Axcelis Technologies Inc (ACLS) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Axcelis Technologies call to discuss the company's results for the first quarter. My name is Liwei, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Mary Puma, President and CEO of Axcelis Technologies. Please proceed, ma'am.

女士們先生們，美好的一天，歡迎來到 Axcelis Technologies 電話會議，討論公司第一季度的業績。我叫李偉，今天我是你們的協調人。 （操作員說明）提醒一下，正在錄製此會議以供重播。我現在想將演示文稿轉交給今天的主持人，Axcelis Technologies 總裁兼首席執行官 Mary Puma。請繼續，女士。

Thank you, Liwei. With me today is Kevin Brewer, Executive Vice President and CFO; Russell Low, Executive Vice President of Global Customer and Engineering Operations; and Doug Lawson, Executive Vice President of Corporate Marketing and Strategy. If you have not seen a copy of our press release issued yesterday, it is available on our website. Playback service will also be available on our website as described in our press release.

謝謝你，立偉。今天和我在一起的是執行副總裁兼首席財務官 Kevin Brewer；全球客戶和工程運營執行副總裁 Russell Low；以及企業營銷和戰略執行副總裁 Doug Lawson。如果您還沒有看到我們昨天發布的新聞稿副本，可以在我們的網站上找到。如我們的新聞稿所述，我們的網站也將提供回放服務。

Please note that comments made today about our expectations for future revenues, profits and other results are forward-looking statements under the SEC's safe harbor provision. These forward-looking statements are based on management's current expectations and are subject to the risks inherent in our business. These risks are described in detail in our Form 10-K annual report and other SEC filings which we urge you to review.

請注意，今天關於我們對未來收入、利潤和其他結果的預期的評論是根據美國證券交易委員會安全港條款的前瞻性陳述。這些前瞻性陳述基於管理層當前的預期，並受到我們業務固有風險的影響。這些風險在我們的 10-K 表格年度報告和我們敦促您查看的其他 SEC 文件中有詳細描述。

Our actual results may differ materially from our current expectations. We do not assume any obligation to update these forward-looking statements.

我們的實際結果可能與我們目前的預期存在重大差異。我們不承擔更新這些前瞻性陳述的任何義務。

Good morning, and thank you for joining us for our first quarter 2023 earnings call. In March, we celebrated the 45th anniversary of the founding of Axcelis. As we pass this milestone and as I pass the leadership baton to Russell, I'm happy to report that Axcelis is in a great place. We have a solid balance sheet, the strongest product portfolio in our 45-year history and an excellent team of employees, suppliers and customers. We are well positioned for future growth and profitability.

早上好，感謝您加入我們的 2023 年第一季度財報電話會議。 3月，我們慶祝了Axcelis成立45週年。當我們通過這個里程碑，當我將領導接力棒交給 Russell 時，我很高興地向大家報告 Axcelis 處在一個很好的位置。我們擁有穩健的資產負債表、45 年曆史上最強大的產品組合以及一支由員工、供應商和客戶組成的優秀團隊。我們為未來的增長和盈利能力做好了準備。

Exiting the first quarter of 2023, demand for the Purion product family remains extremely strong, especially in the high-growth silicon carbide power segment. Revenue for the first quarter was $254 million, with earnings per share of $1.43. Backlog set a record at $1.27 billion, with quarterly bookings of $298 million, driven by Purion demand and strength in the power market. For the second quarter of 2023, we expect revenue between $255 million and $260 million, gross margin of roughly 42%, operating profit of around $55 million and earnings per share of $1.44 to $1.48.

2023 年第一季度結束後，對 Purion 產品系列的需求仍然非常強勁，尤其是在高增長的碳化矽功率領域。第一季度收入為 2.54 億美元，每股收益為 1.43 美元。在 Purion 需求和電力市場強勁的推動下，積壓訂單達到 12.7 億美元，季度訂單額達到 2.98 億美元。對於 2023 年第二季度，我們預計收入在 2.55 億美元至 2.6 億美元之間，毛利率約為 42%，營業利潤約為 5500 萬美元，每股收益為 1.44 美元至 1.48 美元。

At the beginning of this year, we expected 2023 revenue to exceed $1 billion. We are now forecasting to beat that estimate by $30 million, exceeding $1.03 billion. This represents revenue growth of approximately 12% in a year in which overall wafer fab equipment is expected to decrease by over 20%. In the second half, in addition to stronger revenues, we expect significant margin expansion driven by mix and improved costs.

今年年初，我們預計 2023 年收入將超過 10 億美元。我們現在預測將超出該估計 3000 萬美元，超過 10.3 億美元。這意味著在整個晶圓廠設備預計將減少 20% 以上的一年中，收入增長了約 12%。下半年，除了收入增加外，我們預計在產品組合和成本改善的推動下，利潤率將大幅增長。

The mature process technology market continues to be an area of strength for Axcelis with 89% of first quarter system shipments going to mature foundry logic customers and 11% to memory customers composed entirely of DRAM. The geographic mix of our system shipments continues to be distributed globally and representative of spending patterns in each geography. In the first quarter, China accounted for 45%; the U.S., 17%; Korea, 14%; Taiwan, 4%; Europe, 2%; and the rest of the world, 18%. The power device market continues to drive our growth during this industry downturn. We are actively engaged with all customers in this high-growth market segment, winning business from new customers and expanding our footprint at existing customers. We expect over 55% of our system revenue in 2023 to come from this segment with greater than 50% of total power device system revenue coming from silicon carbide applications.

成熟的工藝技術市場仍然是 Axcelis 的優勢領域，第一季度系統出貨量的 89% 流向成熟的代工邏輯客戶，11% 流向完全由 DRAM 組成的內存客戶。我們系統出貨量的地理組合繼續分佈在全球範圍內，並代表每個地區的支出模式。一季度，中國占比45%；美國，17%；韓國，14%；台灣，4%；歐洲，2%；和世界其他地區，18%。在這個行業低迷時期，功率器件市場繼續推動我們的增長。我們積極與這個高增長細分市場的所有客戶打交道，贏得新客戶的業務並擴大我們在現有客戶中的足跡。我們預計 2023 年超過 55% 的系統收入將來自這一領域，超過 50% 的功率器件系統總收入來自碳化矽應用。

In addition to significant pull for our Purion M silicon carbide tool, we also see increasing adoption of Purion H200 silicon carbide and Purion XE silicon carbide systems. As a result, we expect revenue from silicon carbide customers to be spread relatively evenly across the Purion power series product family. Purion power series products for silicon carbide have been designed to support the technical challenges facing our customers as they ramp to high volume in support of their automotive customers. Axcelis is the only ion implant company that can deliver complete recipe coverage for all power device applications. The full Purion power series family of products allows customers to optimize their fabs for high-volume manufacturing and to continuously improve their power device performance.

除了我們的 Purion M 碳化矽工具的巨大吸引力外，我們還看到越來越多地採用 Purion H200 碳化矽和 Purion XE 碳化矽系統。因此，我們預計來自碳化矽客戶的收入將相對均勻地分佈在 Purion 功率系列產品系列中。用於碳化矽的 Purion 功率系列產品旨在支持我們的客戶在大批量生產以支持其汽車客戶時所面臨的技術挑戰。 Axcelis 是唯一一家能夠為所有功率器件應用提供完整配方覆蓋的離子注入公司。完整的 Purion 功率系列產品系列允許客戶優化他們的工廠以進行大批量生產，並不斷提高他們的功率器件性能。

Axcelis is considered by power device customers to be the technology leader and supplier of choice providing the best product family and manufacturing capabilities. This means that using Axcelis tools provides the lowest risk path to high-volume manufacturing required to support aggressive fab ramp plans. Axcelis places significant value on enabling our customers to succeed in this exciting market by providing differentiated product performance and a high level of customer satisfaction.

Axcelis 被功率器件客戶視為技術領導者和首選供應商，可提供最佳產品系列和製造能力。這意味著使用 Axcelis 工具為支持積極的晶圓廠爬坡計劃所需的大批量製造提供了風險最低的途徑。 Axcelis 非常重視通過提供差異化的產品性能和高水平的客戶滿意度來幫助我們的客戶在這個激動人心的市場中取得成功。

Although our memory and advanced logic customers are experiencing a downturn, Axcelis continues to stay close to them to support their installed bases and understand their technology and manufacturing needs. It is during downturns that there is an increased ability to collaborate with our customers to expand opportunities for Axcelis during the next upturn. We have multiple evaluation systems in the field and many customer engagements designed to increase our footprint in these market segments. As the industry exits this downturn, Axcelis will experience significant growth as these traditional semiconductor segments recover. This, combined with continued strength in the power and mature markets, will drive Axcelis to our $1.3 billion model and beyond.

儘管我們的內存和高級邏輯客戶正在經歷低迷，但 Axcelis 繼續與他們保持密切聯繫，以支持他們的安裝基礎並了解他們的技術和製造需求。正是在經濟低迷時期，與我們的客戶合作的能力增強了，從而在下一次好轉期間為 Axcelis 擴大了機會。我們在該領域擁有多個評估系統，並且許多客戶參與旨在增加我們在這些細分市場中的足跡。隨著行業走出低迷期，隨著這些傳統半導體領域的複蘇，Axcelis 將實現顯著增長。這一點，再加上電力和成熟市場的持續強勁，將推動 Axcelis 達到我們 13 億美元甚至更高的模式。

Now I'd like to turn it over to Kevin.

現在我想把它交給凱文。

Thank you, Mary, and good morning. We are pleased with our first quarter 2023 financial results and are excited about our full year revenue, which is now expected to exceed $1.03 billion, representing year-over-year growth of approximately 12%.

謝謝你，瑪麗，早上好。我們對 2023 年第一季度的財務業績感到滿意，並對我們的全年收入感到興奮，目前預計全年收入將超過 10.3 億美元，同比增長約 12%。

Looking at our first quarter, revenue finished well above guidance due to solid execution and continuing strong demand for Purion. Q1 revenue was $254 million with systems revenue of $195.2 million and CS&I hit $58.8 million. Strong bookings and quoting activity for systems in the Power segment continued in the quarter, which supports our expectation that greater than 55% of revenue will come from this market in 2023. CS&I revenue will fluctuate quarter-to-quarter but it should be modeled at approximately $245 million for 2023 to $300 million and our $1.3 billion revenue model.

回顧我們的第一季度，由於穩健的執行力和對 Purion 的持續強勁需求，收入遠高於預期。第一季度收入為 2.54 億美元，其中系統收入為 1.952 億美元，CS&I 達到 5880 萬美元。本季度電力部門的系統預訂和報價活動依然強勁，這支持了我們的預期，即 2023 年超過 55% 的收入將來自該市場。CS&I 收入將按季度波動，但應建模為2023 年約為 2.45 億美元至 3 億美元，我們的收入模式為 13 億美元。

Q1 gross margin finished at 40.9%, slightly lower than guidance due to CS&I being a lower percent of total revenue. We expect margins to improve to approximately 42% in Q2 but still remain under pressure caused by higher material costs and mix. We are forecasting a significant gross margin improvement in the second half of the year as costs improve and we move to a more favorable product mix. This should allow us to achieve our full year gross margin target of approximately 44%.

第一季度毛利率為 40.9%，略低於預期，因為 CS&I 佔總收入的百分比較低。我們預計第二季度利潤率將提高至約 42%，但仍面臨材料成本和產品組合上漲帶來的壓力。我們預計，隨著成本的改善和我們轉向更有利的產品組合，下半年毛利率將顯著提高。這將使我們能夠實現大約 44% 的全年毛利率目標。

We remain laser focused on margin improvement and have numerous initiatives underway to lower the cost of goods and drive higher sales of Purion product extensions. This allows us to target gross margin take greater than 45% and the $1.3 billion model.

我們仍然專注於提高利潤率，並正在採取多項舉措來降低商品成本並推動 Purion 產品擴展的更高銷量。這使我們能夠將毛利率目標定為 45% 以上和 13 億美元的模型。

Turning to operating expenses. The first quarter ended at 20.7% of revenue and better than our guidance. We expect OpEx to be relatively flat in the second quarter at approximately 21%. As always, we will continue to tightly control spending while investing in areas of the business that support business growth, solidify our technology advantage in the specialty market and increase our footprint in memory and advanced logic markets. Additionally, we will continue to invest in our employees and the infrastructure required to achieve our financial models.

轉向運營費用。第一季度結束時佔收入的 20.7%，好於我們的指導。我們預計第二季度的運營支出將相對持平，約為 21%。一如既往，我們將繼續嚴格控制支出，同時投資於支持業務增長的業務領域，鞏固我們在專業市場的技術優勢，並擴大我們在內存和高級邏輯市場的足跡。此外，我們將繼續投資於實現我們的財務模型所需的員工和基礎設施。

One example of infrastructure investment is our new state-of-the-art logistics center in Beverley, Mass, located just a short walk from our headquarters. The facility is scheduled to open this summer and provide centralized logistics and flex manufacturing capacity. We also plan to further ramp our Beverley in Korean operations as capacity needs grow. We are comfortable at this point that we have the initiatives underway that support our $1.3 billion model.

基礎設施投資的一個例子是我們位於馬薩諸塞州貝弗利的最先進的新物流中心，距離我們的總部僅幾步之遙。該設施計劃於今年夏天開放，提供集中物流和彈性製造能力。隨著產能需求的增長，我們還計劃進一步擴大 Beverley 在韓國的業務。在這一點上，我們很高興我們正在進行支持我們 13 億美元模型的舉措。

We ended Q1 with $445 million of cash, cash equivalents in short-term investments and generated $34.6 million of cash from operations. In the quarter, we repurchased $12.5 million of stock and have returned over $145 million of cash to our shareholders while curtailing share count growth.

我們以 4.45 億美元的現金、短期投資的現金等價物結束了第一季度，並從運營中產生了 3460 萬美元的現金。本季度，我們回購了 1250 萬美元的股票，並向股東返還了超過 1.45 億美元的現金，同時減少了股票數量的增長。

Axcelis has a rare opportunity to grow revenue and profitability during a significant industry downturn. This is a result of a strong product positioning in the power device market and continued strong execution in a challenging environment. We also look forward to continued growth in memory and advanced logic as the overall semiconductor market recovers.

在嚴重的行業低迷時期，Axcelis 有一個難得的機會來增加收入和盈利能力。這是在功率器件市場的強大產品定位以及在充滿挑戰的環境中持續強勁執行的結果。隨著整個半導體市場的複蘇，我們也期待內存和高級邏輯的持續增長。

Once again, I want to thank the entire Axcelis team for their continued outstanding performance. I also want to thank our supply chain partners for their hard work supporting Axcelis and our customers for their confidence in Axcelis to deliver. I will now turn the call back to Mary for closing comments.

我要再次感謝整個 Axcelis 團隊的持續出色表現。我還要感謝我們的供應鏈合作夥伴為支持 Axcelis 所做的辛勤工作，並感謝我們的客戶對 Axcelis 交付的信心。我現在將電話轉回 Mary 以徵求結束意見。

Thank you, Kevin. As I did last time, I will end this call by outlining the Axcelis business thesis which supports over $1.03 billion in revenues in 2023 and $1.3 billion over the next few years. It is based on the following 5 key points. First, the implant TAM has more than doubled in the last few years with mature market segments representing greater than 60% of the total TAM. Second, power devices and image sensors are highly implant intensive, and the general mature nodes have increasing implant intensity peaking at 28-nanometer. Third, high-value Purion product extensions were designed to optimize power and image sensor device manufacturing, uniquely positioning Axcelis to benefit from high growth in the mature process technology market. Fourth, Purion product differentiation has propelled Axcelis to implant leadership in these high-growth specialty device market segments. And fifth, we have strong long-term customer relationships and a fundamental cultural desire to win by making our customers successful.

謝謝你，凱文。正如我上次所做的那樣，我將通過概述 Axcelis 商業論點來結束本次電話會議，該論點支持 2023 年超過 10.3 億美元的收入和未來幾年的 13 億美元。它基於以下5個關鍵點。首先，植入物 TAM 在過去幾年中翻了一番以上，成熟細分市場佔總 TAM 的 60% 以上。其次，功率器件和圖像傳感器是高度注入密集型的，一般成熟節點在28納米處注入強度峰值不斷增加。第三，高價值 Purion 產品擴展旨在優化電源和圖像傳感器設備製造，使 Axcelis 獨一無二地定位於從成熟工藝技術市場的高速增長中獲益。第四，Purion 產品差異化推動 Axcelis 在這些高增長的專業設備市場領域確立了領導地位。第五，我們擁有牢固的長期客戶關係和通過讓我們的客戶成功來取勝的基本文化願望。

I have worked closely with Russell and the rest of the executive team to develop and execute the strategy I just outlined. Axcelis will continue to execute this strategy as Russell and I transition into our new roles. I have great confidence that Axcelis will continue to be a leading capital equipment supplier to the semiconductor industry. I want to thank our employees, suppliers, customers and investors for your past support, and I hope that you will continue that support into the future. With that, I'd like to open it up for questions.

我與 Russell 和其他管理團隊密切合作，制定和執行我剛剛概述的戰略。隨著 Russell 和我過渡到我們的新角色，Axcelis 將繼續執行這一戰略。我非常有信心 Axcelis 將繼續成為半導體行業領先的資本設備供應商。我要感謝我們的員工、供應商、客戶和投資者過去的支持，我希望你們在未來繼續提供這種支持。有了這個，我想打開它來提問。

(Operator Instructions) And our first question comes from the line of Tom Diffely.

（操作員說明）我們的第一個問題來自 Tom Diffely。

Materials today, are they back to kind of pre-COVID or pre-inflationary levels? Are we at a consistently higher rate than we were, say, 2 years ago?

今天的材料，它們是否回到了 COVID 前或通貨膨脹前的水平？我們的增長率是否一直高於 2 年前？

I only got half of that question. I don't know if -- Doug or Mary, did you get the whole thing?

這個問題我只答對了一半。我不知道 Doug 或 Mary，你們是否了解全部內容？

No.

不。

No. Tom, can you repeat?

不，湯姆，你能重複一遍嗎？

Is that better?

那個更好嗎？

Yes, yes. So I missed the first part. So if you want to...

是的是的。所以我錯過了第一部分。所以如果你想...

Okay. Yes, my first. So just on the gross margin front, when you're getting into new contracts and looking at the materials on a go-forward basis, are prices back to kind of pre-COVID or levels they were a couple of years ago? Or are we at a permanently higher level that's just a fact of business today?

好的。是的，我的第一個。因此，就毛利率而言，當您簽訂新合同並在前進的基礎上查看材料時，價格是否回到了 COVID 之前的水平或幾年前的水平？或者我們是否處於一個永久性的更高水平，這只是當今商業的一個事實？

So that's a good question. So they're certainly getting better. I think getting back to pre-pandemic levels is going to be difficult in some areas. While there's others where we have more opportunity to change suppliers, for example, and some of the commodity level things, there's a little more opportunity to get the cost out. But we are -- I get the good news right now, Thomas, is we are starting to see favorable costs coming in our material, which should start hitting us in the back end of the year in Q3, Q4, which is why we feel comfortable taking the margins back up on a full year basis to about 44%. And as you know, that suggests we've got to get 300 to 400 basis points better in margins in the last 2 quarters. And based on mix and based on what we're seeing with current supply chain costs and using up some of the high-cost inventory that we've had, which has been the other problem, we feel comfortable getting back and hitting our full year gross margin. So I guess a quick summary is some things are probably never going to go back to where they were, but there's opportunity through supply chain rationalization to get costs back down and maybe even better for some pieces of this.

所以這是一個很好的問題。所以他們肯定會變得更好。我認為在某些地區很難恢復到大流行前的水平。雖然在其他地方我們有更多機會改變供應商，例如，以及一些商品級別的東西，但有更多機會來降低成本。但是我們 - 我現在得到好消息，Thomas，我們開始看到我們的材料中出現有利的成本，這應該會在今年年底的第三季度，第四季度開始打擊我們，這就是為什麼我們覺得全年利潤率回升至 44% 左右。如您所知，這表明我們在過去兩個季度的利潤率必須提高 300 到 400 個基點。基於混合以及我們所看到的當前供應鏈成本和我們已經用完的一些高成本庫存，這是另一個問題，我們很樂意回到我們的全年毛利率。所以我想一個簡短的總結是，有些事情可能永遠不會回到原來的狀態，但有機會通過供應鏈合理化來降低成本，甚至可能在某些方面做得更好。

Okay. And then following up on that, when you look at your logistics center that you're opening this summer, will there be a material impact on the model as far as increased cost structure goes before that? And ultimately, do you expect that to decrease the cost going forward? Or just it's more just to increase the efficiency of making sure things get more the goal on time?

好的。然後跟進，當你看看你今年夏天開放的物流中心時，會不會對模型產生實質性影響，就在此之前增加的成本結構而言？最終，您是否希望這會降低未來的成本？或者只是為了提高效率以確保事情按時完成更多目標？

Yes. So I mean we have the cost of that in the model. So when we talk about the full year gross margins and full year operating expense at approximately 20.5%, that's in near time. But the reality of it is we have a lot of random buildings all over the place where we're starting material right now, which is -- which has a lease cost with it. So when we initially opened, we're going to have some duplication. But over about a 6-month period to maybe as far as 9 months, these other locations, the leases run out. So the net impact of it is going to be favorable both from an efficiency point of view and from the ability to have everything in one location. So we're going to have a lot of robotics and very sophisticated material handling in this new facility. And again, we're going to exit several buildings that are scattered around the Beverley campus in surrounding communities right now once this thing is up and running.

是的。所以我的意思是我們在模型中有它的成本。因此，當我們談論全年毛利率和全年運營費用約為 20.5% 時，那是在不久的將來。但現實情況是，我們現在正在開始製作材料的地方到處都有很多隨機建築物，這是 - 它有租賃成本。所以當我們最初開放時，我們會有一些重複。但在大約 6 個月到可能長達 9 個月的時間裡，這些其他地點的租約就會到期。因此，無論是從效率的角度還是從將一切都集中在一個位置的能力來看，它的淨影響將是有利的。因此，我們將在這個新設施中使用大量機器人技術和非常複雜的材料處理。再一次，一旦這件事啟動並運行，我們將立即退出散佈在周圍社區貝弗利校園周圍的幾座建築物。

Sounds like you'd be a good place for an analyst meeting.

聽起來你是召開分析師會議的好地方。

Well, we can give you a ride.

好吧，我們可以送你一程。

Last question for Mary. When you look at the nonmature markets, nonpower markets, memory and high-end logic, can you just talk a little bit about how you're positioned to take advantage of the recovery in the industry when it happens over the next couple of years?

瑪麗的最後一個問題。當你審視非成熟市場、非電力市場、內存和高端邏輯時，你能談談你如何定位以在未來幾年發生的行業復甦中受益嗎？

Sure. So as I mentioned in the script, we're working very closely with our memory customers right now to qualify both new Purion tools and additional recipe. Obviously, things are slow right now. But as things do improve, we expect to be able to leverage the work that we're doing right now to actually increase our business at our existing customers and make some additional headway even with some customers where we haven't been particularly strong in the past.

當然。因此，正如我在腳本中提到的那樣，我們現在正在與我們的內存客戶密切合作，以驗證新的 Purion 工具和其他配方。顯然，現在事情進展緩慢。但隨著情況的改善，我們希望能夠利用我們現在正在做的工作來真正增加我們在現有客戶中的業務，並在一些我們在這些方面並不特別強大的客戶中取得一些額外的進展。過去的。

In terms of advanced logic, we've talked about this at length. We continue to work with all the major advanced logic customers to find opportunities, particularly where Purion is differentiated where we can bring them -- bring that differentiation to improve their cost of ownership in their device performance. That is ongoing. And we also have talked about how we have recently placed a Purion Dragon into an advanced logic customer. That is -- it's an evaluation system that is going extremely well, and we expect that to result in more business. And we've also recently closed on an evaluation for Purion H for advanced logic, and we expect that to grow into additional business in the future as well. So nothing really has changed, Tom, in terms of what we're focused on. We're focused on just meeting our customers' requirements, not only in terms of their installed base, but also in terms of their emerging technology and manufacturing challenges.

在高級邏輯方面，我們已經詳細討論了這一點。我們繼續與所有主要的高級邏輯客戶合作尋找機會，特別是在 Purion 差異化的地方，我們可以為他們帶來差異化優勢，以提高他們在設備性能方面的擁有成本。這是正在進行的。我們還談到了我們最近如何將 Purion Dragon 置於高級邏輯客戶中。也就是說——這是一個運行得非常好的評估系統，我們希望它能帶來更多的業務。我們最近還結束了對 Purion H 高級邏輯的評估，我們希望它在未來也能發展成其他業務。因此，湯姆，就我們關注的重點而言，一切都沒有真正改變。我們只專注於滿足客戶的要求，不僅是在他們的安裝基礎方面，而且在他們的新興技術和製造挑戰方面。

And Tom, one other thing just to note is -- so the things Mary is talking about are the things that will drive us to that $1.3 billion model. So as memory recovers, as we continue to make deeper penetrations into advanced logic that, combined with continued growth in mature markets and power, are what drive us to the $1.3 billion model.

湯姆，要注意的另一件事是 - 所以瑪麗所說的事情將推動我們採用 13 億美元的模式。因此，隨著內存的恢復，隨著我們繼續更深入地滲透到高級邏輯，再加上成熟市場和實力的持續增長，推動我們走向 13 億美元的模式。

And your next question comes from the line of Craig Ellis of B. Riley Securities.

你的下一個問題來自 B. Riley Securities 的 Craig Ellis。

Yes. Mary, I just want to start by congratulating you on the transition. You've had a remarkable career and really transitioning at a spectacular place in terms of where Axcelis is over that arc. So with that said, let me just start with the first question.

是的。瑪麗，首先我想祝賀你的過渡。你有一個非凡的職業生涯，並且在 Axcelis 超過那個弧線的地方真的在一個壯觀的地方過渡。話雖如此，讓我從第一個問題開始。

So as I was talking with investors through the quarter, but especially through March and April, there was a lot of concern about some of the things they were seeing in the automotive market. And it seems like a lot of your prepared commentary really address the company's momentum. But can you just talk about whether you did see any order movement as you went through March and April or even very early May to date and any signals that may be coming out of automotive related to potentially slowing EV uptake or anything else?

因此，當我在整個季度與投資者交談時，尤其是在 3 月和 4 月，他們對汽車市場上的一些事情感到非常擔憂。看起來你準備好的很多評論確實針對公司的發展勢頭。但是你能不能談談你是否確實看到了 3 月和 4 月甚至 5 月初至今的任何訂單變動，以及汽車行業可能發出的任何與電動汽車普及速度放緩或其他任何因素相關的信號？

Yes. Thank you very much, Craig. It's been a pleasure working with you. We have not seen any significant changes at all, particularly in the mature process technology area related to power devices. I mean there are always minor shifts here and there depending on fab readiness, but we haven't seen anything move out. And in fact, if anything, our customers are basically, in some cases, asking for more. They're asking for more, and they're asking for it more quickly. So I think that, that's a very positive sign.

是的。非常感謝，克雷格。和你一起工作很愉快。我們根本沒有看到任何重大變化，特別是在與功率器件相關的成熟工藝技術領域。我的意思是，根據晶圓廠的準備情況，這里和那裡總是會有細微的變化，但我們還沒有看到任何東西搬出。事實上，如果有的話，我們的客戶基本上在某些情況下要求更多。他們要求更多，而且要求更快。所以我認為，這是一個非常積極的跡象。

Russell and I had dinner last night with a major player, a customer who produces power devices, and that was really the gist of the conversation that things are going extremely well. They're looking for additional capacity. There are all sorts of things going on with new fabs that are currently being announced and built. So we do not have any data points right now that indicate that there's an issue. And I know people, in particular, sometimes worry about China. But China is very strong right now, particularly in the power device area. That is definitely a growing area for investment for those customers. So right now, everything seems fine. We haven't seen any significant changes.

羅素和我昨晚與一位主要參與者共進晚餐，一位生產功率設備的客戶，這確實是談話的要點，事情進展得非常順利。他們正在尋找額外的容量。目前正在宣布和建造的新晶圓廠正在發生各種各樣的事情。所以我們現在沒有任何數據點表明存在問題。我知道人們有時特別擔心中國。但是中國現在非常強大，特別是在功率器件領域。對於這些客戶來說，這絕對是一個不斷增長的投資領域。所以現在，一切似乎都很好。我們沒有看到任何重大變化。

That's really helpful color. The next question is really related to the new $1.03 billion plus view for calendar '23. So thanks for providing that. The question is this, if I incorporate the first quarter result and 2Q's guide, it could imply flattish sequential trends in the back half, and that seems to fit with some of the larger companies that we've heard from this reporting season to date. I'm just wondering without providing guidance, could you just provide some qualitative color on how you see the back half of the year?

那是非常有用的顏色。下一個問題實際上與 23 年日曆的 10.3 億美元以上的新視圖有關。所以謝謝你提供。問題是，如果我將第一季度的結果和第二季度的指南結合起來，這可能意味著後半部分的連續趨勢持平，這似乎符合我們從本報告季迄今聽到的一些大公司的情況。我只是想知道在不提供指導的情況下，您能否就您如何看待今年下半年提供一些定性的顏色？

Well, I'll take that, Craig. So I guess I'll start by saying we did say we expect to exceed $1.03 billion. So...

好吧，我會接受的，克雷格。所以我想我首先要說我們確實說過我們預計會超過 10.3 億美元。所以...

That sounds right so...

聽起來不錯，所以...

Doesn't mean there couldn't be more there. But right now, that's a 12% year-over-year growth, as we said. Mary just talked about this continued strong demand. I'll also say our book-to-bill in the quarter came back up to 1.5. And I think last quarter it was 0.99. So it was 1 roughly. So things are still on a positive side for us, Craig. So it doesn't mean there can't be more there. But at this point, this is what we're comfortable with. But with the record backlog that we have right now and customers clamoring to want to pull things in, we'll do our best to try to exceed that $1.03 billion.

並不意味著那裡不能有更多。但現在，正如我們所說，這是 12% 的同比增長。瑪麗剛剛談到了這種持續強勁的需求。我還要說的是，我們本季度的訂單出貨比回到了 1.5。我認為上個季度是 0.99。所以大概是1。所以事情對我們來說仍然是積極的一面，克雷格。所以這並不意味著那裡不能有更多。但在這一點上，這就是我們所接受的。但鑑於我們目前的積壓記錄和客戶吵著要拉東西，我們將盡最大努力超過 10.3 億美元。

Great. And then I'll just finish up with a question that's related to that, Kevin, but it goes back to some of the prepared comments on gross margin. So acknowledging that the back half means the 300 to 400 basis point rise from here, but with some of the issues working out prior higher cost inventory, it would seem to suggest that more of the step up would be in the fourth quarter than the third. Just given the underlying cost dynamics that are at play, is that a reasonable way to look at things?

偉大的。然後我將結束一個與此相關的問題，凱文，但它可以追溯到一些準備好的毛利率評論。因此，承認後半部分意味著從這裡上漲 300 到 400 個基點，但由於一些問題解決了之前成本較高的庫存，這似乎表明第四季度比第三季度上漲更多.考慮到潛在的成本動態，這是看待事物的合理方式嗎？

Yes. Yes, we're going to say incremental improvement. We obviously have to come up quite a bit in Q3. So -- but it will be incremental as it comes through in the back half. And again, based on everything I see right now with the mix and the cost profiles we have, we should get very close to that 44%, which considering kind of the whole, we dug ourselves starting out full year will be good.

是的。是的，我們要說的是漸進式改進。顯然，我們必須在第三季度取得相當大的進步。所以 - 但隨著它在後半部分出現，它將是增量的。再一次，根據我現在看到的所有內容以及我們擁有的組合和成本概況，我們應該非常接近 44%，考慮到整體的情況，我們從全年開始挖掘自己會很好。

And I think that's the other point I'll make, too. I always tell and you know this as well. I always tell people look at Axcelis' gross margins on a full year basis because so much can move quarter-to-quarter. But I honestly look at -- always look at full year. And everything we do with programs to make things better, we're looking at a full year average. So yes, so I would -- you're going to have to step it up a little bit in Q3, though they'll get there, but it will be incremental.

我認為這也是我要提出的另一點。我總是告訴你，你也知道這一點。我總是告訴人們看一下 Axcelis 的全年毛利率，因為季度之間會有很大的變化。但老實說，我總是看全年。我們所做的一切都是為了讓事情變得更好，我們正在尋找全年的平均水平。所以是的，所以我會 - 你將不得不在第三季度稍微提高一點，儘管他們會到達那裡，但它將是漸進的。

And then back to your prior question, any revenue growth would probably be the same way. It would be incremental as the quarters come on, if things grow beyond the number we put out there.

然後回到您之前的問題，任何收入增長都可能以相同的方式進行。如果事情的增長超出了我們在那裡提出的數字，那麼隨著季度的到來，這將是增量的。

Got it. Kevin, Mary, congratulations on the very strong execution.

知道了。凱文，瑪麗，祝賀你執行力非常強。

Thanks, Craig.

謝謝，克雷格。

Thanks, Craig.

謝謝，克雷格。

Your next question comes from the line of Christian Schwab of Craig-Hallum.

你的下一個問題來自 Craig-Hallum 的 Christian Schwab。

Congrats on another solid quarter. Mary, as we're looking at China, we've heard from Applied Materials and Lam and others talk about the significant investment that's going on in the mature nodes, a lot of that, obviously, power. And kind of the strategic shift to align production with domestic demand, which looks to be maybe a 3- to 4-year endeavor at least. So are you guys very optimistic about that type of market? Or are you just happy with the strength today and watching it closely?

祝賀又一個穩定的季度。瑪麗，當我們關注中國時，我們從 Applied Materials 和 Lam 以及其他人那裡聽說了在成熟節點上正在進行的重大投資，其中很多顯然是電力。以及使生產與國內需求保持一致的戰略轉變，這看起來至少需要 3 到 4 年的努力。那麼你們對這種類型的市場非常樂觀嗎？或者你只是對今天的力量感到滿意並密切關注它？

So we are very happy with what we're seeing right now in the mature process technology area. And we've talked many times about how we have leadership in implant in the mature process technology area. And we've talked about power devices, and we've talked about image sensors, and that all holds true. We believe that this strength will continue on into the future. Right now, there are still new fabs being announced. There's a lot of new construction, there's a capacity expansion, and we expect that to continue on.

因此，我們對目前在成熟工藝技術領域所看到的情況感到非常滿意。我們已經多次談到我們如何在成熟工藝技術領域的植入方面處於領先地位。我們討論過功率器件，我們討論過圖像傳感器，這些都適用。我們相信這種力量將持續到未來。目前，仍有新的晶圓廠宣布。有很多新建築，有產能擴張，我們預計這種情況會繼續下去。

What I actually expected you to ask me about is if we had seen any change in some of the export control regulations, and we have not seen anything there. Things continue to flow for us from a licensing and export control standpoint. And we continue to monitor that extremely closely. And at this point, believe that, that situation will continue, that things will continue to be positive. So we're very bullish about China right now.

我實際上希望你問我的是，我們是否看到某些出口管制條例有任何變化，但我們沒有看到任何變化。從許可和出口管制的角度來看，事情繼續對我們有利。我們將繼續密切關注這一點。在這一點上，相信這種情況將繼續下去，事情將繼續是積極的。所以我們現在非常看好中國。

Christian, this is Doug. The other comment I'd like to make is that China represents one of the largest opportunities for electric vehicles. Government incentive programs and so forth have, of course, that country to -- last year, it was over 30% of new cars sold were EVs. So there's a lot of activity in the supply chain, which is where we play with the silicon carbide devices. So -- so we are very optimistic over the next few years for that to continue.

克里斯蒂安，這是道格。我想說的另一點是，中國代表著電動汽車的最大機遇之一。政府的激勵計劃等等，當然，那個國家——去年，超過 30% 的新車銷售是電動汽車。所以在供應鏈中有很多活動，這是我們使用碳化矽設備的地方。所以 - 所以我們對未來幾年繼續保持樂觀態度。

Yes. And every day, I read about somebody else getting more funding from somebody in China to add to their capacity. So an extremely strong target market. On that is a great segue, not only in China, but listening to the large automobile manufacturers and who are getting more and more ambitious goals about the number of shipments that they expect to ship or cars delivered, if you will. Is the every 3 years doubling of silicon carbide wafers, what are the puts and takes of that? Were that 3 years from now, we can look at that or 2 years from now and say that, that was probably too conservative.

是的。每天，我都讀到有人從中國的某個人那裡獲得更多資金以增加他們的能力。所以一個非常強大的目標市場。這是一個很好的話題，不僅在中國，而且聽取了大型汽車製造商的意見，他們正在製定越來越雄心勃勃的目標，即他們希望運送的出貨量或交付的汽車數量，如果你願意的話。碳化矽晶圓的產量每 3 年翻一番，其收益和收益是多少？如果是 3 年後，我們可以回顧一下，或者 2 年後再說，那可能太保守了。

Well, we're still -- that's the data that we've got right now. We'll be relooking at that. There's certainly -- lots of people have met and tell it in one-on-ones that we're being conservative there. But the numbers vary all over. There's a lot of variables depending on the EV adoption rate, depending on the types of devices that are built, depending on the yields, depending on the ramp of 200-millimeter versus 150. So there's a lot of -- a lot of variables, Christian, that go into the equation. So we're very comfortable with the doubling every 3 years, and we'll revisit that over -- probably over the next 6 months.

好吧，我們仍然——這就是我們現在得到的數據。我們會重新考慮的。肯定有——很多人已經見過面，並在一對一的情況下告訴我們我們在那裡很保守。但各地的數字各不相同。有很多變量取決於電動汽車的採用率，取決於製造的設備類型，取決於產量，取決於 200 毫米與 150 毫米的坡道。所以有很多 - 很多變量，克里斯蒂安，這進入了等式。因此，我們對每 3 年翻一番感到非常滿意，我們將重新審視這一點——可能在接下來的 6 個月內。

And your next question comes from the line of Quinn Bolton of Needham.

你的下一個問題來自 Needham 的 Quinn Bolton。

And congrats on the continued success. So for my first question, as more power devices and auto shift to silicon carbide, what do you expect the impact to be on the traditional silicon power device market over the coming years? Will it still be a growth segment for some time? Or do you see an inflection point where that market will decline?

並祝賀繼續取得成功。那麼對於我的第一個問題，隨著越來越多的功率器件和汽車轉向碳化矽，您預計未來幾年對傳統矽功率器件市場的影響是什麼？它在一段時間內仍將是一個增長部分嗎？或者您是否看到市場將下降的拐點？

So Quinn, I'll take that one. The -- we expect [loan] market to continue to grow. The solid state power applications do continue to grow, and there's -- there's lots of places where the silicon is going better (inaudible) and a lot of places in carbon (inaudible) lots of places where limit. So there's 3 variable software technologies that really depend on the application. So what we expect to see silicon carbide will probably dominate the (inaudible) over time, although there will be applications for silicon in auto.

所以奎因，我要那個。我們預計 [loan] 市場將繼續增長。固態電源應用確實在繼續增長，並且有 - 有很多地方矽變得更好（聽不清），很多地方在碳中（聽不清）很多地方受到限制。因此，有 3 種真正取決於應用程序的可變軟件技術。因此，隨著時間的推移，我們期望看到的碳化矽可能會主導（聽不清），儘管汽車中會有矽的應用。

And then silicon carbide will start to make some growth in other areas, in energy, for example, as costs come down, as a result of volume driven by the automotive side. And then silicon has -- just silicon is always going to be a less expensive substrate. There's lots and lots of silicon. And so that's always going to be a consideration. So we expect growth in both. If you look at the trends that we've got in our presentation, you can see silicon carbide is currently overtaking in terms of the amount of implant tools, but silicon continues to be very, very strong.

然後碳化矽將開始在其他領域取得一些增長，例如，隨著成本下降，由於汽車方面的銷量推動，碳化矽將開始在其他領域取得一些增長。然後是矽——矽總是會成為一種更便宜的基板。有很多很多矽。因此，這始終是一個考慮因素。所以我們預計兩者都會增長。如果您查看我們在演示文稿中獲得的趨勢，您會發現碳化矽目前在植入工具的數量方面正在超越，但矽仍然非常非常強大。

Very helpful. And so for my second question, could you provide any color into the CMOS image sensor market? Is the ongoing weakness mostly driven by the consumer inventory corrections? And I guess through your conversations with customers, are you seeing any signs of a demand recovery in this segment?

很有幫助。那麼對於我的第二個問題，你能為 CMOS 圖像傳感器市場提供任何顏色嗎？持續的疲軟主要是由消費者庫存調整驅動的嗎？我想通過您與客戶的對話，您是否看到該細分市場有任何需求復甦的跡象？

Yes. Let me take the first part of that anyway. The slowdown in image sensors certainly is driven by the consumer market, so by -- primarily by phones. And so as that turns around, we would expect that, that business as a whole turns around. The thing that's going on right now is we've got the XEmax out there in evaluation, we've got one system that's already in production, the customers are prepping for the turnaround and there are more advanced devices for the next phase.

是的。無論如何，讓我來談談第一部分。圖像傳感器的放緩肯定是由消費市場驅動的，所以主要是由手機驅動的。因此，隨著這種情況的好轉，我們預計整個業務都會好轉。現在正在發生的事情是我們已經對 XEmax 進行了評估，我們有一個已經投入生產的系統，客戶正在為周轉做準備，下一階段還有更先進的設備。

The other piece that's big for image sensors is all the ADAS stuff, and that continues to be strong. When you look at the folks that have announced in the last week or so, auto continues to be strong, and image sensors are a piece of that. So we would expect that image sensors turn around pretty strong as the consumer market turns around, Quinn.

另一個對圖像傳感器來說很重要的部分是所有 ADAS 的東西，而且它仍然很強大。當您查看上週左右發布的消息時，汽車仍然很強勁，而圖像傳感器就是其中的一部分。因此，我們預計隨著消費市場的好轉，圖像傳感器的轉機非常強勁，奎因。

And one more quick one, if I may. So how much of the margin improvement in the second half is a function of a mix shift to high energy versus the alleviation of some cost headwinds? Any additional color there would be helpful.

如果可以的話，再快一點。那麼，下半年利潤率的提高有多少是由於向高能源的混合轉變與一些成本逆風的緩解有關？任何額外的顏色都會有所幫助。

Yes. I mean, I'm not really going to break that out. But what I would tell you is that supply chain has been a constant problem for us for the last year, 1.5 years. So assuming that, that's a good chunk of it, it's probably not bad. But as you know from our investor presentation, high energy does carry better margins than high current. So I think in Q1, when we did the guidance, we talked about a bigger mix of high current, for example. So that is part of it.

是的。我的意思是，我真的不會打破它。但我要告訴你的是，供應鏈在過去的一年裡一直是我們的一個問題，1.5 年。因此，假設這是其中的很大一部分，它可能還不錯。但正如您從我們的投資者介紹中了解到的那樣，高能量確實比高電流具有更高的利潤率。所以我認為在第一季度，當我們做指導時，我們談到了更大的高電流組合，例如。所以這是其中的一部分。

The other thing that's in there as well is on the freight side of things. We are seeing improvements with freight. As the supply chain has continued to recover, it's allowed us to not be doing overnight shipments or air shipments and getting back into containers and getting stuff brought in at much lower cost methods. And then even container shipments from coming from Asia, for example, they're probably -- I don't think the fact the way they were prepandemic, but they were up 4 or 5x, they're probably at 2x right now. So there's a lot of pieces coming -- starting to come through. And the last thing really was we did mentioned in the last call, too, that we had quite a bit of higher-priced inventory. So that's burning through and starting to be replaced with [through Amazon].

那裡的另一件事也是在貨運方面。我們看到貨運有所改善。隨著供應鏈的持續恢復，我們可以不用隔夜運輸或空運，也可以不用再裝回集裝箱，以更低的成本把東西運進來。然後甚至來自亞洲的集裝箱運輸，例如，它們可能——我不認為它們是大流行前的事實，但它們增長了 4 或 5 倍，現在可能是 2 倍。所以有很多作品來了 - 開始通過。最後一件事確實是我們在上次電話會議中也確實提到過，我們有相當多的高價庫存。所以這正在燃燒並開始被 [through Amazon] 取代。

I'm not allowed to give you a percentage. That was...

我不允許給你一個百分比。那是...

No worries, no worries. I appreciate the color.

不用擔心，不用擔心。我很欣賞這種顏色。

Yes, no problem. Thanks.

是沒有問題。謝謝。

And your next question comes from the line of David Duley.

你的下一個問題來自 David Duley。

Mary, I just wanted to echo Craig's comments. Congrats on a great run, and we're all very happy shareholders. First question from me is, Kevin, I guess the math works out. You're kind of guiding the first half gross margins at 41.5%. To get to 44%, you're going to have to average 46.5% in the back half of the year. That's just the way the math works out. Now my question there is, would that be the starting point for gross margins in calendar 2024? Is there any reason to think that we would have a dip back down in gross margins?

瑪麗，我只是想回應克雷格的評論。祝賀你的成功，我們都是非常高興的股東。我的第一個問題是，凱文，我想數學是可行的。您將上半年的毛利率指導為 41.5%。要達到 44%，你將不得不在今年下半年平均達到 46.5%。這就是數學計算的方式。現在我的問題是，這會是 2024 年毛利率的起點嗎？是否有任何理由認為我們的毛利率會回落？

Well, I mean, we have our $1.3 billion model out there. And if you look at kind of the pieces of gross margin, we always say CS&I is very accretive, right? So as we grow to $1.3 billion, CS&I will not grow as fast. Systems will grow faster, which in reality, if those margins aren't as good as CS&I, that puts a little pressure. So I don't think I'm prepared to say anything, Dave, beyond we have a $1.3 billion model that suggests at least 45% gross margins.

好吧，我的意思是，我們有 13 億美元的模型。如果你看一下毛利率，我們總是說 CS&I 非常增值，對吧？因此，隨著我們增長到 13 億美元，CS&I 的增長速度將不會那麼快。系統將增長得更快，實際上，如果這些利潤率不如 CS&I，就會帶來一些壓力。所以我不認為我準備好說什麼，戴夫，除了我們有一個 13 億美元的模型表明至少有 45% 的毛利率。

As you know, we've made a lot of improvement on gross margins over the years. It continues to be, as I always say, an area we're laser focused on. I think you know I've got defense into the business, too, when it comes to margins. So I'm constantly looking for ways with the team to find how we can make things better. So if we can do better, we'll do better. But for now, we're trying to get back to that 44%. It's hard for me to say, even in Q1, right, I don't know what the mix is going to do necessarily, right? So that's why we say, look at the full year, don't hold me quarter-to-quarter, but we'll -- on a full year basis, we're going to get you to where we say we're going to guess.

如您所知，多年來我們在毛利率方面取得了很大進步。正如我常說的那樣，它仍然是我們高度關注的領域。我想你知道，當涉及到利潤時，我也對這項業務進行了辯護。因此，我一直在與團隊一起尋找方法，以找到讓事情變得更好的方法。所以如果我們能做得更好，我們就會做得更好。但就目前而言，我們正在努力恢復到 44%。我很難說，即使在 Q1 中，對吧，我不知道混合必然會做什麼，對吧？所以這就是為什麼我們說，看看全年，不要讓我按季度看，但我們會——在全年的基礎上，我們會讓你達到我們說的目標猜測。

Okay. And then kind of as a follow-on to an earlier question. Either on the 12% revenue growth that you have this year or the 39% revenue growth you had last year, how much of that comes from units increasing? And how much of that comes from ASP increases?

好的。然後有點像先前問題的後續問題。無論是今年 12% 的收入增長還是去年 39% 的收入增長，其中有多少來自單位增長？其中有多少來自 ASP 的增長？

Well, it's mostly all units. We haven't. I mean, as you know, we have -- I guess if you're asking, I mean, the product extensions have higher ASPs, which helps our margins. But we're -- it's not like we're all getting a lot -- we're not getting price increases on products we've been selling, for example, right? So it's really -- it's units. We're shipping more systems, we're shipping more CS&I. And yes, that's the simple answer.

好吧，這主要是所有單位。我們沒有。我的意思是，正如你所知，我們有——我想如果你問，我的意思是，產品擴展有更高的平均售價，這有助於我們的利潤。但是我們——並不是說我們都得到了很多——例如，我們一直在銷售的產品並沒有漲價，對吧？所以它真的 - 它是單位。我們正在運送更多系統，我們正在運送更多 CS&I。是的，這就是簡單的答案。

I mean we announced that we had shipped the 500th Purion system earlier in the year. And so system shipments have certainly increased dramatically, yes.

我的意思是我們在今年早些時候宣布我們已經交付了第 500 個 Purion 系統。因此，系統出貨量肯定會急劇增加，是的。

Okay. And then as far as the backlog goes -- actually, not the backlog. There was a big increase in deferred revenue, both sequentially? And I think year-over-year, it's up like 2.5x. But what's the reason behind that?

好的。然後就積壓而言——實際上，不是積壓。遞延收入有很大的增加，連續嗎？而且我認為同比增長了 2.5 倍。但這背後的原因是什麼？

The simple answer is we are getting a lot of prepayments. And we've got $445 million of cash at the end of the quarter with short-term investments included. We have what I will call a meaningful amount of prepayment. So probably the biggest thing moving that, Dave, is the fact that, that prepayment balance continues to increase on systems. And the other piece of it is, as you know, we're tipping more tools and there is a piece of the revenue that could hung up until the install is complete, so that's growing. But I would say the most significant reason why we popped over the last few quarters is coming through on prepays and then it's hung up in deferred revenue.

簡單的答案是我們收到了很多預付款。截至本季度末，我們擁有 4.45 億美元的現金，其中包括短期投資。我們有我稱之為有意義的預付款。因此，戴夫，最重要的事情可能是系統上的預付款餘額繼續增加。另一部分是，如您所知，我們正在為更多工具提供小費，並且在安裝完成之前可能會掛起一部分收入，因此它正在增長。但我要說的是，我們在過去幾個季度突然出現的最重要原因是通過預付款，然後掛在遞延收入中。

And just so I understand the accounting of this. The prepay, are they giving you the full cost of the system? Is it a deposit to -- or they are customers trying to secure future capacity, just the nature of these payments.

只是為了讓我理解這一點。預付款，他們是否為您提供了系統的全部成本？是押金——還是他們是試圖確保未來容量的客戶，只是這些付款的性質。

Yes. So we're -- with certain customers, we're requiring money down. It's typically not the full payment. But in some cases, it could be the value of the material that goes into the tool. And if I look at the cost of my tools, 85% of it is material, the rest is labor and all the other stuff. So we want to make sure that if somebody decides they don't want the order, we're not left paying on the materials. So it's a sizable chunk of money in some cases. And again, this is not what our customers. This is with maybe customers where we don't have a strong relationship and maybe newer customers and maybe in a particular region where we want to ask for that. And we haven't had any problems with people kind of coming up and putting money down so.

是的。所以我們 - 對於某些客戶，我們需要降價。它通常不是全額付款。但在某些情況下，它可能是工具所用材料的價值。如果我看看我的工具的成本，其中 85% 是材料，其餘的是人工和所有其他東西。所以我們想確保如果有人決定他們不想要訂單，我們就不會為材料付費。因此，在某些情況下，這是一筆可觀的資金。再一次，這不是我們的客戶。這可能與我們沒有牢固關係的客戶有關，也可能與新客戶有關，也可能與我們想要要求的特定地區有關。而且我們沒有遇到任何問題，人們會這樣過來，然後把錢放下來。

Your next question comes from the line of Mark Miller from the Benchmark Company.

你的下一個問題來自 Benchmark 公司的 Mark Miller。

I would also add my congratulations on the continued exceptional performance. And Mary, good luck on your new position. I just wanted to follow through. You mentioned you closed a Purion H eval during the quarter. Do you expect to close any other evals by the end of the year? And do you expect these evals to lead to additional orders?

我還要對持續的出色表現表示祝賀。瑪麗，祝你在新職位上好運。我只是想跟進。你提到你在本季度關閉了 Purion H eval。您是否希望在年底前完成任何其他評估？您希望這些評估會帶來更多訂單嗎？

So we have 6 evals out in the field right now. And if you take a look at where they are and the types of equipment, I think about half of them, Mark, will close in 2023, and then the other 3 will bleed into 2024. And a lot of that is just based on the timing of when they were shipped and also the development that we're doing with the customers out in the field.

所以我們現在有 6 個評估。如果你看一下它們的位置和設備類型，馬克，我認為其中一半將在 2023 年關閉，然後另外 3 個將流血到 2024 年。其中很多只是基於它們的發貨時間以及我們在現場與客戶進行的開發。

Basically evals can either close prior to a 12-month period, which is the exception rather than the rule, and then they can bleed even a little bit over a year depending on the work that we're doing with that customer. The answer is yes. We expect the eval to turn into additional business. We have a Purion M right now under evaluation for DRAM application at a customer that has multiple Purion types, and we do expect that to turn into additional business. We have an XEmax out of a customer right now. It's a new customer, and that should also turn into new business. Two Purion Hs are out there. One is a new customer, and one is a new high current customer. They have other types of Purion. And then the Purion XE that's out in the field is also for a general mature type of application, but it's a new high energy penetration. That customer has other types of Purion tools. And then finally, the Dragon, the Purion Dragon which I mentioned earlier, is out for evaluation at -- for advanced logic, and that's a customer that has multiple types of Purions.

基本上，評估可以在 12 個月之前結束，這是例外而不是規則，然後他們甚至可以在一年多的時間裡流血一點，這取決於我們與該客戶所做的工作。答案是肯定的。我們希望評估能夠轉化為額外的業務。我們現在有一個 Purion M 正在評估用於 DRAM 應用程序的客戶，該客戶擁有多種 Purion 類型，我們確實希望這會變成額外的業務。我們現在有一個客戶的 XEmax。這是一個新客戶，也應該轉化為新業務。那裡有兩個 Purion H。一個是新客戶，一個是新的高流量客戶。他們有其他類型的 Purion。然後出場的Purion XE也是一般的成熟型應用，不過是新的高能穿透。該客戶擁有其他類型的 Purion 工具。最後，我之前提到的 Dragon，Purion Dragon，正在接受評估——用於高級邏輯，這是一個擁有多種 Purion 的客戶。

So some of these customers are new, but most of them are actually customers that are just adding additional types of Purion products to their portfolio. All of them are -- I mean, we really wouldn't put the evaluation unit out there if we didn't expect it to be successful and to turn into future repeat business.

所以這些客戶中有一些是新客戶，但實際上大多數客戶只是在他們的產品組合中添加其他類型的 Purion 產品。所有這些都是——我的意思是，如果我們不期望它會成功並變成未來的重複業務，我們真的不會把評估單元放在那裡。

The taxes came down and tax rate came down this quarter. What should we think about for taxes for the remainder of the year?

本季度稅收下降，稅率下降。對於今年剩餘時間的稅收，我們應該考慮什麼？

I'm glad you asked that, Mark, because I'm going to get asked by a lot of people. What I would tell you is I continue to model things at 15%, but I'm going to help you out in Q2 and tell you that I'm modeling it 13% to 14%. So -- but I always kind of leave the 15%. The biggest reason why we're not paying the corporate tax rate of -- was it '21, '22? '21, I guess -- is because a lot of our shipments go offshore, so there's a (inaudible) deduction. I think we paid 13% on shipments that go offshore. So that's why I always kind of build in 15%. But there's R&D tax credits coming in. There's things with stock comp expense and that impacted from quarter-to-quarter. So use 13% or 14% in Q2, probably going to need to get to the numbers. And all this, as the year goes on, as -- because I feel comfortable, maybe I'll take it down. But I'll tell you personally, in my models, I just leave it at 15% in the Q3, Q4 right now.

馬克，我很高興你這麼問，因為很多人都會問我這個問題。我要告訴你的是，我將繼續以 15% 的比例進行建模，但我會在第二季度幫助你，並告訴你我正在將其建模為 13% 到 14%。所以——但我總是會留下 15%。我們不支付公司稅率的最大原因是 21 年、22 年？ '21，我猜 - 是因為我們的很多貨物都離岸，所以有（聽不清）扣除。我想我們為離岸的貨物支付了 13% 的費用。所以這就是為什麼我總是在 15% 內建立。但是有研發稅收抵免進來了。有股票補償費用的事情，而且每個季度都會受到影響。所以在第二季度使用 13% 或 14%，可能需要得到這些數字。所有這一切，隨著時間的推移，因為——因為我覺得舒服，也許我會把它記下來。但我個人會告訴你，在我的模型中，我現在只在第 3 季度、第 4 季度將其保持在 15%。

Thank you so much. And sir, ma'am, you have no question at this time. (Operator Instructions) the Q&A portion of the call. I will now turn the call back over to Mary Puma, who will make a few closing remarks.

太感謝了。先生，女士，你現在沒有問題。 （操作員說明）電話的問答部分。我現在將把電話轉回給 Mary Puma，她將做一些結束語。

Thank you, Liwei. So I'd like to thank you all for joining us today. We have a busy investor calendar in the coming months. In May, we will be at the B. Riley 23rd Annual Institutional Investor Conference in Los Angeles and the Craig-Hallum 20th Annual Institutional Investor Conference in Minneapolis. We will attend 4 conferences in June, the TD Cowen's 51st Annual TDD -- TDT Conference in New York City, the Stifel Cross Sector Insight Conference in Boston, the Needham Virtual Automotive Tech Conference and the William Blair 43rd Annual Growth Stock Conference in Chicago. In July, we will be attending the CEO Summit in San Francisco and conducting additional investor meetings at Semicon West. We hope to see you at one of these events. Thank you.

謝謝你，立偉。所以我要感謝大家今天加入我們。在接下來的幾個月裡，我們有一個繁忙的投資者日曆。 5 月，我們將參加在洛杉磯舉行的 B. Riley 第 23 屆年度機構投資者大會和在明尼阿波利斯舉行的 Craig-Hallum 第 20 屆年度機構投資者大會。我們將在 6 月參加 4 場會議，TD Cowen 的第 51 屆年度 TDD -- 紐約市 TDT 會議、波士頓的 Stifel Cross Sector Insight 會議、Needham 虛擬汽車技術會議和芝加哥的 William Blair 第 43 屆年度增長股票會議。 7 月，我們將參加在舊金山舉行的 CEO 峰會，並在 Semicon West 舉行額外的投資者會議。我們希望在其中一個活動中見到您。謝謝。

Thank you, presenters. And this concludes the presentation. Thank you for your participation in today's conference. You may now disconnect. Have a great day.

謝謝各位主持人。演講到此結束。感謝您參加今天的會議。您現在可以斷開連接。祝你有美好的一天。