FormFactor Inc (FORM) 2024 Q1 法說會逐字稿

Thank you, and welcome, everyone, to FormFactor's first quarter 2024 earnings conference call.

謝謝並歡迎大家參加 FormFactor 的 2024 年第一季財報電話會議。

On today's call are Chief Executive Officer, Mike Slessor; and Chief Financial Officer, Shai Shahar.

出席今天電話會議的有執行長 Mike Slessor；和財務長 Shai Shahar。

Before we begin, Stan Finkelstein, the company's VP of Investor Relations, will remind you of some important information.

在我們開始之前，公司投資者關係副總裁 Stan Finkelstein 將提醒您一些重要資訊。

Thank you.

謝謝。

Today, the company will be discussing GAAP P&L results and some important non-GAAP results intended to supplement your understanding of the company's financials.

今天，該公司將討論 GAAP 損益表結果和一些重要的非 GAAP 結果，旨在補充您對公司財務狀況的理解。

Reconciliations of GAAP to non-GAAP measures and other financial information are available in the press release issued today by the company and on the Investor Relations section of our website.

公認會計準則與非公認會計準則衡量標準的對帳以及其他財務資訊可在本公司今天發布的新聞稿和我們網站的投資者關係部分中找到。

Today's discussion contains forward-looking statements within the meaning of the federal securities laws.

今天的討論包含聯邦證券法意義內的前瞻性陳述。

Examples of such forward-looking statements include those with respect to the projections of financial and business performance, future macroeconomic and geopolitical conditions, the benefits of acquisitions and investments in capacity and in new technologies, the impacts of global regional and national health crisis, including the COVID-19 pandemic, anticipated industry trends, potential disruptions in our supply chain, the impact of regulatory changes, including the recent US-China trade restrictions, the anticipated demand for products, our ability to develop, produce, and sell products, and the assumptions upon which such statements are based.

此類前瞻性陳述的例子包括有關財務和業務業績的預測、未來宏觀經濟和地緣政治狀況、產能和新技術收購和投資的好處、全球區域和國家健康危機的影響，包括COVID-19 大流行、預期的產業趨勢、我們供應鏈的潛在中斷、監管變化的影響，包括最近的中美貿易限制、對產品的預期需求、我們開發、生產和銷售產品的能力，以及此類陳述所依據的假設。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed during this call.

這些陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與本次電話會議中表達的結果有重大差異。

Information on risk factors and uncertainties is contained in our most recent filing on Form 10-K with the SEC for the fiscal year ended December 30, 2023, and our other SEC filings, which are available on the SEC's website at www.sec.gov and in our press release issued today.

有關風險因素和不確定性的資訊包含在我們最近向SEC 提交的截至2023 年12 月30 日財年的10-K 表格以及我們其他SEC 文件中，這些文件可在SEC 網站www.sec.gov 上查閱以及我們今天發布的新聞稿。

Forward-looking statements are made as of today, May 1, 2024, and we assume no obligation to update it.

前瞻性陳述截至今天，即 2024 年 5 月 1 日，我們不承擔更新義務。

With that, we will now turn the call over to FormFactor's CEO, Mike Slessor.

現在，我們將把電話轉交給 FormFactor 的執行長 Mike Slessor。

Thank you, everyone, for joining us today for FormFactor's first quarter earnings call.

感謝大家今天參加我們的 FormFactor 第一季財報電話會議。

Although FormFactor's first quarter revenue was near the top end of the outlook range we provided in February, non-GAAP EPS fell short of the midpoint due to lower-than-expected gross margins, primarily from a weaker product mix in both segments, along with higher warranty costs in the probe card segment.

儘管FormFactor 第一季營收接近我們2 月提供的展望範圍的上限，但由於毛利率低於預期，非GAAP 每股盈餘低於中點，這主要是由於兩個細分市場的產品組合較弱，以及探針卡領域的保固成本更高。

In the current second quarter, we're experiencing a significant sequential step-up in demand and expect a corresponding increase in gross margin and non-GAAP EPS.

在當前第二季度，我們的需求連續顯著增加，預計毛利率和非公認會計原則每股收益也會相應增加。

This is driven primarily by strength in both DRAM and foundry & logic probe cards as industry adoption of advanced packaging accelerates.

這主要是由 DRAM 以及代工和邏輯探針卡的實力推動的，因為行業對先進封裝的採用加速。

To ensure FormFactor fully leverages and benefits from our strong position in enabling advanced packaging, we recently completed an important series of coordinated organizational and talent changes.

為了確保 FormFactor 充分利用我們在實現先進封裝方面的強大地位並從中受益，我們最近完成了一系列重要的協調組織和人才變革。

First, we've realigned our organizational structure to consolidate the company's global operations, including manufacturing, quality, supply chain, environmental health and safety and facilities in a central group.

首先，我們重新調整了組織結構，以鞏固公司的全球業務，包括製造、品質、供應鏈、環境健康和安全以及設施。

This operational consolidation provides the critical mass and scalability to create commonality and efficiency as we continue to grow.

這種營運整合提供了臨界質量和可擴展性，以在我們不斷發展的過程中創造通用性和效率。

With our operations now consolidated, our business unit's sole focus is on customer facing innovation and competitive differentiation in FormFactor's product roadmap.

隨著我們業務的整合，我們業務部門的唯一重點是 FormFactor 產品路線圖中面向客戶的創新和競爭差異化。

Second, we deepened our bench, recruiting and onboarding two experienced executives to lead our operations and commercial functions and realigned responsibilities for other executives, to ensure FormFactor has the required skills and experience in critical roles.

其次，我們深化了我們的替補陣容，招募和入職了兩名經驗豐富的高管來領導我們的營運和商業職能，並重新調整了其他高管的職責，以確保FormFactor 擁有關鍵角色所需的技能和經驗。

Finally, we added Kevin Brewer to our Board of Directors, who is the former Executive VP of Operations and CFO of Axcelis Technologies, brings significant operational experience and knowledge.

最後，我們將 Kevin Brewer 加入董事會，他是 Axcelis Technologies 的前營運執行副總裁兼財務官，帶來了豐富的營運經驗和知識。

Kevin replaces Lothar Maier, who is retiring after nearly 18 years of service to FormFactor.

Kevin 接替了 Lothar Maier，後者在 FormFactor 服務了近 18 年後即將退休。

And on behalf of our shareholders, employees and customers, I'd like to take this opportunity to thank Lothar for his many contributions.

我謹代表我們的股東、員工和客戶，藉此機會感謝洛塔爾的諸多貢獻。

These coordinated changes are designed to position the company for our next phase of growth by enhancing our capability to develop and introduce highly differentiated products while advancing our ability to manufacture these products at world-class operational levels.

這些協調一致的變革旨在增強我們開發和推出高度差異化產品的能力，同時提高我們在世界一流營運水平上製造這些產品的能力，從而使公司為下一階段的成長做好準備。

This will allow us to capture the secular growth in our served markets being driven by advanced packaging, and to gain market share, enabling us to outgrow these markets.

這將使我們能夠抓住由先進封裝驅動的所服務市場的長期成長，並獲得市場份額，使我們能夠超越這些市場。

While the full benefit of these changes will be realized over a multiyear time frame, we do expect short-term improvement in our gross margins, for example, by focusing on areas like quality to reduce unexpected costs.

雖然這些變化的全部好處將在多年的時間內實現，但我們確實預計我們的毛利率會在短期內有所改善，例如，透過專注於品質等領域來降低意外成本。

Turning now to market and segment level details.

現在轉向市場和細分市場層面的細節。

DRAM, probe card demand continues to be robust.

DRAM、探針卡需求持續強勁。

And as expected, first quarter DRAM revenue reached the peak levels last experienced in 2021, with strong growth in high-bandwidth memory layered on top of steady DDR5 new-design activity.

正如預期的那樣，第一季 DRAM 收入達到了 2021 年的最高水平，高頻寬記憶體的強勁增長得益於穩定的 DDR5 新設計活動。

In the first quarter, HBM was nearly half of FormFactor's DRAM revenue and was double the quarterly levels we delivered in the second half of 2023.

第一季度，HBM 佔 FormFactor DRAM 收入的近一半，是我們 2023 年下半年交付的季度水準的兩倍。

We previously stated that we expected HBM revenue to reach these levels sometime in mid-to-late 2024.

我們之前表示，我們預計 HBM 收入將在 2024 年中後期某個時候達到這些水準。

Achieving these doubled quarterly run rate HBM revenue levels in the first quarter of the year is a good indicator of how quickly HBM capacity and output is accelerating across our customer base.

HBM 在今年第一季實現季度運行率翻倍的收入水平是一個很好的指標，表明 HBM 產能和產量在我們的客戶群中加速的速度有多快。

We expect this trend to continue and are forecasting a similar incremental growth contribution from HBM in the second quarter.

我們預計這一趨勢將持續下去，並預測 HBM 在第二季將做出類似的增量成長貢獻。

HBM chips, which are a stack of 8, 12, or even 16 individual DRAM die continue to offer a powerful example of how advanced packaging is driving our current results and foreshadows our long-term opportunity.

HBM 晶片是由 8 個、12 個甚至 16 個獨立 DRAM 晶片組成的堆疊，它繼續提供了一個強有力的例子，說明先進封裝如何推動我們當前的業績，並預示著我們的長期機會。

As we mentioned in the past, advanced packaging applications like HBM produce both higher test intensity, which expands the number of probe cards required per good die out and higher test complexity, which raises the performance requirements for each probe card.

正如我們過去提到的，HBM 等先進封裝應用會產生更高的測試強度（這會增加每個良好晶片所需的探針卡數量）和更高的測試複雜性（這會提高每個探針卡的性能要求）。

To ensure high yields of the stacked HBM-DRAM chip, customers proven test each component DRAM die prior to stacking and then probe and test the multi-die DRAM stack at various points during the assembly process, leading to a substantial increase in the overall probe card intensity for good diet out.

為了確保堆疊式 HBM-DRAM 晶片的高良率，客戶在堆疊之前測試了每個組件 DRAM 晶片，然後在組裝過程中的各個點探測和測試多晶片 DRAM 堆疊，從而導致整體探測次數大幅增加卡強度好飲食出來。

In addition, the technical requirements for HBM test are significantly more advanced than for standard unstack DRAM products, involving higher test speeds and more challenging thermal scaling specifications.

此外，HBM 測試的技術要求比標準非堆疊 DRAM 產品先進得多，涉及更高的測試速度和更具挑戰性的熱縮放規範。

We believe our superior performance capabilities in meeting these requirements will drive both market share and profitability gains as HBM continues to grow, driven by the accelerating adoption of generative AI.

我們相信，隨著 HBM 在生成式人工智慧加速採用的推動下持續成長，我們在滿足這些要求方面的卓越性能將推動市場份額和獲利能力的成長。

Even though HBM applications comprise a small portion of the total DRAM bits produced by our customers, because of the stack die architecture, HBM represents a much larger portion of the total silicon area and wafers produced and because of the increased test intensity and test complexity and even larger part of the overall test and probe card spending by our customers.

儘管 HBM 應用僅占我們客戶生產的 DRAM 位元總數的一小部分，但由於堆疊晶片架構，HBM 佔總矽面積和生產的晶圓的比例要大得多，並且由於測試強度和測試複雜性增加，甚至占我們客戶整體測試和探針卡支出的很大一部分。

This compounding power of advanced packaging is clear in our first quarter results and our second quarter outlook for HBM.

先進封裝的這種複合力量在我們的 HBM 第一季業績和第二季展望中顯而易見。

Shifting to foundry & logic probe cards.

轉向代工和邏輯探針卡。

As expected, we delivered first quarter revenue comparable to the fourth quarter as we shipped probe cards for a variety of PC server and mobile designs.

正如預期的那樣，我們第一季的收入與第四季度相當，因為我們為各種 PC 伺服器和行動設計提供了探針卡。

As a reminder, since probe cards are a device-specific consumable, this customized to each individual customer chip design, production ramps of new chip designs, generate demand for new probe cards, even when these new designs are produced on the same technology node.

提醒一下，由於探針卡是一種特定於設備的消耗品，因此針對每個客戶的晶片設計進行定制，新晶片設計的生產量增加，會產生對新探針卡的需求，即使這些新設計是在同一技術節點上生產的。

This provides a more diverse and stable set of demand drivers than for capital equipment.

這提供了比資本設備更多樣化、更穩定的需求驅動因素。

We expect second quarter growth in our foundry & logic probe card business, primarily driven by the midyear ramp of new mobile application processor designs and stronger probe card demand for client PC and server microprocessor designs.

我們預計第二季度我們的代工和邏輯探針卡業務將出現成長，這主要是受到新行動應用處理器設計年中成長以及客戶端PC 和伺服器微處理器設計的探針卡需求強勁的推動。

As in DRAM with HBM, an increasing number of these foundry & logic designs are architected using advanced packaging processes like Foveros and 3D fabric.

與採用 HBM 的 DRAM 一樣，越來越多的代工和邏輯設計是使用 Foveros 和 3D 結構等先進封裝製程來建構的。

Similar to the die stacking in HBM, these processes drive both higher test intensity and higher test complexity.

與 HBM 中的晶片堆疊類似，這些流程會帶來更高的測試強度和更高的測試複雜性。

This is driving increased customer spending on FormFactor's products to both improve the yields and reduce costly

這推動了客戶在 FormFactor 產品上的支出增加，以提高產量並降低成本

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In the systems segment, the sale of FRT in the fourth quarter produced the anticipated sequential reduction in revenue in the first quarter.

在系統領域，第四季度 FRT 的出售導致第一季營收出現預期的季減。

However, product mix was weaker than expected, with fewer high-complexity thermal systems shipped.

然而，產品組合弱於預期，高複雜性熱系統的出貨量較少。

We believe this mix of lower complexity configurations is a short-term dynamic and not a structural change in this market.

我們認為，這種較低複雜性配置的組合是一種短期動態，而不是該市場的結構性變化。

Our customers continue to engage us to solve the most complex challenges in test and measurement, utilizing our engineering, probers, cryostats, and other system segment products to test, measure, and characterize new technologies like co-packaged silicon photonics, infrared detectors, and quantum computers that are at the forefront of industry innovation.

我們的客戶繼續讓我們解決測試和測量中最複雜的挑戰，利用我們的工程、探針、低溫恆溫器和其他系統細分產品來測試、測量和表徵新技術，例如共同封裝的矽光子學、紅外線探測器和處於行業創新前沿的量子電腦。

System segment products are also an important element of our Lab to Fab diversification strategy.

系統細分產品也是我們實驗室到工廠多元化策略的重要組成部分。

Our uniquely broad portfolio enables us to compete for business across diverse demand pools at all major customers, providing a measure of stability in downturns and inherent exposure to fast-growing areas of the industry like high-bandwidth memory.

我們獨特的廣泛產品組合使我們能夠在所有主要客戶的不同需求池中競爭業務，從而在經濟低迷時期提供一定程度的穩定性，並在高頻寬記憶體等行業快速增長領域提供固有的敞口。

Finally, I want to share an important customer highlight from the first quarter.

最後，我想分享第一季的一個重要客戶亮點。

FormFactor was one of 27 suppliers to receive the exclusive Intel EPIC Program Distinguished Supplier Award for 2024.

FormFactor 是榮獲 2024 年英特爾 EPIC 計畫傑出供應商獎的 27 家供應商之一。

This award marks the third consecutive year we've been recognized as a top performer in the Intel supply chain.

該獎項標誌著我們連續第三年被評為英特爾供應鏈中的最佳表現者。

I'm extremely proud of the global FormFactor team for the dedication and performance that resulted in this recognition from Intel.

我對全球 FormFactor 團隊的奉獻精神和表現感到非常自豪，他們的奉獻精神和出色表現贏得了英特爾的認可。

And I'd like to take this opportunity to thank and congratulate our team.

我想藉此機會感謝並祝賀我們的團隊。

In closing, we're excited about both the strength of our second quarter outlook and the accelerating adoption of advanced packaging underpinning that strength.

最後，我們對第二季前景的強勁以及支撐這一優勢的先進封裝的加速採用感到興奮。

Longer term, we're confident in the growth prospects for FormFactor in the industry overall, driven by the fundamental trends of semiconductor content growth and advanced packaging innovations like HBM, chiplets, and co-packaged silicon photonics.

從長遠來看，在半導體含量成長和 HBM、小晶片和共封裝矽光子等先進封裝創新的基本趨勢的推動下，我們對 FormFactor 在整個產業的成長前景充滿信心。

These are trends where FormFactor is well positioned as an industry and technology leader.

在這些趨勢中，FormFactor 處於行業和技術領導者的有利地位。

And we're confident that our investments in R&D and capacity, along with the organization and talent changes we've made recently, positioned FormFactor as a stronger and leaner competitor.

我們相信，我們在研發和產能方面的投資，以及我們最近的組織和人才變革，將使 FormFactor 成為一個更強大、更精簡的競爭對手。

This will enable us to achieve and then surpass our target model that delivers $2 of non-GAAP earnings per share on $850 million of revenue.

這將使我們能夠實現並超越我們的目標模型，即在 8.5 億美元的收入中實現 2 美元的非 GAAP 每股盈餘。

Shai, over to you.

謝伊，交給你了。

Thank you, Mike, and good afternoon.

謝謝你，麥克，下午好。

As you saw in our press release, Q1 revenues were $3.7 million above the midpoint of our outlook range.

正如您在我們的新聞稿中看到的，第一季收入比我們的展望範圍中點高出 370 萬美元。

Non-GAAP gross margin was 0.8 percentage points below the bottom end of the range, and non-GAAP EPS was $0.01 below the midpoint of the range.

非 GAAP 毛利率比該範圍的下限低 0.8 個百分點，非 GAAP 每股收益比該範圍的中點低 0.01 美元。

First quarter revenues were $168.7 million, a 0.3% sequential increase from our fourth quarter revenues and a year-over-year increase of 0.8% from our Q1 '23 revenues.

第一季營收為 1.687 億美元，比第四季營收季增 0.3%，比 23 年第一季營收年增 0.8%。

The increase is due to stronger revenues in our probe card segment.

這一增長是由於我們的探針卡部門的收入強勁。

Probe card segment revenues were $136.7 million in the first quarter, an increase of $9.7 million or 7.6% from Q4.

第一季探針卡部門營收為 1.367 億美元，比第四季增加 970 萬美元，成長 7.6%。

The increase was driven by a small increase in foundry & logic revenues and a significant increase in DRAM revenues, partially offset by a decrease in flash revenues.

這一增長是由代工和邏輯收入的小幅增長以及 DRAM 收入的大幅增長所推動的，但部分被閃存收入的下降所抵消。

The system segment revenues were $32 million in Q1 and $9.2 million decrease from the fourth quarter and comprised 19% of total company revenues down from 24.5% in Q4.

第一季系統部門營收為 3,200 萬美元，比第四季減少 920 萬美元，占公司總營收的 19%，比第四季的 24.5% 下降。

The main reason for the decrease is the sale of FRT in Q4 '23.

減少的主要原因是 23 年第 4 季 FRT 的銷售。

Within the brokerage segment, Q1 foundry & logic revenues were $86.8 million, a 3.6% increase from Q4.

在經紀業務領域，第一季代工和邏輯收入為 8,680 萬美元，比第四季成長 3.6%。

Foundry & logic revenues increased to 51.5% of total company revenues compared to 49.8% in the fourth quarter.

代工和邏輯收入占公司總收入的比例從第四季的 49.8% 增加到 51.5%。

DRAM revenues were a record $45.9 million in Q1, $10 million or 27.9% higher than in the fourth quarter, and increased to 27.2% of total quarterly revenues as compared to 21.3% in the fourth quarter.

第一季 DRAM 營收達到創紀錄的 4,590 萬美元，比第四季增加 1,000 萬美元，成長 27.9%，佔季總營收的比例也從第四季的 21.3% 增加到 27.2%。

Flash revenues of $4 million in Q1 were $3.3 million lower during the fourth quarter and were 2.4% of total revenues in Q1 as compared to 4.3% in Q4.

第一季快閃記憶體收入為 400 萬美元，比第四季減少了 330 萬美元，佔第一季總收入的 2.4%，而第四季為 4.3%。

GAAP gross margin for the first quarter was 37.2% as compared to 40.4% in Q4.

第一季 GAAP 毛利率為 37.2%，第四季為 40.4%。

Cost of revenues included $2.6 million of GAAP to non-GAAP reconciling items, which we outlined in our press release issued today and in the reconciliation table available in the Investor Relations section of our website.

收入成本包括 260 萬美元的 GAAP 與非 GAAP 調節項目，我們在今天發布的新聞稿以及我們網站投資者關係部分提供的調整表中對此進行了概述。

On a non-GAAP basis, gross margin for the first quarter was 38.7%, 3.4 percentage points lower than the 42.1% non-GAAP gross margin in Q4, and 0.8 percentage points below the low end of our outlook range.

以非 GAAP 基準計算，第一季毛利率為 38.7%，比第四季 42.1% 的非 GAAP 毛利率低 3.4 個百分點，比我們預期範圍的下限低 0.8 個百分點。

The decrease compared to Q4 and to the midpoint of our outlook range was a result of lower gross margins in both the probe card segment and the systems segment.

與第四季度相比以及我們展望範圍的中點下降是由於探針卡細分市場和系統細分市場的毛利率較低。

Our probe card segment gross margin was 37.2% in the first quarter, a decrease of 2.4 percentage points compared to 39.6% in Q4.

第一季探針卡業務毛利率為37.2%，較第四季的39.6%下降2.4個百分點。

Our Q1 systems segment gross margin was 45.3%, a decrease of 4.3 percentage points from the 49.6% gross margin in the fourth quarter.

我們第一季系統部門的毛利率為45.3%，比第四季的49.6%毛利率下降了4.3個百分點。

The decrease in consolidated non-GAAP gross margins from the midpoint of our outlook range is due to the net effect of three main factors.

綜合非公認會計原則毛利率較我們的展望範圍中點下降是由於三個主要因素的淨影響。

First, a less favorable product mix in both segments, which contributed to a 1.9 percentage points decrease.

首先，這兩個細分市場的產品組合較差，導致下降 1.9 個百分點。

Second, higher-than-expected warranty expense in Q1 contributed to a 0.4 percentage points decrease.

其次，第一季保固費用高於預期導致下降0.4個百分點。

Partially offsetting these two factors was 0.5 percentage points related to higher than record revenues.

收入高於創紀錄水平 0.5 個百分點部分抵消了這兩個因素。

First quarter GAAP operating expenses were $61.7 million compared to $59.6 million in the fourth quarter.

第一季 GAAP 營運費用為 6,170 萬美元，而第四季為 5,960 萬美元。

The two main reasons for the increase were higher stock-based compensation of $1.2 million related to the benefits from features in the previous quarter that did not recur in Q1 and transaction costs of $0.6 million related to the sale of our China operations.

成長的兩個主要原因是股票薪酬增加 120 萬美元，該薪酬與上一季的功能收益相關，但在第一季度沒有出現；以及與出售中國業務相關的交易成本 60 萬美元。

During the quarter, we entered into a definitive agreement to sell our China operations for $25 million, subject to customary working capital adjustments.

在本季度，我們達成了一項最終協議，以 2,500 萬美元的價格出售我們的中國業務，但需根據慣例進行營運資本調整。

The transaction closed on February 26 and Q1 includes results from our China operations for the first two months of the year.

該交易於 2 月 26 日完成，第一季包括我們中國業務今年前兩個月的業績。

Net proceeds from the transaction after adjustments and expenses were approximately $21.1 million.

調整和費用後的交易淨收益約為 2,110 萬美元。

Non-GAAP

非公認會計準則

operating expenses for the first quarter were $52.3 million or 31% of revenues as compared with $51.6 million or 30.7% of revenues in Q4.

第一季的營運費用為 5,230 萬美元，佔營收的 31%，而第四季的營運費用為 5,160 萬美元，佔營收的 30.7%。

The $0.7 million increase relates mainly to the typical annual benefits reset, partially offset by lower performance-based compensation and the reduction in costs related to the sale of FRT and our China operations.

70 萬美元的成長主要與典型的年度福利重置有關，部分被基於績效的薪酬降低以及與出售 FRT 和中國業務相關的成本減少所抵消。

Company non-cash expenses for the first quarter included $10.4 million for stock-based compensation, $1.1 million higher than in the fourth quarter, as well as amortization of intangibles of $0.6 million and depreciation of $7.2 million, both slightly lower than in the fourth quarter.

第一季公司非現金支出包括 1,040 萬美元的股票薪酬，比第四季增加 110 萬美元，以及無形資產攤提 60 萬美元和折舊 720 萬美元，均略低於第四季。

GAAP operating income was $21.3 million for Q1 compared with $81.3 million in Q4, which included the $73 million gain from the sale of FRT.

第一季 GAAP 營業收入為 2,130 萬美元，而第四季為 8,130 萬美元，其中包括出售 FRT 帶來的 7,300 萬美元收益。

Q1 included $20 million gain from the sale of our China operations.

第一季包括出售中國業務帶來的 2,000 萬美元收益。

Non-GAAP operating income for the first quarter was $13 million compared with $19.1 million in the fourth quarter, a decrease of $6.2 million or 32%, mostly due to the decrease in gross margin.

第一季非公認會計準則營業收入為 1,300 萬美元，較第四季的 1,910 萬美元減少 620 萬美元，即 32%，主要是由於毛利率下降。

GAAP net income for the first quarter was $21.8 million, or $0.28 per fully diluted share, compared with GAAP net income of $75.8 million or $0.97 per fully diluted share in the previous quarter.

第一季 GAAP 淨利潤為 2,180 萬美元，或完全稀釋每股 0.28 美元，而上一季 GAAP 淨利潤為 7,580 萬美元，或完全稀釋每股 0.97 美元。

As discussed, the prior quarter included the gain from the sale of FRT.

如所討論的，上一季包括出售 FRT 的收益。

The non-GAAP effective tax rate for the first quarter was 13.7%, 7 percentage points lower than the 21.2% in the fourth quarter.

第一季非公認會計原則有效稅率為13.7%，比第四季的21.2%低7個百分點。

We continue to expect our annual non-GAAP effective tax rate to be between 14% and 18%.

我們仍然預計我們的年度非 GAAP 有效稅率將在 14% 至 18% 之間。

First quarter net -- sorry, first quarter non-GAAP net income was $14.3 million or $0.18 per fully diluted share compared to $15.7 million or $0.2 per fully diluted share in Q4.

第一季淨收入——抱歉，第一季非 GAAP 淨利潤為 1430 萬美元，即完全稀釋每股收益 0.18 美元，而第四季度為 1570 萬美元，即完全稀釋每股收益 0.2 美元。

Q1 EPS was $0.02 lower sequentially due to lower gross margins and higher OpEx on flat revenue, partially offset by higher other income and lower effective tax rates.

第一季每股收益比上一季下降 0.02 美元，原因是毛利率下降和收入持平的營運支出增加，但其他收入增加和有效稅率下降部分抵消了這一影響。

Moving to the balance sheet and cash flows.

轉向資產負債表和現金流量。

We generated free cash flow of $19.7 million in the first quarter compared to negative $0.3 million in Q4.

第一季我們產生了 1,970 萬美元的自由現金流，而第四季為負 30 萬美元。

The increase in free cash flows of $20 million is mainly due to higher operating cash flows, primarily driven by more efficient working capital of $19.4 million, partially offset by an increase of $3.5 million in capital expenditures.

自由現金流增加 2,000 萬美元，主要是由於營運現金流增加，這主要是由 1,940 萬美元的營運資本效率提高所推動的，部分被資本支出增加 350 萬美元所抵銷。

We invested $13.4 million in capital expenditures during the first quarter compared to $9.9 million in Q4.

第一季我們投資了 1,340 萬美元的資本支出，而第四季為 990 萬美元。

There's no change in our previously communicated 2024 expected CapEx range of $35 million to $45 million.

我們先前公佈的 2024 年預期資本支出範圍為 3,500 萬美元至 4,500 萬美元，沒有變動。

At quarter end, total cash and investments were $367.2 million, an increase of $25 million from Q4.

截至季末，現金和投資總額為 3.672 億美元，比第四季增加 2,500 萬美元。

The increase relates to cash provided by operating activities and net cash received from the sale of our China operations, partially offset by CapEx and stock repurchases.

這一增長與經營活動提供的現金以及出售中國業務收到的現金淨額有關，部分被資本支出和股票回購所抵消。

At the end of the first quarter, we had one-term loan remaining with the balance totaling $14 million.

截至第一季末，我們尚有一次性貸款，餘額總計 1,400 萬美元。

Regarding stock buyback, during the first quarter, we purchased $17.4 million worth of shares under our $75 million two-year buyback program that was approved in Q4 2023.

關於股票回購，第一季度，我們根據 2023 年第四季度批准的 7,500 萬美元的兩年期回購計畫購買了價值 1,740 萬美元的股票。

As of quarter end, $56.4 million remains available under that authorization.

截至季末，該授權仍有 5,640 萬美元可用。

As a reminder, the main purpose of this share repurchase program is to offset dilution from stock-based compensation.

提醒一下，該股票回購計畫的主要目的是抵銷股票薪資的稀釋。

Turning to the second quarter non-GAAP outlook.

轉向第二季非公認會計準則展望。

We expect Q2 revenue of $195 million plus or minus $5 million.

我們預計第二季營收為 1.95 億美元上下 500 萬美元。

At the midpoint of our outlook range, Q2 revenue is expected to be approximately $25 million higher than in Q1.

在我們的展望範圍的中點，第二季的營收預計將比第一季高出約 2,500 萬美元。

We expect DRAM revenues in Q2 to be approximately $10 million higher than in Q1 and foundry & logic revenues to be approximately $15 million higher than in the first quarter.

我們預計第二季 DRAM 收入將比第一季高出約 1000 萬美元，代工和邏輯收入將比第一季高出約 1500 萬美元。

Second quarter non-GAAP gross margin is expected to be 45% plus or minus 150 basis points.

第二季非 GAAP 毛利率預計為 45%，上下浮動 150 個基點。

The expected increase in non-GAAP gross margins in the second quarter is related to higher volumes and a more favorable mix.

第二季非公認會計準則毛利率的預期成長與銷售增加和更有利的組合有關。

At the midpoint of these outlook ranges, we expect Q2 operating expenses to be $60 million plus or minus $2 million.

在這些展望範圍的中點，我們預計第二季營運費用將為 6,000 萬美元上下 200 萬美元。

The expected increase is mainly due to higher performance-based compensation related to higher profitability.

預期成長主要是由於與獲利能力提高相關的基於績效的薪酬提高。

Non-GAAP earnings per fully diluted share for Q2 is expected to be $0.31 plus or minus $0.04. The reconciliation of our GAAP to non-GAAP Q2 outlook is available on the Investor Relations section of our website and in our press release issued today.

第二季完全攤薄後每股非 GAAP 收益預計為 0.31 美元上下 0.04 美元。我們的 GAAP 與非 GAAP 第二季展望的調整可在我們網站的投資者關係部分以及我們今天發布的新聞稿中找到。

With that, let's open the call for questions.

接下來，讓我們開始提問。

Operator?

操作員？

(Operator Instructions) Brian Chin, Stifel.

（操作員說明）Brian Chin，Stifel。

Hi there.

你好呀。

Good afternoon.

午安.

Congratulations on the results.

祝賀結果。

Sorry, just to first get a clarification because I don't know if I heard this correctly, but can you mind going back over what the implied growth is for the three main areas, foundry & logic, DRAM, and systems in Q2 relative to the guide?

抱歉，首先需要澄清一下，因為我不知道我是否聽對了，但是您介意回顧一下第二季度三個主要領域（代工和邏輯、DRAM 和系統）相對於導遊？

And also, on Q1, with HBM being a bigger component of the mix, why was that also a less favorable mix even on the memory side of that revenue in Q1?

而且，在第一季度，由於 HBM 是該組合中更大的組成部分，為什麼即使在第一季收入的記憶體方面，這也是一個不太有利的組合？

Sure.

當然。

So regarding your first questions, we said that with $195 million being the midpoint of the outlook range, we expected about $25 million increase quarter over quarter of which $15 million is foundry & logic and $10 million is DRAM, and the rest is relatively flat.

因此，關於您的第一個問題，我們表示，1.95 億美元是前景範圍的中點，我們預計季度將環比增長約2500 萬美元，其中1500 萬美元用於代工和邏輯，1000 萬美元用於DRAM ，其餘部分相對持平。

These are the big movers.

這些是大推動者。

And regarding your questions on gross margin in HBM -- yeah, so HBM is indeed a relatively higher gross margin product for us, but it's still a DRAM product.

關於你關於 HBM 毛利率的問題——是的，HBM 對我們來說確實是毛利率相對較高的產品，但它仍然是 DRAM 產品。

And DRAM, as we said many times before, has a relatively low gross margin or lower gross margin than foundry & logic.

而DRAM，正如我們之前多次說過的，毛利率相對較低或比代工&邏輯的毛利率更低。

So we had less favorable mix between the markets even within the markets.

因此，即使在市場內部，我們在市場之間的組合也不太有利。

And also, the systems business had a lower gross margin than usual at 45%, 46%, while our target market for systems is to be around 50% or low 50% gross margin.

而且，系統業務的毛利率比平常低，為 45%、46%，而我們系統的目標市場毛利率是 50% 左右或低 50%。

So if you put all of this together, and as the warranty expenses that were unusual in Q4 -- in Q1, that's why we ended up with gross margin lower than that.

因此，如果你把所有這些放在一起，以及第四季度和第一季不尋常的保固費用，這就是為什麼我們最終的毛利率低於這個水平。

With Q2, the $195 million, we are very encouraged to see the gross margin going to 45% at the midpoint of the range, even with DRAM and HBM or higher DRAM and HBM mix than before.

第二季的毛利率為 1.95 億美元，我們非常高興看到毛利率達到該範圍的中點 45%，即使使用 DRAM 和 HBM 或比以前更高的 DRAM 和 HBM 組合也是如此。

Okay.

好的。

That's helpful.

這很有幫助。

And then I guess for my follow-up, there might be two parts to this.

然後我想對於我的後續行動，可能有兩個部分。

But I guess, firstly, it's not often that you have a step-up of this magnitude Q-on-Q.

但我想，首先，這種規模的 Q-on-Q 提升並不常見。

I guess the first part of this question is, are there constraints and some unfulfilled demand that maybe that you have in the second quarter that gives you some of that visibility I think that you referenced in the release on Q3 and the second part of that?

我想這個問題的第一部分是，是否存在限制和一些未滿足的需求，可能在第二季度給你帶來了一些可見性，我認為你在第三季的發布和第二部分中提到了這一點？

Maybe can we unpack a little bit about the sequential pickup in foundry & logic?

也許我們可以稍微了解一下鑄造和邏輯中的順序拾取？

Yeah, obviously, not the best overall demand.

是的，顯然，這不是最好的整體需求。

But clearly, you're seeing a premium on growth here tied to maybe the mix and advanced packaging.

但顯然，您會看到這裡的成長溢價可能與混合和先進的封裝有關。

Can you maybe, Mike, talk about what you're seeing foundry basis, logic basis, and just the breadth of that and what?

麥克，你能談談你所看到的鑄造基礎、邏輯基礎以及其廣度和內容嗎？

Maybe unpack that a little bit.

也許稍微解開一下。

Thanks.

謝謝。

Yeah, absolutely.

是的，絕對是。

Let me take the second part of the question first, and then we can parse out some of the foundry & logic growth.

讓我先回答問題的第二部分，然後我們可以解析出一些鑄造和邏輯增長。

We didn't leave anything on the table in Q1.

第一季我們沒有留下任何東西。

This has been a fairly rapid step-up in demand.

需求的成長相當迅速。

And it's fairly concentrated among HBM, microprocessor applications, and the usual midyear mobile application processor.

它相當集中在 HBM、微處理器應用和通常的年中行動應用處理器。

But if we if we take a look at the foundry & logic piece, it is interesting.

但如果我們看一下鑄造和邏輯部分，就會很有趣。

Our customers in foundry & logic haven't had great earnings reports.

我們在鑄造和邏輯領域的客戶尚未獲得出色的收益報告。

But if you think about how they manufacture and their overall cycle times and flow, as they release new designs, most of them on advanced packaging platforms to this process, they have to get the tooling and the probe cards in place several months, often even several quarters in advance of them shipping and realizing revenue for the parts.

但如果你考慮他們的製造方式以及他們的整體週期時間和流程，當他們發布新設計時，其中大多數是在先進的封裝平台上進行此過程，他們必須花費幾個月的時間，甚至經常將工具和探針卡安裝到位比他們提前幾個季度發貨並實現零件收入。

So we're going to, in any kind of our new product ramp, lead our customers, be ahead of our customers in time in the demand and revenue.

因此，我們將在任何形式的新產品推廣中，引領我們的客戶，在需求和收入方面及時領先我們的客戶。

And so I think that partially helps explain.

所以我認為這在一定程度上有助於解釋。

You also alluded to another piece.

您還提到了另一件作品。

A lot of the step-up in the second quarter is associated with new designs in HBM, in microprocessor applications, and in mobile applications that are all being architected on advanced packaging platforms, whether it's die stacking in TSVs in HBM, whether it's Foveros in the microprocessor space.

第二季的進步很大程度上與 HBM、微處理器應用和行動應用的新設計有關，這些設計都在先進封裝平台上構建，無論是 HBM 中的 TSV 中的晶片堆疊，還是 HBM 中的 Foveros微處理器空間。

All of these things, as we said in the past and reiterated today, drive higher test intensity and higher test complexity.

正如我們過去所說和今天重申的那樣，所有這些都會推動更高的測試強度和更高的測試複雜性。

So the spending on test for these new designs is going up to make sure that the yields are high in these advanced packaging process.

因此，這些新設計的測試支出將會增加，以確保這些先進封裝製程的產量很高。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

Hi, good afternoon, Mike, Shai.

嗨，下午好，麥克，謝伊。

I mean, the guidance reminds probably everybody on what's happened in fourth quarter '19.

我的意思是，該指導可能提醒每個人 2019 年第四季發生的事情。

That was also pretty significant at the similar time of the cycle.

這在周期的相似時間也非常重要。

So maybe my question here, last time, your fourth quarter in [ID] were need the [cautious], right?

所以也許我的問題是，上次，你們在[ID]的第四季需要[謹慎]，對嗎？

You are saying, well, maybe some of this strength was a little bit transient while it turns out it was not.

你是說，好吧，也許這種力量有些是短暫的，但事實證明並非如此。

It was actually quite sustaining.

這實際上是相當持續的。

This time, you didn't mention anything about [camdian] or anything.

這次，你沒有提到任何關於[camdian]的事情。

So I want to get a sense how sustainable that close to $200 million per quarter level you're going to see in June.

因此，我想了解 6 月每季接近 2 億美元的水平是否可持續。

What's the line of sight into second half of this year?

今年下半年的前景如何？

Maybe more importantly, I think it [don't] feel like you flag about microprocessor in (inaudible) areas you're going to see in Q2.

也許更重要的是，我認為你不會在第二季度看到的（聽不清楚）領域中對微處理器進行標記。

And what's the sustainability of the probe card demand microprocessor going into Q3 and Q4?

第三季和第四季的探針卡需求微處理器的可持續性如何？

Thanks.

謝謝。

Thanks, Charles.

謝謝，查爾斯。

It's Mike.

是麥克。

I'll take that.

我會接受的。

I think a couple of comments.

我想提幾點意見。

First of all, remember that our business operates on very short lead times well within a quarter.

首先，請記住，我們的業務營運週期非常短，只需一個季度即可完成。

And so visibility into the third quarter and beyond the second half in general really isn't there for us.

因此，我們實際上無法看到第三季和下半年之後的情況。

The other comment I'll make about the second quarter strength is it's fairly concentrated in a few applications and customers.

我對第二季實力的另一個評論是，它相當集中於少數應用程式和客戶。

HBM, obviously, a highlight.

HBM 顯然是一個亮點。

We talked about the microprocessor strength and some strength in mobile.

我們討論了微處理器的優勢和移動領域的一些優勢。

But if I think about automotive, general DRAM, flash, some of the other parts of mobile like RF, they're pretty much flat.

但如果我考慮一下汽車、通用 DRAM、快閃記憶體以及 RF 等行動裝置的其他部分，它們幾乎是持平的。

And so it's not like we're seeing a broad-based recovery here.

因此，我們並沒有看到廣泛的復甦。

We're seeing some real strength and momentum in some of the areas where we are over-indexed and intentionally so because of our strategy.

我們在一些由於我們的策略而故意過度指數化的領域看到了一些真正的實力和動力。

So I can't -- I don't have any hard visibility into the second half.

所以我不能——我對下半場沒有任何清晰的了解。

But if you think about the position we're in in HBM and microprocessors, especially driven by the move to advanced packaging and a lot of these areas, we feel pretty comfortable with continuing to grow secularly with the industry.

但如果你考慮我們在 HBM 和微處理器領域的地位，特別是在向先進封裝和許多此類領域發展的推動下，我們對繼續與該行業一起長期發展感到非常滿意。

The only other caution I would add is often when we've seen a quarter of heavy spending by one customer or two customers on specific designs that ramp, we can see a digestion period for a subsequent quarter.

我要補充的唯一另一個警告是，通常當我們看到一個或兩個客戶在特定設計上的四分之一的巨額支出增加時，我們可以看到下一個季度的消化期。

But I think we're all expecting continued HBM growth when you look at the recent comments from the hyperscales on data center investments in AI that's directly tied to that.

但我認為，當您查看超大規模資料中心對人工智慧的投資最近發表的評論（與此直接相關）時，我們都預期 HBM 會持續成長。

And at some point here, we are going to see some PC refresh cycle.

在某個時刻，我們將看到一些 PC 更新週期。

I think all of you on the call have different opinions of when that will be, whether it's Windows 11 driven, or just age of the COVID buys driven. there's going to be a PC refresh cycle at some point.

我認為參加電話會議的所有人對於何時實現這一目標都有不同的看法，無論是 Windows 11 驅動的，還是只是新冠疫情時代購買驅動的。在某個時候將會有一個 PC 更新週期。

But we don't have the visibility to know whether we're seeing the start of that or whether this is really just some of the design release activity associated with our customers' roadmaps.

但我們無法知道我們是否正在看到這一點，或者這是否真的只是與客戶路線圖相關的一些設計發布活動。

Thanks, Mike.

謝謝，麥克。

I really appreciate the usual conservatism.

我真的很欣賞一貫的保守主義。

But maybe a follow-up in terms of HBM, if I remember correctly, probably second half last year is mainly driven by primary one customer.

但也許 HBM 方面的後續行動，如果我沒記錯的話，去年下半年可能主要是由一個主要客戶推動的。

Do you see a broadening of the -- in the end, and maybe what you're seeing to customer's demand right now?

最後，您是否看到了客戶需求的擴大？

And specifically, I wanted to ask, we did see chatters about the second one, not the leader, but the one with follower.

具體來說，我想問的是，我們確實看到了關於第二個的討論，不是領導者，而是有追隨者的人。

Having some yield issues, is that reflected in probably higher [product] demand in the short term, or you don't see that as an issue?

存在一些產量問題，這是否反映在短期內可能更高的[產品]需求，或者您不認為這是一個問題？

Thanks.

謝謝。

Yeah, our HBM business is still relatively concentrated with one customer.

是的，我們的 HBM 業務仍然相對集中於一個客戶。

Although there are contributions from the other two DRAM manufacturers as they quickly sample and start to ramp HBM3 and HBM3E here in 2024.

儘管其他兩家 DRAM 製造商也做出了貢獻，他們很快就開始提供樣品，並在 2024 年開始量產 HBM3 和 HBM3E。

And we would expect that market to broaden a little bit.

我們預計該市場會擴大一些。

But at present and with the visibility we have, it really is continue to be driven and pretty concentrated by the leader in HBM market share.

但目前，以我們所擁有的知名度，它確實繼續由 HBM 市場份額的領導者推動並相當集中。

I think it'll be interesting to see as we go through back half of the year and all three start to supply HBM3 in volume and then transition in 2025 to HBM4.

我認為，今年下半年，這三者都開始批量供應 HBM3，然後在 2025 年過渡到 HBM4，這將會很有趣。

We expect that business to broaden quite significantly and be a supplier to all three of them.

我們預計該業務將大幅擴展，並成為這三家公司的供應商。

But again, pretty concentrated with one customer right now.

但同樣，現在非常專注於一位客戶。

Thanks, Mike, and really congrats the very strong data.

謝謝，麥克，並對非常強勁的數據表示衷心祝賀。

Thanks.

謝謝。

Thanks, Charles.

謝謝，查爾斯。

David Duley, Steelhead Securities.

大衛杜利 (David Duley)，Steelhead 證券公司。

Congratulations on great results.

祝賀取得優異成績。

I just had a couple of follow-up questions on the high-bandwidth memory market.

我剛剛有幾個關於高頻寬記憶體市場的後續問題。

You did a great job of talking about the number of insertions.

您在談論插入數量方面做得很好。

I was just wondering if you could just quickly review two things.

我只是想知道你是否可以快速回顧兩件事。

If you could just tell us how much you think high-bandwidth memory, how much more test and probe intensity it is over, let's say, a standard DDR5 memory.

如果您能告訴我們您對高頻寬記憶體的看法，以及它的測試和探測強度有多大，例如標準 DDR5 記憶體。

And then could you just review -- it sounds like you have eight in the stack.

然後你能回顧一下嗎——聽起來你有八個。

You're going to have at least eight probe insertions for each individual one, how many more insertion or how many more prober or testings are they when you build the stack?

每個單獨的探針插入至少有八次，當您建立堆疊時，還有多少次插入或多少次探針或測試？

Thank you.

謝謝。

Yeah, thanks, David.

是的，謝謝，大衛。

So a couple of things.

有幾件事。

Your math is correct.

你的數學是正確的。

Each individual die, whether it's 8 high stack, 12 high stack, a 16 stack.

每個單獨的骰子，無論是 8 高堆疊、12 高堆疊還是 16 堆疊。

Each of those individual die gets probed and tested before it goes into the stack.

每個晶片在進入堆疊之前都會經過探測和測試。

Because as you could imagine, especially when you get high in the stack, if you're adding a bad die to it, that has the potential to essentially causes scrap event for all the previous data that have been stacked.

因為正如您可以想像的那樣，特別是當您在堆疊中處於較高位置時，如果您向其中添加了壞骰子，則有可能從根本上導致所有已堆疊的先前資料發生報廢事件。

So the notion of known good die for each of these input die is something we are seeing.

因此，我們正在看到每個輸入晶片的已知良好晶片的概念。

There's also, for sure, a test once the thing is completely stacked, and that often happens at high speeds, and I referenced some of the challenging thermal specifications.

當然，一旦東西完全堆疊起來，還會進行一次測試，而且這通常會在高速下進行，我引用了一些具有挑戰性的熱規格。

And at least for the initial parts of HBM ramps, we're also seeing intermediate test insertions as the stack is built.

至少對於 HBM 斜坡的初始部分，我們也看到堆疊建置時的中間測試插入。

You can imagine there's -- suppose you get the 4 high, there can be a test insertion there depending on what your loss modes the customers are seeing.

你可以想像 - 假設你得到了 4 高，可以根據客戶看到的損失模式進行測試插入。

There's been all kinds of challenges associated with HBM.

HBM 面臨著各種各樣的挑戰。

It's driven results for some of the metrology and inspection suppliers in the back end as well as customers trying to uncover these new yield modes, yield loss modes, and improve them and drive.

它為後端的一些計量和檢測供應商以及試圖發現這些新的良率模式、良率損失模式並改進它們的客戶帶來了驅動結果。

But for right now, we're seeing all the input die get tested, each of the component die get tested, a test at the end then often some intermediate tests as it steps up.

但目前，我們看到所有輸入晶片都經過測試，每個組件晶片都經過測試，最後進行測試，然後通常會進行一些中間測試。

And then just the test intensity on HBM diverse as a standard DDR5.

然後，HBM 的測試強度與標準 DDR5 不同。

Yeah.

是的。

And we've estimated this in the past on a like-for-like basis.

我們過去曾在同類基礎上對此進行估計。

It's something like 20% to 30%.

大約是20%到30%。

And I think that's a reasonable rule of thumb and continues to be a reasonable rule of thumb.

我認為這是一個合理的經驗法則，而且仍然是一個合理的經驗法則。

There are situations where the test intensity is higher than 20% to 30%.

存在測試強度高於20%至30%的情況。

Often if it's a new product or when you're moving from 12 high to 16 high new defect modes, appear that need to be maybe over tested compared to that 20% to 30%.

通常，如果它是新產品，或者當您從 12 高到 16 高的新缺陷模式時，與 20% 到 30% 相比，似乎需要過度測試。

But I think that remains a pretty good rule of thumb for the uplift associated with advanced packaging chips on a like-for-like basis.

但我認為，對於與先進封裝晶片相關的同類基礎上的提升來說，這仍然是一個相當好的經驗法則。

Okay.

好的。

And if I could just slip in a follow-up here.

如果我能在這裡跟進一下就好了。

As far as the foundry & logic business, it's great to see a nice buildup.

就鑄造和邏輯業務而言，很高興看到良好的發展。

Do you think you've increased your market share?

您認為您的市佔率有增加嗎？

Or is that just what your big running customers inside these two big customers are kind of?

或者這就是你們這兩個大客戶中的大客戶的情況？

Yeah.

是的。

So a couple of points on share.

所以分享幾點。

We and I think most of the people who follow the industry rely on the tech insights, the formerly VLSI Research report.

我們和我認為大多數關注該行業的人都依賴技術見解，即以前的 VLSI 研究報告。

That's should be out any day now for 2023.

2023 年的任何一天都應該會發布。

So that will be the definitive word on market share.

因此，這將是市場份額的決定性詞語。

Having said that, as you can imagine, we do some pretty high frequency internal benchmarking and data collection.

話雖如此，正如您可以想像的那樣，我們進行了一些相當高頻的內部基準測試和資料收集。

And based on that, we do believe we've grown share through 2023, not just in foundry & logic, but in our other served markets as well.

基於此，我們確實相信，到 2023 年，我們的份額已經成長，不僅在代工和邏輯領域，而且在我們服務的其他市場也是如此。

As we talked about with you in the past, your share gains and market leadership is a real core tenant of our long-term strategy, and we need to continue to drive share gains.

正如我們過去與您討論的那樣，您的份額成長和市場領導地位是我們長期策略的真正核心租戶，我們需要繼續推動份額成長。

Thank you.

謝謝。

Thanks, David.

謝謝，大衛。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

Yeah, thanks for taking my question and congratulations on the very good execution.

是的，感謝您提出我的問題，並祝賀您的出色執行。

So Mike, I'll just join the party and ask one on high-bandwidth memory and maybe I'll position it this way.

所以麥克，我會加入聚會並詢問有關高頻寬記憶體的問題，也許我會這樣定位。

So it looks like in 2Q, we should be at around $30 million in quarterly revenues.

所以看起來第二季我們的季度營收應該會在 3000 萬美元左右。

And as I've listened to some of your commentary and look at the different times where probe being die, add input, intermediate stacks, final stack, et cetera.

正如我聽過您的一些評論並查看探針死亡的不同時間、添加輸入、中間堆疊、最終堆疊等等。

Is there anything that you see as we look out from high-bandwidth memory 3 to 3E to 4 that would cause probe intensity to go down?

當我們從高頻寬記憶體 3 到 3E 到 4 觀察時，您是否看到任何會導致探測強度下降的東西？

And if so, what would that be and what would be either the yield improvement or the other process improvements that the manufacturing might make to achieve that?

如果是這樣，那會是什麼？

Yeah.

是的。

It's an interesting question, Craig.

這是一個有趣的問題，克雷格。

So as you go from 3 to 3E to 4, especially the three generation to four, there's a couple of things that are really increasing the probe card intensity and complexity.

因此，當從 3 代到 3E 再到 4 代，尤其是從第三代到第四代時，有幾件事確實增加了探針卡的強度和複雜性。

One is generally the transitions involve more die stacks.

一是過渡通常涉及更多晶片堆疊。

And so as we talked about, each of the component die gets probed.

正如我們所討論的，每個組件晶片都會被探測。

And so you can imagine more component die in a higher stack is going to drive higher, higher test intensity for the finished parts.

因此，您可以想像更高堆疊中的更多組件晶片將為成品零件帶來更高、更高的測試強度。

I think the other piece, certainly, going from three to four, there's a significant step-up in speed.

我認為另一塊，當然，從三塊增加到四塊，速度有了顯著的提高。

And that's one of the areas where FormFactor has a very differentiated set of DRAM products in delivering high-speed tests to screen out die that don't meet the speed standard to participate in the whole stack at the spec speed for something like HBM for 16 high stack.

這是 FormFactor 擁有一套非常差異化的 DRAM 產品的領域之一，可提供高速測試，篩選出不符合速度標準的晶片，以規範速度參與整個堆疊，例如 16 的 HBM高堆疊。

On the other hand, the other side of the ledger, I do anticipate that customers are going to be able to continue to drive yields up.

另一方面，我確實預計客戶將能夠繼續提高收益率。

And as they do that, they're going to drive test times down.

當他們這樣做時，他們將縮短測試時間。

Now they're not going to sample, right?

現在他們不會取樣了，對吧？

We're still going to have 100% tests to screen out these die.

我們仍將進行 100% 的測試來篩選出這些晶片。

But I'd imagine they'd be able to eliminate some of those test vectors once they get those -- the preponderance of those specific defect modes stack.

但我想，一旦他們獲得這些特定缺陷模式堆疊的優勢，他們就能夠消除其中一些測試向量。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

Thank you.

謝謝。

And then the question on foundry & logic would be -- it seems like when you framed up 2Q dynamics.

然後關於鑄造和邏輯的問題是——看起來就像你在製定第二季度動態時一樣。

And I know that lead times are short, so I'm not asking what lead times you're doing and telling.

我知道交貨時間很短，所以我不會問您正在做和告訴的交貨時間是多少。

But it seems like there is a very seasonal factor on the APU side, but it seems like the other factors that were at play, the move to [2.5p growth], et cetera, on more product platforms, and frankly, a good pace on those movement.

但 APU 方面似乎存在非常季節性的因素，但似乎還有其他因素在起作用，例如在更多產品平台上轉向 [2.5p 增長] 等，坦率地說，步伐不錯關於那些運動。

It seems those are more structural.

看起來這些更具結構性。

So is that fair?

那麼這公平嗎？

And how do you feel about the business's ability to see more sustained, steady foundry & logic revenue gains from here with these inflections now certainly become more material.

隨著這些變化現在肯定變得更加實質性，您對企業從這裡看到更持續、穩定的代工和邏輯收入成長的能力有何看法。

Thank you.

謝謝。

Yeah.

是的。

So if you go back to -- even when we presented our long-term target model, we expected the growth to come from foundry & logic because of some of the dynamics we talked about.

因此，如果你回顧一下，即使我們提出了長期目標模型，由於我們討論的一些動態，我們預計成長將來自代工和邏輯。

Advanced packaging, a very, very strong driver of that business long term.

先進的封裝是該業務長期的非常非常強大的驅動力。

Now some of our caution and conservatism is, as I mentioned in response to a previous question, we have seen quarter-to-quarter digestion periods.

現在，我們的一些謹慎和保守態度是，正如我在回答之前的問題時提到的，我們已經看到了逐季度的消化期。

The long-term secular trend associated with advanced packaging adoption in microprocessors, and more broadly, in foundry & logic, whether it's GPUs or apps processor, is quite clear.

與微處理器以及更廣泛的代工和邏輯（無論是 GPU 還是應用處理器）採用先進封裝相關的長期趨勢非常明顯。

What I would caution against is drawing a straight line that goes up onto the right quarter after quarter after quarter.

我要警告的是，不要畫一條直線，一條又一個季度地延伸到右側。

There are going to be some lumpy spots in this as customers ramp, as customers digest.

隨著客戶的增加和消化，其中將會出現一些不穩定的地方。

But the secular long-term trend associated with foundry & logic growth, we're very

但與代工和邏輯成長相關的長期趨勢，我們非常看好

[confident].

[自信的]。

That's great.

那太棒了。

Thank you.

謝謝。

Vedvati Shrotre, Evercore.

Vedvati Shrotre，Evercore。

Hi.

你好。

Thanks for taking my question and congratulations.

感謝您提出我的問題並表示祝賀。

So maybe starting with the HBM side of things.

因此，也許可以從 HBM 方面開始。

Can you help me understand what the competitive positioning looks like on the HBM side?

您能幫我了解 HBM 方面的競爭定位嗎？

Are you started the market share leader just for HBM specifically versus the traditional DRAM?

您是否只是為了 HBM（特別是傳統 DRAM）而開始佔據市場份額領先地位？

Is that a good way to think about it?

這是一個好的思考方式嗎？

Yeah, I think that is a good way to think about it.

是的，我認為這是一個很好的思考方式。

Part of it's because we have a very strong historical relationship with the DRAM manufacturer as a customer who's leading in HBM market share.

部分原因是我們與 DRAM 製造商有著非常牢固的歷史關係，作為 HBM 市場份額領先的客戶。

So you end up -- as in all of these situations, your native share at a customer, if they're successful in some of these submarkets, can drive share gains where, to be quite candid, you're getting fortunate with the situation that the company's in.

因此，在所有這些情況下，如果客戶在其中一些子市場取得成功，您的本地份額就可以推動份額增長，坦白說，您在這種情況下很幸運那個公司在。

I do think, when we look at our differentiation and why we're leading in HBM, it goes back to two points I made in the prepared remarks.

我確實認為，當我們審視我們的差異化以及我們為何在 HBM 中處於領先地位時，這可以追溯到我在準備好的發言中提出的兩點。

One is HBM, and I think this is fairly obvious to most people, involved higher test speeds as customers screen out those die.

其中之一是 HBM，我認為這對大多數人來說相當明顯，當客戶篩選出這些晶片時，涉及更高的測試速度。

We've got a very differentiated DRAM offering for high speed.

我們擁有非常差異化的高速 DRAM 產品。

And so that drive share.

如此驅動共享。

The other piece to it -- and different customers have different approaches to how they handle this.

另一方面，不同的客戶有不同的處理方法。

The thermal scaling behavior of an HBM stacked wafer is much, much different than a monolithic silicon DRAM wafer.

HBM 堆疊晶圓的熱縮放行為與單晶片矽 DRAM 晶圓有很大不同。

And it turns out that our technology is able to deal with that variability as the customer tests a high temperature, low temperature, room temperature.

事實證明，當客戶測試高溫、低溫、室溫時，我們的技術能夠應對這種變化。

We're able to deal with that variability in a pretty elegant and efficient way.

我們能夠以一種非常優雅和有效的方式處理這種變化。

So that's another element of the differentiation that's driving the market share leadership.

因此，這是推動市場佔有率領先的差異化的另一個因素。

So are you -- is it fair to say you're seeing market share gains at other two HBM manufacturers?

那麼，可以公平地說，您看到其他兩家 HBM 製造商的市場份額增加嗎？

I'm not sure we have enough exposure there yet, given the relative volume of their HBM volume to see any movement of the needle on share at those other customers.

考慮到他們的 HBM 銷售的相對量，我不確定我們在這方面是否有足夠的曝光度，無法看到其他客戶的份額有任何變化。

But as we engage, that's certainly an aspiration and the goal we have as they get more engaged in the HBM market.

但當我們參與時，這肯定是我們的願望和目標，因為他們更多地參與 HBM 市場。

Got it.

知道了。

Thank you.

謝謝。

And maybe on the foundry & logic side, could you provide us an update on where you are in the qualification process when it comes to the MPU fab customer or the leading GPU customer?

也許在代工廠和邏輯方面，您能否向我們提供有關 MPU 晶圓廠客戶或領先 GPU 客戶的資格認證流程的最新進展？

(technical difficulty)

（技術難度）

Yeah.

是的。

So let's deal with them differently because they're slightly different situations.

因此，讓我們以不同的方式處理它們，因為它們的情況略有不同。

And remind everybody that it is our strategy to be a leading supplier at all leading customers.

並提醒大家，成為所有領先客戶的領先供應商是我們的策略。

So we want to make sure we're qualified in a key part of the supply chain for both of these customers.

因此，我們希望確保我們有資格參與這兩個客戶供應鏈的關鍵部分。

And of course, they want multiple, probably, two qualified suppliers.

當然，他們想要多個（可能是兩個）合格的供應商。

And there's really only two companies that supply high end foundry & logic probe cards at this performance level.

實際上只有兩家公司提供這種性能水平的高端代工和邏輯探針卡。

So the first one, we continue to make progress with the fabless MPU manufacturer.

所以第一，我們繼續與無晶圓廠MPU製造商取得進展。

As we told you, I believe on the last earnings call, we changed out our customer facing team.

正如我們告訴你的，我相信在上次財報電話會議上，我們更換了面向客戶的團隊。

It has been engaging and seeing some progress there.

它一直很吸引人，並看到了一些進展。

We don't have qualification or material revenue to announce, but it really is a key initiative for the company, and we are making some progress.

我們沒有資格或物質收入要宣布，但這確實是公司的關鍵舉措，而且我們正在取得一些進展。

On the fabless GPU manufacturers, there's some interesting dynamics there.

對於無晶圓廠 GPU 製造商來說，存在一些有趣的動態。

We're working with them, with their foundry as they adopt some of the advanced packaging technologies to put GPUs together with HBM on new probe technologies.

我們正在與他們以及他們的代工廠合作，他們採用了一些先進的封裝技術，將 GPU 與 HBM 結合在一起，用於新的探針技術。

We're in a qualification stage associated with that.

我們正處於與此相關的資格階段。

But one of the interesting things we've seen from that customer is some nice contribution in the first half of 2024 associated with their switch business.

但我們從該客戶那裡看到的有趣的事情之一是 2024 年上半年與其交換機業務相關的一些不錯的貢獻。

That's a business that they acquired a while ago, rounds out their data center offerings.

這是他們不久前收購的企業，完善了他們的資料中心產品。

And that's been a strong area of growth for us as we go through the first half here.

當我們經歷上半年時，這對我們來說是一個強勁的成長領域。

Thank you.

謝謝。

All right.

好的。

I think that's all.

我想僅此而已。

Thank you.

謝謝。

Thanks.

謝謝。

Christian Schwab, Craig Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Yeah.

是的。

Mike, I'm just wondering when you're going to feel comfortable, given the next phase of growth and our previous target of $850 million in $2 in earnings power I don't think probably took into consideration the significant revenue and high-bandwidth memory?

麥克，我只是想知道你什麼時候會感到舒服，考慮到下一階段的增長和我們之前的 2 美元盈利能力 8.5 億美元的目標，我認為可能沒有考慮到可觀的收入和高頻寬記憶？

When do you think you'll be ready to maybe readdress that with investors?

您認為您什麼時候準備好與投資者重新解決這個問題？

Yeah.

是的。

Well, it didn't take into account the HBM\, but there were also some other puts and takes as there are in any target model.

嗯，它沒有考慮 HBM\，但也有一些其他的 put 和 take，就像任何目標模型中一樣。

We've had some headwinds associated with China.

我們遇到了一些與中國相關的阻力。

That's one of the reasons why we divested the business.

這就是我們剝離該業務的原因之一。

So there's some things that are positive, there're some things that are negative, and we're still tracking.

因此，有些事情是正面的，有些事情是負面的，我們仍在追蹤。

As you can see from the second quarter guide and our comments on the call, we're still committed to the $850 million.

正如您從第二季指南和我們對電話會議的評論中看到的那樣，我們仍然致力於 8.5 億美元。

As we did last time around, we want to put the numbers up on the board at least from a quarterly standpoint.

正如我們上次所做的那樣，我們希望至少從季度的角度將這些數字放在董事會上。

So a quarterly run rate of [2.12%], a gross margin of 47%, EPS of $0.50 in a quarter before we publish a new model.

因此，在我們發布新車型之前的一個季度，季度運行率為 [2.12%]，毛利率為 47%，每股收益為 0.50 美元。

Now given our limited visibility, we'd certainly hope that happens sometime in the second half year, but we don't have the visibility to commit to that.

現在，鑑於我們的可見度有限，我們當然希望這會在下半年的某個時候發生，但我們沒有足夠的可見度來承諾這一點。

And the discussions around HBM digestion and some of the other pieces, I guess I would like to be able to do it in the third quarter or the fourth quarter, but we just don't have the visibility to be able to foreshadow that yet.

圍繞著 HBM 消化和其他一些部分的討論，我想我希望能夠在第三季或第四季完成，但我們還沒有能力預示這一點。

Okay.

好的。

And then could the digestion period be maybe a little bit later than you may think, given I know Samsung just said that they're going to high bandwidth.

鑑於我知道三星剛剛表示他們將採用高頻寬，那麼消化期可能會比您想像的要晚一點。

Their memory is going to be up threefold this year, and then that's going to double again the following year.

今年他們的記憶力將增加三倍，第二年將再增加一倍。

And we should have the third customer ramping with you shortly.

我們很快就會迎來第三位客戶。

Is that fair?

這樣公平嗎？

Yeah, there's no question, the digestion could be later at a different time.

是的，毫無疑問，消化可能會在稍後的不同時間進行。

It doesn't need to be in sequential quarters, right?

它不需要連續幾個季度，對吧？

But again, based on the strength and the step-up in the second quarter, we want to make sure that we're producing the products that have been ordered for us, delivering a quality product on time to these customers, and supporting whatever ramp they're then going to drive in the second half.

但同樣，基於第二季度的實力和進步，我們希望確保我們正在生產為我們訂購的產品，按時向這些客戶交付優質產品，並支持任何增長然後他們將在下半場開車。

But we just don't have the visibility there to be able to make a definitive statement.

但我們只是沒有足夠的知名度來做出明確的聲明。

Great.

偉大的。

No other questions.

沒有其他問題。

Thank you.

謝謝。

Thanks, Christian.

謝謝，克里斯蒂安。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Hi, this is Robert Mertens on for Krish.

大家好，我是克里斯的羅伯特‧默滕斯。

Thanks for taking my questions.

感謝您回答我的問題。

The first one, just jumping back to the high-bandwidth memory.

第一個，只是跳回高頻寬記憶體。

It was roughly say $10 million or so during the December quarter and doubling this quarter and then should also be up another $10 million or so in the June outlook, semi maybe like a 20% to upwards of like 40% sequential growth for the high-bandwidth memory portion.

粗略地說，在12 月的季度中約為1000 萬美元左右，本季度翻了一番，然後在6 月份的展望中也應該再增加1000 萬美元左右，半成品可能會實現20％ 至40％ 以上的高連續成長。

Did I hear you correct for the second half of the year that you would expect memory to be up half over half, or was that a comment to the overall business?

我是否聽到您對下半年的預期內存增長一半以上的正確說法，或者這是對整體業務的評論？

And what are the major potential upsides to the second half of the year?

下半年的主要潛在優勢是什麼？

Yeah, we certainly didn't make any definitive comments about the second half of the year.

是的，我們當然沒有對下半年做出任何明確的評論。

My answer to Christian's question a moment ago, given our lead times are well within a quarter, we just don't have the visibility to make a statement on the second quarter.

我剛剛回答了克里斯蒂安的問題，考慮到我們的交貨時間在一個季度之內，我們只是沒有時間就第二季發表聲明。

Now I do think for HBM, there are some interesting dynamics at work, given the strong investment plans that the hyperscalers have.

現在，我確實認為，對於 HBM 來說，鑑於超大規模企業擁有強大的投資計劃，存在一些有趣的動態在發揮作用。

They're going to drive data center spending.

他們將推動數據中心支出。

They're going to drive more HBM shipments.

他們將推動更多 HBM 出貨量。

And as somebody noted on this call, our customers are all conveying strong growth for HBM through the second half of the year.

正如有人在本次電話會議上指出的那樣，我們的客戶都表示 HBM 在今年下半年將實現強勁成長。

So I think potentially, sure, we can see that.

所以我認為我們當然可以看到這一點。

But I just don't have the direct visibility right now, given the shorter lead times to really commit to that or make any statements that set expectations for the second half.

但我現在還沒有直接的可見性，因為真正承諾這一點或做出任何為下半年設定預期的聲明的準備時間較短。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just quickly in terms of Intel on their ramping foundry business.

然後就英特爾而言，其代工業務的發展很快。

I didn't know if you could provide any commentary in terms of if you're starting to see any business there or expectations as their foundry starts to ramp.

我不知道您是否可以提供任何評論，說明您是否開始看到那裡的任何業務或隨著他們的代工廠開始擴大規模的期望。

Would you expect that to be a similar percent market share as your current market share with Intel, or how that might shake out?

您是否期望該市場佔有率與您目前在英特爾的市佔率相似，或者可能會如何變化？

Yeah.

是的。

I think with any foundry customer, there's a couple of different business models.

我認為對於任何代工客戶來說，都有幾種不同的商業模式。

And certainly, when the foundry has a contract to not just produce the wafers but then test and assemble the wafers, we compete for that business at the foundry.

當然，當代工廠簽訂的合約不僅要生產晶圓，還要測試和組裝晶圓時，我們就會在代工廠爭奪這項業務。

Now sometimes the fabless customer manages their test and assembly in and just buys the wafers from the foundries.

現在，有時無晶圓廠客戶管理他們的測試和組裝，然後只從代工廠購買晶圓。

But in the first scenario where the foundries managing not just wafer production but test wafer, sort, assembly, and final test, those are areas where we'd expect to have, if you like, our natural share position irrespective of the foundry.

但在第一種情況下，代工廠不僅管理晶圓生產，還管理晶圓測試、分類、組裝和最終測試，如果你願意的話，我們希望在這些領域擁有我們自然的份額地位，而與代工廠無關。

Okay.

好的。

Got it.

知道了。

That's helpful.

這很有幫助。

Okay.

好的。

Thanks, Robert.

謝謝，羅伯特。

(Operator Instructions) Tom Diffely, D.A. Davidson.

（操作員說明）Tom Diffely，D.A.戴維森。

Yes, good afternoon and thank you.

是的，下午好，謝謝。

So maybe a question for Shai on the margin structure on the model.

所以，Shai 可能會問一個關於模型的利潤結構的問題。

So when I look at the guidance for the out quarter and compare it to a couple of years ago, we were at the same revenue level, margins are a few hundred basis points lower in earnings, quite a bit lower.

因此，當我查看本季度的指導並將其與幾年前進行比較時，我們處於相同的收入水平，利潤率比收益低了幾百個基點，低了不少。

Curious what is the biggest difference between then and now?

好奇當時和現在最大的差別是什麼？

Is it just increasing capacity, is it the mix of what you're selling today?

只是增加產能，還是今天銷售的產品的組合？

Maybe just a little more color on that, if you could?

如果可以的話，也許可以再多一點顏色？

Yeah, Tom, that's a good observation.

是的，湯姆，這是一個很好的觀察。

I mean, if we go back as far as I recall Q1 of 2022, with similar levels of revenue to the midpoint of the range, I think it was $187 million, gross margin was 49%, but the mix was very different.

我的意思是，如果我們回想一下 2022 年第一季度，收入水準與該範圍的中點相似，我認為是 1.87 億美元，毛利率為 49%，但結構卻非常不同。

Two years ago, the systems revenue was higher, and the gross margin was higher, it was about 50%.

兩年前，系統營收較高，毛利率較高，約50%。

Foundry & logic was above $110 million, and at the midpoint of the guidance, we are talking about $100 million of foundry & logic.

代工和邏輯業務超過 1.1 億美元，在指導意見的中間，我們正在談論 1 億美元的代工和邏輯業務。

And DRAM was about $35 million two years ago, and now we're talking about $55 million.

兩年前 DRAM 的價值約為 3500 萬美元，現在我們談論的是 5500 萬美元。

So you can see the difference in the mix higher -- now we are talking to much lower foundry & logic versus two years ago, higher DRAM.

因此，您可以看到更高組合中的差異 - 現在我們談論的是低得多的代工和邏輯，而兩年前是更高的 DRAM。

That negatively impacts the margin.

這會對利潤產生負面影響。

And that's why let's call it only 45% versus the 49% we saw two years ago.

這就是為什麼我們稱之為 45%，而不是兩年前的 49%。

But it's a great step-up on our way to achieve our 47% gross margin at $850 million revenue.

但這對於我們實現 47% 的毛利率和 8.5 億美元的收入來說是一個巨大的進步。

So maybe just to follow on to that, and if you look at your target model, was that based on a mix that was more favorable for you?

因此，也許只是繼續下去，如果你看看你的目標模型，它是否基於對你更有利的組合？

Or is the increasing amount of memory going to impact your target model?

或者內存量的增加會影響您的目標模型？

Mike talked a little bit about it.

麥克談了一點。

Since we published our target model, there have been many puts and takes, some of them positive, some of them negative.

自從我們發布目標模型以來，出現了很多的看法，其中一些是正面的，有些是負面的。

We are encouraged to see the Q2 outlook with a significant step-up in both revenue and gross margin.

我們很高興看到第二季的營收和毛利率都顯著上升。

It is true that DRAM having a lower gross margin in foundry & logic that the increase in DRAM puts some pressure on our target model.

確實，DRAM在代工方面的毛利率較低，邏輯上DRAM的增加對我們的目標型號帶來了一些壓力。

But as we said, there were few other positive and negative puts and takes.

但正如我們所說，幾乎沒有其他積極和消極的看跌期權和期權。

We do have few internal ongoing initiatives to improve gross margin, things like automation, manufacturing, efficiency, the increased focus on quality that we talked about today, which is part of the reasons for consolidating operations.

我們確實沒有什麼內部持續的措施來提高毛利率，例如自動化、製造、效率、我們今天談到的對品質的更多關注，這也是合併營運的部分原因。

So these are all things that will help us to achieve the 47% gross margin, and we are still committed to it.

所以這些都是有助於我們實現47%毛利率的事情，我們仍然致力於實現這一目標。

Great.

偉大的。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

This does conclude the question-and-answer session of today's program.

今天節目的問答環節到此結束。

I'd like to hand the program back to Mike Slessor for any further remarks.

我想將程式交還給 Mike Slessor，以便他提出進一步的意見。

Thanks, everybody, for joining us today.

謝謝大家今天加入我們。

Over the next month, month and a half, we're going to be presenting and attending a variety of conferences and would welcome the chance to speak with any of you and provide more color on FormFactor, our current growth, and our future growth prospects.

在接下來的一個月、一個半月裡，我們將出席各種會議，並歡迎有機會與你們任何人交談，並就 FormFactor、我們當前的成長以及未來的成長前景提供更多資訊。

Until then, take care.

在那之前，要小心。

Thank you, ladies and gentlemen, for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。

Good day.

再會。