Advanced Energy Industries Inc (AEIS) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Advanced Energy Industries Second Quarter 2021 Earnings Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎參加 Advanced Energy Industries 2021 年第二季度收益電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Edwin Mok, Vice President of Strategic Marketing and Investor Relations. Please go ahead, sir.

我現在想把會議交給今天的演講者，戰略營銷和投資者關係副總裁 Edwin Mok。請繼續，先生。

Thank you, operator. Good morning, everyone. Welcome to Advanced Energy's Second Quarter 2021 Earnings Conference Call. With me today are Steve Kelley, our President and CEO; and Paul Oldham, our Executive Vice President and CFO. If you have not seen our earnings press release, you can find it on our website at ir.advancedenergy.com. There you'll also find the Q2 slide presentation.

謝謝你，運營商。大家，早安。歡迎來到 Advanced Energy 2021 年第二季度收益電話會議。今天和我在一起的是我們的總裁兼首席執行官 Steve Kelley；和我們的執行副總裁兼首席財務官 Paul Oldham。如果您還沒有看到我們的收益新聞稿，您可以在我們的網站 ir.advancedenergy.com 上找到它。您還可以在那裡找到 Q2 幻燈片演示。

Before I begin, I'd like to mention that AE will be participating at several investor conferences in the coming months. Let me remind you that today's call contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees of future performance. Information concerning these risks can be found in our SEC filings. All forward-looking statements are based on management's estimates as of today, August 4, 2021, and the company assumes no obligation to update them. Medium- and long-term targets to present today should not be interpreted as guidance.

在開始之前，我想提一下 AE 將在未來幾個月內參加幾個投資者會議。讓我提醒您，今天的電話會議包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果出現重大差異，並且不是對未來業績的保證。有關這些風險的信息可以在我們提交給美國證券交易委員會的文件中找到。所有前瞻性陳述均基於管理層截至 2021 年 8 月 4 日的估計，公司不承擔更新這些陳述的義務。今天提出的中長期目標不應被解釋為指導。

On today's call, our financial results will be presented on a non-GAAP financial basis, unless otherwise specified. Excluded from non-GAAP results are amortization, stock compensation, integration and transition costs, unrealized foreign exchange gains or losses and restructuring items. A detailed reconciliation between GAAP and non-GAAP measures can be found in today's press release.

在今天的電話會議上，除非另有說明，否則我們的財務業績將在非 GAAP 財務基礎上公佈。非 GAAP 結果不包括攤銷、股票補償、整合和過渡成本、未實現的外匯損益和重組項目。可以在今天的新聞稿中找到 GAAP 和非 GAAP 措施之間的詳細對賬。

With that, let me pass the call to our President and CEO, Steve Kelley.

有了這個，讓我把電話轉給我們的總裁兼首席執行官史蒂夫凱利。

Thank you, Edwin. Good morning, everyone, and thanks for joining the call today. Second quarter revenue and earnings per share met the midpoint of our guidance. Demand remains very strong, and we recorded significant new design wins in all of our target markets. As forecasted, our second quarter revenue was limited by shortages of integrated circuits and other key components. Additionally, late in the quarter, output from our Malaysia factory was constrained due to COVID restrictions.

謝謝你，埃德溫。大家早上好，感謝您今天加入電話會議。第二季度的收入和每股收益達到了我們指引的中點。需求仍然非常強勁，我們在所有目標市場都贏得了重要的新設計。正如預測的那樣，我們第二季度的收入受到集成電路和其他關鍵組件短缺的限制。此外，在本季度末，由於 COVID 限制，我們馬來西亞工廠的產量受到限制。

Component shortages will continue to limit our revenue into the third quarter, but we expect a healthy recovery beginning in Q4 as supply improves. Near term, our number one priority is resolving these supply constraints. COVID restrictions also remain a concern, but the vaccination of our employees in Malaysia this quarter should mitigate much of that risk moving forward. As we deal with these supply issues, it's important to note that our order book is very strong, which sets us up very well for revenue growth well into 2022 as constraints ease and we are able to bring supply more in line with demand.

組件短缺將繼續限制我們進入第三季度的收入，但我們預計隨著供應的改善從第四季度開始健康復蘇。近期，我們的首要任務是解決這些供應限制。 COVID 限制也仍然是一個問題，但本季度我們在馬來西亞的員工接種疫苗應該會減輕未來的大部分風險。在我們處理這些供應問題時，重要的是要注意我們的訂單非常強勁，這為我們到 2022 年的收入增長做好了很好的準備，因為限制條件有所緩解，我們能夠使供應更符合需求。

During the quarter, customer demand across all of our markets continued to grow. In the semiconductor market, the demand for our plasma power products strengthened as the industry continues to invest heavily in new capacity. After setting a record for sales into this market in the first half of 2021, we expect second half sales to be even stronger. And as supply constraints ease, we expect robust revenue growth in 2022.

本季度，我們所有市場的客戶需求持續增長。在半導體市場，隨著行業繼續大力投資新產能，對我們等離子電源產品的需求增加。在 2021 年上半年創下該市場的銷售記錄後，我們預計下半年的銷售會更加強勁。隨著供應限制的緩解，我們預計 2022 年收入將強勁增長。

In the industrial medical markets, we saw increased demand across a wide variety of applications as macro conditions improved. In medical, we benefited from an uptick in elective care procedures. In the industrial market, we saw strength in flat panel displays, industrial automation, 3D printing and industrial coatings. We also saw stronger demand in horticulture, solar and battery applications. These demand trends should continue into the second half of the year.

在工業醫療市場，隨著宏觀環境的改善，我們看到各種應用的需求都在增加。在醫療方面，我們受益於選擇性護理程序的增加。在工業市場，我們看到了平板顯示器、工業自動化、3D 打印和工業塗料的優勢。我們還看到園藝、太陽能和電池應用方面的需求更加強勁。這些需求趨勢應該會持續到下半年。

Data center computing demand also grew in the second quarter, and revenues from both hyperscale and enterprise customers were up sequentially. In addition, we shipped initial production units to our fourth hyperscale customer. Demand in the telecom market is improving, largely due to increasing 5G infrastructure investment in the U.S. Although second half revenues in both the data center and telecom will continue to be faced by supply, we are winning new, high value-added designs in both markets.

數據中心計算需求在第二季度也有所增長，來自超大規模和企業客戶的收入環比增長。此外，我們還向我們的第四個超大規模客戶運送了初始生產單元。電信市場的需求正在改善，這主要是由於美國增加了 5G 基礎設施投資。雖然下半年數據中心和電信的收入將繼續面臨供應問題，但我們正在兩個市場贏得新的高附加值設計.

Now let me turn to our strategy and growth initiatives. Our ultimate objective is to drive sustainable increases in shareholder value through profitable revenue growth. We intend to achieve this growth by developing highly engineered proprietary power delivery systems. This approach leverages our core competencies, our technologies and our manufacturing base. Technology leadership, customer intimacy and operational excellence will be the key enablers of our success.

現在讓我談談我們的戰略和增長計劃。我們的最終目標是通過盈利性收入增長推動股東價值的可持續增長。我們打算通過開發高度工程化的專有電力傳輸系統來實現這一增長。這種方法利用了我們的核心競爭力、我們的技術和我們的製造基地。技術領先地位、客戶親密度和卓越運營將是我們成功的關鍵推動力。

To accelerate our growth, we are putting particular focus on the semiconductor, industrial and medical markets. Customers in these markets build expensive complex machines, which need reliable sources of highly engineered precision power and that's where Advanced Energy excels. We are expanding our product development capabilities in these target markets and focusing our sales and applications teams on leading customers in these markets.

為了加速我們的增長，我們特別關注半導體、工業和醫療市場。這些市場的客戶建造昂貴的複雜機器，需要高度工程化的精密電源的可靠來源，而這正是 Advanced Energy 的優勢所在。我們正在擴大我們在這些目標市場的產品開發能力，並將我們的銷售和應用團隊集中在這些市場的主要客戶身上。

In our other markets, such as telecom, networking and data center computing, the team will continue to develop highly differentiated solutions, which address our customers' most difficult power delivery challenges. We believe that this approach will drive sustainable and profitable growth. By focusing on differentiated solutions and long life cycle applications, we are building a business which should grow steadily and deliver good profitability, and we have a strong starting position with proprietary products accounting for nearly 3/4 of our current revenue.

在我們的其他市場，如電信、網絡和數據中心計算，該團隊將繼續開發高度差異化的解決方案，以解決我們客戶最困難的電力傳輸挑戰。我們相信這種方法將推動可持續的盈利增長。通過專注於差異化解決方案和長生命週期應用，我們正在建立一個應該穩步增長並提供良好盈利能力的業務，並且我們擁有強大的起點，專有產品占我們當前收入的近 3/4。

In semiconductor, we are seeing great traction with our new flagship products. Both the eVoS plasma power system and the MAXstream RPS solution are being evaluated by all of the leading OEMs. Additional customer feedback has been very encouraging.

在半導體領域，我們看到了我們新旗艦產品的巨大吸引力。所有領先的原始設備製造商都在評估 eVoS 等離子電源系統和 MAXstream RPS 解決方案。額外的客戶反饋非常鼓舞人心。

During the quarter, we acquired TEGAM, an industry leader in RF instrumentation and calibration systems. TEGAM's technology enables our plasma power customers to precisely quantify delivered RF power. This data is critical to the development of repeatable thin film manufacturing processes. TEGAM began also provides a platform to expand Advanced Energy's service business.

本季度，我們收購了 RF 儀器和校準系統行業領導者 TEGAM。 TEGAM 的技術使我們的等離子功率客戶能夠精確量化傳輸的射頻功率。該數據對於開發可重複的薄膜製造工藝至關重要。 TEGAM 還開始提供一個平台來擴展 Advanced Energy 的服務業務。

In the medical market, we won multiple designs in the second quarter in imaging, therapeutic and life science applications. Winning in medical takes time, but the long product life cycles in this market ensure a steady stream of recurring revenue.

在醫療市場，我們在第二季度贏得了成像、治療和生命科學應用方面的多項設計。在醫療領域取勝需要時間，但該市場較長的產品生命週期確保了穩定的經常性收入流。

In the industrial market, we had multiple design wins in the second quarter, including 2 new custom power solutions for industrial test systems. In addition, we recently launched a new family of programmable DC power supplies optimized for test and measurement applications.

在工業市場，我們在第二季度贏得了多項設計，包括 2 個用於工業測試系統的新定制電源解決方案。此外，我們最近還推出了針對測試和測量應用優化的全新可編程直流電源系列。

In the data center computing market, we secured multiple design wins by meeting the stringent power efficiency and density requirements of high-performance computing and AI customers.

在數據中心計算市場，我們通過滿足高性能計算和人工智能客戶對能效和密度的嚴格要求，贏得了多項設計大獎。

In the telecom networking market, our focus on high-performance infrastructure opportunities has already yielded several key design wins. One of those wins is on a 5G base station expected to be deployed by multiple carriers in the U.S. We secured a second win in the 5G space with a customized DC to DC converter, featuring superior power density and efficiency.

在電信網絡市場，我們對高性能基礎設施機會的關注已經取得了幾個關鍵的設計勝利。其中一項勝利是在預計將由美國多家運營商部署的 5G 基站上。我們憑藉定制的 DC-DC 轉換器在 5G 領域贏得了第二場胜利，該轉換器具有卓越的功率密度和效率。

Finally, in July, we hired a new global sales leader, John Donahue. John is a seasoned professional with extensive experience selling technology-based products around the world. He will strengthen our customer relationships and help to drive share gains in our target markets.

最後，在 7 月，我們聘請了一位新的全球銷售主管 John Donahue。約翰是一位經驗豐富的專業人士，在全球銷售基於技術的產品方面擁有豐富的經驗。他將加強我們的客戶關係，並幫助推動我們在目標市場的份額增長。

In closing, our markets are healthy with very strong demand for Advanced Energy's differentiated solutions. Although the operating environment continues to be challenging, our order book is at an all-time high. As the component shortages abate, we expect to catch up to market demand, setting us up for a strong 2022. We continue to be on the lookout for inorganic growth opportunities, which meet our strategic and financial criteria. Just in the past 6 months, we've made 3 tuck-in acquisitions, which have enhanced our technology portfolio and market position. Finally, as we execute our growth strategy, we believe that the company is well positioned to meet or exceed our medium- and long-term financial targets.

最後，我們的市場很健康，對 Advanced Energy 差異化解決方案的需求非常強勁。儘管經營環境仍然充滿挑戰，但我們的訂單量創歷史新高。隨著組件短缺的減少，我們預計將趕上市場需求，為 2022 年的強勁發展做好準備。我們將繼續尋找符合我們戰略和財務標準的無機增長機會。就在過去 6 個月裡，我們進行了 3 次收購，增強了我們的技術組合和市場地位。最後，在我們執行我們的增長戰略時，我們相信公司有能力達到或超過我們的中長期財務目標。

Paul will now review our financial results and provide a detailed guidance.

保羅現在將審查我們的財務業績並提供詳細的指導。

Thank you, Steve, and good morning, everyone. In the second quarter, we delivered revenue slightly above the midpoint of our guidance despite a challenging operating environment. Total revenue of $361 million was up 6% year-over-year and 3% sequentially. We also generated record revenues in our plasma power products and in our service business. Customer demand remained very healthy again during the quarter, resulting in an order book which provides solid demand visibility into 2022.

謝謝你，史蒂夫，大家早上好。在第二季度，儘管經營環境充滿挑戰，但我們的收入略高於我們指導的中點。總收入 3.61 億美元，同比增長 6%，環比增長 3%。我們的等離子電源產品和服務業務也創下了創紀錄的收入。本季度客戶需求再次保持非常健康，訂單簿為 2022 年提供了可靠的需求可見性。

On the other hand, new COVID-related restrictions in Malaysia resulted in our factory idling for several days and further limited our capacity output for semiconductor products in June. In addition, shortages of critical parts continue to be a challenge across all our markets, limiting revenue upside. Cost pressures associated with the supply chain were worse than expected, resulting in Q2 gross margins below our target. Favorable discrete items in our tax rate largely offset these shortfalls this quarter resulting in earnings of $1.25 per share. We expect the operating environment to remain challenging particularly in the near term. Supply chain and pandemic-related restrictions continue to be very dynamic with a few key suppliers and ongoing COVID risk in Malaysia being the most significant issues. While we have made some improvements, recent decommits and extended lead times are expected to have a meaningful impact on our Q3 outlook before improving in the fourth quarter.

另一方面，馬來西亞新的 COVID 相關限制導致我們的工廠閒置了幾天，並進一步限制了我們 6 月份半導體產品的產能輸出。此外，關鍵部件短缺仍然是我們所有市場面臨的挑戰，限制了收入增長。與供應鏈相關的成本壓力比預期更糟，導致第二季度毛利率低於我們的目標。我們稅率中有利的離散項目在很大程度上抵消了本季度的這些不足，導致每股收益 1.25 美元。我們預計經營環境仍將充滿挑戰，尤其是在短期內。供應鍊和大流行相關的限制繼續非常活躍，一些主要供應商和馬來西亞持續的 COVID 風險是最重要的問題。雖然我們做出了一些改進，但預計最近的退役和交貨時間延長將對我們的第三季度前景產生重大影響，然後才會在第四季度有所改善。

With respect to Malaysia, we are actively working to get our employees vaccinated and plan to leave additional production capacity in Shenzhen through the end of the year to mitigate the impact and enable a quick recovery. More broadly, we are working closely with both our suppliers and customers to optimize deliveries while maintaining capacity across our factory network to be able to respond quickly as supply improves. While these challenges will have a significant impact on our results in the near term, we remain confident in our ability to meet our medium- and long-term strategic goals as the operating environment normalizes.

在馬來西亞方面，我們正積極為員工接種疫苗，併計劃在年底之前將額外的產能留在深圳，以減輕影響並實現快速恢復。更廣泛地說，我們正在與我們的供應商和客戶密切合作，以優化交付，同時保持我們工廠網絡的能力，以便能夠在供應增加時快速響應。儘管這些挑戰將在短期內對我們的業績產生重大影響，但我們仍然相信，隨著經營環境的正常化，我們有能力實現我們的中長期戰略目標。

Now let me discuss our Q2 results. Overall, demand continued to strengthen across our markets, which contributed to the greater than $125 million increase in our order book. Revenues were impacted to a varying degree by market based on parts availability. Semiconductor sales were $177 million, up 21% from last year and just off the record set in Q1. Demand further strengthened throughout the quarter and our team overcame some of the COVID-related restrictions in Malaysia, resulting in record sales of our plasma power products. Without the impact of these restrictions late in the quarter, our semi sales would have increased sequentially.

現在讓我討論一下我們的第二季度業績。總體而言，我們市場的需求繼續增強，這導致我們的訂單增加了超過 1.25 億美元。根據零件的可用性，收入在不同程度上受到市場的影響。半導體銷售額為 1.77 億美元，比去年增長 21%，略低於第一季度創下的記錄。整個季度的需求進一步增強，我們的團隊克服了馬來西亞的一些與 COVID 相關的限制，導致我們的等離子電源產品的銷售額創下歷史新高。如果沒有這些限制在本季度末的影響，我們的半成品銷量將會環比增長。

Revenue from our industrial medical markets grew 6% sequentially and 17% from a year ago to $83 million. Our order book in I&M is particularly strong, giving us visibility to support revenue growth well into 2022.

我們工業醫療市場的收入環比增長 6%，同比增長 17% 至 8300 萬美元。我們在 I&M 的訂單特別強勁，使我們能夠看到支持收入增長到 2022 年的前景。

Data center computing revenue was $69 million, up 17% sequentially with growth coming from both enterprise and hyperscale applications. Telecom and networking revenue was $32 million in the quarter, which was lower than expected due solely to material constraints.

數據中心計算收入為 6900 萬美元，環比增長 17%，增長來自企業和超大規模應用程序。本季度電信和網絡收入為 3200 萬美元，低於預期僅僅是因為材料限制。

Non-GAAP gross margin for the quarter was 38%. The sequential decline was primarily due to less favorable mix and higher-than-expected logistics and supply chain costs. We also saw lower factory productivity exacerbated by the Malaysia restrictions. While we expect gross margins to come under additional pressure in the second half, we continue to be confident in our ability to meet our long-term gross margin goal of over 40% as the supply chain environment and related constraints improve.

本季度非美國通用會計準則毛利率為 38%。環比下降主要是由於不利的組合以及高於預期的物流和供應鏈成本。我們還看到馬來西亞的限制加劇了工廠生產率的下降。雖然我們預計下半年毛利率將承受額外壓力，但隨著供應鏈環境和相關限制條件的改善，我們繼續相信我們有能力實現超過 40% 的長期毛利率目標。

Non-GAAP operating expenses were $82.6 million, up about $3 million from last quarter and slightly above our expectations. The sequential change was due to planned increases in annual labor costs, the addition of TEGAM and higher customer and program spending. Operating margins for the quarter were 15.1%. Other expense was $1.9 million, including $1.1 million of interest expense and $480,000 of FX losses. We continue to expect other expense to be in the $1.5 million to $2 million range going forward.

非 GAAP 運營費用為 8260 萬美元，比上一季度增加約 300 萬美元，略高於我們的預期。順序變化是由於年度勞動力成本的計劃增加、TEGAM 的增加以及更高的客戶和計劃支出。本季度的營業利潤率為 15.1%。其他費用為 190 萬美元，包括 110 萬美元的利息費用和 480,000 美元的匯兌損失。我們繼續預計未來其他費用將在 150 萬至 200 萬美元之間。

Our non-GAAP tax expense was $4.7 million or 8.9%, primarily unfavorable discrete items, which will not repeat next quarter. Looking forward, we continue to expect the GAAP and non-GAAP tax rate to remain in the 15% range. Earnings for the quarter were $1.25 per share, up from $1.18 a year ago but down from last quarter.

我們的非 GAAP 稅收費用為 470 萬美元或 8.9%，主要是不利的離散項目，下個季度不會重複。展望未來，我們繼續預計 GAAP 和非 GAAP 稅率將保持在 15% 的範圍內。本季度每股收益為 1.25 美元，高於一年前的 1.18 美元，但低於上一季度。

Turning now to the balance sheet. We ended the second quarter with total cash of $510 million and a net cash of $196 million, up slightly from Q1. Operating cash flow was $34 million or just under 10% of revenue. During the quarter, we invested $15 million in the acquisition of TEGAM and paid $5.4 million in CapEx, $4.4 million towards our debt and $3.9 million in dividend payments. In addition, during the quarter, we repurchased $6.5 million worth of stock at $90.34 a share.

現在轉向資產負債表。我們在第二季度末的現金總額為 5.1 億美元，淨現金為 1.96 億美元，略高於第一季度。經營現金流為 3400 萬美元，佔收入的不到 10%。本季度，我們投資 1500 萬美元收購 TEGAM，並支付了 540 萬美元的資本支出、440 萬美元的債務和 390 萬美元的股息支付。此外，在本季度，我們以每股 90.34 美元的價格回購了價值 650 萬美元的股票。

From a working capital perspective, our days of net working capital were about flat at 96 days. However, inventory increased by $49 million as we continued to acquire raw materials to support higher demand levels. Turns were 3.3x. Although it may take a few quarters, we expect turns to rebound as critical part shortages abate and we are able to fully ship demand.

從營運資金的角度來看，我們的淨營運資金天數基本持平，為 96 天。然而，由於我們繼續採購原材料以支持更高的需求水平，庫存增加了 4900 萬美元。轉數為 3.3 倍。雖然這可能需要幾個季度，但我們預計隨著關鍵部件短缺的減少以及我們能夠完全滿足需求而出現反彈。

Accounts payable rose to $207 million with associated DPO of 82 days, largely offsetting the increased level of inventory in the short term. Receivables rose slightly to $243 million, and DSO was unchanged to 61 days. Finally, today, we announced that our Board of Directors increased our stock repurchase authorization to $200 million in support of our long-term opportunistic share repurchase strategy.

應付賬款增至 2.07 億美元，相關 DPO 為 82 天，在很大程度上抵消了短期內庫存水平的增加。應收賬款小幅上升至 2.43 億美元，DSO 維持在 61 天不變。最後，今天，我們宣布我們的董事會將我們的股票回購授權增加到 2 億美元，以支持我們的長期機會主義股票回購戰略。

Now let me turn to guidance. Overall demand continues to be strong, and our order book supports growth well into 2022. However, a more challenging supply chain environment, particularly around a few integrated circuit suppliers and uncertainties related to COVID restrictions, are expected to have a larger impact to our revenue levels in the near term. As a result, we expect Q3 revenues to be approximately $340 million, plus or minus $15 million. However, based on current parts projections, we expect revenues to rebound and grow modestly year-over-year in the fourth quarter, with second half revenues approximately flat to first half levels. We expect Q3 gross margin to be around 35% to 36% on lower volumes and higher supply chain costs with the full impact of material and logistics costs being realized in the fourth quarter before improving early next year.

現在讓我轉向指導。整體需求繼續強勁，我們的訂單支持增長到 2022 年。然而，更具挑戰性的供應鏈環境，特別是圍繞一些集成電路供應商和與 COVID 限制相關的不確定性，預計將對我們的收入產生更大的影響近期水平。因此，我們預計第三季度的收入約為 3.4 億美元，上下浮動 1500 萬美元。然而，根據目前的零部件預測，我們預計第四季度收入將出現反彈並同比溫和增長，下半年收入大致與上半年持平。我們預計第三季度的毛利率將在 35% 至 36% 左右，原因是銷量下降和供應鏈成本上升，材料和物流成本的全部影響將在第四季度實現，然後在明年初有所改善。

Operating expenses should be about flat on slightly higher R&D and a full quarter of TEGAM as we continue to invest in critical programs. As a result, we expect Q3 non-GAAP earnings per share to be $0.80, plus or minus $0.20.

隨著我們繼續投資於關鍵項目，由於研發略有增加和 TEGAM 的四分之一，運營支出應該大致持平。因此，我們預計第三季度非 GAAP 每股收益為 0.80 美元，上下浮動 0.20 美元。

Looking forward, we are encouraged about the increasing customer demand for our proprietary power solutions, strong order book and the solid traction we are achieving in our strategic programs. We are taking multiple actions to mitigate the impact of supply chain and operating challenges while staying focused on delivering new products and next-generation technologies to our customers. As the current operating environment improves, we believe that strong demand coupled with actions we are taking will enable us to deliver solid revenue and earnings growth in 2022.

展望未來，我們對客戶對我們專有電源解決方案的需求不斷增加、強勁的訂單以及我們在戰略計劃中取得的穩固牽引力感到鼓舞。我們正在採取多項行動來減輕供應鍊和運營挑戰的影響，同時繼續專注於為我們的客戶提供新產品和下一代技術。隨著當前經營環境的改善，我們相信強勁的需求加上我們正在採取的行動將使我們能夠在 2022 年實現穩健的收入和盈利增長。

With that, let's take your questions. Operator?

有了這個，讓我們回答你的問題。操作員？

(Operator Instructions) Your first question comes from the line of Krish Sankar of Cowen and Company.

（操作員說明）您的第一個問題來自 Cowen and Company 的 Krish Sankar。

I had a couple of them. First one, just to clarify, I think, Paul, you mentioned Q4 should be up on a year-over-year basis. So that basically implies Q4 revenue should be well north of $371 million. A, is that right? And if so, what kind of gross margin should we think about for Q4 given your -- given this constrained environment? And then I have a follow-up.

我有幾個。第一個，我想澄清一下，保羅，你提到第四季度應該同比增長。所以這基本上意味著第四季度的收入應該遠高於 3.71 億美元。 A，是嗎？如果是這樣，考慮到您的 - 考慮到這種受限環境，我們應該為第四季度考慮什麼樣的毛利率？然後我有一個後續行動。

Yes, it's a good question, Krish. On balance, we would expect gross margins to improve from Q3 levels based on the higher volumes. But we'll also see the full impact of the material and cost increases that we're seeing in the near term as those roll through. So I would say the gross margins would be up modestly from Q3 sequentially with further improvement as we move into the new year.

是的，這是個好問題，Krish。總的來說，我們預計毛利率會基於更高的銷量從第三季度的水平提高。但我們也會看到我們在短期內看到的材料和成本增加的全部影響。所以我想說，隨著我們進入新的一年，毛利率將從第三季度開始小幅上升，並進一步改善。

Got it. Got it. Very helpful. And then a question for Steve. It seems like you guys are having a little bit of a double whammy both on the revenue side and the cost side given all the constraints. You said that in Q4, at least the revenue side should improve given some of those constraints easing. When do you expect the cost constraints to ease? And more importantly, because of this constrained environment, are you losing any market share to your competitors?

知道了。知道了。很有幫助。然後有一個問題要問史蒂夫。考慮到所有限制，你們似乎在收入方面和成本方面都遇到了雙重打擊。你說在第四季度，至少收入方面應該有所改善，因為其中一些限制有所放鬆。您預計成本限制何時會放鬆？更重要的是，由於這種受限的環境，您是否正在將市場份額輸給競爭對手？

Sure. Yes. So let me just address those 2 questions. You're asking about cost constraints and when those ease and then market share. So we talk about cost issues. We've been talking about 2 things. One is that we're seeing increases in contractual parts. Some of that is just price increases. Some is expert IPs we're paying to get the products quickly. The other area of increase is shipping cost. So we've seen a tremendous amount of pressure on shipping costs from Asia to other parts of the world. So we are taking action. We took action back in the first quarter to pass on at least some of these costs to our customers. And we'll take further actions particularly on the shipping cost front to make sure that we're sharing the burden with our customers on that.

當然。是的。那麼讓我來解決這兩個問題。你問的是成本限制，以及這些限制何時放鬆，然後是市場份額。所以我們討論成本問題。我們一直在談論兩件事。一是我們看到合同部分有所增加。其中一些只是價格上漲。有些是我們為快速獲得產品而支付的專家 IP。另一個增加的領域是運輸成本。因此，我們看到從亞洲到世界其他地區的運輸成本面臨巨大壓力。所以我們正在採取行動。我們在第一季度採取行動，將至少部分成本轉嫁給我們的客戶。我們將採取進一步行動，特別是在運輸成本方面，以確保我們與客戶分擔這方面的負擔。

From a market share standpoint, the short answer is no, I don't think we're losing market share. Actually, I think we're gaining market share in semi. So when I think about market share, I think about it over the course of years, not quarters. And as I look at our semiconductor market share, in 2020, we grew at twice the rate of WFE. And that was partly due to our customers ordering products from us somewhat ahead of the demand wave. Now this year, largely due to parts shortages, we're going to underperform relative to WFE. And our customers are coping with our underperformance by consuming more from the hub inventory. So that hub is really designed as a shock absorber. And so far, it's been working pretty well for our customers and for us. Next year, we expect to resume our growth at more than 1.2x WFE as supply catches up with demand and we move the hub inventories to more comfortable levels.

從市場份額的角度來看，簡短的回答是否定的，我不認為我們正在失去市場份額。實際上，我認為我們正在獲得 semi 的市場份額。因此，當我考慮市場份額時，我會考慮多年，而不是季度。當我查看我們的半導體市場份額時，在 2020 年，我們的增長率是 WFE 的兩倍。這部分是由於我們的客戶在需求浪潮之前從我們這裡訂購了產品。今年現在，主要是由於零件短缺，我們的表現將低於 WFE。我們的客戶正在通過從樞紐庫存中消耗更多來應對我們的表現不佳。所以那個輪轂真的被設計成一個減震器。到目前為止，它對我們的客戶和我們來說都運行良好。明年，隨著供應趕上需求，我們預計將以超過 1.2 倍 WFE 的速度恢復增長，並且我們將樞紐庫存移至更舒適的水平。

The other point I want to make on market share in semiconductor, in particular, is there's a significant time lag between design win and production and also our products are proprietary. So you need to look at market share gains and losses over the course of years and not quarters. So for us, the key to growing share is bringing out the new innovative products like eVoS and MAXstream and bringing those products to market in a timely fashion. So if we deliver those products and they're deemed to be reliable and cost effective by our customers, then our share is going to continue to grow moving forward.

關於半導體的市場份額，我想特別指出的另一點是，設計獲勝和生產之間存在明顯的時間差，而且我們的產品是專有的。因此，您需要查看多年來而非季度的市場份額收益和損失。因此，對我們來說，增加份額的關鍵是推出新的創新產品，如 eVoS 和 MAXstream，並及時將這些產品推向市場。因此，如果我們交付這些產品並且我們的客戶認為它們可靠且具有成本效益，那麼我們的份額將繼續增長。

Your next question comes from the line of Scott Graham of Rosenblatt Securities.

你的下一個問題來自 Rosenblatt Securities 的 Scott Graham。

So Steve, I mean the plain and simple first question I have is when I kind of take the third quarter guidance and roll it through the old model, it just -- it's hard getting to $0.80 a share. It just seems like maybe you have maybe some fudge factors in there, I don't know but [Woffles] pulls details of flat OpEx and the gross margin. Are you just putting in sort of a buffer in there sort of just in case?

所以史蒂夫，我的意思是，我的第一個簡單明了的問題是，當我採用第三季度指導並將其推向舊模型時，它只是——很難達到每股 0.80 美元。看起來你可能有一些軟糖因素，我不知道，但 [Woffles] 提取了持平的運營支出和毛利率的細節。你只是在裡面放了一個緩衝區以防萬一嗎？

Yes. Scott, maybe let me take that question. I think the biggest impact relative to where we've been, I'll say, most of last year is the change in gross margin. And when we look forward, there's really 3 factors that are impacting that, that are, I'll say, different than they were 3 or 4 quarters ago, number one. And two, that we think they are more transitory. The first is, clearly, there's higher near-term supply chain costs, both in materials and logistics. And as Steve described, some of those are very transitory like expedite fees, we think logistics costs will normalize over time, but also some part piece price increases. That's the biggest factor between where we were adding gross margin to where we see things. And that result, we started to see that in the second quarter. It will be more pronounced in the third quarter, and we'll see the full impact as it rolls through our inventory in the fourth quarter. That's why we think that's going to progressively get a little worse before it gets better.

是的。斯科特，也許讓我回答這個問題。我認為相對於我們過去的最大影響，我會說，去年的大部分時間是毛利率的變化。當我們展望未來時，確實有 3 個因素在影響它，我會說，與 3 或 4 個季度前不同，第一。第二，我們認為它們更短暫。首先，顯然，材料和物流方面的近期供應鏈成本更高。正如史蒂夫所描述的，其中一些是非常短暫的，比如加急費，我們認為物流成本會隨著時間的推移正常化，但也會有一些零件價格上漲。這是我們增加毛利率和我們看到的東西之間的最大因素。結果，我們在第二季度開始看到。這將在第三季度更加明顯，我們將在第四季度通過我們的庫存滾動時看到全面的影響。這就是為什麼我們認為情況會在好轉之前逐漸變得更糟。

The second thing is we just have a lower factory utilization because our factory is waiting for parts. We've consciously decided to maintain capacity and capability because as we get parts in, we want to be able to turn them around quickly. And we do believe the supply chain environment will improve, and that will give us a chance to overperform.

第二件事是我們的工廠利用率較低，因為我們的工廠正在等待零件。我們有意識地決定保持容量和能力，因為當我們獲得零件時，我們希望能夠快速轉變它們。我們確實相信供應鏈環境將會改善，這將使我們有機會表現出色。

And the third thing is we've consciously delayed the closure of our Shenzhen to Malaysia factory in order to preserve from some flexibility. So a year ago, we essentially had one highly efficient factory putting our semiconductor products. Today, we've nearly fully ramped semi, but we haven't ramped down Shenzhen to preserve this a little bit extra capacity. That's inefficient. That will also resolve itself over the next couple of quarters.

第三件事是我們有意識地推遲關閉我們在深圳到馬來西亞的工廠，以保持一些靈活性。所以一年前，我們基本上有一個高效的工廠來生產我們的半導體產品。今天，我們幾乎已經完全爬坡了，但我們還沒有爬坡到深圳來保留一點額外的產能。那是低效的。這也將在接下來的幾個季度內自行解決。

So look, I'd like to say we have some upside in margin, and we'll certainly look to drive that. But those are the factors that are impacting gross margin. And again, think of them as things are going to impact us for a couple of quarters, but there's a clear path for those to improve as we move into next year -- move in and through 2022.

所以看，我想說我們的利潤率有一些上升空間，我們肯定會努力推動這一點。但這些都是影響毛利率的因素。再一次，將它們視為將影響我們幾個季度的事情，但是隨著我們進入明年 - 進入並一直到 2022 年，這些事情有一條明確的改善途徑。

Maybe a further comment, Scott. I think the common theme in a lot of these actions that we're taking is to basically keep our customers happy. That's our first priority. And sometimes that costs us a little bit more, but I think it pays off in the long run for Advanced Energy.

斯科特，也許還有進一步的評論。我認為我們正在採取的許多這些行動的共同主題是基本上讓我們的客戶滿意。這是我們的首要任務。有時這會讓我們付出更多的代價，但我認為從長遠來看，這對 Advanced Energy 來說是值得的。

Just a follow-up with the guidance, just to circle on my question here. I mean I don't want to beat the dead horse, but it just -- so you're essentially saying, Paul, that it's possible that the gross margin can be lower than the guidance that you've laid out and you just want to handicap against that?

只是跟進指導，只是在這里圈出我的問題。我的意思是我不想打死馬，但它只是 - 所以你基本上是說，保羅，毛利率有可能低於你制定的指導，你只是想要對那個障礙？

We think this is our best view of gross margin given the dynamics in the market and our factories right now. I wouldn't say it's conservative or that we have a lot of downside. We tried to call it the best we can and be realistic about it. And look, we'll try to beat it, but that's our best view.

鑑於目前市場和我們工廠的動態，我們認為這是我們對毛利率的最佳看法。我不會說這是保守的或者我們有很多缺點。我們試圖盡我們所能稱它為最好的，並且對此持現實態度。看，我們會努力打敗它，但這是我們最好的觀點。

Fair enough. Okay. Could you tell us when it comes to the third quarter kind of how you see each of the segments performing and -- just the best you can? And then also how that impacts mix on the gross margins? Is that a fair question?

很公平。好的。關於第三季度，您能否告訴我們您如何看待每個細分市場的表現以及如何做到最好？然後這對毛利率的影響如何？這是一個公平的問題嗎？

Yes. Scott, I'll make a few comments there. First, circling back to our prepared comments, we see strong demand across all the markets. So for us, demand is not the issue. It's just purely supply at this point, and that's the case for the next 3 quarters at least. And so we think we're doing very well on the design win front. And on the demand front, it's off the charts in almost all of our markets right now.

是的。斯科特，我會在那裡發表一些評論。首先，回到我們準備好的評論，我們看到所有市場都有強勁的需求。所以對我們來說，需求不是問題。目前只是純粹的供應，至少在接下來的三個季度都是如此。所以我們認為我們在設計勝利方面做得很好。在需求方面，它現在幾乎在我們所有的市場都超出了圖表。

Okay. If I could just squeeze in one more question, if you don't mind, particularly for you, Steve, since you're now steering the company. I know you indicated that semiconductor, industrial and medical are sort of your main drivers. But Artesyn brought a wealth of really nice markets as well. And as you noted, 67% of your sales are proprietary. So am I reading too much into the sort of the main drivers versus the secondary drivers being telecom, data center and networking there?

好的。如果你不介意的話，我可以再問一個問題，特別是對你來說，史蒂夫，因為你現在正在領導公司。我知道您表示半導體、工業和醫療是您的主要驅動力。但 Artesyn 也帶來了大量非常好的市場。正如您所指出的，您 67% 的銷售額是專有的。那麼我是不是對主要驅動因素和次要驅動因素（電信、數據中心和網絡）讀得太多了？

Well, no, I think what I'm saying is we're accelerating the focus on proprietary opportunities. So Artesyn brought in some very interesting business particularly in industrial and medical, also in telecom, also in data center and some other areas. And so we're basically pushing more of our development resource onto proprietary opportunities because we like those opportunities because they're sticky, they're typically a long life cycle, and we partner with the customers to come up with unique solutions. And that's really in our wheelhouse at Advanced Energy.

好吧，不，我想我的意思是我們正在加速對專有機會的關注。因此，Artesyn 引入了一些非常有趣的業務，特別是在工業和醫療領域，還有電信、數據中心和其他一些領域。因此，我們基本上將更多的開發資源用於專有機會，因為我們喜歡這些機會，因為它們具有粘性，它們通常具有較長的生命週期，並且我們與客戶合作以提出獨特的解決方案。這確實在我們 Advanced Energy 的駕駛室中。

Your next question comes from the line of Mehdi Hosseini, SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

A couple of follow-ups from my end. It seems to me that most of the revenue shortfall at least to my expectations came from the semiconductor segment. And this is a sector that you have had the most experience and your OEM customers have the longest lead time. How should I reconcile that with shortages that you're experiencing? And I'm just curious how you're managing required inventory of components for semi versus other sectors. Then I have a follow-up.

我的一些後續行動。在我看來，至少在我的預期中，大部分收入不足來自半導體部門。這是您擁有最多經驗並且您的 OEM 客戶擁有最長交貨時間的部門。我應該如何調和你正在經歷的短缺？我只是好奇您如何管理半成品和其他行業所需的組件庫存。然後我有一個後續行動。

Okay. I'll start, and then Paul will complete our answer on that one, Mehdi. First, we're seeing charges across all of our target markets, including semiconductor. But we are working very closely with our biggest customers in semiconductor to make sure that we satisfy their immediate needs. So obviously, it's a daily struggle, but I think I could say, in Q2, we did a reasonably good job not being the gate to their production. And that's our objective in Q3 as well. And so we work closely with the customer to make sure we're using the components we have in the right products that the customer needs. So that's our number one priority.

好的。我會開始，然後 Paul 將完成我們對那個問題的回答，Mehdi。首先，我們看到所有目標市場都在收費，包括半導體。但我們正與我們在半導體領域的最大客戶密切合作，以確保我們滿足他們的即時需求。很明顯，這是一場日常鬥爭，但我想我可以說，在第二季度，我們做得相當不錯，沒有成為他們生產的大門。這也是我們在第三季度的目標。因此，我們與客戶密切合作，以確保我們在客戶需要的正確產品中使用我們擁有的組件。所以這是我們的第一要務。

Yes. If I could just add on to that. I think, Mehdi, tactically in the short term, to answer your question, you're right, semi was a little lower than our expectations. That was primarily the result of the late movement control orders in Malaysia in June, which we just ran out of time to fully recover. If you remove that, we would have had -- semi would have grown sequentially. And look, that's getting better both in Malaysia and actions we're able to take now that we're able to get vaccines into our people there. And we would expect in the second half, we would see semi grow in total. Now the timing exactly between quarters will depend on parts and timing a little bit, but we'd expect to grow off the record first half levels in semi in the second half.

是的。如果我可以補充一下。我認為，邁赫迪，從短期戰術上來說，回答你的問題，你是對的，半決賽比我們的預期要低一點。這主要是由於 6 月份馬來西亞的行動管制令遲到，我們沒有時間完全恢復。如果你刪除它，我們就會有 - semi 會連續增長。看，馬來西亞的情況越來越好，我們現在可以採取行動，因為我們能夠為那裡的人民接種疫苗。我們預計在下半年，我們會看到半增長。現在各季度之間的確切時間將在一定程度上取決於零件和時間，但我們預計下半年半的上半場水平會有所增長。

Okay. Got it. And regarding telecom and data center, are you finally beginning to see a stronger recovery? Like I look at your data center. It seems to me that the rate of decline on a year-over-year is coming down, which is very encouraging. But the telecom, you had like a 20-some percent decline on a year-over-year basis. And I'm trying to better understand how you see the recovery trending for each one of these subsectors.

好的。知道了。至於電信和數據中心，你終於開始看到更強勁的複甦了嗎？就像我看你的數據中心一樣。在我看來，同比下降的速度正在下降，這非常令人鼓舞。但是電信，同比下降了 20% 左右。我正在努力更好地了解您如何看待這些子行業中的每一個的複蘇趨勢。

Yes. It's a good question. I would say demand in both those markets is strengthening, like we said in our earlier comments. The gating factors is materials. And so certainly, we're seeing the revenue levels uptick in our data center and computing markets. We talked about initial shipments to a fourth hyperscaler. But in the end, as we look over the balance of the year, how much that grows will be a function of how quickly we can get parts.

是的。這是個好問題。我想說這兩個市場的需求都在增強，就像我們在之前的評論中所說的那樣。選通因素是材料。當然，我們看到數據中心和計算市場的收入水平在上升。我們討論了向第四個超大規模器的初始發貨。但最終，當我們回顧今年的餘額時，增長的多少將取決於我們獲得零件的速度。

I'll say similarly, in telecom, we expected that, as we said last quarter, to kind of bounce around the current levels as we begin to see more investment in 5G over time. Well, we're beginning to see that investment, and we commented on a couple of design wins this quarter, but the parts conditions and the telecom products were actually worse, resulting in decline sequentially. And remember, in telecom and networking is where we had the most pronounced impact of our portfolio optimization efforts, which is a big part of the year-over-year decline.

同樣，在電信領域，正如我們上個季度所說，隨著我們開始看到對 5G 的更多投資，我們預計會在當前水平附近反彈。好吧，我們開始看到這種投資，我們評論了本季度的幾個設計勝利，但零件條件和電信產品實際上更糟，導致連續下降。請記住，在電信和網絡領域，我們的投資組合優化工作產生了最顯著的影響，這是同比下降的很大一部分。

Great. And then one last item for me is if I were to look at a year from now and assuming that end market demand for different sectors remain strong, should I assume that the margin profile for all the different sectors are similar?

偉大的。然後對我來說最後一個項目是，如果我要看一年後並假設不同行業的終端市場需求仍然強勁，我是否應該假設所有不同行業的利潤率情況相似？

Yes, I think the margin profiles across the various markets aren't going to be similar because there's different dynamics. But I would say you would expect to see margins improving across all of our markets. Part of that will just be recovery in volumes, part of that is our portfolio optimization programs that we have in place and part of it will be optimizing the factory and supply chain as we're able to get into a more normalized environment.

是的，我認為各個市場的利潤率概況不會相似，因為存在不同的動態。但我想說你會期望看到我們所有市場的利潤率都有所提高。其中一部分只是數量的恢復，一部分是我們已經實施的投資組合優化計劃，一部分是優化工廠和供應鏈，因為我們能夠進入一個更加規範化的環境。

Your next question comes from the line of Amanda Scarnati of Citi.

你的下一個問題來自花旗銀行的 Amanda Scarnati。

The first question I have is on the TEGAM acquisition. Can you just remind us of what the impact is there in semis and what is adding to the portfolio outside of your traditional power businesses?

我的第一個問題是關於 TEGAM 的收購。您能否提醒我們對半成品有什麼影響，以及傳統電力業務之外的投資組合有哪些增加？

Yes. Amanda, I'd be happy to comment. Just to remind you, so TEGAM is the industry leader in RF calibration instrumentation. And what we saw was their technology is very complementary to AE's because we're the leader in power generation and impedance matching networks. So when you combine TEGAM and AE together, we think that enables an AE-qualified [watt] ecosystem, which is traceable to international standards. So we think it enhances the overall RF business and our value proposition, particularly with the semiconductor customers.

是的。阿曼達，我很樂意發表評論。提醒您，TEGAM 是射頻校準儀器的行業領導者。我們看到他們的技術與 AE 的技術非常互補，因為我們是發電和阻抗匹配網絡的領導者。因此，當您將 TEGAM 和 AE 結合在一起時，我們認為可以實現符合 AE 標準的 [watt] 生態系統，該生態系統可追溯到國際標準。因此，我們認為它增強了整體 RF 業務和我們的價值主張，特別是對於半導體客戶。

Yes. I'll just comment on the impact. We said when we acquired TEGAM that the annualized revenues are greater than $10 million. That's in support of a range of customers, but I would say more than 50% would be semiconductor in that market.

是的。我只是評論影響。我們在收購TEGAM的時候就說過，年化收入大於1000萬美元。這是為了支持一系列客戶，但我想說該市場中超過 50% 的客戶將是半導體。

Great. And then just kind of switching over back to your confidence levels on this Q4 recovery. We're sitting here last quarter, you were talking about growth in the second half around 5% to 10% half over half. And now we're talking about sort of approximately flattish. What gives that sense of confidence in that recovery happening in fourth quarter? I know you've been commenting that demand is so strong at the supply side, but what changes over the next 2.5, 3 months?

偉大的。然後只是切換回您對第四季度復甦的信心水平。上個季度我們坐在這裡，你說的是下半年增長大約 5% 到 10% 一半以上。現在我們談論的是一種近似扁平化的東西。是什麼讓人們對第四季度的複蘇充滿信心？我知道您一直在評論供應方面的需求如此強勁，但接下來的 2.5、3 個月會發生什麼變化？

Yes. I mean I think there's been 2 constraints to growth. One is parts and one is Malaysia. So in Malaysia, frankly, all of our employees will be vaccinated by the end of this quarter. So I think we're taking the Malaysia COVID restrictions out of the equation, at least as it pertains to our factory. So that's a big plus. So we can go full speed ahead in Malaysia. And that -- again, that's for semiconductor customers primarily.

是的。我的意思是我認為增長有兩個限制因素。一個是零件，一個是馬來西亞。所以在馬來西亞，坦率地說，我們所有的員工都將在本季度末接種疫苗。所以我認為我們正在將馬來西亞 COVID 限制排除在外，至少因為它與我們的工廠有關。所以這是一個很大的優勢。所以我們可以在馬來西亞全速前進。而且——同樣，這主要是針對半導體客戶的。

The other part, and I can tell you that we've solved most of our issues. There's only a few suppliers now that are gating us, and we're having daily conversations with those suppliers. And what I see right now as far as their commitment gives me a lot of hope that things will start to get better in September, and we're going to steam into Q4 with a better parts supply. That said, we've been surprised. We were surprised in Q2 because we thought our Q3 was going to set up a lot better. But I think -- I sense that things are going to get better over the next couple of months, and it's going to help us a lot in Q4.

另一方面，我可以告訴你，我們已經解決了大部分問題。現在只有少數供應商在限制我們，我們每天都在與這些供應商進行對話。就他們的承諾而言，我現在所看到的讓我充滿希望，希望事情會在 9 月開始好轉，我們將以更好的零件供應進入第四季度。也就是說，我們很驚訝。我們對第二季度感到驚訝，因為我們認為我們的第三季度會好得多。但我認為——我感覺到未來幾個月情況會好轉，這將在第四季度對我們有很大幫助。

One more question just to kind of follow up here and clarify. You mentioned that Shenzhen is still open and its operating and taking off some of that demand that Malaysia can't fulfill, but that the gating factor here is in part Malaysia. Can you just talk about how that's offsetting each other? And sort of what's going into and how much Shenzhen is actually replacing for Malaysia?

還有一個問題只是想在這裡跟進並澄清。你提到深圳仍然開放，它在運營和起飛一些馬來西亞無法滿足的需求，但這裡的門控因素部分是馬來西亞。你能談談這是如何相互抵消的嗎？以及深圳實際上正在取代馬來西亞的情況以及多少？

Yes. So the reason we're keeping Shenzhen open is to allow to expand the aperture a bit on some of our high-volume RF generators and matches and this way can supplement what we're doing in Malaysia. It also allows us to have burst capacity because sometimes these scarce components come in, in a lumpy fashion. And so we can basically expand the amount of product we can build in a given amount of time if we have 2 locations as opposed to 1.

是的。所以我們保持深圳開放的原因是允許我們的一些大容量射頻發生器和火柴的孔徑稍微擴大，這種方式可以補充我們在馬來西亞所做的事情。它還允許我們擁有爆發能力，因為有時這些稀缺的組件會以塊狀的方式出現。因此，如果我們有 2 個位置而不是 1 個，我們基本上可以擴大在給定時間內可以構建的產品數量。

Your next question comes from the line of Tom Diffely of D.A. Davidson.

你的下一個問題來自 D.A. 的 Tom Diffely。戴維森。

So first, Paul, you talked a lot about mitigation actions. I was just curious, does that just revolve around looking for new suppliers and expediting parts? Or is there more to it than that?

首先，保羅，你談到了很多緩解措施。我只是好奇，這是否只是圍繞尋找新的供應商和加快零件？或者還有更多嗎？

I'd say, as Steve mentioned, this is our number one management priority is resolving these, and we've made a lot of progress. As Steve said, if you look across the broad set of parts, a lot of those are resolved, but we have a few key suppliers where we've not been able to close the gaps like we'd like. So it is looking at all options. Sometimes those are similar but alternative parts. Sometimes those our parts we can get from other places in the channel. Sometimes it's working with those suppliers to find ways to expedite or run hot lots, so we can get a few parts faster. In some cases, we may in the longer run actually redesign some parts to give ourselves more flexibility. So it's a full court press of actions throughout the management chain to help resolve these last few key component shortages. And there's no silver bullet here. It is just down to hard work and a day-to-day effort to improve the situation.

我想說，正如史蒂夫提到的那樣，解決這些問題是我們管理的首要任務，我們已經取得了很大進展。正如史蒂夫所說，如果你縱觀廣泛的部分，其中很多已經解決，但我們有一些關鍵供應商，我們無法像我們希望的那樣縮小差距。所以它正在考慮所有選項。有時這些是相似但不同的部分。有時我們可以從渠道的其他地方獲得那些我們的部分。有時它會與這些供應商合作，尋找加快或運行熱批次的方法，這樣我們就可以更快地獲得一些零件。在某些情況下，從長遠來看，我們實際上可能會重新設計某些部分，以賦予我們更大的靈活性。因此，在整個管理鏈中採取全面行動來幫助解決最後幾個關鍵組件短缺問題。而且這裡沒有靈丹妙藥。這只是通過努力工作和日常努力來改善這種情況。

Okay. On that front, have your customers and customers' customers been involved and helped you kind of put pressure on some of the suppliers as well?

好的。在這方面，您的客戶和客戶的客戶是否也參與其中並幫助您對一些供應商施加壓力？

Yes. I'll make a few comments here. We're certainly involving our customers where it makes sense and exerting pressure on our suppliers. And certainly, they've made a difference on more than one occasion. So we're involving everybody that can help us extract more parts from our suppliers or from the channel.

是的。我會在這裡發表一些評論。我們當然會在有意義的地方讓我們的客戶參與進來，並對我們的供應商施加壓力。當然，他們不止一次發揮了作用。因此，我們讓所有可以幫助我們從供應商或渠道中提取更多零件的人都參與進來。

Great. That's good to hear, Steve. And then on the Malaysia front, sounds like you've had pretty good success getting access to vaccines. I was wondering how that was worked. And is there going to be an issue or an opportunity in Shenzhen to get the vaccine as well?

偉大的。很高興聽到這個消息，史蒂夫。然後在馬來西亞方面，聽起來你們在獲得疫苗方面取得了相當大的成功。我想知道這是如何運作的。深圳也會有接種疫苗的問題或機會嗎？

We work with the government in Malaysia and they had a special program to vaccinate key employees in Penang and other parts in Malaysia. So we signed up early, and that's why our employees are getting vaccinated in Q3. So I think the team did a good job getting in front of that. In Shenzhen, I also believe our vaccination rate is pretty high. So that has not been a concern for us.

我們與馬來西亞政府合作，他們制定了一項特殊計劃，為檳城和馬來西亞其他地區的主要員工接種疫苗。所以我們很早就報名了，這就是我們的員工在第三季度接種疫苗的原因。所以我認為團隊在這方面做得很好。在深圳，我也相信我們的疫苗接種率很高。所以這不是我們關心的問題。

Okay. Great. And then finally, Paul, you mentioned decommits. Is that when your supplier builds up some contract supplies?

好的。偉大的。最後，保羅，你提到了退役。那是你的供應商建立一些合同供應的時候嗎？

Yes. That's essentially when we have committed deliveries from a supplier. And then as you approach that date, the supplier moves the date out of when they expected to ship the parts. And look, that could be for a number of reasons. When the supply chain is this tight, if you have any hiccup, it ripples through the system, right? And so I think that's where -- we mentioned it's a dynamic environment. You have commitments around when you expect to get parts, and we've seen a few of those move around. And even recently, I think that's maybe the biggest change from our view in -- if you go back a quarter is some parts that we thought we had in hand have moved out. Look, this is a function of lead times. I think if you look across the -- particularly the integrated circuit, broad range of parts, you've seen lead times extend over the last quarter or so. And that ripples through the industry a little bit as people adjust to those changes.

是的。這基本上是我們從供應商那裡承諾交貨的時候。然後當您接近該日期時，供應商將日期移到他們預計運送零件的時間之外。看，這可能有多種原因。當供應鏈如此緊張時，如果你有任何問題，它就會波及整個系統，對吧？所以我認為這就是 - 我們提到它是一個動態環境。當您希望獲得零件時，您會做出承諾，我們已經看到其中一些承諾會發生變化。即使是最近，我認為這可能是我們觀點中最大的變化——如果你回到一個季度，我們認為我們手頭的一些部分已經搬走了。看，這是交貨時間的函數。我認為，如果你看一下 - 特別是集成電路，廣泛的零件，你會發現交貨時間在上個季度左右延長了。隨著人們適應這些變化，這對整個行業產生了一點影響。

Your next question comes from the line of Paretosh Misra of Berenberg.

你的下一個問題來自 Berenberg 的 Paretosh Misra。

So when I compare your 3-year goal of sales of $1.65 billion with the Q3 guidance, it's about $300 million delta. So I was hoping if you could provide some thoughts on which end markets might provide a bigger improvement if you get to your long-term target.

因此，當我將您 16.5 億美元的 3 年銷售額目標與第三季度的指導進行比較時，差額約為 3 億美元。所以我希望你能提供一些想法，如果你達到你的長期目標，哪些終端市場可能會提供更大的改進。

Yes. It's going to come from a little bit of all of the markets, Paretosh, but certainly semi has been strong and can be stronger. We've been limited in our ability to deliver the full demand in that market. And we think that market is going to continue to strengthen through 2022. And that's -- I think there's conventional -- there's a lot of information in the market that suggests that even these supply challenges we're seeing in the near term essentially could have the effect of extending the upside run. So certainly, we'd expect further growth from semi. Industrial and medical is a focus area for us. We'd expect that one to actually grow faster than the other markets as we are able to expand our product portfolio of configurable products moving to some targeted areas where we're making investments and expand our channel.

是的。它將來自所有市場的一點點，Paretosh，但肯定半是強大的，並且可以更強大。我們滿足該市場全部需求的能力有限。我們認為市場將在 2022 年之前繼續走強。那是——我認為這是傳統的——市場上有很多信息表明，即使是我們在短期內看到的這些供應挑戰，基本上也可能有延長上漲行情的效果。所以當然，我們預計 semi 會進一步增長。工業和醫療是我們的重點領域。我們希望這個市場實際上比其他市場增長得更快，因為我們能夠將可配置產品的產品組合擴展到我們正在投資的一些目標領域並擴展我們的渠道。

Data center computing has been in a digestion period that it's coming out of. So we would expect more growth there even as we focus our efforts on kind of the more differentiated or proprietary parts of that market. Telecom and networking, we've said all along, we don't expect to grow a lot. So it will probably be the slowest grower of the 3. 5G demand as that actually starts to get traction and rollout will help there. But on balance, the capital equipment market, the infrastructure market is not faster -- as faster grower as the other areas. So hopefully, that gives a little bit of color.

數據中心計算一直處於消化期。因此，即使我們將精力集中在該市場中更具差異化或專有性的部分，我們也希望那裡有更多的增長。電信和網絡，我們一直在說，我們預計不會有太大增長。因此，它可能是 3.5G 需求中增長最慢的，因為它實際上開始獲得牽引力，而推出將有助於那裡。但總的來說，資本設備市場、基礎設施市場並沒有像其他領域那樣增長得更快。所以希望這能帶來一點色彩。

Yes. That's very useful. And would you say semi is an end market or segment that's most affected by these supply chain issues?

是的。這非常有用。你會說半成品是受這些供應鏈問題影響最大的終端市場或細分市場嗎？

No. I would say that all markets are affected by it. So we're working hard to close the gaps in all areas. But obviously, semiconductors is a high priority for us given the importance of our customers in that segment.

不，我會說所有市場都受到它的影響。因此，我們正在努力縮小所有領域的差距。但顯然，考慮到我們客戶在該領域的重要性，半導體是我們的重中之重。

Got it. And last one for me. If you could give some more context on your order book. Did it improve in all 3 segments or at least the 3 major segments? And is it at an all-time high on all 3 of them? Or any more color you could provide on that would be great.

知道了。最後一個給我。如果您可以在訂單簿上提供更多背景信息。它是否在所有 3 個細分市場或至少 3 個主要細分市場都有所改善？他們三個都處於歷史最高水平嗎？或者您可以提供的任何更多顏色都很棒。

Yes. If you just look at the absolute growth in the order book in our earlier comments, clearly, there's a lot more demand that we could ship if we had parts. And that's across all areas. Semi, you hear it in the comments of our customers. Clearly, we don't take orders necessarily there. We ship into jet bins but as Steve said, we've -- that's kind of been the buffer in the meantime. And so getting those back to a more comfortable level and the higher growth there will certainly help. But we think we have good and continuing growth to come in semi.

是的。如果你只看我們之前評論中訂單的絕對增長，很明顯，如果我們有零件，我們可以運送更多的需求。這涉及所有領域。 Semi，您會在我們客戶的評論中聽到它。顯然，我們不一定在那裡接受訂單。我們運送到噴氣式垃圾箱，但正如史蒂夫所說，我們已經 - 同時也是一種緩衝。因此，讓這些回到更舒適的水平和更高的增長肯定會有所幫助。但我們認為我們將有良好且持續的增長。

Our strongest order book is actually in industrial and medical, if you look at the orders that have come in relative to our ability to deliver parts. We think that's really encouraging because that's the market, again, that we are applying additional resources and effort to because we think it's very attractive. But we're also have -- had good demand well over our shipment levels in both data center and telecom and networking. So generally, it's strong overall, but a little stronger. Certainly, our best order book is in I&M., and we have a lot of confidence in the order growth in the semi number from a demand perspective.

如果您查看與我們交付零件的能力相關的訂單，我們最強的訂單實際上是在工業和醫療領域。我們認為這真的很令人鼓舞，因為這也是我們正在投入額外資源和努力的市場，因為我們認為它非常有吸引力。但我們也有 - 在數據中心、電信和網絡方面對我們的出貨水平有很好的需求。所以總的來說，整體還是很強的，就是強了一點。當然，我們最好的訂單是在 I&M。從需求的角度來看，我們對半成品的訂單增長很有信心。

Your next question comes from the line of Pavel S. Molchanov of Raymond James.

你的下一個問題來自 Raymond James 的 Pavel S. Molchanov。

Back to Malaysia, are you operating under a legally mandatory curtailment restriction in terms of operating hours or factory utilization? Or is it purely a matter of kind of pretty cautionary actions that you're taking at the plant?

回到馬來西亞，您是否在營業時間或工廠利用率方面受到法律強制性限制？或者這純粹是您在工廠採取的一種非常謹慎的行動？

Yes. So in Malaysia, we're definitely operating under constraints, but the constraints are much less than they were back in June. So we think the current operating model of 80% capacity is definitely something we can work with and maintain our production output.

是的。所以在馬來西亞，我們肯定是在限制條件下運營，但限制條件比 6 月份要少得多。因此，我們認為目前 80% 產能的運營模式絕對是我們可以使用並維持我們的生產輸出的方式。

And that 80% is...

而這80%是...

That's the mandated. Yes, that's a regulated and highly monitored or enforced limitation, but that's not our choice.

那是規定的。是的，這是一個受監管和高度監控或強制執行的限制，但這不是我們的選擇。

Understood. In the context of the supply shortages that have been amply discussed in the last half hour, presumably, some smaller players in the space are feeling even more pain than you are. And I'm curious that from kind of opportunistic M&A standpoint, if this creates some interesting potential for you that perhaps did not exist 6 months ago.

明白了。在過去半小時內被廣泛討論的供應短缺的背景下，想必該領域的一些較小的參與者比你感到更痛苦。我很好奇，從某種機會主義併購的角度來看，這是否會為您創造一些有趣的潛力，而這在 6 個月前可能是不存在的。

I think your thesis is correct that some of the smaller players are feeling even worse pain than we are. And we have seen opportunities open up at customers because of that. But we have not seen any M&A opportunities appear quite yet because of that reason.

我認為你的論點是正確的，一些較小的球員比我們更痛苦。因此，我們看到了客戶的機會。但由於這個原因，我們還沒有看到任何併購機會出現。

Your next question comes from the line of Quinn Bolton of Needham & Company.

你的下一個問題來自 Needham & Company 的 Quinn Bolton。

Maybe I missed it but maybe just starting off to the third quarter guidance. Looks like you're about 10% below where The Street consensus was. And so wondering if you might be able to sort of ballpark give us a sense, how much of that are the movement restrictions in Malaysia limiting output from that factory in the quarter. How much of it is supply constraints where you can components? Is it split 50-50? Is one a bigger factor? Just looking for any thoughts you might have on the impact of the relative contributors.

也許我錯過了它，但也許只是開始第三季度的指導。看起來你比華爾街的共識低了大約 10%。所以想知道您是否能夠給我們一個大概的感覺，馬來西亞的行動限制在多大程度上限制了該工廠在本季度的產量。其中有多少是供應限制，您可以在其中使用組件？是50-50嗎？一個是更大的因素嗎？只是尋找您對相關貢獻者的影響可能有的任何想法。

Yes. Quinn, for the third quarter, it's predominantly materials availability and parts. We do think the COVID restrictions impacted us in Malaysia in June. We talked about that being a sort of a late quarter additional restrictions there. But we expect that to get much better over the course of the third quarter as we get our workforce vaccinated. And hopefully, things just continue to improve. So it's predominantly supply chain related that's impacting our lower revenues in Q3.

是的。奎因，第三季度，主要是材料可用性和零件。我們確實認為 COVID 限制在 6 月份影響了我們在馬來西亞的表現。我們談到這是一種後期季度的額外限制。但我們預計，隨著我們為員工接種疫苗，情況在第三季度會好很多。希望情況會繼續改善。因此，影響我們第三季度收入下降的主要是供應鏈相關因素。

Second question, just wanted to follow up on the confidence in the fourth quarter. I mean, obviously, you guys had a more bullish outlook for the second half 90 days ago and you've experienced some decommits from suppliers. So what makes you think that doesn't happen again? I mean you read the press. You talk to other companies in the supply chain. Things are still pretty bad. Hopefully, they start to trend upward on the margin. But for you guys to be kind of talking about 10%, maybe 10% plus quarter-on-quarter is a pretty hefty sequential guide for the fourth quarter.

第二個問題，只是想跟進第四季度的信心。我的意思是，很明顯，你們在 90 天前對下半年的前景更加樂觀，並且你們已經經歷了供應商的一些退役。那麼，是什麼讓您認為這種情況不會再次發生？我的意思是你閱讀新聞。您與供應鏈中的其他公司交談。情況仍然很糟糕。希望它們開始在邊際上呈上升趨勢。但是對於你們來說談論 10%，也許 10% 加上季度環比是第四季度的一個相當大的順序指南。

Yes. As Paul mentioned earlier, we've closed most of our gaps with our suppliers and we're down to the last few. And so we're giving those last few suppliers a lot of focus and a lot of pressure. And from what I could see, most of those commitments from the problem suppliers are getting better in the last 4 months of this year. So I actually see upside in Q3, but I'm not ready to commit to it because of some of the issues we faced recently. But certainly, Q4, I'm relatively confident that we can meet that number and hopefully exceed it.

是的。正如 Paul 之前提到的，我們已經縮小了與供應商的大部分差距，我們只剩下最後幾個了。因此，我們給了最後幾家供應商很大的關注和很大的壓力。據我所知，問題供應商的大部分承諾在今年最後 4 個月都在改善。所以我實際上看到了第三季度的上升空間，但由於我們最近面臨的一些問題，我還沒有準備好做出承諾。但當然，第四季度，我相對有信心我們能夠達到並希望超過這個數字。

Great, Steve. And then maybe last question. You guys have said you're sole sourced on a good percentage of the solutions you deliver to your customers. You're likely sole sourced in almost everything semi-cap equipment related. I guess I'm just struggling with your ability not to pass along some of these supply chain costs. I mean things like expedite fees obviously, I think, are something that your customers would understand given the supply constraints in the environment. I realize you're trying to protect customer relationships. But on the other hand, you're not running a charity either. So where are you in those negotiations in terms of trying to pass along some of these supply chain costs? I know you're probably not ready to raise pricing across the board, but it feels like there should be a medium here that you could pass along some of these increased costs that you're facing.

太好了，史蒂夫。然後也許是最後一個問題。你們曾說過，你們提供給客戶的解決方案中有很大一部分是你們獨家採購的。您可能是幾乎所有與半封閉設備相關的唯一來源。我想我只是在為你不轉嫁這些供應鏈成本的能力而苦苦掙扎。我的意思是加快費用之類的事情，我認為，考慮到環境中的供應限制，您的客戶會理解這些事情。我知道你在努力保護客戶關係。但另一方面，你也不是在經營慈善機構。那麼，在試圖轉嫁其中一些供應鏈成本方面，您在這些談判中處於什麼位置？我知道你可能還沒有準備好全面提高價格，但感覺這裡應該有一種媒介，你可以轉嫁你面臨的這些增加的成本。

I think it's a good point. And I think we have a continuing dialogue with our customers on how we could share the burden of these increased costs, both the parts cost and the shipping cost. So I think moving forward, I think you'll see hopefully more sharing with our customers because it's a difficult environment and we can't bear the costs alone.

我認為這是一個很好的觀點。而且我認為我們與客戶就如何分擔這些增加的成本（包括零件成本和運輸成本）的負擔進行了持續的對話。所以我認為向前邁進，我想你會看到更多與我們的客戶分享的希望，因為這是一個艱難的環境，我們無法獨自承擔成本。

Yes. I think, Quinn, part of that, too, is just timing. I mean, I think in the last quarter, we've seen things become more difficult on that front. And we did take actions early in the year. We've learned more. And so part of that is just timing.

是的。我認為，奎因，其中一部分也只是時機。我的意思是，我認為在上個季度，我們看到這方面的事情變得更加困難。我們確實在年初採取了行動。我們學到了更多。所以其中一部分只是時機。

This concludes our Q&A session. I will now turn the call back over to Steve Kelley.

我們的問答環節到此結束。我現在將把電話轉回給史蒂夫凱利。

Thanks for joining us today. We're excited about the opportunities in front of us and are executing on our growth strategy. While we are constrained by supply in the near term, we believe that strong demand for our products, coupled with a record order book, positions us well to deliver solid revenue and earnings growth in 2022 and beyond. We look forward to talking to many of you in the coming weeks. Thank you.

感謝您今天加入我們。我們對擺在我們面前的機會感到興奮，並正在執行我們的增長戰略。雖然我們在短期內受到供應的限制，但我們相信對我們產品的強勁需求，加上創紀錄的訂單，使我們能夠在 2022 年及以後實現穩健的收入和盈利增長。我們期待在接下來的幾週內與你們中的許多人交談。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。