Axcelis Technologies Inc (ACLS) 2024 Q2 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 second quarter 2024. My name is Antoine, and I will be your coordinator for today. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the presentation over to your host for today's call, David Ryzhik, Senior Vice President of Investor Relations in Corporate Strategy. Please proceed.

女士們、先生們，大家好，歡迎撥打 Axcelis Technologies 電話，討論公司 2024 年第二季的業績。我叫安托萬，我將擔任你們今天的協調員。（操作員指示）請注意，今天的會議正在錄製中。現在我想將演講交給今天電話會議的主持人，企業策略投資者關係高級副總裁 David Ryzhik。請繼續。

Thank you, operator. This is David Ryzhik, Senior Vice President of Investor Relations and Corporate Strategy. And with me today is Russell Low, President and CEO; and Jamie Coogan, Executive Vice President and CFO. If you have not seen our copy of our press release issued yesterday, it is available on our website. In addition we have prepared slides accompanying today's call. You can find those on our website as well. Playback service will also be available on our website as described in our press release.

謝謝你，接線生。我是投資者關係和企業策略資深副總裁 David Ryzhik。今天與我在一起的是總裁兼執行長拉塞爾·洛 (Russell Low)；以及執行副總裁兼財務長 Jamie Coogan。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。此外，我們也準備了伴隨今天電話會議的幻燈片。您也可以在我們的網站上找到這些內容。正如我們的新聞稿中所述，我們的網站也將提供播放服務。

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. Our actual results may differ materially from our current expectations. We do not assume any obligation to update these forward looking statements. Now I'll turn the call over to President and CEO, Russell Low.

請注意，今天關於我們對未來收入、利潤和其他業績的預期的評論屬於美國證券交易委員會安全港條款下的前瞻性陳述。這些前瞻性陳述是基於管理階層目前的預期，並受到我們業務固有風險的影響。我們的 10-K 表格年度報告和其他 SEC 文件中詳細描述了這些風險，我們強烈建議您查看這些文件。我們的實際結果可能與我們目前的預期有重大差異。我們不承擔任何更新這些前瞻性陳述的義務。現在我將把電話轉給總裁兼執行長 Russell Low。

Good morning, and thank you for joining us for our second quarter 2024 earnings call. As you can see on slide 3, we delivered strong second quarter results above our expectations, with revenue coming in at $257 million and earnings per diluted share of $1.55. Our results were driven by better-than-expected conversion valuation used into revenue as well as continued robust demand for our implantation systems into the silicon carbide market. I'm also pleased with how we executed our margins, which Jamie will touch on a bit later.

早安，感謝您參加我們的 2024 年第二季財報電話會議。正如您在幻燈片 3 中看到的，我們第二季度的業績強勁，超出了我們的預期，收入為 2.57 億美元，攤薄後每股收益為 1.55 美元。我們的業績得益於用於收入的轉換估值好於預期以及碳化矽市場對我們的植入系統的持續強勁需求。我也對我們執行利潤的方式感到滿意，傑米稍後會談到這一點。

On Slide 4, we show the breakdown of systems revenue by segment, which totaled $199 million in the quarter. Now let me touch on some key trends by market segment, starting with the Mature segment on slide 5, which comprised 98% of total system revenue in the quarter. As a reminder, our Mature segment represents Power applications, including Silicon Carbide and Silicon IGBTs, as well as General Mature and Image Sensors.

在投影片 4 上，我們顯示了按細分市場劃分的系統收入明細，該季度的總收入為 1.99 億美元。現在讓我談談細分市場的一些主要趨勢，首先是幻燈片 5 上的成熟細分市場，該細分市場佔本季系統總收入的 98%。提醒一下，我們的成熟部分代表功率應用，包括碳化矽和矽 IGBT，以及通用成熟感測器和影像感測器。

Within power applications, demand for EVs and hybrid EVs remain a key driver. Demand for silicon carbide applications remains strong as customers continue to expand capacity to meet the domestic production goals of the EV market. We believe we are still in the early innings of this trend. Meanwhile, demand for silicon IGBT applications remained soft in the quarter, consistent with our expectations. While EV and various forms of hybrid EVs are a key driver of our Power business, we see other emerging applications requiring energy efficiency, such as power sources for data centers, which is a trend we are keeping a very close eye on given the increased demand for power associated with artificial intelligence.

在電力應用中，對電動車和混合動力電動車的需求仍然是關鍵驅動因素。隨著客戶不斷擴大產能以滿足電動車市場的國內生產目標，對碳化矽應用的需求仍然強勁。我們相信我們仍處於這一趨勢的早期階段。同時，本季矽 IGBT 應用的需求依然疲軟，這與我們的預期一致。雖然電動車和各種形式的混合電動車是我們電力業務的關鍵驅動力，但我們看到其他需要能源效率的新興應用，例如資料中心的電源，鑑於需求的增加，這是我們密切關注的趨勢與人工智慧相關的力量。

In fact, just in the second quarter, we’ve seen customers announce new silicon carbide-based trench MOSFET products targeting AI data centers, which is an attractive opportunity for Axcelis given the high implant intensity associated with trench technology. Looking to the second half, we expect demand for silicon carbide customers to remain healthy. In General Mature, in the first half, demand remained relatively consistent, but we may see some moderation in the second half depends on the macroeconomic environment and its impact on our customer spending patterns.

事實上，就在第二季度，我們看到客戶推出了針對AI 資料中心的新型碳化矽溝槽MOSFET 產品，鑑於與溝槽技術相關的高注入強度，這對Axcelis 來說是一個有吸引力的機會。展望下半年，我們預期碳化矽客戶的需求將保持健康。在一般成熟期，上半年需求保持相對穩定，但下半年我們可能會看到一些放緩，這取決於宏觀經濟環境及其對客戶支出模式的影響。

Image Sensor demand has been robust in China, but has been subdued in the rest of the world due to consumer spending., We are seeing some signs of growth in this market as customer quoting activity has picked up.

中國的影像感測器需求一直強勁，但由於消費者支出而在世界其他地區受到抑制。

Turning to Slide 6, in Advanced Logic, the revenue was 2% of total system revenue, yet we made significant progress in our Advanced Logic strategy. We successfully closed a Purion Dragon evaluation unit that was an advanced R&D for a leading edge application, received a follow-on Purion H order for volume manufacturing at three nanometers, and we received an order for Purion M production unit from a new customer.

轉向幻燈片 6，在高級邏輯中，收入佔系統總收入的 2%，但我們在高級邏輯策略方面取得了重大進展。我們成功關閉了 Purion Dragon 評估裝置，該裝置是針對前沿應用的先進研發，收到了用於 3 奈米批量生產的後續 Purion H 訂單，我們收到了新客戶的 Purion M 生產裝置訂單。

As discussed at our investor event in July, the Advanced Logic market is an underpenetrated opportunity for Axcelis, where we are driving interest with our evaluation units and investing in R&D to solve some of the industry’s growing challenges. We’re in the early stages and this is a multi-year effort, but we are encouraged with the progress of our engagements, and this will remain a focus for us moving forward.

正如我們在7 月的投資者活動中所討論的那樣，高級邏輯市場對於Axcelis 來說是一個尚未充分滲透的機會，我們正在利用我們的評估部門來激發人們的興趣，並投資於研發來解決產業中一些日益增長的挑戰。我們正處於早期階段，這是一項多年的努力，但我們對我們的合作進展感到鼓舞，這將仍然是我們前進的重點。

Moving to memory, in-line with our expectations, we did not generate any systems revenue from the market in this quarter. Ion implantation is a critical process step in the production of DRAM and NAND chips, and it’s worth noting that incremental demand is expected to be driven by new wafer starts rather than technology transitions.

轉向內存，與我們的預期一致，本季度我們沒有從市場中產生任何系統收入。離子注入是 DRAM 和 NAND 晶片生產中的關鍵製程步驟，值得注意的是，增量需求預計將由新晶圓開工而非技術轉型推動。

In DRAM, given the surge in demand for high bandwidth memory chips for AI applications, which is absorbing DRAM capacity, we expect DRAM customers to start adding capacity as we exit 2024 and into 2025. In NAND, overall wafer front-end spending remains soft. However, we are encouraged to improving pricing and bit demand fundamentals, which needs to happen before customers invest in additional capacity.

在 DRAM 方面，鑑於人工智慧應用對高頻寬記憶體晶片的需求激增，這正在吸收 DRAM 產能，我們預計 DRAM 客戶將在 2024 年退出並進入 2025 年時開始增加產能。在 NAND 領域，整體晶圓前端支出依然疲軟。然而，我們鼓勵改善定價和位元需求基本面，這需要在客戶投資額外容量之前進行。

We currently expect our revenue for NAND applications to begin picking up in 2025. It’s worth noting that memory customers typically place purchase orders shortly before shipment. As a result, we have started to pre-build some inventory for implants for the memory market and stand ready to respond once demand returns.

我們目前預計 NAND 應用的收入將在 2025 年開始回升。值得注意的是，記憶體客戶通常會在出貨前不久下達採購訂單。因此，我們已經開始為記憶體市場的植入物預先建立一些庫存，並準備在需求恢復後做出反應。

Turning to Slide 7, in summary, I’m pleased with the execution of the Axcelis team in the second quarter. As we look to the second half of the year, we expect revenue to be slightly better than the first half, with momentum expected to build into 2025. I want to also thank many of you who joined us in July for our Investor Event, we hope you came away with a better appreciation of Axcelis’ long-term growth drivers, which are as follows.

轉向投影片 7，總而言之，我對 Axcelis 團隊在第二季的執行感到滿意。展望今年下半年，我們預計營收將略好於上半年，並預計在 2025 年保持成長動能。我還要感謝許多 7 月份參加我們投資者活動的人，我們希望您能更好地理解 Axcelis 的長期成長動力，具體如下。

First, secular growth in power, particularly silicon carbide, which we believe will be ubiquitous in applications that require energy efficiency, including EVs, renewables and the insatiable power demand for AI data centers. The silicon carbide device market is estimated by yield to grow at a 25% CAGR from 2023 to 2029, and we are the leading ion implant provider for this market, which is one of the most critical steps in the manufacturing of these devices.

首先，電力的長期成長，特別是碳化矽，我們相信碳化矽將在需要能源效率的應用中無所不在，包括電動車、再生能源和人工智慧資料中心永不滿足的電力需求。以產量計算，碳化矽元件市場預計從 2023 年到 2029 年將以 25% 的複合年增長率成長，我們是該市場領先的離子注入供應商，這是製造這些元件中最關鍵的步驟之一。

Second, while memory spending is at exceptionally low levels today, we expect spending to recover as customers will ultimately need to add capacity to meet global compute and storage needs, driven by AI, EVs, Internet of Things, and the continued growth in electronic devices. Third, once consumer industrial spending recovers, we’d expect General Mature spending to follow suit as well.

其次，雖然目前記憶體支出處於異常低的水平，但我們預計支出將會恢復，因為在人工智慧、電動車、物聯網和電子設備持續成長的推動下，客戶最終需要增加容量以滿足全球運算和存儲需求。第三，一旦消費工業支出復甦，我們預期一般成熟支出也會隨之復甦。

Fourth, as mentioned, we have an opportunity to gain share in Advanced Logic as new applications are opening up beyond just the front-end, but also in the middle-end of line as well. For example, as we move from 7 nanometer to 2 nanometer technology, we forecast a more than doubling of ion implantation steps in the middle of line processes.

第四，如上所述，我們有機會獲得高級邏輯領域的份額，因為新的應用程式不僅在前端而且在中端產品線中不斷開放。例如，當我們從 7 奈米技術轉向 2 奈米技術時，我們預測生產線製程中間的離子注入步驟將增加一倍以上。

And finally, our geographic expansion in Japan, we are focused on increasing penetration into this market by leveraging our customer relationships, while also growing our physical presence in the country. With this backdrop, our long-term model calls for growth to approximately $1.6 billion by 2027. I’m very excited about the opportunities that lie ahead for Axcelis and how that translates into attractive long-term earnings growth and value creation for shareholders.

最後，我們在日本的地理擴張，我們致力於透過利用我們的客戶關係來提高對該市場的滲透率，同時擴大我們在該國的實體業務。在此背景下，我們的長期模型要求在 2027 年將增長至約 16 億美元。我對 Axcelis 面臨的機會以及如何將其轉化為有吸引力的長期盈利增長和為股東創造價值感到非常興奮。

With that, let me turn the call over to Jamie.

接下來，讓我把電話轉給傑米。

Thank you, Russell, and good morning, everyone. I’ll start first with some additional detail on our second quarter results before turning to our third quarter outlook. Turning to slide 8. Second quarter revenue was $257 million with system revenue at $199 million and CS&I at $58 million. This exceeded the outlook we provided in our first quarter call of $245 million and included some pull-in activity from the third quarter. We benefited from the better than expected conversion of evaluation systems into revenue as well as a customer pull-in to meet their production needs.

謝謝拉塞爾，大家早安。在轉向第三季展望之前，我將首先介紹第二季業績的一些額外細節。轉到投影片 8。第二季營收為 2.57 億美元，其中系統收入為 1.99 億美元，CS&I 營收為 5,800 萬美元。這超出了我們在第一季電話會議中提供的 2.45 億美元的預期，其中包括第三季的一些拉動活動。我們受益於評估系統轉化為收入的效果好於預期，以及客戶的拉動以滿足他們的生產需求。

In addition, we saw continued strength in our power market, particularly from silicon carbide. Our CS&I revenue was relatively in-line with our expectations. As a reminder, CS&I is driven by our installed-base and represents consumables, spares, services and upgrades. The typical life of an ion implant system can be as long as 20 years. And CS&I provides a stable and growing revenue stream with an attractive margin profile.

此外，我們看到電力市場持續走強，尤其是碳化矽。我們的 CS&I 收入相對符合我們的預期。需要提醒的是，CS&I 由我們的安裝基礎驅動，代表消耗品、備件、服務和升級。離子注入系統的典型壽命可長達 20 年。CS&I 提供穩定且不斷成長的收入來源以及有吸引力的利潤率。

As we continue to grow our installed-base, we expect CS&I to deliver sustainable and profitable growth in the coming years. From a geographic perspective, China continued to remain our strongest region at 55% of total system sales. In the second quarter, system bookings totaled $105 million and we ended the period with systems backlog of approximately $1 billion. We are bouncing along the bottom from a bookings perspective. And, while it can fluctuate from quarter-to-quarter, we expect bookings to improve as our end markets recover.

隨著我們的安裝基礎不斷擴大，我們預計 CS&I 將在未來幾年實現可持續和盈利的成長。從地理角度來看，中國仍然是我們最強勁的地區，佔系統總銷售額的 55%。第二季度，系統預訂總額為 1.05 億美元，期末系統積壓金額約 10 億美元。從預訂的角度來看，我們正在底部反彈。而且，雖然每個季度可能會出現波動，但我們預計隨著終端市場的復甦，預訂量將會改善。

As a reminder, systems are not included in our bookings or backlog until we have received a firm purchase order. Moreover, our backlog may not include bookings received from memory customers given the short-lead times following the receipt of order and also do not include expected revenues associated with our CS&I business.

請注意，在我們收到確定的採購訂單之前，系統不會包含在我們的預訂或積壓訂單中。此外，鑑於收到訂單後的交貨時間較短，我們的積壓訂單可能不包括從記憶體客戶收到的預訂，也不包括與我們的 CS&I 業務相關的預期收入。

Turning to slide 9, for additional detail on the second quarter. Second quarter gross margins were 43.8%, slightly above our outlook of 43.5%, owing to better volumes as well as favorable systems mix. Operating expenses totaled $60 million or 23.2% of revenue. We continue to invest in the organic growth of our business, while prudently managing our cost structure.

請參閱投影片 9，以了解有關第二季的更多詳細資訊。由於銷量增加以及有利的系統組合，第二季毛利率為 43.8%，略高於我們預期的 43.5%。營運費用總計 6,000 萬美元，佔收入的 23.2%。我們繼續投資於業務的有機成長，同時審慎管理我們的成本結構。

As a result, operating profit was $53 million reflecting a 20.6% operating margin. It is worth noting that in the second quarter, we incurred restructuring charges of approximately $1.4 million associated with our Retirement Incentive program, which had an estimated 50 basis point impact on operating margins for the period.

結果，營業利潤為 5,300 萬美元，營業利潤率為 20.6%。值得注意的是，第二季度，我們因退休激勵計畫而產生了約 140 萬美元的重組費用，預計對該期間的營業利潤率產生了 50 個基點的影響。

We generated approximately $4.5 million in other income, primarily as a result of interest income on our cash balance. Our tax rate in Q2 was 11%. For the balance of the year, we estimate a 15% tax rate. Our weighted average diluted share count in the quarter was 32.8 million shares, and this reflects continued execution on our share repurchase program.

我們產生了約 450 萬美元的其他收入，主要來自現金餘額的利息收入。我們第二季的稅率是 11%。今年剩餘時間，我們估計稅率為 15%。本季我們的加權平均稀釋後股票數量為 3,280 萬股，這反映了我們股票回購計畫的持續執行。

In fact, over the past three years, we have reduced our diluted share count by approximately 5%. We exited the second quarter with $160 million remaining in share repurchase authorization. This all translates into a diluted earnings per share of $1.55 well above our outlook provided in the first quarter call of $1.30.

事實上，在過去三年中，我們已將稀釋後的股份數量減少了約 5%。第二季結束時，我們的股票回購授權還剩 1.6 億美元。這一切意味著稀釋後每股收益為 1.55 美元，遠高於我們在第一季電話會議中提供的預期 1.30 美元。

Moving to our balance sheet and cash flow. We ended the second quarter with $548 million of cash, cash equivalents and short-term investments on hand and we generated $38 million of free cash flow in the quarter, driven by our earnings for the period and our focus on working capital management.

轉向我們的資產負債表和現金流。截至第二季末，我們手頭上有 5.48 億美元的現金、現金等價物和短期投資，在本季度盈利和對營運資本管理的關注的推動下，我們產生了 3800 萬美元的自由現金流。

Now, let me turn to our third quarter outlook on slide 10. Given the strength in Q2 systems revenue compared to our forecast, which benefited from some pull-in activity, we expect Q2 -- Q3 revenue to be flattish with Q2 at approximately $255 million. As we think about Q4, we expect revenue to be slightly higher than Q3.

現在，讓我談談幻燈片 10 上的第三季展望。鑑於第二季系統收入與我們的預測相比強勁，這得益於一些拉動活動，我們預計第二季至第三季的營收將與第二季持平，約 2.55 億美元。當我們考慮第四季度時，我們預計收入將略高於第三季。

We expect third quarter gross margins to be approximately 43.5% with operating expenses estimated at approximately $60 million. We expect our tax rate to be approximately 15%, leading to an estimated diluted earnings per share of approximately $1.43.

我們預計第三季毛利率約為 43.5%，營運費用預計約為 6,000 萬美元。我們預計稅率約為 15%，預計稀釋後每股收益約為 1.43 美元。

In summary, we’re very pleased with our financial performance. Our strong margins and cash flow are a testament to the critical and proprietary nature of our ion implant technology that is differentiated to serve multiple market segments, while driving our CS&I aftermarket solutions. Our product positioning and our disciplined cost structure provide a solid foundation on which to grow revenue and profitability as our markets recover and we execute on our growth strategies.

總之，我們對我們的財務表現非常滿意。我們強勁的利潤率和現金流證明了我們離子注入技術的關鍵性和專有性，該技術具有差異化優勢，可服務於多個細分市場，同時推動我們的 CS&I 售後解決方案。我們的產品定位和嚴格的成本結構為隨著市場復甦和執行成長策略而增加收入和獲利能力奠定了堅實的基礎。

With that, I'll now turn it to Russell, for his closing comments.

現在，我將請拉塞爾發表結束語。

Thank you, Jamie. As I think about the defining trends of our time, AI, Internet of Things, electrification, including power efficiency and clean energy, is semiconductors that serve as the foundation of all of them. In fact, it’s the performance such as power efficiency and cost of semiconductors that matters the most, and Axcelis’ ion implantation technology is a critical enabler of that and why I’m really excited about the future for Axcelis. I want to thank our employees, customers, shareholders, and partners for their continued support and trust in Axcelis.

謝謝你，傑米。當我思考我們這個時代的決定性趨勢時，人工智慧、物聯網、電氣化，包括能源效率和清潔能源，半導體是所有這些趨勢的基礎。事實上，最重要的是半導體的功率效率和成本等性能，而 Axcelis 離子注入技術是實現這一點的關鍵推動因素，這也是我對 Axcelis 的未來感到非常興奮的原因。我要感謝我們的員工、客戶、股東和合作夥伴對 Axcelis 的持續支持和信任。

With that, operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Jed Dorsheimer, William Blair.

傑德·多斯海默，威廉·布萊爾。

Hi. Thanks for taking my question. I guess, just it’s been less than a month for since your Capital Markets Day. I’m curious, as you look at the business and you kind of segment the systems, it seems like, the power business continues to maybe bounce on the bottom or get a little bit worse while you’re seeing, continued strength from silicon carbide.

你好。感謝您提出我的問題。我想，距離你們的資本市場日還不到一個月。我很好奇，當你觀察業務並對系統進行細分時，似乎電力業務可能繼續觸底反彈，或者變得更糟，而你會看到，電力業務的持續強勁碳化矽。

Has there been any changes since your Capital Markets Day, recognizing it’s relatively recent that would change that opinion or give you more or less confidence in terms of near-term as well as going into next year? And then, I have a follow-up.

自您的資本市場日以來是否發生了任何變化，並認識到這是相對較新的，這會改變您的觀點，或者使您對近期和明年的信心或多或少有信心？然後，我有一個後續行動。

Yeah. So Jed, good morning, and thanks for jumping on the call here. As kind of zooming out and looking at the full-year, our expectations for the full-year have not really materially changed since our Q1 call. We continue to expect the second half to be slightly higher than the first half, despite seeing some pull-in activity into the second quarter. We also had expected the second half to be weighted towards the fourth quarter and that continues to remain the case here for us for the period.

是的。傑德，早安，感謝您接聽電話。從某種程度上來看，我們對全年的預期自第一季電話會議以來並沒有真正發生重大變化。儘管第二季度出現了一些拉動活動，但我們仍然預計下半年將略高於上半年。我們也預計下半年將重點關注第四季度，並且在此期間我們仍然保持這種情況。

As we think about the market segments, and as you noted, Power continues to be strong, led by silicon carbide. General Mature was consistent in the first half, but we do expect a little bit of moderation in the second half. But this is going to depend largely on macroeconomic activities and impacts on our customer spending patterns as sort of, Russell mentioned in the prepared remarks, specifically around consumer, industrial and the auto end markets.

當我們考慮細分市場時，正如您所指出的，在碳化矽的引領下，Power 繼續保持強勁勢頭。整體成熟度在上半場表現穩定，但我們確實預計下半場會有所緩和。但這將在很大程度上取決於宏觀經濟活動以及對我們客戶支出模式的影響，拉塞爾在準備好的演講中提到，特別是圍繞消費者、工業和汽車終端市場。

Memory, has been quite soft. We had no memory activity here in the second quarter, although we do expect some initial spending for DRAM as we exit the year and so we’re seeing some opportunities potentially in the fourth quarter for that to pick back up. And, the end is going to continue to sort of be dormant for us, probably into 2025, where we do expect some level of spending to commence.

記憶，已經相當柔軟了。我們在第二季度沒有內存活動，儘管我們確實預計在今年結束時會有一些 DRAM 的初始支出，因此我們看到第四季度可能會出現一些回升的機會。而且，對我們來說，這種終結將繼續處於休眠狀態，可能要到 2025 年，我們確實預計屆時會開始一定程度的支出。

In short, we really do feel pretty good about revenue, growing slightly in the second half. Our backlog remains really healthy. Our conversations with our customers suggest a slight pickup in revenue in Q4 and we expect that momentum to continue, and to extend into 2025.

簡而言之，我們確實對收入感到非常滿意，下半年略有成長。我們的積壓仍然非常健康。我們與客戶的對話表明，第四季的收入略有回升，我們預計這種勢頭將持續下去，並延續到 2025 年。

Well, thank you. And, that kind of leads me to my follow-up. I mean, all of that sounds very reasonable and -- but as we look at ‘25 and the $1.3 billion, it seems like the pathways to that are getting narrower and narrower. So I’m just curious at what point do you reassess, that expectation in 2025?

嗯，謝謝。而且，這引導我進行後續行動。我的意思是，所有這些聽起來都非常合理，但是當我們看到 25 歐元和 13 億美元時，實現這一目標的途徑似乎越來越窄。所以我只是好奇你會在什麼時候重新評估 2025 年的預期？

Yeah. So we laid out that new long range model, Jed, in the July event that call called for the $1.6 billion in 2027. We really are now entering the phase of our process where we know through the third quarter, fourth quarter here is where we go through our annual planning, profit planning process. For the course of this year, we’ve really provided specific guidance (multiple speakers) on looking one quarter out.

是的。因此，我們在 7 月的活動中推出了新的遠端模型 Jed，呼籲在 2027 年籌集 16 億美元。我們現在確實進入了流程階段，我們知道第三季、第四季是我們進行年度規劃、利潤規劃流程的階段。在今年的過程中，我們確實提供了有關展望四分之一的具體指導（多位發言者）。

But, when we think about achieving the $1.3 billion model in 2025, it’s possible, but it’s going to require a step-up in demand across our segments, particularly in Memory and General Mature. And the timing and magnitude of those recoveries is hard to predict, especially given the uncertain macro environment. Naturally, as we get closer, we’ll have a better sense and we’ll be able to provide some kind of color on 2025 as part of our Q4 call as we enter into that annual profit planning process.

但是，當我們考慮在 2025 年實現 13 億美元的模型時，這是可能的，但這需要我們各個細分市場的需求增加，特別是在記憶和一般成熟領域。這些復甦的時間和幅度很難預測，特別是考慮到宏觀環境的不確定性。當然，隨著時間的推移，我們會有更好的感覺，當我們進入年度利潤計劃流程時，我們將能夠在 2025 年提供某種顏色，作為我們第四季度電話會議的一部分。

But we really do feel good about the long-term opportunities that we outlined in that investor event. Power is going to continue to be a key driver for the business, particularly silicon carbide. We expect Memory to eventually recover from the current levels.

但我們確實對我們在投資者活動中概述的長期機會感到滿意。電力將繼續成為業務的關鍵驅動力，尤其是碳化矽。我們預計記憶體最終會從當前水平恢復。

And as we noted, it’s basically zero here in the second quarter. General Mature can recover back to those prior levels as the macro environment improves and ultimately we’re focused on executing on those market share opportunities we talked about in Advanced Logic in Japan. And so long and short, we’re really focused on everything that we can control. So we’re making sure we’ve got the right people, the right inventory, the right capacity, and the right technologies to be able to go after those opportunities that we outlined.

正如我們所指出的，第二季的成長率基本上為零。隨著宏觀環境的改善，General Mature 可以恢復到先前的水平，最終我們將專注於執行我們在日本 Advanced Logic 中談到的市場份額機會。總而言之，我們確實專注於我們可以控制的一切。因此，我們要確保擁有合適的人員、合適的庫存、合適的產能和合適的技術，以便能夠抓住我們概述的這些機會。

Yeah, just to reiterate, Jamie, that’s exactly right. So there’s still a possible path to the $1.3 billion next year. It’s going to require market cooperation. So continued strength in Power, as you mentioned, recovery in Memory and General Mature. I think at this stage, the secular growth driver is still very much in place, growth in -- AI, growth in electrification, the long-term trends are definitely there.

是的，只是重申一下，傑米，這是完全正確的。因此，明年仍有可能達到 13 億美元。這需要市場合作。正如您所提到的，力量持續增強，記憶力和整體成熟度恢復。我認為現階段，長期成長動力仍然非常到位，人工智慧的成長、電氣化的成長，長期趨勢肯定是存在的。

And, as we said at our Investor Day, the path to $1.6 billion is something we believe we could achieve in the next few years. So I think it’s definitely, a when the market recovers, not an if, I think, yes, that’s fairly apparent. So the exact layering of revenue year-on-year to get to the $1.6 billion, we’ll comment more about that as we get closer, but we do obviously see that as the market recovers and it grows, that this path is $1.6 billion model.

而且，正如我們在投資者日所說，我們相信我們可以在未來幾年內實現 16 億美元的目標。因此，我認為市場復甦肯定會發生，而不是“如果”，我認為，是的，這是相當明顯的。因此，要達到16 億美元的逐年收入的確切分層，當我們越來越接近時，我們將對此進行更多評論，但我們顯然看到，隨著市場的復甦和增長，這條路徑是1.6 美元億模型。

Tom Diffely, D.A. Davidson and Company.

湯姆·迪夫利，D.A.戴維森公司。

Yeah. Good morning, and thank you for the question. Just curious on the backlog and bookings, it looks like the backlog fell by more than the delta between the bookings and the revenue. I’m just curious if there were any cancellations or push-outs that you saw?

是的。早安，謝謝你的提問。只是對積壓和預訂感到好奇，看起來積壓的下降幅度超過了預訂和收入之間的差值。我只是好奇您是否看到任何取消或推遲的情況？

Yeah. We will see from time-to-time some purchase order movements. Tom, nothing overly material there, or generally it was -- largely it was the revenue load plus the bookings that drives the differential in the backlog, so.

是的。我們會不時看到一些採購訂單的變動。湯姆，那裡沒有什麼過於重要的東西，或者一般來說是這樣的——很大程度上是收入負荷加上預訂量推動了積壓的差異，所以。

Okay. So nothing of note. Alright. And then, Russell, I was hoping you could maybe point us towards a few of the end markets that you’re really paying attention to or end market products to drive the General Mature business over the next year? I mean, are there certain key products launches out there that you think are kind of key to your recovery?

好的。所以沒什麼值得注意的。好吧。然後，拉塞爾，我希望您能給我們指出一些您真正關注的終端市場，或者明年推動通用成熟業務的終端市場產品？我的意思是，您是否認為某些關鍵產品的推出對您的復甦至關重要？

So when I say like macroeconomic trends for General Mature, I guess really we’re talking about consumer spending industrial and automotive. I think it’s fair to say that automotive and industrial are lagging consumer spending at this stage. Obviously, we love automotive because it’s a computer on wheels, but really at this stage, we’re looking at consumer.

因此，當我說 General Mature 的宏觀經濟趨勢時，我想我們實際上是在談論工業和汽車領域的消費者支出。我認為可以公平地說，汽車和工業在現階段落後於消費者支出。顯然，我們喜歡汽車，因為它是一台帶輪子的計算機，但實際上在這個階段，我們關注的是消費者。

We are seeing consumer spending picking up. It’s hard to say what the killer app is, but I do think that all chip devices are going to be driven by consumer improvements. And the (technical difficulty) can’t say that Apple phone’s going to take off crazy, but I know that I’m ready for the next version, especially if Siri gets smarter. But yeah, we definitely are seeing a firming up of consumer spending, if that makes sense, Tom.

我們看到消費者支出正在回升。很難說殺手級應用程式是什麼，但我確實認為所有晶片設備都將受到消費者改進的推動。（技術難度）不能說蘋果手機會瘋狂起飛，但我知道我已經為下一個版本做好了準備，特別是如果 Siri 變得更聰明的話。但是，是的，我們肯定會看到消費者支出的堅挺，如果這有意義的話，湯姆。

Okay. And then, just finally on the automotive front, do you need to see an automotive recovery before you make more progress in the Japanese market or are those two things not necessarily tied together?

好的。然後，最後在汽車方面，在日本市場取得更多進展之前，您是否需要看到汽車業的復甦，或者這兩件事不一定聯繫在一起？

I think the automotive recovery at the consumer level is probably further down the line compared to the investment in chips required for those machines. So we’ve actually had some pretty good success in Japan, particularly with Power. It’s partly because one we have a full portfolio of products to supply the old customer applications to say silicon carbide and silicon, and that wasn’t locally available. So that’s given us our opportunity, which we’re now capitalizing upon. So that’s one point.

我認為，與這些機器所需的晶片投資相比，消費者層面的汽車復甦可能會進一步推進。所以我們實際上在日本取得了一些相當好的成功，特別是在 Power 方面。部分原因是我們擁有完整的產品組合來供應舊客戶應用（例如碳化矽和矽），而這些產品在本地不可用。因此，這給了我們機會，我們現在正在利用這個機會。這就是一點。

The other part I’d say is that we’re actually making progress beyond just Power in Japan. So we have been making progress in Memory, we did actually get it received a PO this last quarter for Advanced Logic tool going to a new customer. So we are making progress in Japan, and I think that’s going to be a bright spot for us.

我要說的另一部分是，我們實際上取得的進步不僅僅是日本的權力。因此，我們在記憶體方面一直在取得進展，我們確實在上個季度收到了向新客戶提供高級邏輯工具的採購訂單。所以我們在日本正在取得進展，我認為這將成為我們的亮點。

Great. Well, thanks for the extra color.

偉大的。嗯，謝謝你的額外顏色。

Thanks, Tom.

謝謝，湯姆。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

Yeah. Thanks for taking the questions and, nice execution in 2Q guys. Jamie, I wanted to start by following up on one of Jed’s question. It’s more near-term. As we look at the potential for modest half on half gains, it seems like what we’re saying is that revenues for the full-year could be around $1.25 billion to $1.45 billion. So the question is, is that the right range? And I know you indicated that there was some pull-in activity in 2Q. But beyond that is there any change to what you’re expecting in the second half versus three months ago?

是的。感謝您提出問題，並且 2Q 人員執行得很好。傑米，我想先跟進傑德的一個問題。這是更近期的事。當我們考慮適度成長的潛力時，我們所說的似乎是全年收入可能約為 12.5 億至 14.5 億美元。那麼問題來了，這個範圍合適嗎？我知道您表示第二季有一些拉動活動。但除此之外，您對下半年的期望與三個月前相比是否有任何變化？

Yeah. So again, Craig, as we look at it, we’re not providing specific guidance for the full-year as of right now. Our commentary is, we gave the third quarter expectation here and we do expect the fourth quarter to be slightly higher than what we saw here or what we expect to see in the third quarter.

是的。克雷格，正如我們所看到的，我們目前還沒有提供全年的具體指導。我們的評論是，我們在這裡給出了第三季度的預期，並且我們確實預計第四季度的業績將略高於我們在這裡看到的或我們對第三季度的預期。

As it relates to the initial commentary around expectations relative to Q1, the year still looks relatively similar in terms of what we were expecting as we were exiting the Q1 call. We’d talk about the fact that we had a little bit of pull in activity into the second quarter, which moderated that sort of Q2 to Q3 step up in expectations. But largely speaking, the year is still relatively intact to what our prior expectations were.

由於它與圍繞第一季預期的初步評論有關，因此就我們退出第一季電話會議時的預期而言，今年看起來仍然相對相似。我們會談論這樣一個事實，即我們在第二季度的活動有所增加，這緩和了第二季度到第三季度的預期上升。但總體而言，這一年與我們先前的預期相比仍然相對完好。

That’s really helpful. Thanks, Jamie. And then, the second question is more of a longer term question, and it also follows up an earlier increase. So I totally get where you are in the annual planning process and that leaving the company challenged with making a call on next year’s 1.3b potential.

這確實很有幫助。謝謝，傑米。然後，第二個問題更多的是一個長期問題，它也是早期成長的後續。因此，我完全理解您在年度規劃流程中的位置，這讓公司面臨著確定明年 1.3b 潛力的挑戰。

But I’m wondering, if you can comment on, where the business might be if we just set aside the potential for end market improvement, which requires a crystal ball from here to year-end. But absent any improvement and in a kind of a market neutral environment, any color on what calendar ‘25 might look like so we can better interpret how it might shake out as we go through the next three to six months? Thanks.

但我想知道，如果你能評論一下，如果我們只考慮終端市場改善的潛力，業務可能會在哪裡，這需要從現在到年底的水晶球。但是，如果沒有任何改進，並且在市場中立的環境中，25 月日曆上可能會出現什麼顏色，以便我們可以更好地解釋在接下來的三到六個月內它可能會發生怎樣的變化？謝謝。

Yeah. So again, difficult to predict that, Craig,. Again, we look at where the markets are today. We need to see memory recovery in order for us to get to those numbers. We need to see some incremental strength in general mature for us to get to those numbers. So again, from where we are today, we would need to see those markets recover.

是的。再說一次，很難預測，克雷格。讓我們再看看今天的市場狀況。我們需要看到記憶恢復才能得到這些數字。我們需要看到一些逐漸成熟的力量才能達到這些數字。因此，從目前的情況來看，我們需要看到這些市場復甦。

I think those markets are in various stages of their recovery. We talked about the fact that we are starting to see the opportunity here in the fourth quarter for some memory sales, which we think will build some momentum into 2025. And we’re watching the general mature space, kind of just like everybody else is to see when the spending is going to kick back on there.

我認為這些市場正處於復甦的不同階段。我們談到了這樣一個事實，即我們開始在第四季度看到一些記憶體銷售的機會，我們認為這將為 2025 年帶來一些動力。我們正在觀察整體成熟的領域，就像其他人都在觀察支出何時會反彈一樣。

Yeah. It sure helped to get better PCs and smartphones. So appreciate the help, Jamie. Good luck, guys.

是的。它確實有助於獲得更好的個人電腦和智慧型手機。感謝傑米的幫助。祝你好運，夥計們。

Got it. Thanks, Craig.

知道了。謝謝，克雷格。

Ross Cole, Needham & Company.

羅斯·科爾，李約瑟公司。

Hi. Thank you for taking my question on behalf of Charles Shi. I was wondering, looking into the third quarter, do you expect the breakdown of system revenue to remain rather consistent with what you’re seeing this quarter? And then do you expect any shifts in the revenue by segment going into the fourth quarter full-year? Thank you.

你好。感謝您代表 Charles Shi 提出我的問題。我想知道，展望第三季度，您預期系統收入的細目是否與本季的情況保持相當一致？那麼您預計全年第四季各部門的收入會發生什麼變化嗎？謝謝。

Yeah, Ross. I mean, as we think about the system segments, I mean, again, this quarter we saw little to no memory here through the first half of the year. Again, we’re predicting the memory to really kick back on in the fourth quarter to some extent, that we’re starting to see those early signs of that. Yeah, as a result of that we did have some Advanced Logic. As you know, Advanced Logic does sort of kick around from quarter-to-quarter based on the progress that we’re making with our customers.

是的，羅斯。我的意思是，當我們考慮系統部分時，我的意思是，本季我們在上半年幾乎沒有看到任何記憶體。再次，我們預測記憶會在第四季度在某種程度上真正恢復，我們開始看到這些早期跡象。是的，因此我們確實有了一些高級邏輯。如您所知，Advanced Logic 確實會根據我們與客戶的進展按季度進行調整。

So I’d still expect power specifically silicon carbide to be strong for the period and general mature broadly to be the lion’s share of the revenues for the period overall with some potential uptick in CS&I, but we’ll have to see how that plays out.

因此，我仍然預計在此期間電力（特別是碳化矽）將表現強勁，並且總體成熟，將成為整個期間收入的最大份額，並且 CS&I 可能會出現一些增長，但我們必須看看效果如何。

Yeah, I think that’s correct. So silicon carbide continues to be strong. We talked about General Mature. Outside of China, it seems to be a little bit softer. We actually have seen a little bit of business on Image Sensors within China, and that actually has been very positive, and that would be focused on consumer. And then I think the other one is we have started to talk with customers about firming up their plans regarding DRAM. So the tone of the conversations is changing, which is giving us a little bit more confidence.

是的，我認為這是正確的。因此碳化矽繼續走強。我們談論了一般成熟度。在中國以外的地區，似乎要軟一些。事實上，我們在中國看到了一些影像感測器業務，這實際上是非常積極的，而且主要針對消費者。然後我認為另一件事是我們已經開始與客戶討論確定他們有關 DRAM 的計劃。因此，談話的基調正在發生變化，這給了我們更多的信心。

Great. Thank you. And then if I can follow-up on your expectations for a NAND recovery, as the market does remain soft, are you expecting the demand to drive growth in earlier 2025 and maybe later on in the year? Thank you.

偉大的。謝謝。然後，如果我可以跟進您對 NAND 復甦的預期，因為市場仍然疲軟，您是否預計需求將在 2025 年初甚至今年稍後推動成長？謝謝。

Yeah. So when I think about NAND, things are looking better for NAND in the sense that the ASPs are going up. Obviously, before people want to expand their CapEx, they want to actually make a little bit of money. So those things are happening. NAND will trail the DRAM recovery, and I think at this stage, it’s fair to say it’s a 2025 event.

是的。因此，當我考慮 NAND 時，從平均售價上升的意義上來說，NAND 的情況看起來更好。顯然，在人們想要擴大資本支出之前，他們首先想要賺一點錢。所以這些事情正在發生。NAND 將落後於 DRAM 的復甦，我認為在現階段，可以公平地說這是 2025 年的事件。

Great. Thank you, Russ.

偉大的。謝謝你，拉斯。

Duksan Jang, Bank of America Securities.

Duksan Jang，美國銀行證券。

Hi. Thank you for taking my question. I’m just following up on an earlier pull in question. Because you’ve already preannounced results for Q2 in early July. I was just curious what changed since then. And then if you could just provide a little bit more color on the customer profile, how much the pull in was and if it’s a one-time phenomenon?

你好。感謝您回答我的問題。我只是在跟進之前提出的問題。因為您已經在 7 月初預先公佈了第二季的結果。我只是好奇從那時起發生了什麼變化。然後，如果您可以在客戶檔案上提供更多的色彩，那麼吸引力有多大？

Yeah. So again, Duksan, I think on the pre-announce was really done ahead of the investor event, broadly speaking, as we talked about in our commentary. We were early on in our close period. It was really representative of a flash. We needed the team to go through and finalize all their procedures. We’ve got other revenue buckets that can ebb and flow based on estimation, deferrals and others that can change from time to time.

是的。再說一次，Duksan，我認為，正如我們在評論中談到的那樣，從廣義上講，預先公告確實是在投資者活動之前完成的。我們還處於關閉期的早期。這確實是閃光的代表。我們需要團隊完成並完成所有程序。我們還有其他收入來源，這些收入來源可以根據估計、延期和其他不時變化的因素而變化。

So we wanted to make sure we provided you some level of indication of where the quarter was going ahead of that investor event, while we finalized our processes and procedures. Ultimately, the evaluation units that came in, that was really -- honestly a good thing for us. Getting those closed sooner actually closes down our obligation to continue to provide cost and support for those units.

因此，在我們最終確定流程和程序的同時，我們希望確保在投資者活動之前向您提供一定程度的有關本季度進展情況的指示。最終，進來的評估單位對我們來說確實是件好事。儘早關閉這些單位實際上就結束了我們繼續為這些單位提供成本和支援的義務。

It allows us to begin the process of really fanning out. And on the one that got pulled into the period is really, that customer has actually already started to talk to us about follow on orders ahead of the ultimate sign off. The other unit, represented, really a customer need for production requirements, and so when you take the over performance for the period, it was largely attributed relative to guide, it was largely attributable to those two units.

它使我們能夠開始真正扇出的過程。事實上，進入這段時期的一個問題是，該客戶實際上已經開始在最終簽字之前與我們討論後續訂單的問題。所代表的另一個單位實際上是客戶對生產要求的需求，因此當你考慮該期間的超額績效時，它很大程度上歸因於相對於指導，這很大程度上歸因於這兩個單位。

Understood. And then one on silicon IGBT, and hopefully my math is correct, but I think in Q2 you’ve done around $39 million in sales. That’s quite an uplift from Q1, it seems like. So do you continue to see that strength going into second half? And over the long-term, how much of a contribution does this have to be to get to your $1.3 billion model and then your $1.6 billion. Thank you so much.

明白了。然後是矽 IGBT，希望我的數學是正確的，但我認為第二季的銷售額約為 3900 萬美元。這看起來比第一季有相當大的提升。那麼下半場你會繼續看到這種勢頭嗎？從長遠來看，這需要多大的貢獻才能實現你的 13 億美元模型，然後是 16 億美元。太感謝了。

I’m not sure we’ve given a breakdown of our Power business between silicon carbide and silicon IGBT. I think what we’ve said is that our silicon carbide business continues to be strong and the silicon IGBT business is actually soft as we expected. We think there’s more to the question.

我不確定我們是否已對碳化矽和矽 IGBT 之間的電源業務進行了細分。我認為我們所說的是我們的碳化矽業務繼續強勁，而矽 IGBT 業務實際上如我們預期的那樣疲軟。我們認為這個問題還有更多內容。

Yeah. As we think through the numbers overall, Power continues to be strong broadly for a silicon carbide continues to be very strong relative to our expectations. We’re watching the transitions here relative to the EV, hybrid EVs and what that ultimately means for silicon IGBT in the marketplace as we talked about as part of our Investor Day. As we think about what it means for the long-term model, right, Power is going to be a very significant contributor to our long-term model into the future, both on the silicon carbide and the silicon IGBT performance.

是的。當我們仔細考慮整體數據時，功率繼續廣​​泛強勁，因為碳化矽相對於我們的預期仍然非常強勁。正如我們在投資者日所討論的那樣，我們正在關注與電動車、混合動力電動車相關的轉變，以及這對市場上的矽 IGBT 最終意味著什麼。當我們思考這對長期模型意味著什麼時，無論是在碳化矽還是矽 IGBT 性能方面，功率都將成為我們未來長期模型的非常重要的貢獻者。

Ultimately, what we are monitoring and what we’re working with our research folks both internally and external research third parties is trying to understand exactly what the magnitude of silicon IGBT opportunity set looks like with this new portfolio approach that the automakers are ultimately rolling out specifically here in the United States. Ultimately, as we think about our Q3 expectations, it will kind of bring us back to 2024, our expectations are that Power is going to really continue to be strong for us at position of strength both within the Q3 timeframe and the Q4 timeframe with that being in line with our prior expectations with silicon carbide being higher than silicon IGBT for the full-year.

最終，我們正在監控的內容以及我們正在與內部和外部研究第三方的研究人員合作的內容，是試圖透過汽車製造商最終推出的這種新的投資組合方法，準確了解矽 IGBT 機會集的規模。特別是在美國。最終，當我們考慮第三季的預期時，這會讓我們回到 2024 年，我們的預期是 Power 將在第三季和第四季的時間範圍內繼續保持強勁的實力。一致，全年碳化矽高於矽IGBT。

Got it. And then if I just may have one more. We’ve been hearing a lot that China EVs are doing quite well, but the Western demand is a little bit more subdued. So I’m curious if you’re seeing similar profiles out there just around that demand would be great. Thank you.

知道了。如果我還能再擁有一張就好了。我們常聽到中國電動車的表現相當不錯，但西方的需求則有點低迷。因此，我很好奇您是否看到類似的配置文件，圍繞該需求將會很大。謝謝。

So -- hey, Duksan. So just to clarify the last point, we did disclose the IGBT ratio sorry, we didn’t specifically guide for Q3, so I want to clear that up. Regarding demand for silicon carbide, so yes, China has a really strong demand for silicon carbide. I think we’ve talked in the past that they’re currently supplying 10% domestically to their own vehicles, but they have a goal of achieving 25%. Probably beyond that, they’d like to supply the entire world, because this is a really great opportunity for them.

所以——嘿，Duksan。因此，為了澄清最後一點，我們確實披露了 IGBT 比率，抱歉，我們沒有專門針對第三季度提供指導，所以我想澄清這一點。關於碳化矽的需求，是的，中國對碳化矽的需求非常強勁。我想我們過去曾說過，他們目前為自己的車輛提供 10% 的國內供應，但他們的目標是實現 25%。可能除此之外，他們還想向全世界供貨，因為這對他們來說確實是一個很好的機會。

However, like I’d say, our silicon carbide business is very global. So we have multiple customers in every region, so North America, Europe, North Korea, Taiwan, Japan and obviously China. But I’d say that silicon carbide remains strong in general. China is certainly a very bright spot for us.

然而，正如我所說，我們的碳化矽業務非常全球化。因此，我們在每個地區都有多位客戶，包括北美、歐洲、北韓、台灣、日本，當然還有中國。但我想說，碳化矽總體上仍然很強大。中國對我們來說無疑是一個非常亮點。

Thank you.

謝謝。

Jack Egan, Charter Equity Research.

傑克·伊根，特許股票研究。

Hey, guys. Thanks for taking the questions. So you guided for a slight increase in revenue in the fourth quarter and then you mentioned memory is probably going to kick back in that quarter, in the fourth quarter. So does that imply that with the flat to up or slightly up revenue guide that there might be some weakness elsewhere? Or is it just that the actual impact of the memory rebound in the fourth quarter is pretty small?

嘿，夥計們。感謝您提出問題。因此，您預計第四季度的收入將略有增長，然後您提到內存可能會在該季度、第四季度回升。那麼，這是否意味著收入指引持平或略有上升，其他地方可能會出現一些疲軟？還是只是第四季記憶體反彈的實際影響很小？

Yeah. Hey, Jack, it’s Russell. So yeah, just to kind of reiterate. So Power, silicon carbides remain strong. We do see a little bit of weakness outside of China regarding General Mature, but that’s kind of being more than made up for we believe, by Image Sensors within China, and only in China. That’s where we’re seeing the Image Sensor business firming up and also the firming up of Memory as well.

是的。嘿，傑克，我是拉塞爾。是的，只是重申。所以動力方面，碳化矽依然堅挺。我們確實看到中國以外地區在一般成熟度方面存在一些弱點，但我們相信，中國境內的影像感測器足以彌補這一點，而且僅限於中國。這就是我們看到影像感測器業務和記憶體業務不斷加強的地方。

So I’d say that Image Sensors and Memory are looking a little bit firmer. General Mature outside China could come down a little bit, we believe. I mean, there’s still five months of the year to go, but based on the visibility we have, that’s what we’re seeing.

所以我想說影像感測器和記憶體看起來更加牢固了。我們相信，中國以外地區的整體成熟度可能會下降。我的意思是，今年還有五個月，但根據我們所掌握的能見度，這就是我們所看到的。

Okay. That makes sense. And on the IGBT softness, there have been a few prominent trends there over the past few years. Obviously, we’ve seen China build out pretty good bit of capacity for IGBTs. And then also some of the leaders in Europe and the US have kind of started moving to 300 millimeter Power wafers. So can you kind of give us a general idea of where that IGBT softness is coming from? I mean, it sounds like it’s probably outside of China with China being pretty strong. But is it just kind of a general slowdown after a few years of strong growth? Or is there something else at play?

好的。這是有道理的。在 IGBT 軟度方面，過去幾年出現了一些突出的趨勢。顯然，我們已經看到中國建立了相當多的 IGBT 產能。然後歐洲和美國的一些領導者也開始轉向 300 毫米功率晶圓。那麼您能否大致介紹一下 IGBT 的軟性從何而來？我的意思是，聽起來可能是在中國之外，因為中國相當強大。但這只是幾年強勁成長後的普遍放緩嗎？或者還有其他的事情在起作用嗎？

So IGBTs, I think we’ve said in the past, if you compare IGBT to silicon carbide, the absolute markets historically the silicon carbide, so the IGBT is now a lot bigger than silicon carbide. And you’ve kind of seen from our own revenues, we transitioned I think this year to be more silicon carbide than IGBT and IGBT has continued to soften. So that’s our own business.

所以 IGBT，我想我們過去說過，如果將 IGBT 與碳化矽進行比較，歷史上絕對市場是碳化矽，所以 IGBT 現在比碳化矽大得多。從我們自己的收入中你可以看出，我們今年轉型為碳化矽多於 IGBT，而且 IGBT 持續走軟。所以這是我們自己的事。

Outside of that, IGBT, I actually believe there’s going to be an uptick in demand but I also believe that you will see the upper end of IGBTs being cannibalised or replaced by silicon carbide. So I think it’s relatively complex dynamics. So when we think about EVs and hybrid EVs, there’s going to be a combination of silicon carbide and IGBTs going into those vehicles, for example.

除此之外，我實際上相信 IGBT 的需求將會上升，但我也相信您會看到 IGBT 的高端產品被碳化矽蠶食或取代。所以我認為這是一個相對複雜的動態。因此，當我們考慮電動車和混合動力電動車時，這些車輛中將會採用碳化矽和 IGBT 等技術。

The higher end is probably likely to use silicon carbide over IGBTs. But we’re relatively agnostic. We don’t mind whether they use IGBTs or silicon carbide because they’re both very implant intensive. So that’s kind of the first thing.

高階產品可能會使用碳化矽而不是 IGBT。但我們相對不可知。我們不介意他們使用 IGBT 還是碳化矽，因為它們都是植入密集型的。所以這是第一件事。

And then obviously, any of that is taking away market share from internal combustion engines. But I do honestly believe that you’re going to see a lot more use of Power devices in general, whether it’s going to be because of electrification or AI, I think you’re going to see a growth there, but you’re also going to see quite the dynamic where silicon carbide pricing is coming down quite rapidly. So that might temper any growth you see by replacement.

顯然，所有這些都會奪走內燃機的市場份額。但我確實相信，總體而言，您將看到更多的電力設備使用，無論是因為電氣化還是人工智慧，我認為您將看到那裡的成長，但您也會看到碳化矽價格快速下降的動態。因此，這可能會緩和你透過更換所看到的任何成長。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作員說明）

Mark Miller, The Benchmark Company.

馬克·米勒，基準公司。

Thank you for the question. Just wondering if you can give some detail on the emails that are currently underway.

謝謝你的提問。只是想知道您是否可以提供有關當前正在處理的電子郵件的一些詳細資訊。

(inaudible) email (laughter) sorry, Mark. The evals? So we currently have a number of evals underway. They’re obviously in areas where we’re looking to grow our business. Were you interested in the ones that we have underway or the ones that we closed out in Q2, Mark?

（聽不清楚）電子郵件（笑聲）抱歉，馬克。評估？因此，我們目前正在進行多項評估。顯然，它們位於我們尋求發展業務的領域。馬克，您對我們正在進行的專案或我們在第二季結束的專案感興趣嗎？

The ones underway, please.

正在進行中的，請。

Okay. So we do have an eval, for what I’d consider to be -- well so I think we mentioned this in July. There’s a tool in the field for high energy proton implantation to IGBTs. So that is basically would complete our full portfolio of products for Power devices with that product. Actually that product, I think we mentioned that’s why it has an opportunity of about $50 million per year of additional revenue. And we’re actually quite excited about that. We had a lot of inquiries about that.

好的。所以我們確實進行了一次評估，我認為——嗯，所以我想我們在 7 月提到了這一點。該領域有一種工具可以將高能量質子注入 IGBT。因此，這基本上將完善我們用於功率元件的完整產品組合。事實上，我想我們提到過這個產品，這就是為什麼它每年有機會獲得約 5000 萬美元的額外收入。我們實際上對此感到非常興奮。我們對此有很多詢問。

The other one is a silicon carbide tool in Taiwan that we’re looking at. And we actually started yet another eval with a large customer in Taiwan for General Mature. So last quarter, we closed an eval with this customer, with General Mature, and now we’re doing a second eval in a different location with this customer. So we’re getting some traction there.

另一種是我們正在關注的台灣的碳化矽工具。實際上，我們與台灣的一個大客戶對 General Mature 進行了另一次評估。因此，上個季度，我們與 General Mature 完成了對該客戶的評估，現在我們正在另一個地點與該客戶進行第二次評估。所以我們在那裡得到了一些支持。

And as I might have already mentioned, we did sign off last quarter a Dragon, a Purion Dragon at an Advanced Logic research location. We did get an H200 silicon carbide tool, Purion tool signed off in North America for silicon carbide. And there was actually an H200, a Purion H200 that was signed off in China for General Mature. So we continue to have quite an active funnel. And even though there’s a few going on right now because we closed so many, Mark, we are looking at the next tranche as well. We find this as a really useful strategic tool for us to break in.

正如我可能已經提到的，上個季度我們確實在高級邏輯研究地點簽署了一條 Dragon，一條 Purion Dragon。我們確實獲得了 H200 碳化矽工具，Purion 工具在北美簽署了碳化矽的工具。實際上有一款 H200，一款在中國為 General Mature 簽約的 Purion H200。所以我們仍然有一個相當活躍的漏斗。儘管現在有一些正在進行，因為我們關閉了太多，馬克，我們也在考慮下一部分。我們發現這是我們進入市場的一個非常有用的策略工具。

So there’s a number of customers, whether it be additional memory customers or Advanced Logic where we’re looking to use the evaluations as a way to demonstrate our ability to our customers and build that relationship.

因此，有許多客戶，無論是額外的記憶體客戶還是 Advanced Logic，我們都希望利用評估來向客戶展示我們的能力並建立這種關係。

What do you expect the tools currently under evaluation to be signed off one?

您預計目前正在評估的工具會得到怎樣的認可？

I think those will be signed off before the end of the year, I believe. The proton tool I think is imminently coming up and also the silicon carbide tool in Taiwan is imminently coming up. So I expect to have news on those in the near future. The one that we just shipped out for General Mature in Taiwan, obviously, that’s going to be a one year evaluation. So that won’t be until the middle of ‘25 to late ‘25 that we’ll have any update there. But we do have a very high success rate with evaluations.

我相信這些將在今年年底前簽署。我認為質子工具即將問世，台灣的碳化矽工具也即將問世。所以我希望在不久的將來能得到這些的消息。顯然，我們剛剛為台灣的 General Mature 發貨，這將是為期一年的評估。因此，直到 25 日中旬至 25 日晚，我們才會收到任何更新。但我們的評估成功率確實非常高。

Thank you.

謝謝。

Thank you. I'm showing no further questions at this time. I will now turn it back over to David Ryzhik for closer.

謝謝。我目前沒有提出任何進一步的問題。現在我將把它轉回大衛·雷日克 (David Ryzhik) 進行結束。

Thank you, operator. I want to thank everyone for joining the call. We look forward to seeing many of you at some investor conferences this quarter. With that operator, let's close the call.

謝謝你，接線生。我要感謝大家加入這通通話。我們期待在本季的一些投資者會議上見到你們。有了那位接線生，我們就可以結束通話了。

Thank you for your participation on today's call. This does conclude the program. You may now disconnect.

感謝您參加今天的電話會議。這確實結束了該程式。您現在可以斷開連線。