Advanced Energy Industries Inc (AEIS) 2021 Q1 法說會逐字稿

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

美好的一天，謝謝你的支持。歡迎參加 Advanced Energy Industries 2021 年第一季度電話會議。 （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.

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。

Thank you, operator. Good morning, everyone. Welcome to Advanced Energy's First Quarter 2021 Earning Conference Call. With me today are Steve Kelley, our President and CEO; Paul Oldham, our Executive Vice President and CFO; and Brian Smith, our Director of Investor Relations. 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 Q1 slide presentation.

謝謝你，運營商。大家，早安。歡迎來到 Advanced Energy 2021 年第一季度收益電話會議。今天和我在一起的是我們的總裁兼首席執行官 Steve Kelley；我們的執行副總裁兼首席財務官 Paul Oldham；和我們的投資者關係總監 Brian Smith。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。在那裡，您還會找到 Q1 幻燈片演示。

Before I begin, I'd like to mention that Advanced Energy will be presenting at several investor conferences in the coming months. As events occur, we will make the announcements. 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 and uncertainties is in our SEC filing. All forward-looking statements are based on management's estimates as of today, May 5, 2021, and the company assumes no obligation to update them.

在開始之前，我想提一下 Advanced Energy 將在未來幾個月的幾個投資者會議上發表演講。當事件發生時，我們將發佈公告。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。有關這些風險和不確定性的信息在我們向美國證券交易委員會提交的文件中。所有前瞻性陳述均基於管理層截至 2021 年 5 月 5 日的估計，公司不承擔更新這些陳述的義務。

Long-term targets presented today, including our aspirational goals and long-term vision goals, should not be interpreted as guidance. On today's call, our financial results will be presented on a non-GAAP financial basis unless otherwise specified. Excluded from our 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.

今天提出的長期目標，包括我們的理想目標和長期願景目標，不應被解釋為指導。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。我們的非 GAAP 業績不包括攤銷、股票補償、整合和轉型成本、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, and good morning, everyone. Thanks for joining the call today. First quarter revenue was $352 million. We have record sales into the semiconductor market, where we are benefiting from our leadership position and process power delivery systems. We entered the second quarter with a record order backlog. Demand is increasing across all of our target markets. And we continue to win new design slots at an impressive rate as customers adopt our industry-leading products.

謝謝你，埃德溫，大家早上好。感謝您今天加入電話會議。第一季度收入為 3.52 億美元。我們在半導體市場的銷售額創下歷史新高，這得益於我們的領先地位和過程功率傳輸系統。我們以創紀錄的訂單積壓進入第二季度。我們所有目標市場的需求都在增加。隨著客戶採用我們行業領先的產品，我們繼續以令人印象深刻的速度贏得新的設計職位。

In the short term, our most pressing tactical challenge continues to be dealing with constraints in the supply chain, particularly shortages of certain integrated circuits. These constraints limited our upside in the first quarter as we forecasted. Our second quarter guidance also incorporates the impact of these constraints. However, given the proprietary nature of most of our products, we believe that nearly all of the demand which we can't satisfy in the second quarter will shift into the second half of the year.

短期內，我們最緊迫的戰術挑戰仍然是應對供應鏈中的限制，尤其是某些集成電路的短缺。正如我們預測的那樣，這些限制限制了我們在第一季度的上漲空間。我們的第二季度指南還包含了這些限制的影響。然而，鑑於我們大部分產品的專有性質，我們相信我們在第二季度無法滿足的幾乎所有需求都將轉移到下半年。

Also, we expect that the actions that we took in the first quarter to address choke points in the supply chain will begin to have a positive impact in the third quarter. Now I would like to provide additional color for each of our target markets.

此外，我們預計我們在第一季度為解決供應鏈瓶頸問題而採取的行動將在第三季度開始產生積極影響。現在我想為我們的每個目標市場提供額外的顏色。

In the semiconductor market, we generated record revenues in the first quarter, growing 35% year-on-year and 9% sequentially. This strong growth was driven by higher demand for our process power delivery systems, a key enabling technology for advanced etch and deposition processes. We've maintained our leadership position in the process power market by working closely with our customers and by continuously innovating. Advanced Energy's technology and products enable our customers to improve yields, increase throughput, reduce costs and lower power consumption.

在半導體市場，我們在第一季度創造了創紀錄的收入，同比增長 35%，環比增長 9%。這種強勁的增長是由對我們的工藝功率傳輸系統的更高需求推動的，這是先進蝕刻和沈積工藝的關鍵支持技術。通過與客戶密切合作並不斷創新，我們一直保持著在過程電源市場的領先地位。 Advanced Energy 的技術和產品使我們的客戶能夠提高產量、增加吞吐量、降低成本和功耗。

Over the past year, we have launched a series of next-generation products into the market. Our latest high-power RF generators, our unique eVoS plasma system and our MAXstream RPS systems are all highly differentiated and are currently being evaluated by our customers. We believe that these next-generation products will drive market share gains for Advanced Energy in the coming years.

在過去的一年裡，我們向市場推出了一系列新一代產品。我們最新的高功率射頻發生器、我們獨特的 eVoS 等離子系統和我們的 MAXstream RPS 系統都是高度差異化的，目前正在接受我們客戶的評估。我們相信，這些下一代產品將在未來幾年推動 Advanced Energy 的市場份額增長。

In the first quarter, we won multiple design slots at major OEMs for both etch and ALD platforms. In addition to wins in process power, our traditional area of strength, we also secured wins for Artesyn branded embedded power products. To summarize, we expect that 2021 will be a record year for sales into the semiconductor market, and we are bullish about 2022 and beyond, given our strong lineup of differentiated next-generation products.

第一季度，我們在蝕刻和 ALD 平台的主要 OEM 贏得了多個設計席位。除了在工藝電源這一我們傳統的優勢領域獲勝外，我們還贏得了 Artesyn 品牌的嵌入式電源產品。總而言之，我們預計 2021 年將是半導體市場銷售額創紀錄的一年，鑑於我們強大的差異化下一代產品陣容，我們對 2022 年及以後持樂觀態度。

Now I’ll move to the industrial and medical markets, where our revenue was up 27% year-on-year. In industrial applications, we saw strength in flat panel display, battery production, carbon fiber manufacturing and horticulture. In medical, demand for diagnostic and life science applications begin to improve during the quarter. Looking forward, we expect the industrial and medical markets to strengthen through the course of the year due to improving economic conditions as well as increased acceptance of our new products into a wide variety of applications. In the first quarter, we confirmed that Ascent MS platform has been designed into multiple solar cell manufacturing applications. In addition, our Thyro-A+ power controller has been incorporated into a flat panel manufacturing application.

現在我將轉向工業和醫療市場，我們的收入同比增長了 27%。在工業應用方面，我們看到了平板顯示器、電池生產、碳纖維製造和園藝方面的實力。在醫療領域，對診斷和生命科學應用的需求在本季度開始好轉。展望未來，由於經濟狀況改善以及我們的新產品在各種應用中的接受度提高，我們預計工業和醫療市場在今年將走強。第一季度，我們確認 Ascent MS 平台已被設計到多個太陽能電池製造應用中。此外，我們的 Thyro-A+ 電源控制器已集成到平板製造應用中。

Moving to the data center computing market. Revenues were down in the first quarter as expected due primarily to ongoing inventory digestion by specific hyperscale customers. Looking forward, we see increased demand in the second quarter, followed by a strong uptick in demand in the second half of the year. We continue to make good progress on new product qualifications and expect to add additional Tier 1 hyperscale customers later this year. We won another board-mounted 48-volt DC-to-DC design in the first quarter and continue to focus on 48-volt server opportunities.

轉向數據中心計算市場。第一季度的收入如預期的那樣下降，主要是由於特定超大規模客戶的持續庫存消化。展望未來，我們看到第二季度需求增加，隨後需求在下半年強勁增長。我們繼續在新產品認證方面取得良好進展，並預計在今年晚些時候增加更多的一級超大規模客戶。我們在第一季度贏得了另一個板載 48 伏 DC-DC 設計，並繼續專注於 48 伏服務器機會。

Now I'll shift to the telecom and networking market, where the first quarter revenue was down sequentially and roughly flat year-by-year. Our first quarter revenue reflected the full impact of portfolio actions we executed in late 2020. Moving forward, we expect to grow revenue by targeting higher-end applications where we can differentiate. We are focused on 5G infrastructure, and in the first quarter won 2 critical 5G design slots at a leading telecom OEM.

現在我將轉向電信和網絡市場，該市場第一季度收入環比下降，同比基本持平。我們第一季度的收入反映了我們在 2020 年底執行的投資組合行動的全部影響。展望未來，我們希望通過瞄准我們可以差異化的高端應用來增加收入。我們專注於 5G 基礎設施，並在第一季度贏得了一家領先電信 OEM 的 2 個關鍵 5G 設計席位。

In closing, I'd like to share some personal observations. Since joining Advanced Energy in March, I've visited most of our North American manufacturing and development sites and spoken face-to-face with many members of the team. My general takeaways from those initial meetings are: first, that we have a high level of employee engagement; and second, we have some excellent engineers and scientists at Advanced Energy, we foster a culture of technical excellence.

最後，我想分享一些個人觀察。自 3 月份加入 Advanced Energy 以來，我參觀了我們在北美的大部分製造和開發基地，並與團隊的許多成員進行了面對面的交談。我從這些初次會議中得出的一般結論是：首先，我們的員工敬業度很高；其次，我們在 Advanced Energy 擁有一些優秀的工程師和科學家，我們培育了一種技術卓越的文化。

In my first 60 days, I've also had the opportunity to meet a few of our largest customers and channel partners. Our customers have a genuine appreciation for Advanced Energy's technologies, products and services. They know the company well, since our technical teams work closely together during new product development cycles. To grow our business, we will focus on continuously improving our customer value proposition. We need to deliver industry-leading technologies and products in a timely fashion with best-in-class quality, reliability and service levels. We have a strong balance sheet, and we'll deploy capital where it makes strategic and financial sense for the company. The power supply industry is highly fragmented, and we think that supplier consolidation will benefit both Advanced Energy and our customers.

在我工作的頭 60 天裡，我還有機會會見了我們的一些最大客戶和渠道合作夥伴。我們的客戶非常欣賞 Advanced Energy 的技術、產品和服務。他們非常了解公司，因為我們的技術團隊在新產品開發週期中密切合作。為了發展我們的業務，我們將專注於不斷提高我們的客戶價值主張。我們需要以一流的質量、可靠性和服務水平及時提供行業領先的技術和產品。我們擁有強大的資產負債表，我們將資本部署在對公司具有戰略和財務意義的地方。電源行業高度分散，我們認為供應商整合將使 Advanced Energy 和我們的客戶受益。

In conclusion, I am delighted to be part of the Advanced Energy team. We are targeting the right markets. We have a strong lineup of differentiated products, and we have a great culture. We are focused on accelerating revenue and earnings growth and are on track to meet or exceed our aspirational goals in longer-term financial targets.

總之，我很高興成為 Advanced Energy 團隊的一員。我們瞄準正確的市場。我們擁有強大的差異化產品陣容，我們擁有偉大的文化。我們專注於加速收入和盈利增長，並有望實現或超過我們在長期財務目標中的理想目標。

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. We delivered solid financial results in the first quarter with revenue, profitability and cash flow up significantly year-over-year and above the midpoint of our guidance. Overall customer demand was very strong, resulting in record backlog of over $400 million, giving us increased visibility to customer requirements over the next several quarters. We executed well to meet customer commitment, but industry-wide supply constraint limited upside in the quarter and will be the pacing factor in our revenue outlook in the near term.

謝謝你，史蒂夫，大家早上好。我們在第一季度取得了穩健的財務業績，收入、盈利能力和現金流量同比大幅增長，高於我們指引的中點。總體客戶需求非常強勁，導致積壓訂單超過 4 億美元，這讓我們在接下來的幾個季度中更加了解客戶需求。我們很好地履行了客戶承諾，但全行業的供應限制限制了本季度的上行空間，並將成為我們近期收入前景的起步因素。

As Steve mentioned, semiconductor revenue set another record driven by both customer demand and share gains for our full suite of semi power solutions. Overall, earnings grew 42% year-over-year as gross margins continued to approach our long-term target of greater than 40% partially offset by increased R&D investment to fuel future growth. Return on invested capital continues to be above 20% on solid profitability and working capital efficiency.

正如 Steve 所提到的，在客戶需求和我們全套半導體解決方案的份額增長的推動下，半導體收入創下了另一個記錄。總體而言，由於毛利率繼續接近我們超過 40% 的長期目標，收益同比增長 42%，部分被增加研發投資以推動未來增長所抵消。憑藉穩健的盈利能力和營運資本效率，投資資本回報率繼續保持在 20% 以上。

First quarter revenue was $352 million, up nearly 12% year-over-year, but down 5% sequentially as we had anticipated. Semiconductor sales were $181 million, up 35% from last year and up 9% over last quarter as our operations team was able to respond to strengthening customer's demand. Revenue from our industrial and medical markets grew 27% from a year ago to $78 million, but declined 16% sequentially, mostly due to supply constraints.

第一季度收入為 3.52 億美元，同比增長近 12%，但如我們預期的那樣環比下降 5%。半導體銷售額為 1.81 億美元，比去年增長 35%，比上一季度增長 9%，因為我們的運營團隊能夠響應不斷增強的客戶需求。我們的工業和醫療市場收入較上年同期增長 27% 至 7800 萬美元，但環比下降 16%，主要原因是供應受限。

Data center computing revenue was $59 million, down 31% from the very strong quarter a year ago and 9% sequentially. However, demand for our products started to recover with several customers placing orders late in the quarter, signaling a return to growth in demand after just 2 quarters of digestion. Telecom and networking revenue was $33 million in the quarter, essentially flat with last year and down 28% from Q4, reflecting a new baseline going forward as we streamline our portfolio to focus on higher-value applications.

數據中心計算收入為 5900 萬美元，較去年同期的強勁季度下降 31%，環比下降 9%。然而，對我們產品的需求開始恢復，一些客戶在本季度末下訂單，表明在僅兩個季度的消化後需求恢復增長。本季度電信和網絡收入為 3300 萬美元，與去年基本持平，比第四季度下降 28%，反映了我們精簡產品組合以專注於更高價值應用程序的新基線。

Non-GAAP gross margin for the quarter was 39.7%, up 190 basis points from a year ago on higher sales and realized synergies. Gross margins were 20 basis points higher sequentially primarily due to improved product mix, partially offset by lower volume and some added supply chain costs. We expect the logistics and supply chain costs to continue to be a headwind to gross margin in the near term.

本季度非美國通用會計準則毛利率為 39.7%，較上年同期增長 190 個基點，這得益於更高的銷售額和實現的協同效應。毛利率環比增長 20 個基點，這主要是由於產品組合的改善，部分被銷量下降和供應鏈成本增加所抵消。我們預計物流和供應鏈成本在短期內將繼續對毛利率構成不利影響。

Non-GAAP operating expenses were $79.5 million, up $2.5 million from last quarter on higher R&D as we fund investments and multiple new growth opportunities. Operating margins for the quarter were 17.1%, up 300 basis points from last year, reflecting improvements in gross margin and SG&A as a percent of sales. While we expect OpEx to increase modestly going forward, operating margins should expand in the second half as revenue growth accelerates.

非 GAAP 運營費用為 7950 萬美元，比上一季度增加 250 萬美元，原因是我們為投資和多個新的增長機會提供資金，研發費用增加。本季度的營業利潤率為 17.1%，比去年增長 300 個基點，反映出毛利率和 SG&A 佔銷售額百分比的改善。雖然我們預計 OpEx 將在未來適度增長，但隨著收入增長加速，下半年營業利潤率應該會擴大。

Non-GAAP other expense was $2.6 million, including $1.1 million of interest expense and $1.2 million of FX losses on settlement of year-end position. We expect other expenses to be in the $1.5 million to $2 million range going forward. Our non-GAAP tax expense was $7.9 million or 13.8% primarily on favorable discrete items. Looking forward, we expect the GAAP and non-GAAP tax rate to remain in the 15% range. Non-GAAP earnings for the quarter were $1.29 per share, up 42% from $0.91 a year ago, but down from last quarter due to lower revenue.

非 GAAP 其他費用為 260 萬美元，包括 110 萬美元的利息費用和 120 萬美元的年終頭寸結算外匯損失。我們預計未來其他費用將在 150 萬至 200 萬美元之間。我們的非 GAAP 稅收支出為 790 萬美元或 13.8%，主要用於有利的離散項目。展望未來，我們預計 GAAP 和非 GAAP 稅率將保持在 15% 的範圍內。本季度非美國通用會計準則每股收益為 1.29 美元，比一年前的 0.91 美元增長 42%，但由於收入下降，低於上一季度。

Turning now to the balance sheet. We ended the first quarter with cash and marketable securities of $513 million, up $30 million from Q4. Inventory increased by $26 million and turns where 3.7x. Accounts payable rose to $163 million with associated DSO of 68 days, largely offsetting the increased level of inventory. Inventories and payables should remain at higher levels on our expectation for increased volume and as we pursue supply of critical components.

現在轉向資產負債表。第一季度結束時，我們的現金和有價證券為 5.13 億美元，比第四季度增加了 3000 萬美元。庫存增加了 2600 萬美元，周轉率為 3.7 倍。應付賬款增至 1.63 億美元，相關 DSO 為 68 天，這在很大程度上抵消了庫存水平的增加。庫存和應付賬款應保持在較高水平，因為我們預計銷量會增加，而且我們正在尋求關鍵部件的供應。

Receivables rose slightly to $237 million and DSO at 61 days. Total days of net working capital were 96, up 1 day from last quarter. Operating cash flow from continuing operations was $54.3 million. Capital expenditures for the quarter were the $8.8 million and depreciation was $7.3 million. We continue to expect capital expenditures to be about 2% to 3% of sales for the year.

應收賬款小幅上升至 2.37 億美元，DSO 為 61 天。淨營運資金總天數為 96 天，比上一季度增加 1 天。來自持續經營業務的經營現金流為 5430 萬美元。本季度的資本支出為 880 萬美元，折舊為 730 萬美元。我們繼續預計今年的資本支出將佔銷售額的 2% 至 3% 左右。

During the quarter, we repaid $4.4 million of principal amortization on our debt, ending with total bank debt of $318 million and net cash of $195 million. Our trailing 12-month gross debt leverage decreased to 1.1x. We did not repurchase any stock in Q1 and we paid $3.9 million for our first quarterly dividend of $0.10 per share.

本季度，我們償還了 440 萬美元的債務本金攤銷，最終銀行債務總額為 3.18 億美元，淨現金為 1.95 億美元。我們過去 12 個月的總債務槓桿率降至 1.1 倍。我們在第一季度沒有回購任何股票，我們為每股 0.10 美元的第一季度股息支付了 390 萬美元。

Now let me turn to guidance. We expect demand to remain strong and increase sequentially across our markets driven by growing investment in semiconductor, improving macroeconomic conditions and strengthening orders in hyperscale. However, in the near term, industry-wide supply constraints on specific components are limiting upside to our revenue. As a result, we are guiding Q2 revenue to be $360 million, plus or minus $15 million.

現在讓我轉向指導。我們預計，在半導體投資增長、宏觀經濟狀況改善和超大規模訂單增加的推動下，我們的市場需求將保持強勁並持續增長。然而，在短期內，特定組件的全行業供應限制限制了我們收入的上升空間。因此，我們將第二季度的收入指導為 3.6 億美元，上下浮動 1500 萬美元。

We expect non-GAAP gross margin to decline around 100 basis points sequentially on less favorable product mix and higher near-term material and freight costs, which could last through the end of the year.

我們預計非 GAAP 毛利率將連續下降約 100 個基點，原因是產品組合不太有利以及近期材料和運費成本較高，這可能會持續到今年年底。

Operating expenses are expected to be $81 million to $82 million as we continue to invest in R&D and see natural increase in annual cost partially offset by synergy actions. As a result, we expect non-GAAP earnings to be $1.25 per share, plus or minus $0.15.

隨著我們繼續投資於研發並看到年度成本的自然增長被協同行動部分抵消，運營費用預計為 8100 萬至 8200 萬美元。因此，我們預計非 GAAP 收益為每股 1.25 美元，上下浮動 0.15 美元。

Looking beyond Q2, we believe demand will remain strong in the second half of 2021 and into 2022. Given the current supply chain environment, we expect second half revenue to grow 5% to 10% over the first half with upside as conditions improve. In conclusion, we are more excited than ever about the opportunities across our markets. We are well positioned to continue to gain share and are seeing strong adoption of our new product. We remain focused on executing our strategy to accelerate revenue and earnings growth over time.

展望第二季度之後，我們認為需求將在 2021 年下半年和 2022 年保持強勁。鑑於當前的供應鏈環境，我們預計下半年收入將比上半年增長 5% 至 10%，並且隨著情況的改善還有上行空間。總之，我們比以往任何時候都對我們市場上的機遇感到興奮。我們有能力繼續獲得市場份額，並看到我們的新產品得到廣泛採用。我們仍然專注於執行我們的戰略，以隨著時間的推移加速收入和盈利增長。

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) Our first question is from Quinn Bolton with Needham & Company.

（操作員說明）我們的第一個問題來自 Needham & Company 的 Quinn Bolton。

Just trying to look through the numbers. Obviously, it sounds like you're seeing some limited upside on revenue due to capacity constraints. And I guess as I look at the June quarter, you guys are kind of $15 million to maybe $20 million light of the consensus expectations for the June quarter. Is that the level, that $15 million to $20 million? I mean is that the level of revenue you're leaving on the table because of capacity constraints? Or are there other factors going on?

只是想看看數字。顯然，由於產能限制，您似乎看到收入的上升空間有限。我想當我看 6 月季度時，根據對 6 月季度的普遍預期，你們大約有 1500 萬到 2000 萬美元。那是 1500 萬到 2000 萬美元的水平嗎？我的意思是，由於容量限制，您要留在桌面上的收入水平是多少？還是有其他因素在起作用？

Yes. It's a really good question, Quinn. It's hard to quantify exactly. Certainly, we are seeing strengthening demand. And our outlook is really based on what we believe we can get parts for and get out of the factory in quarter. Certainly, as we came into the year, we saw some supply constraints, and we talked about that having some impact in Q1. And I would say, broadly speaking, in sort of a similar impact in Q2. Now that demand is still there and we'll fill as parts become available, but it'll take a couple of quarters probably to catch it up.

是的。這是一個非常好的問題，奎因。很難準確量化。當然，我們看到需求正在增強。我們的前景實際上是基於我們相信我們可以在一個季度內獲得零件並從工廠運出的。當然，當我們進入這一年時，我們看到了一些供應限制，我們談到這對第一季度有一些影響。我會說，從廣義上講，第二季度會產生類似的影響。現在需求仍然存在，我們將在零件可用時填補，但可能需要幾個季度才能趕上。

Okay. And I guess just looking at the numbers, if you're missing some demand in Q1 and Q2 and that shifts to the second half, it almost looks like what pushes from the first half in the second half could easily support 5% to 10% growth. And so I guess I'm just having difficulties reconciling that the forecast especially if some of the demand is shifting into the second half.

好的。而且我想只要看看這些數字，如果你錯過了第一季度和第二季度的一些需求並且轉移到下半年，那麼下半年上半年的推動幾乎可以輕鬆支持 5% 到 10%生長。所以我想我只是很難協調預測，特別是如果一些需求正在轉移到下半年。

Again, we look forward and try to give some color to the second half because it is a strong demand environment, and it's really limited by availability of parts. So when we looked at what moved forward, we think it's more like half of that forecast is supported by things that move forward and better in this year. But look at -- if the parts situation improves, then we could see upside to the numbers. But that's what we believe -- at this point, we have line of sight, too, as we go forward in the next couple of quarters.

同樣，我們期待並嘗試給下半年一些色彩，因為這是一個強勁的需求環境，而且確實受到零件供應的限制。因此，當我們查看向前發展的內容時，我們認為更像是該預測的一半是由今年向前發展和更好的事情支持的。但是看看 - 如果零件情況有所改善，那麼我們可以看到數字的上升空間。但這就是我們所相信的——在這一點上，我們也有視線，因為我們將在接下來的幾個季度中前進。

And although the parts shortage is a challenge in the near term, it's our biggest tactical challenge, as Steve mentioned. We actually think that it bodes well, broadly speaking, it underscores the strength of the underlying demand drivers. And the fact that there's kind of industry-wide challenge, we think, gets ultimately longer runway. Combining that with a stronger demand throughout the year, we think that sets us up for, not only growth in the second half, but continued growth into 2022.

儘管零件短缺在短期內是一個挑戰，但正如史蒂夫所提到的，這是我們最大的戰術挑戰。我們實際上認為這是個好兆頭，從廣義上講，它凸顯了潛在需求驅動因素的力量。我們認為，事實上存在一種全行業的挑戰，最終會得到更長的跑道。結合全年強勁的需求，我們認為這不僅為下半年的增長做好了準備，而且為 2022 年的持續增長做好了準備。

Great. The second question I had is the VLSI market share data, I think, for power subsystems was out recently. Can you talk about just how you guys performed in 2020 in terms of market share in the RF power segment?

偉大的。我的第二個問題是 VLSI 市場份額數據，我認為，電源子系統最近出爐了。能否談談你們在 2020 年在射頻功率領域的市場份額方面的表現？

Yes, this is Steve. I'd be happy to make a comment on that one. We did take a look at the report, and we’re very happy to see that AE is still the undisputed market leader in all the areas that we care about. So the areas are RF power, on process power and semiconductor power. These include things like RF generators, RF matching networks, DC power and remote plasma source power.

是的，這是史蒂夫。我很樂意對此發表評論。我們確實看過報告，很高興看到 AE 在我們關心的所有領域仍然是無可爭議的市場領導者。因此，這些領域是射頻功率、工藝功率和半導體功率。其中包括射頻發生器、射頻匹配網絡、直流電源和遠程等離子源電源等。

It also show that we grew semiconductor revenues faster than market last year, and certainly we’re not surprised, we grew our revenues 52%, in the semiconductor vertical in 2020. So it was a great year for Advanced Energy. We're very optimistic moving forward. We've launched, over the past year, some highly differentiated products, semiconductor etch, dielectric etch, RPS. And in addition, extensive cross-selling in Artesyn products into the semiconductor vertical. So we're very bullish on semiconductor moving forward.

它還表明，我們去年的半導體收入增長速度快於市場，當然我們並不感到驚訝，2020 年我們在半導體垂直領域的收入增長了 52%。因此，對於 Advanced Energy 來說，這是偉大的一年。我們非常樂觀地向前邁進。在過去的一年裡，我們推出了一些高度差異化的產品，半導體蝕刻、電介質蝕刻、RPS。此外，將 Artesyn 產品廣泛交叉銷售到半導體垂直領域。所以我們非常看好半導體的發展。

Your next question is Krish Sankar with Cowen and Company.

你的下一個問題是 Cowen and Company 的 Krish Sankar。

I have 2 of them. First one, Paul or Steve, on this component tightness that's impacting the top line, is there any risk that you might lose share to your competition? Or do you think is that issue prevalent across the industry that you’re comfortable to seeing the same kind of component tightness?

我有 2 個。第一個，保羅或史蒂夫，關於影響頂線的這種組件緊張，是否存在您可能失去競爭份額的風險？還是您認為整個行業普遍存在的問題是否讓您樂於看到相同類型的組件緊密度？

I think if you look across our portfolio, most of our portfolio is proprietary. So if you look at semiconductors, industrial and medical, those are largely proprietary products. And so that's why we made the statement that looks like demand will shift into the second half, but we won't lose it. I think the only area where we risk losing some share based on lack of availability of components is probably in data center computing. That business is more of a built-to-print business. And so if we can't catch up in that area in Q3, we may lose a little bit of share there. But in large part, speaking for the company as a whole, there's very little business that we think will disappear.

我想如果你看看我們的投資組合，我們的大部分投資組合都是專有的。所以如果你看看半導體、工業和醫療，它們主要是專有產品。因此，這就是為什麼我們發表聲明，看起來需求將轉移到下半年，但我們不會失去它。我認為我們唯一可能因組件可用性不足而失去部分份額的領域可能是數據中心計算。該業務更像是一個按需印刷的業務。因此，如果我們不能在第三季度在該領域趕上，我們可能會在那裡失去一點份額。但在很大程度上，就整個公司而言，我們認為很少有業務會消失。

Got it. Got it. And then as a follow-up, you spoke about data center computing kind of -- [it was really] the inventory digestion, but it started turning around in the March quarter. I'm just kind of curious what drove it? Is it just -- are you seeing like IT enterprise budgets improving? Or what are the reasons for the digestion, getting it done sooner than expected? And along the same part, did you quantify how much your hyperscale revenues grew in the March quarter?

知道了。知道了。然後作為後續行動，你談到了數據中心計算——[這真的] 庫存消化，但它在 3 月季度開始好轉。我只是有點好奇是什麼驅使它？只是——您是否看到 IT 企業預算有所改善？或者消化的原因是什麼，比預期更快地完成了？在同一部分，您是否量化了 3 月份季度的超大規模收入增長情況？

I'll address the general question, and I’ll let Paul address the more specific question. But I think we saw increased booking activity, the data center towards the end of the quarter, and we anticipate continued pickup in Q2. And from what we see in our forecast today, the second half is going to be quite strong, the data center, so that's what we're gearing up for.

我將解決一般性問題，讓 Paul 解決更具體的問題。但我認為我們看到預訂活動有所增加，數據中心接近本季度末，我們預計第二季度將繼續回升。從我們今天的預測來看，下半年數據中心將非常強勁，所以這就是我們正在做的準備。

Yes. We didn't break out this time the change in hyperscale quarter-over-quarter, Krish, but we did see orders start to come in strong towards the end of the quarter. That sort of gives us confidence that we've seen the bottom of that market from a digestion period. And we expect to see growth over the course of the year and, as Steve mentioned earlier, stronger growth as we go through the year. So we -- that market went through a couple of quarters of digestion and is clearly coming back now.

是的。 Krish，這次我們沒有突破超大規模季度環比的變化，但我們確實看到訂單在本季度末開始強勁增長。這讓我們有信心，我們已經從消化期看到了市場的底部。我們希望在這一年中看到增長，並且正如史蒂夫之前提到的那樣，我們將在這一年中實現更強勁的增長。所以我們——那個市場經歷了幾個季度的消化，現在顯然正在回歸。

Your next question is from Mehdi Hosseini with SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

When I look at the revenue mix by the end market, it seems to me that semis and industrial actually did better than expected and perhaps the shortfall was in the telecom and data center. And I'm just trying to reconcile the shortages with end market. Would it be fair to say that, perhaps in the semis you had appropriate inventory of subcomponents, so you were able to meet the demand and it was just this new market that you're trying to scale that the shortages hampered your ability to hit the targets?

當我查看終端市場的收入組合時，在我看來，半成品和工業品的表現實際上好於預期，或許不足之處在於電信和數據中心。我只是想協調終端市場的短缺。公平地說，也許在半成品中你有適當的子組件庫存，所以你能夠滿足需求，而正是你試圖擴大這個新市場，短缺阻礙了你達到目標的能力目標？

That's a good question, Mehdi. I think if you look across our markets, our higher volume markets had a larger impact from a supply chain perspective. And look, we have some spot outages everywhere. But on balance, we were able to respond to increasing demand during the quarter in semi, even while we had some part shortages there as well. So broadly speaking, our higher volume businesses are more impacted by the part shortages than, say, our semi business or couple of the advanced markets were.

這是個好問題，邁赫迪。我認為，如果您縱觀我們的市場，就會發現我們的高容量市場從供應鏈的角度產生了更大的影響。看，我們到處都有一些地方停電。但總的來說，我們能夠應對本季度不斷增長的半成品需求，即使我們在那裡也存在一些零件短缺。因此，從廣義上講，與我們的半導體業務或幾個先進市場相比，我們的大批量業務受零件短缺的影響更大。

Sure. Okay. And then you highlighted OpEx increased a little bit. Could we assume that maybe OpEx is up a couple of million in the second half versus the first half, and then there could be continued increase in OpEx into '22?

當然。好的。然後你強調了 OpEx 增加了一點。我們是否可以假設 OpEx 在下半年比上半年增加了幾百萬，然後 OpEx 可能會繼續增加到 22 年？

Yes. If you look at the numbers we've been investing in R&D, obviously, that's where all the growth has been. You do have some annual costs that come in as the year goes on. So you’d expect to see OpEx up slightly from the Q2 levels over the year, but it should be very modest growth as we go forward after Q2.

是的。如果你看看我們一直在研發方面投資的數字，顯然，這就是所有增長所在。隨著時間的流逝，您確實有一些年度成本。因此，您預計今年的 OpEx 會比第二季度的水平略有上升，但隨著我們在第二季度之後繼續前進，它應該是非常溫和的增長。

Your next question is from Amanda Scarnati with Citi.

你的下一個問題來自花旗銀行的 Amanda Scarnati。

Just touching in on to the data center side of the business. You talked about the expectation to add some more hyperscale customers throughout 2021. Do you need to add those customers in order to start to see a reacceleration of growth? Or do you expect that the digestion that you've been seeing the last 2 quarters should roll-off and you can see some growth outside of adding new customers throughout the year?

只是涉及業務的數據中心方面。您談到了在整個 2021 年增加更多超大規模客戶的期望。您是否需要增加這些客戶才能開始看到增長的重新加速？或者您是否期望您在過去兩個季度看到的消化應該減少並且您可以在全年增加新客戶之外看到一些增長？

Yes, Amanda. I think the growth is a separate issue because we see the growth from our current set of customers. As we bring on new customer, typically, we start relatively low volumes and it ramps up over a period of months. So we have line of sight on the growth that’s coming from our existing customer base.

是的，阿曼達。我認為增長是一個單獨的問題，因為我們看到了當前客戶群的增長。當我們吸引新客戶時，通常情況下，我們開始時的銷量相對較低，然後在幾個月內逐漸增加。因此，我們對現有客戶群帶來的增長有了預期。

And then on the industrial and medical side, obviously, last year was pretty strong with some of the additions related to COVID on the medical side. Could we see a step-up in year-over-year growth on the industrial side, specifically on the industrial side and not the medical side of the business this year?

然後在工業和醫療方面，很明顯，去年在醫療方面增加了一些與 COVID 相關的內容，表現非常強勁。今年我們能否看到工業方面的同比增長有所加快，特別是在工業方面而不是醫療方面？

Yes. I think 2020 was a down year for industrial, medical, for obvious reasons. And we're definitely seeing bookings pick up in both areas. And we think those strengthen every quarter this year. So we think those 2 markets, industrial and medical, will be coming back to life over the course of 2021.

是的。我認為 2020 年對於工業、醫療來說是低迷的一年，原因很明顯。我們肯定會看到這兩個地區的預訂量都在增加。我們認為今年每個季度這些都在加強。因此，我們認為工業和醫療這兩個市場將在 2021 年恢復生機。

Your next question is from Scott Graham with Rosenblatt Securities.

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

Steve, welcome. Could you maybe quantify the impact on sales of your portfolio changes in the common networking segment, the revenues?

史蒂夫，歡迎。您能否量化您的產品組合變化對公共網絡部分銷售的影響，即收入？

Yes, Scott. It's Paul. We haven't called that out specifically. But if you recall, we expect it to be down in Q1 and it was. And we also commented that this kind of forms kind of the new baseline as we go forward. We'll see some growth from here. There'll be some kind of quarters can be a little higher, a little lower. But fundamentally, this sort of establishes a new baseline post those actions. Most of the actions really took effect in late 2020, which had the effect of accelerating some business into 2020. And as we go forward, we think this is a reasonable baseline level.

是的，斯科特。是保羅。我們沒有特別指出這一點。但如果你還記得的話，我們預計它會在第一季度下降，而且確實如此。我們還評論說，隨著我們前進，這種形式形成了新的基線。我們將從這裡看到一些增長。會有一些宿舍可以高一點，低一點。但從根本上說，這種做法在這些行動之後建立了一個新的基線。大多數行動在 2020 年底真正生效，這使得一些業務加速進入 2020 年。隨著我們的前進，我們認為這是一個合理的基線水平。

Okay. I was also hoping for a little bit more color on the -- on some of the supply shortages, logistics issues and what have you. Certainly, everyone is feeling it. So we understand that. Could you kind of tell us which segments are being sort of affected maybe sort of list them worst to least, if that's possible.

好的。我也希望在一些供應短缺、物流問題和你有什麼問題上有更多的色彩。當然，每個人都感受到了。所以我們明白這一點。如果可能的話，您能否告訴我們哪些細分市場受到了某種程度的影響，也許可以將它們從最壞到最小列出。

Sure. I’d be happy to comment on that. Obviously, the biggest issue we have is in semiconductor chips and microcontrollers, other ICs that we buy. Second would be ceramics -- ceramic substrates and other forms of ceramic and probably the third are passive. Some passive components are in short supply. And so we're spending a lot of time with our key suppliers. We have almost the entire management team involved in expediting the calls every week, and that includes me.

當然。我很樂意對此發表評論。顯然，我們遇到的最大問題是半導體芯片和微控制器，以及我們購買的其他 IC。第二個是陶瓷——陶瓷基板和其他形式的陶瓷，第三個可能是被動的。一些無源元件供不應求。因此，我們花了很多時間與我們的主要供應商打交道。我們每週都有幾乎整個管理團隊參與加快電話會議，其中包括我。

We're going out and bringing on new second sources where we could find them. We've signed a number of long-term agreements with our key suppliers. We did that in Q1 as we saw lead time stretch. And so we think that it's going to start benefiting us in Q3. And we've secured our position as a preferred customer essentially with most of our key suppliers.

我們正在走出去，帶來新的第二來源，在那裡我們可以找到它們。我們與主要供應商簽署了多項長期協議。我們在第一季度做到了這一點，因為我們看到交貨時間延長了。因此，我們認為它將在第三季度開始使我們受益。我們基本上已經與大多數主要供應商一起確保了我們作為首選客戶的地位。

We're also taking some actions in our factories. We're building some buffer capacity, assembly and test capacity. And the reason we're doing that is because there's a tendency for some of these scarce components to be delivered in the batch fashion towards the end of the quarter. So we want to be able to take advantage of that, that requires some additional parts capacity.

我們也在我們的工廠採取了一些行動。我們正在建設一些緩衝能力、組裝和測試能力。我們這樣做的原因是因為這些稀缺組件中的一些傾向於在本季度末以批量方式交付。所以我們希望能夠利用這一點，這需要一些額外的零件容量。

That's very helpful. I guess the last question is around, so we're funding a little bit more R&D. We have these supply chain issues, if you will. We have higher materials. And I guess I was just wondering maybe is there going to be a renewed focus on managing SG&A down a little bit to prop up the earnings while we're going through this sort of transition period into the second half. And frankly, also in the second half because I think, as you said, Paul, that the second half, the sales guidance is sort of up 5% to 10% sequentially as the previous question pointed out was kind of what I think we were all expecting anyway. So this does look like it moves maybe into 2022. So how do we handle SG&A during this sort of these next 3 quarters to try to keep earnings propped up?

這很有幫助。我想最後一個問題已經解決了，所以我們正在資助更多的研發。如果你願意的話，我們有這些供應鏈問題。我們有更高的材料。我想我只是想知道，在我們經歷這種進入下半年的過渡期時，是否會重新關注管理 SG&A 以支撐收益。坦率地說，也是在下半年，因為我認為，正如你所說，保羅，下半年，銷售指導按順序上升 5% 到 10%，正如我之前的問題所指出的那樣，我認為我們是這樣的無論如何都期待。所以這看起來確實可能會持續到 2022 年。那麼在接下來的 3 個季度中，我們如何處理 SG&A，以試圖保持收益的增長？

That's a good question. As you look from the numbers, we've pretty much been able to hold or reduce SG&A over the last 4 or 5 quarters, even despite other kind of pressures that would normally increase SG&A. So we expect to continue to do that. We continue to want to drive a lot of leverage. And in fact, we expect to see SG&A as a percentage go down over the course of the year. So that is something that we're working on.

這是個好問題。從數字上看，我們幾乎能夠在過去 4 或 5 個季度中保持或減少 SG&A，即使通常會增加 SG&A 的其他壓力也是如此。所以我們希望繼續這樣做。我們繼續希望提高槓桿率。事實上，我們預計 SG&A 的百分比在這一年中會下降。所以這是我們正在努力的事情。

Clearly, our investments in R&D, we think, will drive future growth. We're committed to those. Some of the other headwinds we’re seeing, we think, are transitory. They're going to last in a period of time. And as we continue to execute our synergy plan, both in OpEx as well as the heavy lift that we have -- we’ll complete by the end of the year in manufacturing, we think, broadly speaking, we're back on our target model of growth kind of as we exit this year and going into early next year.

顯然，我們認為我們在研發方面的投資將推動未來的增長。我們致力於這些。我們認為，我們看到的其他一些不利因素是暫時的。它們將持續一段時間。隨著我們繼續執行我們的協同計劃，無論是在運營支出方面還是在我們擁有的重載方面——我們將在今年年底完成製造業，我們認為，從廣義上講，我們又回到了我們的目標我們今年退出並進入明年初的增長模式。

Your next question is from Pavel Molchanov with Raymond James.

您的下一個問題來自 Pavel Molchanov 和 Raymond James。

In the context of the industry-wide supply tightness, I'm curious if that broadens the potential target list for acquisitions, given that some of the smaller players, especially in the industrial vertical, might be suffering particularly in this current climate.

在整個行業供應緊張的背景下，我很好奇這是否會擴大潛在的收購目標清單，因為一些較小的參與者，尤其是垂直行業的參與者，在當前的氣候下可能會受到特別大的影響。

I really haven't thought about it that way. But I guess that would be the synergy, right, if we can come in and buy a smaller company and exercise our leveraging on the supply chain. But just a general comment, we continue to be opportunistic, we continue to look for companies to acquire. And so I think you'll see us stay active in that area, looking for companies that have strong technology, strong technical teams, sticky products that tend to be proprietary. We'll be looking for companies that are particularly exposed to semiconductor, industrial and medical opportunities.

我真的沒有那樣想過。但我想這將是協同作用，對吧，如果我們能進來收購一家規模較小的公司，並利用我們對供應鏈的影響力。但只是一般性評論，我們繼續投機取巧，我們繼續尋找要收購的公司。因此，我認為您會看到我們在該領域保持活躍，尋找擁有強大技術、強大技術團隊和傾向於專有的粘性產品的公司。我們將尋找特別容易受到半導體、工業和醫療機會影響的公司。

More kind of thematically, is there anything in the Biden infrastructure proposal that would be directly relevant, impactful to your business that you can see?

從主題上講，拜登基礎設施提案中是否有任何與您的業務直接相關、對您的業務有影響的內容？

I think the most interesting part for us is the additional investment in semiconductors. So you see that happening basically trying to establish a stronger U.S. manufacturing base. And if that happens, then obviously that creates even more demand for semiconductor process power solutions. So yes, we're very enthusiastic on that part.

我認為對我們來說最有趣的部分是對半導體的額外投資。所以你看到這基本上是為了建立一個更強大的美國製造基地。如果發生這種情況，那麼顯然會產生對半導體工藝電源解決方案的更多需求。所以是的，我們在這方面非常熱情。

Right. And maybe some of the industrial verticals, you've sold into metallurgy and sort of glass and other things that could benefit from a more active industrial policy.

正確的。也許一些垂直行業，你已經出售了冶金和玻璃以及其他可以從更積極的產業政策中受益的東西。

Yes. I'm not really familiar with the details beyond semiconductors at this point, but I hope you're correct.

是的。目前我還不太熟悉半導體以外的細節，但我希望你是對的。

(Operator Instructions) Your next question is from Paretosh Misra with Berenberg.

（操作員說明）你的下一個問題來自 Paretosh Misra 和 Berenberg。

Steve, as you look at the cost structure at Advanced Energy, especially your manufacturing footprint, the different facilities that you have. And I know you haven't had that much opportunity to look at that. But do you see there opportunities for further optimization or cost cuts that could drive a margin expansion?

史蒂夫，當你查看 Advanced Energy 的成本結構時，尤其是你的製造足跡，以及你擁有的不同設施。而且我知道你沒有那麼多機會看到它。但是您是否看到進一步優化或削減成本的機會可以推動利潤率增長？

Yes. So basically we have 3 centers of excellence in the company’s manufacturing: one's in China, one's in Malaysia and one's in the Philippines. And we are in the process of consolidating our Chinese factories into one location. So we'll be exiting Shenzhen by the end of this year. I think you're probably familiar with that project. I think moving forward, we're very comfortable, having China, Malaysia and Philippines in place. And our approach there will be to try to fully utilize each of those factories. And the good news is, if we get to that point, we have the ability to expand our operations in each of those site. So I think we're pretty well positioned.

是的。所以基本上我們在公司的製造中有 3 個卓越中心：一個在中國，一個在馬來西亞，一個在菲律賓。我們正在將我們的中國工廠整合到一個地方。所以我們將在今年年底前離開深圳。我想你可能熟悉那個項目。我認為向前邁進，我們感到非常自在，中國、馬來西亞和菲律賓就位。我們的方法是嘗試充分利用這些工廠中的每一個。好消息是，如果我們做到這一點，我們就有能力在每個網站上擴展我們的業務。所以我認為我們的定位非常好。

Understood. And maybe as a follow-up, if you could talk a bit more about your industrial and medical segment as to what you're seeing. In other words, which of the 2 subsegments, industrial versus medical, you're seeing faster growth. Any sense on revenue or any particular end market where you’re seeing strong orders and strong revenue growth?

明白了。也許作為後續行動，如果你能多談談你所看到的工業和醫療領域。換句話說，工業和醫療這兩個子領域中的哪一個增長更快。對收入或您看到強勁訂單和強勁收入增長的任何特定終端市場有何看法？

Yes, I'll make some general comments about industrial and medical. The reason I like those 2 markets so much is they tend to be a small and medium-sized companies, small and medium-sized opportunities. But each opportunity typically wants something a little bit different. So we take -- we start with our standard products, our configurable products, and then we tune them to the customers' need. And that creates a very good relationship between AE and the customer. It creates a very sticky product situation. So typically these applications are very long lifecycle applications. And so once we get this idea, we continue to ship for many, many years, so we're going to continue to scour the market and look for more of those types of opportunities.

是的，我將對工業和醫療做一些一般性的評論。我如此喜歡這兩個市場的原因是它們往往是中小型公司，中小型機會。但每個機會通常都想要一些不同的東西。所以我們採取——我們從我們的標準產品、我們的可配置產品開始，然後我們調整它們以滿足客戶的需求。這在 AE 和客戶之間建立了非常良好的關係。它造成了一種非常粘性的產品情況。因此，通常這些應用程序是非常長的生命週期應用程序。因此，一旦我們有了這個想法，我們就會繼續出貨許多年，因此我們將繼續搜索市場並尋找更多此類機會。

Your next question is from Weston Twigg with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Weston Twigg。

First, I just wanted to start with gross margin. Last quarter, I think you said it would exceed 40% for the year. You're guiding it down a little for Q2 and you didn't mention that again. So I just wanted to get your thoughts on gross margin in the back half of the year and if you still think you can hit that 40% target exiting the year.

首先，我只想從毛利率開始。上個季度，我想你說過今年會超過 40%。你在第二季度將它下調了一點，但你沒有再提到這一點。所以我只想了解你對下半年毛利率的看法，以及你是否仍然認為你可以在今年年底達到 40% 的目標。

Yes, I think what we said, Wes, is that as we execute our manufacturing consolidation that we believe we could exit the year sort of at that 40% or better range. That’s still, I would say, broadly our goal. But certainly, with logistics and some of the supply chain constraints that's a headwind that we didn't see a quarter or 2 ago. We think that transitory is not going to last and how long it's going to last is less clear. So look, we think that those headwinds are maybe 100 to 200 basis points. And I would say that more than even what we experienced last year with COVID, [we’ve got] some reimbursement and other things with COVID. This is -- supply chains are very full. The logistics channels are very full. So in the interim, we're going to face these headwinds. But at both side and as we hit closer our -- finish our manufacturing consolidation. We feel confident we'll be able to be on that target model.

是的，Wes，我認為我們所說的是，當我們執行製造業整合時，我們相信我們可以在 40% 或更好的範圍內退出今年。我想說，從廣義上講，這仍然是我們的目標。但可以肯定的是，由於物流和一些供應鏈限制，這是我們一兩個季度前沒有看到的逆風。我們認為這種暫時性的情況不會持續，而且它會持續多久還不太清楚。所以看，我們認為這些逆風可能是 100 到 200 個基點。而且我要說的是，與我們去年在 COVID 方面所經歷的相比，[我們已經]獲得了 COVID 的一些報銷和其他東西。這是 - 供應鏈非常完整。物流渠道非常齊全。因此，在此期間，我們將面臨這些不利因素。但在雙方，當我們接近我們的 - 完成我們的製造業整合。我們有信心能夠使用該目標模型。

Okay. Yes, that makes sense. And then just when you talk about revenue growth in second half, can you help us understand which are the stronger growth segments relative to the first half? Is it semi? Is it data center, et cetera? If you could help us understand which ones are growing a little faster in the second half and driving that upside, that would be helpful.

好的。是的，這是有道理的。然後當你談到下半年的收入增長時，你能幫助我們了解哪些是相對於上半年更強勁的增長部分嗎？是半?是數據中心等嗎？如果你能幫助我們了解哪些公司在下半年增長得更快一些並推動了上漲，那將很有幫助。

Yes. The good news is we've seen strong growth in all segments, quite frankly. So we see semiconductors full speed ahead, essentially. The customers we have in semiconductors are very bullish about demand in the second half into 2022. So our challenge there is just going to be keeping up with their demand. Obviously, a comment on data center, you see that coming back strongly in the second half.

是的。好消息是，坦率地說，我們在所有領域都看到了強勁的增長。因此，從本質上講，我們看到半導體全速前進。我們在半導體領域的客戶非常看好下半年到 2022 年的需求。因此我們面臨的挑戰就是跟上他們的需求。顯然，對數據中心的評論，你會看到下半年強勢回歸。

Industrial and medical is going through a recovery phase, and we think that's going to be very strong. I think the only market where we may not see as strong growth is probably telecom and networking. I think we’ll stay steady there. Again, as we focus on 5G designs, we think most of that revenue will probably come in 2022, 2023.

工業和醫療正在經歷復甦階段，我們認為這將非常強勁。我認為我們可能看不到強勁增長的唯一市場可能是電信和網絡。我認為我們會保持穩定。同樣，由於我們專注於 5G 設計，我們認為大部分收入可能會在 2022 年、2023 年出現。

We have no further questions at this time. I turn the call back to Steve Kelley for closing remarks.

目前我們沒有其他問題。我將電話轉回給 Steve Kelley，請他作結束語。

Well, thank you very much for joining us on the call today. We see increasing demand across all of our target markets for the rest of 2021. And although supply issues are limiting our upside in the second quarter, we see increased commitments from our suppliers in the second half. We have high hopes that we could exit the year at very high velocity. Thank you very much.

好吧，非常感謝你今天加入我們的電話會議。我們看到 2021 年剩餘時間我們所有目標市場的需求都在增加。儘管供應問題限制了我們在第二季度的上行空間，但我們看到供應商在下半年的承諾有所增加。我們寄予厚望，希望我們能以非常高的速度結束這一年。非常感謝。

This concludes today’s conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連接。