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，感謝你們的支持。歡迎參加Tower Semiconductor 2021年第二季業績電話會議。 (操作員指示) 提醒一下，本次會議正在錄製，時間為 2021 年 8 月 2 日。

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

今天與我們一起參加的有 Tower 執行長 Russell Ellwanger 先生；以及財務長 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.

現在，我想將會議交給投資者關係和企業傳播高級副總裁 Noit Levy 女士。請 Levy 女士繼續。

Thank you, and welcome to Tower Semiconductor Financial Results Conference Call for the Second Quarter of 2021.

謝謝，歡迎參加 Tower Semiconductor 2021 年第二季財務業績電話會議。

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，本次電話會議中發表的一些聲明可能是前瞻性的，並且受不確定性和風險因素的影響，可能導致實際結果與目前預期的結果不同。這些不確定性和風險因素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進行了充分披露。您也可以在我們的網站上找到它們。 Tower 不承擔更新任何此類前瞻性聲明的義務。

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 年第二季的業績是根據美國 GAAP 編製的。今天的收益報告和收益電話會議中的財務表和數據還包括某些調整後的財務信息，這些信息可能根據美國證券交易委員會制定的 G 條例和相關報告要求被視為非 GAAP 財務指標。財務表包括這些指標的完整解釋以及這些非 GAAP 指標與 GAAP 財務指標的調整。

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執行長 Russell Ellwanger 先生。拉塞爾，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，我很榮幸。我們非常高興與您分享我們的第二季業績和業務活動。

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.

我們今年第二季的營收為 3.62 億美元，創下了 Tower 的最高紀錄，年增 17%，有機成長 26%。按收入金額排序，年比有機成長主要得益於 RFSOI 超過 40% 的年比有機成長；功率IC較去年有機成長35%；影像感測器，較去年同期有機成長30%；功率分立元件佔 23%。值得注意的是，第二季所有業務部門均已成長。

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.

我們預計今年第三季的營收將增至 3.85 億美元的中位數，相當於同比整體成長 24% 和有機成長 38%，並突破 15 億美元的年化營收運行率。這是受 RFSOI 和影像感測器進一步大幅同比增長的推動，預計所有業務部門都將實現成長。我們的客戶需求和服務市場都很強勁，因此，隨著工具變得符合生產要求，我們預計第四季度營收和利潤將繼續成長，從而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成長，我們繼續執行先前宣布的產能擴張計劃，同時增加 200 毫米新產能，Oren 將對此進行更詳細的介紹。針對具體的300毫米大尺寸增長，我們與意法半導體簽署了協議。在此次合作中，我們將共同努力加速晶圓廠的產能提升，這是快速達到高利用率水準並進而實現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 毫米製造工廠（Tower 將其稱為 Fab 10）目前正在建設中。 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 毫米代工產能增加三倍。該晶圓廠預計將於今年稍後準備好進行設備安裝，並於 2022 年下半年開始原型生產。

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年創新與競爭法案，並撥款520億美元用於美國半導體發展。該法案目前已提交眾議院審議。如果該法案獲得通過，我們的目標是獲得資金用於在美國進一步發展計劃，可能在我們位於德克薩斯州聖安東尼奧的佔地 130 英畝的美麗園區或其他地方。

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，我們積極參與與該法案相關的活動。我參加過三次行業領袖小組討論，主題是發展和/或保護美國微電子供應鏈，我也專注於先進模擬半導體積體電路製造的需求了。其中一個小組是由參議員科寧和眾議員麥考爾主持的執行長圓桌會議，他們兩人都是 CHIPS 法案的提案人，也是各自具有遠見卓識活動的立法機構。我還參加了美國商務部長雷蒙多主持的選擇美國會議的特別會議。我談到了我們認為外國實體要想獲得美國對美國本土半導體製造業成長的激勵措施所必需的四個條件。

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，美國需要有本土研發，特別是代工模式，使創新的創業理念能夠成功地從概念和可行性階段推進到增值業務階段。其次，所有公司都需要向公司展示其強大的IP安全歷史，包括外部和內部。所有受獎人都應長期支持美國政府措施。最後，立法應該重點關注差異化模擬技術，該技術佔所有系統電子設備總量的 80% 至 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.

轉向我們的具體業務。第二季度，我們的射頻行動業務占我們營收的25％，預計全年將呈現強勁成長。預計到 2021 年，5G 手機數量將比 2020 年翻一番，達到約 5.5 億部，而全球手機總數將達到約 13 億部。這種轉變，加上 5G 內容的大幅增加，推動了我們在該市場的強勢地位，推動了我們的持續成長。重要的是，除了收入成長之外，向更先進、更高價值的 5G 技術的轉變也有助於提高該領域的平均銷售價格。預計這一趨勢至少將持續未來幾季。

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 宣布的合作將有助於滿足我們強大的 300 毫米設計獲勝管道的需求。射頻基礎設施業務利用我們業界領先的矽鍺技術服務於電信和資料通訊終端市場，由於資料中心的實力而保持高運行率，約占我們公司收入的 12%。對於數據通信，預測仍然非常強勁，我們構建了高速光纖收發器和用於存儲的高速硬碟前級放大器。

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.

我們的電源 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，該業務的成長速度超過了市場，並隨著全球汽車電氣化的趨勢而實現了長期成長。

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.

我們的功率分立元件業務已全面恢復，約占我們營收的16%。與電源積體電路一樣，成長基礎廣泛，由汽車應用帶動。我們預計這項業務將在未來幾季趨於平穩，同時我們將把資本支出擴張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.

我們的影像業務占我們收入的 15%，主要成長市場是醫療、牙科 X 光和工業感測器。此外，我們在電影攝影和廣播市場領域繼續成長，這是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，我們看到牙科領域正在復甦至高於新冠疫情之前的水平，並且目前呈現高成長軌跡。主要的長期成長動力主要來自於從傳統非晶矽基平板技術到CMOS的轉變。我們的客戶要么是X射線探測器供應商，要么是與我們一起設計自己的感測器的X射線設備供應商，他們正在獲得越來越多的市場份額。而且，在大多數情況下，我們作為唯一供應商，也相應地增加了我們的份額。

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，我們看到所有領域都出現了急劇增長，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 背板矽方面開展大量合作夥伴關係，主要面向快速成長的市場 VR 顯示器；以及用於大型顯示器、電視、筆記型電腦、平板電腦和智慧型手機的基於矽晶片的微型 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.

談到利用率，從本季開始，我們將參考每個晶圓尺寸本季處理的光層數量。鑑於我們透過改變流程組合來持續提高製造設施的產能，單純的利用率數字並不能代表公司在時間比較基礎上的營運績效。

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.

第二季的代工廠層數（所有數字均以 8 吋當量表示）為 150 毫米，共處理了 451,000 層，而 2020 年第二季為 353,000 層，年成長 28%。上一季度，即 2021 年第一季度，共處理了 411,000 層。 2021 年第一季共處理了 5,772,000 層。上一季共處理了 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.

現在轉向企業永續性。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的核心早已融入公司的DNA中。對 Tower 而言，ESG 不僅僅是列出活動和目標的文件，更是我們的重點，即成為一家對社區和世界有益的、甚至卓越的公司。這是我們為員工、客戶、合作夥伴和利害關係人提供服務的方式。本報告將描述我們的企業責任、永續性和 ESG 工作的各項要素，並將其與我們在上述每個領域追求卓越的價值向量很好地結合。我們不斷評估我們的活動，以改善並確保我們對改善社會和改善周圍生活的公司的承諾和行動能夠實現、有價值和可持續。

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

接下來，我想把電話轉給我們的財務長 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 年第二季業績，實現創紀錄的 3.62 億美元收入，較去年同期大幅成長 17%，毛利潤、營業利潤和淨利潤均大幅增加。

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 年第三季提供了 3.85 億美元的營收預期，這意味著該季度的營收將再創紀錄。正如過去幾個季度多次討論的那樣，我們繼續看到顯著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，以提高我們 8 吋和 12 吋晶圓廠的產能。我們現在宣布額外投資 1 億美元產能，總資本支出將達到 2.5 億美元，預計在未來 5 個季度內支付，用於從 2021 年第三季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，為了在現有晶圓廠的基礎上增強 12 英寸產能，意法半導體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將達到最低水平，並將在下個季度公佈未來時間表和成本的詳細資訊。

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的損益表重點，然後討論我們的資產負債表和現金流財務報表。 2021年第二季營收為3.62億美元，較上年同期增加5,200萬美元，較上年同期成長17%。從我們的有機收入來看，其定義為不包括來自日本新唐公司（原為松下半導體公司）的收入以及來自聖安東尼奧工廠的美信的收入的總收入，2021 年第二季度的收入同比增長了 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 年第二季的毛利和營業利潤分別為 7,400 萬美元和 3,400 萬美元。該毛利比去年同期高出 1,600 萬美元，成長 28%。該營業利潤比去年同期高出 1,200 萬美元，增幅達 54%。 2021 年第二季淨利為 3,100 萬美元，即每股基本收益 0.29 美元，每股稀釋收益 0.28 美元。該淨利較上年同期增加1,200萬美元，增幅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，我們再次證明了強勁而穩定的財務狀況。需要注意的幾點是，截至 2021 年 6 月 30 日，我們的股東權益達到了創紀錄的 15.2 億美元。抵消了這一增長。流動資產比率（定義為流動資產除以短期負債）強勁，為 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.

就我們 2021 年第二季的現金和現金等價物而言，經營活動產生的現金流為 9,300 萬美元。固定資產淨投資（主要用於製造設備）為 5,600 萬美元。我們在 2021 年第二季償還了 2,000 萬美元的債務，並投資了 1,700 萬美元的短期銀行存款和有價證券。我們的資本表包括 1.082 億股流通普通股和另外 230 萬股 ESOP 相關股份，因此完全稀釋股數為 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.

展望下半年，繼 2021 年第三季 3.85 億美元的創紀錄收入預期之後，我們預計本季利潤率將有所提高，這是朝著第四季度增量收入對利潤率的影響邁出的一步，我們預測這應該會超過 50% 的增量模型。

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

現在我想將電話轉回給接線生。

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

（操作員指示）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?

祝賀各主要業務線都呈現強勁發展動能。我很高興聽到這個消息。所以 Oren，我只想問一下我們全年的毛利率狀況。您曾在準備好的發言中提到，您預計第四季度該模型的毛利降幅將超過 50%，因為一些與產能相關的增量成本已被吸收。想知道我們如何看待 50% 毛利下降帶來的上行空間，而沒有給出任何數字，但我們是否看到第四季度利潤率更高的流程，這會讓您有信心說我們的毛利下降幅度將超過 50%？

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。我們看到需求成長非常非常強勁。為了能夠滿足各種成長的需求，我們與客戶合作提高平均售價，從而提供更高的利潤，以便更快獲得投資回報。因此，第四季度發生的很大一部分情況是第三季度開始的結果，現在的採購訂單的售價高於前幾個季度，而且這在很大程度上是由那些致力於增加需求而非之前的運行率的客戶所推動的。

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那樣，隨著我們越來越多地進入一些例如 5G 驅動的活動，隨著我們進入更高千兆每秒的數據中心，隨著我們轉向更大的縫合晶片/晶圓，所有這些都是利潤率更高的流程。因此，這是更豐富的混合物，我們談到了在 200 毫米方面增加另外 1 億美元的投資，這實際上主要是為了增加更豐富混合物的產能，以獲得更高利潤的混合物。所以 Q4 是兩者的結合。這是因為高利潤率產品組合不斷增長，並且在我們的產能增加的情況下，這些產品此時正在進入，或者將來自平均售價增加的採購訂單。

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。這對於利潤的驅動因素來說非常有幫助。關於您幾週前宣布的與 ST Micro 的合作關係，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，該公司基本上於 2018 年在意大利開始建設該工廠，並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來真正最大化代工廠的規模，我很好奇 ST Micro 在與你們合作方面的想法是什麼，以及你們將帶來什麼價值。或許您可以提醒我們一下您在 2024 年及以後的預期產能是多少，這樣我們就能了解這種合作關係的潛在規模。

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 在新聞稿中確實闡述了根本的驅動力，那就是推動更快達到高利用率和更快提高產能，這顯然會降低每片基板的固定成本。因此，我們相信這筆交易非常有力，他們也相信，這對兩家公司來說是雙贏的。此財務模型的具體細節尚未公佈。我也不確定所有細節是否會被公諸於世。這是 ST 和我們自己保密的一部分。但由於很多原因，該模式本身對兩家公司來說都是一個非常好的模式。而且我相信，從他們的角度來看，主要的驅動力還是公關中所提到的，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?

你聽得到我嗎？

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事。拉塞爾，關於阿格拉特，我認為你提到了 22 原型的後半部分。我只是想確保我擁有這個權利。您認為什麼時候會開始產生生產收入？

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

我們的目標是在2023年上半年開始實現生產收入。

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。當您談論時——我想您談論了幾個產能擴張計劃。我認為我沒有聽過那裡提到矽鍺。您--這是什麼--這包括在產能增加嗎？您能從產能擴展的角度談談你們在矽鍺所做的工作嗎？

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。正如我們所提到的，我們正在進行的基礎設施活動非常強大。我們對資料中心的需求持續成長。是的，矽鍺和矽光子學都是我們擴展計畫的一部分。這就是我們所說的—投資 200 毫米差異化平台。因此，5G平台肯定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。這很有道理。然後關於《CHIPS法案》以及您對聖安東尼奧的看法，您是否知道什麼時候可以實現這一點？您認為這在多大程度上是直接資助或稅收抵免？

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.

期望並不一定與將要發生的事情有關。我們的期望是直接的前期融資。這正是我們希望達到的。我認為市、縣政府在減稅方面做了很多工作，也做出了很多貢獻。我認為，這對於持續利潤和降低持續營運成本來說是一件非常好的事情。但任何綠地活動的最大問題是前期投資，以及將前期投資轉化為淨利潤所需的年數，而前期補助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——無論結果如何或無論與我們有什麼合作，都要確保這對公司和我們的股東來說都是有利的。這就是我們的目標：達成協議。我們很樂意增加美國的產能。再次強調，我認為聖安東尼奧設施是一個非常美麗的園區，值得作為目標。但可以肯定的是，它必須是可以用鉛筆寫的東西。因此，這將成為我們討論的一部分，無論最終由哪個委員會來確定和頒發獎項，都將頒發這些獎項。

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.

我想在此跟進毛利率的問題。您談到了對差異化流程的投資。同時，您談到一些功率分立元件可能在這裡趨於平穩。我想馬上跳到那一個。但是，當您進行所有這些投資時，我們如何看待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？結合您過去的毛利率歷史來聽聽這個問題的答案會很有趣，3、4 年前，您的毛利率達到了 25% 左右，而今天則處於 25% 出頭。我很好奇您認為您將如何接近先前的高水準。

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對此有一點涉及。因此，對於第三季度，我們可能會看到毛利率增加，並且所有利潤率都會增加，但不會達到完整的 50% 增量模型。而且從第四季開始，我們預計它的增量模型也將超過 50%，正如 Russell 之前解釋的那樣，因為銷售價格上漲趨勢非常好，而且產品組合也得到了改善。對於接下來的幾年，如果您問及未來，我認為您應該從第四季度利潤率改善的基線開始，然後從那個時間點開始，假設增量模型略高於 50%。無論你是否想保守，略高於但比 50% 更好，如果市場趨勢（你比我更了解）將繼續下去，或者 [SME] 繼續像現在這樣，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，我只是想跟進一下這個問題，因為我不知道您預計這裡的總美元產能是多少，我不確定增量 50% 的毛利率能達到多大程度——希望未來能達到一定的水平。再次，我想問一下，當您填滿這個新容量時，我們是否可以達到接近以前的水平。這可能嗎？或者我們可以接近這一點嗎？任何與您的歷史相關的評論都很好。

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

您的問題是什麼，最大收入能力是多少？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。顯然，我們的一些投資會增加折舊。但隨著時間的推移，當你填補了它之後，我們還能回到近距離或你看到的水平嗎？

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，這取決於你所展望的未來前景。但是對於明年來說，是的，我們肯定可以實現 25% 甚至更高 - 略高一些。

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。這是關於電力市場的多部分問題。首先，您說 - 我認為，拉塞爾，您說的是離散的，您預計未來幾季將趨於平穩。我很想了解為什麼會這樣。如果您能就您的電源 IC 領域做出一些更廣泛的評論，我認為您已經在該領域獲得了一些份額。如果您能知道在何種電壓等級下能享受到這種好處，以及這種好處在電動車上體現到何種程度，那就太好了。

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，我們的功率分立元件市場與其他市場略有不同，對於功率分立元件，我們不提供功率分立元件的代工廠提供流程，我們有自己帶入公司的客戶流程。在很多情況下，我們確實會共同開發附加流程、漸進流程或功能。功率分立元件業務本身並不是公司利潤最高的業務，但憑藉我們與這些客戶建立的關係，這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，它非常依賴每一個客戶，我們已經達到了我們認為對公司來說非常充足的收入水平，而且公司目前沒有將資本支出投入到這些流動中，因為還有其他的，比如——這是之前的後續問題，比如我們的矽鍺，比如一些成像能力，當然還有 SIFO 能力，它們都對我們的利潤率有更高的影響。其次，我們擁有流量，因此在選擇與誰合作方面，我們在市場上擁有更大的自由。這就是問題所在。這並不是說我們沒有不願意或不願意在該地區與我們共同成長的客戶。目前，這並不是我們公司希望擴大產能的首選領域。

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?

恭喜本季取得良好成績。拉塞爾，首先，我認為你們在產能擴張計畫方面非常有先見之明，能夠滿足市場需求環境。我知道你今天有很多顧客。顯然，部分產能擴張是為了從現有客戶那裡獲得更多份額。但是，您能否定性地討論一下，在當前需求環境下，如何在擴大產能的同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。事實上，在某些情況下，我們正在接納新客戶。但這些客戶是根據不同類型的安排加入的，他們可能會為一定的容量本身付費，因為這都是純增量容量。當客戶為產能支付款項時，採用的模式有兩種。另一種情況是，這筆錢是直接給的，沒有攤銷，這或多或少可以保證公司從增量產能中獲得回報，而且有一個影響，那就是它確實可以在晶圓的銷售價格之上增加該客戶的特定利潤。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.

就目前情況而言，我們主要在努力支持現有客戶日益增長的需求。我們認為，對於那些真正對我們做出承諾並依賴我們的人來說，這一點非常重要，我們會竭盡全力幫助他們在市場中成長。我認為，有一件事非常能說明我們擁有真正良好的客戶分類，那就是我們看到的有機成長百分比，我相信，這確實遠高於市場成長本身。因此，這表明，我們合作的客戶都是成長良好的客戶，他們本身的市場份額正在增加，因此，我們在各自的終端領域的市場份額也在增加。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。也許作為快速的跟進，我知道 200 毫米工具與 300 毫米工具不同，但我們從設備行業聽到更多消息說，他們正面臨供應限制。再說一次，我知道 200 毫米，可能還有更多——或者可能有更多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遇到任何限制？或者說你這邊一切都還順利嗎？

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.

大部分情況下，所有已發出的設備採購訂單都準時交貨。我們現在看到的是新採購訂單的交貨時間正在延長。對於 300 毫米尤其如此，對於 200 毫米也是如此。但我們並未看到任何供應商拒絕接受採購訂單的情況。

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，我們很難聽清楚你的聲音。

Yes.

是的。

Could you hear me any better now?

現在你能聽清楚我的話了嗎？

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。所以本季度，你花了大約 5600 萬美元的資本支出，而你說過將會達到 4500 萬到 4900 萬美元。那麼您對於問題 3、問題 4 和問題 1 的想法與您之前所說的有什麼不同嗎？

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.

我們的想法有些不同，因為我們在新聞稿中說過，我們已經宣布額外撥款 1 億美元。所以實際上，這就是為什麼我在腳本中說我現在預計 - 我們在 1 月宣布 - 2 月 1.5 億美元，我們今天宣布額外的 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，將在未來 5 個季度支付。因此，如果你線性假設，那麼它將在基線上額外增加 5000 萬美元。由於我們最近剛剛宣布了新的 1 億美元，因此您可能顯然會認為，與第三季相比，額外金額將低於 5,000 萬美元。

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.

所以我預計第三季的營收將低於 5,000 萬美元，大約是 4,000 萬美元。然後每季賺取 5,000 萬美元，有時可能達到 6,000 萬美元，以實現全部 2.5 億美元。這是在沒有這些資本支出計劃的情況下，我們在基準上所設定的目標，正如您所說，是 4500 萬美元。因此，如果你想了解第三季的情況，那麼第三季的基礎收入將約為 4,500 萬美元，再加上額外的 4,000 萬美元——達到 2.5 億美元，與未來幾季的收入水平大致相同。因此第三季的總收入在 8,500 萬到 9,500 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?

只是出於好奇，就鬆下業務而言，該產能是否可以替代給其他客戶？只是有點好奇這對他們來說是否是獨一無二的。或者，如果從理論上講，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。所以我明白這個問題。我只是想澄清一下，以免冒犯任何人。新唐科技收購了松下半導體吧？所以現在 — — 該集團被稱為新唐日本科技。但是——我再說一遍，我只是不想冒犯任何人。我認為，在很大程度上，容量是可替代的。就某些特定的不可替代的流程而言，情況也是如此。因此，有些流程實際上是專門用於服務某些產品的終端市場，以前是松下半導體，現在是日本新唐公司，為整個新唐公司服務。但其中很大一部分產能是可替代的。

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——您提到了利用率，並且您剛剛給了我們在不同晶圓尺寸上處理的層數。你有沒有給出——我想還有一個可用的利用率數字，對嗎？因為您給了我們 100 毫米、200 毫米和 300 毫米的總層數，所以我們可以計算出利用率。那麼您能否幫助我們理解，您給了我們流程的數量，可用的總數是多少，以便我們可以回到使用率？

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一個相關的數字，因為有其他不一定與照片相關的限制和瓶頸。隨著時間的推移，我們會添加照片。所以這不再是我們要展示的領域了。我們將僅展示所使用的照片圖層。從比較的角度來說，這是一個很好的營運指標。

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業務最重要的指標之一，即設備的利用率。那麼還有其他指標可供我們參考嗎？因為當您只給我們代工廠時—處理的層數不一定是由利用率驅動的。那麼，您是否可以提供其他指標來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.

您當然可以假設，目前，我們已經充分利用了在這些新工具到來之前可以運送的每一層。

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。那麼，Oren，我們預計第三季和第四季的營運費用是多少？我知道你們一直在各個地點增加人員和產能。我們對第三季和第四季的營運費用以美元計算應有何種預期？

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。未來幾季的營運費用應該會保持平穩，因為，你說得對，我們正在增加員工，但這些都包含在銷貨成本中。主要由技術人員、操作員和工程師來支援晶圓廠的生產。這就是成本。這是在 50% 增量模型之內。營運支出、研發支出及銷售、一般及行政開支，我們使其維持不變。

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

那麼我們應該在下半年看到一些不錯的槓桿作用嗎？

What, nice leverage?

什麼，很好的槓桿？

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

下半年營業費用持平能帶來一些強勁的獲利槓桿嗎？

Yes, in percentages, yes.

是的，以百分比來說，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，只是為了跟進您的問題，在準備好的腳本中，我提到了第三季度的指引，然後我說，隨著越來越多的工具具備生產資格，我們預計第四季度營收和利潤將繼續增長，從而進一步增加高價值流量。因此，我認為從某種程度上來說，如果我們依賴新的工具來獲得資格，那麼我們現在正在運行的工具就是充分利用了。

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?

我只想快速跟進幾件事。需要明確的是，我很確定答案是否定的，但我只是想確認一下，拉塞爾。這裡新增加了 1 億美元的資本支出。這不包括在 ST Micro 工廠中安裝的任何設備，對嗎？

You are correct. It does not include.

你是對的。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。我也是這麼想的。關於另一個主題的一個簡單的問題，你的矽鍺。您是否看到了 400G 設備或裝入 400G 數據通訊模組的設備帶來的好處（如果有的話）？或者這仍然是一筆很小的業務？

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?

它是一個正在成長的作品。我不會說——這肯定不是最大的一部分，但它是一個不斷增長的部分。是的，我們已經向新聞界發布了矽光子學的收入客戶 Inphi。您知道 Inphi 可以實現 400Gig 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 100G——100G 的組件是否仍以不錯的速度成長？或者說，情況已經開始穩定下來了？

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，我提到現在真正活躍的是數據通信，而不是電信。在電信領域我們主要做 100GbE，對嗎？因此，電信不是——100千兆的容量通常不會增加，數據通訊才會增加。這些通常是 25G 晶片。

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。埃爾旺格先生，您願意做最後發言嗎？

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。供您參考，我們網站的「投資者關係」部分的季度發布頁面上發布了我們的 2021 年第二季財務業績幻燈片。請根據願望和興趣進行訪問。

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.

總結一下這次電話會議以及我們目前的情況，我們真的非常興奮——對第二季度創紀錄的收入結果感到興奮，尤其是這些活動導致第三季度預期繼續大幅增長，年化運行率突破 15 億美元。我們認為，3.85 億美元的第三季指引（比去年同期成長 38%）確實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。我們的擴張計劃執行得確實很好。幾乎一切都已準備就緒，我們的目標也已實現。因此，正如腳本中所述，我們預期並預計第四季度營收和淨利潤都將實現成長。我們對與 ST 在 Agrate 工廠的合作感到非常興奮，並且在接下來的幾年裡，隨著我們在該工廠驗證我們的工具並安裝更多工具，我們期望並相信我們將看到 300 毫米增長和 300 毫米能力方面取得非常重要和重大的進展。

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.

公司正在發生的其他活動仍然令人興奮。並期待在第三季發布會上再次與您會面，並可能在此期間進行其他互動。非常感謝您的關注，並祝您身體健康、幸福快樂。謝謝。

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。至此，Tower Semiconductor 2021 年第二季業績電話會議結束。感謝您的參與。您可以繼續並斷開連線。