高塔半導體 (TSEM) 2024 Q1 法說會逐字稿

Thank you, and welcome to Tower financial results conference call for the first quarter of 2024.

謝謝，歡迎參加 Tower 2024 年第一季財務業績電話會議。

Before we begin, I would like to remind you that some statements made during this call maybe forward-looking and are subject to uncertainties and risk factors that could cause actual results to be different from those currently expected.

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 6-K, filed with the Securities and Exchange Commission, as well as filings with the Israeli Securities Authority.

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 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。

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 any such forward-looking statements.

Tower 不承擔更新任何此類前瞻性聲明的義務。

Please note that the first quarter of 2024 financial results have been prepared in accordance with US GAAP.

請注意，2024 年第一季財務業績是根據美國公認會計準則編製的。

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 with the Securities and Exchange Commission.

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，這些信息可能根據 G 條例以及美國證券交易委員會制定的相關報告要求被視為非 GAAP 財務指標。

The financial tables include a 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。

We have a supporting slide deck that complements today’s conference call.

我們有一個支援幻燈片，可以補充今天的電話會議。

This presentation is accessible on our company’s website and is also integrated in today’s webcast for your convenience.

該演示文稿可在我們公司的網站上訪問，並且還整合在今天的網路廣播中，以方便您使用。

Now, I’d like to turn the call to our CEO, Mr. Russell Ellwanger.

現在，我想將電話轉給我們的執行長 Russell Ellwanger 先生。

Russell, please go ahead.

拉塞爾，請繼續。

Welcome, everyone.

歡迎大家。

Thank you for joining our first quarter of 2024 earnings conference call.

感謝您參加我們的 2024 年第一季財報電話會議。

I have been looking forward to this opportunity to discuss our performance and positive outlook.

我一直期待著有機會討論我們的業績和積極的前景。

Revenue for the first quarter was in the upper half of our guidance at $327 million.

第一季的營收為 3.27 億美元，處於我們指引的上半部分。

We delivered a net profit of $45 million, representing a net margin of 14%.

我們實現淨利潤 4500 萬美元，淨利潤率為 14%。

For the remainder of 2024, our target is to achieve quarter-over-quarter revenue and margin increases.

在 2024 年剩餘時間內，我們的目標是實現營收和利潤率環比成長。

Our guidance for the second quarter is for revenue to be $350 million, plus minus 5%.

我們對第二季營收的指引是 3.5 億美元，加上負 5%。

I’ll now provide a breakdown of Q1 revenue per major technology group.

我現在將提供每個主要技術集團第一季收入的細目。

For reference, please see slide 3.

如需參考，請參閱投影片 3。

I’ll refer to the business momentum we see for each group and highlight significant achievements.

我將提及我們看到的每個集團的業務勢頭，並強調重大成就。

RF Mobile, predominantly RF SOI, represented 37% of revenue in the first quarter of 2024, a strong increase against the 2023 run rate.

RF Mobile（主要是 RF SOI）佔 2024 年第一季營收的 37%，與 2023 年的運作率相比大幅成長。

We continue to experience strong demand from RF SOI customers.

我們持續感受到 RF SOI 客戶的強勁需求。

Our 300-millimeter RF SOI capacity at Uozu is fully utilized.

我們在魚津的 300 毫米射頻 SOI 產能已充分利用。

We are addressing excess demand by transitioning some production to Agrate, where we are currently working through final steps of production qualification towards production ramp, which remains on track with the planned schedule.

我們正在透過將部分生產轉移到 Agrate 來解決過剩的需求，目前我們正在那裡完成生產資格的最後步驟，以實現產量提升，該產量仍按計劃進行。

This transition and capacity expansion will extend through 2024 into 2025 to meet the forecasted growth in customer demand.

這項過渡和產能擴張將持續到 2024 年至 2025 年，以滿足客戶需求的預測成長。

Wrapping up the new facility in Agrate will bring, as previously communicated, some expected reduction to margins in the short term due to added depreciation and startup costs, but will be offset and become accretive with the ship volumes we expect to achieve within the first half of 2025.

正如先前所傳達的，由於折舊和啟動成本的增加，阿格拉特新工廠的竣工將導致短期內利潤率的一些預期下降，但將被我們預計在上半年實現的船舶數量所抵消並增加。年。

This is enabled by an accelerated corridor for profitability through having partnered with ST.

這是透過與 ST 合作加速獲利走廊來實現的。

We continue developments in 200-millimeter and 300-millimeter RF SOI technologies, setting industry benchmarks in efficiency and power handling, having customer-demonstrated sub-60 femtosecond Ron-Coff, enhancing battery life and signal receptions in handsets.

我們繼續開發 200 毫米和 300 毫米 RF SOI 技術，在效率和功率處理方面樹立行業基準，擁有客戶演示的 60 飛秒以下 Ron-Coff，提高手機的電池壽命和訊號接收能力。

Please see slide 4.

請參閱幻燈片 4。

The increasing RF content in 5G handsets drives market growth, and our technological advancements have captured increased market share.

5G 手機中射頻含量的增加推動了市場成長，我們的技術進步也贏得了更大的市場份額。

This momentum is expected to be strong throughout all of 2024 and expected to be so for 2025 as well.

預計這一勢頭將在 2024 年全年保持強勁，2025 年也將如此。

RF Infrastructure business represented 14% of revenue this quarter, an increase from 10% in the fourth quarter of 2023.

射頻基礎設施業務佔本季營收的 14%，高於 2023 年第四季的 10%。

During the past quarter, we experienced strong performance in our RF Infrastructure business, where we provide optical transceiver components such as Silicon Germanium and Silicon Photonics for AI infrastructure, data centers, and data comm markets.

在過去的季度中，我們的射頻基礎設施業務表現強勁，為人工智慧基礎設施、資料中心和資料通訊市場提供矽鍺和矽光子等光收發器組件。

This performance is a testament to our strategic initiatives and technological advancements in this sector.

這一業績證明了我們在該領域的策略舉措和技術進步。

The growth was attributed to several factors, expanded market opportunities driven by substantial investments in AI, the introduction of new products for higher data rates spurred by AI developments, and the unexpected rapid adoption of Silicon Photonics for 800G with an increased interest in lower latency and lower power architectures like linear pluggable optics, LPO.

這一成長歸因於多種因素：人工智慧的大量投資推動了市場機會的擴大，人工智慧發展推動了更高數據速率的新產品的推出，以及矽光子技術在800G 領域的意外快速採用，人們對更低延遲和更高性能的興趣日益濃厚。

Additionally, we’ve seen a recovery in legacy product orders after the previous quarters of inventory adjustments.

此外，在前幾個季度的庫存調整之後，我們發現傳統產品訂單有所恢復。

Our achievements in Silicon Photonics were marked by a technology award from Coherent and a partnership with InnoLight, the top two worldwide optical integrators.

我們在矽光子學領域的成就獲得了相干公司頒發的技術獎以及與全球兩大光學整合商旭創科技的合作夥伴關係。

We’re advancing in 400G and 800G products, and pioneering with select customers on 200G per lane technologies for future 1.6 T systems.

我們正在推進 400G 和 800G 產品，並與精選客戶一起開創未來 1.6 T 系統的每通道 200G 技術。

Including InnoLight and Coherent, the top two, we have active Silicon Photonics programs with six of the top 10 optical integrators.

包括前兩名的旭創科技和相干公司，我們與前 10 名光學積分商中的 6 名擁有活躍的矽光子專案。

Validating these achievements, the Optical Fiber Conference, March 25 to 29 in San Diego, felt much more like a family reunion than a conference.

為了驗證這些成就，3 月 25 日至 29 日在聖地牙哥舉行的光纖會議感覺更像是家庭聚會，而不是一次會議。

It’s gratifying to see our vision of creating an open Silicon Photonics Foundry coming to fruition.

令人欣慰的是，我們創造開放式矽光子代工廠的願景即將實現。

Beyond datacom, our engagement with automotive leaders in frequency-modulated continuous wave based LiDAR and other sensors, including SiPhO-based positioning gyros with Anello, confirm the broad-based need and usage for advanced photonics.

除了數據通訊之外，我們還與汽車領導者在基於調頻連續波的 LiDAR 和其他感測器（包括 Anello 的基於 SiPhO 的定位陀螺儀）方面進行合作，證實了先進光子學的廣泛需求和使用。

Please see slide 5.

請參閱投影片 5。

Please note, we have over 50 SiPhO customers, most of which in active silicon phases.

請注意，我們有超過 50 個 SiPhO 客戶，其中大部分是活性矽相。

Silicon Photonics currently represents 5% of our revenue, greatly accelerated by the adoption of AI, with momentum that is extremely strong and promises to be long lasting.

矽光子學目前占我們收入的 5%，人工智慧的採用大大加速了這一發展，其勢頭非常強勁，並且有望長期持續。

In thesilicon germanium segment, we are experiencing renewed demand, thanks to new high data rate products, active cable and LPO technologies.

在矽鍺領域，由於新的高資料速率產品、主動電纜和 LPO 技術，我們正在經歷新的需求。

LPO is enhancing the silicon germanium market by integrating equalizers in receivers and transmitters, eliminating the need for the DSP in the pluggable module, hence reducing costs, power consumption and latency, all crucial for AI and data center applications.

LPO 正在透過在接收器和發射器中整合均衡器來增強矽鍺市場，消除可插拔模組中對DSP 的需求，從而降低成本、功耗和延遲，這對於人工智慧和資料中心應用至關重要。

Please see slide 6.

請參閱幻燈片 6。

Momentum is strong through the year and expected to be so beyond as well.

全年勢頭強勁，預計未來也將如此。

Sensors and Displays represented 15% of the total revenue in Q1.

感測器和顯示器佔第一季總收入的 15%。

We continue with all development and manufacturing activities as detailed last quarter.

我們繼續進行上季詳細說明的所有開發和製造活動。

Please see slide 7 for a review.

請參閱投影片 7 進行檢討。

We expect a notable increase in imaging revenue from Q1 to Q2, and to maintain that strong level throughout the year.

我們預計第一季到第二季成像營收將顯著成長，並全年保持強勁水準。

Power IC business, excluding power discrete, represented 10% in the first quarter of our corporate revenue.

功率IC業務（不包括功率分立元件）占我們公司第一季營收的10%。

Present POs show substantial increase in Q2 revenue, with further increases throughout the year.

目前的採購訂單顯示，第二季營收大幅成長，全年還將進一步成長。

We view Q1 as the low point in revenue for our power business and expect long-term growth thereafter.

我們認為第一季是我們電力業務收入的低點，並預計此後將出現長期成長。

We are progressing with power management platforms qualification in Albuquerque, under our capacity agreement with Intel, with on-target initial silicon results.

根據與英特爾的產能協議，我們正在阿爾伯克基取得電源管理平台資格認證，並取得了目標初步矽結果。

We anticipate starting customer prototyping in the second half of 2024, leading to qualification and production ramp start in 2025.

我們預計將於 2024 年下半年開始客戶原型設計，並於 2025 年開始進行資格認證和量產。

Please see slide 8, showing our power offerings over a large voltage range.

請參閱投影片 8，其中顯示了我們在大電壓範圍內提供的電源產品。

Power discrete business was 14% of revenue and expected to be stable at this revenue level throughout 2024.

功率分立元件業務佔營收的 14%，預計 2024 年將穩定在這一收入水準。

Mixed Digital CMOS business was 8% of revenue and about 2% was miscellaneous for this period.

在此期間，混合數位 CMOS 業務佔收入的 8%，約 2% 為雜項業務。

Our fab utilizations for the quarter, Fab 1, which as announced will be operationally consolidated into Fab 2, was about 65%.

我們本季的晶圓廠利用率約為 65%，晶圓廠 1 已宣布將在營運上合併到晶圓廠 2。

Fab 2 8 inch was about 75%.

Fab 2 8吋約為75%。

Fab 3 8 inch at about 45%, presently at a very high ramp.

Fab 3 8 吋產能約 45%，目前處於非常高的坡度。

Fab 5 8 inch was about 40%, impacted by the earthquake in Japan and is presently ramping.

Fab 5 8吋產能約40%，受日本地震影響，目前正在加速成長。

Fab 7 12 inch was about 75% due to earthquake impact and since recovery from the earthquake, it has been fully loaded, which to remind per our model is 85% utilization.

Fab 7 12吋由於地震影響約為75%，自從地震恢復以來，它已經滿載，根據我們的模型提醒的是85%的利用率。

Fab 9 8 inch was about 60%, related to the worldwide decreased demand for power management.

Fab 9 8吋約為60%，與全球範圍內電源管理需求下降有關。

With that, I’ll turn the call to our CFO, Mr. Oren Shirazi.

接下來，我將把電話轉給我們的財務長 Oren Shirazi 先生。

Oren, please?

奧倫，請嗎？

Hello, everyone.

大家好。

Earlier today, we released our first-quarter financial results.

今天早些時候，我們發布了第一季財務業績。

For the first quarter of 2024, we reported revenue of $327 million, gross profit of $73 million and net profit of $45 million, reflecting 14% net profit margins.

2024 年第一季度，我們報告營收為 3.27 億美元，毛利為 7,300 萬美元，淨利潤為 4,500 萬美元，淨利潤率為 14%。

I will now begin a more detailed review of our results, first analyzing the P&L highlights, followed by our balance sheet.

我現在將開始對我們的結果進行更詳細的審查，首先分析損益表要點，然後再分析我們的資產負債表。

Revenue for the first quarter of 2024 was $327 million in the upper range of our guidance, compared to $352 million in the fourth quarter of 2023.

2024 年第一季的營收為 3.27 億美元，處於我們指引範圍的上限，而 2023 年第四季的營收為 3.52 億美元。

Gross profit and operating profit for Q1 were $73 million and $34 million, respectively, aligned to our financial model, compared to $84 million and $45 million, respectively, in the prior quarter.

根據我們的財務模型，第一季的毛利和營業利潤分別為 7,300 萬美元和 3,400 萬美元，而上一季分別為 8,400 萬美元和 4,500 萬美元。

Net profit was $45 million, reflecting 14% net profit margins or $0.40 diluted earnings per share, compared to net profit of $54 million, reflecting 15% net margins or $0.48 diluted per share in the prior quarter.

淨利潤為 4,500 萬美元，反映淨利潤率為 14%，即攤薄每股收益 0.40 美元，而上一季淨利潤為 5,400 萬美元，反映淨利潤率為 15%，即攤薄每股收益 0.48 美元。

Moving to balance sheet and future CapEx and cash plans.

轉向資產負債表以及未來的資本支出和現金計劃。

As of end of Q1 2024, our balance sheet assets totaled $2.98 billion, compared to $2.58 billion in the same period last year, primarily comprised of $1.18 billion of fixed assets mostly machinery and equipment and $1.74 billion of current assets.

截至2024 年第一季末，我們的資產負債表資產總額為29.8 億美元，而去年同期為25.8 億美元，主要包括11.8 億美元的固定資產（主要是機械和設備）和17.4 億美元的流動資產。

Last week, we were very happy to receive an updated corporate credit rating from Standard & Poor’s.

上週，我們很高興收到標準普爾更新的企業信用評級。

Following their annual review, our rating has been reaffirmed at ilAA, including a stable outlook for the company.

經過年度審查後，ilAA 重申了我們的評級，包括公司的穩定前景。

This reflects the robustness of our financial position and underscores our ongoing commitment to maintaining a strong financial foundation.

這反映了我們財務狀況的穩健性，並強調了我們對維持強大財務基礎的持續承諾。

Current assets ratio, reflecting the multiple by which current assets are larger than short-term liabilities, is very strong at 5.4x. Shareholder’s equity reached a total of $2.5 billion at the end of Q1, further increasing from $2.4 billion at the end of December 2030 -- 2023 and from $2.0 billion as of the end of March 2023.

流動資產比率反映了流動資產大於短期負債的倍數，達到 5.4 倍，非常強勁。截至第一季末，股東權益總額達 25 億美元，較 2030 年 12 月底至 2023 年的 24 億美元以及截至 2023 年 3 月末的 20 億美元進一步增加。

Our strong financial position enables us to plan the following investments in strategic opportunities that are aligned to our vision.

我們強大的財務狀況使我們能夠計劃對符合我們願景的策略機會進行以下投資。

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, following the previously announced ST Micro Partnership Agreement signed in 2021.

繼先前宣布的 ST Micro 於 2021 年簽署合作夥伴協議後，約 5 億美元的現金總額被分配用於投資義大利阿格拉特 12 吋工廠所需的設備和其他資本支出項目。

We have already invested $340 million to date, while $160 million are to be paid from Q2 2024 to the end of 2025.

迄今為止，我們已投資 3.4 億美元，從 2024 年第二季到 2025 年底將支付 1.6 億美元。

In addition, as previously announced, we will invest up to $300 million in the coming two and a half years to buy equipment and other CapEx items that we will own in Intel Fab in New Mexico, enabling us to ramp up Fab capacity and capabilities for our customers.

此外，正如先前宣布的，我們將在未來兩年半內投資最多 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，使我們能夠提高工廠產能和能力我們的顧客。

These payments will commence in Q2 2024.

這些付款將於 2024 年第二季開始。

In addition, we expect our maintenance CapEx baseline level to remain as previously announced at about $200 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 2 億美元。

And lastly, we expect to invest additional cash to acquire more capability CapEx tools and other assets to expand our technology offerings, including increasing our 5G and SiPho capacity and technological offerings, to enhance our flexibility and support our customers from our various sides, as well as change our product mix to a richer mix from a margins perspective.

最後，我們預計投資額外的現金來獲取更多能力的資本支出工具和其他資產，以擴展我們的技術產品，包括增加我們的5G 和SiPho 產能和技術產品，以增強我們的靈活性並從各個方面為我們的客戶提供支援從利潤的角度來看，將我們的產品組合改為更豐富的組合。

In summary, the above investments are aligned to our business strategy, as well as financial model as previously presented by the company this past November.

總之，上述投資符合我們的業務策略以及公司去年 11 月提出的財務模型。

In the model, we outline a revenue target of $2.66 billion per annum that could be achieved by loading our existing facilities at 85% utilization, which would result in $500 million annual net profit.

在模型中，我們概述了每年 26.6 億美元的收入目標，可以透過以 85% 的利用率加載現有設施來實現，這將帶來 5 億美元的年度淨利潤。

Now, I’d like to turn this call back to our CEO, Mr. Ellwanger.

現在，我想把這通電話轉回給我們的執行長艾爾旺格先生。

Thank you, Oren.

謝謝你，奧倫。

We’d like to go ahead at this point with whatever questions you might have, at which time, at the end of which I will come in and give some summary and conclusion statements.

我們想在這一點上繼續回答您可能有的任何問題，屆時我將進來並給出一些總結和結論陳述。

Please?

請？

(Operator Instructions) Cody Acree, Benchmark.

（操作員指示）Cody Acree，基準。

Hey, Cody.

嘿，科迪。

Hey, guys.

大家好。

Thanks for taking my questions and congrats on the progress.

感謝您提出問題並祝賀我的進展。

Oren, if I can maybe start real quickly on a point of clarification or further color on your CapEx expectations.

奧倫（Oren），如果我可以快速開始澄清或進一步說明您的資本支出預期。

You’ve mentioned increasing your -- I guess, your maintenance level, but increasing some of your core CapEx on your fabs to, what did you say, further expand some of your leadership products and shift your mix to those areas.

您提到要提高您的——我猜是您的維護水平，但要增加您晶圓廠的一些核心資本支出，您說的是，進一步擴展您的一些領先產品，並將您的產品組合轉移到這些領域。

Can you just add some specification to what you’re expecting to spend?

您能否對您預期的支出添加一些具體說明？

Yeah.

是的。

We did not mention -- I mean, I mentioned the $500 million Agrate of which we are left with $160 million to pay from Q2 until the end of 2025, plus the Intel’s 11X $300 million that will start to be paid this quarter and the maintenance CapEx $200 million a year.

我們沒有提到——我的意思是，我提到了5 億美元的Agrate，從第二季度到2025 年底，我們還有1.6 億美元需要支付，加上英特爾的11X 3 億美元將於本季開始支付每年維護資本支出 2 億美元。

In regards to the additional machines that we wanted to buy for 5G and SiPho and others, we are still evaluating now the plans.

至於我們想為 5G 和 SiPho 等購買的額外機器，我們現在仍在評估計劃。

We didn’t yet come up with final numbers.

我們尚未得出最終數字。

It will be in the order of many, many tens of millions, but of course, we have the cash to support it from our balance sheet.

這將是數千萬的數量級，但當然，我們的資產負債表中有足夠的現金來支持它。

Okay.

好的。

And any swath at what that might do to your $2.66 billion of revenue potential suppose

假設這可能會對您 26.6 億美元的收入潛力產生什麼影響

--?

——？

No.

不。

This is already included.

這已經包含在內。

Meaning, when we presented the model in November with the $2.66 billion revenue, all these CapEx that I’m saying here are already included.

這意味著，當我們在 11 月推出具有 26.6 億美元收入的模型時，我在這裡所說的所有資本支出都已經包括在內。

The fact that we don’t yet know exactly how much they will cost and didn’t finalize the plan.

事實上，我們還不知道它們的確切成本，也沒有最終確定計劃。

It’s still our multi-year plan that’s reached the $2.66 billion, include revenue from those machines that will improve the mix and this is already built into the model.

這仍然是我們的多年計劃，達到 26.6 億美元，包括來自那些將改善組合的機器的收入，這已經內建在模型中。

It’s not an addition.

這不是補充。

Okay.

好的。

Very good.

非常好。

Thank you for that clarification.

謝謝你的澄清。

And Russell, I guess, for you, your comments in the prepared remarks and in the press release were very encouraging.

拉塞爾，我想，對你來說，你在準備好的講話和新聞稿中的評論非常令人鼓舞。

You talked about gaining some visibility from customer forecasts.

您談到了從客戶預測中獲得一些可見性。

Has that also translated to improving customer orders or is that more of a longer term outlook?

這是否也轉化為客戶訂單的改善，或者這更多的是長期前景？

Good question.

好問題。

The orders that we have is very much related into the optimistic forecast we have for this year of quarter-over-quarter growth.

我們的訂單與我們對今年季度環比增長的樂觀預測有很大關係。

What I was referring to was, inputs from customers, forecasts from customers specific around data center that would show that the inventory has been burnt off in the legacy data center in addition to the orders that we’re getting for acceleration of 800G.

我指的是，來自客戶的輸入、來自特定於資料中心的客戶的預測，這些預測表明，除了我們收到的 800G 加速訂單之外，遺留資料中心的庫存已被消耗殆盡。

And then we’ve also begun to start seeing some increases both in PO then in forecast for power management.

然後我們也開始看到 PO 和電源管理預測都有增加。

But power management, as I stated, Q1, we see it as having been the low in our business.

但電源管理，正如我所說，第一季度，我們認為它是我們業務中的低點。

If I look really very closely at our plan for 2024, but the power management specific, the automotive is still, I think, burning off inventory, but with signs right now that there will be new buys.

如果我真的非常仔細地審視我們的 2024 年計劃，但具體到電源管理，我認為汽車行業仍在消耗庫存，但現在有跡象表明將會有新的採購。

But the overall power management market, I think, is still weak.

但我認為整體電源管理市場仍然疲軟。

If we look at our own numbers for 2024 versus 2023, it is deficient for 2023 total.

如果我們比較一下 2024 年和 2023 年的數據，就會發現 2023 年的總數是有缺陷的。

But the growth that we have within our plans is really dependent on POs and pretty vetted forecasts, not what I’m talking about the trend of the market itself recovering.

但我們計劃中的成長實際上取決於採購訂單和經過嚴格審查的預測，而不是我所說的市場本身復甦的趨勢。

So

所以

--

--

Okay.

好的。

And Russell, thank you.

拉塞爾，謝謝你。

I am sorry.

對不起。

Yeah.

是的。

I am sorry.

對不起。

Go ahead.

前進。

Should the market recover within some short-term, which I don’t know, that would be accretive to the targets that we have right now.

如果市場在短期內復甦（我不知道），這將有助於我們目前的目標。

But it’s not that clear.

但這還不是那麼清楚。

What I stated was really signs of recovery.

我所說的確實是康復的跡象。

Okay.

好的。

And specifically, in power management, just to be clear, you are still seeing inventory excesses pressure that market, but you are expecting Q2 to be a low point for that market?

具體來說，在電源管理方面，需要明確的是，您仍然看到庫存過剩給該市場帶來壓力，但您預計第二季將是該市場的低點嗎？

No.

不。

Q1 already passed was a low point.

第一季已經過去，而且是一個低點。

Q1, sorry.

Q1，抱歉。

Okay, great.

好的，太好了。

Thank you for that, Russell, are you I guess just two quick ones.

謝謝你，拉塞爾，我猜你只是兩個快速的人。

Are you seeing any impact in March or June from the end-of-life pull-ins from Fab one shutdown and not material.

您是否看到 3 月或 6 月 Fab one 關閉帶來的生命週期終結帶來的影響，而不是實質影響？

Yeah.

是的。

We have substantial increase in power management from Q1 to Q2, which you might see reflected in the increased guidance.

從第一季到第二季度，我們的電源管理大幅增加，您可能會在增加的指導下看到這一點。

But -- and then we would see also growth in power management throughout the year, but not having recovered to highs of previous years.

但是，我們也會看到全年電源管理的成長，但尚未恢復到前幾年的高點。

Okay.

好的。

That’s very helpful.

這非常有幫助。

Thank you very much.

非常感謝。

I guess, if you could handicap your in-market either order rates or forecast visibility improvements, where do you think you’re going to get the best growth recovery from through the second half?

我想，如果你可以限制你的市場訂單率或預測可見度的提高，你認為下半年你將在哪裡獲得最好的成長復甦？

The growth is very strongly related to data center, a lot with AI, I think.

我認為，這種成長與資料中心密切相關，尤其是與人工智慧密切相關。

And then also with RF SOI.

然後還有 RF SOI。

Those are the two bigger growth markets.

這是兩個更大的成長市場。

As well, against the Q1 baseline, is 300-millimeter power management.

此外，與第一季的基準相比，電源管理寬度為 300 毫米。

Thank you very much, Russell, for that.

非常感謝你，拉塞爾。

I guess just on the AI business, I think, I’ve asked this in the past, but maybe we can revisit it.

我想，我想，就人工智慧業務而言，我過去曾問過這個問題，但也許我們可以重新審視它。

Just have you had a chance to parse out your business that is AI levered, whether that be on the data center, piece of business or even as we’re looking at AI shifting more toward consumer end devices, as such as smartphones.

只要您有機會解析您的人工智慧業務，無論是資料中心、業務，還是我們正在考慮人工智慧更多地轉向消費終端設備，例如智慧型手機。

Can you talk about your overall AI leverage?

能談談您的整體人工智慧影響力嗎？

I think the bulk of it right now is pluggables going into data center.

我認為現在大部分是進入資料中心的可插拔設備。

I don’t think there’s an awful lot going into a mobile phone at this point, if any.

我認為目前手機領域還沒有太多進展（如果有的話）。

But certainly, the movement within AI and the pluggable to move away from discrete indium phosphide detector and modulator to a monolithic SiPho with an integrated modulator and silicon detector, then the passes within the guide being part of the pluggable, that’s where we see the growth right now.

但可以肯定的是，人工智慧和可插拔技術的發展正在從分離的磷化銦探測器和調製器轉移到具有集成調製器和矽探測器的單片SiPho，然後導向器內的通道成為可插拔技術的一部分，這就是我們的目標看到現在的成長。

Okay.

好的。

Great.

偉大的。

Thank you for that, Russell.

謝謝你，拉塞爾。

Are you -- I guess, just two quick ones, are you seeing any impact in March or June from the end of life pull-ins from Fab 1 shutdown?

我想，只是兩個簡單的問題，您是否看到 3 月或 6 月 Fab 1 關閉帶來的生命週期結束帶來的任何影響？

Not material.

不是物質的。

If we were to look at Fab 1, I would say, probably, the revenue levels in Fab 1 are higher for the year because of end of life than they would be otherwise and that’s why we decided to consolidate certain flows into Fab 2, and to end of life those that were really by customer demand going to be end of life in general.

如果我們看一下 Fab 1，我會說，由於生命週期結束，Fab 1 的當年收入水準可能比其他情況下要高，這就是為什麼我們決定將某些流量合併到 Fab 2、到生命週期結束時，那些真正符合顧客需求的產品一般都會終止生命週期。

But it’s not an appreciable increase against previous year run rates.

但與去年的運行率相比，這並沒有明顯的成長。

If anything, it brings it back almost to previous year run rates.

如果有什麼不同的話，那就是它幾乎恢復到了去年的運行率。

Okay.

好的。

Thank you for that.

謝謝你。

And then lastly, just any impact on pricing, wafer pricing, as the business is recovering as you’re looking at the rest of the year?

最後，當您考慮今年剩餘時間時，業務正在復蘇，對定價、晶圓定價有何影響？

I’m not exactly sure what you mean by recovery.

我不太清楚你所說的恢復是什麼意思。

We’ve not had a decrease in pricing.

我們沒有降低價格。

We’re not seeing huge increases in pricing, but what we do have always is the newer the platform, the higher the prices for the platform.

我們沒有看到價格大幅上漲，但我們所看到的始終是平台越新，平台的價格就越高。

So I expect as with most years that our ASP will, this year maybe especially, will probably increase if we look at for all of the silicon layers that were sold versus the silicon layers last year, because of a much richer mix with Silicon Photonics, which is a new platform that has a different price point on a price per layer and other platforms and probably is the highest price per layer that we offer.

因此，我預計，與大多數年份一樣，如果我們考慮與去年銷售的所有矽層相比，我們的平均售價可能會增加，今年可能尤其如此，因為與矽光子學的組合更加豐富，這是一個新平台，其每層價格與其他平台不同，並且可能是我們提供的每層最高價格。

Okay.

好的。

Great.

偉大的。

Thank you guys.

感謝你們。

I really appreciate all that color.

我真的很欣賞所有這些顏色。

Appreciate your question.

感謝你的問題。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Hey, Richard.

嘿，理查德。

Russell, hi.

拉塞爾，嗨。

How are you?

你好嗎？

Very good.

非常好。

Thank you.

謝謝。

Yourself?

你自己？

Excellent.

出色的。

I can’t complain.

我不能抱怨。

It’s a nice spring day here.

這是這裡一個美好的春日。

Thanks for asking.

謝謝你的詢問。

I’m sorry, I couldn’t hear you before, right?

抱歉，我之前沒聽清楚你的聲音，對嗎？

Got a little jumbled, Richard.

有點混亂，理查德。

Sorry, I lost my headset.

抱歉，我的耳機丟了。

So I’m doing the speaker phone.

所以我正在做免持電話。

Hopefully this is good enough.

希望這夠好。

Now it’s better, okay?

現在好多了，好嗎？

Okay.

好的。

Let’s hear a couple of questions here.

讓我們聽聽幾個問題。

You mentioned an RF SOI, which are gaining share.

您提到了 RF SOI，它的市場份額正在增加。

Maybe you can discuss this a little bit here.

也許你可以在這裡討論一下這個問題。

I think you’ve talked about having a subset of the customer base out there.

我想您已經談到了擁有一部分客戶群。

Are you gaining new customers or getting more share from them?

您是否獲得了新客戶或從他們那裡獲得了更多份額？

And any way to think about the magnitude of the increase you’re expecting to see in the next generation?

有什麼方法可以考慮您期望在下一代看到的成長幅度嗎？

We certainly have new customers that had been supplied by other foundries prior to us serving them now.

當然，在我們為其他鑄造廠提供服務之前，我們確實有一些新客戶。

So there I am quite convinced that we’re gaining share.

因此，我非常確信我們正在贏得市場份額。

We also have existing customers whose demand last year was much lower than it is presently.

我們還有一些現有客戶，去年的需求比現在低很多。

So nominally, they’ve gained share and potentially gained share against people that maybe weren’t using us.

因此，名義上，他們已經獲得了份額，並且可能比那些可能沒有使用我們的人獲得了份額。

As far as giving a specific quantitative measurement at this point as to how many points of share we’ve gained, I wouldn’t feel very comfortable to give that as I’ve not really seen the overall numbers for RF SOI.

至於目前對我們獲得了多少份額的具體定量測量，我不太願意給出這個，因為我還沒有真正看到 RF SOI 的總體數字。

But as the reports get out talking about the amount of modules having been sold and the amount of SOI wafers having been sold, when that data is available, I’ll be happy to make comments on it.

但當報告談到已售出的模組數量和已售出的 SOI 晶圓數量時，當這些數據可用時，我將很樂意對此發表評論。

But I really don’t know what the overall market is at this point.

但我真的不知道目前的整體市場狀況如何。

Okay.

好的。

Fair enough for those comments.

這些評論足夠公平。

Let’s jump over to Silicon Photonics.

讓我們跳到矽光子學。

Did I hear correctly that this was 5% of sales in the first quarter?

我沒聽錯吧，這是第一季銷售額的 5%？

Yes, sir.

是的先生。

An excellent number here, obviously in the early stages of growth here.

這裡的數字非常好，顯然還處於成長的早期階段。

I guess a few questions around this here.

我想這裡有幾個問題。

Do you have any sense of what kind of share Silicon Photonics has in the 800-gig generation and any thought process about how that changes?

您是否了解 Silicon Photonics 在 800G 世代中所佔的份額以及對此有何變化的思考過程？

I assume it increases as you go to 1.6 T.

我認為當你達到 1.6 T 時它會增加。

A qualitative feel, certainly.

當然是一種品質感。

At the 800-gig, it’s basically a 4 by 200, right?

在 800 場演出中，它基本上是 4 x 200，對吧？

So the cost of doing the discrete detectors and as compared to doing the monolithic SiPho becomes substantial, as well as the form factor.

因此，與製作單片 SiPho 相比，製作分立探測器的成本以及外形尺寸都變得相當大。

If you go to the 1.6 T, it’s an 8 by 200, in which case form factor becomes very critical as well as cost.

如果選擇 1.6 T，它是 8 x 200，在這種情況下，外形尺寸和成本都變得非常關鍵。

So how much SiPho is right now at 800G?

那麼現在 SiPho 的 800G 是多少呢？

I don’t know.

我不知道。

I really don’t.

我真的不知道。

That’s where I think our biggest cutting is and I believe that the bulk of all the 5% of the corporate revenue of Q1 was into 800G.

我認為這就是我們最大的削減，而且我相信第一季公司收入的 5% 中的大部分都投入了 800G 業務。

What percentage that is, I don’t think that it’s the major percentage of 800G at this point.

這個比例是多少，我不認為這是目前 800G 的主要比例。

But 800G itself is surprisingly quickly being adopted.

但 800G 本身卻令人驚訝地迅速被採用。

According to reports of two years ago, there’ll be very little 800G now and I would think 800G is probably 40%, 50% in the market at this point.

根據兩年前的報道，現在 800G 已經很少了，我認為目前 800G 可能佔市場的 40%、50%。

But -- and 1.6 T is probably already going to be cutting in at the end of 2024, certainly in 2025.

但是，1.6 T 可能已經在 2024 年底投入使用，當然是 2025 年。

But I couldn’t tell you exactly at 800 what the SiPho percent of sales will be.

但我無法準確告訴您 800 時 SiPho 的銷售額百分比是多少。

But I think at 1.6 T, it’ll be very substantial.

但我認為 1.6 T 的重量將非常可觀。

Okay.

好的。

That sounds great here.

這聽起來很棒。

And you also called out in Silicon Photonics having six of the top 10 pluggable module suppliers as customers here.

您還指出，矽光子公司擁有排名前 10 名的可插拔模組供應商中的 6 家作為這裡的客戶。

I get two questions around this.

我對此有兩個問題。

Do you see it

你看到了嗎

--

--

What I said, I said is SiPho engagements.

我所說的，我所說的是 SiPho 約定。

There might be more that are customers, but not with SiPho.

可能有更多的客戶，但 SiPho 的客戶則不然。

What I talked about specifically was six of the 10 top players that were engaged with SiPho and not that all 10 are engaged with SiPho themselves.

我具體談論的是與 SiPho 合作的 10 名頂級玩家中的 6 名，而不是所有 10 名玩家本身都與 SiPho 合作。

But six of the top 10 were engaged with SiPho.

但前 10 名中有 6 名與 SiPho 合作。

I didn’t say how many are our customers specifically.

我沒有具體說我們的客戶有多少。

But at least six of 10 are our customers.

但十人中至少有六人是我們的客戶。

Maybe more are our customers outside of SiPho.

也許更多是 SiPho 以外的客戶。

Okay.

好的。

And it gets to that point here.

事情就到這裡了。

Do you see the potential for seeing that number increase here as you go to 1.6?

當您達到 1.6 時，您認為這個數字有可能增加嗎？

Yes, sir.

是的先生。

Okay, excellent.

好的，非常好。

Great to hear.

很高興聽到。

I actually think it’s already increased.

事實上我認為它已經增加了。

Okay, great.

好的，太好了。

I wasn’t sure, so I didn’t say it.

我不確定，所以我沒有說出來。

Whereas to say six was a sure bet.

而說六是肯定的選擇。

Okay.

好的。

All right.

好的。

Fair enough.

很公平。

Wonderful.

精彩的。

I guess a quick question here as we think about your overall revenue profile with 300-millimeter versus 200-millimeter.

當我們考慮 300 毫米與 200 毫米的整體收入狀況時，我想問一個簡單的問題。

You’ve talked about, I think even today here, about expecting some increase in 300-millimeter power management.

我想即使在今天，您也已經談到了期望 300 毫米電源管理有所提高。

I know you’re trying to drive 300-millimeter into more of your product lines here.

我知道您正在嘗試將 300 毫米推向更多產品線。

So can you give me a general sense of where you sit in terms of revenue exposure at 300-millimeter and then how does that progress over the next one to two years?

那麼，您能否讓我大致了解一下您在 300 毫米的收入敞口方面所處的位置，以及未來一到兩年的進展如何？

Right now it’s a bit over 20% of our revenue, and it is, obviously, if you look at the fact that the capacity that we’re growing is in Agrate that’s 300-millimeter and in Albuquerque that’s 300-millimeter, it’ll be substantially higher.

目前它占我們收入的 20% 多一點，很明顯，如果你看看我們正在增長的產能是在 Agrate（300 毫米）和阿爾伯克基（Albuquerque）如果是 300 毫米，則要高得多。

So a good portion of our plan of the $2.6 billion is 300-millimeter growth.

因此，我們 26 億美元計劃的很大一部分是成長 300 毫米。

So I would say that --(technical difficulty) by the target of the $2.6 billion then the majority of our business will be 300-millimeter.

所以我想說——（技術難度）到了 26 億美元的目標，那麼我們的大部分業務將是 300 毫米。

Okay, excellent.

好的，非常好。

Last question for you, I’ll jump out of line, Russell.

最後一個問題，我會跳槽，拉塞爾。

I want to get your sense here of thinking about the revenues for the year.

我想了解一下您對今年收入的看法。

I think you’ve characterized this call as in the last call, where you can see sequential growth throughout the rest of the year.

我認為您對這次電話會議的描述與上次電話會議相同，您可以看到今年剩餘時間的連續增長。

I guess two questions to that end.

我想為此有兩個問題。

How do we think about the growth profile in the next two quarters of the year, kind of qualitatively?

我們如何從定性角度看待今年未來兩季的成長狀況？

Would you expect the third quarter to be similar or higher sequential growth?

您預計第三季將實現類似或更高的環比成長嗎？

And then as we’ve seen in your normal patterns in the past, the fourth quarter tends to be more flat or at least a lot more growth than the third.

然後，正如我們在過去的正常模式中看到的那樣，第四季度往往比第三季度更加平穩或至少增長得多。

Is that still a revenue profile that we should count on?

這仍然是我們應該依賴的收入狀況嗎？

Well, I’m not sure I want to commit to that question, but what I said at the previous call is that there’d be notable growth in the quarters.

好吧，我不確定我是否想回答這個問題，但我在上次電話會議上所說的是，這些季度將會顯著成長。

I still feel that we’ll have notable growth in the quarters.

我仍然認為我們在這幾個季度將會有顯著的成長。

Will it be a continuum of a 7% or an 8% or a 9%?

它會是 7%、8% 或 9% 的連續體嗎？

No, I’m not committing to that.

不，我不承諾這一點。

But I do believe that Q2 to Q3 will be a notable growth.

但我確實相信第二季到第三季將會有顯著的成長。

Okay.

好的。

Maybe I’ll ask the question in a slightly different way, which is to ask you a question I asked you on the last call, which is do you expect to grow this year?

也許我會以稍微不同的方式問這個問題，即問你我上次電話中問過你的問題，即你預計今年會增長嗎？

I think you said be disappointed if you did not.

我想你說過如果你不這樣做就會失望。

Is that still your expectation?

這還是你的期望嗎？

I’d still be disappointed if we don’t.

如果我們不這樣做，我仍然會感到失望。

Okay.

好的。

Excellent.

出色的。

That is all my questions.

這就是我所有的問題。

I’ll jump in the line.

我會插隊。

Thank you, Richard.

謝謝你，理查。

Appreciate you.

感謝你。

Thank you.

謝謝。

Mehdi Hosseini, UCL.

邁赫迪‧侯賽尼，倫敦大學學院。

Yes.

是的。

Thanks for taking my question.

感謝您提出我的問題。

I have a couple of follow-ups from my end.

我有一些後續行動。

Russell, if Silicon Photonics is going to profit some of your revenue in Q1, how should we think about the contribution, either in terms of revenue or sequential growth by Q4 of this year?

Russell，如果矽光子將在第一季為你們帶來部分收入，那麼我們應該如何看待這項貢獻，無論是在營收還是今年第四季的環比成長方面？

And I understand, I’m not asking for the year end guide, but I just want to see how these new wins and new markets are helping you with the overall revenue trajectory?

我明白，我並不是要求年終指南，但我只是想看看這些新的勝利和新的市場如何幫助您改善整體收入軌跡？

The level of revenue of Q1, we would see it in Q4 being higher, but the level of revenue for the company will be higher in Q4 as well.

第一季的營收水平，我們會看到第四季會更高，但公司第四季的營收水平也會更高。

So I don’t think that we’ll necessarily have higher than 5% of the corporate revenue being Silicon Photonics.

因此，我認為矽光子技術不一定會占公司收入的 5% 以上。

But staying at the 4.5% to 5.5% level would be a higher Silicon Photonics revenue baseline for that 4.5% to 5% contribution, if that answers your question.

但如果這回答了你的問題，保持在 4.5% 到 5.5% 的水平將是矽光子收入基準的更高的 4.5% 到 5% 的貢獻。

Yes.

是的。

Absolutely.

絕對地。

And then, is there like a kind of synergy between Silicon Photonics and Silicon Germanium?

那麼，矽光子學和矽鍺之間是否存在某種協同作用？

And is that what’s enabling you to be that basically you’re the first on the Silicon Photonics revenue?

這就是使您基本上成為矽光子收入第一的原因嗎？

Is that simply Germanium enabling you to do that?

難道光是鍺就能讓你做到這一點嗎？

Certainly, there is -- it’s both at this point going into the pluggable.

當然，現在都進入了可插拔的階段。

So it’s more or less the same ecosystem of customers and end customers.

因此，客戶和最終客戶的生態系統或多或少是相同的。

Also within the cycle platform that we have, we’re doing a Germanium modulator.

此外，在我們擁有的循環平台中，我們正在開發鍺調製器。

So we have experience with 5G to be depositing and dealing with Germanium.

所以我們有5G儲存和處理鍺的經驗。

So, yeah, there’s certainly overlap both in the space, in the customers, in the knowledge.

所以，是的，在空間、客戶和知識方面肯定存在重疊。

And then specifically, and I’m not trying to sound overly arrogant, but I think that our RF technology team is pretty much the best in the world.

具體來說，我並不是想讓自己聽起來過於傲慢，但我認為我們的射頻技術團隊幾乎是世界上最好的。

So it’s all within the frame of what they serve and what they know.

因此，這一切都在他們所服務和所知的框架內。

And just (technical difficulty) the advancements that we’re continuing on the platform, looking at new modulator materials, et cetera, I think that that will keep us in a very strong leadership position and it’s based on having incredibly capable people.

只是（技術難度）我們在平台上繼續取得的進步，研究新的調製器材料等等，我認為這將使我們保持非常強大的領導地位，並且它基於擁有令人難以置信的能力。

President of the company, Marco Racanelli is an RF expert.

該公司總裁 Marco Racanelli 是一位射頻專家。

The person running this activity is Ed Preisler is, I think, the best of the best.

我認為，負責這項活動的 Ed Preisler 是最優秀的人。

So (technical difficulty) really having his whole team.

所以（技術難度）真的有他的整個團隊。

I mean, I could give you several handfuls of people, but I’d be fearful of them getting recruited.

我的意思是，我可以給你幾個人，但我擔心他們會被招募。

But really excellent, excellent people.

但確實很優秀，很優秀的人。

And that’s -- but it is related to our Silicon Germanium, but as well, it’s related to the capabilities of the people that are doing Silicon Germanium.

這與我們的矽鍺有關，也與從事矽鍺生產的人員的能力有關。

I know that RF space so well.

我非常了解射頻空間。

Okay.

好的。

And I want to play this.

我想玩這個。

We have extremely good customers that are very good partners within that.

我們擁有非常好的客戶，他們是非常好的合作夥伴。

Now, we’ve done several press releases with Anello in the past.

現在，我們過去曾與 Anello 合作發布過幾份新聞稿。

The CEO of Anello, Mario Paniccia, has been an amazing partner that, in general, has been very helpful for us.

Anello 的執行長 Mario Paniccia 是一位出色的合作夥伴，總的來說，他對我們非常有幫助。

So the customer base that we have and the way we work with our customers are also tremendous enablers in technical advancement.

因此，我們擁有的客戶群以及我們與客戶合作的方式也是技術進步的巨大推動力。

Just on that note, given how sophisticated the Anello design is and the characterization of silicon, even if competition catches up, these wins are sticky.

就這一點而言，考慮到 Anello 設計的複雜性和矽的特性，即使競爭迎頭趕上，這些勝利也是黏性的。

And I shouldn’t be concerned with any pricing pressure looking to next year because competition is catching up.

我不應該擔心明年的任何定價壓力，因為競爭正在迎頭趕上。

You could be a single source for some time.

您可能會在一段時間內成為單一來源。

Is that the right way of thinking about these new wins?

這是思考這些新勝利的正確方式嗎？

If it’s the right way, it’s the way I’d like to look at it.

如果這是正確的方式，那就是我想要的看待它的方式。

Okay.

好的。

I think it’s predominantly correct.

我認為這基本上是正確的。

It’s very sticky.

它非常粘。

And pricing pressure, you always have to work with your customers very closely on prices that allow them to win as well.

在定價壓力方面，您始終必須與客戶密切合作，制定價格，讓他們也能獲勝。

Pricing pressure, if you have a good customer, it’s not that you’re being leveraged against A, B or C competitor.

定價壓力，如果您擁有良好的客戶，那麼您就不會被用來對抗 A、B 或 C 競爭對手。

It’s that you’re working together to make sure that they’re successful in the market.

你們共同努力，確保他們在市場上取得成功。

So pricing pressure, I see it, honestly, in many cases, as being a partner to help each other be successful and win.

因此，老實說，在許多情況下，我認為定價壓力是作為合作夥伴幫助彼此取得成功和獲勝的。

But the way that one mitigates any pricing pressure is by having technological advancements to where you’re either decreasing form factor and hence increasing the amount of devices per silicon aerial unit or you’re increasing performance to where the value becomes higher of the silicon that you’re selling.

但是，減輕價格壓力的方法是透過技術進步，要么減小外形尺寸，從而增加每個矽天線單元的設備數量，要么提高性能，使價值變得更高。

So, but the pricing pressure, I am not -- I don’t think that that’s such a big problem.

所以，但定價壓力，我不認為這是一個大問題。

The fact of having a sole supplier relationship is really where we try to work with all of our customers and that’s off of having a partnership and trust.

事實上，擁有唯一的供應商關係實際上是我們試圖與所有客戶合作的地方，而這離不開夥伴關係和信任。

And in that context, combined with Silicon Photonics, Germanium, and combined with certain RF SOIs, are these going to be margin accretive or margin neutral?

在這種情況下，與矽光子、鍺結合，並與某些 RF SOI 結合，這些技術會增加利潤還是保持利潤中性？

Hopefully it’s not margin to do this.

希望這樣做不是餘地。

The Silicon Photonics is definitely margin accretive and Silicon Germanium has always been at the upper end of our margin spectrum in general.

矽光子學無疑會增加利潤，而矽鍺整體上一直處於我們利潤範圍的高端。

And RF SOI?

還有射頻 SOI？

RF SOI itself is very, very good margin.

RF SOI 本身的利潤率非常非常好。

What dilutes RF SOI margin to some extent is that the SOI substrate itself is very expensive.

在一定程度上削弱RF SOI裕度的是SOI基板本身非常昂貴。

So RF SOI has a very good revenue contribution, but the margin that you get on the RF SOI is really off of the silicon that you’re processing.

因此，RF SOI 具有非常好的收入貢獻，但您從 RF SOI 獲得的利潤實際上來自您正在處理的矽。

You’re not doing a big uplift on the substrate and the substrate’s expensive.

您無需對基材進行大幅提升，而且基材價格昂貴。

So if you look at the total margin of an RF SOI wafer, it’s not going to be a very good margin.

因此，如果您查看 RF SOI 晶圓的總利潤率，您會發現這並不是一個很好的利潤率。

It’s not the highest margin that we sell.

這並不是我們銷售的最高利潤。

If you look at the margin per layer of silicon manufacturing, it’s very, very good.

如果你看看每層矽製造的利潤，你會發現它非常非常好。

Okay.

好的。

And then lastly, OpEx sold $33.5 million for Q1.

最後，第一季營運支出銷售額為 3,350 萬美元。

I couldn’t hear the beginning of the question.

我聽不到問題的開頭。

If you could repeat it.

如果你能重複的話。

I’m shifting to OpEx.

我正在轉向營運支出。

You did $33.5 million for Q1.

您第一季的收入為 3350 萬美元。

How should we model this for the rest of the year?

我們應該如何在今年剩餘時間內對此進行建模？

Our OpEx are pretty much flat.

我們的營運支出幾乎持平。

I mean, despite the revenue increase that Russell is talking about, we do not expect to increase those OpEx because they are fixed cost.

我的意思是，儘管拉塞爾談論的是收入增加，但我們預計不會增加這些營運支出，因為它們是固定成本。

So I think current level is the level that we’ll take.

所以我認為目前的水平就是我們將採取的水平。

So just the model’s kind of sluggish going forward.

因此，該模型的進展有些緩慢。

Yeah.

是的。

Yeah.

是的。

Okay.

好的。

Got it.

知道了。

Thank you for that.

謝謝你。

Thank you for the questions.

謝謝你的提問。

Appreciate your coverage as well.

也感謝您的報道。

Lisa Thompson, Zacks Investment Research.

麗莎湯普森，扎克斯投資研究。

Hi, there.

你好呀。

I do have a couple of questions for you.

我確實有幾個問題想問你。

I was wondering, could you talk a little bit about the electronic market of how your products go into that and what you’re seeing as to what’s going on there?

我想知道，您能否談談您的產品如何進入電子市場以及您所看到的情況？

I’m sorry.

對不起。

I really couldn’t make out the question.

我真的無法弄清楚這個問題。

Could you answer it again or question it again, please?

請您再回答一次或再提問一次好嗎？

Sure.

當然。

Could you talk a little bit about the electronic vehicle market and what you’re seeing for your products there?

您能談談電動車市場以及您對那裡的產品的看法嗎？

Sure.

當然。

Thank you.

謝謝。

So the biggest market that we serve and have served within the EV is the battery management, which was right now is not as strong as it had been as the overall automotive is not.

因此，我們在電動車中服務和已經服務的最大市場是電池管理，目前的電池管理不像整個汽車那麼強大。

But that is an area that we serve.

但這是我們服務的領域。

We have a new platform, which is a research platform that is gaining a lot of traction for designs for battery management.

我們有一個新平台，這是一個研究平台，在電池管理設計方面獲得了巨大的吸引力。

I think the first protos on that will be happening in the fourth quarter and first quarter, fourth quarter of this year and first quarter of 2025, according to recent customer interactions that I had asked.

根據我最近詢問的客戶互動，我認為第一個原型將在第四季和第一季、今年第四季和 2025 年第一季出現。

So the biggest area on the EV that we have is within battery management.

因此，我們電動車上最大的領域是電池管理。

Within automotive in general, we have a variety of other activities that we do.

一般來說，在汽車領域，我們也進行各種其他活動。

We have another that had been press released over the years.

我們還有另一個多年來已發布的消息。

We do radar, Silicon Germanium based radar that was with Denso, Toyota.

我們生產雷達，基於矽鍺的雷達，是與電裝、豐田合作的。

We have a variety of activities with automatic door openings, spinning mirrors, certain amount of activities with cameras and right now, a lot of activities, be it with electric vehicle or not, dealing with LiDAR.

我們有各種各樣的活動，包括自動開門、旋轉鏡子、一定量的攝影機活動，現在還有很多涉及雷射雷達的活動，無論是否是電動車。

I think I mentioned that in the script.

我想我在劇本中提到過這一點。

With dealing with Silicon Photonics for FMCW based LiDAR, which has not gone into mass manufacturing yet, but promises to really be that which will take over on autonomous driving for the LiDAR market.

與矽光子公司合作開發基於 FMCW 的 LiDAR，該產品尚未進入大規模製造，但預計將真正取代 LiDAR 市場的自動駕駛。

So those are the major activities that we have with automotive and specific with electric vehicles.

這些是我們在汽車領域、特別是電動車領域所進行的主要活動。

Now, there’s many other products that we serve within automotive as well that comes from having purchased the Maxim facility where the bulk of the long-term contract we have is serving automotive.

現在，我們在汽車領域還提供許多其他產品，這些產品都來自於購買了 Maxim 工廠，我們在那裡簽訂的大部分長期合約都是為汽車服務的。

That’s very captive within Maxim and the specific applications that are served within there, I really shouldn’t get into because that’s Maxim’s business and not mine.

這在 Maxim 以及其中提供的特定應用程式中是非常嚴格的，我真的不應該介入，因為那是 Maxim 的業務，而不是我的業務。

But we serve Maxim on a contract, well, ADI at this point, and that’s predominantly automotive.

但我們目前是透過合約為 Maxim 提供服務，嗯，目前是 ADI，而且主要是汽車領域。

So are you seeing demand up, down, or sideways?

那麼您認為需求是上升、下降還是橫盤整理？

I said initially that the automotive demand is weak right now and I reiterated that for battery management, that it’s also down right now.

我最初說過，目前汽車需求疲軟，我重申，對於電池管理來說，目前需求也有所下降。

Okay.

好的。

And then a question for Oren, could you explain what happened with the taxes this quarter and whether we should still expect it to be about 14% for the full year?

然後問 Oren 一個問題，您能否解釋一下本季度的稅收情況以及我們是否仍應預期全年稅收約為 14%？

Yeah.

是的。

The model should be that you should expect, I mean, all in effective rate, whatever you want.

我的意思是，該模型應該是您應該期望的，無論您想要什麼，都有效率。

The Israeli operations create 7.5%, our taxable at 7.5%, the U.S. at 20%, the Japan at 30%, so you can assume 14% or whatever.

以色列的業務創造了 7.5%，我們的應稅稅率為 7.5%，美國為 20%，日本為 30%，所以你可以假設 14% 或其他。

For this, from Q2 and beyond, for this quarter, as you see, there was a one-time benefit, which is the base for your question, instead of having an expensive, we had a benefit from some historical accrual reduction.

為此，從第二季度及以後，正如您所看到的，本季度存在一次性收益，這是您問題的基礎，我們沒有付出昂貴的代價，而是從一些歷史應計減少中受益。

But of course, this cannot be the baseline assumption for the future that we’ll have tax benefits when we have pre-tax income, like in this quarter.

但當然，這不能成為未來當我們擁有稅前收入時我們將享受稅收優惠的基準假設，就像本季一樣。

So for the future, the assumption should remain the same.

因此，對於未來，假設應該保持不變。

And then just to ask you about the interest and other, at $4 million, that was significantly lower than I was guesstimating just based on interest income.

然後問一下利息和其他，400 萬美元，這比我僅根據利息收入的猜測要低得多。

So what do we think about that going forward?

那麼我們對此有何看法？

So usually it’s between $4 million per quarter to $7 million per quarter.

因此，通常每季的費用在 400 萬美元到 700 萬美元之間。

Last quarter, we had a one-time benefit there in that line from -- usually in this line, it’s not only interest, it’s also gains from some sale of machinery or other specific transactions in that line and gains from exchange rate.

上個季度，我們在該行中獲得了一次性收益，通常在該行中，它不僅是利息，而且還來自該行中的一些機械銷售或其他特定交易和收益從匯率。

So this line is not something that is like the OpEx, which I could answer before so that it’s a fixed amount.

所以這條線與營運支出不同，我之前可以回答它，所以它是一個固定的金額。

Usually it’s between $4 million to $7 million.

通常為 400 萬至 700 萬美元。

Obviously Q4 of 2023 last quarter, I mean, previous quarter was exceptionally good, but you see that it’s coming back to this level of $4 million to million $7.

顯然，上個季度是 2023 年第四季度，我的意思是，上一季非常好，但你會發現它又回到了 400 萬美元到 100 萬美元 7 的水平。

Okay.

好的。

I think, did you have -- you had kind of a big exchange rate hit there, didn’t you, this quarter, according to the cash flow?

我想，根據現金流，這個季度，匯率是否受到了大幅衝擊，不是嗎？

No.

不。

Not exchange rate hit, no.

不是匯率打擊，不是。

No.

不。

That wasn’t it.

事實並非如此。

Okay.

好的。

All right.

好的。

Actually cash flow it is -- we have a cylinder hedging transaction that hedge against any material change in the exchange rate, and actually the exchange rate this quarter, the Israeli exchange rate and the Japanese exchange rate didn’t make any impact, if at all it was a little bit positive.

實際上是現金流——我們有一個圓柱對沖交易，可以對沖匯率的任何重大變化，實際上本季度的匯率、以色列匯率和日本匯率沒有產生任何影響，如果無論如何，這還是有點積極的。

So there was no significance of any material or anything.

所以任何物質或任何東西都沒有任何意義。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

That’s all my questions.

這就是我所有的問題。

Thank you.

謝謝。

David Dooley, Steelhead Securities.

大衛杜利，Steelhead 證券公司。

Congratulations on nice execution and

恭喜您的出色執行和

--

--

Thank you, David.

謝謝你，大衛。

Sure.

當然。

I just had a couple of questions.

我只是有幾個問題。

I guess, they’re more housekeeping.

我想，他們更多的是做家事。

Oren, you gave us a bunch of CapEx numbers, but they seem to kind of be over a multiyear period.

奧倫，您給了我們一堆資本支出數據，但它們似乎是多年來的數據。

I was wondering if you’d give us your best guess as to what CapEx is going to be in 2024?

我想知道您是否願意向我們提供您對 2024 年資本支出的最佳猜測？

So, I mean, it’s pretty straightforward from what I said.

所以，我的意思是，從我所說的來看，這非常簡單。

I mean, $200 million a year maintenance CapEx.

我的意思是，每年 2 億美元的維護資本支出。

So it’s $50 million a quarter, plus we said $160 million is remained this year and next year.

所以每季 5,000 萬美元，另外我們說今年和明年還剩下 1.6 億美元。

You can assume about $30 million, $40 million a quarter for Agrate, and you saw it in Q1 that the CapEx is $98 million, which means that on top of the $50 million baseline, there was probably $40 million to $50 million for Agrate.

您可以假設Agrate 約為3000 萬美元，每季度4000 萬美元，您在第一季度看到資本支出為9800 萬美元，這意味著除了5000 萬美元的基準之外，Agrate 可能還有4000 萬至5000萬美元。

So you can assume this will be also for the next quarter.

因此，您可以假設下個季度也是如此。

So $40 million or $50 million a quarter for Agrate?

那麼 Agrate 每季 4,000 萬美元還是 5,000 萬美元？

Yeah.

是的。

Yeah.

是的。

Okay.

好的。

Now for Intel Fab 11X, I don’t want to speak about it.

現在對於英特爾 Fab 11X，我不想談論它。

It’s also related to Intel business CapEx that we buy from them and that they buy from Pentos [ph] and sell to us.

這也與我們從他們那裡購買以及他們從 Pentos [ph] 購買並出售給我們的英特爾業務資本支出有關。

And I don’t want to enter into the number.

我不想輸入這個數字。

I just said that it’s a $300 million that will start this quarter, Q2 2024, for the coming two and a half years.

我剛才說過，將從本季（2024 年第二季）開始，在未來兩年半內投入 3 億美元。

If you want, you can divide the $300 million by 10 quarters, which is two and a half years, and reach $30 million, but everybody can make it assumption.

如果你願意的話，你可以把3億美元除以10個季度，也就是兩年半，就達到3000萬美元，但每個人都可以假設。

I don’t want to enter into specific numbers.

我不想輸入具體數字。

And that’s all.

僅此而已。

And then you will spend some more on SiPho and 5G, right?

然後你會在 SiPho 和 5G 上花更多的錢，對嗎？

Yeah.

是的。

SiPho, 5G capability tools.

SiPho，5G 功能工具。

I said it’s multiple dozens of, multiple tens of millions of dollars.

我說幾十、幾千萬。

This year, if you average it over a few quarters, it’s almost a quarter of that, but it will not be material amounts this year, because we are now ordering those tools for capability and most of the payments will not be this year.

今年，如果將幾個季度的平均值計算出來，幾乎是四分之一，但今年的金額不會很大，因為我們現在訂購這些工具是為了提高能力，而大部分付款不會是這樣的。年。

So that sounds like it adds up to somewhere like around $125 million a quarter, CapEx?

聽起來每季的資本支出總計約 1.25 億美元？

It could be.

它可能是。

We don’t give a guidance for that.

我們不為此提供指導。

It’s a reasonable calculation.

這是一個合理的計算。

Although it’s not something that is linear, but.

雖然它不是線性的，但是。

Just along the same lines, I’m looking at your cash flow statement and your press release.

同樣，我正在查看你們的現金流量表和新聞稿。

The depreciation expense was down like $6 million quarter-over-quarter.

折舊費用較上季下降約 600 萬美元。

First of all, why was this depreciation down so much with you ramping up CapEx?

首先，為什麼隨著資本支出的增加，折舊率下降了這麼多？

And then if you could help us understand what that depreciation number is going to do on a quarterly basis for the balance of the year, I’d appreciate it?

然後，如果您能幫助我們了解該折舊數字在當年剩餘時間內按季度計算的結果，我將不勝感激？

Yeah.

是的。

On the depreciation, as you can see in the -- you’re looking at the appendix to the cash flow, it’s a $60 million average per quarter.

至於折舊，正如您在現金流量附錄中看到的那樣，平均每季 6000 萬美元。

So a year ago it was $62 million, a quarter ago it was $65 million, now it’s $60 million, so it’s pretty much the same numbers.

一年前是 6,200 萬美元，一個季度前是 6,500 萬美元，現在是 6,000 萬美元，所以數字幾乎相同。

The fact that it was down is not attributed to new CapEx, of course, that you are justifiably pointing out that it’s going up.

當然，它下降的事實並不歸因於新的資本支出，您有理由指出它正在上升。

It’s a result of tools that finished their depreciation 15 years ago.

這是 15 年前完成折舊的工具的結果。

So, yeah, so, I didn’t say 15 years ago?

所以，是的，所以，我沒有說 15 年前？

From 15 years ago.

從15年前開始。

I think, yeah.

我想，是的。

So

所以

--

--

$40 million to $50 million

4000萬至5000萬美元

Anyway, it’s probably tools that were purchased in 2009 and finished their depreciation, but that the -- that $60 million is the baseline and you’re right that you should add to that whatever amount of new CapEx that should be now depreciated.

不管怎樣，它可能是 2009 年購買並完成折舊的工具，但是 6000 萬美元是基準，你是對的，你應該添加現在應該有的新資本支出已貶值。

Will not change a lot.

不會改變很多。

But what do you think that will be for the balance of the year, because it’s kind of important for your gross margin, so

但你認為今年剩下的時間會是多少，因為這對你的毛利率很重要，所以

--

--

Yeah.

是的。

So I don’t think it will go up much above the $60 million, maybe $65 million maximum, because one reason is that, as I mentioned, both, I mean, the Intel CapEx index, for Fab 11 CapEx, this is, will not be starting to be depreciated this year, right, until it will start production.

因此，我認為它不會超出 6000 萬美元，也許是 6500 萬美元的上限，因為一個原因是，正如我提到的，我的意思是，英特爾資本支出指數，對於 Fab 11 資本支出，這是，今年不會開始折舊，對吧，直到它開始生產。

And the other tools, until we start to be in play, also, it’s not that we are paying and immediately start depreciation.

而其他工具，在我們開始發揮作用之前，也並不是我們支付後立即開始折舊。

First, you’re paying.

首先，你要付費。

Unfortunately, you get the tools after a few quarters, until it’s qualified, and then start depreciation.

不幸的是，您在幾個季度後獲得工具，直到其合格為止，然後開始折舊。

It’s usually sometimes a year delay.

通常有時會延遲一年。

There will be an impact from the aggressive tools that will start depreciation, right?

激進的工具會產生影響並開始貶值，對嗎？

And the Russell refer to that as one of the reasons for the headwind.

羅素指數將此視為逆風的原因之一。

So I would assume $65 million the new level.

所以我假設新水準為 6500 萬美元。

Okay.

好的。

And then just final question from me and it has a lot to do with these depreciation questions, is going forward you’re ramping up your CapEx, and obviously, depreciation’s going to be going up and during that timeframe, I’m kind of wondering what you think the drop rate of the business is going to be.

然後是我的最後一個問題，它與這些折舊問題有很大關係，接下來你會增加你的資本支出，顯然，折舊將會上升，在這段時間內，我 -我有點想知道您認為該業務的下降率會是多少。

You’ve always given us a target drop rate, but that’s not when you’re spending $125 million a quarter in CapEx.

您總是給我們一個目標下降率，但當您每季的資本支出支出為 1.25 億美元時，情況就不是這樣了。

So I’m kind of wondering, when we’re at these elevated CapEx levels, what the drop rate to gross margin is you expect with revenue growth through the balance of the year?

所以我有點想知道，當我們處於這些較高的資本支出水平時，您預計今年餘下時間收入增長的毛利率下降率是多少？

Thank you.

謝謝。

So we believe strongly in our financial model that we published in November and it already included, baked into that all those CapEx of Agrate for sure, 11X for sure, and also the additional capability tool.

因此，我們堅信我們在 11 月發布的財務模型，它已經包含並融入了 Agrate 的所有資本支出（肯定是 11 倍）以及附加功能工具。

And the margins are outlined there very clear.

且邊緣的輪廓非常清晰。

I mean, that we expect to be $500 million at $2.66 billion, so it’s almost 20% net profit margin and you have the growth and operating, so.

我的意思是，我們預計營收為 5 億美元，達到 26.6 億美元，因此淨利潤率幾乎為 20%，並且您擁有成長和營運。

I don’t -- I can’t see that right now, so what -- could you just please articulate what you think the gross margins drop rate is going to be this year?

我不知道——我現在看不到這一點，那又怎樣——您能否闡明一下您認為今年的毛利率下降率是多少？

This year?

今年？

We didn’t give a guidance for this year.

我們沒有給出今年的指導。

Okay.

好的。

So longer term, you think the drop rate’s going to be what again?

那麼從長遠來看，您認為掉落率會是多少？

According exactly to the slide, which is publicly filed with the financial model.

完全按照與財務模型一起公開提交的幻燈片。

Yeah.

是的。

I can’t see the slides right now, Oren, that’s why I’m just asking.

奧倫，我現在看不到幻燈片，所以我才來詢問。

We can have it in front of us either, but we’ll pick it up.

我們也可以把它放在我們面前，但我們會把它撿起來。

Okay.

好的。

One second.

一秒。

All right.

好的。

That’s great.

那太好了。

Thank you.

謝謝。

So the financial model clearly states, I’m just reading the publicly filed document, that the gross profit’s supposed to go up from $347 million baseline that was in the end of last year to $740 million a year gross profit out of $2.66 million, which is 32% incremental margin.

因此，財務模型明確指出，我剛剛閱讀了公開提交的文件，毛利應該從去年年底的 3.47 億美元基準上升到每年 7.4 億美元的毛利。

Operating profit to go from less than $200 million to $560 million a year, which is 30% incremental.

營業利潤將從每年不到 2 億美元增加到 5.6 億美元，增幅為 30%。

And net profit from $200 million to $500 million, which is a $2.4 billion growth, which is 24% incremental margin.

淨利潤從 2 億美元增至 5 億美元，成長了 24 億美元，即增量利潤率 24%。

There are no further questions at this time.

目前沒有其他問題。

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

Ellwanger先生，您願意做總結性發言嗎？

I would, indeed.

我確實願意。

Thank you.

謝謝。

So to summarize, as we move through the year, remain focused on and confident about continuous growth, driven by the performance of several of our differentiated technologies, being critical to present market needs and that having partnered with market leader customers who really are true partners.

總而言之，在這一年中，我們將繼續專注於持續成長並對此充滿信心，這由我們的多項差異化技術的性能推動，對當前市場需求至關重要，並且與真正的合作夥伴的市場領導者客戶合作。

This growth is against the landscape of a not yet robust market.

這種成長是在市場尚未強勁的情況下實現的。

Recent customer forecasts give us reason to believe the market recovery is forthcoming.

最近的客戶預測讓我們有理由相信市場即將復甦。

We greatly appreciate your continued support and confidence in our vision.

我們非常感謝您對我們願景的持續支持和信心。

Our team is eager, fully prepared to continue to capitalize on opportunities, targeting substantial value for our customers and shareholders.

我們的團隊渴望並做好充分準備，繼續利用機遇，為我們的客戶和股東創造巨大價值。

As far as activities going on within the next month to two and conferences where we really hope that we’ll have opportunity to see you, on May 20th and 21st, we’ll participate in the 52nd Annual JPMorgan Global Technology, Media and Communication Conference in Boston.

至於下個月到兩個月內進行的活動以及我們真正希望有機會見到您的會議，5 月 20 日至 21 日，我們將參加第 52 屆摩根大通全球科技、媒體和媒體年會波士頓通訊會議。

On May 26th, we’ll participate in the 25th Annual Israeli Oppenheimer Conference in Tel Aviv.

5 月 26 日，我們將參加在特拉維夫舉行的第 25 屆以色列奧本海默年度會議。

And on May 29th and 30th, we will be attending the 52nd Annual TD Cowen Technology, Media & Telecom Conference in New York.

5 月 29 日至 30 日，我們將參加在紐約舉行的第 52 屆 TD Cowen 技術、媒體和電信年度會議。

As many as you would have opportunity to come, we would look forward to meeting, talking with you and explaining where we’re at, where we’re going and why we’re confident where we will be.

只要您有機會來，我們都期待與您會面、交談並解釋我們的現狀、我們的目標以及為什麼我們對我們的目標充滿信心。

So thank you very much again and have a wonderful day and following week.

再次非常感謝您，祝您有個愉快的一天和下週。

Bye-bye.

再見。

Thank you. This concludes the Tower Semiconductor conference call. Thank you for your participation.

謝謝。 Tower Semiconductor 電話會議到此結束。感謝您的參與。

You may go ahead and disconnect.

您可以繼續並斷開連線。