Advanced Energy Industries Inc (AEIS) 2024 Q4 法說會逐字稿

Greetings and welcome to the Advanced Energy fourth quarter 2024 earnings call. (Operator Instructions) And as a reminder, this conference is being recorded.

問候並歡迎參加 Advanced Energy 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce to you Edwin Mok, Vice President of Strategic Marketing and Investor Relations. Thank you, sir, you may begin.

現在我很高興向大家介紹策略行銷和投資者關係副總裁 Edwin Mok。謝謝您，先生，您可以開始了。

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy fourth quarter and full year 2024 earnings conference call. With me today are Steve Kelly, our President, CEO; and Paul Oldham, our Executive Vice President and CFO.

謝謝您，接線生。大家下午好。歡迎參加 Advanced Energy 2024 年第四季和全年財報電話會議。今天與我在一起的有我們的總裁兼執行長史蒂夫凱利；以及我們的執行副總裁兼財務長 Paul Oldham。

You can find today's earnings press release and presentation on our website at ir.advancedenergy.com/.

您可以在我們的網站 ir.advancedenergy.com/ 上找到今天的收益新聞稿和簡報。

Before we begin, let me remind you that today's call contains forward-looking statements. They are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees of future performance.

在我們開始之前，請允許我提醒您，今天的電話會議包含前瞻性陳述。它們受風險和不確定性的影響，可能導致實際結果大不相同，並且不能保證未來的表現。

Information concerning these risks can be found in our SEC filings. All forward-looking statements are based on management estimates as of today, February 12, 2025, and the company assumes no obligation to update them. Any targets beyond the current quarter presented today should not be interpreted as guidance.

有關這些風險的資訊可以在我們的美國證券交易委員會文件中找到。所有前瞻性陳述均基於截至 2025 年 2 月 12 日的管理階層估計，本公司不承擔更新這些陳述的義務。今天提出的任何超出本季度的目標都不應被解讀為指導。

On today's call, our financial results are presented on a non-GAAP financial basis unless otherwise specified. Excluded from our non-GAAP results are stock compensation, amortization, acquisition relay cost, facility expansion and relocation costs, restructuring and asset impairment charges, and unrealized foreign exchange gains or loss. Please refer to a detailed representation between GAAP and non-GAAP result in our press release today.

在今天的電話會議上，除非另有說明，我們的財務結果均以非 GAAP 財務基礎呈現。我們的非公認會計準則結果不包括股票補償、攤銷、收購中繼成本、設施擴建和搬遷成本、重組和資產減損費用以及未實現外匯收益或損失。請參閱我們今天的新聞稿中有關 GAAP 和非 GAAP 結果之間的詳細說明。

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

說完這些，請允許我把電話轉給我們的總裁兼執行長史蒂夫凱利。

Thanks, Edwin. Good afternoon, everyone, and thanks for joining the call. Today, Paul and I will discuss our fourth quarter performance, highlights from 2024, our first quarter outlook, and our 2025 priorities.

謝謝，埃德溫。大家下午好，感謝大家參加電話會議。今天，保羅和我將討論我們第四季的業績、2024 年的亮點、第一季的展望以及 2025 年的重點任務。

We delivered strong financial results in the fourth quarter. Revenue of $415 million exceeded the high end of our guidance range and returned the company to year-over-year growth. Pockets of higher demand in Semiconductor as well as strength and Data Center Computing drove the outperformance. Fourth quarter gross margin was 38% -- our best performance in three years. We benefited from higher volume as well as improved factory efficiency.

我們在第四季度取得了強勁的財務表現。4.15 億美元的營收超出了我們預期範圍的上限，使公司恢復了同比增長。半導體領域需求的增加以及實力和數據中心計算推動了其優異的表現。第四季的毛利率為38%——這是我們三年來的最佳表現。我們受惠於產量的提高以及工廠效率的提高。

Fourth quarter earnings of $1.30 per share. We're above our guidance and grew year on year. Before providing more details on the fourth quarter, I'd like to review our 2024 performance. From a financial standpoint we hit a low point in the first quarter of 2024 due largely to soft market conditions.

第四季每股收益 1.30 美元。我們的業績超乎預期，並且逐年成長。在提供有關第四季度的更多細節之前，我想回顧一下我們 2024 年的表現。從財務角度來看，由於市場狀況疲軟，我們在 2024 年第一季跌至低點。

From that point forward, our revenue improved every quarter. Data Center Computing rebounded strongly in the second quarter as our design winds ramp to volume spurred by demand for AI compute capability. Data Center demand continued to increase in the second half and remains very strong.

從那時起，我們的收入每季都在提高。由於人工智慧運算能力的需求推動我們的設計業務量不斷增加，資料中心運算在第二季強勁反彈。資料中心需求在下半年持續增加，而且仍然強勁。

Semiconductor revenue also grew over the course of the year as we capitalized on a variety of upside opportunities. The Industrial and Medical, Telecom and Networking markets were headwinds to revenue in 2024. The I&M market underperformed due to lackluster demand as well as elevated inventory levels at both distributors and and customers.

由於我們抓住了各種上行機會，半導體收入在一年內也實現了成長。2024 年，工業和醫療、電信和網路市場的收入將面臨阻力。由於需求低迷以及經銷商和客戶的庫存水準升高，I&M 市場表現不佳。

As expected, Telecom and Networking revenue reverted to more normal levels after a very strong 2023. In 2024, we made major strides on the new product and design wind fronts. We launched 35 new platform products in 2024. In addition, We developed many custom and modified standard products in close cooperation with our customers.

正如預期的那樣，電信和網路收入在 2023 年強勁增長之後恢復到更正常的水平。2024年，我們在新產品和設計風方面取得了重大進展。我們在 2024 年推出了 35 款新平台產品。此外，我們還與客戶密切合作，開發了許多客製化和修改的標準產品。

In Semiconductor we continue to experience strong customer pull for our best-in-class eVoS, eVerest, and NavX products. We ship more than 250 qualification units by the end of last year and are experiencing continued strong demand this year.

在半導體領域，我們一流的 eVoS、eVerest 和 NavX 產品繼續受到客戶的強烈青睞。截至去年年底，我們已出貨超過 250 台合格產品，今年的需求持續強勁。

In 2024, we began to reap the benefits of our move to a modular architecture. The typical development cycle time for new derivative products has been compressed from roughly 18 months to less than 4 months which is enabling our customers to deliver solutions faster than ever before.

2024 年，我們開始享受模組化架構轉型帶來的好處。新衍生產品的典型開發週期已從約 18 個月壓縮至不到 4 個月，這使我們的客戶能夠比以往更快地提供解決方案。

Another benefit is that shorter development cycle times are allowing us to engage in more opportunities. In Industrial and Medical, our momentum on the design wind front continued to build fueled by a healthy stream of new products and an improved go-to-market strategy. Our new customer-friendly website is generating more opportunities in helping us to convert more of those opportunities into wins.

另一個好處是，更短的開發週期使我們能夠獲得更多的機會。在工業和醫療領域，由於源源不斷的新產品和改進的市場進入策略，我們在設計風方面的勢頭持續增強。我們新的客戶友善網站正在創造更多的機會，幫助我們將更多的機會轉化為勝利。

In the Data Center Computing market, we accelerated our technology roadmap in 2024; it will continue to do so in 2025. This acceleration is tied to the increasing rack power requirements of each new generation of AI data centers. We are working more closely with customers to develop technology which meets not just the needs of their next generation of products but also the generation after that.

在資料中心運算市場，我們在 2024 年加速了我們的技術路線圖； 2025年，這一趨勢還將持續。這種加速與每一代新 AI 資料中心不斷增加的機架功率需求相關。我們正在與客戶更緊密地合作，開發不僅滿足其下一代產品需求而且滿足再下一代產品需求的技術。

Key factors in our Data Center success are the ability to move fast as well as deep expertise in the design and manufacturing of highly reliable products with industry-leading power density and efficiency.

我們資料中心成功的關鍵因素是快速行動的能力以及在設計和製造具有業界領先功率密度和效率的高可靠性產品方面的深厚專業知識。

In operations, we made significant progress on our “15 to 5” factory consolidation plan; a key part of our goal to move gross margin above 40%.

在營運方面，我們的「15改5」工廠整合計畫取得了重大進展；這是實現毛利率超過 40% 的目標的關鍵部分。

On the M&A front, we acquired Airity which brought critical GaN-based high voltage power technology and expertise to AE. We are delighted with the acquisition and have already integrated Airity technology into some of our flagship products.

在併購方面，我們收購了 Airity，為 AE 帶來了關鍵的基於 GaN 的高壓電源技術和專業知識。我們對此次收購感到非常高興，並且已經將 Airity 技術融入我們的一些旗艦產品中。

Now, I'll provide more color on the fourth quarter. In Semiconductor, fourth quarter revenue increased 15% sequentially, well ahead of plan as we experience stronger year-end demand across multiple customers. New product shipments were strong driven by evaluation and qualification activity for eVoS, eVerest, and NavX products.

現在，我將提供有關第四季度的更多詳細資訊。在半導體方面，第四季營收季增 15％，遠超計劃，因為我們感受到多個客戶的年底需求更加強勁。受 eVoS、eVerest 和 NavX 產品的評估和鑑定活動推動，新產品出貨量強勁成長。

At SEMICON Korea next week we will launch another leadership product. A matchless RF delivery system based on the eVerest modular architecture. This new product called eVolve offers millisecond tuning, multi-level pulsing, a small footprint, and no moving parts. We shipped eVolve qualification units in December and expect the technology to drive further gains for AE in both deposition and edge.

我們將於下週在 SEMICON Korea 上推出另一款領先產品。基於 eVerest 模組化架構的無與倫比的射頻傳輸系統。這款名為 eVolve 的新產品具有毫秒調諧、多級脈衝、佔地面積小且無移動部件等功能。我們於 12 月交付了 eVolve 認證單元，並預計該技術將在沉積和邊緣方面為 AE 帶來進一步的成長。

In Data Center Computing, fourth quarter revenue grew 10% sequentially driven by strength and hyperscale. This was a record quarter for Data Center Computing product revenue and we see continued strong demand moving into 2025.

在資料中心運算方面，受實力和超大規模的推動，第四季營收季增 10%。這是資料中心計算產品收入創紀錄的一個季度，我們預計到 2025 年需求將持續強勁。

Fourth quarter Industrial and Medical revenue was sequentially flat as customers and distributors continue to work down inventories. Industrial and Medical new product and designment activity was robust. We launched 12 new I&M products including a number of configurable power supplies.

由於客戶和分銷商繼續減少庫存，第四季度工業和醫療收入環比持平。工業和醫療新產品和設計活動強勁。我們推出了 12 款新型 I&M 產品，其中包括多種可設定電源。

We want new designs and test and measurement, industrial production, electrosurgery, and aerospace and defense. In the fourth quarter, we launched a new program with Sager, one of our largest distributors to ensure speedy delivery of fully configured prototypes.

我們想要新的設計和測試與測量、工業生產、電外科、航空航天和國防。第四季度，我們與最大的經銷商之一Sager合作啟動了一項新計劃，以確保快速交付完全配置的原型。

Now, I'd like to touch on our outlook for 2025. We expect first half 2025 demand to be roughly equal to second half 2024 demand. We believe that our full year 2025 Semiconductor revenue will grow faster than market due largely to initial new product ramps in the second half.

現在，我想談談我們對 2025 年的展望。我們預計 2025 年上半年的需求將與 2024 年下半年的需求大致相同。我們相信，2025 年全年半導體收入將比市場成長更快，這主要歸功於下半年新產品的初步推出。

We expect Data Center demand to remain robust in 2025 based on projected AI investments as well as customer adoption of our high value solutions. In the Industrial and Medical market we believe that we are close to a bottom and expect to begin growing again as early as the second quarter of this year.

根據預期的人工智慧投資以及客戶對我們高價值解決方案的採用，我們預計 2025 年資料中心需求將保持強勁。在工業和醫療市場，我們認為我們已經接近底部，並預計最早在今年第二季開始再次成長。

I'd like to close by touching on our 2025 priorities. First, we will maintain our strong new product and design win momentum. We continue to invest heavily in R&D and go-to-market initiatives and expect those investments to drive increased share as market conditions improve. Second, we will largely complete our factory consolidation plan which will give us a much better foundation to move gross margin above 40%. Finally, We plan to use our strong balance sheet to pursue strategic acquisitions which will accelerate our growth in Industrial and Medical and broaden our technology portfolio.

最後，我想談談我們 2025 年的優先事項。首先，我們將保持強勁的新產品和設計獲勝動能。我們將繼續大力投資研發和市場進入計劃，並期望隨著市場條件的改善，這些投資將推動市場份額的成長。其次，我們將基本完成工廠整合計劃，這將為我們實現毛利率超過40%奠定更好的基礎。最後，我們計劃利用強大的資產負債表進行策略性收購，這將加速我們在工業和醫療領域的成長並拓寬我們的技術組合。

At our recent Analyst Day event we outlined a 2030 target model which calls for doubling our revenue, increasing earnings by 4 times and expanding gross margin at 43% with a diverse set of attractive and markets, strong customer relationships, best-in-class technology, and a highly capable factory network we have high confidence in our ability to achieve those long-term goals. Paul will now provide more detailed financial information.

在我們最近的分析師日活動中，我們概述了一個 2030 年目標模型，該模型要求我們的收入翻一番，收益增加 4 倍，毛利率擴大 43%，擁有多元化的吸引力市場、牢固的客戶關係、一流的技術以及高效的工廠網絡，我們對實現這些長期目標的能力充滿信心。保羅現在將提供更詳細的財務資訊。

Thank you, Steve. Good afternoon, everyone. In the fourth quarter, we executed well to deliver both revenue and earnings above our guidance. Upside in the Semiconductor and Data Center Computing markets more than offset ongoing sluggishness in Industrial and Medical.

謝謝你，史蒂夫。大家下午好。第四季度，我們表現良好，營收和收益均高於我們的預期。半導體和資料中心計算市場的成長足以抵消工業和醫療市場持續的低迷。

We continued to execute our manufacturing cost improvement initiatives and delivered gross margin at 38% -- the third consecutive quarter of sequential increase. Lastly, cash flow from operations was $83 million; just below last year's record Q4.

我們繼續執行製造成本改進計劃，實現毛利率 38%——連續第三個季度增長。最後，經營現金流為 8,300 萬美元；略低於去年第四季的紀錄。

Overall, despite a challenging start to 2024 and an ongoing inventory correction in the industrial and medical market, we finished the year on a strong note delivering Q4 year-over-year growth in revenue, gross margin, and earnings.

總體而言，儘管 2024 年開局充滿挑戰，且工業和醫療市場持續進行庫存調整，但我們以強勁的業績結束了這一年，第四季度的收入、毛利率和收益均同比增長。

Now let's review our financial results in more detail. Fourth quarter total revenue of $415 million increased 11% sequentially and 3% year over year. Semiconductor revenue was $227 million up 15% from Q3 and 19% from last year with growth across products and service. We were pleased with our ability to respond quickly and capture additional year-end upside.

現在讓我們更詳細地回顧一下我們的財務結果。第四季總營收為 4.15 億美元，季增 11%，年增 3%。半導體營收為 2.27 億美元，較第三季成長 15%，較去年同期成長 19%，產品和服務均成長。我們對自己能夠迅速做出反應並獲得額外的年底收益的能力感到滿意。

Industrial medical revenue of $77 million was about flat quarter over quarter and down year over year. Channel inventories continue to be above target levels as markets conditions remain soft. Data Center Computing revenue was $89 million up 10% sequentially and 41% year over year. Demand strengthened again as we started production ramps of new high power products. Excluding the revenue from premium recoveries during the supply chain crisis, Data Center product revenue reached a new record.

工業醫療收入為 7,700 萬美元，與上一季持平，與去年同期相比有所下降。由於市場狀況依然疲軟，通路庫存持續高於目標水準。資料中心計算營收為 8,900 萬美元，季增 10%，年增 41%。隨著我們開始生產新的高功率產品，需求再次增強。剔除供應鏈危機期間保費回收收入，資料中心產品收入再創歷史新高。

Telecom and Networking revenue was $23 million down year over year but up 20% sequentially as we ramped production of a new program that was pushed out from Q3.

電信和網路收入年減 2,300 萬美元，但環比增長 20%，因為我們加大了從第三季開始推出的新項目的產量。

Fourth quarter gross margin was 38% up 170 basis points sequentially due to higher volume, favorable product mix, and improved manufacturing efficiency. Gross margins in Q4 2024 were roughly 200 basis points higher than 2023 levels at a similar revenue run rate as we are seeing the initial benefits of our gross margin improvement initiatives and improved mix take effect.

由於銷售量增加、產品結構良好以及製造效率提高，第四季毛利率為 38%，比上一季上升 170 個基點。2024 年第四季的毛利率比 2023 年的水平高出約 200 個基點，同時收入運行率相似，因為我們看到了毛利率改善舉措和改進組合的初步成效。

Operating expenses were $102 million up 5% from last quarter driven largely by higher sales and incentive-related expenses and timing of a few items that we do not expect to repeat in Q1. Operating margin for the quarter was 13.5% up 300 basis points from last quarter and 120 basis points from last year demonstrating the margin leverage of our model.

營業費用為 1.02 億美元，較上一季成長 5%，主要原因是銷售和激勵相關費用增加，以及一些我們預計在第一季不會重複的項目的時間安排。本季營業利潤率為 13.5%，較上一季上漲 300 個基點，較去年同期上漲 120 個基點，體現了我們模型的利潤槓桿。

Depreciation for the quarter was $11 million and our adjusted EBITDA was $67 million. Other income was $1.5 million down as expected from Q3 on lower cash balances and interest earnings following the pre-payment of our $345 million term loan in late Q3.

本季折舊為 1,100 萬美元，調整後的 EBITDA 為 6,700 萬美元。正如預期的那樣，其他收入較第三季下降了 150 萬美元，因為我們在第三季末預付了 3.45 億美元定期貸款後現金餘額和利息收入減少。

Our non-GAAP tax rate for the quarter was 14.3% on favorable year-end discrete items. As a result, fourth quarter earnings were $1.30 per share, up from $0.98 per share in the previous quarter, and $1.24 a year ago.

由於年末單獨項目有利，本季我們的非公認會計準則稅率為 14.3%。因此，第四季每股收益為 1.30 美元，高於上一季的每股 0.98 美元和去年同期的 1.24 美元。

Turning now to the balance sheet. Total cash increased by $65 million to $722 million with net cash of $157 million. In the fourth quarter, we delivered close to record cash flow from continuing operations of $83 million.

現在來看看資產負債表。總現金增加 6,500 萬美元，達到 7.22 億美元，淨現金為 1.57 億美元。第四季度，我們持續經營業務的現金流接近創紀錄的 8,300 萬美元。

Inventory days came down to 126 in Q4 from 143 in Q3 and inventory turns improved to 2.9 times. DSO decreased to 57 days from 62 days largely due to timing of revenue. And DPO remained flat at 50 days. As a result, networking capital decreased sequentially from 155 to 133 days. During the quarter we invested $13 million in CapEx and paid $4 million in dividends.

庫存天數從第三季的 143 天降至第四季的 126 天，庫存週轉率提高至 2.9 次。DSO 從 62 天減少到 57 天，這主要歸因於收入時間表。DPO 仍維持在 50 天不變。因此，網路資本週轉天數從155天減少至133天。本季度，我們在資本支出上投資了 1,300 萬美元，並支付了 400 萬美元的股息。

Before I move on to guidance, let me briefly review our full year results. In 2024 we delivered revenue of $1.48 billion down 10% year over year in a challenging market environment. The decline was driven by lower revenue in both the Industrial and Medical and Telecom and Networking markets which were down 33% and 53%, respectively. These results came after record years in 2023 followed by unprecedented industry-wide inventory corrections in 2024.

在我開始提供指引之前，讓我先簡單回顧一下我們的全年表現。2024 年，在充滿挑戰的市場環境下，我們的營收為 14.8 億美元，年減 10%。下降的主要原因是工業和醫療以及電信和網路市場的收入分別下降了 33% 和 53%。這些結果是在 2023 年創紀錄的幾年之後取得的，隨後 2024 年全行業進行了前所未有的庫存調整。

On the other hand, Semiconductor revenue grew 7% from the trough in 2023 and achieved its highest level in two years in the fourth quarter. In addition, Data Center revenues grew 14% and reached record product revenue levels exiting the year.

另一方面，半導體營收從2023年的低谷增長了7%，並在第四季度達到了兩年來的最高水準。此外，資料中心收入成長了14％，並達到了年末創紀錄的產品收入水準。

During 2024, we focused on positioning ourselves for faster earnings growth as markets recover. We reduced both fixed and variable costs and accelerated actions to optimize our manufacturing footprint. As a result, despite lower revenues in 2024, our non-GAAP gross margin was up 20 basis points year over year and we exited the year at the highest gross margin since Q2 of 2021.

2024 年，我們專注於隨著市場復甦實現更快的獲利成長。我們降低了固定成本和變動成本，並加快行動以優化我們的製造足跡。因此，儘管 2024 年收入較低，但我們的非 GAAP 毛利率年增 20 個基點，並且我們在年底的毛利率達到了 2021 年第二季以來的最高水準。

Our increased investment in R&D delivered a significant wave of new new platforms which have the potential to drive significant growth in revenue and market share over the next several years. This investment was more than offset by lower SG&A as we drove actions to improve efficiency and scale.

我們加大了對研發的投資，並推出了大量新平台，這些平台有可能在未來幾年推動收入和市場份額的大幅成長。由於我們採取措施提高效率和規模，這項投資被較低的銷售、一般和行政費用所抵消。

As a result, all year 2024 non-GAAP earnings were $3.71 per share and our adjusted EBITDA was $193 million. 2024 CapEx was $57 million or 3.8% of revenue. We expect 2025 CapEx to run at or above these levels as we invest in ramping several new platforms and execute our plan to scale the company to support long-term growth. However, longer term, CapEx should normalize back to historical levels as we complete these investments.

因此，2024 年全年非 GAAP 收益為每股 3.71 美元，調整後 EBITDA 為 1.93 億美元。 2024資本支出為 5700 萬美元，佔收入的 3.8%。我們預計 2025 年的資本支出將達到或超過這些水平，因為我們投資於推出幾個新平台，並執行擴大公司規模以支持長期成長的計畫。然而，從長遠來看，隨著我們完成這些投資，資本支出應該會恢復到歷史水準。

Turning now to our guidance, we expect Q1 revenue to be approximately $392 million plus or minus $20 million. The sequential change is mostly driven by the outperformance in Semiconductor and Data Center in Q4 as well as seasonal factors that we discussed on our last call.

現在談到我們的指導，我們預計第一季的營收約為 3.92 億美元，上下浮動 2000 萬美元。這項連續變化主要受第四季度半導體和資料中心的優異表現以及我們在上次電話會議上討論的季節性因素的影響。

While lower than Q4, our Q1 guidance is substantially above last year and higher than previous expectations. We expect Q1 gross margin to be approximately 37% to 37.5% down slightly quarter over quarter on lower volume.

雖然低於第四季度，但我們第一季的預期大幅高於去年同期，也高於先前的預期。我們預計第一季毛利率將比上一季略有下降，原因是銷量下降。

We're pleased with our improvement in gross margin over the past several quarters and expect to see additional improvements in the second half as we complete the product transfer process and close our China factory by mid-year.

我們對過去幾季毛利率的提高感到滿意，隨著我們完成產品轉移過程並在年中關閉中國工廠，預計下半年毛利率將進一步提高。

We expect operating expenses to come down to $98 to $100 million on sequentially lower sales related costs and timing of expenses from year end partially offset by ongoing investments in R&D and other critical programs. We expect Q1 and other income to remain in the $1 million to $2 million range.

我們預計，由於銷售相關成本和費用從年底起持續下降，營業費用將降至 9,800 萬至 1 億美元，但對研發和其他關鍵項目的持續投資將部分抵消這一影響。我們預計第一季和其他收入將保持在 100 萬至 200 萬美元之間。

As a reminder, our tax rate is expected to increase to around the 19% range beginning in Q1 due to the Pillar Two Global Minimum Tax regime. As a result, we expect Q1 non-GAAP earnings to be $1.03 per share plus or minus $0.25.

提醒一下，由於第二支柱全球最低稅制度，我們的稅率預計將從第一季開始增加到 19% 左右。因此，我們預計第一季非 GAAP 收益為每股 1.03 美元，並上下浮動 0.25 美元。

Let me provide some concluding comments. Looking back at 2024, we're encouraged by the progress we made in executing our strategy including delivering a record number of new products, capturing new design wins across our markets, improving gross margins, and growing our cash position.

請容許我做些總結性評論。回顧 2024 年，我們對執行策略所取得的進展感到鼓舞，包括交付創紀錄數量的新產品、在各個市場獲得新的設計勝利、提高毛利率以及增加現金狀況。

Looking forward to 2025, we're excited about the opportunities ahead. While the market environment continues to be mixed with limited visibility to the second half, we believe ongoing progress on our strategic initiatives will define our future and position us for outsized growth in revenue and earnings over time.

展望 2025 年，我們對未來的機會感到興奮。儘管市場環境仍然喜憂參半，下半年前景有限，但我們相信，戰略舉措的持續進展將決定我們的未來，並使我們在未來的收入和盈利方面實現大幅增長。

We're driving adoption of our next generation Semiconductor platforms to grow share: leveraging design wins and channel investment to capitalize as the industrial and medical market recovers and maximizing high-end opportunities in AI-driven, high-powered Data Center applications.

我們正在推動下一代半導體平台的採用以擴大份額：利用設計勝利和通路投資來利用工業和醫療市場的復甦，並最大限度地利用人工智慧驅動的高性能資料中心應用中的高端機會。

Executing our factory consolidation plan will allow us to further lower manufacturing cost, enable scale, and achieve our gross margin goals. Finally, our strong balance sheet and cash flow give us ample capacity to make strategic acquisitions to add scope and expand our market position. With that operator, we'll take your questions.

執行工廠整合計畫將使我們能夠進一步降低製造成本、實現規模並實現毛利率目標。最後，我們強勁的資產負債表和現金流使我們有足夠的能力進行策略性收購，以增加範圍並擴大我們的市場地位。透過那位接線員，我們將回答您的問題。

Thank you. (Operator Instructions) Brian Chin, Stifel.

謝謝。(操作員指示) Brian Chin，Stifel。

Hi there. Good afternoon. Thanks -- congratulations and thanks for letting us ask a few questions. Maybe first question, thinking about sort of the first half versus second half last year commentary. I think that might put Semi equipment maybe in the vicinity of sort of 10% year-over-year growth.

你好呀。午安.謝謝——恭喜，也謝謝您讓我們提出幾個問題。也許第一個問題是思考去年上半年與下半年的評論。我認為這可能會使半導體設備的年成長率達到 10% 左右。

And I know you talked about the potential to outgrow WFE, I recall, from earlier in the prepared remarks. And so is that 10% year over year even with an acceleration in the back half, as you suggested, is that maybe the right frame of reference in terms of the outperformance?

我知道您在早些時候準備好的發言中談到了超越 WFE 的潛力。那麼，正如您所說，即使下半年有所加速，但同比增長 10% 是否是表現優異的正確參考框架？

Hey Brian, this is Steve. What we said basically is we were able to take advantage of opportunities in Q4 to really maximize the revenue in Semiconductor. So there were two real highlights in Q4: one was the Semiconductor revenue and the second was the Data Center revenue.

嘿，布萊恩，我是史蒂夫。我們所說的基本上是，我們能夠利用第四季度的機會來真正實現半導體收入最大化。因此，第四季有兩個真正的亮點：一是半導體收入，二是資料中心收入。

As we move into Q1, we're seeing the Semiconductor demand moderate a bit and again, that's after a record Q4. As we move forward in the year of 2025, we haven't given a specific guidance but we think the second half is better than the first half largely because many of our new products are beginning to ramp the volume in the second half.

進入第一季度，我們看到半導體需求放緩，這是在創紀錄的第四季度之後。隨著我們邁入 2025 年，我們還沒有給出具體的指導，但我們認為下半年會比上半年好，主要是因為我們的許多新產品在下半年開始增加銷售量。

And that's what's driving our confidence and our ability to outperform the market in 2025.

這就是推動我們信心和在 2025 年超越市場的能力的動力。

Okay. Maybe just to drill down at one level, clearly some of your new design wins for eVoS and other next gen supplies and matches should layer in over time tied to future technology transitions and equipment platforms.

好的。也許只是深入到一個層面，顯然您在 eVoS 和其他下一代供應品和匹配方面取得的一些新設計勝利應該隨著時間的推移與未來的技術轉型和設備平台相結合。

But can you clarify or confirm whether some of your early designs are closely aligned with the NAND market where there clearly is some pick up and upgrade activity that's very edge and deposition focused. How do you see that contributing maybe to your equipment outlook this year?

但是您能否澄清或確認您的一些早期設計是否與NAND市場緊密結合，該市場顯然存在一些非常注重邊緣和沈積的回升和升級活動。您認為這對今年的設備前景有何貢獻？

Yeah. It's interesting because what we're finding is we've shipped over 250 of these evaluation units in eVerest, eVoS, and NavX and that was through December of last year and obviously the demand continues into this year.

是的。有趣的是，我們發現我們已經在 eVerest、eVoS 和 NavX 中出貨了超過 250 個評估單元，這是截至去年 12 月的數據，而且顯然需求會持續到今年。

But they're finding homes across all leading-edge processes. And the issue is customers using the older technology just can't get the job done, right? They're losing throughput and they're losing yield based on old technologies so that's forcing them to move to our new technologies.

但他們在所有前沿工藝中都找到了歸宿。問題是，使用舊技術的客戶無法完成工作，對嗎？由於使用了舊技術，他們的產量和收益都在下降，這迫使他們轉向我們的新技術。

And that's the same challenge whether you're talking about NAND, DRAM, or leading-edge logic so we're seeing equal interest from all segments in those technologies.

無論您談論的是 NAND、DRAM 還是尖端邏輯，這都是同樣的挑戰，因此我們看到各個領域對這些技術都有同等的興趣。

Okay, got it. So maybe I could just ask one more question. It's actually kind of financial related. There's clearly been a lot of talk and reporting about broader weakness in Industrial. This isn't so much on your revenue side but actually in terms of gross margins.

好的，明白了。因此我或許可以再問一個問題。這實際上與金融有關。顯然，關於工業領域整體疲軟的討論和報導已經很多。這與您的收入無關，實際上與毛利率有關。

I think semicap companies tend to be classified as industrial markets for chip companies. And so do you actually feel pretty good about the cost point and availability of chips you buy and integrate into your power subsystems? Are there opportunities to actually lock in favorable pricing and supply that supports your gross margin expansion targets?

我認為半導體公司往往被歸類為晶片公司的工業市場。那麼，您是否對於所購買並整合到電源子系統中的晶片的成本點和可用性感到滿意呢？是否有機會真正鎖定有利的價格和供應，以支持您的毛利率擴張目標？

That's a great question. It's an issue we deal with every day practically and I would say it's hard to give a general answer. I think looking back over the last three or four years, we've divided our suppliers into two camps: one of the suppliers that supported us well during the shortages and the other camp is suppliers that didn't support us very well at all. And I think we've basically focused more business with suppliers who have shown the degree of support we're going to need over time.

這是一個很好的問題。這是我們實際上每天都要處理的問題，我認為很難給出一個普遍的答案。回顧過去三、四年，我們將供應商分成了兩大陣營：一類供應商在短缺期間為我們提供了很好的支持，另一類供應商根本沒有給我們很好的支持。我認為，我們基本上將更多的業務重點放在了供應商身上，他們已經展示了我們隨著時間的推移所需的支援程度。

Now when it comes to pricing, I think there are market forces at work and certainly, speaking generally we see prices coming down but the willingness to engage in price discussions varies from supplier to supplier. But obviously it's a positive for us if the supplier is willing to to move on price to keep us more competitive.

現在談到定價，我認為有市場力量在起作用，當然，一般來說，我們看到價格下降，但參與價格討論的意願因供應商而異。但如果供應商願意調整價格以保持我們的競爭力，這顯然對我們來說是有利的。

Okay, great. Thank you.

好的，太好了。謝謝。

Yeah, Brian, I just add on to that. I think at this point it's a little too early, as we think about our gross margins plan to count on, I'll say material improvements.

是的，布萊恩，我只是補充一下。我認為現在還為時過早，當我們考慮我們的毛利率計劃時，我會說實質的改進。

Steve said there's a lot of discussions and as material costs are up, excluding premiums, they're up from where they've been historically. So this is an area we're working on and could potentially be a tailwind to gross margins over the year but I think it's a little early to bake that in.

史蒂夫表示，有很多討論，而且由於材料成本上漲（不包括保險費），其價格比歷史水平有所上漲。這是我們正在努力的領域，可能會對今年的毛利率產生推動作用，但我認為現在就將其納入考慮還為時過早。

Okay. Thanks, Paul.

好的。謝謝，保羅。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

Hi, thanks for taking my question. Steve, first on the traction you're seeing on eVoS and eVerest, I'm curious, like you said it's across all markets specifically on the edge side. Where are you seeing more traction, is it on the conductive edge or is it more on the dielectric edge you're seeing more traction? And then I will follow up.

你好，謝謝你回答我的問題。史蒂夫，首先，我很好奇你在 eVoS 和 eVerest 上看到的吸引力，就像你說的，它遍及所有市場，特別是在邊緣端。您在哪裡看到更多的牽引力，是在導電邊緣還是在電介質邊緣看到更多的牽引力？然後我會跟進。

Yeah, we're seeing traction in both areas because you have similar challenges where -- I mean the basic challenge we're seeing, whether it's conductor or dielectric is the ability to drill deep holes with minimum damage to the wafer so it gets to throughput and yield.

是的，我們在這兩個領域都看到了發展趨勢，因為你們面臨著類似的挑戰——我的意思是，我們看到的基本挑戰，無論是導體還是電介質，都是能夠以對晶圓的最小損壞鑽深孔，從而實現產量和良率。

And so what these technologies allow our customers to do is to increase etch rate and to lower the defect rate as they implement these new leading-edge processes. And so I would say in general we've seen strong edges from both conductor edge and dielectric edge applications.

因此，這些技術使我們的客戶能夠在實施這些新的尖端製程時提高蝕刻速率並降低缺陷率。因此我想說，總的來說，我們已經看到了導體邊緣和電介質邊緣應用的強邊緣。

I mean, is one better than the other or they kind of similar between contact and dielectric?

我的意思是，一個比另一個更好嗎，或者它們在接觸和電介質之間有點相似？

No, I think the difference really is power levels. So when the conductor etch doesn't require the same power level we see in dielectric but it's the same basic technique that we bring to to our customers.

不，我認為差異確實在於力量水平。因此，當導體蝕刻不需要與我們在電介質中看到的相同功率等級時，但它是我們為客戶帶來的相同的基本技術。

Got you. And then a quick follow up. You kind of mentioned about strength in the second half and semis. I'm kind of curious what gives you the confidence? Is it more, yeah, I mean, I'm assuming you don't have the visibility but is it more just a design win traction pipeline or something else that's going on?

明白了。然後快速跟進。您提到了下半場和半決賽的實力。我有點好奇是什麼給了你信心？是的，我的意思是，我假設你沒有可見性，但它是否更像是一個設計贏得牽引管道或正在發生的其他事情？

Yeah, Chris, it's really design wins. We've had so much activity across our customer base over the last year and a half that we think some of this is going to start bubbling up into revenue in the second half this year. So that's that's what gives us the confidence.

是的，克里斯，這確實是設計勝利。在過去的一年半里，我們在客戶群中進行瞭如此多的活動，我們認為其中一些活動將在今年下半年開始轉化為收入。這正是我們充滿信心的原因。

I think the only statement we've made is we think we can grow faster than the market. We don't know exactly what the market's going to be in the second half. But what gives us that confidence is our new products plus the fact that the etch and depth intensity for these leading-edge processes continues to increase.

我認為我們唯一的聲明就是我們認為我們可以比市場成長得更快。我們並不確切知道下半年市場將會如何。但讓我們充滿信心的是我們的新產品，以及這些尖端製程的蝕刻和深度強度不斷提高的事實。

Fair enough. Thanks for that. Thank you very much.

很公平。謝謝。非常感謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究公司。

Hey, good afternoon. Congratulations on a terrific quarter. I wanted to understand your thinking around the share gains. You spelled out the whys, the three big products, and I'm just curious if you're thinking kind of like more second-half oriented which I think the entire market is on Semi. Would the share gains be more pronounced in the second half than the first as a result?

嘿，下午好。恭喜您度過了一個出色的季度。我想了解您對股票收益的看法。您詳細說明了原因，以及三大產品，我只是好奇您是否認為更專注於下半年，我認為整個市場都處於半導體領域。那麼下半年的股價漲幅是否會比上半年更明顯呢？

Yeah, I think you're referring to Semiconductor, in particular, right on the share gains.

是的，我認為您指的是半導體，特別是股價上漲的部分。

Yeah, I thought I said that I didn't -- yes.

是的，我想我說過我沒有——是的。

Yeah, okay, so I think when it comes to market share in Semiconductor; that takes time, right, because there's a lot of puts and takes as you go through a year and and I think we commented on initial ramps of our new products in the second half and that's really what gives us confidence that we can grow the second half of the first of Semiconductor.

是的，好的，所以我認為當談到半導體市場份額時；這需要時間，對吧，因為一年中會有很多的付出和收穫，我想我們對下半年新產品的初步發展做出了評論，這確實讓我們有信心在半導體第一季的下半年實現增長。

I think what you'll see is our market share will increase over the coming three to five years across the board in plasma processes for Semiconductor based on the strength of these eVoS and eVerest technologies. But it's going to take some time to materialize. That's just the nature of of market share and Semiconductor.

我想您會看到，基於 eVoS 和 eVerest 技術的優勢，未來三到五年內在半導體等離子體製程領域我們的市場份額將全面提升。但這需要一些時間才能實現。這只是市場佔有率和半導體的本質。

Understood, thank you. I've got two other questions, if I may, the industrial and medical, that's been, a very difficult business for you throughout the year and it didn't look like it improved that much in the fourth quarter.

明白了，謝謝。如果可以的話，我還有兩個問題，工業和醫療領域，這對您來說一直是全年非常困難的業務，而且在第四季度看起來並沒有太大改善。

I mean, I think I asked this question last time: if you were to pull out, what your best guess was on the destocking aspect in both of those markets. Kind of what would the year-over-year revenue look like if you know.

我的意思是，我想我上次問過這個問題：如果您退出，您對這兩個市場的去庫存方面最好的猜測是什麼。如果您知道的話，那麼同比收入將會是什麼樣的呢？

Yeah, it's kind of a tough question to answer because we don't have perfect visibility but I think one way to think about it is if you look at the Industrial and Medical market historically, you don't see the magnitude of change we've seen this year. And it might be more in the 5% to 10% range depending on the economic conditions or what's happening.

是的，這是一個很難回答的問題，因為我們沒有完美的可見性，但我認為一種思考方式是，如果你從歷史上看工業和醫療市場，你就不會看到我們今年看到的變化幅度。根據經濟狀況或發生的情況，該數字可能在 5% 到 10% 的範圍內。

We've seen much bigger gyrations than that and if you listen to us and you know many of our peers and customers, you could say that it's down 30% to 50% depending on who you are. We're probably on the better side of that.

我們已經看到了比這更大的波動，如果你聽我們說，並且了解我們的許多同行和客戶，你可以說它下降了 30％ 到 50％，具體取決於你是誰。我們可能處於比較有利的一面。

But I think you can attribute that delta largely to the inventory situation which was caused by the supply chain shortage which extended lead times and caused people to buy inventory based on those lead times. Now that those lead times have collapsed; they're working through that inventory. So it's hard to handicap but I think you can look at some historical levels to get some perspective on it.

但我認為你可以將這種差異主要歸因於庫存情況，這是由於供應鏈短缺導致的，從而延長了交貨時間並導致人們根據這些交貨時間購買庫存。現在這些交貨時間已經縮短；他們正在處理這些庫存。因此很難進行預測，但我認為你可以看看一些歷史水平來獲得一些看法。

Yeah, and maybe just a few more comments. We think we're just about through the corrections because this is our sixth quarter of correction in Industrial and Medical. And so what we've done over the past year and a half is redouble our efforts in that area to increase our design win funnel and to really set us up to gain market share as the Industrial and Medical market recovers.

是的，也許還有更多評論。我們認為我們即將完成調整，因為這是我們在工業和醫療領域調整的第六個季度。因此，我們在過去一年半中所做的就是加倍努力，增加我們的設計成功率，並真正為我們在工業和醫療市場復甦時獲得市場份額做好準備。

And we think that's going to happen to start happening this year and we think when we come out into '26 we're going to have a higher market share than we did last year in Industrial and Medical.

我們認為這種情況將在今年開始發生，我們認為，當我們進入26年時，我們在工業和醫療領域的市場份額將比去年更高。

Okay. The -- just the last one, I hope you don't mind my sneaking in, is that you know we've been waiting on an acquisition in I&M for some time you went to. The debt markets, almost -- I guess it was like five quarters ago and I think you've been waiting on an opportunity as well.

好的。最後一個，我希望你不介意我偷偷溜進去，你知道我們已經等待 I&M 收購一段時間了。債務市場，幾乎——我想大概是五個季度前，我想你也一直在等待機會。

Is it that that those businesses just need more critical mass and I'm thinking that the answer to that is no because you're in so many different areas. But what is your perspective on that? Is it a critical mass thing because I know you're saying that you your peers are down 30% to 50%. I'm not seeing those numbers so I was just kind of wondering from that perspective, is it possibly also a critical mass thing?

是不是這些企業只是需要更多的臨界規模呢？但您對此有何看法？這是不是達到了臨界點，因為我知道您說您的同行下降了 30% 到 50%。我沒有看到這些數字，所以我只是從這個角度想知道，這是否也可能是臨界質量的事情？

Yeah, mainly just comment on the Industrial and Medical market because I think I'll answer your question maybe in a indirect way. Industrial and Medical market basically is very sticky. And so right now it's a very fragmented and sticky market.

是的，主要只是評論工業和醫療市場，因為我想我可能會以間接的方式回答你的問題。工業和醫療市場基本上非常黏性。所以現在這是一個非常分散和黏性的市場。

And so we can win an outsized number of new designs and still not move the needle as much as we would like. So that's why we're pursuing M&A in the Industrial and Medical space. It's to build up further critical mass -- become more important to our customers essentially.

因此，即使我們贏得了大量的新設計，但仍然無法達到我們所希望的那種效果。這就是我們在工業和醫療領域進行併購的原因。這是為了進一步累積臨界質量——本質上對我們的客戶變得更加重要。

Now the only hurdle to buying companies right now is valuation. So we're clearly in the hunting mode; we've got a good pipeline of candidates. And I think with the passage of time I think some of our targets should become more realistic on valuation and at that point we could do a deal.

現在收購公司的唯一障礙就是估值。所以我們顯然處於狩獵模式；我們擁有一批優秀的候選人。我認為隨著時間的推移，我們的一些目標在估值上應該變得更加現實，到那時我們就可以達成交易。

It's great. Thanks a lot for your time.

這很棒。非常感謝您抽出時間。

You're welcome.

不客氣。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，Needham & Company。

Alright, thanks. Well, you may have mentioned this but on the sequential improvement in gross margin, were you able or did you attribute -- quantify how much of that came from the facilities, consolidation, actions or maybe you could just give us a sense as to how much of an impact that might have had. It sounds like it was mixed mainly, but.

好的，謝謝。好吧，您可能已經提到了這一點，但關於毛利率的連續改善，您是否能夠或是否將其歸因於 - 量化其中有多少來自於設施，合併，行動，或者您是否可以讓我們了解一下可能產生多大的影響。聽起來主要像是混合的，但是。

I actually think it's a combination. Obviously we saw improvement in Q3 from the facility. We saw further improvement on the facility side from in Q4. We also have benefited from volumes as you've seen and we got a little bit of help from [mix].

我實際上認為這是一種結合。顯然，我們看到了第三季設施的改善。從第四季開始，我們看到設施方面有了進一步的改善。我們也受益於你所看到的成交量，我們也得到了一些幫助[混合]。

So I think if you look at how we think about the contributors to gross marginal improvement, of course the one that's most in our control is the facility cost reduction. We believe we're on track there and you know we talked about 200 to 250 basis points of improvement related to that. I think broadly speaking we've achieved at least half of that already to date; maybe a little bit more.

因此，我認為，如果你看看我們如何看待毛邊際改善的貢獻因素，當然我們最能控制的就是設施成本的降低。我們相信我們正在朝著正確的方向前進，你知道，我們談到了與此相關的 200 到 250 個基點的改進。我認為從總體上講我們迄今為止已經實現了至少一半的目標；或許更多一點。

And the next leg of improvement comes in the second half of this year as we complete our closure of our China facility. So I think we're well on the way and we feel very good about our progress there. I think mix is helping us a little bit.

隨著我們完成中國工廠的關閉，下一階段的改善將在今年下半年到來。所以我認為我們已經進展順利，並且我們對所取得的進展感到非常滿意。我認為 mix 對我們有一點幫助。

Obviously we had just some better product mix this last quarter but one of the elements of mix that's helping us is that our mix and data center is actually better. We've talked about continuing to improve gross margins in that market as we focused on more differentiated solutions.

顯然，上個季度我們的產品組合有所改善，但對我們有幫助的組合要素之一是，我們的組合和資料中心實際上更好。我們已經討論過在專注於更加差異化的解決方案的同時繼續提高該市場的毛利率。

And so while that market's performing well, it's not near the drag. It's been historically and on a year-over-year basis we certainly saw you'll say net improvement in margins which we would attribute to mix in that regard.

因此，雖然該市場表現良好，但還未陷入困境。從歷史上看，與去年同期相比，我們確實看到利潤率的淨改善，我們將其歸因於混合因素。

And then lastly we're pleased that the improvement from margin is tracking right on our model of roughly 100 basis points of improvement for every $50 million of quarterly revenue. So everything seems to be coming together. Obviously as our new products start to have a bigger impact that will contribute to mix as we exit this year and more pronounced perhaps in 2026 but we feel very good about the gross [barge] and progress across the key elements.

最後，我們很高興看到利潤率的提高完全符合我們的模型，即每 5,000 萬美元季度收入約提高 100 個基點。看來一切都進展順利。顯然，隨著我們的新產品開始產生更大的影響，這將有助於我們今年退出時的產品組合，並在 2026 年更加明顯，但我們對總產量和關鍵要素的進展感到非常滿意。

Got it. And if I follow up just on the the two areas of the the non-Semi business that that I think that there's been focusing on, you guys do sound a little bit more optimistic about the continuing strength in Data Centers. Is that a fair way to characterize it?

知道了。如果我只跟進我認為一直關注的非半導體業務的兩個領域，你們對資料中心持續強勁的表現確實聽起來更樂觀一些。這是公平的描述方式嗎？

And in terms of your line of sight when you talk about demand remaining fairly robust through the year, is that -- how much of a change is that versus a few months ago? Based on what you're talking to customers.

就您所說的全年需求保持相當強勁的視角而言，與幾個月前相比，變化有多大？根據您與客戶的對話內容。

Yeah, I think you're right, Jim. We have changed our position on Data Center. We've become more positive since the last earnings call. Based on what's in front of us, what we're hearing from our customers, and also what they're saying in public I think there's going to be a lot of money spent on Data Center this year into next. And we're in a very good position to continue to grow that business over the course of 2025.

是的，我認為你是對的，吉姆。我們已經改變了對資料中心的立場。自從上次財報電話會議以來，我們變得更加積極。根據我們面臨的情況、從客戶那裡聽到的資訊以及他們在公開場合所說的內容，我認為今年和明年將會在資料中心上投入大量資金。我們處於非常有利的位置，可以在 2025 年繼續發展該業務。

Yeah, Jim and maybe I'll add, if you kind of look at our guidance and the comments earlier, we are more optimistic on 2025. We would expect the data center market to grow and for us to grow with that.

是的，吉姆，也許我要補充一點，如果你看看我們之前的指導和評論，我們對 2025 年更樂觀。我們預計資料中心市場將會成長，我們也將隨之成長。

When you look at what we've said across our other markets within Semi we will grow faster than the market. The market, we think -- our operating assumption is flattish if you look at WFE so new products will help us grow faster than that.

當你看看我們在半導體領域的其他市場所說的情況時，我們的成長速度將比市場更快。我們認為，如果從 WFE 來看，市場我們的營運假設是持平的，因此新產品將幫助我們比這更快地成長。

And Industrial and Medical, while -- you know we think we're bottoming right now. There will clearly be some recovery in that market this year as early as the end of Q2. When you put that all together, we think the full year is going to be up high single digits and obviously Data Center is a part of that.

而工業和醫療領域——你知道我們認為我們現在正處於底部。今年第二季末該市場顯然會出現一些復甦。綜合考慮所有這些，我們認為全年銷售額將成長個位數，顯然資料中心是其中的一部分。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

Just -- I wanted to, Steve, I mean, could you talk about any -- is there any distinction between what you're seeing in the Industrial versus Medical just in terms of the underlying demand. And the -- maybe the willingness or rate pace at which some of these design wins that you've locked down can start to move into production.

只是 — — 我想要，史蒂夫，我的意思是，您能談談 — — 就潛在需求而言，您在工業領域和醫療領域看到的有什麼區別嗎？而且——也許是您已鎖定的一些設計勝利開始投入生產的意願或速度。

I think most of my comments apply equally to Industrial and Medical. I would say the big difference between the two is that Medical, our Medical revenue tends to be concentrated in some large customers. And those large customers, many of them are working through inventory issues.

我認為我的大部分評論同樣適用於工業和醫療。我想說兩者之間的最大差異在於醫療，我們的醫療收入往往集中在一些大客戶身上。其中許多大客戶正在解決庫存問題。

But the demand in medical, the inputs we're getting from our customers, demand is picking up and that's encouraging for their ability to eat through the inventories they currently have and to start placing orders again.

但是，醫療方面的需求、我們從客戶那裡得到的投入正在回升，這對於他們消耗現有庫存並再次開始下訂單的能力來說是令人鼓舞的。

I think in Industrial it's a wide variety of customers, some big ones, some small ones, a lot of medium-sized customers and so it's a very broad market -- thousands of customers literally. So I think the ability for that market to recover is probably a little bit better just because it's so broad.

我認為工業領域的客戶種類繁多，有大客戶，有小客戶，還有很多中型客戶，所以市場非常廣闊——實際上有成千上萬的客戶。因此我認為由於該市場的覆蓋範圍非常廣泛，其復甦能力可能會更好一些。

Yeah. As a follow up, I don't think this has come up yet, but it was just -- could you address your manufacturing footprint with respect to potential tariffs. You know, Mexico, and obviously you're exiting China, but in my understanding in -- within Mexico, a lot of those products don't necessarily ship directly to the US.

是的。作為後續問題，我認為這還沒有出現，但這只是——您能否談談與潛在關稅有關的製造足跡。你知道，墨西哥顯然正在退出中國，但據我了解，在墨西哥，很多產品不一定直接運往美國。

They may go elsewhere; maybe stay within Mexico. But you know, to the extent your customers have, you know, to deal with that -- are you seeing any need to move where you ship and maybe where you produce or is that part of the conversation?

他們可能會去其他地方；也許會留在墨西哥。但是您知道，就您的客戶必須處理的程度而言——您是否認為有必要改變您的發貨地點和生產地點，或者這是討論的一部分？

Yeah, let me make a few general comments on that and I turn over Paul to make some other additional comments but I think there are basically two areas that we look at. One is our manufacturing footprint and the second is our supply chain.

是的，讓我就此發表一些一般性評論，然後請保羅發表其他一些補充評論，但我認為我們主要關注兩個方面。一是我們的製造足跡，二是我們的供應鏈。

So from a footprint standpoint, we started pivoting out of China several years ago and we'll be out of China from a manufacturing standpoint by June of this year so that's a check mark. The second issue is Mexicali. So the first thing to understand about Mexicali is it represents less than 10% of our revenue and you're right, most shipments are to non-US locations.

因此，從足跡的角度來看，我們幾年前就開始將業務重心轉移出中國，從製造的角度來看，我們將在今年 6 月之前離開中國，這是一個標誌。第二個問題是墨西卡利。因此，首先要了解的是，關於墨西卡利，它占我們總收入的不到 10%，而且您說得對，大多數貨物都是發往美國以外的地方。

That said, we still have shipments coming into the US so we're looking for ways to mitigate any potential tariffs. And ultimately, if we can't mitigate it, then we can build these products in other factories in Southeast Asia. So there's nothing magical about that.

儘管如此，我們仍然有貨物運往美國，因此我們正在尋找減輕任何潛在關稅的方法。最終，如果我們無法緩解影響，那麼我們可以在東南亞的其他工廠生產這些產品。所以這並沒有什麼神奇之處。

From a supply chain standpoint we've had a multi-year effort to reduce dependence on Chinese suppliers, and that's also motivated by some of our customers making that request. And so at this point we have very limited imports from China into the US. It's primarily for engineering builds and as spare parts for our service centers.

從供應鏈的角度來看，我們多年來一直在努力減少對中國供應商的依賴，這也是受到一些客戶要求的推動。因此目前美國從中國的進口量非常有限。它主要用於工程建設和作為我們服務中心的備件。

Yeah, the only thing I'd add to that is it's a pretty fluid situation. So as Steve said, I think we have mitigating strategies relative to supply chain and logistics and quite possibly pricing. So we'll monitor the situation; obviously we're learning more about it.

是的，我唯一想補充的是，這是一個非常不穩定的情況。正如史蒂夫所說，我認為我們在供應鏈和物流以及很可能是定價方面有緩解策略。所以我們會監視情況；顯然我們對此正在了解更多。

To be clear, there's nothing embedded in our guidance related to tariffs at this point given that it's a pretty new and fluid issue. But again, I think on balance it shouldn't be a large impact and there's a variety of strategies to mitigate that impact for us.

需要明確的是，由於這是一個相當新且不穩定的問題，目前我們的指導中還沒有任何與關稅相關的內容。但我認為總的來說這不會造成太大影響，而且我們有各種策略可以減輕這種影響。

Understood. Thank you.

明白了。謝謝。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Yeah, thanks for taking the questions. On the Semi side, just trying to understand the commentary for 2025. Your base case is kind of thinking that the WFE is relatively flat and you should outgrow that just given the new product launches in the second half, I guess, are you seeing customers at any sort of kind of additional inventory after kind of working down the for inventory over the last several quarters?

是的，感謝您回答這些問題。在半導體方面，只是想了解 2025 年的評論。您的基本情況是認為 WFE 相對平穩，而考慮到下半年新產品的推出，您應該會超越這一水平，我想，在過去幾個季度減少庫存之後，您是否看到客戶有任何形式的額外庫存？

And then I guess can you remind us on the new products that you're launching? Is there any sort of [ASP] dynamics that we should think about you know relative to the prior generation products?

然後我想您能提醒我們您將要推出的新產品嗎？相對於上一代產品，我們是否應該考慮某種 [ASP] 動態？

Yeah. This is Steve. I'll make a few comments and Paul will chime in. It's hard to make comments about what our customers are doing. They don't always tell us exactly where the products are going; we don't know.

是的。這是史蒂夫。我會發表一些評論，保羅也會加入討論。我們很難對我們的客戶所做的事情做出評論。他們並不總是告訴我們產品的具體去向；我們不知道。

But all we know is that the demand was was good; we saw growth last year and Q4 was our best quarter since Q4 of '22 so we're pretty happy with that. We think we're at a point now where the purchases from our customer are pretty close to what they need near term so I don't think we're dealing with that many inventory issues.

但我們所知的是需求是好的；我們去年看到了成長，第四季是自 2022 年第四季以來最好的一個季度，所以我們對此感到非常滿意。我們認為，我們現在的採購量已經非常接近他們近期的需求，所以我認為我們不會遇到那麼多的庫存問題。

Well what was your second question? I'm sorry.

那你的第二個問題是什麼？對不起。

Yeah, I'm just trying to understand, if you think about the growth drivers, the ASP dynamic for, egVoS, eVerest, et cetera just -- is that a higher ASP than the prior generation product to think about embedding that in the -- in your line of sight to revenue growth?

是的，我只是想了解，如果您考慮增長動力，egVoS、eVerest 等的平均售價動態 - 這是否比上一代產品的平均售價更高，以考慮將其嵌入到 - 您的收入增長視線中？

Yes, in general, the new products bring more value to the customer. They're more capable and they have a higher price tag.

是的，整體來說，新產品為客戶帶來了更多價值。它們的性能更強大，而且價格也更高。

Okay. On the Industrial and Medical side I think last quarter you talked about normalizing channel late 4Q early this quarter. It sounds like maybe that's kind of pushed out. Is that the right way to think about it? And then what gives you confidence that we are at the bottom?

好的。在工業和醫療方面，我認為上個季度您談到了第四季度末和本季初通路的正常化。這聽起來好像有點被延後了。這是正確的思考方式嗎？那麼什麼讓您確信我們已經處於底部？

Yeah, I think what we said was there's a potential for us to start recovering in Q2 this year. So yes, I think our our statement [without] a quarter. What gives us confidence in that is that we've seen the deceleration in the business slow down.

是的，我認為我們說過我們有可能在今年第二季開始復甦。是的，我認為我們的聲明沒有四分之一。讓我們對此充滿信心的是，我們已經看到業務減速的跡象。

And so when you look at what happened in 2024 basically every quarter Industrial and Medical was down from the previous quarter until Q4. Q4 is basically flat to Q3. And so that's why Paul said we think we're bottoming. And at some point we think we're going to start recovering in that business.

因此，當您查看 2024 年發生的情況時，基本上每個季度的工業和醫療產量都比上一季下降，直到第四季度。Q4與Q3基本持平。這就是為什麼保羅說我們認為我們已經觸底。我們認為，在某個時候，我們的業務將會開始復甦。

The other part that's important is to realize that half our business in Industrial and Medical goes through distribution. And so we've had three quarters now where the cell into distribution has been less than the cell through. And so that's brought our inventory down steadily in the distribution channel.

另一部分重要內容是認識到我們在工業和醫療領域的一半業務都是透過分銷進行的。因此，現在我們已經有三個季度了，其中細胞進入分佈的量小於細胞通過量。這使得我們的分銷通路庫存穩定下降。

And that that's I think that's one of the better indicators we have that we're we're about to turn upward again but it's always difficult to time it precisely.

我認為這是我們即將再次好轉的較好指標之一，但要準確把握時機總是很困難的。

Got it. Thank you.

知道了。謝謝。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Thanks, good evening. Steve, thinking about getting to outgrowth or share gains. Back in October you talked about a 30% conversion rate from funnel to design wins. Does it feel like there's been any change in either the rate of additions to the funnel or maybe your win rate post-election or post-inauguration?

謝謝，晚上好。史蒂夫，正在考慮實現成長或分享收益。早在十月份，您就談到了從漏斗到設計勝利的 30% 的轉換率。您覺得在選舉後或就職後，漏斗的增加率或勝率有什麼變化嗎？

Yeah, I think our win rates going up and that that's because we've seen our pipeline increase. So over the course of '24 the pipeline increased by about 20% in dollar terms. And our conversion rate is still strong -- 30% to 35% -- that's the right ballpark.

是的，我認為我們的勝率會上升，那是因為我們看到我們的管道增加了。因此，在 24 年間，管道價值以美元計算增加了約 20%。我們的轉換率仍然很高 - 30％到35％ - 這是正確的估計值。

I think probably where we're falling short is the is the conversion of design winds into revenue. And so I think that's probably a function of the market. Our customers working through inventory before they focus on some of the new products.

我認為我們可能未能將設計風轉化為收入。所以我認為這可能是市場的功能。我們的客戶在專注於一些新產品之前會先處理庫存。

So I think, with time, those winds will turn into revenue and that's why I think as the market turns we're going to gain, in an outsized way, as the market recovers in Industrial and Medical.

因此我認為，隨著時間的推移，這些風向將轉化為收入，這就是為什麼我認為隨著市場的轉變，隨著工業和醫療市場的復甦，我們將獲得巨大的收益。

So when you have a design win do you basically consider that in the bank and it's just timing until that does convert or do you ever have a design win go stale?

那麼，當您獲得設計勝利時，您是否基本上將其視為銀行帳戶，只是等待時機轉換，或者您是否曾經遇到設計勝利失效的情況？

Oh yeah, we have a lot of design winds that go stale but then we have some that outperform and some where the timing either gets pulled in or pushed out.

噢，是的，我們有很多設計之風都變得陳舊了，但也有一些表現優異，還有一些時機要么提前，要么推遲。

And so what we do to qualify design win we need significant order from the customer and not just the statement that they've designed this in. So I think the design winds are legitimate but sometimes the customer may not be successful in their market or there may be some other extraneous factors that constrain the wind from turning into revenue.

因此，為了獲得設計的勝利，我們需要來自客戶的大量訂單，而不僅僅是他們已經設計好的聲明。因此，我認為設計風電是合法的，但有時客戶可能無法在其市場上取得成功，或者可能存在其他外部因素阻礙風電轉化為收入。

Got it. And Paul, when you were answering a Data Center question earlier, I think you said you expect full year revenue for the company to be up high single digits. So first, did I hear that correctly? And then if I did, when you think about that growth in the context of your own margin initiatives, how are you thinking about operating leverage for the year?

知道了。保羅，當您之前回答資料中心問題時，我記得您說過，您預計公司全年收入將成長個位數。那麼首先，我聽得對嗎？如果我這樣做了，當您根據自己的利潤計劃考慮這種增長時，您如何看待今年的營業槓桿？

Yeah, and first I did -- that is what I said is if you take the sum of our comments by market it implies high single-digit growth for the company. So you did hear that correctly. And I think what you're poking at if Data Centers growing faster than the other markets, how does that imply our margins implications?

是的，首先我確實這麼說過——我說的是，如果按市場來計算我們的評論總和，這意味著公司將實現高個位數的成長。所以你確實聽對了。我認為您要問的是，如果資料中心的成長速度快於其他市場，那麼這對我們的利潤率有何影響？

The way we've looked at it, and I think I've commented on this in the past, is that we've been able to close the GAAP in data center relative to the company average. So it doesn't average the company up but the GAAP is lower.

我們對此的看法是，我想我過去也曾對此發表過評論，那就是我們已經能夠使資料中心的 GAAP 相對於公司平均值接近。因此，這並沒有使公司平均水平上升，但 GAAP 卻較低。

And as we've done our modeling we've kind of said that mix in any given quarter can impact us up to 50 basis points. When we look at what's in the hopper relative to manufacturing costs take down, the mix within Data Center, the product improvements there, volumes, and these other things that we're driving we believe we can still get to our gross margin objectives even if Data Center is stronger than the other markets in the coming year.

正如我們所做的建模那樣，我們已經說過，任何一個季度的組合都會對我們產生高達 50 個基點的影響。當我們觀察與製造成本下降、資料中心內部的組合、產品改進、產量以及我們正在推動的其他事項相關的情況時，我們相信，即使資料中心在未來一年比其他市場更強勁，我們仍然可以實現毛利率目標。

Got it. That's great. Well, and I guess to that point, I mean, you've always talked about incremental operating contribution margin in the, I think 40 to mid-40s, like, so you would expect the same?

知道了。那太棒了。嗯，我想到那時，我的意思是，您一直在談論增量營業貢獻利潤率，我認為是 40% 到 45% 左右，所以您會期待同樣的結果嗎？

Yeah, that's right. Our long-term model for operating margins is 35% to 45%. And so yeah, we're saying in this window that we would expect to see that same that same level of operating margin leverage.

是的，沒錯。我們的長期營業利益率模型是35%至45%。是的，我們在這個窗口中說，我們預計會看到相同水準的營業利潤率槓桿。

Right, and if I can just think in a quick modeling question. From your comments it sounds like you expect another year-over-year decline for Industrial and Medical in 1Q but do you think revenue could be up sequentially from kind of the $78 million you've averaged over the last three quarters?

好的，如果我可以思考一個簡單的建模問題。根據您的評論，似乎您預計第一季工業和醫療部門的收入將再次同比下滑，但您是否認為收入能比過去三個季度平均的 7,800 萬美元有所環比增長？

Yeah, I don't think we were that specific. I think we said it's bottoming so we would characterize it as bouncing along the bottom here. And we said that we could see revenue growth as early as Q2. So again, that's a little hard to handicap but that's how we think about it. And I think that would imply a stronger second half than the first half in any regard in Industrial and Medical.

是的，我認為我們沒有那麼具體。我認為我們說過它正在觸底，因此我們將其描述為沿著底部反彈。我們說過，最早在第二季就能看到營收成長。所以，再次強調，這有點難以預測，但我們就是這麼認為的。我認為這意味著工業和醫療領域下半年的表現將比上半年更加強勁。

Okay thanks.

好的，謝謝。

Yes.

是的。

(Operator Instructions) Mehdi Hosseini, Susquehanna.

（操作員指示） Mehdi Hosseini，薩斯奎哈納。

Hi, this is Naish Smov asking on behalf of Mehdi Hosseini. Thank you for taking my questions. My first question is regarding OpEx. Can you offer some color on your OpEx growth for 2025 relative to your anticipated revenue growth for the year as well as against your 2024 OpEx?

您好，我是 Naish Smov，代表 Mehdi Hosseini 提問。感謝您回答我的問題。我的第一個問題是關於 OpEx 的。您能否提供一些關於 2025 年營運支出成長的詳細信息，相對於您預計的年度收入成長以及 2024 年的營運支出？

And second, is the pickup in your Semi-business reflecting an inventory refresh by your OEM customers or is it more a reflection of material growth across the OEMs in anticipation of their own revenue growth? And then I'll have a quick follow up.

其次，你們的拖車業務的回升是否反映了你們的OEM客戶的庫存更新，還是更多地反映了OEM廠商在預期自身收入增長的情況下實現的材料增長？然後我會快速跟進。

Yeah, thanks for asking the question. On OpEx, OpEx was up a little bit in the fourth quarter on basically on higher volumes and incentive-related costs. So we expect that to revert back in the first quarter down into the $98- to $100-million-dollar range.

是的，謝謝你提問。就營運支出而言，第四季營運支出略有上漲，主要是由於銷售增加和激勵相關成本。因此，我們預計第一季該數字將回落至 9,800 萬至 1 億美元的範圍內。

As you look forward into the year we do expect to see that number grow sequentially over time. We've talked about it growing kind of in the $1.5- to $2-million-dollar range per quarter. As we implement salary changes there's inflation.

展望新的一年，我們確實預期這個數字將隨著時間的推移而不斷增長。我們說過，它每季的成長幅度在 150 萬到 200 萬美元之間。當我們實施薪資調整時就會出現通貨膨脹。

Clearly we continue to invest in all these new product launches and we see some timing of program expenses affect that. But if you look at the full year we would expect to grow operating expenses less than half of the revenue growth rate. And that's the way the best way to look at the annual number.

顯然，我們會繼續對所有這些新產品的發布進行投資，而且我們看到一些專案費用的時間表對此產生了影響。但如果從全年來看，我們預期營業費用的增幅將低於營收成長率的一半。這是查看年度數字的最佳方式。

Great. And then regarding, the Semi business, do you see that more -- do you see that reflecting more the inventory refresh from your OEMs or is that just more growth across OEMs anticipation of their own revenue growth? If any color there would be really appreciated.

偉大的。然後關於半導體業務，您是否認為這更反映了您的 OEM 的庫存更新，還是只是 OEM 對自身收入成長的預期？如果有任何顏色的話，將非常感激。

Yeah, we really don't know. I think there's a variety of reasons we outperformed in the fourth quarter. Some customers, I'm sure, were refreshing inventory but we think most of the demand was there to match the demand from our customers.

是的，我們確實不知道。我認為我們在第四季度表現優異的原因有很多。我確信有些客戶正在更新庫存，但我們認為大部分需求都是為了滿足我們客戶的需求。

So you know we think we've reached an equilibrium point in the Semiconductor after after a couple of years of adjustment. So we're pretty happy where we're at from a demand standpoint. Again, this is the best core we've had in Semis since Q4 of 2022, so yeah, I think we're well positioned.

所以你知道我們認為經過幾年的調整我們已經達到了半導體的平衡點。因此，從需求的角度來看，我們對目前的狀況感到非常滿意。再說一次，這是自 2022 年第四季以來我們在半導體領域擁有的最佳核心，所以是的，我認為我們處於有利地位。

Great, thank you. That's very helpful, And lastly, just any color you can offer on trends you're seeing within your networking business? Thank you.

太好了，謝謝。這非常有幫助，最後，您能提供您在網路業務中看到的趨勢嗎？謝謝。

Yeah, we -- our networking business, we call it the Telecom and Networking business, we've really sharpened our focus there in the past few years and we've pruned a lot of the business because it wasn't reaching our margin targets.

是的，我們的網路業務，我們稱之為電信和網路業務，過去幾年我們確實更加關注該業務，並且我們已經削減了很多業務，因為它沒有達到我們的利潤目標。

And so what we see there today is it's a pretty flat business for us now. We don't see a lot of growth moving forward so most of the action today is going to be in Semiconductor, and Data Center, and Industrial and Medical. In Telecom and Network is fine but it's not a growth business for us.

所以我們現在看到的是，我們的業務現在相當平淡。我們認為未來不會有太大的成長，所以今天的大部分行動將集中在半導體、資料中心、工業和醫療領域。電信和網路業務還不錯，但對我們來說這不是一個成長業務。

Got it thank you. And ladies and gentlemen, that does conclude the question-and-answer session and that also concludes today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

明白了，謝謝。女士們、先生們，問答環節到此結束，今天的電話會議也到此結束。我們感謝您的參與。現在您可以斷開您的線路。