Entegris Inc (ENTG) 2025 Q2 法說會逐字稿

Welcome to the Entegris second-quarter 2025 earnings conference call. (Operator Instructions).

歡迎參加 Entegris 2025 年第二季財報電話會議。（操作員指令）。

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 second 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年第二季的財務表現。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 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 of 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以及我們網站 entegris.com 的投資者關係 (IR) 頁面上找到對帳表。今天參加電話會議的有我們的執行長 Bertrand Loy 和財務長 Linda LaGorga。

With that, I will turn call over to Bertrand.

說完這些，我將把電話轉給伯特蘭 (Bertrand)。

Thank you, Bill, and good morning, everyone. I am pleased with our performance in the second quarter. Revenue was above our guidance range and was up 2% sequentially. Gross margin and EBITDA margin were within guidance and non-GAAP EPS was at the high end of guidance.

謝謝你，比爾，大家早安。我對我們第二季的表現感到滿意。收入高於我們的預期範圍，環比增長 2%。毛利率和 EBITDA 利潤率均在預期範圍內，非 GAAP EPS 處於預期的高點。

Taking a closer look at our quarterly performance by division. Materials Solutions sales were up 4% year-on-year, led by CMP slurries and pads, selective etch and deposition materials, which all delivered double-digit year-on-year growth. This was driven by strong growth in China, strength in HBM and the early positive impact from upcoming node transitions in logic and 3D NAND.

仔細查看我們各部門的季度業績。材料解決方案銷售額年增 4%，其中 CMP 漿料和墊片、選擇性蝕刻和沈積材料均實現了兩位數的同比增長。這是由中國市場的強勁成長、HBM 的強勁表現以及即將到來的邏輯和 3D NAND 節點轉換帶來的早期積極影響所推動的。

Advanced purity solutions sales were down 7% year-on-year, this was largely driven by the anticipated decline in facilities-based CapEx investments, which we spoke about last quarter. This particularly impacted our FOUPs and fluid handling revenue. The year-on-year sales decline was partially offset by modest growth in photoresist and CMP liquid filtration.

先進純度解決方案的銷售額年減 7%，這主要是由於我們上個季度談到的設施資本支出預期下降所致。這尤其影響了我們的 FOUP 和流體處理收入。光阻和CMP液體過濾業務的溫和成長部分抵消了銷售額年減的影響。

Next, let me provide an update on our global manufacturing and supply chain strategy and related investments. Our facility in Kaohsiung Taiwan continues to progress. We are on track to complete most of the critical product qualifications by the end of the year and expect to meaningfully ramp volumes in the fourth quarter.

接下來，讓我介紹一下我們的全球製造和供應鏈策略以及相關投資的最新情況。我們位於台灣高雄的工廠正在不斷進步。我們預計在年底前完成大部分關鍵產品認證，並預計第四季產量將大幅增加。

Our new Colorado manufacturing site is also on track, with construction and tool installation largely complete. We are planning the grand opening of this facility in November, and we plan to start customer product qualifications and initial volumes later this year.

我們在科羅拉多州的新製造工廠也進展順利，建造和工具安裝基本上完成。我們計劃於 11 月隆重開設該工廠，並計劃在今年稍後開始客戶產品認證和初始產量。

Over the past decade, we have invested in a broad global manufacturing footprint, offering the convenience of redundant manufacturing sites to our customers for all our major strategic product lines. In addition, we have developed well integrated supply chain clusters around our largest regional manufacturing centers.

在過去的十年中，我們投資了廣泛的全球製造足跡，為我們的客戶提供所有主要戰略產品線的冗餘製造基地的便利。此外，我們圍繞著最大的區域製造中心開發了高度整合的供應鏈集群。

This expanded localization of our production and supply lines close to our global customers, will serve us particularly well during this time of increased trade policy volatility and uncertainty. And over time, will drive several business and financial benefits, including shorter lead times, lower working capital requirements and more secure supply lines.

在貿易政策波動性和不確定性加劇的時期，擴大我們的生產和供應線的在地化，使其更貼近全球客戶，將對我們起到特別大的作用。隨著時間的推移，將帶來多項商業和財務效益，包括更短的交貨時間、更低的營運資金需求和更安全的供應線。

Currently, our Asia customers represent approximately 70% of our total revenue. And as we exit the year, we expect to have approximately 70% of this demand served by our non-US manufacturing sites. And that number will continue to increase as we capitalize on the ramp of the investments recently made in Taiwan, Korea, Japan and Malaysia.

目前，亞洲客戶約占我們總收入的70%。到今年年底，我們預計約 70% 的需求將由我們在美國以外的製造基地滿足。隨著我們利用最近在台灣、韓國、日本和馬來西亞進行的投資，這個數字也將持續增加。

On July 17, we opened our new state-of-the-art Korea Technology Center, an opening that also coincided with our 35th year of doing business in Korea. This investment, along with our three existing manufacturing sites in Korea will supplement our capabilities and strengthen our engagements with the local DRAM and NAND technology leaders. So we can help them and their ecosystem address yield, reliability and performance challenges.

7 月 17 日，我們開設了全新的最先進的韓國技術中心，這也恰逢我們在韓國開展業務的第 35 週年。這項投資以及我們在韓國現有的三個製造基地將增強我們的能力並加強我們與當地 DRAM 和 NAND 技術領導者的合作。因此我們可以幫助他們及其生態系統解決產量、可靠性和性能挑戰。

Looking ahead, overall for the industry, the trends are largely unchanged. AI-enabled applications for driving significant growth in advanced logic and HBM even though AI demand only represents a very modest proportion of wafer stops. Elsewhere, fab activity levels remain subdued, especially at many of our mainstream logic and 3D NAND customers.

展望未來，整個產業趨勢基本上沒有改變。儘管人工智慧需求僅佔晶圓停產的一小部分，但人工智慧應用仍推動了先進邏輯和 HBM 的顯著成長。在其他地方，晶圓廠活動水準仍然低迷，尤其是我們的許多主流邏輯和 3D NAND 客戶。

In addition, the uncertainty and volatility around trade policies are expected to continue to have direct and indirect impacts on semiconductor demand and levels of capital spending by the industry at least in the short term. As a result, we expect the semi market will continue to be dynamic and the visibility to a broad-based recovery remains tenuous.

此外，預計貿易政策的不確定性和波動性至少在短期內將繼續對半導體需求和產業資本支出水準產生直接和間接影響。因此，我們預期半導體市場將繼續保持活力，而全面復甦的前景仍然渺茫。

That said, we fully expect a stronger second half performance from our business. And looking further ahead, nothing has changed in our long-term view of the industry, we remain very optimistic and continue to have high confidence in our strong long-term growth outlook.

話雖如此，我們完全期待下半年我們的業務表現會更加強勁。展望未來，我們對該行業的長期看法沒有任何改變，我們仍然非常樂觀，並繼續對我們強勁的長期成長前景充滿信心。

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 of $792 million were down 3% year-over-year and up 2% sequentially. As a reminder, we have now fully lapped the impact of the CMC divestitures. Foreign exchange positively impacted revenue by $5 million year-over-year and $6 million sequentially in Q2.

早安，謝謝你，伯特蘭。我們第二季的銷售額為 7.92 億美元，年減 3%，季增 2%。提醒一下，我們現在已經完全承受了 CMC 資產剝離的影響。外匯對第二季的收入產生了積極影響，年比增加 500 萬美元，環比增加 600 萬美元。

Gross margin on a GAAP basis was 44.4% and 44.6% on a non-GAAP basis in the second quarter, generally in line with our guidance. The sequential decline in gross margin was driven by the anticipated impact from tariffs, our focus on balancing production volumes with inventory management and some operational inefficiencies.

第二季度，以 GAAP 計算的毛利率為 44.4%，以非 GAAP 計算的毛利率為 44.6%，基本上符合我們的預期。毛利率持續下降的原因是預期的關稅影響、我們專注於平衡生產量與庫存管理以及一些營運效率低。

Operating expenses on a GAAP basis were $245 million in Q2. Operating expenses on a non-GAAP basis in Q2 were $188 million. Adjusted EBITDA in Q2 was 27.3% of revenue, in line with our guidance. The GAAP tax rate in Q2 was 5% and the non-GAAP tax rate was 13%. GAAP diluted EPS was $0.35 per share in the second quarter.

根據 GAAP 計算，第二季的營運費用為 2.45 億美元。第二季非公認會計準則下的營運費用為 1.88 億美元。第二季調整後的 EBITDA 為營收的 27.3%，符合我們的預期。第二季GAAP稅率為5%，非GAAP稅率為13%。第二季 GAAP 稀釋每股收益為 0.35 美元。

Non-GAAP EPS was $0.66 per share at the high end of our guidance. Sales for Materials Solutions in Q2 were $355 million. Sales were up 4% year-on-year and sequentially, both driven by CMP slurries and pads, selective etch and deposition materials. Adjusted operating margin for MS was 21.3% for the quarter, up year-on-year. Sequentially, the adjusted operating margin decline was primarily due to some operational inefficiencies.

非公認會計準則每股收益為 0.66 美元，處於我們預期的高點。第二季材料解決方案的銷售額為 3.55 億美元。銷售額年比均成長 4%，這主要得益於 CMP 漿料和墊片、選擇性蝕刻和沈積材料的推動。本季微軟調整後的營業利潤率為 21.3%，較去年同期成長。調整後的營業利益率下降主要是因為營運效率低所造成的。

Sales for Advanced Purity Solutions in Q2 were $440 million, down 7% year-on-year and up 1% sequentially. The year-on-year sales decrease was driven by the impact of the decline in facilities-based CapEx investments. The modest sales increase sequentially was driven by liquid and gas filtration and FOUPs.

Advanced Purity Solutions 第二季的銷售額為 4.4 億美元，較去年同期下降 7%，季增 1%。銷售額較去年同期下降是由於設施資本支出投資下降的影響。銷售額環比小幅成長主要得益於液體和氣體過濾以及 FOUP 業務。

Adjusted operating margin for APS was 24.1% for the quarter. The year-on-year and sequential decline in margin was primarily driven by lower volumes. We are continuously looking for ways to optimize our business model and drive further efficiencies in our cost structure. In the second quarter, we implemented cost reduction initiatives, which will deliver $15 million in annual cost savings.

APS 本季調整後的營業利益率為 24.1%。利潤率較去年同期下降主要是由於銷量下降所致。我們一直在尋找優化業務模式和進一步提高成本結構效率的方法。在第二季度，我們實施了成本削減計劃，每年可節省 1500 萬美元的成本。

Moving on to cash flow. Free cash flow was $79 million in the first half of the year yielding a free cash flow margin of 5%. We continue to expect our free cash flow margin to be in the low double digits in 2025, driven by our stronger second half business performance and our intense focus on optimizing working capital and capital expenditures.

繼續討論現金流。上半年自由現金流為 7,900 萬美元，自由現金流利潤率為 5%。我們繼續預計，到 2025 年，我們的自由現金流利潤率將達到兩位數的低位，這得益於我們下半年業務表現的強勁以及我們對優化營運資本和資本支出的高度關注。

A quick overview of our capital structure. Shortly after the end of the second quarter, we paid down $50 million of the term loan from cash on hand. As a result, at the beginning of July, our gross debt was approximately $4 billion and our net debt was approximately $3.7 billion. Gross leverage was 4.3 times and net leverage was 4 times. Our debt is well structured and derisked.

快速概覽我們的資本結構。第二季結束後不久，我們用現金償還了 5,000 萬美元的定期貸款。因此，7月初，我們的總債務約為40億美元，淨債務約為37億美元。總槓桿率為4.3倍，淨槓桿率為4倍。我們的債務結構良好且風險較低。

The blended interest rate on the debt portfolio is approximately 5% and currently approximately 95% 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. And we will use all levers at our disposal to reduce our gross leverage to below 4 times.

債務組合的混合利率約為 5%，目前我們約有 95% 的債務是固定的。而該債務直到 2028 年才到期。並且沒有債務維護契約。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。

Moving on to our Q3 outlook. We expect our Q3 sales to range from $780 million to $820 million. We expect our gross margin percent to be approximately in line with Q2, both on a GAAP and non-GAAP basis. GAAP operating expenses of $228 million to $232 million, and non-GAAP operating expenses of $182 million to $186 million. We expect EBITDA margin of approximately 27.5%.

繼續討論我們的第三季展望。我們預計第三季的銷售額將在 7.8 億美元至 8.2 億美元之間。我們預計，無論是以 GAAP 還是非 GAAP 計算，我們的毛利率百分比都將與第二季大致持平。根據美國通用會計準則 (GAAP)，營運費用為 2.28 億美元至 2.32 億美元；根據非美國通用會計準則 (Non-GAAP)，營運費用為 1.82 億美元至 1.86 億美元。我們預計 EBITDA 利潤率約為 27.5%。

Net interest expense of approximately $48 million. We expect our non-GAAP tax rate to be approximately 9% in Q3 due to the expiration of a tax reserve. GAAP EPS between $0.43 and $0.50 per share; non-GAAP EPS between $0.68 and $0.75 per share. And we expect depreciation of approximately $51 million.

淨利息支出約4800萬美元。由於稅收儲備到期，我們預計第三季的非公認會計準則稅率約為 9%。GAAP EPS 在每股 0.43 美元至 0.50 美元之間；非 GAAP EPS 在每股 0.68 美元至 0.75 美元之間。我們預計折舊額約為 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，請他作最後發言。

Thank you, Linda. In closing, in this dynamic environment, you can expect us to remain focused on what we control, engaging with our customers and winning critical POR positions in future technology nodes, actively managing our cost structure while making investments critical for our future and improving free cash flow to reduce our debt levels and lower our leverage.

謝謝你，琳達。最後，在這個動態的環境中，您可以期待我們繼續專注於我們所控制的領域，與我們的客戶互動並在未來的技術節點中贏得關鍵的 POR 地位，積極管理我們的成本結構，同時進行對我們的未來至關重要的投資，並改善自由現金流以降低我們的債務水平並降低我們的槓桿率。

Finally, as I step back and reflect on my years as the CEO of Entegris, I could not be prouder of what we have accomplished. Entegris is now one of the most recognized and trusted electronics materials companies in the world, known for its world-class innovation, its unwavering commitment to operational excellence and thoughtful capital deployment.

最後，當我回顧擔任 Entegris 執行長的這些年時，我對我們所取得的成就感到無比自豪。Entegris 現已成為全球最受認可和信賴的電子材料公司之一，以其世界一流的創新、對卓越營運的堅定承諾和周到的資本配置而聞名。

But as much as I am proud of what we have accomplished, I am even more excited about where the company is headed, as Entegris fully capitalizes on the powerful platform we have built. Our expertise in material science and materials purity is increasingly valuable for our customers, to help them improve device performance and achieve optimal yields.

但是，儘管我為我們所取得的成就感到自豪，但我對公司的發展方向更加興奮，因為 Entegris 充分利用了我們建立的強大平台。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，可以幫助他們提高設備性能並實現最佳產量。

The R&D investments we have made in material science and materials purity will be critical to the industry in enabling new device architectures and in reaching new levels of miniaturization. Because of the uniqueness of our value proposition and the quality of our execution, we expect to grow and outperform the market in the coming years.

我們在材料科學和材料純度方面的研發投資對於產業實現新的設備架構和達到新的小型化水平至關重要。由於我們價值主張的獨特性和執行的質量，我們預計在未來幾年內將會成長並超越市場。

And of course, I am very excited that Dave Reeder will become the next CEO of Entegris. I could not think of a better leader to take Entegris to the next level of excellence. Dave has strong experience in our industry from years as a process engineer working in fabs around the world to his more recent leadership roles at Global Foundaries.

當然，我很高興 Dave Reeder 將成為 Entegris 的下一任執行長。我想不出有比他更好的領導者來帶領 Entegris 邁向卓越的新高度。Dave 在我們行業擁有豐富的經驗，他曾在世界各地的晶圓廠擔任製程工程師多年，最近也擔任 Global Foundries 的領導職務。

Dave knows what shareholder value creation means from the various CEO and CFO positions he has held in different industries. And finally, there's a strong cultural fit which will ease its transition into his new role at Entegris. As Executive Chairman for the next year, my sole purpose is to support Dave.

戴夫曾在不同行業擔任過各種執行長和財務長的職位，他深知股東價值創造意味著什麼。最後，強大的文化契合度將有助於他順利過渡到 Entegris 的新職位。身為明年的執行主席，我的唯一目的就是支持戴夫。

Together, we'll be visiting customers, our major sites and global teams, and I will be providing context today to Dave, as it develops a deeper understanding of our business. I know that Dave is eager to meet with all of you, and you will get that chance in the coming weeks.

我們將一起拜訪客戶、主要站點和全球團隊，今天我將向戴夫提供背景信息，以便更深入地了解我們的業務。我知道戴夫渴望與大家見面，並且在接下來的幾週內你們將得到這個機會。

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。

Hi there. Thank you for taking our questions. And Bertrand, if this is your last Entegris earnings call, I wanted to say thank you for all the help, and congrats on the great career and well-deserved retirement.

你好呀。感謝您回答我們的問題。伯特蘭，如果這是你最後一次參加 Entegris 收益電話會議，我想對你提供的所有幫助表示感謝，並祝賀你事業有成，享受當之無愧的退休生活。

So first, I wanted to touch on the industry conditions that you're seeing in semis. It sounds like it's a pretty mixed environment, where some parts are good and some parts are still pretty weak. You called out weaker utilization in NAND and mainstream logic.

首先，我想談談半導體產業的現況。聽起來這是一個相當混雜的環境，有些部分很好，但有些部分仍然相當薄弱。您指出 NAND 和主流邏輯的使用率較低。

So can you just give us a little more color on what you're seeing cyclically? And how should we be thinking about where we are in the cycle and what that could mean for growth in the second half?

那麼，您能否向我們詳細介紹一下您所觀察到的周期性現象？我們應該如何思考我們處於週期的哪個階段以及這對下半年的成長意味著什麼？

Yes, I think your words are correct, Melissa, in describing the current industry conditions, there are mix and the conditions are very similar to what we described at the end of Q1. We cited strong AI-related demand that impacted production levels in advanced logic and HBM fabs.

是的，梅麗莎，我認為你的話是正確的，在描述當前的行業狀況時，存在混合情況，而且情況與我們在第一季末描述的非常相似。我們指出，強勁的人工智慧相關需求影響了先進邏輯和 HBM 晶圓廠的生產水準。

But as I mentioned in my prepared remarks, I need you to remember that AI-related logic and HBM only represents less than 5% of wafer starts. So while those trends are exciting, from a volume of production, which is the primary driver for our business, that remains actually fairly small. So elsewhere, the fab utilization levels remain subdued, and that includes mainstream logic, traditional DRAM and NAND.

但正如我在準備好的發言中提到的那樣，我需要你記住，與 AI 相關的邏輯和 HBM 僅佔晶圓啟動的不到 5%。因此，儘管這些趨勢令人興奮，但從生產量（我們業務的主要驅動力）來看，實際上仍然相當小。因此，其他地方的晶圓廠利用率水準仍然低迷，其中包括主流邏輯、傳統 DRAM 和 NAND。

So the end demand for these devices have been weak in the first half of the year. The only positive news on that front is that inventory levels have been trending back to levels approaching the pre-pandemic levels. And that means that we expect to see a sequential improvement in wafer starts through the balance of the year. So I'm not going to provide any quantification of those statements, but at high level, qualitatively for the year, we expect wafer starts to grow very modestly at best. As you referenced we believe that fab utilization rates are still currently in the mid-80%.

因此，今年上半年這些設備的最終需求一直很疲軟。這方面唯一的正面消息是庫存水準已回升至接近疫情前的水準。這意味著我們預計今年全年晶圓開工率將持續改善。因此，我不會對這些陳述進行任何量化，但從高層次、定性的角度看，我們預計今年晶圓的開工率最多只會有非常溫和的增長。正如您所提到的，我們認為晶圓廠的利用率目前仍在 80% 左右。

So again, it's a slow improvement and we expect wafer start again to be modestly up at best for the full year. And then CapEx, we believe that will be flattish at best for the year, and that's a function of fab construction related CapEx that we expect to be down mid-single digit for the year and WFE, which will be up modestly for the year.

因此，這是一個緩慢的改善過程，我們預計全年晶圓開工率最多只會小幅上升。然後是資本支出，我們認為今年的資本支出最多會持平，這是由於與晶圓廠建設相關的資本支出預計今年將下降中等個位數，而 WFE 今年將小幅上漲。

Perfect, thank you for all that color on the full year. And then really quick on the China side, just because it was a pretty big topic on the last earnings call. Can you help us level set our models. Did your Chinese customers resume orders in the quarter? Did you see any pull-in activity? And how should we think about the trajectory of that China business going into the second half?

太好了，謝謝你為這一年帶來這麼多的色彩。然後我們快速談談中國方面，因為這是上次收益電話會議上的一個相當大的話題。您能幫我們設定模型嗎？你們中國客戶本季恢復訂單了嗎？您看到任何拉入活動了嗎？我們該如何看待中國業務下半年的發展軌跡？

Yes. So the China business certainly started slow in the first part of Q2 shipments and orders were essentially on hold. And then when the doors reopen, when tariffs were put on hold in May, then things started to accelerate. And we are pleased with what we saw in the second part of Q2. I mean, obviously, we generated a quarter that was up sequentially 8% in China, which is very good.

是的。因此，中國業務在第二季第一部分出貨量中確實開始放緩，訂單基本上處於擱置狀態。然後，當大門重新打開，當五月關稅被暫停時，事情就開始加速發展。我們對第二季後半段的表現感到滿意。我的意思是，顯然，我們在中國本季的銷售額環比增長了 8%，這非常好。

Year-to-date, the China business is flat. And that's really a reflection of some of the higher-level trends I was mentioning. So some positive on the wafer start front, offset by some softness in the levels of CapEx spend in China in 2025. And going forward, we expect the -- again, assuming no new development in the trade policies, we expect a stronger second half in our China business.

今年迄今，中國業務表現平平。這確實反映了我提到的一些更高層次的趨勢。因此，晶圓開工方面有一些積極因素，但被 2025 年中國資本支出水準的一些疲軟所抵消。展望未來，我們預期－假設貿易政策沒有新的發展，我們預期下半年我們的中國業務將會更加強勁。

Got it. Thank you.

知道了。謝謝。

Bhavesh Lodaya, BMO.

Bhavesh Lodaya，BMO。

Solid quarter, but first of all, thank you for the leadership at Entegris you are not going far, but you will certainly be missed. And then certainly, congratulations and welcome to Dave as well.

本季業績穩健，但首先，我要感謝 Entegris 的領導，您不會走遠，但我們一定會想念您。當然，我也祝賀並歡迎戴夫。

With respect to your guide for the third quarter, can you call out what scenarios you're building in for the lower or the higher end of the guide. I remember last quarter, there was some tariff-related impacts that you had built in. Are you building those in currently? Or are these just volume and industry-based assumptions.

關於您對第三季的指導，您能否說明您為該指導的低端或高端構建了哪些場景。我記得上個季度，你們已經考慮到了一些與關稅相關的影響。您目前正在建造這些嗎？或者這些只是基於數量和行業的假設。

Yes. I think it's a mix of all of that, right? At a high level, it's a guidance at the midpoint that is up 1% sequentially, mostly driven by the more favorable wafer start environment that we expect going into Q3. The business momentum going into Q3 is strong but there are a number of realities that we need to take into account, right? I mean we mentioned the green shoots that we are seeing in mainstream, but let's recognize that we are in the very early stages of that recovery.

是的。我認為這是所有這些因素的混合，對嗎？從高層次來看，這是一個中點指導，比上一季上漲 1%，主要是由於我們預計進入第三季的晶圓啟動環境將更加有利。進入第三季的業務勢頭強勁，但我們需要考慮許多現實情況，對嗎？我的意思是，我們提到了我們在主流中看到的綠芽，但我們要認識到，我們正處於復甦的早期階段。

We also recognize that the tariff uncertainty led to fairly erratic buying patents by many of our customers in the second quarter. And it's really hard to predict if it will have an impact or not on our Q3 revenue. And then more generally speaking, I think we are encouraged by the recent developments in the trade negotiations, but it's fair to assume that the tariff and the export policies will likely continue to be a factor in the second half of the year.

我們也意識到，關稅的不確定性導致我們的許多客戶在第二季購買專利的行為相當不穩定。而且很難預測它是否會對我們的第三季收入產生影響。更廣泛地說，我認為貿易談判的最新進展令我們感到鼓舞，但可以合理地假設，關稅和出口政策可能會繼續成為下半年的因素。

And it's -- again, it's an impact that is very hard for us to quantify. So in that highly volatile environment, I think we are choosing to be prudent, and that's probably what you want us to be given the prevailing volatility around us.

而且 — — 再次強調，這是我們很難量化的影響。因此，在這種高度動盪的環境中，我認為我們選擇謹慎行事，考慮到我們周圍普遍存在的動盪，這可能也是您希望我們採取的行動。

Got it. And then a follow-up on the China business discussion. How is the progress so far on the requalification process. Do you have a number to share as to how much of the US to China business have been transitioned or maybe a timeline that you're targeting to move that business to maybe Taiwan or Japan or some other regions?

知道了。然後是關於中國業務的後續討論。重新認證過程目前進展如何？您能否分享一下有多少美國業務已經轉移到中國，或者您計劃將這些業務轉移到台灣、日本或其他地區的時間表？

Yes. So we're making a lot of progress. It's been a very high priority within the organization, will continue to be a very high priority in the second half of the year. Our Asian customers agree with that strategy and they are already actively qualifying the various Asian manufacturing sites that we have, helping us again, leverage all of the investments we've made in local capacity in Taiwan, in Japan, in Korea and in Malaysia.

是的。所以我們正在取得很大進展。這是該組織內部高度重視的事項，今年下半年仍將高度重視。我們的亞洲客戶同意這項策略，他們已經在積極評估我們在亞洲的各個生產基地，再次幫助我們充分利用我們在台灣、日本、韓國和馬來西亞本地產能方面所做的所有投資。

So specifically, when it comes to China, we expect to end the year with about 85% of the China demand served from Asia manufacturing sites, and we expect to reach some number closer to 95% sometime next year. A lot of focus and a lot of work going into that, obviously, to try to make that happen as quickly as possible.

具體來說，就中國而言，我們預計今年年底中國約 85% 的需求將由亞洲製造基地滿足，而我們預計明年某個時候這一數字將接近 95%。顯然，我們投入了大量的精力和努力，以盡快實現這一目標。

Great. Thank you.

偉大的。謝謝。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. I was wondering if you could maybe speak to the some of the margin headwinds that you talked about in the prepared script. Maybe quantify for us whether there was a significant impact on the reserve inventory, it sounds like you built in the quarter as well as maybe talk a little bit about the operational efficiencies that you noted in the script and to what extent are those going to kind of go away over the next couple of quarters? And when should we see those gross margin pressures abate?

早安.感謝您回答我的問題。我想知道您是否可以談談您在準備好的腳本中提到的一些利潤阻力。也許可以量化一下這是否對儲備庫存產生了重大影響，聽起來您是在本季度建立的，也許可以談談您在腳本中提到的營運效率，以及這些效率在接下來的幾個季度中會在多大程度上消失？我們什麼時候才能看到這些毛利率壓力減輕？

Thanks, Jim. I appreciate the question. So in the context of Q2 and some of the commentary, as we've talked about broadly in the context of this trade environment, Q2 was a quarter of change uncertainty and demand shifts from the customer. We started out the quarter with a higher tariff environment in China that then shifted and there are other examples of that.

謝謝，吉姆。我很感謝你提出這個問題。因此，在第二季度和一些評論的背景下，正如我們在這個貿易環境中廣泛討論的那樣，第二季度是變化不確定性和客戶需求轉變的季度。本季初，中國的關稅環境較高，但後來發生了變化，還有其他例子。

In this backdrop, it's just not truly conducive to optimizing gross margin perfectly. So on your question, we did make some decisions to optimize manufacturing production to manage inventory levels. This contributes to our free cash flow, and we'll continue to do this as we go into Q3 and Q4, but it does impact gross margin in the near term as we make those decisions.

在這種背景下，這並不真正有利於完美地優化毛利率。關於您的問題，我們確實做出了一些決定來優化製造生產以管理庫存水準。這有助於我們的自由現金流，我們將在進入第三季和第四季時繼續這樣做，但在我們做出這些決定時，它確實會在短期內影響毛利率。

I think also importantly is to think about our business priorities. We remain very focused on our business priorities, and this leads to some of the inefficiencies of moving production to Asia to localize with our customers. We're ramping two manufacturing facilities, Taiwan and Colorado. Colorado is going to be coming online. And in the context of all this, we're balancing gross margin and inventory.

我認為同樣重要的是考慮我們的業務重點。我們仍然非常關注我們的業務重點，這導致將生產轉移到亞洲以滿足客戶在地化的一些效率低下。我們正在擴大台灣和科羅拉多州的兩家製造工廠。科羅拉多州即將上線。在這一切的背景下，我們正在平衡毛利率和庫存。

Where I really want everyone to focus is longer term, our path to higher gross margins remains intact with more volume growth the ramping of the two large facilities in Taiwan and Colorado and our highly differentiated products, which we are very proud of, position us very well for higher gross margins going forward. So it's a very good story for the future.

我真正希望大家關注的是長期目標，我們實現更高毛利率的道路依然完好，產量將進一步增長，台灣和科羅拉多州兩家大型工廠的產能將不斷擴大，我們引以為豪的高度差異化產品將為我們未來更高的毛利率奠定良好的基礎。所以這對未來來說是一個非常好的故事。

Understand. Thank you. And then, Bertrand, relative to some of the end market commentary you made earlier on lagging edge and things like memory. Could you maybe give us some color on over the next few quarters and heading into 2026, some of the areas that have been under pressure in terms of volume such as man flash, such as drilling edge logic and analog. Can you maybe talk about which of those you think has the best chance of inflicting first of those three?

理解。謝謝。然後，伯特蘭，關於您之前對滯後優勢和內存等方面的一些終端市場評論。您能否為我們介紹一下未來幾季以及 2026 年在數量方面面臨壓力的一些領域，例如人工快閃記憶體、鑽邊邏輯和模擬。您能否談談您認為哪一種最有可能首先造成這三種後果？

Yes. So I think this is something, obviously, that we're going to be watching very carefully in the quarters -- in the upcoming quarters. We are encouraged by the discussions we've been having with our mainstream customers.

是的。因此，我認為，顯然，我們將在接下來的幾個季度中密切關注這一點。我們與主流客戶的討論令我們感到鼓舞。

So I would expect that to be probably the areas where we start seeing the earlier signs of recovery, as I mentioned. And then I would expect that to start expanding to NAND probably not until next year and then DRAM as well, traditional DRAM.

因此，正如我所提到的，我預計這可能是我們開始看到早期復甦跡象的領域。然後我預計它可能要到明年才會開始擴展到 NAND，然後是 DRAM，也就是傳統的 DRAM。

Charles Shi, Needham.

查爾斯·施，尼德漢姆。

Bertrand, once again, congrats on a very successful leadership at Entegris that you will be missed. Maybe I want to ask a little bit more about Q4. In your press release, prepared remarks, you talked about second half will be better than the first half. But from my view, it doesn't really set a very high bar for Q4.

伯特蘭，再次祝賀您在 Entegris 的領導下取得了巨大成功，我們會想念您的。也許我想多問一些 Q4 的問題。在您的新聞稿和準備好的發言中，您談到下半年會比上半年更好。但在我看來，它並沒有為第四季設定很高的標準。

Directionally, may I ask, based on your current visibility, is Q4 going to be higher sequentially as in, let's say, typical seasonality or it can be lower. The reason why I asked this is that your largest customer in Taiwan is right now assuming kind of like a 10% Q-on-Q decline, just to be conservative ahead of the macro uncertainties such as Section 232 semi tariffs that which may come very shortly and want to gather some of your thoughts, given there seems to be a little bit of fog between now and Q4?

從方向上看，我可以問一下，根據您目前的可見性，第四季度的業績是否會像典型的季節性那樣連續上升，還是會下降。我之所以問這個問題，是因為你們在台灣的最大客戶目前預計環比下降 10%，只是為了在可能很快到來的 232 條款半關稅等宏觀不確定因素面前保持保守，鑑於現在和第四季度之間似乎存在一些迷霧，我想收集一下你的想法？

Charles, so all good questions. I promised Dave Reeder, my successor to not provide Q4 guidance, so I need to honor that promise. But -- and you're right that one of the reasons it wasn't an easy commitment for me to make is that there is a lot of uncertainty ahead of us indeed. Having said that, as I mentioned, we expect to see strength in wafer starts. And then some level of recovery in certain segments of the industry that have been very, very soft for long periods of time. So that's number one.

查爾斯，這些都是很好的問題。我向我的繼任者戴夫·里德 (Dave Reeder) 承諾不會提供第四季度的指導，所以我需要兌現這個承諾。但是——您說得對，我之所以很難做出承諾，原因之一是我們面前確實存在著許多不確定性。話雖如此，正如我所提到的，我們預計晶圓開工率將有所提升。然後，該行業的某些領域將出現一定程度的復甦，這些領域長期以來一直非常疲軟。這是第一點。

Number two, we also expect to see a number of node transitions in Q4 in NAND, with the adoption of moly and then in advanced logic, obviously. And that will have a positive impact on our materials platform as well as on our liquid filtration platform. So if you factor all of that in, I think that -- and again, well, I'm not going to risk a guess on what may be ahead of us in terms of trade policies, et cetera. But I think that in all likelihood, the second half of the year will be stronger for us in spite of the volatility and the external factors that you mentioned.

第二，我們也預期在第四季看到 NAND 中的許多節點轉換，首先是鉬的採用，然後是先進邏輯的採用。這將對我們的材料平台和液體過濾平台產生正面的影響。所以，如果把所有這些都考慮進去，我認為——再說一次，我不會冒險猜測我們未來在貿易政策等方面可能會發生什麼。但我認為，儘管存在您提到的波動性和外部因素，但下半年我們的表現很有可能會更加強勁。

Thanks, Bertrand. We definitely look forward to hear more about Q4 from David a little bit down the road. So maybe a I want to ask you a little bit of a high-level question. One, I think one very interesting.

謝謝，伯特蘭。我們非常期待稍後從 David 那裡聽到更多關於第四季度的消息。所以也許我想問你一個高層次的問題。一，我認為一非常有趣。

Maybe I wouldn't necessarily call it by versions, but some differential between your commentary about your mainstream customers versus what their comments are so far into this earnings cycle, especially from the analog companies is that you seem to be more seeing subdued non-AI market demand, but your customers, especially some of the analog companies are more and more confident or have, I would say, much higher conviction a cyclical recovery, they think is underway.

或許我不會用不同的說法來稱呼它，但您對主流客戶的評論與他們迄今為止對這個盈利週期的評論之間存在一些差異，特別是來自模擬公司的評論是，您似乎更多地看到非人工智能市場需求低迷，但您的客戶，特別是一些模擬公司越來越有信心，或者我想說，他們更加堅信週期性復甦正在進行中。

So what could be causing a little bit differential, I mean, in between the terms of yours and theirs. And is it just a matter of conservatism? Is it just a matter of timing? They're seeing that you will see it a little bit down the road? Or do you not quite believe the cyclical recovery at this point of the time. Just want to have some high levels -- get some high-level thoughts from you?

那麼，什麼可能導致你的條款和他們的條款之間存在一些差異呢？這僅僅是保守主義的問題嗎？這只是時間問題嗎？他們看到你稍後也會看到它嗎？或者您目前還不太相信週期性復甦。只是想獲得一些高水平的——從您那裡得到一些高水平的想法？

I think you're hearing very, very similar narrative. But the one thing that you -- and I know you appreciate is that some of those mainstream customers still have high levels of inventory. Some of them have gone through that digestion phase and are back already today at normal levels of inventory, but some are not. And -- but I expect that to continue to improve.

我認為你聽到的敘述非常非常相似。但有一件事你——我知道你也明白——那就是一些主流客戶仍然擁有大量庫存。其中一些已經經歷了消化階段，目前庫存已經恢復正常水平，但有些還沒有。而且——但我希望情況能夠持續改善。

And I think that customers are getting closer to building and shipping in line with the actual end demand. And I think that's positive. And I think we're going to see positive trends to our business as it relates to that. So I think there's a little bit of a disconnect between their revenue story. And what is actually happening in their fabs. And I know you know that what is driving our business is really the volume of productions.

我認為客戶越來越接近按照實際的最終需求進行建造和運輸。我認為這是積極的。我認為，我們的業務將會出現與此相關的正面趨勢。所以我認為他們的收入狀況有點脫節。以及他們的工廠裡到底發生了什麼事。我知道您知道，真正推動我們業務發展的是生產量。

Thanks, but that's all from me. Thank you.

謝謝，但我就說這麼多。謝謝。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Bertrand, I've known you for, I think, 25 years. So congratulations. I think you've done a great job over the years. So yes. So I guess on -- just on China, Bertrand, so my understanding was that there was a $50 million headwind and you were going to get, I thought, about half of that back.

伯特蘭，我認識你已經 25 年了。恭喜你。我認為這些年來你做得非常出色。是的。所以我想——就中國而言，伯特蘭，所以我的理解是，存在著 5000 萬美元的逆風，我認為你將收回其中的一半左右。

So can you just update that? Did you, in fact, get half of it back? And I think you expected to have the remediation of all of it by the end of the year. So is it all gone by December? Can you just give us some numbers on that?

那您可以更新一下嗎？事實上，你收回了一半嗎？我認為您預計到今年年底所有問題都會得到解決。那麼到 12 月就全部消失了嗎？您能給我們一些相關數字嗎？

Yes. So I think we -- when it comes to Q2 specifically, we got most of it back. In terms of the remediation strategy, which is really largely having our China customers qualify a number of alternative Asian manufacturing sites. Going back to the answer I provided to an earlier question, we are making a lot of really good progress. We expect to be able to serve 85% of the China demand from those Asian manufacturing sites.

是的。所以我認為，具體到第二季度，我們已經收回了大部分資金。就補救策略而言，實際上主要是讓我們的中國客戶確定一些替代的亞洲製造基地。回到我之前對一個問題的回答，我們正在取得很多非常好的進展。我們預計這些亞洲製造基地能夠滿足中國85%的需求。

Our goal was never to be at 100% by the end of the year, but we've made a lot of progress, and we expect that number to get to 95% next year. And I'm going to defer to Dave and Linda to provide more clarity. Needless to say that we're trying to get to that point as quickly as we can.

我們的目標從未在年底達到 100%，但我們已經取得了很大進展，我們預計明年這個數字將達到 95%。我將聽從戴夫和琳達的建議，以提供更清晰的解釋。不用說，我們正在努力盡快達到這一點。

And that has engendered a number of inefficiencies on the margin front, which is something that Linda has been flagging as well. So pleased with the progress. I think the team is very focused on it, and we're getting a lot of positive support from our customers.

這導致利潤方面出現許多效率低下的問題，這也是琳達一直在強調的問題。對進展非常滿意。我認為團隊非常關注這一點，我們也得到了客戶的許多積極支持。

Okay. So you got almost all the 50 back. So basically, there is no more China headwind between June and September. Is that the right way to think about it?

好的。所以你幾乎拿回了全部 50 美元。因此基本上，6 月至 9 月期間不會再出現來自中國的逆風。這是正確的思考方式嗎？

Based on what we know today, yes, I would say, yes.

根據我們今天所了解的情況，是的，我會說是的。

Got it. Okay. And then, Linda, just on gross margin. I mean, if I take the $800 million midpoint, it's still like 100 basis points to 150 basis points below where gross margin was in the first half of 2024, yet in the interim, you've had selective actual debt chemistries and CMP slurries. These are definitely much, much better over that period, and these are quite high-margin products.

知道了。好的。然後，琳達，只討論毛利率。我的意思是，如果我取 8 億美元的中點，它仍然比 2024 年上半年的毛利率低 100 個基點到 150 個基點，但在此期間，您已經有了選擇性的實際債務化學品和 CMP 漿料。在這段時間內，這些產品確實好得多，而且利潤率也相當高。

So why are gross margins still under so much pressure? You keep talking about these inefficiencies and I mean, is this all Taiwan and Colorado? And will we get out from under this once these facilities are fully ramped. You keep talking about this long-term target, but it continues to be sort of under pressure every quarter. So if you can talk about that.

那麼，為什麼毛利率仍然面臨如此大的壓力？你一直在談論這些低效率，我的意思是，這都是台灣和科羅拉多州的問題嗎？一旦這些設施全面投入使用，我們就能擺脫這種困境嗎？你一直在談論這個長期目標，但它每個季度都會面臨壓力。所以如果你可以談論這個的話。

Yes. I mean some of it is similar to what I have said, but let me add a bit more context for you, Tim, to help here. Again, as we went through the Q2 and some of this is going to continue in Q3 with the trade uncertainties and the uncertainties in the environment.

是的。我的意思是其中一些內容與我所說的類似，但請允許我為你添加更多背景信息，蒂姆，以便在這裡提供幫助。再次，正如我們經歷的第二季度一樣，由於貿易不確定性和環境不確定性，這種情況將在第三季度繼續存在。

Secondly, we are going to continue to work on the balance between our gross margin and our inventory levels. And so therefore, we're going to make some select decisions to reduce production in order to help bring down our inventory levels. And I do want to see the dollars of inventory progress downward as we go through the remainder of the year. And as you and I know, that does impact gross margins.

其次，我們將繼續努力平衡毛利率和庫存水準。因此，我們將做出一些選擇性的決定來減少產量，以幫助降低我們的庫存水準。我確實希望看到，隨著今年剩餘時間的到來，庫存金額會逐漸下降。正如你我所知，這確實會影響毛利率。

And then as Bertrand and I both talked about, it has been a priority. Look, it's a part of the long-term strategy but it's a priority to continue to move more of our manufacturing to locally serve our customers. And as we do that in this context, there are some inefficiencies that come out until we get things moved over there.

正如伯特蘭和我談到的，這一直是優先事項。你看，這是長期策略的一部分，但我們的首要任務是繼續將更多的製造業轉移到本地服務我們的客戶。在這種情況下，當我們這樣做時，在我們將事情轉移到那裡之前，會出現一些效率低下的問題。

So those are some of the factors that we're seeing around gross margin right now. I think on the positive side, as we balance gross margin and inventory, it's a positive story for free cash flow, which is an extraordinarily important goal for us. And then longer term, volume is going to be key, ramping our facilities as we ramp up. And as we move into '26 as planned, we're going to see some mitigation of some of those inefficiencies and it's a very good long-term gross margin story as that all comes together.

這些就是我們目前看到的有關毛利率的一些因素。我認為從積極的一面來看，當我們平衡毛利率和庫存時，這對自由現金流來說是一個積極的情況，這對我們來說是一個極其重要的目標。從長遠來看，產量將是關鍵，隨著我們產量的增加，我們的設施也將隨之增加。隨著我們按計劃進入 26 年，我們將看到一些低效率現象得到緩解，而且隨著所有這些因素的綜合作用，這將是一個非常好的長期毛利率狀況。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Yes. Thank you as well, Bertrand, and welcome, also, Dave. Could you discuss any significant differences in sales direct to fabs versus your sales to equipment makers or chemical suppliers or via distributors? I mean, how are the different channels?

是的。也謝謝你，伯特蘭，也歡迎戴夫。您能否討論一下直接向晶圓廠銷售與向設備製造商或化學品供應商或透過經銷商銷售之間的顯著差異？我的意思是，不同的管道有什麼區別？

Yes. So the fab revenue was up sequentially in the low single digits. As you would expect, the driving force was our logic business. Sales to equipment makers and engineering companies were down modestly quarter-over-quarter, which is in line with the narrative and the commentary I was giving on the soft industry CapEx environment.

是的。因此，晶圓廠收入連續以個位數低位成長。正如您所料，驅動力是我們的邏輯業務。對設備製造商和工程公司的銷售額環比略有下降，這與我對軟產業資本支出環境的敘述和評論一致。

And I would just finally tell you that the sales to our chemicals and materials companies were also down mid-single digits, mostly a reflection of the weak demand from our wafer grower customers.

最後我想告訴大家的是，我們對化學品和材料公司的銷售額也下降了中等個位數，這主要反映了我們的晶圓種植客戶的需求疲軟。

And then as you move more local for local in your manufacturing, what are the products that you can't really move into Asia for the Asia customers? What are you going to have to sell from the US into Asia?

那麼，隨著你們的製造過程越來越在地化，哪些產品是無法真正進入亞洲供亞洲客戶使用的呢？您打算從美國向亞洲銷售什麼產品？

I'm not really going to provide product specific detail around that strategy, John. But your question is actually a good one, an important one. I think that for us to justify investment in redundant manufacturing sites, we need to have enough volumes, right? And as you know, we produce and market a very, very broad number of SKUs.

約翰，我實際上不會提供有關該策略的具體產品細節。但你的問題其實是一個好問題，一個重要的問題。我認為，為了證明對冗餘生產基地的投資是合理的，我們需要有足夠的產量，對嗎？如您所知，我們生產和銷售的 SKU 種類非常繁多。

So in some cases, we're going to choose not to localize production and have the production either only in Asia or only in the US, and that may have an impact on the long-term potential of those product lines. Having said that, as you would expect, those products are not strategic and are not the products that we're counting on to continue to outperform the industry.

因此，在某些情況下，我們會選擇不進行在地化生產，而只在亞洲或美國進行生產，這可能會對這些產品線的長期潛力產生影響。話雖如此，正如您所料，這些產品並不具有戰略性，也不是我們指望能夠繼續超越行業的產品。

Very helpful, thank you.

非常有幫助，謝謝。

Aleksey Yefremov, KeyBanc.

阿列克謝·葉夫列莫夫，KeyBanc。

Good morning, Bertrand. Wishing you all the best and Dave, congrats and best of luck. I actually have first question for Linda. What's your best guess when this inventory adjustment process would be over? And any number that you could put on the actual impact on gross margins that this process is having right now?

早安，伯特蘭。祝你一切順利，戴夫，祝賀你並祝你好運。我實際上有第一個問題想問琳達。您猜測庫存調整過程何時結束？您能給出一個數字來表明這一流程目前對毛利率的實際影響嗎？

Thanks Aleksey for the question. So I'm not going to quantify it because it's a balancing act. It's about optimizing gross margin and inventory. This is a very important working cap optimization, is a very important lever for free cash flow. We've talked about free cash flow this year.

感謝 Aleksey 提出的問題。所以我不會量化它，因為這是一個平衡行為。這是為了優化毛利率和庫存。這是一個非常重要的營運資本最佳化，也是自由現金流的一個非常重要的槓桿。我們討論了今年的自由現金流。

It's a real goal for us as an organization. We want to continue to improve our free cash flow. We want our free cash flow margin and what we're targeting this year is in the low double digits in 2025.

對我們這個組織來說，這是一個真正的目標。我們希望繼續改善我們的自由現金流。我們希望我們的自由現金流利潤率以及我們今年的目標是到 2025 年達到兩位數的低水平。

And then over the next several years, we do expect our free cash flow margin to return even to the mid- to high teens percent to the prepandemic levels. So this inventory management is an important lever for that, and we'll continue to balance it this year.

然後，在接下來的幾年裡，我們確實預計我們的自由現金流利潤率將恢復到疫情前的中高水準。因此，庫存管理是一個重要的槓桿，今年我們將繼續平衡它。

Okay. And Bertrand, do you see any specific signs of pull forward of demand among your customers? I mean it sounds like it's hard to really call what's pulled forward or not, but do you have any strong suspicions as to how much that could be in Q2?

好的。伯特蘭，您是否看到客戶需求提前的具體跡象？我的意思是，聽起來似乎很難真正說出什麼是提前的，什麼是沒有提前的，但您是否強烈懷疑第二季度的提前程度會有多大？

We've -- it's very hard to quantify and track Aleksey, we've been obviously asking that question repeatedly to our sales team. I'm sure that has been a factor, but I don't think it was a material -- a material impact to our Q2 results.

我們——量化和追蹤阿列克謝非常困難，我們顯然一直在向我們的銷售團隊反覆詢問這個問題。我確信這是一個因素，但我不認為這會對我們的第二季業績產生重大影響。

Okay, thanks a lot. Thank you.

好的，非常感謝。謝謝。

This does conclude today's question-and-answer session. I will now turn the call back to Bill Seymour for closing remarks.

今天的問答環節到此結束。現在我將把電話轉回比爾·西摩，請他作最後發言。

Thank you for joining our call today. Please reach out to me directly if you need anything else, you may disconnect. Thank you.

感謝您今天參加我們的電話會議。如果您有任何其他需要，請直接與我聯繫，您可以斷開連接。謝謝。

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

謝謝。今天的 Entegris 2025 年第二季財報電話會議到此結束。請此時斷開您的線路並祝您有美好的一天。