Entegris Inc (ENTG) 2018 Q3 法說會逐字稿

Good day, everyone, and welcome to this Entegris third-quarter 2018 earnings call. Today's call is being recorded. At this time for opening remarks and introductions, I would like to turn the call over to Bertrand Loy, Entegris President and CEO. Please go ahead, sir.

大家好，歡迎參加 Entegris 2018 年第三季財報電話會議。今天的通話將會被錄音。在此，我謹將電話轉交給 Entegris 總裁兼執行長 Bertrand Loy，請他致開幕詞並作介紹。請繼續，先生。

Good morning and thank you for joining us today. Before we begin this call, I would like to take a minute to introduce our new VP of Investor Relations, Bill Seymour. Bill, welcome on board. And I would also like to acknowledge the invaluable contributions from Steve Cantor who has led our IR efforts for the past 17 years. Steve, on behalf of everyone at Entegris, thank you and very best wishes for the next chapter of your life. Bill, back to you.

早安，感謝各位今天收看我們的節目。在正式開始本次電話會議之前，我想花一分鐘時間介紹我們新任投資者關係副總裁比爾·西摩。比爾，歡迎加入。我還要感謝史蒂夫·坎托爾（Steve Cantor）的寶貴貢獻，他在過去 17 年裡一直領導著我們的投資者關係工作。史蒂夫，我謹代表Entegris的全體員工，感謝你，並祝福你在人生的下一個篇章中一切順利。比爾，把機會交還給你。

Thank you, Bertrand, and good morning, everyone. Earlier today we announced the financial results for our third-quarter. You can access a copy of our press release on our website, Entegris.com. Before we begin I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties which are outlined in detail in our reports and filings with the SEC.

謝謝你，伯特蘭，大家早安。今天早些時候，我們公佈了第三季的財務業績。您可以在我們的網站Entegris.com上取得我們的新聞稿副本。在開始之前，我想提醒各位聽眾，我們今天的評論將包含一些前瞻性陳述。這些聲明涉及諸多風險和不確定性，我們在提交給美國證券交易委員會的報告和文件中對此進行了詳細說明。

On this call we will also refer to non-GAAP financial measures as defined by the SEC and Reg G. You can find our reconciliation table in today's press release as well as on our website. On the call today are Bertrand and Greg Graves, our CFO. I will hand it back to Bertrand.

在本次電話會議中，我們也將提及美國證券交易委員會和G條例定義的非GAAP財務指標。您可以在今天的新聞稿以及我們的網站上找到我們的調節表。今天參加電話會議的是伯特蘭和我們的財務長格雷格·格雷夫斯。我會把它還給伯特蘭。

Thank you, Bill. This morning I will make some comments on our third-quarter performance and our outlook for the remainder of the year. I will also put into context some of the recent news in the semiconductor industry. Greg will follow with more details on our financial results and will provide guidance for the fourth quarter. We will then open the line for questions.

謝謝你，比爾。今天早上我將就我們第三季的業績以及今年剩餘時間的展望發表一些看法。我也會介紹一下半導體產業最近的一些新聞。格雷格隨後將詳細介紹我們的財務業績，並提供第四季業績指引。接下來我們將開放提問通道。

During the third quarter we delivered solid results, in line with our guidance. Results that demonstrated the strength of our execution, the resilience of our broad platform, and the value of our unit-driven business model. We grew our sales 15% year over year in the third quarter achieving growth across all three divisions, and we generated $110 million of EBITDA. Year to date our sales grew 16%, outpacing our markets, and EBITDA as a percentage of revenue improved by over 200 basis points while non-GAAP EPS was up 39%.

第三季我們取得了穩健的業績，符合預期。結果證明了我們強大的執行力、我們廣泛平台的韌性以及我們以銷售為導向的商業模式的價值。第三季度，我們的銷售額年增 15%，三個部門均成長，EBITDA 達到 1.1 億美元。今年迄今為止，我們的銷售額增長了 16%，超過了市場平均水平，EBITDA 佔收入的百分比提高了 200 多個基點，而非 GAAP 每股收益增長了 39%。

Finally, the third quarter was the first full quarter of the newest addition to Entegris, SAES Pure Gas. Sales of SAES in the quarter exceeded our expectations and the integration is proceeding well.

最後，第三季是 Entegris 最新成員 SAES Pure Gas 的第一個完整季度。SAES本季的銷售額超出了我們的預期，整合工作進展順利。

Now let me start with some perspectives on the industry environment and how it is impacting our business.

現在，我想先談談產業環境以及它對我們業務的影響。

Fab production levels in Q3 were largely positive across most classes of semiconductor devices. However, as expected and as we discussed in our second-quarter call, there have been some capital spending push outs, particularly at memory makers.

第三季各型式半導體裝置的晶圓廠產量整體呈現上升趨勢。然而，正如預期的那樣，正如我們在第二季度電話會議上討論的那樣，一些資本支出被推遲了，尤其是在記憶體製造商方面。

As you know, our sales are mostly unit-driven and are diversified across all types of customers and all parts of the semiconductor manufacturing supply chain. So while we are not immune to short-term fluctuations in the industry capital spending, the impact to us is relatively muted.

如您所知，我們的銷售主要以銷售為導向，並涵蓋所有類型的客戶和半導體製造供應鏈的各個環節。因此，雖然我們無法免受產業資本支出短期波動的影響，但對我們的影響相對較小。

This can be clearly seen in our recent results. While the industry has experienced significant sequential declines in tool shipments and new fab construction in the quarter, our organic sales, as you would expect, were down modestly on a sequential basis.

這一點在我們最近的研究結果中可以明顯看出。雖然本季行業工具出貨量和新廠建設量均大幅環比下降，但正如您所預期的那樣，我們的有機銷售額環比略有下降。

We performed well across our geographies as continued steady wafer production driven demand and the addition of SAES was partially offset by weaker sales of NAND-related CapEx products. This slowing in capital spending at several memory makers can be seen in our sales in Korea, which were up a modest 2% year-over-year after a record first half.

我們在各個地區都取得了良好的業績，晶圓生產的持續穩定帶動了需求，而 SAES 的加入部分抵消了 NAND 相關 CapEx 產品銷售疲軟的影響。從我們在韓國的銷售額可以看出，幾家記憶體製造商的資本支出有所放緩，上半年銷售額創下歷史新高，下半年年增僅 2%。

We expected sales in Taiwan and China to grow stronger and they did, up 15% and 37% respectively, driven by higher fab production, node transitions and the impact of the SAES acquisition.

我們預期台灣和中國的銷售額會成長得更強勁，而實際情況也確實如此，分別成長了 15% 和 37%，這主要得益於晶圓廠產量的提高、節點過渡以及 SAES 收購的影響。

Sales in North America and Japan were up 13% and 18% respectively year-over-year, reflecting strong fab activity, and increased opportunities at chemical manufacturers, offset by sequential weakness in sales to equipment makers. Finally, steady production levels in mainstream fabs continue to boost our sales in Europe.

北美和日本的銷售額分別年增 13% 和 18%，反映出晶圓廠業務的強勁成長以及化學製造商業務機會的增加，但被設備製造商銷售額的環比疲軟所抵消。最後，主流晶圓廠穩定的產量水準持續推動我們在歐洲的銷售成長。

Putting the short-term industry trends aside, we continue to believe that secular semiconductor demand will be very attractive as demand drivers transition beyond PCs and mobile devices, to IOT, artificial intelligence, virtual-reality, cloud computing and automotive applications.

拋開短期產業趨勢不談，我們仍然相信，隨著需求驅動因素從個人電腦和行動裝置轉向物聯網、人工智慧、虛擬實境、雲端運算和汽車應用，半導體長期需求將非常有吸引力。

As a result, we expect wafer starts will be growing at least twice the rate of GDP for many years to come.

因此，我們預期未來許多年晶圓開工量成長率將至少是GDP成長率的兩倍。

More importantly for Entegris, the significance of new materials and the need for greater purity continue to grow as device architectures become more complex. As a result, we have never been a more integral part of the semiconductor technology roadmap across the industry ecosystem. Entegris operates at the crossroad of materials and purity and we have the broadest portfolio of solutions in the industry, from highly engineered materials and chemicals to the most advanced filters and purifiers, to a broad array of solutions that move and protect these critical process materials.

對於 Entegris 而言，更重要的是，隨著裝置結構變得越來越複雜，新材料的重要性以及對更高純度的需求也在不斷增長。因此，我們從未像現在這樣成為整個產業生態系中半導體技術路線圖不可或缺的一部分。Entegris 處於材料和純度的交匯點，我們擁有業內最廣泛的解決方案組合，從高度工程化的材料和化學品到最先進的過濾器和淨化器，再到各種用於運輸和保護這些關鍵工藝材料的解決方案。

At the core of our value proposition, is helping our customers to achieve higher yields, and new levels of device reliability and device performance, not thought possible a short time ago.

我們價值主張的核心是幫助客戶達到更高的良率，以及在不久前還無法想像的更高設備可靠性和設備效能。

We demonstrated these capabilities across our portfolio in the third quarter. We reached record sales in several product categories including advanced wet edge filters, bulk photo resist filters, EUV reticle pods and advanced deposition materials.

我們在第三季透過我們的產品組合展現了這些能力。我們在多個產品類別中實現了創紀錄的銷售額，包括先進的濕邊濾光片、體光阻濾光片、EUV光刻掩模盒和先進的沉積材料。

In addition, we are very excited about the upcoming launch of a series of new products, including a new range of sub 5 nanometer filters and new materials for 96 layers and above 3D NAND devices.

此外，我們對即將推出的一系列新產品感到非常興奮，其中包括一系列新的 5 奈米以下濾波器和用於 96 層及以上 3D NAND 裝置的新材料。

Finally, we are also very pleased with the market acceptance of the solutions of our more recent acquisitions.

最後，我們對近期收購的解決方案在市場上的接受度也感到非常滿意。

The SAES platform gives Entegris the unique capability to provide a complete portfolio of gas purification solutions for both bulk and specialty gases, to address our customers' heightened sensitivity to molecular contamination.

SAES 平台使 Entegris 具備獨特的能力，能夠為大宗氣體和特殊氣體提供完整的氣體淨化解決方案組合，以滿足客戶對分子污染日益增長的敏感性。

With PSS, our instrumentation solutions are enabling advanced logic and memory makers to perform in-line particle sizing analysis, helping prevent costly yield issues.

借助 PSS，我們的儀器解決方案使先進的邏輯和記憶體製造商能夠進行線上粒度分析，從而幫助防止代價高昂的良率問題。

The integration of PSS is largely complete and we are making very good progress with the integration of SAES Pure Gas. In both cases, access to our global sales channels have uncovered new opportunities, and in both cases, our revenue in the second half of the year is tracking ahead of our original expectations and well ahead of the industry CapEx trends.

PSS 的整合工作已基本完成，SAES Pure Gas 的整合工作也取得了非常好的進展。在這兩種情況下，我們利用全球銷售管道發現了新的機會；在這兩種情況下，我們下半年的收入都超過了我們最初的預期，並且遠遠超過了行業資本支出趨勢。

In conclusion, despite some industry headwinds, we showed the resilience of our business model and we delivered strong results in the third quarter. We are very well positioned for another record performance in 2018 and we expect our positive momentum to carry into 2019. I will now turn the call to Greg for the financial detail. Greg?

總之，儘管面臨一些行業逆風，我們展現了商業模式的韌性，並在第三季取得了強勁的業績。我們已做好充分準備，將在 2018 年再次創造佳績，並預計這一積極勢頭將延續到 2019 年。現在我將把電話轉給格雷格，讓他提供財務細節。格雷格？

Thank you, Bertrand. We are pleased with our execution this year. Through the first nine months of 2018 sales of $1.1 billion were up 16% over the same period the prior year. On a non-GAAP basis, EPS of $1.42 increased 39% from the same period in 2017.

謝謝你，伯特蘭。我們對今年的表現感到滿意。2018 年前九個月的銷售額為 11 億美元，比上年同期成長 16%。以非GAAP準則計算，每股收益為1.42美元，比2017年同期成長39%。

For the third quarter, sales of $399 million were in line with our guidance and grew 15% from a year ago. Q3 included a full quarter of SAES, which contributed $29 million to sales. Excluding SAES, sales were down 3% sequentially in the third quarter. The primary drivers of that sequential decline were, as you would expect, more tied to CapEx driven products like gas filtration and fluid handling, with the primary source of weakness being the NAND market.

第三季銷售額為 3.99 億美元，符合我們的預期，比去年同期成長了 15%。第三季度包括 SAES 的整個季度，為銷售額貢獻了 2900 萬美元。剔除 SAES 的影響，第三季銷售額季減 3%。不出所料，導致這一連續下滑的主要因素更多地與資本支出驅動的產品有關，例如氣體過濾和流體處理，而主要的疲軟來源是 NAND 市場。

Q3 GAAP diluted earnings per share was $0.34.

第三季GAAP稀釋後每股盈餘為0.34美元。

On a non-GAAP basis we achieved earnings per share of $0.46.

以非GAAP準則計算，我們實現了每股收益0.46美元。

Moving on to gross margins, GAAP gross margin included the negative impact of a $3.3 million inventory write-up associated with the SAES Pure Gas acquisition.

接下來是毛利率，GAAP 毛利率包含了與 SAES Pure Gas 收購相關的 330 萬美元存貨加值的負面影響。

Our non-GAAP gross margins of 46.4% were up slightly from last year and were in line with our expectations for the quarter. The sequential decline in gross margin was primarily driven by the one-time $2.9 million insurance gain in Q2 and the full quarter impact of SAES. We expect gross margin to be essentially flat on a non-GAAP basis in Q4.

我們的非GAAP毛利率為46.4%，比去年略有成長，符合我們對本季的預期。毛利率環比下降主要是由於第二季一次性 290 萬美元的保險收益以及 SAES 的整個季度影響所致。我們預計第四季非GAAP毛利率將基本持平。

GAAP operating expenses included $21.4 million of amortization of intangible assets, $750,000 of integration costs associated with the purchase of SAES Pure Gas, and $500,000 loss on the sale of a small underperforming cleaning services business that was part of our AMH division.

GAAP 營運費用包括 2,140 萬美元的無形資產攤銷、與收購 SAES Pure Gas 相關的 75 萬美元整合成本，以及出售我們 AMH 部門旗下業績不佳的小型清潔服務業務所造成的 50 萬美元損失。

Non-GAAP operating expenses in Q3 of $91 million were in line with our guidance. Operating expenses included a full quarter of SAES. We expect non-GAAP operating expenses to be $90 million to $92 million in the fourth quarter.

第三季非GAAP營運支出為9,100萬美元，符合我們的預期。營運費用包括 SAES 的一整個季度。我們預計第四季非GAAP營運費用為9,000萬美元至9,200萬美元。

Non-GAAP operating margin was $93.9 million or 23.6% of revenue.

非GAAP營業利益率為9,390萬美元，佔營收的23.6%。

Our Q3 GAAP tax rate of 19% was slightly higher than expected and primarily reflects an increase in our core rate due to geographic income mix.

我們第三季的 GAAP 稅率為 19%，略高於預期，主要反映了由於地理收入組合變化導致的核心稅率上升。

The Q3 non-GAAP tax rate of 23% was 3 percentage points higher than expected or equal to approximately $0.02 per share. This reflects the increase in our core rate described above and additional discrete items.

第三季非GAAP稅率為23%，比預期高出3個百分點，相當於每股約0.02美元。這反映了我們上述核心費率的成長以及其他獨立項目的增加。

We expect the Q4 non-GAAP tax rate to be 20% to 21%.

我們預計第四季非GAAP稅率為20%至21%。

Adjusted EBITDA for the quarter was $110 million or 27% of revenue.

本季調整後 EBITDA 為 1.1 億美元，佔營收的 27%。

Turning to our performance by division:

接下來我們來看看各部門的業績：

Q3 sales of $131 million for Specialty Chemicals and Engineered Materials, or SCEM, grew 5% from a year ago. The quarterly sales growth was driven by new products and deposition materials and continued high demand for specialty materials. Adjusted operating margin for SCEM was 24.3%, up from the same period last year. The sequential decline in operating margin from Q2 was driven primarily by the $2.9 million benefit from the insurance claim in Q2 previously mentioned.

特種化學品和工程材料（SCEM）第三季銷售額為 1.31 億美元，比去年同期成長 5%。季度銷售成長主要得益於新產品和沈積材料的推出，以及對特種材料的持續高需求。SCEM 的調整後營業利益率為 24.3%，高於去年同期。營業利潤率較第二季環比下降的主要原因是先前提到的第二季保險理賠帶來的 290 萬美元收益。

Q3 sales of $151 million for Microcontamination Control, or MC, were up 30% from last year. Q3 included a full quarter of SAES which added $29 million to sales. Excluding SAES the growth in the quarter was 6% and reflected strength in liquid filtration, offset by declines in gas filtration sales to OEMs and integrators. Adjusted operating margin for MC of $31.6 million declined from last year. The decline from last year was due primarily to the addition of SAES and higher R&D spending to support advanced applications. It's worth noting that we have yet to realize any of the $5 million of annual cost synergies related to the SAES acquisition. Consistent with our original plan, we expect to realize approximately half of the synergies in the first half of 2019 and the balance by the end of 2019.

第三季微污染控制（MC）的銷售額為 1.51 億美元，比去年同期成長了 30%。第三季度包含了 SAES 的整個季度，為銷售額增加了 2900 萬美元。剔除 SAES 後，本季成長率為 6%，反映了液體過濾業務的強勁成長，但被面向 OEM 和整合商的氣體過濾業務的下滑所抵消。MC公司經調整後的營業利潤為3,160萬美元，較去年下降。與去年相比，下降的主要原因是增加了 SAES 以及為支援先進應用而增加的研發支出。值得注意的是，我們尚未實現與 SAES 收購相關的 500 萬美元年度成本綜效。按照我們最初的計劃，我們預計將在 2019 年上半年實現大約一半的協同效應，其餘部分將在 2019 年底實現。

Q3 sales for Advanced Materials Handling, or AMH, of $116 million were up 11% from Q3 of last year. The increase from last year was driven by fluid handling components for new fab infrastructure projects, as well as the impact of the PSS acquisition. Adjusted operating margin for AMH of 17.2% increased from Q3 last year. The increase from Q3 last year reflected higher sales volumes, the realization of cost savings initiatives, as well as the favorable impact of PSS.

先進材料處理公司（AMH）第三季銷售額為 1.16 億美元，比去年第三季成長 11%。與去年相比，成長主要受新晶圓廠基礎設施項目的流體處理組件以及PSS收購的影響所推動。AMH 的調整後營業利潤率為 17.2%，較去年第三季有所成長。與去年第三季相比，成長反映了更高的銷售量、成本節約措施的實現以及PSS的有利影響。

Wrapping up AMH, I would like to note that late in the third quarter we divested a small non-core cleaning services business with approximately $8 million in annual revenue. This business's margins were dilutive to AMH, so the divestiture will have a modest upward bias on operating margins going forward.

最後，我想指出，在第三季末，我們剝離了一項年收入約 800 萬美元的小型非核心清潔服務業務。該業務的利潤率對 AMH 造成了稀釋，因此剝離該業務將對未來的營業利潤率產生適度的上調作用。

Cash flow from operations year-to-date was $221 million, up 7% from the same period last year. Free cash flow year to date was $146 million or 13% of revenue. Our cash balance at quarter end was $295 million and total long-term debt was approximately $651 million. I would like to note that we are exploring a possible refinancing of our term loan and putting a revolving credit facility in place.

今年迄今的經營活動現金流為 2.21 億美元，比去年同期成長 7%。今年迄今的自由現金流為 1.46 億美元，佔收入的 13%。截至季末，我們的現金餘額為 2.95 億美元，長期債務總額約為 6.51 億美元。我想指出，我們正在探討定期貸款再融資的可能性，並建立循環信貸機制。

Uses of cash during the quarter included $28 million of total CapEx. We expect full-year CapEx to be $105 million to $115 million in 2018.

本季現金支出包括 2800 萬美元的總資本支出。我們預計 2018 年全年資本支出將達到 1.05 億至 1.15 億美元。

Consistent with our capital allocation strategy, we used $10 million for our quarterly dividend and $10 million for stock repurchases during the quarter. We have approximately $75 million of availability under our share repurchase authorization and we expect to be more active with share repurchases in the fourth quarter.

與我們的資本配置策略一致，我們本季用 1000 萬美元用於季度分紅，用 1000 萬美元用於股票回購。根據我們的股票回購授權，我們大約有 7500 萬美元的可用資金，我們預計在第四季度將更加積極地進行股票回購。

Turning to our outlook for Q4, we expect sales to range from $380 million to $400 million and that includes the impact of the small divestiture previously mentioned. At these revenue levels, we expect non-GAAP EPS to be $0.41 to $0.48 per share.

展望第四季度，我們預計銷售額將在 3.8 億美元至 4 億美元之間，其中包括先前提到的小規模資產剝離的影響。在這樣的營收水準下，我們預期非GAAP每股收益為0.41美元至0.48美元。

In summary, we are pleased with our execution:

總而言之，我們對執行情況感到滿意：

we delivered results in line with our guidance for Q3 despite a weaker than anticipated industry environment;

儘管產業環境弱於預期，但我們第三季的業績仍符合預期；

we demonstrated the resilience of our predominantly unit driven model;

我們證明了我們以單元驅動為主的模式的韌性；

our recent acquisitions are performing ahead of our initial expectations;

我們近期收購的公司業績超乎預期；

and finally, we are poised to complete another record year for Entegris. Operator, we'll now take questions.

最後，我們有望為 Entegris 再創佳績。操作員，現在開始接受提問。

(Operator Instructions). Toshiya Hari, Goldman Sachs.

（操作說明）Toshiya Hari，高盛集團。

Bertrand, obviously there's a bit of a slowdown in the CapEx side of your business. My understanding is that it's about 25% to 30% of overall revenue for you. How meaningful and how significant is the decline in that 25% to 30% of your business today and what's the outlook for the next six months or so?

伯特蘭，顯然你們公司的資本支出方面出現了一些放緩。據我了解，這大約佔你們總收入的 25% 到 30%。您目前業務下滑 25% 到 30% 的影響有多大？未來六個月左右的前景如何？

So you are right, the CapEx part of our business represents about 30% of our total revenue. The CapEx business for us was up sequentially 15%, including the benefit of the SAES acquisition. If you exclude SAES our CapEx business was down sequentially about 10%.

所以你說得對，我們業務中的資本支出部分約佔總收入的 30%。我們的資本支出業務較上季成長了 15%，其中包括收購 SAES 帶來的收益。如果排除 SAES，我們的資本支出業務較上季下降約 10%。

To be honest it was a little bit more than we originally expected and that's due to a much sharper contraction than expected in our in-line gas filters, dispense systems, flow controllers, a series of products that we sell to equipment makers.

說實話，這比我們最初預期的要多一些，這是因為我們向設備製造商銷售的一系列產品——在線氣體過濾器、分配系統、流量控制器——的銷量出現了比預期更大的下滑。

On the bright side of things, as I mentioned in my prepared remarks, a number of CapEx product lines did actually really well during the quarter. Our FOUP platform continues to perform at record levels. We are actually in the process of adding capacity in Malaysia, capacity that is expected to come online later this year.

從好的方面來看，正如我在準備好的演講稿中提到的，一些資本支出產品線在本季表現確實非常好。我們的 FOUP 平台持續保持創紀錄的效能水準。我們目前正在馬來西亞增加產能，預計今年稍後投入使用。

Our PSS and our SAES product platforms are doing also extremely well. Those product lines have very strong backlogs; the book to bill ratio continues to be greater than 1 as we enter the fourth quarter. And those two product platforms will continue to benefit from the need for greater process control, the need for greater purity in the advanced fabs.

我們的PSS和SAES產品平台也表現得非常好。這些產品線的訂單積壓情況非常強勁；進入第四季度，訂單出貨比仍然大於 1。這兩個產品平台將繼續受益於先進晶圓廠對更高製程控制和更高純度的需求。

So the point I'm trying to make here is that we have a number of very diverse product lines that we call CapEx at Entegris, some of which are clearly tied to equipment sales. And we saw very sharp contractions in those product lines. Some of our CapEx products are tied to new fab and we saw also a moderation in our revenue for those products.

所以我想表達的觀點是，Entegris 有許多非常多樣化的產品線，我們稱之為資本支出 (CapEx)，其中一些顯然與設備銷售有關。我們看到這些產品線出現了非常急遽的萎縮。我們的一些資本支出產品與新工廠相關，我們也看到這些產品的收入下降。

And then finally, we have a number of product lines that are really almost in a class of their own, that are more tied to the need for greater purity, the need for better process control. And I would expect those products to continue to defy the gravitational forces of the industry CapEx somehow, if I can put it this way.

最後，我們還有一些產品線，它們幾乎完全屬於另一個類別，這些產品線與更高的純度需求、更好的製程控制需求密切相關。如果我這麼說的話，我預期這些產品將繼續以某種方式對抗產業資本支出的引力。

Okay, great. Thank you. And then as a follow-up, on the wafer start side of your business it seems like there are multiple puts and takes when I think about your different segments and your different customer base.

好的，太好了。謝謝。然後，作為後續問題，就貴公司晶圓製造業務而言，當我考慮貴公司不同的細分市場和不同的客戶群時，似乎存在多種投入和產出方式。

I think memory is steady despite the price declines because they tend to keep utilization rates high. Perhaps logic is a little bit stronger and may be lagging edge might be a little bit weaker given the weakness in automotive and industrial. But over the next six months how do you view your overall wafer start business trending?

我認為儘管記憶體價格下降，但記憶體市場依然穩定，因為它們往往能保持較高的使用率。或許邏輯能力更強一些，而滯後優勢可能稍弱一些，因為汽車和工業領域的弱點。但您如何看待未來六個月晶圓啟動業務的整體發展趨勢？

So wafer start was essentially flat quarter over quarter for us. And we believe that wafer starts will continue to remain relatively attractive, putting aside the seasonal slowdown that we expect to see in Q4. But if you think about MSI, if you think about wafer start on a more secular basis, we continue to believe that all of those growth drivers remain absolutely intact.

因此，我們的晶圓生產初期基本上與上一季持平。我們相信，即使不考慮我們預計在第四季度看到的季節性放緩，晶圓開工量仍將保持相對吸引力。但如果你從更宏觀的角度來看微星，從更長期的角度來看晶圓製造，我們仍然相信所有這些成長動力都完全保持不變。

Okay, if I could squeeze one last one for Greg. You talked about the divestiture in AMH. I think you mentioned the product group had about $8 million in revenue on an annual basis, but the improvement it could drive on the profit side of things, can you help us with the magnitude there?

好吧，如果我能再給格雷格一個讚的話。你談到了AMH的資產剝離。我想您提到過該產品組每年的收入約為 800 萬美元，但是它在利潤方面能帶來的改善幅度，您能幫我們估算一下嗎？

And in terms of how you think about OpEx into 2019, you talked about the potential cost synergies with SAES. But for classic Entegris, obviously you guys continue to be commited on the R&D side, but how flexible are you on the SG&A side, if there is a more serious and meaningful downturn in semiconductors? Thank you.

至於您對 2019 年營運支出 (OpEx) 的看法，您談到了與 SAES 的潛在成本協同效應。但對於經典的Entegris公司來說，顯然你們在研發方面仍然投入巨大，但如果半導體產業出現更嚴重、更顯著的下滑，你們在銷售、管理及行政費用方面有多大的彈性呢？謝謝。

Okay, yes, so first of all with regard to the AMH divestiture, you point out $8 million in revenue. Given the relatively small-scale -- I mean when I said modest, it's probably literally like 20 basis points of tailwind. So it's not significant but it's certainly an upward bias. With regard to -- I'm sorry the second part of your question --?

好的，是的，首先關於AMH的剝離，您指出了800萬美元的收入。考慮到規模相對較小——我的意思是，當我說規模不大時，它可能實際上只有 20 個基點的順風。所以雖然不顯著，但肯定有向上偏差。關於——抱歉，您問題的第二部分——？

OpEx into 2019.

2019 年營運支出。

With regard to OpEx, so our OpEx has been pretty consistent through this year at right around $90 million. I mean it stepped up between Q1 and Q2 as a function of in Q2 it was the addition of SAES and then in Q3 it stepped up a little bit again as a result of the PSS acquisition -- or, I'm backwards. Q2 PSS, Q3 SAES.

關於營運支出，我們今年的營運支出一直相當穩定，約 9,000 萬美元。我的意思是，它在第​​一季度和第二季度之間有所增長，因為第二季度增加了 SAES，然後在第三季度由於收購了 PSS，它又略有增長——或者，我的說法顛倒了。Q2 PSS，Q3 SAES。

As we look at that core OpEx going forward, I think we would expect next year just really inflationary increases. The other thing I would note though in terms of flexibility in that, we do have a number of areas where we've got our discretionary things like travel and entertainment. We use a lot of project costs on the ER&D side. So those things could flex down.

展望未來的核心營運支出，我認為明年預計只會出現通膨性成長。不過，關於靈活性方面，我還想指出一點，我們確實有一些可以自由支配的領域，例如旅行和娛樂。我們在研發方面投入了大量專案成本。所以這些東西可能會下垂。

We also have a fair amount of flexibility in our variable comp; with the revenue levels we are running at now our variable comp number is pretty meaningful. And that would obviously flex down if the environment were to soften significantly. So I continue to believe our cost structure is quite flexible.

我們的浮動薪酬也相當靈活；以我們目前的收入水準來看，我們的浮動薪酬金額相當可觀。如果環境顯著變軟，這種情況顯然也會隨之緩解。所以我仍然認為我們的成本結構相當靈活。

Patrick Ho, Stifel.

Patrick Ho，Stifel。

Bertrand, maybe just as a follow-up to the previous question regarding wafer starts, and maybe specifically for your Specialty Chemicals and Engineered Materials business. Given some of the volatility that is going on right now in the 3D NAND market, how do you look at that business segment given that's a very strong growth avenue for the Company, but it's also one that does require a lot of advanced deposition materials and other specialty chemicals. How do you see the outlook for that as we go through a correction stage with 3D NAND?

Bertrand，或許可以作為先前關於晶圓啟動問題的後續問題，特別是針對您的特殊化學品和工程材料業務。鑑於目前 3D NAND 市場的一些波動性，您如何看待該業務板塊？因為這是公司一個非常強勁的成長途徑，但同時也需要大量的先進沉積材料和其他特殊化學品。您如何看待 3D NAND 在經歷調整階段後的前景？

I think the outlook is actually very bright for our SCEM division. If you look at Q3, this division actually -- and if you think about advanced materials, if you think about our graphite business, those two product lines delivered record sales in Q3. Record sales for that division in China, record sales in that division in Korea.

我認為我們SCEM部門的前景非常光明。如果你看一下第三季度，這個部門實際上——如果你想想先進材料，如果你想想我們的石墨業務，這兩條產品線在第三季度都實現了創紀錄的銷售額。該部門在中國的銷售額創歷史新高，該部門在韓國的銷售額也創歷史新高。

So, a lot of those solutions are consumable products. So it is true that there is a softening in the 3D NAND level of CapEx, but I don't expect that to meaningfully impact the prospects of SCEM. A lot of the opportunities are really around consumable products that will be introduced as the industry transitions from 64 to 96 and later on from 96 to 128. So I think the growth prospects remain absolutely intact.

因此，許多這類解決方案都是消耗品。因此，3D NAND 的資本支出水準確實有所下降，但我預計這不會對 SCEM 的前景產生實質影響。許多機會實際上都圍繞著消費品展開，這些消費品將在行業從 64 到 96，以及之後從 96 到 128 過渡的過程中推出。所以我認為成長前景依然完全不受影響。

Remember that SCEM year to date has been growing at 10%. We expect industry -- or right now the industry MSI is probably growing at 6% to 7%. So that is about 300 to 400 basis points over the industry, so really good performance this year. I would expect another really strong year next year.

請記住，SCEM 今年迄今為止的成長率為 10%。我們預期產業——或者說目前MSI產業——可能會以6%到7%的速度成長。所以比業界平均高出約 300 到 400 個基點，今年的表現確實非常出色。我預計明年又將是一個非常強勁的年份。

Great, that's helpful. And maybe as my follow-up question in terms of some of the trailing edge stuff, we've heard now from some of the leading analog and I would say mature device makers provide a little bit of a softer outlook, at least in the near-term. And there appears to be some digestion on their end as well, particularly on the inventory front.

太好了，這很有幫助。關於一些後沿技術方面的問題，我的後續問題是，我們已經從一些領先的模擬和成熟設備製造商那裡聽到了一些說法，我認為這些製造商至少在短期內給出了一個比較溫和的展望。而且他們那邊似乎也有一些消化工作正在進行，尤其是在庫存方面。

Given that you still have very good exposure to the trailing edge, which is part of your whole mix strategy, how do you look at that marketplace over the next few quarters?

鑑於您仍然對後緣市場有很好的投資曝險（這是您整體投資組合策略的一部分），您如何看待未來幾季的市場前景？

That's a good question and I would say, Patrick, it's a hard question to answer because the answer is very much customer specific. And that's one of the things we're trying to capture in our guidance for Q4. I think that we will see some probably greater than normal seasonality at some of those mainstream fabs. I don't expect that this softness is really here to stay. And as I mentioned earlier, I would expect wafer starts to be very attractive going into 2019.

這是一個很好的問題，派崔克，我想說，這個問題很難回答，因為答案很大程度上取決於客戶的具體情況。這也是我們在第四季業績指引中試圖體現的內容之一。我認為，一些主流晶圓廠可能會出現比正常情況更明顯的季節性波動。我不認為這種柔和的局面會一直持續下去。正如我之前提到的，我預計晶圓開工將在 2019 年非常有吸引力。

Sidney Ho, Deutsche Bank.

西德尼·何，德意志銀行。

Just following up to the last couple questions -- this may be a little early, but do you have a feel on how CapEx and MSI will do for the first half of next year versus second half of this year and also the full year of 2019? Clearly investors' concerns have been on the CapEx side, but do you think MSI will also slow down as well given how strongly it has been in the last two years?

針對前幾個問題，我想問一下——現在問可能有點早，但您覺得CapEx和MSI在明年上半年與今年下半年以及2019年全年的表現會如何？顯然，投資人的擔憂主要集中在資本支出方面，但考慮到微星科技（MSI）過去兩年的強勁表現，你認為其成長速度也會放緩嗎？

Yes, I can provide views on the second half of this year and I think we are somehow suggesting that in our guidance. So if you think about the second half versus the first half of this year, we expect the industry CapEx to contract in the high single digits and we expect wafer starts to be modestly up in the second half of the year versus the first half of -- again this year, I'm talking about 2018. And that's really the context in which we expect to operate in Q4.

是的，我可以就今年下半年提供一些看法，而且我認為我們在指導意見中也以某種方式暗示了這一點。因此，如果將今年下半年與上半年進行比較，我們預計行業資本支出將出現接近兩位數的收縮，並且我們預計今年下半年晶圓開工量將比上半年略有增長——再次強調，我指的是 2018 年。這就是我們預計在第四季度將營運的背景。

As it relates to 2019, it's just too early to provide a qualitative view of 2019. But having said that, as I mentioned a few times on the call today, we continue to expect a positive wafer start environment in 2019. We expect more node transitions in logic, in foundry, in advanced memory next year. That will bode very well for a number of new products that we've been developing in very close partnership with the technology leaders in these areas.

至於 2019 年，現在對 2019 年做出質性評價還為時過早。但話雖如此，正如我今天在電話會議上多次提到的，我們仍然預計 2019 年晶圓生產將迎來積極的開工環境。我們預計明年邏輯電路、晶圓代工和先進記憶體領域將出現更多節點更迭。這將對我們與這些領域的技術領導者緊密合作開發的一系列新產品來說是一個非常好兆頭。

And finally, as I said, we feel really good about our recent acquisitions. They have been performing very well, they have a very strong order book and I would expect them to be, once again, very strong contributors to our growth in 2019. So, while I will not put that in numbers for you quite yet, I would say that I think 2019 will likely be another record year for Entegris.

最後，正如我所說，我們對最近的收購感到非常滿意。他們的表現一直非常出色，訂單量非常大，我預計他們將再次成為我們 2019 年成長的重要貢獻者。所以，雖然我現在還不能給出具體的數字，但我認為 2019 年很可能是 Entegris 的另一個創紀錄的年份。

Great. Maybe just a follow-up on that. If I look at your full year next year, 2019, I'm curious if you think a 10% growth rate year is possible given just anniversarying your SAES acquisition alone gets you like 4 points of growth.

偉大的。或許可以就此做個後續說明。如果我查看你們明年（2019 年）的全年業績，考慮到僅僅是 SAES 收購週年紀念日就能帶來大約 4 個百分點的增長，我很好奇你們是否認為 10% 的增長率是可能的。

Sidney, as I said, you will have to wait until the February call for me to translate my qualitative comments into numbers for you.

西德尼，正如我所說，你得等到二月的電話會議，我才能把我的定性意見轉化為數字給你。

All right, that's fair. I'll try another one. There have been some concerns on the macro trend side -- maybe just some inventory adjustments in the semiconductor land. If we assume the economy will hold up well, based on your experience, how long do you think these adjustments will last? And what are some of the data points that you will be watching for and how quickly can you adjust your operations if things do slow down?

好吧，這很公平。我再試試另一個。宏觀趨勢方面存在一些擔憂——或許只是半導體領域的一些庫存調整。假設經濟狀況良好，根據您的經驗，您認為這些調整會持續多久？那麼，您會關注哪些數據點呢？如果業務放緩，您能以多快的速度調整營運？

So, certainly this is a factor that we are watching very, very closely. It is very hard for us to really understand the level of inventories of our direct customers and it's even nearly impossible to understand the level of inventory of their customers. But certainly this is going to be a very important factor for the industry going forward.

所以，這當然是我們非常密切關注的因素。我們很難真正了解我們直接客戶的庫存水平，甚至幾乎不可能了解他們客戶的庫存水平。但可以肯定的是，這對該行業未來的發展將是一個非常重要的因素。

I would only say, as Greg mentioned earlier, that we have a fairly flexible business model. We have demonstrated time and time again that we can flex up and down as our level of business fluctuates. This is the reason why we have set out some of those target models at different revenue levels to give you full visibility on the type of bottom-line performance that you would expect at different revenue levels.

正如格雷格之前提到的那樣，我只想說，我們的商業模式相當靈活。我們已經一次又一次地證明，我們可以根據業務水平的波動靈活調整規模。這就是為什麼我們設定了一些不同收入水平的目標模型，以便讓您全面了解在不同收入水平下您預期能達到的最終業績類型。

And those scenarios are backed by very precise and very actionable plans within the various divisions. So, we don't expect very significant contraction in the industry and in our business going forward, but if it was to happen we are ready to deal with it -- as we have done in the past.

而這些設想背後，各部門都制定了非常精準且切實可行的計畫。因此，我們預計未來產業和我們自身的業務不會出現非常大的萎縮，但如果真的發生了，我們已經做好了應對的準備——就像我們過去所做的那樣。

Michael Harrison, Seaport Global Securities.

Michael Harrison，Seaport Global Securities。

This is Jacob on for Mike. In AMH could you guys quantify how much the cost savings actions benefited Q3? And then, are there any incremental cost savings that are going to be rolling into Q4?

這是雅各替麥克發言。AMH，你們能否量化一下成本節約措施對第三季帶來的效益？那麼，第四季是否會有任何額外的成本節約措施呢？

What I would say in that business, Jacob, we are watching the cost structure very closely. About a year ago we talked about three different things happening. One was exiting a facility which we did in Q2; two was divesting this business which we did in Q3; and then cost reductions.

雅各布，我想說的是，在這個行業裡，我們正在密切關注成本結構。大約一年前，我們討論了三件不同的事情。一是退出一家工廠（我們在第二季完成了）；二是剝離這項業務（我們第三季完成了）；三是削減成本。

The cost reductions that we made, if we were to look at the OpEx of that business, the cost reductions that we made in the later part of last year and the earlier part of this year have essentially stuck, so to speak.

如果我們看一下該業務的營運支出，就會發現我們在去年下半年和今年年初所做的成本削減措施基本上已經奏效了。

But what we've seen in that business is, just as we've undertaken these initiatives, the volumes have come down and that's probably our highest fixed cost structure business. As we look at that business going forward however, we view the operating margin as being stable with an upward bias as volumes come back.

但我們在該業務中看到的是，就在我們採取這些措施的同時，業務量卻下降了，而這可能是我們固定成本結構最高的業務。但展望未來，我們認為隨著銷售回升，營業利潤率將保持穩定並呈現上升趨勢。

All right. And then in SCEM, you had a peer that reported today that saw double-digit revenue growth in their consumable business and then they guided to double-digit revenue growth next quarter. So, comparing this to your 5% growth, I guess was 5% in line with your expectations? And what do you think the market grew at in Q3?

好的。然後，在 SCEM 領域，今天有一家同業公佈了其耗材業務的兩位數收入增長，並預計下個季度收入也將實現兩位數增長。那麼，與您預期的 5% 成長率相比，5% 是否符合您的預期呢？你認為第三季市場成長率是多少？

Yes, so it's a good question. I think that, as I mentioned, some business units had record quarters. I mentioned our graphite business, our advanced material businesses and they have been growing in the mid-teens year to date. So a very strong showing for those business units.

是的，這確實是個好問題。我認為，正如我之前提到的，一些業務部門的季度業績創下了歷史新高。我提到了我們的石墨業務和先進材料業務，今年迄今為止，它們的成長率都達到了十幾個百分點。所以這些業務部門的表現非常出色。

What we experienced in Q3 however was we saw actually a little bit of contraction in our coating business and we saw a little bit of contraction in our specialty gas business. The reasons are slightly different. If you think about the coating solutions, what we do is we coat chamber components. Those chamber components need to be refurbished. That's why we call those coating solutions consumables.

然而，我們在第三季看到的是，我們的塗料業務和特種氣體業務實際上都出現了一些萎縮。原因略有不同。如果你考慮塗層解決方案，我們所做的就是對腔室組件進行塗層處理。這些腔室組件需要翻新。這就是為什麼我們將這些塗料溶液稱為耗材的原因。

But we are in the very early innings of that opportunity, so a lot of that business is still subject to the first tool shipments. And as you know, the tool shipments contracted a little bit more than expected sequentially in Q3. So that was a headwind for SCEM in Q3.

但我們目前還處於這項機會的初期階段，因此許多業務仍取決於首批工具的出貨情況。如您所知，第三季工具出貨量較上季下降幅度略大於預期。所以這對SCEM在第三季來說是一個不利因素。

The other thing was specialty gases, we had actually some distributors that manage their inventory a little bit more aggressively than we were expecting, the inventory of gas cylinders. Frankly this is really not something we are concerned about. We have in the past described similar situations.

還有一點就是特種氣體，我們發現有些經銷商在氣體鋼瓶庫存管理方面比我們預期的要積極得多。坦白說，我們真的不太擔心這件事。我們過去也曾描述過類似的情況。

You may recall the situation in Taiwan last year where we saw pressure on that particular product line. We were expecting that the business would come back and it did come back very strongly in Taiwan. This year it was happening in Japan. We saw some pressure around specialty gases in Japan. We expect that business to come back very strongly. I have no reason to believe it will not.

你可能還記得去年台灣的情況，當時我們看到那條特定的產品線面臨壓力。我們預期業務會復甦，而台灣的業務也確實強勁復甦了。今年這件事發生在日本。我們看到日本特種氣體市場出現了一些壓力。我們預計這項業務將會強勁復甦。我沒有理由相信它不會發生。

Chris Kapsch, Loop Capital Markets.

Chris Kapsch，Loop Capital Markets。

So, toggling back and forth amongst a couple calls, and so apologies if you touched on this already. But if I look at your revenue trends by geography, and it looks like you have a nice chart year to date by country essentially. But if we compare that to what you had posted for the first half of the year, it looks like if there is sort of sequential softening it was most acute in South Korea and Japan.

所以，我一直在幾個電話之間來回切換，如果您已經提到過這一點，請見諒。但是，如果我看一下你們按地域劃分的收入趨勢，就會發現你們基本上已經按國家/地區繪製了一張不錯的年度至今圖表。但如果將此與您上半年發布的內容進行比較，就會發現，如果存在某種程度的逐步疲軟，那麼韓國和日本的情況最為嚴重。

And I understand these numbers can get distorted by specific year ago comps in any given quarter. But generally it looks like the -- so year to date Korea was up 19%, Japan 32%; through the first half it was 28% and 40% for those two countries. So, suggesting to me -- whereas Taiwan it looks like was stronger. So this suggests to me that if there's some push out of demand trends, it's in those two regions.

我知道在任何特定季度，這些數據都可能受到去年同期數據的影響而產生偏差。但總體來看，今年迄今為止，韓國經濟成長了 19%，日本成長了 32%；上半年，這兩個國家的經濟成長率分別為 28% 和 40%。所以，這在我看來表明——而台灣似乎更強大。所以這讓我覺得，如果需求趨勢出現某種推動作用，那麼很可能就會發生在這兩個地區。

So, wondering if you could just speak to that. I think we can conclude that the issues in Korea are tied to the memory market. Would you characterize that? And do you think this is temporary or how much of this can we extrapolate to 2019? And then maybe if you could just elaborate a little bit more on what you just touched upon with respect to Japan.

所以，我想問您能否就此談談。我認為我們可以得出結論，韓國的問題與記憶體市場有關。你會如何描述它？你認為這種情況是暫時的，還是說我們可以將其中有多少趨勢延續到 2019 年？然後，您能否再詳細闡述您剛才提到的關於日本的內容呢？

So Chris, I think you did an exceptional job answering the first part of your question. But you are right, I think if you think about the sequential trends that we experienced in each of the major countries -- first I mentioned in my prepared remarks that we were expecting to see strengthening in our Japan -- in our Taiwan sales for the backend of the year.

克里斯，我認為你對問題的第一部分回答得非常出色。但你說得對，我認為，如果你想想我們在每個主要國家所經歷的連續趨勢——首先，我在準備好的發言稿中提到，我們預計在日本的銷售額會增強——以及我們在台灣的銷售額在年底會增強。

We were expecting to see increased fab activity, we were expecting to see no transition and that happened. And that translated into a sequential increase in the high single digits and that's excluding the SAES impact -- the SAES Pure Gas impact.

我們預期晶圓廠活動會增加，預期不會出現轉型，但事實也是如此。這轉化為連續的個位數成長，而且這還不包括 SAES 的影響——SAES Pure Gas 的影響。

If you think about China, excluding once again the favorable impact of SAES, China was down modestly on a sequential basis. And in China we saw actually two very conflicting factors. On the one hand we saw record sales of SCEM products during the quarter, but that was offset by, as you mentioned and as you would expect, by significant contraction in AMH revenue as several new fab projects were either completed or slowed down.

如果考慮中國，再次排除SAES的有利影響，中國經濟季減。而在中國，我們實際上看到了兩個非常矛盾的因素。一方面，我們看到本季 SCEM 產品的銷售額創下歷史新高，但正如您所提到的，也正如您所預料的那樣，由於幾個新的晶圓廠項目要么完成，要么放緩，AMH 收入大幅下降，抵消了這一增長。

The other regents behaved as you would expect given where we are in the industry cycle. Japan and North America were down sequentially in the low to mid-single digits and it's really mostly due to the contraction in our equipment business. Remember that our revenue to OEMs customers represent about 12% of our global revenue, but Japan and US are where the vast majority of our equipment customers are based. So that's where we saw the biggest impact obviously.

鑑於我們目前所處的產業週期階段，其他董事的行為也在意料之中。日本和北美地區的銷售額環比下降了個位數百分比，這主要是由於我們的設備業務萎縮所致。請記住，我們來自 OEM 客戶的收入約占我們全球收入的 12%，但我們絕大多數的設備客戶都位於日本和美國。所以很明顯，我們在那裡看到了最大的影響。

And as you mentioned, Korea was down 9% roughly sequentially. And again, we saw a record quarter in our advanced deposition, actually in our SCEM business in Korea, but that was offset, as you mentioned, by quite a reduction in our fluid handling sales as we saw a decline in investment in new NAND fab in Korea. So that's the background.

正如您所提到的，韓國經濟環比下降了約 9%。此外，我們在韓國的SCEM業務，特別是先進沉積業務，再次創下了季度紀錄，但正如您所提到的，由於我們在韓國對新的NAND工廠的投資減少，流體處理業務的銷售額大幅下降，抵消了這一增長。以上就是背景狀況。

I think your question about what's my view on the overall business environment, is it a short-term phenomenon, is it a longer-term phenomenon. We don't really know and I think that's one of the reasons we decided to go ahead with a range for guidance that is a little bit wider than usual. We're trying to account for different types of scenarios going into Q4.

我認為你問我對整體商業環境的看法，這是短期現象，還是長期現象。我們其實並不清楚，我認為這是我們決定提供比以往更廣泛的指導範圍的原因之一。我們正在努力考慮進入第四季後可能出現的各種情況。

Having said that, as I mentioned, I think that the secular growth drivers for the industry remain absolutely intact. And as I mentioned, I think that we will have a very strong 2019 as a company.

話雖如此，正如我所提到的，我認為該行業的長期成長動力仍然完全完好無損。正如我之前提到的，我認為我們公司在 2019 年將會取得非常強勁的成績。

Can I just follow up on one customer specifically? Because I believe from prior meetings I've had with you guys that Intel, specifically for their 10 nanometer node, I think you have -- I don't want to say disproportionate, but a number of additional processor record wins for that node. And that transition has been delayed multiple times, but there's some evidence that that is now being resolved.

我可以只跟進一位客戶嗎？因為我相信，根據我之前與你們的會面，英特爾，特別是他們的 10 奈米製程節點，我認為你們——我不想說不成比例地，但確實在該節點上取得了一些額外的處理器記錄勝利。這一過渡進程曾多次被推遲，但有跡象表明，這個問題現在正在解決。

So, just wondering if you've started to see any benefit from that node transition yet. Or is that something that was more likely to benefit, I don't know, the fourth quarter or really more of a 2019 event. Thank you.

所以，我只是想知道你是否已經開始從節點遷移中看到任何好處了。或者，這是否更有可能在第四季或 2019 年發生，我也不知道。謝謝。

So Chris, I will not characterize our competitive position at any given specific customer. But as I said earlier, in general terms we've been doing extremely well at the very leading edge. We are looking forward to no transitions in logic, in foundry and in advanced memory. We've seen a little bit of a benefit in the backend of this year. I would expect more benefits as we go into 2019. And hopefully that helps you.

所以克里斯，我不會對我們在任何特定客戶中的競爭地位做出評價。但正如我之前所說，總的來說，我們在技術前沿領域做得非常出色。我們期待邏輯、晶圓製造和先進記憶體方面不會有任何轉變。今年下半年我們看到了一些好處。我預計進入2019年後會有更多好處。希望這對你有幫助。

Christian Schwab, Craig-Hallum Capital Group.

Christian Schwab，Craig-Hallum Capital Group。

Actually my question was regarding Intel and its potential positive impact on you. I don't have any other further questions. Thanks.

實際上，我的問題是關於英特爾及其可能對你產生的積極影響。我沒有其他問題了。謝謝。

Amanda Scarnati, Citi.

阿曼達·斯卡納蒂，花旗銀行。

Just kind of a follow up on that, can you in any way quantify the impact you would see from a steeper 7 nanometer round at TSMC and 10 nanometer round at Intel kind of in an environment that is offset by weakness in the lagging edge industrial and automotive environment?

就此問題，您能否量化一下，在工業和汽車領域技術落後的情況下，台積電的 7 奈米製程和英特爾的 10 奈米製程會帶來怎樣的影響？

As I mentioned, Amanda, I will not quantify opportunities by customer. But remember, the reason why we have cast our growth objective on a relative basis is in fact to try to capture the benefits of all of those various opportunities. And overall, again, we've said that the opportunities that we are seeing across our portfolio, across our customers at those very advanced nodes will put us in a position to continuously outpace the market by about 150 to 200 basis points.

正如我之前提到的，Amanda，我不會以客戶數量來量化商機。但請記住，我們之所以將成長目標設定為相對值，實際上是為了盡可能抓住所有這些不同機會所帶來的好處。總的來說，我們再次強調，我們在產品組合以及客戶在那些非常先進的節點上所看到的機遇，將使我們能夠持續領先市場約 150 至 200 個基點。

If you look at our guidance for the full year this year, this is what we will do. We're looking at an organic growth of about 10% in an environment where the industry will be growing at about 6%-7%, so we should be doing really well and growing nicely above the industry. We've done that last year, we've done that the year before. And as we expect a number of node transitions into 2019, I think this will set the stage for us to perform once again very strongly in 2019.

如果你看一下我們今年的全年業績指引，你會發現我們會這樣做。我們預計自身有機成長率約為 10%，而行業平均成長率約為 6%-7%，因此我們應該會表現得非常好，並且成長速度將遠超行業平均水平。我們去年這樣做過，前年也這樣做過。鑑於我們預計 2019 年將有許多節點進行轉換，我認為這將為我們在 2019 年再次取得強勁成績奠定基礎。

And then can you just clarify a little bit more the guidance for next quarter? Is this still assuming that most of the decline is coming from the CapEx side of the business with some sort of stability in the unit driven business? Or is there also some weakness in unit driven as well built in?

那麼，您能否再詳細說明下一季的業績指引？這是否仍假設大部分下滑來自資本支出方面，而銷售驅動型業務則保持某種程度的穩定？或者說，單元驅動本身也存在一些缺陷嗎？

It's a good question, Amanda. We expect our unit driven business to be up sequentially next quarter in spite of what we will expect seasonal softness in terms of wafer starts. But that would be offset by continued decline in some of our CapEx products.

阿曼達，你問得好。儘管我們預計下個季度晶圓開工量會受到季節性因素的影響，但我們預計以單位產量為導向的業務將環比增長，儘管我們預計晶圓開工量會因季節性因素而有所下降。但部分資本支出產品的持續下滑將抵銷此影響。

Great. And then the up despite the seasonality, is that mostly driven because of SAES or is that because of the different node transitions we are working through at this point?

偉大的。然後，儘管存在季節性波動，但成長主要還是由於 SAES 的推動，還是由於我們目前正在經歷的不同節點轉換所致？

Did you ask if it was driven by SAES? No, it is not. I mean SAES -- SAES has been performing very well in Q3. We expect SAES actually to perform extremely well in Q4. If you recall, we had an expectation of the SAES Pure Gas product line to contribute $50 million to $55 million in the backend of the year.

你問過它是否由SAES驅動嗎？不，並非如此。我的意思是 SAES——SAES 在第三季表現非常出色。我們預計 SAES 在第四季度將表現出色。如果你還記得的話，我們曾預期 SAES Pure Gas 產品線在年底能貢獻 5,000 萬至 5,500 萬美元的收入。

That expectation has moved up and we now expect SAES to be contributing $55 million to $60 million in the backend of the year. And again, that's I think a fantastic performance given the prevailing industry CapEx environment. So great performance by the team over there.

這項預期已經提高，我們現在預計 SAES 將在今年下半年貢獻 5,500 萬至 6,000 萬美元。再次強調，考慮到目前的產業資本支出環境，我認為這是一項非常出色的業績。那支隊伍表現非常出色。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛集團。

Sorry and thank you for taking the follow-up. Bertrand, you talked a little bit about your business with the OEMs and primarily in North America and Japan. I'm just curious, how much visibility do you have when it comes to how much inventory they have, whether it be gas filters or any other components that you would sell into them?

抱歉，感謝您跟進。伯特蘭，你剛才談到了你與OEM廠商的業務，主要是在北美和日本的業務。我只是好奇，對於他們的庫存量，無論是汽油過濾器還是其他任何你會賣給他們的零件，你掌握多少資訊？

Not as much as I would like to have, Toshiya. And it's one of the things that frankly caught us by surprise in Q3, especially our in-line gas filters went from quarterly revenues in the very high single digit to almost something next to zero. And it's very hard for us to understand exactly where the gas panel integrators or equipment makers inventory sit right now. And obviously that's going to be a big factor in terms of what we can expect in Q4.

遠沒有我想要的那麼多，俊也。坦白說，第三季最讓我們感到意外的事情之一就是我們的線上氣體過濾器，其季度收入從接近兩位數的非常高的比例驟降至幾乎為零。我們很難確切地了解燃氣面板整合商或設備製造商目前的庫存情況。顯然，這將是影響我們對第四季預期結果的一個重要因素。

We have no doubt that this part of the business will snap back actually very strongly. The real question is will it happen in the middle of Q4, at the end of Q4, or will we have to wait until the beginning of Q1? So I think it is temporary. Our competitive position is as strong or even stronger than ever. But the level of inventory will dictate how soon this business will actually snap back, but it will snap back.

我們毫不懷疑，這部分業務將會強勁反彈。真正的問題是，這件事會在第四季中期、第四季末發生，還是要等到第一季初？所以我認為這只是暫時的。我們的競爭地位依然穩固，甚至比以往任何時候都更強大。但庫存水準將決定這家企業何時才能真正恢復正常，但它一定會恢復正常。

Okay. I guess if it is close to zero there's not much down side. So that's a good thing. Thank you. Thanks a lot.

好的。我想如果接近零，那就沒什麼不好。這是件好事。謝謝。多謝。

That is exactly the way I'm thinking about it. Thank you.

我也是這麼想的。謝謝。

And at this time there are no further questions. And I would like to turn it back over to Bill Seymour for any closing remarks.

目前沒有其他問題了。現在我把發言權交還給比爾·西摩，讓他做最後的總結發言。

Thank you again for joining the call. Have a great day.

再次感謝您參加通話。祝你有美好的一天。

And this does conclude today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。