Axcelis Technologies Inc (ACLS) 2025 Q3 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 third-quarter 2025. My name is Brittany Morgan, and I will be your coordinator for today.

各位女士、先生，大家好，歡迎參加 Axcelis Technologies 的電話會議，我們將討論公司 2025 年第三季的業績。我叫布列塔尼‧摩根，我將擔任你們今天的協調員。

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，我謹將今天的演講交給本次電話會議的主持人，投資者關係和企業策略高級副總裁大衛·雷日克 (David Ryzhik)。請繼續。

Thank you, operator. This is David Ryzhik, Senior Vice President of Investor Relations and Corporate Strategy. And with me today is Russell Low, President and CEO; and Jamie Coogan, Executive Vice President and CFO. If you have not seen 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.

謝謝接線生。這是投資者關係和企業策略高級副總裁大衛·雷日克。今天陪同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。如果您尚未看到我們今天早些時候發布的新聞稿，可以在我們的網站上找到。此外，我們也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這些幻燈片。

Playback service will also be available on our website as described in our press release. Please note that comments made today about our expectations for future revenues, profits, and other results are forward-looking statements under the SEC's safe harbor provision. These forward-looking statements are based on management's current expectations and are subject to the risks inherent in our business. These risks are described in detail in our annual report on Form 10-K 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.

如新聞稿中所述，我們也將在網站上提供播放服務。請注意，今天我們對未來收入、利潤和其他業績的預期所作的評論，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，並受到我們業務固有風險的影響。這些風險已在我們的 10-K 表格年度報告和其他提交給美國證券交易委員會的文件中進行了詳細描述，我們強烈建議您仔細閱讀。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。

Given the pending merger with Veeco, we will not be addressing questions related to the transaction. Please note that today's call is neither an offering of securities nor solicitation of a proxy vote in connection with our previously announced transaction with Veeco. We urge you to read the joint proxy statement relating to the transaction with Veeco once it becomes available.

鑑於與 Veeco 的合併正在進行中，我們將不回答與該交易相關的問題。請注意，今天的電話會議既不是證券發行，也不是就我們先前宣布的與 Veeco 的交易徵集代理投票。我們敦促您在聯合委託書發布後仔細閱讀該委託書，該委託書與 Veeco 的交易有關。

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GAAP財務指標。有關我們的非GAAP財務表現以及與GAAP指標的調節表，請參閱我們的新聞稿及相關資料。

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

現在我將把電話交給總裁兼執行長羅素·洛。

Good morning, and thank you for joining us for our third-quarter 2025 earnings call. Beginning on slide 4, we generated solid results in the third quarter with revenue of $214 million and non-GAAP earnings per diluted share of $1.21, both exceeding our outlook. We delivered record CS&I revenue as well as slightly better-than-expected system revenue, which drove the better-than-expected profitability. Bookings in the third quarter declined on a sequential basis, primarily led by a softer power and general mature bookings, which were partially offset by an improvement in memory. While bookings fluctuate from quarter to quarter, based on recent encouraging quoting activity and our conversations with customers on their build plans, we anticipate bookings to improve sequentially in the fourth quarter.

早安，感謝各位參加我們2025年第三季財報電話會議。從第 4 張投影片開始，我們在第三季取得了穩健的業績，收入達到 2.14 億美元，非 GAAP 稀釋後每股收益為 1.21 美元，均超過了我們的預期。我們實現了創紀錄的 CS&I 收入，以及略優於預期的系統收入，從而帶來了好於預期的獲利能力。第三季預訂量較上季下降，主要原因是電力需求疲軟和整體成熟訂單減少，但記憶體需求的改善部分抵消了這些影響。雖然預訂量每季都會有所波動，但根據最近令人鼓舞的報價活動以及我們與客戶就其建造計劃進行的溝通，我們預計第四季度的預訂量將環比改善。

Before I provide more detail on the trends we are seeing by Market segment, I'd like to touch on our recent transaction announcement. On October 1, we announced that Axcelis and Veeco had agreed to merge to create what we believe will be a leading semiconductor equipment company. We have long admired Veeco's history of innovation and its track record of delivering breakthrough products, and this merger is expected to position the combined company as a key beneficiary and critical enabler of secular tailwinds, including AI and electrification. I want to take this opportunity to recap a few points that we made when we announced this deal and what is highly compelling opportunity for both companies. Starting with cross-sell synergy, we believe each company can open doors for the other.

在詳細介紹我們按市場細分領域觀察到的趨勢之前，我想先談談我們最近宣布的交易。10 月 1 日，我們宣布 Axcelis 和 Veeco 已同意合併，我們相信這將打造一家領先的半導體設備公司。我們一直很欣賞 Veeco 的創新歷史和其推出突破性產品的記錄，此次合併有望使合併後的公司成為人工智慧和電氣化等長期利好因素的主要受益者和關鍵推動者。我想藉此機會回顧我們在宣布這項交易時提出的幾個要點，以及這對兩家公司來說極具吸引力的機會。我們相信，從交叉銷售綜效入手，每家公司都可以為另一家公司打開機會之門。

One such example is with Axcelis implant and Veeco's laser annealing solutions, which are adjacent steps and reside in the same diffusion module in the fab. In addition, our combined technical depth is expected to enable us to optimize technology advancements. An example of this is our plan to leverage our deep ion source and component expertise to enhance Veeco's ion beam deposition capabilities and vice versa.

例如，Axcelis 的離子注入和 Veeco 的雷射退火解決方案是相鄰的步驟，並且位於晶圓廠的同一個擴散模組中。此外，我們雙方雄厚的技術實力有望使我們能夠優化技術進步。例如，我們計劃利用我們在深離子源和組件方面的專業知識來增強 Veeco 的離子束沉積能力，反之亦然。

Second, from a market perspective, we are strong in Silicon Carbide, while Veeco has an exciting opportunity in MOCVD for GaN on silicon. We believe this combined presence will allow us to be a comprehensive solution provider to the compound semiconductor market, which is becoming increasingly relevant due to electrification, including the growing need for greater power efficiency driven in part by the rise in AI.

其次，從市場角度來看，我們在碳化矽領域實力雄厚，而 Veeco 在矽基氮化鎵的 MOCVD 領域擁有令人興奮的機會。我們相信，這種聯合實力將使我們能夠成為化合物半導體市場的綜合解決方案提供商，而化合物半導體市場由於電氣化而變得越來越重要，包括人工智慧興起帶來的對更高能源效率日益增長的需求。

In addition, we believe Veeco's MOCVD business has an opportunity in microLED as well as an indium phosphide opportunity for optical communication products, which is an emerging data center application. Moreover, we see opportunities stemming from our strength in memory and mature foundry logic, which we believe are complemented very well by Veeco's strength in advanced foundry logic and advanced packaging, stretching across annealing, ion beam deposition, wet processing and lithography solutions. It's also worth noting that the combined company is expected to be better equipped to better serve our customers through access to an expanded installed base supported by stronger aftermarket services. Finally, the all-stock nature of this transaction is expected to position the combined company to have a resilient operating profile and balance sheet post closing, which we believe allows us to invest in our business to drive organic growth as well as return capital to shareholders.

此外，我們認為 Veeco 的 MOCVD 業務在微型 LED 領域有發展機遇，並且在光通訊產品（一種新興的資料中心應用）的磷化銦領域也有發展機會。此外，我們看到了我們在記憶體和成熟的代工邏輯方面的優勢所帶來的機遇，我們相信這些優勢與 Veeco 在先進代工邏輯和先進封裝方面的優勢（涵蓋退火、離子束沉積、濕法工藝和光刻解決方案）能夠很好地互補。值得一提的是，合併後的公司預計將透過擴大用戶基礎和更強大的售後服務，更好地服務我們的客戶。最後，我們預計此交易將以全股票形式完成，這將使合併後的公司在交易完成後擁有穩健的營運狀況和資產負債表，我們相信這將使我們能夠投資於我們的業務，以推動內生成長，並向股東返還資本。

In short, by bringing our two companies together, we believe we are building a leading semiconductor equipment company with the capabilities, resources and financial foundation to drive sustainable growth and value creation for shareholders and drive meaningful benefits for all our stakeholders. With that, let me now turn back to our Q3 results and the trends we're seeing by market category.

簡而言之，我們相信，透過將我們兩家公司合併，我們將打造一家領先的半導體設備公司，該公司擁有推動永續成長、為股東創造價值以及為所有利益相關者帶來切實利益的能力、資源和財務基礎。接下來，讓我回到我們第三季的業績以及我們按市場類別觀察到的趨勢。

Turning to slide 6. 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 7, let me review our trends by end market.

翻到第6張投影片。本季度，成熟節點應用的銷售額幾乎占我們系統出貨量的全部，特別是面向電源和通用成熟節點的應用。現在請看第 7 張投影片，讓我按終端市場回顧我們的趨勢。

Within our Power business, shipments to Silicon Carbide applications grew nicely on a sequential basis. Consistent with our commentary heading into 2025, customers continue to digest the capacity that has been put in place over the past few years. However, in China, multiple customers continue to build out capacity as they strive to address growing demand in the local market, while customers outside of China are making select investments into next-generation technology such as trench and super junction. Moreover, in the quarter, we shipped several tools to multiple customers that have only just begun to develop their Silicon Carbide capability. We believe this is yet another validation of the long-term secular growth opportunity in Silicon Carbide and customers recognize the world's need for more efficient power delivery will continue to accelerate.

在我們的電力業務中，碳化矽應用領域的出貨量逐季穩定成長。正如我們對 2025 年的評論所言，客戶仍在消化過去幾年已投入使用的產能。然而，在中國，許多客戶仍在不斷擴大產能，並努力滿足當地市場日益增長的需求，而中國以外的客戶則對溝槽和超級連接等下一代技術進行選擇性投資。此外，本季我們向多家剛開始發展碳化矽能力的客戶交付了多套工具。我們認為這再次驗證了碳化矽的長期成長潛力，客戶也意識到世界對更高效電力傳輸的需求將持續加速成長。

As the cost of Silicon Carbide continues to decline, we anticipate its adoption in an expanding array of applications will continue to grow, ultimately requiring more investments in technology and capacity. As we've noted in the past, Axcelis is a market and technology leader in high-energy ion implantation, which is becoming increasingly critical for next-generation Silicon Carbide devices. In August, we announced a joint development program with GE Aerospace to pursue production-worthy high-voltage Silicon Carbide devices utilizing our Purion XEmax system, which is our highest energy implanter delivering up to 15 million electron volts in an IMV. We are proud to partner with GE Aerospace on this exciting initiative.

隨著碳化矽成本的持續下降，我們預計其在不斷擴大的應用領域中的應用將繼續成長，最終需要對技術和產能進行更多投資。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，而高能量離子注入對於下一代碳化矽元件來說正變得越來越重要。8 月，我們宣布與 GE Aerospace 開展聯合開發計劃，利用我們的 Purion XEmax 系統開發可用於生產的高壓碳化矽元件。 Purion XEmax 系統是我們能量最高的注入機，可在 IMV 中提供高達 1500 萬電子伏特的電壓。我們很榮幸能與GE航空航太公司合作這項令人興奮的計畫。

In September, we made multiple new product announcements, including our new Purion Power Plus series at the annual ICSCRM Conference, which was held in Korea. The platform is designed to enable improved device performance and increased productivity for next-generation power devices. While the majority of the platform is targeted to the Silicon Carbide market, there are also applications for silicon and gallium nitride. Axcelis has a proven track record of collaborating with customers to develop innovative solutions, and this product announcement is no different.

9 月，我們在韓國舉行的年度 ICSCRM 大會上發布了多款新產品，其中包括我們的全新 Purion Power Plus 系列。該平台旨在提高下一代功率設備的性能和生產力。雖然該平台的大部分目標市場是碳化矽市場，但它也適用於矽和氮化鎵。Axcelis 在與客戶合作開發創新解決方案方面有著良好的記錄，此次產品發布也不例外。

We also have received positive customer feedback about our new high-energy channeling capability and MUSIC, our multistep implant chain capability, which reduces the overhead of wafer transfer time during the implant process, enabling our customers to have increased output with less downtime between recipes. This capability is on tools, we've already placed in the field with our leading customers. And as I said, we are receiving positive feedback.

我們也收到了客戶對我們新的高能量通道技術和 MUSIC（我們的多步驟植入鏈技術）的積極回饋，該技術減少了植入過程中晶圓轉移時間的開銷，使我們的客戶能夠在配方之間減少停機時間，從而提高產量。這項功能已整合到我們已部署到主要客戶現場的工具中。正如我所說，我們收到了很多正面的回饋。

Additionally, Axcelis announced the launch of the GSD Ovation ES, a high current multi-wafer ion implanter targeted specifically for engineered substrates. Turning back to the near-term demand environment in Silicon Carbide, we continue to see select areas of capacity and technology investment, and we expect revenue from Silicon Carbide to fluctuate from quarter to quarter with fourth quarter expected to be down slightly on a sequential basis.

此外，Axcelis 也宣布推出 GSD Ovation ES，這是一款專為工程基板設計的高電流多晶圓離子注入機。回到碳化矽的近期需求環境，我們繼續看到產能和技術投資的某些領域，我們預計碳化矽的收入將逐季波動，預計第四季度將比去年季略有下降。

In our other Power Market segment, ship system revenue also grew on a sequential basis, primarily due to shipments to customers in Japan and Europe. In General Mature, revenue declined on a sequential basis as customers continue to manage their capacity investments given the current demand environment in auto, industrial, and consumer electronics. Broadly speaking, we are seeing an improvement in utilization rates. However, this varies by customer and can even vary by fab

在我們另一個電力市場板塊，船舶系統收入也較上季成長，這主要歸功於向日本和歐洲客戶的出貨。在一般成熟市場，由於汽車、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，因此收入環比下降。總體而言，我們看到利用率有所提高。然而，這會因客戶而異，甚至同一家工廠的不同批次也會有所不同。

location within each customer. In fact, we are seeing some signs of improvement in utilization rates with our image sensor customers as camera content on autos continues to rise and smartphones continue to be a strong long-term demand driver. Image sensors require high energy ion implantation, and we are well positioned to address this market as our customers resume capacity build-out investments.

每個客戶的位置。事實上，隨著汽車攝影機內容的持續成長以及智慧型手機持續成為強勁的長期需求驅動因素，我們看到影像感測器客戶的利用率出現了一些改善跡象。影像感測器需要高能量離子注入，隨著客戶恢復產能建置投資，我們已做好充分準備滿足這項市場需求。

In the third quarter, we also shipped an XEmax evaluation unit for a 300-millimeter power management IC application. This is noteworthy because our XEmax was developed for the image sensor market, and yet we are seeing interest in additional applications where this technology can be deployed, namely power.

第三季度，我們還出貨了一款用於 300 毫米電源管理 IC 應用的 XEmax 評估單元。值得注意的是，我們的 XEmax 是為影像感測器市場開發的，但我們看到人們對這項技術可以部署的其他應用領域也產生了興趣，例如電力領域。

Turning to slide 8. In Advanced Logic, we continue to actively target next-generation ion implantation applications across multiple customers. In the quarter, we generated revenue from a previously booked system with an existing customer.

翻到第8張幻燈片。在 Advanced Logic，我們持續積極為許多客戶提供下一代離子注入應用的服務。本季度，我們透過先前為現有客戶預訂的系統獲得了收入。

Moving to Memory. Revenue remained muted in the third quarter. However, we expect sequential increase in the revenue in the fourth quarter as customers expand capacity to address growing demand for AI-related applications. While it is too early for us to predict 2026, given our conversations with customers on the capacity plans, we anticipate our sales to memory market to grow next year, led by increased DRAM and HBM investments. In NAND, customers remain focused on scaling to higher layer counts, which requires deposition and etch trimer-based upgrades, but not incremental ion implant capacity. As a result, we continue to expect demand for NAND applications to remain muted in the near term. However, we are encouraged with some initial signs of improvement in the NAND bit demand and pricing, and we are ready to service market once customers resume capacity additions.

移至記憶深處。第三季營收依然低迷。然而，我們預計第四季度營收將環比成長，因為客戶將擴大產能以滿足對人工智慧相關應用日益增長的需求。雖然現在預測 2026 年還為時過早，但鑑於我們與客戶就產能計劃進行的討論，我們預計明年面向內存市場的銷售額將增長，這主要得益於 DRAM 和 HBM 投資的增加。在 NAND 領域，客戶仍然專注於擴展到更高的層數，這需要基於沉積和蝕刻三聚體的升級，但不需要增加離子注入能力。因此，我們預計短期內對 NAND 應用的需求仍將保持低迷。不過，我們很欣喜地看到 NAND 位需求和價格出現了一些初步改善跡象，一旦客戶恢復產能擴張，我們已準備好為市場提供服務。

On slide 9, let me wrap up my thoughts prior to handing the call over to Jamie. We are navigating the current cyclical digestion period across our markets exceptionally well, remaining aggressive in our product development and customer engagement while staying disciplined on cost control. As referenced earlier, we are seeing interest in new applications for our high solutions while also executing on our strategy to drive greater adoption of our high current portfolio.

在第 9 張投影片上，讓我總結一下我的想法，然後再把電話交給 Jamie。我們目前在各個市場都很好地應對了當前的周期性消化期，在產品開發和客戶互動方面保持積極進取，同時嚴格控製成本。如前所述，我們看到市場對我們高電流解決方案的新應用產生了興趣，同時我們也正在執行我們的策略，以推動高電流產品組合的更廣泛應用。

Meanwhile, our CS&I business continues to benefit from our focused aftermarket strategy and growing installed base. It remains a foundational part of our company's profitability and cash flow profile and integral to the value proposition we offer our customers. Adding all this up, despite a moderation of demand in our markets in 2025, we have a strong base of profitability and cash flow, which we believe provides a solid platform for Axcelis to execute on our long-term growth opportunities.

同時，我們的 CS&I 業務繼續受益於我們專注的售後市場策略和不斷增長的裝置容量。它仍然是我們公司獲利能力和現金流狀況的基礎部分，也是我們為客戶提供的價值主張不可或缺的一部分。綜上所述，儘管 2025 年我們的市場需求有所放緩，但我們擁有強大的獲利能力和現金流基礎，我們相信這將為 Axcelis 實現長期成長機會提供堅實的基礎。

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

接下來，我將把電話交給傑米，讓他更詳細地介紹我們的業績和前景。傑米？

Thank you, Russell, and good morning, everyone. I'll first start with some additional detail on our third quarter before turning to our outlook for Q4.

謝謝你，羅素，大家早安。我先從第三季的一些細節開始，然後再展望第四季。

Starting on slide 10. Third-quarter revenue was $214 million, with systems revenue at $144 million and CS&I revenue at a record of $70 million, both above our expectations for the quarter. Our better-than-expected CS&I revenue was driven by strong demand for spares and consumables as well as an improvement in our service revenues. We are pleased with our execution in CS&I, and our aftermarket offerings are resonating with the customers. Case in point, through the first 9 months of 2025, our CS&I revenue was up 9% on a year-over-year basis despite customers moderating their capital equipment investments.

從第10張投影片開始。第三季營收為 2.14 億美元，其中系統營收為 1.44 億美元，CS&I 營收創下 7,000 萬美元的紀錄，均高於我們對該季度的預期。我們CS&I業務收入優於預期，這得益於備件和耗材的強勁需求以及服務收入的改善。我們對在 CS&I 領域的執行感到滿意，我們的售後產品也受到了客戶的歡迎。例如，在 2025 年前 9 個月，儘管客戶減少了資本設備投資，但我們的 CS&I 收入比去年同期成長了 9%。

Moving to consolidated sales. From a geographic perspective, China decreased sequentially to 46% of total sales, down from 55% in the prior quarter. Consistent with our expectations, our customers in China continue to digest the robust investments they've made in mature node capacity over the past few years. While quarterly revenue by region can fluctuate, we anticipate revenue from China will decline sequentially in the fourth quarter.

轉向合併銷售。從地理角度來看，中國市場佔總銷售額的比例較上季下降至 46%，低於上一季的 55%。正如我們所預期的那樣，我們在中國的客戶的反饋表明，過去幾年他們在成熟節點容量方面所做的巨額投資正在逐步消化。儘管各地區的季度收入可能會波動，但我們預計第四季度來自中國的收入將環比下降。

Turning to other regions. We saw sales to the US at 14%, while Korea declined to 10%. As Russell mentioned, bookings declined on a sequential basis to $52 million, and we exited the third quarter with a backlog of $484 million.

轉向其他地區。我們看到對美國的銷售額為 14%，而對韓國的銷售額下降到 10%。正如羅素所提到的，預訂量環比下降至 5,200 萬美元，第三季末積壓訂單為 4.84 億美元。

Turning to slide 11. I'd like to share some additional detail on our GAAP and non-GAAP results. GAAP gross margin was 41.6% in the quarter. And on a non-GAAP basis, gross margin was 41.8%, below our outlook of 43%, primarily due to mix. Within systems revenue, we recognized a number of low-margin system installations in the third quarter that we had forecasted to occur in the fourth. Within CS&I, as previously noted, we saw increased volumes of consumables and service contract revenue, which typically carry a lower margin. Nevertheless, we find this encouraging as this tends to reflect increased utilization rates with our customers.

翻到第11張幻燈片。我想分享一些關於我們按GAAP和非GAAP準則計算的業績的更多細節。本季GAAP毛利率為41.6%。以非GAAP準則計算，毛利率為41.8%，低於我們預期的43%，主要原因是產品組合的變化。在系統收入方面，我們在第三季確認了一些低利潤率的系統安裝項目，而我們先前預測這些項目會在第四季度發生。如前所述，在 CS&I 領域，我們看到耗材和維修合約收入的銷售增加，而這些收入通常利潤率較低。不過，我們認為這令人鼓舞，因為這往往反映出我們客戶的使用率有所提高。

GAAP operating expenses totaled $63.8 million. And on a non-GAAP basis, operating expenses were $50.4 million, lower than our outlook of $53 million, primarily due to lower compensation-related expenses associated with the timing of annual merit increases as well as one-time cost savings measures we executed in the quarter. Our non-GAAP results excluded transaction-related expenses associated with the pending Veeco merger, along with other typical adjustments such as share-based compensation and restructuring charges. On that note, in the third quarter, we implemented a one-time voluntary retirement program and recorded a portion of the expense associated with that in the period.

GAAP營運費用總計6,380萬美元。以非GAAP準則計算，營運費用為5040萬美元，低於我們預期的5300萬美元，這主要是由於與年度績效加薪時間相關的薪酬相關費用降低，以及我們在本季度執行的一次性成本節約措施。我們的非GAAP業績不包括與待決的Veeco合併相關的交易費用，以及其他典型調整，如股份支付和重組費用。在此基礎上，我們在第三季實施了一項一次性自願退休計劃，並將與此相關的部分費用計入了該期間。

Given the nature of this program, we expect to record additional program-related expenses in the fourth quarter. As a result, our GAAP operating margin was 11.7%, while our non-GAAP operating margin was 18.2%. Moreover, in the third quarter, we delivered adjusted EBITDA of $43 million, reflecting an adjusted EBITDA margin of 20.2%. We generated approximately $5 million in other income with the sequential decrease primarily due to foreign currency. And our tax rate was approximately 14% in the third quarter, both on a GAAP and non-GAAP basis.

鑑於該計劃的性質，我們預計將在第四季度計入額外的與該計劃相關的支出。因此，我們的 GAAP 營業利潤率為 11.7%，而非 GAAP 營業利潤率為 18.2%。此外，第三季我們實現了調整後的 EBITDA 4,300 萬美元，調整後的 EBITDA 利潤率為 20.2%。我們其他收入約為 500 萬美元，環比下降主要是由於外匯波動。第三季度，我們的稅率約為 14%，無論以 GAAP 或非 GAAP 計算都是如此。

For the fourth quarter, we estimate our non-GAAP tax rate will be approximately 15%. Our weighted average diluted share count in the quarter was 31.5 million shares, and this all translates into GAAP diluted earnings per share of $0.83, which was lower than our outlook of $0.87. However, non-GAAP diluted earnings per share was $1.21, exceeding our outlook of $1. The higher-than-expected non-GAAP diluted EPS was primarily due to better-than-expected revenue, along with lower operating expenses, partially offset by product mix.

我們預計第四季的非GAAP稅率約為15%。本季加權平均稀釋後股份數為3,150萬股，以美國通用會計準則（GAAP）計算，稀釋後每股盈餘為0.83美元，低於我們先前預期的0.87美元。然而，以非美國通用會計準則（Non-GAAP）計算，稀釋後每股收益為1.21美元，高於我們先前預期的1美元。非GAAP稀釋後每股盈餘高於預期，主要是因為收入優於預期，以及營運費用降低，但部分被產品組合所抵銷。

Moving to our cash flow and balance sheet data shown on slide 12. We generated $43 million of free cash flow in the third quarter as a result of better-than-expected profitability and a slight improvement in both days sales and days payable outstanding. Turning to share repurchases. In the third quarter, we repurchased approximately $32 million in shares and have $135 million remaining under the share repurchase program previously authorized by the Axcelis Board of Directors. We exited the third quarter with a strong balance sheet, consisting of $593 million of cash, cash equivalents, and marketable securities on hand. This includes $143 million of long-term securities.

接下來，我們來看第 12 頁投影片上顯示的現金流量表和資產負債表資料。由於獲利能力優於預期，以及銷售週轉天數和應付帳款週轉天數均略有改善，我們第三季產生了 4,300 萬美元的自由現金流。轉向股票回購。第三季度，我們回購了約 3,200 萬美元的股票，根據 Axcelis 董事會先前批准的股票回購計劃，我們還有 1.35 億美元剩餘資金。第三季末，我們的資產負債表表現強勁，手頭上有 5.93 億美元的現金、現金等價物和有價證券。其中包括價值 1.43 億美元的長期證券。

With that, let me discuss our fourth-quarter outlook on slide 13. All measures will be non-GAAP with the exception of revenue. We expect revenue in the fourth quarter of approximately $215 million. And looking beyond the fourth quarter, our preliminary view on the first quarter of 2026 suggests revenues to be relatively similar to our anticipated levels in the fourth quarter of 2025. We expect non-GAAP gross margins of approximately 43%.

接下來，我將在第 13 張投影片上討論我們的第四季展望。除收入外，所有指標均為非GAAP指標。我們預計第四季營收約 2.15 億美元。展望第四季之後，我們對 2026 年第一季的初步看法是，營收將與我們預期的 2025 年第四季的水平大致相似。我們預計非GAAP毛利率約為43%。

The sequential improvement is primarily due to a more favorable mix. And we expect non-GAAP operating expenses of approximately $56 million as a result of one-time cost-saving measures in the third quarter not reoccurring and in addition to a full quarter of annual merit increases kicking in for the period. Adjusted EBITDA in the fourth quarter is expected to be approximately $41 million. And finally, we estimate non-GAAP diluted earnings per share in the fourth quarter of approximately $1.12.

這一階段性改進主要歸功於更有利的組合。我們預計，由於第三季一次性成本節約措施（不會再次發生）以及本季全年年度績效工資成長，非GAAP營運支出約為5,600萬美元。預計第四季度調整後 EBITDA 約為 4,100 萬美元。最後，我們預計第四季非GAAP稀釋後每股收益約為1.12美元。

In summary, we are pleased with our financial execution through the first nine months of this year, delivering robust year-to-date adjusted EBITDA margins of 20% and strong free cash flow generation of $116 million despite our revenue being down. With a strong balance sheet, we are exiting 2025 in solid financial position, and we are especially excited about our pending combination with Veeco and the opportunities ahead for the combined company.

總而言之，我們對今年前九個月的財務表現感到滿意，儘管收入下降，但今年迄今的調整後 EBITDA 利潤率仍達到 20%，自由現金流也強勁增長至 1.16 億美元。憑藉強勁的資產負債表，我們以穩健的財務狀況進入 2025 年，我們對即將與 Veeco 合併以及合併後公司未來的機會感到格外興奮。

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

那麼，現在讓我把電話交還給羅素，請他做總結發言。拉塞爾？

Thank you, Jamie. We are pleased with our third-quarter performance as the team continues to execute with focus and discipline. Our results reflect the strength of our business model, the quality of our technology, and the dedication of our global team. Looking ahead, the pending business combination with Veeco represents an exciting transformational step for both companies. We expect it to broaden our capabilities, expand our market reach, and position us to unlock even greater value for customers and shareholders while creating exciting new opportunities for our employees. I want to thank our customers, employees, partners, and shareholders for their continued support and trust in Axcelis.

謝謝你，傑米。我們對第三季的表現感到滿意，因為團隊繼續保持專注和自律。我們的業績體現了我們商業模式的優勢、我們技術的品質以及我們全球團隊的奉獻精神。展望未來，與 Veeco 即將進行的業務合併對兩家公司來說都是令人興奮的轉型一步。我們期望它能拓寬我們的能力，擴大我們的市場覆蓋範圍，使我們能夠為客戶和股東釋放更大的價值，同時為我們的員工創造令人興奮的新機會。我要感謝我們的客戶、員工、合作夥伴和股東對 Axcelis 的持續支持和信任。

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

操作員，我們現在可以回答您的問題了。

(Operator Instructions)

（操作說明）

Jed Dorsheimer, William Blair.

傑德·多爾斯海默，威廉·布萊爾。

Congrats on the quarter. I was wondering if you might be able to describe the dynamics a bit more in the other power category. And in particular, what customers are seeing in terms of in Silicon -- and what I'm trying to get at in Silicon Carbide, your differentiation with high energy is very clear and distinct. And I'm curious what the dynamics are that you're seeing in other power and maybe also in general mature that are driving that business? And then I have a follow-up.

恭喜你本季取得佳績。我想請您再詳細描述一下另一種權力類別的動態。特別是客戶在矽方面所看到的——以及我在碳化矽方面所想的——高能量的差異化優勢非常明顯。我很好奇，您在其他權力機構以及一般成熟企業中觀察到了哪些推動業務發展的動態因素？然後我還有一個後續問題。

Jed, it's Russell. So yes, so kind of broaden that slightly. So regarding power overall, we are seeing the second half of '25 has been slightly better than the first half of '25. We've talked about different customers from different locations kind of being in different phases. We have kind of Chinese customers for Silicon Carbide specifically adding capacity versus the non-Chinese customers basically doing node transitions.

傑德，我是羅素。是的，稍微拓寬一下範圍。因此，就整體電力供應而言，我們看到 2025 年下半年的電力供應略好於 2025 年上半年。我們已經討論過，來自不同地區的不同客戶所處的階段可能有所不同。我們有一些中國客戶專門負責碳化矽的產能擴張，而非中國客戶則主要進行節點升級。

When you look at non-silicon carbide power, so basically silicon power, so that obviously is the largest TAM regarding power in total, right, for us. And I'd say it's kind of ebbing and flowing. We do a nice job in -- for a number of customers with that power. And remember that some of those applications really are quite specific. So they might have a thin wafer application, which is silicon-on-glass or silicon-on-silicon or some other applications.

當你審視非碳化矽電源時，也就是矽電源，那麼很明顯，就總電源而言，這是最大的潛在市場規模，對吧，對我們來說。我覺得它有點像潮起潮落。我們為許多擁有這種權力的客戶做得很好。請記住，其中一些申請確實非常具體。因此，它們可能應用於薄晶圓領域，例如玻璃上的矽、矽上的矽或其他一些應用。

So they're very specific and quite advanced products. And in some of those, there might even be a proton implant on the backside, right? So I'd say that they are still what I would consider highly differentiated products on the silicon power. In addition to -- we've had a very differentiated portfolio and continue to push our portfolio with our latest power series in Silicon Carbide.

所以它們都是非常專業且相當先進的產品。有些甚至可能在背面植入質子，對吧？所以我認為，它們仍然是矽功率領域中高度差異化的產品。此外，我們一直擁有非常多元化的產品組合，並將繼續透過我們最新的碳化矽高性能係列產品來推進我們的產品組合。

Got it. That's helpful. And then just an update on tariff impacts overall on the business and what you're seeing there would be helpful, too.

知道了。那很有幫助。此外，如果能提供關稅對企業整體影響的最新情況以及您觀察到的情況，也會很有幫助。

Yes. So as for 2025, we continue to manage through the tariff environment as we think about the optimization of our global manufacturing footprint to help support us in that effort. We are fortunate to have the operations overseas. But we're not immune, right, at all to the tariff and tariff-related costs as they do come in. As we look to 2026, it could have a little bit more of an impact in '26 as we move ahead as sort of some of those tariff costs start to move out of inventory and into the P&L.

是的。因此，展望 2025 年，我們將繼續應對關稅環境，同時思考如何優化我們的全球製造佈局，以幫助我們實現這一目標。我們很幸運能在海外開展業務。但我們並非完全不受關稅及相關成本的影響，對吧？展望 2026 年，隨著一些關稅成本開始從庫存轉移到損益表中，它在 2026 年可能會產生更大的影響。

But the team is working now on working to mitigate the potential impact of that. And as we pull our models together for that period, we're going to -- we'll work to try to quantify that a little bit more materially for you guys. I think overall, we've done a nice job in 2025. But again, these are dynamic times for sure, Jed, as the way things continue to sort of ebb and flow with the administration and the decisions that are made around tariffs.

但團隊目前正在努力減輕這可能造成的影響。當我們把那段時間的模型匯總起來時，我們會努力為你們提供一些更具體的量化數據。我認為總體而言，我們在 2025 年做得很好。但話說回來，傑德，這的確是一個瞬息萬變的時代，因為隨著政府的更迭和關稅相關決策的出台，局勢也在不斷變化。

I will jump back in the queue but nice job managing through the difficult markets.

我會重新排隊，不過你們在艱難的市場環境下管理得很好。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Congratulations on the execution in the quarter, particularly the record CS&I revenues. That's really quite notable that you're now $71 million. I wanted to follow up on something that's been fairly topical with earnings quarter-to-date, and it's the broader arc of China demand and acknowledging that Axcelis has a uniquely broad and I think uniquely served customer base there. How should we think about the potential for China to be either a stable market in 2026, a growing market or one where there would be just more digestion at play? And any color on timing for which that might occur?

恭喜本季業績出色，特別是CS&I營收創歷史新高。你現在的身價是7100萬美元，這確實非常了不起。我想就本季財報中一個相當熱門的話題進行一些探討，那就是中國市場的整體需求趨勢，以及Axcelis在中國擁有極其廣泛且我認為服務獨特的客戶群。我們該如何看待中國在 2026 年可能成為一個穩定的市場、一個不斷成長的市場，還是一個需要更多消化的市場？關於可能發生這種情況的時間，有什麼具體的說法嗎？

I know revenues as a percent of total are now 46%. So arguably, it's happened year-on-year and quarter-on-quarter. But any color on that would be helpful.

我知道目前收入佔總收入的百分比是 46%。因此可以說，這種情況逐年逐季發生。但任何顏色標註都會有所幫助。

Craig, it's Russell. Thanks for the question. So it's a little too early to say too much about 2026. And clearly, 2025 has been a year of digestion. We believe that China demand in 2026 will depend upon the end demand environment.

克雷格，我是拉塞爾。謝謝你的提問。所以現在談2026年還為時過早。顯然，2025 年是消化吸收的一年。我們認為，2026年中國的需求將取決於終端需求環境。

as well as how much progress they make on the chip self-sufficiency targets. And right now, we believe they're still below those targets. Clearly, China for China and being able to supply domestic chips is a really big initiative for China. And I think they have to continue to invest to achieve this capacity. And I think the markets that we have the most visibility in would be general mature and power, and that's kind of where we're seeing this continued kind of desire to grow.

以及他們在晶片自給自足目標方面取得了多大進展。而目前，我們認為他們仍然低於這些目標。顯然，中國自主研發晶片並實現國產晶片供應對中國來說是一項非常重大的舉措。我認為他們必須繼續投資才能達到這項能力。我認為我們最能看清的市場是成熟市場和強勢市場，而我們也正是在這些市場看到了持續成長的願望。

One thing I'd also say, Craig, is so geopolitics aside, our Chinese customers are acting like any of our other customers. They really do want the best technology. They want the highest quality support, and they're actively engaging with us on our road map. So we are very engaged with our Chinese customers. We are aligning our road map so that we can support their long-term growth.

克雷格，我還想說一點，拋開地緣政治不談，我們的中國客戶和其他客戶的行為並無二致。他們確實想要最好的技術。他們希望獲得最高品質的支持，並且他們正在積極參與我們的路線圖規劃。因此，我們與中國客戶的互動非常密切。我們正在調整發展路線圖，以便支持他們的長期發展。

And we see opportunities in China.

我們在中國看到了機會。

That's really helpful, Russell. And then the follow-up question is related to the tantalizing comments that in 2026, we may be seeing indications for a better memory environment. I was hoping you could go into more detail in terms of what you're seeing in DRAM versus NAND to the extent that it's discernible. I know equipment can flex to either line or either type of line, but just more color on what you're hearing from memory customers. And in the past, you've had 50% share with Korean manufacturers.

這真的很有幫助，羅素。然後，後續問題與一個引人入勝的評論有關，即在 2026 年，我們可能會看到記憶環境改善的跡象。我希望您能更詳細地談談您在 DRAM 和 NAND 之間觀察到的區別，盡可能地指出這些區別是可以分辨出來的。我知道設備可以適應任何線路或任何類型的線路，但只是想更詳細地說明你從記憶型客戶那裡聽到的情況。過去，你們曾有 50% 的市佔率被韓國製造商佔據。

Is that a realistic expectation as memory starts to reaccelerate?

隨著記憶力開始恢復，這樣的預期是否現實？

Okay. So when we talk with our customers right now, it's clear that the demand is coming from, say, DRAM and HBM. I think when you kind of read the news, some of the suppliers of those products are basically sold out for 2026. You do see the high utilization. You do see the upgrade flow.

好的。所以，當我們現在與客戶交談時，很明顯，需求來自 DRAM 和 HBM 等產品。我認為，當你閱讀新聞時，你會發現其中一些產品的供應商基本上已經售罄了 2026 年的庫存。利用率確實很高。你可以看到升級流程。

I think the next stages are to bring on new greenfield capacity, right? So you're going to see that happening. So that's kind of one of the things we expect to see. NAND is really -- still NAND is very quiet. I think NAND has been quiet for us for a long time.

我認為下一步是引進新的綠地產能，對嗎？所以你會看到這種情況發生。所以，這算是我們預期會看到的情況之一。NAND快閃記憶體仍然非常安靜。我認為NAND快閃記憶體已經很久沒有為我們帶來任何新消息了。

And obviously, we care about wafer starts for NAND, not whether you build to and to skyscrapers, which certainly, as I mentioned, helps the dep and etch people. So I do think it's exciting that memory could actually be turning a cycle. It's a bright spot for us. And I do think that we will continue to do well when that happens.

顯然，我們關心的是 NAND 晶圓的開盤量，而不是你是否建造摩天大樓，當然，正如我所提到的，這確實有助於沉積和蝕刻人員。所以我認為，記憶可能正在經歷一個循環，這令人興奮。這對我們來說是個好消息。而且我認為，如果這種情況發生，我們也會繼續表現出色。

Christian Schwab, Craig-Hallum Capital Group.

Christian Schwab，Craig-Hallum Capital Group。

Good quarter and guide. Just a follow-up on the memory. Can you remind us in a typical capacity cycle of adding wafer starts, kind of a range of revenue outcomes that historically you have seen so we can get an idea of should we enter an up cycle, the range of revenue outcomes that could benefit you in memory?

不錯的住宿和嚮導。關於記憶的後續問題。您能否提醒我們，在典型的晶圓開工產能週期中，您過去曾見過的收入結果範圍，以便我們了解，如果進入上升週期，哪些收入結果可能對您在記憶體方面有利？

So just to double check, Christian, you're talking about how many implanters, the capital intensity for 100,000 wafer starts, that kind of number you're looking for?

克里斯蒂安，我再確認一下，你指的是10萬片晶圓開工所需的植入機數量、資本密集度之類的數字嗎？

Yes. So if we -- if there was greenfield facilities available for expansion, obviously, we all know how the pricing environment is. It would make sense for DRAM wafer starts to expand. Does that add $50 potential million of revenue to you on a yearly basis, $100 million? Could you just give us a wide range of potential outcomes?

是的。所以，如果我們——如果有可供擴建的綠地設施，顯然，我們都知道價格環境如何。DRAM晶圓產量增加是合乎邏輯的。這每年能為你增加 5,000 萬美元的潛在收入，還是 1 億美元？您能否列舉一些可能出現的結果？

Yes. So let me -- so Jamie is looking to find the exact number, and we'll give you that -- well, the number, we believe. So NAND and DRAM has about the same intensity. And obviously, we're thinking in terms of they all need high energy, medium current and high current. There's a mix of those tools.

是的。所以讓我來——傑米正在尋找確切的數字，我們會告訴你——嗯，我們相信的那個數字。所以 NAND 和 DRAM 的強度大致相同。顯然，我們考慮的是它們都需要高能量、中等電流和高電流。這些工具是混合使用的。

For 100,000 wafer starts, thought it was north of -- it's 45 to 55 total implanters, that kind of number.

對於 10 萬片晶圓的開工量來說，雖然超過了——總共需要 45 到 55 台離子注入機，大概就是這個數字。

Perfect. And then as you guys are seeing improved utilization, but spotty and general mature, are you guys optimistic that General Mature will see a recovery in 2026? Or is that yet to be determined?

完美的。然後，鑑於你們看到利用率有所提高，但總體而言仍處於零散和成熟階段，你們是否樂觀地認為總體成熟階段會在 2026 年出現復甦？或者，這還有待確定？

So I think General Mature is going to be driven by the macro climate. So you're looking at consumer spending, automotive and industrial. I think while we're kind of encouraged by memory, we've kind of said in the past, we're kind of bouncing along the bottom. And it is too soon to say that the other markets, namely consumer, industrial and automotive have actually turned. But by customer, you do see pockets of high utilization, but you also see some customers still with lots of excess capacity.

所以我認為，一般成熟度指數將受宏觀經濟環境的影響。所以你關注的是消費支出、汽車和工業領域。我認為，雖然我們受到記憶的鼓舞，但我們過去也說過，我們現在的情況有點低迷。現在就斷言其他市場，即消費品、工業和汽車市場已經真正轉變還為時過早。但從客戶來看，確實存在一些利用率較高的區域，但也有一些客戶仍擁有大量的剩餘產能。

Yes. We might just like you guys were monitoring our customers' sort of public commentary on inventory levels and their performance, right? And I think it still continues to be a bit of a mixed bag.

是的。我們可能和你們一樣，也在關注客戶對庫存水準及其表現的公開評論，對吧？我認為這仍然是一個喜憂參半的情況。

Jack Egan, Charter Equity Research.

Jack Egan，Charter Equity Research。

So nice job on the record CS&I revenue. For that, were there any kind of unique or onetime benefits in that number? Or I mean, do you think the current level is pretty sustainable for the near future?

CS&I 營收創下新高，幹得漂亮！那麼，這個數字是否具有任何獨特或一次性的好處呢？或者說，你認為目前的水準在近期內是否能夠持續？

Yes. I mean, again, we saw a little bit uptick from some -- again, we talked about seeing some improved utilization rates. So we saw a little bit of uptick there. We do always have some customers who do some buying as they sort of do some restock and other related activities. I think what we saw in the period, right, relative to expectations was slightly higher consumables in the period, which sort of contributed to some extent to the lower gross margin in the period.

是的。我的意思是，我們再次看到一些方面略有上升——我們再次談到看到一些利用率有所提高。所以我們看到這方面略有回升。我們總是會有一些顧客在補貨和其他相關活動期間進行一些採購。我認為，與預期相比，我們在此期間看到的是消耗品價格略高，這在一定程度上導致了該期間毛利率的下降。

That's generally a positive sign. It's one of those trends we talk about as recovery comes into play. Upgrades continue to remain strong, primarily in the memory market for the period as well. So again, I think these are just -- we keep talking about these little bright spots that we see along the path. And again, I think you can tell from our tone here, we're a little bit more comfortable on the memory side, but we still remain a little bit cautious as we look at the remainder of the business in terms of calling a broad-based recovery just yet, but we do feel a little bit more encouraging about where memory is going.

這通常是一個好兆頭。這是我們在經濟復甦過程中會談到的趨勢之一。在此期間，升級需求依然強勁，尤其是在記憶體市場。所以，我覺得這些就像是——我們一直在談論我們在前進的道路上看到的這些小小的亮點。而且，我想從我們的語氣中你們也能聽出來，我們對存儲業務方面稍微放心了一些，但對於其他業務，我們仍然有些謹慎，現在就斷言全面復甦還為時過早，但我們確實對存儲業務的發展方向感到更加樂觀。

Got it. Okay. That's helpful. And then on the bookings side, you mentioned that they're expected to grow next quarter. Obviously, there's probably a bit of a normalization after just the lower level in the third quarter.

知道了。好的。那很有幫助。至於預訂方面，您提到預計下個季度會成長。顯然，在經歷了第三季的低迷之後，情況可能會有所改善。

But can you just kind of go over some of the assumptions for growth in the fourth quarter there, maybe like by end market or geography?

您能否簡要介紹一下第四季度成長的一些假設，例如按終端市場或地理劃分？

I think we're expecting bookings kind of across pretty much all of our customers, right, not specifically a given market segment. I think there's kind of been a little bit of buildup pressure and people will be looking to place POs. I mean obviously, if you focus in on memory specifically, we've kind of said in the past that we typically build to forecast. So you may get the booking and the shipment in the same quarter. So you're not likely kind of to see those necessarily in the backlog.

我認為我們預計幾乎所有客戶的預訂量都會增加，對吧，而不是特定於某個細分市場。我認為目前市場壓力增加，人們會開始考慮下採購訂單。我的意思是，很顯然，如果你特別關注內存，我們過去也說過，我們通常是為了預測而構建的。因此，您可能會在同一季度收到預訂和發貨資訊。所以你不太可能在積壓的工作中看到這些。

Mark Miller, The Benchmark Company.

馬克·米勒，基準公司。

Congratulations on the quarter. You're talking about lower Silicon Carbide in the fourth quarter. Do you see a trend where EVs are going to be utilizing less Silicon Carbide next year?

恭喜你本季取得佳績。你指的是第四季碳化矽含量下降。你認為明年電動車使用碳化矽的趨勢會降低嗎？

So I think -- so while the second half of '25 was slightly higher in the first half of '25 for Silicon Carbide, I think it's been -- it's remained healthy, and it's kind of -- the demand has remained. As you kind of talked about, there's kind of 2 camps. There's the camp moving to kind of more advanced nodes and bigger wafer sizes more quickly. And then there's those that are adding capacity with the technology they have. I think one of the things is that as the prices come down significantly within EVs and even hybrids now, we're seeing a lot more penetration of Silicon Carbide into those drive systems, then you're seeing more -- so you're seeing more and more hybrids and electric vehicles anyway, then the penetration into those with Silicon Carbide is going up.

所以我覺得——雖然2025年下半年的碳化矽價格略高於2025年上半年，但我認為它一直保持著健康發展，而且需求也一直保持穩定。正如你剛才提到的，大致可以分成兩大陣營。有的陣營正更快地轉向更先進的節點和更大的晶圓尺寸。還有一些企業正在利用現有技術增加產能。我認為其中一個原因是，隨著電動車甚至混合動力車的價格大幅下降，我們看到碳化矽在這些驅動系統中的滲透率越來越高，因此，你會看到越來越多的混合動力車和電動車，而碳化矽在這些車中的滲透率也在上升。

And then we're also actually hearing about applications going up. So for example, we're hearing that the compressor for the AC unit on a car is going to be using Silicon Carbide. So that's certainly a positive. And then there's also the new applications, whether it be data center or grid technologies. So I think there's still a long way to go on this electrification.

而且我們還聽說申請人數也在增加。例如，我們聽說汽車空調壓縮機將採用碳化矽材料。所以這當然是個好消息。此外，還有新的應用，無論是資料中心或電網技術。所以我認為電氣化進程還有很長的路要走。

And I think as you see price coming down more and more and more, you're going to see the applications open up.

我認為，隨著價格不斷下降，應用領域也會隨之開放。

Yes. And we also think about design cycles for automobiles as well, right? I mean those are a little bit of a multiyear. So cars that are being designed over the last few years now actually have the ability, given the price points of Silicon Carbide to introduce it more meaningfully into the BOM, right, as they're building out those automobiles. Reading some reports out there that, again, we talked about penetration of Silicon Carbide into full EVs being in sort of that sort of mid-single digit, and that's maybe today in the sort of low teens or something like that, Mark.

是的。我們也會考慮汽車的設計週期，對吧？我的意思是，這些項目都需要好幾年時間。因此，鑑於碳化矽的價格，過去幾年設計的汽車實際上有能力將其更有意義地引入物料清單中，對吧，因為他們正在製造這些汽車。我看到一些報導說，我們之前討論過碳化矽在純電動車中的滲透率大概在個位數中段，而現在可能已經降到了十幾個百分點，馬克。

So there's still a lot of room to run in the sort of the automobile market for Silicon Carbide on penetration into that space.

因此，碳化矽在汽車市場滲透方面還有很大的發展空間。

Okay. Just what's your feeling for EVs next year in China and the United States? Are they going to grow in both areas?

好的。你認為明年電動車在中國和美國的發展前景如何？它們會在這兩個領域都發展嗎？

Yes. I think it's hard for us to know. I mean, again, China continues to make some really meaningful progress, right, in the development of their electric vehicles. I think they're doing a nice job in pushing the technology forward. I think the support the government provides to the consumer there to encourage them, right, to move to those vehicles has actually worked pretty well for them.

是的。我覺得我們很難知道。我的意思是，中國在電動車發展方面確實取得了一些非常有意義的進展，對吧？我認為他們在推動技術進步方面做得很好。我認為政府為鼓勵消費者購買這些車輛所提供的支持，實際上對他們來說效果相當不錯。

But it's hard for us to know exactly where those numbers come in.

但我們很難確切地知道這些數字來自哪裡。

Yes. And the other thing, Mark, so obviously, the Chinese auto market is the largest. I think it's like 30 million out of the entire 90 million cars per year. I think the competition has been so aggressive in China amongst the electric car manufacturers that they're now seeking overseas market in order to kind of broaden their portfolio and improve their kind of ability to weather that. So I think you're going to see more and more electric cars at better price points start to proliferate multiple different international markets.

是的。還有一點，馬克，很顯然，中國汽車市場是最大的。我認為大概是每年9000萬輛汽車中的3000萬輛。我認為中國電動車製造商之間的競爭非常激烈，以至於他們現在正在尋求海外市場，以拓寬產品線，並提高應對競爭的能力。所以我認為，你會看到越來越多價格更優惠的電動車開始在多個不同的國際市場普及。

Denis Pyatchanin, Needham & Company LLC.

Denis Pyatchanin，Needham & Company LLC。

For first question, could you please discuss orders a little bit? Maybe which segments saw the dip in Q3? I see you guys were down to around $55 million or so and what you're seeing into Q4, perhaps also with regards to your full year bookings expectations for full year '25 versus 2024?

第一個問題，可以稍微談談訂單方面的問題嗎？第三季哪些細分市場出現下滑？我看到你們的訂單量已經降到了大約 5500 萬美元左右，你們對第四季度的預期，或許也包括對 2025 年全年訂單量與 2024 年全年訂單量的預期？

Sorry, Denis, I missed the first part of that question. Can you just maybe reiterate that real quick? I just want to make sure we're answering the right question here. I know it's around bookings. I just want to make sure we answer it the right way for you.

抱歉，丹尼斯，我沒聽清楚問題的第一部分。您能再簡單重複一遍嗎？我只是想確認一下我們是不是在回答正確的問題。我知道這跟預訂有關。我只是想確保我們能以正確的方式回答您的問題。

Yes. Basically, could you discuss which segments saw the dip in Q3 here and then what you're seeing into Q4 and then maybe full year expectations for 2025 versus 2024?

是的。基本上，您能否討論一下第三季哪些細分市場出現下滑，以及您對第四季度的看法，然後談談您對 2025 年和 2024 年全年的預期？

Got it. Yes. So again, I think what we're seeing here is really Power General Mature continue to be a little bit softer relative to the bookings. I think for the full year, we do anticipate bookings to be lower than what we saw sort of during the high days of the high booking rate, although we do see encouraging signs, as Russell noted in his prepared remarks, that bookings will be higher in Q4 relative to what we see here in the third quarter time frame. And then beyond that, we don't typically provide commentary on bookings beyond that, just given the visibility and sort of nature of that process for us.

知道了。是的。所以，我認為我們在這裡看到的是，相對於預訂量而言，成熟力量型股票的表現仍然略顯疲軟。我認為，就全年而言，我們預計預訂量將低於預訂率高峰期的水平，儘管正如羅素在準備好的演講稿中所指出的那樣，我們看到了一些令人鼓舞的跡象，即第四季度的預訂量將高於第三季度的水平。此外，我們通常不會對預訂情況進行進一步評論，因為考慮到預訂流程的可見性和性質，對我們來說，預訂情況的可見度較低。

Got it. And then my follow-up, maybe we could discuss the CS&I a little bit. So with CS&I being up this much, maybe you can talk about what you're seeing for utilizations or maybe service intensity by geography? Are there some regions that are particularly strong or particularly weak?

知道了。然後我的後續問題是，也許我們可以稍微討論一下 CS&I。既然 CS&I 成長了這麼多，您能否談談您觀察到的使用率或按地域劃分的服務強度？是否存在一些特別強勢或特別弱勢的地區？

Yes. So we talked about seeing some good upgrade activity and consumable activity in the memory space. That's primarily going to be tied to sort of our Korean memory customers, and we think about that performance. I think we continue to see good business in China relative to CS&I and other related activities. And then as it relates to the other geographies and the other markets, it really is sort of spot customer by customer based on the specific fabs and utilization rates that we're seeing there.

是的。所以我們討論了記憶體領域一些不錯的升級活動和消耗品活動。這主要與我們的韓國記憶體客戶有關，我們會考慮他們的表現。我認為，相對於電腦科學與工業及其他相關活動而言，我們在中國的業務依然良好。至於其他地區和其他市場，這實際上是根據我們在那裡看到的特定晶圓廠和利用率，逐一客戶進行評估的。

What end markets?

最終市場是什麼？

Yes. And what end markets and what end customers they have. And so we've talked about the sort of disparity even within a certain customer for one fab to have higher utilization than another, and we do see that today, and that translates into CS&I volumes as well. I think the important piece is, though, we continue to push more of our systems right into the field. And so on a period-by-period basis, we're having more available systems for CS&I revenue, which creates that nice stable sort of floor of revenue for us even in lower utilization and lower system shipment regions.

是的。他們擁有哪些終端市場和終端客戶？因此，我們討論過即使在同一客戶內部，一個晶圓廠的利用率也可能高於另一個晶圓廠，而我們今天確實看到了這種情況，這也影響到了 CS&I 的產量。但我認為最重要的是，我們要繼續將更多系統直接推向實際應用領域。因此，從各個時期來看，我們有更多可用於 CS&I 收入的系統，即使在利用率較低和系統出貨量較低的地區，也能為我們創造一個良好的穩定收入基礎。

And then the generally above-average margins we get from that creates a nice little stable profit base for us as we continue to look to invest in the business going forward.

然後，我們從中獲得的普遍高於平均的利潤率，為我們創造了一個相當穩定的利潤基礎，使我們能夠繼續投資於未來的業務發展。

Duksan Jang, Bank of America Securities.

張德山，美國銀行證券。

Congrats on the quarter. I wanted to go back to the bookings question. And I know you're not giving too much color beyond specific end markets. But in Q3, you said power and general mature were down, which are two of your biggest end markets. And even if Q4 increases -- unless it increases materially, I think your backlog coverage is now only down to three quarters.

恭喜你本季取得佳績。我想回到預訂問題。我知道你沒有透露太多關於特定終端市場以外的資訊。但您在第三季表示，電力和一般成熟市場均有所下降，而這兩個市場正是您最大的終端市場。即使第四季有所成長——除非大幅成長——我認為你們的積壓訂單覆蓋率現在也只有四分之三了。

So I'm curious what you're seeing in terms of visibility into 2026. I know Q4 and Q1 were guided flattish, but what happens after that?

所以我很想知道您對 2026 年的前景有何看法。我知道第四季和第一季業績預期較為平穩，但之後會發生什麼事？

Okay. So regarding bookings, I kind of said, bookings can fluctuate from quarter to quarter. And I think Q3 is no exception. Based on our conversations with our customers across all segments, we're expecting to see increased activity regarding bookings. Regarding memory, which has always been a kind of almost like a turns business where we're kind of seeing some kind of optimism, we're booking -- we're building to a schedule, if you like.

好的。關於預訂情況，我之前說過，預訂量可能會因季度而異。我認為第三季也不例外。根據我們與各細分市場客戶的溝通，我們預期預訂量將會增加。至於內存，它一直有點像一個輪班制行業，我們看到了一些樂觀情緒，我們正在預訂——如果你願意的話，我們正在按計劃進行。

And so we expect we'll get the PO at the same time as we ship the tools. That's kind of where we are right now. I think when you look at that, we've got like four to five quarters' worth of backlog, still at $485 million. That doesn't include any of our CS&I base. So when you start putting the improving CS&I on top of that, you've got a really solid financial base to which to build the business off.

因此，我們預計在發貨的同時收到採購訂單。我們現在的情況大概就是這樣。我認為，從這個角度來看，我們還有相當於四到五個季度的積壓訂單，仍然高達 4.85 億美元。這還不包括我們的任何 CS&I 基地。所以，當你在此基礎上增加不斷改進的客戶服務和工業 (CS&I) 時，你就擁有了一個非常穩固的財務基礎，可以以此為基礎發展業務。

So I think we still believe we're bouncing on the bottom, but we do see some exciting opportunities. And as everybody knows that this business can change quickly and often order intake can improve quickly as well.

所以我認為我們仍然相信我們正處於底部反彈階段，但我們也看到了一些令人興奮的機會。眾所周知，這個行業變化很快，訂單量也常常會迅速增加。

Yes. And just to add back, our backlog is comprised of both short- and long-term orders, Duksan, right? So to some extent that current period deliveries don't necessarily always all come out of backlog either because we are building to sort of our forecast, our customer expectations, as Russell noted, we predominantly see that in the memory space, but that can also happen in other parts of the business as customers' needs and requirements shift and change. We want to make sure that we stand ready to be able to capture incremental opportunities for that. So operationally, we can operate pretty efficiently with sort of the type of production visibility that we have today.

是的。補充一點，我們的積壓訂單包括短期訂單和長期訂單，Duksan，對吧？因此，在某種程度上，當前階段的交付並不一定總是來自積壓訂單，因為我們是根據我們的預測和客戶的期望進行生產的，正如 Russell 指出的那樣，我們主要在記憶體領域看到這種情況，但隨著客戶的需求和要求的變化，這種情況也可能發生在業務的其他部分。我們希望確保我們做好準備，並能夠抓住這方面的增量機會。因此，從營運角度來看，憑藉我們目前所擁有的生產視覺性，我們可以有效率地進行營運。

We've been making some investments in inventory given the strength of our balance sheet to be able to pivot pretty quickly to meet customer requirements that might come in, in relatively short time frames. And in some instances, we can see customer needs, book and ship in orders within a period, not just within memory, but in other parts of the business as a result of that.

鑑於我們強勁的資產負債表，我們一直在庫存方面進行一些投資，以便能夠迅速調整以滿足可能在相對較短時間內提出的客戶需求。在某些情況下，我們不僅能在記憶中看到客戶需求，還能在一段時間內預訂和出貨訂單，這不僅體現在記憶中，也體現在業務的其他方面。

Got it. And then for China specifically, you said China Q3 was down. You expect it to be down again next quarter. But then a lot of the strength, especially in power seems to be coming from China auto. So what would be the total revenue drivers into Q4 and Q1?

知道了。然後具體到中國，您提到中國第三季業績下滑。你預計下個季度還會再次下降。但很多力量，尤其是動力方面的力量，似乎都來自中國汽車產業。那麼，第四季和第一季的總收入驅動因素是什麼？

Is it mostly the memory customers? Or is it Western power device customers?

主要是內存用戶嗎？還是指西方電力設備用戶？

Yes. So I don't -- we're not going to give specifics, I think, on markets just as of yet, Duksan, right, to some extent. As we look ahead and see where that comes, we do expect to see some incremental memory opportunities supporting the business as we go forward. I just wanted to remind you, as we entered the year, we anticipated China revenue being down both for General Mature and Power. So what's occurring here is not outside of our general expectations to the overall performance of the business given the digestion of capacity that we see there.

是的。所以，我認為，我們現在還不會就市場問題給出具體細節，杜克桑，在某種程度上是如此。展望未來，我們預計未來將會出現一些增量的記憶體業務機會，為公司發展提供支援。我只是想提醒您，年初的時候，我們預計通用成熟設備和電力設備在中國的收入都會下降。所以，鑑於我們看到的產能消化情況，這裡發生的事情並沒有超出我們對公司整體業績的預期。

I think Russell in his prepared remarks noted that we are still seeing new entrants into the Power market. I think there are customers today that see inflection points. As they look at sort of the long-term trajectory of power, specifically in Silicon Carbide, they still see an opportunity for -- to enter the market and to be successful in that space. So like I said, we're ready to support all those customers as we move forward, and we'll have more commentary on that -- on the future expected performance in our next call.

我認為羅素在事先準備好的演講稿中指出，我們仍然看到新的企業進入電力市場。我認為如今有些客戶已經看到了轉捩點。當他們著眼於能源的長期發展軌跡，特別是碳化矽領域時，他們仍然看到了進入市場並在該領域取得成功的機會。正如我所說，我們已做好準備，在未來繼續為所有這些客戶提供支持，我們將在下次電話會議上對此——未來的預期業績——發表更多評論。

David Duley, Steelhead Securities.

David Duley，Steelhead Securities。

Can you hear me? Okay. I finally figured out the technical difficulties. Congratulations on nice results in a difficult environment. Jamie, I think you were talking about gross margin or systems that were pulled into Q3 from Q4 that impacted gross margins. I was wondering if you could elaborate a little bit more on that?

你聽得到我嗎？好的。我終於解決了技術難題。恭喜你在如此艱難的環境下取得如此優異的成績。Jamie，我想你指的是毛利率，或者說是從第四季轉移到第三季並影響毛利率的系統。我想請您再詳細解釋一下？

And do you expect that to continue in Q4? And my second question is basically adoption of Silicon Carbide outside of electric vehicles. And if you could perhaps elaborate on which end markets you think will start to contribute in a more significant way?

你預計這種情況會在第四季繼續嗎？我的第二個問題主要是關於碳化矽在電動車以外的應用。您能否詳細說明一下，您認為哪些終端市場將開始做出更重要的貢獻？

Yeah. So I'll start with the gross margin and hand the second question off to Russell there. But on the gross margin front, so there's a couple of things. So systems mix, so shipped systems mix within the period can impact margin. We did see a little bit of reshuffling of shipped systems relative to expectations.

是的。那我就先從毛利率說起，第二個問題交給羅素來回答。但就毛利率而言，有幾點需要說明。因此，系統組合，以及該期間內出貨的系統組合，可能會影響利潤率。與預期相比，我們確實看到已出貨系統的配置略有調整。

So that's the sort of product mix. The specific items we were talking about related to the installation. So this is really around some deferred revenue that related to systems that had shipped in prior periods or some installations that were at lower margin. We have forecasted those getting signed off and completed in the fourth quarter time frame.

這就是產品組合的大致狀況。我們討論的具體物品都與安裝有關。所以這實際上是一些與之前時期已發貨的系統或一些利潤率較低的安裝項目相關的遞延收入。我們預測這些項目將在第四季度獲得批准並完成。

The team in the field worked to bring those in and get those closed off here in the third quarter, which led to some of the high -- slightly higher revenue than what we had forecasted in that space, but unfortunately, also carried some lower margin, which put a little bit of pressure on gross margin for the period. Those are, I think, a unique event. Each installation is its own unique event, by the way. So this is not something we will see this from time to time occur.

第三季度，現場團隊努力促成這些交易，並完成了這些交易，這帶來了一些較高的收入——略高於我們先前在該領域的預期，但不幸的是，利潤率也較低，這給該時期的毛利率帶來了一些壓力。我認為，那是一件獨一無二的事。順便一提，每個裝置藝術作品都是獨一無二的。所以這種情況不會經常發生。

But as of right now, this event will not repeat in that way going into the fourth quarter as we think about what the systems revenue will be overall. So between that product mix, the timing of those installation acceptances and then sort of the makeup of the CS&I are the real drivers of gross margin for the period.

但就目前而言，考慮到系統整體收入，這種情況在第四季度不會重演。因此，產品組合、安裝驗收時間以及 CS&I 的組成是該時期毛利率的真正驅動因素。

Right, I think your second question was about Silicon Carbide applications beyond electric vehicles, right? So just start off kind of like calibrate on electric vehicles. So I think David mentioned it, but I think it's kind of low single -- low double digits, like the 10% to 12% of cars having Silicon Carbide in them outside of, say, Tesla. I think part of that is because the design cycle is so long for most car cycles that if you want to design Silicon Carbide in, you -- it's going to take you three or four years for it comes into production. So I think we're going to see a large increase there.

對，我想你的第二個問題是關於碳化矽在電動車以外的應用，對嗎？所以就先從電動車的校準開始吧。所以我覺得大衛有提到過，但我認為這個比例應該很低，只有個位數到兩位數，例如特斯拉以外的汽車中，只有 10% 到 12% 的汽車含有碳化矽。我認為部分原因是大多數汽車的設計週期都很長，如果你想在設計中加入碳化矽，那麼從設計到投入生產，你需要三到四年的時間。所以我認為我們會看到這方面大幅成長。

And like I mentioned, I also think you're going to see more and more cars taking Silicon Carbide, including hybrids and then needing more and more Silicon Carbide. So that's kind of what we're seeing. And the huge competition and the lowering of costs, I think, is going to grow EVs quite significantly.

正如我之前提到的，我認為你會看到越來越多的汽車使用碳化矽，包括混合動力汽車，然後它們對碳化矽的需求也會越來越大。這就是我們目前看到的情況。我認為，激烈的競爭和成本的降低將會大大促進電動車的發展。

But that aside, we are hearing about the electric grid and having kind of solid-state devices in the electric grid. We're also hearing about the data centers. But bear in mind, we don't necessarily know what our customers are shipping. But if you listen to some of the kind of reports, some of our customers have products that are going after the data centers, and there's multiple applications in the data centers. It comes in at the kilo volts, jumps down all the way through until it hits a couple of volts or whatever actually on the board.

但除此之外，我們也聽說了電網以及電網中所採用的固態裝置。我們也聽說了資料中心的事。但請記住，我們不一定知道客戶要運送什麼。但如果你聽聽一些報道，你會發現我們的一些客戶的產品瞄準了資料中心，而且資料中心裡有多種應用。它的電壓從幾千伏特開始，一路下降，直到達到幾伏特或電路板上實際顯示的電壓。

So -- and those data centers are using ridiculous amounts of power, right? And I think the electrification is really going to support the penetration of AI going forward.

所以——那些資料中心消耗的電量非常驚人，對吧？我認為電氣化將真正促進人工智慧未來的普及。

Thank you so much for that. That does conclude our question-and-answer session. And thank you for your participation in today's conference. And this does conclude the presentation of ours. You may now disconnect. Good day.

非常感謝。我們的問答環節到此結束。感謝各位參加今天的會議。我們的報告到此結束。您現在可以斷開連線了。再會。