高塔半導體 (TSEM) 2024 Q3 法說會逐字稿

Welcome to Tower financial results conference call for the third quarter of 2024.

歡迎參加 Tower 2024 年第三季財務業績電話會議。

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

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 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 third quarter of 2024 financial results have been prepared in accordance with US GAAP.

請注意，2024 年第三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，根據G 條例和美國證券交易委員會制定的相關報告要求，這些信息可能被視為非GAAP 財務指標。

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來補充今天的電話會議。

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 Ellwanger.

現在我想把電話轉給我們的執行長 Russell Ellwanger 先生。

Russell, please go ahead.

拉塞爾，請繼續。

Thank you, Noit.

謝謝你，諾伊特。

And welcome, everybody.

歡迎大家。

Thank you for joining our third quarter 2024 earnings conference call, a quarter in which we delivered a strong financial performance.

感謝您參加我們的 2024 年第三季財報電話會議，在這個季度我們實現了強勁的財務業績。

During this quarter, our high-speed data center offerings reached a record revenue.

在本季度，我們的高速資料中心產品收入達到了創紀錄的水平。

We've seen an increase in our customers' short-term and midterm demand for this offering that should result in an incremental dollar growth, unprecedented as compared to any other product offering in our history, mainly driven by our unique offerings fulfilling AI requirements.

我們已經看到客戶對該產品的短期和中期需求有所增加，這應該會導緻美元的增量增長，與我們歷史上的任何其他產品相比，這是前所未有的，這主要是由我們滿足人工智慧需求的獨特產品所推動的。

Revenue for the third quarter reached $371 million, a 6% quarter over quarter and 3.5% year-over-year growth with a net profit of approximately $55 million representing net margin of about 15%.

第三季營收達3.71億美元，季增6%，年增3.5%，淨利約5,500萬美元，淨利率約15%。

At year's begin, we stated a target of sequential quarterly growth, which we have achieved through the third quarter.

年初，我們制定了季度環比成長的目標，並在第三季度實現了這一目標。

We're pleased to guide the fourth quarter to continue this trend with a mid-range guidance of $387 million and a range of plus/minus 5%.

我們很高興以 3.87 億美元的中期指引和正負 5% 的範圍指導第四季繼續這一趨勢。

Such midpoint represents about 10% Q4 versus Q4 year-over-year growth and 18% within the year growth.

該中點代表第四季年增約 10%，年內成長約 18%。

We continue to experience very strong growth in our RF infrastructure business, representing approximately 18% of our corporate revenues in the third quarter and close to doubling in Q3 '24 over Q3 '23 revenue, primarily driven by the increase in optical transceiver demand used in high-speed data communication for AI and other data center applications.

我們的射頻基礎設施業務持續經歷非常強勁的成長，約佔第三季公司營收的 18%，並且 24 年第 3 季的營收比 23 年第 3 季的營收幾乎翻了一番，這主要是由於適用於人工智慧和其他資料中心應用的高速資料通訊。

We serve this market with both silicon germanium for electrical amplifiers, such as trans-impedance amplifiers and drivers and with SiPho for integrated optical components, such as modulators and photodiodes.

我們為此市場提供用於電放大器（例如互阻抗放大器和驅動器）的矽鍺，以及用於整合光學元件（例如調製器和光電二極體）的矽磷（SiPho）。

Silicon photonics continues to see rapid adoption at the higher data rates.

矽光子學在更高的數據速率下繼續被快速採用。

Today, we are shipping 800G products in high volume, resulting in a 2024 expected revenue of approximately $100 million for silicon photonics.

如今，我們正在大量出貨 800G 產品，預計 2024 年矽光子收入約為 1 億美元。

This being a new growth market where Tower will have over 3x revenue growth, 2024 over 2023 with a forecasted annualized Q4 '24 run rate of over $150 million.

這是一個新的成長市場，Tower 到 2024 年的營收將比 2023 年成長 3 倍以上，預計 24 年第 4 季的年化運作率將超過 1.5 億美元。

As of this quarter, we've begun a production ramp of 1.6-terabit products for several lead customers.

截至本季度，我們已開始為多家主要客戶生產 1.6 太比特產品。

800G products are built with eight parallel lanes of 100 gigabit per second while 1.6T products are built with 8 parallel lanes, each operating at 200 gigabit per second on our latest technology that doubled the operating speed of each component.

800G 產品採用8 個平行通道，每秒100 GB，而1.6T 產品採用8 個並行通道，每個通道以每秒200 GB 的速度運行，採用我們的最新技術，使每個組件的運行速度提高了一倍。

While the component count remains similar for 800 gigabit eight-lane versus 1.6T -- terabit 8-lane, the needed performance requires continuous innovation and process technology and integration teams to support the demanding modulation bandwidth.

雖然 800 Gb 八通道與 1.6T（太比特 8 通道）的組件數量保持相似，但所需的性能需要持續創新、製程技術和整合團隊來支援苛刻的調變頻寬。

We believe today, Tower is the number one foundry by volume in silicon photonics and to our knowledge, also the first in production with 1.6T silicon photonics-based products.

據我們所知，今天，Tower 是矽光子領域產量第一的代工廠，也是第一家生產 1.6T 矽光子產品的代工廠。

Looking forward, we continue a strong R&D partnership with lead customers towards introducing technology for 3.2 terabit that will rely again on technical innovation, enabling a doubling of speeds to 400 gigabit per second per lane.

展望未來，我們將繼續與領先客戶建立強大的研發合作夥伴關係，以引入 3.2 太比特技術，該技術將再次依靠技術創新，使速度翻倍，達到每通道每秒 400 吉比特。

Our silicon germanium business is growing not only due to the factors mentioned above that are growing the optical transceiver market as both silicon germanium and silicon photonic components are built into an advanced optical transceiver, but also due to strong demand for active copper cables for short-reach interconnects.

我們的矽鍺業務不斷成長，不僅是由於上述因素推動了光收發器市場的成長，因為矽鍺和矽光子元件都內建在先進的光收發器中，而且還由於對短期有源銅纜的強勁需求。

Active copper cables typically use a silicon germanium driver or retimer to improve signal integrity at high speeds, currently 800G to enable copper cables to be used in many short-reach applications for both performance and cost benefits as compared to optical cables.

主動銅纜通常使用矽鍺驅動器或重定時器來提高高速下的訊號完整性，目前為 800G，使銅纜能夠在許多短距離應用中使用，與光纜相比，具有性能和成本優勢。

Based on the strong demand we are seeing from both our silicon germanium and SiPho customers, we are qualifying both families of platforms, serving optical transceivers in our San Antonio and Migdal Haemek 200-millimeter factories, where we are optimizing existing fab space and adding substantial additional cleanroom for further growth.

基於我們看到的矽鍺和SiPho 客戶的強勁需求，我們正在對這兩個平台系列進行資格認證，為我們的San Antonio 和Migdal Haemek 200 毫米工廠中的光收發器提供服務，我們正在優化現有的晶圓廠空間並增加大量的設施。

We have also released 300-millimeter PDKs using a 65-nanometer CMOS, which for silicon germanium, enables customers to integrate higher density, lower power and lower noise CMOS, supporting higher precision analog circuit application, phased array RFICs and increasingly complex modulation schemes for communication and for silicon photonics for lower loss components.

我們也發表了採用65奈米CMOS的300毫米PDK，對於矽鍺，使客戶能夠整合更高密度、更低功耗和更低雜訊的CMOS，支援更高精度的類比電路應用、相控陣RFIC和日益複雜的調變方案通訊和矽光子學的低損耗組件。

In the RF mobile market predominantly RFSOI, which represented approximately 26% of our corporate revenues in the third quarter of 2024.

在射頻行動市場中，主要是 RFSOI，約占我們 2024 年第三季公司營收的 26%。

We continue to transition customers to new 300-millimeter capacity in Agrate as our demand outpaces RFSOI capacity in our Uozu 300-millimeter factory.

由於我們的需求超過了魚津 300 毫米工廠的 RFSOI 產能，我們將繼續將客戶過渡到 Agrate 的新 300 毫米產能。

We expect to deliver our first production revenue in Q4 to the order of a couple of tens of millions of dollars from the Agrate factory with further ramp expected in 2025 to support the growth we are seeing in this market.

我們預計，Agrate 工廠將在第四季度實現首筆生產收入，約為數千萬美元，預計 2025 年將進一步增加，以支持我們在該市場看到的成長。

In addition, we continue to prototype with customers on our most advanced platform, TPS65RSC now available directly from Agrate as well with customer acknowledged, industry best Ron-Coff and power handling for next-generation RF mobile products.

此外，我們繼續在最先進的平台上與客戶一起進行原型設計，TPS65RSC 現在可直接從 Agrate 購買，並採用客戶認可的、業界最佳的 Ron-Coff 和下一代 RF 行動產品的功率處理能力。

Our newly announced triple-play RFSOI platform, for WiFi front-end modules, finisher grades, the power amplifier, low-noise amplifier and switch on a single die, which we press release with Broadcom is a mass production and receiving strong interest from additional market leaders.

我們新推出的三合一RFSOI 平台，適用於WiFi 前端模組、成品級、功率放大器、低噪聲放大器和單個晶片上的開關，我們與Broadcom 一起新聞稿，該平台已實現批量生產，並受到了其他廠商的強烈興趣市場領導者。

Our power business, which represented 17% of our corporate revenues in the third quarter of 2024 continues to see strong growth opportunities in our 300-millimeter 65-nanometer BCD platform, which as we have discussed in prior quarters, enables us to enter lower voltage and higher volume markets in handsets and other consumer devices, in addition to our higher voltage, industrial and automotive segments.

我們的電力業務佔2024 年第三季公司營收的17%，在我們的300 毫米65 奈米BCD 平台中繼續看到強勁的成長機會，正如我們在前幾季所討論的那樣，這使我們能夠進入更低的電壓除了我們的高電壓、工業和汽車領域之外，還包括手機和其他消費設備的大量市場。

We are pleased to report that we have ramped certain handset products to high volumes in this technology in our Japan factory and now are qualifying our Albuquerque facility to enable further growth.

我們很高興地報告，我們已經在日本工廠利用這項技術大量生產某些手機產品，現在正在對我們的阿爾伯克基工廠進行資格認證，以實現進一步增長。

We anticipate beginning production in Albuquerque in 2025.

我們預計將於 2025 年在阿爾伯克基開始生產。

And given the large capacity available, anticipate this to provide strong growth for our power business for years to come.

鑑於可用容量很大，預計這將為我們的電力業務在未來幾年帶來強勁成長。

Moving to sensors and displays, which represented 14% of our corporate revenues in the third quarter.

轉向感測器和顯示器，這占我們第三季公司收入的 14%。

At year's begin, we expected second half growth, in particular, from customers serving machine vision.

年初，我們預計下半年將成長，尤其是來自機器視覺服務客戶的成長。

This has not happened but rather the imaging business remained stable through the year as of Q2 run rate.

這種情況並未發生，但截至第二季度，成像業務全年運作保持穩定。

Our customers are optimistic about 2025 growth based upon new wins, particularly based upon wins with our 300-millimeter 65-nanometer CIS platform.

我們的客戶對基於新勝利的 2025 年成長持樂觀態度，特別是基於我們 300 毫米 65 奈米 CIS 平台的勝利。

Among these wins is a stacked BSI global shutter, ultra-high resolution sensor, 100 and 325 megapixels showcased by one of our leading customers in last month's VISION show in Stuttgart.

這些成果包括堆疊式 BSI 全局快門、超高解析度感測器、100 和 325 兆像素，由我們的一位主要客戶在上個月於斯圖加特舉行的 VISION 展會上展示。

In the display front, we are engaged with two very large customers in the AR and VR market with OLED and silicon displays expected to tape out our products next year on our new 5-volt with extensions to 8-volt transistors, lean 300-millimeter platform with state-of-the-art low leakage currents and high-density capacitors.

在顯示器方面，我們與AR 和VR 市場的兩個非常大的客戶進行了合作，他們的OLED 和矽顯示器預計明年將在我們的新5 伏特晶體管上推出我們的產品，並擴展到8 伏特晶體管，精益300 毫米具有最先進的低漏電流和高密度電容器的平台。

Our fab utilization rates for the third quarter were Fab 1, as previously announced, will be operationally consolidated in the Fab 2 and was at about 85% entering into last time buys.

如同先前所宣布的，我們第三季的晶圓廠利用率為晶圓廠 1，將在營運上整合到晶圓廠 2，並且在上次購買時利用率約為 85%。

Fab 2, 8-inch as well as Fab 9, 8-inch for about 60% each with concurrent capacity repurposing and cleanroom build-out to meet the continually growing forecasted demand for silicon germanium and silicon photonics products.

Fab 2（8 英吋）和 Fab 9（8 英吋）各佔約 60%，同時進行產能再利用和無塵室擴建，以滿足矽鍺和矽光子產品不斷增長的預測需求。

Fab 3, 8-inch was at 65% currently at full silicon germanium silicon photonics capacity with real-time activities reducing certain bottlenecks, targeting a 20% increase in the fab utilization.

8 吋晶圓廠 3 目前的矽鍺矽光子產能利用率為 65%，即時活動減少了某些瓶頸，目標是將晶圓廠利用率提高 20%。

Fab 5, 8-inch was at about 60%.

Fab 5 8 吋產能利用率約 60%。

Fab 7, 12-inch was about 85% fully loaded to our operational model.

根據我們的營運模型，Fab 7 12 英吋的滿載率約為 85%。

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？

Thank you, Russell.

謝謝你，拉塞爾。

Hello, everyone.

大家好。

Earlier today, we released our quarterly financial results and balance sheet.

今天早些時候，我們發布了季度財務業績和資產負債表。

For the third quarter of 2024, we reported revenue of $371 million, gross profit of $93 million, operating profit of $56 million and net profit of $55 million, reflecting 15% net margin.

2024 年第三季度，我們報告收入為 3.71 億美元，毛利為 9,300 萬美元，營業利潤為 5,600 萬美元，淨利潤為 5,500 萬美元，淨利潤率為 15%。

Revenue for the third quarter of 2024 were $371 million compared to $351 million in the second quarter of 2024.

2024 年第三季的營收為 3.71 億美元，而 2024 年第二季的營收為 3.51 億美元。

I'm pleased to report that we achieved our stated 2024 target of quarter-over-quarter revenue growth considering our reported revenue for the past quarter and today's fourth quarter midrange revenue guidance of $387 million.

我很高興地向大家報告，考慮到我們上一季報告的收入和今天第四季度 3.87 億美元的中期收入指導，我們實現了 2024 年季度收入增長的既定目標。

Gross profit for the third quarter of 2024 was $93 million compared to $87 million in the prior quarter.

2024 年第三季的毛利為 9,300 萬美元，而上一季為 8,700 萬美元。

Operating profit was $56 million compared to $55 million in the prior quarter, which included $6 million restructuring income in relation to Japan operations reorganization.

營業利潤為 5,600 萬美元，而上一季為 5,500 萬美元，其中包括與日本業務重組相關的 600 萬美元重組收入。

Net profit was $55 million, reflecting 15% net margin, or $0.49 basic and diluted earnings per share compared to a net profit of $53 million, reflecting $0.48 basic and diluted earnings per share in the second quarter of 2024, which included $2.6 million of net income from our Japan operations reorganization.

淨利潤為5,500 萬美元，反映15% 的淨利潤，即每股基本和稀釋收益0.49 美元，而淨利潤為5,300 萬美元，反映2024 年第二季基本和稀釋每股收益0.48 美元，其中包括260萬美元的淨利潤來自我們日本業務重組的收入。

Moving to balance sheet and future CapEx and cash plan.

轉向資產負債表以及未來的資本支出和現金計劃。

As of the end of September 2024, our balance sheet assets totaled $3.1 billion as compared to $2.9 billion at the end of 2023, primarily comprised of $1.3 billion of fixed assets net of depreciation, predominantly comprised of fab equipment and $1.7 billion of current assets.

截至2024 年9 月底，我們的資產負債表資產總額為31 億美元，而2023 年底為29 億美元，主要包括13 億美元的扣除折舊的固定資產（主要包括晶圓廠設備）和17 億美元的流動資產。

Current asset ratio, reflecting the multiple by which current assets are larger than short-term liabilities is very strong at about 6x and shareholders' equity reached a record of $2.6 billion at the end of September 2024.

流動資產比率（反映流動資產大於短期負債的倍數）非常強勁，約 6 倍，截至 2024 年 9 月底，股東權益達到創紀錄的 26 億美元。

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

我們強大的財務狀況使我們能夠規劃對符合我們企業願景的策略機會進行以下投資。

Approximately $500 million of total aggregate cash has been allocated to make investments in equipment that Tower will own and own in the 12-inch fab in Agrate, Italy, following the previously announced STMicro partnership.

繼先前宣布與 STMicro 建立合作夥伴關係後，Tower 將擁有約 5 億美元的現金總額，用於投資位於義大利阿格拉特 12 英吋晶圓廠的設備。

To date, we have already invested $400 million of this amount and have placed purchase orders for all of the equipment and other CapEx items required.

迄今為止，我們已經投資了其中的 4 億美元，並下達了所有設備和其他所需資本支出項目的採購訂單。

The remaining $100 million are expected to be paid in the coming four quarters.

剩餘的 1 億美元預計將在未來四個季度支付。

In addition, as previously announced, we have committed to invest up to $300 million to acquire equipment and other CapEx items that Tower will own in Intel's New Mexico fab, enabling us to ramp up fab capacity and capabilities for our customers.

此外，正如先前宣布的，我們已承諾投資高達 3 億美元來購買 Tower 將在英特爾新墨西哥工廠擁有的設備和其他資本支出項目，使我們能夠為客戶提高工廠產能和能力。

This $300 million of CapEx is forecasted to be paid in installments until the end of 2026.

這 3 億美元的資本支出預計將分期支付，直至 2026 年底。

Furthermore, as we announced today, we are executing the $350 million investment plan to expand SiPho and SiGe capacity and capabilities for the qualification and ramp-up of these technologies in our 200-millimeter and 300-millimeter fabs to serve our growing customer demand.

此外，正如我們今天宣布的那樣，我們正在執行3.5 億美元的投資計劃，以擴大SiPho 和SiGe 產能和能力，以便在我們的200 毫米和300 毫米晶圓廠中驗證和提升這些技術，以滿足我們不斷增長的客戶需求。

Payments towards this $350 million plan are expected in installments until the end of 2026.

這項 3.5 億美元的計畫預計將分期付款，直至 2026 年底。

I wish to note that all the above investments, including today's announced SiPho and SiGe CapEx investments are within and steps towards achieving our business strategy and financial model as previously presented by the company in November 1 year ago.

我想指出的是，所有上述投資，包括今天宣布的 SiPho 和 SiGe 資本支出投資，都在實現我們公司在一年前 11 月提出的業務戰略和財務模型的範圍內和步驟。

In the model, we outlined a revenue target of $2.66 billion per annum that could be achieved by fully loading our existing facilities and our newly built and to-be-built capacity at the Agrate and New Mexico facility, which could result in $560 million annual operating profit and $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，可以透過滿載我們現有設施以及阿格拉特和新墨西哥工廠新建和即將建設的產能來實現，這可能會帶來 5.6 億美元的年收入營業利潤和年淨利5 億美元。

Now I'd like to turn the call back to the operator.

現在我想將電話轉回給接線生。

(Operator Instructions) Mehdi Hosseini, Susquehanna International Group.

（操作員說明）Mehdi Hosseini，薩斯奎哈納國際集團。

Two follow-ups here.

這裡有兩個後續行動。

I want to go to slide number 6 and better understand revenue and gross profit opportunities, especially with 400 gig and plus.

我想轉到第 6 張投影片，更了解收入和毛利機會，尤其是 400 份以上的演出。

Should we assume that because of the ASP premium, the revenue mix is much higher than the wafer mix?

我們是否應該假設由於平均售價溢價，收入組合遠高於晶圓組合？

And I have a follow-up.

我有一個後續行動。

I'm sorry, I didn't quite understand the question.

抱歉，我不太明白這個問題。

The what mix is higher than the what mix?

什麼組合比什麼組合更高？

On the slide number 6, you have the wafer mix between 400 gig -- less than 400 gig and more than 400 gig.

在第 6 張投影片上，您可以看到 400 gig 之間的晶圓組合——少於 400 gig 和超過 400 gig。

I'm under assumption that for applications above 400, wafer ASP is higher.

我假設對於 400 以上的應用，晶圓 ASP 更高。

And therefore, the same slide but presented with the revenue mix would have a significantly higher mix of higher than 400 gig?

因此，同一張投影片但顯示了收入組合，其組合會明顯高於 400 場演出嗎？

Is that a fair assumption?

這是一個公平的假設嗎？

It's a fair assumption, but I'm not sure that you're seeing the slide properly.

這是一個合理的假設，但我不確定您是否正確地看到了幻燈片。

This is only for active copper cable.

這僅適用於有源銅纜。

The slide is not the overall silicon germanium mix.

這張幻燈片不是整體矽鍺混合物。

So certainly, the SiGe platforms itself that we are using for 800G or a more advanced platform higher Ft and Fmax than we would be doing at a 400 or 100G.

當然，我們用於 800G 的 SiGe 平臺本身或更先進的平台比我們在 400 或 100G 上使用的 Ft 和 Fmax 更高。

For cables, it also ties to an extent, but most of the cables that we're selling are already going for above 400G or as I stated in the script, mainly for 800G.

對於電纜來說，它也有一定程度的聯繫，但我們銷售的大多數電纜已經達到了 400G 以上，或者正如我在腳本中所說，主要是 800G。

So yes, the cables that we're selling are at a very good ASP, but it's because of the higher-end platform.

所以，是的，我們銷售的電纜的平均售價非常高，但這是因為更高端的平台。

But most of what we're doing is for advanced speeds.

但我們所做的大部分工作都是為了提高速度。

Okay.

好的。

All right.

好的。

And then just looking at the overall silicon photonics market.

然後看看整個矽光子市場。

In the past, you have highlighted $80 million revenue opportunity in '24 and doubling to $160 million in '25.

過去，您強調了 24 年收入機會為 8,000 萬美元，並在 25 年翻倍至 1.6 億美元。

It seems like you are tracking above those targets.

看來您正在追蹤這些目標之上。

Can you give us an update here?

您能給我們更新一下嗎？

Yes.

是的。

I don't mean this tongue and cheek, but I think I did.

我不是指這種舌頭和臉頰，但我想我做到了。

Yes, the revenue is expected to hit about $100 million this year.

是的，今年的收入預計將達到 1 億美元左右。

So certainly as -- sorry, as I stated at the beginning, short term, midterm, we're seeing ever-increasing customer demand and for the midterm, ever-increasing customer forecast.

因此，抱歉，正如我在開始時所說的那樣，短期、中期，我們看到客戶需求不斷增加，而中期，客戶預測不斷增加。

So we'll be leaving the year providing we go according to forecast in our ship plan with about $150 million silicon photonics run rate already leaving 2024.

因此，如果我們按照我們的船舶計劃中的預測進行，我們將在今年結束，大約 1.5 億美元的矽光子運行率已經在 2024 年結束。

Without giving anything about the 2025 guidance or targets, one could expect that if I had -- I think I said more than doubling, but that the -- from $80 million to above $160 million, if already Q4 is at a $150 million run rate, then I think it's very safe to say that we're tracking above the forecast we have given a quarter ago.

在不給出任何有關2025 年指導或目標的情況下，人們可以預期，如果我——我想我說的是一倍以上，但是——從8000 萬美元到1.6 億美元以上，如果第四季度已經達到1.5 億美元的運行速度，那麼我認為可以非常肯定地說，我們的追蹤速度高於我們一個季度前給出的預測。

Very good question, though.

不過，這是一個很好的問題。

Thank you.

謝謝。

Cody Acree, The Benchmark Company.

科迪·阿克里，基準公司。

Congrats, guys, on the progress.

恭喜你們，你們取得了進步。

Extremely impressive guidance.

非常令人印象深刻的指導。

Glad to see it.

很高興看到它。

Maybe, Oren, can we just get one clarification.

奧倫，也許我們能得到一個澄清。

You said the $350 million would start when in installment payments and when -- did say '26 or '28 .

您說這 3.5 億美元將在分期付款時開始，而且確實說“26 或 28”。

End of '26.

26 年底。

It will be spread, you may assume pretty linearly between now and the end of 2026.

你可以假設從現在到 2026 年底，它會呈線性傳播。

Great.

偉大的。

I just tailed off a little bit when you were making that comment.

當你發表評論時，我只是稍微停了下來。

Can you maybe talk about the level of revenue that, that $350 million is expected to support if you just add incrementally to your slide, your $2.66 billion, what is the $350 million represent?

您能否談談如果您在幻燈片中逐步添加 26.6 億美元，那麼 3.5 億美元預計將支持的收入水平，這 3.5 億美元代表什麼？

No, that's included in the model.

不，它包含在模型中。

Like I said in my closing remarks, this is within the model and towards achieving the model, we needed to do that investment.

正如我在結束語中所說，這是在模型範圍內的，為了實現該模型，我們需要進行投資。

By the way, also the CapEx is included in that model.

順便說一句，資本支出也包含在該模型中。

So there is no additional depreciation because of that.

因此，沒有額外的折舊。

These are the steps that we needed to do in order to achieve this long-term $2.66 billion.

為了實現 26.6 億美元的長期目標，我們需要採取以下步驟。

So it's in the numbers.

所以它是在數字中。

I think Cody, the big point within it is that the model obviously was reliant upon certain technologies that customers would be needing and wanting that were aligned to road map activities that we have with them and the fact that the investment steps are going and the important part is to say that it's all was foreseen in the model, but it was aligned to long-term road map partnership and that -- in going forward on it shows that what we had expected to happen is truly indeed occurring.

我認為科迪，其中最重要的一點是，該模型顯然依賴於客戶需要和希望的某些技術，這些技術與我們與他們合作的路線圖活動相一致，而且投資步驟正在進行中，重要的是部分是說，這一切都在模型中預見了，但它與長期路線圖夥伴關係保持一致，並且在前進過程中表明我們預期發生的事情確實發生了。

Okay.

好的。

Great.

偉大的。

So just more detail then to the $2.66 billion.

那麼接下來就詳細介紹一下 26.6 億美元。

Maybe if you can talk about the types of agreements that you have with your customers for your SOI capacity.

也許您可以談談您與客戶就 SOI 產能簽訂的協議類型。

Obviously, that's getting ready to ramp and you've got a significant amount of capacity out there to fill.

顯然，這一切已經準備好，並且已經有大量的產能需要填補。

What kind of customer agreements or if not contracts, what kind of assurances do you have that they're going to be there for you to support that capacity?

什麼樣的客戶協議，或者如果不是合同，你有什麼樣的保證，他們會為你支持這種能力？

Within the area of the RFSOI, at present, I don't think there's a single take-or-pay agreement.

目前，在 RFSOI 領域內，我認為不存在單一的照付不議協議。

There are very, very strong relationships and track records that we see customers having performed to.

我們看到客戶已經建立了非常非常牢固的關係和追蹤記錄。

Is there a take-or-pay involved?

是否涉及照付不議？

No.

不。

But I think in many areas, take-or-pays are not a good thing to have.

但我認為在很多領域，照付不議並不是一件好事。

In bad times, trying to hold somebody to buy things that they don't need is not good.

在經濟不景氣的時候，試圖讓人們購買他們不需要的東西是不好的。

But our assurance is really off of seeing how -- I mean you cover many people within the space, the specific front-end module market at this moment is not overly strong.

但我們的保證確實取決於如何——我的意思是，你涵蓋了該領域的許多人，目前特定的前端模組市場並不太強大。

But the fact that we're seeing very big growth.

但事實上我們看到了非常大的成長。

I believe in Q3 over Q3, we had very good double-digit 300-millimeter RFSOI for advanced platforms.

我相信在第三季度，我們為先進平台提供了非常好的兩位數 300 毫米 RFSOI。

Probably if we look at the fourth quarter forecast, versus the fourth quarter a year ago for the 300-millimeter platforms, it will be well above the 50% year-over-year growth.

如果我們看一下 300 毫米平台第四季的預測，與去年第四季相比，它可能會遠高於 50% 的同比增長。

So the point being that customers that we're working with themselves are gaining market share in a market that doesn't have the type of growth that we're seeing.

因此，重點是，我們正在合作的客戶在一個沒有我們所看到的成長類型的市場中獲得了市場份額。

So as long as we're tied with people on multi-generation road map and serve them well, we're quite convinced that they stay with us.

因此，只要我們在多代路線圖上與人們聯繫在一起並為他們提供良好的服務，我們就非常確信他們會留在我們身邊。

In the short to midterm, very difficult to qualify someone else in form fit and function for a front-end module.

在短期到中期，很難讓其他人在前端模組的外形和功能方面合格。

In the long term, the assurance is simply, if we perform well and they perform well in the short to midterm, then we stay together in the long term.

從長遠來看，我們的保證很簡單，如果我們在中短期內表現良好，而他們也表現良好，那麼我們將長期保持在一起。

But the biggest thing is having PDKs that really match the output performance.

但最重要的是擁有真正匹配輸出效能的 PDK。

So customers are more or less guaranteed first-time success.

因此，客戶或多或少可以保證一次性成功。

And to work very closely to go through any issues real time during the initial design protocycle so that they come to market quick and that we both benefit from that.

並密切合作，在初始設計原型週期中即時解決任何問題，以便它們快速進入市場，我們雙方都能從中受益。

Hopefully, that answers the question, Cody.

希望這能回答問題，科迪。

But if you're asking if we have long-term take-or-pay agreements that we do not.

但如果你問我們是否有長期的照付不議協議，我們卻沒有。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then lastly, we've been hearing some grumblings in the market regarding the potential uptake for active copper cables with some changes that are speculated in their NVL 36x2 platform at NVIDIA.

最後，我們在市場上聽到了一些關於有源銅纜的潛在應用的抱怨，其中推測 NVIDIA 的 NVL 36x2 平台會發生一些變化。

Are you seeing any volatility in your wafer activity?

您發現晶圓活動有波動嗎？

Obviously, your you're seeing a lot of strength given what you've been saying today, but just any color might help.

顯然，鑑於您今天所說的內容，您看到了很大的力量，但任何顏色都可能有所幫助。

Very perceptive of you and we have some wafers in line that indeed have been put on hold at a certain level to allow for a mask change.

您非常有洞察力，我們確實有一些排隊的晶圓已在一定程度上被擱置，以允許更換掩模。

What does that entail Russell, as far as your volume output?

就你的產量而言，這對拉塞爾意味著什麼？

I think it's not going to make much difference at all.

我認為這根本不會有太大區別。

It's just a question of keeping wafers at a certain inventory point waiting for a new mask.

這只是將晶圓保留在某個庫存點等待新掩模的問題。

So changes at the mask level would change how the copper cables are going to be deployed?

那麼掩模等級的變化會改變銅纜的部署方式嗎？

Is that the way to think about it?

是這樣思考的嗎？

They'll change the output parameters.

他們將更改輸出參數。

Any other color there, Russell?

還有其他顏色嗎，拉塞爾？

No, I think that's pretty good color, actually.

不，實際上我認為這個顏色非常好。

Richard Shannon, Craig-Hallum Capital Group.

理查德·香農，克雷格-哈勒姆資本集團。

Great results.

很好的結果。

Great to see the RF infrastructure doing so well here.

很高興看到射頻基礎設施在這裡表現得這麼好。

I guess my first question is on the silicon germanium side here, talking about 1.6T. I guess wondering if that's going to be a material contributor, noticeable contributor revenues by the end of next year.

我想我的第一個問題是關於矽鍺方面的，談論1.6T。我想知道到明年年底這是否會成為實質貢獻者、顯著的貢獻者收入。

Is that timing that you expect to be material?

您認為這個時間點很重要嗎？

Or is it still growing from a small base at that point, do you think?

或者您認為當時它仍然是從小基數開始成長的嗎？

I honestly think it will be material.

老實說，我認為這將是物質的。

If you look at analyst reports for 2024 from two years ago, they all really had 100G being 80% of the market where probably 800G is 85%, 90% of the market for this year.

如果你看看兩年前的 2024 年分析師報告，他們確實都認為 100G 佔了 80% 的市場，而今年 800G 可能佔 85%、90% 的市場。

So I think the fact that we have good working samples, of course, the end data center maker, the hyperscaler has to be willing to implement.

因此，我認為我們擁有良好的工作樣本，當然，最終資料中心製造商、超大規模提供者必須願意實施。

But I do think the road map on speed is very, very fast now.

但我確實認為現在的路線圖速度非常非常快。

So yes, I believe it will be a material amount of revenue in the second half of next year and maybe starting in the second quarter.

所以，是的，我相信明年下半年可能會從第二季開始，這將是一筆可觀的收入。

Okay, perfect.

好的，完美。

That's very helpful, Russell.

這非常有幫助，拉塞爾。

Maybe a question for Oren on gross margins here.

也許奧倫有一個關於毛利率的問題。

Just looking at the fall-through quarter-on-quarter.

僅看季度環比下降。

I know it's probably not great to look at it just on that short-term basis here.

我知道僅僅從短期角度來看可能不太好。

But last quarter, you saw a very nice fall-through margin.

但上個季度，你看到了非常好的利潤率下降。

This quarter was a bit less here, 30% -- I calculated about 31% or so.

這個季度有點少，30%——我算了一下，大約是 31% 左右。

Last quarter, you said the benefit was coming from silicon photonics, yet it seems like silicon photonics is doing very well.

上個季度，您說收益來自矽光子學，但看起來矽光子學表現非常好。

So I can't resolve those two that seem to contradict each other.

所以我無法解決這兩個似乎互相矛盾的問題。

Can you help us understand why the big difference here.

您能幫助我們理解為什麼這裡有這麼大的差異嗎？

Yes.

是的。

I think Russell related to that in his remarks, he mentioned that the CIS, the image sensor was not like we expected.

我認為拉塞爾在他的演講中提到了這一點，他提到CIS，影像感測器並不像我們預期的那樣。

And the CIS, as you know, is also high margin like the SiPho.

如您所知，CIS 也像 SiPho 一樣具有高利潤。

So the increase in SiPho which is very nice.

SiPho 的增加非常好。

Impact on margin in Q3 was somehow offset by the image sensors.

第三季對利潤率的影響在某種程度上被影像感測器抵消。

Okay, sorry.

好吧，抱歉。

I didn't mean to interrupt you, Oren.

我不是故意打擾你的，奧倫。

No, no.

不，不。

Okay.

好的。

Russell, maybe looking forward here, trying to help people think about their growth expectations kind of linearity through next year.

拉塞爾，也許會在這裡展望，試圖幫助人們思考他們明年的成長預期是線性的。

I know you probably won't get anything quantitative, but just kind of a framework to think about here.

我知道你可能不會得到任何定量的東西，但只是一個可以在這裡思考的框架。

Generally, your first quarter is seasonally down.

一般來說，第一季會出現季節性下滑。

Wondering if you expect normal seasonality here?

想知道您是否期望這裡有正常的季節性？

And then how do we think about growth going into next year.

然後我們如何看待明年的成長。

I mean the RF infrastructure looks utterly fantastic.

我的意思是射頻基礎設施看起來非常棒。

Tower is doing pretty well, and it sounds like your sensor and image businesses is poised to inflect here.

Tower 的表現相當不錯，聽起來您的感光元件和影像業務即將在這裡發生變化。

And I guess we can all project what RFSOI can do -- or excuse me, in RF mobile, but it seems like a pretty good growth year here.

我想我們都可以預測 RFSOI 在 RF 行動領域可以做什麼，但今年似乎是個相當不錯的成長年。

How would you help us think about these dynamics as we put our models together?

當我們將模型放在一起時，您將如何幫助我們思考這些動態？

So I certainly believe that the infrastructure market served by the SiGe and the SiPho will grow and grow very strong.

因此，我當然相信 SiGe 和 SiPho 所服務的基礎設施市場將會成長並且成長非常強勁。

Oren mentioned that the SiPho realizes very high margins.

Oren 提到 SiPho 實現了非常高的利潤。

It actually comes in substantially higher than the imaging, which is also extremely high margin.

它實際上比成像要高得多，這也是極高的利潤。

So I think as far as the contributions of the SiPho growth, it will be quite substantial and SiGe will continue to grow throughout the year as well from everything that we see and customers are forecasting.

因此，我認為就 SiPho 成長的貢獻而言，這將是相當可觀的，而且從我們所看到的和客戶預測的情況來看，SiGe 也將在全年繼續成長。

On the imaging, we had mentioned earlier that Q1 was a low for us.

在成像方面，我們之前提到過，第一季對我們來說是一個低點。

Q2 is a substantial increase over Q1, and we stated at the Q2 level, but we had expected a very good growth forecasted by our customers, particularly for machine vision in the third and fourth quarter, which did not happen.

第二季比第一季大幅成長，我們在第二季層級說過，但我們原本預期客戶預測會有非常好的成長，特別是第三季和第四季的機器視覺，但這並沒有發生。

I'm not going to give a target or a guidance in the third quarter for 2025.

我不會在 2025 年第三季給出目標或指引。

We'll certainly be giving good color on that when we release the fourth quarter.

當我們發布第四季度時，我們肯定會對此做出很好的說明。

But that being said, for our plans right now, we're not putting into any of our plans, the believed forecasted customer demand increases for the imaging, but our plans would have imaging staying at the same level as they were as they are now as we hit in Q2.

但話雖這麼說，對於我們目前的計劃，我們沒有投入任何計劃，相信預測客戶對成像的需求會增加，但我們的計劃將使成像保持在與現在相同的水平正如我們在第二季度所達到的那樣。

And within our own plans, if imaging comes up at 25% or 50% increase, that would be fantastic, but it's not what we're counting on.

在我們自己的計劃中，如果成像能力提高 25% 或 50%，那就太棒了，但這不是我們所指望的。

On the RFSOI, the market itself has stated is not overly strong.

對於 RFSOI，市場本身表示並不太強勁。

Our customers are gaining market share.

我們的客戶正在贏得市場份額。

We would expect that there will be growth in RFSOI.

我們預計 RFSOI 將會成長。

There will certainly be growth in 300-millimeter versus 300-millimeter. 200-millimeter that we're doing, I'm not sure that, that will be growing.

與 300 毫米相比，300 毫米肯定會有增長。我們正在做的 200 毫米，我不確定，這會增加。

And I don't know how much the overall market will grow next year.

而且我不知道明年整體市場會成長多少。

I expect that we'll have growth, but some of it really depends on the mobile market itself, what's happening in handsets.

我預計我們將會成長，但其中一些實際上取決於行動市場本身，以及手機領域的情況。

And I don't think that 2 of the big players in that market that gave releases recently, we're not overly optimistic about 2025.

我認為該市場中最近發布的兩個主要參與者，我們對 2025 年並沒有過於樂觀。

So the RF mobile market, I think, will outperform the market because serving customers that are gaining market share in addition to other customers.

因此，我認為射頻行動市場的表現將優於市場，因為除了其他客戶之外，它還為那些正在獲得市場份額的客戶提供服務。

And even with some of existing customers, we're gaining additional SKUs and for new capabilities.

即使對於一些現有客戶，我們也正在獲得額外的 SKU 和新功能。

So I'm not sure how much that will grow.

所以我不確定它會成長多少。

I don't know how much color I can give there.

我不知道我能給那裡多少色彩。

And that's one reason that before we give a target for the next year, we really like to be closer to the year as possible.

這就是我們在給出明年目標之前，我們真的希望盡可能接近這一年的原因之一。

And when we release Q4, we'll be within the year.

當我們發布第四季度時，我們將在年內發布。

So I think we'll be able to give good flavor.

所以我認為我們能夠提供良好的味道。

But from what lead suppliers to front-end module are saying right now, it doesn't look like the mobile market is extremely strong in '25 or at least for the first half of it.

但從前端模組主要供應商目前的說法來看，行動市場在 25 年或至少在其上半年似乎並不十分強勁。

In the power market, that's a place that we really do always have opportunity to grow.

在電力市場，我們確實總是有機會成長。

And it's really because whether the market itself is growing or not, we're starting from not a very high market share position.

這其實是因為無論市場本身是否成長，我們的市佔率地位都不是很高。

And the 300-millimeter platforms are strong platforms, growing, getting qualified where we have now free capacity in Albuquerque.

300 毫米平台是強大的平台，正在成長，正在獲得資格，我們現在在阿爾伯克基擁有空閒產能。

So we'd expect to see growth in that in 2025.

因此，我們預計 2025 年這一數字將會成長。

To what extent?

到什麼程度呢？

I'm not sure.

我不知道。

I don't want to say that at this point.

我現在不想這麼說。

But certainly, it's a good business for us where we entered into additional markets that we weren't serving in the past.

但當然，這對我們來說是一筆好生意，我們進入了過去沒有服務過的其他市場。

And I think the easiest way to grow share of market is by increasing your served market, which we've certainly done within the BCD 65-nanometer BCD and potentially going beyond that.

我認為增加市場份額的最簡單方法是增加您所服務的市場，我們在 BCD 65 奈米 BCD 中確實做到了這一點，並且有可能超越這一點。

But I'm not sure if that answered your question well, but it's as much as I think I can say at this point.

但我不確定這是否很好地回答了你的問題，但我想我現在能說的就這麼多了。

That is helpful Russell.

這對拉塞爾很有幫助。

We understand it's early, but your best perspective is always helpful.

我們知道現在還為時過早，但您最好的觀點總是有幫助的。

My final question, I'll jump out of the line here is just looking at the balance sheet and noting there's a very strong cash position and obviously, you've been growing cash and expect to by all measures here going forward here.

我的最後一個問題是，我在這裡跳出來只是看看資產負債表，並注意到現金狀況非常強勁，顯然，你一直在增加現金，並期望通過這裡的所有措施繼續前進。

So I'm wondering what you're thinking about for cash usage going forward here?

所以我想知道您對未來的現金使用有何看法？

And I guess maybe I'll also turn this to more of a strategic thought process with your company, do you see any potential for M&A in any way, either operations or technology or anything to augment certain areas that you have silicon photonics, power, et cetera, to realize that.

我想也許我還會將其更多地轉化為與貴公司的戰略思維過程，您是否認為以任何方式進行併購的潛力，無論是運營還是技術或任何可以增強您擁有矽光子學、電力、等等，認識這一點。

I'll start with the second part of your question, then Oren could talk to the first because I think he ended his portion talking about a lot of cash needs in the company to fulfill this circa $2.7 billion plan.

我將從你問題的第二部分開始，然後奧倫可以談談第一部分，因為我認為他在結束部分時談到了公司需要大量現金來完成這個大約 27 億美元的計劃。

But as far as M&As, we're always truly actively engaged in betting multiple M&As.

但就併購而言，我們始終真正積極參與多項併購。

Now there are a lot of speculations about us going into a foreign country and building a big factory, et cetera, et cetera.

現在有很多關於我們去國外建一個大工廠等等的猜測。

We're engaged all the time at looking at opportunities, some opportunities appear at first swipe to be extremely positive.

我們一直致力於尋找機會，有些機會乍看之下就顯得非常積極。

But always, I think there's an honest risk/reward look that has to be done.

但我始終認為，必須誠實地看待風險/回報。

And as soon as we see things that make sense and are truly accretive to the company, meaning very few capacity acquisitions that you would do.

一旦我們看到有意義且真正對公司有利的事情，這意味著您將很少進行產能收購。

Certainly, no greenfield builds that a person would do, however, cash accretive for the first years, and it takes multiple years to get to net profit positive within any greenfield.

當然，沒有哪個綠地建設是一個人願意做的，但是，在最初的幾年裡現金增值，而且在任何綠地中都需要多年的時間才能實現正淨利潤。

So the conditions of doing one of a greenfield activity, which could make sense in different geographies, has to have certain conditions with either the government or with certain customers or with a partner that would not have our shareholders suffer from the cash loss of the first seven, eight years.

因此，進行一項綠地活動的條件在不同地區都有意義，但必須與政府或某些客戶或合作夥伴達成某些條件，以免我們的股東遭受第一個項目的現金損失。

And that takes a lot of consideration and activities.

這需要大量的考慮和活動。

That's why for such large capacity increases, it's always smarter to take over a going concern than it is to do a greenfield on a pure financial basis.

這就是為什麼對於如此大規模的產能成長，接管一家持續經營的企業總是比在純粹的財務基礎上進行綠地建設更明智。

As far as looking at technology acquisitions, again, we're very engaged in those and to say what we're engaged in right now maybe sets false expectations and to release anything, before one is required to release, which means before it becomes material, it then can come off and look like one was ineffective at closing on a deal, which is not the case.

至於技術收購，我們再次非常關注這些，並且說我們現在正在從事的事情可能會設定錯誤的期望並在需要發布之前發布任何內容，這意味著在它成為實質性內容之前，然後它就會脫落，看起來像是在達成交易方面效率低下，但事實並非如此。

It's very good to always be open and look at deals.

始終保持開放態度並專注於交易是非常好的。

And I would say there's rarely a time when there aren't at least four to eight activities that we're pursuing and engaged in.

我想說，我們幾乎總是在追求和參與至少四到八項活動。

But before closing them, they really have to be something that is accretive to shareholders and is accretive to our road map and hence to our customers or would contain customers that our other products can help grow on top of what you're buying.

但在關閉它們之前，它們確實必須對股東有利，對我們的路線圖有利，從而對我們的客戶有利，或者包含我們的其他產品可以幫助您在購買的產品之上實現增長的客戶。

But that's a long answer, and I apologize that it's so long.

但這是一個很長的答案，我很抱歉這麼長。

It's just -- it's not an easy digital yes or no.

只是——這不是一個簡單的數字“是”或“否”。

It's a lot of qualifications in it.

裡面有很多資質。

But we are actively looking.

但我們正在積極尋找。

We have been actively looking.

我們一直在積極尋找。

We were very close to maybe doing something within the past month that ultimately, we could not come to agreements that would be viable for shareholders and hence, for the company.

在過去的一個月裡，我們非常接近可能做一些事情，但最終我們無法達成對股東和公司都可行的協議。

And I think that no matter how excited one is about something, you must always be grounded in the numbers.

我認為，無論人們對某件事多麼興奮，你都必須始終以數字為基礎。

And if something doesn't pencil, it doesn't pencil.

如果某樣東西不能用鉛筆畫出來，那麼它就不能用鉛筆畫出來。

I appreciate all that detail, Russell as always.

我一如既往地欣賞所有這些細節，拉塞爾。

Congratulations on the great results.

祝賀取得的優異成績。

Nicolas Doyle, Needham.

尼古拉·道爾，李約瑟。

Also a question on ACCs.

還有一個關於ACC的問題。

So you're seeing the short-term and midterm strength in your silicon germanium business enough to invest significantly for new capacity and some of that, not all is related to ACCs.

因此，您看到矽鍺業務的短期和中期實力足以對新產能進行大量投資，其中一些（並非全部與 ACC 相關）。

And I think the answer you gave to Cody earlier was related to this, rack-to-rack or horizontal opportunity.

我認為您之前給科迪的答案與此有關，機架到機架或水平機會。

But I'm assuming the strong demand and the CapEx decisions can go beyond would mean that this demand would go beyond one application at one customer.

但我假設強勁的需求和資本支出決策可以超越意味著這種需求將超越一個客戶的一種應用程式。

So we've heard applications using [NIC to TOR] or a vertical use case and also a newer inner rack use case at higher speeds.

因此，我們聽說過使用 [NIC 到 TOR] 或垂直用例的應用程序，以及速度更快的較新的內部機架用例。

So can you give any color on what the other applications could be?

那麼您能透露一下其他應用程式可能是什麼嗎？

To begin with, the bulk of our silicon germanium is not for ACC, right?

首先，我們的大部分矽鍺不是用於 ACC 的，對吧？

It's for the TIAs and drivers.

它適用於 TIA 和駕駛員。

So that's the bulk.

這就是大部分。

ACC is incremental revenue.

ACC 是增量所得。

Now the lead customers that we have for the optical transceivers itself are also those that are doing the active copper cables.

現在，我們光收發器本身的主要客戶也是那些生產有源銅纜的客戶。

Within that incremental revenue that they have demand for the ACC I cannot exactly say what application they're going after within rack, within the pizza box itself, rack-to-rack many cases, rack-to-rack active copper cable is not sufficient.

在他們對ACC 的需求增加的收入中，我無法確切地說出他們在機架內、披薩盒本身、機架到機架的情況下追求什麼應用，機架到機架的有源銅纜是不夠的。

But I don't think I'm in a position to give real good color as to what our lead customers that are using SiGe at very high volumes for the transceivers and are also now buying SiGe for the ACC.

但我認為我無法對我們的主要客戶提供真正好的信息，他們在收發器中大量使用 SiGe，並且現在也在為 ACC 購買 SiGe。

What is their entire gamut of applications that they're serving with the ACC, I couldn't really state that with tremendous granularity.

他們透過 ACC 提供的全部應用程式是什麼，我無法非常詳細地說明這一點。

Okay.

好的。

Still helpful.

還是有幫助的。

And then the next one, just a basic question on utilization.

然後下一個，只是一個關於利用率的基本問題。

Fab 3 is at 65%, I believe, you mentioned.

你提到過，我相信 Fab 3 的產能利用率為 65%。

And that is, I guess, full SiGe and SiPho capacity with a 20% target increase.

我猜，這就是 SiGe 和 SiPho 產能的全部目標，目標增加 20%。

So just a little explanation on 20 points.

所以我只對 20 點做一些解釋。

Just an explanation on how that is going to happen.

只是解釋一下這將如何發生。

I guess you're taking out certain capacity and refilling it with this SiGe and SiPho demand, and that's contemplated in the $350 million, and that's how you'll increase this utilization?

我想你們正在拿出一定的產能並用 SiGe 和 SiPho 需求來補充它，這在 3.5 億美元中已考慮在內，這就是你們將如何提高利用率的方法？

A very good question.

這是一個很好的問題。

There's bottlenecks that we have.

我們有瓶頸。

There are other mixes that were done in that factory previously.

該工廠之前也做過其他混音。

There's bottleneck specific from having moved from silicon germanium to doing a certain amount of silicon photonics.

從矽鍺轉向一定量的矽光子學，存在特定的瓶頸。

And by adding and qualifying certain processing chambers, you're relieving the bottlenecks, enabled them to move up to use the full photo capacity.

透過新增和限定某些處理室，您可以緩解瓶頸，使它們能夠向上移動以使用全部照片容量。

The Fab, we always present utilization against Max photo capacity of the factory.

對於工廠，我們總是展示工廠最大照片產能的使用率。

Processing tools can gate for a certain flow of the photo capacity what you have in any fab is processing tools that are unique to certain flows that are capped at whatever the volume is, plus some certain percent.

處理工具可以控制特定的照片容量流程，在任何晶圓廠中，您所擁有的處理工具都是特定流程所獨有的，這些流程的上限是無論容量是多少，再加上一定的百分比。

Otherwise, you have tools that are utilized and using fab space ineffectively.

否則，您的工具就會被充分利用，晶圓廠空間的利用效率也會很低。

In this case, as we've moved to having such a demand for the SiGe and the SiPho, we're doing very little in that factory other than SiGe and SiPho to maximize that output, but we've come into bottlenecks on certain steps, which you could maybe say certain niche steps, et cetera or maybe certain deposition steps.

在這種情況下，當我們對 SiGe 和 SiPho 產生這樣的需求時，除了 SiGe 和 SiPho 之外，我們在工廠幾乎沒有做任何事情來最大化產量，但我們在某些​​步驟上遇到了瓶頸，您可能會說某些利基步驟等等，或者可能是某些沉積步驟。

So we've added chambers or adding chambers or repurposing some chambers in order to be specific to the SiGe and SiPho.

因此，我們添加了腔室或添加了腔室或重新調整了一些腔室的用途，以便專門針對 SiGe 和 SiPho。

And hence, relieving the bottlenecks to get closer to the full photo capacity, which, over time, will get to the full photo capacity, which in our model is an 85% operation.

因此，緩解瓶頸以接近完整的照片容量，隨著時間的推移，將達到完整的照片容量，在我們的模型中是 85% 的操作。

So 85% of the full photo allows a fab to still be moving at good cycle times, and that's what our target is.

因此，85% 的完整照片允許晶圓廠仍然以良好的周期時間運行，這就是我們的目標。

We also are using some capabilities in other factories, and that's part of the $350 million to enable further usage of any given factory.

我們還在其他工廠使用一些功能，這是 3.5 億美元的一部分，用於進一步使用任何特定工廠。

We have the ability to be transferring to start doing a deposition early on in the line in one factory.

我們有能力轉移到一家工廠的生產線早期開始進行沉積。

And if that deposition is a deposition that's constrained elsewhere to free up the constraint in the other factory by doing the early deposition in one.

如果該沉積是在其他地方受到限制的沉積，則可以透過在一個工廠進行早期沉積來釋放另一家工廠的限制。

So that's part of the $350 million as well is relieving bottlenecks through optimizing the fleet.

因此，這也是 3.5 億美元的一部分，也是透過優化機隊來緩解瓶頸的。

Sounds like a rather good decision.

聽起來是個相當不錯的決定。

Lisa Thompson, Zacks Small-Cap Research.

麗莎湯普森，札克斯小型股研究公司。

And I want to welcome you back to revenue growth.

我想歡迎您恢復收入成長。

Thank you.

謝謝。

Thank you.

謝謝。

I have one financial question, Oren.

我有一個財務問題，奧倫。

This year, we were supposedly thinking that your tax rate was going to be 15% -- 14% for the year.

今年，我們預計今年的稅率為 15% - 14%。

But unless you pay a really big chunk in Q4 that's not going to happen.

但除非你在第四季支付一大筆錢，否則這種情況是不會發生的。

What do we think about Q4 taxes?

我們對第四季稅收有何看法？

And also, what you're thinking about next year's tax rate given all your varied activity in different countries.

此外，考慮到您在不同國家的各種活動，您對明年的稅率有何看法。

Yes.

是的。

No, there is no any expectation to a big chunk of payment for tax.

不，沒有任何期望支付大筆稅款。

I mean our tax model, first, our tax regime is that the parent company in Israel, that's a 7.5% tax because we are in a what's called in Israel, a preferred zone.

我的意思是我們的稅收模式，首先，我們的稅收制度是以色列的母公司，稅率為 7.5%，因為我們位於以色列所謂的優先區。

Because of the location of the factory.

因為工廠的位置。

So this is a preferred tax rate of only 7.5%.

所以這是一個只有7.5%的優惠稅率。

In US, it's 21%; in Japan, it's 30%.

在美國，這一比例為21%；在日本，這個比例是30%。

In Italy, it's 24%, but I wouldn't expect because of those headwinds that Russell even spoke about in previous calls, headwinds that we will start to have when we will start to operate Agrate.

在義大利，這個比例是 24%，但我沒想到，因為 Russell 在之前的電話會議中甚至談到了這些不利因素，當我們開始經營 Agrate 時，我們就會開始遇到這些不利因素。

So we expect not to have profits in Agrate in the coming quarter for sure and in the coming year also.

因此，我們預計 Agrate 在下一季和來年肯定不會獲利。

So we will not pay those 24%.

所以我們不會付那 24%。

And so we are left with the 7.5% in the parent company, 21% in US, and 30% in Japan.

這樣我們就剩下7.5%在母公司，21%在美國，30%在日本。

As you can see in our financials, we're very efficient, I believe, modestly that our average tax rate is usually 10% and between 8% to 14% depends on the quarter, depends on which region is the income.

正如你在我們的財務數據中看到的，我們非常高效，我相信，我們的平均稅率通常為 10%，8% 到 14% 之間取決於季度，取決於收入來自哪個地區。

So we manage it and succeed to have it at around 10% usually.

所以我們對其進行管理，通常成功地將其控制在 10% 左右。

For this year, there was a onetime in Q1 that we had a tax benefit from a settlement that we reached with respect to one audit that we had, which was very successful results.

今年，在第一季度，我們曾因一次審計達成的和解而獲得了稅收優惠，這是非常成功的結果。

So we had a onetime benefit in Q1 '24, which was a onetime Q2 and Q3 tax rate are already, as you see, reasonable.

因此，我們在 24 年第一季獲得了一次性福利，第二季和第三季的稅率已經如您所見，合理。

For example, this quarter was about 12%.

例如，本季約為 12%。

The previous quarter was about 10%.

上一季約為 10%。

So that's exactly what I said.

這正是我所說的。

So bottom line, if you just exclude Q1, which has a onetime benefit, we are at the 10% to 12%, and I think it's good to model that 10%, 12%, 14% for the coming year.

因此，底線是，如果你只排除第一季（它具有一次性收益），我們的成長率為 10% 到 12%，我認為為來年建模 10%、12%、14% 是很好的。

Very reasonable.

非常合理。

This concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back to Mr. Russell Ellwanger for his closing remarks.

現在我將請拉塞爾·埃爾萬格先生致閉幕詞。

Thank you, and thank, everyone, for participating.

謝謝你們，也謝謝大家的參與。

I thank all of the analysts for really a very good group of questions.

我感謝所有分析師提出了非常好的問題。

To conclude today's call, 2024 has been and promises to end as a strong performance year for the company, both in our financials and in extreme strategic customer activities, securing the future.

最後，在今天的電話會議上，2024 年對於公司來說已經是並且有望成為業績強勁的一年，無論是在我們的財務方面還是在極端的戰略客戶活動方面，都確保了未來。

We are confident to continue to execute on the exciting growth opportunities before us.

我們有信心繼續抓住擺在我們面前的令人興奮的成長機會。

Our unique capabilities in silicon photonics and silicon germanium paired with deep first-year customer collaboration, enable us to maintain leadership as a trusted foundry partner.

我們在矽光子和矽鍺方面的獨特能力，加上第一年與客戶的深入合作，使我們能夠保持作為值得信賴的代工合作夥伴的領先地位。

As the demand for higher data speeds intensifies, our innovations and investments are setting a strong foundation for future expansion, especially in advanced RF and power management segments.

隨著對更高數據速度的需求不斷增加，我們的創新和投資為未來的擴張奠定了堅實的基礎，特別是在先進的射頻和電源管理領域。

Our strong balance sheet puts us in a position to act quickly on a variety of accretive investments, be it capacity or capability CapEx or partnerships.

我們強大的資產負債表使我們能夠對各種增值投資迅速採取行動，無論是產能、能力資本支出或合作夥伴關係。

We're excited about our future and remain committed to driving exceptional value for our stakeholders.

我們對未來感到興奮，並繼續致力於為利害關係人創造非凡價值。

Moving into the holiday season.

進入假期季節。

We wish everyone peace, happiness and security.

我們祝福每個人平安、幸福、安全。

We thank our employees worldwide for their continual capability-based and passioned efforts and our customers worldwide for their faith in us in placing their success in a partnership with us.

我們感謝世界各地的員工持續不斷的基於能力和熱情的努力，感謝世界各地的客戶對我們的信任，將他們的成功寄託在與我們的合作夥伴關係上。

Thank you all very much.

非常感謝大家。

On January 14 and 15, 2025, we'll will participate at the 27th Annual Needham Growth Conference in New York.

2025 年 1 月 14 日至 15 日，我們將參加在紐約舉行的第 27 屆尼達姆成長年會。

It will be our pleasure to meet you at this conference.

我們很高興在這次會議上見到您。

Again, thank you for your support and for joining us today.

再次感謝您的支持以及今天加入我們。

That does conclude our conference for today.

我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now all disconnect.

你們現在可以斷開連結了。

Thank you.

謝謝。