高塔半導體 (TSEM) 2024 Q4 法說會逐字稿

Welcome to Tower Financial Resource conference call for the 4th quarter and fiscal year of 2024.

歡迎參加 Tower Financial Resource 2024 年第四季及財年電話會議。

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，本次電話會議中做出的一些陳述可能是前瞻性的，並且受不確定性和風險因素的影響，可能導致實際結果與當前預期的結果不同。

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. They are also available on our website. Tower assumes no obligation to update any such forward-looking statements.

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進行了充分揭露。它們也可以在我們的網站上找到。Tower 不承擔更新任何此類前瞻性聲明的義務。

Please note that the 4th quarter and fiscal year of 2024 financial results have been prepared in accordance with US GAAP. The financial tables and data in today's earning release and in this earnings call also includes certain adjusted financial information that may be considered non-gap.

請注意，2024 年第 4 季和財年的財務業績是根據美國 GAAP 編製的。今天的收益報告和本次收益電話會議中的財務表和數據還包括某些可能被視為非差距的調整後財務資訊。

Financial measures under Regulation G and related reporting requirement is established with the Securities and Exchange Commission. The financial table includes a full explanation of these measures and the reconciliation of these non-gap measures to the get financial measures.

美國證券交易委員會制定了 G 條例下的財務措施和相關報告要求。財務表包括對這些措施的完整解釋以及這些非差距措施與獲得財務措施的協調。

We have a supporting slide deck that compliments today's conference call. The presentation is accessible on our company's website and is also integrated into today's webcast for your convenience. Now I'd like to turn the call to our CEO, Mr. Russell Ellwanger, Russell, please go ahead.

我們有一個支援幻燈片來補充今天的電話會議。該演示文稿可在我們公司的網站上訪問，並且還整合到今天的網路廣播中以方便您觀看。現在我想把電話轉給我們的執行長 Russell Ellwanger 先生，Russell，請繼續。

Hello everyone, thank you for joining our call today.

大家好，感謝您今天參加我們的電話會議。

During today's call, we'll provide our financial highlights for the 4th quarter and the fiscal year of 2024, reviewing strategic developments of the year.

在今天的電話會議中，我們將提供第四季和 2024 財年的財務亮點，回顧今年的策略發展。

And outlining our vision for the future, including steps we are taking to ensure sustained growth, now having entered into 2025.

並概述了我們對未來的願景，包括我們為確保持續成長而採取的措施，目前已進入2025年。

Please find the 2024 financial details in the supporting slide deck.

請在支援幻燈片中查看 2024 年的財務詳情。

At the onset and looking back at 2024, I take this opportunity to express gratitude to our employees for their dedication and hard work, to our customers and supplier partners for their collaboration.

在2024年開始，回顧2024年，我藉此機會感謝員工的奉獻和辛勤工作，感謝我們的客戶和供應商合作夥伴的合作。

And to our shareholders for their continued trust and support.

並感謝股東們一直以來的信任與支持。

Together we have built a strong company enabling us to capitalize on the great opportunities that lie before us.

我們共同建立了一家強大的公司，使我們能夠抓住擺在我們面前的巨大機會。

We concluded 2024 with an annual revenue of $1.44 billion a net profit of $208 million and fourth quarter revenue of $387 million representing a year Q1 to Q4 revenue growth of 18% and fourth quarter to 4th quarter, year over year growth of 10%.

截至 2024 年，我們的年營收為 14.4 億美元，淨利潤為 2.08 億美元，第四季營收為 3.87 億美元，這意味著第一季至第四季的營收年增 18%，第四季至第四季的營收年增 10%。

We guide the first quarter of 2025 to the midpoint of [$358 million](corrected by company after the call) plus minus 5%.

我們預計 2025 年第一季的業績將達到 [3.58 億美元] 的中點（電話會議後公司進行了修正）加減 5%。

Which midpoint represents about 10% first quarter, year over year growth.

其中點代表第一季年增約 10%。

We target year over year growth for the for 2025 with sequential quarter over quarter revenue increases within the year.

我們的目標是到 2025 年實現同比增長，年內收入將逐季增加。

With an acceleration in the second half of the year, as our capacity and investment continue to progress through customer qualifications with the ensuing production shipments.

隨著我們的產能和投資繼續透過客戶認證和隨後的生產出貨而取得進展，下半年這一進程將加速。

We will now present the 2024 revenue breakdown for major technology platforms and the expected trends for 2025.

我們現在將展示主要技術平台的 2024 年收入細分以及 2025 年的預期趨勢。

Later in the call, we will provide summaries of the technical advancements achieved in 2024 which continue at this time in order to not just maintain but to grow these specific market shares. The revenue breakdown by technology and by end market application is shown in slides 5 and 6 respectively.

在稍後的電話會議中，我們將總結 2024 年的技術進步，這些進步將持續下去，不僅是為了維持，而且是為了擴大這些特定的市場份額。幻燈片 5 和 6 分別顯示了按技術和終端市場應用劃分的收入細分。

RF infrastructure revenue was about $241 million or 17% of our corporate revenue in 2024.

射頻基礎設施收入約為 2.41 億美元，占我們 2024 年公司收入的 17%。

In 2025 we target strong growth in the RF infrastructure revenue, quite significant, as this is on top of a near doubling in 2024 over 2023.

我們的目標是 2025 年射頻基礎設施收入實現強勁增長，這一增長相當可觀，因為 2024 年的收入將比 2023 年增長近一倍。

With a more than tripling of SiPho revenues in 2024 to $105 million for that year.

2024 年 SiPho 的營收將成長兩倍多，達到 1.05 億美元。

RF Mobile revenue was approximately $418 million 29% of our corporate revenue in 2024.

RF Mobile 的營收約為 4.18 億美元，占我們 2024 年公司營收的 29%。

After achieving strong growth in the segment in 2024 over 2023, we anticipate some decrease in RF mobile in 2025.

在 2024 年該領域較 2023 年強勁成長之後，我們預計 2025 年 RF 行動領域將有所下降。

And as a result in the present Android market as forecasted by our customers.

因此，正如我們的客戶所預測的那樣，目前的 Android 市場也是如此。

However, within this context, we target growth in our more advanced 300 millimetres platforms, signifying market share wins for us and our customers, promising continued growth as the market recovers.

然而，在這種背景下，我們的目標是在更先進的 300 毫米平台上實現成長，這意味著我們和我們的客戶將贏得市場份額，並有望在市場復甦時繼續成長。

Power management and discrete revenue was about $426 million or 36% of our corporate revenue in 2024, broken down evenly between IC and discrete revenues.

到 2024 年，電源管理和分立元件收入約為 4.26 億美元，占公司收入的 36%，其中 IC 收入和分立元件收入平均分配。

Based on the current customer forecast, we target growth for the power management business unit in 2025.

根據目前客戶的預測，我們的目標是在 2025 年實現電源管理業務部門的成長。

With the highest growth for advanced 300 millimetre platforms.

其中先進的300毫米平台成長最快。

Due to the impact of having discontinued Feb one, larger margin, I'm sorry, lower margin, Legacy 150 millimeter activities, discrete business is expected to decrease in 2025, verse 2024.

由於 2 月 1 日停止生產的影響，利潤率較大，對不起，是利潤率較低，Legacy 150 毫米活動，預計 2025 年離散業務將比 2024 年下降。

Sensor and display revenue was about $221 million or 15% of our corporate revenue in 2024.

到 2024 年，感測器和顯示器收入約為 2.21 億美元，占公司收入的 15%。

Based on the current customer forecast, we target 2025 moderate growth for this business unit.

根據目前客戶的預測，我們預計該業務部門到 2025 年將實現適度成長。

Mixed signal and CMOS revenue was about $105 million or 7% of corporate revenue in 2024, targeted with moderate growth in 2025.

2024 年混合訊號和 CMOS 收入約為 1.05 億美元，占公司收入的 7%，目標是 2025 年實現適度成長。

Now we'll provide additional color for a major business platforms.

現在我們將為主要的商業平台提供額外的色彩。

RS infrastructure. Our infrastructure was our fastest growing segment in 2024, riding on the mega trend of scale up and scale out of cloud computing and AI clusters.

RS基礎設施。借助雲端運算和人工智慧叢集規模擴大和縮小的巨大趨勢，我們的基礎設施是 2024 年成長最快的領域。

Even before the announcement of the Stargate program by the US President last month, several hyper scalers had committed to significant investments, driving strong demand for electronic and optical components that require advanced silicon germanium and silicon photonics techno technology.

甚至在美國總統上個月宣布星際之門計畫之前，一些超大規模企業已經承諾進行大量投資，推動了對需要先進矽鍺和矽光子技術的電子和光學元件的強勁需求。

To that effect, our silicon germanium platform has seen rapid growth throughout 2024 and is forecasted to continue so in 2025.

為此，我們的矽鍺平台在 2024 年實現了快速成長，預計 2025 年仍將持續成長。

We take pride in being the founder of choice, the leaders in this industry, building components such as CDRs, drivers, and TIAs for optical transceivers and pluggable.

我們很自豪能夠成為首選的創始人和該行業的領導者，為光收發器和可插拔器件構建 CDR、驅動器和 TIA 等組件。

And re-timers for active cables.

以及有源電纜的重定時器。

While we have recently received a reduced forecast for active copper cables, silicon germanium components, we have at the same time received upside orders for silicon germanium optical transceiver components, and as such we see continued growth in silicon germanium without interruption.

雖然我們最近收到了有源銅纜、矽鍺組件的預測下調，但同時我們收到了矽鍺光收發器組件的上行訂單，因此我們看到矽鍺的持續增長不會中斷。

To support all customer growth in 2025 and beyond, we are bringing up our high demand silicon germanium platform in both our San Antonio and Migdal Haemek factories, while adding incremental tooling to Newport Beach factory as part of our announced $350 million investment in capacity. In addition, we have released 300 millimeter sillimaninium PDKs in our Wozo Japan factory. And have a lead customer already in product design. 300 millimeter tools will add additional silicon germanium capacity at larger wafer form factors.

為了支持 2025 年及以後所有客戶的成長，我們將在聖安東尼奧和米格達勒埃梅克工廠推出高需求的矽鍺平台，同時在紐波特海灘工廠增加增量工具，這是我們宣布的 3.5 億美元產能投資的一部分。此外，我們已在日本 Wozo 工廠發布了 300 毫米 sillimaninium PDK。並且在產品設計方面已經擁有領先客戶。 300 毫米工具將在更大的晶圓尺寸下增加額外的矽鍺容量。

Our silicon Photonics platform continues to gain strong market share at 400g to 800g and is now in volume production at 1.6T. We're working closely with our partners, including 6 out of TOP10 leading optical transceiver module makers in the world, of which the TOP2, mainly in the light and coherent, press released or multi-generation co-development partnerships.

我們的矽光平台在400克至800克的市佔率持續成長，目前已達到1.6T的量產。我們與合作夥伴緊密合作，其中包括全球前十大光收發模組製造商中的六家，其中排名前二的製造商，主要在光和相干領域開展新聞稿或多代聯合開發合作。

We highly value these customer partnerships, yielding continuous world-leading, best in class technological advancements.

我們高度重視這些客戶合作關係，並持續取得世界領先、一流的技術進步。

To support the strong growth, we are bringing up our SiPho platform in our San Antonio factory, and I've also released a full PDK for a 300 millimeter loo factory.

為了支持強勁成長，我們在聖安東尼奧工廠推出了 SiPho 平台，我還為 300 毫米廁所工廠發布了完整的 PDK。

300 millimeter enables our SiPho customers to more easily address the future potential needs of CPO architecture that combine advanced SiPho technology with 2.5D integration of optical and electrical components.

300 毫米使我們的 SiPho 客戶能夠更輕鬆地滿足 CPO 架構未來的潛在需求，該架構將先進的 SiPho 技術與光學和電氣元件的 2.5D 整合相結合。

The added capacities mentioned for SiGe and the SiPho are in various stages of customer qualification.

提到的 SiGe 和 SiPho 的新增容量處於客戶認證的不同階段。

With expected shipments and result in high value incremental revenues in Q3 and Q4 of this year.

預計今年第三季和第四季的出貨量將帶來高價值的增量收入。

Finally, we continue to work with our customers to bring to market next generation 400 gigabit per lane technology targeting the upcoming 3.2T standard. To note, we have already demonstrated with a lead customer bandwidths consistent with the 400 gigabit per lane speed requirements needed for the 3.2 standard.

最後，我們將繼續與客戶合作，向市場推出即將推出的 3.2T 標準的下一代每通道 400 千兆位元技術。值得注意的是，我們已經向主要客戶展示了符合 3.2 標準所需的每通道 400 千兆位元速度要求的頻寬。

We see further application of our leading SiGe and the SiPho technologies outside of the optical transceiver markets. For example, we announced our partnership with Renaissance in the emerging SATcom market where phased array ICs for terrestrial disk antennas built using SiGe technology promised strong growth with the proliferation of satellite-based internet services.

我們看到我們領先的 SiGe 和 SiPho 技術在光收發器市場之外的進一步應用。例如，我們宣布與 Renaissance 在新興的衛星通訊市場建立合作關係，隨著衛星互聯網服務的普及，使用 SiGe 技術構建的地面圓盤天線相控陣 IC 有望實現強勁增長。

With CIO, we are working with several customers in emerging areas of automotive, LIDAR, photonic space, ergometers, and photonic quantum computing.

透過 CIO，我們正在與汽車、雷射雷達、光子空間、測力計和光子量子運算等新興領域的多家客戶合作。

In our RF mobile market, despite some headwinds with weaker customer forecasts in 25 verse 24, particularly for Android-based devices, we see a strong positive trend towards higher end 300 millimeter RF SOI technologies which not only offer improved performance to address higher performance markets but also dye shrinkage, allowing both tower and the customer to maximize margin.

在我們的射頻行動市場中，儘管存在一些不利因素，例如 25 至 24 年客戶預測較弱，特別是對於基於 Android 的設備，但我們看到高端 300 毫米射頻 SOI 技術呈現強勁的積極趨勢，該技術不僅提供改進的性能以滿足更高性能的市場需求，而且還能減少染料收縮，從而使塔和客戶都能最大化利潤。

In addition to existing markets, we continue to invest in new technologies such as the triple play process announced with Broadcom for Wi-Fi 7, which offers industry leading integration of a power amplifier, low noise amplifier, and switch onto the same die.

除了現有市場外，我們還繼續投資新技術，例如與博通共同宣布的 Wi-Fi 7 三重播放流程，該流程在同一晶片上提供業界領先的功率放大器、低雜訊放大器和開關整合。

In the single die form factor to support high-end Wi-Fi functionality, hence a much smaller footprint than previously possible.

採用單晶片外形尺寸來支援高階 Wi-Fi 功能，因此佔用空間比以前小得多。

Looking at our power management business during 2024, we executed the transfer of flagship Advanced 65 manometer BCD platform to Albuquerque to take advantage of the large capacity available to us as part of the previously announced agreement with Intel.

展望 2024 年的電源管理業務，我們將旗艦 Advanced 65 壓力計 BCD 平台轉移到阿爾伯克基，以利用我們先前與英特爾達成的協議所提供的大容量。

In the 4th quarter, we delivered successful prototypes to elites to lead customers and based on the success, have received our first production PO, a major milestone achieved ahead of plan.

在第四季度，我們向精英客戶交付了成功的原型，並基於這一成功，收到了我們的第一個生產訂單，這是一個提前規劃的重要里程碑。

We have extreme customer interest in these flows well beyond what could be supplied in Mozu, Japan.

客戶對這些流體的興趣非常濃厚，遠遠超出了日本百舌鳥的供應能力。

Additionally, in Q4, we announced the release of our next generation 300 millimeter power management platform, which promises as much as 60% lower conduction losses first prior platforms critical for power management ICs used within lithium ion battery operator products such as smartphones, tablets, wearables, a large and growing market presently at about $6 billion.

此外，在第四季度，我們宣布推出下一代 300 毫米電源管理平台，該平台預計將傳導損耗降低 60%，該平台對於智慧型手機、平板電腦、可穿戴設備等鋰離子電池操作產品中使用的電源管理 IC 至關重要，目前市場規模約為 60 億美元，並且還在不斷增長。

Turning to sensors and displays, there are several trends shaping this market.

談到感測器和顯示器，有幾個趨勢正在塑造這個市場。

That have given and continue to give impetus to our priorities and investments among which Industrial senses are transitioning to 300 millimeter platforms enabling denser logic, smaller form factors, and higher resolution pixels.

這已經並將繼續推動我們的優先事項和投資，其中工業感官正在向 300 毫米平台過渡，從而實現更密集的邏輯、更小的外形尺寸和更高解析度的像素。

We demonstrated 100 megapixel and 300 megapixel, high-speed global shutter stack sensors with 2.47 micron charged domain pixels.

我們展示了具有 2.47 微米帶電域像素的 1 億像素和 3 億像素高速全域快門堆疊感測器。

Medical and dental sensors, some 200 millimeter CMOSs products are shifting to lower cost exo platforms.

醫療和牙科感測器、一些 200 毫米 CMOS 產品正在轉向成本更低的 exo 平台。

Whilst high performance applications, mammography and extra dental X-ray drive demand for 200 and 300 millimeter stitch CMOSs.

而高性能應用、乳房X光檢查和額外的牙科X光則推動了對 200 和 300 毫米針腳 CMOS 的需求。

Hence, our development activities in medical and dental are focused on next generation CD detectors.

因此，我們在醫療和牙科領域的開發活動集中在下一代 CD 探測器上。

200 millime extraoral X-ray and 300 millimeter X-ray, including having released a 300 millimeter more cost effective layer reduced lean flow PDK enabling our customers to battle on price as well as with performance.

200 毫米口外 X 射線和 300 毫米 X 射線，包括已發布的 300 毫米更具成本效益的層減少精益流量 PDK，使我們的客戶能夠在價格和性能上展開競爭。

OIED on silicon is a significant large incremental business growth opportunity.

矽片上的 OIED 是重要的大型增量業務成長機會。

For CMOS backplane for high resolution micro-OlED displays, known as OlED silicon for AR, VR, and XR applications.

用於高解析度微型 OlED 顯示器的 CMOS 背板，稱為用於 AR、VR 和 XR 應用的 OlED 矽。

Our expertise.

我們的專業知識。

And long performance history in large format images position us as a leader.

我們在大尺寸影像領域的悠久表現歷史使我們處於領先地位。

First OLED on silicon prototypes are targeted to ship the second half of this year, featuring unique ultra-low leakage transistors combined with high k capacitors.

首批矽基 OLED 原型機預計將於今年下半年出貨，其特點是獨特的超低洩漏電晶體與高 k 電容器相結合。

Looking at utilization.

查看利用率。

We are strategically repurposing certain capacities across multiple fads to further enhance our SiGe and SiPho capabilities.

我們正在策略性地重新利用多個時尚領域的某些能力，以進一步增強我們的 SiGe 和 SiPho 能力。

While this may result in lower overall utilization rate in the near term, there's a crucial step towards aligning our production with the evolving needs of our customers. By focusing on these advanced process technologies, we are positioning the company for sustainable long-term growth, ensuring we meet increasing demands.

雖然這可能會導致短期內整體利用率下降，但這是使我們的生產與客戶不斷變化的需求保持一致的關鍵一步。透過專注於這些先進的製程技術，我們正在為公司的可持續長期成長做好準備，確保滿足日益增長的需求。

This initiative optimizes our production portfolio and underscores our commitment to innovation and fast execution to maintain market leadership in a rapidly evolving industry.

這項舉措優化了我們的生產組合，並強調了我們對創新和快速執行的承諾，以在快速發展的行業中保持市場領先地位。

In the 4th quarter, Fab 1 operated at 70% utilization with all activities now fully consolidated into Feb 2.

第四季度，Fab 1 的營運利用率為 70%，所有活動現已完全合併至 2 月 2 日。

Feb 2 and Feb 9, where we are driving SiGe and SiPho capabilities activities, operate at approximately 55% utilization.

2 月 2 日和 2 月 9 日，我們正在推動 SiGe 和 SiPho 能力活動，使用率約為 55%。

Feb 3 was at 70% utilization, Feb 5 at 60%, and Feb 7, 300 millimeter at 90% founder utilization.

2 月 3 日利用率為 70%，2 月 5 日使用率為 60%，2 月 7 日 300 毫米利用率為 90%。

With the highest process layers to date.

擁有迄今為止最高的工藝層。

Non-CapEx projects are ongoing in Feb 7 to maximize shipments.

2 月 7 日正在進行非資本支出項目，以最大限度地提高出貨量。

From [Fabic] changes and with the agreement with NTCJ utilizing some of their capacity.

從[Fabic]的變化以及與NTCJ達成的利用其部分產能的協議來看。

To summarize, in 2024, we've shown our commitment to innovation, excellence and growth.

總而言之，2024 年，我們展現了對創新、卓越和成長的承諾。

We've made significant progress and built a strong foundation for the future.

我們取得了重大進展，為未來奠定了堅實的基礎。

Looking ahead, our investments and focused efforts are already delivering positive results.

展望未來，我們的投資和專注的努力已經取得了積極的成果。

Positioning us to target year over year growth with sequential quarter over quarter growth in the year. We're actively engaged in seizing new opportunities to grow our share markets and provide continued leadership.

我們將目標定位為實現同比增長和年度環比增長。我們正積極抓住新機遇，擴大我們的股票市場並繼續保持領導地位。

Thank you for your continued trust and support. We look forward to sharing with you our achievements throughout what will be an exceptional year ahead. With that, turn the call to our CFO, Oren Shirazi . Oren.

感謝您一直以來的信任與支持。我們期待在未來非凡的一年裡與您分享我們所取得的成就。接下來，請轉至我們的財務長 Oren Shirazi。奧倫。

Hello, everyone.

大家好。

Earlier today, we released our financial results for the 4th quarter and for the full year and also released our balance sheets. For the 4th quarter of 2024, we reported revenue of $387 million a 10% increase over the same quarter of the previous year, thereby achieving the target we provided one year ago, demonstrating quarter over quarter revenue growth for each quarter in 2024 against the previous 2024 quarter.

今天早些時候，我們發布了第四季度和全年的財務業績，並發布了資產負債表。2024 年第四季度，我們的收入為 3.87 億美元，比去年同期增長 10%，從而實現了我們一年前設定的目標，並且與上一季度相比，2024 年每個季度的收入均實現了環比增長。

This resulted in an 18% revenue increase from Q1 24 to Q4 24. For Q125, we got $358 million dollar revenue plus minus 5%, which represents 10% year over year revenue increase.

這使得 2024 年第一季至 2024 年第四季的營收成長了 18%。2025 年第一季度，我們的營收為 3.58 億美元，年增 5%，即年增 10%。

Gross profit for the fourth quarter of 24 was $87 million higher as compared to $84 million in the fourth quarter of the prior year.

24 第四季毛利為 8,700 萬美元，較去年同期的 8,400 萬美元高出。

Despite being impacted by the headwinds resulting from added fixed cost and depreciation that the company took on for the first time following the commencement of operations in the Agra twelve-inch fed facility.

儘管受到阿格拉十二吋紙廠開始營運後公司首次承擔的固定成本和折舊增加所帶來的不利因素的影響。

That the company and SD Marco share in Italy.

該公司與 SD Marco 在義大利合資。

Operating profit for the fourth quarter of 24 was $46 million compared to $45 million in the fourth quarter of the prior year.

24 第四季的營業利潤為 4,600 萬美元，而去年同期第四季的營業利潤為 4,500 萬美元。

Net profit for the fourth quarter of 24 was $55 million or $0.49 basic undiluted earnings per share.

24 第四季淨利為 5,500 萬美元，即每股基本未稀釋收益 0.49 美元。

Net profit for the fourth quarter of the preview was $54 million or $0.49. Basic and $0.48 diluted earnings per share.

預覽第四季淨利為5,400萬美元，即每股基本收益0.49美元，每股攤薄收益0.48美元。

For the full year, 2024, revenue was $1.44 billion dollar.

2024 年全年營收為 14.4 億美元。

Gross profit was $339 million operating profit was $191 million and net profit was $208 million or $1.87.

毛利為 3.39 億美元，營業利潤為 1.91 億美元，淨利為 2.08 億美元，即 1.87 美元。

Basic.

基本的。

And $1.85 diluted earnings per share.

每股攤薄收益 1.85 美元。

Tax expenses are recorded in our (P&L) for full year 24 and for the fourth quarter of 24, where at a low all in tax rate of 5% and 4% respectively.

稅金記錄在我們的 24 年全年和 24 年第四季的損益表中，其中綜合稅率分別為 5% 和 4%。

Much lower than our long term financial model, mainly due to tax benefits recorded during 24 following a statute of limitations expiration and other tax-related benefits which impacted 2024.

遠低於我們的長期財務模型，主要是由於在訴訟時效到期後的 24 天內記錄的稅收優惠以及影響 2024 年的其他稅收相關優惠。

However, please note that for the long term model planning needs, one should continue to assume 15% will be our only ineffective tax rate as previously communicated.

但是，請注意，對於長期模型規劃需求，應該繼續假設 15% 將是我們唯一無效的稅率，如前所述。

For the full year 2023, revenue was $1.42 billion dollar, gross profit was $354 million and operating profit was $547 million. This high operating profit included $314 million net from the Intel merger.

2023 年全年營收為 14.2 億美元，毛利為 3.54 億美元，營業利潤為 5.47 億美元。這筆高額營業利潤包括來自英特爾合併的 3.14 億美元淨利。

Contract termination.

合約終止。

And $33 million of net restructuring income from the reorganization and restructure of our Japan operations.

以及來自日本業務重組改組產生的 3,300 萬美元淨重組收入。

Net profit for the full year 2023 was $518 million or $4.70 basic and $4.66 diluted an per shares and included $290 million net income from Intel due to the merger contract termination and the $11 million dollar net of restructuring.

2023 年全年淨利潤為 5.18 億美元，即每股基本利潤 4.70 美元，每股攤薄利潤 4.66 美元，其中包括因終止合併合約而從英特爾獲得的 2.9 億美元淨收入和 1,100 萬美元的重組淨收入。

Moving to the balance sheet and future CapEx and cash plans, as of the end of December 2024, our balance sheet assets totaled $3.1 billion dollar as compared to $2.9 billion dollar at the end of 203.

至於資產負債表和未來的資本支出和現金計劃，截至 2024 年 12 月底，我們的資產負債表資產總額為 31 億美元，而 203 年底為 29 億美元。

Primarily comprised of $1.3 billion dollar in fixed assets net of depreciation, predominantly comprised of heavy equipment, and $1.8 billion dollar of current assets.

主要包括扣除折舊後的 13 億美元固定資產（主要包括重型設備）和 18 億美元的流動資產。

The current assets ratio, reflecting the multipleer by which current assets are larger and then the short term liabilities is very strong at about 6 X.

流動資產比率反映的是流動資產與短期負債的乘數，該比率非常高，約 6 倍。

Additionally, shareholders' equity reached a record of $2.64 billion at the end of December 2024.

此外，截至 2024 年 12 月底，股東權益達到創紀錄的 26.4 億美元。

A strong financial position enables us to plan the following investments in strategic opportunities that support our corporate vision.

強大的財務狀況使我們能夠規劃以下支持我們企業願景的策略機會投資。

One, we have committed to invest up to $300 million to acquire equipment and other CapEx that tower we own in Intel's new Mexico Feb facility, enabling us to ramp up Feb capacity and capabilities for our customers.

首先，我們承諾投資高達 3 億美元來購買英特爾位於墨西哥新墨西哥州的 Feb 工廠的設備和其他資本支出，使我們能夠為客戶提高 Feb 的產能和能力。

About 15% of this amount has already been paid.

其中約 15% 已支付。

And the remaining 85% of these CapEx amounts are forecasted to be paid in instalments during the upcoming two years.

預計剩餘 85% 的資本支出將在未來兩年內分期支付。

In addition, $500 million of total cash has been allocated to make investments in equipment that tower is to own in the 12-inch feb in Agra, Italy following the previously announced SD Micro partnership. To date, we have already invested 80% of this amount, placed purchased orders for all the equipment and other capexs required, and the remaining amounts are expected to be paid in the upcoming year.

此外，繼先前宣布與 SD Micro 建立合作夥伴關係後，已撥款 5 億美元用於投資該塔將在義大利阿格拉的 12 英寸工廠所擁有的設備。到目前為止，我們已經投資了其中的80%，並訂購了所有設備和其他所需的資本支出，剩餘的金額預計將在來年支付。

In addition, we are executing a $350 million investment plan to expand and 5G capacity and capabilities for the qualification and ramp up of those technologies in our eight-inch and 12-inch facilities in Israel, Texas, and Japan to serve our growing customer demand.

此外，我們正在執行一項 3.5 億美元的投資計劃，以擴大 5G 容量和能力，以便在以色列、德克薩斯和日本的 8 英寸和 12 英寸工廠中對這些技術進行認證和提升，以滿足不斷增長的客戶需求。

Payments towards this CapEx investment plan are expected to be made in installments during the upcoming 2 years.

預計此資本支出投資計畫的款項將在未來兩年內分期支付。

Lastly, I want to know that all above investments, including the SiPho and SiGe CapEx investments are included in the business strategy and financial model previously presented by the company.

最後，我想知道上述所有投資，包括 SiPho 和 SiGe CapEx 投資是否都包含在公司之前提出的業務策略和財務模型中。

And are required steps to achieve it. In this model, we outlined a revenue target of $2.66 billion per annum that could be achieved by fully loading our existing facilities, including the above mentioned Saho and 5G CapEx investments, and our newly built and to be built capacity at The Agra and New Mexico facilities, which revenue level could result in $560 million of annual operating profit and $500 million of annual net profit.

並列出實現該目標所需的步驟。在這個模型中，我們概述了每年 26.6 億美元的收入目標，透過充分利用我們現有的設施（包括上述 Saho 和 5G 資本支出投資，以及我們在阿格拉和新墨西哥州設施的新建和待建容量）可以實現這一收入水平，該收入水平可帶來 5.6 億美元的年營業利潤和 5 億美元的年淨利潤。

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

現在我想把電話轉回接線生。

Thank you, dear participants. As a reminder, if you wish to ask a question, (Operator Instructions)

謝謝各位親愛的參與者。提醒一下，如果你想提問，（操作員指示）

Cody Grant Acree, Benchmark company LLC.

Cody Grant Acree，Benchmark company LLC。

Thank you guys for taking my questions and congrats on the progress.

謝謝你們回答我的問題並祝賀你們的進展。

Excuse me. Maybe if we could start Russell with your thoughts about the mobile market, your comments there, if you can maybe help to size your expectation. For contraction, and then, just you mentioned Android, you didn't specifically talk about, your Apple customers and just comments recently from Skyworks that they'd lost about 25% of their dollar content. I wonder if that had any impact or that was factored into your thinking as well.

打擾一下。也許我們可以先讓 Russell 談談您對行動市場的看法和評論，看看您是否能幫助我們評估一下您的預期。對於收縮，然後，你剛剛提到了 Android，你並沒有具體談論你的蘋果客戶，只是 Skyworks 最近評論說他們損失了大約 25% 的美元內容。我想知道這是否產生了影響或是否也考慮了你的想法。

No, specifically, for what we believe that we're supplying Into Apple, we don't see any reduction. As far as. Serving into Android, predominantly.

不，具體來說，對於我們認為向蘋果供應的產品，我們沒有看到任何減少。據，直到...為止。主要服務於 Android。

We have customers that are serving multiple markets within Asia, and their forecasts are down. It's not wildly down and as stated, we have. Within a 300 millimeter portion of it.

我們的客戶服務於亞洲的多個市場，他們的預測有所下降。它並沒有大幅下降，正如我們所說的。在其 300 毫米範圍內。

We do see growth this year. for high-end activities, what we see is some of the 200 millime having been reduced.

我們今年確實看到了成長。對於高端活動，我們看到 2 億中的一些已經減少了。

If you're asking for to what degree it would be reduced. I don't like giving a yearly guidance, but it's not overly substantial. It would be somewhere probably in the upper [10s] that I would say we would have a reduction in the RF mobile business.

如果你問的是減少到什麼程度。我不喜歡給出年度指導，但這並不是太實質。我認為我們的射頻行動業務可能會減少 10% 左右。

All right, thank you for that, Russell, and then maybe or if you could talk about the incremental, margin, just the contraction that you saw this quarter, if you can maybe help to frame how much of that was the grote ramp and then what is that impact for the rest of the year.

好的，謝謝你，Russell，然後也許或者如果你可以談談增量、利潤率，只是你本季度看到的收縮，如果你可以幫助確定其中有多少是 Grote 坡道造成的，那麼這對今年剩餘時間有什麼影響。

Yeah, thank you.

是的，謝謝。

For the rest of the year we don't expect any additional headwinds because like we explained previously from this new baseline that we presented in Q4 24, we expect the incremental model to work according to the past with the 50% incremental margin.

對於今年剩餘時間，我們預計不會出現任何額外的阻力，因為就像我們之前從 24 年第四季提出的新基準所解釋的那樣，我們預計增量模型將按照過去的方式以 50% 的增量利潤率運行。

Because all the headwinds were already included in this report. If you ask how much, so you see that if you compare Q4 24 to Q3 24, you see an increase of $16 million in the revenue, which by the 50% incremental model should have resulted in an additional $8 million dollar gross margin. However, there is a 6. So the difference between plus $8.06 most of that is attributed to the headlines.

因為所有不利因素都已經包含在本報告中了。如果你問有多少，那麼你會發現，如果將 24 年第四季與 24 年第三季進行比較，你會發現收入增加了 1600 萬美元，按照 50% 的增量模型，這應該會帶來額外的 800 萬美元毛利。但是，有一個 6。因此，加上 8.06 美元之間的差額大部分歸因於頭條新聞。

All right, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Mehdi Hosseini, Susquehanna International Group

海納國際集團 Mehdi Hosseini

This is Bastian, filling in for Mehdi Hosseini. Hi, so Russell and Lauren, thank you for taking my question. The guide of Q1 of $358 million implies revenue, down.

這是巴斯蒂安，取代邁赫迪·胡賽尼。嗨，Russell 和 Lauren，謝謝你們回答我的問題。第一季的指導值為 3.58 億美元，這意味著收入下降。

A single digit sequentially, which is in line with seasonality but still growing year on year. I would assume that your RF infrastructure grows above seasonality while discrete business should be impacted by discontinuation of the Feb1.

環比增長個位數，符合季節性，但仍同比增長。我認為您的 RF 基礎設施的成長會超出季節性，而離散業務應該會受到 Feb1 停產的影響。

Could you elaborate on which segment do you expect to be above or below seasonality? And my follow up is you started the production ramp on the 1.6 terabyte at several lead customers. Could you give us an update on the timing of revenue and when should we expect material contribution to revenue? Is it still on track for material contribution in the second half of 25?

您能否詳細說明您預計哪個部分的季節性高於或低於季節性？我的後續情況是，您已開始在幾家主要客戶處提高 1.6 TB 的生產能力。您能否向我們介紹收入的時間安排以及何時可以預期收入的實質貢獻？25年下半年是否還能繼續維持實質貢獻？

Thank you.

謝謝。

It's already a reasonable amount of revenue in in the fourth quarter. I don't have at this point.

第四季的收入已經相當合理了。我目前還沒有。

A strong visibility in the specific POs that will be receiving 2nd, 3rd quarter for second half shipments, so I can't really predict what the mix will be. I have a much greater granularity on overall forecast.

對於下半年出貨量，第 2 季和第 3 季將收到的特定採購訂單具有很強的可見性，因此我無法真正預測其組合情況。我對整體預測有更詳細的了解。

As far as your first question on what segments are stronger seasonally than the Q4 to Q1 seasonality.

就您的第一個問題而言，哪些細分市場的季節性比第四季至第一季的季節性更強。

Certainly If we were to look at it, you would have the SiGe and SiPho

當然，如果我們看一下，你就會有 SiGe 和 SiPho

And Yeah, I would say also the mixed signal and the power as far as the entirety of them, they're staying about at the same CIS is actually a little bit stronger.

是的，我想說的是，混合訊號和功率就它們的整體而言，它們保持在相同的 CIS 上，實際上會更強一些。

Where we're seeing the biggest seasonality is within the mobile.

我們發現最大的季節性是在移動領域。

.

。

Very helpful, thanks.

非常有幫助，謝謝。

Richard Shannon, Craig Hallam Capital Group LLC

理查德·香農，Craig Hallam Capital Group LLC

Hey Richard.

嘿，理查德。

Russell hi how are you?

拉塞爾，你好嗎？

Excellent thank you thanks for let me ask a couple questions here maybe on kind of RF infrastructure, I guess probably a multi-part question here.

非常好，謝謝，讓我在這裡問幾個問題，也許是關於射頻基礎設施的問題，我想這可能是一個多部分的問題。

Want to try to maybe pin you down isn't the right terminology. Get a little bit more specificity on your thought process for growth in the infrastructure business this year, as one proxy, one of your customers, talked about this last week here about seeing what seems like an acceleration in their data center related business.

想要嘗試也許將你束縛住並不是正確的術語。請更具體地說明您對今年基礎設施業務成長的思考過程，因為一位代理人，也就是您的一位客戶，上週在這裡談到了這一點，他看到他們的資料中心相關業務似乎在加速發展。

I know it doesn't have a complete overlap with you, but I think since you're a supplier to them, it makes a, it seems like a good proxy. So maybe if you can kind of talk about what you're seeing. Growth this year anywhere near what you saw last year was obviously very strong and then maybe as a follow on to that specifically you talked about silica batonics in the context of share gains when you get to 400 and 800 SiGe maybe you should just provide more specificity on that please.

我知道它與你並不完全重疊，但我認為，既然你是他們的供應商，它似乎是一個很好的代理商。所以也許你可以談談你所看到的。今年的成長與去年相比明顯非常強勁，然後也許作為後續，您特別談到了矽基晶體管在達到 400 和 800 SiGe 時的份額增長，也許您應該就此提供更具體的信息。

I don't think I said share gains in 400 and 800 SiGe , in general, there's certainly. a share gain in that.

我認為我並沒有說 400 和 800 SiGe 的份額會增加，總的來說，那肯定是有份額增加的。

SiPho really didn't exist very strong at all at 100 SiGe. So if you were to look at 400 and 800, that's where SiPho first came into the play. And it was put in there, although there's, some back feet at 100 gige as well.

SiPho 在 100 SiGe 時確實根本不存在很強的強度。因此，如果你看一下 400 和 800，這就是 SiPho 首次登場的地方。它被放在那裡，儘管那裡也有一些 100 千兆的後腳。

I suppose a corollary there is that FIFO has equal benefits for 100 gige as it does at 400 and 800, meaning the ability to have very high scale by not having to have discrete indium phosphide.

我認為推論是，FIFO 對於 100 千兆位元和 400 千兆位元和 800 千兆位元具有同等的好處，這意味著無需使用離散的磷化銦就能實現非常高的規模。

Components versus having a SiPho component with germanium and silicon, but. The fact that not until 400 and 800 did SiPho really come into the market, that's why you would say that. If you were to say share of optical transceivers, obviously it only started to grow at that level.

但是，組件與具有鍺和矽的 SiPho 組件相比。事實上直到 400 和 800 SiPho 才真正進入市場，這就是你會這麼說的原因。如果你要說光收發器的份額，顯然它只是在那個水平上才開始增長。

There was some thoughts and, internal playing around that if, for example, Large learning model software would be driving.

有一些想法和內部實驗，例如，如果大型學習模型軟體能夠推動的話。

A step back in data center speeds which I don't believe, but if it did, probably SiPho now that it's proven, would have big growth in 100 gige as well. So I don't. But if I understood your question specifically, SiPho really only started to gain market at 400, but as well it came into and backfilled into 100, but the biggest use of it is 400 and 800 and then going into 1.60.

我不相信資料中心速度會倒退，但如果確實如此，那麼 SiPho 可能（現在已經證明了這一點）在 100 千兆上也會有大幅成長。所以我不這麼認為。但如果我具體理解你的問題的話，SiPho 實際上只是在 400 時才開始獲得市場，但它也進入並回填到 100，但它最大的用途是 400 和 800，然後進入 1.60。

But it's not intrinsic that it has no benefit at 100, has the same benefits there as well. I don't know if that answered your question, Richard, but.

但這並不意味著它在 100 時沒有任何好處，它在那裡也有同樣的好處。我不知道這是否回答了你的問題，理查德，但是。

I'll follow up on that. I clearly made some incorrect, notes, when I heard that. So let me follow up on that one. Let me touch on, RF mobile here. Obviously delineated the dynamic here between the apple or iOS and Android ecosystem.

我會跟進此事。當我聽到這個消息時，我顯然做了一些錯誤的記錄。那麼讓我繼續討論這個問題。讓我在這裡談談 RF 移動。顯然，這裡描述了蘋果或 iOS 與 Android 生態系統之間的動態。

Maybe you can also delineate it, in terms of wafer size here. Sounds like we're going to see a fairly strong shift, particularly with the [Agrate] capacity coming online this year. How do we see your exit rate of this RFSOI capacity, towards 300 when you exit this year?

也許您也可以根據這裡的晶圓尺寸來描述它。聽起來我們將會看到一個相當強勁的轉變，特別是今年 [Agrate] 產能上線之後。我們如何看待你們今年退出 RFSOI 產能的退出率，預計為 300？

When I exit 2025.

當我離開 2025 年。

Yes please.

是的。

Let me look at the numbers so I don't give you any wrong information. If we look at the RFSOI. 300 and 200. There was probably. 2/5 of it was 200 in 2024, 3/5 of it plus minus was 300. And if we were to look at our Forecast for. 2025 it's probably more on the order of 4/5 and 1/5.

讓我看一下這些數字，這樣我就不會給你任何錯誤的資訊。如果我們看一下 RFSOI.300 和 200。可能有。 2024 年的 2/5 是 200，3/5 加上減就是 300。如果我們看一下 2025 年的預測，那麼這個數字可能會更接近 4/5 和 1/5。

Okay, that is helpful to think about that.

好的，思考這一點很有幫助。

Last question for, Oren. Orrin, if you could help us out, think about your depreciation load here. Obviously had to step up in the 4th quarter. I expect we'll see some more here going throughout the year. How do we think about the depreciation number for the year and all.

最後一個問題，奧倫。奧林，如果你能幫助我們，請考慮一下你的折舊負擔。顯然必須在第四節加大力度。我預計全年我們會看到更多這樣的情況。我們如何看待全年的折舊數字。

Just to clarify, what I just gave you was revenue breakdown. It wasn't wafer units, right?

只是為了澄清一下，我剛才給你的是收入明細。這不是晶圓片吧？

Okay, all right, thanks for that clarification.

好的，好的，謝謝你的澄清。

Or in depreciation. How do we think about that for the year as well as the exit rate, particularly as we add in from both grata and New Mexico?

或者貶值。我們如何看待今年的情況以及退出率，特別是當我們將格拉塔和新墨西哥州的情況都算進去的時候？

Oh, okay. In New Mexico, you should not expect any depreciation this year because we are just qualifying the factory. We, like I mentioned, we only so far invested 15% of the $300 million. So obviously if we only paid for 15%, only part of the 15% will have been arrived. And installed and qualified and start depreciation, so it will not be at all this year.

哦好的。在新墨西哥州，今年不應該出現任何貶值，因為我們只是在對工廠進行資格審查。正如我所提到的，我們目前只投資了 3 億美元中的 15%。因此，顯然如果我們只支付 15%，那麼只有 15% 的一部分會到達。而且安裝合格後就開始折舊，所以今年根本不會。

Agra, it's already baked in into Q4 depreciation number and so you can see, I mean, we have a disclosure of depreciation is actually you can also learn it from the reports which total depreciation is about, including the amortization of RSUs and everything is $65 million a quarter.

阿格拉，它已經計入第四季度的折舊數字中，所以你可以看到，我的意思是，我們有一個折舊的披露，實際上你也可以從報告中了解到總折舊是多少，包括 RSU 的攤銷和所有費用，每季度為 6500 萬美元。

So it's, but it's already in the number. So whatever Q4 will continue.

確實如此，但是它已經在數字中了。因此，無論第四季度如何，都將繼續下去。

This 65 will continue. Okay, fair enough. That is all from me. I'll jump on the line, guys.

這65將繼續下去。好的，很公平。我要說的就這些。夥計們，我要加入這個隊伍了。

Thank you.

謝謝。

Lisa Thompson, Zacks Small-Cap

Lisa Thompson，Zacks Small-Cap

Hi, good morning. My question is about your, expectations for revenue growth this year. You said to expect it sequentially. Do you expect it to do similar or better than the 18% from Q1 to Q4?

嗨，早安。我的問題是關於您對今年收入成長的預期。您說要按順序期待它。您預計其表現會與第一季至第四季的 18% 相似或更好嗎？

Yeah, we didn't guide for the exact revenue from Q1 to Q4. We said three things. We said that we target the yield to be higher than 2024, and we target sequential revenue growth, and we target that H2 will be strong.

是的，我們沒有預測第一季到第四季的具體收入。我們說了三件事。我們表示，我們的目標是收益率高於 2024 年，我們的目標是營收持續成長，我們的目標是下半年表現強勁。

So stronger, but we cannot talk about specific numbers for Q4.

因此更加強勁，但我們無法談論第四季度的具體數字。

Okay and.

好的。

And in the second half you said revenues would be helped by added capacity. Can you just list maybe in order of what capacity is coming online that's going to be the biggest contribution to revenues?

您說過，下半年增加產能將有助於增加收入。您能否依序列出即將上線的、對收入貢獻最大的產能？

I think it's mainly the SiPho and SiGe, capacity also [Agra] capacity.

我認為主要是 SiPho 和 SiGe 的產能還有 [Agra] 的產能。

But mostly the 5.5 SiGe from the $350 million dollar plan, not that everything will be qualified and installed this year, but that's main driver.

但主要是 3.5 億美元計劃中的 5.5 SiGe，並不是說所有東西都會在今年得到認證和安裝，但這是主要驅動力。

Okay, great, thank you, that's my only question.

好的，太好了，謝謝，這是我唯一的問題。

Matthew Bryson, Wedbush

馬修布萊森，韋德布希

Yeah, I have a couple questions if that's okay. First one is, I think heading into Q4, you said you thought you'd be able to get to roughly $150 million dollar run rate on your silicon photonics. Business and previously I think you targeted doubling that business in total in 2025. I did you hit that target? I guess is that assumption still valid for the silk and Photonics business?

是的，如果可以的話我有幾個問題。首先，我認為進入第四季度，您說過您認為您的矽光子學的運行率能夠達到約 1.5 億美元。業務，我認為您之前的目標是到 2025 年將業務總量翻倍。你達到目標了嗎？我猜這個假設對於絲綢和光子學業務仍然有效嗎？

Yes, we At least hit the $150 million annualized run rate on Q4, so that was definitely the case.

是的，我們至少在第四季度達到了 1.5 億美元的年化運行率，所以情況確實如此。

What we said that we targeted wasn't a doubling against the Q4 run rate. We had targeted a doubling of the 2024 revenue. Right, so it's not that we targeted at any given point a $300 million dollar SiPho 2025, but understood.

我們所說的目標並不是讓第四季的運行率翻倍。我們的目標是到 2024 年收入翻倍。是的，所以我們並不是在任何時候都將 3 億美元的 SiPho 2025 作為目標，但可以理解。

But yes, that was statements that we made and that's still within our targets absolutely, but yes, we did achieve or exceed the 150 run rate.

但是的，這是我們所做的聲明，而且這絕對仍然在我們的目標之內，但是是的，我們確實達到或超過了 150 的運行率。

That that's great to hear. And then, just, you were talking about [igy] for active cables being down a little bit in in 2025, there, there's been some conjecture that you know as there's a shift to optics, that there may be. Less demand for active copper cables it is there anything fundamental going on like that, or do you think it's just inventories or something, with your specific customers, I guess longer term how do we think about that business?

聽到這個消息真是太好了。然後，剛才您談到 2025 年有源電纜的 [igy] 會略有下降，有人猜測，隨著向光學的轉變，這種情況可能會發生。對有源銅纜的需求減少，是否存在類似根本性因素，或者您認為這只是庫存或其他原因，對於您的特定客戶，我想從長遠來看我們如何看待這項業務？

I think in the very short term, it was stated in the Macom financial release that Nvidia's change from a 2 by 36 to 1 by 72 had an impact on the ACC.

我認為在短期內，Macom 財務報告中指出，Nvidia 從 2 x 36 變為 1 x 72 會對 ACC 產生影響。

Although I believe that.

雖然我相信這一點。

There's many other needs and drives of ACC for the architecture, so I don't think that active copper cable and active optical cable for that matter, is going to reduce in the long term. I think it'll grow, but there was, reductions in forecasts, at least, and this is, I'm not speaking out of turn. It was in the Macom release, related to that change of architecture.

ACC 對架構還有許多其他需求和驅動力，因此我認為有源銅纜和有源光纜從長遠來看不會減少。我認為它會成長，但至少預測有所減少，而且，我並沒有說錯話。它出現在 Macom 版本中，與架構的變化有關。

Awesome, and my last one, Russell is just, you talked to a couple different places where you're seeing, some shift from 200 millimeter to 300 millimeter, wafers. I mean, how do we think about that, impacting your model? Is there, I'm assuming you get some step up in ASP, but there's, some required step up investment or is that production already there and so the net's just an improvement in ASP.

太棒了，我的最後一個問題，Russell，你剛才談到了幾個不同的地方，你看到有些晶圓從 200 毫米轉變為 300 毫米。我的意思是，我們如何看待它，它如何影響你的模型？我假設您在 ASP 方面取得了一些進步，但需要進行一些升級投資，或者生產已經存在，因此網路只是 ASP 的改進。

I think it's within the model that Oren has spoken with you about in in the meetings that you've had with other of our finance, certainly the 300 millimeter has a higher selling price, but it also has a higher substrate price.

我認為，在 Oren 與您在與我們其他財務部門的會議中討論過的模型中，300 毫米的售價當然更高，但基板價格也更高。

So the margin impact is very similar, the revenue impact is a bit higher.

因此，利潤率的影響非常相似，但收入的影響略高一些。

But the big thing is that at 300 millimeter at this point we're having greater integration of more advanced components such as the LNAs, which in and of itself then can drive higher incremental margin, but those are only within the models that we've given when we get the $2.7 billion model, and we did forecast within the next year that the bulk of everything we're doing with RFSOI specifically would be a 300 millimeter.

但最重要的是，目前在 300 毫米技術上，我們對更先進的組件（如 LNA）進行了更深入的集成，這本身就可以帶來更高的增量利潤，但這些只是在我們獲得 27 億美元模型時給出的模型範圍內，我們確實預測在明年，我們使用 RFSOI 所做的大部分工作都將是在 300 毫米技術上。

Awesome, and I guess last one for me is just on the RF side of things, you talked about, your expectations, related to the downtick in in Android.

太棒了，我想最後一個問題與你談到的 RF 方面有關，你的期望與 Android 的下滑有關。

Contribution just want to clarify when you were saying kind of teams down or I think it was high [10s] down was that the entire RF piece or just the Android piece and then also when you're looking at that business is that more inventory right sizing is it more customer base? Is it something that's changed structurally, in that business TRY just trying to figure out how to model it.

貢獻只是想澄清一下，當您說團隊數量下降或我認為下降幅度高達 [10%] 時，是指整個 RF 部分還是僅僅是 Android 部分，然後當您查看該業務時，是不是有更多的庫存、合適的規模，是不是有更多的客戶群？這是否是某種結構性變化，在該業務中嘗試只是試圖弄清楚如何對其進行建模。

Beyond the next few quarters.

超越未來幾季。

It's really an excellent question.

這確實是一個很好的問題。

The We really do serve leading customers into the Android market, specifically into Asia. When there's a good year, Fortunately within that year customers build greater inventory. Because they never want to be short and the minute that they're short to.

我們確實為 Android 市場（尤其是亞洲）的領先客戶提供服務。當遇到好年景時，幸運的是，在那一年內客戶會建立更多的庫存。因為他們從來不想變得矮小，而且他們也不想變得矮小。

A lead. Phone maker, they open the door to be losing market share. So, and then you have the knee jerk reaction that if demand goes down for this or that reason. The impact in the short term is a big correction with our customer. So, I believe that there's weakness within Android, in Asia, specifically in China.

一條線索。手機製造商，他們打開了失去市場份額的大門。因此，如果需求因為這樣或那樣的原因而下降，你就會產生下意識的反應。短期內的影響是對我們客戶的重大調整。所以，我認為 Android 在亞洲，特別是在中國，有弱點。

But within that, I think it's not necessarily that the market is as is as far down as far as what The Leading makers are selling, I think it's that it is down, but the inventory of our customers is more than is needed for the short term.

但在此範圍內，我認為市場並不一定像主要製造商的銷售情況那樣低迷，我認為市場確實在下降，但我們客戶的庫存超過了短期所需的量。

The expectation. Internally is that it will recover within this year, but that I honestly cannot forecast. I can only state where we're sitting now with customers and that's you know the very honestly answer of where we sit so the.

期望。內部認為它將在今年內恢復，但老實說我無法預測。我只能說明我們現在與客戶的關係，這就是我們所處位置的非常誠實的答案。

What we're doing with mobile itself is down about, upper 10s this year by our forecast, but. I speak specifically with our lead customers on a very regular basis. And that's their present forecast. They don't want to. Give us numbers that they cannot meet, but the general belief and consensus is that numbers can be substantially better.

根據我們的預測，今年我們在行動領域所做的工作將下降 10% 左右，但是。我經常與我們的主要客戶進行專門的交談。這就是他們目前的預測。他們不想。給我們一些他們無法達到的數字，但普遍的看法和共識是，數字可以大大改善。

Awesome I really appreciate the call. Oh thank you very much. Very good question.

太棒了，我真的很感謝你的來電。噢，非常感謝。非常好的問題。

Thank you.

謝謝。

Cody Grant Acree, Benchmark company LLC.

Cody Grant Acree，Benchmark company LLC。

Yeah, thanks guys for taking my follow ups. Maybe Russell, if I can just get a quick clarification there on mobile and then I'll get another one. The mobile.

是的，謝謝大家關注我的後續問題。也許是 Russell，如果我能在手機上快速澄清，然後我會再得到另一個。智慧型手機.

You said, Cody, it broke up a little bit. Just.

你說，科迪，它有點破碎了。只是。

Just a quick clarification on your statements on mobile, into the high 10s, is that just your Android piece or your Android plus your iOS piece?

我只是想簡單澄清一下您關於行動裝置的聲明，說到 10 多億，那隻是您的 Android 部分，還是您的 Android 加上您的 iOS 部分？

And that's everything. I don't have it broken down right in front of me, but that's everything that we serve.

這就是全部了。我沒有把它分解到我面前，但這就是我們提供的一切。

Okay, and then, any help with your comments about first half to second half acceleration, any way to help wait the year?

好的，那麼，您對上半年到下半年加速的評論有什麼幫助嗎？有什麼方法可以幫助等待這一年？

Yeah, more highly weighted in the second half.

是的，下半年的權重更高。

Just joking, Cody.

只是開個玩笑，科迪。

Yeah, I think. The Q1 reasonable quarter year over year, certainly. Meeting slightly above expectations whatever, but, in Q2 we said, quarter over quarter growth, but then we expect. Very notable, measurable growth in the 3rd and 4th quarters.

是的，我認為。第一季與去年同期相比確實合理。無論如何，會議結果略高於預期，但在第二季度，我們說過，季度環比增長，但我們預計。第三季和第四季的成長非常顯著、可衡量。

As Orin had stated, we don't really want to give a long term guidance at this point. As far as revenue increase.

正如奧林所說，我們現在並不想給予長期指導。就收入增加而言。

When we went into 2024, you were in that, the same call a year ago and I was asked if I expected year over year growth, and I said I would be highly disappointed if we didn't, and last year was a very tough year, but, and that was off of a Q1 that was not so robust.

當我們進入 2024 年時，您也和一年前一樣，當時有人問我是否預計會實現同比增長，我說如果沒有實現，我會非常失望，去年是非常艱難的一年，但是，這是基於不太強勁的第一季度。

And we did have the year over year growth. If you were to ask me about year over year growth this year, I certainly expect year over year growth and market year over year growth, if it's not, clearly a reasonable amount of number that's adding to the revenue this year would be more than disappointed. So the second half should be very strong, how strong, it's not going to be.

我們確實實現了逐年成長。如果您問我今年的同比增長情況，我當然期望同比增長和市場同比增長，如果不是，那麼顯然今年增加收入的合理數字會令人失望。所以下半年應該會非常強勁，至於有多強勁，那就不得而知了。

Breaking this orbit, but it'll be, market increases against the first quarter for sure and.

打破這個軌道，但市場肯定會相對於第一季有所成長。

Something that I think we'll all be proud of to be able to report.

我認為我們都會為能夠報道這件事而感到自豪。

Very good, very helpful. And then maybe for [Oren], if you could just talk about your OpEx expectations, especially as we go into the first half of spending, but, any comments on the full year would be helpful as well.

非常好，非常有幫助。然後也許對於 [Oren]，如果您可以談談您的營運支出預期，特別是在我們進入上半年支出時，但是，對全年的任何評論也會有所幫助。

No, I would expect the baseline of OpEx as was released in Q4 to stay flat during the year it's fixed cost.

不，我預計第四季度發布的營運支出基準在全年固定成本中將保持穩定。

And Agrata is already baked in the numbers, so we don't expect increase.

而且 Agrata 已經包含了數據，所以我們預計不會再增加。

Any, seasonal increases?

有季節性成長嗎？

No, it's fixed cost, so they are pretty much linear over the year.

不，這是固定成本，因此它們在一年內幾乎是線性的。

So no pay raises, that's what.

所以沒有加薪，就是這樣。

I'm hearing.

我聽見了。

2 employees.

2名員工。

Should be if there will be, there should be offset by cost efficiencies, right?

如果有的話，應該可以透過成本效率來抵消，對嗎？

Okay, excellent.

好的，非常好。

Richard Shannon, Craig Hallum Capital Group LLC.

理查德·香農，Craig Hallum Capital Group LLC。

Great, thanks for taking my follow up here it's in the a power bucket here.

太好了，感謝您接受我的跟進，它在這裡是一個強大的桶。

Russell, if I took good notes here, and clearly I haven't in parts in other parts of the call here, but I think you said you were targeting growth in the power management business. Does this include both the power IC and discrete that you've previously talked about separately, or is it just in the power IC bucket? I'm not sure what the terminology means here.

拉塞爾，如果我在這裡做了很好的筆記，顯然我在電話會議的其他部分沒有做筆記，但我認為你說過你的目標是電源管理業務的成長。這是否包括您之前分別討論過的電源 IC 和分立元件，還是僅包括電源 IC？我不確定這裡的術語是什麼意思。

No, I said that the discrete business would be down year over year and the power I see itself will be up year over year, that's our target.

不，我說離散業務會逐年下降，而我看到的電源業務會逐年上升，這就是我們的目標。

Okay, and then we.

好的，那我們。

Power discrete would be.

功率分立元件將是。

Okay, and if we put those together collectively?

好的，如果我們把它們放在一起呢？

Should be up.

應該上升。

Should be up okay.

應該可以了。

Fair enough. That's all for me.

很公平。對我來說就這些了。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Thank you.

謝謝。

There are no further questions for today. I would not like to hand the conference over to your speaker Russell Ellwanger for any closing remarks.

今天沒有其他問題了。我不想將會議交給發言人 Russell Ellwanger 來做任何結束語。

Yes, thank you for your interest.

是的，感謝您的關注。

Thank you for the good questions. Enjoyed them. It really is a very exciting time and we're, I think.

謝謝你們提出的好問題。很喜歡它們。我認為，這確實是一個非常令人興奮的時刻。

Performing very well to market needs and market changes. So, much has happened, so much news just recently impacting data center, impacting, Potential data center architectures.

很好地滿足了市場需求和市場變化。所以，最近發生了很多事情，很多新聞影響資料中心，影響潛在的資料中心架構。

In general Where we're at and what we're doing within the infrastructure space is leading edge with very key customers we expect that'll maintain being.

總體而言，我們在基礎設施領域所處的位置和所做的工作對於關鍵客戶而言都是領先的，我們預計這種領先地位將持續下去。

A very strong market for us. With really Multiple generation activities going on with the leaders to maintain leadership there. We backfill that with very strong power management activities that will continue to grow. Very strong demand.

對我們來說這是一個非常強大的市場。領導者確實在進行多代活動以保持其領導地位。我們透過非常強大的電源管理活動來填補這一空白，並且這些活動將繼續增長。需求非常強烈。

Now being qualified and further generation developments in a very high capacity factory in Albuquerque, New Mexico. And then we have other Base technologies that continue to provide good margin revenues such as the CIS, not necessarily huge growth engines, but also not necessarily something that's requiring a lot of resources.

目前，該公司正在新墨西哥州阿爾伯克基的一家高產能工廠進行資格認證和進一步的開發。然後，我們還有其他基礎技術可以繼續提供良好的利潤收入，例如 CIS，不一定是龐大的成長引擎，但也不一定需要大量資源。

Within that, a new serve market with backplane for all it on silicon. We expect that to be a very big growth engine for us in coming years and prototyping this year, as I had stated. Earlier in the transcript.

其中，一個新的服務市場是採用矽背板。正如我所說的，我們預計這將成為我們未來幾年的一個非常大的成長引擎，並在今年推出原型。早先在記錄中。

We have strong customers, extremely good technologies within RF Mobile, specific the RFSOI, and we look forward to that continuing to grow, very excited about the activities in [Agrate], the customer qualifications, continuous qualifications there and hitting high-level utilizations in that factory within this year. So all in all, I think we're. In very good position.

我們擁有強大的客戶，在 RF Mobile 領域擁有極其優秀的技術，特別是 RFSOI，我們期待其繼續發展，對 [Agrate] 的活動、客戶資格、持續資質以及今年在該工廠實現高水平利用率感到非常興奮。總而言之，我認為我們是。處於非常好的位置。

Maybe one bit of added color that I can give. It's maybe obvious from the call, but when we talked about sequential quarter over quarter growth, we also see within that Q1 greater than Q1 '24, Q2 greater than Q2 '24, Q3 greater than Q3, and Q4 greater than Q4. So within that, if that helps your modeling, that's something very real, and that shows that, it is.

也許我可以添加一點色彩。從電話會議中可能可以明顯看出，但是當我們談到季度環比成長時，我們也看到 2024 年第一季度高於第一季度，2024 年第二季度高於第二季度，3 季度高於第三季度，4 季度高於第四季度。因此，如果這有助於您的建模，那麼這就是非常真實的事情，並且表明確實如此。

Market increases where we think again the greater than for Q3 and Q4 should be substantially greater than.

我們再次認為，市場成長將高於第三季度，而第四季的增幅應該會大幅高於。

So with that, I'd like to end the call and say, truly, we're very excited about where we're at, where we're going, opportunities in front of us.

因此，我想在通話結束時說，我們真的對我們的現狀、我們的發展方向以及我們面前的機會感到非常興奮。

And to continue to share the excitement and achievements with you throughout this year.

並將繼續與您分享今年的興奮和成就。

Thank you very much.

非常感謝。