Camtek Ltd (CAMT) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，感謝你們的支持。

Welcome to Camtek's First Quarter 2020 Results Conference Call.

歡迎參加 Camtek 2020 年第一季度業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

You should have already seen by now the company's press release.

您現在應該已經看到了該公司的新聞稿。

If you have not received it, please contact Camtek's Investor Relations team at GK Investor & Public Relations at 1 (646) 688-3559 or view it in the News section of the company's website, www.camtek.com.

如果您尚未收到，請致電 1 (646) 688-3559 聯繫 GK Investor & Public Studies 的 Camtek 投資者關係團隊，或在公司網站 www.camtek.com 的新聞部分查看。

I would now like to hand over the call to Mr. Ehud Helft of GK Investor Relations.

現在我想將電話轉交給 GK 投資者關係部的 Ehud Helft 先生。

Mr. Helft, would you like to begin?

赫爾夫特先生，您想開始嗎？

Yes.

是的。

Thank you, and good day to all of you.

謝謝大家，祝大家有美好的一天。

I would like to welcome all of you to Camtek's First Quarter 2020 Results Conference Call, and I would like also to thank Camtek's management for hosting this call.

我歡迎大家參加 Camtek 2020 年第一季度業績電話會議，我還要感謝 Camtek 管理層主辦這次電話會議。

With us on the line today are Mr. Rafi Amit, Camtek's CEO; Mr. Moshe Eisenberg, Camtek's CFO; Mr. Ramy Langer, Camtek's COO.

今天與我們通話的是 Camtek 首席執行官 Rafi Amit 先生； Moshe Eisenberg先生，Camtek首席財務官； Camtek 首席運營官 Ramy Langer 先生。

Rafi will provide the overview of Camtek results and discuss market trends in the first quarter of 2020.

Rafi 將概述 Camtek 的業績並討論 2020 年第一季度的市場趨勢。

Moshe will then summarize the financial results for the quarter.

然後，摩西將總結本季度的財務業績。

We will then open the call to take your questions.

然後我們將打開電話回答您的問題。

Before we begin, I'd like to remind our listeners that certain information provided on this call are internal company estimates, unless otherwise specified.

在開始之前，我想提醒聽眾，除非另有說明，本次電話會議中提供的某些信息均為公司內部估計。

This call also may contain forward-looking statements.

本次電話會議還可能包含前瞻性陳述。

These statements are only predictions and may change as time passes.

這些陳述只是預測，可能會隨著時間的推移而改變。

Statements on this call are made as of today, and the company undertakes no obligation to update any of the forward-looking statements contained whether as a result of new information, future events, changes in expectation or otherwise.

本次電話會議的聲明截至今天，公司不承擔更新任何前瞻性聲明的義務，無論是由於新信息、未來事件、預期變化還是其他原因。

Investors are reminded that actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for services and products, the timing and development of new services and products and their adoption by the market, increased competition in industry and price reductions as well as due to other risks identified in the company's filing with the SEC.

請投資者註意，實際事件或結果可能與預測存在重大差異，包括由於行業和市場趨勢的變化、對服務和產品的需求減少、新服務和產品的時機和開發及其被市場採用、增加行業競爭和降價以及該公司向 SEC 提交的文件中指出的其他風險。

Please note that the safe harbor statement in today's press release also covers the content of this conference call.

請注意，今天新聞稿中的安全港聲明也涵蓋了本次電話會議的內容。

In addition, during this call, certain non-GAAP financial measures will be discussed.

此外，在本次電話會議中，還將討論某些非公認會計準則財務指標。

These are used by management to make strategic decisions, forecast future results and evaluate the company's current performance.

管理層利用這些信息制定戰略決策、預測未來結果並評估公司當前業績。

Management believes that the percentage of non-GAAP financial measures is useful to investor understanding and assessment of the company's ongoing core operation and process for the future.

管理層認為，非公認會計原則財務指標的百分比有助於投資者了解和評估公司未來持續的核心運營和流程。

A full reconciliation of non-GAAP to GAAP financial measures is included in today's earnings release.

今天的收益報告中包含了非公認會計原則與公認會計原則財務指標的全面調節。

I would now like to hand over the call to Rafi Amit, Camtek's CEO.

我現在想將電話轉交給 Camtek 首席執行官拉菲·阿米特 (Rafi Amit)。

Rafi, go ahead, please.

拉菲，請繼續。

Good morning, and thank you for joining our call today.

早上好，感謝您今天加入我們的電話會議。

First quarter 2020 shipment amounted to approximately $33 million, in line with the company original guidance for the quarter.

2020 年第一季度出貨量約為 3300 萬美元，與公司最初的季度指導一致。

However, recorded revenue were $30.2 million due to incomplete installation of a few machines caused by the coronavirus situation.

然而，由于冠狀病毒情況導致一些機器安裝不完整，記錄的收入為 3020 萬美元。

Based on order on hand, we have a very good visibility into the second and third quarters, and we expect our second quarter revenue to be $36 million to $38 million.

根據現有訂單，我們對第二季度和第三季度有很好的了解，我們預計第二季度的收入為 3600 萬美元至 3800 萬美元。

Despite the coronavirus situation, the company is experiencing strong business momentum.

儘管受到冠狀病毒的影響，該公司仍呈現強勁的業務勢頭。

The demand from our customers for various applications point to strong record.

我們的客戶對各種應用的需求表明了強勁的記錄。

In first quarter, we are well organized to execute our plan.

第一季度，我們組織良好，執行計劃。

I would like to reiterate points mentioned on our last call regarding the gross margin in the first half of 2020.

我想重申我們上次電話會議中提到的有關 2020 年上半年毛利率的觀點。

Our strategy is to expand our installed base worldwide in the mid end, the back end and in the end of the line of the front end.

我們的戰略是在全球範圍內擴大我們的中端、後端和前端產品線的安裝基礎。

We are already the leading 3D metrology supplier and in the process of becoming a leading supplier in the 2D inspection as well.

我們已經是領先的 3D 計量供應商，並且正在成為 2D 檢測領域的領先供應商。

For the first half of 2020, we have received orders from some of our customers for multiple 2D inspection machines with basic configuration, and is relatively lower ASP, which resulted in lower gross margin.

2020年上半年，我們收到了部分客戶的多台基本配置2D檢測機的訂單，且平均售價相對較低，導致毛利率較低。

In the first quarter, we indeed reported as expected, a relatively low gross margin of 45% due to this product mix and the lower revenue.

在第一季度，我們確實如預期的那樣，由於這種產品組合和較低的收入，毛利率相對較低，為 45%。

Customers who have ordered machines with basic configurations also have more complex applications.

訂購了基本配置機器的客戶還有更複雜的應用。

And in the future, they are expected to purchase machines with more capabilities at a higher ASP.

未來，他們預計會以更高的平均售價購買功能更多的機器。

Looking to the second quarter, our revenue guidance is $36 million to $38 million, with continued revenue growth and improved profitability in Q3.

展望第二季度，我們的收入指導為 3600 萬至 3800 萬美元，第三季度收入持續增長，盈利能力提高。

We are already seeing a change in trend with orders for the third quarter for machines with more advanced capabilities compared with the first 6 months.

我們已經看到趨勢發生了變化，與前 6 個月相比，第三季度的機器訂單具有更先進的功能。

Let me give you some of the highlights of the first quarter.

讓我向您介紹第一季度的一些亮點。

Taiwan and China were the largest territories in the quarter.

台灣和中國大陸是本季度最大的地區。

Since the beginning of the year, we have received orders for approximately 50 machines for CMOS Image Sensor applications.

自今年年初以來，我們已收到約 50 台用於 CMOS 圖像傳感器應用的機器訂單。

Machines' installation will be completed by the end of third quarter.

機器安裝將於第三季度末完成。

We have received order for multiple machines from a Tier 1 RF customer mainly for 5G applications.

我們已收到一級 RF 客戶的多台機器訂單，主要用於 5G 應用。

We delivered the first Golden Eagle inspection machine for 600-by-600 millimeter panel size.

我們交付了第一台適用於 600 x 600 毫米麵板尺寸的 Golden Eagle 檢查機。

This machine is for Tier 1 customer for Fan-Out applications.

該機器適用於扇出應用的一級客戶。

We expect to deliver the second machine to a different customer during the second quarter.

我們預計在第二季度向不同的客戶交付第二台機器。

Our customers believe that Fan-Out packaging on panel will continue to grow as this is cost-effective approach.

我們的客戶相信面板上的扇出封裝將繼續增長，因為這是一種具有成本效益的方法。

Needless to say that we continue our R&D efforts together with Tier 1 customers to develop new inspection and metrology capabilities, supporting the next-generation packaging technologies.

不用說，我們將繼續與一級客戶一起進行研發工作，開發新的檢測和計量能力，支持下一代封裝技術。

Regarding the corona pandemic and its impact on the global economy and our business.

關於電暈大流行及其對全球經濟和我們業務的影響。

So far, we are performing well but we are monitoring the situation closely, and we will update our plans as things change.

到目前為止，我們表現良好，但我們正在密切關注局勢，我們將根據情況變化更新我們的計劃。

I do hope that for all of us, we can put the pandemic behind us and move back to normal life.

我衷心希望我們所有人都能遠離疫情，回歸正常生活。

I would like to specifically thank our employees for their fantastic work and ability to adapt quickly to this new environment.

我要特別感謝我們的員工出色的工作以及快速適應新環境的能力。

I would like to hand over to Moshe for a more detailed financial discussion of the financial results.

我想請 Moshe 對財務結果進行更詳細的財務討論。

Moshe?

摩西？

Thank you, Rafi.

謝謝你，拉菲。

In my financial summary ahead, I will provide the results on a non-GAAP basis.

在接下來的財務摘要中，​​我將提供非公認會計準則基礎上的結果。

The reconciliation between the GAAP results and the non-GAAP results appear in the table at the end of the press release issued earlier today.

公認會計準則 (GAAP) 業績與非公認會計準則 (Non-GAAP) 業績之間的調節表顯示在今天早些時候發布的新聞稿末尾的表格中。

As Rafi mentioned, first quarter 2020 shipments of machines to customers amounted to approximately $33 million, in line with the company original guidance for the quarter.

正如 Rafi 提到的，2020 年第一季度向客戶發貨的機器金額約為 3300 萬美元，與該公司最初的季度指導一致。

However, first quarter revenues came at $30.2 million, a decrease of 11% compared with $34 million reported in the first quarter of 2019.

然而，第一季度收入為 3020 萬美元，比 2019 年第一季度的 3400 萬美元下降了 11%。

Coronavirus caused delays in installations.

冠狀病毒導致安裝延誤。

And as the company recognizes system revenues only after installation, it impacted revenue recognition of a number of most systems, which were delivered, but installation was not completed during the first quarter.

由於該公司僅在安裝後才確認系統收入，因此影響了許多已交付但安裝在第一季度尚未完成的大多數係統的收入確認。

The geographic revenue split for the quarter was as follows: Asia, 89%; and rest of the world, 11%.

本季度收入地域分佈如下：亞洲，89%；世界其他地區為 11%。

Gross profit for the quarter was $13.6 million.

該季度毛利潤為 1,360 萬美元。

The gross margin for the quarter was 45.2% versus 50.6% in the first quarter of last year due to the lower revenue and sales mix affecting the margin, as Rafi mentioned already before.

正如拉菲之前提到的，由於收入和銷售組合下降影響了利潤率，本季度的毛利率為 45.2%，而去年第一季度為 50.6%。

Operating expenses in the quarter were $10 million, this is compared with $9.9 million in the first quarter of last year and to the $10.5 million reported in the previous quarter.

本季度運營費用為 1,000 萬美元，而去年第一季度運營費用為 990 萬美元，上一季度運營費用為 1,050 萬美元。

We expect our operating expenses in the second quarter to return to the Q4 '19 levels and certain R&D project expenses will be recorded then.

我們預計第二季度的運營費用將恢復到 19 年第四季度的水平，屆時將記錄某些研發項目費用。

Operating profit in the quarter was $3.7 million compared to the $7.3 million reported in the first quarter of last year.

本季度營業利潤為 370 萬美元，而去年第一季度的營業利潤為 730 萬美元。

Operating margin was 12.2% compared to 21.5%, mainly as a result of the lower gross margin.

營業利潤率為 12.2%，去年同期為 21.5%，主要是由於毛利率較低。

Overall, we expect significant improvement in our operating margins over the coming quarters.

總體而言，我們預計未來幾個季度的營業利潤率將顯著改善。

Net income for the first quarter of 2020 was $3.6 million or $0.09 per diluted share.

2020 年第一季度淨利潤為 360 萬美元，或攤薄後每股收益 0.09 美元。

This is compared to a net income of $6.7 million or $0.18 per share in the first quarter of last year.

相比之下，去年第一季度的淨利潤為 670 萬美元，即每股 0.18 美元。

Turning to some high-level balance sheet and cash flow metrics.

轉向一些高級資產負債表和現金流量指標。

Inventory level has gone up by approximately $3 million.

庫存水平增加了約 300 萬美元。

Some of it has to do with the shipped machines that were not recognized and are included in the inventory, and some is to support the increase in business volume, which we expect in the coming quarters.

其中一些與未識別並包含在庫存中的已發貨機器有關，還有一些是為了支持我們預計未來幾個季度業務量的增長。

We generated $1.3 million in cash from operations in the quarter.

我們本季度的運營產生了 130 萬美元的現金。

Account receivables increased from $31.4 to $37.1 million.

應收賬款從 31.4 美元增加到 3710 萬美元。

This is due to timing of payments from customers.

這是由於客戶付款的時間安排造成的。

During April, we already collected more than $50 million, and we expect a strong positive cash flow during the second quarter.

4 月份，我們已經收到了超過 5000 萬美元的資金，我們預計第二季度將出現強勁的正現金流。

Net cash and cash equivalents and short-term deposits as of March 31, 2020, increased to $90.6 million compared with $89.5 million at the end of 2019.

截至 2020 年 3 月 31 日，淨現金和現金等價物以及短期存款增至 9,060 萬美元，而 2019 年底為 8,950 萬美元。

As Rafi mentioned earlier, we had a record backlog.

正如拉菲之前提到的，我們的積壓量創歷史新高。

We, therefore, expect revenues of $36 million to $38 million in the second quarter, with continued revenue growth and improved profitability in the third quarter.

因此，我們預計第二季度收入將達到 3600 萬美元至 3800 萬美元，第三季度收入將持續增長，盈利能力將有所改善。

And with that, Rafi, Ramy and myself will be open to take your questions.

至此，拉菲、拉米和我本人將願意回答你們的問題。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

The first question is from Quinn Bolton of Needham & Company.

第一個問題來自 Needham & Company 的 Quinn Bolton。

Guys, nice results and good to see the strong guidance for the second quarter.

伙計們，不錯的結果，很高興看到第二季度的強勁指導。

I wanted to start on the profitability of the gross margins.

我想從毛利率的盈利能力開始。

You sort of went through the lower margins on the basic 2D systems that you're shipping in the first half.

你們在上半年發貨的基本 2D 系統上經歷了較低的利潤。

You've talked about out seeing the backlog supporting a higher gross margin into the third quarter.

您談到了積壓訂單支持第三季度更高的毛利率。

And just wondering if you might be able to give us some sense, is that on the range of 50 to 100 basis points improvement into the third quarter?

只是想知道您是否能給我們一些啟發，第三季度的改善幅度是否在 50 到 100 個基點之間？

Could it be higher?

還能再高一點嗎？

Just any sense you could give us on what the trend might be into the third quarter for gross margin.

您可以向我們提供有關第三季度毛利率趨勢的任何信息。

Thank you, Quinn.

謝謝你，奎因。

Yes, basically, as you mentioned, our current backlog supports higher gross margin account in the third quarter.

是的，基本上，正如您所提到的，我們當前的積壓訂單支持第三季度更高的毛利率賬戶。

We believe that we can basically go back to the kind of normal level which we reported throughout 2019, probably closer to the second half of 2018.

我們相信，我們基本上可以回到我們在 2019 年全年報告的正常水平，可能更接近 2018 年下半年。

Great.

偉大的。

And then on the CMOS Image Sensor, I believe you said that you've already received orders for 50 systems this year.

然後在CMOS圖像傳感器方面，我相信你說今年你已經收到了50套系統的訂單。

I think that would imply a pretty strong mix shift in your business towards CIS this year.

我認為這意味著今年您的業務將向 CIS 進行相當強烈的組合轉變。

Wondering if you see that strength continuing past the third quarter or does your visibility just today extend into the third quarter for the CMOS Image Sensor portion of the business?

想知道您是否認為這種優勢會持續到第三季度，或者您今天對 CMOS 圖像傳感器業務部分的了解是否會延續到第三季度？

Well, it's -- Quinn, this is Ramy.

嗯，是——奎因，這是拉米。

We are seeing today 2 quarters ahead, which is more than we usually see.

今天我們預計將提前兩個季度，這比我們通常看到的要多。

It's very hard at this stage with everything that is going around to grow and anticipate what will happen in the fourth quarter.

在現階段，一切都在增長，很難預測第四季度會發生什麼。

We don't see any negative signs at this stage.

現階段我們沒有看到任何負面跡象。

However, I think this is the most that we can say at this stage.

不過，我想這就是我們現階段能說的最多的了。

We definitely see the CMOS Image Sensor strong in the first 3 quarters of this year.

我們確實看到 CMOS 圖像傳感器在今年前 3 季度表現強勁。

Great.

偉大的。

And then the last question I had was you mentioned the panel-level packaging inspection system.

我的最後一個問題是您提到的面板級包裝檢測系統。

I think you said you shipped one system in the first quarter, expect to ship the second system here in the second quarter for Fan-Out applications.

我想您說過您在第一季度發貨了一個系統，預計在第二季度發貨第二個系統用於扇出應用。

Just wondering if you could give us more details, are those systems going to a large foundry?

只是想知道您能否向我們提供更多詳細信息，這些系統是否會送往大型鑄造廠？

Is it going to a more traditional OSAT customer?

是否會面向更傳統的 OSAT 客戶？

Just wondering about the adoption of panel-level packaging more broadly.

只是想知道更廣泛地採用面板級封裝。

So the panel level machines are going to OSAT.

因此，面板級機器將進入 OSAT。

As you know, panels is related to the cost reduction of Fan-Out applications and it's a very important trend.

如您所知，面板與Fan-Out應用的成本降低有關，是一個非常重要的趨勢。

We see this trend of Fan-Out increasing overall.

我們看到扇出的這種趨勢總體上呈增長趨勢。

And Fan-Out was always on the road map of the OSATs and indeed it is starting to happen.

扇出一直在 OSAT 的路線圖上，而且確實已經開始發生。

It's very hard to say today to what extent it will go.

今天很難說它會發展到什麼程度。

But definitely, people believe in it and believe that this will provide a cost-effective way for Fan-Out applications.

但可以肯定的是，人們相信它，並相信這將為扇出應用提供一種經濟高效的方式。

And as we said, we are shipping to a Tier 1 OSAT, which is shipped to a Tier 1 OSAT in the first quarter, and we will ship to another Tier 1 OSAT on the second quarter.

正如我們所說，我們正在向一級 OSAT 發貨，第一季度將向一級 OSAT 發貨，第二季度我們將向另一個一級 OSAT 發貨。

And, by the way, we see more -- I would say that most of -- not most, but power devices are probably much very -- very nice, this concept, and we see more and more power devices that are tossed to this direction, Fan-Out panels.

順便說一句，我們看到了更多——我想說的是，大多數——不是大多數，但功率器件可能非常——非常好，這個概念，我們看到越來越多的功率器件被扔到這個概念上。方向，扇出面板。

The next question is from Craig Ellis of B. Riley FBR.

下一個問題來自 B. Riley FBR 的 Craig Ellis。

This is Carlin Lynch on for Craig.

這是克雷格的卡林·林奇。

I guess, starting with the gross margin front.

我想，首先是毛利率。

Some of your -- some of the other people in semi cap side have noted higher freight costs impacted margins.

你們中的一些人——半帽方面的其他一些人已經註意到較高的貨運成本影響了利潤率。

I just wanted to know if you guys are seeing any of that.

我只是想知道你們是否看到了這些。

And how much of an impact that might have had in the quarter and the outlook?

這可能會對本季度和前景產生多大影響？

So yes indeed, freight and shipping expenses went up pretty sharply.

是的，運費和運輸費用確實大幅上漲。

We will see most of the impact, actually, I think, in the second quarter, not so much in the first quarter as most of the first quarter we still did not -- suffer much from the coronavirus impact.

實際上，我認為，我們將在第二季度看到大部分影響，而不是第一季度的影響，因為第一季度的大部分時間我們仍然沒有受到冠狀病毒的嚴重影響。

But yes, we will see -- and we are seeing an increase in shipping expenses in the next couple of quarters.

但是，是的，我們會看到 - 我們看到未來幾個季度的運輸費用會增加。

Got it.

知道了。

And then I guess kind of turning to OpEx, obviously, ticking up a little bit in the second quarter.

然後我想顯然會轉向運營支出，第二季度略有上升。

Can you just give us a sense for what the linearity is through the year?

您能否讓我們了解一下全年的線性情況？

Do you have further R&D kind of projects in the pipeline that you'll have to increase OpEx for in maybe the third quarter or the fourth quarter?

您是否還有其他研發項目正在進行中，您可能需要在第三季度或第四季度增加運營支出？

So in terms of R&D, I don't expect a much increase over what I just mentioned before.

所以在研發方面，我預計不會比我剛才提到的有太多增長。

So it will be pretty linear moving from second quarter to the rest of the year.

因此，從第二季度到今年剩餘時間，這將是相當線性的。

We do -- there is some fluctuation on sales and marketing or could be based on the way we approach sales.

我們確實如此——銷售和營銷方面存在一些波動，或者可能取決於我們的銷售方式。

When we sell direct, obviously, the level of commissions to agents are lower.

顯然，當我們直接銷售時，向代理商收取的佣金水平較低。

If we work through agents, there is an impact on the sales and marketing expenses.

如果我們通過代理商合作，則會對銷售和營銷費用產生影響。

Got it.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

And then I guess last one for me.

然後我想最後一個對我來說。

Obviously, it sounds like the image sensor business is doing well.

顯然，圖像傳感器業務聽起來表現不錯。

Can you just kind of talk through some of the puts and takes in the quarter and the outlook in some of the other end markets?

您能否談談本季度的一些看跌期權和期權以及其他一些終端市場的前景？

Just kind of how those are playing out.

這就是他們的表現。

Any color there would be great.

任何顏色都會很棒。

I think overall, our end markets are behaving so far in a very -- in the way we anticipated.

我認為總體而言，我們的終端市場迄今為止的表現非常符合我們的預期。

CMOS Image Sensors, as I said, they are going to be strong for the first 3 quarters.

正如我所說，CMOS 圖像傳感器在前三個季度將表現強勁。

We don't see any negative in the fourth quarter, but we don't know enough about it.

我們沒有看到第四季度出現任何負面影響，但我們對此了解還不夠。

Advanced packaging is the second portion, and it is healthy.

第二部分是先進的包裝，而且是健康的。

And there are many activities there, and we are shipping machines to this market.

那裡有很多活動，我們正在向這個市場運送機器。

I think the memory portion of the advanced packaging is still not picking up.

我認為先進封裝的內存部分仍然沒有回升。

I expect this portion to pick up towards the latter part of this year or early next year as the DRAM manufacturer starts or continue to add capacity.

我預計隨著 DRAM 製造商開始或繼續增加產能，這一比例將在今年下半年或明年初回升。

What we are seeing is also an increase in our RF business.

我們還看到射頻業務的增長。

We mentioned it -- Rafi mentioned it in his summary.

我們提到過——拉菲在他的總結中提到過。

We have a nice order for multiple machines from one of the Tier 1 players in this market.

我們從該市場的一級供應商之一那裡獲得了多台機器的良好訂單。

And this is, again, related to the same end markets of 5 -- primarily 5G.

這又與 5 的相同終端市場（主要是 5G）相關。

And of course, there are only 1s and 2s and other 2D applications that, in general, complement the rest of the applications.

當然，只有 1 和 2 以及其他 2D 應用程序通常可以補充其餘應用程序。

But overall, the 3 main applications are the ones that I just highlighted.

但總的來說，我剛剛強調了 3 個主要應用程序。

The next question is from Gus Richard of Northland Securities.

下一個問題來自北國證券的格斯·理查德。

Can you talk a little bit about linear shipments in the quarter and logistical issues, getting things installed?

您能否談談本季度的線性發貨以及物流問題和安裝問題？

You obviously had -- there have been some problems and just want to sort of know what you guys were doing address those.

顯然，你們遇到了一些問題，只是想知道你們正在做什麼來解決這些問題。

Well, if I talk about linearity, I think the first quarter, the linearity with Chinese year, the January, and the first 3 months of the quarter was pretty -- I would say, was pretty low.

好吧，如果我談論線性，我認為第一季度與中國年份、一月份和該季度前三個月的線性相當——我想說，相當低。

But the second and third months of the first quarter, we were strong, both of them, and they were the same, more or less.

但第一季度的第二個月和第三個月，我們都很強，而且或多或少是一樣的。

And I think overall, there isn't a big linearity.

我認為總體而言，沒有很大的線性關係。

I think in most of the month, the growth is across the entire quarters in the next, let's say, if I look at the second and third quarter.

我認為，在這個月的大部分時間裡，增長將遍及下一個季度的整個季度，比如說，如果我看看第二季度和第三季度。

We are going more or less to ship similar number of machines with some increase, per the increase in the revenues.

根據收入的增加，我們將或多或少地運送類似數量的機器，但會有所增加。

But overall, the number of machines will be similar from month-to-month.

但總體而言，每個月的機器數量都相似。

This is very important for us as this allows us to streamline the manufacturing and the installation of the machines in a better way.

這對我們來說非常重要，因為這使我們能夠以更好的方式簡化機器的製造和安裝。

As for installations, we have dedicated teams or our own teams in each of the regions, in each of the territories, and they will be doing the installations.

至於安裝，我們在每個地區、每個地區都有專門的團隊或我們自己的團隊，他們將進行安裝。

And there is very little support that they require from here from our headquarters.

他們幾乎不需要我們總部的支持。

So from that point of view, I don't foresee any major issues with the installations.

因此，從這個角度來看，我預計安裝不會出現任何重大問題。

We think that they are a nice -- there are now flights out to the different regions.

我們認為它們很好——現在有飛往不同地區的航班。

We'll be able to ship all of the machines.

我們將能夠運送所有機器。

And if we look at the situation today, we don't see any issues.

如果我們看看今天的情況，我們看不到任何問題。

Of course, as we said, this whole situation, some of the things we don't know.

當然，正如我們所說，整個情況，有些事情我們不知道。

And we will update if something needs to be updated.

如果需要更新，我們會更新。

But at this stage today, we do not foresee any issues in shipments in installation in the next couple of quarters.

但目前階段，我們預計未來幾個季度的安裝發貨不會出現任何問題。

Okay.

好的。

And then just a little bit of a further revenue breakdown.

然後是進一步的收入細分。

What percentage of revenue is China in Q1 and the next couple of quarters?

第一季度和接下來的幾個季度，中國市場佔收入的百分比是多少？

And also, what's the mix these days between front-end macro defect inspection and back end?

另外，現在前端宏觀缺陷檢查和後端之間的組合是什麼？

Well, we don't look at it.

好吧，我們不看它。

We look at it as front end, mid-end and back end.

我們將其視為前端、中端和後端。

So it's very hard for me just to pick the numbers out of my sleeve here, but I will tell you, I think the main business is in the mid-end.

所以我很難在這裡從我的袖子裡挑選數字，但我會告訴你，我認為主要業務是在中端。

The smaller part is in the front end and I would say the second in the middle is the back end, some of the applications in the back end, and I would say these are #2.

較小的部分在前端，我想說中間的第二個是後端，一些應用程序在後端，我會說這些是#2。

So definitely, the mid-end is the most dominant part in our business.

因此，毫無疑問，中端市場是我們業務中最主要的部分。

Regarding China, we don't give the accurate numbers, but definitely, it is significant.

關於中國，我們沒有給出準確的數字，但絕對是重要的。

And I think it is similar to other semiconductor companies.

我認為這與其他半導體公司類似。

There is a lot of investments in China, and they are going on.

中國有很多投資，而且正在進行中。

I think what makes things more the Asian way as the coronavirus is less -- affecting less at this stage in the second quarter.

我認為，是什麼讓事情變得更亞洲化，因為冠狀病毒在第二季度這個階段的影響較小。

The U.S. and Europe are very heavily affected by the coronavirus.

美國和歐洲受到冠狀病毒的影響非常嚴重。

So we will see more business coming out of Asia.

因此，我們將看到更多業務來自亞洲。

No doubt, China is very important and it's very significant.

毫無疑問，中國非常重要，意義非常重大。

(Operator Instructions) There are no further questions at this time.

（操作員說明） 目前沒有其他問題。

Before I ask Mr. Amit to go ahead with his closing statement, I would like to remind participants that a replay of this call will be available on Camtek's website, www.camtek.co.io beginning tomorrow.

在我請 Amit 先生繼續其結束語之前，我想提醒與會者，從明天開始，Camtek 的網站 www.camtek.co.io 上將提供本次電話會議的重播。

Mr. Amit, would you like to make your concluding statement? .

阿米特先生，您願意做總結髮言嗎？ 。

Now I would like to thank -- to first thank you all for your continued interest in our business.

現在我要感謝——首先感謝大家對我們業務的持續關注。

Again, I would like to thank all our employees and my management team for their -- for business performance, and we look forward to continuing it.

我要再次感謝我們所有的員工和我的管理團隊的業務表現，我們期待著繼續下去。

To our investors, I thank your long-term support.

感謝我們的投資者長期以來的支持。

I look forward to talking with you again next quarter.

我期待下個季度再次與您交談。

Thank you, and goodbye.

謝謝，再見。

Thank you.

謝謝。

This concludes the Camtek's First Quarter 2020 Results Conference Call.

Camtek 2020 年第一季度業績電話會議至此結束。

Thank you for your participation.

感謝您的參與。

You may go ahead and disconnect.

您可以繼續並斷開連接。