Entegris Inc (ENTG) 2024 Q2 法說會逐字稿

Good day, everyone and welcome to the Entegris second quarter 2024 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Entegris 2024 年第二季財報電話會議。（操作員說明）

I would now like to turn the call over to Bill Seymour, Vice President of Investor Relations. Please go ahead, sir.

我現在想將電話轉給投資者關係副總裁比爾·西摩 (Bill Seymour)。請繼續，先生。

Good morning, everyone. Earlier today, we announced the financial results for our second quarter of 2024. Before we begin, I would like to remind listeners that our comments today 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. 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.

大家早安。今天早些時候，我們公佈了 2024 年第二季的財務表現。在開始之前，我想提醒聽眾，我們今天的評論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的預測有重大差異。有關這些風險和不確定性的更多資訊包含在我們向 SEC 提交的最新年度報告和後續季度報告中。請參閱簡報中免責聲明投影片上的資訊。

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 tables in today's news release as well as on our IR page of our website at entegris.com. And finally, as a reminder, we have included in the earnings slide presentation for your reference, consolidated and divisional P&Ls that exclude divestitures for Q1 and Q2 of 2024 and all 4 quarters of 2023.

在本次電話會議上，我們也會參考 SEC 和 G 條例定義的非 GAAP 財務指標。最後，提醒一下，我們在收益幻燈片簡報中納入了合併和部門損益表（不包括 2024 年第一季和第二季以及 2023 年所有 4 個季度的資產剝離）供您參考。

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

今天參加電話會議的是我們的執行長伯特蘭·洛伊 (Bertrand Loy)；和我們的財務長 Linda LaGorga。這樣，我就把電話轉給伯特蘭。

Thank you, Bill, and good morning. I am pleased with another strong performance in the second quarter. With semi industry that continues to be in transition, the Entegris team delivered results that were in line or better than our guidance. Sales of $813 million were above our guidance and excluding divestitures, were up sequentially in all 3 divisions. Gross margin increased sequentially and was up over 300 basis points year-on-year, in line with expectations, showing strong execution and the benefit of our recent divestitures. And EBITDA and non-GAAP EPS were within our guidance range.

謝謝你，比爾，早安。我對第二季度的又一次強勁表現感到高興。隨著半導體產業持續轉型，Entegris 團隊交付的結果符合或優於我們的指導。銷售額 8.13 億美元高於我們的指導，且不包括資產剝離，所有 3 個部門的銷售額均持續成長。毛利率環比成長，年增超過 300 個基點，符合預期，顯示出強勁的執行力以及我們近期資產剝離的好處。EBITDA 和非 GAAP 每股盈餘均在我們的指導範圍內。

Looking more closely at our sales performance, Second quarter sales increased 10% sequentially and 6% year-over-year, excluding divestitures. Sales were up across most product areas. For our unit-driven revenues, sales were particularly strong in CMP slurries and pads, liquid filtration and etching chemistries. Our CapEx-driven revenue also rebounded sequentially in the quarter. This was true for facilities-based CapEx products like gas purification and fluid handling as well as for WFE-related CapEx products like groups and gas filtration.

更仔細地觀察我們的銷售業績，第二季銷售額環比成長 10%，年增 6%（不包括資產剝離）。大多數產品領域的銷售額均有所上升。對於我們單位驅動的收入而言，CMP 漿料和拋光墊、液體過濾和蝕刻化學品的銷售尤其強勁。我們的資本支出驅動的收入在本季也連續反彈。對於基於設施的資本支出產品（如氣體淨化和流體處理）以及與 WFE 相關的資本支出產品（如組和氣體過濾）來說，情況確實如此。

Let me cover a few other business highlights. Last month, we announced a preliminary award of up to $75 million and proposed a direct funding under the CHIPS & Science Act to support our new manufacturing facility we are building in Colorado. We are honored to be the first material supplier to be awarded funding through this federal initiative, validating the importance of what we do as a key enabler of the semiconductor industry and its ecosystem. We expect to receive the funding and installments tied to the achievement of several milestones over the next 4 years. The first phase of this project will include the production of FOUPs and proprietary membrane used in our photoresist liquid filters.

讓我介紹一下其他一些業務亮點。上個月，我們宣布提供高達 7500 萬美元的初步撥款，並提議根據《晶片與科學法案》提供直接資金，以支持我們在科羅拉多州建設的新製造工廠。我們很榮幸成為第一家透過這項聯邦計畫獲得資金的材料供應商，這證明了我們作為半導體產業及其生態系統的關鍵推動者所做的工作的重要性。我們預計將收到與未來 4 年內實現多個里程碑相關的資金和分期付款。該專案的第一階段將包括生產 FOUP 和用於我們的光阻液體過濾器的專有膜。

Initial sales from this facility are expected to be generated in the second half of 2025. I'm also pleased to report that our new facility in Kaohsiung, Taiwan, continues to be on track to ramp up production. We generated our first revenue from this new facility in Q2, a great milestone for our local team and we continue to expect to generate approximately $40 million in revenue from this facility for the full year 2024. Our investments in both Taiwan and Colorado, will provide manufacturing capacity to support the significant growth we expect in the coming years.

該工廠預計將於 2025 年下半年產生初始銷售額。我還很高興地報告，我們位於台灣高雄的新工廠繼續按計劃提高產量。我們在第二季度從這個新設施中獲得了第一筆收入，這對我們當地團隊來說是一個重要的里程碑，我們繼續預計 2024 年全年將從該設施中產生約 4000 萬美元的收入。我們在台灣和科羅拉多州的投資將提供製造能力，以支持我們預計未來幾年的顯著成長。

On that note, we are continuing to make significant R&D investments that are critical to capturing the many growth opportunities ahead of us. In support of this, we expect our R&D spending will increase 15% in 2024. Our customers technology road maps are calling for new materials innovation and ever greater process purity to achieve optimal yields, an incremental device performance. The compounding process complexity of these road maps is making our expertise in material science and materials purity increasingly valuable to our customers.

在這一點上，我們將繼續進行大量的研發投資，這對於抓住我們面前的許多成長機會至關重要。為此，我們預計 2024 年研發支出將增加 15%。我們的客戶技術路線圖呼籲新材料創新和更高的製程純度，以實現最佳產量和增量設備性能。這些路線圖的複合工藝複雜性使我們在材料科學和材料純度方面的專業知識對我們的客戶越來越有價值。

The investments we are making in fundamental research and new product platforms are expected to translate into key wins in the new nodes, further solidifying us as a critical enabler of our customers' technology road maps, providing us with excellent growth opportunities going forward.

我們在基礎研究和新產品平台方面的投資預計將轉化為新節點的關鍵勝利，進一步鞏固我們作為客戶技術路線圖的關鍵推動者的地位，為我們提供良好的未來成長機會。

Moving on to our outlook for the balance of the year. 2024 continues to be a transition year for the semiconductor market. Industry inventories are normalizing, and fab utilization rates are broadly improving. These recent trends validate that the industry reached the bottom of the cycle in the first quarter of this year. We expect the market will continue to gradually recover in the second half of this year and will accelerate entering 2025.

接下來是我們對今年剩餘時間的展望。 2024 年仍是半導體市場的轉型年。產業庫存正在正常化，晶圓廠利用率普遍提高。這些近期趨勢證實該產業在今年第一季已達到週期底部。我們預計今年下半年市場將持續逐步復甦，並將加速進入2025年。

For 2024, including 2 months of the PIM business, which we divested in March, we now expect our sales will be approximately $3.3 billion. This modest reduction in our 2024 sales outlook primarily reflects slightly slower-than-expected market recovery in the back half of the year and the negative impact of foreign exchange versus our original assumptions.

2024 年，包括我們在 3 月剝離的 2 個月的 PIM 業務，我們現在預計我們的銷售額約為 33 億美元。我們對 2024 年銷售前景的小幅下調主要反映了下半年市場復甦略慢於預期以及外匯相對於我們最初假設的負面影響。

Excluding divestitures from both 2023 and 2024, our full year guidance amounts to approximately 7% top line growth versus 2023 and approximately 11% growth in the second half versus the first half of this year. We continue to expect EBITDA to be approximately 29% of revenue in 2024, and we now expect non-GAAP EPS in to be approximately $3.15.

不包括 2023 年和 2024 年的資產剝離，我們的全年預期收入較 2023 年增長約 7%，下半年較上半年增長約 11%。我們仍預期 2024 年 EBITDA 約佔營收的 29%，目前預計非 GAAP 每股盈餘約為 3.15 美元。

Let me now turn the call over to Linda. Linda?

現在讓我把電話轉給琳達。琳達？

Good morning, and thank you Bertrand. Our sales in the second quarter were above our guidance at $813 million, up 6% year-over-year and up 10% sequentially, including the impact of divestitures from prior periods. On an as-reported basis, our sales were down 10% year-over-year and up 5% sequentially.

早安，謝謝伯特蘭。我們第二季的銷售額達到 8.13 億美元，高於預期，年增 6%，季增 10%，其中包括前期資產剝離的影響。根據報告，我們的銷售額年減 10%，季增 5%。

Foreign exchange negatively impacted revenue by $10 million year-over-year and by $4 million sequentially in Q2. Gross margin on a GAAP and non-GAAP basis was 46.2% in the second quarter within our guidance range. The higher margin compared to Q1 primarily reflects improved plant utilization, focused execution and the PIM divestiture. Operating expenses on a GAAP basis were $246 million in Q2. Operating expenses on a non-GAAP basis in Q2 were $197 million. Adjusted EBITDA in Q2 was $226 million or 27.8% of revenue within our guidance range.

外匯對第二季營收年增了 1,000 萬美元的負面影響，對第二季營收產生了 400 萬美元的負面影響。第二季以 GAAP 和非 GAAP 計算的毛利率為 46.2%，在我們的指導範圍內。與第一季相比，利潤率較高，主要反映了工廠利用率的提高、集中執行和 PIM 剝離。第二季以 GAAP 計算的營運費用為 2.46 億美元。第二季以非公認會計準則計算的營運費用為 1.97 億美元。第二季調整後 EBITDA 為 2.26 億美元，占我們指引範圍內營收的 27.8%。

Net interest expense was $53 million in Q2. The GAAP tax rate in Q2 was 9% and the non-GAAP tax rate was approximately 14%. GAAP diluted EPS was $0.45 per share in the second quarter. Non-GAAP EPS was $0.71 per share and within our guidance range.

第二季淨利息支出為 5,300 萬美元。第二季的 GAAP 稅率為 9%，非 GAAP 稅率約為 14%。第二季 GAAP 攤薄後每股收益為 0.45 美元。非 GAAP 每股收益為 0.71 美元，在我們的指導範圍內。

Sales for our MS division in Q2 were $342 million. Sales were up 8% sequentially, excluding the impact of divestitures. The largest contributors to the sales increase were CMP slurries and pads as we benefited from improving trends in memory, specialty coatings and etching chemistries.

我們 MS 部門第二季的銷售額為 3.42 億美元。剔除資產剝離的影響，銷售額季增 8%。銷售成長的最大貢獻者是 CMP 漿料和拋光墊，因為我們受益於記憶體、特殊塗層和蝕刻化學品的改善趨勢。

On an as-reported basis, sales were down 2% sequentially. Adjusted operating margin for MS was 20.7% for the quarter. MS adjusted operating margin was up slightly sequentially, excluding divestitures. The modest increase in margin was driven by higher sales volumes partially offset by increased R&D spending.

根據報告，銷售額環比下降 2%。MS 本季調整後營業利益率為 20.7%。微軟調整後的營業利潤率較上季略有上升，不包括資產剝離。利潤率的小幅成長是由於銷售增加所推動的，但研發支出的增加部分抵消了銷售量的增加。

Our AMH division sales in Q2 of $188 million were up 16% sequentially. The largest driver of the sequential sales increase in AMH was the rebound in our CapEx solutions, led by FOUPs, sensing & control and fluid handling products. Adjusted operating margin for AMH was 15.4% for the quarter. The modest sequential increase in margin was primarily driven by higher sales volumes.

我們的 AMH 部門第二季銷售額為 1.88 億美元，比上一季成長 16%。AMH 銷售額環比成長的最大推動力是我們的資本支出解決方案的反彈，其中以 FOUP、感測與控制以及流體處理產品為主導。本季 AMH 調整後營業利益率為 15.4%。利潤率環比小幅增長主要是由於銷量增加所致。

Our MC division had record sales in Q2 of $294 million, up 10% sequentially. The Revenue was up across most product lines, including gas purification, liquid filtration and gas filtration. Adjusted operating margin for MC was 31.9% for the quarter. The modest sequential decline in margin was primarily driven by increased investment in R&D.

我們的 MC 部門第二季銷售額達到創紀錄的 2.94 億美元，比上一季成長 10%。大多數產品線的收入均有所增長，包括氣體淨化、液體過濾和氣體過濾。MC 本季調整後營業利益率為 31.9%。利潤率環比小幅下降主要是因為研發投資增加所致。

Moving on to cash flow. Second quarter free cash flow was $52 million. CapEx for the quarter was $59 million. We continue to expect to spend approximately $350 million in total CapEx in 2024. A significant portion of the incremental spending in the second half will be related to our new facility in Colorado. During the second quarter, we paid down $55 million in debt from cash on hand, which means to date, we have paid down approximately $1.9 billion of total debt since the close of the CMC acquisition. The blended interest rate on the debt portfolio is approximately 4.9%. And since the term loan is fully hedged, currently, 100% of our debt is fixed.

轉向現金流。第二季自由現金流為 5,200 萬美元。該季度的資本支出為 5900 萬美元。我們仍預期 2024 年資本支出總額約為 3.5 億美元。下半年增量支出的很大一部分將與我們在科羅拉多州的新工廠有關。第二季度，我們用手頭現金償還了 5,500 萬美元的債務，這意味著自 CMC 收購結束以來，迄今為止我們已償還了約 19 億美元的總債務。債務組合的混合利率約為4.9%。由於定期貸款是完全對沖的，目前我們的債務 100% 是固定的。

At the end of Q2, our gross debt was approximately $4.2 billion and our net debt was approximately $3.9 billion. Gross leverage was 4.7x and net leverage was 4.3x. We remain committed to maximizing free cash flow and debt repayment. Based on the pace of the market recovery, we now expect gross leverage to be slightly above 4x at the end of 2024.

截至第二季末，我們的總債務約為 42 億美元，淨債務約為 39 億美元。總槓桿率為 4.7 倍，淨槓桿率為 4.3 倍。我們仍然致力於最大化自由現金流和債務償還。根據市場復甦的步伐，我們目前預計 2024 年底總槓桿率將略高於 4 倍。

Moving on to our Q3 outlook. We expect sales to range from $820 million to $840 million. We expect the EBITDA margin to range from 28.5% to 29.5%. And we expect GAAP EPS to be $0.51 to $0.56 per share and non-GAAP EPS to be $0.75 to $0.80 per share.

繼續我們的第三季展望。我們預計銷售額將在 8.2 億美元至 8.4 億美元之間。我們預期 EBITDA 利潤率為 28.5% 至 29.5%。我們預計 GAAP 每股收益為 0.51 至 0.56 美元，非 GAAP 每股收益為 0.75 至 0.80 美元。

Let me provide additional modeling information for Q3. We expect gross margin of 46% to 47%, both on a GAAP and non-GAAP basis. GAAP operating expenses of $238 million to $242 million, and non-GAAP operating expenses of $191 million to $195 million.

讓我提供第三季的額外建模資訊。我們預期毛利率為 46% 至 47%（以 GAAP 和非 GAAP 計算）。GAAP 營運費用為 2.38 億至 2.42 億美元，非 GAAP 營運費用為 1.91 億至 1.95 億美元。

We also expect depreciation of approximately $47 million. Net interest expense of approximately $53 million and a non-GAAP tax rate of approximately 15%. I'll now hand it back over to Bertrand for some closing remarks.

我們也預計折舊約為 4700 萬美元。淨利息支出約 5,300 萬美元，非公認會計準則稅率約為 15%。現在我將把它交還給 Bertrand 做一些結束語。

Thank you, Linda. In closing, I am pleased with our strong performance and the team's execution in the first half of this year. Our performance to date and the double-digit growth we expect in the second half of the year will drive Entegris above-market growth for all of 2024. And the setup for next year is looking very promising. We feel good about the improving fundamentals of the semi market, and we expect growth to accelerate into 2025.

謝謝你，琳達。最後，我對今年上半年我們的強勁表現和團隊執行力感到滿意。我們迄今為止的業績以及我們預計下半年的兩位數成長將推動 Entegris 在 2024 年全年實現高於市場的成長。明年的安排看起來非常有希望。我們對半導體市場基本面的改善感到滿意，預計到 2025 年成長將加速。

More importantly, our investments and customer engagements are positioning us very well to earn new wins in new nodes. All of this translates into significant growth opportunities for Entegris, expanding our content per wafer and ultimately driving significant market outperformance.

更重要的是，我們的投資和客戶參與使我們能夠在新節點贏得新勝利。所有這些都為 Entegris 帶來了巨大的成長機會，擴大了我們每片晶圓的含量，並最終推動了顯著的市場表現。

With that, operator, let's open the line for questions.

那麼，接線員，讓我們打開提問線路。

(Operator Instructions)

（操作員說明）

Toshiya Hari at Goldman Sachs

高盛的 Toshiya Hari

Bertrand, maybe my first question is on the market outlook. You talked about a slower market recovery in the back half. You also talked about FX being a bit of a headwind. On your first point about the market recovering at a slower rate, I was hoping you could expand on that. Is it both CapEx and wafer starts? Or is it more wafer starts?

Bertrand，也許我的第一個問題是關於市場前景的。您談到下半年市場復甦速度較慢。您還談到外匯有點不利。關於您關於市場復甦速度較慢的第一點，我希望您能對此進行擴展。資本支出和晶圓啟動都是如此嗎？還是更多的晶圓開始生產？

And then by end application, based on what your customers have said and what your peers have said, it seems like leading edge is, if anything, a little bit stronger and sort of the commentary and the data points from the memory and storage space seem quite constructive. So I'm curious what's driving the slightly weaker outlook into the second half. And again, if you can contextualize the FX impact, that would be helpful, too.

然後，透過最終應用程序，根據您的客戶所說的和您的同行所說的，似乎領先優勢（如果有的話）更強一點，並且來自內存和存儲空間的評論和數據點似乎很有建設性。所以我很好奇是什麼原因導致下半年前景略為疲軟。再說一次，如果你能將外匯影響放在背景下，那也會很有幫助。

Sure. So let's start with the industry. So a little bit lower assumptions on wafer starts. Right now, we're expecting wafer starts to be up about 3%. And so a little bit less than our original assumption when we started the year. We expect, on the other hand, CapEx to be a little bit stronger in the low to mid-single digit. So that's the blend of that gets you to about 3% industry growth. I think that what is driving that revised outlook in terms of wafer starts.

當然。那我們就從產業開始吧。因此，對晶圓開工的假設較低。目前，我們預計晶圓將開始上漲 3% 左右。因此，比我們年初時的最初假設要少一些。另一方面，我們預計資本支出將在低至中個位數的水平上稍強。因此，綜合考慮這些因素，您將獲得約 3% 的行業成長率。我認為推動晶圓前景修正的因素是開始。

So as you mentioned, a lot of strength in advanced logic, driven by AI primarily, and that translates into our business, our advanced foundry business is growing very rapidly this year as a result of the strength that we are seeing in advanced logic. Memory, certainly in a better state than last year. We are seeing strength in high-bandwidth memory, obviously, but NAND is still suffering from elevated inventories and then demand for NAND is still relatively soft in most applications.

正如您所提到的，先進邏輯的強大實力主要由人工智慧驅動，這也轉化為我們的業務，由於我們在先進邏輯方面看到的實力，我們的先進代工業務今年增長非常迅速。記憶力，肯定比去年的狀態好。顯然，我們看到了高頻寬記憶體的優勢，但 NAND 仍然受到庫存增加的影響，並且在大多數應用中對 NAND 的需求仍然相對疲軟。

So if you think about wafer starts in memory, both in DRAM and NAND. In fact, we're not back to the levels of wafer start of pre-COVID. So recovery, yes, but slow recovery in terms of wafer starts. And that's really what is driving our business, as you know.

因此，如果您考慮記憶體中的晶圓啟動，無論是 DRAM 還是 NAND。事實上，我們還沒有回到新冠疫情之前的晶圓開工水平。所以，是的，復甦，但就晶圓開始而言，復甦緩慢。如您所知，這確實是我們業務的推動力。

And then, of course, you have mainstream, and we're seeing industrial and automotive, in particular, the demand there has been declining in Q2, and the deterioration is certainly worse than our original forecast, and we expect many of our customers to cut production in the second half of the year. So that's really the blend that gets you to that 3% wafer start outlook for the year.

然後，當然，你有主流，我們看到工業和汽車，特別是第二季度的需求一直在下降，而且惡化程度肯定比我們最初的預測更嚴重，我們預計我們的許多客戶在下半年減產。因此，這確實是讓您獲得今年 3% 晶圓開工前景的混合。

So more broadly, I think you're asking me to provide a bit more color on the reduction in the annual guidance. There are 3 buckets, 2 that I cited in my preliminary remarks. So that's the slower market recovery. That accounts for about $25 million or so of the reduction for the annual outlook.

更廣泛地說，我認為您要求我就年度指導的減少提供更多資訊。有 3 個桶，其中 2 個是我在初步評論中引用的。這就是市場復甦較慢的原因。這佔年度展望削減的約 2500 萬美元左右。

Foreign exchange accounts for about $15 million, roughly. And the last one is specific to SiC. So what's behind those numbers? I mean the slower market recovery, I think I talked about that again, the broad-based recovery we originally expected in the second half is being delayed, and it accounts for that $25 million. We've seen on the foreign exchange we've seen a lot of movements in the first half of the year, and the rates today are very different from what we used early in the year to set the original guidance. Then SiC is still a growth area for us. We expect our SiC business to grow 30% this year, which is very good, but it is less than the original 50% growth expectation that we had for this business starting the year. So that's the overall context for the reduction in our annual guidance.

外匯約佔1500萬美元。最後一項是針對 SiC 的。那麼這些數字的背後是什麼呢？我的意思是市場復甦速度較慢，我想我再次談到了這一點，我們最初預計下半年的廣泛復甦正在被推遲，而它佔了那 2500 萬美元。我們在外匯方面看到，今年上半年我們看到了很多變動，今天的匯率與我們年初設定的原始指導值有很大不同。那麼SiC對我們來說仍然是一個成長領域。我們預計今年 SiC 業務將成長 30%，這非常好，但低於我們最初對該業務年初 50% 的成長預期。這就是我們減少年度指導的整體背景。

Yes. And then as my follow-up, maybe on your rate of out-performance versus the broader market. I think you've been saying 4 to 5 percentage points of out-performance for '24, given your SiC comment there at the very end. Maybe that's come in a little bit, but curious where you stand in terms of your outperformance in '24. And then for '25, I know it's really early, but in the past, you've talked about things like gate all around and potential adoption of moly and 3D NAND. What's kind of your confidence level as it pertains to your ability to outperform the broader market into '25?

是的。然後作為我的後續行動，也許是關於你相對於更廣泛市場的表現的比率。鑑於您最後的 SiC 評論，我認為您一直在說 24 年的表現優於 4 到 5 個百分點。也許這只是一點點，但很好奇你在 24 年的出色表現方面處於什麼位置。然後對於 25 年，我知道現在還很早，但在過去，您談論過諸如周圍柵極以及鉬和 3D NAND 的潛在採用之類的事情。對於您在 25 世紀跑贏大盤的能力，您的信心程度如何？

Thank you.

謝謝。

Yes. So I think you understand all of those numbers pretty well, Toshiya. So when it comes to the outperformance in '24, right now, we expect to outperform by 4 points. I mean you know that node transitions are a major driver for our outperformance. And you also know that these transitions have been very limited this year. We expect that to change significantly in 2025 and a lot of reasons to be excited in terms of what we expect in advanced logic with the transition to N2, transition to gate-all-around architectures.

是的。所以我認為你非常了解所有這些數字，Toshiya。因此，就 24 年的表現而言，目前我們預計將領先 4 個百分點。我的意思是，您知道節點轉換是我們表現優異的主要驅動力。而且您也知道，今年這些轉變非常有限。我們預計這種情況將在 2025 年發生重大變化，並且有很多理由讓我們對先進邏輯的期望感到興奮，因為我們將過渡到 N2、過渡到環柵架構。

And as you mentioned, 3D NAND, a lot of expectations in terms of the adoption of moly and high-volume manufacturing in 2025. So again, we have always said that it's harder for us to outperform the industry when you are in a state of transition, and that's exactly the type of year that we're facing in 2024. So in that context, an outperformance of 4% is, in my opinion, at least a good outcome.

正如您所提到的，3D NAND 人們對 2025 年採用鉬和大批量生產抱有許多期望。再說一次，我們一直說，當你處於轉型狀態時，我們很難超越產業，而這正是我們在 2024 年面臨的一年。因此，在這種情況下，我認為 4% 的優異表現至少是一個不錯的結果。

John Roberts, Mizuho

約翰羅伯茨，瑞穗

We had some restrictions on exports into China products for leading-edge applications over a year ago and things have been relatively stable since then. Do you see further restrictions as a potential risk or maybe just tariff risk here, but not outright restrictions. Any thoughts on that topic?

一年前，我們對向中國出口尖端應用產品施加了一些限制，此後情況一直相對穩定。您是否認為進一步的限制是潛在風險，或者可能只是關稅風險，而不是徹底的限制。對這個話題有什麼想法嗎？

Well, we won't speculate on potential new rules and regulations around trade with China. We obviously have been complying with the existing rules. We have quantified the impact to our business, which is about $20 million of lost revenue per quarter, so about $80 million on an annual basis.

好吧，我們不會猜測與中國貿易相關的潛在新規則和規定。顯然我們一直在遵守現有規則。我們量化了這對我們業務的影響，每季收入損失約 2000 萬美元，每年約損失 8000 萬美元。

We have seen that reduction in late 2022, early 2023. And since then, I'm pleased to say that our China business has been actually performing really well. We have a lot of international customers in China. There are a lot of mainstream fabs in China. And our business with these customers have been actually growing very steadily. Again, I'm not going to speculate on potential new restrictions.

我們在 2022 年底、2023 年初就看到了這種減少。從那時起，我很高興地說，我們的中國業務實際上表現得非常好。我們在中國有很多國際客戶。中國有很多主流晶圓廠。我們與這些客戶的業務實際上一直在非常穩定地成長。再次強調，我不會猜測潛在的新限制。

But as of right now, we're very pleased with the performance of our business in China.

但截至目前，我們對我們在中國的業務表現非常滿意。

Bhavesh Lodaya at BMO Capital Markets

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Bhavesh Lodaya

If I look at your third quarter EBITDA guide and then the full year guide, which was slightly reduced but not that much. you're implying a very strong fourth quarter, almost 25%, 30% higher sequentially versus the third. Can you touch on what's driving that? Are you seeing that in your order books? Or in general, what's the confidence level for the fourth quarter ramp?

如果我看一下你們的第三季 EBITDA 指南，然後是全年指南，略有減少，但幅度不大。你的意思是第四季非常強勁，比第三季連續成長近 25%、30%。您能談談是什麼推動了這個趨勢嗎？您在訂單簿中看到了嗎？或者總的來說，第四季成長的信心水準是多少？

Bhavesh, it's Linda. Thanks for the question. Let me frame the answer for you. So first of all, the full year guide of approximately 29%, we haven't changed. As we go through the year, we're balancing the investing in the business with the cost control. And so we took that into the account as we thought about EBITDA margin for the full year.

巴維什，是琳達。謝謝你的提問。讓我為您解答。首先，全年指引值約為 29%，我們沒有改變。在這一年中，我們正在平衡業務投資與成本控制。因此，我們在考慮全年 EBITDA 利潤率時考慮了這一點。

As we go into the fourth quarter and you think about how that EBITDA margin might progress, some of the keys are with our expectation on the overall guidance and the continued gradual recovery and growth in sales as we go into the fourth quarter, we're going to get the benefit from both volume and operating leverage. So those 2 things combined are going to allow us to have a stronger EBITDA margin as we go into the fourth quarter and therefore, give us confidence in the approximately 29% for the year.

當我們進入第四季度時，你會想到 EBITDA 利潤率可能會如何進步，其中一些關鍵是我們對整體指導的預期以及進入第四季度時銷售額持續逐步復甦和增長，我們將從銷售和運營槓桿中獲益。因此，這兩件事結合起來將使我們在進入第四季度時擁有更高的 EBITDA 利潤率，因此，我們對今年約 29% 的利潤率充滿信心。

Got it. And then with respect to your third quarter guide, can you talk about the factors driving the low end and the high end of the guide? The low end, in particular, shows not much growth sequentially. So just trying to understand the factors as we head into the third quarter.

知道了。然後，關於第三季指南，您能談談推動指南低端和高端的因素嗎？尤其是低端市場，環比成長不大。因此，在我們進入第三季時，我們只是想了解這些因素。

Yes, Bhavesh, I mean it's look, I mean, I think right now, what makes it very difficult to forecast is the fact that various segments in the industry are recovering at very different times and rates. And when we were putting our guidance together and our outlook for Q3 and the balance of the year, I mean you really almost have to go to a customer-specific discussion. It's really hard to generalize. And I can't really give you customer-specific details on this call.

是的，Bhavesh，我的意思是，我的意思是，我認為現在很難預測的是，該行業的各個細分市場正在以非常不同的時間和速度復甦。當我們將我們的指導意見以及對第三季度和今年剩餘時間的展望放在一起時，我的意思是，您實際上幾乎必須進行針對特定客戶的討論。確實很難一概而論。我無法在此次通話中向您提供具體客戶的詳細資訊。

But at a high level, I would say that it really has to do with the level of reduction in production in mainstream, I mean it's again, it's very different customer-by-customer. We know that some customers are expected to manage the output manager inventory a lot more aggressively than originally expected.

但從較高的層面來看，我想說這確實與主流產量的減少程度有關，我的意思是，每個客戶的情況都非常不同。我們知道，有些客戶預計會比最初預期更積極管理輸出管理器庫存。

And then the other thing is memory. Again, there's a lot of nice recovery. But when you look at wafer starts, as I mentioned earlier, they are still below pre-COVID. I think we are seeing a gradual recovery, which is encouraging. But we know that HBM capacity is limited. I know that the industry is obviously feverishly working to expand that, but the question is how much of that will we be able to see in Q3 as opposed to going into Q4 and in 2025. So I think we feel good about the guidance for Q3.

然後另一件事是記憶。再說一次，有很多很好的恢復。但當你看看晶圓開工率時，正如我之前提到的，它們仍然低於新冠疫情之前的水平。我認為我們正在看到逐步復甦，這是令人鼓舞的。但我們知道 HBM 容量是有限的。我知道該行業顯然正在積極努力擴大這一規模，但問題是我們在第三季度能夠看到多少，而不是進入第四季和 2025 年。所以我認為我們對第三季的指導感到滿意。

And again, what would sway us one way or another is really very much customer specific.

再說一遍，影響我們的因素其實是針對特定客戶的。

Melissa Weathers at Deutsche Bank

德意志銀行的梅莉莎‧韋瑟斯

I wanted to double click on your CapEx your industry CapEx commentary. I understand the wafer start forecast is coming down a little bit, but you did say that CapEx is coming up a little bit. So can you talk about what's driving that? Is there any particular areas of strength that give you more confidence in that growing faster this year?

我想雙擊您的資本支出和行業資本支出評論。我知道晶圓開工預測會略有下降，但您確實說過資本支出會略有上升。那麼您能談談是什麼推動了這一趨勢嗎？是否有任何特定的優勢領域讓您對今年的成長更快更有信心？

Yes. So what we're seeing is we're seeing WFE actually growing in the mid- to high single-digit. We expect fab construction to remain relatively flattish this year. So my comment is really the net effect of those 2 parts of the CapEx number. Remember that our business is more exposed to fab construction, about two-third of our CapEx revenue ties to fab construction, one-third ties to WFE.

是的。所以我們看到的是，WFE 實際上以中高個位數成長。我們預計今年晶圓廠建設將保持相對穩定。所以我的評論實際上是資本支出數字這兩部分的淨效應。請記住，我們的業務更涉及晶圓廠建設，我們大約三分之二的資本支出收入與晶圓廠建設有關，三分之一與 WFE 有關。

Got it. Kind of along those lines, could you talk more specifically about your FOUPs business? I think last quarter, you talked about that business having troughed in the first quarter. So how should we think about the more unit-driven FOUPs business, start 2024 and into 2025?

知道了。沿著這些思路，您能更具體地談談您的 FOUP 業務嗎？我想上個季度，您談到該業務在第一季陷入低谷。那麼，從 2024 年開始到 2025 年，我們應該如何考慮更多由單位驅動的 FOUP 業務？

Yes. So FOUP is the CapEx business for us. And the reason it's a CapEx business as our customers usually would use those products for about 4 to 5 years. So they get eventually replaced but not frequently enough for us to deem them the consumable product. But I'm glad you're asking the question because in fact, the FOUP platform did really well sequentially in Q2. It was up nearly 30% sequentially Q1 to Q2.

是的。所以 FOUP 對我們來說是資本支出業務。這是一項資本支出業務，因為我們的客戶通常會使用這些產品大約 4 到 5 年。因此，它們最終會被更換，但更換頻率不足以讓我們將它們視為消耗品。但我很高興您提出這個問題，因為事實上，FOUP 平台在第二季度連續表現非常好。第一季至第二季連續成長近 30%。

And frankly, one of the reasons why Q3 guidance sequentially is more modest is that we expect our FOUP business to contract in Q3. That business has been notoriously lumpy, especially in periods of transition like we are facing this year. So that business is going to contract a little bit in Q3. We expect that business to expand rapidly in Q4 and then continue to grow in 2025 on the strength of the overall industry.

坦白說，第三季指引較為溫和的原因之一是我們預期 FOUP 業務將在第三季萎縮。眾所周知，這項業務一直不穩定，尤其是在我們今年面臨的轉型時期。因此，該業務將在第三季略有收縮。我們預計該業務將在第四季度快速擴張，並在整個行業的實力下於 2025 年繼續成長。

Charles Shi, Needham.

查爾斯·施，李約瑟。

So Bertrand, you provided a little bit of color on the product details into Q3. Just want to ask if you could give a little bit more color across the 3 divisions, how things are trending from Q2 to Q3 on a sequential basis. Your comment on FOUPs makes me wonder maybe AMH is going to be down a little bit in Q3, but I wonder if you can provide a little bit more color for all 3 divisions.

Bertrand，您在第三季的產品細節上提供了一些顏色。只是想問一下您是否可以在 3 個部門中提供更多的信息，從第二季度到第三季度的情況按順序趨勢如何。您對 FOUP 的評論讓我想知道也許 AMH 在第三季度會略有下降，但我想知道您是否能為所有 3 個部門提供更多的顏色。

Sure. So I think look, I mean I like I prefer to look at our Q3 guidance in the context of a year-on-year comparison, right? And in that context, at the midpoint of the range, you're looking at a 10% up quarter in Q3. And you will see actually strength across all 3 divisions compared to last year.

當然。所以我認為，我的意思是我喜歡在同比比較的背景下查看我們的第三季度指導，對吧？在這種情況下，在該範圍的中點，你會看到第三季成長 10%。與去年相比，您將看到所有 3 個部門的實際實力。

We expect MC to be up in the mid-single digits. We expect MS to be up in the mid-teens, and that's excluding divestitures. Then we expect AMH to be up in the mid-single digits.

我們預計 MC 的成長率將達到中個位數。我們預期微軟的股價將在十幾歲左右成長，這還不包括資產剝離。然後我們預計 AMH 將上升到個位數中間。

Maybe a question about KSP. I think you guys mentioned that it's on track. It's congrats on the initial revenue in Q2. But, just wonder, can you remind us what's the total revenue potential for that facility? And let's say, compared with the time you started building this facility, the ramp in 2024, how does that compare? Is it a little bit lighter? Or is it rather consistent or actually above? I want to get a little bit of color on that.

也許是關於 KSP 的問題。我想你們提到它已經步入正軌。恭喜第二季的初始收入。但是，只是想知道，您能否提醒我們該設施的總收入潛力是多少？比方說，與您開始建造該設施的時間（2024 年坡道）相比，情況如何？是不是輕了一點？還是它是相當一致的或實際上是上面的？我想在此基礎上添加一點色彩。

And additionally, I did get questions on how to think about KSP versus the advanced node business that you're getting from the leading foundries in Taiwan? Is it really tied to that? Or the demand from the leading foundry is still largely supported by facilities from elsewhere?

此外，我確實收到了關於如何考慮 KSP 與您從台灣領先代工廠獲得的先進節點業務的問題？真的與此有關嗎？或者領先代工廠的需求仍然主要由其他地方的設施支持？

Thank you.

謝謝。

Yes. So today, obviously, all of the needs of our leading Taiwanese customer and its ecosystem is supported from other factories, right? This is going to change, especially when it comes to advanced filters. We expect the bulk of the advanced filters used by our Taiwanese foundry customers and their ecosystem to come from Taiwan, not all of it, but the bulk of it over time, right? So the full potential the full capacity for our Kaohsiung site will be around $500 million at maturity at scale.

是的。所以今天，顯然，我們領先的台灣客戶及其生態系統的所有需求都得到了其他工廠的支持，對吧？這種情況將會改變，尤其是在高級過濾器方面。我們預計台灣代工客戶及其生態系統使用的大部分先進過濾器都來自台灣，不是全部，但隨著時間的推移，大部分都來自台灣，對嗎？因此，我們高雄工廠的全部潛力在成熟時將達到 5 億美元左右。

And this year, really, the focus is on product qualifications, and we are making good progress, but there's a lot of work that needs to happen. We want to be ready for the N2 transition next year. It's important for our foundry customers. It's also very important for their ecosystem. So the focus for us this year is really about product qualifications as opposed to revenue maximization.

今年，確實，重點是產品資格，我們正在取得良好進展，但還有很多工作要做。我們希望為明年的 N2 過渡做好準備。這對我們的鑄造客戶來說很重要。這對他們的生態系統也非常重要。因此，我們今年的重點實際上是產品資格，而不是收入最大化。

Having said that as I said, very pleased, I think we generated about $2 million in Q2. We expect to generate about $40 million on a full year basis out of this facility. But again, the bulk of the efforts right now by the team is product qualifications ahead of the N2 conversion.

話雖如此，正如我所說，我很高興，我認為我們在第二季度創造了大約 200 萬美元。我們預計該設施全年可產生約 4000 萬美元的收入。但同樣，團隊目前的大部分工作是 N2 轉換之前的產品資格認證。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

Sorry, I got kicked out of the call for a moment. So I apologize if this has been asked. But Bertrand, I'm sure you've seen the news reports and even there was one today about expanding the use of FDPR to further restrict well, I mean, we can debate what they're trying to do, but they're certainly trying to expand the use of the FDPR and potentially even go after some of the Chinese equipment company.

抱歉，我暫時被排除在通話之外。因此，如果有人問這個問題，我深表歉意。但是伯特蘭，我相信你已經看過新聞報道，甚至今天有一篇關於擴大 FDPR 的使用以進一步限制的報道，我的意思是，我們可以辯論他們試圖做什麼，但他們肯定試圖擴大FDPR 的使用，甚至可能追捕一些中國設備公司。

So and it seems like this is extending into the subsystem world, too. I mean it's not material per se, but it's but it's subsystems. So I know that I asked you about this a lot, but I mean, you're in pretty close contact with the Department of Commerce. Do you see any potential that materials and just the subsystems world that you sort of generally live it as being swept into the restrictions?

因此，這似乎也擴展到了子系統世界。我的意思是它本身並不重要，但它只是子系統。所以我知道我多次問過你這個問題，但我的意思是，你與商務部保持著非常密切的聯繫。您是否認為材料以及您通常生活的子系統世界有可能受到限制？

So Tim, it's a fair question. I mean, as you know, we've been very, very involved in working with the commerce department working also as part of the semi consortia, but we don't have any specific knowledge around that, right? And we certainly don't control the outcome of those decisions. So I'm sure you understand, but we won't speculate on what may happen in the future.

所以提姆，這是一個公平的問題。我的意思是，正如您所知，我們一直非常非常積極地與商務部門合作，同時也是半財團的一部分，但我們對此沒有任何具體知識，對吧？我們當然無法控制這些決定的結果。所以我相信你明白，但我們不會猜測未來會發生什麼。

Okay. Yes. I get that. And then I guess just relative and I don't know if this question was asked, but I mean, certainly, we're seeing N3 is certainly at least from an equipment perspective, there are shipments being dropped into the end of the year. TSMC sounds more bullish about N3 toward the end of the year and certainly more optimistic about and 2 next year. The capacity forecasts keep on going up.

好的。是的。我明白了。然後我想這只是相對的，我不知道是否有人問過這個問題，但我的意思是，當然，我們看到 N3 至少從設備的角度來看，有出貨量下降到今年年底。台積電聽起來對年底的 N3 更加看好，當然對明年的 2 也更加樂觀。產能預測持續上升。

So can you speak there was a question before that was sort of trying to get at why you're downticking a bit when your largest customer from a consumption perspective seems to be upticking on these key nodes. Can you sort of try to square that for us again?

那麼，您能說之前有一個問題是試圖弄清楚為什麼當您的最大客戶從消費角度來看似乎在這些關鍵節點上有所增加時，您的價格卻有所下降。您能再次為我們解決這個問題嗎？

Yes. So our business with our largest customer is going really well this year. This is actually, as you would expect, the fastest part of our business. We certainly expect, N2 to be a very successful node and a big node transition in 2025. And we know that the entire ecosystem is getting ready for that. We expect to see the bulk of that impact in 2025. But frankly, we expect to see some of it at the end of this year in Q4. And that's what is reflected in the implied guidance for Q4.

是的。因此，今年我們與最大客戶的業務進展非常順利。正如您所料，這實際上是我們業務中最快的部分。我們當然期望，N2 將成為一個非常成功的節點，並在 2025 年成為一個大的節點過渡。我們知道整個生態系統正在為此做好準備。我們預計 2025 年將看到大部分影響。但坦白說，我們預計會在今年第四季末看到其中的一些。這就是第四季隱含指引中所反映的內容。

Okay. But to answer then just to just to make sure I understand . So Q4 being taken down, if that's if that's being taken up in Q4. So what is offsetting that in Q4?

好的。但回答只是為了確保我理解。所以第四季被取消了，如果那是在第四季被接受的話。那麼第四季是什麼抵消了這一點呢？

Well, I think, again, as I mentioned, the SiC business is going to be growing at 30% year-on-year, but the original expectation was it for it to grow at about 50%. So that's one headwind that we're facing. We are also obviously witnessing a significant contraction in mainstream fab activity, both because demand from their automotive and industrial applications is coming down because a lot of their customers are really focusing on reducing inventory levels, and our customers are adjusting their fab production schedules accordingly.

嗯，我想，正如我所提到的，SiC業務將年增30%，但最初的預期是成長50%左右。這是我們面臨的一個阻力。我們也明顯看到主流晶圓廠活動大幅收縮，這不僅是因為汽車和工業應用的需求下降，也是因為他們的許多客戶真正專注於降低庫存水平，而我們的客戶正在相應地調整他們的晶圓廠生產計劃。

So that's something that we are taking into account as we revise the overall, I mean, the second half industry outlook. I mean those are the 2 main drivers.

因此，這是我們在修改整體下半年產業前景時所考慮的因素。我的意思是這些是兩個主要驅動因素。

Aleksey Yefremov, KeyBanc Capital Markets

Aleksey Yefremov，KeyBanc 資本市場

This is [Ryan] on for Aleksey. Just one from me. I wanted to kind of drill in some margins a little bit sequentially from 2Q to 3Q? Obviously, you guys are kind of guiding margins to be up. Just wondering on a segment basis, kind of where you expect that strength to come from and what's giving you confidence there?

這是阿列克西的[瑞安]。只有我的一份。我想從第二季到第三季按順序鑽一些利潤？顯然，你們在某種程度上引導利潤率上升。只是想知道在細分市場的基礎上，您期望這種力量來自哪裡以及是什麼給了您信心？

So to me, it's really an overall strength. So there is some uptick in revenue as you can see. And as we continue to see that uptick, we will continue to see volume leverage. As you think about Q2 to Q3 also, we have the OpEx number coming down a bit. So we're getting that OpEx leverage and the OpEx as a percent of revenue will be coming down as we go through Q3 and into Q4.

所以對我來說，這確實是一種綜合實力。正如您所看到的，收入有所增加。隨著我們繼續看到這種上升，我們將繼續看到成交量槓桿。當您考慮第二季到第三季時，我們的營運支出數字略有下降。因此，隨著第三季和第四季的到來，我們的營運支出槓桿率和營運支出佔收入的百分比將會下降。

So the general recovery as it happens, we're going to see that benefit in our margins. Obviously, we have a little bit of pressure throughout the year that offsets some of that benefit as we go from Q3 to Q4 as we continue to ramp KSP, as Bertrand referenced and focus on the qualifications.

因此，當整體復甦發生時，我們將看到我們的利潤率受益。顯然，我們全年面臨著一些壓力，從第三季度到第四季度，我們繼續提高 KSP，抵消了部分收益，正如 Bertrand 提到的那樣，並專注於資格。

Chris Parkinson at Wolfe Research.

沃爾夫研究中心的克里斯·帕金森。

Great. Can you just talk a little bit more about how we should be thinking about and modeling the ramps, not only about in Taiwan more near term, but any preliminary thoughts on Colorado as well? Just any color would be greatly appreciated.

偉大的。您能否再多談談我們應該如何思考和建模坡道，不僅是近期在台灣的問題，還有對科羅拉多州的初步想法？任何顏色都將不勝感激。

Sure. So in our industry, as we all know, as we're building capacity, we're going to have plants that we're building the capacity, focusing on the qualifications and therefore, in advance of the revenue. So on KSP, the way I would think about 2024 is the gross margin headwind year-over-year is about 80 basis points.

當然。因此，在我們的行業中，眾所周知，當我們建立產能時，我們將擁有我們正在建造產能的工廠，並專注於資格，因此先於收入。因此，就 KSP 而言，我對 2024 年的看法是毛利率年減約 80 個基點。

This year, the Colorado facility is not in service yet. We're building it as we go into '25 and speak about '25, we will have some margin pressure as we ramp up into the revenues. As we mentioned earlier, revenues for Colorado will come in the second half of the year. So that's how I think about the 2 facilities at this point in time.

今年，科羅拉多州的設施尚未投入使用。當我們進入'25並談論'25時，我們正在建立它，當我們增加收入時，我們將面臨一些利潤壓力。正如我們之前提到的，科羅拉多州的收入將在今年下半年實現。這就是我目前對這兩個設施的看法。

Great. And just a real quick follow-up. Just on the balance sheet, the deleveraging process. Obviously, it's been a bit of a journey in the last few years. Can you just remind us just given your free cash flow outlook for the second half as well as your projected conversion for '25 just any preliminary update on uses of cash and how you're thinking about the balance sheet, what you're hearing from shareholders, so on and so forth. Thank you.

偉大的。並且只是一個真正的快速跟進。就在資產負債表上，去槓桿化過程。顯然，過去幾年經歷了一段旅程。您能否提醒我們一下您下半年的自由現金流前景以及 25 年的預計轉換情況以及有關現金使用的任何初步更新以及您對資產負債表的看法以及您所聽到的內容股東等等。謝謝。

So with the balance sheet, I'm very pleased with us controlling what we could control. And what we've done to-date is we've used proceeds from divestitures to pay down debt, and we're using our free cash flow to pay down debt. We will continue to stay focused on using that free cash flow to pay down debt. We are absolutely committed to continuing to reduce our leverage. Since the acquisition of CMC, we have paid down $1.9 billion of debt.

因此，對於資產負債表，我對我們控制我們能控制的事情感到非常滿意。到目前為止，我們所做的是，我們使用資產剝離所得收益來償還債務，我們正在使用自由現金流來償還債務。我們將繼續專注於利用自由現金流來償還債務。我們絕對致力於持續降低槓桿率。自收購 CMC 以來，我們已償還了 19 億美元的債務。

But as we go through this year, we still want to make sure we're balancing investing in the business with the debt pay down. So as I mentioned earlier, if that all comes together, we expect leverage to be slightly north of the 4.0x based on the timing of the recovery this year and the timing of cash flow coming in, but we still remain very committed to getting that leverage down further?

但今年以來，我們仍希望確保在業務投資與償還債務之間取得平衡。因此，正如我之前提到的，如果這一切加在一起，根據今年的復甦時間和現金流進來的時間，我們預計槓桿率將略高於 4.0 倍，但我們仍然非常致力於實現這一目標槓桿進一步下調？

Yes. I mean, to that, I would say, look, we're very focused, obviously, on honoring the commitment we made to bring down the leverage as quickly as we could. Having said that, I'm very, very proud of what the team has been doing this year. This is, again, a transition year for the industry. And we've been able in spite of that, to make all of the required strategic investments that would be critical to our future success. Investing significantly in CapEx this year and last year, continuing to invest in R&D I think I mentioned the increase in R&D of about 15% year-on-year.

是的。我的意思是，對此，我想說，顯然，我們非常專注於履行我們所做的盡快降低槓桿率的承諾。話雖如此，我對團隊今年所做的事情感到非常非常自豪。今年又是該產業轉型的一年。儘管如此，我們仍然能夠進行所有必要的策略性投資，這對我們未來的成功至關重要。今年和去年大幅投資資本支出，繼續投資研發我想我提到了研發年增約15%。

And all of that is really, really important to set for of future success. So those investments in technology, in capacity and redundant manufacturing capabilities, all of that will ultimately translate into significant competitive advantage for Entegris. So I'm glad that we're able actually to do all of that and operate within our target model on the target model that we presented during the Analyst Day in January of this year. So a tough year to navigate overall, but I think the team is performing really well.

所有這些對於未來的成功來說都非常非常重要。因此，這些對技術、產能和冗餘製造能力的投資最終將轉化為 Entegris 的顯著競爭優勢。因此，我很高興我們實際上能夠完成所有這些工作，並在今年 1 月分析師日期間提出的目標模型上進行操作。總體而言，這是艱難的一年，但我認為團隊表現得非常好。

And that was our final question in the queue today. I'd like to turn the floor back to Mr. Bill Seymour for any additional or closing remarks.

這是我們今天隊列中的最後一個問題。我想請比爾·西摩先生發表補充或結束語。

All right. Thank you for joining our call today. Please reach out to me directly if you have any follow-ups. Have a good day. Thank you very much.

好的。感謝您今天加入我們的電話會議。如果您有任何後續情況，請直接與我聯繫。祝你有美好的一天。非常感謝。

Ladies and gentlemen, this does conclude today's Entegris Q2 '24 conference call. We thank you for your participation. You may now disconnect your lines.

女士們先生們，今天的 Entegris Q2 '24 電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。