Axcelis Technologies Inc (ACLS) 2025 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 2025. My name is Sean Ammer, and I will be your coordinator for today. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Axcelis Technologies 電話會議，討論公司 2025 年第二季的業績。我叫 Sean Ammer，今天我將擔任你們的協調員。（操作員指示）

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 and Corporate Strategy. Please proceed.

請注意，今天的會議正在錄製。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。今天與我一起的還有總裁兼執行長 Russell Low 和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 accompanying 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，我們還準備了今天電話會議的幻燈片，您也可以在我們的網站上找到它們。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.

請注意，今天對我們未來收入、利潤和其他結果的預期所作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。

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.

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.

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 2025 earnings call. Beginning on slide 4, we delivered solid results in the second quarter with revenue of $195 million and non-GAAP earnings per diluted share of $1.13, both exceeding our outlook.

早安，感謝您參加我們的 2025 年第二季財報電話會議。從第 4 張投影片開始，我們在第二季取得了穩健的業績，營收為 1.95 億美元，非 GAAP 每股攤薄收益為 1.13 美元，均超出了我們的預期。

We generated slightly better-than-expected Systems and CS&I revenue, delivered strong gross margins while maintaining disciplined cost control. Bookings in the second quarter were $96 million, down slightly on a sequential basis and reflecting a book-to-bill of 0.8 times.

我們的系統和 CS&I 收入略好於預期，實現了強勁的毛利率，同時保持了嚴格的成本控制。第二季的訂單金額為 9,600 萬美元，較上季略有下降，訂單出貨比為 0.8 倍。

While customers continue to digest capacity, we are encouraged that first-half bookings reflect a slight improvement compared to the second half of 2024. Consistent with our prior commentary, bookings can fluctuate from quarter to quarter. With that, let me add some additional color on the trends we are seeing by market category.

儘管客戶繼續消化運力，但我們很高興看到，與 2024 年下半年相比，上半年的預訂量略有改善。與我們先前的評論一致，預訂量每季都會有所波動。有了這些，讓我對我們按市場類別看到的趨勢添加一些額外的說明。

Turning to slide 5, in the quarter, sales to Mature Node applications comprised almost the entirety of our System shipments, in particular, Power and General Mature. Now on slide 6, let me review our trends by end market.

轉到幻燈片 5，在本季度，成熟節點應用程式的銷售幾乎佔了我們系統出貨量的全部，特別是 Power 和 General Mature。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。

Within our Power business, shipments of silicon carbide applications were relatively flat on a quarter-over-quarter basis. While the overall silicon carbide industry continues to digest the capacity that has been put in place over the past two years, we see pockets of investment across a number of different customers.

在我們的電力業務中，碳化矽應用的出貨量與上一季相比相對持平。雖然整個碳化矽產業繼續消化過去兩年新增的產能，但我們看到許多不同客戶都進行了投資。

In China, we see continued firm demand for both 150-millimeter and 200-millimeter applications. Customers are investing to meet growing demand for silicon carbide in the fast-growing China EV industry as well as other applications. Outside of China, customers are using this slower period to increase R&D engagement and invest in technology transitions.

在中國，我們看到對 150 毫米和 200 毫米應用的需求持續強勁。客戶正在進行投資以滿足快速發展的中國電動汽車行業以及其他應用對碳化矽日益增長的需求。在中國以外，客戶正在利用這段較慢的時期來增加研發投入並投資於技術轉型。

In the quarter, we shipped a Purion XE high-energy tool to a customer that is investing in 200-millimeter super junction technology. And we continue to be in active discussions and engagements with other customers on their trench and super junction technology road maps.

本季度，我們向投資 200 毫米超結技術的客戶運送了 Purion XE 高能量工具。我們將繼續與其他客戶就其溝槽和超級結技術路線圖進行積極討論和合作。

As we've noted in the past, Axcelis is the market and technology leader in high-energy ion implantation, which is required for deeper and more precise implants, and a critical enabling technology for customers transitioning to these next-generation architectures.

正如我們過去所指出的，Axcelis 是高能量離子注入領域的市場和技術領導者，高能量離子注入是更深、更精確的注入所必需的，也是客戶向下一代架構過渡的關鍵支援技術。

In addition to the need for high-energy implants, we're excited about the long-term demand drivers for silicon carbide, which is underpinned by declining device prices along with the world's need for greater energy efficiency. This creates the following tailwinds for silicon carbide demand.

除了對高能量注入的需求之外，我們還對碳化矽的長期需求驅動因素感到興奮，這得益於設備價格的下降以及世界對更高能源效率的需求。這為碳化矽需求創造了以下順風。

First, in the EV industry, we anticipate the penetration rates into EVs to continue to grow. And this includes not just battery electric vehicles, but hybrid vehicles as well, where we are already seeing signs of adoption. Second, we anticipate the silicon carbide content per vehicle to grow as well.

首先，在電動車產業，我們預期電動車的滲透率將持續成長。這不僅包括電池電動車，還包括混合動力車，我們已經看到了採用的跡象。其次，我們預期每輛車的碳化矽含量也會成長。

Third, we see growing requirements for higher-voltage silicon carbide applications, such as faster charge times, driving investment in development of trench and super junction designs. And as I noted, we are a technology enabler with our market-leading high-energy portfolio.

第三，我們看到對更高電壓碳化矽應用的需求不斷增長，例如更快的充電時間，從而推動了對溝槽和超結設計開發的投資。正如我所指出的，我們憑藉市場領先的高能量產品組合成為技術推動者。

Fourth, while overall demand for EVs in the US has decelerated on a global basis, EV sales continue to grow at a robust pace, with IEA forecasting 25% year-over-year growth in 2025. As a result, with the penetration rate of EVs as a percentage of overall auto sales continuing to grow, the combination of all these factors creates a multiplier effect on silicon carbide demand. And that's just within the EV industry.

第四，儘管美國電動車的整體需求在全球範圍內有所放緩，但電動車銷量仍保持強勁成長，IEA預測2025年電動車銷量將年增25%。因此，隨著電動車在整體汽車銷售中所佔比例的不斷增長，所有這些因素的結合對碳化矽需求產生了乘數效應。這只是電動車產業的情況。

Finally, with device prices declining, we also expect growing adoption outside of the auto industry, including renewable energy, industrial motor drives, railway applications, data center power supplies, and many others.

最後，隨著設備價格下降，我們預期汽車產業以外的應用也將持續成長，包括再生能源、工業馬達驅動器、鐵路應用、資料中心電源等。

In fact, one important proof point of this is the recent public announcements from leading power device makers over the past several months, which signals increased attention and collaboration on delivering higher-voltage power solutions for next-generation AI data centers. We believe silicon carbide will play a key role here.

事實上，一個重要的證明點是過去幾個月領先的電源設備製造商最近發布的公告，這表明人們更加關注為下一代人工智慧資料中心提供更高電壓的電源解決方案並展開合作。我們相信碳化矽將在這裡發揮關鍵作用。

We also believe the combination of these volume, content, and technology drivers translates into attractive long-term market opportunity for Axcelis. From a near-term perspective, as we think about this business over the next few quarters, we see continued pockets of demand. And we expect a modest improvement in revenue in the second half of 2025.

我們也相信，這些數量、內容和技術驅動因素的結合將為 Axcelis 帶來極具吸引力的長期市場機會。從短期來看，當我們考慮未來幾季的業務時，我們會看到持續的需求。我們預計 2025 年下半年收入將略有改善。

Starting with the second-quarter results, we will now refer to the remainder of the Power market segment as Other Power compared to previously referring to this as silicon IGBT. While IGBTs have made up the lion's share of this category, we believe Other Power is more reflective of other potential power applications, such as silicon BCDs, silicon power MOSFETs, and GaN power devices.

從第二季的業績開始，我們現在將把電力市場剩餘部分稱為“其他電力”，而之前我們將其稱為“矽 IGBT”。雖然 IGBT 佔據了這一類別的最大份額，但我們認為其他電源更能反映其他潛在的電源應用，例如矽 BCD、矽功率 MOSFET 和 GaN 功率裝置。

Turning to the results in the second quarter, shipped system revenue from our Other Power applications grew sequentially, primarily due to growth in China across multiple customers. In our General Mature segment, revenue declined slightly on a sequential basis, as customers continued to manage their capacity investments given the current demand environment in auto, industrial, and consumer electronics.

回顧第二季的業績，我們其他電力應用的出貨系統營收季增，這主要得益於中國多個客戶的成長。在我們的通用成熟產品部門，收入環比略有下降，因為考慮到汽車、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。

We continue to see pockets of improved tool utilization, which is an encouraging sign. However, we would need to see this continued, coupled with improved end demand, in order for this to translate into resumption of capacity investments.

我們繼續看到工具利用率提高，這是一個令人鼓舞的跡象。然而，我們需要看到這種情況持續下去，再加上終端需求的改善，才能轉化為產能投資的恢復。

Market dynamics aside, we are working closely with customers on their capacity and technology road maps. Case in point, we secured a meaningful order for high-energy and high-current tools from a customer in China that is investing in 28-nanometer applications. This is a nice reference win for us and can open up additional opportunities down the road.

除了市場動態之外，我們也正在與客戶密切合作，制定他們的產能和技術路線圖。例如，我們從一家投資 28 奈米應用的中國客戶那裡獲得了一份重要的高能量和高電流工具訂單。這對我們來說是一個很好的參考勝利，並且可以為我們未來開闢更多的機會。

Turning to slide 7, in Advanced Logic, we continue to engage closely with customers on their evaluation units. And we are pleased to say that in the second quarter, we received a follow-on order from one of these customers. This is consistent with our strategy of penetrating this opportunity by working collaboratively with customers through their evaluation units during their R&D process.

翻到投影片 7，在 Advanced Logic 中，我們繼續與客戶就他們的評估單元進行密切合作。我們很高興地說，在第二季度，我們收到了其中一位客戶的後續訂單。這與我們的策略一致，即透過在研發過程中與客戶合作，透過他們的評估部門來抓住這個機會。

Advanced Logic remains an underpenetrated market for Axcelis. And we are actively targeting next-generation implant applications at the M+1, M+2, and M+3 nodes. This includes important applications for implant such as the backside power distribution network integration, where we believe we have potential solutions based on improved device performance and yield, and the ability for customers to control the energy purity of implanted ions.

對 Axcelis 來說，Advanced Logic 仍然是一個尚未完全滲透的市場。我們正在積極瞄準 M+1、M+2 和 M+3 節點的下一代植入應用。這包括注入的重要應用，例如背面電源分配網路集成，我們相信我們擁有基於改進的設備性能和產量的潛在解決方案，以及客戶控制注入離子的能量純度的能力。

Moving to Memory, shipped System revenue declined on a sequential basis, consistent with commentary on our prior call that Memory spending would remain muted for the balance of the year. Compared to 2024, which saw a sharp reduction in volume, we continue to expect modest growth in this end market on a year-over-year basis.

轉向內存，系統出貨收入環比下降，這與我們先前的預測一致，即內存支出在今年剩餘時間內將保持低迷。與 2024 年銷量大幅下降相比，我們預計該終端市場仍將年比溫和成長。

Despite the pause on implant investments across DRAM and NAND, we are executing on our strategy of penetrating new and existing opportunities with customers on their next-generation road maps and fab plans. To that end, we secured an order for a high-current system for a DRAM application, with the potential for additional follow-on orders based on this customer's investment plans.

儘管 DRAM 和 NAND 的植入投資暫停，我們仍在執行我們的策略，與客戶一起在下一代路線圖和晶圓廠計劃中挖掘新的機會和現有的機會。為此，我們獲得了用於 DRAM 應用的大電流系統的訂單，並有可能根據該客戶的投資計劃獲得更多後續訂單。

In NAND, customers remain focused on scaling to higher-layer counts, which requires deposition and etch chamber-based upgrades, and not incremental ion implantation capacity. As a result, we expect demand for NAND applications to remain muted over the balance of the year.

在 NAND 中，客戶仍然專注於擴展到更高層數，這需要基於沉積和蝕刻室的升級，而不是增量離子注入能力。因此，我們預計今年餘下時間對 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. Despite the macroeconomic uncertainty and widely known cyclical digestion we are seeing in 2025, we are executing very well with what we can control.

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。儘管我們在 2025 年看到了宏觀經濟的不確定性和眾所周知的周期性消化，但我們在可控制的範圍內執行得很好。

This includes the following: first, a relentless focus on innovation and deep engagement with current and new customers across their technology road maps. In fact, during these quieter times, customers increased their focus on R&D to drive better cost performance and yields. And simply put, we see ourselves as an extension of the R&D teams.

其中包括：首先，堅持不懈地專注於創新，並在技術路線圖上與現有和新客戶進行深入接觸。事實上，在這些較為平靜的時期，客戶更加重視研發，以提高成本效益和產量。簡單地說，我們將自己視為研發團隊的延伸。

Second, our engagement with customers does not end at the system level, but also CS&I. Our Customer Solutions and Innovations business is foundational to the customer experience. This includes spares and consumables, service upgrades, and used tools.

其次，我們與客戶的互動不僅限於系統層面，也包括 CS&I。我們的客戶解決方案和創新業務是客戶體驗的基礎。其中包括備件和消耗品、服務升級和二手工具。

Through the first half of 2025, our CS&I revenue made up approximately 30% of total revenue and is up slightly on a year-over-year basis despite lower Systems volumes during this period. And this is a reflection of the strength of our installed base, which provides a resilient revenue stream through the cycles.

到 2025 年上半年，我們的 CS&I 收入約佔總收入的 30%，儘管在此期間系統銷量較低，但同比仍有小幅增長。這反映了我們安裝基礎的實力，它在整個週期中提供了一個有彈性的收入來源。

Moreover, given that our CS&I gross margins are materially higher than the corporate average, this business makes up a meaningful percentage of our profitability. And I'm pleased with our execution in driving more service contracts and high-value upgrades for customers that are seeking our latest-generation technology within their existing footprint.

此外，鑑於我們的 CS&I 毛利率遠高於公司平均水平，這項業務在我們的獲利能力中佔據了相當大的比例。我很高興看到我們能夠為那些在現有業務範圍內尋求我們最新一代技術的客戶帶來更多的服務合約和高價值升級。

And third, we are prudently managing our cost structure while ensuring we have the resources necessary to invest in growth. This is reflected in our first-half 2025 adjusted EBITDA margin of approximately 20%. Taken together, these actions are allowing us to deliver strong profitability despite a cyclically soft demand environment while positioning us to capture the long-term growth opportunities that we believe lie ahead.

第三，我們審慎管理成本結構，同時確保擁有投資成長所需的資源。這反映在我們 2025 年上半年調整後的 EBITDA 利潤率約為 20% 上。總的來說，這些舉措使我們能夠在周期性疲軟的需求環境下實現強勁的獲利能力，同時使我們能夠抓住我們認為的未來長期成長機會。

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，讓他仔細看看我們的結果和前景。傑米？

Thank you, Russell, and good morning, everyone. I'll start with some additional details on our second quarter before turning to our outlook for Q3.

謝謝你，拉塞爾，大家早安。在介紹第三季的展望之前，我將先介紹一些有關第二季的更多細節。

Starting on slide 9, second-quarter revenue was $195 million with System revenue at $134 million and CS&I revenue at $61 million, both slightly above our expectations for the quarter. From a geographic perspective, consistent with our commentary on our prior earnings call, China increased sequentially to 65% of total shipped System sales, up from 37% in the prior quarter.

從第 9 張投影片開始，第二季營收為 1.95 億美元，其中系統營收為 1.34 億美元，CS&I 營收為 6,100 萬美元，均略高於我們對本季的預期。從地理角度來看，與我們在先前的財報電話會議上的評論一致，中國佔系統總出貨量的 65%，高於上一季的 37%。

We continue to anticipate our customers in China to digest the robust investments they've made into Mature Node capacity over the past few years. As a result, we anticipate second-half revenue in China to be relatively similar to the first half.

我們繼續期待中國客戶能夠消化過去幾年對成熟節點容量的大量投資。因此，我們預計中國下半年的營收將與上半年基本持平。

Turning to other regions, we saw shipped System sales to the US at 19%, while Korea declined to 8%, consistent with our expectation of muted demand from Memory for the balance of the year following the first quarter. In addition, we've added the geographic split on total revenue, reflecting both Systems and CS&I.

轉向其他地區，我們看到系統出貨量對美國的銷售額為 19%，而韓國的銷售額下降至 8%，這與我們對第一季之後全年記憶體需求低迷的預期一致。此外，我們還添加了總收入的地理劃分，反映了系統和 CS&I。

Using this measure, revenue from China totaled 55%, US was 18%, and Korea was 13%. Starting in the third quarter, we will transition to reporting geographic split of total revenue only, which is consistent with our peers and a better reflection of the overall company exposure we have.

依照這個標準，來自中國的收入佔55%，美國佔18%，韓國佔13%。從第三季開始，我們將過渡到僅報告總收入的地理分佈，這與我們的同行一致，並且更好地反映了我們對公司的整體影響力。

Please see the appendix of our earnings slide presentation for a quarterly breakdown of geographic revenue mix starting in the first quarter of 2024. As Russell mentioned, bookings declined slightly on a sequential basis to $96 million. And we exited the second quarter with backlog of $582 million.

請參閱我們的收益投影片簡報的附錄，以了解從 2024 年第一季開始的地理收入組合的季度細分。正如拉塞爾所提到的，預訂量較上季略有下降，至 9,600 萬美元。我們第二季的積壓訂單為 5.82 億美元。

Turning to slide 10, now let me share some additional details on our GAAP and non-GAAP results. We delivered strong GAAP gross margins of 44.9% in the quarter, exceeding our outlook of 41.7%. Our non-GAAP gross margins were 45.2% compared to our outlook of 42%.

翻到第 10 張投影片，現在讓我分享一些有關我們的 GAAP 和非 GAAP 結果的更多詳細資訊。本季度，我們的 GAAP 毛利率達到 44.9%，超出了我們預期的 41.7%。我們的非公認會計準則毛利率為 45.2%，而我們的預期為 42%。

Our better-than-expected margins were primarily due to higher CS&I revenue, another quarter of better-than-expected warranty and installation costs, and favorable Systems mix. In addition, our gross margins are benefiting from the cost savings and efficiencies actions we've taken over the past years. And we will continue to explore ways to optimize our cost structure.

我們的利潤率優於預期，主要歸功於 CS&I 收入的增加、另一個季度的保固和安裝成本優於預期，以及有利的系統組合。此外，我們的毛利率也受惠於我們過去幾年採取的成本節約和效率措施。我們將繼續探索優化成本結構的方法。

GAAP operating expenses totaled $58.4 million. And on a non-GAAP basis, operating expenses were $53.6 million, relatively in line with our outlook of $54 million. As a result, GAAP operating profit was $29 million, reflecting a 14.9% operating margin. Our non-GAAP operating margin was 17.7%, leading to an adjusted EBITDA in the second quarter of $38.9 million, reflecting a 20% margin.

GAAP 營運費用總計 5,840 萬美元。以非公認會計準則計算，營運費用為 5,360 萬美元，與我們預期的 5,400 萬美元基本一致。因此，GAAP 營業利潤為 2,900 萬美元，營業利益率為 14.9%。我們的非公認會計準則營業利潤率為 17.7%，導致第二季調整後的 EBITDA 為 3,890 萬美元，反映出 20% 的利潤率。

We generated approximately $6 million in other income, with the sequential increase primarily due to foreign currency gains. Our tax rate was approximately 10% in the second quarter on a GAAP basis and approximately 11% on a non-GAAP basis. The lower-than-expected tax rate was primarily attributable to our foreign-derived intangible income deduction and federal research and development credits.

我們產生了約 600 萬美元的其他收入，環比成長主要由於外匯收益。我們第二季的稅率以 GAAP 計算約為 10%，以非 GAAP 計算約為 11%。低於預期的稅率主要歸因於我們的外國衍生無形收入扣除和聯邦研究與開發抵免。

For the balance of the year, we estimate our non-GAAP tax rate to be approximately 15%. Our weighted average diluted share count in the quarter was 31.9 million shares. And this all translates into GAAP diluted earnings per share of $0.98, which exceeded our outlook of $0.57.

對於今年的餘額，我們估計我們的非公認會計準則稅率約為 15%。本季我們的加權平均稀釋股數為 3,190 萬股。所有這些轉化為每股 0.98 美元的 GAAP 稀釋收益，超過了我們預期的 0.57 美元。

Non-GAAP diluted earnings per share was $1.13, exceeding our outlook of $0.73. The higher-than-expected EPS was primarily due to the better-than-expected revenue and gross margin. And in addition, our non-GAAP EPS benefited by about $0.05 due to a better-than-expected tax rate.

非公認會計準則稀釋每股收益為1.13美元，高於我們預期的0.73美元。每股盈餘高於預期主要得益於營收和毛利率高於預期。此外，由於稅率優於預期，我們的非 GAAP 每股盈餘受益約 0.05 美元。

Moving to our cash flow and balance sheet data shown on slide 11, we generated $38 million of free cash flow in the second quarter as a result of better-than-expected profitability, as well as improved days sales outstanding.

轉到投影片 11 上顯示的現金流量和資產負債表數據，由於獲利能力優於預期以及應收帳款週轉天數的改善，我們在第二季產生了 3,800 萬美元的自由現金流。

Turning to share repurchases, in the second quarter, we repurchased approximately $45 million in shares. And at the end of the second quarter, we had $168 million remaining in share repurchase authorization. We exited the quarter with a strong balance sheet, consisting of $581 million of cash, cash equivalents, and marketable securities on hand, which includes $31 million of long-term securities that we've added in the second quarter.

談到股票回購，第二季度，我們回購了約 4,500 萬美元的股票。截至第二季末，我們的股票回購授權餘額為 1.68 億美元。本季結束時，我們的資產負債表表現強勁，包括 5.81 億美元的現金、現金等價物和有價證券，其中包括我們在第二季增加的 3,100 萬美元長期證券。

Before I turn to our outlook for the third quarter, I'll share some of our current thoughts on tariffs. We continue to monitor the fluid tariff environment. And we believe we are well positioned to respond to any changes through risk mitigation strategies and by leveraging our global supply chain and manufacturing footprint. The outlook I will provide today includes a modest estimated impact from tariffs. With that, let me discuss our third-quarter outlook on slide 12.

在談到第三季的展望之前，我將分享一些我們目前對關稅的看法。我們將繼續監測流動的關稅環境。我們相信，透過風險緩解策略以及利用我們的全球供應鏈和製造足跡，我們有能力應對任何變化。我今天提供的展望包括關稅的適度估計影響。接下來，讓我在第 12 張投影片上討論我們對第三季的展望。

All measures will be non-GAAP, with the exception of revenue. We expect revenue in the third quarter of approximately $200 million. Additionally, our initial view of fourth quarter points to relatively similar levels compared to the third quarter.

除收入外，所有指標均採用非公認會計準則 (non-GAAP)。我們預計第三季的營收約為 2 億美元。此外，我們對第四季的初步看法是與第三季相比水準相對相似。

We expect non-GAAP gross margins of approximately 43%. The sequential decline is primarily due to our mix of Systems revenue for the period, as well as a slightly higher volume of Systems revenue relative to CS&I. Our current view of the fourth quarter gross margins also points to similar levels with the third quarter.

我們預計非公認會計準則毛利率約為 43%。連續下降主要是由於本期間我們的系統收入組合，以及系統收入相對於 CS&I 略高。我們目前對第四季毛利率的看法也顯示其水準與第三季相似。

We expect non-GAAP operating expenses of approximately $53 million in the third quarter and expect this to increase slightly on a sequential basis in the fourth quarter. Adjusted EBITDA in the third quarter is expected to be approximately $39 million. And finally, we estimate non-GAAP diluted earnings per share in the third quarter of approximately $1.

我們預計第三季非公認會計準則營運費用約為 5,300 萬美元，並預計第四季該費用將較上季略有增加。預計第三季調整後EBITDA約3900萬美元。最後，我們預計第三季非公認會計準則每股攤薄收益約為 1 美元。

In summary, and to echo Russell's earlier commentary, despite the cyclical softness in our markets, we are pleased with our ability to generate robust profitability, return capital to shareholders, and maintain a strong balance sheet, which positions us to deliver long-term value creation for our shareholders.

總而言之，與羅素先前的評論相呼應，儘管我們的市場呈現週期性疲軟，但我們對自己能夠創造強勁的盈利能力、向股東返還資本以及保持強勁的資產負債表感到滿意，這使我們能夠為股東創造長期價值。

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 believe we are well positioned to navigate the current cyclical downturn. Our disciplined focus on cost controls is delivering tangible benefits even in a lower-volume environment. At the same time, our strong balance sheet has enabled us to opportunistically repurchase shares and return cash to our shareholders.

謝謝你，傑米。我們相信，我們已做好準備，度過當前的周期性衰退。我們對成本控制的嚴格關注即使在較低產量的環境中也帶來了實際的效益。同時，我們強勁的資產負債表使我們能夠適時回購股票並向股東返還現金。

As we look ahead, we are confident we will emerge from this period even stronger, supported by a clear technology road map and differentiated market position. I want to thank our customers, employees, shareholders, and partners for their continued support and trust in Axcelis.

展望未來，我們相信，在清晰的技術路線圖和差異化的市場地位的支持下，我們將走出這段時期，變得更強大。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。

With that, operator, we are ready to take your questions.

接線員，我們已經準備好回答您的問題了。

(Operator Instructions) Christian Schwab, Craig-Hallum Capital.

（操作員指示）Christian Schwab，Craig-Hallum Capital。

Thanks for taking my questions. Congrats on the great quarter and the great results. As we look to the Memory market in 2026, do you have any initial indications of wafer start growth there yet?

感謝您回答我的問題。恭喜本季取得的出色業績。當我們展望 2026 年的記憶體市場時，您是否有任何初步跡象表明晶圓已經開始成長？

Hey, Christian. It's Russell. So we kind of really -- we're not forecasting 2026 yet. But I think what we've said is that -- let's just take DRAM initially. So obviously, HBM has been quite hot. That's been eating away at DRAM capacity.

嘿，克里斯蒂安。是拉塞爾。所以我們實際上——我們還沒有預測 2026 年。但我認為我們所說的是——我們首先只討論 DRAM。顯然，HBM 已經相當熱門。這一直在蠶食 DRAM 容量。

And a lot of the suppliers have been kind of four-wall constrained. So as you know, node over node, the implant intensity doesn't change much. So we would need wafer starts to increase in order to start shipping more implanters.

許多供應商都受到了四面牆的限制。因此，如您所知，節點與節點之間，植入強度不會發生太大變化。因此，我們需要增加晶圓產量，以便開始運送更多的注入機。

And I think while it may take a couple of years for new capacity to come on, I think in the end of '25, early '26, you're going to start to see some of this new capacity come online. So obviously, we're not going to be making any predictions yet, but we're excited by that.

我認為，雖然新產能可能需要幾年時間才能投入使用，但我認為在 25 年底或 26 年初，您將開始看到一些新產能上線。顯然，我們暫時不會做出任何預測，但我們對此感到興奮。

Great. And then my second question has to do with the General Mature marketplace. Kind of information by the chip manufacturers is kind of scattered as far as outlook and optimism in auto and industrial. But from your perspective, do you see that market improving in the second half of '25? Or do you think that's really a calendar 2026 event?

偉大的。我的第二個問題與通用成熟市場有關。就汽車和工業領域的前景和樂觀程度而言，晶片製造商提供的資訊比較分散。但從您的角度來看，您認為 25 年下半年市場會好轉嗎？或者您認為這真的是 2026 年日曆上的事件？

Yeah. So I think -- so we're kind of saying we believe that our revenue for the second half of '25 is going to be slightly up on our revenue for the first half of '25. But it won't be due to General Mature. I think we kind of -- we've said that we're actually seeing a slight uptick, and it's because of Power. General Mature is -- I think it's in a digestion period at this stage.

是的。所以我認為——我們的意思是，我們相信 25 年下半年的收入將比 25 年上半年的收入略有上升。但這不會歸咎於將軍成熟。我認為我們有點——我們已經說過，我們實際上看到了輕微的上升，這是因為權力。整體成熟是－我認為現階段正處於消化期。

Great. No other questions, and congrats on the great results. Thank you.

偉大的。沒有其他問題，恭喜您取得優異的成績。謝謝。

Thanks, Christian.

謝謝，克里斯蒂安。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Yeah, thanks for taking the question. And, guys, Congratulations on very strong execution through the income statement and the strong guide. I wanted to follow up to start, Russell, with further inquiry into one of the points you made around silicon carbide customers using the current period for R&D and technology transition.

是的，感謝您提出這個問題。夥計們，祝賀你們透過損益表和強有力的指南實現了非常強勁的執行。首先，羅素，我想進一步探討您提出的關於碳化矽客戶利用當前時期進行研發和技術轉型的一個觀點。

So the question is this, to me, that sounds like customers are acquiring tools for use in R&D lines versus in volume production, which would imply that when they're ready for volume production, there might be a further inflection in demand. Is that the right interpretation and implication from what you were saying there?

所以對我來說，問題是，這聽起來像是客戶正在購買用於研發線而不是大量生產的工具，這意味著當他們準備好進行大量生產時，需求可能會進一步變化。這是您所說的內容的正確解釋和含義嗎？

Hey, Craig. So actually, so just to kind of recap, we think the silicon carbide is slightly stronger in the second half of '25 than the first half. What we begin to see is a bit more of a bifurcation. Within China, obviously, they're looking to get the processes laid down, get the yield up, get the cost down.

嘿，克雷格。所以實際上，簡單回顧一下，我們認為 25 年下半年的碳化矽比上半年略強。我們開始看到更多的分歧。在中國，他們顯然希望能完善流程、提高產量、降低成本。

And they're focusing a lot on 6-inch planar. Some are looking at 200-millimeter planar. Outside of China, you're seeing customers drive very quickly to 200 and particularly to advanced devices as well. So they're looking to go from planar to trench. And then we've also got customers working on super junction as well.

他們非常關注 6 英寸平面。有些人正在研究 200 毫米平面。在中國以外，你會看到客戶很快就將車速提高到 200 英里/小時，尤其是使用先進的設備。因此他們正在尋求從平面到溝槽的轉變。我們也有客戶在研究超級連結點。

So you've seen this bifurcation in technology. And those buys have been specifically focused on these new technologies. So as we've mentioned before, to make trench and super junction devices, you need high-energy implanters. And as the market leader for high energy, this is playing beautifully to our sweet spot. And we're working very close with our customers to develop their processes utilizing these tools.

所以你已經看到了技術上的這種分歧。這些購買都特別針對這些新技術。正如我們之前提到的，要製造溝槽和超結裝置，您需要高能量注入機。作為高能量市場的領導者，這對我們來說是一個完美的機會。我們正在與客戶密切合作，利用這些工具來發展他們的流程。

Great. Really helpful. And then, Jamie, a follow-up on your comments around gross margin and drivers to the robust levels in the quarter. So I think you mentioned CS&I mix, warranty performance, mix, and trailing multiyear cost reduction.

偉大的。真的很有幫助。然後，傑米，請您跟進一下您關於毛利率和本季強勁水平驅動因素的評論。所以我認為您提到了 CS&I 組合、保固性能、組合和未來多年的成本降低。

The question is this, can you talk a little bit more about where you see structural gains in some of those COGS drivers, whether it's warranty or just the ability to perpetuate ongoing cost gains? Because as Systems eventually comes back, we'll lose at least one of the favorable drivers. And I want to better understand how some of the others could help perpetuate the strong performance. Thank you.

問題是這樣的，您能否再多談談您認為某些 COGS 驅動因素的結構性收益在哪裡，無論是保固還是僅僅是延續持續成本效益的能力？因為隨著系統最終回歸，我們將失去至少一個有利的驅動因素。我想更了解其他人如何幫助延續強勁的表現。謝謝。

Yeah. Thanks, Craig. Good question on the margins. Yeah. So mix is -- as you noted, Systems mix, so mix within our Systems and then mix between Systems and CS&I, will continue to be the primary driver of gross margin for us over the reporting period -- over the sort of performance period.

是的。謝謝，克雷格。關於邊緣的問題，問得好。是的。因此，正如您所說，系統組合，即我們系統內的組合以及系統和 CS&I 之間的組合，將繼續成為報告期間（即在某種績效期內）我們毛利率的主要驅動力。

The structural changes that we're making are in sort of we'll call like -- we call them below-standard-cost-type items that's in our warranty installation and sort of other expenses related to that as well as, to some extent, the maximization of our global operations footprint, which we've talked about, which will provide some incremental benefits over time.

我們正在進行的結構性變化有點像我們所說的——我們稱之為低於標準成本類型的項目，這些項目包括我們的保固安裝和與之相關的其他費用，以及在某種程度上最大化我們的全球營運足跡，我們已經討論過，這將隨著時間的推移帶來一些增量效益。

When we talk about our long-term margin trajectory and projections, the cost -- we're going to continue to drive cost out to the best of our ability. That is a multiyear path for us to see that sort of change in a much more meaningful and structural way. But what we've done here in 2024, and now you're seeing to some extent through 2025, is that on the lower volumes, we have been able to drive sort of higher margins here in a pretty nice and meaningful way.

當我們談論我們的長期利潤軌跡和預測時，成本——我們將繼續盡最大努力降低成本。我們將經過多年的努力，才能以更有意義、更結構化的方式看到這種變化。但我們在 2024 年所做的，以及現在您在某種程度上看到的 2025 年所做的，是，在較低的銷量上，我們已經能夠以相當好且有意義的方式提高利潤率。

Looking to the back half of the year, we do see margins come down slightly relative to the expectations, and that really is driven by mix. So we still have those favorable benefits that we're seeing below the line. But the mix is really going to put a little bit of pressure on margins here in the back half of '25.

展望下半年，我們確實看到利潤率相對於預期略有下降，而這確實是由混合因素驅動的。因此，我們仍然享有低於預期的有利利益。但這種組合確實會對 2025 年下半年的利潤率帶來一些壓力。

Really helpful, Jamie. Thanks, guys.

真的很有幫助，傑米。謝謝大家。

Yup.

是的。

Thanks, Craig.

謝謝，克雷格。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

Hi, thanks for taking my question, and I'll echo the sentiments. Russell, I'm just -- I was wondering if I could go back to a previous question and just get a little bit more detail. I think it's helpful to understand sort of the Western shift to more advanced structures, such as trench, where the capital intensity for high energy is greater.

你好，感謝您回答我的問題，我會表達同樣的看法。拉塞爾，我只是——我想知道我是否可以回到之前的問題並了解更多細節。我認為這有助於理解西方向更先進結構的轉變，例如海溝，其中高能量​​資本密集度更高。

I just -- the question is, as you discuss the difference between China and rest of the world, are you implying that -- because high energy is used in planar and trench, is the mix that you're selling into China actually high current and medium current-skewed? Or is it high energy but just for planar versus high energy for the more capital-intensive trench and rest of the world? And then I have a follow-up.

我只是——問題是，當您討論中國和世界其他地區的差異時，您是否暗示——因為平面和溝槽中使用了高能量，所以您向中國銷售的混合物是否實際上是高電流和中電流傾斜的？或者說，高能量只是針對平面，而高能量則針對資本密集的溝槽和世界其他地區？然後我有一個後續問題。

Right. So to do standard planar, you don't actually need high energy. So that would be the high current and the medium current, and those will be the tool sets you'd need. As you start to go into higher energy, you're going to need -- I'm saying like you go into like trench and super junctions. That's when you need to start using high energy.

正確的。因此，要實現標準平面，實際上並不需要高能量。這就是高電流和中電流，這些就是您需要的工具集。當你開始進入更高的能量時，你將需要——我是說就像你進入溝壑和超級結一樣。那時你就需要開始使用高能量。

And the intensity of high energy goes up, obviously, because you can't diffuse these implant profiles in the silicon carbide. You have to overlay them with channel -- sorry -- with chaining. And also, we're seeing the energy is going higher and higher as well. So it's utilizing more and more of our high energy capability.

顯然，高能量的強度會上升，因為你無法將這些植入輪廓擴散到碳化矽中。您必須用通道覆蓋它們——抱歉——用連結。而且，我們還看到能量越來越高。因此，它正在越來越多地利用我們的高能量能力。

So if you're going to do trench and super junction, you're going to be using medium current and high energy, and probably a little smattering of high -- sorry -- high current, medium current, and high energy. But if you're doing planar, you don't need the high energy.

因此，如果您要進行溝槽和超結，您將要使用中等電流和高能量，並且可能還需要一點高 — — 抱歉 — — 高電流、中等電流和高能量。但如果你做的是平面，你就不需要高能量。

I appreciate you -- yeah, that helps a lot. As my follow-up, and maybe somewhat related, clearly, your position in high energy with a linear particle accelerator is a clear differentiation versus your competitor. I'm curious on the R&D front, away from just traditional Power and silicon carbide, are you seeing any applications that are demanding high energy in a similar way that silicon carbide has? I'm just curious, as you look out on the horizon in terms of markets, what you're seeing? Thanks.

我很感激你——是的，這很有幫助。作為我的後續問題，也許有些相關，顯然，你們在高能量直線粒子加速器領域的地位與競爭對手有著明顯的差異。我對研發方面很好奇，除了傳統的電力和碳化矽之外，您是否看到任何應用對高能量的要求與碳化矽類似？我只是好奇，當您展望市場前景時，您看到了什麼？謝謝。

So high energy is used in pretty much every application, right, other than Advanced Logic. So in NAND and DRAM, particularly in image sensors, they are particularly deep devices because of the IQE. So you have lots of implants into those.

因此，除了高級邏輯之外，幾乎所有應用都使用高能量。因此在 NAND 和 DRAM 中，特別是在影像感測器中，由於 IQE，它們是特別深的設備。所以你有很多植入物。

We're also seeing some kind of more advanced kind of avalanche devices being -- utilizing really high energy. But I'd say that silicon carbide is definitely a driver at the moment. But high energy -- and when I say high energy, we've got various flavors of high energy, all the way up to like 15 megaelectron volts. So we certainly cover the entire gamut. But, yeah, the density of high-energy implants in silicon carbide is certainly a driver.

我們也看到了一些更先進的雪崩裝置——利用非常高的能量。但我想說，碳化矽目前絕對是個驅動因素。但是高能量——當我說高能時，我們擁有各種類型的高能，最高可達 15 兆電子伏特。所以我們當然涵蓋了整個範圍。但是，碳化矽中高能量注入物的密度肯定是一個驅動因素。

Great. Thank you. I'll jump back in queue.

偉大的。謝謝。我會重新回到隊列中。

Great. Thanks, Jed.

偉大的。謝謝，傑德。

Jack Egan, Charter Equity Research.

傑克‧伊根 (Jack Egan)，特許權益研究公司。

Great. Thanks for taking the questions. So I was curious if tariff pull-ins or anything of the like might be contributing to some of the positive momentum in CS&I. Because last quarter, you mentioned that spare parts saw some upside.

偉大的。感謝您回答這些問題。因此我很好奇，關稅拉動或類似措施是否會對 CS&I 的一些積極勢頭做出貢獻。因為上個季度，您提到備件出現了一些上漲。

And logically, depending on the sector or the end market, I guess, if these customers had underutilized capacity, then I would imagine to get ahead of tariffs, they might purchase some spares rather than new Systems. So I guess, maybe just more broadly, what were some of the drivers behind the strong performance in CS&I?

從邏輯上講，根據行業或終端市場，我猜，如果這些客戶的產能未充分利用，那麼我想，為了領先於關稅，他們可能會購買一些備件而不是新系統。所以我想，也許更廣泛地說，CS&I 強勁表現背後的一些驅動因素是什麼？

Yeah, no, it's a good question, Jack. And obviously, Q2 coming into Q2 is a wild time, right, with the announcement of the tariffs, the regimes, and all the sort of uncertainty that created. I would say nothing material driven by what we saw from a pull-in perspective.

是的，不，這是個好問題，傑克。顯然，進入第二季度是一個瘋狂的時期，隨著關稅、制度的公佈以及由此產生的所有不確定性。我想說，從吸引的角度來看，我們所看到的並沒有什麼實質的推動作用。

Really, the driver for us in the second quarter for our CS&I had to do with upgrades and upgrade-related activity. We've talked about this on our road map to sort of -- new capacity additions is you're going to see increased utilization.

實際上，第二季度我們 CS&I 的驅動力與升級和升級相關活動有關。我們已經在路線圖上討論過這個問題——增加新的產能將會增加利用率。

You're going to see our customers finding ways to squeak out incremental efficiencies out of their current tool sets, right, that leads to higher upgrade activity, higher spares, consumables, and others. And then they'll go through and make those capacity additions over time.

您會看到我們的客戶正在尋找方法，從他們目前的工具集中榨取增量效率，從而帶來更高的升級活動、更高的備件、消耗品和其他。然後他們會隨著時間的推移而不斷增加產能。

So the trend is following sort of the playbook that we've seen in the past. But as Russell noted in the commentary, we have not seen the inflection point yet that's going to translate that into necessarily increased bookings just yet. We still think we're sort of bouncing along the bottom. But the fact that upgrades came in a little bit stronger in Q2 helped both our CS&I margin and the overall margin for the period.

因此，這種趨勢遵循著我們過去所見的劇本。但正如拉塞爾在評論中指出的那樣，我們還沒有看到必然導致預訂量增加的拐點。我們仍然認為我們正在底部徘徊。但事實上，第二季的升級略有增強，這對我們的 CS&I 利潤率以及該期間的整體利潤率都有幫助。

And, Jack, to kind of like piggyback on the back of that, so we have been investing in upgrades. It's a great opportunity because, one, we have a large installed base of legacy tools, but we also have a large installed base of our Purion platform as well. So it's a relatively captive market. And we've made a point of managing customers' product life cycles. So this has been a really good business for us.

傑克，為了利用這一點，我們一直在投資升級。這是一個很好的機會，因為，首先，我們擁有大量傳統工具的安裝基礎，而且我們也擁有大量 Purion 平台的安裝基礎。所以這是一個相對壟斷的市場。我們非常重視管理客戶的產品生命週期。所以這對我們來說確實是一門很好的生意。

Great. Okay. That's helpful. And then I guess, it was good to see the elevated repurchases in the quarter. Should we expect kind of a higher baseline going forward? Or was this more just Axcelis being a bit more opportunistic?

偉大的。好的。這很有幫助。我想，看到本季回購量增加是件好事。我們是否應該期待未來基線會更高？或者這只是 Axcelis 的一種機會主義行為？

Yeah. We certainly talked about our sort of capital allocation strategy, right, being sort of organic growth-based, right, higher R&D investments, and others, and then sort of pivoting over to the return side as well as looking at inorganic.

是的。我們當然談到了我們的資本配置策略，對吧，是基於有機成長的，更高的研發投資等等，然後轉向回報方面以及專注於無機方面。

So again, during the second quarter, we were opportunistic here, allocating the $45 million-plus to share repurchases in the period. As we go forward -- our comment at the time we announced our incremental authorization in the second quarter was around having -- buying at a higher rate than we had historically.

因此，在第二季度，我們再次抓住機會，撥出 4,500 多萬美元用於該期間的股票回購。隨著我們繼續前進——我們在第二季度宣布增量授權時的評論是——以比歷史更高的速度購買。

And so you may recall, if you go back into some of our filings, you'll see we typically bought around $15 million or so a quarter. So we do anticipate buying at an elevated rate relative to that $15 million. But I'm not going to forecast exactly how much we'll put towards share repurchases for the third quarter just yet.

您可能還記得，如果您回顧我們的一些文件，您會發現我們通常每季購買約 1500 萬美元。因此，我們確實預計購買價格會高於 1500 萬美元。但我現在還不能準確預測第三季我們將投入多少股票回購資金。

Got it. Okay. Thanks. That's helpful.

知道了。好的。謝謝。這很有幫助。

Thanks, Jack.

謝謝，傑克。

Tom Diffely, D.A. Davidson & Company.

湯姆‧迪菲利 (Tom Diffely)，D.A. Davidson & Company。

Yes, good morning. Thank you for the questions. Russell, first, I was hoping to get an update on just the state of the competition in China and maybe both on a Systems and the spares business point of view.

是的，早安。謝謝您的提問。拉塞爾，首先，我希望了解中國競爭的最新情況，以及系統和備件業務方面的情況。

Hey, Tom. Yeah, sure. So obviously, we monitor our competition incredibly carefully, particularly a lot of the new companies that are starting up in China. As I mentioned, there's been competition in China for many years. There's like two competitors out there, have been there for about 20 years.

嘿，湯姆。是的，當然。因此，顯然，我們非常仔細地監控我們的競爭對手，特別是許多在中國成立的新公司。正如我所提到的，中國多年來一直存在競爭。那裡有兩個競爭對手，已經存在大約 20 年了。

And what I'd say is that they are -- we don't see them outside of China. We don't see them in accounts that are available to US manufacturers, if you like. I think they're getting their foothold in these accounts that are essentially off limits to US manufacturers.

我想說的是，我們在中國以外沒有看到它們。如果您願意的話，我們在美國製造商可用的帳戶中看不到它們。我認為他們正在這些基本上禁止美國製造商進入的帳戶中站穩腳跟。

The feedback we get is that they're still very immature. I mean, remember, these things -- these tools have really big simultaneous compliance requirements. So you need really high throughput. You need really good beam uniformity, beam angles, beam purity, low particles.

我們得到的回饋是他們還非常不成熟。我的意思是，記住，這些東西——這些工具有非常大的同步合規要求。所以你需要非常高的吞吐量。您需要真正良好的光束均勻性、光束角度、光束純度和低顆粒。

It really does take a huge amount of knowledge, experience, and work in order to come down -- get that maturity curve where you need it to be. So we're certainly watching them very carefully. I would say they're still very early on in their road map.

為了達到你需要的成熟度曲線，確實需要大量的知識、經驗和工作。所以我們當然會非常仔細地觀察它們。我想說他們的路線圖還處於非常早期的階段。

Okay. That's very helpful. And maybe as a follow-up, Jamie, maybe talk a little bit about the backlog. At this point, is it just Systems, or does it include Systems plus CS&I? And what do you think the projected shipment or timing is of that backlog?

好的。這非常有幫助。作為後續，傑米，或許可以談談積壓問題。此時，它只是系統，還是包括系統加 CS&I？您認為這些積壓訂單的預計出貨量或時間是如何的？

Yeah. So that's a great question, Tom. Yeah, our backlog numbers we report are just Systems-related orders. So it does not include any of our CS&I revenue expectations in there. So it's just Systems purchase orders that we've brought into the business.

是的。這是一個很好的問題，湯姆。是的，我們報告的積壓訂單數量只是與系統相關的訂單。因此，它不包括我們的任何 CS&I 收入預期。因此，我們引進業務的只是系統採購訂單。

As it relates to the timing, that backlog carries into 2026, for sure. And as we think about it, it gives us a nice runway, right, as we go into 2026. But we are looking to see that inflection point where we get increased bookings.

就時間而言，積壓訂單肯定會延續到 2026 年。正如我們所想，當我們進入 2026 年時，它為我們提供了一條良好的跑道。但我們期待看到預訂量增加的拐點。

I think of note, it's important for us to remember that we are at, despite the bookings, not necessarily maybe being where we want them to be. They are at substantially higher levels than they were in the back half of 2024. And so we are starting to see some movement there.

我認為值得注意的是，我們必須記住，儘管有預訂，但我們不一定能達到我們想要的效果。它們的水平比 2024 年下半年高得多。因此我們開始看到那裡的一些動靜。

And ultimately, we just want to make sure that we position the business to be able to execute very well on the upturn, right? So investing in the R&D, maintaining slightly higher inventory levels to be opportunistic with when that upswing occurs that we've got the inventory related to our high-turn Systems available for our customers. And so again, we're proud of the execution so far through the first six months here of 2025, and we look to finish the year out good.

最終，我們只是想確保我們的業務能夠在經濟好轉時表現良好，對嗎？因此，投資研發，保持略高的庫存水平，以便在出現上升趨勢時抓住機會，我們可以為客戶提供與高週轉系統相關的庫存。因此，我們再次為 2025 年前六個月的執行情況感到自豪，並期待今年能夠取得圓滿成功。

Great. And I appreciate the color from both you. Thanks.

偉大的。我很欣賞你們兩位的風采。謝謝。

Thanks, Tom.

謝謝，湯姆。

Thanks, Tom.

謝謝，湯姆。

Mark Miller, The Benchmark Company.

馬克·米勒，基準公司。

Good morning, and thank you for the question. I'm just trying to reconcile a couple of things here that China EV sales, as you noted, they've been strong year over year, yet you're projecting flat China sales in the second half.

早安，感謝您的提問。我只是想在這裡調和幾件事：正如您所說，中國電動車銷量逐年強勁，但您預測下半年中國電動車銷量將持平。

Similarly, DRAM sales have also been strong, but your Memory sales were just 3% of total shipments and were sequentially down. I'm just trying to reconcile both of these things with what you're seeing.

同樣，DRAM 的銷售也很強勁，但你們的記憶體銷售額僅佔總出貨量的 3%，並且連續下降。我只是想將這兩件事與你所看到的東西相協調。

Yeah. So I think on the China side, what you're seeing is, again, they built out significant capacity over -- through '24, and it's coming into the year. We knew that they would use '25 in order to increase the productivity and efficiency of their tools and Systems while continuing to add capacity, but at a slightly lower rate.

是的。因此，我認為在中國方面，你再次看到的是，他們在 2024 年再次建立了顯著的產能，並且即將進入今年。我們知道他們會使用 '25 來提高其工具和系統的生產力和效率，同時繼續增加產能，但速度會略低。

So although we see Power continue to be strong, we see China continuing to perform for us. Our customers are absolutely trying to find ways to increase the penetration of silicon carbide into the EVs. The penetration rate of silicon carbide into EV in China is still relatively low given the volume of automobiles they're selling.

因此，儘管我們看到 Power 繼續保持強勁，但我們看到中國繼續為我們帶來表現。我們的客戶正在努力尋找方法來增加碳化矽在電動車中的滲透率。相對於中國汽車銷量而言，碳化矽在電動車中的滲透率仍然相對較低。

In addition to that, Mark, we're seeing some Chinese auto manufacturers push silicon carbide into hybrid vehicles as well. So I would say the market for silicon carbide in the electric vehicle, hybrid vehicle market, is increasing. And as a result, our customers are trying to find ways to make sure that their devices are qualified to support that in future periods. So I think that's the dynamic we're seeing there.

除此之外，馬克，我們看到一些中國汽車製造商也將碳化矽推廣到混合動力汽車中。因此我想說電動車、混合動力汽車市場對碳化矽的需求正在成長。因此，我們的客戶正在努力尋找方法來確保他們的設備在未來能夠支援這一點。所以我認為這就是我們在那裡看到的動態。

On the Memory side, we knew Memory was coming into the year. We had the deliveries there in the first quarter, which was a nice uptick. We still expect Memory to be muted through 2025, as our customers are digesting the capacity.

在記憶體方面，我們知道記憶體即將進入新一年。我們在第一季就完成了交付，這是一個不錯的成長。我們仍然預計到 2025 年記憶體需求將保持低迷，因為我們的客戶正在消化容量。

As Russell has noted a couple of times here, they're finding opportunities with the growth of HBM to sort of repurpose other parts of the fab to tweak tools in here or there to eke out incremental capacity. But they haven't necessarily pulled the trigger on significant capacity additions just yet.

正如 Russell 多次指出的那樣，他們正在尋找機會，利用 HBM 的增長來重新利用晶圓廠的其他部分，在這裡或那裡調整工具，以增加產能。但他們尚未開始大幅增加產能。

And so what we're really seeing is opportunistic buys by our customers to get that just one or two, three more implanters in there. And Memory will ebb and flow over the course of this year. It should be higher than what we saw in 2024, but it's still going to be at muted levels relative to our historical experience.

因此，我們真正看到的是客戶投機取巧地購買一到兩到三個植入器。而記憶將在今年起起伏伏。它應該會高於我們在 2024 年看到的水平，但相對於我們的歷史經驗而言，它仍然處於較低水平。

Thank you.

謝謝。

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

問答環節到此結束。現在我想請 David Ryzhik 作最後發言。

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

謝謝您，接線生。我要感謝大家參加電話會議以及對 Axcelis 的關注。接線員，您可以掛斷電話了。

This concludes the presentation. Thank you for your participation in today's conference. You may now disconnect. Good day.

演講到此結束。感謝大家參加今天的會議。您現在可以斷開連線。再會。