United Microelectronics Corporation (UMC): Business Model Canvas [Dec-2025 Updated]

You're digging into the operational blueprint for United Microelectronics Corporation (UMC) to see where the real money is being made, and honestly, their late 2025 strategy is all about calculated risk management. Forget the hype; the quick math shows they are leaning hard into specialty nodes-the 22/28nm tech alone accounted for 40% of their Q2 2025 revenue-while using geographic expansion, like that Polar Semiconductor MOU, to build a more resilient supply chain for their fabless customers. If you want to know how they plan to deploy that $1.8 billion in 2025 capital expenditure across their 12 fabs while keeping yields high, you'll want to look closely at the full canvas below.

United Microelectronics Corporation (UMC) - Canvas Business Model: Key Partnerships

You're looking at United Microelectronics Corporation (UMC)'s network of alliances, which is clearly structured to secure capacity, advance technology, and diversify risk away from its primary Taiwan base. This is how United Microelectronics Corporation (UMC) is building out its operational resilience as of late 2025.

Polar Semiconductor MOU for U.S. 8-inch Wafer Production, Focusing on Automotive and Defense

United Microelectronics Corporation (UMC) signed a Memorandum of Understanding (MOU) with Polar Semiconductor on December 4, 2025, to explore expanding US-based 8-inch semiconductor wafer production. This move directly targets the automotive, data centers, consumer electronics, and aerospace and defense sectors. The plan involves identifying specific devices for production at Polar Semiconductor's recently expanded 8-inch fabrication facility in Minnesota. Polar Semiconductor aims to double its monthly capacity for sensor and power-chip output from 20,000 wafers to 40,000 wafers within the next one to two years. This expansion is reportedly supported by over US$100 million in potential funding under the CHIPS and Science Act.

Collaboration with Intel on 12nm Technology Development for Future Advanced Nodes

The joint development with Intel focuses on a 12nm FinFET semiconductor manufacturing platform, first outlined in early 2024. United Microelectronics Corporation (UMC) engineers are embedded in Intel's ecosystem in Chandler, Arizona, specifically utilizing Fabs 12, 22, and 32. The goal is to have process development and validation completed by 2026, with mass production targeted for 2027. United Microelectronics Corporation (UMC) CFO confirmed that a large portion of the NT$15.6 billion (US$490 million) committed to Research and Development in 2024 supports this joint venture. Industry reports suggest the Process Design Kits (PDKs) are set for release in January 2026, with tape-out scheduled for the first half of 2027.

Equipment and Material Suppliers for High-Volume Manufacturing

Sustaining high-volume manufacturing requires deep ties with equipment providers. United Microelectronics Corporation (UMC)'s capital allocation reflects this need, with a planned capital expenditure (CapEx) budget of US$1.8 billion for 2025. This spending is largely aimed at specialty technologies, such as the 22-nanometer platform, which already contributes over 10% of total sales. Globally, the semiconductor equipment market saw billings reach $32.05 billion in the first quarter of 2025, a 21% year-over-year increase, showing the high investment environment United Microelectronics Corporation (UMC) operates within.

Joint Development Partners for W2W 3D IC and Other Advanced Packaging Solutions

United Microelectronics Corporation (UMC) is actively building an ecosystem for its Wafer-to-Wafer (W2W) 3D IC project, which leverages advanced hybrid bonding technology to integrate memory and processors for edge AI. This cross-supply-chain effort involves several key players:

• Winbond Electronics: Supplying Customized Ultra-Bandwidth Elements (CUBE) memory.
• Faraday Technology: Contributing to the 2.5D/3D advanced packaging service.
• ASE (Advanced Semiconductor Engineering): Collaborating on R&D for integration technologies.
• Cadence: Providing the Integrity 3D-IC Platform for design flow and sign-off.

Furthermore, United Microelectronics Corporation (UMC)'s major test and package subcontractors, which are located in Taiwan and Asia, include Amkor, Chipbond, UTAC, and SPIL, enabling faster service and flexibility.

United Microelectronics Corporation (UMC)'s revenue contribution from 40nm and below technologies reached 55% of wafer revenue in the second quarter of 2025.

Strategic Alliances to Secure Diversified, Resilient Supply Chains for Global Customers

Geographic diversification is a core partnership strategy. United Microelectronics Corporation (UMC) is expanding its footprint beyond Taiwan and China. The new Phase 3 facility at its Singapore Fab 12i is on schedule to ramp up to volume production in early 2026, adding capacity for 22nm chips. This expansion supports customers seeking diversified manufacturing options. The company's focus on specialty nodes is paying off; the 22/28nm portfolio hit a record high in the second quarter of 2025, representing 40% of total sales. For the trailing twelve months ending in November 2025, United Microelectronics Corporation (UMC) posted a gross margin of 28.92%, showing pricing power remains intact despite market cycles.

Here's a look at the structure of some key operational metrics tied to this strategy:

Finance: draft 13-week cash view by Friday.

United Microelectronics Corporation (UMC) - Canvas Business Model: Key Activities

You're looking at the core engine room of United Microelectronics Corporation (UMC), the activities that actually make the revenue happen. It's all about keeping those fabs running efficiently, especially on the process nodes that pay the bills right now.

High-volume wafer fabrication remains the bedrock. United Microelectronics Corporation (UMC) is heavily invested in its mature nodes. In the second quarter of 2025, revenue from the 22/28nm process technology hit a record high, making up 40% of total wafer revenue. This focus on proven technology is clearly paying off, as the overall capacity utilization rate climbed from 69% in the first quarter of 2025 to 76% in the second quarter of 2025. That quarter saw wafer shipments increase by 6.3% quarter-over-quarter, reaching 957,000 wafers.

To maintain this scale, United Microelectronics Corporation (UMC) is deploying capital. The cash-based capital expenditure (CAPEX) budget for the full year 2025 is set at US$1.8 billion. This supports the operation of 12 fabs in total, with a combined capacity exceeding 400,000 wafers per month (12-inch equivalent).

Here's a quick look at some of those key operational metrics from Q2 2025:

Continuous R&D investment is directed toward specialty technologies, which is where United Microelectronics Corporation (UMC) sees differentiation from competitors in the mature space. Research and development spending in the second quarter of 2025 was NT$4.19 billion, representing a 5.8% increase sequentially. This work supports the development of processes like the 12nm FinFET technology, developed in collaboration with Intel, which aims for mass production by 2027, with process validation targeted for completion by 2026.

Global capacity expansion is focused geographically to diversify risk and meet specific customer needs. The Singapore Fab 12i Phase 3 (Fab12i P3) is a major undertaking, representing a US$5 billion investment focused on 22nm and 28nm processes. While equipment move-in has started, the mass manufacturing timeline has shifted to early 2026, with the first phase targeting a capacity of 30,000 12-inch wafers per month. The Xiamen United Semi fab, on the other hand, has a total design capacity of 50,000 wafers per month when fully equipped.

The activity of foundry process technology licensing and customization is embedded in serving fabless clients with specialized needs. United Microelectronics Corporation (UMC) highlights its leadership in specialty processes such as 80eHV TDDI and 40eHV/28eHV TDDI technology. The new Singapore expansion is specifically designed to manufacture specialty technologies critical for 5G, automotive, and IoT applications, including embedded high voltage, embedded non-volatile memory, RF-SOI, and mixed signal CMOS.

Maintaining high-yield manufacturing and operational efficiency is evidenced by several figures. The utilization rate of 76% in Q2 2025 shows strong demand absorption. Furthermore, the company reports that all 12 fabs are certified with the IATF 16949 automotive quality standard, which speaks directly to process quality control. Days of inventory also decreased by 1 day to 76 days in Q2 2025.

Finance: draft 13-week cash view by Friday.

United Microelectronics Corporation (UMC) - Canvas Business Model: Key Resources

You're looking at the core assets United Microelectronics Corporation (UMC) relies on to run its foundry business as of late 2025. These aren't just line items; they are the physical and intellectual foundations of their market position.

Physical Footprint and Capacity

• Global network of 12 fabrication plants (fabs) in production, certified with IATF 16949 automotive quality standard.
• Headquarters in Hsinchu, Taiwan, with additional manufacturing sites throughout Asia, including China, Japan, and Singapore.
• The manufacturing footprint includes 12-inch, 8-inch, and 6-inch fabs, with core R&D mostly in Taiwan.

Technological Edge and Intellectual Property

United Microelectronics Corporation (UMC) maintains its competitive stance through process technology expertise, especially in mature nodes. Revenue from the 22nm and 28nm process nodes hit a record 40% of total sales in the second quarter of 2025. This technology is central to their new Singapore expansion.

The proprietary specialty process technologies portfolio includes:

• Logic/Mixed-Signal fabrication.
• Embedded Non-Volatile-Memory (NVM).
• BCD (Bipolar-CMOS-DMOS) processes.
• RFSOI (Radio Frequency Silicon-On-Insulator).

Their Intellectual property portfolio covers these areas, giving them a foundation for differentiation in specialty IC fabrication.

Human Capital and Financial Strength

The workforce is a critical asset. United Microelectronics Corporation (UMC) employed approximately 19,000 people as of February 2025, though some reports cite a worldwide total of around 20,000 employees. That's a lot of specialized talent to keep focused.

Financially, the balance sheet provides significant flexibility for capital deployment. As of the second quarter of 2025, the company held NT$111.99 billion in cash and cash equivalents. The planned capital expenditure budget for the full year 2025 remains firm at USD 1.8 billion.

Here's a look at some key operational and financial metrics from the latest reported quarter, Q3 2025, alongside that Q2 cash position:

Finance: draft 13-week cash view by Friday.

United Microelectronics Corporation (UMC) - Canvas Business Model: Value Propositions

Leadership in 22/28nm specialty platforms for power-efficient applications

United Microelectronics Corporation (UMC) has made the 22/28nm node a core value driver, securing significant market share in specialized applications. Revenue from the 22/28nm portfolio hit a record high of 40% of total sales in the second quarter of 2025, up from 37% in the first quarter of 2025. The 22nm embedded high-voltage (eHV) platform is particularly strong, capturing over 90% of the small-panel AMOLED display driver IC (DDIC) market since 2020. This specific technology offers a 30% reduction in power consumption and a 10% smaller die area compared to 28nm alternatives. Furthermore, United Microelectronics Corporation expects double-digit YoY growth for its 22/28nm segment in 2026.

The company's 28nm market share is cited at 12.3%, positioning it to benefit from the projected $50 billion mature-node foundry market growth by 2030.

Geographically diversified manufacturing to enhance customer supply chain resilience

United Microelectronics Corporation operates a global footprint across Taiwan, Japan, and Singapore, with a total of 12 fabs in production. The inauguration of the new Singapore Phase 3 fab in the first quarter of 2025 is part of the strategy to enhance geographic diversification, with volume production scheduled to ramp up early 2026. The company is also actively exploring a collaboration with Polar Semiconductor to establish U.S.-based 8-inch wafer production. This diversification is reflected in regional revenue contribution, where North America accounted for 25% of total revenue in the third quarter of 2025, while Asia was at 63%. All 12 fabs maintain IATF 16949 automotive quality standard certification.

Cost-effective, high-yield production for mature and mainstream technologies (40nm and above)

A significant portion of United Microelectronics Corporation's business remains rooted in cost-effective, mature process technologies. Technologies at 40nm and below represented 55% of wafer revenue in the second quarter of 2025. This follows a period where 40nm alone contributed nearly 50% of revenue in the fourth quarter of 2024. The company is focused on maintaining high output efficiency, targeting a capacity utilization rate of in the mid-70% range for the fourth quarter of 2025. The planned total output is to maintain 1.28 million wafers per quarter.

The following table summarizes key operational metrics relevant to production scale and efficiency as of mid-2025:

Comprehensive 8-inch technology portfolio for automotive and industrial chips

United Microelectronics Corporation leverages its 8-inch (200mm) platform to serve critical, high-reliability sectors. The exploration of U.S. 8-inch capacity with Polar Semiconductor specifically targets industries like automotive, data centers, and industrial applications. Polar Semiconductor, the potential partner, aims to double its monthly sensor and power-chip capacity from 20,000 wafers to 40,000 within one to two years. The company noted recovery in the Automotives and Industrials segments offsetting weaker PC demand in the third quarter of 2025.

Customization and co-development services for complex, application-specific integrated circuits (ASICs)

United Microelectronics Corporation's business model is heavily reliant on serving fabless customers who require fabrication based on their proprietary designs. Fabless customers accounted for 84%-85% of revenue in 2024. This necessitates strong co-development and customization capabilities for complex chips. The broader industry trend shows surging demand for ASIC and System-on-Chip (SoC) solutions, evidenced by Aion Silicon's expansion to meet this demand as of November 2025. United Microelectronics Corporation's focus on specialty technologies, including RFSOI and BCD, supports these custom design needs.

• Secured over 90% market share in small-panel AMOLED DDIC via eHV platform.
• Holds 40% wafer revenue share in the NAND controller segment.
• R&D investment accounted for 17% of revenue, fueling technology differentiation.

United Microelectronics Corporation (UMC) - Canvas Business Model: Customer Relationships

You're looking at how United Microelectronics Corporation (UMC) manages its relationships with the companies that rely on its manufacturing capacity. For a B2B foundry like United Microelectronics Corporation, this isn't about mass marketing; it's about deep, sticky partnerships.

Dedicated account management teams for large, strategic fabless customers are the backbone here. This high-touch approach is necessary because United Microelectronics Corporation serves a market where design wins translate to years of committed volume. Fabless customers accounted for a massive 84%-85% of United Microelectronics Corporation's revenue in the prior year, showing just how central these design houses are to its operations. That relationship intensity is key to securing future capacity bookings.

The focus on specialty nodes drives the need for co-development and technical support for new product tape-outs. United Microelectronics Corporation is clearly pushing its more advanced processes. Revenue from its 22/28nm portfolio grew sequentially to account for 40% of total sales in the second quarter of 2025, a record high in both percentage and absolute dollar terms. Furthermore, the 22nm and 28nm nodes are projected to contribute 37%-38% of revenue in 2025, up from 34%-35% previously. To be fair, the mature 40nm technologies still anchor a significant portion, contributing nearly 50% of revenue as of late 2025. This mix shows customer support is heavily weighted toward these specific technology families.

Supply stability is definitely a critical factor now, and United Microelectronics Corporation addresses this through commitments like long-term capacity agreements. The recent Memorandum of Understanding (MOU) signed on December 4, 2025, with Polar Semiconductor to explore 8-inch wafer production in the U.S. is a direct response to customer needs for multi-sourcing strategies, especially in automotive and defense sectors. Reports suggest US customers in auto and defense will often accept these long-term agreements in exchange for security of supply. United Microelectronics Corporation plans to maintain a stable output, targeting 1.28 million wafers per quarter capacity for 2025.

The overall sales effort relies on a high-touch, consultative sales approach typical of a B2B foundry model. Oliver Chang, Senior Vice President of Global Sales of United Microelectronics Corporation, stated the company is committed to enabling customer success through its broad technology range and geographically diverse options. This consultative style is necessary when dealing with complex manufacturing processes and long qualification cycles.

For day-to-day operations, United Microelectronics Corporation supports its partners with digital tools. While I don't have a specific user count, the company provides online portals for order tracking, design rule manuals, and technical documentation, which is standard for managing thousands of customer interactions across its global footprint. You can see the geographic distribution of sales activity, which informs where these support structures are most critical:

Here's a quick look at the technology mix that these customer relationships are built upon, as of mid-2025:

• Revenue from 22/28nm portfolio: 40% (Q2 2025)
• Revenue from 40nm technologies: nearly 50%
• Projected 22/28nm contribution for full year 2025: 37%-38%
• Wafer Shipments in Q2 2025: 967,000 units

Finance: draft 13-week cash view by Friday.

United Microelectronics Corporation (UMC) - Canvas Business Model: Channels

You're looking at how United Microelectronics Corporation (UMC) gets its foundry services to the market, which is a mix of direct engagement and logistical execution. The direct sales force is key for managing relationships with major fabless semiconductor companies; for instance, in the second quarter of 2025, revenue from the 22/28nm business hit a record high, accounting for 40% of that quarter's revenue. By the third quarter of 2025, revenue from 22nm technology alone represented more than 10% of total sales, showing the success of direct engagement on advanced specialty nodes.

To support this global customer base, United Microelectronics Corporation maintains a physical presence through its 7 global sales offices. These offices are strategically located across key semiconductor markets, including North America, Europe, Asia, and Japan, with specific mentions of local offices in the United States, Europe, China, Japan, Korea, and Singapore. This network helps manage the direct sales relationships across its diverse customer base, which includes giants like Texas Instruments, MediaTek, Qualcomm, Broadcom, Xilinx, and Realtek.

The physical movement of product relies on direct wafer shipments from its manufacturing fabs to the customer's designated assembly and test houses. This logistics chain is critical to meeting demand, which saw wafer shipments increase by 3.4% in the third quarter of 2025. The overall capacity utilization rate for the company stood at 78% in 3Q25, indicating the throughput supporting these shipments. To further secure the US supply chain, United Microelectronics Corporation signed a Memorandum of Understanding (MOU) on December 4, 2025, with Polar Semiconductor to explore collaboration on 8-inch wafer production within the US.

Here's a quick look at some of the operational metrics that underscore the scale of these channel activities through the first eleven months of 2025:

Investor Relations outreach is a distinct channel used to maintain access to and trust within the capital markets. United Microelectronics Corporation is publicly traded on both the Taiwan Stock Exchange (Ticker: 2303) and the New York Stock Exchange (Ticker: UMC). The company actively engages with the market, with its 3Q 2025 Financial Results conference call held on October 29, 2025, and the next major event, the 4Q 2025 Earnings Release & Investor Conference Call, scheduled for January 28, 2026. The IR team maintains direct contact points, with contact extensions like ext. 16900 for investor relations inquiries.

The company's physical footprint supporting these channels includes:

• 12 total fabs in production across Taiwan, Mainland China, Japan, and Singapore.
• Local offices in the United States, Europe, China, Japan, Korea, and Singapore.
• A worldwide employee count of approximately 20,000 people.

United Microelectronics Corporation (UMC) - Canvas Business Model: Customer Segments

You're looking at the core demand drivers for United Microelectronics Corporation (UMC) as of late 2025, and the numbers show a clear concentration in the fabless ecosystem. The foundry's customer base is heavily tilted toward companies that design chips but don't manufacture them in-house.

The most significant portion of United Microelectronics Corporation (UMC)'s business comes from fabless semiconductor companies. For the second quarter of 2025, this segment was responsible for 81% of the company's total revenue. This reliance means United Microelectronics Corporation (UMC)'s fortunes are closely tied to the success and capacity needs of these design houses.

Still, the remaining revenue comes from other critical groups. Integrated Device Manufacturers (IDMs), which handle both design and manufacturing, still require United Microelectronics Corporation (UMC)'s capacity for their non-core product lines or when their internal fabs are fully utilized. For context, in the first quarter of 2025, IDMs represented about 18% of the total revenue breakdown.

To give you a concrete view of where the wafer sales landed in Q2 2025, here is the breakdown by end-market application. This shows you exactly which industries are driving the utilization rate, which hit 76% in Q2 2025:

The growth engine for United Microelectronics Corporation (UMC) is clearly in the more advanced, specialty nodes. The 22/28-nanometer (nm) portfolio, which is key for many of these segments, hit a record 40% of total wafer revenue in Q2 2025, and management expects this to continue increasing. For instance, 22nm revenue alone accounted for over 10% of total sales by Q3 2025.

You should also track the push into more specialized, high-reliability markets. United Microelectronics Corporation (UMC) is actively targeting Automotive and Industrial electronics manufacturers. This is supported by strategic technology announcements, such as the readiness of their 55nm BCD platform, which is compliant with the most rigorous automotive standards. This move aims to capture more high-value, long-lifecycle business, moving beyond the more cyclical consumer electronics space.

Finally, the customer base is geographically diverse, though Asia-centric. In Q2 2025, Asia Pacific accounted for 67% of revenue, with North America at 20%. By Q3 2025, North America had slightly increased its share to 25%, while Asia Pacific dipped to 63%. This suggests a slight shift in near-term order flow.

Here are the key customer types United Microelectronics Corporation (UMC) serves:

• Fabless Semiconductor Companies, making up 81% of Q2 2025 revenue.
• IDMs needing outsourced capacity for non-core products.
• Firms in the Communications sector, driving 41% of Q2 2025 sales.
• Manufacturers in Automotive and Industrial electronics, targeted by new platforms.
• Consumer electronics and computer peripheral makers, accounting for 33% and 11% of Q2 2025 sales, respectively.

Finance: draft 13-week cash view by Friday.

United Microelectronics Corporation (UMC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive United Microelectronics Corporation's operations as of late 2025. The cost structure is heavily weighted toward capital-intensive assets, which is typical for a leading semiconductor foundry.

Fixed Costs and Depreciation

The foundation of United Microelectronics Corporation's cost base involves high fixed costs, primarily driven by the depreciation of its fabrication plants (fabs) and manufacturing equipment. You saw evidence of this pressure early in the year; for instance, depreciation expense saw a sequential increase of 4.1% in the first quarter of 2025 (1Q25). The Chief Financial Officer noted that the annual depreciation growth rate was similar to 2023's increase of over 20% year-over-year for 2024, and likely for 2025 as well, before moderating significantly in 2026 and 2027. This heavy depreciation load means capacity utilization is critical to spreading that fixed cost base.

Capital Expenditure (CapEx)

Significant investment is required to maintain and advance manufacturing capabilities. United Microelectronics Corporation's cash-based Capital Expenditure (CapEx) budget for the full year 2025 remains set at US$1.8 billion. The allocation of this substantial budget clearly prioritizes the most advanced capacity. Here's the quick math on where that US$1.8 billion is directed:

This focus on 12-inch capacity supports the strategic push into the 22/28nm specialty nodes, which accounted for 40% of Q2 2025 revenue.

Operating Expenses and Key Inputs

Beyond depreciation, the direct and indirect operating costs are substantial. Cost of Goods Sold (COGS) for the second quarter of 2025 (2Q25) was reported at NT$41.88 billion. To maintain technology leadership, Research and Development (R&D) is a non-negotiable expense, totaling NT$4.19 billion in 2Q25.

The variable and semi-variable costs essential to wafer fabrication include:

• Raw material costs, such as silicon wafers and process chemicals.
• Utility costs, specifically power and water consumption for the cleanroom environments.

For context on the major operating expense categories in 2Q25, consider this breakdown:

If onboarding at the new Singapore Phase 3 fab is delayed past early 2026, that planned capacity won't immediately help absorb the fixed costs, defintely putting pressure on margins.

United Microelectronics Corporation (UMC) - Canvas Business Model: Revenue Streams

You're looking at the core ways United Microelectronics Corporation (UMC) brings in cash, which is almost entirely from making silicon wafers for others, given its pure-play foundry model. The numbers from the second quarter of 2025 give you a very clear picture of where the money is coming from right now.

Wafer fabrication service fees are the main engine, making up the bulk of the total operating revenues. For the second quarter of 2025, these fees totaled NT$58.76 billion. This figure represented a 1.6% sequential increase from the first quarter of 2025, which was NT$57.86 billion. Compared to the same quarter last year, the Q2 2025 revenue was up 3.4% year-over-year.

The revenue mix is heavily weighted toward specific process technologies, showing where United Microelectronics Corporation (UMC)'s current competitive advantage lies. The 22/28nm nodes are the key growth driver, contributing 40% of the Q2 2025 sales, which was a record high for that node family. To give you a broader view of the technology contribution for that quarter, revenue from 40nm and below technologies represented 55% of wafer revenue.

Geographically, sales are concentrated in Asia. For Q2 2025, the Asia Pacific region accounted for 67% of the total revenue. This concentration means regional economic shifts directly impact United Microelectronics Corporation (UMC)'s top line. Here's a quick look at the regional split from that same quarter:

The remaining revenue streams are smaller or more volatile. While technology licensing and intellectual property (IP) royalties are a component, the financial reports typically group these into non-operating or other income categories rather than detailing them as a primary revenue stream. Still, you need to watch the non-operating side, as it can swing results. For Q2 2025, Net other operating income was NT$0.41 billion, while Net non-operating expenses totaled NT$0.67 billion. This stream is volatile; for instance, in the following quarter, Q3 2025, Net other operating income increased to NT$0.47 billion, and Net non-operating income totaled NT$3.53 billion. Unfavorable foreign exchange movements, specifically the appreciation of the New Taiwan Dollar, capped the gross margin in Q2 2025 by nearly 3 percentage points.

You can see the primary revenue drivers clearly in the table below:

• Wafer fabrication service fees totaled NT$58.76 billion in Q2 2025.
• The 22/28nm node family was responsible for 40% of Q2 2025 sales.
• Asia Pacific customers generated 67% of Q2 2025 revenue.
• Non-operating income is subject to currency fluctuations.

Finance: draft 13-week cash view by Friday.