Axcelis Technologies Inc (ACLS) 2025 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 of 2025. My name is [Sean Altmer], and I will be your coordinator for today.

女士們、先生們，大家好，歡迎參加 Axcelis Technologies 電話會議，討論公司 2025 年第一季的業績。我的名字是 [Sean Altmer]，我將擔任您今天的協調員。

I would now like to turn the presentation over to your host for today's call, David Ryzhik, Senior Vice President of Investor Relations and Corporate Strategy. Please proceed.

現在，我想將演講交給今天電話會議的主持人、投資者關係和企業策略高級副總裁 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.

謝謝您，接線生。我是投資者關係和企業策略資深副總裁 David Ryzhik。今天和我一起的還有總裁兼執行長 Russell Low；以及執行副總裁兼財務長 Jamie Coogan。

If you have not seen a copy of our press release issued earlier today, it is available on our website. In addition, we have prepared slides to accompany today's call, and you can find those on our website as well. Playback service will also be available on our website, as described in our press release.

如果您還沒有看到我們今天早些時候發布的新聞稿副本，可以在我們的網站上查閱。此外，我們也準備了幻燈片來配合今天的電話會議，您也可以在我們的網站上找到這些投影片。正如我們的新聞稿中所述，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.

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，並受我們業務固有風險的影響。

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.

這些風險在我們的 10-K 表格年度報告和其他 SEC 文件中有詳細描述，我們敦促您查看。我們的實際結果可能與我們目前的預期有重大差異。我們不承擔更新這些前瞻性聲明的任何義務。

As we mentioned on our previous earnings call, we have decided to add non-GAAP measures to our first-quarter results and those going forward. As a result, during this call, we will be discussing various non-GAAP financial measures. Please refer to our press release and accompanying materials for information regarding our non-GAAP financial results and a reconciliation to our GAAP measures.

正如我們在先前的收益電話會議上提到的那樣，我們決定在第一季及未來的業績中添加非公認會計準則指標。因此，在本次電話會議中，我們將討論各種非公認會計準則財務指標。有關我們的非 GAAP 財務表現以及與 GAAP 指標的對帳訊息，請參閱我們的新聞稿和隨附資料。

Now I'll turn the call over to President and CEO, Russell Low. Russell?

現在我將電話轉給總裁兼執行長 Russell Low。拉塞爾？

Good morning, and thank you for joining us for our first-quarter 2025 earnings call.

早安，感謝您參加我們的 2025 年第一季財報電話會議。

Beginning on slide number 4, we executed well during the first quarter with revenue of $193 million and earnings per diluted share of $0.88, both exceeding our outlook with particular strength in our gross margins and disciplined cost control. On a non-GAAP basis, we delivered earnings per share of $1.04. Jamie will discuss our financial results in further detail, including non-GAAP measures, which we're introducing today.

從第 4 張投影片開始，我們在第一季表現良好，營收為 1.93 億美元，每股攤薄收益為 0.88 美元，均超出了我們的預期，尤其得益於我們強勁的毛利率和嚴格的成本控制。根據非公認會計準則，我們的每股收益為 1.04 美元。傑米將進一步詳細討論我們的財務業績，包括我們今天推出的非公認會計準則指標。

Then overall revenue, both systems and CS&I sales, were slightly better than our expectations. In the first quarter, we generated $110 million in bookings, reflecting a sequential increase compared to fourth quarter levels. This translates into a book-to-bill of 0.8 times, the highest level we've seen since Q4 of 2023. While we are encouraged by the improvement in bookings in the first quarter, we believe bookings can fluctuate from quarter to quarter as we move through 2025.

那麼整體收入（包括系統和 CS&I 銷售）略好於我們的預期。第一季度，我們的訂單金額達到 1.1 億美元，與第四季相比有所成長。這意味著訂單出貨比為 0.8 倍，這是我們自 2023 年第四季以來看到的最高水準。雖然第一季預訂量的改善令我們感到鼓舞，但我們認為，隨著 2025 年的到來，預訂量可能每季都會出現波動。

Before I turn to providing more detail on the trends we are seeing by market segment, I'd like to touch on the global tariff situation and how this impacts Axcelis. To date, while the tariff on macroeconomic environment is dynamic, Axcelis has not seen any meaningful change in demand from our customers as a result of the announced tariffs.

在我進一步詳細介紹我們所看到的細分市場趨勢之前，我想談談全球關稅狀況及其對 Axcelis 的影響。到目前為止，儘管宏觀經濟環境下的關稅是動態的，但 Axcelis 尚未看到客戶需求因宣布的關稅而發生任何有意義的變化。

Moreover, Axcelis has plans in place to lessen the direct tariff impact. From a supply chain perspective, as many of you know, Axcelis possesses a global supplier base with partners inside and outside of the United States. And over the past several years, we've made significant progress in diversifying our supply chain to drive better resilience in our sourcing.

此外，Axcelis 已製定計劃來減輕直接關稅的影響。從供應鏈的角度來看，正如你們許多人所知，Axcelis 擁有一個全球供應商基礎，合作夥伴遍布美國境內外。過去幾年來，我們在供應鏈多元化方面取得了重大進展，從而提高了採購的彈性。

From a manufacturing perspective, our corporate headquarters and primary manufacturing facility is located in Massachusetts. However, several years ago, we invested in a new Asian operation center capable of supporting our global customers. Our locations and facilities allow us to be highly adaptive to the rapidly changing policy environment.

從製造角度來看，我們的公司總部和主要製造工廠位於麻薩諸塞州。然而，幾年前，我們投資了一個新的亞洲營運中心，能夠為我們的全球客戶提供支援。我們的地理位置和設施使我們能夠高度適應快速變化的政策環境。

We are executing well in developing solutions so we can continue to support our customers across the world, lessen the impact associated with the tariffs to support our gross margin goals, while maintaining our focus on innovation to capture long-term growth opportunities that lie ahead. With that, let me add some additional color on the trends we are seeing by market segment.

我們在開發解決方案方面表現良好，因此我們可以繼續為全球客戶提供支持，減輕關稅帶來的影響以支持我們的毛利率目標，同時繼續專注於創新以抓住未來的長期成長機會。有了這些，讓我來為我們在各個細分市場看到的趨勢添加一些額外的說明。

Turning to slide 5. In the quarter, sales for mature node applications remain the lion's share of our business, in particular, power and general mature. As we noted on the fourth quarter earnings call, beginning with first quarter results, ship system sales to the image sensor market will now be included in our overall general mature category to simplify our disclosure.

翻到幻燈片 5。本季度，成熟節點應用的銷售仍占我們業務的最大份額，尤其是功率和一般成熟應用。正如我們在第四季度財報電話會議上指出的那樣，從第一季的業績開始，船舶系統對影像感測器市場的銷售將納入我們的整體成熟類別，以簡化我們的揭露。

Now on slide 6, let me review our trends by end market. Within our power business, shipments of silicon carbide applications declined sequentially in the quarter, consistent with expectations as customers are moderating investments due to softer end demand.

現在在第 6 張投影片上，讓我回顧一下我們按終端市場劃分的趨勢。在我們的電力業務中，碳化矽應用的出貨量在本季環比下降，這與預期一致，因為由於終端需求疲軟，客戶正在減少投資。

From a regional perspective, we are seeing continued pockets of investment in China, while the rest of the world is managing through a broader digestion of capacity. While companies in China have made significant progress with the reduction of silicon carbide wafers, we believe our customers are earlier in their journey on silicon carbide device manufacturing where our implantation is foundational.

從區域角度來看，我們看到中國的投資持續增加，而世界其他地區則透過更廣泛的產能消化來應對。雖然中國企業在碳化矽晶圓減量方面已經取得了重大進展，但我們相信，我們的客戶在碳化矽元件製造領域才剛起步，我們的落地是基礎。

In fact, on a global basis, despite overall moderation of investments into silicon carbide, we are seeing strong engagement in technology transitions which includes increased customer pull for us to support them in the transition from 150- to 200-millimeter wafers as well as the transition from planar to trench device architecture and also growing collaboration on super junction devices. All these trends play to Axcelis' core strength.

事實上，從全球範圍來看，儘管對碳化矽的投資總體有所放緩，但我們看到技術轉型的強勁參與度，其中包括客戶吸引力的增加，以支持他們從 150 毫米晶圓過渡到 200 毫米晶圓，以及從平面到溝槽器件架構的過渡，以及在超級結器件方面的合作日益增多。所有這些趨勢都發揮了 Axcelis 的核心優勢。

We are the market leader of ion implantation for silicon carbide with the largest installed base and extensive application know-how. We're also the global market leader in high energy implant, which is increasingly relevant for next-generation device architectures in silicon carbide. And finally, we have a robust product and service upgrade offerings that allow customers to enhance their solutions to the latest generation of implant technology within the existing factory footprint, and this is a key driver for long-term growth in CS&I revenue.

我們是碳化矽離子注入市場的領導者，擁有最大的安裝基礎和廣泛的應用知識。我們也是高能量注入領域的全球市場領導者，這對於碳化矽的下一代設備架構越來越重要。最後，我們擁有強大的產品和服務升級產品，使客戶能夠在現有工廠範圍內將其解決方案增強到最新一代植入技術，這是 CS&I 收入長期增長的關鍵驅動力。

As we think about this business over the next several quarters, we see continued pockets of investments that are remaining at more muted levels compared to '23 and '24. Over the long term, however, we believe that the drivers for silicon carbide remain intact, namely rising penetration of EVs and silicon carbide content within those EVs, particularly as 800-volt models and above are introduced to enable super fast charging; growing adoption of circum carbide and data center applications, given the critical need for more power efficiency; and finally, proliferation of silicon carbide across a wide array of other industrial and commercial applications.

當我們考慮未來幾季的這項業務時，我們發現與 23 年和 24 年相比，部分投資仍將保持在較溫和的水平。然而，從長遠來看，我們認為碳化矽含量的驅動因素保持不變，即電動汽車的普及率不斷提高以及電動汽車中碳化矽含量的不斷增加，特別是隨著 800 伏及以上車型的推出以實現超快速充電；鑑於對更高功率效率的迫切需求，圓形碳化物和數據中心的採用日益增加；最後，在其他普及領域的工業化應用。

For example, HVAC systems, which globally consume a significant amount of electricity. This can be an interesting application for silicon carbide, giving us ability to drive better power efficiency, which ultimately can lead to less strain on our power grid.

例如，HVAC 系統在全球消耗大量電力。這對於碳化矽來說是一個有趣的應用，使我們能夠提高電力效率，最終可以減輕電網的壓力。

Turning to silicon IGBTs, revenue is muted as a result of continued cyclical softness in the auto end market combined the secular impact of growing adoption of silicon carbide. Nonetheless, we anticipate silicon IGBTs to remain a sizable SAM for our implant solutions over the long term, requiring our proprietary technology.

談到矽 IGBT，由於汽車終端市場持續的週期性疲軟，加上碳化矽採用率不斷提高的長期影響，導致營收低迷。儘管如此，我們預計矽 IGBT 長期來看仍將是我們注入解決方案中相當大的 SAM，需要我們的專有技術。

In our general mature segment, customers continue to manage their capacity investments given the current demand environment in auto, industrial, and consumer electronics. As a reminder, our general mature segment spans a broad array of planar devices with process nodes of 28-nanometers and above.

在我們一般成熟的細分市場中，鑑於汽車、工業和消費性電子產品的當前需求環境，客戶繼續管理其產能投資。提醒一下，我們的一般成熟部分涵蓋了具有 28 奈米及以上製程節點的廣泛平面設備。

While we expect the overall market to remain in a digestion period through 2025 following several years of strong build-out, we are seeing some pockets of increased tool utilization, which, if it continues, is an important step forward towards a recovery in implant investments.

雖然我們預計經過幾年的強勁成長，整個市場到 2025 年仍將處於消化期，但我們看到一些領域的工具利用率有所提高，如果這種趨勢持續下去，這將是植體投資復甦的重要一步。

It's also important to note that general mature market is ubiquitous to almost every aspect of our lives, including our phones, computers, cars, home, appliances, TVs, and factories to name a few. As the world becomes more connected and digitized, we expect demand for these foundational technologies to grow accordingly, and we are well positioned as a critical enabler, especially given the higher intensity of implant required.

值得注意的是，一般成熟市場幾乎遍佈我們生活的各個層面，包括手機、電腦、汽車、家居、家用電器、電視和工廠等等。隨著世界變得更加互聯和數位化，我們預計對這些基礎技術的需求也將相應增長，並且我們已準備好成為關鍵的推動者，特別是考慮到所需的植入強度更高。

Turning to slide 7. In advanced logic, we continue to engage closely with customers on their evaluation units as we work to expand its initiative. And as noted on our prior call, we anticipate a follow-on order from a customer that we added last year.

翻到幻燈片 7。在先進的邏輯中，我們將繼續與客戶密切合作，共同開發評估單元，並努力擴大其主動性。正如我們上次電話會議中提到的那樣，我們預計去年增加的一位客戶將會跟進訂單。

Moving to memory, we saw a nice sequential improvement in sales to the memory market, specifically for DRAM. In NAND, customers are focusing on technology transitions to higher layer counts such as 1xx to 2xx and beyond to drive better bit density rather than wafer capacity additions, which would be more impactful to our implantation demand. As a result, we expect demand from NAND applications to remain muted over the balance of the year.

談到內存，我們看到內存市場銷售情況連續良好增長，特別是 DRAM。在 NAND 領域，客戶專注於技術轉型到更高層數，例如 1xx 到 2xx 及更高層數，以推動更好的位元密度，而不是增加晶圓容量，這將對我們的植入需求產生更大的影響。因此，我們預計今年剩餘時間 NAND 應用的需求將保持低迷。

On slide 8, let me wrap up my thoughts prior to handing the call over to Jamie. We're adapting to the rapidly evolving macroeconomic landscape, particularly as it relates to tariffs; and our primary focus is to continue to serve our customers to the best of our ability or striving to control costs and drive resilience in our global operations. Despite the macroeconomic and cyclical backdrop, and uncertainty associated with tariffs, we are seeing robust engagement with customers on their next-generation road maps across power, general mature, memory, and advanced logic.

在第 8 張投影片上，讓我在將電話交給 Jamie 之前總結一下我的想法。我們正在適應快速變化的宏觀經濟格局，特別是與關稅相關的格局；我們的首要重點是繼續盡最大努力為客戶提供服務，或努力控製成本並提高全球營運的彈性。儘管存在宏觀經濟和週期性背景以及與關稅相關的不確定性，但我們看到客戶在電力、通用成熟、記憶體和高級邏輯等下一代路線圖上進行了積極的互動。

We believe that the long-term secular drivers of the semiconductor industry remain intact with iron implantation being an enabling process step for every single chip that is manufactured in the world today. In fact, it has to be one of the most complex technologies used in silicate manufacturing process.

我們相信，半導體產業的長期驅動力依然完好無損，鐵注入是當今世界上製造的每一塊晶片的實現製程步驟。事實上，它是矽酸鹽製造過程中最複雜的技術之一。

At its core, our implantation is a particle accelerator at scale. It requires the complexity of advanced nuclear physics combined with the throughput, quality, and extreme position demanded for semiconductor manufacturing.

從本質上講，我們的植入物是一個大規模的粒子加速器。它需要先進核物理的複雜性以及半導體製造所需的吞吐量、品質和極端位置。

Each implant composes more than 10,000 unique part numbers and more than 5 million lines of software code. We are able to deliver up to 15 million electron volts of energy in an ion beam. Our solutions are designed to implant more than 50 quadrillion ions per square centimeter of a wafer, and this has to be done the half of 1% uniformity across the whole wafer.

每個植入物包含超過 10,000 個唯一零件編號和超過 500 萬行軟體程式碼。我們能夠在離子束中傳遞高達 1500 萬電子伏特的能量。我們的解決方案旨在在每平方厘米的晶圓上註入超過 50 千萬億個離子，並且必須在整個晶圓上實現 1% 的均勻度。

And finally, our solutions are designed to implement pretty much any element in the periodic table into a wafer. All of this is the culmination of almost 50 years of expertise, know-how, close collaboration, and trial and error with nearly every semiconductor manufacturer in the world today.

最後，我們的解決方案旨在將元素週期表中的幾乎任何元素實現到晶圓中。所有這些都是近 50 年來與當今世界上幾乎所有半導體製造商的專業知識、技術訣竅、密切合作和反覆試驗的成果。

As a result, with the world needing more than $1 trillion of semiconductor devices by 2030 across all different categories, we expect the market of implant will continue to grow through the cycles. And we believe we are well positioned to capitalize on this opportunity at differentiating the highly proprietary technology.

因此，到 2030 年，全球各類半導體裝置的需求將超過 1 兆美元，我們預計植入市場將持續成長。我們相信，我們已做好準備，並利用這個機會來區分高度專有的技術。

With that, let me turn the call over to Jamie for a closer look at our results and outlook. Jamie?

說完這些，讓我把電話轉給傑米，讓他更仔細地了解我們的結果和前景。傑米？

Thank you, Russell, and good morning, everyone. I'll start with some additional detail on our first quarter before turning to our outlook for Q2.

謝謝你，拉塞爾，大家早安。我會先介紹我們第一季的一些細節，然後再介紹我們對第二季的展望。

Starting on slide 9. First-quarter revenue was $193 million, with systems revenue at $138 million and CS&I at $55 million, both slightly above our expectations for the quarter. From a geographic perspective, as expected, China declined sequentially to 37% of total shift system sales, down from 49% in the prior quarter.

從第 9 張投影片開始。第一季營收為 1.93 億美元，其中系統營收為 1.38 億美元，CS&I 營收為 5,500 萬美元，均略高於我們對本季的預期。從地理角度來看，正如預期的那樣，中國佔輪班系統總銷售額的比重從上一季的 49% 下降至 37%。

While we anticipate revenue from China in 2025 to be down on a year-over-year basis as customers digest the robust investments they've made into mature node capacity, we expect revenue from China to fluctuate from quarter to quarter. Case in point, we currently estimate the mix of shift systems revenue to China to increase sequentially in the second quarter.

雖然我們預計 2025 年中國的收入將同比下降，因為客戶消化了對成熟節點容量的大量投資，但我們預計中國的收入將逐季度波動。例如，我們目前估計第二季中國換班系統營收將較上季增加。

Turning to the other regions. We saw shift system sales to the US grow to 23% of the total, while Korea also improved to 20% which was mainly due to improved shipments for DRAM in Korea. As Russell mentioned, we are pleased to see bookings grow nicely on a sequential basis to $110 million, and we exited the first quarter with backlog of $618 million.

轉向其他地區。我們看到，對美國的輪班系統銷售額成長至總銷售額的 23%，而對韓國的銷售額也成長至 20%，這主要是由於韓國 DRAM 出貨量的增加。正如 Russell 所提到的，我們很高興看到訂單量連續成長至 1.1 億美元，第一季結束時我們的積壓訂單量為 6.18 億美元。

Turning to slide 10, let me share some additional detail on our GAAP and non-GAAP results. As we previously announced, we're introducing non-GAAP measures in 2025 following a thorough review of our peer group.

翻到第 10 張投影片，讓我分享一些有關我們的 GAAP 和非 GAAP 結果的更多細節。正如我們之前宣布的那樣，在對同行進行全面審查後，我們將在 2025 年引入非 GAAP 指標。

These non-GAAP measures reflect adjustments for the impact of share-based compensation expense and certain items related to restructuring and severance and any other associated adjustments. For more information on our GAAP to non-GAAP reconciliation, I can refer you to the appendix of this slide presentation as well as the tables in our earnings release.

這些非公認會計準則指標反映了股權激勵費用、與重組和遣散費相關的某些項目以及任何其他相關調整的影響。有關我們的 GAAP 與非 GAAP 調節的更多信息，我可以供您參考此幻燈片演示的附錄以及我們的收益報告中的表格。

With that, we delivered strong GAAP gross margins of 46.1% in the quarter, exceeding our outlook of 40%. Our non-GAAP gross margins were 46.4%. Our better-than-expected margins were primarily due to lower-than-expected warranty and installation costs, favorable mix for our deferred revenue recognized, as well as more favorable mix within our CS&I business.

由此，我們本季實現了 46.1% 的強勁 GAAP 毛利率，超過了我們預期的 40%。我們的非公認會計準則毛利率為 46.4%。我們的利潤率優於預期，主要是由於保固和安裝成本低於預期、確認的遞延收入組合有利，以及我們的 CS&I 業務組合更為有利。

In addition, our gross margins were benefiting from our continued focus on managing our expenses. We expect gross margins in the second quarter to moderate primarily due to mix.

此外，由於我們持續注重管理費用，我們的毛利率也受益匪淺。我們預計第二季的毛利率將下降，主要原因是產品組合原因。

In addition, as Russell noted, we have plans in place to lessen the impact from tariffs. GAAP operating expenses totaled $59.6 million below our outlook of $63 million, primarily due to lower employee-related costs associated with variable compensation and benefit expenses as well as prudent cost controls. In the quarter, we took a number of additional actions to reduce expenses for the balance of the year, which resulted in a restructuring charge of $1.1 million.

此外，正如拉塞爾所指出的，我們已經制定計劃來減輕關稅的影響。以 GAAP 計算的營運費用總計 5,960 萬美元，低於我們預期的 6,300 萬美元，這主要是由於與可變薪酬和福利費用相關的員工相關成本較低以及審慎的成本控制。在本季度，我們採取了一系列額外措施來減少本年度餘額的開支，導致重組費用達到 110 萬美元。

On a non-GAAP basis, operating expenses were $54.1 million. As a result, GAAP operating profit was $29.2 million, reflecting a 15.1% operating margin. Our non-GAAP operating margin was 18.3%. As part of our introduction of non-GAAP measures, we are also including adjusted EBITDA as one of the key metrics we track.

以非公認會計準則計算，營運費用為 5,410 萬美元。因此，GAAP 營業利潤為 2,920 萬美元，營業利益率為 15.1%。我們的非公認會計準則營業利益率為 18.3%。作為我們引入非公認會計準則 (non-GAAP) 指標的一部分，我們也將調整後的 EBITDA 作為我們追蹤的關鍵指標之一。

In the first quarter, adjusted EBITDA was $39.5 million, reflecting a 20.5% margin. Despite the softer revenue on a quarter-over-quarter and year-over-year basis, we are pleased with the execution of the team to deliver strong operating profitability. This is a testament to the proprietary nature of our products, the value we create for our customers, and our disciplined approach to managing costs.

第一季度，調整後的 EBITDA 為 3,950 萬美元，利潤率為 20.5%。儘管收入與上一季和去年同期相比有所下降，但我們對團隊的表現感到滿意，並實現了強勁的營運獲利能力。這證明了我們產品的專有性、我們為客戶創造的價值以及我們嚴謹的成本管理方法。

We generated approximately $3.9 million in other income, and our tax rate was 14% in the first quarter on both a GAAP and non-GAAP basis. For the balance of the year, we estimate our tax rate to be at the 15% level.

我們產生了約 390 萬美元的其他收入，第一季我們的稅率（以 GAAP 和非 GAAP 計算）均為 14%。對於今年的餘額，我們估計稅率將保持在 15% 的水平。

Our weighted average diluted share count in the quarter was 32.3 million shares, and this all translates into GAAP diluted earnings per share of $0.88 and which exceeded our outlook of $0.38. The higher-than-expected EPS was primarily due to better-than-expected revenue and gross margins. Finally, non-GAAP diluted earnings per share was $1.04.

本季我們的加權平均稀釋股數為 3,230 萬股，這全部轉化為每股 GAAP 稀釋收益 0.88 美元，超過了我們預期的 0.38 美元。每股收益高於預期主要是由於收入和毛利率好於預期。最後，非公認會計準則每股攤薄收益為 1.04 美元。

Moving to our cash flow and balance sheet data shown on slide 11. We generated $35 million of free cash flow in the first quarter as we benefited from better-than-expected profitability as well as robust working capital management.

前往投影片 11 上顯示的現金流量和資產負債表資料。由於獲利能力優於預期以及營運資本管理強勁，我們在第一季產生了 3,500 萬美元的自由現金流。

Turning to our share repurchases. On March 12, we announced that the Board of Directors approved a $100 million increase to our share repurchase authorization which reflects our continued confidence in the attractive long-term fundamentals of our business.

談到我們的股票回購。3 月 12 日，我們宣布董事會批准將股票回購授權增加 1 億美元，這反映了我們對公司業務長期吸引力的持續信心。

In the first quarter, we repurchased $18 million of shares and exited the quarter with $212 million remaining in share repurchase authorization. To date, in the second quarter, as of market close on May 5, we have already repurchased $23 million in shares; and we plan on continuing to repurchase at an elevated level over the balance of the quarter relative to our prior quarterly spend.

第一季度，我們回購了價值 1,800 萬美元的股票，本季結束時，剩餘的股票回購授權金額為 2.12 億美元。到目前為止，在第二季度，截至5月5日收盤，我們已經回購了價值2,300萬美元的股票；我們計劃在本季度剩餘時間內繼續以高於上一季的支出水準進行回購。

Looking ahead, we intend to continue to deploy capital to share repurchases while ensuring we maintain a strong balance sheet that gives us added flexibility to invest in our business while also evaluating inorganic growth opportunities. In fact, we exited the first quarter with a strong balance sheet consisting of $587 million of cash, cash equivalents, short-term investments on hand with no debt.

展望未來，我們打算繼續部署資本用於股票回購，同時確保我們保持強勁的資產負債表，這為我們投資業務提供了更大的靈活性，同時也評估了無機成長機會。事實上，第一季結束時，我們的資產負債表表現強勁，包括 5.87 億美元的現金、現金等價物、短期投資，且沒有債務。

With that, let me discuss our second quarter outlook on slide 12. All measures will be non-GAAP with the exception of revenue.

接下來，讓我在第 12 張投影片上討論我們第二季的展望。除收入外，所有指標均採用非公認會計準則 (GAAP)。

We expect revenue in the second quarter of approximately $185 million. As we look into the second half, while the dynamic macroeconomic and tariff-related environment has created some uncertainty, our discussions with our customers indicate that they intend to continue making investments and executing on their technology road maps.

我們預計第二季的營收約為 1.85 億美元。展望下半年，雖然動態的宏觀經濟和關稅相關環境帶來了一些不確定性，但我們與客戶的討論表明，他們打算繼續投資並執行他們的技術路線圖。

As a result, we currently anticipate revenue in the second half to remain relatively consistent with first-half levels. We expect non-GAAP gross margins of approximately 42%. The sequential decline is primarily due to mix as well as slightly lower volumes.

因此，我們目前預計下半年的收入將與上半年的水平相對一致。我們預計非公認會計準則毛利率約為 42%。連續下降主要是由於混合以及銷量略有下降。

In addition, this includes the impact from tariffs, which we estimate to be relatively small. Beyond the second quarter, non-GAAP gross margins may fluctuate based on volume and mix, but we would expect gross margins in the second half to be relatively similar to second-quarter levels, inclusive of the estimated impact of tariffs.

此外，這也包括關稅的影響，我們估計其影響相對較小。第二季之後，非公認會計準則毛利率可能會根據銷售量和產品組合而波動，但我們預計下半年的毛利率將與第二季水準相對相似，包括關稅的預期影響。

We expect non-GAAP operating expenses of approximately $54 million. And for the full year, we anticipate non-GAAP operating expenses to be relatively flat on a year-over-year basis. Adjusted EBITDA in the second quarter is expected to be approximately $29 million. And finally, we estimate non-GAAP diluted earnings per share in the second quarter of approximately $0.73.

我們預計非公認會計準則營運費用約為 5,400 萬美元。我們預計全年非公認會計準則營運費用將與去年同期相比保持相對持平。預計第二季調整後EBITDA約2900萬美元。最後，我們預計第二季非公認會計準則每股攤薄收益約為 0.73 美元。

In summary, we are pleased with our execution in the first quarter, as we maintained strong profitability amidst a muted demand environment. And this reflects the resilience of our operating model. We exited the quarter with a strong cash position and no debt. We repurchased shares in a disciplined but opportunistic manner and are ensuring that we continue to invest in our business to emerge in a stronger position once end markets recover.

總而言之，我們對第一季的業績感到滿意，因為我們在需求低迷的環境下保持了強勁的獲利能力。這反映了我們營運模式的彈性。本季結束時，我們的現金狀況良好，並且沒有債務。我們以嚴謹但機會主義的方式回購股票，並確保繼續投資於我們的業務，以便在終端市場復甦後佔據更強大的地位。

With that, let me hand the call back to Russell for closing remarks. Russell?

說完這些，讓我把電話轉回給拉塞爾，請他做最後發言。拉塞爾？

Thank you, Jamie. We are navigating a dynamic environment, but one thing remains very clear to us. The world's needs for semiconductors will continue to grow, and this can't be possible without the highly complex of priority equipment that is required to manufacture. And that's what we do.

謝謝你，傑米。我們正在一個動態的環境中航行，但有一件事對我們來說仍然非常清楚。全球對半導體的需求將持續成長，但如果沒有製造所需的高度複雜的優先設備，這是不可能的。這就是我們所做的。

We believe that Axcelis is well positioned with global and resilient operational footprint, leading technology in ion implantation with a relentless focus on innovation, and a deeply ingrained customer-first culture. We believe all of which will position Axcelis to drive long-term growth and value creation for shareholders.

我們相信，Axcelis 擁有全球性和彈性的營運足跡、領先的離子注入技術、不懈地專注於創新以及根深蒂固的客戶至上文化，因此處於有利地位。我們相信，所有這些都將使 Axcelis 能夠推動長期成長並為股東創造價值。

I want to thank our customers, employees, shareholders and partners for their continued support and trust in Axcelis. With that, operator, we are ready to take your questions.

我要感謝我們的客戶、員工、股東和合作夥伴對 Axcelis 的持續支持和信任。接線員，我們已經準備好回答您的問題了。

Thank you. And at this time, we will conduct a question-and-answer session. (Operator Instructions) Craig Ellis, B. Riley Securities.

謝謝。此時，我們將進行問答環節。（操作員指示） Craig Ellis，B. Riley Securities。

I wanted to start the inquiry on some of the things that are contributing to that. So we're in a period, which is our first period of macro troubles, where we really have a substantial Purion install base.

我想開始調查導致這現象的一些因素。因此，我們正處於一個時期，這是我們的第一個宏觀困難時期，我們確實擁有大量的 Purion 安裝基礎。

So as you look at the installed base of Purion systems and as we think about the propensity of customers to often upgrade in periods where there's better capacity availability and they can flex changes more easily than when capacity is full, how are you feeling about CS&I's momentum into the back half of the year from what's been a real strong last few quarters and looks like a real strong 2Q?

因此，當您查看 Purion 系統的安裝基礎時，我們會考慮客戶在容量可用性更好且比容量滿載時更容易進行靈活更改的時期經常進行升級的傾向，您對 CS&I 下半年的發展勢頭有何感想？過去幾季 CS&I 一直表現強勁，第二季看起來也非常強勁。

Yeah. No, I appreciate the question, Craig. As we look at it, Q1 for CS&I, really, the mix here was around spares. We had a higher volume of higher margin spare sales in the periods. So there's still opportunity here for us to see incremental upgrade opportunities as we move through the course of the year, as people take care of the sort of their tool system and planning during these periods of lower utilization.

是的。不，我很感謝你提出這個問題，克雷格。正如我們所看到的，對於 CS&I 來說，第一季的混合實際上是圍繞備件進行的。在此期間，我們的高利潤備品銷售量有所增加。因此，隨著人們在利用率較低的時期關注他們的工具系統和規劃，我們仍然有機會在一年中看到增量升級的機會。

I think you hit the nail on the head, though. The CS&I business is relatively sticky, right? We saw systems volume come down year over year, while CS&I remain sort of relatively flat on a year-over-year basis from Q1 of last year to Q1 of this year, despite the lower utilization. And we think that that's benefited by the increase in the installed base around Purion.

但我認為你說到了點子上。CS&I業務相對來說比較黏稠，對嗎？我們發現系統容量逐年下降，而 CS&I 從去年第一季到今年第一季同比基本保持平穩，儘管利用率較低。我們認為這得益於 Purion 週邊安裝基數的增加。

Relative to margins overall, mix is always going to be a primary driver of margin performance within that period. And so as I noted on CS&I, that higher volume of higher-margin spare sales. We also saw a little bit of a benefit in our systems margin as well from the favorable deferred revenue recognition in the period.

相對於整體利潤率，產品組合始終是該時期利潤率表現的主要驅動因素。正如我在 CS&I 上指出的那樣，高利潤的備件銷售量更高。我們也看到我們的系統利潤率因該期間有利的遞延收入確認而獲得了一些好處。

And I think most importantly, we put a focus in 2024 on making sure we drive margins towards our long-term goals that we've discussed previously. One of those was around installation and warranty and driving that cost down. And as I mentioned in the prepared remarks, we actually saw some benefit of that in Q1 as well at a higher rate than what we had anticipated and a little bit sooner coming into the model.

我認為最重要的是，我們將在 2024 年專注於確保利潤率朝著我們之前討論過的長期目標邁進。其中之一就是關於安裝和保修，並降低成本。正如我在準備好的發言中提到的那樣，我們實際上在第一季也看到了一些好處，其速度比我們預期的要高，而且進入模型的時間也比預期的要早一些。

So I think we're well positioned to continue to drive margin performance. As we look to the second quarter, we do see that moderation. And as we said in our prepared remarks, the second-half margin should be relatively in line with what we see in the back half of the year, inclusive of the tariff impacts. But overall, we are really well positioned to see margin appreciation on return to volume in market recovery.

因此我認為我們已做好準備繼續提高利潤率。展望第二季度，我們確實看到了這種緩和。正如我們在準備好的評論中所說的那樣，下半年的利潤率應該與下半年的利潤率相對一致，包括關稅的影響。但整體而言，我們確實處於有利地位，可以看到隨著市場復甦，交易量回升，利潤率將會上升。

And then the follow-up question, I'll combine a couple of things. So we had a really nice increase in orders quarter on quarter, almost 30%. Can you talk about the web of order intensity 2Q to date?

然後對於後續問題，我會結合幾件事。因此，我們的訂單量較上季成長非常可觀，幾乎成長了 30%。您能談談截至目前第二季的訂單強度網路嗎？

And on a headline basis, it looks like there's not a significant mix change in the business in the second half versus what we see in 2Q. But can you talk about any expectations you have for a shift either within the mature foundry business or just within memory, which seems very DRAM weighted?

從整體來看，與第二季相比，下半年的業務組合似乎沒有顯著變化。但是，您能否談談對於成熟的代工業務或僅在記憶體領域（似乎 DRAM 佔比很大）的轉變有何預期？

Hey, Craig; it's Russell. So yes, we had a nice bookings quarter. And like we said on the call, in the prepared remarks, it was 0.8 multiplier compared to basically the average for 2024, which was about 0.5 So it was a good uptick.

嘿，克雷格；是拉塞爾。是的，我們這個季度的預訂量不錯。正如我們在電話會議上所說的那樣，在準備好的評論中，它是 0.8 倍，而 2024 年的平均水平約為 0.5，因此這是一個很好的上升趨勢。

I would say that obviously, we're very pleased and encouraged by that, but it's a bit premature to call that an inflection point. Looking a little bit more closely into the bookings that we had in Q1, you're right. They do match pretty much the profile of our business going forward. So general mature and power would be where a lot of those bookings came from.

我想說，顯然，我們對此感到非常高興和鼓舞，但現在稱其為轉折點還為時過早。仔細看看我們第一季的預訂情況，你是對的。它們確實與我們未來的業務概況非常吻合。因此，整體成熟度和實力是許多預訂的來源。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

Congrats on the better than expected, particularly on the margins and the bookings. I just want to come at the margin question maybe slightly differently. And maybe you answered this and I just -- it wasn't as clear to me.

祝賀業績超出預期，尤其是利潤和預訂量。我只是想以稍微不同的方式來探討邊際問題。也許您已經回答了這個問題，但我只是——這對我來說不是那麼清楚。

But can you just break -- help me with the granularity of the 600 basis points in the 400 that you're looking into? And what I'm trying to get at is really around -- in terms of mix and the predictive analytics of what you're seeing during the quarter .

但是您能否打破 - 幫我了解您正在研究的 400 個基點中的 600 個基點的粒度？而我真正想要了解的是——就本季的組合和預測分析而言。

It seems like that mix shifted rapidly in the quarter to your benefit. And so I'm just trying to gauge how much of that 600 was specific to that. And what's going against the headwind in the 400 basis point decline?

看起來，本季這種組合迅速發生了轉變，對您有利。所以我只是想判斷這 600 個中有多少是與此相關的。那麼，在 400 個基點的下跌過程中，逆風因素是什麼呢？

Yeah. So Jed, as we think about the mix, the largest contributor of that was mix. And as we go through the period, right, we'll see periods of buying volume, specifically on the CS&I side, that can shift and move throughout the quarter. So obviously, we pulled together plans and forecasts relative to what we anticipate.

是的。所以傑德，當我們考慮混合時，其中最大的貢獻者就是混合。隨著我們經歷這個時期，我們會看到購買量（特別是在 CS&I 方面）的時期，它會在整個季度內發生變化。因此顯然，我們匯總了與預期相關的計劃和預測。

But as customer requests come in, we'll satisfy those as required. And that can change the mix within a period pretty quickly depending on what is bought and what is procured in that period of time.

但隨著客戶提出要求，我們會依要求滿足。並且，根據購買的內容和採購的內容，這可以在一段時間內迅速改變組合。

In addition to that, on the deferred revenue base, right, that really is just, we'll call it, cleanup of prior system sales as we deliver and execute against our commitments associated with system sales. And so we can see that mix shift within a period, given, call it, sign-offs from customers and how they look at the completion of system installations and related activities can result in a shift in deferred revenue relative to expectations as well.

除此之外，在遞延收入基礎上，這實際上只是我們所說的在履行和執行與系統銷售相關的承諾時對先前系統銷售的清理。因此，我們可以看到，在一定時期內，考慮到客戶的簽字，以及他們如何看待系統安裝和相關活動的完成，組合變化也會導致遞延收入相對於預期的變化。

As we think about what's driving -- we don't anticipate the same level of positive mix benefit in the second quarter as we look at what we see today versus our systems and related CS&I volumes. But we do anticipate to be able to continue to benefit from some of the cost actions and other activities, which has given us confidence to increase margins relative to our prior expectations.

當我們思考驅動因素時——根據我們今天看到的情況以及我們的系統和相關的 CS&I 量，我們預計第二季度不會出現相同程度的正面組合效益。但我們確實預計能夠繼續受益於一些成本行動和其他活動，這使我們有信心提高相對於我們先前預期的利潤率。

And then as my follow-up, maybe just a slightly different angle on the tariffs. So I know that you've done a great job in terms of mitigating the potential impact, but I think Secretary Bessen talked about 14 deals in the next few weeks to be signed.

然後作為我的後續問題，也許只是對關稅的一個稍微不同的看法。所以我知道你們在減輕潛在影響方面做得很好，但我認為貝森部長談到了未來幾週將簽署的 14 項協議。

So assuming that -- if we maybe exclude China, how much is constrained from a margin perspective on the tariff side that -- I'm trying to get to what the potential impact will be positively if you see those come to more normal type of trade relations, ex China.

因此假設——如果我們可能排除中國，從關稅方面的利潤角度來看會受到多大限制——我試圖了解，如果這些國家（除中國外）的貿易關係變得更加正常，潛在的正面影響將是什麼。

Yeah. I think there could be some (multiple speakers) on the margin side, I think -- yeah, ex Chine, right, there could be some opportunity on the upside. I think too early to tell. And as you know, it's been very volatile over the last few weeks, trying to take the puts and takes in the daily news readings.

是的。我認為在利潤方面可能會有一些（多位發言者），我認為 - 是的，除了中國，對，可能存在一些上行機會。我認為現在說還為時過早。如你所知，過去幾週它一直非常不穩定，試圖在每日新聞中尋找漲跌。

And the team has been working through the various iterations and permutations here for us to be able to size the potential impact. We had developed plans though that largely mitigated a significant portion of that by leveraging our global supply base and, I think more importantly, our global manufacturing footprint.

團隊一直在研究各種迭代和排列，以便我們可以評估潛在的影響。不過，我們已經制定了計劃，透過利用我們的全球供應基礎以及我認為更重要的是我們的全球製造足跡，在很大程度上緩解了這個問題。

We did make those investments in our Asian operations center a number of years ago, which provides us with an opportunity to continue to serve our customers across the globe. It also provides us an opportunity to mitigate a potential impact associated with the geopolitical tensions and the trade.

幾年前，我們確實對亞洲營運中心進行了投資，這為我們提供了繼續為全球客戶提供服務的機會。這也為我們提供了一個減輕地緣政治緊張局勢和貿易帶來的潛在影響的機會。

In addition to that, we have a large portion of our sales base which is exportable. And so although not all of the proposed tariffs are draw backable, a large significant portion of them are for us. And so we have processes in place that allow us to also draw back tariffs that we do pay on the exported goods.

除此之外，我們的銷售基礎中有很大一部分是可以出口的。因此，儘管並非所有提議的關稅都可以退還，但其中很大一部分是對我們有利的。因此，我們制定了流程，使我們能夠退還出口商品所繳納的關稅。

(multiple speakers) this is Russell. So we did say that the impact was relatively small. So obviously, the upside would also be relatively small as well. But like Jamie did give the numbers for the remainder of the year, inclusive of tariffs.

（多位發言者）我是拉塞爾。所以我們確實說影響相對較小。因此顯然，上行空間也相對較小。但就像傑米給出的今年剩餘時間的數據一樣，包括關稅。

Charles Shi, Needham & Company.

Charles Shi，Needham & Company。

Maybe the first question is about the composition of the backlog. First off, I think you guys did a good job getting the very decent bookings for Q1, but that also leads to a backlog that is still, roughly speaking, 4 to 5 times of your system revenue run rate. That's a pretty high number.

也許第一個問題是關於積壓的組成。首先，我認為你們在第一季取得了非常不錯的預訂量，但這也導致了積壓訂單量，大致相當於系統收入運行率的 4 到 5 倍。這是一個相當高的數字。

I would say compared to historical norm it should have been somewhere between 1 to 2 times of the system revenue run rate. But I wonder, what is the composition of the backlog there?

我想說，與歷史標準相比，它應該是系統收入運作率的 1 到 2 倍之間。但我想知道，那裡積壓的貨物的成分是怎麼樣的？

Maybe one way I would like to look at or maybe you can provide some color on is, what's the mix of the backlog between China versus non-China customers? And if I look at your revenue, China has been somewhere between 40% to 60% of the total revenue for the company. But is China slightly overrepresented in that $618 million backlog or underrepresented or roughly in line with that?

也許我想了解的一個方面或您可以提供一些細節，那就是中國和非中國客戶的積壓訂單比例是多少？如果我看一下你們的收入，中國市場占公司總收入的 40% 到 60%。但是，在 6.18 億美元的積壓訂單中，中國所佔比例是略高，還是偏低，或大致與此持平？

Hey, Charles; it's Russell. So yes, we are pleased to have a large backlog. Obviously, as you note, historically, we've been running at, say, two quarters worth of backlog, which at today's run rate of systems, that's probably like in the $300 million regime. And we're 2x that.

嘿，查爾斯；是拉塞爾。是的，我們很高興有大量的積壓訂單。顯然，正如您所說，從歷史上看，我們的積壓訂單量已經達到了兩個季度，按照今天的系統運行速度，這可能相當於 3 億美元的規模。而我們的數量是這個的兩倍。

So I do expect those numbers to come down with time. So I think you're going to see that coming down, and then you'll start to see the book-to-bill get more standard.

所以我確實希望這些數字會隨著時間的推移而下降。所以我認為你會看到這個數字下降，然後你會開始看到訂單出貨比變得更加標準化。

Regarding the backlog composition, as you can imagine, it looks an awful lot like our business in the sense that it's going to be predominantly general mature. So it's going to be mature foundry and power. So that's what you're going to see.

關於積壓訂單的組成，正如你所想像的，它看起來非常像我們的業務，因為它將主要以一般成熟為主。因此，它將成為成熟的代工廠和力量。這就是你將要看到的。

I think last year, we saw quarter to quarter our Chinese revenue being in the 40% to 60%. I think overall, you're going to see that bouncing around in 2025, but I think it will be going lower as a mix. So you will see the China percentage throughout 2025 becoming less than it was, say, in 2024.

我認為去年我們中國市場的季度營收成長在 40% 到 60% 之間。我認為總體而言，你會看到它在 2025 年反彈，但我認為總體而言它會下降。因此，你會看到，2025 年中國所佔比例將低於 2024 年的水準。

Hey, Russell. Maybe I wasn't very clear. Yeah, I got your point that the China revenue percentage is going to come down this year. But in the backlog, is China still in that 40% to 60% range or higher or lower in the backlog? I'm not talking about your expected revenue this year.

嘿，拉塞爾。可能我說的不是太清楚。是的，我明白你的意思，今年中國市場的收入比例將會下降。但在積壓量方面，中國的積壓量是否仍處於40％至60％的範圍內，或更高還是更低？我不是說你今年的預期收入。

So Charles, we don't really give that information. That's not something we've provided. But I would say that our bookings and our backlog match very much our revenue profile that we've shared with you for Q1.

所以查爾斯，我們實際上並沒有提供這些資訊。這不是我們提供的東西。但我想說的是，我們的預訂量和積壓訂單量與我們與您分享的第一季的收入狀況非常吻合。

Maybe a very quick clarification. If you can provide some color, the US revenue had some decent sequential growth in the March quarter. I wonder if you can provide some color. What's the application for the strength of that particular geography?

也許是一個非常快速的澄清。如果您可以提供一些信息，那麼美國收入在三月季度實現了不錯的連續增長。我想知道您是否可以提供一些顏色。該特定地理位置的優勢有何應用？

Okay. So obviously, when we talk about US revenue, it's landed US revenue, right? So you can be multinational from other countries, building out inside that location. And I'd say that it's actually quite broad.

好的。所以很明顯，當我們談論美國收入時，是指美國的收入，對嗎？因此，你可以成為來自其他國家的跨國公司，並在該地區進行建造。我想說它實際上相當廣泛。

It's been -- we've got general mature. It's been power, certain carbides specifically. And I'd say there's also been a little bit of other business tucked in there as well. But ultimately, it's nice to see the US domestic coming on stronger. And it's basically general mature, as you'd imagine.

我們已經普遍成熟了。它是動力，特別是某些碳化物。我想說其中還涉及一些其他業務。但最終，我們很高興看到美國國內經濟不斷走強。正如您所想像的，它基本上已經成熟了。

Yeah. As we look quarter-to-quarter, right, that's going to fluctuate over time, both the US load just given the customer delivery schedules and timing of orders expected out of backlog. So from period to period, we're going to see both the US fluctuate. We'll see our memory business fluctuate from period to period. As you know today, that's primarily serving the Korean memory makers today.

是的。當我們逐季度觀察時，會發現這會隨著時間的推移而波動，美國的負荷只是根據客戶的交貨時間表和預計的積壓訂單時間而定。因此，我們會看到美國在不同時期出現波動。我們會看到我們的記憶體業務在不同時期發生波動。正如您今天所知，這主要服務於當今的韓國記憶體製造商。

And we'll also see our China revenue fluctuate. So as Russell said, although we expect revenues on a year over year for China to be down relative to 2024, we do expect from quarter to quarter that that could move up. And specifically in Q2, we could see China as a higher proportion of sales in the second quarter. But overall, on a year-to-year basis, it will be lower.

我們也會看到我們在中國的收入出現波動。正如羅素所說，儘管我們預計中國市場的收入相對於 2024 年而言同比會下降，但我們預計逐季度來看收入可能會上升。具體到第二季度，我們可以看到中國在第二季度的銷售額中所佔比例更高。但總體而言，與去年同期相比，這一數字將會較低。

Tom Diffely, DA Davison & Company.

湯姆‧迪夫利 (Tom Diffely)，DA 戴維森公司。

So maybe along the same lines as Charles' last question. Japan, we've talked about Japan as a pretty nice growth driver. And I'm just surprised it hasn't had any activity for the last couple of quarters. Maybe just a quick update on your presence there.

所以可能與查爾斯的最後一個問題相同。日本，我們已經討論過日本是一個相當不錯的成長動力。我很驚訝它在過去幾個季度裡沒有任何活動。也許只是快速更新一下您的存在。

Right. So I think regarding Japan, we've actually had quite a good amount of progress there. So we have placed tools into silicon power, silicon carbide power; and I think there's also some like general mature as well. And I think we're just beginning to see people having their utilization rates move up and to see the repeat orders.

正確的。所以我認為就日本而言，我們實際上在那裡取得了相當大的進展。所以我們把工具放到矽粉、碳化矽粉裡；我認為也有一些像普遍成熟的人。我認為我們才剛開始看到人們的利用率上升並看到重複訂單。

So I'm actually optimistic that we'll see those areas go up as a percentage of our total revenue towards the back end of this year. So we like put the seeds in there, and now we're waiting for the repeat orders.

因此，我實際上很樂觀地認為，到今年年底，這些領域占我們總收入的百分比將會上升。所以我們喜歡把種子放在那裡，現在我們正在等待重複的訂單。

And as we talked about, all of our customers are in a slightly different place right now. So if you looked at power, for example, some are looking to optimize their processes and improve their yields and reduce their costs. Others are looking to do a node change, they might take one machine or two machines.

正如我們所說的，我們所有的客戶現在都處於略微不同的境地。以電力為例，有些人正在尋求優化其流程、提高產量並降低成本。其他人正在尋求進行節點更改，他們可能需要一台機器或兩台機器。

So we do see people taking like high-energy machines in order to help them in their transition from, say, planar to trench devices. So the revenue is relatively low, but the future opportunities are relatively high because once they're successful with those devices, you start to see the ramp. But yeah, I actually feel relatively positive about Japan.

因此，我們確實看到人們使用高能量機器來幫助他們從平面設備過渡到溝槽設備。因此，收入相對較低，但未來的機會相對較高，因為一旦這些設備取得成功，你就會看到成長。但是是的，我實際上對日本的感覺相對積極。

And your answer there spurred my next question. So when you look at the three technology transitions that your clients are using right now, the 150 to 200, plantar to trench, and super junction, how do each of those transitions specifically impact you and your business?

您的回答激發了我的下一個問題。因此，當您查看客戶目前正在使用的三種技術轉變時，即 150 到 200、足底到溝槽和超級連接，每種轉變具體如何影響您和您的業務？

Right. So the 150 to 200, we -- so obviously, we have -- we can ship 200 millimeter machines, and we can also do upgrades. We actually have a large installed base of silicon carbide tools across the entire Purion Power portfolio. That's the high energy, the high current, and the medium current; and all of those tools will be eligible for upgrades. So there's great opportunity for upgrades.

正確的。因此，對於 150 到 200 毫米的機器，我們——顯然，我們可以運送 200 毫米的機器，而且我們也可以進行升級。實際上，我們在整個 Purion Power 產品組合中擁有大量碳化矽工具安裝基礎。那就是高能量、大電流和中電流；所有這些工具都有資格升級。因此有很大的升級機會。

Regarding the transition from planar to trench, those devices require high energy. So it moves the market even closer to where we've historically been very strong, which is in high energy. And one of the things we're seeing is that they're going to even higher energy.

關於從平面到溝槽的轉變，這些設備需要高能量。因此，它使市場更加接近我們歷史上非常強勁的水平，即高能量水平。我們看到的一件事是，它們的能量正在進一步提高。

So as you go from, say, trench to super junction, we're actually seeing some customers going up into the multiple megaelectron volt energies. So that's playing really well to our high energy technology. So we see an opportunity to capture more of the business as those devices transition.

因此，當你從溝槽到超結時，我們實際上看到一些客戶的能量上升到數兆電子伏特。這對我們的高能技術來說確實發揮了很好的作用。因此，隨著這些設備的轉型，我們看到了獲得更多業務的機會。

And all of this, Tom, is increasing the wafer size and reducing device sizes, increasing the number of devices and obviously reducing the cost. And we see this as the early innings for silicon carbide with lots of new applications being switched on as the cost continues to fall. So we're excited by this, and obviously, we benefit as well.

而這一切，湯姆，都在增加晶圓尺寸、減少裝置尺寸、增加裝置數量，並大幅降低成本。我們認為這是碳化矽的早期發展階段，隨著成本的持續下降，許多新的應用將被開啟。因此我們對此感到興奮，而且顯然我們也受益。

So we'll see this activity both in new systems as well as CS&I for some of the upgrades?

那麼我們會在新系統以及 CS&I 的一些升級中看到這種活動嗎？

So I think what we see is that many of our customers are making their money out of 150 millimeters. So consequently, they're going to want to continue to do that.

所以我認為我們看到的是，我們的許多客戶都從 150 毫米中賺錢。因此，他們會想繼續這樣做。

Then I think pretty much most customers, particularly the non-Chinese customers, have moved on to 200 millimeter. They start with obviously the R&D, get the process down pat. And I think some of them are waiting for yields to come; others are waiting for the price parity point.

然後我認為大多數客戶，特別是非中國客戶，已經轉向 200 毫米。他們顯然從研發開始，並熟練整個流程。我認為他們中的一些人正在等待收益的到來；其他人則在等待價格平價點。

I think there's still a little bit of for the price to be more attractive for 200 millimeters. And then I think what you're going to see is they'll ramp the 200 millimeters. So that's probably the new machines. Once they've got that new 200-millimeter line up and running, there may be an opportunity to then retrofit the 150s to make them more cost efficient.

我認為 200 毫米的價格還有一點吸引力。然後我想你會看到他們會增加 200 毫米。這可能是新機器。一旦新的 200 毫米生產線投入運行，就可能有機會對 150 毫米生產線進行改造，以提高其成本效益。

But I don't think you're going to see somebody take down their 150 line for a couple of months as they transition it over because they then reduce their run rates. So I think you're going to see this new tool systems going out and then ramping and then seeing the aftermarket. That's my impression.

但我不認為有人會在轉型期間在幾個月內關閉 150 條生產線，因為他們隨後會降低運行率。所以我認為你會看到這個新的工具系統推出，然後逐漸普及，然後進入售後市場。這就是我的印象。

Jack Egan, Charter Equity Research.

傑克·伊根（Jack Egan），特許權益研究公司。

So you saw a pretty good increase in your book-to-bill, and memory shipments were pretty strong in the first quarter. But as you've said before, those customers usually give you pretty short lead times. So is it fair to assume that the bulk of that increase in your book-to-bill is from non-memory segments? Or are you getting visibility from those memory customers?

因此，您會看到訂單出貨比大幅成長，且第一季的記憶體出貨量也相當強勁。但正如您之前所說，這些客戶通常給您非常短的交貨時間。那麼，是否可以合理地假設訂單出貨比的成長大部分來自非記憶體領域？或者您是否從那些記憶體客戶那裡獲得了知名度？

Yeah. I think again, no, the memory customers are still acting as they have historically in terms of -- we have some very robust conversations and discussions relative to their expected plans. But we still wait for purchase orders to arrive to make sure that we line everything up with the quarters and periods in which we expect to ship those devices relative to the expectations.

是的。我再次思考，不，記憶客戶仍然像他們過去那樣行事——我們就他們的預期計劃進行了一些非常深入的對話和討論。但我們仍在等待採購訂單到達，以確保所有事項與我們預計發貨這些設備的季度和期間相符。

What we did see in our book-to-bill though, and Russell commented a little bit earlier, is it does largely mirror that of our revenue splits for the period as well. And so that trend around where the orders are coming in from for the quarter really does look and feel a lot like our revenue splits that we saw relative to general mature and power.

然而，我們確實在訂單出貨比中看到，正如羅素先前評論的那樣，它在很大程度上也反映了我們該時期的收入分配。因此，本季訂單來源的趨勢確實看起來和感覺起來很像我們相對於一般成熟度和電力所看到的收入分配。

And then on OpEx, the guidance for the full year being basically flat. You're probably going to see a pretty material decline in full-year revenue, but that spending is going to be still flat. So I guess what's the thinking there on just on keeping OpEx a bit elevated?

然後在營運支出方面，全年預期基本持平。您可能會看到全年收入大幅下降，但支出仍將保持穩定。那麼，我猜想，光是維持營運支出略高一點，他們是怎麼想的呢？

Yeah, it's investing, right? So a large portion of that is going into our R&D, right? We made some really meaningful and significant progress, and I can let Russell talk about some of the things that we're looking forward to in that space. But the goal here is to continue to invest in the base business. We've talked about our capital allocation strategy really focused on organic growth first.

是的，這就是投資，對吧？那麼其中很大一部分將用於我們的研發，對嗎？我們取得了一些真正有意義且重大的進展，我可以讓拉塞爾談談我們在該領域期待的一些事情。但這裡的目標是繼續投資基礎業務。我們已經討論過，我們的資本配置策略實際上首先關注的是有機成長。

And so putting money into the business for R&D, CapEx, and others to make sure that we're positioned coming in to the recovery to really make sure that we capitalize on the upswing and then partnering very closely with our customers during this period of time to make sure that we drive our technologies to their needs and requirements is going to be the most important part for us.

因此，將資金投入研發、資本支出和其他業務中，以確保我們在經濟復甦時做好準備，真正確保我們能夠利用經濟復甦的機會，然後在此期間與我們的客戶密切合作，以確保我們的技術能夠滿足他們的需求和要求，這對我們來說將是最重要的部分。

Yeah, Jack; this is Russell. Just to kind of add more. So we know this is a cyclical industry. And I think it's been down a little bit longer than most of us would have anticipated. So we believe we have great opportunities ahead of us, the secular growth of this industry and the cyclical recovery.

是的，傑克；這是拉塞爾。只是為了添加更多內容。所以我們知道這是一個週期性產業。我認為，它停滯的時間比我們大多數人預期的要長一些。因此，我們相信，我們面前有巨大的機遇，這個行業的長期成長和週期性復甦。

So we're continuing to make sure we invest in our products and services, stayed close to our customers. So when the market does start to recover, then we are ready with these new products. We want them to be differentiated, innovative. And we want to obviously continue to grow our margins and revenue.

因此，我們將繼續確保對我們的產品和服務進行投資，並與客戶保持密切聯繫。因此，當市場開始復甦時，我們就會準備好推出這些新產品。我們希望它們與眾不同、富有創新精神。我們顯然希望繼續增加利潤和收入。

So I think that's -- it will be a very bad idea to like reduce significantly our OpEx given that we know there's an upturn coming. And the other thing is, it takes a long time to train people in our industry, right? I mean, it can take easily between two to five years for people to become like expert level.

所以我認為——考慮到我們知道經濟即將好轉，大幅削減我們的營運支出是一個非常糟糕的主意。另一件事是，培訓我們行業的人才需要很長時間，對嗎？我的意思是，人們要達到專家水平可能需要兩到五年的時間。

So given that we have these cycles that are considerably smaller than that, then we want to make sure we maintain those people. And like we said, continue to do our -- execute on our product road maps.

因此，考慮到我們的週期比這小得多，我們希望確保保留這些人。正如我們所說的那樣，繼續執行我們的產品路線圖。

Duksan Jang, Bank of America Securities.

Duksan Jang，美國銀行證券。

I know earlier, you said you do have some international manufacturing, but you still have a large portion of your products being manufactured out of the US. And you obviously have a large share of the China mix. So I'm curious if you've seen any pull-in activities from customers? And is that perhaps included in your outlooks?

我知道，您之前說過，你們確實有一些國際製造，但你們的產品仍然有很大一部分是在美國製造的。顯然，你們在中國市場佔有很大的份額。所以我很好奇您是否看過任何吸引顧客的活動？這是否包含在您的展望中？

Right. So I'd say that -- so the turmoil around tariffs kicked in April 2. So obviously, Q1 was closed pretty much at that stage. There was no activity to be talked about in Q1. So really, it's about Q2.

正確的。所以我想說——關稅動盪始於 4 月 2 日。顯然，Q1 在那個階段已經基本結束。第一季沒有什麼值得談論的活動。所以實際上，這是關於第二季的。

I would say there hasn't really been any pull forwards of note. We've had the usual push pulls depending on where customers' plans are. But I would say there hasn't been a what you consider a panic pull-in. That's on the systems side.

我想說的是，實際上並沒有任何值得注意的進展。根據客戶的計劃，我們採取了通常的推拉措施。但我想說的是，並沒有出現你認為的恐慌性拉扯。這是系統方面的事情。

But do you think that might also happen -- you think you might get some activity on the aftermarket. And one month into this quarter, we haven't seen that either. Our customers are behaving normally, and I think that's kind of because they believe that we have a really good plan to support them going forward.

但您認為這也可能發生嗎——您認為您可能會在售後市場採取一些行動。本季已經過去一個月了，我們還沒有看到這種情況。我們的客戶表現正常，我認為這是因為他們相信我們有一個非常好的計劃來支持他們前進。

And this is obviously globally as well. So we are very pleased to have built up over multiple years a global operations footprint, and that's allowing us to continue to serve our customers.

顯然這也是全球性的。因此，我們非常高興能夠在多年時間裡建立起全球營運足跡，這使我們能夠繼續為客戶提供服務。

Then excluding all the tariffs, are you -- what are you seeing overall in customer inventory and utilization out of silicon carbide tools? Because I think you said you're still seeing a little bit of demand out of China.

那麼排除所有關稅後，您看到客戶庫存和碳化矽工具利用率的整體情況如何？因為我認為您說過您仍然看到來自中國的一點需求。

Right. So I guess, we've been talking about the green shoots and the opportunities for our end markets to recover. And we are -- since we are quite focused on the general mature, then you're talking about consumer spending, industrial, and automotive preliminary -- primarily.

正確的。所以我想，我們一直在談論復甦的萌芽和終端市場的復甦機會。而且我們 — — 因為我們非常關注整體成熟度，所以主要談論的是消費者支出、工業和汽車初步情況。

We are expecting to see things to start to improve. Although at this stage, it's hard to say there's any evidence of that.

我們期待看到事情開始好轉。儘管現階段還很難說有任何證據證明這一點。

What are the second order effects of the tariffs, though? I would say that it actually caused a little bit of uncertainty in the market. So that what might have been improvements have maybe caused a little bit more uncertainty. But we're definitely seeing pockets improved utilization, but it's not broad-based yet.

那麼，關稅的二階效應是什麼呢？我想說這實際上給市場帶來了一些不確定性。因此，原本可能出現的改進可能會帶來更多的不確定性。但我們確實看到一些地方的利用率有所提高，但尚未普及。

David Duley, Steelhead Securities.

Steelhead Securities 的 David Duley。

My first question has to do with China. You mentioned I think that China revenue percentage declined to 37% in the quarter and then might be up in Q2. Could you give us a guess as to where you think it declines to for the whole year? And I'm guessing that probably represents the bottom in Chinese revenue. Maybe I'm wrong, but maybe comment a little bit on that for us.

我的第一個問題與中國有關。您提到我認為中國收入佔比在本季下降至 37%，但在第二季可能會上升。您能猜測一下，您認為全年它會下降到什麼程度嗎？我猜這可能代表了中國收入的底線。也許我錯了，但也許可以為我們對此發表一點評論。

Yeah. So we're not going to -- we haven't provided full year expectations necessarily for China just yet. But we do anticipate, like I said -- we do anticipate it to increase here in the second quarter and then moderate through the rest of the year.

是的。因此，我們目前還未提供對中國全年業績的預期。但我們確實預計，就像我說的——我們確實預計它會在第二季度增加，然後在今年剩餘時間內放緩。

Based on what we understand today, we do anticipate China revenue being lower than what we saw for mix overall in 2024 versus 2025. And so as a result of that, that's all the commentary we're going to provide at this point. We need to see where the rest of the year flows out and what type of activity and opportunities may present themselves before we make any more meaningful comment on that.

根據我們今天的了解，我們確實預期 2024 年和 2025 年中國市場的整體收入將低於預期。因此，這就是我們現在要提供的全部評論。我們需要看看今年剩餘時間的走向以及可能出現哪些類型的活動和機會，然後我們才能對此做出更有意義的評論。

And just to be clear, the comments that you have made, I think, would indicate that the 37% that you achieved in Q1, most likely for the year, that that percentage would be down? Is that the message that you're trying to send us?

需要明確的是，我認為，您所做的評論表明，您在第一季實現的 37% 的增長，很可能是今年的增長，那麼這個百分比會下降嗎？這就是您想要向我們傳達的訊息嗎？

It's going to all depend on the mix in the back half of the year and the average is over those periods of time, Dave. But again, we expect it to be lower than what we saw in -- well, I can say definitively is as of right now, we do expect it to be lower than what we saw in 2024 overall. So year on year, we do expect that percentage to be lower.

這一切都取決於下半年的組合情況以及這些時期的平均值，戴夫。但是，我們再次預計它會低於我們所看到的 - 好吧，我可以肯定地說，截至目前，我們確實預計它會低於我們在 2024 年總體看到的水平。因此，我們確實預期這一比例將年比會下降。

As far as the memory business goes, it's -- I think it's been uptick in the last few quarters. I was curious -- and coincidentally, the Korean revenue was up as well. I'm sure those are related. But I'm wondering, has the memory business starting to broaden out? Is it all three customers or is it just one customer? Maybe some commentary on the breadth of the memory recovery.

就記憶體業務而言，我認為它在過去幾個季度一直呈上升趨勢。我很好奇——巧合的是，韓國的收入也上升了。我確信這些是相關的。但我想知道，記憶體業務是否開始擴大了？是所有三個客戶還是只有一個客戶？也許是對記憶恢復廣度的一些評論。

Okay. Hey, Dave; it's Russell. So if you look at the uptick we had in memory last quarter, it was a pretty good uptick. But it was all DRAMs.

好的。嘿，戴夫；是拉塞爾。因此，如果你看一下上個季度記憶體的上升趨勢，你會發現這是一個相當不錯的上升趨勢。但全都是 DRAM。

So addressing NAND first, we haven't seen orders from NAND for a long time. If you remember, for us to receive NAND orders, it has to be an increase in the number of wafer starts. And you're aware that the NAND guys are basically looking to go more and more verticals areas, 1xx, 2xx, and beyond.

因此首先解決 NAND 問題，我們已經很久沒有看到來自 NAND 的訂單了。如果你還記得的話，為了獲得 NAND 訂單，我們必須增加晶圓的啟動數量。你知道，NAND 廠商基本上都在尋求越來越多的垂直領域，1xx、2xx 及更高。

So they're using this relatively quiet time to do a no change, which is very typical. And that's increasing a bit dramatically, but it's not actually increased the number of wafer starts.

因此，他們利用這個相對安靜的時間來做不做任何改變，這是非常典型的。雖然這個數字成長得有點劇烈，但實際上並沒有增加晶圓的啟動數量。

Regarding DRAM, which is pretty much where all of our revenue came from, we are seeing multiple customers look to grow their DRAM. And obviously, there are some customers that are doing well on HBM, and that's actually taking down capacity.

關於 DRAM，這幾乎是我們所有收入的來源，我們看到多個客戶都在尋求擴大他們的 DRAM。顯然，有些客戶在 HBM 上做得很好，這實際上降低了產能。

And then there's other customers that are doing well on DRAM because of the DRAM capacity being taken down by HBM. So were are saying that DRAM is probably going to be modest for around -- for 2025, it's bouncing around a little bit. But that is really the story at this stage. It is DRAM.

由於 HBM 佔用了 DRAM 容量，其他客戶在 DRAM 方面也做得很好。因此，我們認為 DRAM 可能會在 2025 年左右保持溫和成長，略有波動。但這確實是現階段的情況。它是 DRAM。

Christian Schwab, Craig-Hallum Capital.

克里斯蒂安·施瓦布，克雷格·哈勒姆資本。

I just want to follow up on the earlier line of questioning by Tom Diffely. Do you guys see increased capital intensity -- in other words, obviously, impact on equipment sales per wafer starts -- as the industry upgrades from 150 to 200? And moving from planar to trench, adding high energy, it seems that your dollar content per wafer start going forward should increase over time. Do you have any idea what percentage that would be?

我只是想跟進湯姆·迪菲利之前提出的問題。隨著行業從 150 升級到 200，你們是否看到了資本密集度的增加 - 換句話說，顯然對每片晶圓的設備銷售產生了影響？從平面到溝槽，增加高能量，似乎每片晶圓的成本含量會隨著時間的推移而增加。你知道這個百分比是多少嗎？

So I think actually -- that's a great question. So as people go from planar to trench, absolutely, it moves to a different tool set. And it's going to leverage the entire Purion platform, and that does actually increase the density of implants, particularly in the high energy.

所以我認為實際上——這是一個很好的問題。因此，當人們從平面轉向溝槽時，它絕對會轉移到不同的工具集。它將利用整個 Purion 平台，這確實會增加植入物的密度，特別是在高能量方面。

So you definitely see -- I don't think there's no high energy implant in a planar device that I'm aware of. So it's moving to trench. You've now got to put the deeper implant. And obviously, superjunction is the next level beyond that.

所以你肯定看到了——我認為據我所知，平面設備中沒有高能量植入物。所以它正在移向戰壕。現在你必須植入更深的植入物。顯然，超結是更上一層樓。

And as you also probably remember, there's basically no ability to diffuse open officially in silicon carbide. So if you want to go deep, you now actually have to overlap a whole bunch of chain implants. So yes, we are seeing an increase in intensity of implant steps in certain carbide devices that they go from mode to mode.

您可能還記得，碳化矽基本上不具備正式擴散開放的能力。因此，如果您想要深入，現在實際上必須重疊一大堆鍊式植入物。是的，我們看到某些碳化物設備中植入步驟的強度在從一種模式到另一種模式的增加。

I don't think we've actually quantified that at this stage. I think we've had -- in prior examples, we've talked about the rough number of machines you need for 100,000 wafer starts because we were trying to compare it to memory. So that's probably the closest we've come.

我認為我們目前還沒有真正量化這一點。我認為我們已經——在前面的例子中，我們已經討論了生產 100,000 個晶圓所需的機器的大致數量，因為我們試圖將其與記憶體進行比較。這可能是我們迄今為止最接近的一次了。

But I think you're going to see a transition in machine types. And that's what we've shown in the past as well. We used to start off just by shipping period end tools, and then people started to take the H200s and the XEs as they started to go into high-volume manufacturing and make a device transition.

但我認為你會看到機器類型的轉變。這也是我們過去所展現的。我們以前只是從運送期末工具開始，然後人們開始採用 H200 和 XE，因為他們開始進入大批量生產並進行設備轉型。

So yeah. I mean, does that answer your question, Christian?

是的。我的意思是，這回答了你的問題嗎，克里斯蒂安？

It does. My next question is, of the silicon carbide production today, do you have a rough estimate of what percentage of the wafers are planar today and expectation of what percentage will move to trench over a given period of time?

確實如此。我的下一個問題是，在今天的碳化矽產量中，您是否粗略估計了目前有多少百分比的晶圓是平面的，以及預計在給定的時間段內有多少百分比的晶圓將轉移到溝槽？

Okay. So I'd say that right now -- I mean, this is like this -- transition is going on from 150 to 200 planar to trench. I can only think of one customer as like entrenched in planar. I think everybody else is looking to move to trench because it gives you a higher-performance device.

好的。所以我想說，現在——我的意思是，就像這樣——從 150 到 200 平面到溝槽的轉變正在進行中。我只能認為一個客戶就像是根深蒂固的平面。我認為其他人都希望轉向溝槽技術，因為它可以提供性能更高的設備。

It's also a lot smaller, so you can pack an awful lot more devices on a wafer. And it's also going to have a higher yield because it's less susceptible to crystal damage.

它也小得多，因此你可以在晶圓上封裝更多的設備。而且由於它不易受到晶體損壞，因此產量也會更高。

So I think you're going to see as people's capabilities grow, you will see this transition to trench and then on to superjunction. And you'll see this transition from 150 to 200. The most advanced companies are going to move much more quickly.

所以我認為，隨著人們能力的增長，你會看到這種向溝槽然後轉向超級結的轉變。你會看到從 150 到 200 的轉變。最先進的公司將會行動得更快。

And we've said before, we are the leaders in high energy. So as they move to trench and superjunction, that plays very nicely into our strengths.

我們之前說過，我們是高能領域的領導者。因此，當他們轉向溝渠和超結時，這將很好地發揮我們的優勢。

And if I could just sneak in one last question. You guys mentioned inorganic growth opportunities. Can you give us an idea of -- is this bolt-on acquisitions that you're looking at, if there is such a thing in the industry with only two people? Or are you looking for something that could be more transformative or something -- any color of what that means, I guess, would be helpful.

我可以偷偷問最後一個問題嗎？你們提到了無機成長機會。您能否為我們介紹一下—如果這個行業只有兩個人，那麼您正在考慮的是否是附加收購？或者您正在尋找一些更具變革性的東西，或者其他東西——我想，任何顏色的含義都會有所幫助。

Yeah, understood. I think the goal here is to, one, keep the aperture as wide open as we possibly can, right? We want to leverage the fact of our expertise and experience in the semiconductor capital equipment space to the best of our ability.

是的，明白了。我認為這裡的目標是，第一，盡可能地保持光圈打開，對嗎？我們希望盡最大努力利用我們在半導體資本設備領域的專業知識和經驗。

We've talked about leveraging our global footprint, the fact that we've got field service folks, inventory depots and operations next to all the major customers throughout the world here. We believe there's opportunities for us to leverage that by potentially introducing new technologies into our ecosystem.

我們談到了利用我們的全球影響力，事實上，我們在這裡擁有現場服務人員、庫存倉庫和與世界各地所有主要客戶相鄰的營運機構。我們相信，透過將新技術引入我們的生態系統，我們有機會利用這一點。

As you noted, implant is a little bit of a niche application today, and there aren't a ton of opportunities within that space to try to expand inorganically. So that's one of the reasons why we're looking as wide and broad as we are.

正如您所說，植入物如今還是一種小眾應用，並且該領域內沒有太多機會嘗試無機擴展。這就是我們視野如此廣闊的原因之一。

As we go through it, though, we're just going to continue to assess those opportunities relative to the other return characteristics we have, both on organic as well as shareholder return basis, in making decisions on how and when to execute that. So unfortunately, that's probably all I can say relative to our efforts at this point in time. But like I said, it's wide open.

然而，在我們進行這個過程時，我們將繼續評估這些機會相對於我們所擁有的其他回報特徵，包括有機回報和股東回報，以決定如何以及何時執行這一目標。因此，不幸的是，對於我們目前所做的努力，我可能只能說這麼多。但就像我說的，它是敞開的。

Mark Miller, The Benchmark Company.

馬克‧米勒（Mark Miller），基準公司。

I wonder if you can give us any additional color or what's going on your image customers.

我想知道您是否可以為我們提供任何額外的顏色或您的圖像客戶的情況。

Sorry, Mark. Image sensor customers?

對不起，馬克。影像感測器客戶？

Yes.

是的。

Okay. So we are -- so again, it's very regional. We actually do have a customer that's actually adding significant capacity. I think obviously, the number one use of image sensors is phone, which is, by far away, the biggest use, followed by cars. But we are seeing a lot of sensors going into cars.

好的。所以我們 — — 所以再說一次，這是非常區域化的。我們確實有一個客戶正在大幅增加產能。我認為，顯然影像感測器的第一大用途是手機，這是迄今為止最大的用途，其次是汽車。但我們看到很多感測器被安裝到汽車中。

So I would say that one particular customer is adding significant capacity and that's a little unusual. I think many of the other image sensor customers are adding much capacity at the moment. Is this relatively quiet? I mean, again, mobile phones and automotive are the end markets, and they are fairly muted.

所以我想說，某個特定的客戶正在增加大量產能，這有點不尋常。我認為許多其他影像感測器客戶目前正在增加產能。這裡相對安靜嗎？我的意思是，手機和汽車是終端市場，而且它們相當低調。

Yeah. Just as a point of clarity for everyone, for this quarter, we did embed image sensor sales as part of our general mature. I think we noted that in our prepared remarks. And so it won't be broken out on a go-forward basis. But by all means, happy to talk about the trends that we see within that space and the opportunities that present themselves.

是的。為了讓每個人都清楚一點，本季我們確實將嵌入式影像感測器銷售作為我們整體成熟的一部分。我想我們在準備好的發言中已經提到了這一點。因此，它不會在未來被突破。但無論如何，我們很高興談論我們在該領域看到的趨勢以及出現的機會。

I was a little surprised with your comments about not seeing a lot from NAND because NAND CapEx for the first time in a couple of years is increasing. I assume most of it's for capacity additions. Are you seeing any quoting activity or is this still pretty dead?

我對您關於 NAND 沒有太多增長的評論感到有點驚訝，因為 NAND 資本支出幾年來首次出現增長。我認為大部分是為了增加容量。您是否看到任何引用活動？或者這仍然很不活躍？

I would say that NAND is still pretty muted from our point of view. Remember, Mark, that we need new wafer starts. So I'd say that NAND right now, they're beginning to build the Manhattan skyline. They're just going vertical.

我想說，從我們的角度來看，NAND 仍然相當低調。記住，馬克，我們需要新的晶圓。所以我想說，現在 NAND 正在開始建造曼哈頓的天際線。它們只是垂直移動。

So that adds significant depth and edge. It adds significant bits per wafer; it doesn't add a lot of new wafers. And we need new wafers in order to drive new implanters.

因此這增加了顯著的深度和優勢。它在每個晶圓上增加了有效位；它並沒有添加很多新的晶圓。我們需要新的晶圓來驅動新的注入機。

And this concludes the question-and-answer session. I would now like to turn it back to David for closing remarks.

問答環節到此結束。現在我想請戴維作最後發言。

Thanks, operator. And I want to thank everyone for joining the call and your interest in Axcelis. Operator, you can close the call.

謝謝，接線生。我要感謝大家參加電話會議並對 Axcelis 感興趣。接線員，您可以掛斷電話了。

Thank you for participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。