Entegris Inc (ENTG) 2025 Q1 法說會逐字稿

(Operator Instructions)

（操作員指示）

Good day everyone. Welcome to the Entegris first quarter 2025 earnings conference call. (Operator Instructions)

大家好。歡迎參加 Entegris 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Bill Seymour.

現在我想把電話轉給比爾·西摩。

Good morning, everyone. Earlier today, we announced the financial results for the first quarter of 2025. 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2025年第一季的財務表現。在我們開始之前，我想提醒聽眾，我們今天的評論將包括一些前瞻性的陳述。這些聲明涉及許多風險和不確定性，實際結果可能與前瞻性聲明中的預測有重大差異。

Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports 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更多資訊包含在我們向美國證券交易委員會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 reconciliation tables in today's news release as well as on our IR page at our website at entegris.com. On the call today are Bertrand Loy, our CEO; and Linda LaGorga, our CFO.

在本次電話會議上，我們也將參考美國證券交易委員會 (SEC) 和 G 條例定義的非公認會計準則 (non-GAAP) 財務指標。您可以在今天的新聞稿中以及我們網站 entegris.com 的 IR 頁面上找到對帳表。今天參加電話會議的是我們的執行長 Bertrand Loy；以及我們的財務長 Linda LaGorga。

With that, I'll hand the call over to Bertrand.

說完這些，我會把電話交給伯特蘭。

Thank you, Bill and good morning. Our first quarter revenue grew 5% year on year, excluding divestitures, slightly below our guidance range. Gross margin, EBITDA margin and non-GAAP EPS were at the midpoint of guidance. Taking a closer look at our quarterly performance by division. Materials Solutions sales were up 8% year on year, excluding divestitures.

謝謝你，比爾，早安。不包括資產剝離，我們的第一季營收年增 5%，略低於我們的預期範圍。毛利率、EBITDA 利潤率和非 GAAP EPS 處於指導值的中間值。仔細查看我們各部門的季度業績。不包括資產剝離，材料解決方案銷售額年增 8%。

As expected, CMP slurries and pads delivered strong year on year growth, up almost 20%. Advanced Purity Solutions sales were up 3% year on year. This growth was driven by solid demand for our micro contamination control solutions, offset by a sharp contraction in FOUPs and fluid handling revenue.

正如預期的那樣，CMP 研磨液和拋光墊實現了強勁的同比增長，增幅接近 20%。Advanced Purity Solutions 的銷售額較去年同期成長 3%。這一增長是由對我們的微污染控制解決方案的強勁需求推動的，但被 FOUP 和流體處理收入的急劇萎縮所抵消。

In the quarter, we also continued to make solid progress on several fronts. At our new Colorado manufacturing site, we are on track with initial equipment qualifications and our first milestone associated with our CHIPS Act grant now complete. We expect to initiate customer qualifications in the second half of this year.

本季度，我們在多個方面也持續取得紮實進展。在我們新的科羅拉多州製造基地，我們正在按計劃進行初始設備鑑定，並且與 CHIPS 法案撥款相關的第一個里程碑現已完成。我們預計今年下半年啟動客戶資格認證。

Our facility in Kaohsiung, Taiwan also continued to make progress in the first quarter and we expect to complete most of the liquid filter qualifications by the end of this year. These facilities are good examples of our strategy over the past decade to invest in a broad global manufacturing footprint, offering redundant manufacturing sites for our major strategic product lines.

我們位於台灣高雄的工廠在第一季也繼續取得進展，我們預計在今年年底前完成大部分液體過濾器的認證。這些工廠是我們過去十年來投資廣泛的全球製造足跡策略的良好範例，為我們的主要戰略產品線提供了冗餘的製造基地。

In addition, we have developed well integrated supply chain clusters around our largest manufacturing centers. For example, approximately 90% of the raw materials used by our Yonezawa plant in Japan comes from Japanese supplies.

此外，我們圍繞最大的製造中心開發了高度整合的供應鏈集群。例如，我們日本米澤工廠使用的原料約90%來自日本。

And our KSP site in Taiwan uses approximately 90% regional suppliers. Likewise, once up and running, we expect our Colorado facility to rely predominantly on US suppliers with nearly 95% of its needs served from domestic suppliers. You can expect us to continue to build on this strategy and evolve our business model to better serve our global customers to shorten our lead times and derisk our supply chain.

我們位於台灣的 KSP 站點使用約 90% 的區域供應商。同樣，一旦投入運營，我們預計我們的科羅拉多工廠將主要依賴美國供應商，其近 95% 的需求將由國內供應商滿足。您可以期待我們繼續建立這項策略並改善我們的業務模式，以更好地服務我們的全球客戶，縮短我們的交貨時間並降低我們的供應鏈風險。

In the current trade environment, having a comprehensive global manufacturing footprint with regionally integrated supply chains represents a significant strategic advantage. And at Entegris, all of the necessary building blocks are in place. We now need and will capitalize on our global manufacturing network. During this uncertain time for the semiconductor industry, we continue to prioritize engagement with our customers to help enable their technology road maps.

在當前的貿易環境下，擁有全面的全球製造足跡和區域整合的供應鏈代表著顯著的策略優勢。在 Entegris，所有必要的基礎模組均已到位。我們現在需要並將利用我們的全球製造網絡。在半導體產業這個不確定的時期，我們繼續優先考慮與客戶的合作，以幫助他們實現技術路線圖。

On that note, we are making good progress, ahead of commercial volumes of moly deposition materials. We have excellent engagements with all major 3D NAND players, and we are very pleased with the POR wins we have achieved to date. Our moly deposition film offers the best film conformality and the best cost of ownership in the industry.

就這一點而言，我們正在取得良好進展，領先於鉬沉積材料的商業化規模。我們與所有主要的 3D NAND 廠商都有著良好的合作關係，我們對迄今為止所取得的 POR 勝利感到非常滿意。我們的鉬沉積膜具有業界最佳的膜保形性和最佳的擁有成本。

In addition to the film material, we are also making great progress in developing other wet-aged chemistries for moly etch as an alternative to the current dry edge process the industry is using. Both opportunities are very promising. They will be first adopted in 3D NAND manufacturing and in a few years being DRAM and advanced logic.

除了薄膜材料之外，我們在開發用於鉬蝕刻的其他濕式化學製品方面也取得了巨大進展，以取代目前業界使用的乾邊製程。這兩個機會都非常有前景。它們將首先應用於 3D NAND 製造，幾年後將應用於 DRAM 和先進邏輯。

Another recent win I would like to highlight is with IPA purifiers. Customers in Korea recently came to us concerned about trace metal contamination in IPA chemistries that impacted yields in HBM production. Our teams were quick to respond and promptly developed the required solutions. This is the perfect example of how our customers use Entegris' unique capabilities to solve emerging complex yield and process challenges and how we continue to increase our served market over time.

我想強調的另一個近期勝利是 IPA 淨化器。韓國的客戶最近來找我們，擔心 IPA 化學品中的微量金屬污染會影響 HBM 生產的產量。我們的團隊反應迅速，並及時制定了所需的解決方案。這是一個完美的例子，展示了我們的客戶如何利用 Entegris 的獨特能力來解決新興的複雜產量和製程挑戰，以及我們如何隨著時間的推移不斷擴大我們所服務的市場。

As these wins illustrate, we are very well positioned to capture incremental content per wafer and continue to outperform the market in the years to come.

正如這些勝利所顯示的，我們完全有能力獲得每片晶圓的增量內容，並在未來幾年繼續超越市場。

Looking forward to the rest of 2025. The environment created by new tariff regimes is the source of significant uncertainty. It makes it very difficult to precisely quantify the direct and indirect impact on our customers and on our business.

期待 2025 年的剩餘時間。新關稅制度所創造的環境是重大不確定性的根源。這使得我們很難準確量化對我們的客戶和業務的直接和間接影響。

In that context, we are providing a broader than normal revenue guidance for Q2 and will not update our 2025 outlook for NAV. That said, in this dynamic environment, you can expect us to remain focused on what we control, proactively adjusting our cost structure and investment levels, focusing on improving free cash flow, putting M&A on pause, staying committed to reducing our debt level.

在此背景下，我們為第二季度提供了比正常範圍更廣泛的收入指引，並且不會更新 2025 年 NAV 展望。也就是說，在這種動態環境中，您可以期待我們繼續專注於我們控制的領域，主動調整我們的成本結構和投資水平，專注於改善自由現金流，暫停併購，致力於降低我們的債務水平。

And of course, we will continue to closely collaborate with our customers by supporting their node transitions in the second half of the year and by engaging on their long-term technology road maps.

當然，我們將繼續與客戶密切合作，支持他們下半年的節點轉型，並參與他們的長期技術路線圖。

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 first quarter of $773 million were up 5% year over year, excluding the impact of divestitures. On an as-reported basis, our sales were flat year over year and down 9% sequentially. Foreign exchange negatively impacted revenue by $5 million year over year and negatively impacted revenue by $2 million sequentially in Q1.

早安，謝謝你，伯特蘭。除去資產剝離的影響，我們第一季的銷售額為 7.73 億美元，年增 5%。據報道，我們的銷售額與去年同期持平，比上一季下降 9%。外匯對第一季的收入產生了 500 萬美元的負面影響，對收入產生了 200 萬美元的負面影響。

Gross margin on a GAAP and non-GAAP basis was 46.1% in the first quarter. Gross margin was at the midpoint of our guidance range and was up sequentially, driven by strong cost management across our supply chain. Operating expenses on a GAAP basis were $234 million in Q1. Operating expenses on a non-GAAP basis in Q1 were $186 million better than our guidance range.

第一季以 GAAP 和非 GAAP 計算的毛利率為 46.1%。毛利率處於我們指導範圍的中間點，並且由於我們整個供應鏈的強大成本管理而環比上升。根據 GAAP 計算，第一季的營運費用為 2.34 億美元。第一季非公認會計準則下的營運費用比我們的預期範圍高出 1.86 億美元。

Adjusted EBITDA in Q1 was 28.5% at the midpoint of our guidance. The GAAP tax rate in Q1 was 11.5%, and the non-GAAP tax rate was 15%. GAAP diluted EPS was $0.41 per share in the first quarter, non-GAAP EPS was $0.67 per share at the midpoint of guidance.

根據我們的預期中位數，第一季調整後的 EBITDA 為 28.5%。第一季GAAP稅率為11.5%，非GAAP稅率為15%。第一季 GAAP 稀釋每股收益為 0.41 美元，非 GAAP 稀釋每股收益為每股 0.67 美元（指引中位數）。

Sales for material solutions in Q1 were $341 million, up 8% year on year, excluding the impact of divestitures. Sales were down 5% sequentially in line with normal seasonality.

第一季材料解決方案的銷售額為 3.41 億美元，不包括資產剝離的影響，較去年同期成長 8%。銷售額季減 5%，符合正常季節性。

Adjusted operating margin for MS was 22% for the quarter, up modestly sequentially. Sales for advanced purity solutions in Q1 were $434 million, up 3% year on year and down 11% sequentially. The sequential sales decrease was driven by CapEx products, including fluid handling products and FOUPs.

本季微軟調整後的營業利潤率為 22%，較上季略有上升。第一季先進純度解決方案的銷售額為 4.34 億美元，年增 3%，季減 11%。銷售額連續下降是由於資本支出產品（包括流體處理產品和 FOUP）所致。

Adjusted operating margin for APS was 25.4% for the quarter the decline in margin was driven by lower volume. As we navigate this dynamic environment, we are focused on controlling what we can control, including our cost structure.

APS 本季調整後的營業利潤率為 25.4%，利潤率的下降是由於銷量下降造成的。當我們應對這種動態環境時，我們專注於控制我們能夠控制的東西，包括我們的成本結構。

For example, we've elected to retain approximately 75% of the previously announced $15 million of cost savings from the formation of the APS division instead of fully reinvesting those savings. As always, we remain committed to delivering results in line with the frameway of our analyst published day target model.

例如，我們選擇保留先前宣布的成立 APS 部門所節省的 1500 萬美元成本的約 75%，而不是將這些節省下來的資金全部重新投資。像往常一樣，我們將繼續致力於按照分析師公佈的每日目標模型框架提供成果。

Moving on to cash flow. Free cash flow was $32 million. As we mentioned in our last earnings call, we are committed to improving our free cash flow margin and have made free cash flow a compensable goal for the management team and the rest of the organization starting this year. In 2025, we expect our free cash flow margin to be in the low double digits. Over the next several years, you can expect steady improvement as we aim at returning to levels similar to where we were pre-pandemic.

繼續討論現金流。自由現金流為3200萬美元。正如我們在上次財報電話會議上提到的那樣，我們致力於提高我們的自由現金流利潤率，並從今年開始將自由現金流作為管理團隊和組織其他部門的可補償目標。到 2025 年，我們預計自由現金流利潤率將達到兩位數的低點。在接下來的幾年裡，您可以期待穩定改善，因為我們的目標是恢復到與疫情大流行之前類似的水平。

One of our major focus areas is working capital optimization, in particular, inventory where we have the greatest opportunity as we look to improve lead times and optimize stock levels across our entire network. In addition to working capital improvements, we now expect our capital expenditures to be approximately $300 million in 2025, down from our previous expectation of $325 million. As a reminder, our capital expenditures are weighted more to the first half of the year driven by strategic investments, including Phase one of our Colorado facility.

我們的主要關注領域之一是營運資本優化，特別是庫存，這是我們擁有最大機會的地方，因為我們希望縮短交貨時間並優化整個網路的庫存水準。除了營運資金改善外，我們現在預計 2025 年的資本支出約為 3 億美元，低於先前預期的 3.25 億美元。提醒一下，我們的資本支出更集中在上半年，這主要受到戰略投資的推動，其中包括科羅拉多工廠的第一階段。

As an aside, I'm pleased to share that we have achieved our first CHIPS Act milestone and expect to receive $9 million in the second quarter. A quick overview of our capital structure. At the end of the quarter, our gross debt was approximately $4 billion, and our net debt was $3.7 billion. Gross leverage was 4.4 times and net leverage was 4 times.

順便說一句，我很高興地告訴大家，我們已經實現了第一個《CHIPS法案》里程碑，預計第二季將獲得 900 萬美元。快速概覽我們的資本結構。截至本季末，我們的總債務約為 40 億美元，淨債務為 37 億美元。總槓桿率為4.4倍，淨槓桿率為4倍。

Our debt is well structured and derisked. The blended interest rate on our debt portfolio is approximately 4.9%. Since our term loan is fully hedged, currently 100% of our debt is fixed, and there are no maturities on the debt until 2028 and no maintenance covenants on the debt. From a capital allocation standpoint, our single priority remains paying down our debt. We will use all levers at our disposal to reduce our gross leverage to below 4 times.

我們的債務結構良好且風險較低。我們的債務組合的混合利率約為 4.9%。由於我們的定期貸款已完全對沖，目前我們的債務 100％ 都是固定的，並且直到 2028 年都沒有到期日，也沒有債務維護契約。從資本配置的角度來看，我們的唯一優先事項仍然是償還債務。我們將利用一切可用槓桿，將總槓桿率降至4倍以下。

Looking forward, I believe we are well positioned to navigate through the dynamic tariff and economic environment. We expect to see a temporary impact to our top line related to our sales to China. We are actively working with our customers and suppliers to mitigate to the greatest extent possible the direct tariff impact by leveraging our global footprint and regional supply chain.

展望未來，我相信我們已做好準備，以應對不斷變化的關稅和經濟環境。我們預計，我們對中國的銷售收入將受到暫時影響。我們正在積極與客戶和供應商合作，利用我們的全球影響力和區域供應鏈，最大程度地減輕直接關稅的影響。

Moving on to our Q2 outlook. We are widening our revenue guidance range to reflect our current assessment of the direct tariff impacts. We expect our Q2 sales to range from $735 million to $775 million. Excluding China, our business remains strong. Let me be clear, the lower sequential sales guidance is driven entirely by the uncertainty of shipments of our US-made products into China.

接下來是我們對第二季的展望。我們正在擴大收入指導範圍，以反映我們對直接關稅影響的當前評估。我們預計第二季的銷售額將在 7.35 億美元至 7.75 億美元之間。除中國以外，我們的業務依然強勁。讓我明確一點，較低的連續銷售預期完全是由於我們美國製造的產品運往中國的不確定性。

We expect a gross margin of approximately 45%, both on a GAAP and non-GAAP basis. GAAP operating expenses of $225 million to $229 million, and non-GAAP operating expenses of $179 million to $183 million. We expect EBITDA margin of approximately 27.5%.

我們預計毛利率約為 45%，無論是按照 GAAP 或非 GAAP 計算。根據美國通用會計準則 (GAAP)，營運費用為 2.25 億美元至 2.29 億美元；根據非美國通用會計準則 (Non-GAAP)，營運費用為 1.79 億美元至 1.83 億美元。我們預計 EBITDA 利潤率約為 27.5%。

Net interest expense of approximately $50 million, and we expect our non-GAAP tax rate to be approximately 12% due to the expiration of a tax reserve. GAAP EPS between $0.34 and $0.41 per share and non-GAAP EPS between $0.60 and $0.67 per share. We also expect depreciation of approximately $51 million.

淨利息支出約為 5000 萬美元，由於稅收儲備到期，我們預計非 GAAP 稅率約為 12%。GAAP EPS 在每股 0.34 美元至 0.41 美元之間，非 GAAP EPS 在每股 0.60 美元至 0.67 美元之間。我們也預計折舊額約為 5,100 萬美元。

I'll now hand it back over to Bertrand for some closing remarks.

現在我將把發言權交還給伯特蘭，請他作一些總結發言。

Thank you, Linda. In closing, the industry environment remains dynamic. In that context, we will remain focused on what we can control, engaging with our customers, managing our cost, delivering strong profitability, improving free cash flow and paying down our debt. In 2025, we are prioritizing critical investments that enable our customers, no transitions and technology road maps needs.

謝謝你，琳達。最後，產業環境依然充滿活力。在此背景下，我們將繼續專注於我們能夠控制的事情，與客戶互動，管理成本，實現強勁盈利能力，改善自由現金流並償還債務。2025 年，我們將優先考慮能夠滿足客戶需求的關鍵投資，無需進行轉型和技術路線圖。

Looking further out, we continue to have high confidence in the strong long-term growth outlook for the semiconductor industry and for Entegris. Our customers technology road maps are calling for new materials and ever greater purity levels to improve device performance and achieve optimal yields.

展望未來，我們仍對半導體產業和 Entegris 的強勁長期成長前景充滿信心。我們的客戶技術路線圖要求採用新材料和更高的純度等級來提高設備性能並實現最佳產量。

Our expertise in material science and materials purity is increasingly valuable. The R&D investments we are making are translating into key wins in new nodes, and are expected to fuel our growth and market outperformance in the years to come.

我們在材料科學和材料純度方面的專業知識越來越有價值。我們正在進行的研發投資正在轉化為新節點的關鍵勝利，並有望在未來幾年推動我們的成長和市場表現。

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

接線員，現在讓我們開始回答問題。

(Operator Instructions)

（操作員指示）

Melissa Weathers, Deutsche Bank.

德意志銀行的梅莉莎‧韋瑟斯。

Thank you so much for letting me ask you a question. Good morning everybody. I guess on the comments that you guys have made on the direct impacts from tariffs in China and your outlook. Could you help us understand, so is the main message that excluding those direct impacts, everything else is pretty much going as planned, as you talked about last quarter? Or just help us -- if we could get a little bit more context on how you're guiding and how much of that is tariff impact and how much of that is any cyclical weakness? Thank you.

非常感謝您允許我向您提問。大家早安。我想根據你們對中國關稅的直接影響以及你們的展望所發表的評論。您能否幫助我們理解，主要訊息是，除了那些直接影響之外，其他一切都基本上按計劃進行，正如您上個季度所說的那樣？或者只是幫助我們——如果我們可以更多地了解您的指導方針，其中有多少是關稅影響，有多少是周期性疲軟？謝謝。

Yes, good morning, Melissa and good question. And let me put actually this Q2 guidance in the right context, and I may provide a little bit more detail than I usually do, but I think the circumstances warrant that. So let's start with a few facts. I mean entering Q2, our business is strong. The fill rate is steady, quarter-to-date. Our book-to-bill ratio is strong, it's actually approaching 1.2, so that's good. That's actually very good.

是的，早安，梅麗莎，這個問題問得好。讓我把第二季的指導放在正確的背景下，我可能會提供比平常更多的細節，但我認為情況需要這樣做。那麼就讓我們從一些事實開始吧。我的意思是進入第二季度，我們的業務強勁。本季度迄今的填充率保持穩定。我們的訂單出貨比很高，實際上接近 1.2，所以這很好。這確實非常好。

Another important fact, ex China, our second quarter forecast is also solid. Actually, we expect the ex-China business to be up sequentially in line with the industry trends that we expect in Q2. Specifically, we expect sequential growth in our consumable product lines, consistent with the expected sequential improvement in wafer starts. That's going to be offset slightly by the sequential contraction in the -- in our CapEx product lines, and that's also consistent with the expected sequential contraction in the industry CapEx. But again, net-net, our ex China business is solid and is expected to be up sequentially. So that's good as well.

另一個重要的事實是，除中國外，我們對第二季的預測也是穩健的。實際上，我們預計中國以外的業務將隨著我們預期的第二季度行業趨勢而環比增長。具體來說，我們預期消耗品產品線將實現連續成長，這與晶圓開工率的預期連續改善一致。這將被我們資本支出產品線的連續收縮稍微抵消，這也與產業資本支出預期的連續收縮一致。但整體而言，我們的中國以外業務表現穩健，預計將持續成長。這也很好。

So and then to your question, I mean, we certainly have this China tariff situation to deal with. China introduced new tariffs on imports from the US. Our products, unfortunately, do not qualify for the temporary exemptions granted by the Chinese government. And as a result, as of right now, our Chinese customers have put inbound shipments from US on hold. So the impact for us, just for Q2, worst case could be up to $50 million again, just for Q2. And that's the bad news.

那麼，對於你的問題，我的意思是，我們當然需要處理中國關稅問題。中國對美國進口商品徵收新關稅。可惜的是，我們的產品不符合中國政府授予的臨時豁免資格。因此，截至目前，我們的中國客戶已暫停從美國進口的貨物。因此，對我們來說，僅就第二季而言，最壞的情況可能再次高達 5000 萬美元。這是壞消息。

Now the good news, as Linda stated multiple times in her prepared comments is that we have alternate Entegris manufacturing sites across Asia that our China customers could use. Actually, they have started qualifying them, and we are ourselves in the process of hiring and training additional staff, ramping up our local supply chain.

現在的好消息是，正如琳達在她準備好的評論中多次提到的那樣，我們在亞洲各地擁有可供中國客戶使用的備用 Entegris 製造基地。實際上，他們已經開始對他們進行資格審查，而我們自己也正在招募和培訓更多員工，加強我們的本地供應鏈。

So realistically, we expect to be able to mitigate some of that impact in Q2 and that gets you somewhere at the midpoint of that guidance range for Q2. And of course, we expect to make more progress in Q3, Q4 and at a high level, we expect these initiatives to have substantially mitigated the China tariff headwinds by the end of the year.

因此，實際上，我們預計能夠在第二季減輕部分影響，並達到第二季指導範圍的中間值。當然，我們預計第三季和第四季將取得更多進展，從高層來看，我們預計這些措施將在年底前大幅緩解中國關稅阻力。

So hopefully, Melissa that provides the context you were looking for when thinking about the overall business trends and going into Q2.

因此，希望 Melissa 能夠提供您在思考整體業務趨勢和進入第二季時所尋找的背景資訊。

Great. Thank you for all that color. That's really helpful. And I totally understand you guys pulling your 2025 guide, given that uncertainty. Maybe a bigger picture question then. On the moly side, it was good to hear that you're engaged with all of the main memory players on moly.

偉大的。謝謝你帶來的所有色彩。這真的很有幫助。考慮到這種不確定性，我完全理解你們撤回 2025 年指南的決定。這或許是一個更大的問題。在 moly 方面，很高興聽到您與 moly 上的所有主要內存播放器進行了互動。

But given the macro uncertainty and the tariff uncertainty, has there been any change in your customer discussions about their willingness to adopt moly? How has the timing of that moly ramp changed in your mind at all?

但考慮到宏觀不確定性和關稅不確定性，您的客戶在討論採用鉬的意願時是否有任何變化？您心中那個鉬坡道的時機有什麼變化嗎？

Well, it's a great question. I think that despite the uncertainty that we are all experiencing, the good news is that all major node transitions are still on track. It's true for the moly adoption in memory. As a matter of fact, all our discussions with the market leaders in 3D NAND suggests that actually not all of them, but most of them will be transitioning to moly in the second half of the year, so it's good for moly.

嗯，這是一個很好的問題。我認為，儘管我們都在經歷不確定性，但好消息是所有主要節點轉換仍在進行中。對於記憶中的鉬採用來說，這是真的。事實上，我們與 3D NAND 市場領導者的所有討論都表明，實際上並非所有領導者，但大多數領導者都將在今年下半年轉向鉬，因此這對鉬有利。

But that statement also applies to logic. In logic, we also expect N2 and 18A to ramp in the second half of 2025. And for all of those node transitions, both in logic and memory, we are very well positioned, and we are ready to capitalize on the incremental opportunities in the back half of the year. And then of course, as more wafers are produced at those nodes going into 2026, that should have a positive impact on our business in 2026 as well.

但該說法也適用於邏輯。從邏輯上講，我們也預計 N2 和 18A 將在 2025 年下半年成長。對於邏輯和記憶體方面的所有這些節點轉換，我們都已做好充分準備，並準備好利用下半年的增量機會。當然，隨著到 2026 年這些節點上生產的晶圓越來越多，這也將對我們 2026 年的業務產生正面影響。

Great. Thank you.

偉大的。謝謝。

Charles Shi, Needham.

查爾斯·施，尼德漢姆。

Hi, good morning, that one, Linda. Maybe I want to go back to the question on China tariff -- retaliatory tariffs impact on the lost sales for Q2. I recall going back a few quarters, you were expecting maybe China revenue as a percentage of the total to go above 20% from somewhere around the mid-teens given the increased production -- semi production in China.

嗨，早上好，琳達。也許我想回到有關中國關稅的問題——報復性關稅對第二季銷售損失的影響。我記得幾個季度前，由於中國半成品產量增加，您預計中國收入佔總收入的比例可能會從大約15%上升到20%以上。

But how much of the $50 million loss, let's say, in Q2 is recoverable, let's say, in Q3 and Q4 because do they -- do your Chinese customers really have alternative? Or do you think that there will be some market share loss going forward? The reason why I'm asking this really is about how much of the loss is irreversible and somehow much of that you think is a reversal or maybe give it two or three more quarters? Thank you.

但是，假設第二季的 5000 萬美元損失有多少可以在第三季和第四季彌補，因為你們的中國客戶真的有其他選擇嗎？或者您認為未來市佔率會有所損失嗎？我之所以問這個問題，實際上是想了解有多少損失是不可逆轉的，您認為其中有多少是可以逆轉的，或者可能還要再過兩三個季度？謝謝。

Yes, Charles, fair question. I -- we believe that this is a temporary impact, as Linda mentioned, and I absolutely believe it is. As we've said many times before, our China business is strong. There are competitors in China for sure, but we believe that we've been competing very effectively. Our brand is strong.

是的，查爾斯，這個問題問得公平。我——我們相信這只是暫時的影響，正如琳達所提到的，我絕對相信這一點。正如我們之前多次說過的，我們的中國業務非常強勁。中國肯定有競爭對手，但我們相信我們的競爭非常有效。我們的品牌很強大。

We continue to be viewed as valued partners by our customers and remember that our solutions really help our customers improve their device performance, improve their yields. This is really at the heart of our value proposition. And this value proposition is appreciated in China as it is anywhere else in the world. So we are in active discussions with our China customers.

我們繼續被客戶視為寶貴的合作夥伴，並記住我們的解決方案確實幫助我們的客戶提高他們的設備性能，提高他們的產量。這確實是我們價值主張的核心。這一價值主張在中國和世界其他地方都受到讚賞。因此，我們正在與中國客戶進行積極討論。

And when I say China customers, by the way, we're talking about international companies operating in China as well as domestic Chinese customers, right? And they have a practical experience of some of our other Asia manufacturing centers. They just need to fully qualify certain products coming from those centers and start placing their future demand on those manufacturing centers. So we know it's going to take a little bit of time, but we believe it's entirely recoverable.

順便說一下，當我說中國客戶時，我們指的是中國運營的國際公司以及中國國內客戶，對嗎？他們在我們其他一些亞洲製造中心擁有實務經驗。他們只需要對這些中心的某些產品進行全面鑑定，並開始將未來的需求放在這些製造中心。所以我們知道這需要一點時間，但我們相信它是完全可以恢復的。

Got it. Thanks. Maybe a follow-up question. I really want to go back to the Q1 results. And I think we focused a lot on the Q2 what the tariff impact could be on the Q2 guidance, but your Q1 results still coming a little bit below, I believe, the low end of the guidance, which you guided in February. Wonder what exactly happened, why it came in a little bit below your expectation?

知道了。謝謝。也許是一個後續問題。我真的很想回顧一下第一季的業績。我認為我們非常關注第二季關稅對第二季指引的影響，但我認為你們第一季的業績仍然略低於二月指引的低端。想知道到底發生了什麼，為什麼結果比你的預期略低？

And I think you mentioned the CapEx products, fluid handling poops, we want some of the weakness. But what exactly we are seeing in terms of customer behavior, assuming Q1, that's all pre-tariff, right? Thank you.

我認為您提到了資本支出產品、流體處理糞便，我們想要一些弱點。但是，就客戶行為而言，我們究竟看到了什麼，假設第一季，那都是關稅前的，對嗎？謝謝。

Yeah, Charles. Yeah, so the Q1 performance has nothing to do with tariffs indeed. The top line came in slightly below guidance. And as we've said, it really comes from much softer demand than originally expected for our fluid handling and food products. That these products -- I mean demand for these products is linked to new fab construction.

是的，查爾斯。是的，所以第一季的表現確實與關稅無關。營業收入略低於預期。正如我們所說，這實際上是因為流體處理和食品產品的需求比最初預期的要弱得多。這些產品—我的意思是這些產品的需求與新工廠的建造有關。

We have seen a significant slowdown in new fab construction activity in all markets, frankly, but that's especially true in China, in Japan, in Korea, and as a result, we've seen a much more significant contraction in the revenue for those products in Q1.

坦白說，我們看到所有市場的新晶圓廠建設活動都出現了明顯放緩，但中國、日本和韓國的情況尤其如此，因此，我們看到第一季這些產品的收入出現了更為顯著的萎縮。

Having said that, I remember that we grew in spite of this CapEx headwind, we grew 5% year on year. As I mentioned, strong performance from material solutions, up 8% and strong performance of APS. I mean macro contamination had a very solid quarter. It was offset, obviously, by the decline in the CapEx products that I mentioned.

話雖如此，我記得儘管面臨資本支出逆風，我們仍然實現了成長，比去年同期成長了 5%。正如我所提到的，材料解決方案表現強勁，成長了 8%，APS 表現也十分出色。我的意思是宏觀污染本季表現非常穩健。顯然，它被我提到的資本支出產品的下降所抵消。

And then finally, one thing that I just want to be sure you remember, Charles, when you're looking at our Q1 performance, especially the year on year. Remember that there were new US export restrictions announced in December, and we had quantified that impact to be about $10 million on a quarterly basis. So we saw that in Q1 and then we had some adverse impact from foreign exchange as well. And I think Linda mentioned that year on year was about $5 million.

最後，查爾斯，當你查看我們第一季的業績，特別是同比業績時，我只想確保你記住一件事。請記住，美國 12 月宣布了新的出口限制，我們已將該影響量化為每季約 1000 萬美元。因此，我們在第一季就看到了這一點，外匯也為我們帶來了一些不利影響。我認為琳達提到過，同比金額約為 500 萬美元。

So certainly, those last two points don't explain the myths, right? I mean we're expecting these impacts when sending guidance. But I think it's useful context when you look at Q1 results on a year on year basis. And I would argue that the overall performance is pretty solid in that context.

所以，最後兩點當然不能解釋這些神話，對嗎？我的意思是我們在發送指導時預計到這些影響。但我認為，當你逐年查看第一季業績時，這是一個有用的背景。我認為在這種情況下整體表現相當穩健。

Thanks, Bertrand.

謝謝，伯特蘭。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

Thank you for taking my question. The first one for Linda. Linda, can you walk us through -- you talked about the revenue impact from China. But on the gross margin, the 100 basis points sequential decline to the June quarter. Can you help us understand the puts and takes on the cost side impact from tariffs?

感謝您回答我的問題。第一個是給琳達的。琳達，您能否向我們介紹一下—您談到了來自中國的收入影響。但就毛利率而言，與六月當季相比，環比下降了 100 個基點。您能幫助我們了解關稅對成本的影響嗎？

Yes, thank you for that question. So let me first, since you framed it, and let me frame it overall, we're in a dynamic environment. And our guidance is capturing that dynamic environment. To your point on how the tariffs play into gross margin, we do have tariffs on US imports and we do import some raw materials and finished goods.

是的，謝謝你的提問。首先，既然你已經闡述了這一點，那麼讓我從整體上闡述一下，我們處於一個動態的環境中。我們的指導就是捕捉這種動態環境。關於您提到的關稅如何影響毛利率，我們確實對美國進口產品徵收關稅，而且我們確實進口了一些原材料和成品。

So we are very confident in the plan we have to mitigate those tariff impacts over time on US imports through select pricing surcharges, different duty programs, focus on regionalized in sourcing to limit that tariff impact. But in the near term, there is likely to be some modest impact to our Q2 gross margins as we progress our mitigation plans because there is a bit of a timing lag, and this is reflected in our guidance.

因此，我們對該計劃非常有信心，透過選擇性價格附加費、不同的關稅計劃、注重區域化採購來限制關稅影響，從而減輕關稅對美國進口產品的影響。但在短期內，隨著我們推進緩解計劃，我們的第二季毛利率可能會受到一定程度的影響，因為存在一些時間滯後，這反映在我們的指導下。

So getting back to a little bit more of a big picture between Q1 and Q2 on the margin, you're correct in saying there's a bit of an impact from tariffs. But as we look across gross margins and look forward, there's going to be puts and takes.

因此，回到第一季和第二季之間的整體情況，您說關稅確實產生了一些影響，這是正確的。但當我們審視毛利率並展望未來時，就會發現其中有利弊。

So I want to bring you back to looking forward there's the volume leverage as we progress throughout the year. We're going to continue to focus on productivity, we'll continue to have inefficiencies this year in Taiwan and Colorado, but we're going to get most of that behind us by 2026. And we're going to continue to manage our cost structure, including gross margin in the context of our Analyst Day.

因此，我想讓大家回顧一下，隨著我們全年的進展，我們將會看到銷售槓桿。我們將繼續專注於生產力，今年我們在台灣和科羅拉多州的效率仍會較低，但到 2026 年，我們將解決大部分效率低下的問題。我們將繼續管理我們的成本結構，包括在分析師日期間管理毛利率。

So while there's slightly lower gross margins in Q2, we still would expect that in 2025, our overall gross margins will be up modestly compared to 2024.

因此，儘管第二季的毛利率略有下降，但我們仍預計，到 2025 年，我們的整體毛利率將比 2024 年略有上升。

Very helpful. And one for Bertrand. Bertrand, I fully understand you guys are not commenting on full year given the macro uncertainty. But just kind of broad strokes, if -- how do you see the CapEx environment going on for second half, some of the CapEx peers have talked about maybe flattish outlook for CapEx in second half, some of them are down in second half versus first half. If you can just kind of give your big picture thoughts on the CapEx trend.

非常有幫助。還有一個給伯特蘭。伯特蘭，我完全理解，鑑於宏觀不確定性，你們不會對全年情況發表評論。但只是大致的了解一下，如果 - 您如何看待下半年的資本支出環境，一些資本支出同行已經談到下半年資本支出前景可能持平，其中一些人認為下半年的資本支出前景較上半年有所下降。您能否從宏觀角度談談您對資本支出趨勢的看法？

Yeah. I mean, look, I mean, remember that when we started the year pre impact from tariffs and the growing uncertainty around that. We probably already had some fairly conservative expectations when it comes to the industry CapEx.

是的。我的意思是，你看，我的意思是，記得當我們開始今年的時候，關稅的影響以及圍繞關稅日益增加的不確定性。當談到產業資本支出時，我們可能已經有一些相當保守的預期。

I would argue that the current prevailing uncertainty is, in my opinion, going to put some additional pressure on CapEx in the second half of the year. Having said that, we expect that to be somewhat offset by the steady improvement that we expect to see in wafer starts.

我認為，當前普遍存在的不確定性將給下半年的資本支出帶來額外的壓力。話雖如此，我們預計這一影響將在一定程度上被我們預期的晶圓開工率的穩定提高所抵消。

So again, all of that is are high-level considerations that do not really incorporate any considerations and any changes coming from the uncertainty around the tariff and indirect impact from tariffs.

所以，再說一次，所有這些都是高層的考慮，並沒有真正考慮到關稅的不確定性和關稅的間接影響所帶來的任何考慮和變化。

Thank you.

謝謝。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot. Bertrand, I also wanted to add about how quickly this revenue can come back. I mean, why does this not sort of -- is this not the match that lights the fire for them to qualify local alternatives? I know that not all of what you sell, there's not a local alternative for -- all the way you sell, obviously, but there are local alternatives for some of what you sell.

多謝。伯特蘭，我還想補充這些收入能多快恢復。我的意思是，為什麼這不是——這難道不是點燃他們獲得當地替代方案的火焰的火柴嗎？我知道，你們銷售的商品並非都有本地替代品——顯然，你們銷售的所有商品都有本地替代品，但你們銷售的部分商品有本地替代品。

And so do they actually have enough inventory on hand to just outright be able to continue to operate with China not accepting shipments? I mean, this is a pretty big number relative to what you're trying to exposure is. So yeah, thanks.

那麼，當中國不接受貨物時，他們是否真的有足夠的庫存來繼續運作？我的意思是，相對於你想要曝光的內容來說，這是一個相當大的數字。是的，謝謝。

Yeah, look it's a fair question, Tim. I think the burden could be on us to be very proactive and very effective in transitioning the China demand to some of those alternate Asia sites. I think that those Asia manufacturing alternatives have a lot to offer. I mean, think about the big investment we made in Taiwan, recent investments in Japan and Korea.

是的，看，這是一個公平的問題，提姆。我認為，我們有責任非常積極主動、非常有效地將中國的需求轉移到一些亞洲替代站點。我認為亞洲製造業的替代品有許多可取之處。我的意思是，想想我們在台灣進行的巨大投資，以及最近在日本和韓國的投資。

So we are really offering state-of-the-art manufacturing capabilities, we believe we are offering again, products that are very uniquely enabling device performance and very uniquely enabling the yields of our customers, and that has value and we certainly hope that this is a point of view that our China customers share with us.

因此，我們確實提供了最先進的製造能力，我們相信，我們再次提供的產品能夠非常獨特地提高設備性能，並且能夠非常獨特地提高客戶的產量，這是有價值的，我們當然希望這是我們的中國客戶與我們分享的觀點。

And again, all indications are based on the discussions we've been having with them in the last months, all indications are that they are very eager to qualify those alternatives. I mean the proof will be in the pudding, obviously, but I am optimistic.

再次強調，所有跡像都基於我們過去幾個月與他們進行的討論，所有跡像都表明他們非常渴望確定這些替代方案。我的意思是，顯然，事實勝於雄辯，但我很樂觀。

Okay. Got it. And then just a two part question. So one, what is the clean revenue guide then for June. So is the clean revenue guide something like $800 million minus this issue. So is that the baseline that we should then kind of -- I mean, obviously, we have to assume how quickly this [$50 million] comes back. But is the $800 million like that's the real sort of demand-based guidance for June? That's the first part of the question.

好的。知道了。然後這只是一個由兩個部分組成的問題。那麼，六月的淨收入指南是多少？那麼，淨收入指南是不是應該為 8 億美元減去這個問題呢？那麼，這是我們應該考慮的基線嗎？我的意思是，顯然，我們必須假設這 5000 萬美元能回來得有多快。但是，8 億美元是否是 6 月真正的基於需求的指導金額？這是問題的第一部分。

And then the second part is, what is your NAND exposure right now? Do you think any of the weak June quarter is related to NAND? Thanks.

第二部分是，您目前的 NAND 曝光率是多少？您認為 6 月季度的疲軟與 NAND 有關嗎？謝謝。

Yeah. So in reverse order, the NAND exposure right now for us is about 10% of our revenue roughly. And in terms of breaking down our key to guidance between China and China, I mean, I think we've provided a lot of details. I'm not going to go into a lot more details than my answer to the first question. But directionally, the way you think about it is not too far off.

是的。因此，反過來說，目前我們的 NAND 業務大約占到我們收入的 10% 左右。至於我們與中國之間的關鍵指導方針的分解，我認為我們已經提供了許多細節。我不會比回答第一個問題時講得更詳細。但從方向上看，你的想法並不太偏離。

Okay. Thank you.

好的。謝謝。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great. Thank you so much. You hit on a few of these, but just to dig down a little bit deeper. In terms of your second half assumptions of just what you're looking at from the customer level, can you sit on some nontariff-related factors, specifically moly, node transitions.

偉大的。太感謝了。您已經觸及其中的幾個，但只需再深入挖掘一下。就您從客戶層面所看到的後半部假設而言，您能否考慮一些與非關稅相關的因素，特別是鉬、節點轉換。

Is there anything that has actually changed in the last five to six weeks that would ultimately further evolve your views on that? And then perhaps just a quick update on the Taiwan ramp as well would be very helpful. Thank you.

在過去的五到六週內，是否發生了一些實際變化，最終進一步改變了您對此的看法？那麼，也許只是對台灣問題的簡要更新也會非常有幫助。謝謝。

Yeah. So in terms of the benefits that we expect to get from the node transitions, as I said, we are very encouraged by our recent discussions with our customers, all of the major node transitions we're expecting in memory and logic seems to be still on time. And that's positive because it provides an opportunity for us to increase our content per wafer and that actually help us sustain very attractive revenue levels in the second half of the year.

是的。因此，就我們期望從節點轉換中獲得的好處而言，正如我所說，我們對最近與客戶的討論感到非常鼓舞，我們在記憶體和邏輯方面預期的所有主要節點轉換似乎仍將按時進行。這是正面的，因為它為我們提供了增加每片晶圓內容的機會，這實際上幫助我們在下半年維持非常有吸引力的收入水準。

Having said that, I mean, you're right that today, there's still a lot of unknown around the indirect impact coming from tariffs. I mean there is session, which usually could correlate with a slower demand environment for semiconductors, but nobody has been able to really quantify that, and I'm certainly not equipped to do that either. So that's something we're going to be obviously keeping an eye on. And then there was a third part to your question, which I forgot.

話雖如此，我的意思是，您說得對，今天，關稅帶來的間接影響仍然存在許多未知數。我的意思是，存在會話，這通常與半導體需求環境放緩有關，但沒有人能夠真正量化這一點，而且我當然也沒有能力做到這一點。因此我們顯然會密切關注此事。然後你的問題還有第三部分，我忘了。

Taiwan.

台灣.

Taiwan. Yes so Taiwan, yeah, we're making actually really good progress in our Kaohsiung facility. Remember that in 2024, we completed a number of product qualifications, high-purity containers, deposition materials and we initiated qualifications of our liquid filters.

台灣.是的，台灣，是的，我們在高雄工廠確實取得了很好的進展。請記住，在 2024 年，我們完成了多項產品認證、高純度容器、沉積材料，並啟動了液體過濾器的認證。

In '25, the focus is to complete the remaining qualifications for all major liquid filters. And when it's all said and done, I would say that I would expect the run rate -- the revenue run rate exiting 2025 out of Kaohsiung to exceed $120 million. Remember, the last year, the revenue on a full year basis were something closer to $15 million. So a lot of progress is expected in 2025.

25 年的重點是完成所有主要液體過濾器的剩餘資格認證。當一切都塵埃落定後，我預計到 2025 年高雄的收入運行率將超過 1.2 億美元。請記住，去年全年收入接近 1500 萬美元。因此預計 2025 年將會取得重大進展。

That's very helpful. And just in terms of the intermediate term, obviously, once again, I understand the world is changing, but the -- as we sit here today, how are you thinking about the US market just in the rhetoric of the current administration, trade, the potential for increases in foreign investment? Just any updated thoughts just holistically on those topics would be helpful and just how that relates to your thoughts on the Colorado Springs opportunity. Thank you.

這非常有幫助。就中期而言，顯然，我再次明白世界正在發生變化，但是——當我們今天坐在這裡時，您如何看待美國市場，僅從現任政府的言論、貿易、外國投資增加的潛力來看？任何關於這些主題的整體更新想法都會有所幫助，以及這與您對科羅拉多斯普林斯機會的想法有何關聯。謝謝。

Yeah, that's a fair question. I think this is something that we are keeping a very, very close eye on external market research and our own views is that the new fab construction activity will be significantly down this year in '25. It's true, as I mentioned, in China, Japan, but also we'll be likely true here in North America.

是的，這是一個公平的問題。我認為這是我們密切關注外部市場研究的事情，我們自己的觀點是，2025年新晶圓廠的建設活動將大幅下降。正如我所提到的，在中國、日本確實如此，但在北美也可能如此。

So right now, when it comes to our Colorado investment, we are going full speed ahead with our phase one investment, we have actually hit a number of milestones. So feeling really good about the progress, and we're going to be starting customer qualifications in the second half of this year. We expect production late this year, early next year.

因此，現在，就我們在科羅拉多州的投資而言，我們正全速推進第一階段的投資，實際上我們已經實現了許多里程碑。所以我們對進展感到非常滿意，我們將在今年下半年開始客戶資格認證。我們預計今年底、明年年初將投入生產。

Now when it comes to the timing of phase two, so the next phase of investment, we going to be looking at the level of new fab activity in the US. We're going to take that into consideration, and we will finalize our decisions later this year. So no decision at this point.

現在談到第二階段的時間，也就是下一階段的投資，我們將關注美國新晶圓廠的活動水準。我們將考慮到這一點，並將在今年晚些時候做出最終決定。所以目前還沒決定。

Very helpful. Thank you so much.

非常有幫助。太感謝了。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. Sometimes you characterized the business at a high level in terms of mainstream versus advanced applications. I assume advanced is not that affected by China or much less affected, but maybe you could just give us kind of the tone of business in those kind of two big buckets?

謝謝。有時您會從主流應用與高階應用的角度來高層次地描述業務。我認為先進技術不會受到中國的影響，或者影響很小，但也許您能給我們介紹一下這兩大類業務的基調嗎？

Yeah. I mean, look, our advanced logic business remain very, very strong. I mean if you look at our Q1 performance, revenue in Taiwan was very strong year on year as we would expect. And as we capitalized on increased demand linked to AI and advanced logic application, but it's true that we continue to face some headwind from still fairly reduced levels of operations in mainstream fabs and it was true pretty much around the world, including China in Q1.

是的。我的意思是，我們的先進邏輯業務仍然非常非常強大。我的意思是，如果你看看我們第一季的業績，你會發現台灣的營收比去年同期非常強勁，正如我們預期的那樣。儘管我們利用了與人工智慧和先進邏輯應用相關的不斷增長的需求，但事實上，我們仍然面臨著主流晶圓廠營運水平仍然相當低的阻力，而且這種情況在世界各地都很普遍，包括第一季的中國。

Yeah. And then I think the comment period ends today to the new semiconductor tariffs. Have the consultants summarize that for you? Or is there anything that kind of maybe sticks out as unexpected and what may have been submitted in terms of public comments?

是的。我認為針對新半導體關稅的評論期今天就結束了。顧問是否為您總結了這一點？或者是否存在一些可能出乎意料的事情以及可能已經以公眾意見的形式提交了哪些內容？

No. As I said, I think right now, there's just a lot of unknown, a lot of uncertainty. I think most of our customers are taking a very prudent approach, frankly, when you think about the balance of the year. And that's the reason why we didn't feel equipped to update our annual guidance. I think, hopefully, things will settle down and hopefully, in a few months, we will be in a better position to update our full year guidance.

不。正如我所說，我認為現在存在著許多未知數和不確定性。坦白說，當你考慮今年的餘額時，我認為我們的大多數客戶都採取了非常謹慎的態度。這就是我們覺得沒有能力更新年度指導的原因。我認為，希望事情能夠安定下來，希望幾個月後，我們能夠更好地更新我們的全年指導。

Thank you.

謝謝。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

Hi, good morning. I was hoping we could dig in a little bit on the growth that you're seeing within the micro contamination control portion of the APS segment. I feel like sometimes you have pretty good visibility on your ability to grow in that business. How is visibility today compared to what you think of as normal?

嗨，早安。我希望我們能夠深入了解您在 APS 部門的微污染控制部分中看到的成長情況。我覺得有時候你對自己在該業務中成長的能力有相當好的認識。與您認為的正常情況相比，今天的能見度如何？

Are you seeing any delays or changes in customer order patterns? Any change in filter usage or anything that suggests that maybe your customers are trying to thrift or extend the life of some of those filters? Any color there would be appreciated.

您是否發現客戶訂單模式有任何延遲或變更？過濾器使用情況有任何變化嗎？或任何跡象表明您的客戶可能正在嘗試節省或延長某些過濾器的使用壽命？任何顏色都會受到歡迎。

Yes. It's a good question, Mike. And as I think you know the answer to the question, I think in advanced logic, there's still this intense focus on defect management which is really driving the right behaviors when it comes to using the most advanced filters, proactively changing them and doing the right level of preventing -- preventative maintenance.

是的。這是個好問題，麥克。而且我認為您知道這個問題的答案，我認為在高級邏輯中，仍然需要高度關注缺陷管理，這確實推動了使用最先進的過濾器、主動更換過濾器和進行正確級別的預防（預防性維護）的正確行為。

We are seeing that same behavior now in HPM, and I mentioned that in my prepared remarks, highlighting a new IPA purifier opportunities. So it's great to see that as device complexity increases, we are starting to see a greater focus, a greater interest in the micro contamination control solutions.

我們現在在 HPM 中看到了同樣的行為，我在準備好的發言中提到了這一點，強調了新的 IPA 淨化器機會。因此，我們很高興地看到，隨著設備複雜性的增加，人們開始更加關注微污染控制解決方案，並對其產生更大的興趣。

In the case of this HPM opportunity, we were looking -- we were asked to help reduce the level of trace metal contaminations from [3 parts per trillion to something less than 1 part per trillion. I think our solutions actually help the customer get to 0.5 parts per trillion], which put that in context, there's about half a drop of water in a 20 Olympic sized swimming port. So they are the types of solutions that we are developing. We are very proud of the value proposition that our products offer.

在這次 HPM 機會中，我們正在尋找——我們被要求幫助將微量金屬污染水平從 [3 ppt 到低於 1 ppt 的水平。我認為我們的解決方案實際上可以幫助客戶達到萬億分之零點五]，也就是說，在一個 20 個奧林匹克規模的游泳池里大約有半滴水。所以它們就是我們正在開發的解決方案類型。我們對我們的產品所提供的價值主張感到非常自豪。

And we are pleased to see this greater level of focus on purity. But you're right that utilization levels are low as they are right now in mainstream customers will try to stretch the lifetime of the filters. And that's one of the many reasons why our mainstream business has been sluggish and frankly, in the last couple of years now.

我們很高興看到人們對純度的關注程度有所提高。但您說得對，目前的使用率水平很低，主流客戶會嘗試延長過濾器的使用壽命。坦白說，這也是過去幾年我們的主流業務低迷的原因之一。

All right. And then for Linda, I know you don't typically talk about the FX impact. You mentioned, I believe, some top line impacts in the first quarter. But with the big swings that we've seen in the dollar. Can you talk a little bit about the impact you might expect to see in the second quarter in other parts of the P&L and at the EBITDA level. Is that something that's leading to some margin weakness in the second quarter as well?

好的。對於琳達來說，我知道你通常不會談論外匯影響。我相信您提到了第一季的一些營收影響。但我們看到美元出現大幅波動。您能否談談您預計第二季損益表其他部分和 EBITDA 水準可能產生的影響？這是否也是導致第二季利潤率下降的原因之一？

Yeah. Thanks, Mike. First, historically, we have not had a meaningful impact on our business from FX. And again, you're asking about other parts of the P&L. But as I mentioned, on the sales side, greater than 75% of our sales are USD.

是的。謝謝，麥克。首先，從歷史上看，外匯對我們的業務沒有重大影響。再次，您詢問的是損益表的其他部分。但正如我所提到的，在銷售方面，我們超過 75% 的銷售額都是美元。

When you get below sales into the gross margin, which could flow down into EBITDA we do have significant and fast moves, we do see some impact, but it has been manageable. So there could be a little bit of impact in Q2, but that is not the primary reason why I'm projecting -- what we're projecting for Q2 on our gross margin, as I said, primarily, I'd focus on some of the volume deleveraging and then the impact of the direct tariffs from US imports and a bit of a timing lag.

當銷售額低於毛利率時，這可能會流入 EBITDA，我們確實會有顯著且快速的舉措，我們確實會看到一些影響，但這是可以控制的。因此，第二季度可能會有一點影響，但這不是我預測的主要原因——我們對第二季度毛利率的預測，正如我所說，主要是，我會關註一些數量去槓桿，然後是美國進口直接關稅的影響和一些時間滯後。

Thanks very much.

非常感謝。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Thanks and good morning, Bertrand. This is Ryan on for Aleksey. I just wanted to ask one on China first. Did you guys see any evidence of prebuying kind of ahead of all the restrictions that have gone in. I understand you mentioned that they're eager to qualify some of your product from alternative sourcing. Just wondering if there was any pre-buying that you kind of saw ahead of all this?

謝謝，早安，伯特蘭。這是 Ryan 代替 Aleksey 上場的。我只是想先問一個關於中國的問題。你們有沒有看到在所有限制措施實施之前進行預購的證據？我知道您提到他們渴望從其他來源獲得您的部分產品的品質。只是想知道您是否預見了這一切的預購？

No, we didn't really see much of that. And when it comes to Q2, obviously, as I said, I think right now, all of our shipments ex US are on hold. So there's absolutely no prebuying going on right now. And there was none of that in Q1 either.

不，我們確實沒有看到太多這樣的情況。至於第二季度，顯然，正如我所說，我認為目前我們所有從美國發貨的貨​​物都處於暫停狀態。因此現在絕對不會進行預購。第一季也沒有出現這種情況。

Understood. Okay, thank you. And then I just wanted to ask on advanced packaging. I mean it seems like growth is kind of accelerating across the space. I was hoping you might be able to remind us what the size of that business for you today? Maybe what growth kind of looked like in 1Q and kind of what your outlook is like? Thank you.

明白了。好的，謝謝。然後我只想問一下有關先進封裝的問題。我的意思是，看起來整個領域的成長都在加速。我希望您能提醒我們您今天的業務規模有多大？也許第一季的成長情況是什麼樣的？您的前景如何？謝謝。

Yeah. Good question, Ryan. So advanced packaging for us is still a fairly small market, right? But as we have mentioned, multiple times, it's growing very fast. It actually did more than double in 2024. We saw actually a doubling in Q1 versus actually more than a doubling in Q1 of this year versus Q1 of last year.

是的。問得好，瑞安。那麼對於我們來說先進封裝仍然是一個相當小的市場，對嗎？但正如我們多次提到的，它增長非常快。事實上，到 2024 年，這一數字將增加一倍以上。我們實際上看到第一季翻了一番，而今年第一季與去年第一季相比實際上翻了一番多。

When we think about the full year 2025, we expect this business year on year to grow more than 25%. And the two big drivers for us in '25 are expected to be of high viscosity dispense solutions that's an APS product, and then the other one would be HPM slurries for [TD applications]. So again, feeling good about the momentum, feeling good about our ability to uncover new areas where we can contribute value, still small, but growing very, very fast.

當我們考慮 2025 年全年時，我們預計這項業務的同比增長將超過 25%。預計 2025 年我們的兩大驅動力將是高黏度分配解決方案（APS 產品），另一個是 HPM 漿料[TD應用]所以，再次對這種勢頭感到滿意，對我們發現可以貢獻價值的新領域的能力感到滿意，雖然這些領域仍然很小，但成長非常非常快。

And there are no further questions on the line at this time. I'll turn the program back to Bill Seymour for any closing remarks.

目前我們還沒有其他問題。我將把節目交還給比爾·西摩，請他做最後發言。

Thank you for joining our call today. Please reach out to me personally if you need to follow up. With that, have a great day, and you can disconnect.

感謝您今天參加我們的電話會議。如果您需要跟進，請親自與我聯繫。有了它，祝您度過美好的一天，然後您就可以斷開連接了。

Thank you. This concludes today's Entegris first quarter 2025 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的 Entegris 2025 年第一季財報電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。