高塔半導體 (TSEM) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by.

女士們、先生們，下午好，感謝你們的到來。

Welcome to today's Tower Semiconductor's second-quarter 2025 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today.

歡迎參加今天的 Tower Semiconductor 2025 年第二季財報電話會議。（操作員指示）我必須通知您，今天的會議將會被錄音。

I would now like to hand the conference over to our speaker today, Ms. Noit Levy, Senior Vice President of Investor Relations and Human Resources. Please go ahead, madam.

現在，我想將會議交給今天的演講者，投資者關係和人力資源高級副總裁 Noit Levy 女士。女士，請繼續。

Thank you and welcome to Tower's second-quarter 2025 financial results conference call.

感謝您並歡迎參加 Tower 2025 年第二季財務業績電話會議。

Before we begin, please note that certain statements made today may be forward-looking and subject to risks and uncertainties that could cause actual results to differ materially. These risks are detailed in our SEC filings, Form 20-F and 6-K, as well as filings with the Israeli Securities Authority, all available on our website. Tower assumes no obligation to update forward-looking statements.

在我們開始之前，請注意，今天所做的某些聲明可能是前瞻性的，並且受風險和不確定性的影響，可能導致實際結果大不相同。這些風險在我們向美國證券交易委員會提交的文件、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詳細說明，所有這些文件都可以在我們的網站上查閱。Tower 不承擔更新前瞻性聲明的義務。

Our second-quarter 2025 results are prepared in accordance with US GAAP. Some data presented may include non-GAAP financial measures as defined under SEC regulation team. Reconciliations to GAAP figures and full explanations are provided in today's press release and financial tables. Please note that we have a supporting slide deck that is available on our website and integrated into this webcast.

我們的 2025 年第二季業績是根據美國 GAAP 編製的。所提供的一些數據可能包括美國證券交易委員會監管團隊定義的非公認會計準則財務指標。今天的新聞稿和財務表中提供了與 GAAP 數據的對帳和完整解釋。請注意，我們在網站上提供了支援幻燈片，並將其整合到此網路廣播中。

With that, I'd like to turn the call over to our CEO, Mr. Russell Ellwanger. Russell.

說到這裡，我想把電話轉給我們的執行長 Russell Ellwanger 先生。拉塞爾。

Thank you, Noit.

謝謝你，諾伊特。

Thank you all for joining us today for our second-quarter 2025 earnings call. We delivered strong results in the second quarter with revenues of $372 million and a result in net profit of $46.6 million. We guide our third-quarter revenues to be $395 million, plus/minus 5%, and additionally, target a $40 million-plus revenue increase for the fourth quarter over the third. Q3 guidance and Q4 expectations validate our onset 2025 target of sequential quarter-over-quarter growth throughout the year with acceleration in the second half.

感謝大家今天參加我們的 2025 年第二季財報電話會議。我們在第二季取得了強勁的業績，營收達到 3.72 億美元，淨利達到 4,660 萬美元。我們預計第三季的營收為 3.95 億美元，上下浮動 5%，此外，我們預計第四季的營收將比第三季增加 4,000 萬美元以上。第三季指引和第四季預期驗證了我們 2025 年全年實現季度環比增長並在下半年加速的目標。

We announced at years begin a repurposing of multiple factories, predominantly towards higher capacity for RF infrastructure, namely Silicon Germanium and Silicon Photonics. This is well underway with Q3 and Q4 expected growth being the first fruits of the execution of this strategy.

我們幾年前就宣布開始重新規劃多個工廠的用途，主要是為了提高射頻基礎設施的容量，即矽鍺和矽光子學。這項工作進展順利，第三季和第四季的預期成長是實施這項策略的首批成果。

Demand not only remains very strong but is consistently growing as is our increase in both Silicon Germanium and SiPho capacity and associated customer qualifications. We continue to invest in capacity and also R&D advanced capability CapEx throughout 2025, with further capacity and capability growth planned for 2026 aligned to our customers' forecasted demand, confident in maintaining our number-one market share position in this growing and significant optical transceiver market.

需求不僅保持強勁，而且隨著矽鍺和 SiPho 產能以及相關客戶資格的提高而持續成長。我們將在 2025 年全年繼續投資產能和研發先進能力資本支出，並計劃在 2026 年根據客戶的預測需求進一步提高產能和能力，有信心在這個不斷增長且重要的光收發器市場中保持第一的市場份額地位。

Let's review our second-quarter 2025 revenue breakdown, along with some context that highlights key trends, momentum shaping our performance for the full year. Kindly refer to slide number 4 for a detailed breakdown of our quarterly revenue figures.

讓我們回顧一下 2025 年第二季的收入明細，以及一些突出關鍵趨勢和影響全年業績的勢頭的背景。請參閱投影片 4，以了解我們季度收入資料的詳細分類。

Most notable is growth in our RF infrastructure business, attributed to data center and AI expansions served by our Silicon Photonics and Silicon Germanium technologies predominantly for optical fiber communication. In the second quarter, RF infrastructure represented 25% of corporate revenues, over $90 million in revenues, up from 14% in the same period of 2024, and expected to significantly increase over the next period.

最值得注意的是我們的射頻基礎設施業務的成長，這歸功於我們的矽光子學和矽鍺技術主要用於光纖通訊的資料中心和人工智慧擴展。第二季度，射頻基礎設施占公司營收的25%，營收超過9,000萬美元，高於2024年同期的14%，預計下一季將大幅成長。

Specific to Silicon Germanium, we began volume production shipments from San Antonio Fab 9 for a Tier 1 customer and as well, volume wafer starts in Israel Fab 2 for another Tier 1 customer, providing substantial capacity increase in this growing market on top of the high capacity in our Newport Beach facility, which itself is realizing capacity increases this year.

具體到矽鍺，我們開始從聖安東尼奧 Fab 9 為一級客戶進行量產出貨，同時，我們也開始在以色列 Fab 2 為另一家一級客戶進行量產晶圓，在我們紐波特海灘工廠的高產能基礎上，為這個不斷增長的市場提供大幅的產能提升，而紐波特海灘工廠本身也在今年的產能增加。

We have also made Silicon Germanium design kits available in our 300-millimeter Japan factory, Fab 7 for which an additional Tier 1 customer is presently in the design phase. For Silicon Photonics, in addition to our existing volume on 400 and 800 gigabit per second, current wafer starts now include a good ramp on 1.6 terabit per second as the industry continues to move aggressively to higher speeds, which is expected to further help market penetration of Silicon Photonics over legacy EML solutions, expanding our opportunity due to the cost and strong performance benefits of Silicon Photonics.

我們還在日本 300 毫米工廠 Fab 7 中提供了矽鍺設計套件，目前該工廠的另一個一級客戶正處於設計階段。對於矽光子學，除了我們現有的每秒 400 和 800 千兆位的產量外，隨著行業繼續積極向更高速度邁進，目前的晶圓啟動速度現已包括每秒 1.6 太比特的良好提升，預計這將進一步幫助矽光子學相對於傳統 EML 解決方案的市場滲透，並擴大我們因矽光子學的成本和強大的光子性能的成本和強大的機會。

In the first half of 2025 we've moved five times more SiPho products from preproduction to production phase than in the same period in 2024, already exceeding last year's total. This growth demonstrates our platform maturity, strong customer adoption and efficient operational scalability. Today, most Silicon Photonics products we manufacture serve the transmit function in an optical transceiver module.

2025 年上半年，我們從預生產階段轉入生產階段的 SiPho 產品數量是 2024 年同期的五倍，已經超過了去年的總量。這一成長證明了我們平台的成熟度、強大的客戶採用率和高效的營運可擴展性。如今，我們生產的大多數矽光子產品都具有光收發器模組中的傳輸功能。

This quarter, we successfully prototyped a new 300-millimeter Silicon Photonics technology that enables cost and performance advantage to the receive function in an optical transceiver module. This new technology is expected to see initial production in the fourth quarter of this year, expanding the market served by our Silicon Photonics technology beyond that, which we serve today.

本季度，我們成功製作了一種新的 300 毫米矽光子技術的原型，該技術為光收發器模組的接收功能帶來了成本和性能優勢。這項新技術預計將於今年第四季投入生產，從而擴大我們矽光子技術所服務的市場範圍，超越我們目前所服務的市場。

By leveraging the majority of features in our mature SiPho platform and adding evolutionary customer partnered improvements to this base process, we've been able to quickly ramp up and achieve high yields for 200 gigabit per second lanes, 1.6 terabit per second optical transceiver products. The transition of 400 gigabit per second lane, 3.2 terabit per second, requires additional and fundamental device, process improvements and new materials, which Tower is aggressively pursuing together with Tier 1 customers. The first of these platforms is anticipated to ramp as early as mid-2026.

透過利用我們成熟的 SiPho 平台中的大部分功能，並在此基礎流程中添加與客戶合作的革命性改進，我們已經能夠快速提升並實現每秒 200 千兆位元通道、每秒 1.6 太比特光收發器產品的高產量。400 千兆位元/秒通道、3.2 太比特/秒的轉換需要額外的基礎設備、製程改進和新材料，Tower 正在與一級客戶一起積極追求這些目標。預計首個平台將於 2026 年中期投入使用。

Slide 5 shows cumulative wafer bill to date for 400G, 800G at 1.6T speed. Presently, we are manufacturing similar amounts of each offering. Looking at prototypes, there's further acceleration of 1.6 with 40% higher year-to-date protos at 1.6%, above 400G and 800G combined and this serving multiple large customers. We are seeing recovery in our RF mobile business, specifically in RF-SOI, which showed a Q2 to Q1 revenue increase of over 20% and is expected to show further increases close to 30%, Q3 over Q2 and targeting further increase in Q4. We've gained momentum with a new North America Tier 1 customer now prototyping several products on RF-SOI in our 300-millimeter facilities in both Japan and Italy.

幻燈片 5 顯示了迄今為止 1.6T 速度下 400G、800G 的累積晶圓費用。目前，我們正在生產類似數量的每種產品。從原型來看，原型進一步加速 1.6，年初至今的原型成長了 40%，達到 1.6%，高於 400G 和 800G 的總和，並為多個大客戶提供服務。我們的射頻行動業務正在復甦，特別是 RF-SOI，其第二季的營收較第一季成長了 20% 以上，預計第三季的營收將比第二季進一步成長近 30%，第四季的營收將進一步成長。我們獲得了發展勢頭，新的北美一級客戶目前正在我們位於日本和義大利的 300 毫米工廠中對 RF-SOI 上的幾種產品進行原型設計。

Beyond RF-SOI, we're innovating with other RF switch technologies.This quarter, we won the IMS Best Paper Award with Moradas fully owned company for our PCM face change material switch technology, achieving a 15 septosecond RF-SOI figure of merit, being a four times improvement versus state-of-the-art RFSOI. These switches are being prototyped for both low and high-frequency millimeter wave applications. And importantly, this quarter received a best supplier award from a major Korean RF front-end module provider.

除了 RF-SOI 之外，我們還在其他 RF 開關技術方面進行創新。本季度，我們與 Moradas 的全資公司一起憑藉我們的 PCM 面變化材料開關技術獲得了 IMS 最佳論文獎，實現了 15 秒的 RF-SOI 品質因數，比最先進的 RFSOI 提高了四倍。這些開關正在為低頻和高頻毫米波應用進行原型設計。更重要的是，本季獲得了韓國一家大型射頻前端模組供應商頒發的最佳供應商獎。

Looking at power management, the computational complexity of AI processors is increasing, leading to a corresponding rise in power requirements. To meet this need, as shown on slide 6, we provide a variety of power management solutions with switch devices that have ultra low resistance, advanced digital logic integration and manufacturing options in our 300-millimeter lines in the US and Japan.

從電源管理來看，AI處理器的運算複雜度不斷增加，導致電源需求也隨之上升。為了滿足這一需求，如幻燈片 6 所示，我們在美國和日本的 300 毫米生產線上提供了各種電源管理解決方案，其中包括具有超低電阻、先進數位邏輯整合和製造選項的開關設備。

Lead customers are now designing to our high-efficiency power delivery solutions for this rapidly growing market, we deliver best-in-class power transistor performance and continue to advance this offering having released device optimization for higher switching frequencies this past quarter. For sensors and displays, we expect a revenue increase of about 20% in the second half of 2025 against the previous quarters and previous year's run rate, primarily due to increases in the machine vision market.

主要客戶目前正在針對這個快速成長的市場設計我們的高效電源傳輸解決方案，我們提供一流的功率電晶體性能，並繼續推進這一產品，並在過去一個季度發布了針對更高開關頻率的設備優化。對於感測器和顯示器，我們預計 2025 年下半年的營收將比前幾季和去年的運行率成長約 20%，這主要歸功於機器視覺市場的成長。

We have also begun substantial new activities with several customers, including a leading automotive image provider and an OLED on silicon supplier, the latter of which has prototypes already in test. These new activities are expected to fuel additional future growth.

我們還與多家客戶開展了多項新的實質活動，其中包括一家領先的汽車圖像提供商和矽基 OLED 供應商，後者的原型已在測試中。預計這些新活動將推動未來的進一步成長。

Looking at utilizations, in the second quarter, Fab 2 in Israel and Fab 9 in Texas, both operated at about 60% utilization while repurposing tools to now load high levels of Silicon Germanium and to begin the manufacturer of Silicon Photonics. Fab 3 is fully utilized at our 85% utilization model. Fab 5 was at 75% with rising demand for high-voltage power management and Fab 7 300-millimeter was fully utilized, well exceeding the 85% model.

從利用率來看，第二季度，以色列的 Fab 2 和德克薩斯州的 Fab 9 的利用率均在 60% 左右，同時重新利用工具來裝載高水平的矽鍺並開始製造矽光子學。按照我們的 85% 利用率模式，Fab 3 已充分利用。隨著高壓電源管理需求的不斷增長，Fab 5 的利用率達到了 75%，而 Fab 7 300 毫米的利用率也得到了充分利用，遠遠超過了 85% 的模型。

In summary, our business continues to advance with significant progress across key platforms. We are well positioned for continued growth and success in our target markets. We are successfully executing to a clear strategy that is translating into tangible financial results with expanding customer engagements and measurable operational progress. We are committed to delivering sustainable and long-term value to our stakeholders.

總而言之，我們的業務繼續向前發展，在各個主要平台上都取得了重大進展。我們已做好準備，在目標市場中繼續實現成長並取得成功。我們正在成功執行一項明確的策略，該策略正在轉化為切實的財務成果，不斷擴大的客戶參與度和可衡量的營運進展。我們致力於為利害關係人提供可持續的長期價值。

With that, I'd like to turn the call to our CFO, Oren Shirazi. Oren, please.

接下來，我想將電話轉給我們的財務長 Oren Shirazi。請叫我奧倫。

Hello, everyone.

大家好。

Earlier today, we released our financial results for the second quarter of 2025. For the second quarter of 2025, we reported revenue of $372 million representing $21 million or 6% year-over-year revenue increase compared to the same quarter in 2024 and a $14 million or 4% quarter-over-quarter revenue increase compared to the prior quarter.

今天早些時候，我們發布了 2025 年第二季的財務表現。2025 年第二季度，我們報告的營收為 3.72 億美元，與 2024 年同期相比增加 2,100 萬美元或 6%，與上一季相比增加 1,400 萬美元或 4%。

Gross profit and operating profit for the second quarter of 2025 were $80 million and $40 million, respectively, each higher than the prior quarter by $7 million. Net profit for the second quarter of 2025 was $47 million, also $7 million higher quarter-over-quarter, representing $0.42 basic and $0.41 diluted earnings per share. Financing and other income net in Q2 '25 was $14.4 million compared to $10.6 million in the prior quarter. This $3.8 million increase was mainly attributable to gain recorded as a result of 0 cost cylinder transaction we executed to hedge future foreign currency risk. In this respect, I would now like to describe our currency hedging activities.

2025 年第二季的毛利和營業利潤分別為 8,000 萬美元和 4,000 萬美元，均比上一季高出 700 萬美元。2025 年第二季淨利為 4,700 萬美元，較上一季增加 700 萬美元，即每股基本收益 0.42 美元，每股攤薄收益 0.41 美元。2025 年第二季的融資和其他收入淨額為 1,440 萬美元，而上一季為 1,060 萬美元。這筆 380 萬美元的成長主要歸因於我們為對沖未來外匯風險而執行的 0 成本氣瓶交易所記錄的收益。在這方面，我現在想描述一下我們的貨幣對沖活動。

In relation to the Japanese yen, since majority of TPS cost revenue is denominated in yen and the vast majority of EPS cost are in we have a natural hedge over most of our Japanese business and operations. To mitigate part of the remaining yen exposure, we are executing 0 cost cylinder transactions to hedge the currency fluctuations Hence, while the yen rate against the US dollar may fluctuate, the impact on our margins is limited. In relation to the Israeli shekel and euro currencies, while we have no revenues in such currencies since a portion of our cost in Israel is denominated in the Israeli currency, and a portion of our cost in fab in Italy is denominated in euro. We also hedge a large portion of such currencies risk by engaging 0 cost cylinder transactions to mitigate exposure resulting from our niche and euro-denominated costs.

就日圓而言，由於大部分 TPS 成本收入以日圓計價，並且絕大多數 EPS 成本也以日圓計價，因此我們對大部分日本業務和營運具有自然對沖。為了減輕部分剩餘的日圓風險敞口，我們正在執行零成本圓柱交易來對沖貨幣波動。因此，雖然日圓兌美元的匯率可能會波動，但對我們利潤率的影響是有限的。關於以色列謝克爾和歐元貨幣，我們沒有以這些貨幣計價的收入，因為我們在以色列的部分成本是以以色列貨幣計價的，而我們在義大利工廠的部分成本是以歐元計價的。我們也透過參與零成本圓柱交易來對沖大部分此類貨幣風險，以減輕因我們的利基和以歐元計價的成本而產生的風險。

Under GAAP, the fair value of such transactions is recorded in the P&L., which drove the previously stated financing and other income net increase. Moving to our balance sheet and future CapEx and cash plans. Our balance sheet remains very strong as evidenced by the following indicators and financial ratios. As of the end of June 2025, our assets totaled $3.2 billion, primarily comprised of $1.4 billion in fixed assets net predominantly comprised of Fed machinery and $1.8 billion of current assets.

根據美國通用會計準則，此類交易的公允價值記錄在損益表中，這推動了先前所述的融資和其他收入淨增加。轉向我們的資產負債表和未來的資本支出和現金計劃。我們的資產負債表依然非常強勁，以下指標和財務比率就是明證。截至 2025 年 6 月底，我們的資產總額為 32 億美元，主要包括 14 億美元的固定資產淨值（主要包括聯準會機械）和 18 億美元的流動資產。

Current assets ratio is very strong at about 7 times while shareholders' equity reached a record of $2.8 billion at the end of June 2025. Our strong financial position allows us to invest in strategic opportunities that support our corporate vision as follows: we have committed to pay up to $300 million to acquire equipment and CapEx in the 12-inch New Mexico fab. 20% of which has been already paid while the remaining 80% are forecasted to be paid as we ramp up capacity and technology qualifications over the next 2.5 years.

流動資產比率非常強勁，約 7 倍，而股東權益在 2025 年 6 月底達到了創紀錄的 28 億美元。我們強大的財務狀況使我們能夠投資於支持我們企業願景的策略機遇，如下所示：我們承諾支付高達 3 億美元用於購買 12 英寸新墨西哥工廠的設備和資本支出。其中 20％ 已經支付，而剩餘的 80％預計將在未來 2.5 年內隨著產能和技術資質的提高而支付。

As part of our STMicro for partnership, $500 million in cash is allocated for the Italy 12-inch fab equipment. We've already invested 85% of it, while the balance is expected to be paid by mid-2026. In addition, for our high-margin SiPho and 5G business, we announced plans to invest $350 million to expand our capacity in our 8-inch fabs in Israel and Texas and in our 12-inch fab in Japan. This CapEx includes a large portion of capability CapEx for advanced development and high-end RF technology-related projects. 40% of this amount has been paid to date while the remaining 60% are expected to be paid by the end of 2026.

作為我們與意法半導體合作的一部分，我們撥款 5 億美元現金用於義大利 12 吋晶圓廠的設備。我們已經投資了其中的 85%，預計到 2026 年中期將支付剩餘部分。此外，對於我們高利潤的SiPho和5G業務，我們宣布計劃投資3.5億美元，擴大我們在以色列和德克薩斯州的8英寸晶圓廠以及在日本的12英寸晶圓廠的產能。此資本支出包括用於高級開發和高端射頻技術相關項目的很大一部分能力資本支出。迄今為止，該金額的 40% 已支付，其餘 60% 預計將於 2026 年底支付。

All of these investments, including the 5G and SiPho are fully reflected in our previously presented strategic and financial model. Under this model, we target $2.7 billion in annual revenue at full loading of our existing fabs, including Agrate and New Mexico. $550 million per annum of operating profit and $500 million per annum of net profit.

所有這些投資，包括 5G 和 SiPho，都充分反映在我們先前提出的策略和財務模型中。在這種模式下，我們的目標是在現有晶圓廠（包括阿格拉特和新墨西哥晶圓廠）滿載運轉的情況下，實現年收入 27 億美元，年營業利潤 5.5 億美元，淨利潤 5 億美元。

That concludes my prepared remarks. Now I'd like to turn the call back to the operator so we can take your questions. Thank you.

我的準備好的發言到此結束。現在我想將電話轉回給接線員，以便我們回答您的問題。謝謝。

(Operator Instructions) Cody Acree, Benchmark Company.

（操作員指示）Cody Acree，Benchmark Company。

Congrats on a great quarter and a great year. It looks like shaping up so far. Maybe if I could just start with, could you give a little more detail on what segments you expect to contribute and maybe rank order them in -- for your sequential growth through the second half of the year.

恭喜本季和本年度取得優異成績。目前看來一切進展順利。也許我可以先從以下幾點開始：您能否更詳細地介紹一下您預計會對哪些部分做出貢獻，並對它們進行排序，以便實現下半年的連續增長。

So first and foremost is infrastructure as far as quarter-over-quarter deltas and absolute numbers, so the Silicon Germanium and the Silicon Photonics. We had stated at the year's onset that on SiPho, we had, had what, circa $105 million revenue in 2024, and we expect did a doubling of that in 2025. That's definitely within the second half targets that were given maybe higher than a doubling. So that's a very important segment for us.

因此，就季度環比增量和絕對數字而言，最重要的是基礎設施，即矽鍺和矽光子學。我們在年初就曾表示，SiPho 在 2024 年的收入約為 1.05 億美元，我們預計 2025 年的收入將翻倍。這肯定是在下半場設定的目標之內，可能還不止翻一番。所以這對我們來說是一個非常重要的環節。

And maybe, I don't know, in some summary comments, I might give a some more color on what the capacity increases that we're doing there, what that could result in an increases against what we're targeting in the fourth quarter of this year. But that's the biggest.

也許，我不知道，在一些總結性評論中，我可能會對我們在那裡進行的產能增加做出更多的說明，這可能導致我們在今年第四季的目標增加。但這是最大的。

Our power management, we're expecting still strong contributions. I mentioned that in the imaging, there was an over 20% increase in the run rate of 2024 and the first two quarters of 2025 in the second half, at least from what we target right now from our customer forecast and that mainly due to increase in machine vision.

我們期待我們的電力管理仍能帶來強勁的貢獻。我提到，在成像領域，2024 年和 2025 年前兩個季度的運行率在下半年將增長 20% 以上，至少與我們目前根據客戶預測的目標相比是這樣，這主要歸功於機器視覺的增長。

So those are the areas of growth, but very important on rebound is the weakness that we had cited previously in RF-SOI for front-end module for mobile that has seen a nice increase from Q1 to Q2, and we're guiding an even stronger increase in the third quarter. So the biggest again being infrastructure and RF SOI for mobile, power management continuing strong and CIS adding to it as well.

這些都是成長領域，但反彈中非常重要的一點是我們之前提到的行動前端模組 RF-SOI 的弱點，該模組從第一季到第二季出現了良好的成長，我們預計第三季將出現更強勁的成長。因此，最大的影響再次是行動基礎設施和 RF SOI、電源管理持續保持強勁，CIS 也隨之成長。

Well, it sounds like a good strength across the board then, Russell. Congrats. Would you then say -- would you consider yourself now fully booked through the end of the year? And if so, do you -- do you have any available capacity to support any near-term turns business that could provide you any yet upside to your estimates.

好吧，聽起來這在各方面都是一種很好的優勢，拉塞爾。恭喜。那你會說——你認為到今年年底你的行程已經排滿了嗎？如果是這樣，您是否有任何可用能力來支持任何近期的轉變業務，從而可以為您的估計帶來任何好處？

We had mentioned a 60% utilization in Fab 2 and in San Antonio Fab 9 -- we certainly have room there for immediate upsides. But the biggest portion of both of those fabs is focused on utilizing the additional 5G and SiPho capacity that we've built there, which is to an extent in our hands to an extent rests on completion of customer qualifications. But that's within the numbers of the expectations that we have. So we see those utilizations increasing. But as we're doing that, there is room to handle immediate upside.

我們曾提到 Fab 2 和聖安東尼奧 Fab 9 的利用率達到 60% —— 我們肯定還有立即上漲的空間。但這兩家晶圓廠的最大部分都集中在利用我們在那裡建造的額外 5G 和 SiPho 產能，這在一定程度上掌握在我們手中，在一定程度上取決於客戶資質的完成。但這在我們預期的數字之內。因此我們看到這些利用率正在增加。但當我們這樣做時，就有空間來處理眼前的上行空間。

One of the really, I think, unique features of Tower is that we have a very strong worldwide manufacturing footprint where we're in Japan. We're in multiple sites in the US, we're in Israel, and we're in Italy. And by definition, we cross qualify all of our flows. So as there continues to be questioned geopolitically and people get concerned a little bit here or there about tariffs and impacts of tariffs.

我認為 Tower 的一個真正獨特之處是，我們在日本擁有非常強大的全球製造足跡。我們的業務範圍遍佈美國、以色列和義大利的多個地點。根據定義，我們對所有流程進行了交叉驗證。因此，隨著地緣政治問題不斷受到質疑，人們對關稅及其影響開始感到有些擔憂。

We have the ability to move customer demands from one factory to another, one of the strong reasons of moving Silicon Photonics and SiPho both and especially SiPho being very, very high-margin value-add products is firstly, to have added capacity but secondly, to be able to serve customers depending on their needs of where to shift products from.

我們有能力將客戶需求從一家工廠轉移到另一家工廠，轉移矽光子學和 SiPho（尤其是 SiPho，它們是利潤率非常高的增值產品）的一個重要原因是，首先，可以增加產能，其次，能夠根據客戶對產品轉移地點的需求來為他們提供服務。

So I think we've seen some immediate term business, especially in the Tonami Fab 5 in Japan in the power, and we're open to get more. But fundamentally, where we're focused at this point is meeting a very strong, consistently growing demand for the infrastructure, the SiPho and the SiGe. Hopefully, that answered your question, Cody.

因此，我認為我們已經看到了一些短期業務，特別是在日本 Tonami Fab 5 的電力業務，我們願意獲得更多業務。但從根本上來說，我們目前的重點是滿足對基礎設施、SiPho 和 SiGe 的強勁且持續成長的需求。希望這能回答你的問題，科迪。

It does, Russell. Congratulations on progress.

確實如此，拉塞爾。恭喜你有進步。

Richard Shannon, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的理查德·香農。

Congratulations on some of these numbers again. Well, here, I think I'm going to ask one on Silicon Photonics. You made an interesting comment about in the past supporting transmit functions and now supporting or prototyping, I think you said for some stuff on the receive side. So I'd love a little love to understand a little bit more about that, but also maybe just kind of look at the bigger picture here about what you're expecting in terms of content, both the maximum amount as well as kind of expected growth in content over the next couple of years in Silicon Photonics, please?

再次恭喜你取得這些數字。好吧，在這裡，我想我要問一個關於矽光子學的問題。您對過去支援傳輸功能以及現在支援或原型設計發表了一個有趣的評論，我認為您說的是接收端的一些內容。因此，我希望對此有更多了解，但也許只是從更大的角度來看待您對內容的期望，包括最大數量以及未來幾年矽光子學內容的預期增長，好嗎？

So for the specific receive function that we're doing now, we think -- and it's for a specific application. I don't want to get into the details here because some of it really -- it's not just what we're doing with the customer. But sometimes speaking too much can give other people hints as to what you're doing and why.

因此，對於我們現在正在執行的特定接收功能，我們認為 - 它是針對特定應用程式的。我不想在這裡談論細節，因為其中一些實際上——不僅僅是我們為客戶所做的事情。但有時說太多會讓別人猜測你在做什麼以及為什麼這麼做。

But it's a specific application of receive function that we've been able to very, very innovatively address with SiPho in extremely high-performance, cost-effective way. We think that it would add about 20% to our served market plus/minus for this specific application and receive. As far as the demand that we're seeing in talking about our growth, which we have many times, the fourth quarter, we would expect very high amounts of silicon photonic shipments. We're probably seeing from our Q4 expected shipment level in SiPho by customer demand at the end of '26 a doubling of demand -- a doubling of what we would have to be supplying in capacity.

但它是接收功能的特定應用，我們能夠利用 SiPho 以極高性能、經濟高效的方式非常創新地解決這個問題。我們認為，對於這一特定的應用和接收，它將為我們服務的市場增加約 20% 的正負值。就我們在談論成長時看到的需求而言，我們多次提到，第四季度我們預計矽光子出貨量會非常高。從我們預期的第四季 SiPho 出貨量來看，到 26 年底，客戶需求將翻一番，也就是我們所能提供的產能將翻倍。

Okay, fair enough. That's one way to look at it. I appreciate those comments.

好吧，夠公平。這是一種看待這個問題的方式。我很感謝這些評論。

So my follow-on question, Russell, is in the RF mobile space here. I guess the way I'd like to think about this is to what degree are we seeing this improvement both in the second quarter, and I think you're talking about the third quarter at least or potentially second half year about this improvement here. To what degree is this cyclical like inventory replenishment and/or share gains here -- and to what degree does that play into your comment from last quarter about seeing some strong growth in our mobile in both '26 and '27?

拉塞爾，我的後續問題是關於射頻移動領域的。我想思考的是，我們在第二季度看到了多大程度的改善，我認為你至少談論的是第三季或可能在下半年看到的改善。這種週期性在多大程度上類似於庫存補充和/或股價上漲？這在多大程度上與您上個季度關於在 26 年和 27 年我們的行動業務都將出現強勁增長的評論有關？

I don't see the 20% growth that we had in Q2 over Q1 and the 30% that we're targeting in Q3 over Q2, cyclicality it's hard to speak about cyclicality. But certainly, it's related to inventories having been consumed that had been a function of the very strong 2024. We also have multiple customers that themselves are growing their market share. So that's one way that one can always out do a market trend is by serving customers that they themselves are growing their market share against others that you might not be serving.

我不認為我們第二季會比第一季成長 20%，也不認為我們第三季會比第二季成長 30%，週期性很難說。但可以肯定的是，這與庫存消耗有關，而庫存消耗是 2024 年強勁表現的結果。我們還有多個客戶，他們的市佔率也不斷擴大。因此，有一種始終能夠超越市場趨勢的方法，那就是為那些你可能沒有服務過的客戶提供服務，而他們自己也在擴大自己的市場份額。

So the Q3, Q4 numbers that we're looking at, I think that they're just very basic share gains that we have and our customers have. Some of what we would be expecting in the latter half of Q3 and Q4 deals with an existing customer that we've had for a long time that has just recently increased their forecast and their POs. What has driven that? I honestly don't know at the moment. There are POs that have come in just recently.

因此，我們正在查看的第三季和第四季的數據，我認為它們只是我們和我們的客戶所獲得的非常基本的份額成長。我們預計第三季和第四季後半段的一些業務將與我們長期合作的現有客戶打交道，該客戶最近剛剛提高了預測和採購訂單。是什麼導致了這現象？說實話我現在還不知道。最近有一些採購訂單到達。

Mehdi Hosseini, Susquehanna Financial Group.

薩斯奎漢納金融集團的 Mehdi Hosseini。

I have two.

我有兩個。

First one for Russell, I want a better understanding of the big picture, especially when it comes to data center infrastructure. We are migrating from copper to pluggable and at some point, migrating to co-package uptick. And what I want to better understand Russell, how do you see your customers evolving?

首先對於 Russell 來說，我希望更了解整體情況，特別是涉及資料中心基礎設施時。我們正在從銅線遷移到可插拔線，並在某個時候遷移到共同封裝。我想更了解 Russell，您如何看待您的客戶的發展？

And in that context, how are you actually planning for capacity in a sense that to avoid double in a sense to avoid too much capacity come on online because there is also a convergence among our customers. So the transition in technology from copper to pluggable and eventually to co-package and how the mix of customers are evolving and how that impacts your capacity planning?

在這種背景下，您實際上是如何規劃容量的，以避免容量翻倍，避免上線過多的容量，因為我們的客戶之間也存在融合。那麼，技術從銅到可插拔並最終到共同封裝的轉變以及客戶組合如何演變以及這對您的容量規劃有何影響？

And I have a follow-up.

我還有一個後續問題。

The first part of your question, I don't really fully understand. I think that pluggables have been the mainstay for multiple years. I don't see it being in any competition with copper. So pluggables have been the mainstay. They are maintaining the mainstay.

對於你問題的第一部分，我不太理解。我認為可插拔設備多年來一直是主流。我認為它不會與銅有任何競爭。因此，可插拔設備一直是主流。他們正在維護主力軍。

The major thing for SiPho is the movement from an EML solution that's been the mainstay solution to a SiPho solution. So that's the difference there. I don't really follow the copper statement. But certainly, a lead customer that we have at 1.6% has decided to do everything with SiPho versus EML because of two functions of the SiPho, one being cost, which the ability to not have to do separate indium phosphide modulator laser with a very, very complicated process and very expensive to have the modulator being made in the SiPho chip as well as integration of all the passives.

SiPho 的主要變化是從作為主流解決方案的 EML 解決方案轉變為 SiPho 解決方案。這就是差別所在。我不太明白銅的說法。但可以肯定的是，我們擁有的 1.6% 的主要客戶已決定使用 SiPho 而不是 EML 來完成所有工作，因為 SiPho 具有兩個功能，一個是成本，即不需要使用非常非常複雜的製程來製作單獨的磷化銦調製器雷射器，而且在 SiPho 晶片中製作非常調變器以及件整合所有無源器的成本。

So it has a strong cost benefit but they also noted a very strong performance benefit at 1.6%, and that's because of integrating everything onto the I would -- and I had said that in the script, we see this 1.6T where there's both a cost and apparently a performance benefit as being a big drive that will converge more into SiPho from EML.

因此，它具有很強的成本效益，但他們也注意到 1.6% 的非常強大的性能優勢，這是因為將所有東西都集成到了我會 — — 而且我曾在腳本中說過，我們看到這個 1.6T 既有成本，又有明顯的性能優勢，是一個很大的驅動力，它將更多地從 EML 匯聚到 SiPho。

Presently, what is the percentage of SiPho versus EML, I couldn't tell you exactly what that is. I know that our demand for SiPho is strong and continues to grow and to grow very strongly. And at the 1.6T, it seems to be even stronger, what it doesn't just seem it is.

目前，SiPho 與 EML 的百分比是多少，我無法確切地告訴您。我知道我們對 SiPho 的需求很強勁，而且還在持續成長，而且成長勢頭非常強勁。而在1.6T的時候，它似乎更加強勁，但實際上它並不只是看起來那麼強勁。

As we move to 3.2T, stated we are working with lead customers on producing the capabilities there, which requires to do a 400 gigabit per second modulator. It requires different materials, and we're very advanced on that, pursuing two different material types. So I see the pluggables staying very strong for a good period of time. There are those in the industry that question as CPO will ever really come into the market. I'm not saying it won't.

當我們轉向 3.2T 時，我們表示正在與主要客戶合作在那裡生產功能，這需要做一個每秒 400 千兆位元的調製器。它需要不同的材料，我們在這方面非常先進，追求兩種不同的材料類型。因此，我認為可插拔產品將在相當長的一段時間內保持強勁勢頭。一些業內人士質疑 CPO 是否真的能夠進入市場。我並不是說它不會發生。

We have our own strategy for CPO, and I think we're pursuing it fairly well. But CPO, if it comes in, should have come in, probably is not until '29, '30. And everything we do with SIG and everything we do with SiPho will still be in demand. So I don't see it being something that we discount that.

我們對 CPO 有自己的策略，而且我認為我們正在很好地執行它。但是，如果 CPO 進來的話，它應該進來，可能要到 29 年、30 年才會進來。我們與 SIG 以及 SiPho 合作的所有工作仍將受到歡迎。所以我認為這不是我們應該忽視的事情。

Great.

偉大的。

Actually, as a follow-up to it, I want to understand how integrating the modulator into your process technology is perhaps helping you with incremental revenue per wafer? Is that how we should think about it?

實際上，作為後續行動，我想了解將調製器整合到您的製程技術中如何幫助您增加每片晶圓的收入？我們該這樣思考嗎？

For SiPho, the modulator is always part of the PIC. So we're going from Using our capabilities for the photodetector and the modulator where we have strong capabilities in germanium and silicon obviously, to being able to provide that as part of the PIC. And that is one of the benefits of silicon photonics itself. That's one of the big drivers of it. Otherwise, you're doing things in indium phosphide outside.

對於 SiPho，調製器始終是 PIC 的一部分。因此，我們將從利用光電探測器和調製器的能力（顯然我們在鍺和矽方面擁有強大的能力）開始，到能夠將其作為 PIC 的一部分提供。這也是矽光子學本身的優點之一。這是其主要驅動因素之一。否則，你就是在磷化銦外面做事。

And as I stated previously, the process to make the indium phosphide modulator in addition to the laser, it's a very complicated process because it's different layerings for both that are done together. So it's many photo steps, asking steps and growth. Does that answer your question?

正如我之前所說，除了雷射之外，製造磷化銦調製器的過程也是一個非常複雜的過程，因為兩者需要不同的分層才能一起完成。因此，它包含許多拍照步驟、詢問步驟和成長。這回答了你的問題嗎？

Yes, absolutely.

是的，絕對是。

Actually, I want to highlight I want to make sure I understand, the Indium phosphide alternative that one or two of your competitors are highlighting has a cost disadvantage and your solution is more cost effective, right?

實際上，我想強調的是，我想確保我理解，你們的一兩個競爭對手所強調的磷化銦替代品具有成本劣勢，而你們的解決方案更具成本效益，對嗎？

Yes, I believe so. But most of our customers still use an EML solution, right? It's a question of that also turning to SiPho for certain speeds, and it appears that the SiPho adoption is only growing at 1.6%, and I believe will be stronger beyond.

是的，我相信如此。但是我們的大多數客戶仍然使用 EML 解決方案，對嗎？問題在於是否也需要轉向 SiPho 來實現特定的速度，而且看起來 SiPho 的採用率僅成長了 1.6%，但我相信未來還會更加強勁。

Lisa Thompson, Zacks Investment Research.

麗莎湯普森（Lisa Thompson），Zacks 投資研究公司。

I'm looking at the numbers, and it really seems like RF mobile has come roaring back. Do you think between RF mobile and our infrastructure. They're both going to come in pretty much the same for the year? Or can mobile even beat that.

我從數據上看，RF 移動確實強勢回歸。您認為 RF 移動和我們的基礎設施有什麼不同？他們今年的業績會差不多嗎？或者行動裝置甚至可以擊敗它。

Why don't we take a look. No infrastructure will be substantially bigger, but the mobile is a good size. Understand for infrastructure, it's two different products that we're serving that both service, right? It's the SiGe for drivers and TIAs and in some cases, sold for CDRs and is the SiPho for the PIC. So it's two different products that are both needed.

我們為什麼不看一看呢？沒有任何基礎設施會顯著增大，但行動裝置的規模已經相當大。了解基礎設施，我們提供的是兩種不同的產品，對嗎？它是用於驅動器和 TIA 的 SiGe，在某些情況下，用於 CDR 出售，也是用於 PIC 的 SiPho。所以這是兩種不同的產品，但都是必要的。

And for the RF-SOI, which is -- and we're also doing some just plain RFC MAs for controllers, but the bulk of it is RF-SOI.

對於 RF-SOI，我們也在為控制器做一些簡單的 RFC MA，但其中大部分是 RF-SOI。

So now the infrastructure is bigger. But the mobile numbers, if we look at Q3, Q4, they're very high run rate, similar to past years.

所以現在基礎設施更大了。但是如果我們看一下第三季和第四季的行動數據，就會發現它們的運作率非常高，與過去幾年相似。

That's great.

那太棒了。

If you had to describe why it's come back so much? Is it just specific customers? Or is it the market?

如果您必須描述為什麼它會復發這麼多？只是特定客戶嗎？還是市場？

I think a combination of both.

我認為兩者兼而有之。

As stated, we have customers that they themselves are going market share against their competitors that, in some cases, we do not serve. So that's always a big thing when you're increasing your share of market. And I stated it at the beginning of the year, we had seen, I think not just us, but many people saw a pullback in mobile for the fact that '24 had been a very big growth year in mobile. Nobody wants to short-ship their end customer for the fear of losing SKUs.

如上所述，我們有一些客戶，他們自己正在與競爭對手爭奪市場份額，而在某些情況下，我們並不為他們提供服務。因此，當你增加市場份額時，這始終是一件大事。我在年初就說過，我們已經看到，我想不只是我們，很多人都看到了行動領域的回落，因為 2024 年是行動領域成長非常迅速的一年。沒有人願意因為擔心丟失 SKU 而向最終客戶少發貨。

So they built up more inventory than is needed, not knowing when there would be a blood, so to speak, and that's how you have inventory correction. So at the beginning of the year, certainly sort of inventory correction from everything we're seeing now, it appears that most of that inventory has been eaten up.

因此，他們建立了比所需更多的庫存，不知道什麼時候會出現大出血，這就是庫存調整的方式。因此，在年初，從我們現在看到的一切來看，肯定存在某種庫存調整，似乎大部分庫存已被消耗殆盡。

Okay. Oren, one question for you. I mean on other income, you keep saying that number is going to fluctuate. But yet, it's steadily increased for the last 5 years, should we expect it to continue to increase?

好的。奧倫，問你一個問題。我的意思是，對於其他收入，你一直說這個數字會波動。但是，過去 5 年它一直在穩步增長，我們是否應該預期它會繼續增長？

No, I think we had a good gain here, like I mentioned in my prepared remarks, that caused the majority of the $3.8 million increase, which is good in financing and other income net from the 10.6% we presented last quarter to 14.4% this quarter. I think the the number we should expect in the future is same like the baseline of the 10.6%. This was a gain from movement in this quarter, but one cannot predict the future. So I would use the same baseline, which includes all the numbers without any exceptional items or onetime 10.6%.

不，我認為我們在這裡獲得了不錯的收益，就像我在準備好的發言中提到的那樣，這導致了 380 萬美元的大部分增長，這對於融資和其他淨收入來說是一個好消息，從上個季度的 10.6% 上升到本季度的 14.4%。我認為我們未來應該預期的數字與 10.6% 的基線相同。這是本季的一項進步，但未來無法預測。因此，我會使用相同的基線，其中包括所有數字，沒有任何例外項目或一次性的 10.6%。

Richard Shannon, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的理查德·香農。

Let me ask a couple of follow-on questions here. Russell, one for you here. Back on the third quarter call of '23, you set out this framework from a revenue and margin or profitability perspective. I guess I have two questions to this. How do you think you're tracking so far to -- almost two years into this in terms of the margin profile here both at the gross and EBIT line here?

讓我在這裡問幾個後續問題。拉塞爾，這裡有一個給你。回顧 23 年第三季的電話會議，您從收入、利潤或獲利能力的角度製定了這個框架。我想我對此有兩個疑問。您認為到目前為止，就毛利和息稅前利潤的利潤狀況而言，您進展如何？

And then -- maybe I'll try to stretch you here to see if you'll respond in any way here, but how do you think about a time frame for hitting this revenue goal? Any thoughts you would give us?

然後——也許我會嘗試在這裡向您提問，看看您是否會以任何方式回應，但是您如何考慮實現這一收入目標的時間框架？您有什麼想法嗎？

You're referring to the model of the $2.7 billion?

您指的是 27 億美元的模型嗎？

That's correct.

沒錯。

On a margin perspective, I think we're probably outperforming from everything that we're doing. On a time line to the $2.7 billion. Candidly, we are always looking at somewhere at '28, '29 to be there. And I think that's still what our targets are.

從利潤率的角度來看，我認為我們所做的一切都可能表現出色。按時達到 27 億美元。坦白說，我們一直希望在 28 年、29 年能達到這個目標。我認為這仍然是我們的目標。

Okay. Great. That's helpful. My follow-up question is probably for Oren here. Oren, I'd love to get a sense of any way you'd quantify this as well as possible to here thinking about how we -- how should we should see depreciation grow here as we're adding CapEx here?

好的。偉大的。這很有幫助。我的後續問題可能是針對 Oren 的。奧倫，我很想了解您如何盡可能量化這一點，以便思考我們如何 - 當我們在這裡增加資本支出時，我們應該如何看到折舊在這裡增長？

And then as kind of the correlator of the question here, thinking about free cash flow, Obviously, you're going to be negative here with the strong CapEx investment here. How do we think about next year? Is this going to be positive, nicely positive -- just any way you can characterize that would be great.

然後，作為這裡問題的相關因素，考慮自由現金流，顯然，由於這裡的資本支出投資強勁，你會對此產生負面看法。我們如何展望明年？這是積極的嗎？非常積極的嗎？無論你如何描述它，這都是很好的。

Okay.

好的。

So depreciation, actually, you can see that in the one of the tables that we attached to the press release, there is a line, which is attached to the cash flow called depreciation and amortization, which includes RF amortization, but the amounts are listed there of about $65 million, $70 million a quarter. We expect those levels to remain pretty much the same, maybe slight increase because, like you mentioned, the incremental CapEx on the one hand, increasing depreciation. On the other hand, there is depreciation that goes out of the books because of investments that were in the past.

因此，實際上，您可以看到，在我們附在新聞稿中的一個表格中，有一行附加在現金流上，稱為折舊和攤銷，其中包括 RF 攤銷，但那裡列出的金額約為每季度 6500 萬美元、7000 萬美元。我們預計這些水準將保持基本不變，或許會略有增加，因為正如您所提到的，一方面是增量資本支出，另一方面是折舊增加。另一方面，由於過去的投資，帳面上出現了折舊。

Your point is valid that CapEx currently is higher than in the past. So depreciation should go up slightly, but it's -- most of that is fixed costs, and I don't believe it should grow more than the $70 million, $75 million third quarter that we present. As far as free cash flow, yes, in the last few quarters, we see the same picture that the cash flow operations, which is very good, is a similar number to the CapEx, and this is because of the total of $1.15 billion in CapEx that we announced, the $500 million Agrate, the $300 million 11 times and $350 million -- so this $115 million, supposed to be -- I referred to that in my prepared remarks, supposed to be still paid in the coming 2, 2.5 years about more than $500 million of that was not paid yet.

您的觀點是正確的，當前的資本支出比過去更高。因此折舊應該會略有上升，但其中大部分是固定成本，我認為它的增長幅度不會超過我們公佈的第三季的 7,000 萬美元或 7,500 萬美元。就自由現金流而言，是的，在過去幾個季度中，我們看到了同樣的情況，即現金流運營情況非常好，與資本支出相似，這是因為我們宣布的資本支出總額為 11.5 億美元，其中 5 億美元是 Agrate，3 億美元是 11 次，3.5 億美元——所以這 1.15 億美元應該是——我在未來提到 25.年內支付，但其中約有 5 億美元尚未支付。

So this is -- this will be part of the CapEx in the rest of '25 and surely '26, and some of that in '27. So I would expect the CapEx total level per quarter to remain like now maybe slightly go up. So to be between $100 million to $120 million a quarter, which is like now. However, the cash from operation is supposed to continue its positive trend and improve as we go up on the revenue, which Russell mentioned, the mid-range guidance, which is $395 million and the target for Q4 or even higher. So obviously, cash from operations will be higher when CapEx is supposed to remain in those levels that already reflect the new plans of $1.15 billion.

所以這是——這將是 25 年剩餘時間和 26 年資本支出的一部分，其中一部分將是 27 年資本支出的一部分。因此我預計每季的資本支出總水平將保持現在水平，甚至略有上升。所以每季的營收在 1 億到 1.2 億美元之間，就像現在這樣。然而，隨著收入的增加，經營現金流預計將延續正面趨勢並有所改善，正如羅素所提到的，中期指引為 3.95 億美元，第四季的目標甚至更高。因此，顯然，當資本支出保持在已經反映 11.5 億美元新計畫的水平時，經營現金流將會更高。

Mehdi Hosseini, Susquehanna Financial Group.

薩斯奎漢納金融集團的 Mehdi Hosseini。

Yes, two follow-ups, one on OpEx.

是的，有兩個後續問題，一個是關於營運支出 (OpEx) 的。

Should I assume that OpEx in '25 would trend flat to up on a year-over-year basis. Is that a fair assumption?

我是否應該假設 25 年的營運支出將與去年同期相比持平或上升？這是一個合理的假設嗎？

And I have a follow-up.

我還有一個後續問題。

Yes. Yes.

是的。是的。

That's -- we consider the fixed cost and OpEx should remain flat at the current run rate of about $40 million a quarter.

也就是說，我們認為固定成本和營運支出應該保持在目前的每季約 4,000 萬美元的運行率水準。

Okay. And then going back to the previous question regarding cash flow. You've actually done a good job of funding the CapEx and actually maintaining a stable net cash per share. Is there any plans for the cash? Or should I just assume that you would rather be conservative and just accumulate cash beyond funding the CapEx.

好的。然後回到之前關於現金流的問題。您實際上在資本支出融資方面做得很好，並且實際上保持了穩定的每股淨現金。有現金計畫嗎？或者我應該假設你寧願保守一點，只在資本支出資金之外累積現金。

Any additional thoughts you can share with us?

您還有其他想法可以與我們分享嗎？

Yes.

是的。

Like you mentioned, we -- the destination that we believe for our cash is there for CapEx growth, which is why we approved in the last few years, the $1.15 billion CapEx spend for the interfab for the fab and for the 5.5G total of $1.15 billion. And we believe that's the best returns for the shareholders that we invest in CapEx and see the revenue growing like Russell described, amazing growth this year. quarter-over-quarter. And that's the purpose that we plan for our cash.

正如您所提到的，我們相信現金的最終用途是資本支出增長，這就是為什麼我們在過去幾年中批准了用於晶圓廠間資本支出 11.5 億美元的項目，以及用於 5.5G 項目總計 11.5 億美元的項目。我們相信，這是對股東的最佳回報，我們投資於資本支出，並看到收入成長，正如羅素所描述的，今年實現了驚人的環比增長。這就是我們規劃現金的目的。

Dear speakers, there are no further questions for today.

尊敬的發言者，今天沒有其他問題了。

I would now like to hand the conference over to Russell Ellwanger for any closing remarks.

現在，我想將會議交給 Russell Ellwanger 做結束語。

Thank you.

謝謝。

Really to everyone on the call, thank you for your interest in the company. Thank you for the good questions that were asked. We did deliver a good second quarter. We guide a strong third quarter with a target of an even stronger best ever revenue fourth quarter. I spoke to some length, and there were some questions about increases in our silicon germanium and silicon photonics capacity.

非常感謝電話中的每個人對公司的關注。感謝您提出的這些好問題。我們第二季的表現確實不錯。我們預計第三季將表現強勁，並希望第四季的營收能創下歷史新高。我講了很長的一段話，並且提出了一些有關我們矽鍺和矽光子學產能增加的問題。

The third quarter and fourth quarter are expected to begin to see the benefits of these activities. But I wanted to kind of frame what can be expected as all of this capacity that's coming online is qualified and shipped. The end-state capacity should be realized in the second half of 2026 will be at capacity that is 33% higher in Silicon Germanium and 2.2 times larger in Silicon Photonics than the fourth-quarter '25 targeted shipments, which total revenue is targeted to exceed $435 million.

預計第三季和第四季我們將開始看到這些活動帶來的好處。但我想大致描述一下，當所有這些上線的產能都經過認證並發貨後，我們可以期待什麼。2026 年下半年應實現的最終產能將比 2025 年第四季的目標出貨量高出矽鍺產能 33%，矽光子產能高出 2.2 倍，總營收目標超過 4.35 億美元。

Very importantly, these increases in capacity track well with our customers' forecasted demand. So it's -- I think, for us, a very strong story -- we believe that the markets that we chose to work in were, are and continue to be the right markets. Our models, I think, are strong and the incremental revenue to margin, net profit ratios are good and will continue to grow.

非常重要的是，這些產能的增加與我們客戶的預測需求完全一致。所以，我認為，對我們來說，這是一個非常強大的故事——我們相信，我們選擇開展業務的市場過去是、現在是、未來仍然是正確的市場。我認為，我們的模型很強大，增量收入與利潤率、淨利潤比率都很好，而且還會繼續成長。

So I thank everybody for their interest in the company. It's been extremely exciting. There's multiple activities that we're involved in the next quarters. I wanted to just mention some of them. And in the short term, we would hope to see you at some of these conferences.

因此，我感謝大家對公司的關注。這真是太令人興奮了。在接下來的幾個季度中，我們將參與多項活動。我只想提及其中的一些。短期內，我們希望在一些會議上見到您。

We're excited to host our 2025 Technical Global of Symposium in China this September and in the US in November. TGS, this global symposium is our flagship technology event, bringing together customers and ecosystem partners, serving as a critical platform for showcasing our specialty analog platforms from SiPho, 5G, RF-CMOS to power management and imaging while aligning on future road maps and enabling stronger co-development partnerships.

我們很高興今年 9 月在中國、11 月在美國舉辦 2025 年全球技術研討會。TGS，這個全球研討會是我們旗艦技術活動，匯集了客戶和生態系統合作夥伴，作為展示我們的專業模擬平台（從 SiPho、5G、RF-CMOS 到電源管理和成像）的重要平台，同時調整未來路線圖並建立更強大的共同開發夥伴關係。

We'll be participating in the following conferences and truly look forward to meeting and engaging with all of you at these events. On August 20, we'll attend the 6th Annual Needham Virtual semiconductor semi-cap one-on-one conference. August 26, we'll participate in the Jefferies Semi IT Hardware Comms Technology Conference in Chicago. On August 27, we'll attend the 2025 Evercore ISI Semiconductor IT Hardware and Networking Conference in Chicago. On September 3, we'll participate at the Benchmark 2025 Tech Media Telecom Conference in New York. And on September 10, we will attend the Jefferies Tech Track 2025 Conference in Israel.

我們將參加以下會議，並真誠期待在這些活動中與大家見面和交流。8 月 20 日，我們將參加第六屆 Needham Virtual 半導體半資本一對一會議。8月26日，我們將參加在芝加哥舉行的Jefferies Semi IT硬體通訊技術會議。8 月 27 日，我們將參加在芝加哥舉行的 2025 年 Evercore ISI 半導體 IT 硬體和網路會議。9月3日，我們將參加在紐約舉行的Benchmark 2025科技媒體電信會議。9月10日，我們將參加在以色列舉行的Jefferies Tech Track 2025會議。

Again, very much appreciate your interest in our company. We look forward to providing you with updates on our progress towards achieving our long-term goals in the coming quarters and in the very short term, updating our achievements in Q3 and Q4.

再次非常感謝您對我們公司的關注。我們期待在未來幾季向您提供我們實現長期目標的進展情況，並在短期內更新我們在第三季和第四季的成就。

Thank you very, very much.

非常非常感謝。

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

今天的電話會議到此結束。感謝您的參與。你們現在都可以斷開連結了。祝你今天過得愉快。