高塔半導體 (TSEM) 2023 Q4 法說會逐字稿

Thank you, and welcome to TOWER Financial Results Conference Call for the Fourth Quarter and Full Year of 2023.

謝謝，歡迎參加 TOWER 2023 年第四季和全年財務業績電話會議。

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.

在我們開始之前，我想提醒您，本次電話會議中所做的一些陳述可能具有前瞻性，並受到不確定性和風險因素的影響，可能導致實際結果與當前預期不同。

These uncertainties and risk factors are fully disclosed in our Forms 20 F and six K filed with the Securities and Exchange Commission as well as filings with the Israeli Securities authorities.

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 表格和 6 K 表格以及向以色列證券監管機構提交的文件中得到了充分披露。

They are also available on our website.

它們也可以在我們的網站上找到。

Tower assumes no obligation to update such forward-looking statements.

Tower 不承擔更新此類前瞻性聲明的義務。

Please note that the fourth quarter and full year of 2023 financial results have been prepared in accordance with U.S. GAAP 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 with the Securities and Exchange Commission.

請注意，2023 年第四季和全年的財務業績是根據今天的收益發布中的美國GAAP 財務表格和數據準備的，在本次收益電話會議中還包括某些可能被視為非GAAP 財務指標的調整後財務資訊G 條例以及證券交易委員會制定的相關報告要求。

The financial tables include the full explanation of these measures and the reconciliation of these non-GAAP measures to the GAAP financial measures.

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措施的調節。

Please note, we have a supporting slide deck that complements to the conference call.

請注意，我們有一個支援幻燈片來補充電話會議。

This presentation is accessible on our Company's website and is also integrated into today's webcast for your convenience.

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今天的網路廣播中。

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

現在我想請我們的執行長拉塞爾先生和我自己繼續努力。

Thank you know, we welcome, everybody.

謝謝大家，我們歡迎大家。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

During today's call, we will discuss our financial results for the fourth quarter and the full year of 2023 and share our strategic direction and expected growth outlook for 2024 to begin as is known on January 1st of this year, there was an earthquake in Japan and the surrounding area to our facilities at Hawker Rico.

在今天的電話會議中，我們將討論2023 年第四季和全年的財務業績，並分享我們的策略方向和2024 年的預期成長前景，眾所周知，從今年1 月1 日開始，日本發生了地震，週邊地區到我們 Hawker Rico 的設施。

We are grateful that no employee suffered any physical harm through this event due to state of the art building practices, we did not suffer facility structural damage.

我們很慶幸，由於採用了最先進的建築實踐，沒有員工在這次活動中遭受任何身體傷害，我們沒有遭受設施結構損壞。

We did suffer tools, damage and scrap have some percentage of work in progress at both factories as well as secession of operations.

我們確實遭受了工具、損壞和報廢，兩家工廠都有一定比例的正在進行的工作以及業務分離。

Our dedicated and most capable employees have recovered both factories to full operation with start levels currently to the level set in the annual plan. 2023 was marked by an industry wide slowdown, resulting in an annual revenue of $1.42 billion.

我們敬業且最有能力的員工已使兩家工廠恢復全面運營，目前的開工水平已達到年度計劃中設定的水平。 2023 年產業整體放緩，年收入為 14.2 億美元。

As we transition into 2024.

當我們過渡到 2024 年。

There are clear indicators of market recovery.

市場復甦跡像明顯。

We are realizing renewed demand across several of our key market segments.

我們正在幾個關鍵細分市場實現新的需求。

We will give more color on this as we continue the call revenue for the fourth quarter was $352 million.

我們將進一步闡述這一點，因為我們將繼續預測第四季的通話收入為 3.52 億美元。

At this revenue level, fab utilizations were Fab one, six-inch was about 60% Fab two eight inch was about 75%.

在此收入水準上，晶圓廠利用率為晶圓廠一號、六吋晶圓廠利用率約為 60%，二號晶圓廠八吋晶圓廠利用率約為 75%。

Fab three remained at about 40%.

三號晶圓廠的產能利用率維持在 40% 左右。

Fab five eight inch was about 40%.

五廠八吋約為 40%。

Fab seven 12 inch was about 70% Fab nine eight inch was also about 70% as a validation of our value-add products and next-generation customer aligned roadmaps.

Fab 7 的 12 吋產能約為 70%，Fab 9 的 8 吋產能也約為 70%，這是對我們的加值產品和下一代客戶一致路線圖的驗證。

We not only maintained our blended average selling price per layer, but saw an increase of about 4% in 2023 over 2022.

我們不僅維持了每層的混合平均售價，而且 2023 年比 2022 年增長了約 4%。

This was not due to price increases, but rather due to value-add products resulting in a richer mix and is a reason for maintaining good margins in a period of industry pullback, anticipating shifting market dynamics and customer demand, we are actively optimizing our operations through a consolidation of our six-inch activities into our eight-inch operations in Migdal Haemek, Israel.

這不是由於價格上漲，而是由於增值產品帶來了更豐富的組合，也是在行業回調時期保持良好利潤率的原因，預計市場動態和客戶需求的變化，我們正在積極優化我們的運營通過將我們在以色列Migdal Haemek 的6 吋業務合併為8 吋業務。

As part of this optimization process, we will phase out certain lower margin products in our six-inch offerings aligning to our long-term strategic goals and financial model while prudent porting certain activities to the fab to eight-inch.

作為優化過程的一部分，我們將逐步淘汰六英寸產品中的某些利潤率較低的產品，以符合我們的長期策略目標和財務模型，同時謹慎地將某些活動轉移到八英寸晶圓廠。

For example, a high-value technology serving a next-generation advanced computer tomography CT scan machine into our 200 millimeter factory, ensuring continuity and even greater efficiency for this technology, which will require several hundreds of 200 millimeter wafers for CT machine, a breakdown of our 2023 revenue per end market is as follows, shown in slide 3 in the supporting slide deck, sensors and displays represented 20% RF mobile business, 22% RF infrastructure business, 10%, Power IC business, 24%, discrete, 15%, next cycle, Seamark 7%, and there's about 2% of miscellaneous for this period.

例如，一項高價值技術服務於我們的200 毫米工廠的下一代先進電腦斷層掃描CT 掃描機，確保該技術的連續性和更高的效率，這將需要數百個200 毫米晶圓用於CT機，細分我們2023年每個終端市場的收入如下，如支援幻燈片中的幻燈片3所示，感測器和顯示器佔20％，射頻移動業務，22％，射頻基礎設施業務，10％，電源IC業務，24％，分立，15 %，下一個週期，Seamark 7%，這段時間的雜項大概有2%。

Revenue breakdown by end market as follows.

按終端市場劃分的收入細分如下。

Please reference Slide 4.

請參考投影片 4。

Infrastructure revenue, which is predominantly RF optical with a certain amount of advanced discretes was 11%.

基礎設施收入（主要是射頻光學和一定數量的先進分立元件）佔 11%。

Wireless was approximately 22%, automotive, 17%, which we serve with power ICs, discretes with imagers and with RF radar consumer in which we consider compute power management for general accessories and home appliances and home use security cameras was approximately 13%, industrial, about 7% image sensors for high-end photography and medical applications, about 7%, aerospace and defense about 4%.

無線約佔22%，汽車約佔17%，我們為它提供電源IC、成像器分立裝置以及RF 雷達消費者服務，其中我們考慮通用配件和家用電器的計算電源管理，家用安全攝影機約佔13% ，工業約佔13%。 ，約7%的影像感測器用於高端攝影和醫療應用約7%，航空航太和國防約4%。

And there was about 2% of mixed-signal CMOS where we do not have exact end market knowledge.

大約有 2% 的混合訊號 CMOS 我們沒有確切的終端市場知識。

Additionally, about 14% of power device revenue for which we do not have granularity on the exact end market application, which serve multiple of the above-mentioned segments such as automotive, industrial, wireless and consumer and IT.

此外，約 14% 的功率元件收入我們無法詳細了解其確切的終端市場應用，它們服務於上述多個細分市場，例如汽車、工業、無線、消費和 IT。

Lastly, an additional 3% divided among the end markets that we have spoken, but of which we cannot granulate specific on RF mobile, we are experiencing a rebound in the mobile market running presently at high utilization for both 200 millimeter and 300 millimeter RFSOI capacity with additional capacity coming online throughout 2024 and 2025.

最後，我們談到的終端市場中還有 3% 的份額，但我們無法具體針對 RF 行動裝置進行細分，我們正在經歷行動市場的反彈，目前 200 毫米和 300 毫米 RFSOI 產能的利用率都很高2024 年和2025 年將有更多產能上線。

Our capacity planning is and will continue to pay off, having met our initial targets at the agreed day Italy facility having qualified and shipped our first products with a planned ramp throughout this year, supported by an already executed double digit number of production tapeouts to meet the increasing demands shown in our customers' forecasts, wisely partnering with ST. and hence leveraging the ST. build-out, we reduced the impact on margins of the new manufacturing activity.

我們的產能規劃已經並將繼續得到回報，在約定的日期意大利工廠實現了我們的初步目標，並在今年全年按照計劃的斜坡進行了資格認證並交付了我們的第一批產品，並得到了已經執行的兩位數生產流片的支持，以滿足客戶的預測顯示出日益增長的需求，與 ST 明智地合作。從而利用ST。透過擴建，我們減少了新製造活動對利潤率的影響。

But as in any new capacity ramp from scratch, there is an initial headwind on margins that should be fully absorbed and become accretive margins within the first half of 2025 planned completion of the present Phase capacity to ramp in the agro day facility.

但與任何從頭開始的新產能提升一樣，利潤率方面存在最初的阻力，應在 2025 年上半年計劃完成農業日間設施當前階段產能提升的情況下完全吸收並增加利潤。

Looking forward, we are prototyping new 200 millimeter and 300 millimeter technologies.

展望未來，我們正在開發新的 200 毫米和 300 毫米技術原型。

Please see Slide 5 with best in industry efficiency as measured by our own CRM and output power as measured by breakdown voltage, winning new customers and design slots.

請參閱投影片 5，它具有業界最佳效率（透過我們自己的 CRM 衡量）和輸出功率（透過擊穿電壓衡量），從而贏得了新客戶和設計機會。

Whilst beginning conversations with customers about 60 requirements prior to the adoption of new wireless standards such as 6G, we see additional AI and mobile AR VR application, having the potential to drive a stronger handset refresh market over the next several years to further benefit our RF business, our essential infrastructure, we are strongly positioned supplying AI infrastructure growth in part by our previously announced silicon photonics partnership with Enlight, the global number one optical module provider at Marvell, a Tier one optical connectivity provider, as well as with a total of over 50 additional customers currently using our silicon photonic foundry platform.

在採用6G 等新無線標準之前，我們開始與客戶討論約60 項要求，同時我們看到了更多的人工智慧和行動AR VR 應用，有潛力在未來幾年推動更強大的手機更新市場，進一步有利於我們的RF我們的業務是我們的重要基礎設施，我們在推動人工智慧基礎設施成長方面處於有利地位，部分原因是我們先前宣布與一級光連接供應商Marvell 的全球第一光學模組供應商Enlight建立矽光子合作關係，以及總共目前還有 50 多個客戶在使用我們的矽光子代工平台。

In addition to our current silicon photonics production supplying 400 G. and 800 G. AI data center and datacom infrastructure, we are investing with our lead customers in new technologies, enabling more efficient 1.6 t. systems through innovation in both materials and architectures, including options for co-packaged optics.

除了我們目前提供 400 G 和 800 G 人工智慧資料中心和資料通訊基礎設施的矽光子生產外，我們還與我們的主要客戶一起投資新技術，以實現更有效率的 1.6 噸。透過材料和架構的創新（包括共同封裝光學元件的選項）來改進系統。

We continue to expand the silicon photonics application space by working with leaders in automotive and commercial LiDAR to enable silicon photonics-based future frequency modulated continuous wave that can create solid-state cost-effective LiDAR solutions with better resolution capability than possible with other technologies, please see slide 6, leveraging our incumbent position.

我們透過與汽車和商用雷射雷達領域的領導者合作，不斷擴大矽光子應用空間，以實現基於矽光子的未來調頻連續波，從而創建具有成本效益的固態雷射雷達解決方案，其分辨率能力比其他技術更好，請參閱投影片 6，利用我們現有的立場。

We continue to work with our previously announced silicon germanium customers, including Matcom, Broadcom and Semtech and many others to develop next-generation optical components for pluggable transceivers, active cables and for LPO.'s linear programmable optics to not only support faster data transmission rates for single wavelength, but also to reduce latency and power consumption for data centers supporting generative AI and machine learning applications.

我們繼續與先前宣布的矽鍺客戶合作，包括Matcom、Broadcom 和Semtech 等許多其他公司，開發用於可插拔收發器、主動電纜和LPO 的線性可編程光學元件的下一代光學元件，不僅支援更快的資料傳輸速率，同時還可以減少支援生成式人工智慧和機器學習應用的資料中心的延遲和功耗。

Finally, we just recently announced our partnership with Renesas, a global conglomerate and market leader in supporting the rapidly growing satellite broadband market.

最後，我們最近剛宣布與瑞薩電子建立合作關係，瑞薩電子是一家支持快速成長的衛星寬頻市場的全球企業集團和市場領導者。

Today, our silicon-germanium products can go into beam.

如今，我們的矽鍺產品可以進入光束領域。

Former terrestrial antenna terminals for each user terminal requires more than 250 silicon-germanium transceivers.

以前每個用戶終端的地面天線終端需要250多個矽鍺收發器。

For reference, please see slide 7 and 8.

如需參考，請參閱投影片 7 和 8。

Longer term, the industry is exploring ways to incorporate satellite reception into handsets, which could create an even larger market opportunity, including a change of cadence in next-generation mobile platform refresh adoption with multiple fab qualifications for silicon germanium, we are well positioned to support the capacity needed for these expanding markets.

從長遠來看，該行業正在探索將衛星接收功能整合到手機中的方法，這可能會創造更大的市場機會，包括改變下一代行動平台更新採用的節奏以及矽鍺的多個晶圓廠資格，我們處於有利地位支持這些不斷擴大的市場所需的能力。

Looking at our power business, while 200 millimeter power is undergoing some level of inventory correction driven in part by automotive.

看看我們的電力業務，200 毫米電力業務正在經歷一定程度的庫存調整，部分原因是汽車行業推動的。

We continue to see very strong demand for our 300 millimeter power management BCD platforms for advanced power performance and increased digital processing creates the ideal match for the smaller sizes needed for power audio battery management ICs with a broad feature catalog pick and choose modular platforms.

我們繼續看到對我們的300 毫米電源管理BCD 平台的強烈需求，以實現先進的電源性能，增強的數位處理能力為電源音訊電池管理IC 所需的較小尺寸提供了理想的匹配，並具有廣泛的功能目錄選擇模組化平台。

Please see Slide 9.

請參閱投影片 9。

In addition, the advanced power performance makes it an excellent technology solution to deliver high power to computing processors and AI accelerators within data centers.

此外，先進的功耗性能使其成為為資料中心內的運算處理器和人工智慧加速器提供高功率的出色技術解決方案。

This platform fits many power and mixed signal applications and is therefore being chosen by Tier one companies for a wide range of applications which are now running at high volume in a rosy factory in Japan.

該平台適合許多電源和混合訊號應用，因此被一級公司選擇用於各種應用，這些應用目前在日本樂觀的工廠中大批量運行。

We have recently delivered successful first silicon from our most advanced and feature-rich 65 nanometer BCD platform to a Tier one customer and are working together bringing initial products to market on this most advanced platform.

我們最近成功地向一級客戶交付了我們最先進且功能豐富的 65 奈米 BCD 平台的第一塊晶片，並正在共同努力將這一最先進平台上的初始產品推向市場。

Regarding progress in Albuquerque, we have initial full flow materials completed while making meaningful progress in qualifying the technology to enable further ramp of both existing customers as well as new high volume power and mixed signal customers and will begin customer prototyping in the second half of 2024 towards full qualification and production in 2025 and obviously, beyond moving to sensors and displays, our machine vision market is expected to get back to high demand levels in 2024.

關於阿爾伯克基的進展，我們已完成初步的全流程材料，同時在技術鑑定方面取得有意義的進展，以實現現有客戶以及新的大容量功率和混合信號客戶的進一步增長，並將於2024年下半年開始客戶原型設計到 2025 年實現全面資質認證和生產，顯然，除了轉向感測器和顯示器之外，我們的機器視覺市場預計將在 2024 年恢復到高需求水準。

This rebound is mainly driven by the Chinese machine vision camera market, where our customers and their customers are gaining significant share in factory automation and embedded robotic camera systems for this market, we are completing the development of a small pixel global shutter road map, scalable to various resolutions from mainstream five megapixel to 12 megapixel sensors to very high-resolution sensors of up to 325 megapixel enabled by our advanced proprietary stitching technology printing centers larger than the lithography frame size.

這種反彈主要是由中國機器視覺相機市場推動的，我們的客戶及其客戶在該市場的工廠自動化和嵌入式機器人相機系統中獲得了顯著份額，我們正在完成小像素全局快門路線圖的開發，可擴展各種分辨率，從主流的 500 萬像素到 1200 萬像素感測器到高達 325 兆像素的超高分辨率感測器，由我們先進的專有拼接技術列印中心大於平版印刷框架尺寸實現。

Please see Slide 10.

請參閱投影片 10。

In the medical market, we've developed a new 12 inch, 65 nanometer link flow as a comparative answer to non-same U.S. non-silicon Exo, indium gallium zinc oxide thin-film transistor technology.

在醫療市場，我們開發了一種新的12吋、65奈米鏈路流，作為非同種美國非矽Exo、氧化銦鎵鋅薄膜電晶體技術的對比答案。

Please reference Slide 11.

請參考投影片 11。

This enables customers to retain the high performance of CMOS imagers, namely low dose x-ray sensitivity and high frame rate at cost levels.

這使客戶能夠以成本水平保留 CMOS 成像儀的高性能，即低劑量 X 射線靈敏度和高幀速率。

Now competitive to Exar, as mentioned as a key technology being used in six inch to eight inch.

現在與 Exar 具有競爭力，正如前面提到的關鍵技術被用於 6 英寸到 8 英寸。

We are producing new photon counting sensors for next-generation CT scanner, a new market for us with a silicon SAM of about $300 million in this market.

我們正在為下一代 CT 掃描儀生產新型光子計數感測器，這對我們來說是一個新市場，矽 SAM 在該市場的價值約為 3 億美元。

We partner with an absolute leader to provide a unique technology which allows scanning at lower doses with much higher resolution due to energy separation.

我們與絕對領導者合作提供獨特的技術，由於能量分離，該技術允許以更低的劑量進行掃描，並具有更高的分辨率。

In addition, we are expanding our high-end photography portfolio capitalizing on our leadership position and learnings in the cinematography and broadcasting market, where in one instance key end customers, he's an iconic industry leader revenue guidance for the first quarter of 2024 is $325 million, plus minus 5% in line with industry seasonality and in spite of the impact of the earthquake in Japan.

此外，我們正在利用我們在電影和廣播市場的領導地位和經驗來擴展我們的高端攝影產品組合，其中一個例子是關鍵終端客戶，他是標誌性的行業領導者，2024 年第一季的收入指導為3.25 億美元儘管受到日本地震的影響，但與產業季節性一致，仍加上負 5%。

Looking throughout 2024, we target notable quarter-over-quarter sequential growth.

展望 2024 年，我們的目標是季後顯著成長。

We left 2023 with multiple powered or powerful DOORS having been opened catalyzed through the unrealized merger deal.

2023 年結束時，我們在未實現的合併交易的催化下打開了多個強而有力的或強大的大門。

Tower is in the best position in its history based upon financial strength, technical offerings, operational performance tied with growing operational capacity and backed by strategic customer partnerships, the strength of which cannot be overstated We enter 2024 with strong focus on strategic value, add growth, addressing both immediate and longer-term objective.

根據財務實力、技術產品、與不斷增長的營運能力相關的營運績效以及戰略客戶合作夥伴關係的支持，Tower 處於其歷史上最好的位置，其實力不容小覷我們進入2024 年時將重點關注戰略價值，增加成長，解決近期和長期目標。

What is the strategic value value add growth based upon market expansion with growing capacity and innovation, both based upon strategic partnerships for market expansion.

基於市場擴張以及不斷增長的能力和創新的策略價值增值成長是多少，兩者都基於市場擴張的策略合作夥伴關係。

We continue intensifying our efforts in several markets where we see substantial demand and opportunities.

我們繼續加強在幾個市場的力度，我們看到了巨大的需求和機會。

Our U.S. infrastructure with very strong focus on silicon photonics and a complete power offering are two areas poised for robust growth that we are well-positioned to serve innovation in order to meet the evolving needs of customers and to outpace the competition.

我們的美國基礎設施非常注重矽光子學和完整的電力供應，這兩個領域有望實現強勁成長，我們有能力服務創新，以滿足客戶不斷變化的需求並超越競爭對手。

Innovation remains at the core of our value proposition.

創新仍然是我們價值主張的核心。

In this call, we've discussed several areas of business and industry figures of merit strategic partnership.

在這次電話會議中，我們討論了多個商業和產業領域的策略夥伴關係。

We believe in the personal power of collaboration, we are expanding our partnerships with existing customers, leaders in their respective markets as well as new customers with ideas and excitement causing them to become leaders as well.

我們相信個人協作的力量，我們正在擴大與現有客戶、各自市場的領導者以及有想法和興奮的新客戶的合作夥伴關係，使他們也成為領導者。

With that, I'm pleased to turn the call to our CFO, Mr. Oren Shirazi.

說到這裡，我很高興將電話轉給我們的財務長 Oren Shirazi 先生。

Oren, please.

奧倫，請。

Hello, everyone will is today our quarterly and annual financial results for Q4 '23, we reported revenue of $352 million, gross profit of $84 million and net profit of $54 million for the full year, we reported revenues of one point $42 billion, gross profit of $354 million and net profit of $518 million, which included $190 million net profit impact of the major contract termination fee received from Intel.

大家好，今天大家將看到我們23 年第4 季的季度和年度財務業績，我們報告全年收入為3.52 億美元，毛利潤為8400 萬美元，淨利潤為5400 萬美元，我們報告的收入為420 億美元，毛利利潤 3.54 億美元，淨利 5.18 億美元，其中包括從英特爾收到的主要合約終止費影響的 1.9 億美元淨利。

I will start my review by analyzing the P&L highlights, followed by our balance sheet and CapEx plans.

我會先分析損益表要點，然後再分析我們的資產負債表和資本支出計畫。

Revenue for Q4 was $352 million as compared to $358 million in the previous quarter.

第四季的營收為 3.52 億美元，而上一季的營收為 3.58 億美元。

And gross profit for Q4 was $84 million as compared to $87 million in previous quarters.

第四季的毛利為 8,400 萬美元，而前幾季的毛利為 8,700 萬美元。

Operating profit for Q4 was $45 million and net profit was $54 million or $0.49 basic and $0.48 base diluted earnings per share.

第四季營業利潤為 4,500 萬美元，淨利為 5,400 萬美元，即基本每股收益 0.49 美元，基本稀釋每股收益 0.48 美元。

Operating and net profit for the third quarter included the net impact of major contract termination fee we received from Intel in the amount of $314 million net of associated cost included in operating profit and an amount of $290 million net of tax included in net profit based on a 7.5% preferred income tax rate as applicable to us in Israel, including the termination fee operating profit for the third quarter was $362 million and net profit was $342 million or $3.10 basic and $3.7 diluted earnings per share.

第三季的營運利潤和淨利包括我們從英特爾收到的主要合約終止費的淨影響，扣除營運利潤中包含的相關成本後，淨額為3.14 億美元，扣除淨利中包含的稅款後，淨額為2.9 億美元。適用於以色列的7.5% 優惠所得稅率，包括終止費，第三季營業利潤為3.62 億美元，淨利潤為3.42 億美元，即基本每股收益3.10 美元，稀釋每股收益3.7 美元。

For the full year, revenue was one point $42 billion as compared to one $68 billion in 2022.

全年營收為 420 億美元，而 2022 年為 680 億美元。

And gross profit was $354 million as compared to 40 $66 million in '22.

毛利為 3.54 億美元，而 20 年 40 月為 6,600 萬美元。

Operating profit for the full year was $547 million and included $314 million net from the Intel merger contract termination fee compared to operating profit of $312 million in 2012.

全年營業利潤為 5.47 億美元，其中包括英特爾合併合約終止費淨額 3.14 億美元，而 2012 年營業利潤為 3.12 億美元。

Net profit for the full year was $518 million or $4.70 basic and $4.66 diluted earnings per share and included $290 million net due to the payment by Intel of a major contract termination fee compared to net profit of $265 million or $2.42 basic and $2.39 diluted earnings per share in 2022.

全年淨利為5.18 億美元，即基本每股收益4.70 美元，稀釋每股收益4.66 美元，其中包括因英特爾支付主要合約終止費而產生的淨收益2.9 億美元，而淨利潤為2.65 億美元，即基本每股收益 2.42 美元，稀釋每股收益 2.39 美元。2022 年分享。

Moving to the balance sheet and future CapEx and cash plans, our balance sheet as of the end of December 2023 totaled $2.9 million, $2.9 billion, primarily comprised of $1.2 billion of fixed assets, mostly machinery and equipment and $1.7 billion of current assets.

轉向資產負債表以及未來的資本支出和現金計劃，截至2023 年12 月底，我們的資產負債表總額為290 萬美元、29 億美元，主要包括12 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。

Current assets ratio, reflecting the multiple by which current assets are larger than short-term liabilities, is very strong by a multiple of 6.2 times as compared to 3.9 times as of the end of 22.

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 6.2 倍，而 22 年底為 3.9 倍。

Shareholders' equity increased by 29% as compared to its amount at the end of 22 and reached a total of $2.4 billion.

股東權益較22年底增加29%，達24億美元。

And our strong financial position enables us to plan the following investments in strategic opportunities that are aligned to our vision, 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 Italy following the previously announced ST Micro and partnership agreement signed in 2021.

我們強大的財務狀況使我們能夠計劃對符合我們願景的戰略機會進行以下投資，大約 5 億美元的現金總額被分配用於投資意大利 12 英寸工廠所需的設備和其他資本支出項目。ST Micro 先前宣布並於2021年簽署合作協議。

We already invested $100 million in 20 p. to an additional $200 million in '23, and the remaining $200 million will be paid during '24 and '25.

我們已經在 20 p. 中投資了 1 億美元。到'23年再支付2億美元，剩餘的2億美元將在'24年和'25年期間支付。

In addition, as previously announced, we will invest up to $300 million to buy equipment and other CapEx items that we will own in Intel fab in New Mexico, enabling power to ramp up this fab capacity and capabilities for our customers.

此外，正如先前宣布的，我們將投資高達 3 億美元購買我們將在新墨西哥州英特爾工廠擁有的設備和其他資本支出項目，從而為我們的客戶提高該工廠的產能和能力。

In addition, we expect our maintenance CapEx baseline level to remain as previously announced at about $100 million per annum.

此外，我們預計維護資本支出基準水準將維持在先前宣布的每年約 1 億美元。

And lastly, we expect to invest additional cash to acquire more capability.

最後，我們希望投入更多現金來獲得更多能力。

Capex tools and other assets to expand our future technology offering, including increasing our 5G and CYPHER capacity and technological offering to enhance our flexibility to support our customers from our different sites.

資本支出工具和其他資產可擴展我們未來的技術產品，包括增加我們的 5G 和 CYPHER 容量和技術產品，以增強我們為不同站點的客戶提供支援的靈活性。

And change our product mix to result in a richer mix.

並改變我們的產品組合以實現更豐富的組合。

From a margins perspective, all the above is aligned to our business strategy as well as our financial model.

從利潤率的角度來看，上述所有內容都符合我們的業務策略以及我們的財務模式。

As presented by the company in our previous call in November, which financial model outlined our revenue target of $2.66 billion per annum that could be achieved by loading our existing factories at 85% utilization, and that should result in $500 million of annual net profit.

正如該公司在11 月的上一次電話會議中所介紹的那樣，該財務模型概述了我們每年26.6 億美元的收入目標，該目標可以透過以85% 的利用率裝載我們現有的工廠來實現，這將帶來5 億美元的年度淨利。

Based on the specifics on the specified assumptions of that, we'll outline.

根據具體假設的具體情況，我們將進行概述。

Now I'd like to turn the call back to our CEO, Mr. Russell Ellwanger, and maybe we would open up to questions.

現在我想把電話轉回給我們的執行長 Russell Ellwanger 先生，也許我們會提出問題。

And from there, we can go ahead and I'll give a closing.

從這裡開始，我們可以繼續討論，我將作一個總結。

Thank you.

謝謝。

Ladies and gentlemen, at this time we will begin the question and answer session.

女士們、先生們，現在我們將開始問答環節。

If you have a question, please press star one.

如果您有疑問，請按星號一。

If you wish to cancel your request, please press star two.

如果您想取消要求，請按星二號。

If you're using speaker equipment can be with the handset before pressing the numbers.

如果您使用揚聲器設備，可以在按號碼之前拿起聽筒。

Your questions will be polled in the order they are received Please standby while we poll for your questions.

我們將按照收到的順序對您的問題進行投票，請等待我們對您的問題進行投票。

The first question is from toady agri of benchmark.

第一個問題來自當今的基準農業。

Please go ahead, Eric.

請繼續，埃里克。

Hey, good afternoon or good morning.

嘿，下午好或早上好。

This is actually David Williams on for Cody this morning.

這實際上是今天早上科迪的大衛威廉斯。

So thanks, Rob, for all the great color as usual.

所以謝謝羅布，一如既往地為我們提供瞭如此出色的色彩。

But what does it begin a bit on the impact on the revenue side?

但它對收入方面的影響是從哪裡開始的呢？

And maybe even on the margins from the transition or the shutting down that $0.06 and moving to $0.08, it seems like there should be some nice margin tailwinds there.

也許即使在過渡或關閉 0.06 美元並轉向 0.08 美元的邊緣，似乎也應該有一些不錯的利潤順風。

But also just kind of what that revenue impact could look like over the next couple of quarters that you report that over and there aren't.

但也只是你報告過的未來幾季的收入影響可能會是什麼樣子。

Yes, Tom, it will not impact the margins at all this, the Fab one because anyway, you know that the oldest fab we had built 40 years ago in 1984.

是的，湯姆，這根本不會影響晶圓廠的利潤率，因為無論如何，你知道我們在 40 年前的 1984 年建造了最古老的晶圓廠。

It was very nice, highly utilized, but in recent years oh two, it's about at the breakeven point.

它非常好，利用率很高，但近年來，哦，兩個，它大約處於盈虧平衡點。

So we did not really contribute to the margin.

所以我們並沒有真正貢獻利潤。

So there will not be any deficiency to the margin.

所以保證金不會有任何不足。

So it will be pretty much breakeven.

所以這將幾乎是收支平衡。

The revenues we didn't disclose publicly, but it's immaterial really to the total amount.

我們沒有公開披露收入，但這對總金額來說並不重要。

And it's already baked into our financial model that we presented in previous times.

它已經融入我們之前介紹的財務模型中。

Okay, great.

好的，太好了。

Guys.

夥計們。

It seems like that might have been margin dilutive and you might get a tailwind from that as and in addition to the economics of moving that from that six to eight inch, is that fair to say and it is.

看起來這可能會稀釋利潤，而且除了從六英寸移動到八英寸的經濟性之外，你可能會從中獲得順風，公平地說，事實確實如此。

But over the next few quarters that actually we've been well aligned with customers and getting prepared for this and if anything, revenues will be higher through some pull-ins of end-of-life activities.

但在接下來的幾個季度中，實際上我們已經與客戶保持了良好的一致，並為此做好了準備，如果有的話，透過一些報廢活動的拉動，收入將會更高。

So over the next two, three quarters, if anything, it's going to be beneficial, not negative, but on a small level.

因此，在接下來的兩個、三個季度裡，如果有的話，這將是有益的，而不是負面的，但只是小程度的。

Okay, great.

好的，太好了。

Thanks.

謝謝。

Thanks so much for that.

非常感謝。

And then maybe just on the rebound that you're talking about, what one is maybe can you point to that's giving you that that Cognizant from the the near term order rates that are forecasting customers or are you getting better longer-term visibility?

然後，也許就你所說的反彈而言，你能指出是什麼讓你從預測客戶的近期訂單率中獲得認知，或者你是否獲得了更好的長期可見性？

The customer demand?

客戶的需求？

That's a combination of both had stated that we're targeting notable quarter-over-quarter growth throughout the year.

兩者的結合表明我們的目標是全年實現顯著的季度環比增長。

If we look at our forecasts on most all of the core businesses that we have, there's good, strong double digit growth in the year, but really driven off of the second half, not very much off of the first half with the exception right now, the RSS Ally is very strong.

如果我們看一下對我們擁有的大多數核心業務的預測，今年將出現良好、強勁的兩位數增長，但實際上是下半年開始的，與上半年相比並沒有太大增長，除了現在之外，RSS盟友非常強大。

And as well, we have certain Mixed Signal and Power also going into mobile platforms, that's very high at the moment.

此外，我們也將某些混合訊號和電源引入行動平台，目前這一比例非常高。

So that's two areas of really increase in forecast had mentioned.

這是預測中提到的兩個真正成長的領域。

That's, I think, fortuitous but based upon good planning when we started the activity in Italy, the dropped a facility we had planned going to be shipping our first qual wafers in the fourth quarter of 2023.

我認為這是偶然的，但基於我們在義大利開始活動時的良好規劃，我們放棄了原計劃在 2023 年第四季度運送第一批合格晶圓的設施。

And that is right now an area where we really do need capacity.

目前，這是我們確實需要能力的領域。

And as the capacity as coming online quarter over quarter, it's fully spoken for throughout this year and by forecast for the 2025 as well, when it hits the full capacity of this ramp, it stays at the second quarter of 2025.

隨著容量逐季上線，今年全年都已充分說明這一點，並且對 2025 年的預測也是如此，當達到該斜坡的全部容量時，它會保持在 2025 年第二季度。

So in the area of the RFSOI and some other mobile applications.

在 RFSOI 和其他一些行動應用領域也是如此。

We have seen a very big pickup in orders in the area of silicon germanium, which and silicon photonics.

我們看到矽鍺和矽光子領域的訂單大幅增加。

We see very strong forecasts for which we've not yet received the POs, but really in Q. two Q. three Q. four, and that's very real.

我們看到了非常強烈的預測，但我們尚未收到採購訂單，但實際上是在第二季、第三季、第四季，這是非常真實的。

If I look at Sipho year-over-year growth in silicon photonics by forecast, it's multiple hundreds of percent.

如果我看看 Sipho 矽光子學的同比增長預測，它會增加數百%。

And then our 300 millimeter power is also very strong growth year-over-year as well as the 300 millimeter mix signal, which is serving some of these mobile applications.

然後，我們的 300 毫米功率以及為其中一些行動應用提供服務的 300 毫米混合訊號也同比增長非常強勁。

And I had said I mean, if I look again at our core CIS. activities had mentioned the industrial sensors and that's doubling from present run rate in Q3 Q4.

我說過我的意思是，如果我再次審視我們的核心 CIS。活動提到了工業感測器，其運行速度比第三季第四季的當前運行速度翻了一番。

Now as say, these are customer forecasts are not yet POs, but our customers are pretty good about forecasting and we are fairly good about what we put in the system.

現在可以說，這些是客戶預測，還不是採購訂單，但我們的客戶非常擅長預測，我們也非常擅長我們在系統中輸入的內容。

So across many of our segments, we see very strong growth coming in this year, but back in the second half, that's what gets us very exciting is that either with new technologies that are now gaining new market shares for us and for our customers or a rebound in the market itself, both have the same accretive benefit on revenue and ultimately on margins.

因此，在我們的許多細分市場中，我們看到今年將出現非常強勁的成長，但在下半年，讓我們非常興奮的是，要么新技術正在為我們和我們的客戶贏得新的市場份額，要么市場本身的反彈，兩者對收入以及最終的利潤率都有相同的增值效益。

There is one area that we to have weakness now we don't see an increase coming quickly is that of our 200 millimeter power management predominantly being done in our factory in Tanami, Japan.

我們現在有一個弱點，我們看不到快速成長的地方，那就是我們的 200 毫米電源管理主要是在我們位於日本塔納米的工廠完成的。

And I think anyone that looked at the TI. release knows that there.

我想任何看過 TI 的人都會知道。發布知道那裡。

I think TI is a pretty good bellwether of across the board power management.

我認為 TI 是全面電源管理領域相當出色的領導者。

And that market is weak right now.

目前該市場疲軟。

And a big portion of what was being served in that market for us was automotive, in particular, battery management and that has pulled back.

我們在該市場所服務的很大一部分是汽車，特別是電池管理，但這一領域已經有所回落。

So that's the one area that I don't see yet by customer forecast or rebound.

因此，這是我還沒有看到客戶預測或反彈的領域。

But most everything else that we're doing, I think looks very good at least in the second half and some already, I think, starting in the first half.

但我認為我們正在做的大多數其他事情至少在下半場看起來都非常好，我認為有些已經從上半場開始了。

Hopefully that answers your question.

希望這能回答你的問題。

I tried to make it very complete.

我試著把它做得非常完整。

Very, very great color Thanks.

非常非常好的顏色，謝謝。

That makes that, Russell.

就是這樣，拉塞爾。

And then maybe just one last one for Oren.

也許這只是奧倫的最後一件事。

Just kind of given the trough that we're seeing in revenue next quarter, how should we think about that the gross margin and just the mix in that revenue base there and all the moving pieces, and I appreciate the help here, and thank you.

考慮到我們在下個季度看到的收入低谷，我們應該如何考慮毛利率以及那裡的收入基礎和所有移動部分的組合，我感謝這裡的幫助，謝謝。

I believe you should assume that the baseline of Q4 in October, which resulted in I believe 24% gross profit is the baseline for Q1.

我相信你應該假設 10 月第四季的基線，我認為 24% 的毛利是第一季的基線。

And now since the revenue guidance is indicating that about $25 million, $27 million lower revenue.

現在，由於收入指導表明收入減少了約 2500 萬美元，因此收入減少了 2700 萬美元。

So then you should apply the 50% incremental model whether we go up or down.

那麼無論我們上漲或下跌，你都應該應用 50% 增量模型。

Good.

好的。

Thanks again.

再次感謝。

Thank you.

謝謝。

Good question.

好問題。

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

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

Please go ahead.

請繼續。

Hey, Richard.

嘿，理查德。

Thanks for taking my questions.

感謝您回答我的問題。

And I'm just going to follow up the on the gross margin question, and I appreciate the thoughts here on as to how to think about the first quarter here of a second.

我將繼續跟進毛利率問題，我很欣賞這裡關於如何思考第一季或第二季的想法。

I heard from one of you, two about some sort of impact here from the SC Micro garage, a fab ramping up here.

我從你們兩個聽說了 SC Micro 車庫（這裡正在興建的一座晶圓廠）對這裡的某種影響。

I wondered to what that effect might be because it doesn't seem like you're necessarily seeing it here in the first quarter, how do we think about that?

我想知道這種影響可能是什麼，因為你似乎不一定在第一季看到它，我們如何看待這一點？

And then as the lower margin products in Fab one roll off, does that give us any thought process for a higher ceiling of gross margins in your model?

然後，隨著晶圓廠一號中利潤率較低的產品的推出，這是否為我們提供了在您的模型中提高毛利率上限的任何思考過程？

I think I heard you say no, or and but I just want to make sure.

我想我聽到你說不，或者但我只是想確定一下。

Yes, I think my previous answer that the two assume 50% incremental on the revenue increase or decrease is considering all that, meaning, let's say, currently the gross profit was whatever it was $84 million.

是的，我認為我之前的回答，即兩者假設收入增加或減少 50% 的增量正在考慮所有這些，也就是說，目前的毛利是 8400 萬美元。

And if one assumes a $25 million revenue reduction.

如果假設收入減少 2500 萬美元。

So it should be attributed to 50% of that gross profit of $84 million or 50% of $24 millin or $72 million Yes.

因此，它應該歸因於 8,400 萬美元毛利的 50% 或 2,400 萬美元或 7,200 萬美元毛利的 50% 是的。

What Russell mentioned is true about the fact that we will start since we start, like I said, from scratch, they got their factory.

拉塞爾提到的事實是正確的，我們將從一開始就開始，就像我說的，從頭開始，他們有了自己的工廠。

It will until it will reach the breakeven point, which Russell indicated in a year from now may influence a little bit on the margins.

直到達到損益平衡點為止，拉塞爾表示，從現在開始的一年後，這可能會對利潤率產生一些影響。

If we didn't specify the amount, it could be a some lower margins, but it will be offset by other activities and richer mix.

如果我們沒有具體說明金額，利潤率可能會較低，但會被其他活動和更豐富的組合所抵消。

So I think it's already in the normal process VERSIFY before.

所以我認為之前已經在正常流程VERSIFY中了。

Okay, fair enough.

好吧，很公平。

Thanks for that clarification or from Russell kind of going under press release and your comments during the call about a notable growth after this first quarter here, and you were clear in saying more in the second half here trying to put numbers together and think about the total year.

感謝您的澄清或來自拉塞爾的新聞稿以及您在電話會議中關於第一季後顯著增長的評論，並且您在下半年明確說了更多，試圖將數字放在一起並思考總年。

I think that's a fair question to ask here is do you think you're going to grow your total revenues in '24 of '23 seems like you'd be right in that range, but just want to get a sense of of how do we interpret notable increase?

我認為這是一個公平的問題，你認為你會在 23 年中的 24 年增加你的總收入嗎？你似乎在這個範圍內是正確的，但只是想了解一下如何做到這一點我們解釋顯著增加？

I would expect that we grow our revenue '24 over '23.

我預計 24 年我們的營收將比 23 年成長。

Yes.

是的。

Okay, excellent.

好的，非常好。

That's great to hear.

聽到這個消息我很高興。

What's your maybe a couple of questions.

您可能有幾個問題。

I would be very disappointed if we don't.

如果我們不這樣做，我會非常失望。

Okay.

好的。

Excellent.

出色的。

That's great to hear.

聽到這個消息我很高興。

A quick question on the data center area here.

關於資料中心區域的一個簡單問題。

It sounds like you're seeing some pickup here, but want to get a sense of kind of exposure in some of the growth drivers here.

聽起來您在這裡看到了一些回升，但希望了解這裡的一些成長動力。

You talked about higher end data comm and 800 gig.

您談到了高端數據通訊和 800 gig。

I'm wondering if there's any way that, you know, if you can quantify how much of your business is 800 gig And then you've talked about today and in the past about linear pluggable optics, LPO. is that you think it's going to be a sizable part part of the market down the road and what I think isn't necessarily that critical.

我想知道是否有任何方法可以量化您的業務中有多少是 800 gig 然後您今天和過去都談到了線性可插拔光學器件 LPO。是你認為它將成為未來市場的相當大的一部分，而我認為不一定那麼重要。

Yes, I believe that there's major advantages in it that should be implemented how big it will get.

是的，我相信它有很大的優勢，無論它有多大，都應該實施。

I don't know.

我不知道。

I think it could and it does have benefits that certainly would be beneficial for us in the offerings that we give.

我認為它可以而且確實有好處，這些好處肯定會對我們提供的產品有利。

But I'm not a market analyst.

但我不是市場分析師。

I think that's really more of a question for you than me, but dumb, but it's from the technical benefit.

我認為這對你來說確實是一個比我更重要的問題，但很愚蠢，但這是來自技術優勢。

Yes, I think that there's strong benefit there.

是的，我認為這有很大的好處。

And as far as what you said about data center, though, I did want to state what I have not yet seen other than in silicon photonics, we have not yet seen a big uptick in POs.

不過，就您所說的資料中心而言，我確實想說明除了矽光子學之外我還沒有看到的情況，我們還沒有看到 PO 大幅上升。

We've seen an uptick in forecast and there's sometimes a difference between the two, but I'm confident in the forecast and that will be picking up in the second, third and fourth quarter as far as on POs and ultimately shipments for what we're doing in the with our customers and what's being done in the end customer.

我們看到預測有所上升，兩者之間有時存在差異，但我對預測充滿信心，就採購訂單和最終出貨量而言，預測將在第二、第三和第四季有所回升。與我們的客戶一起做的事情以及最終客戶正在做的事情。

I was delightfully surprised and no executive meeting was a big integrator in the second half of M. 23.

我非常驚訝，M.23 的後半段沒有任何高階主管會議是重要的整合者。

You hear how much of their present volume.

您會聽到他們目前音量的多寡。

It's going at 800 G. and it was certainly much higher than the standard analyst reports were saying was 800 G. So and that's, I think, very obviously driven by AI.

它的速度為 800 G，而且肯定比標準分析師報告所說的 800 G 高得多。所以，我認為，這顯然是由人工智慧驅動的。

So how much is now going at 800 G., I would again, that's on an overall market analyst statement, not mine, but quite a bit of what we're shipping will be going into that.

那麼，現在的 800 G 是多少，我再說一遍，這是整體市場分析師的聲明，不是我的，但我們發貨的相當多的東西都會涉及到這一點。

I believe most all of what we're doing and Sipho is added at the 800 G. and obviously targeting into 1.6 times.

我相信我們所做的大部分工作和 Sipho 都是在 800 G 上添加的，並且顯然目標是 1.6 倍。

That's helpful.

這很有幫助。

And two quick questions.

還有兩個簡單的問題。

I will jump out of line from.

我會跳出線。

You've talked very positively about silicon photonics.

您非常積極地談論了矽光子學。

And I think it's a very I think it's a very small piece of your revenues within the company.

我認為這在公司收入中只佔很小的一部分。

Much less in datacenter, but should we think about this over the next couple few years?

在資料中心方面就更不用說了，但我們是否應該在未來幾年考慮這個問題？

Big picture about how much of this deal becomes part of your data center business?

關於這筆交易有多少部分成為您的資料中心業務的一部分的整體情況？

Bob, I don't know if you want to give a percentage of that business and how fast it can grow or just any context of the series that you seem very excited about and Yes.

鮑勃，我不知道你是否想提供該業務的百分比以及它的增長速度，或者只是你看起來非常興奮的系列的任何背景，是的。

So I see by all of our own plans and by customer alignments, that Sipho will be a predominant portion of data center market and elsewhere as well.

因此，我認為透過我們自己的所有計劃和客戶聯盟，Sipho 將成為資料中心市場和其他市場的主要部分。

But data center definitely on and realize that we have both passive and active sites off the activities that we have going on integrated laser is pretty exceptional, and we are the only pure-play foundry that has that.

但資料中心肯定在運行，並意識到我們在整合雷射方面的活動中既有被動站點也有主動站點，這是非常特殊的，我們是唯一擁有這種功能的純晶圓代工廠。

And those are very, very high dollar high value systems as well as what we're doing now with Sipho that, for example, we're shipping to in a light, but I wouldn't say that just an insignificant amount of our revenue presently.

這些都是非常非常高價值的高價值系統，以及我們現在正在使用 Sipho 所做的事情，例如，我們正在輕量地發貨，但我不會說這只是目前我們收入的微不足道的一部分。

If I look at what we are having in our forecast for '24 beyond the Cipher revenue was not insignificant.

如果我看看我們對 24 年的預測，Cipher 的收入並非微不足道。

Well, thanks for that clarification, Russell.

好吧，謝謝你的澄清，拉塞爾。

My last question, I'll jump in the line here.

我的最後一個問題，我會在這裡插隊。

Obviously, you have a very strong balance sheet here, and I think you're probably going to be free cash flow positive to some degree this year.

顯然，您的資產負債表非常強勁，我認為今年您的自由現金流可能在某種程度上為正。

How do we think about your plan for the cash here as it continues to grow?

隨著現金持續成長，我們如何看待您的現金計畫？

So first, I don't forecast we will be positive free cash flow because we did not.

首先，我不預測我們會出現正的自由現金流，因為我們沒有。

We were not also in Q4 in Q3 because of the big CapEx that we have forgotten and also for Intel, they are exceeding our cash from operations, not for Intel, for the yes, Albuquerque capacity interface for our capacity.

我們也沒有進入第三季度的第四季度，因為我們已經忘記了巨大的資本支出，而且對於英特爾來說，它們超出了我們的運營現金，而不是英特爾，是的，阿爾伯克基容量接口用於我們的容量。

Our the other CapEx tool that was equipment that will be in the Intel fab in Albuquerque.

我們的另一個資本支出工具是將位於阿爾伯克基的英特爾工廠的設備。

So the $300 million and the remaining of $200 million plus the other CapEx that we have a run rate of every year of $200 million.

因此，3 億美元和剩餘的 2 億美元加上其他資本支出，我們每年的運作率為 2 億美元。

The succeeding exceeds the cash compensation.

後續超出現金補償。

So I don't think it.

所以我不這麼認為。

And so it will not be positive, but still it's good that we have the cash on the balance sheet.

因此，這不會是正面的，但我們的資產負債表上有現金仍然是件好事。

So we can fund it at that.

所以我們可以為此提供資金。

And like I mentioned in my in my prepared remarks, is we still have to pay.

正如我在準備好的發言中提到的，我們仍然需要付費。

We didn't pay it anything towards the $300 million for Feb 11th for Intelsat 11 for our tools there.

我們沒有為 2 月 11 日為 Intelsat 11 購買我們的工具支付 3 億美元。

And we still have $200 million for data and we have $200 million for maintenance.

我們還有 2 億美元用於數據，還有 2 億美元用於維護。

And in addition to that, like I mentioned, we are planning to invest to increase the capacity of 5.5 G. in our various sites.

除此之外，正如我所提到的，我們計劃投資增加各個站點的 5.5 G 容量。

So we have a flexibility.

所以我們有彈性。

Yes.

是的。

Okay.

好的。

Great.

偉大的。

Thanks for that clarification, guys, and keep up the good work.

感謝您的澄清，夥計們，請繼續努力。

Thank you.

謝謝。

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

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

Please go ahead.

請繼續。

Hello.

你好。

And I just have a quick question a little bit about the finances or And so given your plans for this year, what would be the CapEx expenditure by quarter and then given that you're a nice 1.2 billion in cash, what should we expect for interest income?

我只是有一個關於財務的簡單問題，或者鑑於您今年的計劃，按季度的資本支出支出是多少，然後考慮到您有 12 億美元的現金，我們應該期待什麼利息收入？

Okay.

好的。

Interest income.

利息收入。

You can see in the balance sheet, the cash amounts we have.

您可以在資產負債表中看到我們擁有的現金金額。

You can assume that we on the other hand, we have $200 million of loans.

另一方面，您可以假設我們有 2 億美元的貸款。

The loans of the carrying 2% of our investments are currently I mean, we enjoyed this year also form rates of between 6% to 7% interest on deposits and the yields on our marketable securities.

我的意思是，目前我們投資的 2% 的貸款，我們今年也享有 6% 至 7% 的存款利率和我們的有價證券收益率。

So we did really good phone and currently, the interest rates are a little bit lowering in the world.

所以我們的手機做得非常好，目前，世界上的利率正在一點點降低。

So instead of getting excellent 6.5% to 7% that we got last year, maybe you should assume 5% or 5.5%, and of course, not on the entire cash amount because some of that is for working capital required all the time.

因此，您可能應該假設 5% 或 5.5%，而不是去年我們獲得的 6.5% 到 7%，當然，不是整個現金金額，因為其中一些是一直需要的營運資金。

But for majority of our cash.

但對於我們大部分的現金來說。

We invested in deposits and optical and about $150 million in marketable securities.

我們投資了存款和光學以及約 1.5 億美元的有價證券。

So I would assume 5.5% of that for CapEx.

所以我假設其中 5.5% 是用於資本支出。

So I actually said in the beginning, we have $200 million for the maintenance CapEx, the sustainable level.

所以我實際上在一開始就說過，我們有 2 億美元用於維護資本支出，即永續水準。

So it's $50 million a quarter.

所以每季是 5000 萬美元。

Right.

正確的。

On top of that, you should assume I mean I said $200 million remaining for granted that in the coming 1.5 yield for you and you can divide it by six to which the quarterly CapEx for data FIB and for the fab 11, it's the tools forward.

最重要的是，你應該假設我的意思是我說剩下的2 億美元是理所當然的，在你即將到來的1.5 收益率中，你可以將其除以6，數據FIB 和晶圓廠11 的季度資本支出，這是前進的工具。

That's the Fed.

那就是聯準會。

I assume this $100 million will be paid in the coming two two and our field for everybody can make these assumptions overall for sure, the CapEx should be more than $100 million per quarter between one other to one 50.

我假設這 1 億美元將在未來兩兩年內支付，我們的領域中的每個人都可以肯定地做出這些假設，每個季度的資本支出應該超過 1 億美元，介於 1 到 50 之間。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And so just take that off the cash balance because you're going to generate a little bit an operating income rate.

因此，只需將其從現金餘額中扣除，因為您將產生一點營業利潤率。

Yes, but like I answered before, to deleverage our the cash from operations is a typically lower than $150 million a quarter, right.

是的，但就像我之前回答的那樣，去槓桿化我們的營運現金通常每季低於 1.5 億美元，對吧。

So definitely negative cash flow, obviously by Great.

所以絕對是負現金流，很明顯是 Great 的。

Thank you.

謝謝。

That helps account.

這有助於記帳。

That's my only question.

這是我唯一的問題。

This concludes the question and answer session.

問答環節到此結束。

Mr. Ellwanger, would you like to make your concluding statement?

Ellwanger先生，您願意做總結性發言嗎？

Thank you.

謝謝。

Thank you for joining the call.

感謝您加入通話。

Really is a very exciting time for the Company.

對公司來說確實是一個非常令人興奮的時刻。

As stated in the press release itself, it is probably the best positioned Tower has ever been in its history in all aspects of our financial strength and our technology offering and in our operational capability.

正如新聞稿本身所述，從我們的財務實力、技術產品以及營運能力的各個方面來看，它可能是歷史上定位最好的塔樓。

And that then all underpinned by the customers.

而這一切都是由客戶支撐的。

Partnerships is amazing place to be look forward to tracking our progress over the year and reporting on it in the upcoming short period.

合作夥伴關係是一個令人驚奇的地方，可以期待追蹤我們一年來的進展並在接下來的短期內進行報告。

On February 29, Dr. Racanelli, our President will host one-on-one meetings at the Susquehanna Technology Conference in New York on March 19th, we will be hosting an Investor Conference in Tel Aviv Stock Exchange at the task of building itself.

2 月29 日，我們的總裁拉卡內利博士將在紐約舉行的薩斯奎哈納技術會議上主持一對一會議，3 月19 日，我們將在特拉維夫證券交易所舉辦投資者會議，以建設自己。

And overall, appreciate your continued support and confidence.

總的來說，感謝您持續的支持與信任。

Our team is eager and ready to seize opportunities ahead and to drive value for our customers and stakeholders.

我們的團隊渴望並準備好抓住未來的機遇，為我們的客戶和利害關係人創造價值。

Thank you, and look forward to follow-up conversations.

謝謝，並期待後續對話。