Amkor（AMKR）— 2026-10-26 3Q26 法說會逐字稿（英文原文＋中譯）

日期：2026-10-26（美國時間盤後） 逐字稿為 Amkor Technology earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／10-Q 為準。

校正紀錄

本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - 「安可科技／安可」→ Amkor Technology／Amkor（中譯公司名誤譯） - 「超級計算機」「超級擴展者」→ 超大規模雲端業者（hyperscaler，中譯誤植） - whip loading → WIP loading（在製品鋪貨）；中譯「加速裝載」→ 在製品（WIP）裝載 - 「高密度的擴展計劃」→ 高密度扇出（HDFO）專案 - CEO 答 Ruplu 問題時稱亞利桑那廠「expected to be completed late this year」（EN）／「今年年底」（ZH）→ 2027 年底（與 CFO「一期 2027 年底前完工」、CEO 同段「客戶爬坡 2027 年底至 2028 年」、二期「2027 年底動工」互相矛盾，期間錯置） - CFO 答 Steven Fox：「2027 年可能占到 120 億美元預測的 15%」→ 2027 年最多為二期合計 120 億美元總投資的 15%（約 18 億美元，†推算）；原文「for that year」為語意錯置，與韓國 4–4.5 億＋越南約 0.5 億合計「逾 20 億美元」可互相驗證 - 「CAP agreements」→ 保留原文並加 [待確認]：依上下文疑指客戶預付款／產能承諾協議（CAP 全名無從判斷） - 英文 SIP ＝ SiP（系統級封裝），中譯已作 SiP，兩者同指 - 「Ben Reitzes」問題實由 Jack Adair 代為提問，標籤已是 Jack Adair，未改 - 財務四項交叉驗算：①毛利 3.64 億 ÷ 營收 19.9 億 ＝ 18.3% ✓；毛利 3.64 − 營業費用 1.39 ＝ 營業利益 2.25 億（11.3%）✓，營益率 < 毛利率 ✓；②淨利 1.91 億 ÷ EPS 0.76 ＝ 約 2.5 億股，與 2Q（淨利 1.75 億／EPS 0.70）股數一致 ✓；③終端市場：以 2Q 占比（通訊 42%／計算 22%／車用工業 22%／消費 14%，營收 18.98 億）套 3Q QoQ（通訊 −8%、計算 +25%、車用工業 +7%、消費 +10%）†回推約 7.3／5.2／4.5／2.9 億美元，合計約 19.95 億，與 19.9 億吻合 ✓；④4Q 指引各市場 QoQ（通訊約 −高個位、計算約 +低雙位、車用工業約 +低個位、消費約 −15%）†加權回推約 19.6 億，落在 19–20 億指引區間 ✓；4Q 毛利率中點 18.5% 較 3Q 18.3% 高約 20bps，與 Q&A 所述一致 ✓ - Q3 EBITDA 率 4.35 ÷ 19.9 ＝ 21.9%，口述 21.8% 為四捨五入差異，保留原話 - 分析師稱含 NVIDIA 協議預付款總額約 30 億美元：公司未確認，保留為分析師說法

警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。

Memo 亮點 • Amkor 在第三季表現強勁，營收約為 20 億美元，連續第二季在計算及汽車與工業終端市場創下營收新高。毛利率擴大至超過 18%，營業利潤率提升至超過 11%。年增率方面，計算及汽車/工業終端市場均成長 37%。 [CEO - 00:01:35] • 本季毛利率為 18.3%，較上一季提升 150 個基點，較去年同期提升 400 個基點。營業利益為 2.25 億美元（利潤率 11.3%），淨利為 1.91 億美元（每股盈餘 0.76 美元），EBITDA 為 4.35 億美元（利潤率 21.8%）。 [CFO - 00:12:16] • Amkor 宣佈亞利桑那先進封裝與測試園區第二階段計畫，兩階段合計預估投資 120 億美元，擁有超過 9 萬平方米的無塵室空間。該園區全面投產後，預計可支持超過 3,500 名員工。 [CEO - 00:06:29] • 客戶預付款預期將為資本支出投資提供顯著資金支持。自 2025 年起，Amkor 已與十多家客戶簽訂預付款安排，主要支持韓國與亞利桑那的先進封裝產能。 [CFO - 00:15:54] • 第四季營收預計介於 19 億至 20 億美元之間，毛利率介於 18% 至 19%。淨利預估介於 1.6 億至 1.85 億美元，每股盈餘介於 0.65 至 0.75 美元。 [CFO - 00:14:22] 總體經濟 • 高階智慧型手機及物聯網穿戴裝置的元件短缺，對通訊及消費性應用造成額外逆風，預計此短缺情況將持續至第四季。 [CFO - 00:10:13] 產業循環週期 • 汽車產業大幅加快產品開發時程，車用新技術推進速度遠超以往，有利於先進封裝解決方案的發展。 [CEO - 00:24:37] • 通訊市場存在多重動態，包括供應限制、記憶體價格影響需求及建置週期。公司預期因新產品發布模式，季節性趨勢將有所改變。 [CEO - 00:27:43] 產業供需 • 隨著先進封裝對人工智慧及高效能運算的重要性日增，客戶提早介入，對齊技術路線圖並做出長期承諾，且客戶也針對未來產能需求進行預付款。 [CEO - 00:02:56] • 封裝成為產業關鍵瓶頸，客戶積極爭取 2027 年甚至 2028 年的產能，推動多項預付款討論。 [CEO - 00:29:23] 產業狀況 • 支援先進封裝產品類型的業者數量相對有限，整體產能限制使所有業者能維持具吸引力的成本與定價結構。 [CEO - 00:32:11] 獲利 • 本季毛利率為 18.3%，較上一季提升 150 個基點，較去年同期提升 400 個基點。營業利益為 2.25 億美元（利潤率 11.3%），淨利為 1.91 億美元（每股盈餘 0.76 美元），EBITDA 為 4.35 億美元（利潤率 21.8%）。 [CFO - 00:12:16] • 毛利率擴大的主要原因是高價值先進封裝產品組合比例增加，反映計算及汽車領域的強勁成長。 [CFO - 00:12:34] • 第四季毛利率預計介於 18% 至 19% 之間。 [CFO - 00:14:29] 公司展望、未來成長動能 • Amkor 預期第四季計算領域營收將季增低雙位數，年增超過 50%，為 2027 年帶來強勁動能。汽車及工業領域預期持續強勁，營收季增低個位數。 [CFO - 00:10:58] • 根據指引，Amkor 預期 2025 至 2026 年間計算領域成長超過 30%，涵蓋個人電腦及資料中心兩大區塊。根據空間規劃，2027 年成長率預期相當或更高。 [CEO - 00:26:29] • 先進封裝預期將持續成為 Amkor 未來數年主要成長動能，受益於人工智慧及高效能運算的強勁勢頭。 [CEO - 00:06:18] 市場競爭策略 • 支援先進封裝產品類型的業者數量相對有限，使所有業者能因整體限制與產能瓶頸維持具吸引力的成本與定價結構。 [CEO - 00:32:11] 營收 • Amkor 第三季營收為 19.9 億美元，較上一季成長 5%。計算及汽車與工業終端市場均創下營收新高。通訊營收較上一季下降 8%。 [CFO - 00:09:33] • 第四季營收預計介於 19 億至 20 億美元之間。 [CFO - 00:14:22] 產品組合 • 毛利率擴大的主要原因是高價值先進封裝產品組合比例增加，反映計算及汽車領域的強勁成長。 [CFO - 00:12:34] 營收地區 • Amkor 全球佈局持續擴大，包括亞利桑那、韓國及越南的擴建。韓國產能預計於 2028 年擴建完成後，較 2025 年增加 40%。 [CEO - 00:03:57] 上游廠商 • 基板及材料成本確實帶來成本壓力，且產能依然緊張。Amkor 正與供應商密切管理此情況，並通常將成本轉嫁給客戶。 [CEO - 00:31:09] 下游客戶 • 隨著先進封裝對人工智慧及高效能運算的重要性日增，客戶提早介入，對齊技術路線圖並做出長期承諾，且客戶也針對未來產能需求進行預付款。 [CEO - 00:02:56] 同業 • 支援先進封裝產品類型的業者數量相對有限，整體產能限制使所有業者能維持具吸引力的成本與定價結構。 [CEO - 00:32:11] 稼動率 • Amkor 維持極高的工廠利用率，尤其是亞利桑那廠，以抵銷較高成本。客戶對亞利桑那廠的規劃旨在透過優先負載亞利桑那並分散亞洲產能，降低季節性波動，確保亞利桑那廠持續高效運作。 [CEO - 00:21:45] • 先進封裝資產的利用率預期將持續上升，並維持通訊業務整體具吸引力的利用率水準，未來變動不大。 [CEO - 00:39:10] 存貨庫存 • 汽車領域客戶反映展望正面，且庫存水準受控，這是多年努力的成果。 [CEO - 00:25:25] 新產品／新技術 • 客戶在次世代人工智慧基礎設施的參與特別積極，傳統資料中心、個人電腦應用及汽車領域的先進封裝機會持續發展。兩個新的 2.5D 計畫（網路及資料中心）預計於第四季上線。 [CEO - 00:04:48] • HDFO 及 2.5D 計畫持續推進，強化計算領域長期成長機會的正面展望。 [CEO - 00:04:22] 產品價格 • 定價環境整體具吸引力，使 Amkor 能轉嫁成本並考慮長期投資，同時管理利潤率以確保回報。 [CEO - 00:31:46] • 定價主要是轉嫁成本增加，而非推動 SIP 業務部門的利潤率加速成長。SIP 定價預期不會帶來明顯的利潤率擴張。 [CEO - 00:32:50] 成本毛利 • 本季毛利率為 18.3%，較上一季提升 150 個基點，較去年同期提升 400 個基點。毛利率擴大主要因高價值先進封裝產品組合比例增加。 [CFO - 00:12:16] • Amkor 正與供應商密切管理基板及材料成本壓力，並通常將這些成本轉嫁給客戶。 [CEO - 00:31:09] 原物料／關鍵零組件 • 基板及材料成本帶來顯著成本壓力，且產能依然緊張。 [CEO - 00:31:09] 折舊 • 預計 2026 年折舊費用將增加約 15% 左右，2027 年因設施及設備投資，折舊費用亦將略增。 [CFO - 00:34:57] 匯率 • 本季毛利率受到外幣匯率逆風影響，較上一季不利約 60 個基點。 [CFO - 00:12:49] 銷售／管理／研發費用 • 第三季營業費用為 1.39 億美元，第四季營業費用預計約為 1.4 億美元。 [CFO - 00:13:17] 擴廠規劃 • Amkor 宣佈亞利桑那先進封裝與測試園區第二階段計畫，兩階段合計預估投資 120 億美元，擁有超過 9 萬平方米的無塵室空間。該園區全面投產後，預計可支持超過 3,500 名員工。韓國方面，光州園區兩棟新建築及松島的新組裝與測試大樓正在興建中，2028 年擴建完成後，韓國產能預計較 2025 年增加 40%。 [CEO - 00:06:29] • 越南建設按計劃推進，規模持續擴大並持續聚焦自動化。目標是使越南成為 Amkor 的 SiP 卓越中心。 [CEO - 00:08:00] 營業利益 • 營業利益為 2.25 億美元，營業利益率為 11.3%。 [CFO - 00:13:21] 稅率 • 全年有效稅率預計將達高位十幾個百分點，原因是迄今為止的離散稅務利益。 [CFO - 00:14:39] 現金、現金流 • 截至 9 月 30 日，Amkor 持有現金及短期投資 24 億美元，總流動性為 34 億美元。總負債為 25 億美元，負債對 EBITDA 比率為 1.7 倍。 [CFO - 00:13:59] 長短期借款 • 總負債為 25 億美元，負債對 EBITDA 比率為 1.7 倍。根據目前計劃，2027 年及可能延續至 2028 年，客戶的顯著支持可能消除當時新增負債的需求，但目前尚無法確定 2028 年及以後是否需要額外負債。 [CFO - 00:14:11] Transcript Presentation Diego - Conference Facilitator

(00:00:01)Good day, ladies and gentlemen, and welcome to the Amkor Technology Third Quarter 2026 Earnings Conference Call. My name is Diego, and I will be your conference facilitator today. At this time, all participants are in listen-only mode. After the speaker's remarks, we will conduct a question-and-answer session. As a reminder, this conference is being recorded. I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jennifer Jue, please go ahead.

(00:00:01)各位女士、先生，大家好，歡迎參加Amkor Technology 2026 年第三季度財報電話會議。我是 Diego，今天將擔任會議的主持人。此時，所有參與者均為靜音模式。在發言者發言後，我們將進行問答環節。提醒大家，本次會議正在錄音。現在我將把電話交給Amkor的投資者關係負責人 Jennifer Jue。女士。Jennifer Jue，請開始。

Jennifer Jue - Amkor, Investor Relation

(00:00:33)Ms. Good afternoon, and welcome to Amkor's third quarter 2026 earnings conference call. Joining me today are CEO Kevin Engel and CFO Megan Faust. Our earnings press release was filed with the SEC this afternoon and is available on the investor relations page of our website, along with the presentation slides that accompany today's call. During this presentation, we will use non-GAAP financial measures. You can find reconciliation to the comparable GAAP financial measures in the slides. We will make forward-looking statements today based on our current beliefs, assumptions, and expectations.

(00:00:33)女士。下午好，歡迎參加Amkor的 2026 年第三季度財報電話會議。今天與我一起的是首席執行官 Kevin Engel 和首席財務官 Megan Faust。我們的財報新聞稿今天下午已提交給美國證券交易委員會，並可在我們網站的投資者關係頁面上查閱，還有今天會議的簡報幻燈片。在本次簡報中，我們將使用非公認會計原則的財務指標。您可以在幻燈片中找到與可比的公認會計原則財務指標的調整。今天我們將根據當前的信念、假設和預期發表前瞻性聲明。

Jennifer Jue - Amkor, Investor Relation

(00:01:14)Please refer to our press release for a disclaimer on forward-looking statements and our SEC filings for a discussion on the risk factors and uncertainties that may affect our future results. I will now turn the call over to Kevin.

(00:01:14)請參閱我們的新聞稿以獲取前瞻性聲明的免責聲明，並查看我們的 SEC 文件以討論可能影響我們未來結果的風險因素和不確定性。現在我將把電話交給 Kevin。

Kevin Engel - Amkor, CEO

(00:01:30)Thank you, Jennifer. Good afternoon, everyone, and thanks for joining. Amkor delivered a strong third quarter with revenue of approximately $2 billion. For the second consecutive quarter, we achieved record revenue in both computing and automotive and industrial end markets. Gross margins expanded to over 18%, and operating margins increased to over 11%. These results reflect continued execution against our strategy and demonstrate the improving earnings power of our business. On a year-over-year basis, revenue in the third quarter continued to accelerate in computing and automotive and industrial, with both end markets growing 37%.

(00:01:30)謝謝你，Jennifer。大家下午好，感謝大家的參加。Amkor在第三季度交出了強勁的表現，營收約為 20 億美元。連續第二個季度，我們在計算和汽車及工業終端市場上都實現了創紀錄的營收。毛利率擴大至超過 18%，營業利潤率增至超過 11%。這些結果反映了我們在執行策略方面的持續努力，並展示了我們業務的盈利能力正在改善。按年計算，第三季度的營收在計算和汽車及工業領域持續加速，兩個終端市場均增長了 37%。

Kevin Engel - Amkor, CEO

(00:02:21)In computing, demand remained robust, and our flagship HDFO, CPU program ramped throughout the quarter. Automotive and industrial continue to benefit from strong demand for advanced in-car computing applications such as ADAS and infotainment. Now, let me share an update on our three strategic pillars. First, enhancing strategic partnerships in key markets. Customers are engaging earlier, aligning technology roadmaps, and making longer-term commitments as advanced packaging becomes increasingly critical to AI and high-performance computing.

(00:02:21)在計算領域，需求依然強勁，我們的旗艦 HDFO，CPU 計劃在整個季度內持續增長。汽車和工業領域繼續受益於對先進車載計算應用（如 ADAS 和資訊娛樂系統）的強勁需求。現在，讓我分享我們三個戰略支柱的最新情況。首先，加強在關鍵市場的戰略夥伴關係。客戶的參與越來越早，對齊技術路線圖，並在先進封裝對人工智慧和高效能計算變得越來越重要的情況下，做出長期承諾。

Kevin Engel - Amkor, CEO

(00:03:11)We continue to see a shift in how customers support capacity expansions. Customers are not only planning further ahead but are also making long-term commitments and providing advanced payments tied to future capacity requirements. This gives us confidence as we accelerate our capital spending above historical norms. We believe this reflects a broader change in our industry. These commitments reflect our customers' confidence in their long-term advanced packaging requirements and in Amkor's ability to support their product roadmaps.

(00:03:11)我們持續看到客戶在支持產能擴張方面的轉變。客戶不僅在更早的時間進行規劃，還在做出長期承諾，並提供與未來產能需求相關的預付款。這讓我們在加速資本支出超過歷史標準時充滿信心。我們相信這反映了我們行業的更廣泛變化。這些承諾反映了客戶對其長期先進封裝需求的信心，以及對Amkor支持其產品路線圖的能力的信心。

Kevin Engel - Amkor, CEO

(00:03:51)For Amkor, these agreements improve visibility, strengthen alignment with our customers, and support disciplined investment in advanced packaging capacity as our global footprint increases, including Arizona and our Asia facilities. The second pillar is elevating technology leadership. Customer engagements remain strong across our advanced packaging platforms, and our pipeline continues to broaden. The progress we are making across our HDFO and 2.5D programs continues to reinforce a positive outlook for the long-term growth opportunities in computing.

(00:03:51)對於Amkor而言，這些協議提高了可見性，加強了與客戶的對齊，並支持在我們的全球足跡擴大時對先進封裝產能的有序投資，包括亞利桑那州和我們在亞洲的設施。第二個支柱是提升技術領導力。客戶在我們的先進封裝平台上的參與仍然強勁，我們的管道持續擴大。我們在 HDFO 和 2.5D 計劃上的進展持續強化了對計算領域長期增長機會的正面展望。

Kevin Engel - Amkor, CEO

(00:04:36)Our flagship HDFO CPU program is scaling. An additional HDFO CPU program for a hyperscaler began ramping in Q3. Two new 2.5D programs in networking and data center are expected to come online in Q4. Customer engagement is particularly strong in next-generation AI infrastructure, with additional advanced packaging opportunities developing across traditional data center, PC applications, and automotive. Advanced packaging is on the critical path of system performance. As customers push for greater performance, higher bandwidth, and improved power efficiency, packaging technology is playing a larger role in enabling product roadmaps.

(00:04:36)我們的旗艦 HDFO CPU 計劃正在擴展。一個針對超大規模雲端業者（hyperscaler）的額外 HDFO CPU 計劃在第三季度開始增長。兩個新的 2.5D 計劃在網絡和數據中心預計將在第四季度上線。在下一代人工智慧基礎設施方面，客戶的參與特別強勁，並且在傳統數據中心、PC 應用和汽車領域出現了更多的先進封裝機會。先進封裝在系統性能的關鍵路徑上。隨著客戶對更高性能、更高帶寬和更佳能效的需求，封裝技術在實現產品路線圖中扮演著越來越重要的角色。

Kevin Engel - Amkor, CEO

(00:05:31)As a result, customer discussions today are broader than they were just a few years ago. We are increasingly engaged in architectural design, technology roadmaps, and test strategy, along with long-term capacity planning. Our turnkey model allows us to integrate advanced packaging and test capabilities, providing customers with more complete solutions. This strengthens our competitive position, deepens customer relationships, and creates additional opportunities to deliver value throughout the product lifecycle.

(00:05:31)因此，今天的客戶討論比幾年前更為廣泛。我們越來越多地參與架構設計、技術路線圖和測試策略，以及長期產能規劃。我們的交鑰匙模式使我們能夠整合先進封裝和測試能力，為客戶提供更完整的解決方案。這加強了我們的競爭地位，深化了與客戶的關係，並創造了在產品生命週期中提供價值的額外機會。

Kevin Engel - Amkor, CEO

(00:06:11)Taken together, the breadth of customer engagements we observe today confirms our view that advanced packaging will remain a significant growth driver for Amkor over the coming years. Our third pillar focuses on expanding our geographic footprint. In September, we announced phase two of our Arizona Advanced Packaging and Test Campus, with groundbreaking expected in late 2027 as phase one construction nears completion. Together, both phases are planned to encompass over 90,000 square meters of cleanroom space and represent an estimated $12 billion investment.

(00:06:11)綜合來看，我們今天觀察到的客戶參與的廣度確認了我們的看法，即先進封裝將在未來幾年內繼續成為 Amkor 的重要增長驅動力。我們的第三個支柱專注於擴大我們的地理足跡。在九月，我們宣佈了亞利桑那州先進封裝和測試校園的第二階段，預計在 2027 年底動工，因為第一階段的建設接近完成。一起，兩個階段計劃涵蓋超過 90,000 平方米的無塵室空間，並代表約 120 億美元的投資。

Kevin Engel - Amkor, CEO

(00:06:55)When fully ramped, the campus is expected to support a workforce exceeding 3,500 employees, strengthening the U.S. semiconductor ecosystem and supporting our customers' long-term needs. In Korea, we recently broke ground on two new buildings at our Gwangju campus. This additional space is being constructed to support the continued ramp-up of HDFO for our data center customers, including the recent announcement with NVIDIA. On our Songdo campus, the new assembly and test building remains on schedule for completion by year-end.

(00:06:55)當全面運行時，該校園預計將支持超過 3,500 名員工，強化美國的半導體生態系統，並支持我們客戶的長期需求。在韓國，我們最近在光州校園的兩棟新建築上動工。這個額外的空間正在建設中，以支持我們數據中心客戶的 HDFO 持續增長，包括最近與 NVIDIA 的公告。在我們的松島校園，新組裝和測試大樓仍按計劃在年底前完成。

Kevin Engel - Amkor, CEO

(00:07:34)The incremental space is planned to expand test capacity for automotive and data center customers and to strengthen our regional turnkey capabilities. Following completion of these expansions in 2028, our Korea footprint is expected to increase by 40% compared to 2025. This solidifies Korea as a center of excellence for high-value advanced packaging. Our Vietnam build-out is also progressing as planned, with increasing scale and a continued focus on automation. Automation enables optimal space planning, higher equipment utilization, and enhanced quality assurance.

(00:07:34)增加的空間計劃擴大測試能力以滿足汽車和數據中心客戶的需求，並加強我們的區域交鑰匙能力。在 2028 年完成這些擴建後，我們在韓國的足跡預計將比 2025 年增加 40%。這鞏固了韓國作為高價值先進封裝的卓越中心。我們在越南的擴建也按計劃進行，規模不斷擴大並持續專注於自動化。自動化使最佳空間規劃、更高的設備利用率和增強的質量保證成為可能。

Kevin Engel - Amkor, CEO

(00:08:17)Our vision is for Vietnam to become our SiP center of excellence. It has been exciting to see this facility evolve from undeveloped land in 2021 to a high-tech manufacturing operation today. As we migrate SiP from Korea to Vietnam, we are freeing up needed cleanroom space in Korea for additional advanced packaging growth. The released space in Korea is being redeployed and quickly absorbed by advanced packaging customers. In closing, our third-quarter results demonstrate strong execution and continued momentum across the business.

(00:08:17)我們的願景是讓越南成為我們的 SiP 卓越中心。看到這個設施從 2021 年的未開發土地演變為今天的高科技製造運營，令人振奮。隨著我們將 SiP 從韓國遷移到越南，我們正在釋放韓國所需的無塵室空間，以支持額外的先進封裝增長。在韓國釋放的空間正在重新部署，並迅速被先進封裝客戶吸收。最後，我們的第三季度業績顯示出強勁的執行力和業務的持續動能。

Kevin Engel - Amkor, CEO

(00:08:59)We delivered record revenue in computing, automotive, and industrial sectors, expanded margins, and advanced key programs. Customer commitments continue to grow, providing greater visibility as we expand advanced packaging capacity. We are well positioned to capture long-term growth opportunities ahead. I will now turn the call over to Megan to provide more detail on our third-quarter performance and near-term outlook.

(00:08:59)我們在計算、汽車和工業領域實現了創紀錄的收入，擴大了利潤率，並推進了關鍵計劃。客戶的承諾持續增長，提供了更大的可見性，因為我們擴大了先進封裝的產能。我們已經做好準備，抓住未來的長期增長機會。現在我將把電話轉交給 Megan，讓她提供更多有關我們第三季度表現和近期展望的細節。

Megan Faust - Amkor, CFO

(00:09:29)Thank you, Kevin, and good afternoon, everyone. Amkor delivered third-quarter revenue of $1.99 billion, an increase of 5% sequentially. Our computing and automotive and industrial end markets each achieved record revenue. Revenue in the communications end market declined 8% sequentially. The factors we discussed last quarter largely developed as expected. These included the strategic migration of SiP technology to Vietnam, memory supply constraints, and changes in build patterns. Component shortages affecting premium-tier smartphones and IoT wearable devices created additional headwinds during the quarter across both communications and consumer applications.

(00:09:29)謝謝你，Kevin，大家下午好。Amkor 在第三季度實現了 19.9 億美元的收入，較上季度增長 5%。我們的計算、汽車和工業終端市場均實現了創紀錄的收入。通信終端市場的收入較上季度下降 8%。我們上季度討論的因素大致如預期發展。這些因素包括SiP 技術向越南的戰略遷移、記憶體供應限制和建設模式的變化。影響高端智能手機和物聯網可穿戴設備的元件短缺在本季度對通信和消費應用造成了額外的阻力。

Megan Faust - Amkor, CFO

(00:10:28)We expect these conditions to continue in the fourth quarter, with communications revenue declining by high single digits sequentially. Revenue in the computing end market increased 25% sequentially to a new record. During the quarter, we continued to scale our flagship HDFO CPU program and saw growth in other data center programs. Looking ahead to the fourth quarter, we expect revenue to increase low double digits sequentially, driven by ongoing scaling and new program ramps. Q4 is estimated to deliver over 50% growth year-over-year and provide strong momentum heading into 2027.

(00:10:28)我們預計這些情況將在第四季度持續，通信收入將按季度下降高個位數。計算終端市場的收入按季度增長 25%，達到新紀錄。在本季度，我們繼續擴大我們的旗艦 HDFO CPU 計劃，並在其他數據中心計劃中看到增長。展望第四季度，我們預計收入將按季度增長低雙位數，這是由於持續擴張和新計劃的推進。第四季度預計將實現超過 50% 的年增長，並為 2027 年提供強勁的動能。

Megan Faust - Amkor, CFO

(00:11:22)Revenue in the automotive and industrial end market reached a new record, increasing 7% sequentially. Growth was driven by both ADAS and industrial products across multiple customers. In the fourth quarter, we expect continued strength, with revenue growing low single digits sequentially. Consumer revenue increased 10% sequentially, driven by demand for IoT and home electronic products. Revenue was impacted by the same component shortages affecting premium-tier smartphones. We expect these shortages to continue into the fourth quarter, with consumer revenue declining more than seasonally, by the mid-teens percent sequentially.

(00:11:22)汽車和工業終端市場的收入達到新紀錄，按季度增長 7%。增長是由多個客戶的 ADAS 和工業產品驅動的。在第四季度，我們預計將持續強勁，收入按季度增長低個位數。消費者收入按季度增長 10%，這是由於對物聯網和家用電子產品的需求。收入受到影響由於影響高端智能手機的相同元件短缺。我們預計這些短缺將持續到第四季度，消費者收入將比季節性下降更多，按季度下降中位數十幾個百分點。

Megan Faust - Amkor, CFO

(00:12:16)Gross margin for the quarter was 18.3%, an increase of 150 basis points sequentially and 400 basis points year over year. Gross profit totaled $364 million. The expansion in gross margin was primarily driven by a richer mix of high-value advanced packaging, reflecting strong growth in computing and automotive sectors. During the quarter, gross margin was impacted by foreign currency headwinds and, to a lesser extent, the effects of the July earthquake on our Kumamoto, Japan facility. Together, these factors had an unfavorable impact of approximately 60 basis points sequentially.

(00:12:16)本季度的毛利率為 18.3%，按季度增加 150 個基點，按年增長 400 個基點。毛利總額為 3.64 億美元。毛利率的擴大主要是由於高價值先進封裝的組合更為豐富，反映出計算和汽車行業的強勁增長。在本季度，毛利率受到外幣逆風的影響，並且在較小程度上受到七月地震的影響對我們位於日本熊本的設施。總體來看，這些因素對毛利率的影響約為 60 個基點的負面影響。

Megan Faust - Amkor, CFO

(00:13:10)Our Japan facility returned to full operations within the quarter. Third quarter operating expenses were $139 million. Operating income was $225 million, resulting in an operating income margin of 11.3%. Net income was $191 million, resulting in earnings per share of 76 cents. EBITDA was $435 million, with an EBITDA margin of 21.8%. Our balance sheet remains strong and provides significant flexibility as we continue to invest to support long-term growth. As of September 30th, we held $2.4 billion in cash and short-term investments, with total liquidity of $3.4 billion.

(00:13:10)我們的日本設施在本季度內恢復了全面運營。第三季度的營業費用為 1.39 億美元。營業收入為 2.25 億美元，導致營業收入利潤率為 11.3%。淨收入為 1.91 億美元，導致每股收益為 76 美分。EBITDA 為 4.35 億美元，EBITDA 利潤率為 21.8%。我們的資產負債表依然強勁，並提供了顯著的靈活性，因為我們繼續投資以支持長期增長。截至 9 月 30 日，我們持有 24 億美元的現金和短期投資，總流動性為 34 億美元。

Megan Faust - Amkor, CFO

(00:14:11)Total debt was $2.5 billion, and our debt-to-EBITDA ratio stood at 1.7 times. Now, turning to our fourth quarter outlook. Q4 revenue is expected to be between $1.9 billion and $2 billion. Gross margin is expected to range between 18% and 19%. We anticipate operating expenses of approximately $140 million. Our full-year effective tax rate is expected to be in the high teens percent, due to year-to-date discrete tax benefits. Net income is forecasted to be between $160 million and $185 million. This results in earnings per share between 65 and 75 cents.

(00:14:11)總負債為 25 億美元，我們的負債對 EBITDA 比率為 1.7 倍。現在，轉向我們的第四季度展望。第四季度的收入預計在 19 億美元到 20 億美元之間。毛利率預計在 18% 到 19% 之間。我們預計營業費用約為 1.4 億美元。我們全年的有效稅率預計在高十幾個百分點，這是由於年初至今的特殊稅收優惠。淨收入預測在 1.6 億美元到 1.85 億美元之間。這導致每股收益在 65 美分到 75 美分之間。

Megan Faust - Amkor, CFO

(00:15:05)We are narrowing our estimated 2026 CapEx spend to around $2.5 billion, primarily reflecting the timing of construction payments for our Arizona campus. Phase one construction remains on schedule for completion by the end of 2027. Looking ahead, we expect a step-up in CapEx in 2027, driven primarily by facility investments in Arizona, Korea, and Vietnam as we expand capacity to support long-term growth opportunities. We will provide specific 2027 CapEx guidance on our fourth quarter call in February.

(00:15:05)我們正在縮小 2026 年資本支出的預估至約 25 億美元，主要反映我們亞利桑那校區建設付款的時間安排。第一階段的建設仍按計劃在 2027 年底前完成。展望未來，我們預計在 2027 年資本支出將大幅增加，主要是由於在亞利桑那、韓國和越南的設施投資，因為我們擴大產能以支持長期增長機會。我們將在二月份的第四季度電話會議上提供具體的 2027 年資本支出指導。

Megan Faust - Amkor, CFO

(00:15:54)Customer advance payments are expected to provide significant funding support for these CapEx investments. Since 2025, Amkor has executed advanced payment arrangements with a dozen customers, primarily supporting advanced packaging capacity across both Korea and Arizona, with several more customer agreements under discussion. In closing, our third quarter results demonstrate the earnings power of our business. A richer mix of advanced packaging revenue and strong execution drove meaningful margin expansion.

(00:15:54)客戶預付款預計將為這些資本支出投資提供顯著的資金支持。自 2025 年以來，Amkor 已與十幾家客戶執行了預付款安排，主要支持韓國和亞利桑那的先進封裝產能，並且還有幾個客戶協議正在討論中。最後，我們的第三季度業績展示了我們業務的盈利能力。更豐富的先進封裝收入組合和強勁的執行推動了顯著的利潤擴張。

Megan Faust - Amkor, CFO

(00:16:38)We remain focused on disciplined investment as we position the business for profitable long-term growth. This concludes our prepared remarks. Operator, we will now open the call for questions.

(00:16:38)我們仍然專注於有紀律的投資，為業務定位以實現盈利的長期增長。這結束了我們的準備發言。操作員，我們現在將開放提問環節。

Diego - Conference Facilitator

(00:16:54)Thank you. At this time, we will begin the question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Your first question comes from Ruplu Bhattacharya with Bank of America.

(00:16:54)謝謝。此時，我們將開始問答環節。如果您想提問，請在電話鍵盤上按星號 1。確認音調將表示您的線路在提問隊列中。如果您想從隊列中刪除您的問題，可以按星號 2。對於使用揚聲器設備的參與者，可能需要在按星號鍵之前拿起您的話筒。請稍等，我們正在收集問題。您的第一個問題來自美國銀行的 Ruplu Bhattacharya。

Diego - Conference Facilitator

(00:17:33)Please state your question.

(00:17:33)請說出您的問題。

Q&A Ruplu Bhattacharya - Bank of America, Analyst

(00:17:34)Hi. Thank you for taking my questions. First one is for Megan. You're guiding to approximately 20 basis points of sequential gross margin improvement for the fourth quarter. How should we consider the impact of the SIP migration to Vietnam, the weakness in the Android smartphone market, and other factors such as FX effects or any lingering issues in Japan? Could you help us understand how you are thinking about that sequential improvement? And I have a follow-up question.

(00:17:34)嗨。感謝您回答我的問題。第一個問題是針對 Megan 的。您預測第四季度的毛利率將改善約 20 個基點。我們應該如何考慮 SIP 遷移到越南的影響、Android 智能手機市場的疲弱，以及外匯影響或日本的其他持續問題？您能幫助我們理解您對這一連續改善的看法嗎？我有一個後續問題。

Megan Faust - Amkor, CFO

(00:18:03)Sure. So, that's correct. We expect to see some modest expansion in our gross margin in Q4. This is primarily due to a favorable product mix, particularly further growth in our compute segment. Additionally, I would note lower SIP volumes, as you mentioned earlier. We are also anticipating continued unfavorable effects. Regarding the communications market, we have indicated that Q4 will be down sequentially. In terms of dynamics between iOS and Android, we expect Android to decline in Q4 compared to Q3.

(00:18:03)當然。是的，這是正確的。我們預計在第四季度會看到毛利率的適度擴張。這主要是由於有利的產品組合，特別是我們計算部門的進一步增長。此外，我還想提到您之前提到的 SIP 量下降。我們也預期會持續面臨不利影響。關於通訊市場，我們已表示第四季度將會有連續下降。在 iOS 和 Android 之間的動態方面，我們預計 Android 在第四季度將比第三季度下降。

Megan Faust - Amkor, CFO

(00:18:50)We also expect iOS to decline, so both ecosystems are projected to be down. Did you have a follow-up?

(00:18:50)我們也預計 iOS 會下降，因此兩個生態系統都預計會下降。您有後續問題嗎？

Ruplu Bhattacharya - Bank of America, Analyst

(00:18:58)Yes, thanks for the details. I have a follow-up question for Kevin. With the newly announced agreement with NVIDIA, it appears total prepayments are now about $3 billion. Kevin, how should we think about the division of programs between South Korea and Arizona? Will the margin and capital return profiles differ materially between these two locations? From a risk management perspective, if there are major AI program changes, how fungible is this advanced packaging equipment? Could you address the Korea versus Arizona mix, margin and capital return profiles, and your approach to risk management?

(00:18:58)是的，謝謝您的詳細說明。我有一個針對 Kevin 的後續問題。根據新宣佈的與 NVIDIA 的協議，總預付款現在約為 30 億美元。Kevin，我們應該如何看待韓國和亞利桑那州之間的項目分配？這兩個地點的毛利率和資本回報特徵會有實質性差異嗎？從風險管理的角度來看，如果有重大 AI 項目變更，這些先進的封裝設備的流動性如何？您能談談韓國與亞利桑那的組合、毛利率和資本回報特徵，以及您對風險管理的看法嗎？

Kevin Engel - Amkor, CEO

(00:19:39)Thank you very much. Thanks, Ruplu. There are a few components to consider. Regarding the mix between Korea and Arizona, we are currently ramping in Korea. Accelerating that ramp is very important for us. There is a lot happening there. I can provide some color since we have discussed expansions at these locations. In Korea, as we migrate SIP from the Korea facility to Vietnam, this frees up space in the Korea facility, which we are quickly filling with assets already on order to maintain the ramp in the short term.

(00:19:39)非常感謝。謝謝，Ruplu。有幾個要素需要考慮。關於韓國和亞利桑那的組合，我們目前正在韓國擴張。加速這一擴張對我們來說非常重要。那裡發生了很多事情。我可以提供一些背景，因為我們已經討論過這些地點的擴張。在韓國，隨著我們將 SIP 從韓國設施遷移到越南，這為韓國設施騰出了空間，我們正在迅速填補這些空間，使用已經訂購的資產以維持短期內的擴張。

Kevin Engel - Amkor, CEO

(00:20:22)In the mid-term, a new building on the Songdo campus will open at the end of this year to continue accelerating growth. The announcement also includes our Gwangju location, where two new buildings have recently broken ground and will drive acceleration into late 2027 and 2028. These buildings are expected to be completed by late 2027. To give you a sense of scale, construction spending in Korea for 2027 will be in the $400 to $450 million range. We also discussed the expansion in Vietnam where SIP is relocating.

(00:20:22)在中期，位於松島校園的新建築將在今年年底開放，以繼續加速增長。此公告還包括我們的光州地點，兩棟新建築最近已經開工，將推動增長到 2027 年底和 2028 年。這些建築預計將在 2027 年底前完成。為了讓您瞭解規模，2027 年韓國的建設支出將在 4 億到 4.5 億美元之間。我們還討論了越南的擴張，SIP 正在那裡重新安置。

Kevin Engel - Amkor, CEO

(00:21:08)The expansion facility cost in Vietnam for 2027 is approximately $50 million. For Arizona, the ramp will occur later. The facility is expected to be completed late next year (2027), with asset moves beginning then. For that customer, the ramp profile is more aligned with late 2027 to 2028. Regarding gross margins at both facilities, we expect higher overall costs in Arizona due to building depreciation and labor. We are managing these costs through several approaches. First, by maintaining very high factory utilization, which offsets lower product mix.

(00:21:08)2027 年越南的擴張設施成本約為 5000 萬美元。對於亞利桑那州，擴張將稍晚進行。該設施預計將在 2027 年底完成，資產轉移將從那時開始。對於那位客戶，擴張的時間表更符合 2027 年底到 2028 年。關於兩個設施的毛利率，我們預計亞利桑那州的整體成本會更高，因為建築折舊和勞動力成本。我們通過幾種方法來管理這些成本。首先，通過保持非常高的工廠利用率，這可以抵消較低的產品組合。

Kevin Engel - Amkor, CEO

(00:21:53)Customers planned for that facility understand our goal to reduce seasonality by preferentially loading Arizona and offloading Asia. This strategy helps keep the Arizona factory operating at a high level. Additionally, it will be our most advanced facility in terms of automation. This will help reduce labor costs. Long term, while there may be slight differences in margin profiles, we do not expect significant deltas between the two locations. Overall, I believe this is a positive outlook. When we consider risk, The CAP agreements significantly help us manage our risk profile.

(00:21:53)計劃在該設施的客戶瞭解我們的目標是通過優先安排亞利桑那州的生產並減少亞洲的生產來降低季節性影響。這一策略有助於保持亞利桑那工廠的高運行水平。此外，這將是我們在自動化方面最先進的設施。這將有助於降低勞動成本。從長遠來看，雖然毛利率特徵可能會有輕微差異，但我們不預期兩個地點之間會有顯著差異。總體而言，我相信這是一個積極的前景。當我們考慮風險時，CAP 協議[待確認：疑指客戶預付款／產能承諾協議]顯著幫助我們管理風險概況。

Kevin Engel - Amkor, CEO

(00:22:31)There are multiple terms in those agreements that build our confidence in establishing that profile. Regarding asset fungibility, for any high-density fan-out program, 2.5D, or wafer bumping processes, these assets are fungible throughout the stack. While the scale we are working with this customer is difficult to offset, I would say, the technology remains highly fungible across different customers.

(00:22:31)這些協議中有多個條款增強了我們建立該概況的信心。關於資產可替代性，對於任何高密度扇出（HDFO）專案、2.5D 或晶圓凸塊處理，這些資產在整個堆疊中都是可替代的。雖然我們與這位客戶合作的規模難以抵消，但我會說，這項技術在不同客戶之間仍然高度可替代。

Diego - Conference Facilitator

(00:23:04)Thank you. Your next question comes from Joe Moore with Morgan Stanley. Please go ahead with your question.

(00:23:04)謝謝。您的下一個問題來自摩根士丹利的 Joe Moore。請提出您的問題。

Joe Moore - Morgan Stanley, Analyst

(00:23:11)Great. Thank you. You reported strong results in compute, up 25%. Last quarter, you mentioned growth of 30%. Could you discuss whether this reflects supply constraints and provide some insight into that trajectory?

(00:23:11)很好。謝謝。您報告了計算部門強勁的業績，增長了 25%。上一季度，您提到增長了 30%。您能否討論這是否反映了供應限制，並提供一些對該趨勢的見解？

Kevin Engel - Amkor, CEO

(00:23:28)I wouldn't necessarily attribute it to supply constraints, Joe. It's more about the process flow for these HDFO parts. The process involves over 300 steps. Building out the pipeline and positioning the product correctly takes time, especially considering the WIP loading required across multiple steps. It took a bit longer to fully load the line to our desired level. I wouldn't say supply constraints were a factor.

(00:23:28)我不會將其歸因於供應限制，Joe。這更多是關於這些 HDFO 部件的流程。該過程涉及超過 300 個步驟。建立管道並正確定位產品需要時間，特別是考慮到多個步驟中所需的在製品（WIP）裝載。完全加載生產線到我們所需的水平花了更長的時間。我不會說供應限制是個因素。

Joe Moore - Morgan Stanley, Analyst

(00:24:04)Okay. That's helpful. Thank you. Regarding the end market mix, it appears you had strength in automotive. Can you share your perspective on that market segment?

(00:24:04)好的。這很有幫助。謝謝。關於最終市場組合，您似乎在汽車領域表現強勁。您能分享一下對該市場細分的看法嗎？

Kevin Engel - Amkor, CEO

(00:24:16)Yes. Thanks for the question. I wasn't expecting that topic today. Automotive and industrial markets are very positive. There are several factors. In automotive, advanced products like in-car computing and ADAS applications continue to grow, which is very exciting. The automotive industry has accelerated product development timelines significantly. This acceleration is notable. New technologies in cars are advancing much more aggressively than before, benefiting advanced packaging solutions. Consider Arizona, where autonomous vehicles are prevalent.

(00:24:16)是的。感謝您的提問。我今天並不預期會討論這個主題。汽車和工業市場非常積極。有幾個因素。在汽車領域，車載計算和 ADAS 應用等先進產品持續增長，這非常令人興奮。汽車行業顯著加快了產品開發時間表。這種加速是顯著的。汽車中的新技術比以往更積極地推進，這對先進封裝解決方案是有利的。考慮亞利桑那州，那裡自動駕駛車輛普遍存在。

Kevin Engel - Amkor, CEO

(00:25:04)Semiconductor content in these vehicles is increasing as autonomous technology spreads to passenger cars. We expect semiconductor content per vehicle to continue growing. Additionally, mainstream legacy packages used in cars are rebounding. Our customers report positive outlooks and controlled inventory levels, which took years to achieve. All of this bodes well for the market. I also want to highlight the industrial sector. We are seeing significant growth in industrial markets as well. Overall, these three areas show positive momentum.

(00:25:04)隨著自動駕駛技術擴展到乘用車，這些車輛中的半導體內容正在增加。我們預計每輛車的半導體內容將持續增長。此外，汽車中使用的主流傳統封裝正在回升。我們的客戶報告了積極的前景和可控的庫存水平，這花了幾年時間才實現。所有這些對市場都是有利的。我還想強調工業部門。我們也看到工業市場的顯著增長。總體而言，這三個領域顯示出積極的動力。

Joe Moore - Morgan Stanley, Analyst

(00:25:47)Thank you.

(00:25:47)謝謝。

Diego - Conference Facilitator

(00:25:51)Your next question comes from Ben Reitzes with Melius Research. Please proceed with your question.

(00:25:51)您的下一個問題來自 Melius Research 的 Ben Reitzes。請繼續提出您的問題。

Jack Adair - Melius Research, Analyst

(00:25:58)Hi, this is Jack Adair. I'm speaking on behalf of Ben. Thank you for taking the question. I wanted to explore the computing segment in more detail. You had guided computing to grow over 50% year-over-year in the fourth quarter. Could you elaborate on the momentum heading into 2027, considering more capacity coming online in Korea and increased data center engagements? Also, do you expect that growth pace to continue in 2027?

(00:25:58)嗨，我是 Jack Adair。我代表 Ben 發言。感謝您接受這個問題。我想更詳細地探討計算領域。你們在第四季度指導計算業務年增長超過 50%。考慮到韓國將有更多產能上線以及數據中心的參與增加，您能否詳細說明 2027 年的增長勢頭？此外，您預期這一增長速度在 2027 年會持續嗎？

Kevin Engel - Amkor, CEO

(00:26:26)Yes, thanks for the question. Essentially, with our guidance, we expect over 30% growth in computing from 2025 to 2026. Keep in mind, this includes both PC and data center segments. While PC demand is relatively soft, data center growth has offset that, driving the over 30% growth. We anticipate a similar or even higher growth rate into 2027, based on the space profile I previously outlined.

(00:26:26)是的，謝謝你的提問。基本上，根據我們的指導，我們預計 2025 年至 2026 年計算業務將增長超過 30%。請記住，這包括 PC 和數據中心兩個領域。雖然 PC 需求相對疲軟，但數據中心的增長抵消了這一點，推動了超過 30% 的增長。根據我之前概述的市場情況，我們預計 2027 年將有類似甚至更高的增長率。

Jack Adair - Melius Research, Analyst

(00:27:02)That's helpful. Thank you. If I may, I have one more question about your communications business. With the new launch cadence at Apple, could you provide more insight on seasonality in 2027 and whether content gains from new form factors will be a factor?

(00:27:02)這很有幫助。謝謝你。如果可以的話，我還有一個關於你們的通訊業務的問題。隨著蘋果的新產品發布節奏，您能否提供更多關於 2027 年季節性變化的見解，以及新型態的內容增長是否會成為一個因素？

Kevin Engel - Amkor, CEO

(00:27:22)Okay, yes. Communications is an interesting area. Overall, it's a bit early to define the full-year profile. But you're correct, with the different launch profiles, which we hinted at last quarter, we expect changes to our typical seasonality. However, it's still too early to fully understand how this will play out. There are many dynamics at play, including supply constraints, memory pricing affecting demand, and build cycles as mentioned. So, multiple factors are involved. Regarding form factors, I don't see significant impact related to that.

(00:27:22)好的，是的。通訊是一個有趣的領域。總體來說，現在定義全年情況還為時尚早。但你是對的，隨著不同的發布模式，我們在上個季度提到過，我們預計會對我們的典型季節性產生變化。不過，現在還為時尚早，無法完全理解這將如何發展。有許多動態因素在起作用，包括供應限制、記憶體價格影響需求，以及提到的建設週期。因此，涉及多個因素。關於形態因素，我不認為這方面會有重大影響。

Kevin Engel - Amkor, CEO

(00:28:09)It's primarily about unit sales. The better the phones sell, the more it drives overall demand.

(00:28:09)主要是關於單位銷售。手機銷售越好，整體需求就越高。

Jack Adair - Melius Research, Analyst

(00:28:21)Thank you.

(00:28:21)謝謝你。

Diego - Conference Facilitator

(00:28:24)Your next question comes from Randy Abrams with UBS. Please go ahead with your question.

(00:28:24)下一個問題來自瑞士銀行的 Randy Abrams。請提出你的問題。

Randy Abrams - UBS, Analyst

(00:28:29)Yes. Hi. Thank you. My first question is to expand on your computing opportunities. You're experiencing a strong ramp on the CPU program. Could you update us on the progress of the fan-out bridge? Also, could you discuss the scope? I believe you mentioned other new projects, such as networking ramping up. How do you see these incremental activities impacting compute?

(00:28:29)是的。嗨。謝謝你。我的第一個問題是擴展你們的計算機會。你們在 CPU 計劃上經歷了強勁的增長。你能更新一下扇出橋的進展嗎？此外，你能談談範圍嗎？我相信你提到過其他新項目，例如網絡的增長。你認為這些增量活動會如何影響計算？

Kevin Engel - Amkor, CEO

(00:28:57)Okay. Thanks, Randy. Okay. So, a few points to cover. Regarding the bridge opportunities, progress is as expected. We have discussed this as a late 2027 opportunity extending into 2028. Our timeline remains consistent with that. Discussions with the customer are ongoing. There is significant interest, especially in securing capacity overall. Let me provide some context on capacity constraints across the industry. Early on, there was much discussion about silicon and memory availability. Those constraints still exist but customers now better understand what will be available going into 2027.

(00:28:57)好的。謝謝你，Randy。好的。那麼，有幾個要點需要涵蓋。關於橋接機會，進展如預期。我們已經討論過這是一個 2027 年底的機會，將延續到 2028 年。我們的時間表與此保持一致。與客戶的討論仍在進行中。對於確保整體產能，特別是有很大的興趣。讓我提供一些有關行業產能限制的背景。早期，對於矽和記憶體的可用性有很多討論。這些限制仍然存在，但客戶現在更好地理解 2027 年將會有什麼可用。

Kevin Engel - Amkor, CEO

(00:29:45)This highlights that packaging is becoming a key bottleneck. Customers are actively working to secure capacity for 2027 and even into 2028. So that's where you start to see many of these advanced payment discussions. And could you please repeat the second question, Randy?

(00:29:45)這突顯了包裝成為一個關鍵瓶頸。客戶正在積極努力確保 2027 年甚至 2028 年的產能。所以這就是你開始看到許多這些先進支付討論的地方。請問你能重複第二個問題嗎，Randy？

Randy Abrams - UBS, Analyst

(00:30:08)Yes, the second part was regarding the other projects. Could you elaborate a bit more on the scope? Is compute concentrated mainly on the core CPU, or are you seeing a broadening into other projects that you expect to be meaningful?

(00:30:08)是的，第二部分是關於其他項目的。你能再詳細說明一下範圍嗎？計算主要集中在核心 CPU 上，還是你看到有擴展到其他你預期會有意義的項目？

Kevin Engel - Amkor, CEO

(00:30:22)Yes, I mean, meaningful. I think these core fundamental programs are scaling much faster. So I have to say that. But we do have programs ongoing in XPU, networking, and switches. Those are 2.5D type programs. And again, we discussed the CPU program for a hyperscaler. All of those are on track, either ramping now or ramping late this quarter or next quarter. Overall, the key programs we mentioned are the main drivers in terms of scale.

(00:30:22)是的，我的意思是，有意義的。我認為這些核心基本計劃的擴展速度要快得多。所以我必須這麼說。但我們確實在 XPU、網絡和交換機方面有正在進行的計劃。這些是 2.5D 類型的計劃。再次，我們討論了針對超大規模雲端業者的 CPU 計劃。所有這些計劃都在進行中，無論是現在增長還是本季度晚些時候或下季度增長。總體而言，我們提到的關鍵計劃是擴展的主要驅動因素。

Randy Abrams - UBS, Analyst

(00:31:02)Okay, great. My second question is about the cost and pricing environment. We are seeing significant increases in substrate and material costs. Additionally, capacity remains tight. I believe your Taiwan peer has been raising prices. How do you view these two factors? If I may add, would the SIP business rebound strongly next year to offset any pricing improvements you might see? Do you expect any offsets from SIP? Thank you.

(00:31:02)好的，很好。我的第二個問題是關於成本和定價環境。我們看到基板和材料成本顯著上升。此外，產能仍然緊張。我相信你在台灣的同行已經在提高價格。你如何看待這兩個因素？如果我可以補充一下，SIP 業務明年會強勁反彈以抵消你可能看到的任何定價改善嗎？你預期 SIP 會有任何抵消嗎？謝謝你。

Kevin Engel - Amkor, CEO

(00:31:35)Okay. Yes, there is definitely cost pressure. We are managing this closely with our suppliers and typically pass these costs on to customers. The pricing environment remains generally attractive, allowing us to pass on costs and consider long-term investments while managing margin profiles to ensure returns. Also, the number of players supporting these product types is relatively limited. This creates an environment where all players can maintain attractive cost and pricing structures due to overall constraints and capacity limitations.

(00:31:35)好的。是的，確實有成本壓力。我們與供應商密切管理這一點，通常會將這些成本轉嫁給客戶。定價環境仍然普遍吸引人，使我們能夠轉嫁成本並考慮長期投資，同時管理利潤率以確保回報。此外，支持這些產品類型的參與者數量相對有限。這創造了一個環境，使所有參與者都能保持有吸引力的成本和定價結構，因為整體限制和產能限制。

Kevin Engel - Amkor, CEO

(00:32:26)Regarding SIP, we see short-term headwinds related to asset transfers. There is always a slight gap when moving assets across oceans. However, working with customers, we definitely see a rebound. There is a significant pipeline built up for SIP. Pricing is mostly about passing on cost increases rather than driving margin acceleration in that business segment. So, not much margin expansion is expected from SIP pricing.

(00:32:26)關於 SIP，我們看到與資產轉移相關的短期逆風。在跨洋轉移資產時總是會有一點差距。然而，與客戶合作，我們確實看到反彈。SIP 的管道已經積累了大量。定價主要是關於轉嫁成本上升，而不是推動該業務部門的利潤加速。所以，對於 SIP 定價，預期不會有太多利潤擴張。

Randy Abrams - UBS, Analyst

(00:33:08)Okay, great. Thank you, Kevin.

(00:33:08)好的，很好。謝謝你，Kevin。

Diego - Conference Facilitator

(00:33:13)Your next question comes from Steven Fox with Fox Advisors. Please state your question.

(00:33:13)你的下一個問題來自 Fox Advisors 的 Steven Fox。請說出你的問題。

Steven Fox - Fox Advisors, Analyst

(00:33:18)Hi, good afternoon. Hello, good afternoon as well. First of all, you provided many insights on how CapEx might look next year. Could you discuss how capacity expansion might impact gross margins in the coming year and the approximate mix effect we might expect? I also have a follow-up question.

(00:33:18)嗨，下午好。你好，下午好。首先，你提供了許多關於明年資本支出可能情況的見解。你能討論一下產能擴張可能如何影響明年的毛利率，以及我們可能預期的近似組合效應嗎？我還有一個後續問題。

Kevin Engel - Amkor, CEO

(00:33:40)Okay. Megan, can you take that one?

(00:33:40)好的。Megan，你能回答這個問題嗎？

Megan Faust - Amkor, CFO

(00:33:41)Sure. To reiterate, Steve, while we are not yet ready to provide full 2027 CapEx guidance, we are proceeding with programs Kevin outlined that will increase CapEx, particularly around facilities. To recap, we have the Arizona facility. We provided a framework indicating that 2027 could represent up to 15% of the $12 billion projected for that year. For Korea, the expected range is between $400 million and $450 million. For Vietnam, the figure is approximately $50 million. So, altogether, these amounts total more than $2 billion, just from those programs.

(00:33:41)當然。重申一下，Steve，雖然我們還沒有準備好提供完整的 2027 年資本支出指導，我們正在推進 Kevin 概述的計劃，這將增加資本支出，特別是在設施方面。總結一下，我們有亞利桑那州的設施。我們提供了一個框架，指出 2027 年最多可達 120 億美元總投資的 15%（約 18 億美元†）。對於韓國，預期範圍在 4 億到 4.5 億美元之間。對於越南，數字約為 5000 萬美元。因此，總共這些金額超過 20 億美元，僅來自這些計劃。

Megan Faust - Amkor, CFO

(00:34:24)Regarding margin impact, as a reminder, the Arizona facility will not be completed until the end of 2027. Therefore, its impact will not be reflected in the income statement until completion. We will be capitalizing the costs throughout the year, similar to other major projects in Korea. Concerning equipment, we anticipate further expansion on that front. We expect approximately a mid-teens percentage increase in depreciation in 2026. I also anticipate that depreciation will increase somewhat in 2027.

(00:34:24)關於利潤影響，提醒一下，亞利桑那州的設施將在 2027 年底之前無法完成。因此，其影響在完成之前不會反映在損益表中。我們將在整個年度內資本化這些成本，類似於韓國的其他重大項目。關於設備，我們預期在這方面會有進一步擴張。我們預計 2026 年的折舊將增加約中十數百分比。我也預期 2027 年的折舊會有所增加。

Megan Faust - Amkor, CFO

(00:35:07)It is still too early to determine the exact impact on margin. However, as you mentioned, we are executing our strategic plan, which identifies product mix as a primary area for margin expansion. With our plan to grow compute by 30% or more in 2027, we expect a related margin benefit that year.

(00:35:07)目前仍然太早去確定對利潤的具體影響。不過，正如您所提到的，我們正在執行我們的戰略計劃，其中將產品組合確定為利潤擴張的主要領域。隨著我們計劃在 2027 年增長 30% 或更多，我們預期那一年會有相關的利潤好處。

Steven Fox - Fox Advisors, Analyst

(00:35:37)Great. That's very helpful. As a follow-up, I know you just covered pricing, but could you address it from a different angle regarding some of these agreements? Clearly, you have mitigated much of the risk. Specifically, in terms of capacity planning for these new compute and networking agreements. How should we think about the pricing power you are establishing within that context? Is there anything else we should consider beyond the predictability of production at a specific plant?

(00:35:37)很好。這非常有幫助。作為後續問題，我知道您剛剛談到了定價，但您能否從不同的角度談談這些協議？顯然，您已經減輕了許多風險。特別是在這些新的計算和網絡協議的產能規劃方面。在這種情況下，我們應該如何看待您所建立的定價能力？除了特定工廠的生產可預測性之外，還有其他需要考慮的因素嗎？

Kevin Engel - Amkor, CEO

(00:36:09)No, I believe that all computing customers understand the pricing environment. They recognize these are significant capital investments that require a return. Therefore, the margin profile and return are not major concerns. Their primary focus is securing capacity. At this point, we feel very optimistic about the pricing environment related to these multi-year agreements.

(00:36:09)不，我相信所有計算客戶都理解定價環境。他們認識到這些是需要回報的重大資本投資。因此，利潤概況和回報並不是主要關注點。他們的主要關注點是確保產能。此時，我們對這些多年協議相關的定價環境感到非常樂觀。

Diego - Conference Facilitator

(00:36:41)Great. That's very helpful. Thank you. A reminder to the audience: to ask a question, please press star one on your phone. To remove yourself from the question queue, press star two on your phone. Your next question comes from Steve Barger with KeyBanc Capital Markets. Please proceed with your question.

(00:36:41)很好。這非常有幫助。謝謝。提醒觀眾：要提問，請在您的電話上按星號一。要退出提問隊列，請在您的電話上按星號二。您的下一個問題來自於 KeyBanc Capital Markets 的 Steve Barger。請提出您的問題。

Steve Barger - KeyBanc Capital Markets, Analyst

(00:37:03)Thanks. Megan, you mentioned a dozen customers with prepayments, and it sounds like more may be forthcoming. Considering CapEx timing versus these payment arrangements, can you manage this build-out without incurring additional debt, or is it too early to say?

(00:37:03)謝謝。Megan，您提到有十幾個客戶進行了預付款，聽起來還會有更多。考慮到資本支出時間與這些付款安排的關係，您能否在不增加額外債務的情況下管理這一擴建，還是說現在說還為時尚早？

Megan Faust - Amkor, CFO

(00:37:21)Thanks, Steve. Based on our current outline, we expect significant support in 2027. This support may extend into 2028, potentially eliminating the need for incremental debt at that time. However, it is still too early to determine whether additional debt will be necessary during 2028 and beyond. That said, our balance sheet positioning remains solid through 2027.

(00:37:21)謝謝，Steve。根據我們目前的計劃，我們預期在 2027 年會有顯著的支持。這種支持可能會延續到 2028 年，潛在地消除那時增加債務的需要。不過，目前仍然太早去確定在 2028 年及以後是否需要額外的債務。在 2028 年及以後。話雖如此，我們的資產負債表在 2027 年之前的定位仍然穩固。

Steve Barger - KeyBanc Capital Markets, Analyst

(00:37:52)Got it. Thanks for that. If consumer electronics, communications, and compute remain soft for multiple quarters into next year, how might that affect the margin or earnings trajectory, considering the CapEx investments relative to unit volume? Are there potential losses from some consumer electronics programs, or do you expect AI-related device acceleration to offset those?

(00:37:52)明白了。謝謝您。如果消費電子產品、通訊和計算在明年多個季度內仍然疲軟，這將如何影響利潤或收益的走勢，考慮到資本支出相對於單位銷量？是否有一些消費電子產品計劃可能會造成損失，還是您預期與 AI 相關的設備加速會抵消這些損失？

Kevin Engel - Amkor, CEO

(00:38:25)Let me start with the overall picture. We discussed this extensively during the investor day. When we consider our long-term vision, compute will continue to accelerate, and it offers a very attractive margin profile. It will also become a larger portion of the business. We have discussed the CAGRs we expect in that area. Some of the opportunities we've mentioned in advanced payments were already included in those long-term targets. Regarding communications, we expect it to continue growing, though not at the same growth rates as computing.

(00:38:25)讓我從整體情況開始。我們在投資者日上詳細討論了這個問題。當我們考慮我們的長期願景時，計算將繼續加速，並且它提供了非常有吸引力的利潤率特徵。它也將成為業務中更大的一部分。我們已經討論了我們在該領域預期的年均增長率。我們提到的一些先進支付的機會已經包含在那些長期目標中。關於通訊，我們預期它將繼續增長，儘管增長率不會與計算相同。

Kevin Engel - Amkor, CEO

(00:39:04)Overall, we believe the assets will have natural troughs and fluctuations. However, we do not expect utilization levels of these assets to change significantly over time. Utilization will continue to rise, maintaining an attractive profile for the overall communications business. Megan, do you have anything to add?

(00:39:04)總體而言，我們相信這些資產將會有自然的低谷和波動。然而，我們不預期這些資產的利用率會隨時間顯著改變。利用率將繼續上升，為整體通訊業務維持吸引力的特徵。Megan，你有什麼要補充的嗎？

Megan Faust - Amkor, CFO

(00:39:24)Yes, I want to emphasize that having a diversified portfolio is beneficial. In times like these, when we see weakness in communications and consumer markets, those shifts in market dynamics are cushioned by strength in compute. We've seen this before when automotive declined significantly post-COVID, while communications and compute remained strong. So, having a diversified portfolio definitely helps us navigate dynamics like those we are experiencing today.

(00:39:24)是的，我想強調擁有多元化的投資組合是有益的。在這樣的時期，當我們看到通訊和消費市場的疲弱時，市場動態的變化受到計算強勁的緩衝。我們之前見過這種情況，當汽車市場在 COVID 之後顯著下降，而通訊和計算仍然強勁。因此，擁有多元化的投資組合確實幫助我們應對今天所經歷的動態。

Kevin Engel - Amkor, CEO

(00:40:04)Yes, and thinking further about build cycle changes, we are optimistic that the peaks in the first and second halves will differ moving forward. We'll see if that cycle continues over the longer term. This will also significantly affect the communications first half, second half dynamic.

(00:40:04)是的，進一步思考建設週期的變化，我們對未來上半年的高峰和下半年的高峰將有所不同持樂觀態度。我們將看看這個週期是否會在長期內持續。這也將顯著影響通訊的上半年和下半年的動態。

Steve Barger - KeyBanc Capital Markets, Analyst

(00:40:28)Thank you for that.

(00:40:28)謝謝你。

Diego - Conference Facilitator

(00:40:32)Your next question is from Denis Pyatchanin with Needham and Company. Please go ahead with your question.

(00:40:32)你的下一個問題來自 Needham and Company 的 Denis Pyatchanin。請提出你的問題。

Denis Pyatchanin - Needham & Company, Analyst

(00:40:39)Great. Thank you very much. My first question is for Kevin. Given persistently high memory prices over the past year, what impact are you seeing on PC and smartphone product volumes? Could you quantify the current impact for each segment? And could you provide an outlook for these markets over the next year?

(00:40:39)很好。非常感謝。我的第一個問題是針對 Kevin 的。鑑於過去一年持續高企的記憶體價格，你在 PC 和智能手機產品量上看到了什麼影響？你能量化每個細分市場的當前影響嗎？你能提供這些市場在未來一年的展望嗎？

Kevin Engel - Amkor, CEO

(00:40:57)That's a challenging question. I would say... Obviously, memory pricing and availability have affected both markets. In communications, we observed that Android had a harder time adjusting than iOS, likely due to overall pricing dynamics. Lower-tier phones struggled more to absorb those cost changes compared to premium-tier devices. We expect this trend to continue. Regarding the PC market, memory is a significant component of overall PC cost, so we definitely saw impacts there. However, the ongoing migration from x86 to ARM is helping offset some of these challenges.

(00:40:57)這是一個具有挑戰性的問題。我會說……顯然，記憶體的定價和供應影響了這兩個市場。在通訊中，我們觀察到 Android 調整的難度比 iOS 更大，這可能是由於整體定價動態。低端手機在吸收這些成本變化方面的困難比高端設備更大。我們預期這一趨勢將持續。關於 PC 市場，記憶體是整體 PC 成本的重要組成部分，因此我們確實看到了那裡的影響。然而，從 x86 向 ARM 的持續遷移正在幫助抵消一些這些挑戰。謝謝。

Denis Pyatchanin - Needham & Company, Analyst

(00:41:57)Thank you. My second question is for Megan. Recently, CapEx has risen to over 30% of sales, whereas historically it was in the low to mid-teens. Could you provide a longer-term outlook for CapEx intensity? Do you expect it to ramp down slowly, or will there be a significant drop two or three years from now?

(00:41:57)我的第二個問題是針對 Megan 的。最近，資本支出已上升至銷售的 30% 以上，而歷史上它在低至中十幾的範圍內。你能提供資本支出強度的長期展望嗎？你預期它會慢慢減少，還是兩三年後會有顯著下降？當然。

Megan Faust - Amkor, CFO

(00:42:18)Sure. We have indicated that 2027 will see a step-up in CapEx, specifically for facility build-out. We have also shared that our Arizona build-out will peak in 2028 and 2029. This is because we will be constructing phase two while simultaneously bringing equipment online for phase one. Therefore, we expect CapEx to remain elevated. Through those periods, and from what we've shared so far, it will likely taper back down. Regarding a long-term normalized outlook, we have not provided that level of detail.

(00:42:18)我們已經指出，2027 年將會在資本支出上有一個提升，特別是針對設施的建設。我們還分享了我們在亞利桑那州的建設將在 2028 年和 2029 年達到高峰。這是因為我們將在建設第二階段的同時，為第一階段啟用設備。因此，我們預期資本支出將保持在高位。因此，我們預期資本支出將保持在高位。在這些期間，以及我們迄今所分享的內容，可能會逐漸回落。關於長期的正常化展望，我們尚未提供那個層級的細節。

Denis Pyatchanin - Needham & Company, Analyst

(00:43:05)Understood. Thank you very much.

(00:43:05)明白了。非常感謝。

Diego - Conference Facilitator

(00:43:06)Thank you. At this time, I am showing no further questions. I would like to turn the call back over to Kevin for closing remarks.

(00:43:06)謝謝你。此時，我顯示沒有進一步的問題。我想把電話交回給 Kevin 進行結語。

Kevin Engel - Amkor, CEO

(00:43:17)Okay, thank you everyone for your questions. Let me close with three key messages. First, our financial performance continues to strengthen. Record computing, automotive, and industrial revenue, along with margin expansion, demonstrate the improving earnings power of the business. Second, advanced packaging is driving significant growth opportunities. We continue to make progress across our HDFO and 2.5D programs. This progress is supported by strong momentum in AI and high-performance computing. And third, customers are making longer-term commitments to Amkor.

(00:43:17)好的，謝謝大家的提問。讓我以三個關鍵信息作結。首先，我們的財務表現持續增強。創紀錄的計算、汽車和工業收入，以及利潤擴張，顯示出業務的盈利能力正在改善。其次，先進封裝正在推動顯著的增長機會。我們在 HDFO 和 2.5D 計劃上持續取得進展。這一進展得益於人工智慧和高效能計算的強勁動能。第三，客戶對 Amkor 做出了更長期的承諾。

Kevin Engel - Amkor, CEO

(00:43:55)This gives us greater visibility as we accelerate our global capacity expansions. Thank you for joining the call today.

(00:43:55)這使我們在加速全球產能擴張時擁有更大的可見性。感謝您今天參加此次電話會議。

Diego - Conference Facilitator

(00:44:03)Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

(00:44:03)各位女士先生，今天的電話會議到此結束。您現在可以掛斷電話。