高塔半導體 (TSEM) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Tower Semiconductor Second Quarter 2021 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, August 2, 2021.

女士們，先生們，謝謝你們的支持。歡迎參加 Tower Semiconductor 2021 年第二季度業績電話會議。 （操作員說明）提醒一下，本次會議正在錄製，2021 年 8 月 2 日。

Joining us today are Mr. Russell Ellwanger, Tower's CEO; and Mr. Oren Shirazi, CFO.

今天加入我們的是 Tower 的首席執行官 Russell Ellwanger 先生；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 Second Quarter of 2021.

謝謝，歡迎來到 Tower Semiconductor 2021 年第二季度財務業績電話會議。

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 Form 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.

在我們開始之前，我想提醒您，在本次電話會議中所做的一些陳述可能是前瞻性的，並且受不確定性和風險因素的影響，可能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已在我們向美國證券交易委員會提交的 20-F、F-4、F-3 和 6-K 表格以及向以色列證券管理局提交的文件中充分披露。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 second quarter of 2021 results have been prepared in accordance with U.S. GAAP. The financial tables and data in today's earnings release and in the 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 年第二季度的業績是根據美國公認會計原則編制的。今天的收益發布和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，根據 G 條例和美國證券交易委員會制定的相關報告要求，這些信息可能被視為非 GAAP 財務措施。財務表格包括對這些措施的完整解釋以及這些非 GAAP 措施與 GAAP 財務措施的調節。

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。羅素，請繼續。

Thank you, Noit, a pleasure. We're quite excited to share with you our second quarter results and business activities.

謝謝你，Noit，很高興。我們很高興與您分享我們第二季度的業績和業務活動。

Our revenue for the second quarter of the year was $362 million, a record for Tower, representing 17% year-over-year total and 26% organic growth. In the order of revenue dollars, the year-over-year organic growth was mainly driven by RFSOI at over 40% year-over-year organic increase; power IC at 35% year-over-year organic increase; image sensors, 30% year-over-year organic increase; and power discrete at 23%. To note, all business segments demonstrated growth in the second quarter.

我們今年第二季度的收入為 3.62 億美元，創下 Tower 的最高紀錄，同比增長 17%，有機增長 26%。按收入美元排序，同比有機增長主要由 RFSOI 推動，同比有機增長超過 40%；功率IC同比有機增長35%；圖像傳感器，同比有機增長30%；和功率離散為 23%。值得注意的是，所有業務部門在第二季度都出現了增長。

We guide the third quarter of the year to increase to a mid-range of $385 million, representing year-over-year 24% total growth and a 38% organic growth and breaking a $1.5 billion annualized revenue run rate. This should be driven by a further and large year-over-year increase in RFSOI and image sensors, with all business segments expected to demonstrate growth. Our customer demand and served markets are strong, hence, we expect continued top and bottom line growth in the fourth quarter as tools become qualified for production, enabling further increases in high-value flows.

我們指導今年第三季度增至 3.85 億美元的中值，同比總增長率為 24%，有機增長率為 38%，年化收入運行率突破 15 億美元。這應該受到 RFSOI 和圖像傳感器同比進一步大幅增長的推動，所有業務部門都有望實現增長。我們的客戶需求和服務市場強勁，因此，我們預計第四季度的收入和利潤將繼續增長，因為工具符合生產條件，能夠進一步增加高價值流量。

To support continued growth based on our customer demand, we continue to execute the previously announced capacity expansion plans as well are adding 200-millimeter new capacity, which will be addressed with more details by Oren. Towards specific large 300-millimeter growth, we signed an agreement with ST Microelectronics. In this partnership, we will join forces for an accelerated fab ramp-up, a key factor to speedily reach a high utilization level and, therefore, a competitive wafer cost.

為了支持基於客戶需求的持續增長，我們將繼續執行之前宣布的產能擴張計劃，並增加 200 毫米的新產能，Oren 將對此進行更詳細的說明。具體到300毫米的大增長，我們和意法半導體簽訂了協議。在這一合作夥伴關係中，我們將聯手加速晶圓廠的產能提升，這是迅速達到高利用率水平並因此具有競爭力的晶圓成本的關鍵因素。

The Agrate 300-millimeter manufacturing facility, which Tower will refer to as Fab 10, is currently being facilitized. Tower will install its own equipment in 1/3 of the total space, which should triple our current 300-millimeter foundry capacity. The fab is expected to be ready for equipment installation later this year and start prototype production in the second half of 2022. Our strong execution in advanced 65-nanometer, 300-millimeter-based analog RF, power platforms, displays and other technologies, will be significantly enhanced by this activity in Agrate.

Agrate 300 毫米製造設施（Tower 將其稱為 Fab 10）目前正在推進中。 Tower 將在總空間的 1/3 內安裝自己的設備，這將使我們目前的 300 毫米鑄造能力增加三倍。該晶圓廠預計將於今年晚些時候準備好設備安裝，並於 2022 年下半年開始原型生產。我們在先進的 65 納米、300 毫米模擬射頻、功率平台、顯示器等技術方面的強大執行力，將通過 Agrate 中的這項活動得到顯著增強。

The United States Senate passed the Innovation and Competition Act of 2021 and appropriated $52 billion towards U.S. semiconductor growth. The bill is now before the House of Representatives. Providing its passage, our target is to receive funding towards further growth initiatives in the United States, potentially at our beautiful 130-acre campus in our San Antonio, Texas facility or possibly elsewhere.

美國參議院通過了《2021 年創新與競爭法》，並撥款 520 億美元用於美國半導體的發展。該法案現已提交眾議院。提供它的通過，我們的目標是獲得資金用於在美國的進一步增長計劃，可能是在我們位於德克薩斯州聖安東尼奧的美麗的 130 英畝校園或可能在其他地方。

Towards this end, during the past quarter, we've been strongly involved in activities related to this act. I have attended 3 industry leader panels on the subjects of growing and/or securing the U.S. microelectronics supply chain where I have focused as well on the need for advanced analog semiconductor integrated circuit manufacturing. One such panel was a CEO roundtable hosted by Senator Cornyn and Congressman McCaul, both sponsors of the CHIPS Act, and their respective legislative bodies of visionary activity. And I attended a special session at the SelectUSA Conference hosted by U.S. Secretary of Commerce Raimondo. I spoke of 4 imperatives that we believe are essential for foreign entities to qualify to receive incentives from the United States for United States onshore semiconductor manufacturing growth.

為此，在過去的一個季度裡，我們積極參與了與該法案相關的活動。我參加了 3 個行業領導小組，主題是發展和/或保護美國微電子供應鏈，我在這些小組中重點關注對先進模擬半導體集成電路製造的需求。其中一個小組是由參議員 Cornyn 和國會議員 McCaul 主持的 CEO 圓桌會議，他們都是 CHIPS 法案的發起人，也是他們各自的有遠見活動的立法機構。我還參加了由美國商務部長雷蒙多主持的 SelectUSA 會議的特別會議。我談到了 4 個必要條件，我們認為這些條件對於外國實體有資格獲得美國在岸半導體製造業增長的激勵措施至關重要。

Firstly, there needs to be U.S. onshore R&D, especially in a foundry model, enabling innovative entrepreneurial ideas to successfully move through concept and feasibility and transition into value-add business. Secondly, all companies need to show a history of strong IP security, both external and internal, to the company. All recipients should have a strong history of supporting U.S. government initiatives. And lastly, there should be a legislative focus on differentiated analog technology, which addresses 80% to 85% of all system electronics by volume. We continue to work with the Congress of the United States, the Department of Commerce, other U.S. government agencies as well as other partners.

首先，需要有美國在岸研發，尤其是代工模式，使創新的創業理念能夠成功地通過概念和可行性，並過渡到增值業務。其次，所有公司都需要向公司展示內部和外部強大的知識產權安全歷史。所有收件人都應該有支持美國政府舉措的悠久歷史。最後，應該將立法重點放在差異化模擬技術上，按體積計算，它解決了所有系統電子產品的 80% 到 85%。我們繼續與美國國會、商務部、其他美國政府機構以及其他合作夥伴合作。

Moving to our specific businesses. During the second quarter, our RF mobile business was 25% of our revenues and is expected to show strong growth throughout the year. Estimates remain that 5G handsets will double year-over-year 2021 over 2020 to about 550 million handsets out of a total of about 1.3 billion. This shift, combined with the high content increase of 5G at our strong position in this market, fuels our continued growth. Importantly, in addition to revenue growth, the shift to more advanced and higher-value 5G technology is helping increase the average selling prices in this segment. This trend is expected to continue for at least the next several quarters.

轉向我們的特定業務。在第二季度，我們的 RF 移動業務占我們收入的 25%，預計全年將呈現強勁增長。據估計，5G 手機到 2021 年將比 2020 年翻一番，達到約 13 億部手機中的約 5.5 億部。這種轉變，再加上 5G 內容的高增長以及我們在該市場的強勢地位，推動了我們的持續增長。重要的是，除了收入增長外，向更先進和更高價值的 5G 技術的轉變也有助於提高該細分市場的平均售價。預計這一趨勢至少會在接下來的幾個季度內持續下去。

Demand is strong in both 200-millimeter and 300-millimeter and the partnership announced with ST will help meet the requirements of our strong 300-millimeter design win pipeline. The RF infrastructure business, serving telecom and datacom end markets with our industry-leading silicon germanium technology, maintains a high run rate due to data center strength and was about 12% of our corporate revenues. For datacom, where forecast remained quite strong, we built both high-speed optical transceivers and high-speed hard disk drive preamps for storage.

200 毫米和 300 毫米的需求都很強勁，與 ST 宣布的合作夥伴關係將有助於滿足我們強大的 300 毫米設計中標管道的要求。 RF 基礎設施業務以我們行業領先的矽鍺技術為電信和數據通信終端市場提供服務，由於數據中心實力而保持高運行率，約占我們公司收入的 12%。對於預測仍然相當強勁的數據通信，我們構建了高速光收發器和用於存儲的高速硬盤驅動器前置放大器。

Our power IC business was about 15% of our total revenues with strength in automotive, industrial and consumer segments. The business is benefiting from a strong market cycle as well as our significant presence in automotive battery management, which is outgrowing the market and provides for long-term growth with the worldwide trend of vehicle electrification.

我們的功率 IC 業務約占我們總收入的 15%，在汽車、工業和消費領域表現強勁。該業務受益於強勁的市場週期以及我們在汽車電池管理領域的重要地位，汽車電池管理正在超越市場，並隨著全球汽車電氣化趨勢提供長期增長。

Our power discrete business has more than recovered, representing about 16% of our revenues. Like power ICs, growth is broad-based led by automotive applications. We expect this business to level off over the next few quarters while we focus our CapEx expansion on other higher-margin segments.

我們的功率分立業務已恢復不止，約占我們收入的 16%。與功率 IC 一樣，增長是由汽車應用帶動的廣泛基礎。我們預計該業務將在未來幾個季度趨於平穩，同時我們將資本支出擴張的重點放在其他利潤率更高的領域。

Our imaging business represented 15% of our revenues, with main growing markets being the medical, dental x-ray and industrial sensors. In addition, we continue to grow in the cinematography and broadcasting market segment, being among our highest-margin imaging applications.

我們的成像業務占我們收入的 15%，主要增長市場是醫療、牙科 X 射線和工業傳感器。此外，我們在電影和廣播市場領域繼續增長，成為我們利潤率最高的成像應用之一。

For the medical market, we see a recovery of the dental segment to levels that are higher than the pre-COVID-19 levels with a present high-growth trajectory. The main long-term growth drivers stem predominantly from the transition from traditional amorphous silicon-based flat panel technology to CMOS. Our customers, who are either x-ray detector suppliers or X-ray equipment suppliers who design with us their own sensors, are gaining more market share. And we, as sole supplier in most cases, are growing our share accordingly.

對於醫療市場，我們看到牙科領域的複蘇水平高於 COVID-19 之前的水平，目前處於高增長軌道。主要的長期增長動力主要來自傳統非晶矽基平板技術向 CMOS 的轉變。我們的客戶，無論是 X 射線檢測器供應商還是與我們一起設計自己的傳感器的 X 射線設備供應商，正在獲得更多的市場份額。在大多數情況下，作為唯一供應商，我們正在相應地增加我們的份額。

In the industrial market, we see a steep growth in all of the segments, machine vision for factory automation, for traffic control as well as automatic data collection. On the display side, we continue substantial partnership developments for backplane silicon for micro OLED, mainly for the VR display, which is a fast-growing market; and on silicon wafer-based micro LED technology for large displays, TV, laptops, tablets and smartphones.

在工業市場，我們看到所有細分市場都在急劇增長，包括用於工廠自動化、交通控制以及自動數據收集的機器視覺。在顯示器方面，我們繼續在微型 OLED 背板矽片方面進行實質性合作開發，主要針對快速增長的 VR 顯示器市場；以及用於大型顯示器、電視、筆記本電腦、平板電腦和智能手機的基於矽晶圓的微型 LED 技術。

Referring to utilization, starting this quarter, we will refer to the number of photo layers processed during the quarter per wafer size. Given the fact that we continue to increase the capacity of our manufacturing facilities with changing mix of flows, pure utilization numbers do not represent the company's operational performance on a time comparative basis.

關於利用率，從本季度開始，我們將參考本季度每個晶圓尺寸處理的光層數量。鑑於我們繼續通過不斷變化的流程組合來提高製造設施的產能，純利用率數字並不代表公司在時間比較基礎上的運營績效。

For the second quarter foundry layers, all numbers given in 8-inch equivalents, for 150-millimeter, 451,000 layers were processed as compared to 353,000 in Q2 2020, up 28% year-over-year. 411,000 layers were processed in the previous quarter, Q1 2021. For 200-millimeter, 5,921,000 layers were processed as compared to 5,115,000 in Q2 2020, up 16% year-over-year. 5,772,000 layers were processed in Q1 2021. For 300-millimeter, 1,404,000 layers were processed as compared to 903,000 in Q2 2020, up 55% year-over-year. 1,375,000 layers were processed in the previous quarter.

對於第二季度的代工層，所有數字均以 8 英寸為單位，對於 150 毫米，處理了 451,000 層，而 2020 年第二季度為 353,000 層，同比增長 28%。上一季度，即 2021 年第一季度加工了 411,000 層。對於 200 毫米，加工了 5,921,000 層，而 2020 年第二季度為 5,115,000 層，同比增長 16%。 2021 年第一季度處理了 5,772,000 層。對於 300 毫米，處理了 1,404,000 層，而 2020 年第二季度為 903,000 層，同比增長 55%。上一季度處理了 1,375,000 層。

Moving now to corporate sustainability. We are about to issue our first formal environmental, social and governance, or ESG, report. However, the core of ESG has long been embedded in the DNA of the company. For Tower, ESG is much more than papers listing activities and targets, it is our focus in being a good, even excellent, company for our community and our world. It is how we serve our employees, customers, partners and stakeholders. Various elements of our corporate responsibility, sustainability and ESG efforts will be described in this report and are well aligned into our value vectors with the mindset of excellence in each of the described areas. We are continuously evaluating our activities in order to improve and ensure that our commitment and actions toward a company that betters society and betters the lives around us are achieved, valued and sustainable.

現在轉向企業可持續發展。我們即將發布第一份正式的環境、社會和治理 (ESG) 報告。然而，ESG 的核心早已嵌入公司的 DNA 中。對於 Tower 而言，ESG 不僅僅是列出活動和目標的文件，它是我們成為一家對我們的社區和我們的世界而言優秀甚至優秀的公司的重點。這就是我們為員工、客戶、合作夥伴和利益相關者提供服務的方式。我們的企業責任、可持續性和 ESG 工作的各種要素將在本報告中進行描述，並與我們的價值向量保持一致，並在所描述的每個領域都保持卓越的心態。我們不斷評估我們的活動，以改進並確保我們對一家改善社會和改善我們周圍生活的公司的承諾和行動得到實現、重視和可持續。

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

有了這個，我想把電話轉給我們的首席財務官 Oren Shirazi 先生。奧倫？

Hi, everyone. We released today our second quarter 2021 results, achieving record revenues of $362 million, reflecting a remarkable 17% year-over-year revenue increase and resulting in significant increases in gross profit, operating profit and net profit.

大家好。我們今天發布了 2021 年第二季度的業績，實現創紀錄的 3.62 億美元收入，反映出收入同比顯著增長 17%，並導致毛利潤、營業利潤和淨利潤顯著增長。

We are providing a revenue guidance of $385 million for the third quarter of 2021, representing an additional record revenue quarter. As discussed several times over the last few quarters, we continue to see significant customer demand and demand forecast. Hence, we announced in February 2021 a $150 million capacity expansion plan to increase our capacity in our 8-inch and 12-inch fabs. We now announce an additional capacity investment of $100 million to result in $250 million total CapEx purchases, which are expected to be paid over the coming 5 quarters, for equipment that begin to provide incremental capacity during the third quarter of 2021 and continuing into 2022.

我們為 2021 年第三季度提供了 3.85 億美元的收入指引，這是一個額外創紀錄的收入季度。正如過去幾個季度多次討論的那樣，我們繼續看到重要的客戶需求和需求預測。因此，我們在 2021 年 2 月宣布了一項 1.5 億美元的產能擴張計劃，以增加我們 8 英寸和 12 英寸晶圓廠的產能。我們現在宣布追加 1 億美元的產能投資，從而導致 2.5 億美元的資本支出總額採購，預計將在未來 5 個季度支付，用於購買在 2021 年第三季度開始提供增量產能並持續到 2022 年的設備。

As mentioned by Russell, for enhanced 12-inch capacity on top of our existing wafer fab, ST Microelectronics and us entered into a partnership to accelerate the ramp-up of the Agrate 12-inch factory. We expect minimal CapEx payments for this project in 2021 and will give details on future schedule and cost during the next quarter.

正如 Russell 所提到的，為了在我們現有晶圓廠的基礎上提高 12 英寸產能，ST Microelectronics 和我們建立了合作夥伴關係，以加速 Agrate 12 英寸工廠的產能提升。我們預計 2021 年該項目的資本支出最低，並將在下一季度提供有關未來時間表和成本的詳細信息。

I will now move to our second quarter P&L highlights and then discuss our balance sheet and cash flow financial statements. Revenue for the second quarter of 2021 was $362 million, $52 million higher year-over-year, reflecting a 17% year-over-year revenue increase. Looking at our organic revenue, which is defined as total revenue excluding revenue from Nuvoton Japan, previously Panasonic Semiconductor, and revenue from Maxim in our San Antonio fab, revenue in the second quarter of 2021 reflects a 26% year-over-year revenue increase.

我現在將轉到我們第二季度的損益亮點，然後討論我們的資產負債表和現金流量財務報表。 2021 年第二季度的收入為 3.62 億美元，同比增加 5200 萬美元，收入同比增長 17%。看看我們的有機收入，即總收入，不包括來自 Nuvoton Japan（以前是松下半導體）的收入和來自我們聖安東尼奧工廠的 Maxim 的收入，2021 年第二季度的收入同比增長 26% .

Gross and operating profit for the second quarter of 2021 were $74 million and $34 million, respectively. This gross profit is $16 million higher or 28% higher year-over-year. And this operating profit is $12 million higher or 54% higher year-over-year. Net profit for the second quarter of 2021 was $31 million or $0.29 basic earnings per share and $0.28 diluted earnings per share. This net profit is $12 million higher or 62% higher year-over-year.

2021 年第二季度的毛利潤和營業利潤分別為 7400 萬美元和 3400 萬美元。這一毛利潤同比增長 1600 萬美元或 28%。這一營業利潤同比增長 1200 萬美元或 54%。 2021 年第二季度的淨利潤為 3100 萬美元，即每股基本收益 0.29 美元和每股攤薄收益 0.28 美元。這一淨利潤同比增長 1200 萬美元或 62%。

Looking at the balance sheet, we demonstrated, again, a strong and stable financial position. A few points to note, our shareholders' equity reached a record of $1.52 billion as of June 30, 2021. Deferred revenue and customer advances balances under current liabilities and long-term liabilities in the balance sheet have increased by $9.6 million and $6.6 million, respectively, as compared to December 31, 2020, reflecting enhanced receipts from customers that asked to gain more capacity reservations to them to address their excess demand, offset by some scheduled repayment. Current asset ratio, defined as current assets divided by short-term liabilities, is strong at a value of 3.7x.

從資產負債表來看，我們再次證明了強大而穩定的財務狀況。需要注意的幾點，截至 2021 年 6 月 30 日，我們的股東權益達到創紀錄的 15.2 億美元。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餘額分別增加了 960 萬美元和 660 萬美元，分別與 2020 年 12 月 31 日相比，反映了客戶的收款增加，這些客戶要求獲得更多容量預留以解決他們的超額需求，這被一些計劃還款所抵消。流動資產比率（定義為流動資產除以短期負債）高達 3.7 倍。

In regards to our cash and cash equivalents in the second quarter of 2021, cash flow generated from operations was $93 million. Investments in fixed assets, net mainly for manufacturing equipment, were $56 million. We repaid $20 million of our debt during the second quarter of 2021 and invested $17 million in short-term bank deposit and marketable securities. Our cap table consists of 108.2 million outstanding ordinary shares and an additional 2.3 million ESOP-related shares, resulting in fully diluted share count of 110.5 million.

關於我們 2021 年第二季度的現金和現金等價物，運營產生的現金流量為 9300 萬美元。主要用於製造設備的固定資產投資為 5600 萬美元。我們在 2021 年第二季度償還了 2000 萬美元的債務，並投資了 1700 萬美元用於短期銀行存款和有價證券。我們的上限表包括 1.082 億股已發行普通股和另外 230 萬股 ESOP 相關股份，因此完全攤薄後的股份數量為 1.105 億股。

Looking forward to the second half of the year, following the $385 million record revenue guidance for the third quarter of 2021, during this quarter, we expect to see increased margins, a step towards the fourth quarter incremental revenue impact over the margin, which we forecast should exceed the 50% incremental model.

展望今年下半年，繼 2021 年第三季度創紀錄的 3.85 億美元收入指引之後，我們預計本季度的利潤率將有所提高，這是朝著第四季度增量收入對利潤率的影響邁出的一步，我們認為預測應超過 50% 的增量模型。

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

現在我想把電話轉回給接線員。

(Operator Instructions) The first question is from Mark Lipacis of Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Mark Lipacis。

Next question is from Rajvindra Gill of Needham & Company.

下一個問題來自 Needham & Company 的 Rajvindra Gill。

Congratulations on the great momentum across all of the major business lines. That's great to hear. So Oren, just a question on the gross margins as we progress throughout the year. You had mentioned in your prepared remarks that in Q4 that you would expect the model to exceed the 50% gross profit fall-through in Q4 as some of those incremental costs related to capacity have been absorbed. Wondering how we think about that upside to the 50% gross profit fall-through without giving any numbers, but just are we seeing higher-margin process flows in Q4 that would give you the confidence to say that we're going to be above the 50% GP profit fall-through?

祝賀所有主要業務線的強勁勢頭。聽到這個消息我很高興。所以奧倫，隨著我們全年的進展，只是一個關於毛利率的問題。你在準備好的評論中提到，在第四季度，你預計該模型將超過第四季度毛利潤下降的 50%，因為與產能相關的一些增量成本已被吸收。想知道我們如何在沒有給出任何數字的情況下考慮 50% 毛利下降的上升空間，但我們只是在第四季度看到更高利潤的流程，這會讓你有信心說我們將高於50% GP利潤下滑？

I'll give an answer there. We have seen very, very strong increases in demand. And for a variety of the increases in demand, in order to be able to cover it, we have worked with customers for increases in ASPs that provide higher margins in order to have a quicker return on the investment itself. So a good portion of what's going on in Q4 is a result of Q3 starts that are now under POs that have a higher selling price than previous quarters, and it's driven off of customers that are working towards increasing demand versus previous run rates for the most part.

我會在那裡給出答案。我們看到需求增長非常非常強勁。對於各種需求增長，為了能夠滿足需求，我們與客戶合作提高 ASP，以提供更高的利潤率，以便更快地獲得投資本身的回報。因此，第四季度發生的事情很大一部分是由於第三季度的開工，現在訂單下的售價比前幾個季度高，而且與之前的運行率相比，大多數客戶正在努力增加需求部分。

And yes, as mentioned during the script itself, as we move more and more into some of the, for example, 5G-driven activities, as we move into higher gigabit per second data center, as we move towards more large stitched die/wafers, all of that are higher-margin flows to begin with. So it's a combination of a richer mix and where we talked about the increase of another $100 million in 200-millimeter investment, that really is, for the main part, to increase capacity for a richer mix, for higher-margin mixes. So Q4 is a combination of both. It's as higher-margin mixes are growing and in instances where we are and have increased capacity that those are coming in at this point or will be coming off of purchase orders that had an increase in ASP.

是的，正如腳本本身所提到的，隨著我們越來越多地進入一些，例如，5G 驅動的活動，隨著我們進入每秒更高千兆位的數據中心，隨著我們轉向更大的縫合芯片/晶圓，所有這些都是利潤率較高的流量。因此，這是更豐富的組合的結合，我們談到在 200 毫米投資中再增加 1 億美元，這實際上是主要部分，以增加更豐富的組合的能力，以獲得更高利潤的組合。所以第四季度是兩者的結合。這是因為利潤率更高的組合正在增長，並且在我們已經並且已經增加產能的情況下，這些組合將在此時進入或將脫離 ASP 增加的採購訂單。

Okay. Got it. That's super helpful in terms of the drivers for the margins. With respect to the ST Micro partnership that you announced a few weeks ago, a very, very interesting announcement. Wondering kind of the rationale for both parties, particularly ST Micro who essentially began construction of this facility in 2018 in Italy and is kind of bearing the bulk of the construction but is allowing you guys to leverage your expertise in 300-millimeter and 200-millimeter to really kind of maximize the foundry, I'm curious kind of what was ST Micro's thinking in terms of partnering with you and the value that you'll bring to the table. And maybe if you could just remind us in terms of how much expected capacity you're kind of targeting in 2024 and beyond so we get kind of a sense of the potential scale of this partnership.

好的。知道了。就利潤率的驅動因素而言，這非常有幫助。關於您幾週前宣布的 ST Micro 合作夥伴關係，這是一個非常非常有趣的公告。想知道雙方的理由，特別是 ST Micro，他們基本上於 2018 年在意大利開始建設該設施，並且承擔了大部分建設工作，但允許你們利用你們在 300 毫米和 200 毫米方面的專業知識為了真正最大化代工廠，我很好奇 ST Micro 在與您合作方面的想法以及您將帶來的價值。也許如果你能提醒我們你在 2024 年及以後的目標容量是多少，這樣我們就能對這種夥伴關係的潛在規模有所了解。

So the fundamental drive was really stated by ST in the press release itself, and that was to drive a faster ramp to high utilizations and a faster ramp of capacity, which obviously then reduces the fixed cost per substrate. So the deal is a very strong, we believe and they believe, win-win for both companies. The specifics of the financial model has not been released. And I'm not sure that all the details will ever go out into the public. That's part of the confidentiality that ST and ourselves have. But the model itself is a very good model for both companies for many, many reasons. And I believe there's -- the major driver, again, from their side was what was stated in the PR, and that is a faster ramp to high utilizations, which is the key towards good margins in a manufacturing facility.

因此，ST 在新聞稿中確實陳述了基本驅動力，那就是推動更快地提高利用率和更快地提高產能，這顯然會降低每個基板的固定成本。因此，我們相信，他們相信，這筆交易對兩家公司來說都是雙贏的。財務模型的細節尚未公佈。而且我不確定所有的細節是否都會公之於眾。這是 ST 和我們自己保密的一部分。但由於很多很多原因，該模型本身對兩家公司來說都是一個非常好的模型。而且我相信，從他們的角度來看，主要的驅動因素再次是 PR 中所說的，那就是更快地提高利用率，這是製造工廠獲得良好利潤的關鍵。

The next question is from Mark Lipacis of Jefferies.

下一個問題來自 Jefferies 的 Mark Lipacis。

Can you hear me?

你能聽到我嗎？

Yes. Now we can.

是的。現在我們可以了。

You can? Okay. Great. All right. I don't know what happened there. Russell, on Agrate, I think you mentioned second half of '22 prototype. I just want to make sure I had that right. When do you think you'd start shipping production revenues?

你可以？好的。偉大的。好的。我不知道那裡發生了什麼。 Russell，關於 Agrate，我想你提到了 22 年原型的下半部分。我只是想確保我做對了。您認為什麼時候開始交付生產收入？

Our target would be to start shipping production revenues in the first half of '23.

我們的目標是在 23 年上半年開始交付生產收入。

Got you. And when you talked -- you talked about, I think, several capacity expansion plans. I don't think I heard silicon germanium mentioned there. Are you -- what is the -- is that included in the capacity additions? Can you talk about what you're doing with silicon germanium from a capacity expansion standpoint?

明白了當你談到 - 我認為你談到了幾個產能擴張計劃。我不認為我在那裡聽說過矽鍺。你 - 是什麼 - 是否包含在容量增加中？能否從產能擴張的角度談談你們對矽鍺的處理？

It is definitely included in it. The infrastructure activities that we're doing, we had mentioned, are very strong. We have a growing demand consistently in data center. And yes, so the silicon germanium and silicon photonics are both parts of our expansion plan. That's where we said about the -- to invest in 200-millimeter differentiated platforms. So 5G platforms are certainly one of our differentiated platforms.

它肯定包含在其中。我們正在做的基礎設施活動，我們已經提到過，非常強大。我們對數據中心的需求一直在增長。是的，所以矽鍺和矽光子學都是我們擴張計劃的一部分。這就是我們所說的——投資 200 毫米差異化平台。所以5G平台當然是我們的差異化平台之一。

Got you. That makes sense. And then on the CHIPS Act and your view to kind of target San Antonio there, do you have a sense of when you would expect to get visibility on this? And to what extent would you expect this to be direct funding or versus tax credits?

明白了那講得通。然後關於 CHIPS 法案和您對聖安東尼奧的目標的看法，您是否知道什麼時候可以看到這一點？您認為這在多大程度上是直接資助還是稅收抵免？

Expectation doesn't necessarily tie into what will happen. Our expectation is direct upfront funding. And so that's where we'd like to be. I think city, county governments do a lot and have offered a lot in areas of tax abatement. And that, I think, is a very good thing for ongoing margins and reduction of ongoing running costs. But the big issue of any greenfield activity is the upfront investment and the amount of years that it takes to bring that upfront investment into a net profit positive business and upfront grants are what really enables that.

期望不一定與將要發生的事情有關。我們的期望是直接的前期資金。這就是我們想要成為的地方。我認為市縣政府在減稅方面做了很多，也提供了很多。我認為，這對於持續的利潤率和降低持續的運營成本來說是一件非常好的事情。但任何綠地活動的大問題是前期投資，而將前期投資轉化為淨利潤為正的業務所需的年數，而前期撥款才是真正實現這一目標的因素。

So for us, the important thing is to -- whatever works out or whatever might be worked out with us is then to make sure that it really pencils well for the company and for our shareholders. And that's what our target is, is to have a deal. We'd love to increase capacity in the United States. Again, I think the San Antonio facility is a very beautiful campus to target it within. But certainly, it has to be something that pencils. And so that would be part of the discussions that we would have at a point that whatever committee would be ultimately used to determine and grant awards would be granting these awards.

因此，對我們來說，重要的是——無論我們能解決什麼問題，或者我們可能解決什麼問題，都要確保它真的對公司和我們的股東有利。這就是我們的目標，就是達成協議。我們很樂意增加美國的產能。同樣，我認為聖安東尼奧設施是一個非常漂亮的校園，可以將其作為目標。但可以肯定的是，它必須是鉛筆的東西。因此，這將成為我們討論的一部分，即最終用於確定和授予獎項的委員會將授予這些獎項。

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

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

I want to follow up on the gross margin question here. You talked about investment in differentiated flows. And at the same time, you talked about some of your power discretes maybe leveling off here. I want to jump to that one in a second. But how do we think about the longer-term gross margin model of the company as you make all these investments, obviously, expecting to get a run rate utilization on those? And it'd be interesting to hear that answer in context to your past history in gross margins where you've, 3, 4 years ago, got into the mid-20s level here and you're at the low 20s today. I'm curious to the degree to what you think you're going to approach those prior high levels.

我想在這裡跟進毛利率問題。您談到了對差異化流程的投資。同時，您談到了您的一些功率分立器件可能會在這裡趨於平穩。我想馬上跳到那個。但是，當您進行所有這些投資時，我們如何考慮公司的長期毛利率模型，顯然，期望獲得這些投資的運行率利用率？很有趣的是，根據你過去的毛利率歷史，你在 3、4 年前進入了 20 多歲的水平，而今天你處於 20 多歲的低水平。我很好奇你認為你將達到那些先前的高水平的程度。

Yes. So Richard, I believe I related to that a little bit in the prepared remarks. So for Q3, we will see probably gross margin increase and all the margins will increase, however, not to the full 50% incremental model. And from Q4, we expect it to exceed the 50% incremental model also, as Russell explained previously, because of some very good selling price increase trend and the improved mix. For the next years, if you ask going forward, I think you should go from the baseline of the Q4 betterment on the margins and then, from that point in time, to assume incremental model slightly above the 50%. If you want to be conservative or not, slightly above but better than the 50%, if the trend in the market, which you know better than me, will continue or [SME] continue like now because now it's a very good trend for us.

是的。所以理查德，我相信我在準備好的發言中與此有關。因此，對於第三季度，我們可能會看到毛利率增加，所有利潤率都會增加，但不會達到完整的 50% 增量模型。從第四季度開始，我們預計它也將超過 50% 的增量模型，正如 Russell 之前解釋的那樣，因為一些非常好的銷售價格上漲趨勢和改進的組合。對於接下來的幾年，如果你問未來，我認為你應該從第四季度利潤率改善的基線出發，然後從那個時間點開始，假設增量模型略高於 50%。如果你想保守或不保守，略高於但好於 50%，如果你比我更了解的市場趨勢將繼續或 [SME] 像現在一樣繼續，因為現在這對我們來說是一個非常好的趨勢.

Okay. And Oren, just a follow up on this since I don't have details on what kind of total dollar capacity you're expecting here, I'm not sure how far to take that incremental 50% gross margin and get to -- hope for a level down the road here. Again, I'll ask if it's -- if we can get to near prior levels here as you fill up this new capacity. Is that possible? Or can we approach that? Just any comments relative to your history would be great.

好的。奧倫，只是跟進一下，因為我沒有關於你在這裡期望的總美元容量的詳細信息，我不確定將 50% 的毛利率增加到什麼程度並達到 - 希望在這裡的道路上的水平。再一次，我會問它是否 - 當你填補這個新容量時，我們是否可以在這里達到接近先前的水平。那可能嗎？或者我們可以接近那個嗎？任何與您的歷史相關的評論都會很棒。

What is your question, the maximum revenue capacity? What was your question?

您的問題是什麼，最大收入能力？你的問題是什麼？

No. Where we can go with gross margins over time given all these investments here, again, relative to your history here where you've gotten up to the 25%, even close to the 26% level a few years ago and now we're at the 20% level. And obviously, we've got some investments that will increase depreciation here. But over time, as you fill that up, can we get back up close or to that level that you see?

不。鑑於這裡的所有這些投資，我們可以隨著時間的推移將毛利率帶到哪裡，再一次，相對於你在這裡的歷史，你已經達到了 25%，甚至接近幾年前的 26% 水平，現在我們'重在 20% 的水平。顯然，我們有一些投資會增加這裡的折舊。但隨著時間的推移，當你把它填滿時，我們能否回到接近或達到你看到的那個水平？

Yes, of course, it depends what outlook in the future you're looking into. But for the next year, yes, definitely, we can achieve the 25% or even higher -- slightly higher.

是的，當然，這取決於您對未來的展望。但對於明年，是的，我們肯定可以達到 25% 甚至更高——略高。

Okay. Perfect. That's helpful. Kind of a multipart question here on the power market here. First of all, you said -- I think, Russell, you said discrete, you're expecting to level off here over the next few quarters. I'd love to understand why there. And if you can make some broader comments also on your power IC space where I think you've been gaining some share. It would be great to know what voltage levels you're seeing the benefit and to what degree that's happening in EVs, that would be great to know.

好的。完美的。這很有幫助。這裡是關於電力市場的一個多部分問題。首先，你說 - 我認為，羅素，你說離散，你希望在接下來的幾個季度裡在這裡趨於平穩。我很想知道為什麼在那裡。如果您也可以對您的功率 IC 空間發表一些更廣泛的評論，我認為您已經獲得了一些份額。很高興知道您看到的好處是什麼電壓水平以及電動汽車中發生的程度，這將是很好的了解。

Yes. So our power discrete market has been a little bit different than others in that for power discretes, we don't offer a foundry offering flow for the power discretes, we have customer flows that we bring into the company. And we do, in many instances, co-developments on additional flows or incremental flows or capabilities. The power discrete business itself is not the highest-margin business in the company, but it's a very stable business for us by virtue of the relationships we have with those customers.

是的。因此，我們的功率分立市場與其他功率分立市場略有不同，我們不提供功率分立的代工產品流，我們有我們帶入公司的客戶流。在許多情況下，我們會共同開發額外的流程或增量流程或功能。功率分立業務本身並不是公司利潤率最高的業務，但憑藉我們與這些客戶的關係，它對我們來說是一項非常穩定的業務。

The fact that it's very dependent upon each of these customers, we've reached levels of revenue that we think is very adequate in the company, and the company is not presently taking the capital expenditure to put into those flows as there's others such as -- was the follow-up question previously, such as our silicon germanium, such as some imaging capabilities, certainly SIFO capabilities, that both have a higher margin impact for us. And secondly, we own the flow, so we have much more freedom in the market as to who we work with. So that's the issue there. It's not that we don't have customers that would not wish or do not wish to grow with us in that area. It's, at this point, not our preferred area that we wish to grow our capacity in the company.

事實上，它非常依賴這些客戶中的每一個，我們已經達到了我們認為在公司中非常充足的收入水平，並且公司目前沒有將資本支出投入這些流量，因為還有其他人，例如 - - 之前的後續問題，例如我們的矽鍺，例如一些成像功能，當然還有 SIFO 功能，它們對我們的利潤率都有更高的影響。其次，我們擁有流程，因此我們在市場上可以更自由地選擇與誰合作。這就是問題所在。這並不是說我們沒有客戶不希望或不希望在該領域與我們一起成長。在這一點上，這不是我們希望提高公司能力的首選領域。

The next question is from Patrick Ho of Stifel.

下一個問題來自 Stifel 的 Patrick Ho。

Congrats on the nice quarter. Russell, maybe first off, in terms of -- I think you guys were very prescient in terms of the capacity expansion plans to meet the market demand environment. I know you have a lot of customers today. And obviously, some of the capacity expansion is dedicated to getting more share with the existing customers. But can you qualitatively maybe discuss how potential new customers can be brought onboard as you expand this capacity given the current demand environment?

恭喜這個漂亮的季度。羅素，也許首先，就-我認為你們在滿足市場需求環境的產能擴張計劃方面非常有先見之明。我知道你們今天有很多顧客。顯然，一些產能擴張是為了與現有客戶獲得更多份額。但是，在當前的需求環境下，您能否定性地討論如何在擴大產能時吸引潛在的新客戶？

Certainly. We are actually, in some instances, taking new customers onboard. But those customers are coming in under different types of arrangements where, potentially, they'd be paying for a certain capacity itself as it's all pure incremental capacity. When a customer would give money towards capacity, the model is one of 2. One model is that whatever the prepayment is, it would be amortized over time against wafers typically nominally with end time date so that the capacity is more or less are committed or money is forfeited. The other is that the money is just given with no amortization, which is more or less a guarantee for the company that there's a return on that incremental capacity and has one impact, and that is it really does increase the specific margin dollars for that customer on top of whatever the selling price is on the wafer. So those are our 2 models.

當然。實際上，在某些情況下，我們正在吸引新客戶。但是這些客戶是根據不同類型的安排進入的，在這些安排中，他們可能會自己為特定容量付費，因為這都是純粹的增量容量。當客戶願意為容量支付資金時，該模型是 2 種模型之一。一種模型是，無論預付款是多少，都會隨著時間的推移對晶圓進行攤銷，通常名義上帶有結束日期，以便或多或少地承諾或減少容量錢被沒收了。另一個是這筆錢只是在沒有攤銷的情況下給出，這或多或少是對公司的一種保證，即增加的容量會產生回報並產生一個影響，那就是它確實增加了該客戶的特定利潤美元在晶圓上的任何售價之上。這就是我們的兩個模型。

For the most part, at this point, we're working to support our present customers that all have increasing demands. And we think that that's very important that those people, who really have made commitments to us and are relying on us, that we're doing all that we can to enable their growth within the market. And I think one thing that is very, very indicative that we have a good truly taxonomy of customers is the percentages of organic growth that we're seeing that, I believe, really are much higher than the market growth itself. And hence, it shows that the customers that we're working with are good growth customers that themselves are increasing market share and, hence, we're increasing market share in the respective end segments. Hopefully, that answers your question.

在大多數情況下，在這一點上，我們正在努力支持我們現有的客戶，他們的需求都在增加。我們認為，對於那些真正向我們做出承諾並依賴我們的人來說，我們正在盡我們所能來幫助他們在市場中成長，這一點非常重要。而且我認為非常非常表明我們對客戶有一個很好的真正分類的一件事是我們看到的有機增長的百分比，我相信，確實比市場增長本身高得多。因此，它表明我們正在與之合作的客戶是良好的增長客戶，他們自己正在增加市場份額，因此，我們正在增加各自終端細分市場的市場份額。希望這能回答您的問題。

No, it does. And maybe as a quick follow-up, I know 200-millimeter tools are different from 300-millimeter tools, but we're hearing more from the equipment industry that they're facing supply constraints. And again, I know 200-millimeter, there are probably a little more -- or there are probably more options out there to procure those types of tools. But have you seen any constraints on your end trying to get deliveries of some tools? Or is everything still kind of on track on your end?

不，確實如此。也許作為快速跟進，我知道 200 毫米工具不同於 300 毫米工具，但我們從設備行業聽到更多他們面臨供應限制的消息。再一次，我知道 200 毫米，可能還有更多——或者可能有更多的選擇來採購這些類型的工具。但是，您在嘗試交付某些工具時是否看到過任何限制？還是您這邊的一切都還在軌道上？

For the most part, all the POs that have already gone out for equipment is on-time on deliveries. What we're seeing now is just that the lead time on deliveries is extending for new POs. And that's particularly the case for 300-millimeter, for 200-millimeter as well. But we've not seen a gating of any of our suppliers refusing to take a purchase order.

大多數情況下，所有已經外出採購設備的採購訂單都準時交貨。我們現在看到的只是新 PO 的交貨提前期正在延長。對於 300 毫米尤其如此，對於 200 毫米也是如此。但我們還沒有看到任何供應商拒絕接受采購訂單。

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 you spent about $56 million...

所以你花了大約 5600 萬美元...

Lisa, we're having a very hard time hearing you.

麗莎，我們很難聽到你的聲音。

Yes.

是的。

Could you hear me any better now?

你現在能聽得更清楚了嗎？

Much better.

好多了。

Yes. Much better.

是的。好多了。

All right. So this quarter, you spent about $56 million CapEx, and you said it was going to be like $45 million to $49 million. So do you have any different thinking on Q3, Q4 and Q1 from what you had previously said?

好的。所以這個季度，你花費了大約 5600 萬美元的資本支出，你說這將是 4500 萬到 4900 萬美元。那麼對於Q3、Q4、Q1，您與之前所說的有什麼不同的想法嗎？

We have a little bit different thinking because of the -- what we said in the press release that we have announced an additional $100 million. So actually, this is why I said in my script that I expect now -- we announced in January -- in February $150 million, and we announced today additional $100 million, so total is $250 million, as I said in my prepared remarks, will be paid in the coming 5 quarters. So if you assume it linearly, it's additional $50 million to the baseline. Since we just announced the new $100 million recently, you may assume, obviously, that it will be below $50 million extra from Q3.

我們的想法有點不同，因為我們在新聞稿中說我們已經宣布追加 1 億美元。所以實際上，這就是為什麼我在我的腳本中說我現在預計——我們在 1 月份宣布——2 月份 1.5 億美元，我們今天宣布額外 1 億美元，所以總額是 2.5 億美元，正如我在準備好的發言中所說的那樣，將在未來 5 個季度支付。因此，如果您對其進行線性假設，則它會比基準線增加 5000 萬美元。由於我們最近剛剛宣布了新的 1 億美元，你可能會假設，顯然，從第三季度開始，它會比額外的 5000 萬美元少。

So I would assume lower than $50 million for Q3, like something like $40 million. And then $50 million a quarter and maybe some time $60 million to capture for the full $250 million. And this is on top of the baseline that we had without those CapEx plan, which is, like you mentioned, $45 million. So if you want to know Q3, Q3 will be about $45 million base plus additional $40 million from the -- towards the $250 million and pretty similar for the upcoming quarters. So between $85 million to $95 million total third quarter.

所以我假設第三季度低於 5000 萬美元，比如 4000 萬美元。然後每季度 5000 萬美元，也許某個時候需要 6000 萬美元才能獲得全部 2.5 億美元。這是在我們沒有那些資本支出計劃的基線之上的，就像你提到的那樣，是 4500 萬美元。因此，如果你想知道第三季度，第三季度的基數約為 4500 萬美元，再加上額外的 4000 萬美元——接近 2.5 億美元，與接下來的幾個季度非常相似。因此，第三季度總額在 8500 萬至 9500 萬美元之間。

The next question is from David Duley of Steelhead Securities.

下一個問題來自 Steelhead Securities 的 David Duley。

Just out of curiosity, as far as the Panasonic business goes, is that capacity fungible to other customers? Just kind of curious if it's unique to them. Or if, let's say, theoretically, Panasonic didn't exist, could that capacity be transferred to other customers easily?

出於好奇，就松下業務而言，這種能力是否可以與其他客戶互換？只是有點好奇它是否是他們獨有的。或者，假設從理論上講，松下不存在，那麼該產能是否可以輕鬆轉移給其他客戶？

Yes. So I understand the question. I just want to clarify so I don't offend anybody. Nuvoton bought the Panasonic Semiconductor, right? So it's now -- the group is called Nuvoton Japan technology. But -- so again, I just don't want to offend anybody there. I think, to a good extent, the capacity is fungible. To the extent that there's some specific flows that are used that are nonfungible, that's the case as well. So there are some flows that really is pretty much dedicated to end markets that are served with certain products, had previously been Panasonic Semiconductor, now Nuvoton Japan, serving Nuvoton as a whole. But a good amount of that capacity is fungible.

是的。所以我理解這個問題。我只是想澄清一下，以免冒犯任何人。新唐買了松下半導體吧？所以現在 - 該小組稱為 Nuvoton Japan Technology。但是——再說一次，我只是不想冒犯那裡的任何人。我認為，在很大程度上，能力是可以替代的。在某種程度上，使用的某些特定流程是不可替代的，情況也是如此。因此，有些流程實際上非常專注於為某些產品提供服務的終端市場，以前是松下半導體，現在是新唐日本，為整個新唐服務。但其中很大一部分容量是可替代的。

Okay. And then as far as the -- you mentioned the utilization rates, and you just gave us layer counts that were processed at different wafer sizes. Did you give -- I guess there's still a utilization rate number available, right? Because you gave us the total layer count at 100- and 200- and 300-millimeter, we could calculate the utilization rates. So could you help us understand, you gave us the number of process, what's the total number available so we can back into the utilization rate?

好的。然後就您提到的利用率而言，您只是給了我們以不同晶圓尺寸處理的層數。你給了——我想還有可用的利用率數字，對嗎？因為您給了我們 100 毫米、200 毫米和 300 毫米的總層數，我們可以計算利用率。那麼您能否幫助我們了解，您給了我們進程數，可用的總數是多少，以便我們可以返回利用率？

No, that's exactly why I'm using the process layers. The exact amount of photo layers is not necessarily a relevant number as there's other constraints and bottlenecks that are not necessarily photo-related. And we're adding photo as time goes on. So that's not an area that we'll be presenting at all anymore. We will just be presenting photo layers used. And on a comparative basis, it's a good operational metric.

不，這正是我使用流程層的原因。照片層的確切數量不一定是相關數字，因為還有其他不一定與照片相關的限制和瓶頸。隨著時間的推移，我們正在添加照片。所以這根本不是我們要展示的領域。我們將只展示使用的照片圖層。在比較的基礎上，這是一個很好的運營指標。

And so then how do we tie that into utilization rates and efficiency of using your equipment since that's basically one of the most important metrics of a foundry business is the utilization of your equipment. So is there another metric that we can look at? Because when you just give us the foundry -- the number of layers processed, it's not necessarily utilization rate-driven. So is there any other metrics you'll be giving us to understand about how efficient you're using your equipment?

那麼我們如何將其與設備的利用率和使用效率聯繫起來，因為這基本上是鑄造企業最重要的指標之一，就是設備的利用率。那麼我們可以查看另一個指標嗎？因為當你只給我們代工廠——處理的層數時，它不一定是利用率驅動的。那麼，您是否有任何其他指標可以讓我們了解您使用設備的效率？

You can certainly assume that presently, we are fully utilized at every layer that we can ship or shipping before these new tools are arriving.

你當然可以假設，目前，在這些新工具到達之前，我們已經充分利用了我們可以運送或運送的每一層。

Okay. And then, Oren, what would we expect for operating expenses in the Q3 and Q4? I know you've been adding people and capacity at various locations. What should we kind of expect on a dollar basis for operating expenses in Q3 and Q4?

好的。然後，Oren，我們對第三季度和第四季度的運營支出有何期望？我知道你一直在增加不同地點的人員和容量。我們應該對第三季度和第四季度的運營費用有什麼樣的預期？

Yes. Operating expenses should remain flat in the future quarters because, you're right, that we are adding people but they are in COGS. It's mainly technicians and the operators, engineers to support the fab production. So that's in the cost. That's within the 50% incremental model. OpEx, R&D and SG&A, we are keeping them flat.

是的。未來幾個季度的運營費用應該保持不變，因為你是對的，我們正在增加人員，但他們在 COGS 中。支持晶圓廠生產的主要是技術人員和操作人員、工程師。這就是成本。這在 50% 的增量模型中。 OpEx、R&D 和 SG&A，我們保持不變。

So we should see some nice leverage in the back half of the calendar year?

所以我們應該在日曆年的後半年看到一些不錯的槓桿作用？

What, nice leverage?

什麼，不錯的槓桿？

Some strong earnings leverage from operating expenses being flat in the back half?

下半年運營費用持平帶來的一些強大的盈利槓桿？

Yes, in percentages, yes.

是的，以百分比表示，是的。

Yes. So just to follow up on your question, in the prepared script, I mentioned the Q3 guidance and then I said that we expect top and bottom line continued growth in the fourth quarter as more tools become qualified for production, enabling further increases in high-value flows. So I think somewhat intrinsic to the statement, if we're depending on new tools to be qualified, what we're running right now is running at full utilization.

是的。因此，為了跟進你的問題，在準備好的腳本中，我提到了第三季度的指導，然後我說我們預計第四季度的收入和利潤將繼續增長，因為更多的工具符合生產條件，從而能夠進一步增加高-價值流動。所以我認為聲明有些內在，如果我們依賴新工具來獲得資格，我們現在正在運行的是充分利用。

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

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

Just a couple of quick follow-ups from me. Just to be clear, I'm pretty sure the answer is no, but I just want to confirm, Russell. The new $100 million CapEx addition here. That doesn't include any equipment that would be installed with the -- in the ST Micro facility, is that correct?

只是我的一些快速跟進。明確地說，我很確定答案是否定的，但我只是想確認一下，拉塞爾。此處新增 1 億美元的資本支出。這不包括將安裝在 ST Micro 設施中的任何設備，對嗎？

You are correct. It does not include.

你是對的。它不包括。

Okay. That's what I thought. A quick question on another topic, your silicon germanium. Are you seeing much, if any, benefit from 400-gig devices or, I guess, devices that go into 400-gig datacom modules yet? Or is that still a pretty small piece of business?

好的。我也那麼認為。關於另一個主題的快速問題，您的矽鍺。您是否看到從 400-gig 設備或我猜是進入 400-gig 數據通信模塊的設備中獲益很多（如果有的話）？或者這仍然是一個非常小的業務？

It's a growing piece. I wouldn't say -- it's certainly not the biggest portion, but it is a growing piece. And yes, we've press released a revenue customer, Inphi, for silicon photonics. You know that Inphi does 400-gig, right?

這是一個成長中的作品。我不會說——它肯定不是最大的部分，但它是一個不斷增長的部分。是的，我們已經發布了矽光子學的收入客戶 Inphi。您知道 Inphi 可以進行 400 次演出，對嗎？

Yes. Okay. Are you seeing 100-gig -- components for 100-gig, are those still growing at a decent rate? Or is that starting to plateau?

是的。好的。您是否看到 100-gig——100-gig 的組件，這些組件是否仍在以適當的速度增長？還是開始趨於穩定？

So in the prepared remarks, I had mentioned that what's really up and moving right now is the datacom, not the telecom. The telecom is where we do predominantly the 100-gig, right? So telecom is not -- the 100-gig is not increasing usually in volume at this point, the datacom is. And those are typically 25-gig chips.

因此，在準備好的發言中，我提到了現在真正興起和發展的是數據通信，而不是電信。電信是我們主要做 100-gig 的地方，對吧？所以電信不是——此時 100-gig 的數量通常不會增加，數據通信是。這些通常是 25-gig 芯片。

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。 Ellwanger 先生，您要作總結髮言嗎？

Certainly. Thank you very much. Thank you for your interest and for the good questions. For your reference, posted on our website, on the quarterly release page on the Investor Relations section, is our second quarter 2021 financial results slide deck. Please access it as per desire and interest.

當然。非常感謝。感謝您的關注和提出的好問題。我們網站上“投資者關係”部分季度發布頁面上發布的 2021 年第二季度財務業績幻燈片供您參考。請根據需要和興趣訪問它。

To summarize the call and where we're at, we really were excited -- are excited with second quarter record revenue results and particularly the activities that have led to a third quarter guidance of substantial continued growth and breaking a $1.5 billion annualized run rate. We believe that the $385 million Q3 guidance, which represents 38% year-over-year organic growth, is really extremely strong evidence that we're serving the right customers, in the right markets. That type of a growth, I think, is quite substantial. We are really executing well on our expansion plans. Most everything is in place and our target. And hence, as stated in the script, we are looking forward and expect fourth quarter growth in both top and bottom lines. And we're very excited with the partnership with ST at the Agrate factory and, over the next years, expect and believe that we'll see very important and significant movement in 300-millimeter growth and 300-millimeter capabilities as we qualify our tools and install more tools in that facility.

總結電話會議和我們所處的位置，我們真的很興奮——對第二季度創紀錄的收入結果感到興奮，尤其是那些導致第三季度大幅持續增長和突破 15 億美元年化運行率的活動。我們相信，3.85 億美元的第三季度指引代表了 38% 的同比有機增長，這確實非常有力地證明了我們在正確的市場為正確的客戶提供服務。我認為，這種增長是相當可觀的。我們的擴張計劃確實執行得很好。大多數一切都已到位，我們的目標。因此，正如腳本中所述，我們期待並預計第四季度的收入和利潤都會增長。我們對在 Agrate 工廠與 ST 的合作感到非常興奮，並且在接下來的幾年裡，我們期望並相信隨著我們對工具進行資格認證，我們將看到 300 毫米增長和 300 毫米能力的非常重要和顯著的變化並在該設施中安裝更多工具。

Other activities happening in the company are still exciting. And look forward to meeting with you again for the third quarter release and possibly other interactions in the interim. So thank you very much for your interest and best wishes for health and happiness. Thank you.

公司發生的其他活動仍然令人興奮。並期待在第三季度發佈時再次與您會面，並在此期間可能進行其他互動。非常感謝您的關注，並祝您健康快樂。謝謝你。

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

謝謝你。 Tower Semiconductor 2021 年第二季度業績電話會議到此結束。感謝您的參與。您可以繼續並斷開連接。