Amkor Technology, Inc.

Good day, ladies and gentlemen, and welcome to the AMCOR Technology Second Quarter 2025 Earnings Conference Call. My name is Diego, and I will be your conference facilitator today. At this time, all participants are in a 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 Ju, Head of Investor Relations. Ms. Chu, please go ahead.

Ms. Good afternoon, and welcome to AMCOR's second quarter 2025 earnings conference call. Joining me today are CEO, Gil Rutten, 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 and you can find the 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. Such statements are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our press release and SEC filings for a discussion on the risk factors and uncertainties that may affect our future results. We assume no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this presentation, except as may be required by applicable law. With that, I will now turn the call over to Heal.

Thank you, Jennifer. Good afternoon, everyone, and thank you for joining the call today. mCore delivered second quarter revenue of $1.51 billion, an increase of 14% sequentially, well above expectations, and with all end markets showing double digit sequential growth. I'm pleased with the way the team adapted quickly to support customers amid complex global conditions. They showed agility and flexibility by accelerating product transfers and volume increases, delivering strong revenue growth. At the same time, the environment in which we operate remains dynamic. We continue to monitor export controls and trade policies, working closely with customers and suppliers to address potential impacts. Our factory operations, which are largely situated in the free trade zones, remain resilient while supporting dynamic supply needs. Within our end markets, Communications grew 15% sequentially driven by the iOS ecosystem. Android revenue remained flat sequentially and increased 7% year on year. We expect a strong third quarter driven by the launch of the next generation premium tier smartphones. As AI expands into edge devices, we are working closely with lead customers to assess future device needs and develop advanced packaging solutions to support these innovations. In computing, revenue increased 16% from the first quarter, driven by new product ramps in personal computing, as well as growth in memory. Looking ahead to the third quarter, we expect sequential revenue growth across data centers, infrastructure, and personal computing. Demand for AI and high-performance computing applications continues to expand and our project pipeline remains robust. Export control dynamics led to several supply challenges in the quarter. However, by working closely with our customers, we were able to rapidly respond to the changing demand environment. A major milestone in the quarter was the launch of the first high-density fan-out product in high-volume production for our lead customer. Besides our proven 2.5D technology, high-density fan-out utilizing RDL interconnect technology is a critical enabler for growth in the computer domain. Revenue in the automotive and industrial markets grew 11% sequentially, driven by new product launches for ADAS applications across multiple customers. After eight consecutive quarters of year-on-year declines, Q2 marked an inflection point with 6% year-on-year growth. For the third quarter, we expect modest sequential revenue growth. Engagements with lead customers in the automotive domain shows growing interest in advanced packaging technologies like 2.5D for next-generation solutions. Our presence in the computing market and our global manufacturing footprint position as well to capture these future automotive opportunities. Lastly, in consumer, revenue increased 16% sequentially on market share gains in wearables, as well as broad-based demand improvement in traditional products. Next quarter, consumer revenue is expected to be flat. Looking ahead to the third quarter, We expect these positive trends to continue, supporting strong sequential growth and position as well for sustainable long-term success. mCore's strategy focuses on delivering differentiating technology solutions, expanding our global footprint to support customer supply chains, and collaborating with lead customers early in their product development. Last quarter, I discussed these strategic pillars. Today, I will highlight our technology differentiation and strong capability to deliver next-generation solutions for our computing customers. The accelerated development of AI is significantly changing the computing domain in terms of technology requirements, rate of innovation, and regional requirements for manufacturing facilities. Emcor is expanding its strategic presence in this market. Following a record computing revenue in 2024, we sustained momentum in the first half of 2025 with 18% year-over-year growth. Our customers span the full compute ecosystem, from CPUs, GPUs, and AI accelerators to memory, networking, and peripherals. We collaborate with industry leaders across these domains, supporting advanced technologies like high-density fan-out, advanced flip chip and system and package. Our proven 2.5D and high density fan-out solutions excel for high bandwidth memory integration and high density interconnects, while our flip chip and multi-chip module portfolio is preferred for other high performance, non-high bandwidth memory applications. Besides advanced packaging solutions, we continue to invest in the development of key enabling technologies, including advanced bonding and high conductive thermal materials to meet demanding performance and reliability requirements. As innovation accelerates, our role evolves from a trusted manufacturing partner to a collaborative development partner, enabling our customers' technology roadmaps and bringing next-generation solutions to market. Along with advanced packaging, we are building a comprehensive test platform to provide turnkey solutions that address growing device complexity. We are upgrading our tester fleet to support high density digital pins and power supplies. We are investing in next generation temperature stability handling systems, as well as high power burn-in and system level tests. In parallel, we are upscaling our test engineering to meet the demands of AI and high performance computing applications. Offering a full turnkey solution for the computing market is a key part of our strategy and test revenue in this market grew approximately 50% year over year in the first half of 2025. We are expanding test operations in Korea with phase one of the turnkey test expansion projected to be operational by the end of this year and phase two following in the first half of 2027. We are planning to deploy these test solutions in our new Arizona facility to support a full turnkey U.S. supply chain. Our advanced packaging and test lines in Korea and Taiwan supporting computing are running at high levels of utilization, and capacity expansions are a substantial part of our 2024 and 2025 CAPEX spans. Although investments are sizable, these lines generate margins above corporate average. Strong forecasted demand is driving continued capacity expansion in both of these locations. This comprehensive strategy positions us as a trusted partner to the world's largest semiconductor companies. With a clear strategic focus and distinct competitive advantages, we are well positioned for growth. With that, I will now turn the call over to Megan to provide more details on our second quarter performance and near-term outlook.