasons why it happened. But I believe that it's a model that really makes sense. And our customers really wish to partner into -- they know that our success is the key to their success and vice versa.

我相信它會變得更加永久。可能是因為現在才被催化的，發生的原因有很多。但我相信這是一個真正有意義的模型。我們的客戶真的很想合作——他們知道我們的成功是他們成功的關鍵，反之亦然。

So it takes, sometimes, a few moves that are a little bit drastic, which was the market, especially up and through now of this year as far as capacity constraints from certain suppliers that makes everyone think, we have to address this maybe differently to ensure that, in the long term, we have business continuity. And I think that that's good. Extremes put people more into a moderate median than if they were never an extreme.

因此，有時需要採取一些有點激烈的舉措，這就是市場，尤其是今年到目前為止，就某些供應商的產能限製而言，這讓每個人都認為，我們必須以不同的方式解決這個問題，以確保從長遠來看，我們有業務連續性。我認為這很好。與從不極端的人相比，極端的人更容易處於中等的中位數。

Appreciate that. And for my -- just my last question, Oren, on the CapEx. So the Agrate fab will start to -- you'll start to ramp that in calendar '22 and then continue it going forward. How do we think about the CapEx impact? Because, I think, when you announced the partnership with STMicro, which is a very interesting partnership, I believe the CapEx discussion was still to be determined. You kind of mentioned the potential capacity output that the fab would create. But wondering how to think about the CapEx trend line going forward?

感謝。對於我的 - 只是我的最後一個問題，奧倫，關於資本支出。因此，Agrate 工廠將開始 - 您將在 22 年日曆中開始增加它，然後繼續向前發展。我們如何看待資本支出的影響？因為，我認為，當你宣布與 STMicro 建立合作夥伴關係時，這是一個非常有趣的合作夥伴關係，我相信資本支出討論仍有待確定。您提到了晶圓廠將創造的潛在產能輸出。但想知道如何看待未來的資本支出趨勢線？

Yes. So we said, like you mentioned, in the onset that we expect to share the capacity space to approximate 1/3 of the space that will be built there which is in early stages. I mean the building is, I believe, already fully built and ready for tool install and tools are starting to roll in as we speak. And we really said, like you mentioned, that we will give more color on the amount of investments at least for the foreseeable future until the end of the year.

是的。所以我們說，就像你提到的那樣，我們一開始就希望共享容量空間，大約是早期階段將在那裡建造的空間的 1/3。我的意思是，我相信這座建築已經完全建成並準備好進行工具安裝，正如我們所說的，工具開始投入使用。我們真的說過，就像你提到的那樣，至少在可預見的未來直到今年年底，我們將在投資金額上給出更多的顏色。

And this is what I gave in my prepared remarks that we will -- we expect to invest in that factory. This year, it will be nothing because only tools were ordered, but still no payments would needed to be made because usually payments are made after tool arrival with some payment terms. But next year should be $160 million '22 and in year 2023 should be additional $240 million, so total of $400 million in the coming 2 years towards the capacity that we want to have there.

這就是我在準備好的講話中所說的，我們將——我們希望投資那家工廠。今年，它什麼都不是，因為只訂購了工具，但仍然不需要付款，因為通常在工具到達後支付一些付款條件。但明年應該是 22 年的 1.6 億美元，到 2023 年應該是額外的 2.4 億美元，因此未來 2 年總共需要 4 億美元來實現我們希望在那裡擁有的產能。

The next question is from Lisa Thompson of Zacks Investment Research.

下一個問題來自 Zacks Investment Research 的 Lisa Thompson。

So looking at all the moving parts in demand and pricing ability, where do you think 2023 you're going to be getting like your highest gross margins? Can you just kind of order which product lines?

因此，看看需求和定價能力的所有變動部分，您認為 2023 年您的最高毛利率會在哪裡？您可以訂購哪些產品線嗎？

As stated, silicon photonics, we had our first substantial revenue quarter in Q3. We see growth in that area throughout 2022, continued growth in '23. And SiPho is the highest price per layer of what we serve. So from that, I would expect, will remain our highest gross margin and might even go higher depending on some other activities that we might be doing there. So I think SiPho will be the highest. SiGe stays very high. Our stitch field sensors is very high margin. So I think that those would remain in those same areas.

如前所述，矽光子，我們在第三季度獲得了第一個可觀的收入季度。我們看到整個 2022 年該領域的增長，並在 23 年持續增長。 SiPho 是我們所服務的每層的最高價格。因此，我預計，這將保持我們最高的毛利率，甚至可能會更高，這取決於我們可能在那裡開展的一些其他活動。所以我認為SiPho會是最高的。 SiGe 保持很高。我們的針場傳感器是非常高的利潤。所以我認為那些將留在相同的領域。

And then after that, what will be the next in line?

然後在那之後，接下來會是什麼？

We have very good margins in some areas of power management, in particular specialty flows for battery management for the electric vehicle. So that has very good margins. Overall, the imaging margins are very strong, even non-stitch field imaging margins are very strong. And the high-end RFSOI is also very good. The point with RFSOI is that you have really very, very good prices per layer.

我們在某些電源管理領域擁有非常高的利潤，特別是電動汽車電池管理的專業流程。所以這有很好的利潤。總體而言，成像邊緣非常強，即使是非縫合場成像邊緣也非常強。而且高端的RFSOI也很不錯。 RFSOI 的關鍵在於每層的價格非常非常好。

You have [extensive] substrates. So if you calculate the gross margin of a sold wafer, it's artificially lowered because the 300-millimeter or 200-millimeter RFSOI substrate is disproportionately high cost. But the outside of starting material, the contributing margin of the layers is very good.

你有[廣泛的]基材。因此，如果您計算已售晶圓的毛利率，它會被人為降低，因為 300 毫米或 200 毫米 RFSOI 基板的成本高得不成比例。但在原材料之外，各層的貢獻餘量非常好。

Okay. Good. That's helpful. And since you just said you've already got -- sold out the Italian fab. What is actually going to be made there? And who is it going to be sold to?

好的。好的。這很有幫助。既然你剛剛說你已經得到了 - 意大利工廠已經售罄。實際上將在那裡製造什麼？它會賣給誰？

I said the capacity has spoken for.

我說容量已經說話了。

Right.

正確的。

We've stated that our first flows that we're bringing out there is RFSOI. And then the second flow that we're bringing up there is display -- stitch field display.

我們已經說過，我們推出的第一個流程是 RFSOI。然後我們提出的第二個流程是顯示——縫合字段顯示。

And is that going to also European customers?

這也適用於歐洲客戶嗎？

We've not stated who it's going to. But I don't know that we've ever broken down as far as geography is to where the customers are. But the answer would be no.

我們還沒有說明它會發給誰。但我不知道我們是否曾經在地理上細分到客戶所在的位置。但答案是否定的。

The next question is from Richard Shannon of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Richard Shannon。

I got a couple of kind of questions, kind of weaving into the same general topic here. Starting with your comments, this is also in the press release about achieving 15% net margins for this year. And you talked about an organic growth number. I'm wondering maybe if you can help us kind of lead this down to the total revenues here and the gross margins, and therefore, fall through that are built into that assumption?

我有幾個問題，有點像這裡的同一個主題。從您的評論開始，這也在新聞稿中關於今年實現 15% 的淨利潤率。你談到了一個有機增長數字。我想知道你是否可以幫助我們將其歸結為這裡的總收入和毛利率，因此，是否通過了該假設所包含的內容？

And maybe if you can peripherally also talk about kind of the pricing dynamic that builds into that well, if you can talk about how much prices are going up or anything to kind of lead into those numbers. That’d be a great start, and I'll probably follow up on that.

也許如果您還可以在外圍談論構建到該井中的定價動態，如果您可以談論價格上漲了多少或任何導致這些數字的東西。那將是一個很好的開始，我可能會跟進。

No. So specifically we'll not give a guidance on revenue for 2022. So I think that was one of the things that you were asking for. But outside of that, the price increases you can get out of my statement of the breakdown of the organic growth for the fourth quarter. So I said that that organic growth, that was 26%, which would be somewhere about $65 million a quarter then. So of that, I said 50% was pure capacity, about 25% was a richer mix and about 25% was ASP. So just doing the arithmetic, that would mean 6%, 6.5% increase in ASP.

不。所以具體來說，我們不會就 2022 年的收入提供指導。所以我認為這是你所要求的事情之一。但除此之外，你可以從我關於第四季度有機增長細分的聲明中得到價格上漲。所以我說有機增長是 26%，那時大約是每季度 6500 萬美元。因此，我說 50% 是純容量，大約 25% 是更豐富的組合，大約 25% 是 ASP。因此，僅進行算術運算，這將意味著 ASP 增加 6%、6.5%。

Okay. That's helpful. Maybe I'll ask the question slightly different way in the manner we spoke about in the last call, which talk about the incremental gross margin fall through for next year. Oren, you've talked about 50% to 55% as a range. From various comments I've heard so far, it might suggest that that should be meaningfully higher, certainly pricing new flows like silicon photonics, et cetera. How should we think about that, Oren?

好的。這很有幫助。也許我會以與我們在上次電話會議中談到的方式略有不同的方式提出這個問題，其中談到了明年的增量毛利率下降。 Oren，你談到了 50% 到 55% 的範圍。從迄今為止我聽到的各種評論來看，這可能表明這應該是有意義的更高，當然是對矽光子學等新流程的定價。我們應該怎麼想，奧倫？

No, no, I believe the 50%, 55% is still valid and obviously, you can also look at this, what you asked in this way that -- I mean, previous year or previous quarter of our net profit margin was about 7% to 8%. This quarter was 10-point-something. If we are adding 50% incremental growth in operating margin, to the net margin, you may assume depends which geography it is, but between 35% to 42% incremental net profit margin. So obviously, from a baseline of 10%, when we will add the incremental 50% that has a fall through of incremental 35%, 40% after-tax. Obviously, it will be the way to achieve Russell's target to be above 15% next year.

不，不，我相信 50%，55% 仍然有效，顯然，你也可以看看這個，你這樣問的——我的意思是，上一年或上一季度我們的淨利潤率大約是 7 % 到 8%。本季度是 10 點左右。如果我們在淨利潤中增加 50% 的營業利潤率增量增長，您可能會假設取決於它所在的地理位置，但增量淨利潤率在 35% 到 42% 之間。很明顯，從 10% 的基線開始，我們將添加 50% 的增量，其中包含 35% 的增量，稅後 40%。顯然，這將是實現羅素明年15%以上目標的途徑。

Yes, SiPho, of course, SiPho is higher than 50%, 55% incremental growth, but there is also other aspects which are lower. SiPho -- next year, I mean, '22 is not -- I mean, it's big numbers, indefinite growth compared to previous year, but still it's not something which is that dramatic in volumes as compared to the total, which causes the blended everything to be above this 55% range. So all in all, if you add up 50%, 55% to incremental baseline, for any incremental revenue that you assume, you should reach the ability to cross the 15% net profit margin that Russell stated.

是的，SiPho，當然，SiPho 高於 50%，55% 的增量增長，但也有其他方面較低。 SiPho - 明年，我的意思是，'22 不是 - 我的意思是，與前一年相比，這是一個很大的數字，無限增長，但與總量相比，它仍然不是那麼戲劇性的東西，這導致了混合一切都在這個 55% 範圍之上。所以總而言之，如果你將 50%、55% 的增量基線加起來，對於你假設的任何增量收入，你應該能夠超過羅素所說的 15% 的淨利潤率。

Okay. Perfect, that's very helpful, Oren. To follow on one of your comments here in the silicon photonics, some good detail on the call here. Russell, maybe if you can talk about like how does the customer profile build up in the application of those customers are ramping for next year? If you can give us some color there, that would be a great help.

好的。完美，這很有幫助，奧倫。要關注您在矽光子學中的評論之一，請在此處了解有關通話的一些詳細信息。羅素，也許你可以談談如何在明年的客戶應用程序中建立客戶檔案？如果你能在那裡給我們一些顏色，那將是一個很大的幫助。

So we have customers for SiPho that are involved in LiDAR. So this is a pure solid-state phased array instead of having a movable part for the laser. That's one area of the SiPho. I mentioned specifically with the press release with Anello that this is silicon photonics' driven [gyro meter], replacing optical fiber coil.

所以我們有參與 LiDAR 的 SiPho 客戶。所以這是一個純固態相控陣，而不是激光的可移動部分。這是 SiPho 的一個領域。我在與 Anello 的新聞稿中特別提到，這是矽光子驅動的 [陀螺儀]，取代了光纖線圈。

And the bulk of the SiPho though is really -- it's to go into data center, it's to achieve a 400, 800 gigabit per second capability. And the first and foremost customer that we had press released with was Inphi as far as them being a SiPho customer. And certainly their presence and abilities within having a very high data rate capabilities, it's known. They were acquired by Marvell. So those are, right now, the 3 major areas that we're involved in.

不過，SiPho 的大部分功能確實是——進入數據中心，實現每秒 400、800 Gb 的能力。我們發布的第一個也是最重要的客戶是 Inphi，因為他們是 SiPho 的客戶。當然，眾所周知，它們的存在和能力具有非常高的數據速率能力。他們被 Marvell 收購。所以這些是，現在，我們參與的三個主要領域。

Okay. That's helpful detail, Russell. My last quick question, following up another one regarding the Agrate fab. In a prior question, you had answered with a couple of areas of focus here. I'm not sure if those were the -- intended to be the biggest ones in the first couple of years out of the gate or the earliest ones, but maybe if you can give us some more color on other areas, which you're continuing to focus on that capacity?

好的。羅素，這是有用的細節。我的最後一個快速問題，跟進另一個關於 Agrate 工廠的問題。在之前的問題中，您在這裡回答了幾個重點領域。我不確定這些是 - 打算成為最初幾年最大的還是最早的，但也許你可以在其他領域給我們更多的色彩，你是繼續關注這種能力？

We really are focusing the initial capacity in those 2 areas. The RFSOI -- several different platforms of RFSOI and stitch field display. So that's the initial focus that we have there.

我們確實將初始能力集中在這兩個領域。 RFSOI——幾個不同平台的RFSOI和拼接場顯示。這就是我們最初的關注點。

The next question is from Mark Lipacis of Jefferies.

下一個問題來自 Jefferies 的 Mark Lipacis。

I don't know, maybe for Oren, the CapEx that you're putting up and projected to put up, is there -- have you -- can you quantify for us how this will impact the depreciation line in the cash flow statement? And how -- and if you can't quantify, perhaps could you give us a framework to think about the normal depreciation schedule for this CapEx? And when it -- when you might start depreciating it?

我不知道，也許對於 Oren 來說，你正在建立和預計將建立的資本支出，是否存在 - 你有 - 你能否為我們量化這將如何影響現金流量表中的折舊線？以及如何 - 如果你不能量化，也許你能給我們一個框架來考慮這個資本支出的正常折舊時間表？什麼時候——你什麼時候開始貶值？

All right. Yes. We -- [as a rule] depreciate our CapEx equipment tools over 15 years, 1-5, the depreciation -- the CapEx for the Agrate factory, which I mentioned, will be $160 million next year an additional $240 million in '23, will not be starting to be depreciated before the beginning of 2023. So next year, you should see 0 from that in depreciation. Because until the tools will arrive, and then there should be installation and qualification, and it's part of our big chunk of tools that arrive at the same timing, so under the rule, only once we will qualify everything, we will start to depreciate.

好的。是的。我們 - [通常] 在 15 年內折舊我們的資本支出設備工具，1-5，折舊 - 我提到的 Agrate 工廠的資本支出明年將是 1.6 億美元，23 年將增加 2.4 億美元，在 2023 年初之前不會開始折舊。所以明年，你應該看到折舊為 0。因為在工具到達之前，應該進行安裝和鑑定，而且它是我們大部分工具的一部分，同時到達，所以根據規則，只有當我們對所有東西都進行鑑定時，我們才會開始貶值。

Usually, it's 2 to 3 quarters or even 4, up to 4 quarters after the arrival of the tools. So it will not be next year. But you can start model it from 2023 in small amounts. I guess from the middle of 2023, from Q3 of 2023, it will be a higher amount as we start to ramp, also Russell indicated that we will see some revenues from Agrate in his forecast for growth for Q4 '23. So obviously, when there is revenue, there will be also cost and depreciation. So that's about the Agrate, this part.

通常是工具到貨後的 2 到 3 個季度甚至 4 個，最多 4 個季度。所以明年不會。但您可以從 2023 年開始少量建模。我猜從 2023 年中期開始，從 2023 年第三季度開始，隨著我們開始增長，這將是一個更高的數額，羅素還表示，我們將在他對 23 年第四季度增長的預測中看到來自 Agrate 的一些收入。所以很明顯，當有收入時，也會有成本和折舊。這就是關於 Agrate 的部分。

The second part is the regular CapEx. So I updated about -- I mean, we already announced it in the past. I just gave an update that the $250 million that we already announced that we ordered this year will be paid in, you can call it, linear flows -- almost linear from the middle of '21 to the end of '22, so let's say, $40 million a quarter.

第二部分是常規資本支出。所以我更新了——我的意思是，我們過去已經宣布過了。我剛剛提供了一個更新，我們已經宣布今年訂購的 2.5 億美元將支付，你可以稱之為線性流動——從 21 年中期到 22 年末幾乎是線性的，所以讓我們說，每季度 4000 萬美元。

And that's when it's paid, usually depreciation starts one quarter after that. So additional $40 million. I mean if it's linear $250 million over 6 quarters, additional $40 million of CapEx coming into depreciation, but over 15 years, right? So it is like $6 million a quarter -- a year -- $6 million -- each such quarter is additional $6 million of layer. I don't think it will impact much. Because on the other hand, we also purchased CapEx in the past, maybe a lower amount than that, but still there will.

這就是支付的時間，通常折舊在此之後的一個季度開始。所以額外的4000萬美元。我的意思是，如果它在 6 個季度內線性增長 2.5 億美元，另外 4000 萬美元的資本支出將折舊，但超過 15 年，對吧？所以這就像一個季度 600 萬美元——一年——600 萬美元——每個這樣的季度是額外的 600 萬美元的層。我認為不會有太大影響。因為另一方面，我們過去也購買了資本支出，可能比這更低，但仍然會有。

So whenever a new layer of depreciation starts to be amortized an old layer that finished its depreciation from 15 years ago, that was purchased 15 years ago, terminates. So the delta shouldn't be, I believe, material amount. But of course, you can model it very easily just add $40 million of new CapEx every quarter.

因此，每當一個新的折舊層開始攤銷時，一個在 15 年前完成折舊的舊層，即 15 年前購買的，就會終止。因此，我認為增量不應該是物質數量。但當然，您可以非常輕鬆地對其進行建模，只需每季度增加 4000 萬美元的新資本支出。

There are no further questions at this time. Mr. Ellwanger, would you like to make your concluding statement?

目前沒有其他問題。埃爾萬格先生，您願意做結論嗎？

Certainly. Thank you very much. Firstly, really, I'm excited about where we are, what's in front of us, the relationships we've developed with our customers, the markets that we're in, the figures of merits we've been able to achieve that benefit our customers in having differentiated products that -- as they designed to our flows in an exciting time and an exciting period for the company. The 15% net profit margin target that I've given for 2022, I think, is a good step for the company. And I look forward to achieving it and to updating as we move forward on the top line value growth that obviously is very accretive to the bottom line margins.

當然。非常感謝。首先，真的，我對我們所處的位置、擺在我們面前的東西、我們與客戶建立的關係、我們所處的市場、我們能夠實現這一利益的績效指標感到興奮我們的客戶擁有差異化的產品——正如他們設計的那樣，我們在一個激動人心的時刻和公司的激動人心的時期流動。我認為，我為 2022 年設定的 15% 的淨利潤率目標對公司來說是一個很好的步驟。我期待著實現它並隨著我們在頂線價值增長上的進步而更新，這顯然對底線利潤率非常有利。

We've recently issued our first corporate sustainability or ESG report, reviewing the variety of our global activities, providing in-depth information about our sustainability policies, programs and goals. As a company, we've always had an overriding focus to have a positive impact on society and to minimize any negative impact on our planet and to do what we can to have a positive impact on the planet. We're very proud of our activities. We invite you to read our report. It's available on our website. We have a package that I referred to before the call -- or I'm sorry, as I was talking about utilizations that will publish now that the call is ending, that summarizes all of the numbers, highlights activities, utilizations in the company. Please, as per your interest, look at that. I think it's a complete package.

我們最近發布了第一份企業可持續發展或 ESG 報告，回顧了我們全球活動的多樣性，提供了有關我們可持續發展政策、計劃和目標的深入信息。作為一家公司，我們始終將重心放在對社會產生積極影響，盡量減少對地球的任何負面影響，並儘我們所能對地球產生積極影響。我們為我們的活動感到非常自豪。我們邀請您閱讀我們的報告。它可以在我們的網站上找到。我們有一個我在電話會議之前提到的包 - 或者我很抱歉，因為我正在談論將在電話會議結束後發布的利用率，它總結了所有數字，突出顯示公司的活動和利用率。請根據您的興趣，看看那個。我認為這是一個完整的包。

And lastly, we'll be participating at the 24th Annual Needham Growth Conference on January 10. And we look forward to meeting as many of you as possible during that event, albeit virtually, but still look forward to it very much.

最後，我們將參加 1 月 10 日舉行的第 24 屆李約瑟成長大會。我們期待在那次活動中與盡可能多的人見面，儘管是虛擬的，但仍然非常期待。

With that, I thank you, and look forward to updating you as interesting things happen in the company and definitely upon the end of the quarter. So thank you very, very much.

有了這個，我感謝你，並期待在公司發生有趣的事情時更新你，肯定是在本季度末。所以非常非常感謝。

Thank you. This concludes Tower Semiconductor Third Quarter 2021 Results Conference Call. Thank you for your participation. You may go ahead and disconnect.

謝謝你。 Tower Semiconductor 2021 年第三季度業績電話會議到此結束。感謝您的參與。您可以繼續斷開連接。