高塔半導體 (TSEM) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Tower Semiconductor Third Quarter 2023 Financial Results Conference Call. All participants are currently in a listen-only mode. Following management's prepared statements, instructions will be given for the question-and-answer session. (Operator Instructions). As a reminder, this conference is being recorded, November 13, 2023. Joining us today are Mr. Russell Ellwanger, Tower's CEO; and Mr. Oren Shirazi, CFO. 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.

女士們先生們，謝謝你們的支持。歡迎參加塔爾半導體 2023 年第三季財務業績電話會議。所有參與者目前都處於僅監聽模式。在管理階層準備好發言後，將給予問答環節的指示。 （操作員說明）。謹此提醒，本次會議將於 2023 年 11 月 13 日進行錄製。今天加入我們的是 Tower 執行長 Russellä Ellwanger 先生；和首席財務官 Oren Shirazi 先生。我現在將會議交給投資者關係和企業傳播部高級副總裁 Noit Levy 女士主持。利維女士，請繼續。

Thank you, and welcome to Tower Semiconductor Financial Results conference call for the third quarter of 2023. Before we begin, I would like to remind you that some statements made during this call may be forward-looking and are subject to uncertainties and risk factors that could cause actual results to be different from those currently expected. These uncertainties and risk factors are fully disclosed in our Forms 20-F, F4, F3 and 6-K filed with the Securities and Exchange Commission as well as filings with the Israeli Securities Authority. They are also available on our website. Tower assumes no obligation to update any such forward-looking statements.

謝謝，歡迎參加塔半導體2023 年第三季財務業績電話會議。在開始之前，我想提醒您，本次電話會議中所做的一些陳述可能是前瞻性的，並受到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、F4、F3 和 6-K 表格以及向以色列證券管理局提交的文件中得到了充分披露。它們也可以在我們的網站上找到。 Tower 不承擔更新任何此類前瞻性聲明的義務。

 

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Please note that the third quarter of 2023 financial results have been prepared in accordance with the U.S. GAAP. The financial tables and data in today's earnings release and in this earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirements as established within 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. In today's call, we have a supporting slide deck that complements our conference call. This presentation is accessible on our company's website and is also integrated into the webcast for your convenience. Now I'd like to turn the call to our CEO, Mr. Russell Ellwanger. Russell, please go ahead.

請注意，2023 年第三季財務業績是根據美國公認會計準則編製的。今天的財報發布和本次財報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 財務指標。財務表格包括這些措施的完整解釋以及這些非公認會計原則措施與公認會計原則財務的調節。在今天的電話會議中，我們有一個支援幻燈片來補充我們的電話會議。該簡報可在我們公司的網站上訪問，並且為了您的方便也已整合到網路廣播中。現在我想把電話轉給我們的執行長拉塞爾·埃爾旺格先生。拉塞爾，請繼續。

Welcome, everyone, and thank you for joining our call today. Being the first financials release call we are holding since November 2021, we will include in today's call, a longer-term financial model stating the reasons for and the margins resulting from the new capacity agreements that we have announced in the past years. An important aspect of our growth strategy is manufacturing efficiency and scale. Increasing capacity in an accretive cost-efficient manner is a competitive edge.

歡迎大家，感謝您今天加入我們的電話會議。這是我們自 2021 年 11 月以來舉行的首次財務發布電話會議，我們將在今天的電話會議中納入一個長期財務模型，說明我們過去幾年宣布的新產能協議的原因和利潤率。我們成長策略的一個重要面向是製造效率和規模。以增加成本效益的方式增加產能是一種競爭優勢。

 

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First, looking at this past quarter. Our revenue for the third quarter was $358 million, down year-over-year, reflective of challenging market condition. At this revenue level, fab utilizations were Fab 1 6-inch about 55%; Fab 2, 8-inch, about 75%; Fab 3, 8-inch, about 40% due primarily to the weakness in data centers, Fab,8-inch at about 60%, Fab 7, 12-inch, about 60% and Fab 9, 8-inch, about 65%.

首先，看看過去的季度。我們第三季的營收為 3.58 億美元，年減，反映出充滿挑戰的市場狀況。在此營收水準下，Fab 1 6吋晶圓廠利用率約為55%； Fab 2，8英寸，約75%； Fab 3，8英寸，約40％，主要由於資料中心的疲軟，Fab，8英寸，約60％，Fab，7，12英寸，約60％，Fab 9 ，8英寸，約65%。

 

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As you can see, with the present utilization levels, we have the ability to quickly ramp up manufacturing to capitalize on a market rebound. A positive point demonstrating our operational efficiency at these lower utilization levels, excluding the accretive impact of onetime items, we had substantial operating profit. Currently, we are seeing a return in several areas to rational customer inventory levels and are beginning to experience some upside relative to customer forecast as end market opportunities present themselves. We have yet to see customers increase their forecast, although certainly in the RF segment, inventory levels have reached or fallen below the previous steady state. We remain proactive with our customers, providing operational flexibility as even small changes in the end markets, if one has the ability to act quickly could have a disproportionately positive impact on near-term results.

正如您所看到的，按照目前的利用率水平，我們有能力快速提高產量，以利用市場反彈的機會。一個積極的一點是，在這些較低的利用率水準下，我們的營運效率得到了證明，排除一次性專案的增值影響，我們獲得了可觀的營運利潤。目前，我們看到多個領域的客戶庫存水準已恢復到合理水平，並且隨著終端市場機會的出現，我們開始體驗到相對於客戶預測的一些上行空間。我們還沒有看到客戶提高他們的預測，儘管在射頻領域，庫存水準肯定已經達到或低於先前的穩定狀態。我們對客戶保持積極主動，提供營運彈性，因為即使終端市場發生微小變化，如果有能力迅速採取行動，也可能對近期業績產生不成比例的正面影響。

 

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For the fourth quarter of 2023, we expect revenue of $350 million, plus or minus 5%. We are active and committed to creating sustainable value for all of our stakeholders. As we stated at our last investor call on September 5, Tower is actively embedding excellence in everything we do, which we define as effective, efficient and at the highest quality. Tower is extremely efficient, as measured by the 10-point drop from gross margins to operating margins, reflecting total OpEx of about 10% of revenue. Effective can be measured by gross margins, which means value-added offerings at manufacturing scale. Our offerings are value-add. A bit later, our CFO, Mr. Oren Shirazi, will discuss the long-term financial model, showing the result of increasing our manufacturing scale, reflecting Tower's present capacity footprint and the additional capacity capabilities resulting from our investments in the Agrate facility and in the New Mexico facility with ST and with Intel, respectively.

2023 年第四季度，我們預計營收為 3.5 億美元，上下浮動 5%。我們積極並致力於為所有利害關係人創造永續價值。正如我們在 9 月 5 日的最後一次投資者電話會議上所說，Tower 正在積極地將卓越融入到我們所做的一切中，我們將其定義為有效、高效和最高品質。從毛利率到營業利潤率下降 10 個百分點來衡量，Tower 效率極高，反映出總營運支出約佔收入的 10%。有效可以透過毛利率來衡量，這意味著製造規模的加值產品。我們的產品是增值的。稍後，我們的財務長 Oren Shirazi 先生將討論長期財務模型，展示擴大我們製造規模的結果，反映 Tower 目前的產能足跡以及我們對 Agrate 設施和新墨西哥工廠分別與 ST 和英特爾合作。

 

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These technologies that create value, almost by definition, are those which serve exciting high-growth markets. Within the analog world that we serve, we are focused on 3 megatrends: seamless connectivity, served by our RF road maps, green everything served by our power platform and smart systems served by our sensors and display offerings. We are committed to continue to advance the platform serving these trends, which in turn, empowers us to meet the demands of our customers and remain at the forefront of industry trends.

幾乎按照定義，這些創造價值的技術是為令人興奮的高成長市場服務的技術。在我們服務的模擬世界中，我們專注於三大趨勢：由我們的射頻路線圖服務的無縫連接、由我們的電源平台服務的綠色一切以及由我們的感測器和顯示產品服務的智慧系統。我們致力於繼續推進服務於這些趨勢的平台，這反過來又使我們能夠滿足客戶的需求並保持在行業趨勢的前沿。

 

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Our RF mobile business is primarily composed of handset RF components, such as switches, antenna tuners and low-volume amplifiers built on our RF SOI technology. As you know, the handset market has been weak in 2023, although there are signs of potential recovery as evidenced by sequential quarterly revenue gains through all of 2023 from a bottom in Q1 '22. Longer term, we anticipate a market recovery, along with increased adoption of 5G and developing nations to contribute to further growth. To accelerate internal growth that outpaces the market, we have invested in advanced RF SOI technology with the recent release of design kits for Q10, our 10th generation process, offering the industry's best or one-off figure of merit, driving improved reception and battery life and handsets. This technology is prototyping today in 200 millimeter, and we are releasing design kits in a 300-millimeter version this quarter. We have significant prototyping and design activity and anticipate this new technology to contribute meaningfully to revenue with design wins already with 2 of the top 5 front-end module providers and active engagements with multiple others.

我們的射頻行動業務主要由手機射頻組件組成，例如基於我們的射頻 SOI 技術構建的開關、天線調諧器和小批量放大器。如您所知，手機市場在 2023 年一直疲軟，儘管存在潛在復甦的跡象，從 2022 年第一季的谷底到 2023 年全年的連續季度收入增長就證明了這一點。從長遠來看，我們預期市場將會復甦，5G 的採用率將會增加，發展中國家也會為進一步成長做出貢獻。為了加速超越市場的內部成長，我們投資了先進的 RF SOI 技術，最近發布了適用於我們第 10 代製程 Q10 的設計套件，提供業界最佳或一次性的品質因數，從而提高接收能力和電池壽命和手機。該技術目前正在製作 200 毫米的原型，本季我們將發布 300 毫米版本的設計套件。我們進行了大量的原型設計和設計活動，並預計這項新技術將為收入做出有意義的貢獻，我們已經贏得了前5 名前端模組提供者中的2 家的設計，並與多家其他供應商積極合作。

 

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Our RF infrastructure business is primarily composed of silicon germanium and silicon photonics for optical transceivers in data centers, artificial intelligence clusters and telecom network. Over the past 3 months, we have met with most all of our major customers throughout the world. One thing that was striking is that the near-term moves 800G data center appear to be much more aggressive than is depicted in analyst reports, resulting in a stronger cycle ramp for the industry as silicon photonics placed an increased role at 800G and beyond. For your reference, please see Slide 6. Tied to this, we are seeing increased orders for silicon photonics with customers forecasting a substantial ramp continuing through 2024 and beyond. Currently, we have over 50 active CIFO customers serving data center telecom, automotive LiDAR and optical computing.

我們的射頻基礎設施業務主要由矽鍺和矽光子組成，用於資料中心、人工智慧叢集和電信網路中的光收發器。在過去的三個月裡，我們會見了世界各地的大多數主要客戶。引人注目的一件事是，近期800G 資料中心的發展似乎比分析師報告中描述的要積極得多，隨著矽光子在800G 及更高速率上發揮越來越大的作用，導致該行業出現更強勁的周期增長。供您參考，請參閱投影片 6。與此相關，我們看到矽光子訂單不斷增加，客戶預測 2024 年及以後將持續大幅成長。目前，我們有超過 50 個活躍的 CIFO 客戶，為資料中心電信、汽車雷射雷達和光學運算提供服務。

 

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In the third quarter, we announced a multi-generation partnership with Intelight, the worldwide leader in data center optical solutions. This partnership highlights the strength of our offering with the end customers representing the core of all hyperscalers, enabling cutting-edge technology to support the growing demands of data centers, including AI and next-generation telecom networks. For our silicon germanium business, we are seeing significant first year design wins for linear pluggable optics LPO components, which promissory player costly DSPs and advanced optical modules. For your reference, please see Slide 7.

第三季度，我們宣布與資料中心光學解決方案的全球領導者 Intelight 建立多代合作夥伴關係。這種合作關係凸顯了我們為代表所有超大規模企業核心的最終客戶提供的產品優勢，使尖端技術能夠支援資料中心不斷增長的需求，包括人工智慧和下一代電信網路。對於我們的矽鍺業務，我們看到線性可插拔光學 LPO 組件的第一年設計取得了重大勝利，這些組件承諾提供昂貴的 DSP 和先進的光學模組。供您參考，請參閱投影片 7。

 

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LPOs integrate some additional functionality traditional into traditional silicon germanium drivers and transimpedamplifiers to eliminate the need for costly and power hungry, deep digital, digital signal processors in many 400-tand 800G application. This new innovative technology offers improved cost, reduce power consumption and reduce latency for data center, including for AI applications. We have also seen design wins in first orders for retimers used in active copper cables built with our silicon germanium technology, serving top data center hyperscalers and hyperscaler providers. It is an alternative to more costly pluggable optics, particularly for short-reach applications, further expanding our silicon germanium total available market.

LPO 將一些傳統的附加功能整合到傳統的矽鍺驅動器和跨阻放大器中，從而消除了許多 400-t 800G 應用中對昂貴且耗電的深度數位、數位訊號處理器的需求。這項新的創新技術可以提高資料中心的成本、降低功耗並減少延遲，包括人工智慧應用。我們還看到了使用我們的矽鍺技術構建的有源銅電纜中使用的重定時器的第一批設計訂單，為頂級資料中心超大規模提供者和超大規模提供者提供服務。它是更昂貴的可插拔光學元件的替代品，特別是對於短距離應用，進一步擴大了我們的矽鍺總可用市場。

Finally, and also of significant importance, we see increased activity towards the newer market of satellite Internet service using silicon germanium phase dire, offering the best performance and cost trade-off and terrestrial receivers employed by these systems. For your reference, please see Slide 8. This application space promises to meaningfully increase the sowing and germanium total available market over the next several years as each receiver requires on average 250 silicon germanium phased array ICs with a major win having been awarded to us this past quarter.

最後，同樣重要的是，我們看到使用矽鍺相的衛星互聯網服務新市場的活動增加，這些系統提供了最佳性能和成本權衡以及地面接收器。供您參考，請參閱幻燈片8。該應用領域預計在未來幾年內顯著增加播種和鍺總可用市場，因為每個接收器平均需要250 個矽鍺相控陣IC，這是我們獲得的一項重大勝利過去的季度。

 

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Turning to our Power IC business. In the past few months, we had 2 very major wins. Firstly, from a premier power management integrated device maker for the next-generation 65-nanometer BCD; and secondly, from the leading analog fabless company with a design win with their first-tier end customers. These activities are forecast and aligned with at least one end customers to grow to several tens of thousands of wafers per month and is the major catalyst for entering the New Mexico fab manufacturing agreement. In the imaging market, we continue our focus on creating highly differentiated technologies for industrial, medical and automotive use, storing a major win in Q3 where we partner to provide center technology to an iconic mirrorless camera company. For your reference, please see Slides 10 and 11, which define this market.

轉向我們的電源IC業務。在過去的幾個月裡，我們取得了兩場非常重大的勝利。首先，來自領先的電源管理整合元件製造商的下一代65奈米BCD；其次，來自領先的模擬無晶圓廠公司，其設計贏得了一線最終客戶的青睞。這些活動預計將至少成長到每月數萬片晶圓，並與至少一個最終客戶保持一致，是達成新墨西哥晶圓廠製造協議的主要催化劑。在成像市場，我們繼續專注於為工業、醫療和汽車用途創造高度差異化的技術，並在第三季度取得重大勝利，我們與一家標誌性的無反光鏡相機公司合作提供中心技術。作為參考，請參閱投影片 10 和 11，它們定義了這個市場。

 

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In the industrial segment, we gained an entire next-generation line with a leading imaging provider. The display market is undergoing a revolution with the rapid growth of the VR and AR markets. Technology-wise, in order to meet these markets resolution and brightness requirements, a shift from the traditional LCD-based displays to organic LED on silicon is required. For your reference, please see Slide 12. We have developed a 5-fold platform and are currently at advanced stages of creating a 10-volt platform for even higher brightness, and are engaged with leading display suppliers in Korea and China. This is the next big thing in the display area, and we are technologically well positioned to take a substantial market share in this exciting new market.

在工業領域，我們與領先的影像供應商合作獲得了完整的下一代產品線。隨著VR和AR市場的快速成長，顯示市場正在經歷一場革命。從技術角度來看，為了滿足這些市場的解析度和亮度要求，需要從傳統的 LCD 顯示器轉向矽基有機 LED。供您參考，請參閱投影片 12。我們已經開發了一個 5 倍平台，目前正處於創建更高亮度的 10 伏特平台的高級階段，並與韓國和中國的領先顯示器供應商合作。這是顯示領域的下一個重大事件，我們在技術上處於有利地位，可以在這個令人興奮的新市場中佔據可觀的市場份額。

 

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Providing our revenue breakdown for the third quarter of 2023. Sensors and displays represented 18%. RF mobile business represented 26%. RF infrastructure represented 10%; Power IC business, 21%, discrete business, 17%, mixed signal CMOS, about 6%, with about 2% miscellaneous for this period. Automotive, which has served through several of the above-mentioned technologies, was at about 17%. I'm pleased to announce 2 strategic organizational changes we just implemented. These changes have been carefully designed to enable our next series of steps to achieve the next peak in our progress. Dr. Marco Racanelli was promoted to serve as Tower's President. As such, he is responsible for all business units and sales activities and organizations. Dr. Avi Strum was promoted to be Tower's Chief Technology Officer, responsible among others, for a 4- to 6-year accretive technology road map with associated activities and all M&A activities.

提供我們 2023 年第三季的收入細節。感測器和顯示器佔 18%。 RF行動業務佔26%。射頻基礎設施佔 10%；電源IC業務佔21%，分立業務佔17%，混合訊號CMOS約佔6%，本期雜項業務約佔2%。透過上述多項技術提供服務的汽車產業約為 17%。我很高興地宣布我們剛實施的兩項策略組織變革。這些變化經過精心設計，使我們接下來的一系列步驟能夠達到我們進步的下一個高峰。 Marco Racanelli 博士晉升為 Tower 總裁。因此，他負責所有業務部門以及銷售活動和組織。 Avi Strum 博士晉升為 Tower 的首席技術官，負責制定 4 至 6 年的增值技術路線圖以及相關活動和所有併購活動。

 

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I believe that these organizational changes will enhance Tower's value proposition and continuous profitable growth. Please join me in wishing Marco and Avi much success. Scott Speed. Oren, please.

我相信這些組織變革將增強 Tower 的價值主張和持續的獲利成長。請和我一起祝福 Marco 和 Avi 取得成功。斯科特·斯皮德。奧倫，請。

Thank you, Russell. We released today our quarterly results, reporting revenues of $358 million, gross profit of $87 million and net profit of $342 million, which net profit included $290 million of net profit impact associated with the merger contract termination fee received from Intel. I will start my review by analyzing the P&L highlights, followed by our balance sheet and the presentation of our long-term financial model. Revenue for the quarter ended in September 2023 was $58 million compared to $357 million in the or quarter, and gross profit for the quarter ended in September 2023 was $87 million, similar to the gross profit in the prior quarter. Operating profit and net profit for the quarter included the net impact of merger contract termination fee we received from in the amount of $314 million net of associated costs. This amount is included in operating profit. The net profit impact after tax is $290 million based on a 7.5% preferred income tax rate that applies to us in Israel. Including the termination fees, operating profit for the quarter was $362 million as compared to $51 million in the prior quarter, and net profit were $342 million or $3.10 basic earnings per share compared to net profit of $51 million or $0.46 per share of basic earnings in the prior quarter.

謝謝你，拉塞爾。我們今天發布了季度業績，報告收入為3.58 億美元，毛利潤為8700 萬美元，淨利潤為3.42 億美元，其中淨利潤包括與從英特爾收到的合併合約終止費相關的2.9 億美元淨利潤影響。我將首先分析損益表要點，然後是我們的資產負債表和長期財務模型的介紹。截至 2023 年 9 月的季度營收為 5,800 萬美元，而上季為 3.57 億美元；截至 2023 年 9 月的季度毛利為 8,700 萬美元，與上一季的毛利相似。本季的營業利潤和淨利潤包括我們收到的合併合約終止費的淨影響，扣除相關成本後淨額為 3.14 億美元。該金額包含在營業利潤中。根據以色列適用的 7.5% 優惠所得稅稅率，稅後淨利潤影響為 2.9 億美元。包括終止費在內，本季營業利潤為3.62 億美元，上一季為5,100 萬美元；淨利為3.42 億美元，即每股基本收益3.10 美元，而上一季淨利潤為5,100 萬美元，即每股基本收益0.46 美元。上一季。

 

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Our balance sheet as of the end of September totaled $2.8 billion, primarily comprised of $1.1 billion of fixed assets, mostly machinery and equipment and $1.7 billion of current assets, 72% of which were cash deposits and marketable securities. Current assets ratio reflecting the multiple by which current assets are larger than short-term liabilities is very strong by a multiple of 6.7x as compared to 4.8x in the prior quarter. Shareholders' equity increased by 17% quarter-over-quarter and by 24% as compared to its amount in the end of FY '22 and reached a total of almost $2.4 billion. Our strong financial position enables us to plan the following investments in growth opportunities that are aligned with our vision. One, approximately $500 million of total aggregate cash was allocated to make investments in equipment and other CapEx items required for the 12-inch factory in Agrate Italy required for a tower of portion of the stion partnership, of which $100 million were already invested in FY '22 and an additional $150 million were invested today to date. Two, as announced 2 months ago, we will invest $300 million to buy equipment and other CapEx items that we will own in Intelsat New Mexico, enabling tower to ramp up production and manufacturing for its customers.

截至9月底，我們的資產負債表總額為28億美元，主要包括11億美元的固定資產（主要是機械和設備）和17億美元的流動資產，其中72%是現金存款和有價證券。反映流動資產大於短期負債倍數的流動資產比率非常強勁，為 6.7 倍，而上一季為 4.8 倍。股東權益較上季成長 17%，較 2022 財年末成長 24%，總額接近 24 億美元。我們強大的財務狀況使我們能夠規劃以下符合我們願景的成長機會投資。第一，總現金總額約5 億美元被分配用於投資義大利Agrate 的12 吋工廠所需的設備和其他資本支出項目，該工廠是電站合作夥伴關係部分塔樓所需的，其中1 億美元已在20 財年投資'22 至今已追加投資 1.5 億美元。第二，正如兩個月前宣布的那樣，我們將投資 3 億美元購買我們將在新墨西哥州 Intelsat 擁有的設備和其他資本支出項目，使塔樓能夠為其客戶提高生產和製造。

 

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Three, we expect our maintenance CapEx baseline level to remain as previously announced, between $180 million and $200 million per annum. And four, we will continue to invest to refine our product mix in the technologies and markets Russell previously described to enhance our flexibility to cross manufacture at our multiple factories, all should result in a richer mix from a margins point of view and all in accordance with our growth strategy. Russel described previously, the market, technologies and customer demand, which drives our need to increase our capacity. I will now outline our target financial model, which is based on the assumption that the presently expressed and forecasted customer demand for the products, technologies and markets Russell described, would result in 85% utilization of our capacity, including the ramp-up of Agrate and New Mexico.

第三，我們預期維護資本支出基準水準將維持在先前宣布的每年 1.8 億美元至 2 億美元之間。第四，我們將繼續投資完善拉塞爾之前描述的技術和市場的產品組合，以增強我們在多個工廠交叉製造的靈活性，從利潤的角度來看，所有這些都應該導致更豐富的組合，並且所有這些都符合與我們的成長策略。拉塞爾之前描述了市場、技術和客戶需求，這推動了我們增加產能的需求。我現在將概述我們的目標財務模型，該模型基於以下假設：目前表達和預測的客戶對 Russell 描述的產品、技術和市場的需求將導致我們的產能利用率達到 85%，包括 Agrate 的提升和新墨西哥州。

 

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I refer to the target financial model, a summary of which is presented in Slide 14 in this call slide. Based on this assumption, we believe we will have the opportunity to achieve annual revenue of about $2.65 billion. Achieving this level of revenue should according to this model result in an annual gross profit of $740 million and annual operating profit of $560 million and an annual net profit of $500 million. To provide context, reaching revenue growth at a level of 1.9x of our last published quarter annualized revenue run rate would result in gross profit, operating profit and net profit to be 2.1x, 2.9x and 2.4x respectively as compared to the last published quarter annualized run rate, excluding the accretive onetime impact as outlined in the model. Our model demonstrates several key indicators of our efficiency and effectiveness as follows: one, we are showing an increase of 86% in revenue, while keeping OpEx costs below 10% of revenue. Our incremental growth, operating and net margins as a percentage of the added revenue of $1.2 billion stated in the model should be 32%, 30% and 24%, respectively, which are higher than our current baseline margin. three, by increasing our revenue by 86% from the last reported quarter run rate, we should increase our operating profit by 187% and our net profit by 140%. In summary, achieving these planned targets would result in annual revenue of about $2.65 billion annual gross profit of $740 million, $560 million in operating profit per annum and $500 million in net profit per annum. And now I'd like to turn the call back to our CEO, Mr. Russell Ellwanger.

我指的是目標財務模型，其摘要在本次通話幻燈片的幻燈片 14 中進行了介紹。基於這個假設，我們相信我們將有機會實現約26.5億美元的年收入。根據此模型，實現這一收入水準應導致年度毛利為 7.4 億美元，年度營業利潤為 5.6 億美元，年度淨利潤為 5 億美元。為了提供背景信息，收入成長達到我們上次發布的季度年化收入運行率的 1.9 倍，將導致毛利潤、營業利潤和淨利潤分別為上次發布的 2.1 倍、2.9 倍和 2.4 倍季度年化運行率，不包括模型中概述的一次性增量影響。我們的模型展示了我們效率和效益的幾個關鍵指標，如下：第一，我們的收入成長了 86%，同時將營運支出成本保持在收入的 10% 以下。我們的增量成長、營業利潤率和淨利潤率佔模型中 12 億美元新增收入的百分比應分別為 32%、30% 和 24%，這高於我們目前的基準利潤率。第三，透過將我們的收入比上一季報告的運行率增加 86%，我們的營業利潤將增加 187%，淨利潤將增加 140%。總之，實現這些計畫目標將帶來約26.5億美元的年收入、每年7.4億美元的毛利、每年5.6億美元的營業利潤和每年5億美元的淨利。現在我想將電話轉回給我們的執行長 Russell Ellwanger 先生。

Thank you, Oren. Truly very exciting. To close, I'll speak to the situation in Israel. October 7 was an act of pure Evil, a direct and purpose attacked on civilians by Hama using the tools of motor, rate and mutilation, the same tools used by prudent in Ukraine that have been employed by other depraved desktops throughout history. In this present instance, under her mouth leaders who live the life of billionaires, Harvard and shielded safely and far Nation, carrying nothing for any God-given human values, no value for life at all, certainly not for Israelis but also not their own people who they use is Pam.

謝謝你，奧倫。真的非常令人興奮。最後，我要談談以色列的局勢。 10 月7 日是純粹邪惡的行為，哈馬使用機動、速率和殘害等工具對平民進行直接、有目的的攻擊——烏克蘭的謹慎人士使用的工具與歷史上其他墮落的台式機所使用的工具相同。在目前的情況下，在她的口中，過著億萬富翁生活的領導人，哈佛和安全而遙遠的國家，沒有任何上帝賦予的人類價值觀，沒有生命的價值，當然不是以色列人，也不是他們自己的人他們使用的人是帕姆。

 

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Since this time, I've been extremely moved by the outpouring of warm thoughts and prayers for Tower and our employees in Israel by many customers, shareholders, suppliers and as well as from employees in other geographic regions. A special thank you to a customer who accompanied this well wishing with a sizable donation towards the extra support towers providing for our employees or either the employee themselves or the employee spouse is serving their country to defend the principles they believe in, similar to the support towers offered to our employees in Ukraine. Thank you all. My heartful thanks to our employees worldwide and specific at this time for our employees in Israel to those sacrificing comfort and possibly life to serve the country. And to those in the factories, Jewish, Muslim, Brews and Christian, taking additional burdens on themselves, having enabled that we have not missed a single customer commit and doing all in their power to ensure that we will not miss any in the future. We have robust business continuity procedures in place in the company, including multisite qualification of major process loans and a very strong external expert advised and audited IT safeguard system.

從那時起，許多客戶、股東、供應商以及其他地理區域的員工向 Tower 和我們在以色列的員工傾注了熱情的思念和祈禱，這讓我深受感動。特別感謝一位顧客，他伴隨著這一良好祝愿，向為我們的員工提供額外支持塔的大量捐款，或者員工本人或員工配偶正在為他們的國家服務，以捍衛他們所信仰的原則，類似於支持為我們在烏克蘭的員工提供的塔。謝謝你們。我衷心感謝我們在世界各地的員工，尤其是我們在以色列的員工，感謝那些犧牲舒適甚至生命來為國家服務的人們。對於那些在工廠工作的人，無論是猶太教徒、穆斯林、啤酒愛好者還是基督教徒，他們為自己承擔了額外的負擔，使我們沒有錯過任何一個客戶的承諾，並竭盡全力確保我們將來不會錯過任何一個客戶的承諾。我們公司擁有健全的業務連續性程序，包括主要流程貸款的多地點資格認證以及非常強大的外部專家建議和審計的 IT 保障系統。

 

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I have always appreciated and valued Tower's corporate culture. In times to disease, one of the few upsides and positive emotion has seen the unsecuring dedication of our employees and the loyal support of our customers, shareholders and suppliers. Thank you. Operator?

我一直欣賞並重視Tower的企業文化。在疾病時期，少數的正面因素和正面情緒之一就是我們員工的不安全奉獻以及我們的客戶、股東和供應商的忠誠支持。謝謝。操作員？

(Operator Instructions) The first question is from Cody Acree of Benchmark.

（操作員說明）第一個問題來自 Benchmark 的 Cody Acree。

Maybe, Russell, if we could start with the utilization trends, flat down in all of your locals, I think that's right, yes. And so is that indicative of the magnitude of the revenue contribution from those end markets directly? And then if you could also provide some discussion of your revenue concentration per facility, knowing that you've got specific facilities that are going to be more broadly utilized among your revenue...

也許，拉塞爾，如果我們可以從利用率趨勢開始，在所有當地人中持平，我認為這是正確的，是的。那麼這是否顯示這些終端市場直接貢獻的收入規模？然後，如果您也可以對每個設施的收入集中度進行一些討論，知道您擁有將在您的收入中更廣泛地利用的特定設施...

You're really bumbling right now. I can't make out what you're saying at the moment. Could you restate your last few sentences?

你現在真的很笨手笨腳的。我現在聽不懂你在說什麼。你能重述一下你最後幾句話嗎？

Yes. I guess what I'm trying to focus on is more revenue capacity per facility, knowing that you've got some facilities that are more dedicated to one of your revenue segments versus others? And then just what you contribute the declining utilization rates across the board that would flat to down the last 2 quarters.

是的。我想我想要關注的是每個設施的更多收入能力，因為知道你有一些設施比其他收入部門更專注於你的一個收入部門？然後，正是你所貢獻的利用率全面下降，在過去兩個季度中將持平甚至下降。

Yes. I don't mean this tug and cheek, but certainly, I attribute it to less market demand I mean that's 10% focus of utilization. I think you had asked if it's indicative of revenue. Obviously, the revenue is very much in line with what utilization levels are. So the market is weak. The markets that we serve isn't very strong at the moment. Although we are seeing rebounding and we've been able to, as I stated, see increases in the specifically demand for switches and amplifiers, tuners within -- that go into front-end modules. But in general, obviously, utilization is very indicative of market and our revenue is tied to the utilization. And I gave a revenue forecast that's predominantly flat for Q4, which shows that by customer forecast, as I clearly stated, we have not yet seen big upside.

是的。我並不是指這種拉扯和厚顏無恥的行為，但當然，我將其歸因於市場需求的減少，我的意思是這是 10% 的利用率焦點。我想你已經問過這是否代表收入。顯然，收入與利用率水準非常一致。所以市場疲軟。目前我們服務的市場還不是很強勁。儘管我們看到了反彈，而且正如我所說，我們已經能夠看到對前端模組中的開關和放大器、調諧器的具體需求的增長。但總的來說，顯然，利用率非常能反映市場，我們的收入與利用率有關。我給出的第四季度收入預測基本上持平，這表明，正如我明確指出的那樣，根據客戶預測，我們尚未看到巨大的上升空間。

 

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We have, however, seen in some end markets, increases in orders that we'll be able to realize within Q1 and beyond, specifically, I mentioned silicon photonics. The concentration, and I think -- well, I know I said it in the script, Fab 3 Newport Beach is predominantly doing the silicon germanium activities, the most advanced platform for silicon germanium are in Newport Beach and data center is weak at the moment. So I think, if that adds the color that you're asking for. In Japan, 200-millimeter factory in Migdal Henick. In both, we have a good amount of BCD. And in the McDole, 200-millimeter factory, we'll also do a lot of RF SOI. In San Antonio, we do a lot of discrete and a good amount of power activity serving automotive.

然而，我們在一些終端市場看到，我們將能夠在第一季及以後實現訂單增加，特別是我提到的矽光子學。集中度，我想——嗯，我知道我在劇本中說過，紐波特海灘 Fab 3 主要從事矽鍺活動，最先進的矽鍺平台位於紐波特海灘，目前資料中心很薄弱。所以我想，如果這能增加您所要求的顏色的話。在日本，Migdal Henick 的 200 毫米工廠。在這兩種情況下，我們都有大量的 BCD。在 McDole 200 毫米工廠，我們還將生產大量 RF SOI。在聖安東尼奧，我們開展了大量為汽車服務的離散且大量的電力活動。

Very helpful. Oren, can you just walk through your timing of your outlays for ST Micro and the Intel properties? I know you've given more details on the Italian spending patterns. But just wondering what your plans are for the Intel fabs.

很有幫助。 Oren，您能簡單介紹一下您對 ST Micro 和英特爾資產的支出時間表嗎？我知道您已經提供了有關義大利消費模式的更多詳細資訊。但只是想知道您對英特爾晶圓廠的計劃是什麼。

Yes. Italy, like you said, I outlined it that we already paid EUR 250 million out of the EUR 500 million. And the reminder, you may expect it in the coming 1.5 years, you can maybe, if you want, in the model to amortize it linearly. On Intel, we still don't have specific details of that because we just announced it 2 months ago. So we are now forming the CapEx equipment list. Following that, we will exactly calculate the exact timing of the spend of the investment of the EUR 300 million. But obviously, it should be done in the coming 2, 2.5 years.

是的。義大利，正如您所說，我概述了我們已經支付了 5 億歐元中的 2.5 億歐元。提醒一下，您可能會期望在未來 1.5 年內，如果您願意，您也許可以在模型中線性攤銷。至於英特爾，我們仍然沒有具體細節，因為我們兩個月前才剛宣布。所以我們現在正在形成資本支出設備清單。接下來，我們將準確計算這3億歐元投資的特定支出時間。但顯然，這應該在未來2、2.5年內完成。

And Oren, I guess I asked this on the last conference call, we hit it from a different angle, maybe your supply relationship with STMicro and Intel, they're just based on a set wafer price to you, assuming different technologies provided different wafer costs. But I assume that there was some risk calendar contribution or if the this kind of price it's factored in with your contribution of the hardware and technology if it is fat. So I guess how is that process going to work? And do you expect that to be very accretive to gross margin with these waters and those revenues?

Oren，我想我在上次電話會議上問過這個問題，我們從不同的角度討論這個問題，也許你與STMicro 和Intel 的供應關係，他們只是基於給你設定的晶圓價格，假設不同的技術提供不同的晶圓成本。但我認為存在一些風險日曆貢獻，或者如果這種價格與您對硬體和技術的貢獻（如果它很胖）一起考慮在內。那我想這個過程會如何進行呢？您認為這會大大增加這些水域和收入的毛利率嗎？

Yes, Kodiak you. So I think this is exactly why because of these type of questions, we presented -- I presented the long-term financial model. It really shows you in the right column of the financial model that the incremental margins baked in everything all in, is a 32% gross margin, 30% operation margin. Now of course, this is better than the current growth and operating margins that we have. And this is lower than the 50% incremental margin that we always discussed about organic growth. So this gives you the answer to that while this is a very nice incremental contribution. It is not in organic because it's not from our existing space.

是的，科迪亞克你。所以我認為這正是因為這些類型的問題，我們提出了——我提出了長期財務模型。它確實在財務模型的右欄中向您展示了所有內容中的增量利潤，即 32% 的毛利率和 30% 的營業利潤率。當然，現在這比我們目前的成長和營業利潤率還要好。這低於我們一直在討論的有機成長 50% 的增量利潤率。所以這給了你答案，同時這是一個非常好的增量貢獻。它不是有機的，因為它不是來自我們現有的空間。

Now we cannot disclose the exact cost per wafer that we pay to Intel or to FT Partnership because this is under, of course, confidentiality. But you see that in the financial model, these are the results. This is the incremental is mostly because of Intel and not inter because of the capacity corridor and Agrate as well as other growth in the company.

現在我們無法透露我們向英特爾或 FT-Partnership 支付的每片晶圓的確切成本，因為這當然是保密的。但你看，在財務模型中，這些就是結果。這一增量主要是因為英特爾，而不是因為產能走廊和 Agrate 以及公司的其他成長。

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

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

I did want to preface them with 2 quick things here. Thanks for the investor presentation, we have some of this detail. It's very helpful to see it that way. And also, I do want to congratulate the promotions here in particular, having gotten to know micro marker over the years, I think it's a very appropriate promotion. So congratulations on that. With that said here, a few questions that come to mind. I guess I'll ask and bottoms up your question on the data center market here where you're seeing a bit of weakness. And I think if I heard your comments correctly, not necessarily seeing upside here improving directly even though we hear from a lot of participants in this market have is great deal of strength here. Maybe help us understand, is there some inventory still left to be burned here? And then do you have any visibility into when that ramps? And do you expect that to be more of a ratable ramp or something more -- I don't know if I want to use the word spiky or not, but certainly seeing some of those dynamics in the market. Wondering if we should expect that over time.

我確實想在這裡用兩件事作為序言。感謝投資者的介紹，我們了解了一些細節。以這種方式看待它是非常有幫助的。而且，我確實想特別祝賀這裡的晉升，多年來我已經了解了微標記，我認為這是一個非常合適的晉升。所以恭喜你。說到這裡，我想到了幾個問題。我想我會問並解答你對資料中心市場的問題，你看到了一些弱點。我認為，如果我正確地聽到了您的評論，儘管我們從這個市場的許多參與者那裡聽說這裡有很大的實力，但不一定會看到這裡的上行空間直接改善。也許可以幫助我們理解，這裡是否還有一些庫存需要燒掉？然後你知道什麼時候會出現這種情況嗎？你是否期望這更像是一個可估價的斜坡或更多的東西——我不知道我是否想使用“尖峰”這個詞，但肯定會看到市場上的一些動態。想知道隨著時間的推移我們是否應該期待這種情況。

Thank you for the question. I did state that we are seeing inventory levels having burned off quite substantially and they have, and in particular, in the RF space and particularly with data center to where our customers and their customer is down now to levels at or before the market if you would say, 1 week. Every time that we've experienced the data center market coming back, it is a very steep function when it comes back. It's a step function. Will that be the case now? I don't know. That's hard for me to predict. We do believe it will come back and we'll be back within the next quarters, and we're well prepared to take care of that growth.

感謝你的提問。我確實說過，我們看到庫存水準已經大幅下降，特別是在射頻領域，特別是在資料中心，我們的客戶及其客戶現在已經降至市場水平或之前的水平，如果你會說，1週。每當我們經歷資料中心市場的復甦時，它的迴歸都是一個非常陡峭的函數。這是一個階躍函數。現在也會這樣嗎？我不知道。這對我來說很難預測。我們確實相信它會回來，我們會在接下來的幾個季度內回來，並且我們已做好充分準備來應對這種增長。

 

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Now part of the reason that we're very optimistic about data center is really our partnerships with the leaders into not just what we have served in the past but into those technologies that are serving the future. I mentioned a very strong lamp being forecasted by customers within silicon photonics. And additionally, that analyst reports that are fairly recent seem to be very far off on the adoption of 800G and 800G driving many activities that were not in 100G. So we see that as very, very positive. I stated and I cannot overstate the importance of the partnership that we have with Innolight on driving very state-of-the-art solution with our silicon photonics platforms. So we're pretty bullish on that.

現在，我們對資料中心非常樂觀的部分原因實際上是我們與領導者的合作關係，不僅涉及我們過去所服務的領域，還涉及那些服務未來的技術。我提到矽光子學領域的客戶預測會有一種非常強的燈。此外，最近的分析師報告似乎與 800G 的採用以及 800G 推動許多 100G 之外的活動相去甚遠。所以我們認為這是非常非常積極的。我說過，我與旭創的合作對於透過我們的矽光子平台推動非常先進的解決方案的重要性怎麼強調都不為過。所以我們對此非常樂觀。

 

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If you look at the other activities that we spoke about with, for example, the linear portable optics. We have many things coming into play right now that are technological upside that have the benefit of the innovation of cost reduction. And those get implemented relatively quickly. If one is doing a new build-out of a 400G or an 800G and you have the ability to reduce cost and so doing, that is implemented very fast. So that's part of the reason that we would see and believe that the rebound will be extremely strong because of new technologies where we have really a very strong partnership with leaders. So exactly how steep that ramp will be, I cannot say. Well, the rap come, it appears from inventory levels presently, it will come. and it should come fairly shortly, exactly when, I don't know. But I did state, we have not yet seen the increase in purchase orders, but we're very prepared other than in silicon photonics, but we're very prepared to capitalize on it when it comes. Hopefully, that answers your question, Richard. I really don't have more color to add than that.

如果你看看我們談到的其他活動，例如線性便攜式光學元件。我們現在有很多事情正在發揮作用，這些都是技術優勢，可以從降低成本的創新中受益。這些措施的實施相對較快。如果您正在進行 400G 或 800G 的新構建，並且您有能力降低成本，那麼實施速度會非常快。因此，這就是我們看到並相信反彈將非常強勁的部分原因，因為新技術使我們與領導者建立了非常牢固的合作關係。所以我不能說那個坡道到底有多陡。好吧，說唱來了，從目前的庫存水平來看，它會來的。它應該很快就會到來，具體什麼時候，我不知道。但我確實說過，我們還沒有看到採購訂單的增加，但除了矽光子學之外，我們已經做好了充分的準備，但我們已經準備好在它到來時利用它。希望這能回答你的問題，理查德。我真的沒有更多的顏色可以添加了。

That was very helpful. We appreciate your position and visibility. So thanks for portraying that one. I guess is a question maybe for Russell Orin here, but I think some of the big questions we get, and I think you've had post to you many times in the past here that I think are especially important given we're going through an inventory cycle in parts of your markets as well as the typical calendar seasonality that you experienced. So I think the big question we're getting is, how do we think about your first quarter seasonality. You typically don't give guidance more than a quarter out, but are you seeing anything that would suggest it's going to be meaningfully different than normal, which I think is kind of a little bit down sequentially in the first quarter.

這非常有幫助。我們感謝您的地位和知名度。所以感謝你描繪了那個人。我想這可能是拉塞爾·奧林(Russell Orin) 的問題，但我認為我們遇到了一些重大問題，而且我認為您過去曾多次在這裡發過帖子，我認為鑑於我們正在經歷這些問題，這些問題尤其重要您部分市場的庫存週期以及您經歷的典型日曆季節性。所以我認為我們遇到的一個大問題是，我們如何看待第一季的季節性。您通常不會在超過四分之一的時間裡給出指導，但是您是否看到任何表明它會與正常情況有重大不同的東西，我認為第一季的情況比正常情況略有下降。

You are correct. We don't give guidance longer term than 1 quarter. I honestly think that Q1 seasonality is an impact that everyone faces each year. There's been a few years where we've been able to capitalize against it by having entered into a new strong market with offerings. But I think the industry itself expects a Q1 seasonality. I don't think that this year will be different as far as what the industry will be experiencing. Data center is data center, and that is where it's at. But I had mentioned specifically one other area. It's not data center specifically, but it is the phased array that is used for satellite, and that is a very, very big market that has come about that we're very active in and got a strong design win with a first-tier provider. So we see that in addition to a data center rebound as a strong tailwind for what we're doing with silicon germanium. And it's not data center itself, but it really is somewhat tied into the same application base.

你是對的。我們不會提供超過一季度的長期指引。老實說，我認為第一季的季節性是每個人每年都會面臨的影響。幾年來，我們已經能夠透過提供產品進入一個新的強大市場來利用這一優勢。但我認為行業本身預計第一季會出現季節性。我認為今年行業所經歷的情況不會有所不同。資料中心就是資料中心，這就是它的所在。但我特別提到了另一個領域。它不是專門針對數據中心的，而是用於衛星的相控陣，這是一個非常非常大的市場，我們非常積極地參與其中，並憑藉出色的設計贏得了強有力的勝利。一級提供商。因此，我們認為，除了資料中心的反彈之外，這也是我們在矽鍺所做的努力的強勁推動力。它本身不是資料中心，但它確實在某種程度上與同一個應用程式基礎相關聯。

So going to ask one more question and I will jump back into the queue here. But kind of big picture, you had some really interesting comments across a number of markets. Obviously, sliphatomics, power display sensors, and I probably missed some here. But when you think about over say, I don't know, pick a time frame like, say, 2 years, are any of these going to be much more powerful to your revenue contributions than any others? Or they'll kind of kind of in the same area? How would you characterize them or even rank them?

因此，我要再問一個問題，然後我會回到隊列中。但從大局來看，您在多個市場上都有一些非常有趣的評論。顯然，滑動原子學、功率顯示感測器，我可能在這裡錯過了一些。但是，當你考慮一下，我不知道，選擇一個時間框架，例如兩年，其中任何一個對你的收入貢獻會比其他任何一個都更強大嗎？或者他們會在同一個區域？您如何描述它們甚至對它們進行排名？

What we're doing with advanced 300-millimeter, 65-nanometer BCD and a very advanced and aggressive road map on our BCD platform. as I stated, the major catalyst for what we're doing in the New Mexico factory, I think that, that probably will be the biggest incremental growth in the company.

我們正在利用先進的 300 毫米、65 奈米 BCD 以及我們的 BCD 平台上非常先進和積極的路線圖來做什麼。正如我所說，我們在新墨西哥工廠所做的事情的主要催化劑，我認為這可能將是公司最大的增量成長。

The next question is from Natalia Winkler of Jefferies. I have a couple.

下一個問題來自 Jefferies 的 Natalia Winkler。我有一對。

One is on the silicon photonics. Russell, could you please speak about the market share dynamics because you're seeing in social Obviously, your market share in germanium has been the leading I'm just curious if you're seeing similar or any different competitive dynamics in Silicon Photonics.

一是矽光子學。 Russell，您能談談市場佔有率動態嗎？因為您在社交領域看到，顯然，您在鍺方面的市場份額一直處於領先地位，我只是好奇您是否在矽光子學領域看到類似或任何不同的競爭動態。

It's a very good question and one that I don't have the greatest answer for you because the silicon photonics market is not as mature as far as its establishment as is the Solan trmanium. We're certainly in with the leaders there. I think what we do with CFO is very strong. I couldn't give you an exact market share number at this moment. I expect that we will have a substantial, if not the major market share of SIFO as the ramps occur as the 800G and beyond really start moving quickly. But I could not tell you right now what our exact market share is. I really couldn't. I know that we're very well positioned, but it's a little bit difficult to know. I think that at the moment, the major market share belongs to an IDM.

這是一個非常好的問題，但我無法為您提供最好的答案，因為矽光子市場不像 Solan TM 那麼成熟。我們當然支持那裡的領導人。我認為我們對財務長所做的工作非常強大。目前我無法向您提供準確的市場佔有率數字。我預計，隨著 800G 及更高版本真正開始快速發展，我們將擁有相當大的（如果不是主要的）SIFO 市場份額。但我現在無法告訴你我們確切的市佔率是多少。我實在做不到。我知道我們處於非常有利的位置，但要知道卻有點困難。我認為目前主要的市佔率屬於IDM。

Understood. That's very helpful. And then if I may, on just kind of -- if we're thinking about the long-term model, how should we think about the mix with a net long-term one? And I guess another way to put it is if we're thinking about the capacity additions that you guys are doing in Agrate and Intel, are there any kind of silicon germanium additional capacity that's coming online? Or is that margin to kind of focus on the nonsolicilicon photonics applications such as the Simon analogue?

明白了。這非常有幫助。然後，如果可以的話，如果我們考慮長期模型，我們應該如何考慮與淨長期模型的組合？我想另一種說法是，如果我們考慮你們在 Agrate 和英特爾所做的產能增加，是否有任何類型的矽鍺額外產能即將上線？或者說，這種空間是為了關注非矽光子學應用，例如西蒙類似物？

That's a very good question. The bulk of the reasons for driving the capacity increases in Agrate is the RF SOI and in the Cab11X in New Mexico, it's for the BCD as I mentioned before. That's not to say that we're not doing activities to expand silicon photonics, both the 200-millimeter and at 300-millimeter. We are. But the biggest growth drivers right now and impetus for the grade as well as the New Mexico was RFSOI and power management on 65 BCD and an extendable road map for that.

這是一個非常好的問題。推動 Agrate 容量增加的大部分原因是 RF SOI，而在新墨西哥州的 Cab11X 中，則是 BCD，正如我之前提到的。這並不是說我們沒有進行擴展矽光子學的活動，無論是 200 毫米還是 300 毫米。我們是。但目前最大的成長動力以及該等級以及新墨西哥級的推動力是 65 BCD 上的 RFSOI 和電源管理以及可擴展的路線圖。

This is very helpful. And if I may, just a quick follow-up on this. On the 300-millimeter spoken photonics, is that something you guys already shipping? Or is that kind of part of the future road map?

這非常有幫助。如果可以的話，請對此進行快速跟進。在 300 毫米語音光子學方面，你們已經發貨了嗎？還是這是未來路線圖的一部分？

We have shipped prototypes. So yes, we have shipped. And yes, it is part of the future roadmap. So it's not something that doesn't exist now. We do have some prototypes that are going out..

我們已經發貨了原型。所以是的，我們已經發貨了。是的，這是未來路線圖的一部分。所以它現在並不是不存在的東西。我們確實有一些原型即將推出。

This concludes the question-and-answer session. Mr. Ellwanger, would you like to make your concluding statement?

問答環節到此結束。 Ellwanger 先生，您願意做總結性發言嗎？

Yes. Thank you. Firstly, again really much appreciation to everyone that has given well-wishing during this period of war. Secondly, as far as the company, I don't believe we've ever been in a more exciting position than we are now. So much advancement in technology platforms, so much advancement in customer partnerships. We sit extremely confident that in areas where there has been market weakness, the market will return, and we will return with higher market shares than we had in the past. And that's how you outgrow the market. So we thank everybody. And my biggest appreciation, as stated to our employees that still come to the factory and put everything they can to take up for the burdens of those that can't presently come to the factory here in Israel. So thank you very, very much.

是的。謝謝。首先，再次非常感謝在這段戰爭時期給予良好祝愿的所有人。其次，就公司而言，我認為我們從未處於比現在更令人興奮的境地。技術平台取得如此巨大的進步，客戶合作夥伴關係也取得如此巨大的進步。我們非常有信心，在市場疲軟的領域，市場將會回歸，我們將以比過去更高的市佔率回歸。這就是你超越市場的方式。所以我們感謝大家。我最感激的是，正如我們對仍然來到工廠的員工所說的那樣，他們竭盡全力為目前無法來到以色列工廠的人承擔責任。非常非常感謝。

Thank you. This concludes Tower Semiconductor conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。 Tower Semiconductor 電話會議到此結束。感謝您的參與。您可以繼續並斷開連線。