(ENTG) 2022 Q3 法說會逐字稿

Good day, everyone, and welcome to the Entegris Q3 2022 Earnings Release Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Bill Seymour, VP of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Entegris 2022 年第三季度財報電話會議。今天的電話正在錄音。目前，關於開場白和介紹，我想將電話轉給投資者關係副總裁 Bill Seymour。請繼續，先生。

Good morning, everyone. Earlier today, we announced the financial results for our third quarter of 2022. 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, and actual results could differ materially from those projected in the forward-looking statements.

大家，早安。今天早些時候，我們公佈了 2022 年第三季度的財務業績。在開始之前，我想提醒聽眾，我們今天的評論將包括一些前瞻性陳述。這些陳述涉及許多風險和不確定性，實際結果可能與前瞻性陳述中預測的結果大不相同。

Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC. Please refer to the information on the disclaimer slide in the presentation.

有關這些風險和不確定性的其他信息包含在我們最近提交給 SEC 的年度報告和隨後的季度報告中。請參閱演示文稿中免責聲明幻燈片上的信息。

On this call, we will also refer to non-GAAP financial measures as defined by the SEC and Regulation G. You can find a reconciliation table in today's news release as well as on our IR page of our website at entegris.com.

在本次電話會議中，我們還將參考 SEC 和 G 條例定義的非公認會計原則財務指標。您可以在今天的新聞稿以及我們網站 entegris.com 的 IR 頁面上找到對賬表。

On the call today are Bertrand Loy, our CEO; and Greg Graves, our CFO. With that, I'll hand it over to Bertrand.

今天的電話會議是我們的首席執行官 Bertrand Loy；還有我們的首席財務官 Greg Graves。有了這個，我會把它交給伯特蘭。

Thank you, Bill, and good morning to all. Let's turn to our results. Sales growth and overall execution were solid in the quarter, especially considering the growing uncertainty in the semi market. For the quarter, on a pro forma basis, sales were up 14% year-on-year and down 2% sequentially. On a reported basis, sales were up 71% year-on-year and up 44% sequentially.

謝謝你，比爾，大家早上好。讓我們轉向我們的結果。本季度的銷售增長和整體執行情況穩健，尤其是考慮到半成品市場的不確定性越來越大。本季度，在備考基礎上，銷售額同比增長 14%，環比下降 2%。根據報告，銷售額同比增長 71%，環比增長 44%。

EBITDA margins were 30% in the quarter, in line with our guidance, and non-GAAP EPS on an as-reported basis was down year-over-year, mostly reflecting the increase in interest expense. Let me make a few additional comments on our sales performance.

本季度 EBITDA 利潤率為 30%，與我們的指引一致，報告的非公認會計原則每股收益同比下降，主要反映了利息費用的增加。讓我對我們的銷售業績做一些補充評論。

In the third quarter, growth in our unit-driven solutions was led by liquid filtration, formulated cleans, and CMP consumables. Solutions, which are of growing importance to our customers' technology road maps. Growth also remained strong in the quarter in many of our CapEx-driven solutions, which are linked to new fab investments. So far this year, we have yet to see any meaningful slowdown in new fab construction projects, and this has helped sustain strong growth in fluid and wafer handling solutions as well as gas filtration and purification products.

第三季度，我們的單元驅動解決方案的增長主要來自液體過濾、配方清潔劑和 CMP 耗材。解決方案，對我們客戶的技術路線圖越來越重要。我們的許多資本支出驅動的解決方案在本季度也保持強勁增長，這些解決方案與新的晶圓廠投資有關。今年到目前為止，我們還沒有看到新晶圓廠建設項目出現任何明顯放緩，這有助於維持流體和晶圓處理解決方案以及氣體過濾和淨化產品的強勁增長。

As I said, our overall sales performance was solid in the quarter, especially in light of the emerging industry softness. And while sales were slightly below our guidance, they will have been closer to the midpoint of the range, excluding the impact of foreign exchange and the underperformance of the pipeline and industrial materials business, the business we expect to divest this quarter.

正如我所說，我們本季度的整體銷售表現穩健，特別是考慮到新興行業的疲軟。儘管銷售額略低於我們的預期，但它們將更接近該區間的中點，不包括外彙的影響以及管道和工業材料業務的表現不佳，我們預計本季度將剝離該業務。

Moving on to an update on the CMC integration. As we said in our recent analyst meeting, we've been making fast progress on many critical fronts. The organizational structure was largely finalized during the integration planning pre-close. And we are on track to achieve the cost synergy targets we have laid out during our analyst meeting. Achievement of the cost synergies will be driven by the impact of the org changes as well as other synergies expected to be realized shortly after our migration to common ERP platform by early summer 2023.

繼續更新 CMC 集成。正如我們在最近的分析師會議上所說，我們在許多關鍵方面都取得了快速進展。組織結構在整合規劃前期完成時基本確定。我們正在實現我們在分析師會議上製定的成本協同目標。成本協同效應的實現將受到組織變化的影響以及預計在 2023 年初夏遷移到通用 ERP 平台後不久實現的其他協同效應的推動。

The next critical component of the integration is the realization of revenue synergies and a lot of progress has been made here as well. We believe our combined offering across our extended CMP module will provide our customers best-in-class technology with optimum time to yield. This offering and our capabilities are unique in the industry, and we believe it will ultimately drive market share gains for Entegris over time. The final point I would like to discuss on the integration relates to our assessment of the strategic fit of the various parts of the CMC Materials portfolio.

整合的下一個關鍵組成部分是實現收入協同效應，這方面也取得了很大進展。我們相信，我們在擴展 CMP 模塊中的組合產品將為我們的客戶提供一流的技術和最佳的良率。該產品和我們的能力在業內是獨一無二的，我們相信隨著時間的推移，它將最終推動 Entegris 的市場份額增長。關於整合，我想討論的最後一點與我們對 CMC 材料產品組合各個部分的戰略匹配度的評估有關。

On that note, on October 11, we announced that we entered into a definitive agreement for Infineon to acquire the pipeline in Industrial Materials business for $240 million. For reference, the EBITDA for PIM is expected to be approximately $25 million this year. As a reminder, PIM was acquired as part of the CMC acquisition and is currently reported in the SCEM division. The transaction is expected to close later this year.

在這方面，10 月 11 日，我們宣布與英飛凌達成最終協議，以 2.4 億美元收購工業材料業務的管道。作為參考，今年 PIM 的 EBITDA 預計約為 2500 萬美元。提醒一下，PIM 是作為 CMC 收購的一部分被收購的，目前在 SCEM 部門報告。該交易預計將於今年晚些時候完成。

To help with your analysis, we expect to provide historical financials, excluding the PIM business after the transaction closes. I would like to emphasize that deleveraging is 1 of our highest near-term priorities at Entegris. And while divestitures were not included in our debt reduction targets we laid out in our recent analyst meeting, the PIM sale and other additional sales could accelerate debt pay-down. Going forward, we will provide updates on other potential divestitures as appropriate.

為了幫助您進行分析，我們希望在交易完成後提供歷史財務數據，不包括 PIM 業務。我想強調的是，去槓桿化是 Entegris 近期最高優先事項之一。雖然我們在最近的分析師會議上製定的減債目標中沒有包括資產剝離，但 PIM 出售和其他額外出售可能會加速債務償還。展望未來，我們將酌情提供有關其他潛在資產剝離的最新信息。

As you know, the United States government announced new export controls restricting the sales of semiconductor technology to certain companies in China. Since the announcement, our teams have been focused on ensuring full compliance with these rules and have ceased impacted shipments and services as required. We estimate that these new regulations will reduce our sales by approximately $40 million to $50 million in Q4, and this is reflected in our guidance for Q4 and for the year.

如您所知，美國政府宣布了新的出口管制措施，限制向中國某些公司出售半導體技術。自公告發布以來，我們的團隊一直專注於確保完全遵守這些規則，並根據需要停止了受影響的運輸和服務。我們估計，這些新法規將使我們在第四季度的銷售額減少約 4,000 萬美元至 5,000 萬美元，這反映在我們對第四季度和全年的指導中。

Now transitioning to our outlook. Greg will discuss the fourth quarter guidance in more detail. But while demand for most of our products is holding up well, we are taking a more cautious view on the fourth quarter, given the softening in the semi market and the impact of the U.S. government export restrictions I just mentioned.

現在過渡到我們的前景。 Greg 將更詳細地討論第四季度的指引。但是，儘管對我們大部分產品的需求保持良好，但鑑於半成品市場疲軟以及我剛才提到的美國政府出口限制的影響，我們對第四季度的看法更為謹慎。

Given that, we now expect revenue to be approximately $3.3 billion in 2022 on a reported basis, and more than $3.9 billion in 2022 on a pro forma basis. This is approximately 13% growth on a pro forma basis, representing another year of very strong outperformance for Entegris in 2022.

鑑於此，我們現在預計 2022 年報告的收入約為 33 億美元，預計 2022 年的收入將超過 39 億美元。這在備考基礎上增長了約 13%，代表著 Entegris 在 2022 年又一個表現強勁的年份。

We also continue to expect pro forma EBITDA of the combined company to be approximately 30% of revenue in calendar 2022. We recognize there is increased uncertainty in the overall economy and in the semi space. However, the positive secular growth drivers of our business have not changed.

我們還繼續預計合併後公司的備考 EBITDA 將佔 2022 日曆年收入的約 30%。我們認識到整體經濟和半導體領域的不確定性增加。然而，我們業務的長期積極增長動力並沒有改變。

We continue to believe the semiconductor industry is poised for healthy long-term growth on the way to a $1 trillion level by 2030. And as you know, Entegris now offers the industry's most comprehensive electronic materials portfolio, operating squarely at the crossroads of material science and materials purity.

我們仍然相信，半導體行業有望實現健康的長期增長，到 2030 年達到 1 萬億美元的水平。如您所知，Entegris 現在提供業內最全面的電子材料產品組合，在材料科學的十字路口開展業務和材料純度。

These 2 core capabilities are quickly becoming the most critical enablers of our customers' technology road maps. And these trends are translating to a rapidly expanding content per wafer and by extension, growth above the market for Entegris.

這兩項核心能力正迅速成為我們客戶技術路線圖的最關鍵推動力。這些趨勢正在轉化為每個晶圓的快速擴展內容，進而導致 Entegris 市場的增長。

Wrapping it up, we are pleased with our performance so far this year, and we look forward to delivering solid results for the full year. Looking ahead, with approximately 80% of our revenue now is unit driven, our platform should prove to be resilient relative to other industry participants. You can also expect us to be flexible and pragmatic going into next year, ready to make adjustments as needed, prioritizing cash flow and debt pay-down all the while continuing to make the necessary investments in our business to capture the full long-term growth potential ahead of us.

總結一下，我們對今年迄今為止的表現感到滿意，我們期待全年取得可觀的業績。展望未來，由於我們現在大約 80% 的收入是單位驅動的，我們的平台應該被證明相對於其他行業參與者俱有彈性。您還可以期望我們在明年保持靈活和務實，準備好根據需要進行調整，優先考慮現金流和債務償還，同時繼續對我們的業務進行必要的投資，以實現全面的長期增長潛力擺在我們面前。

Finally, I want to take a moment to thank our customers for the trust and confidence they place in Entegris, and once again thank our teams around the world for their incredible work and commitment.

最後，我想花一點時間感謝我們的客戶對 Entegris 的信任和信心，並再次感謝我們在世界各地的團隊所做的令人難以置信的工作和承諾。

Now let me turn the call to Greg. Greg?

現在讓我把電話轉給格雷格。格雷格？

Thank you, Bertrand, and good morning, everyone. Our sales in the third quarter were $994 million, up 14% year-over-year and down 2% sequentially on a pro forma basis. On a sequential basis, FX had an approximately $12 million negative impact to net sales in Q3, largely due to a strengthening in the U.S. dollar in September.

謝謝你，伯特蘭，大家早上好。我們第三季度的銷售額為 9.94 億美元，同比增長 14%，在備考基礎上環比下降 2%。在連續的基礎上，外匯對第三季度的淨銷售額產生了約 1200 萬美元的負面影響，主要是由於 9 月份美元走強。

GAAP gross margin was 37% in the third quarter. As expected, gross margin was negatively impacted by a purchase accounting inventory markup of $62 million related to the inventory that came with CMC as it came on to our balance sheet at fair market value or essentially the selling price. Non-GAAP gross margin was approximately 44% in Q3. Gross margins were lower than expected primarily driven by lower volumes and an inventory valuation adjustment in AMH. We expect gross margin to be approximately 42.5% both on a GAAP and non-GAAP basis in Q4.

第三季度GAAP毛利率為37%。正如預期的那樣，毛利率受到與 CMC 附帶的庫存相關的 6200 萬美元的採購會計庫存加價的負面影響，因為它以公允市場價值或基本上以售價進入我們的資產負債表。第三季度非美國通用會計準則毛利率約為 44%。毛利率低於預期，主要是由於銷量下降和 AMH 的庫存估值調整。我們預計第四季度的 GAAP 和非 GAAP 毛利率均約為 42.5%。

The drivers of the expected sequential decline in gross margin are lower volumes, unfavorable FX, and mix, the lower -- I'd note that the lower volumes are in higher-margin products. GAAP operating expenses were $357 million in Q3. GAAP operating expenses included $176 million of non-GAAP items, $65 million of amortization of intangible assets, $58 million of contractual deal-related integration costs, including change in control payments, $32 million of deal-related transaction costs, and $21 million of integration costs.

毛利率預期連續下降的驅動因素是銷量下降、不利的外匯以及組合越低——我注意到較低的銷量是在利潤率較高的產品中。第三季度 GAAP 運營費用為 3.57 億美元。 GAAP 運營費用包括 1.76 億美元的非 GAAP 項目、6500 萬美元的無形資產攤銷、5800 萬美元的合同交易相關整合成本（包括控制權變更）、3200 萬美元的交易相關交易成本和 2100 萬美元的整合費用。

Non-GAAP operating expenses in Q3 were $180 million, in line with our expectations. We expect GAAP operating expenses to be approximately $259 million to $264 million in Q4 and non-GAAP operating expenses to be approximately $170 million to $175 million. Q3 GAAP operating income was $15 million. Non-GAAP operating income was $253 million or 26% of revenue.

第三季度非 GAAP 運營費用為 1.8 億美元，符合我們的預期。我們預計第四季度 GAAP 運營費用約為 2.59 億美元至 2.64 億美元，非 GAAP 運營費用約為 1.7 億美元至 1.75 億美元。第三季度 GAAP 營業收入為 1500 萬美元。非美國通用會計準則營業收入為 2.53 億美元，佔收入的 26%。

It's also worth noting that as a result of higher asset valuation and related higher depreciation associated with the CMC transaction, normalized operating income will be negatively impacted by approximately 80 basis points on a go-forward basis.

還值得注意的是，由於與 CMC 交易相關的更高的資產估值和相關的更高折舊，正常化營業收入將受到約 80 個基點的負面影響。

Adjusted EBITDA was $298 million or 30% of revenue, in line with our guidance. Looking below the line, interest expense in the third quarter was $83 million, reflecting the almost full quarter impact of the debt used for the CMC acquisition. We expect interest expense to be approximately $83 million in the fourth quarter.

調整後的 EBITDA 為 2.98 億美元，佔收入的 30%，符合我們的指引。從線下看，第三季度的利息支出為 8300 萬美元，反映了用於 CMC 收購的債務幾乎對整個季度產生的影響。我們預計第四季度的利息支出約為 8300 萬美元。

While FX had a minimal impact on gross margin in the third quarter, FX impacted the other income expense line as it did in Q2, resulting in $11 million expense in Q3 or approximately $0.05 to non-GAAP EPS. Our foreign entity balance sheets are valued each month, and this reflects the loss on the revaluation during Q3.

雖然外匯對第三季度毛利率的影響微乎其微，但外匯對其他收入支出線的影響與第二季度一樣，導致第三季度支出為 1100 萬美元，或非公認會計準則每股收益約為 0.05 美元。我們的外國實體資產負債表每個月都會進行估值，這反映了第三季度重估的損失。

The GAAP tax rate was 9% in Q3, and the non-GAAP tax rate was 21%. We expect our fourth quarter tax rate to be approximately 20% on a GAAP and non-GAAP basis. Q3 GAAP diluted EPS was negative $0.50 per share. On a reported basis, non-GAAP EPS of $0.85 per share was down 8% year-over-year and down 15% sequentially, driven by more than $70 million increase in interest expense, a higher combined tax rate and the higher share count.

第三季度 GAAP 稅率為 9%，非 GAAP 稅率為 21%。我們預計我們的第四季度稅率在 GAAP 和非 GAAP 基礎上約為 20%。第三季度 GAAP 攤薄後每股收益為負 0.50 美元。據報導，由於利息支出增加超過 7000 萬美元、綜合稅率提高和股票數量增加，非 GAAP 每股收益為 0.85 美元，同比下降 8%，環比下降 15%。

Before I move into the divisional performance, a bit on our capital structure. During the quarter, we paid down $75 million of the $275 million, 364-day bridge loan. The bridge loan is our most expensive debt. On that note, I would also anticipate that we will continue to pay down the remainder of the bridge loan between now and year-end. As of the end of the quarter, our gross debt was $6 billion, and our net debt was $5.2 billion. This equates to a gross leverage ratio of 4.8x and net leverage of 4.2x pro forma for the announced cost synergies.

在我進入部門業績之前，先談談我們的資本結構。在本季度，我們償還了 2.75 億美元、364 天的過橋貸款中的 7500 萬美元。過橋貸款是我們最昂貴的債務。在這方面，我還預計，從現在到年底，我們將繼續償還剩餘的過橋貸款。截至本季度末，我們的總債務為 60 億美元，淨債務為 52 億美元。這相當於宣布的成本協同效應的總槓桿率為 4.8 倍，淨槓桿率為 4.2 倍。

As a reminder, after taking into account the hedge we put in place, our variable rate debt at the beginning of 2023 is expected to be approximately 10% of total outstanding. As Bertrand said, we are very focused on deleveraging. Our liquidity position continues to be excellent. As of the end of Q3, we had over $750 million of cash on hand. In addition, our $575 million revolving credit facility was undrawn.

提醒一下，在考慮到我們實施的對沖後，我們在 2023 年初的浮動利率債務預計將佔未償債務總額的 10% 左右。正如伯特蘭所說，我們非常專注於去槓桿化。我們的流動性狀況仍然很好。截至第三季度末，我們手頭有超過 7.5 億美元的現金。此外，我們的 5.75 億美元循環信貸額度尚未提取。

Turning to our performance by division. For ease of analysis, the comparisons I am referencing here are on a pro forma basis for the SCEM and APS divisions. Q3 sales of $281 million for MC were up 24% from last year and up 2% sequentially. Growth year-over-year was strong across all major product lines in MC, including liquid filtration, gas purification, and gas filtration.

轉向我們按部門劃分的表現。為了便於分析，我在這裡引用的比較是在備考基礎上針對 SCEM 和 APS 部門進行的。 MC 第三季度銷售額為 2.81 億美元，比去年增長 24%，環比增長 2%。 MC 的所有主要產品線同比增長強勁，包括液體過濾、氣體淨化和氣體過濾。

Adjusted operating margin for MC was 38% for the quarter, up year-on-year and sequentially. The margin increase was driven primarily by strong overall execution and favorable product mix. Q3 sales of $210 million for AMH were up 13% versus last year and down 6% sequentially.

本季度 MC 調整後的營業利潤率為 38%，同比和環比上升。利潤率的增長主要是由於強勁的整體執行力和有利的產品組合。 AMH 第三季度銷售額為 2.1 億美元，比去年增長 13%，環比下降 6%。

Year-on-year sales growth was strongest in wafer and fluid handling solutions. The biggest driver of the sequential sales decline in AMH was lower sales of the Aramus bag, which was expected given the significant decline in the distribution of the COVID vaccine.

晶圓和流體處理解決方案的銷售額同比增長最為強勁。 AMH 銷量環比下降的最大驅動因素是 Aramus 袋的銷量下降，鑑於 COVID 疫苗的分發量顯著下降，這是意料之中的。

Adjusted operating margin for AMH was 20%, down year-over-year and down slightly sequentially. The margin decline was driven primarily by the decrease in volumes in Life Sciences.

AMH 調整後的營業利潤率為 20%，同比下降，環比略有下降。利潤率下降的主要原因是生命科學業務量的減少。

Q3 sales of $224 million for SCEM were up 14% year-over-year and down slightly sequentially. The year-on-year growth was primarily driven by Surface Preparation Solutions, Specialty Coatings and Advanced Deposition Materials. Adjusted operating margin for SCEM was approximately 18% for the quarter, down year-on-year and up sequentially.

SCEM 第三季度銷售額為 2.24 億美元，同比增長 14%，環比略有下降。同比增長主要由表面處理解決方案、特種塗料和先進沉積材料推動。本季度 SCEM 調整後的營業利潤率約為 18%，同比下降，環比上升。

Q3 sales of $294 million for APS were up 9% year-over-year and down 4% sequentially. Year-on-year growth was primarily driven by the CMP consumable products, including CMP pads, post-CMP cleans and CMP slurries. The biggest driver of the sequential sales decline in APS with CMP consumable products which are particularly exposed to the memory market.

APS 第三季度銷售額為 2.94 億美元，同比增長 9%，環比下降 4%。同比增長主要由 CMP 耗材產品推動，包括 CMP 墊、CMP 後清洗劑和 CMP 漿料。 APS 銷量環比下滑的最大驅動因素是 CMP 耗材產品，尤其是在內存市場中。

Adjusted operating margin for APS was approximately 26% for the quarter, up year-on-year and sequentially. CapEx for the quarter was $127 million, bringing our year-to-date CapEx to $319 million on a reported basis. We expect to spend approximately $475 million in CapEx for the full year on a reported basis.

本季度 APS 的調整後營業利潤率約為 26%，同比和環比均有所上升。本季度的資本支出為 1.27 億美元，使我們年初至今的資本支出達到 3.19 億美元。根據報告，我們預計全年資本支出約為 4.75 億美元。

As outlined in our Analyst Meeting, we expect CapEx as a percent of sales will drop to a longer-term run rate of 9% to 10% starting in 2024. Third quarter cash flow from operations was $146 million and free cash flow was $19 million. For context, our normalized free cash flow excluding CMC deal and transaction cost was approximately $92 million in the quarter.

正如我們的分析師會議所述，我們預計資本支出佔銷售額的百分比將從 2024 年開始降至 9% 至 10% 的長期運行率。第三季度運營現金流為 1.46 億美元，自由現金流為 1900 萬美元.就上下文而言，我們在本季度不包括 CMC 交易和交易成本的標準化自由現金流約為 9200 萬美元。

During Q3, we paid $15 million in quarterly dividends. Now for our Q4 outlook for the combined company. We expect sales to range from $930 million to $970 million which includes the negative sales impact related to the China trade restrictions. We expect EBITDA margin to be approximately 29%. We expect GAAP EPS to be $0.28 to $0.33 per share and non-GAAP EPS to be $0.75 to $0.80 per share.

在第三季度，我們支付了 1500 萬美元的季度股息。現在是我們對合併後公司的第四季度展望。我們預計銷售額將在 9.3 億美元至 9.7 億美元之間，其中包括與中國貿易限制相關的負面銷售影響。我們預計 EBITDA 利潤率約為 29%。我們預計 GAAP 每股收益為 0.28 美元至 0.33 美元，非 GAAP 每股收益為 0.75 美元至 0.80 美元。

In closing, we are pleased with the quality of our execution and our ability to maintain a strong focus on the customer, all while driving a complex integration. Our integration efforts are progressing well, and we are on track to deliver the $75 million of cost synergies. We paid down $70 million of debt in the quarter and are committed to further pay-downs.

最後，我們對我們的執行質量以及我們在推動複雜集成的同時保持對客戶的高度關注的能力感到滿意。我們的整合工作進展順利，我們有望實現 7500 萬美元的成本協同效應。我們在本季度償還了 7000 萬美元的債務，並承諾進一步償還。

We have a strong conviction in the secular growth of our industry and the Entegris platform. And we will be focusing on effectively managing the prevailing uncertainty while investing in the future.

我們對行業和 Entegris 平台的長期發展抱有堅定的信念。在投資未來的同時，我們將專注於有效管理普遍存在的不確定性。

Operator, we'll now open up for questions.

接線員，我們現在開始提問。

(Operator Instructions) And we'll take our first question from Sidney Ho with Deutsche Bank.

（操作員說明）我們將向德意志銀行的 Sidney Ho 提出第一個問題。

Thank you, and good morning, everyone. So at the Analyst Day, you guys talked about a 3-year CAGR between 2022 and '25 for MSI to be up 6% and CapEx to be flat, how are you thinking about for 2023 only at this point for both MSI and CapEx given what we learned from the memory companies and maybe the impact of these China restrictions that you mentioned.

謝謝大家，大家早上好。因此，在分析師日，你們談到了 2022 年到 25 年之間的 3 年復合年增長率，MSI 將增長 6%，資本支出持平，對於 MSI 和資本支出，你現在如何考慮 2023 年我們從內存公司那裡學到了什麼，也許還有你提到的這些中國限制的影響。

And specific to MSI, is there a range that you can share with us?

具體到 MSI，有沒有可以和我們分享的範圍？

So obviously, there is growing evidence that we are headed into a downturn in 2023. But it's too early for us to give a much quantification of the various industry drivers. I think at this point, the depth and the duration of the downturn remain very unclear. And I would make a similar statement when it comes to the permanent impact of the new export control restrictions. That situation remains dynamic.

很明顯，越來越多的證據表明我們將在 2023 年進入低迷期。但現在對各種行業驅動因素進行量化還為時過早。我認為在這一點上，經濟衰退的深度和持續時間仍然很不明朗。當談到新的出口管制限制的永久影響時，我也會發表類似的聲明。這種情況仍然是動態的。

We have some homework to do. We're waiting clarification from the U.S. government, so it's a little bit too early for us to comment about the impact of that on 2023 as well. We will do all of that when we report our Q4 earnings sometime in early February.

我們有一些功課要做。我們正在等待美國政府的澄清，所以現在評論這對 2023 年的影響還為時過早。當我們在 2 月初的某個時候報告我們的第四季度收益時，我們將完成所有這些工作。

Okay. Maybe my follow-up question is on the gross margins. So there seems to be a lot of cross current impact impacting gross margin. If I look at your Q4 guidance of 42.5%, can you help us understand how much are you -- do you think you're under-earning, would you think a normalized gross margin level could be at the Q4 revenue level? And maybe you can talk about the various components that impact gross margin in the Q4, that would be great.

好的。也許我的後續問題是關於毛利率的。因此，似乎有很多影響毛利率的交叉電流影響。如果我查看您的第四季度指導值 42.5%，您能否幫助我們了解您的收入 - 您是否認為您的收入不足，您認為標準化的毛利率水平可能會達到第四季度的收入水平嗎？也許你可以談談影響第四季度毛利率的各種因素，那會很棒。

Sidney, it's Greg. I'm not going to comment on the gross margin beyond Q4 because as you point out, there are a lot of cross currents. What I will say is that when I look at the fundamentals of the business, I don't have any concern over sort of the longer-term gross margin trend. I mean, look, I mean, if you think about some of the cross currents and we clearly are experiencing higher raw materials, higher logistics costs. But at the same time, we've done well on the pricing front on a very strategic basis, not on an across-the-board basis. So like I said, fundamentally, when I think about the longer-term margin, I don't have any particular concern.

西德尼，是格雷格。我不會評論第四季度之後的毛利率，因為正如你所指出的，存在很多交叉流。我要說的是，當我查看業務的基本面時，我對長期毛利率趨勢沒有任何擔憂。我的意思是，看，我的意思是，如果你考慮一些交叉流，我們顯然正在經歷更高的原材料和更高的物流成本。但與此同時，我們在非常戰略性的基礎上在定價方面做得很好，而不是在全面的基礎上。所以就像我說的，從根本上說，當我考慮長期利潤率時，我沒有任何特別的擔憂。

When I look at the outlook for Q4, it really boils down to the fact that the weakness in the business that we're experiencing tends to be in our -- some of our higher-margin products. And so that is essentially what drives the dip in Q4, and obviously, the lower volumes play into it as well.

當我查看第四季度的前景時，它真的歸結為這樣一個事實，即我們所經歷的業務疲軟往往存在於我們的一些利潤率較高的產品中。因此，這基本上是推動第四季度下滑的原因，顯然，較低的交易量也起到了作用。

(Operator Instructions) We'll take our next question from Kieran De Brun with Mizuho.

（操作員說明）我們將與瑞穗一起回答 Kieran De Brun 的下一個問題。

I was just wondering, maybe to begin, on the export controls, is there a particular segment that's getting more impacted from kind of the U.S. export controls. And then if it does end up being permanent, how do you think about reallocating some of those sales in different geographies?

我只是想知道，也許從出口管制開始，是否有一個特定的部分受到美國出口管制的影響更大。然後，如果它最終成為永久性的，您如何考慮將其中一些銷售重新分配到不同的地區？

Yes. So I would say that each divisions will be impacted by the new export control rules, but APS in particular, is where we expect to see the biggest impact mostly because of the greater historical exposure to the China market. When it comes to your -- the second part of your question, it's too early for us to really elaborate on that. I would be speculating, and I don't want to do that.

是的。所以我想說每個部門都會受到新的出口管制規則的影響，但特別是 APS，我們預計會看到最大的影響，主要是因為歷史上對中國市場的敞口更大。當涉及到您的問題的第二部分時，我們現在要詳細說明這一點還為時過早。我會猜測，我不想那樣做。

Great. And then maybe just a quick follow-up on APS. In regards to the CMP product lines, I mean, memory, I think, anecdotally, from what we've heard from different industry participants has been a little bit weaker. I know it's preliminary for 2023, but maybe you could just discuss how that kind of outlook and the demand backdrop changed maybe from 2Q to 3Q and how you're thinking about the fourth quarter into '23?

偉大的。然後也許只是對 APS 的快速跟進。關於 CMP 產品線，我的意思是，我認為，有趣的是，從我們從不同行業參與者那裡聽到的消息來看，記憶力有點弱。我知道這是 2023 年的初步數據，但也許您可以討論這種前景和需求背景可能從第二季度到第三季度如何變化，以及您如何看待 23 年第四季度？

Yes. So I won't go into 2023, but I certainly can try to be helpful in terms of the short-term trends that we're seeing in Q3 and then what we expect to see in Q4. If you think about it at a high level, I would say that when it comes to the Q4 top line guidance, the larger factor explaining the sequential decline is really the anticipated loss of revenue from China as we comply with the new export control rules. And we estimate that to be about $40 million to $50 million for the quarter.

是的。所以我不會進入 2023 年，但我當然可以嘗試對我們在第三季度看到的短期趨勢以及我們在第四季度看到的短期趨勢有所幫助。如果你從高層次上考慮，我會說，當談到第四季度的收入指引時，解釋連續下降的更大因素實際上是我們遵守新的出口管制規則時預期的來自中國的收入損失。我們估計本季度約為 4000 萬至 5000 萬美元。

The second factor is, in fact, the impact of the expected divestiture of the PIM business, which we expect to close in late November and that will have a negative impact of about $10 million sequentially, Q4 over Q3. And the last factor is the expected sequential decline in the industry CapEx and MSI. And overall, we expect the industry to be down sequentially in the mid-single-digit, so if you think about it in terms of the various divisions, as I said, I think I would expect the division -- the most impacted by those factors to be APS simply because of their exposure to memory and China.

事實上，第二個因素是預期剝離 PIM 業務的影響，我們預計該業務將在 11 月下旬結束，這將產生約 1000 萬美元的負面影響，即第 4 季度和第 3 季度。最後一個因素是行業資本支出和 MSI 的預期連續下降。總體而言，我們預計該行業將在中個位數中連續下降，因此，如果您從各個部門的角度來考慮，正如我所說，我想我會預計該部門——受這些部門影響最大被APS的因素僅僅因為他們接觸過內存和中國。

So when you think about Q4, I would say that I would expect MC, AMH, and SCEM to be essentially flat to modestly down, again, only and including all of the factors, the China impact as well as the industry headwinds.

因此，當您考慮第四季度時，我會說我預計 MC、AMH 和 SCEM 將基本上持平或適度下降，再次，僅包括所有因素、中國影響以及行業逆風。

We'll take our next question from John Roberts with Credit Suisse.

我們將向瑞士信貸的約翰·羅伯茨提出下一個問題。

Are there any inventory effects that are exacerbating the $40 million to $50 million in the December quarter? Or is that really all consumption-driven, and then it will get bigger as we go into 2023?

是否有任何庫存影響加劇了 12 月季度的 4000 萬至 5000 萬美元？或者這真的都是消費驅動的，然後隨著我們進入 2023 年，它會變得更大？

Look, I mean, we don't think so. I think that, as I said, that the situation remains pretty dynamic. And I'm not quite ready to quantify the impact of those restrictions in 2023. I mean we're currently working with the U.S. government to get further clarifications on the rules. We are working with our China customers to get certifications. And of course, we are working internally on operationalizing all of those new rules. So we have work to do. And we will update you as we complete the work and as we better understand the long-term impact of those new rules.

聽著，我的意思是，我們不這麼認為。我認為，正如我所說，情況仍然充滿活力。而且我還沒有準備好量化這些限制在 2023 年的影響。我的意思是，我們目前正在與美國政府合作，以進一步澄清這些規則。我們正在與中國客戶合作以獲得認證。當然，我們正在內部努力實施所有這些新規則。所以我們有工作要做。當我們完成工作並更好地了解這些新規則的長期影響時，我們將更新您的信息。

And now that you've had a few more months to review the portfolio, are there any additional divestments that are envisioned?

現在您已經有幾個月的時間來審查投資組合，是否有任何額外的撤資計劃？

So during the recent analyst call, we said that we have, for the most part, completing the analysis of the portfolio. And then the questions that we have now is really around how and when to execute on some of those decisions. So I'm not going to go into any more details than that and just permit to you that we will update you when appropriate.

因此，在最近的分析師電話會議中，我們表示我們已經完成了大部分投資組合的分析。然後我們現在面臨的問題實際上是關於如何以及何時執行其中一些決定。因此，我不會再詳細說明，只是允許您在適當的時候更新您的信息。

We'll take our next question from Mike Harrison with Seaport Research Partners.

我們將向 Seaport Research Partners 的 Mike Harrison 提出下一個問題。

We've seen a number of your customers announced that they're pulling back on their capital expenditure plans. Are those generally just reducing capacity expansions? Are there some delays that are happening in their technology road maps? Maybe give us a little bit of a sense of kind of what that means for node transitions as you look forward in the next few years?

我們已經看到您的一些客戶宣布他們正在撤回他們的資本支出計劃。那些通常只是減少產能擴張？他們的技術路線圖是否存在一些延遲？當您期待未來幾年時，也許讓我們有點了解這對節點轉換意味著什麼？

It's a good question. It's an important question. And obviously, as you would expect, we're very focused on understanding some of those decisions that our major customers will be making over the next 12 to 18 months. But as of right now, we are not seeing any slowdown in new fab construction projects, and that's good because that remains the primary driver for our CapEx projects.

這是個好問題。這是一個重要的問題。顯然，正如您所料，我們非常專注於了解我們的主要客戶將在未來 12 到 18 個月內做出的一些決定。但截至目前，我們沒有看到新晶圓廠建設項目出現任何放緩，這很好，因為這仍然是我們資本支出項目的主要驅動力。

More broadly, we continue to expect steady node transitions in 2023. That is most likely going to be particularly true in the memory segment. Typically, in downturns, we have seen greater focus by our memory customers to shift more activity to the leading edge where they enjoy greater margins and potentially enjoy a competitive advantage. So I think that typically downturns are an additional incentives for our memory customers to aggressively transition to new nodes. So again, I think that's the current operating assumption subject to change, and we will update you in early February when we report our Q4 results.

更廣泛地說，我們繼續預計 2023 年節點將平穩過渡。這很可能在內存領域尤其如此。通常，在經濟低迷時期，我們的內存客戶更加關注將更多活動轉移到他們享有更大利潤並可能享有競爭優勢的領先優勢。因此，我認為通常情況下的低迷是我們的內存客戶積極過渡到新節點的額外激勵因素。再說一次，我認為這是當前的運營假設可能會發生變化，我們將在 2 月初報告第四季度業績時向您更新。

All right. And then my other question is on cash flow. I was wondering if you would expect slower market demand to impact your cash flow over the next year or 2 and therefore, impact your plans to reduce balance sheet leverage?

好的。然後我的另一個問題是關於現金流的。我想知道您是否預計市場需求放緩會影響您未來一兩年的現金流量，從而影響您降低資產負債表槓桿的計劃？

So I'll make 2 comments on that. One is, I mean, obviously, if the profitability declines significantly as a result of a major downturn and that's going to impact our cash flow. But I would also highlight that in prior downturns, the impact has not been what you might expect because obviously, we've got high-quality receivables. Those come off the balance sheet. We should see reductions in inventory in a downturn, all -- those items help the cash flow as well.

因此，我將對此發表 2 條評論。一個是，我的意思是，很明顯，如果盈利能力因嚴重衰退而顯著下降，這將影響我們的現金流。但我還要強調的是，在之前的經濟低迷時期，影響並不像你所期望的那樣，因為很明顯，我們有高質量的應收賬款。那些從資產負債表上消失了。我們應該看到在經濟低迷時期庫存減少，所有這些項目也有助於現金流。

So I think it's inevitable that there would be some decline, but I don't think it's as great as you would expect because of the impacts of working capital. And the other point I would make as it relates to debt reduction is we do intend to when the PIM transaction closes later in the quarter, we'll pay down the balance of the bridge loan that we have outstanding that is our highest cost debt.

所以我認為會有一些下降是不可避免的，但由於營運資金的影響，我認為它並沒有你想像的那麼好。我要說的與債務減免有關的另一點是，我們確實打算在本季度晚些時候完成 PIM 交易時，償還我們未償還的過橋貸款餘額，這是我們成本最高的債務。

We'll probably -- with that paid off, I mean that's our really only near-term obligation, will probably be a little bit more aggressive in terms of -- I shouldn't say, aggressive is not the right word, we'll probably carry a little bit lower liquidity levels, which will also allow us to pay down additional debt.

我們可能會 - 得到回報，我的意思是這是我們真正唯一的近期義務，可能會更具侵略性 - 我不應該說，激進不是正確的詞，我們流動性水平可能會降低一點，這也將使我們能夠償還額外的債務。

(Operator Instructions) We'll take our next question from Timothy Arcuri with UBS.

（操作員說明）我們將向瑞銀的 Timothy Arcuri 提出下一個問題。

Bertrand, I wanted to ask on China. So I mean, based on what the equipment companies have already said that's coming out of their shipments for the fourth quarter, I mean some of them can sort of paper it over with deferred revenue, but there's clearly about $2 billion less of wafer fab equipment shipping inside of Q4. And so I'm a little surprised to hear that the impact from China is spread across the businesses. And in fact, you said even more in APS and really not as much inside of AMH. So can you talk about that? And I guess also as it relates to gross margin, I wanted Greg, you to clarify your comment because I think you said that gross margin is lower because high-margin businesses are down, but I mean, even APS is a relatively low-margin business. So can you just clarify that?

伯特蘭，我想問一下關於中國的問題。所以我的意思是，根據設備公司已經說過的第四季度出貨量，我的意思是他們中的一些人可以通過遞延收入來彌補，但顯然晶圓廠設備減少了大約 20 億美元第四季度內發貨。因此，聽到來自中國的影響遍及各個企業，我有點驚訝。事實上，您在 APS 中說得更多，而在 AMH 內部卻沒有那麼多。那你能談談嗎？我想也因為它與毛利率有關，我想讓 Greg，你澄清你的評論，因為我認為你說毛利率較低是因為高利潤業務下降，但我的意思是，即使 APS 也是相對較低的利潤率商業。那你能澄清一下嗎？

Yes, Tim, I think your assessment of the -- how the export restrictions are impacting our business is correct. It's impacting our business -- our direct business to fab customers, and it's impacting indirectly Entegris with some of the components we would typically sell to the equipment makers. Having said that, I stand by the comment I made earlier simply because there is actually a pretty significant backlog right now that we have with our OEM customers. And I think that, that should actually moderate the short-term impact of those China restrictions when it comes to AMH in particular. So again, I was making a comment in the context of Q4 and the impact to Q4.

是的，蒂姆，我認為您對出口限制如何影響我們業務的評估是正確的。它正在影響我們的業務——我們與晶圓廠客戶的直接業務，並且通過我們通常出售給設備製造商的一些組件間接影響了 Entegris。話雖如此，我支持我之前發表的評論，只是因為我們現在與我們的 OEM 客戶有相當多的積壓。我認為，這實際上應該緩和這些中國限制措施的短期影響，尤其是在 AMH 方面。再次，我在第四季度的背景下發表評論以及對第四季度的影響。

Yes. And Tim, as it relates to the gross margin, I think my comment would be within -- well, each of the divisions, there's a relatively wide dispersion in terms of gross margins on the various products, and so I'll stand by my comment that we're losing volumes in some of our highest margin products.

是的。蒂姆，因為它與毛利率有關，我認為我的評論將在 - 好吧，每個部門，在各種產品的毛利率方面存在相對廣泛的差異，所以我會堅持我的評論說，我們的一些最高利潤產品的銷量正在下降。

Okay. Cool. Great. And then I guess, last for me. So it sounds like the impact from China on AMH is probably still to be seen as you get inside of 2023, and AMH, we know that WFE is going to be down 25% next year, 2025. AMH is 60% CapEx driven. So is it kind of fair? I mean I'm not asking you for like firm guidance next year, but is it sort of fair to assume that AMH is down maybe half of that, maybe it's down like low to mid-teens when you take into account the fact that the CapEx is coming down and also you probably haven't even felt the full impact from China within AMH?

好的。涼爽的。偉大的。然後我想，最後對我來說。因此，當您進入 2023 年時，聽起來中國對 AMH 的影響可能仍有待觀察，而 AMH，我們知道 WFE 明年，即 2025 年將下降 25%。AMH 由 60% 的資本支出驅動。那麼這樣公平嗎？我的意思是我明年不會要求你提供同樣堅定的指導，但是假設 AMH 下降了一半，或者考慮到資本支出正在下降，您可能還沒有感受到來自中國對 AMH 的全面影響？

Look, again, I won't comment specifically on 2023, but remember a few things is that -- so it's true that AMH is the 1 division most exposed to the industry CapEx. But also remember that about half of their exposure relates to new fab construction projects. And as of right now, most of our customers are still proceeding with those construction projects. This could change. But as of right now, this is not the indications we have received from our customers. So it's too early for us to really quantify the impact of many of those industry drivers, we will do that in February.

再一次，我不會對 2023 年做出具體評論，但請記住一些事情是 - 所以 AMH 確實是最受行業資本支出影響的 1 個部門。但也要記住，他們大約一半的曝光與新的晶圓廠建設項目有關。截至目前，我們的大多數客戶仍在進行這些建設項目。這可能會改變。但截至目前，這並不是我們從客戶那裡收到的跡象。因此，我們現在要真正量化許多這些行業驅動因素的影響還為時過早，我們將在 2 月份做到這一點。

(Operator Instructions) We'll take our next question from Chris Kapsch with Loop Capital Markets.

（操作員說明）我們將向 Loop Capital Markets 的 Chris Kapsch 提出下一個問題。

Just 1 follow-up on the comments about the weaker sequential trends and higher-margin products. So I just want to know -- make sure I understand if it's fair to -- or accurate to extrapolate that to weakness in memory. And then within that, I mean having covered CCMP, I'm assuming you're talking about the [tons and slurries] being the higher margin. So you're feeling that. But I want to confirm that, but also just curious if the weakness in memory, are you seeing it across technology nodes? Or is it -- is the slowdown more pronounced in more advanced technology nodes? Are they slowing the progression to the higher density architectures and therefore, affecting some of your growth in your -- in your SCEM products that are -- that have higher content per die, if you will, in those advanced nodes.

僅對有關較弱的連續趨勢和更高利潤率產品的評論進行跟進。所以我只想知道——確保我理解這是否公平——或者準確地將其推斷為記憶力弱點。然後在此範圍內，我的意思是已經涵蓋了 CCMP，我假設您在談論 [噸和泥漿] 是更高的利潤。所以你有這種感覺。但我想確認一下，但也只是好奇，如果內存的弱點，你是否在跨技術節點看到它？或者是——在更先進的技術節點中，放緩是否更加明顯？它們是否會減慢向更高密度架構的進展，因此會影響您在那些高級節點中每個芯片具有更高內容的 SCEM 產品的一些增長。

Yes. So Chris, I'll take the first part -- or second part, and then I'll turn it back to Greg on the margin implications. But we have seen in Q3 sequential decline in our memory segment. And that did impact both APS and certain product lines of our SCEM division as well. And we expect to see a repeat of that in Q4. The 2 things that I would want to highlight is that, first, we saw a significant contraction in HDD business. And I know it's -- and that's actually a series of applications that EPS has great exposure to, and that's 1 of the reasons we've seen maybe a more pronounced contraction in APS as compared to SCEM.

是的。克里斯，我將討論第一部分——或第二部分，然後我將把它轉回格雷格討論邊際問題。但我們在第三季度看到我們的內存部門連續下降。這確實影響了 APS 和我們 SCEM 部門的某些產品線。我們預計第四季度會再次出現這種情況。我想強調的兩件事是，首先，我們看到硬盤業務顯著收縮。而且我知道它是 - 這實際上是 EPS 大量接觸的一系列應用程序，這就是我們看到 APS 可能比 SCEM 更明顯收縮的原因之一。

On a going-forward basis, typically, as I said earlier, we expect our 3D NAND customers and DRAM customers to migrate more wafer productions to the leading edge where they have a greater competitive advantage. So again, there are a lot of puts and takes. We expect, again, some headwind from an industry standpoint, but we expect an offset in terms of the growing Entegris content per wafer at the leading edge. So we'll try to put all of that into numbers in a few months, but we're not ready to do that on this call today. Then on the margin front, Greg, I don't know if there is anything?

展望未來，正如我之前所說，我們通常希望我們的 3D NAND 客戶和 DRAM 客戶將更多的晶圓生產轉移到他們擁有更大競爭優勢的領先優勢上。再說一次，有很多的看跌期權。從行業的角度來看，我們再次預計會遇到一些不利因素，但我們預計領先優勢的每片晶圓不斷增長的 Entegris 含量會有所抵消。因此，我們將嘗試在幾個月內將所有這些都放入數字中，但我們還沒有準備好在今天的電話會議上這樣做。然後在邊際前沿，格雷格，我不知道有沒有什麼？

Yes. No. I mean, Chris, I would -- I'm not going to get into specifics of margins by products and which are the higher and which are the lower other than to say that there is dispersion within each of the divisions. But I would say your comment around -- your historical observations on CCMP would be accurate. And I would also say, as it relates to the comment Bertrand just made around SCEM, I mean the volumes that we're losing there tend to be -- the higher margin volumes that we're losing there tend to be more exposed to memory as well. But in both of those divisions, we're seeing -- the degradation in volume tends to be in the higher margin products.

是的。不。我的意思是，克里斯，我會 - 我不會按產品詳細說明利潤率，哪些較高哪些較低，只是說每個部門之間存在差異。但我會說你的評論——你對 CCMP 的歷史觀察是準確的。而且我還要說，因為它與 Bertrand 剛剛圍繞 SCEM 發表的評論有關，我的意思是我們在那裡損失的交易量往往是——我們在那裡損失的更高利潤交易量往往更容易被記憶也是。但是在這兩個部門中，我們都看到了——銷量下降往往出現在利潤率較高的產品中。

Okay. And then sort of a different topic, I guess, industry downturns in the past have provided an opportunity for more tool time to qualify next-gen products. And so just curious if any observations about what innovation programs you might be most excited about looking through the cycle and/or it may be too early, but just any evidence that some ideas around just the cross-fertilization of the 2 businesses might lead to top line synergy programs? Any evidence that anything -- any innovation or programs that you're excited about that you're willing to share at this point?

好的。然後是一個不同的話題，我想，過去的行業低迷為更多的工具時間來驗證下一代產品提供了機會。因此，只是好奇是否有任何關於您可能對瀏覽週期最興奮的創新計劃的觀察和/或可能為時過早，但只是有任何證據表明圍繞這 2 家企業的交叉受精的一些想法可能會導致一線協同計劃？有任何證據表明您願意在這一點上分享任何令您興奮的創新或計劃嗎？

I'm glad actually that you're asking the question in the way you are, Chris, and you're right, that downturns actually provide many opportunities to engage with our customers. And I can tell you that our customers are seeing the potential of this expanded platform. They understand that today Entegris is emerging as a must-have partner and emerging as the partner that can most likely help them achieve both greater performance at a device level, but also faster time to yield. So we are seeing a lot of excitement with our customers, a lot of excitement internally with the development teams as well, and the downturn will provide an opportunity for us to really engage with our customers, validated a lot of the hypothesis that we have, and some of which we have shared with you during the recent Analyst Day.

實際上，我很高興你以你的方式提出問題，克里斯，你是對的，經濟低迷實際上提供了許多與我們的客戶互動的機會。我可以告訴你，我們的客戶正在看到這個擴展平台的潛力。他們明白，如今 Entegris 正在成為一個必不可少的合作夥伴，並且成為最有可能幫助他們在設備級別實現更高性能的合作夥伴，以及更快的生產時間。因此，我們看到客戶非常興奮，開發團隊內部也非常興奮，經濟低迷將為我們提供真正與客戶互動的機會，驗證了我們的很多假設，我們在最近的分析師日期間與您分享了其中的一些內容。

So I won't go beyond what I already mentioned during the Analyst Day, but I think there are many opportunities for us within the CMP module to co-optimize a number of solutions. And then I think longer term, there is a desire for us really to provide that end-to-end solution for our customers from fin composition to polishing solutions all the way to best known methods of post-CMP cleaning.

因此，我不會超出我在分析師日期間已經提到的內容，但我認為在 CMP 模塊中我們有很多機會共同優化許多解決方案。然後我認為從長遠來看，我們確實希望為我們的客戶提供端到端的解決方案，從翅片組合到拋光解決方案，一直到最著名的 CMP 後清潔方法。

So the downturn will provide us many, many opportunities to use the tool time that our customers will have to actually validate many of those solution sets for them. So again, there is always a silver lining.

因此，經濟低迷將為我們提供很多很多機會來使用我們的客戶必須為他們實際驗證許多解決方案集的工具時間。再說一次，總有一線希望。

Yes. Okay. Thank you, operator. That was the final question. Thank you, everyone, for joining the call today. Please reach out if you have any questions, and have a good day. Thank you very much.

是的。好的。謝謝你，接線員。那是最後一個問題。謝謝大家今天加入電話會議。如果您有任何問題，請聯繫我們，祝您有美好的一天。非常感謝。

This concludes 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。您現在可以斷開連接。