Cohu Inc (COHU) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Cohu, Inc. Second Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jeff Jones, Chief Financial Officer.

大家好，感謝您的耐心等待。歡迎參加 Cohu 公司 2022 年第二季財務業績電話會議。 （操作說明）請注意，本次會議正在錄音。現在，我將把會議交給今天的發言人，財務長 Jeff Jones 先生。

Good afternoon, and welcome to our conference call to discuss Cohu's second quarter 2022 results and third quarter 2022 outlook. I'm joined today by our President and CEO, Luis Muller. If you need a copy of our earnings release, you may access it from our website at cohu.com or by contacting Cohu Investor Relations. There's also a slide presentation in conjunction with today's call that may be accessed on Cohu's website in the Investor Relations section. Replays of this call will be available via the same page after the call concludes. Now to the safe harbor.

下午好，歡迎參加我們關於Cohu 2022年第二季業績和第三季展望的電話會議。今天與我一同參加的還有我們的總裁兼執行長路易斯·穆勒。如果您需要一份收益報告，可以造訪我們的網站cohu.com或聯絡Cohu投資者關係部門取得。本次電話會議還配有幻燈片演示文稿，您可以在Cohu網站的投資者關係版塊查看。會議結束後，您也可以在同一頁面收聽本次電話會議的錄音回放。現在進入安全港聲明環節。

During today's call, we will make forward-looking statements reflecting management's current expectations concerning Cohu's future business. These statements are based on current information that we have assessed but which, by its nature, is subject to rapid and even abrupt changes. We encourage you to review the forward-looking statements section of the slide presentation and the earnings release as well as Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q. Our comments speak only as of today, July 28, 2022, and Cohu assumes no obligation to update these statements for developments occurring after this call.

在今天的電話會議中，我們將發表一些前瞻性聲明，反映管理層對Cohu未來業務的當前預期。這些聲明是基於我們評估的現有信息，但這些信息本身俱有快速甚至突發變化的性質。我們建議您查閱簡報和獲利報告中的前瞻性聲明部分，以及Cohu向美國證券交易委員會（SEC）提交的文件，包括最近提交的10-K表和10-Q表。我們的評論僅代表截至2022年7月28日的觀點，Cohu不承擔在本次電話會議之後更新這些聲明的義務。

Finally, during this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings release and slide presentation for reconciliations to the most comparable GAAP measures. Now I'd like to turn the call over to Luis Muller, Cohu's President and CEO. Luis?

最後，在本次電話會議中，我們將討論一些非GAAP財務指標。請參閱我們的獲利報告和幻燈片簡報，以了解與最接近的GAAP指標的調節表。現在，我想把電話會議交給Cohu的總裁兼執行長路易斯·穆勒。路易斯？

Good afternoon, and thanks for joining us. Cohu again reported outstanding results with revenue up 9.8% quarter-over-quarter to $217.2 million and non-GAAP EPS at $0.81, exceeding the midpoint of guidance. Importantly, gross margin of 46.5% continues to progress toward our 3-year target financial model and benefited from growth of our semiconductor test business as well as increased insourcing of contactor manufacturing, now at 66% at the end of Q2.

下午好，感謝各位參加。 Cohu再次公佈了出色的業績，營收環比增長9.8%至2.172億美元，非GAAP每股收益為0.81美元，超出預期中位數。更重要的是，毛利率達到46.5%，繼續朝著我們三年目標財務模型穩步邁進，這得益於半導體測試業務的增長以及接觸器製造內部化率的提高（截至第二季度末已達66%）。

Estimated test cell utilization unsurprisingly came down 3 points quarter-over-quarter to about 84%, still indicating a healthy business environment, but in line with softness in mobility and consumer end markets. Earlier in the quarter, we announced that a leading U.S. semiconductor manufacturer selected the Diamondx platform for testing devices for Internet of Things applications. The adoption of the Diamondx by new and existing customers is strong validation of Cohu's strategy to broaden the use of our test solutions in the large mixed signal market.

不出所料，測試單元利用率環比下降3個百分點至約84%，這仍然表明業務環境良好，但與行動和消費終端市場的疲軟相符。本季度早些時候，我們宣布一家美國領先的半導體製造商選擇Diamondx平台用於物聯網應用設備的測試。新舊客戶對Diamondx的採用有力地驗證了Cohu旨在擴大其測試解決方案在大型混合訊號市場應用範圍的策略。

We have doubled the Diamondx installed base in the last 3 years. Expanding the market use in data storage, analog, bar management, display driver, automotive and RF IoT. In total, we believe there is a $1.5 billion addressable market opportunity for Cohu testers. Also in the second quarter, we have ramped tester shipments in support of the recent design wins in Korea, for test and display driver ICs and in Japan for automotive power IC test. The team is hard at work to deliver additional wins over the next few quarters, mostly across automotive and industrial semiconductor customers as we continue to demonstrate the cost-effective value proposition of the air-cooled Diamondx.

過去三年，我們的Diamondx測試儀裝置量翻了一番，市場應用範圍不斷擴大，涵蓋資料儲存、類比電路、條碼管理、顯示器驅動、汽車和射頻物聯網等領域。我們認為，Cohu測試儀的潛在市場規模高達15億美元。此外，在第二季度，我們大幅提升了測試儀的出貨量，以支援近期在韓國（用於測試和顯示驅動IC）以及日本（用於汽車電源IC測試）贏得的設計項目。團隊正全力以赴，努力在未來幾季贏得更多項目，主要針對汽車和工業半導體客戶，我們將繼續展示風冷Diamondx測試器的高性價比優勢。

Now on Cohu's Interface business, we benefited from demand geared towards xEV and industrial power applications in Q2. Together with our handlers, we captured multiple system orders for a U.S.-based customer scaling manufacturing of silicon carbide power devices. Our solution enables high current gearing capacity test and inspection of known good die devices that are subsequently integrated in power modules.

在Cohu的介面業務方面，我們受惠於第二季電動車和工業電源應用領域的需求成長。我們與代理商攜手合作，為一家美國客戶贏得了多個系統訂單，該客戶正在擴大碳化矽功率裝置的生產規模。我們的解決方案能夠對已知合格的晶片進行高電流齒輪傳動能力測試和檢驗，這些晶片隨後會被整合到功率模組中。

In the second quarter, we presented our cRacer [opto site] probe card solution at TESCAN X and semiconductor wafer test conferences, showcasing the lower cost and higher performance value proposition of Cohu's probe card technology for millimeter-wave in PMIC applications. Using similar technology, we delivered several icon coaxial contactors last quarter for testing millimeter-wave RF transceivers. These products are already in use and we plan to expand to new customers and ramp in-house manufacturing capacity in support of our strategy to grow, introduce estimated $300 million probe card addressable market.

第二季度，我們在TESCAN X和半導體晶圓測試會議上展示了我們的cRacer [光路]探針卡解決方案，重點介紹了Cohu探針卡技術在毫米波PMIC應用中的低成本和高性能優勢。上季度，我們利用類似技術交付了多個用於測試毫米波射頻收發器的Icon同軸接觸器。這些產品已投入使用，我們計劃拓展新客戶，並提高內部產能，以支持我們拓展市場、開拓預計價值3億美元的探針卡市場的策略。

Now switching to inspection and metrology. We qualified the Neon platform at 2 new customers in Q2 and launched 6 new customer evaluations to conclude over the next 3 quarters. One consists of Neon measuring small copper pillars on a BAW filter, an application that demonstrates Cohu's vision technology accuracy. We continue to expand our capabilities, improve the vision accuracy and implement deep learning algorithms to increase vision yield for our customers. This is an exciting area that will continue to grow as 2.5 and 3D packages gain more volume across end market applications and the need for higher quality escalates.

現在我們轉向檢測和計量領域。第二季度，我們為兩位新客戶完成了Neon平台的認證，並啟動了六項新客戶評估，這些評估將在未來三個季度內完成。其中一項評估是使用Neon測量BAW濾波器上的小型銅柱，該應用充分展現了Cohu視覺技術的精度。我們將持續拓展自身能力，提升視覺精準度，並應用深度學習演算法來提升客戶的視覺良率。這是一個令人振奮的領域，隨著2.5D和3D封裝在終端市場應用中的普及以及對更高品質需求的不斷增長，該領域將持續發展壯大。

Now switching to our software services. We've broadened the penetration of our DI-Core data analytics offering to 2 new customers, both in automotive semiconductor markets where there is pressure to quickly ramp capacity and scale up manufacturing. As we expand the DI-Core customer base, the value we deliver with even 1% increase in test cell uptime is becoming clear. It's not surprising that research and markets estimates the total available market for industrial analytics at $1.5 billion and expanding at a compound annual growth rate of approximately 21%. This is obviously a large industry, and our initial focus is to optimize Cohu's install base of 23,000-plus systems.

現在我們來談談軟體服務。我們已將DI-Core數據分析產品拓展至兩家新客戶，這兩家客戶均來自汽車半導體市場，這兩個市場都面臨快速提升產能和擴大生產規模的壓力。隨著DI-Core客戶群的擴大，即使測試單元正常運作時間僅提高1%，我們所創造的價值也日益凸顯。市場研究機構估計，工業分析市場總規模達15億美元，並以約21%的複合年增長率持續成長，這並不令人意外。這顯然是一個龐大的產業，而我們目前的首要任務是優化Cohu超過23,000套系統的現有裝置量。

Our next milestone is to deliver incremental functionality in the second half of this year that predicts out of specification equipment performance, contactor analytics and more. Cohu's test automation business also had a strong quarter. With 3 design wins at new customer operations in China, position our business for growth as China expands in automotive and industrial markets. We booked multiunit orders for a MEMS Test platform that is still in development, but gaining early traction for testing high signature [various] ratio sensors, essentially precision sensors. Also won a first order for testing CMOS image sensor devices used in automotive, and continued to expand our high-performance thermal systems at 2 leading-edge U.S.-based customers manufacturing graphics and data center processors.

我們下一個里程碑是在今年下半年交付更多功能，包括預測設備性能超出規格、接觸器分析等。 Cohu 的測試自動化業務本季也表現強勁。我們在中國新客戶的營運中贏得了 3 個設計訂單，這為我們在中國汽車和工業市場擴張之際的業務成長奠定了基礎。我們獲得了 MEMS 測試平台的多台設備訂單，該平台仍在開發中，但已初步應用於高特徵比率感測器（本質上是精密感測器）的測試。此外，我們還贏得了第一個用於汽車行業的 CMOS 影像感測器元件測試訂單，並繼續為兩家領先的美國客戶（圖形和資料中心處理器製造商）擴展我們的高性能熱系統。

While we continue to be challenged with longer lead times for components and the regional COVID lockdowns in China, our operations team, again, did an excellent job responding and ensuring customer deliveries in the second quarter. Overall, this is an interesting environment. On the one hand, we have seen a softening in consumer and mobility demand since early this year. And on the other hand, we're extremely busy with new customer valuations that we expect to convert to wins across various product businesses over the next few quarters. In parallel, automotive and industrial markets remain robust and demand has been strong. At a macro level, it's obvious there are serious concerns about the rising interest rates and persistent inflation in the U.S. For the next few quarters, it wouldn't be surprising to see auto, industrial and data center remain strong while mobility and consumer soft.

儘管零件交貨週期延長以及中國部分地區因新冠疫情實施的封鎖措施持續給我們帶來挑戰，但我們的營運團隊在第二季度再次表現出色，有效應對並確保了客戶的訂單交付。整體而言，目前的市場環境頗為複雜。一方面，自今年年初以來，我們看到消費者和旅遊領域的需求放緩。另一方面，我們正忙於對新客戶進行估值，預計未來幾季這些估值將轉化為各個產品業務的實際訂單。同時，汽車和工業市場依然強勁，需求旺盛。從宏觀層面來看，美國不斷上升的利率和持續的通膨顯然令人擔憂。未來幾個季度，汽車、工業和資料中心市場預計將保持強勁，而出行和消費者市場則可能疲軟。

Fortunately, for Cohu, the breadth of our product line and technologies enable us to address multiple market segments and capitalize on opportunities as they arise. We're not forecasting 2023 yet, but based on early customer projections and increasing wafer manufacturing capacity, we anticipate another ramp some time near the middle of next year, driven by high-end smartphone demand, continued growth of automotive ADAS and xEV, strong industrial and data center. Regardless, we're very focused on continuing to grow the business, expanding the use of Diamondx, vision inspection systems, interface products and data analytics, such that Cohu can achieve our $1 billion revenue target model and 49% non-GAAP gross margin. At the same time, the company's structure is substantially more efficient today after consolidating the Xcerra acquisition, and we can deliver a much more resilient business model through industry cycles.

幸運的是，Cohu 豐富的產品線和技術優勢使我們能夠涵蓋多個細分市場，並掌握市場機會。我們目前尚未對 2023 年進行預測，但基於早期客戶反饋和不斷提升的晶圓製造能力，我們預計在明年年中前後，在高端智慧型手機需求、汽車 ADAS 和 xEV 的持續增長以及強勁的工業和數據中心需求的推動下，產能將再次提升。無論如何，我們始終專注於業務的持續成長，擴大 Diamondx、視覺偵測系統、介面產品和資料分析的應用，並力求 Cohu 10 億美元的營收目標和 49% 的非 GAAP 毛利率。同時，在整合了對 Xcerra 的收購後，公司目前的組織結構更加高效，我們能夠建立更具韌性的商業模式，以應對產業週期波動。

Let me now turn it over to Jeff to share second quarter results and provide specifics about our third quarter guidance. Jeff?

現在我把麥克風交給傑夫，讓他來分享第二季業績並具體說明我們第三季的業績預期。傑夫？

Thanks, Luis. Before I walk through the Q2 results and Q3 guidance, please note that my comments that follow, I'll refer to non-GAAP figures. Information about the non-GAAP financial measures, including GAAP to non-GAAP reconciliations and other disclosures are included in the accompanying earnings release and investor presentation, which are located on the Investor page of our website.

謝謝路易斯。在詳細解讀第二季業績和第三季展望之前，請注意，我接下來的評論將使用非GAAP財務資料。有關非GAAP財務指標的信息，包括GAAP與非GAAP的調節表以及其他披露內容，均包含在隨附的盈利報告和投資者演示文稿中，這些文件可在我們網站的投資者關係頁面上找到。

Now turning to the financial results. Cohu again delivered strong revenue and profitability in the quarter. Q2 revenue was $217.2 million and at the higher end of our guidance range. During the second quarter, no customer accounted for more than 10% of sales. Gross margin in Q2 was 46.5%, about 50 basis points higher than guidance because of increasing in-sourced contactor manufacturing and higher recurring revenue. Due to supply chain constraints, we have recently incurred cost increases for IC components used on our tester products. These recent headwinds negatively impacted Cohu's Q2 gross margin by approximately 130 basis points. We expect these challenges to persist into mid-2023, and then reduce over time as we increase sourcing directly with semiconductor manufacturers and component availability improves.

現在來看財務業績。 Cohu本季再次實現了強勁的營收和獲利能力。第二季營收為2.172億美元，處於我們預期範圍的高端。第二季度，沒有任何一家客戶的銷售額佔比超過10%。第二季毛利率為46.5%，比預期高出約50個基點，這主要得益於內部接觸器製造業務的增加以及經常性收入的成長。由於供應鏈的限制，我們近期用於測試儀產品的積體電路元件成本有所上漲。這些不利因素使Cohu第二季的毛利率下降了約130個基點。我們預計這些挑戰將持續到2023年年中，之後隨著我們增加與半導體製造商的直接採購以及元件供應的改善，這些挑戰將逐漸緩解。

Turning to the contactor business. We've made significant progress over the last 6 months, transitioning manufacturing from outside suppliers to our factory in the Philippines, resulting in lower cost and a 300 basis point expansion of the contactor business gross margin, while continue to increase contactor insourcing to reach our goal of 80% by end of this year and thereafter with normal efficiency improvements, expect to achieve the contactor gross margin target of high 40% by mid-2023.

接下來談談接觸器業務。過去六個月，我們取得了顯著進展，將生產從外部供應商轉移到我們在菲律賓的工廠，從而降低了成本，並使接觸器業務的毛利率提高了300個基點。同時，我們將持續提高接觸器業務的內部生產比例，力爭在今年底前達到80%的目標。此後，隨著效率的持續提升，預計到2023年年中，接觸器業務的毛利率將達到40%以上。

Operating expenses for Q2 were lower than guidance at $51.9 million as certain product development and customer support costs have shifted from Q2 to Q3. Second quarter non-GAAP operating income was 22.6% of revenue, and adjusted EBITDA was very strong at 24.9%. The non-GAAP effective tax rate for Q2 was approximately 20% and in line with guidance. Non-GAAP EPS for the second quarter was $0.81.

第二季營運支出低於預期，為5,190萬美元，原因是部分產品開發和客戶支援成本從第二季轉移至第三季。第二季非GAAP營業收入佔營收的22.6%，調整後EBITDA表現強勁，達24.9%。第二季非GAAP實際稅率約20%，與預期一致。第二季非GAAP每股盈餘為0.81美元。

In summary, Q2 profitability was strong as gross margin and adjusted EBITDA continue to expand towards the 3-year financial target. Moving to the balance sheet. Q2 cash flow from operations was strong at $44 million. Net of share repurchases totaling $14 million, debt repayment of approximately $16 million, capital additions of about $3 million and other small changes in working capital, cash and investments grew by $9 million quarter-over-quarter to $368 million.

總而言之，第二季獲利能力強勁，毛利率和調整後 EBITDA 持續成長，朝著三年財務目標邁進。接下來看資產負債表。第二季經營活動產生的現金流強勁，達到 4,400 萬美元。扣除總計 1,400 萬美元的股票回購、約 1,600 萬美元的債務償還、約 300 萬美元的資本投入以及其他營運資本的小幅變動後，現金和投資環比增長 900 萬美元，達到 3.68 億美元。

Overall, Cohu's balance sheet maintains a strong position to support debt reduction, the share repurchase program and investment opportunities to expand our served markets and technology portfolio in line with our growth strategy.

總體而言，Cohu 的資產負債表保持強勁，能夠支持債務削減、股票回購計劃以及投資機會，從而擴大我們服務的市場和技術組合，以符合我們的成長策略。

Now moving to our Q3 outlook. We're guiding Q3 revenue to be between $198 million and $212 million. Entering Q3, our backlog is at $342 million and is scheduled to ship over multiple quarters as determined by customer requirements and material availability. Q3 gross margin is forecasted to be approximately 46.5%. The IC cost component headwinds in the tester business I mentioned earlier will persist in Q3. Operating expenses for Q3 are projected to be approximately $54 million, up $2 million quarter-over-quarter as we increase investments to support customer activities, including product evaluations moved from Q2 to Q3.

現在來看我們第三季的展望。我們預計第三季營收將在1.98億美元至2.12億美元之間。進入第三季度，我們的積壓訂單為3.42億美元，將根據客戶需求和材料供應分多個季度交付。預計第三季毛利率約為46.5%。我之前提到的測試儀業務中積體電路成本的不利因素將在第三季持續存在。第三季營運支出預計約為5,400萬美元，季增200萬美元，原因是我們將部分投資用於支援客戶活動，包括將產品評估工作從第二季延後到第三季。

We're projecting Q3 interest expense to be approximately $1 million. We expect Q3 adjusted EBITDA at the midpoint of guidance to be approximately 22%. Similar to Q2, the Q3 forecast non-GAAP tax rate is approximately 20% at the midpoint of guidance.

我們預計第三季利息支出約為100萬美元。我們預計第三季調整後EBITDA（以預期中位數計算）約為22%。與第二季類似，第三季非GAAP稅率（以預期中位數計算）約為20%。

Full year 2022 non-GAAP tax rate continues to be approximately 20%. The diluted share count for Q3 is expected to be approximately 48.7 million shares. That concludes our prepared remarks. And now we'll open the call to questions.

2022年全年非GAAP稅率預計仍約為20%。第三季稀釋後股份數量預計約4,870萬股。以上是我們準備好的發言。現在開始問答環節。

(Operator Instructions)

（操作說明）

Our first question is from Brian Chin with Stifel.

我們的第一個問題來自 Stifel 公司的 Brian Chin。

Congratulations on the results, and thanks for letting us ask a few questions. Maybe, Luis, let me start with you. I think the past few or several calls, you've highlighted some of the market share wins you've had certainly on the ATE side and maybe even some sales synergies sort of kicking in as well. I'm curious, you've done that sort of in a robust market environment. It's kind of hard to carve out mindshare when people are pretty blitzed, but now that some of the delivery pressures in some areas of your customer base is relaxing, is this even a better time to drive application wins and share gains?

恭喜你們取得這樣的成績，感謝你們允許我們提問。路易斯，或許我可以先問你。在過去的幾次電話會議中，你重點提到了你們在ATE（應用技術增強型）領域取得的市佔率成長，以及一些銷售綜效的顯現。我很好奇，你們是在如此強勁的市場環境下取得這些成就的。在市場競爭激烈的情況下，想要贏得客戶的關注度並非易事。但現在，隨著部分客戶群交付壓力的緩解，這是否是推動應用程式成長和市場佔有率提升的更好時機？

Brian, honestly, yes. I think when you can get the customers to pay more attention, it helps. It helps to qualify new products or qualify existing products to new applications. As I think I mentioned in the prepared remarks here, we do have several new evaluations. It's across the tester business, the inspection and metrology business. So we have -- and even the contactor business, we have several new evaluations starting over the course of the next few quarters. It's probably going to take in totality, about 3 quarters or at least the next 3 quarters, I know we're going to be very, very busy evaluating products and negotiating some design wins. So yes, I hope for some good news ahead.

布萊恩，說實話，是的。我認為，如果能讓客戶更關注，那肯定會有幫助。這有助於新產品的認證，也有助於現有產品在新應用領域的認證。正如我之前在準備好的演講稿中提到的，我們確實有幾項新的評估工作正在進行中。這些評估涵蓋了測試儀業務、檢測和計量業務。所以，我們——甚至包括接觸器業務——在接下來的幾個季度都會啟動幾項新的評估工作。總共可能需要大約三個季度，或至少接下來的三個季度。我知道我們會非常非常忙於評估產品和洽談一些設計項目。所以，是的，我希望未來能傳來一些好消息。

Got it. Probably too early to sort of bracket figures here. But from a timing standpoint, if some of those go your way, what do you think the timing on some of those incremental contributions would be?

明白了。現在預測具體數字可能還為時過早。但從時間安排的角度來看，如果其中一些目標實現，你認為這些後續投資會在什麼時間點到達？

Brian, I think I'm going to reserve that from when they do happen, then we can start talking about it like we did in Q1. For example, when we talk about the DDIC and the power management wins, how much were they? So I just got to wait until those actually materialize.

布萊恩，我想等事情真正發生之後再說，到時候我們就可以像第一季那樣討論這個問題了。例如，我們之前提到的DDIC和電源管理方面的勝利，具體金額是多少？所以我只能等到這些事情真正落實後再說。

Yes, that's fair. And then maybe sort of backtracking with Jeff, to the comments about sort of the strategic sourcing, locking up some supply on some critical chips. Several quarters worth, it sounds like. Probably prudent, but does that also maybe kind of either -- is that tied into your visibility in terms of confidence in shipments over the next several quarters? Or does that even maybe give you a leg up or even some head-to-head situations given that you sort of have some key supply locked up?

是的，這很合理。然後，或許可以回到傑夫之前關於策略採購的評論，例如鎖定一些關鍵晶片的供應。聽起來像是幾季的量。這或許是謹慎的做法，但這是否也與你對未來幾季出貨量的信心有關？或者，鑑於你鎖定了一些關鍵供應，這是否會讓你在某些正面競爭中佔據優勢？

I think it's a combination of both. Certainly, to some degree, driven by the backlog and the forecast, a certain degree driven by availability in the market. So yes, having that on hand certainly is more positive and could be viewed as an advantage to deliver faster. Absolutely.

我認為兩者兼而有之。當然，在某種程度上，是受積壓訂單和預測的影響；在某種程度上，是受市場供應情況的影響。所以，手邊有充足的庫存肯定更有利，可以被視為加快交貨速度的優勢。絕對是如此。

One last thing, Jeff, this is probably for you. But just thinking about auto industrial faring better than consumer mobility. What factor, if any, do you think this will play on gross margins in the back half in terms of mix?

傑夫，最後還有一件事，這可能是問你的。我注意到汽車工業的表現比消費出行好。你認為這會對下半年毛利率產生什麼影響（如果有的話）？

I think that we're going to continue to see a pretty steady and strong gross margin through the second half of the year. We guided, as I just said, 46.5%. So flat quarter-over-quarter, Q2 to Q3. The changes that we've made and improvements that we made structurally -- and otherwise, over the last 2 to 3 quarters is really building a more resilient model. And so feel more comfortable that the gross margin is going to remain sort of in this 46%, 46.5% range. Not completely regardless of mix, but mix will have less of an impact on it.

我認為下半年毛利率將持續保持穩定強勁。正如我剛才所說，我們先前預測的毛利率為46.5%。與上一季相比，第二季到第三季毛利率持平。過去兩三個季度，我們在結構和其他方面所做的調整和改進，確實建構了一個更具韌性的商業模式。因此，我們有信心毛利率將維持在46%到46.5%的區間。雖然並非完全不受產品組合的影響，但產品組合對其影響會較小。

Our next question comes from David Duley with Steelhead Securities.

我們的下一個問題來自 Steelhead Securities 的 David Duley。

Oh, I'm sorry, you're right. I was on mute.

哦，對不起，你說得對。我剛才靜音了。

Congratulations on nice results. Guys, I was wondering, Luis, I think you had mentioned something about silicon carbide products. Was that in the relationship to test? Or maybe you could elaborate on the progress that you've made in the power management sector as well as the silicon carbide sector in -- with whatever products that you might be attacking them on with.

恭喜你們取得好成績！路易斯，我想問一下，你之前好像有提到碳化矽產品。這和測試有關嗎？或者你能不能詳細介紹一下你們在電源管理領域以及碳化矽領域的進展——包括你們正在研發的產品。

Yes, I can do that, Duley. We -- on the test side, we talked about it in Q1. If you recall, David, that we captured a significant business, frankly, in Japan for testing power managed devices for automotive application. This was in the ATE side. On the silicon carbide, which is the comment I made today, it was more specific to automation and desk contactors and inspection of the silicon carbide dies. So that's a business that's going on not only at 1 account that we had a design win in multiple orders, but a couple of other places where we already had qualified our products last year and starting to see some repeat business.

是的，我可以做到，杜利。我們——在測試方面，我們在第一季討論過。大衛，如果你還記得的話，坦白說，我們在日本拿下了一筆相當可觀的業務，專門用於汽車應用的電源管理設備的測試。這屬於自動測試設備（ATE）領域。至於碳化矽，也就是我今天提到的，它更具體地涉及自動化、桌面接觸器以及碳化矽模具的檢測。所以，這項業務不僅在我們贏得多個訂單的那個客戶那裡開展，還在其他幾個我們去年已經完成產品認證的地方開展，並且開始看到一些回頭客。

Now do you -- would you expect some of these evaluation systems, I would imagine, are attacking other power management customers? Maybe talk about why you think you won business in power management test and why you think you can win further business going forward? And is there a second part of that, is there a potential for you to actually do silicon carbide test?

那麼，您認為這些評估系統中的某些會攻擊其他電源管理客戶嗎？我想應該是這樣吧？您能否談談您認為您在電源管理測試領域贏得業務的原因，以及您認為未來如何能夠贏得更多業務？另外，您是否有潛力進行碳化矽測試？

So we've done a series of refresh on our instruments last year on the power management side. We have put more resources, more applications resources focused on power management opportunities. And yes, I do think there are paths ahead here in the next several quarters to expand our tester business in it. When you switch to silicon carbide, there are multiple things that you do test in silicon carbide. And I would say we can't do it all today, David. We can do some. We can do some of it, but we can't do it all. And we'll see how that flushes out for us in the next year or so.

所以去年我們對儀器的電源管理方面進行了一系列升級。我們投入了更多資源，尤其是應用資源，專注於電源管理的機會。是的，我認為未來幾季我們在這方面有拓展測試儀業務的途徑。當你改用碳化矽時，你會發現有很多東西需要用碳化矽進行測試。我想說的是，我們現在還無法全部做到，David。我們可以做一些，但不能全部做到。我們將看看未來一年左右的情況如何發展。

Okay. And then final question for me, and I'll get back. You mentioned something about CMOS image sensors. Was that a tester product or a tester win? Or I'm sorry, I didn't quite hear what you had said about that?

好的。最後一個問題，我稍後會回覆。您剛才提到了CMOS影像感測器。那是測試產品還是測試成功的案例？或者抱歉，我沒聽清楚您剛才說的話？

No, Dave, that was 1 of our test handlers. So CMOS image sensors, in general, are tested at wafer for consumer mobile applications. As you push now more camera capability in vehicle and ADAS, TaaS is becoming a little bit more stringent. It's done at temperature. It's a hermetically sealed package and we saw an opportunity to deploy the application in 1 of our handler platforms. And so this one is specifically was on our handler platform.

不，戴夫，那是我們的一台測試處理機。通常來說，CMOS影像感測器在晶圓上進行測試，用於消費級行動應用。隨著車輛和ADAS（高級駕駛輔助系統）中攝影機功能的不斷增強，TaaS（交通即服務）的要求也變得更加嚴格。測試需要在特定溫度下進行。它採用密封封裝，我們看到了一個機會，可以將這項應用部署到我們的一台處理機平台上。所以，這個應用就是專門在我們的處理機平台上進行的。

Our next question is from Craig Ellis with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Craig Ellis。

Nice job on the margin and earnings execution in the quarter, guys. Jeff, I didn't catch the point you made about the component issue in test and the specific gross margin impact from that. Can you repeat that, please?

各位，本季利潤率和盈利執行得不錯​​。傑夫，你之前說的測試組件問題及其對毛利率的具體影響，我沒聽懂。你能再說一次嗎？

Yes, sure. We actually started seeing increasing costs on semiconductors that we use in our tester products, started seeing those in Q1. So a slight or smaller impact in Q1, but in Q2 it grew. And so increased costs just based on global availability of semiconductors and having to pay more essentially through brokers, some distributors, but just paying more for the same semiconductor. And in Q2, it had an impact equivalent to about 130 basis points on gross margin. So close to a few million dollars in the quarter.

是的，沒錯。我們確實開始注意到測試產品中使用的半導體成本上漲，這種情況從第一季就開始出現了。所以第一季的影響較小，但第二季就明顯加劇了。成本上漲主要是因為全球半導體供應緊張，以及需要透過經紀商和一些經銷商支付更高的價格，導致同樣的半導體成本增加。第二季度，這相當於毛利率下降了約130個基點，也就是接近數百萬美元。

And that was a headline gross margin impact or an impact at the segment level systems versus recurring?

這指的是對整體毛利率的影響，還是對業務部門層級系統性支出與經常性支出的影響？

At the Cohu level, Cohu consolidated level.

在 Cohu 層面，Cohu 合併層面。

Okay. Yes. Yes, I thought that's what you said, and it seemed like such a large impact that I was surprised. So you had some of that in the first quarter, increased in the second quarter. And from here, you said our expectations should be wiped at the margin versus the 130 basis points of tailwind cost?

好的。是的。是的，我以為您是這麼說的，而且影響如此之大，這讓我很驚訝。所以第一季就有一些影響，第二季又增加了。然後您說，考慮到130個基點的順風成本，我們的預期應該會被抵銷？

Yes. So in our Q3 forecast, there's -- it's about the same impact in Q3. And then Q4 see it slowly going down in Q4 and working its way through in the first half of next year. And hopefully, with increased availability of semiconductors, and we're certainly working more closely with our customers to buy direct, that perhaps in the second half of the year, it's immaterial impact.

是的。因此，在我們的第三季預測中，第三季受到的影響大致相同。然後，預計第四季度影響將逐漸下降，並在明年上半年逐漸消退。希望隨著半導體供應量的增加（當然，我們也與客戶更緊密合作，爭取直接採購），到下半年，影響將微乎其微。

Yes, customers who are our suppliers in this case.

是的，在這種情況下，客戶就是我們的供應商。

Exactly, yes.

沒錯。

Yes. would be nice to see that diminish. Luis, you had some interesting comments around views for kind of mid next year with commentary around things like the momentum from ADAS and EVs on one hand and then other things as well. Can you just talk about the optics that you're getting into those specific opportunities, whether it's either a, the engagements that you have when you're out visiting customers or during your customer meetings or b, if you actually have some orders as part of the current backlog that would stretch all the way out into, say, 2Q of next year?

是的，如果這種情況能有所改善就太好了。路易斯，你之前對明年年中左右的前景發表了一些有趣的評論，一方面提到了ADAS和電動車的發展勢頭，另一方面也談到了其他一些因素。你能否談談你目前在這些具體機會方面所取得的進展，例如：a）你在拜訪客戶或與客戶會面時所獲得的反饋；b）你目前積壓的訂單中是否有一些會持續到明年第二季度的訂單？

Yes, Craig, it's not so much the backlog into Q2 of next year. And frankly, it's a little bit too soon to forecast 2023. But it has to do with some early customer projections. And in those projections, indications that we need to line up the supply chain given the current environment, line up the supply chain to support their business projections for 2023. We're seeing that in the high-end smartphone business. We're also pretty encouraged with the discussions we're having particularly automotive and industrial customers when the dialogue moves to availability of wafers and when their wafer capacity starts to ramp up in 2023 and what that means for TaaS capacity and their expansion in the back-end area. Also very encouraged, frankly, by the design wins we had here late last year, beginning of this year and the activity that I mentioned before to Brian, that we have a head on evaluations that are starting now. So you put it all together, we come to the conclusion, but obviously, not yet had a forecast, but a conclusion that we're probably going to see a positive tone starting at some point next year. We're guessing here at some point is mid to late Q2. So call it middle -- towards the middle of next year.

是的，克雷格，問題不在於明年第二季的訂單積壓。坦白說，現在預測2023年還為時過早。但這確實與一些早期的客戶預測有關。這些預測表明，鑑於當前的市場環境，我們需要調整供應鏈，以支持他們2023年的業務預測。我們在高階智慧型手機業務中已經看到了這一點。我們也對與汽車和工業客戶的討論感到非常鼓舞，尤其是在討論晶圓供應情況以及他們晶圓產能何時在2023年開始提升，以及這對TaaS產能和後端擴展意味著什麼時。坦白說，我們也對我們去年底和今年年初贏得的設計訂單以及我之前跟布萊恩提到的那些活動感到非常鼓舞，我們現在正在啟動一些初步評估工作。綜上所述，我們得出結論——雖然目前還沒有具體的預測——但我們預計明年某個時候市場情緒可能會好轉。我們猜測大概會在第二季中後期，也就是明年年中左右。

Yes. Okay. Got it. And then Jeff, maybe a question for you, and I know the company is not giving guidance in the fourth quarter or in the first quarter. But could you just help us with what your view is of the business' seasonality when it is operating in a more normal environment for those 2 quarters, especially since I think Cohu was one of the first companies to talk about industry moving from a cyclical phase to a more seasonal phase?

好的，明白了。傑夫，我有個問題想問你。我知道公司沒有給出第四季和第一季的業績指引，但你能否談談在更正常的營運環境下，公司在這兩個季度的季節性表現如何？尤其是我認為Cohu是最早談到產業正從週期性階段轉向季節性階段的公司之一。

Yes, sure. Just some basic guidelines that we've talked about before. Q2, Q3 tend to be stronger from a revenue aspect, Q4, Q1 tend to be weaker or based on end markets that are driving demand for our customer products and then back to us for test products. I think we see a similar pattern this year. We talked about softening in mobility and consumer, but I still think there's some seasonality here that we're going to deal with in Q4. The way that we're looking at it, we're looking at a revenue split between first half and second half of this year to be in that first half about 51% and second half about 49%. So that should give you some indication of where Q4 falls out this year.

當然可以。我們之前也討論過一些基本原則。第二季和第三季的營收通常比較強勁，而第四季和第一季則相對較弱，這主要是因為終端市場對我們客戶產品的需求不斷增長，最終又會回饋給我們用於測試產品。我認為今年的情況也類似。我們之前討論過移動和消費領域的疲軟，但我仍然認為這其中存在一些季節性因素，我們需要在第四季度加以應對。我們預計今年上半年和下半年的營收比例約為51%，下半年約為49%。這應該能讓您大致了解今年第四季的業績情況。

With respect to seasonality, we've gone back over the last dozen years or so and trended that out. And that tends to be in the mid- to high single digit in terms of revenue, revenue changes for the seasonality. So hopefully, that gives you a good overview of that, Craig.

關於季節性因素，我們回顧了過去十多年的數據，並分析了其趨勢。數據顯示，收入受季節性影響的波動幅度通常在個位數中高段位。希望這些資訊能讓你對這方面有個大致了解，克雷格。

Our next question is from Quinn Bolton with Needham & Company.

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

Wanted to follow up on Craig's questions. First, a clarification, that mid- to high single-digit seasonality. Was that the seasonality, Jeff, you're referring to that you typically see in the fourth quarter relative from the third quarter?

我想就克雷格的問題做個後續說明。首先，澄清一下，你說的個位數中高段位的季節性波動，傑夫，是指你通常在第四季度相對於第三季度看到的那種季節性波動嗎？

Yes, that's right.

是的，沒錯。

Got it. Okay. Yes, I thought so, I just wanted to confirm. The next question, just trying to sort of interpret Luis, your comments about starting to see better strength in a number of applications sort of middle of next year. Do you think the consumer smartphone mobility, computing weakness sort of mitigates typical seasonality that you would typically see in 1Q and Q2 and that you may see some of the revenue shifting more into the second half of next year? Or are you just sort of talking about some of these applications picking up middle of next year, but you would still see that more normal seasonal pattern of Q2, Q3 being the stronger -- and I guess here, I'm really asking more about Q2, sort of seeing normal seasonal patterns?

明白了。好的。是的，我也是這麼想的，只是想確認一下。下一個問題，路易斯，我只是想理解你剛才說的，明年年中一些應用領域可能會開始走強。你認為消費者智慧型手機移動性和運算能力的疲軟是否會緩解通常在第一季和第二季出現的季節性波動，從而導致部分收入更多地轉移到明年下半年？或者你只是說這些應用領域會在明年年中有所回升，但第二季度和第三季度仍然會是比較強勁的正常季節性模式——我想問的其實是第二季度的情況，也就是是否會出現正常的季節性波動？

Yes, Quinn. I think a lot of timing on that will depend on the state of the economy and more sort of macro perspective. So a little difficult to pinpoint that. Normally, I would say, yes, Q2, Q3. That Q2, Q3 tends to push out or pull in depending on like overall economic environment. I wouldn't be surprised if, as Jeff mentioned, this year, we're expecting to see about a 51% of revenue in the first half, 49% in the second half. I wouldn't be surprised if next year that, that flips around. Don't know exactly the magnitude yet, but I wouldn't be surprised if it's a bit of a mirror image picture going into 2023. But I -- like I said, I don't know the exact timing on all of that, Quinn. It's a bit of a reading the crystal ball here based on the customers' requests or at least early requests, early forecast for when they would like to see product delivery, and that's going to get adjusted here over the next 6 months as we get closer to it.

是的，奎因。我認為這方面的時間安排很大程度取決於經濟狀況和宏觀經濟狀況。所以很難準確預測。通常我會說，是的，第二季和第三季。第二季和第三季的業績往往會根據整體經濟環境而有所波動。正如傑夫所提到的，如果今年上半年營收佔比約為51%，下半年約為49%，我不會感到驚訝。如果明年情況正好相反，我也不會感到驚訝。目前還無法確定具體幅度，但如果2023年的情況與今年大致相反，我不會感到驚訝。但是——就像我說的，奎因，我無法確定所有這些的確切時間。這有點像是根據客戶的要求（​​或至少是早期的要求）來預測未來，以及他們希望何時收到產品，而隨著時間推移，在接下來的 6 個月裡，我們會對這個預測進行調整。

Got it. Make sense. And then, Jeff, just to follow up on the IC components where you're seeing higher costs here in the near term. Can you give us a sense, are these analog? Are they digital processors, programmable logic? Obviously, with the mobility and computing segments starting to weaken, it would appear that the foundry capacity becomes more available, and I'm wondering if you benefit from some of the potential capacity that comes online is mobility and compute demand weakens? Or are these more kind of products manufactured on 200-millimeter wafers, where wafer supply is still pretty constrained?

明白了，很有道理。傑夫，關於積體電路元件，您認為近期成本會上漲。能簡單介紹一下嗎？這些是類比電路？還是數位處理器或可程式邏輯元件？顯然，隨著行動裝置和運算領域的需求開始減弱，代工廠的產能似乎會更加充裕。我想知道，如果行動裝置和運算需求減弱，您是否能從這些新增產能中獲益？或者，這些產品更多是在200毫米晶圓上製造的，而目前晶圓供應仍然相當緊張？

Quinn, I'm going to step in on this, and I've been talking a lot with the customers asking for help, I mean, suppliers in this case. It's predominantly coming out of 2 areas: one, being FPGAs. So that's a key area that's costing us money to source components right now. And the second one continues to be precision analog semiconductors that we use in our instrumentation. So we build our forecast. We go out to source components. We ask for health. But obviously, as we get some design win in the tester business, as we talked about in Q1, and those ramped faster than we had anticipated, it put some more strain on our in our forecast. And we've got to go out and source more components, and that's been costing us money. We are working diligently with our customers -- like I said, in this case, suppliers, to get directly into their supply chain, but that doesn't happen overnight.

奎因，我來補充一下。我一直在和客戶（或供應商）溝通，尋求他們的幫助。主要問題出在兩方面：一是FPGA。這是目前採購元件成本居高不下的關鍵領域。二是我們儀器中使用的精密模擬半導體。我們制定了預測，然後開始採購元件，並評估其供應狀況。但顯然，正如我們在第一季討論的那樣，我們在測試儀業務中獲得了一些設計訂單，而且這些訂單的產能爬坡速度超出了我們的預期，這給我們的預測帶來了更大的壓力。我們不得不採購更多的元件，這增加了我們的成本。我們正在與客戶（就像我剛才說的，也就是供應商）積極合作，爭取直接進入他們的供應鏈，但這並非一朝一夕就能完成的。

So in the meantime, we do what we need to do to support our customers, support our design wins. As Jeff said, it cost us 130 basis points in margin in Q2 already. So that's unfortunate. But I think as we resolve this and get to normalize our supply chain over time directly from our customers, we'll be able to recover that. It's going to take a few quarters to get there, but I think we're going to inch our way there as we get into 2023.

所以同時，我們會盡一切努力支持客戶，並支持我們贏得的設計項目。正如傑夫所說，第二季我們已經因此損失了130個基點的利潤率。這確實令人遺憾。但我相信，隨著我們解決這個問題，並逐步恢復直接從客戶處購買的正常供應鏈，我們將能夠彌補損失。這需要幾個季度的時間，但我相信，隨著我們進入2023年，我們將逐步實現這一目標。

Our next question comes from the line of Christian Schwab with Craig-Hallum.

我們的下一個問題來自 Christian Schwab 與 Craig-Hallum 的對話。

This is Tyler on for Christian. Just to ask a question here. A lot of ours have been asked -- answered already. I just want to follow up, and I appreciate the color into Q4. You guys typically kind of give some qualitative or directional commentary 2 quarters out. I was just wondering, into Q4 with the weakening mobility consumer and auto industrial markets remaining strong. If you could just comment maybe on that mix and how that maybe impacts your visibility so that potentially actually give you improving visibility 2 quarters out in this environment? Or any comments on that mix and visibility would be great?

我是Tyler，替Christian問個問題。我們之前問過很多類似的問題，也都得到了解答。我只是想跟進一下，也想了解你們對第四季的展望。你們通常會在兩個季度前給出一些定性或方向性的評論。我想問的是，在出行消費疲軟而汽車工業市場依然強勁的情況下，你們能否就第四季度的市場組合以及這可能對你們的預測產生的影響發表一下看法？這樣你們或許就能在當前環境下，在兩季後更能預測市場了。或者，你們對這種市場組合和預測有什麼看法嗎？

So if we look into the fourth quarter, I would say, and I don't have an exact crystal ball on the visibility right now to give you exact numbers. But I would say, automotive and industrial will be the strongest segments going into Q4. I would also expect computing to remain relatively robust, particularly because we have had some design wins as a result of over a year push to get some design wins. We have had some design wins that I think are going to start materializing and in combination kind of support, particularly data center applications in the second half of this year. So yes, I think we come to Q4, I would say auto, industrial, computing will be the strongest segments, probably in that order.

所以展望第四季度，雖然我現在無法準確預測具體數字，但我認為汽車和工業領域將是第四季表現最強勁的板塊。我也預計計算領域將保持相對穩健，尤其是在我們經過一年多的努力爭取設計訂單後，已經取得了一些成果。這些訂單預計將在今年下半年逐步轉化為實際應用，尤其是在資料中心應用方面。因此，我認為第四季汽車、工業和計算領域將是表現最強勁的板塊，順序可能大致如此。

Our last question comes from Hans Chung with D.A. Davidson.

最後一個問題來自 Hans Chung 和 D.A. Davidson。

First, I wanted to follow up on the inspection metrology platform. I think you mentioned you've got a qualification by 2 customers and then sending the evaluation to 6 new customers. So first, I think -- do you have any sense that whether or when you could potentially get the following order from a customer being qualified? And then also regarding the evaluation process, how long does it typically take from, let's say, evaluating to qualification and to the real order?

首先，我想跟進一下關於檢測計量平台的問題。我記得您提到過，您已經獲得了兩家客戶的認證，並將評估結果發送給了六家新客戶。所以，我想問的是──您是否預估過，在獲得認證後，您大概什麼時候能收到下一位客戶的訂單？另外，關於評估流程，從評估到認證，再到最終下單，通常需要多長時間？

Yes, Hans, I would expect about 3 quarters for it to become like real production orders. We could in a couple of quarters, get an evaluation converted to a PO and the system is already delivered, so it becomes revenue. So 1 unit, if you will, at a customer eval. But to start getting actual volume, I would say, 3 quarters is the minimum. Because once you qualify the system, once you get it all buttoned up and ready and you get the PO and you recognize repeat order from there, you're subject to the lead time of that system configuration. So 3 quarters is kind of the minimum time to start getting volume, volume orders and volume revenue from those qualifications.

是的，漢斯，我預計大約需要三個季度才能真正轉化為生產訂單。我們可以在幾個季度內將評估轉化為採購訂單，系統也已經交付，從而產生收入。也就是說，客戶評估時可以拿到一台設備。但要開始獲得實際產量，我認為至少需要三個季度。因為一旦系統通過驗證，所有環節都準備就緒，拿到採購訂單，並且確認有重複訂單，你就需要遵守系統配置的交付週期。所以，三個季度是開始從這些驗證中獲得產量、訂單量和收入的最短時間。

It's helpful. And then second question, can you provide some color around the lead times for your different product tester handler and contactor?

這很有幫助。第二個問題，能否詳細說明不同產品測試人員和承包商的交貨週期？

Yes, I can do that. So let me look here in my data, hang on a second. We're looking at our test automation systems. They're hovering between 14 and 24 weeks lead time. It really depends on the configuration of the product. Inspection systems are sort of 20 to 24 weeks. Testers, the ATE platforms are 16 to 20 weeks approximately, we have some configurations that are longer. Contactors, the interface products actually have extended the lead time a bit. They're up to 12 weeks as demand has increased and spare systems continue to be about the same, about 5 weeks.

是的，我可以做到。讓我看一下我的數據，稍等一下。我們正在查看測試自動化系統。它們的交付週期在 14 到 24 週之間。這實際上取決於產品的配置。檢測系統的交付週期大約是 20 到 24 週。測試儀，也就是 ATE 平台，大約是 16 到 20 週，有些配置的交付週期更長。接觸器，也就是介面產品，它們的交付週期實際上有所延長。由於需求增加，它們的交付週期最長可達 12 週，而備用系統的交付週期基本上保持不變，約為 5 週。

Got it. And then actually, last question. So do you have any exposure to the Intel, so the price impact, given they just have the CapEx cut for the year? And is there any implication to you guys?

明白了。最後一個問題。鑑於英特爾剛剛削減了今年的資本支出，你們是否持有其股票？這對你們有什麼影響嗎？

Well, as you know from our Qs, Intel has not been a 10% customer. Not in the quarter, we don't have any 10% customer, I believe, in this quarter. And -- but we do obviously have business with Intel. We do supply automation systems for their assembly, actually, side of the house. And we still supply some recurring business, some kit configurations for test as well, particularly on the data center side. So yes, we do have some business with Intel. It's not a 10% customer.

正如您從我們的問答中所了解的，英特爾並非我們佔超過10%的客戶。至少在本季度，我們沒有任何佔比超過10%的客戶。當然，我們與英特爾確實有業務往來。我們為他們的組裝部門提供自動化系統。此外，我們仍然提供一些持續的業務，例如一些用於測試的套件配置，尤其是在資料中心領域。所以，是的，我們與英特爾確實有一些業務往來。但他們並非我們佔超過10%的客戶。

Thank you. And I would now like to turn the conference back to Jeff Jones for closing remarks.

謝謝。現在我謹將會議交還給傑夫瓊斯，請他作閉幕致詞。

Okay. So before we sign off, I'd like to mention that we'll be attending a number of investor conferences over the next few months. These conferences include the Big Sky D.A. Davidson Technology Conference on August 23, also the Needham Virtual SemiCap Conference on August 24. We will attend the Citi Global Technology Conference in New York City on September 9, and we'll also attend the Goldman Sachs Technology Conference in San Francisco on September 14. So if you'd like to attend any of these events, please reach out to your respective banking and conference contacts and arrange a meeting with Cohu. And we look forward to speaking with you soon. Thank you for joining today's call, and have a good day.

好的。在結束今天的電話會議之前，我想提一下，未來幾個月我們將參加一系列投資人會議。這些會議包括8月23日的Big Sky D.A. Davidson科技大會，以及8月24日的Needham虛擬半導體產業大會。我們也將參加9月9日在紐約舉行的花旗全球科技大會，以及9月14日在舊金山舉行的高盛科技大會。如果您有意參加這些會議，請聯絡您各自的銀行和會議聯絡人，安排與Cohu會面。我們期待盡快與您交流。感謝您參加今天的電話會議，祝您一切順利。

And this concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您可以斷開連接了。