Camtek Ltd (CAMT) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's results Zoom webinar. My name is Kenny Green, and I'm part of the Investor Relations team at Camtek. All participants other than the presenters are currently muted. Following the formal presentation, I'll provide some instructions for participating in the live question-and-answer session.

女士們，先生們，感謝各位的支持。歡迎大家參加 Camtek 的 Zoom 業績網路研討會。我叫 Kenny Green，是 Camtek 投資人關係團隊的成員。除演講嘉賓外，所有參與者目前均已靜音。正式演講結束後，我將提供一些參與現場問答環節的說明。

I'd like to remind everyone that this conference call is being recorded, and the recording will be available on Camtek's website from tomorrow. You should have all received by now the company's press release. If not, please view it on the company's website.

我想提醒大家，本次電話會議正在錄音，錄音將於明天在 Camtek 的網站上發布。大家現在應該已經收到公司的新聞稿了。如果沒有，請在公司網站上查看。

With me today on the call, we have Mr. Rafi Amit, Camtek's CEO; Mr. Moshe Eisenberg, Camtek's CFO; and Mr. Ramy Langer, Camtek's COO. Rafi will open by providing an overview of Camtek's results and discuss recent market trends. Moshe will then summarize the financial results of the quarter. Following that, Rafi, Moshe and Ramy will be available to take your questions.

今天與我一起參加電話會議的嘉賓有 Camtek 執行長 Rafi Amit 先生、Camtek 財務長 Moshe Eisenberg 先生以及 Camtek 營運長 Ramy Langer 先生。 Rafi 將首先概述 Camtek 的業績並討論近期市場趨勢。隨後，Moshe 將總結本季的財務表現。之後，Rafi、Moshe 和 Ramy 將回答大家的問題。

Before we begin, I'd like to remind everyone that certain information provided on this call are internal company estimates, unless otherwise specified. This call also may contain forward-looking statements. These statements are only predictions and may change as time passes. 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, expectations or otherwise.

在開始之前，我想提醒大家，除非另有說明，本次電話會議中提供的某些資訊均為公司內部估計。本次電話會議也可能包含前瞻性陳述。這些陳述僅為預測，可能會隨著時間的推移而改變。本次電話會議中的陳述截至今日為止，本公司不承擔因新資訊、未來事件、變更、預期或其他原因而更新任何前瞻性陳述的義務。

Investors are reminded that these forward-looking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those projected, including as a result of the effects of general economic conditions, risks related to the concentration of a significant portion of Camtek's expected business in certain countries, particularly China, from which Camtek expects to generate a significant portion of its revenues for the first -- for the foreseeable future, but also Taiwan and Korea, including the risks of deviations from our expectations regarding timing and the size of orders from customers in these countries.

投資人需注意，這些前瞻性聲明受風險和不確定因素的影響，這些因素可能導致實際事件或結果與預測存在重大差異，包括總體經濟狀況的影響、Camtek 預期業務很大一部分集中於某些國家（尤其是中國，Camtek 預計在可預見的未來將從中國產生很大一部分收入，但也包括台灣和韓國）相關的風險，包括我們對這些國家客戶出現偏差的時間和規模的預期的風險。

Changing industry and market trends, reduced demand for services and products, the timely development of new services and products and their adoption by the market, increased competition in the industry and price reductions as well as due to other risks identified in the company's filings with the SEC. Please note that the Safe Harbor statement in today's press release also covers the contents of this conference call.

行業和市場趨勢變化、服務和產品需求下降、新服務和產品的及時開發及其市場接受度、行業競爭加劇和價格下降，以及公司向美國證券交易委員會 (SEC) 提交的文件中確認的其他風險。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. These are used by management to make strategic decisions, forecast future results and evaluate the company's current performance. Management believes that the presentation of non-GAAP financial measures are useful to investors' understanding and assessment of the company's ongoing core operations and prospects for the future. A full reconciliation of GAAP to non-GAAP, non-GAAP to GAAP financial measures are included in today's earnings release.

此外，本次電話會議也將討論一些非公認會計準則 (non-GAAP) 財務指標。管理層將使用這些指標來制定策略決策、預測未來績效並評估公司當前業績。管理層認為，非公認會計準則 (non-GAAP) 財務指標的呈現有助於投資者了解和評估公司持續的核心業務和未來前景。今天的收益報告中將包含公認會計準則 (GAAP) 與非公認會計準則 (Non-GAAP) 財務指標的完整對照表，以及非公認會計準則 (Non-GAAP) 與公認會計準則 (GAAP) 財務指標的完整對照表。

And I'd now like to hand the call over to Rafi Amit, Camtek's CEO. Rafi, please go ahead.

現在我想把電話交給 Camtek 執行長 Rafi Amit。拉菲，請講。

Thanks, Kenny. Good morning or good afternoon to everyone. Camtek closed second quarter with revenue of $73.8 million. Gross margin came in at 48%, which is an improvement over Q1, and we expect further improvement in the coming quarters. Operating margin was 25%. Approximately 60% of our revenues came from Advanced Interconnect Packaging applications, the remaining 40% is divided between compound semiconductor for power device, CIS and process control applications. I would like to clarify that under the term Advanced Interconnect Packaging, we include chiplet modules, HBM, heterogeneous integration, WLP.

謝謝，Kenny。大家早安，下午好。 Camtek 在第二季度營收 7,380 萬美元。毛利率達到 48%，較第一季有所提升，我們預計未來幾季將進一步提升。營業利益率為 25%。我們約 60% 的營收來自先進互連封裝 (AIP) 應用，其餘 40% 則來自功率元件化合物半導體、CIS 和製程控制應用。我想澄清一下，「先進互連封裝」涵蓋了 Chiplet 模組、HBM、異構整合和晶圓級封裝 (WLP)。

Our revenue guidance for Q3 is $77 million to $79 million, with expected continued growth in the fourth quarter exceeding $300 million in 2023. This year started with a lot of uncertainty, but as we progress into the second half, it is shaping up to be stronger than originally expected. The positive trend in the industry and the flow of orders that we are witnessing now elevate our confidence that 2024 will be an important milestone in reaching a $500 million company.

我們對第三季的營收預期為7,700萬美元至7,900萬美元，預計第四季將持續成長，到2023年將超過3億美元。今年年初充滿不確定性，但隨著下半年的到來，業績正比最初的預期好。產業呈現的正面趨勢以及我們目前看到的訂單量增強了我們的信心，我們相信2024年將成為邁向5億美元公司的重要里程碑。

There has been consensus in the semiconductor industry that the effective way to significantly increase computing power more than [more] is through new packaging technologies such as heterogeneous integration, HI in short, including chiplet modules and High Bandwidth Memory, HBM in short. We have mentioned that we are involved in the development of this technology with the leading manufacturers.

半導體產業已經達成共識，大幅提升運算能力的有效方法是透過新的封裝技術，例如異質整合（簡稱HI），包括Chiplet模組和高頻寬記憶體（簡稱HBM）。我們之前提到過，我們正在與領先的製造商合作開發這項技術。

In the last year, we have already shipped systems to the HI segment, but the growth seems to be starting to accelerate now. It is quite clear that growth in demand for data server and HI applications increases the need for high-performance computer, or HPC in short, based on HI technologies.

去年，我們已經向高效能運算 (HI) 領域交付了系統，但現在成長似乎開始加速。顯然，資料伺服器和 HI 應用的需求成長，推動了基於 HI 技術的高效能電腦（簡稱 HPC）的需求。

We have recently announced receiving orders for 42 systems. A significant portion of the systems is for chiplet modules and HBM for HI, and we expect to receive more orders of the same kind. The technological road map of the HI is aggressive in aiming to reach 5x to 10x higher density than today technology, which in itself is very challenging. HI technology requires uncompromising inspection and metrology in many stages of the process to achieve a high yield.

我們最近宣布已收到42個系統的訂單。其中很大一部分系統用於晶片組模組和用於整合式儲存（HI）的高容量記憶體（HBM），我們預計還會收到更多同類訂單。整合式儲存（HI）的技術路線圖雄心勃勃，目標是實現比現有技術高5倍到10倍的密度，這本身就極具挑戰性。整合式儲存（HI）技術需要在製程的多個階段進行嚴格的偵測和計量，才能達到高良率。

Manufacturers will not move to high-volume production without maintaining high yield. We have invested considerable effort in R&D to comply with the technological road maps of the HI technology, and we are confident that we will be ready to meet the customers' requirements on time. This state-of-the-art technology is a great opportunity for Camtek to grow significantly in larger market with fewer competitors.

製造商在無法維持高良率的情況下不會轉向大量生產。我們已投入大量研發精力，以遵循HI技術的技術路線圖，並有信心能準時滿足客戶的需求。這項先進的技術為Camtek在規模更大、競爭對手更少的市場中實現顯著成長提供了絕佳機會。

As I have mentioned earlier, AI applications depend on HPC, which is based on chiplet modules and HBM technologies. The production process require many steps of inspection and metrology. Camtek is a key equipment supplier to the players in this market segments, exposing us to significant technology trends and business momentum in this area. We are very encouraged to see that as we predicted in the beginning of the year, the second half of 2023 is shaping up to be better than the first half. This is fueled by major investment around HI -- AI.

正如我之前提到的，人工智慧應用依賴高效能運算 (HPC)，而高效能運算基於 Chiplet 模組和 HBM 技術。生產過程需要多道檢測和計量工序。 Camtek 是該細分市場參與者的關鍵設備供應商，讓我們了解該領域的重要技術趨勢和業務發展勢頭。我們非常欣慰地看到，正如我們年初預測的那樣，2023 年下半年的業績將好於上半年。這得歸功於圍繞 HI（人工智慧）的大量投資。

Furthermore, in the last few days, we have received an additional multiple systems order from a Tier 1 HBM manufacturer, for a total of 10 systems, and we expect to receive more orders. We are also seeing customers starting to place orders with longer lead time, which contributes to our visibility into 2024. We expect the chiplet modules and HBM will account for over 30% of our business in 2024. Another growth engine for Camtek is the electrification of cars using power devices based on silicon carbide, which is also expected to grow over 20% CAGR in the next few years.

此外，在過去幾天裡，我們又收到了來自一家一級HBM製造商的一份多系統訂單，總計10個系統，預計還會收到更多訂單。我們也看到客戶開始下單，並延長了交貨週期，這有助於我們更了解2024年的情況。我們預計，到2024年，chiplet模組和HBM將占我們業務的30%以上。 Camtek的另一個成長引擎是使用基於碳化矽的功率裝置的汽車電氣化，預計未來幾年該領域的複合年增長率也將超過20%。

To summarize, we are very positive about 2024, which expected to be a record year for Camtek and an important milestone in reaching our next goal of a $500 million company. And now, Moshe will review the financial results. Moshe?

總而言之，我們對 2024 年充滿信心，預計這一年將是 Camtek 創紀錄的一年，也是我們實現下一個 5 億美元公司目標的重要里程碑。現在，Moshe 將回顧財務表現。 Moshe？

Thank you, Rafi. In my financial summary ahead, I will provide the results on a non-GAAP basis. The reconciliation between the GAAP results and the non-GAAP results appear in the tables at the end of the press release issued earlier today.

謝謝拉菲。在接下來的財務摘要中，​​我將提供非公認會計準則 (Non-GAAP) 的績效。 GAAP 業績和非 GAAP 業績的對帳表已在今天早些時候發布的新聞稿末尾的表格中列出。

Second quarter revenues were $73.8 million, marking an upturn from the lower revenue reported in the first quarter of 2023. The geographic revenue split for the quarter was as follows: Asia, 83%, and U.S. and Europe accounted for 17%.

第二季營收為 7,380 萬美元，較 2023 年第一季報告的較低收入有所回升。本季地理收入分佈如下：亞洲佔 83%，美國和歐洲佔 17%。

Gross profit for the quarter was $35.4 million. The gross margin for the quarter was 48%, an improvement over the 47.3% last quarter. As mentioned before, we have been taking measures to improve the gross margin. We are now seeing the initial impact, and we expect to see continued gradual improvement in the coming quarters.

本季毛利為3540萬美元。本季毛利率為48%，較上季的47.3%有所改善。如前所述，我們一直在採取措施提高毛利率。目前，我們已看到初步成效，並預計未來幾季將繼續逐步改善。

Operating expenses in the quarter were $17.1 million, an increase from the $16.7 million reported in the second quarter of last year and a similar level to the previous quarter. The increase is in the R&D level as we continue to invest in future programs. Operating profit in the quarter was $18.3 million compared to the $17.4 million reported in the previous quarter. Operating margin was 24.8% compared to 24% in the previous quarter.

本季營運費用為1,710萬美元，較去年第二季的1,670萬美元增加，與上一季持平。此次成長主要源自於我們持續投資未來項目，用於研發。本季營運利潤為1830萬美元，上一季為1740萬美元。營運利潤率為24.8%，上一季為24%。

Financial income for the quarter was $5.8 million compared with $5.1 million in Q1 and $200,000 last year. The majority of the increase relates to the significantly higher interest rates on an increased cash balance. Net income for the second quarter of 2023 was $21.9 million or $0.45 per diluted share. This is compared to a net income of $22.1 million or $0.46 per share in the second quarter of last year, and $20.4 million or $0.42 per share in the previous quarter. Total diluted number of shares as of the end of Q2 was 48.6 million.

本季財務收入為 580 萬美元，而第一季為 510 萬美元，去年為 20 萬美元。成長主要源自於現金餘額增加所帶來的利率大幅上升。 2023 年第二季淨收入為 2,190 萬美元，即每股攤薄收益 0.45 美元。相比之下，去年第二季淨收入為 2,210 萬美元，即每股 0.46 美元；上一季淨收入為 2,040 萬美元，即每股 0.42 美元。截至第二季末，稀釋後股份總數為 4,860 萬股。

Turning to some high-level balance sheet and cash flow metrics. So cash and cash equivalents, including short and long-term deposits as of June 30, 2023, were $506.3 million. This is compared with $492.7 million at the end of the first quarter. We generated $15.6 million in cash from operations in the quarter.

談談一些高水準的資產負債表和現金流指標。截至2023年6月30日，現金及現金等價物（包括短期及長期存款）為5.063億美元。相比之下，第一季末為4.927億美元。本季度，我們營運產生的現金為1560萬美元。

Inventory level went down by $2.7 million over the quarter. In the last few quarters, we adjusted the inventory to the reduced business volume. We are now at the point that we will start to increase the inventory level again to support the business growth. Accounts receivables were $79 million, up from $66.3 million in the previous quarter due to the timing of collections.

本季庫存水準下降了270萬美元。過去幾個季度，我們根據業務量的減少調整了庫存。現在，我們即將再次開始增加庫存水平，以支持業務成長。應收帳款為7,900萬美元，高於上一季的6,630萬美元，主要歸因於收款時機的調整。

As for guidance, as Rafi said before, with the current business momentum, we expect revenues of $77 million to $79 million in the third quarter, with continued growth into the fourth quarter and in 2024.

至於指引，正如拉菲之前所說，以目前的業務勢頭，我們預計第三季的營收將達到 7,700 萬美元至 7,900 萬美元，並將在第四季和 2024 年繼續成長。

And with that, Rafi, Ramy and I will be open to take your questions. Kenny?

接下來，拉菲、拉米和我將願意回答你們的問題。肯尼？

Thank you, Moshe. At this time, we will begin the question-and-answer session. If you have a question, please raise your hand via the Zoom platform. I'll introduce you and ask you to unmute after which you may ask your question. As we have a lot of people on the call, we will take a few moments now to poll for your questions.

謝謝，Moshe。現在，我們將開始問答環節。如果您有任何問題，請透過 Zoom 平台舉手。我會先介紹您，然後請您取消靜音，然後您就可以提問了。由於我們有很多人在線，我們現在需要花一些時間來收集您的問題。

Our first question will be from Brian Chin from Stifel.

我們的第一個問題來自 Stifel 的 Brian Chin。

Can you hear me okay?

你聽見我說話嗎？

.

。

Yes, we can.

是的，我們可以。

Great. Thanks for letting us ask a few questions, and congratulations on the results. Maybe to start with the sort of the visibility into calendar '24, again, I think you mentioned 30% plus of revenue next year could be HBM and chiplet packaging-related. I guess that could suggest something -- or approximately $100 million in revenue. So for comparison, can you provide what the base revenue from HBM and chiplet is expected to be in calendar '23? And also in terms of that timing on the revenue next year, do you think it's more heavily first half-weighted?

太好了。感謝您讓我們提問，也祝賀您所取得的成果。首先，我想先談談2024年營收的預測。您之前提到，明年30%以上的營收可能來自HBM和chiplet封裝。我想這可能預示著一些變化——或者說大約1億美元的營收。為了進行比較，您能否提供一下2023年HBM和chiplet的預計基礎營收是多少？另外，就明年營收的預測時間而言，您認為上半年的營收佔比更大嗎？

Ramy, could you share this detail with him?

拉米，你能和他分享這個細節嗎？

I will respond to Brian. So Brian, so first of all, let me start with the High Bandwidth Memory and chiplets. So this business over the next 12 months will double if we compare it to the previous 12 months. And if we go even further down, it was even smaller. So definitely, it's a big step upward as we discuss this business.

我來回答Brian的問題。 Brian，首先，讓我先從高頻寬記憶體和晶片開始。如果我們將這項業務與前12個月進行比較，未來12個月的規模將會翻倍。如果我們進一步細分，規模甚至更小。所以，當我們討論這項業務時，這無疑是一個很大的進步。

Now as we speak about our visibility for '24, so I think Rafi said it in the prepared notes, we're definitely seeing customers are more ready to place orders. We are seeing a much higher conversion from the pipeline into the backlog. And if we look at the overall backlog for '24 plus the pipelines, so we think we have a good visibility moving forward, and this goes to our expectation towards 2024.

現在，正如我們談到2024年展望時所言，我想Rafi在準備好的筆記中也提到了這一點。我們確實看到客戶下單意願更強了。我們看到從待交付訂單到待交付訂單的轉換率大幅提升。如果我們綜合考慮2024年的整體待交付訂單和待交付訂單，我們認為我們擁有良好的未來展望，這也符合我們對2024年的預期。

Okay. Got it. Would you say though that the orders that you're receiving are for like a 2-quarter out shipment at this point to some degree? Or is it maybe closer than that?

好的。明白了。不過，您現在收到的訂單，在某種程度上，預計在兩個季度後發貨嗎？或者可能更接近這個時間？

It's 2 even plus 1. It's even 3 quarters ahead.

是 2 比 1 均勻。甚至領先 3 個季度。

Got it. Okay. And then maybe -- for my follow-up, just on China as well. Maybe in second half relative to first half and also this year relative to last year, I guess, how is business in China? Understandably, it seemed more spotty this year relative to last, but are you starting to get better visibility there as well? Is that also part of your improved outlook for next year? And then also just for comparison, can you maybe provide what China represented in 2Q and first half?

明白了。好的。接下來，我想問中國市場的情況。下半年相對於上半年，今年相對於去年，中國市場的業務表現如何？可以理解的是，今年的情況似乎比去年更加不穩定，但你們在中國的業績是否也開始好轉了？這是否也是你們改善明年前景的一部分？另外，為了方便比較，能否提供中國市場在第二季和上半年的表現？

So let's talk in general, first of all, I think the business in China is solid. It has been solid, and we are seeing continuing investments in China in the current OSATs and new OSATs are coming, a lot of start-up companies, and the -- maybe you want to say a word about it, Moshe?

那我們來總體談談吧。首先，我認為中國的業務很穩健。一直以來都很穩健，而且我們看到中國對現有 OSAT 廠商的投資持續增加，新的 OSAT 廠商也紛紛湧現，還有很多新創公司，還有－Moshe，您能不能談談？

Yes. In terms of the numbers, we see China coming up pretty much like in the same level as 2022. So we don't see any decline in the business in China.

是的。從數據來看，我們預期中國市場的成長速度與2022年大致持平。所以我們預期中國市場的業務不會出現下滑。

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Our next question is going to be from Charles Shi from Needham.

我們的下一個問題來自尼德姆的查爾斯‧施 (Charles Shi)。

Congrats on the strong results and strong guidance. I want to ask a little bit more about HBM. Knowing that HBM, historically, it was strong for a couple of years and then it went back down for a couple of years, and now, it's strong again. Obviously, I just see you quoted about the AI chips, how -- very strong double-digit growth going into the next few years. Maybe this time, they're the strongest secular tailwind behind that. But how much do you think the current strength is a cyclical recovery of HBM? And how much do you think the secular tailwind is going to be? How long it's going to last? And that's probably the first question. A little bit high level, but I appreciate your thoughts.

祝賀您取得的強勁業績和強勁的業績指引。我想再問一些關於HBM的問題。我知道HBM歷史上有過幾年表現強勁，然後回落了幾年，現在又恢復了強勁勢頭。顯然，我剛才看到您提到了AI晶片，未來幾年將保持兩位數的強勁增長。或許這一次，它們將成為背後最強勁的長期順風。但是，您認為目前的強勁勢頭在多大程度上是HBM的周期性復甦？您認為這種長期順風在多大程度上會持續？它會持續多久？這可能是第一個問題。這個問題有點高深，但我很欣賞您的想法。

So Charles, first of all, yes. I agree with you. If we talk about the cyclicality, if we go 2 or 3 years backwards, then it started and then didn't really run. I think that the applications, and we talk about the AI today, most of these components are coming with HBM. So as Rafi said in the prepared notes, the high-performance computing requires the chiplets with the CPU -- the strong CPU, and this is coming with something like 6 to 8 HBMs on each component on each system.

所以，查爾斯，首先，是的。我同意你的觀點。如果我們談論週期性，如果我們回溯兩三年，它開始運行，然後就無法真正運行起來了。我認為，應用程序，以及我們今天談論的人工智慧，大多數組件都配備了HBM。正如拉菲在準備好的筆記中所說，高效能運算需要CPU上的chiplet——強大的CPU，而每個系統的每個元件上大約有6到8個HBM。

So definitely, I think the difference of the HBM today, and if we want to compare it to the past, that the application is there, something that it wasn't. I think the main application back a few -- a couple of years ago, was primarily a gaming application. It was a graphics card. Today, I think the story is different. I think with the GPT and other applications coming along, the number of AI component systems that are sold is much higher. And therefore, I think the demand is definitely here, I would say, for the -- I don't want to say. I don't know what is foreseeable future, but I don't see this becoming cyclical very quickly.

所以，我認為如今 HBM 的差異在於，如果我們想將它與過去進行比較，那就是它有應用，而過去沒有。我認為幾年前，它的主要應用主要是遊戲應用，也就是顯示卡。而今天，情況已經不同了。我認為隨著 GPT 和其他應用程式的出現，AI 組件系統的銷售量會大幅提升。因此，我認為需求肯定存在，我想說的是──我不想說。我不知道可預見的未來會怎樣，但我認為這不會很快形成周期性。

Maybe I want to ask you about competition for the HBM-related inspection metrology. How do you see the competitive landscape? Is it fair to say Camtek probably close to majority share? And what do you expect competitors to catch up? And given how strong this market is, I mean, it's becoming a lot more attractive.

我想問一下您關於HBM相關檢測計量領域的競爭情況。您如何看待競爭格局？ Camtek可能已經接近佔據了大多數市場份額，這種說法合理嗎？您預期競爭對手會在哪些方面追趕？考慮到這個市場的強勁勢頭，它的吸引力正在大幅提升。

So first of all, yes, you are right. It's a lot more attractive. And as the volume grows up, definitely, we are a very strong market leader. I think today, with our market position, our understanding of the customer requirements, I think the barrier for entry is much higher than it used to be previously. So yes, there is going to be competitors. But I think that we understand the market and moving forward, I think we will continue to hold a major market share in the future as well.

首先，是的，你說得對。現在的市場吸引力大得多。而且隨著銷售量的成長，我們無疑會成為非常強大的市場領導者。我認為，憑藉我們如今的市場地位以及對客戶需求的理解，我認為進入市場的門檻比以前高得多。所以，確實會有競爭對手。但我認為，我們了解市場，並且展望未來，我相信我們未來也將繼續佔據主要市場份額。

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Maybe just one last clarification. Why do you think the barriers to entry is higher today? That's my last question.

也許還有最後一個問題需要澄清。您認為為什麼現在的進入門檻更高了？這是我的最後一個問題。

Because I think we have learned a lot of things what the application requires. We have very close relationship with the customers, we provide a very good customer support, and we are really entrenched in the processes, how to inspect things, how to measure things. And I think this to replace contact today with all the understanding and the experience that we have accumulated over the last few years, I think it's not an easy task.

因為我認為我們已經學到了很多應用所需的知識。我們與客戶保持著非常密切的關係，提供非常優質的客戶支持，並且我們對流程、如何檢查、如何測量有著深入的理解。我認為，要用我們過去幾年累積的理解和經驗來取代如今的接觸式溝通，這並非易事。

Yes. I would like to add that -- another issue very typically to the semiconductor industry. I think that the key -- one of the major issue is maintaining high yield in general in this industry. If you cannot do it, you are out of the business.

是的。我想補充一點——這是半導體產業非常典型的另一個問題。我認為關鍵——主要問題之一是在這個行業中保持整體高收益。如果你做不到，你就會被淘汰。

Now when customers using equipment and they get good results, high yield, very good support, they have no good reason to replace it with other competitors. So we work very hard, number one, to be all the time very competitive in performance; number two, to give an excellent support to customer, and support is not just to fix machine and application. It's a lot of special feature, new R&D, whatever is needed, and do it quickly. So when you provide to a customer such services, he really has not any good reason to go and to look for another competitor. This is very obvious in this industry.

現在，當客戶使用設備並獲得良好的效果、高產量和優質的支援時，他們沒有理由去尋找其他競爭對手。因此，我們非常努力，首先，始終保持效能方面的競爭力；其次，為客戶提供卓越的支持，而且支援不僅僅是修復機器和應用程式。它還包括許多特殊功能、新研發以及任何需要的東西，並且快速完成。所以，當你為客戶提供這樣的服務時，他們真的沒有任何理由去尋找其他競爭對手。這一點在這個行業中非常明顯。

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Our next question is going to be from Tom O'Malley from Barclays.

我們的下一個問題來自巴克萊銀行的湯姆奧馬利。

My first one was just on the supply chain. You're seeing some real acceleration in terms of orders on the HBM side. Could you talk about where specifically to the supply chain you're selling? Is that to the end-device maker? Is that to the memory guy? And that's the first part of the question.

我的第一個問題是關於供應鏈的。您看到HBM方面的訂單確實在加速成長。能具體談談你們的銷售對像是哪些供應鏈嗎？是面向終端設備製造商嗎？還是面向記憶體廠商？這是問題的第一部分。

The second part is just given the acceleration, are you seeing the potential to have a 10% customer? Is this a singular customer you're selling to? Or are there multiple customers that you're selling to in this space?

第二部分是，考慮到成長速度，您是否認為有潛力吸引 10% 的客戶？這 10% 的客戶是您的單一客戶嗎？還是您在這個領域有多位客戶？

So first of all, we are selling here the HBM, we are selling to the DRAM manufacturers. Now we are selling to all of them, all the leading ones. Obviously, I don't want to mention name, but I think you can understand those vendors that I'm talking about. So in that respect, I'm not sure that we will see here a 10% customer.

首先，我們在這裡銷售HBM，我們賣給DRAM製造商。現在我們賣給所有領先的製造商。當然，我不想透露具體名稱，但我想你們應該能理解我指的是哪些供應商。所以從這個角度來看，我不確定我們是否會在這裡看到10%的客戶。

Okay. And then traditionally, you guys break out Asia Pacific and Rest of World as a percentage of revenue. What was that in this past quarter?

好的。然後，按照慣例，你們會將亞太地區和世界其他地區的收入佔比進行細分。上個季度的數據是多少？

Last quarter, it was 90% Asia and 10% U.S. and Europe. This quarter, it shifted a little bit more towards U.S. and Europe, 17%, and 83% for Asia.

上個季度，亞洲佔90%，美國和歐洲佔10%。本季度，美國和歐洲的佔比略有增加，達17%，亞洲佔83%。

Great. And then just one more quickly. On the prepared remarks, you guys talked about the year being over $300 million. I don't know if you were being very specific about that. But if you look at December, even just a slight amount of sequential growth and even flat gets you above $300 million. Are you guys being specific? Or could it easily be a lot greater than $300 million? Can you just talk about how specific you were being with that guidance in the Q4?

好的。然後我再快速問一句。在準備好的演講稿中，你們提到今年的營收將超過3億美元。我不知道你們對此是否非常具體。但如果你看看12月的數據，即使只是環比小幅成長，甚至持平，也能超過3億美元。你們說得具體嗎？或者說，這個數字很容易就遠超3億美元？你能不能談談你們在第四季給的這個指引有多具體？

What we said is basically, we provided guidance for Q3 of $77 million to $79 million and we also mentioned we expect a sequential growth in the fourth quarter as well. We did not mention at this point how significant the growth will be in the fourth quarter versus Q3.

我們基本上是這麼說的：我們為第三季提供了7700萬至7900萬美元的業績指引，也提到我們預計第四季也將實現環比成長。目前我們還沒有提到第四季相比第三季的成長幅度會有多大。

By the way, most of the demand that we can see actually [starts] to 2024, in the beginning of 2024, just to put things in proportion.

順便說一句，我們看到的大部分需求實際上是在 2024 年，也就是 2024 年初開始的，只是為了把事情按比例計算出來。

Our next question will be from Craig Ellis from B. Riley.

我們的下一個問題來自 B. Riley 的 Craig Ellis。

Congratulations on the momentum in the business.

祝賀業務發展勢頭良好。

I wanted to start just by shifting away a little bit from High Bandwidth Memory, where there's been a lot of really good color, and check on the visibility that you have in calendar '24 in other areas. So can you comment on the visibility in CIS and front-end macro inspection as you look out to next year?

我想先從高頻寬記憶體（那裡有很多非常好的色彩）稍微轉移一下主題，並檢查一下您在2024年日曆中在其他領域的可見性。那麼，您能否展望一下明年CIS和前端宏檢測的可見度？

So I think when we look at '24, so yes, we covered 30% we said is going to be the chiplets and the HBM. When we talk about the other segments, so first of all, with the front-end macro, this is roughly about 15%, 1-5 percent of the business, and I think it will be a similar number or maybe even a little bit larger next year. Similar number is the silicon-carbide portion, so I think these together will also amount to something like about 30%.

所以我認為，當我們展望2024年時，是的，我們涵蓋了30%的業務，其中將包括小晶片和HBM。至於其他部分，首先是前端宏，這大約佔業務的15%，也就是1-5%，我認為明年這個數字會差不多，甚至可能更高。碳化矽部分也佔了差不多的份額，所以我認為這些加起來也會達到30%左右。

CMOS Image Sensors is a little lower this year. It's in the range of about 8%. I think it will be a little stronger next year. So here, I have already discussed about 70% of the business.

CMOS影像感測器今年的銷售額略低，約8%左右。我認為明年會稍微好一點。所以，我在這裡已經討論了大約70%的業務。

Now the other portion, and we are talking here just the chiplet and the HBM, but definitely, there is what we call the wafer level packaging, fan-in, fan-out. This is a significant portion of the business in the range of about 25% to 30%, so -- also, this segment continues to be strong.

現在說說另一部分，我們這裡只討論小晶片和HBM，當然還有我們所說的晶圓級封裝，扇入扇出。這部分佔了我們業務的很大一部分，大約佔25%到30%，所以，這一部分仍然保持強勁。

So overall, when we look at '24, I think what we are enjoying is the fact that our business is changing. And today, we are inspecting the wafers in a lot more steps than historically we used to do. This is, -- in many parts, it's related to the chiplet business where there we're involved in multiple step, but it's also correct also in the front-end business as well. So coupled with that, a healthy backlog and pipeline. So all of these together, all of the things that I've just discussed, this is the reason for our optimistic view on 2024.

總的來說，展望2024年，我認為我們樂見的是業務正在改變。如今，我們對晶圓的檢測步驟比以往多得多。這在許多方面都與我們涉及多個步驟的晶片業務相關，但前端業務也是如此。此外，我們還擁有健康的訂單和產品線。所有這些，加上我剛才討論的所有因素，就是我們對2024年樂觀的原因。

That's very helpful color, Ramy. Moshe, if I could turn it over to you and just dig in further on the gross margin implications of the color we're getting as we look into 2024. Clearly, you've messaged that we're going to have continued gross margin gains.

拉米，顏色問題很有幫助。莫舍，我可以把時間交給你，深入探討顏色對2024年毛利率的影響嗎？顯然，你已經表示我們的毛利率將繼續成長。

The question is this, as we think about the magnitude of gains, are there any items, whether it would be higher cost inventory or things that are happening with manufacturing, that would lead to more substantial decreases at certain points as revenues ramp? Or should it be fairly steady and linear in association with the revenue ramp-up?

問題是，當我們考慮收​​益的幅度時，是否存在一些因素，無論是庫存成本增加，還是製造業正在發生的事情，會在收入成長的某些階段導致收益大幅下降？還是應該與收入成長保持相對穩定且線性的關係？

So generally speaking, what we have done in the last few months is we have taken different steps in different directions. On the costing side, supply chain issues, engineering changes into the product. And also, we've looked into the ASP and the marketing efforts around customers. And all in all, we believe that all these major initiatives will result in improved gross margin over the course of the next few quarters. .

總的來說，過去幾個月我們採取了不同的措施，朝著不同的方向發展。例如成本、供應鏈問題、產品工程變更等。此外，我們也研究了平均售價 (ASP) 以及圍繞客戶的行銷工作。總而言之，我們相信所有這些重大舉措將在未來幾季提升毛利率。

Obviously, product mix is a factor here so I cannot predict the impact. But in general, I think the trend will be a positive trend of improving gross margin to around the 50% gross margin level that we've been operating in a year ago.

顯然，產品組合是一個因素，所以我無法預測其影響。但總的來說，我認為趨勢將是積極的，毛利率將提高到一年前50%左右的水平。

That's really helpful. And then lastly, if I could, a more strategic question for Rafi. Rafi, in the past, you've expressed strong ambition for M&A. Can you talk about some of the gives and takes to executing on M&A in the current environment? For example, previously, COVID issues made person-to-person interaction difficult. That would have -- seemed to have gone away now. But on the other hand, you've also got a rapidly-growing business, and perhaps that direct attention just towards organic growth. Can you just walk us through the puts and takes to how you're thinking about M&A in the near and intermediate term?

這真的很有幫助。最後，如果可以的話，我想問拉菲一個更具策略性的問題。拉菲，過去你曾表達過對併購的強烈意願。能否談談在當前環境下執行併購的一些優缺點？例如，先前新冠疫情導致人際互動變得困難。這種情況現在似乎已經消失了。但另一方面，你的業務也在快速成長，或許你會更專注於有機成長。能否請你談談你對近期和中期併購的考量？

Okay. First of all, we're growing very nice, but we invest a lot, a lot of efforts of executing M&A, okay? We search companies, we had a lot of meetings with companies. But there are something that this industry, the semiconductor, are a very optimistic industry. And most of the investors really believe in their companies, and they're not so running to sell the company. So we do a lot of effort, and hopefully, we can maybe do something not so far.

好的。首先，我們的發展勢頭很好，但我們在執行併購方面投入了大量精力，對吧？我們尋找合適的公司，也與許多公司進行了會面。但有一點是肯定的，那就是半導體產業是一個非常樂觀的產業。大多數投資者都對自己的公司充滿信心，他們不會急於出售公司。所以我們付出了很多努力，希望不久的將來我們能有所成就。

But what I tried to tell, we put a lot of attention. Most of my time, I think, now is for executing M&A. So definitely, we continue investing efforts, and I believe that we will see the fruit soon.

但我想說的是，我們投入了大量精力。我認為我現在大部分時間都花在執行併購。所以，我們肯定會繼續投入精力，我相信很快就會看到成果。

Our next question is from Gus Richard of Northland.

我們的下一個問題來自 Northland 的 Gus Richard。

Could you give us a sense of what you think the compounded annual growth rate of HBM plus AI will be over the next couple of years?

您能否告訴我們，您認為未來幾年 HBM 加 AI 的複合年增長率是多少？

Well, the CAGR is above 20%. Now you need to look at -- it depends on, I would say, the number of wafers or what is related -- more related to our business, it's above 20% if you look at the next 5 years, Gus.

嗯，複合年增長率在20%以上。現在你需要看看——我想說，這取決於晶圓的數量，或與我們業務更相關的因素。如果展望未來5年，複合年增長率將在20%以上，Gus。

Okay. And in terms of heterogeneous integration, are you primarily selling -- what's the mix between OSAT and foundry IDM?

好的。就異質整合而言，您主要銷售的是 OSAT 和代工 IDM 之間的組合嗎？

Well, I don't have the numbers in front of me. But I think, as you know the business, when the world, there is -- we sell to all of them today. But if you talk about the more advanced applications which are related to the chiplets and HBM which are packaged on -- in the heterogeneous integration, this is more today the foundries, or a foundry, and the leading IDMs. This business is starting to proliferate also to the main OSATs, but they are the smaller portion of this business. But definitely, over time, this will become more of business for OSATs as well.

嗯，我手邊沒有具體數字。但我認為，如你所知，我們目前向所有廠商銷售產品。但如果你談到與 Chiplet 和 HBM 相關的更高級應用，這些應用是在異構集成中封裝的，那麼如今更多的是代工廠，或者說是晶圓代工廠和領先的 IDM。這項業務也開始向主要的 OSAT 廠商擴展，但它們只佔整個業務的一小部分。但可以肯定的是，隨著時間的推移，這也會成為 OSAT 廠商的重要業務。

Got it. That's very helpful. And then last one for me. When you think about your wafer level packaging portion of your business, what is the driver of that business? Is it mobile phones? Is it something else? Could you just give a little color on the end market dynamics there?

明白了。這很有幫助。最後一個問題。說到晶圓級封裝業務，它的驅動力是什麼？是手機嗎？還是其他什麼？能否簡單介紹一下終端市場的動態？

I think this is a very broad market. Definitely phones, IoTs, everything today that is redesigned is utilizing the wafer level packaging. Now you see a very large growth in the fan-out segment because as people start to make those dies smaller and smaller, they just don't have enough room for the bumps, and therefore, they're using the fan-out. Fan-out is also cheaper. It doesn't require the substrate, and it has some advantages from the electrical performance as well.

我認為這是一個非常廣泛的市場。當然，手機、物聯網，如今所有重新設計的產品都在使用晶圓級封裝。現在你會看到扇出型封裝領域出現了非常大的成長，因為隨著人們開始將晶片做得越來越小，它們已經沒有足夠的空間容納凸塊，因此他們開始使用扇出型封裝。扇出型封裝也更便宜。它不需要基板，並且在電氣性能方面也有一些優勢。

So overall, fan-out is a significant driver in this business. And definitely, quite a few machines are sold there.

總的來說，扇出型是這個行業的一個重要驅動力。而且，確實有很多機器是在那裡銷售的。

Got it. And then what do you think the growth rate of that segment could be into the next couple of years?

明白了。那麼您認為未來幾年該細分市場的成長率會是多少呢？

It will be -- it's anywhere between, I would say, it's more than 10% for sure. And it depends, but it's significantly more than 10%.

肯定會在10%以上。具體比例要看情況，但肯定遠超10%。

Our next question is from Vedvati Shrotre from Jefferies.

我們的下一個問題來自 Jefferies 的 Vedvati Shrotre。

Do you hear me okay?

你聽見我說話了嗎？

Yes.

是的。

Okay. So I wanted to hit on the gross margin side of things. So your revenues, looks like in 2024, your revenues start to grow beyond that $300 million mark which will be sort of a record year for Camtek, and that gets you closer to the high end of your target model. So what does that mean for gross margins? Do you think going to that 52% is a possibility into 2024?

好的。我想談談毛利率方面的問題。您的收入預計在2024年會超過3億美元，這對Camtek來說將是創紀錄的一年，這將使您更接近目標車型的高端。這對毛利率意味著什麼？您認為到2024年，毛利率有可能達到52%嗎？

As I said -- Vedvati, as I've mentioned before, we are in an improvement trend in the gross margin level. We've been operating in the last 2 or 3 years around the 50% to 52%, and I don't see a reason that we cannot go back to this range. The difference between 50% and 52% is mainly a product mix, and this I cannot predict. But in general, we -- our target is to exceed the 50% gross margin as we are increasing our revenue levels.

正如我之前提到的，Vedvati，我們的毛利率正處於上升趨勢。過去兩三年，我們的毛利率一直在50%到52%左右，我認為我們沒有理由不能回到這個水準。 50%和52%之間的差異主要在於產品組合，而這一點我無法預測。但總的來說，我們的目標是在收入水準不斷提高的同時，將毛利率提高到50%以上。

Right. And so to follow up on that. So when you say product mix, are there any specific segments that could be sort of margin-dilutive? So like, how does the mix effect? Like is it the application? Is it CIS versus HBM kind of a story? If you could give any color on what impacts the product mix.

好的。接下來我想問一下。在您說的產品組合中，有哪些特定的細分市場可能會稀釋利潤？產品組合會產生什麼影響？是應用方面嗎？是CIS和HBM之間的對比嗎？能具體解釋一下哪些因素會影響產品組合嗎？

Yes. As a matter of fact, it's not geography-specific or an application-specific, it's more like a deal mix. So it depends on the deal level. Size of the deal, obviously, has its own impact. But not only that, just different dynamics around the deal, and also the machine configuration. Some machines have a very basic configuration, and these machines come with relatively lower gross margin.

是的。事實上，它並非針對特定地域或特定應用，而更像是一種交易組合。所以這取決於交易的等級。交易規模顯然有其自身的影響。但不僅如此，交易本身的動態也有所不同，機器的配置也有所不同。有些機器的配置非常基礎，這些機器的毛利率相對較低。

(Operator Instructions)

（操作員指示）

Our next question is from (inaudible) of (inaudible).

我們的下一個問題來自（聽不清楚）的（聽不清楚）。

Yes. Sorry for that. Can you hear me?

是的。抱歉。你聽得到我說話嗎？

Yes.

是的。

My first one is about the $500 million target. Given your current visibility, when do you aim to hit the target? What kind of -- how many years do you think will take you to reach that? And what kind of embedded assumptions do you put in that target?

我的第一個問題是關於5億美元的目標。鑑於您目前的預期，您計劃何時實現這個目標？您認為需要多少年才能實現這個目標？您在這個目標中嵌入了哪些假設？

Okay. Maybe I will answer to you. Look, first of all, everything is under the assumption that semiconductor industry continue to grow. All the analysts, everyone predict that by the end of this decade, we come to maybe close to $1 trillion revenue. And definitely, it means that the semiconductor industry is going to grow roughly 2 digit from year-to-year. And we always say that we believe that we can grow faster than the industry because we are focusing on specific segment that the growth rate is higher than the average industry. This is the first assumption.

好的。也許我可以回答你。首先，一切都建立在半導體產業持續成長的假設之上。所有分析師都預測，到本世紀末，半導體產業的營收可能接近1兆美元。這無疑意味著半導體產業每年將以大約兩位數的速度成長。我們總是說，我們相信我們的成長速度能夠超過行業平均水平，因為我們專注於特定領域，這些領域的成長率高於行業平均水平。這是第一個假設。

Now, the second one that we definitely feel comfortable that we continue to be a leading supplier. We continue to provide superior support to our customer. And if we continue doing it and don't miss anything, customer, as I mentioned before, are not going to replace vendor. This is the culture in our industry. So if we take this the first one and the second one, and definitely, we feel confident that we can deliver it, so then, we can do it.

現在，第二個是我們確信我們將繼續保持領先的供應商地位。我們將繼續為客戶提供卓越的支援。如果我們繼續這樣做，並且不遺漏任何細節，那麼正如我之前提到的，客戶就不會取代供應商。這是我們行業的文化。所以，如果我們同時兼顧第一個和第二個，我們確信我們能夠做到，那麼我們就能做到。

Now when I said we can do it, the question if it takes 2 years or 3 years also depend if we make an M&A in between, if it's only organic. So this could be roughly, if you take out the M&A, it can be about 3 years. If you go with M&A, it could be maybe 2 years. But we talk about roughly this level of targets.

我說我們可以做到，但問題是，這需要2年還是3年，也取決於我們是否在中間進行併購，以及是否是自然成長。所以，如果剔除併購，大概要3年。如果只進行併購，大概需要2年。但我們討論的大致目標水準是這樣的。

Okay. My second is about the orders that you've gotten. Could you speak about the value of them? And what's the schedule of delivery for them?

好的。第二個問題是關於你們收到的訂單。能談談這些訂單的價值嗎？交貨時間表是怎樣的？

Ramy, do you want to give...

拉米，你想給…

Look, so first of all, from the average ASP, those orders are anywhere from $0.9 million to $1 million. So this is...

首先，從平均售價來看，這些訂單的價格在90萬美元到100萬美元之間。所以…

Per machine.

每台機器。

Per machine. So this would give you the more or less the -- and so -- and from the shipment point of view, most of the machines in what we have discussed, about 80% of them will be shipped this year in the third and the fourth quarter. About 20% will be shipped in the first quarter of next year.

每台機器。所以，這大概能為你提供——所以——從出貨量的角度來看，我們討論過的大多數機器，大約80%將在今年第三季和第四季發貨。大約20%將在明年第一季出貨。

That you speak about the 42 machines or also for the 10 that were ordered in the last couple of years?

您說的是 42 台機器，還是說過去幾年訂購的 10 台機器？

I included the 10 as well.

我也包括了 10。

Okay. So basically, the question is the extent of growth that we may see in 2024. It's obvious that there is a sense that we have reached a bottom, and from here, things will get improved. The question is, what is the extent of improvement? Is it something that will get you to similar levels like 2022? Or is it something that will bring you much -- to much higher levels? What's the range of possibilities that you foresee from now about the revenues in 2024?

好的。所以基本上，問題在於我們在2024年可能看到的成長幅度。顯然，人們感覺我們已經觸底，從現在開始情況會有所改善。問題是，改善的程度是多少？它會讓你達到與2022年類似的水平嗎？還是會讓你達到更高的水準？您現在對2024年收入的預測範圍有多大？

Look, (inaudible), what we can say at this stage, and I think we said it in our prepared notes, that it will be a record year. It will be better than the record that we achieved in 2022.

聽著，（聽不清楚），我們現在可以說的是，我想我們在準備好的筆記裡也說過，這將是創紀錄的一年。它將比我們在2022年創下的紀錄更好。

At this stage, I think we explained exactly how we see it, and we shed a lot of color into the business of '24. I think at this stage, we cannot predict any more than we've just said. Definitely as we'll continue and get closer to '24, we'll be in a much better position to give a better assessment, a more accurate assessment of what will be the final revenues.

在這個階段，我認為我們已經準確地解釋了我們的看法，並且對2024年的業務進行了大量的闡述。我認為在現階段，我們無法預測比剛才更多的內容。當然，隨著我們繼續前進，越來越接近2024年，我們將能夠更好地評估最終的收入，做出更準確、更準確的評估。

Our next question is from Brian Chin from Stifel.

下一個問題來自 Stifel 的 Brian Chin。

Just one quick follow-up. Just the -- going back to the 42 system order that you press released a few weeks ago, was the HBM portion of that order a lot bigger than the 10 additional systems that you discussed today from a different customer? Number one. And two, like more broadly, I think many of us expect strong industry expansion for HBM, but can you help us understand when you ship 10 systems, what is sort of the equivalent increase in HBM capacity?

再問一個問題。回到幾週前您發布的 42 套系統訂單，該訂單中 HBM 的份額是否比您今天討論的另一個客戶的 10 套額外系統大很多？第一，是的。第二，更廣泛地說，我認為我們許多人都期待 HBM 行業能夠強勁擴張，但您能否幫助我們了解一下，當您出貨 10 套系統時，HBM 容量的等效增長是多少？

So first of all, in the 42, I don't want to go into numbers but it's not a much bigger number than the second order. But obviously, I think we said that we will see more orders in the near future. So I think this is all we can say at this stage about the number of HBMs.

首先，關於42，我不想透露具體數字，但這個數字不會比第二個訂單多很多。不過，我們之前說過不久的將來會有更多訂單。所以，關於HBM的數量，我想目前我們能透露的就這些了。

I don't have in front of me. We can have a follow-on call and give you if we can find it, an indication of the capacity versus those machines. Definitely, I'm not in position to answer now because I don't know the number, but I can see if we can provide this number.

我手頭上沒有。我們可以再打個電話跟進一下，如果能找到的話，可以告訴你這些機器的產能狀況。當然，我現在無法回答，因為我不知道具體數字，但我可以看看能不能提供這個數字。

Okay. I think that ends our Q&A session. Before I hand over back to Rafi, I'd like to let you all know that in the coming hours, we will upload the recording of the conference call to the Investor Relations section of Camtek's website, that's www.camtek.com. And I would like to thank everybody for joining this call.

好的。我想我們的問答環節就到此結束了。在將發言權交還給拉菲之前，我想告訴大家，在接下來的幾個小時裡，我們會將電話會議錄音上傳到 Camtek 網站的「投資者關係」板塊，網址是 www.camtek.com。感謝各位參加本次電話會議。

Rafi, please go ahead with your closing statements.

拉菲，請繼續你的結束語。

Okay. I would like to thank you all for your continued interest in our business. I want to especially thank the employees and my management team for their tremendous performance. To our investor, I thank you for your long-term support. I look forward to talking with you again next quarter. Thank you, and goodbye.

好的。感謝大家對我們業務的持續關注。我尤其要感謝員工和管理團隊的優異表現。對於我們的投資者，我感謝你們長期以來的支持。期待下個季度再次與你們溝通。謝謝，再見。

Thank you. That ends our conference call. You may go ahead and disconnect.

謝謝。我們的電話會議到此結束。您可以掛斷電話了。