Ichor Holdings Ltd (ICHR) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for attending today's second quarter 2023 Conference Call.

下午好，感謝您參加今天的 2023 年第二季度電話會議。

As you read our earnings press release and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spelled out in our earnings press release, those described in our annual report on Form 10-K for fiscal 2022 and those described in subsequent filings with the SEC. You should consider all forward-looking statements in light of those and other risks and uncertainties.

當您閱讀我們的收益新聞稿和收聽本次電話會議時，請注意，兩者均包含聯邦證券法含義內的前瞻性陳述。這些前瞻性陳述受到許多風險和不確定性的影響，其中許多風險和不確定性超出了我們的控制範圍，可能導致實際結果與此類陳述存在重大差異。這些風險和不確定性包括我們的收益新聞稿中闡述的風險和不確定性、2022 財年10-K 表格年度報告中描述的風險和不確定性以及隨後向SEC 提交的文件中描述的風險和不確定性。您應該根據這些以及其他風險和不確定性考慮所有前瞻性陳述。

Additionally, we will be providing certain non-GAAP financial measures during this conference call. Our earnings press release and the financial supplement posted to our IR website each provide a reconciliation of these non-GAAP financial measures to their most comparable GAAP financial measures.

此外，我們將在本次電話會議期間提供某些非公認會計準則財務指標。我們的收益新聞稿和發佈在我們的 IR 網站上的財務補充資料均提供了這些非 GAAP 財務指標與其最具可比性 GAAP 財務指標的對賬結果。

On the call with me today are Jeff Andreson, our CEO; Larry Sparks, our retiring CFO; and Greg Swyt, our incoming CFO. Jeff will begin with an update on our business, and then Larry and Greg will provide additional details about our results. After the prepared remarks, we will open the line for questions.

今天與我通話的是我們的首席執行官 Jeff Andreson；拉里·斯帕克斯 (Larry Sparks)，我們即將退休的首席財務官；以及我們即將上任的首席財務官 Greg Swyt。傑夫將首先介紹我們業務的最新情況，然後拉里和格雷格將提供有關我們結果的更多詳細信息。準備好的發言結束後，我們將開通提問熱線。

I'll now turn over the call to Jeff Andreson. Jeff?

我現在將把電話轉給傑夫·安德烈森。傑夫？

Thank you, Claire, and welcome to our Q2 earnings call.

謝謝克萊爾，歡迎參加我們的第二季度財報電話會議。

Our second quarter results came in at the upper end of our expectations. Revenues were $185 million and declined less than expected, primarily due to the acceleration of customer demand for a couple of end markets that are recovering more quickly in the currently soft WFE environment.

我們第二季度的業績超出了我們的預期。收入為 1.85 億美元，降幅低於預期，主要是由於客戶對幾個終端市場的需求加速，這些市場在當前疲軟的 WFE 環境中恢復得更快。

Our gross margin, operating expenses and operating profit performance also fell into the upper end of our guidance ranges. And with more favorable tax largely offsetting the higher interest expense, earnings of $0.02 per share also exceeded our prior expectations of a breakeven quarter.

我們的毛利率、營業費用和營業利潤表現也落入指導範圍的上限。由於更優惠的稅收在很大程度上抵消了較高的利息支出，每股收益 0.02 美元也超出了我們之前對盈虧平衡季度的預期。

We continue to see the second quarter 2023 as Ichor's trough quarter during the current downturn, with modest sequential growth expected as we progress through the year. Our current expectations for the third quarter indicate revenue growth of about 4%, plus or minus, with the only difference compared to our prior outlook of 5% to 10% growth being the stronger second quarter.

我們仍然認為 2023 年第二季度是 Ichor 在當前經濟低迷時期的低谷季度，預計隨著全年的進展，將出現溫和的環比增長。我們目前對第三季度的預期表明收入增長約為 4%（上下），與我們之前預期的 5% 至 10% 增長相比，唯一的差異是第二季度的增長更為強勁。

While our overall outlook for the full year is consistent with what we were seeing at this time last quarter, there was no question that there continues to be a significant amount of variability in customer demand and build schedules. For example, at the same time as Q2 witnessed a degree of [ultimate] demand from Q3, we also saw increased demand in a couple of pockets of strength, including increasing investments in the trailing node, logic and high-bandwidth memory. These areas of upside, however, are being pretty equally offset by softening demand in some areas of leading-edge logic and slower build schedules in other areas, such as EUV lithography.

雖然我們對全年的總體展望與上季度此時的情況一致，但毫無疑問，客戶需求和構建時間表仍然存在很大的變化。例如，在第二季度見證了第三季度一定程度的[最終]需求的同時，我們還看到了一些優勢領域的需求增加，包括增加對尾隨節點、邏輯和高帶寬內存的投資。然而，這些領域的優勢同樣被一些前沿邏輯領域的需求疲軟和其他領域（例如 EUV 光刻）的較慢的構建計劃所抵消。

So while we are witnessing some improvement between the quarters, our overall outlook for 2023 is largely unchanged. However, the year is a bit more front-half weighted than we previously thought given the stronger performance in Q2. Clearly, our expected revenue decline in 2023 is a bit steeper than the overall market decline of 20% to 25% this year due to several factors.

因此，雖然我們看到各季度之間有所改善，但我們對 2023 年的總體前景基本沒有變化。然而，鑑於第二季度的強勁表現，今年上半年的權重比我們之前想像的要高一些。顯然，由於多種因素的影響，我們預計 2023 年的收入下降幅度比今年整體市場 20% 至 25% 的下降幅度要大一些。

First is our relative customer exposure, which is more heavily weighted towards etch and deposition compared to lithography. We estimate that our customer shipments of etch and deposition systems would be down at least 30% this year. Furthermore, the component side of our business, which is largely comprised of weldment and precision machine parts, and which typically represents about 1/4 of our revenue, is seeing deeper cuts as our customers work to reduce their inventory levels. The bright spot for us this year are definitely within growing market segments and new customer design wins, and we continue to expect to add a third 10% customer for fiscal 2023.

首先是我們的相對客戶曝光度，與光刻相比，蝕刻和沈積更重要。我們估計今年客戶的蝕刻和沈積系統出貨量將下降至少 30%。此外，我們業務的零部件業務主要由銲件和精密機器零件組成，通常占我們收入的 1/4 左右，隨著我們的客戶努力降低庫存水平，零部件業務正在進一步削減。今年我們的亮點肯定是不斷增長的細分市場和贏得新客戶設計，我們繼續預計在 2023 財年增加第三個 10% 的客戶。

We are also less exposed to the memory market today than ever before. Based on our customers' revenues by end market, we estimate that memory WFE investments drove approximately 40% of our sales in 2022. And given the industry environment for memory year-to-date, we estimate our current exposure to be less than 25%.

如今，我們對內存市場的接觸也比以往任何時候都要少。根據我們按終端市場劃分的客戶收入，我們估計存儲器 WFE 投資約占我們 2022 年銷售額的 40%。考慮到今年迄今為止的存儲器行業環境，我們估計我們當前的風險敞口不到 25% 。

All of these factors, which certainly are resulting in a challenging year for Ichor in 2023, are just as strongly indicating the potential for a very strong snapback of demand as the industry recovery accelerates. For example, our outlook for the remainder of 2023 assumes little to no recovery in the memory sector, which is broadly expected to begin to rebound sometime next year given the recent stabilization in pricing and demand environment.

所有這些因素肯定會導致 2023 年 Ichor 面臨充滿挑戰的一年，同時也強烈表明，隨著行業復甦加速，需求可能會出現非常強勁的反彈。例如，我們對 2023 年剩餘時間的展望假設內存行業幾乎不會復蘇，鑑於最近定價和需求環境的穩定，人們普遍預計該行業將在明年某個時候開始反彈。

Our business model and financial profile tend to generate significant operating leverage as revenues increase. For example, we estimate our gross margin flow-through to be approximately 25% as we move through the remainder of 2023 which, at the midpoint of Q3 guidance, will generate a 30% improvement in operating profit on a 4% increase in revenues. A more significant revenue ramp in 2024 could once again lead to very significant earnings growth as we look ahead, which is why we continue to make critical investments in our business in support of future growth.

隨著收入的增加，我們的商業模式和財務狀況往往會產生巨大的運營槓桿。例如，我們估計，在 2023 年剩餘時間內，我們的毛利率流量約為 25%，在第三季度指導的中點，營業利潤將增長 30%，收入將增長 4%。展望未來，2024 年更顯著的收入增長可能會再次帶來非常顯著的盈利增長，這就是為什麼我們繼續對業務進行關鍵投資以支持未來增長。

During this period, we are maintaining our focus on driving share gains for our proprietary product and making investments in new offerings that support our customers' long-term technology road maps. We are utilizing the slowdown to complete qualifications and new products that will both increase our share of our served markets as well as the internally manufactured content of our existing products.

在此期間，我們將繼續專注於推動我們專有產品的份額增長，並投資於支持客戶長期技術路線圖的新產品。我們正在利用經濟放緩來完成資格認證和新產品的開發，這將增加我們在所服務的市場中的份額以及我們現有產品的內部製造內容。

We continue to make good progress on all of our focus areas this year with new customer qualifications for our internally developed machining components, leveraging our global weldment footprint to gain additional share, qualifying our initial next-generation gas panels as well as our proprietary chemical delivery systems and the development of new components that address the wet processing market.

今年，我們繼續在所有重點領域取得良好進展，我們內部開發的加工部件獲得了新的客戶資格，利用我們的全球銲件足跡獲得更多份額，資格我們最初的下一代氣體面板以及我們專有的化學品交付系統以及針對濕法加工市場的新組件的開發。

I'd like to start with an update on our next-generation gas panel evaluations. We are now actively engaged with 4 customers. We have now completed the qualification of 2 of the evaluation units we ship for 2 different applications. Our best estimate of when production shipments will begin is mid- to late 2024 as they will now move into their customer evaluation stage. Additionally, we also expect to complete a third evaluation this quarter that will also lead to first production units in a similar time frame as their tool is introduced into the market. These are important milestones for Ichor, and we are very pleased with the progress we are making with this new product.

我想首先介紹一下我們下一代燃氣面板評估的最新情況。我們現在正在積極與 4 家客戶接洽。我們現在已經完成了針對 2 個不同應用的 2 個評估單元的資格認證。我們對何時開始生產發貨的最佳估計是 2024 年中後期，因為它們現在將進入客戶評估階段。此外，我們還預計在本季度完成第三次評估，這也將在其工具引入市場的相似時間內實現第一批生產裝置。這些都是 Ichor 的重要里程碑，我們對這款新產品所取得的進展感到非常滿意。

We have finalized the qualification of incremental machining components, and we'll begin initial shipments later this quarter. These components will be integrated in our existing gas panels that we manufacture today and will be margin accretive.

我們已經完成了增量加工部件的資格認證，並將在本季度晚些時候開始首次發貨。這些組件將集成到我們今天製造的現有燃氣面板中，並將增加利潤。

The new gains in our chemical delivery business are progressing but at a slower pace than our gas delivery product. As a result, we are reviewing our Japan strategy to accelerate our results in this region. We are also developing new components for this market that we expect to begin to release in 2024 as well.

我們的化學品輸送業務的新收益正在取得進展，但速度慢於我們的天然氣輸送產品。因此，我們正在審查我們的日本戰略，以加速我們在該地區取得成果。我們還在為該市場開發新組件，預計將於 2024 年開始發布。

And lastly, we reported on our last earnings call that we have completed the delivery and customer qualification of our first gas panels for the silicon carbide market and are now shipping production units. We continue to work closely with our initial customer and expect to deliver the first evaluation units to them for their next-generation tools sometime in early Q4.

最後，我們在上次財報電話會議上報告說，我們已經完成了針對碳化矽市場的第一批氣體面板的交付和客戶資格認證，現在正在運送生產裝置。我們將繼續與我們的初始客戶密切合作，並期望在第四季度初的某個時候向他們提供第一批用於下一代工具的評估單元。

In summary, I'll remind everybody here today that our revenues tend to recover more sharply when industry spending rebounds. And our business model enables earnings growth well in excess of revenue growth. In the meantime, we are managing through the lower demand environment by focusing on delivering solid financial results as the business recovers from Q2 levels, improving our operational capabilities, qualifying our internally developed products and developing new products that align with our customers' needs for both technology and costs.

總之，我今天要提醒大家，當行業支出反彈時，我們的收入往往會恢復得更快。我們的商業模式使盈利增長遠遠超過收入增長。與此同時，我們正在應對需求較低的環境，重點是隨著業務從第二季度的水平復蘇，提供穩健的財務業績，提高我們的運營能力，鑑定我們內部開發的產品，並開發符合客戶需求的新產品技術和成本。

Before turning the call over to Larry, I'd like to share my sincere appreciation for his leadership of the finance organization and across the enterprise over the past 4 years, and congratulate him on his long-awaited retirement. Both Larry and I trace our roots back to our many years at Applied Materials, which is where we also met Greg Swyt. In fact, Greg and I have worked together for the majority of our last 25-plus years in the business. Some of you might remember him from Nanometrics where he took over from me after I joined Ichor in 2017. Greg has extensive experience in semiconductor equipment and his deep knowledge of Ichor's finance and operations will make this transition very seamless. But we will all miss Larry. We also know we're in great hands with Greg.

在將電話轉給 Larry 之前，我想對他在過去 4 年裡對財務組織和整個企業的領導表示誠摯的謝意，並祝賀他期待已久的退休。拉里和我的根源可以追溯到我們在應用材料公司工作的多年，我們也是在那裡認識了格雷格·斯威特 (Greg Swyt)。事實上，Greg 和我在過去 25 多年的業務生涯中大部分時間都是一起工作的。你們中有些人可能還記得他在Nanometrics 工作，在我於2017 年加入Ichor 後，他接替了我。Greg 在半導體設備方面擁有豐富的經驗，他對Ichor 財務和運營的深入了解將使這一過渡非常順利。但我們都會想念拉里。我們也知道我們得到了格雷格的大力幫助。

With that, I'll turn the call over to Larry to recap our Q2 results before closing with Greg to provide further details around our Q3 financial outlook. Larry?

至此，我將把電話轉給拉里，回顧一下我們第二季度的業績，然後與格雷格結束通話，提供有關我們第三季度財務前景的更多細節。拉里？

Thanks, Jeff. I greatly enjoyed my last 4 years at Ichor and getting to know so many of you in the investment community.

謝謝，傑夫。我非常享受在 Ichor 的最後 4 年，並結識了投資界的很多人。

First, I would like to remind you that the P&L metrics discussed today are non-GAAP measures. These measures exclude the impact of share-based compensation expense, amortization of acquired intangible assets, nonrecurring charges and discrete tax items and adjustments. There is a very helpful schedule summarizing our GAAP and non-GAAP financial results, including the individual line items for non-GAAP operating expenses such as R&D and SG&A, in the Investors section of our website for reference during this conference call.

首先，我想提醒您，今天討論的損益指標是非公認會計準則指標。這些措施不包括股權激勵費用、收購的無形資產攤銷、非經常性費用以及離散稅項和調整的影響。我們網站的投資者部分有一個非常有用的時間表，總結了我們的 GAAP 和非 GAAP 財務業績，包括非 GAAP 運營費用的各個項目，例如研發和 SG&A，供本次電話會議期間參考。

Second quarter revenues were $185 million, towards the upper end of our expectations, and declined 18% from Q1. Gross margin of 14.5% was consistent with our expectations of flow-through just under 20% on the revenue decline as compared to our model of 25% incremental margin on increasing revenues.

第二季度收入為 1.85 億美元，接近我們預期的上限，較第一季度下降 18%。 14.5% 的毛利率與我們對收入下降時流量略低於 20% 的預期一致，而我們的模型是收入增加時利潤率增量為 25%。

Operating expenses were $21.5 million, and given the upside in both revenue and gross margin, Q2 operating margin was also above the midpoint of guidance at 2.9%. As a result of higher interest rates, net interest expense increased to $5 million, while our non-GAAP net income tax benefit for the quarter was also a bit higher than forecast at $500,000. As a result, net earnings for the quarter were $0.02 per share.

運營費用為 2150 萬美元，考慮到收入和毛利率的上升，第二季度運營利潤率也高於指導中值 2.9%。由於利率上升，淨利息支出增加至 500 萬美元，而我們本季度的非 GAAP 淨所得稅收益也略高於預期，為 500,000 美元。結果，該季度淨利潤為每股 0.02 美元。

Our GAAP net loss included a noncash $11 million valuation allowance taken on our U.S. deferred tax assets recorded as a result of our U.S. profit falling into a cumulative 3-year loss as of the end of Q2. A large portion of our fixed cost structure, including interest expense, M&A, amortization and stock-based compensation, is in the U.S., which does not change with customer volume. As the industry recovers and our U.S. revenue and profitability grows, we will reevaluate our valuation allowance requirement.

我們的 GAAP 淨虧損包括對我們的美國遞延稅資產計提的 1100 萬美元非現金估值備抵，這是由於我們的美國利潤截至第二季度末累計 3 年虧損而記錄的。我們的固定成本結構的很大一部分，包括利息費用、併購、攤銷和股票薪酬，都在美國，這不會隨著客戶數量的變化而變化。隨著行業的複蘇以及我們在美國的收入和盈利能力的增長，我們將重新評估我們的估值準備金要求。

Now I will turn to the balance sheet. Cash and equivalents at quarter end totaled $85 million, an increase of $16 million from Q2, while total debt declined by $7 million. We generated $27 million of cash flow from operations, and after $4 million of CapEx, free cash flow for the quarter was $23 million. As expected, working capital balances declined across the board given the current softness in the customer demand environment. Accounts receivable declined by $27 million and inventory declined by over $5 million. DSO declined a bit to 47, and inventory turns for 2.4.

現在我要談談資產負債表。季度末現金及等價物總計 8500 萬美元，比第二季度增加 1600 萬美元，而總債務減少 700 萬美元。我們從運營中產生了 2700 萬美元的現金流，扣除 400 萬美元的資本支出後，本季度的自由現金流為 2300 萬美元。正如預期的那樣，鑑於當前客戶需求環境疲軟，營運資金餘額全面下降。應收賬款減少 2700 萬美元，庫存減少超過 500 萬美元。 DSO 略有下降至 47，庫存周轉率為 2.4。

Given the free cash flow generation in Q2, we elected to pay down a portion of our revolver, especially given the continual increases in interest rates. We currently have $95 million available on our revolver, and our net debt coverage ratio is currently about 2x.

考慮到第二季度自由現金流的產生，我們選擇償還一部分左輪手槍，特別是考慮到利率持續上漲。目前，我們的左輪手槍上有 9500 萬美元的可用資金，我們的淨債務覆蓋率目前約為 2 倍。

And now I'm pleased to introduce Greg Swyt and turn the call over to him to share more details about our Q3 guidance. Greg?

現在，我很高興向您介紹 Greg Swyt，並將電話轉給他，以分享有關我們第三季度指導的更多詳細信息。格雷格？

Thanks, Larry, and thank you, Jeff, for the earlier introduction. It's nice to know that many familiar names from my Nanometrics days are listening to today's call.

謝謝拉里，也謝謝杰夫之前的介紹。很高興知道許多我在納米測量時代熟悉的名字正在聆聽今天的電話會議。

Our revenue guidance for the third quarter is in the range of $185 million to $200 million, which indicates our expectations of modest sequential growth from Q2. As Larry indicated, our incremental gross margin flow-through expectations are approximately 25% on increasing revenues, which we expect will drive Q3 gross margin improvement to the high-14s level. We expect to closely manage operating expenses to the $21.7 million level, plus or minus $200,000, as we continue to prioritize our R&D investments in support of our new product programs and maintain the critical infrastructure that will enable us to quickly respond to customer demand as the spending environment further recovers.

我們對第三季度的收入指導在 1.85 億美元至 2 億美元之間，這表明我們預計第二季度將出現溫和的環比增長。正如 Larry 所言，隨著收入的增加，我們的毛利率增量預期約為 25%，我們預計這將推動第三季度毛利率提高至 14% 的高水平。我們預計將運營費用嚴格控制在 2170 萬美元的水平，上下浮動 20 萬美元，因為我們將繼續優先考慮研發投資以支持我們的新產品計劃，並維護關鍵基礎設施，使我們能夠快速響應客戶需求。消費環境進一步恢復。

At the midpoint of Q3 revenue guidance, we would expect to generate approximately $7 million of operating profit, which is a sequential growth increase of about 30% from Q2 levels, demonstrating the strong earnings leverage we can achieve as revenue volumes recover. Interest expense is expected to increase once again to approximately $5.3 million due to higher interest rates.

在第三季度收入指導的中點，我們預計將產生約700 萬美元的營業利潤，比第二季度的水平環比增長約30%，這表明隨著收入量的恢復，我們可以實現強大的盈利槓桿。由於利率上升，預計利息支出將再次增加至約 530 萬美元。

Finally, our guidance on taxes as we move through 2023 continue to reflect the expectation of a net tax benefit to be recorded for the full year. Although we are expecting pretax income globally for the year, given the pretax losses incurred in [pretax], we expect to recognize a net tax benefit in the range of $4 million to $5 million for fiscal 2023. This is a bit smaller of a benefit than we forecasted last quarter. And given that we've recognized $3.2 million of the benefit year-to-date, for modeling purposes, you should assume a benefit of $400,000 at the midpoint of our Q3 guidance and approximately $1 million forecasted for another quarter of sequential growth expected for Q4.

最後，我們對 2023 年稅收的指導繼續反映了全年錄得淨稅收優惠的預期。儘管我們預計今年全球範圍內的稅前收入，但考慮到[稅前]產生的稅前損失，我們預計 2023 財年將獲得 400 萬至 500 萬美元的淨稅收收益。這是一個較小的收益高於我們上季度的預測。鑑於我們今年迄今已確認320 萬美元的收益，出於建模目的，您應該假設我們第三季度指導的中值收益為40 萬美元，預計第四季度的另一個季度的環比增長預計約為100萬美元。

As we look ahead to 2024, on an ongoing basis, we expect to incur a nominal non-GAAP tax expense each quarter, and for modeling purposes, you should assume a 5% to 10% non-GAAP effective tax rate.

展望 2024 年，我們預計每個季度都會產生名義非 GAAP 稅收費用，出於建模目的，您應該假設 5% 至 10% 的非 GAAP 有效稅率。

Operator, we are ready to take questions. Please open the line.

接線員，我們準備好回答問題。請打開線路。

(Operator Instructions) Our first question comes from the line of Krish Sankar with TD Cowen.

（操作員說明）我們的第一個問題來自 Krish Sankar 和 TD Cowen 的線路。

Larry, congrats on an amazing career and good luck on your retirement, you're going to be missed. And Greg, welcome.

拉里，恭喜你擁有出色的職業生涯，祝你退休好運，我們會想念你的。格雷格，歡迎。

Thank you.

謝謝。

I have 3 questions, and maybe all 3 for Jeff maybe. Jeff, thanks for the color on what happened in the quarter and your guidance, and it's kind of consistent with what you said a quarter ago, which is like you expect sequential growth. I'm kind of curious, like, given your limited visibility and the fact that your customers, like you mentioned, are trying to draw down inventory, what gives you the comfort that Q4 is going to be sequential growth? And is there any way you can quantify it? Or is it too early to quantify how December quarter is going to look like? And then I have 2 other questions.

我有 3 個問題，也許這 3 個問題都問 Jeff。傑夫，感謝您對本季度發生的情況以及您的指導，這與您上一個季度前所說的一致，這就像您預期的連續增長一樣。我有點好奇，鑑於您的知名度有限，而且您的客戶（正如您提到的）正在努力減少庫存，是什麼讓您對第四季度將實現連續增長感到放心？有什麼方法可以量化它嗎？或者現在量化 12 月季度的情況是否還為時過早？然後我還有另外兩個問題。

Yes. I think that's a good question. So as to our visibility, you've seen movement, and we talked about builds moving, things like that, but in general, kind of the magnitude of what we're seeing is holding up. And that gives me some confidence that as our customers are working through this, that what we're seeing is what we're going to get, so to speak. So what I would tell you is I think the inventory correction at some of our customers is going to take us through this year to get done. But I think our visibility, quite honestly, has kind of moved around a little bit quarter-to-quarter and moved within like advanced nodes and lagging nodes, but it's held up in kind of the same visibility for the year that we've seen. And so if you kind of just play the numbers out, you're probably looking at a 4% or 5% sequential increase off the midpoint of our Q3 guidance.

是的。我認為這是一個好問題。至於我們的可見性，你已經看到了移動，我們討論了構建移動，諸如此類的事情，但總的來說，我們所看到的規模是穩定的。這給了我一些信心，當我們的客戶正在解決這個問題時，我們所看到的就是我們將得到的，可以這麼說。所以我想告訴你的是，我認為我們一些客戶的庫存調整將幫助我們在今年完成任務。但我認為，老實說，我們的可見度在季度與季度之間略有變化，並且像先進節點和滯後節點一樣移動，但它與我們所看到的今年的可見度保持了相同的水平。因此，如果你只是計算一下數字，你可能會看到比我們第三季度指導的中點連續增長 4% 或 5%。

Got it. Very helpful, Jeff. And then the second question is you kind of mentioned that you're going to add a third 10%-plus customer this year. I'm assuming it's probably ASML given their exposure to EUV. Can you just help us talk a little bit about kind of like what their EUV exposure is and how to -- is there a way to quantify it? Or like, kind of how do you think about that going into later this year and into next year? And then I had one last question after that.

知道了。非常有幫助，傑夫。第二個問題是，您提到今年您將增加第三個 10% 以上的客戶。鑑於 ASML 接觸過 EUV，我猜想可能是 ASML。您能否幫我們談談他們的 EUV 曝光量以及如何——有沒有辦法量化它？或者說，您如何看待今年晚些時候和明年的情況？然後我還有最後一個問題。

Yes, I think that we haven't quantified how much content we get per EUV. We generally don't do that even on the other gas delivery products or other areas. But they're very transparent. And so as you know, they've kind of slowed some of their builds down. We've seen some of that trickling through kind of the second, third and fourth quarter for us. But in general, they're still going to cross 10%. And I would say, next year, it's very difficult. If I could tell you what WFE was, I could tell you if they stay above it or below it, because they're going to be kind of near that level by the end of the year. But I would say, a way to think about it is any indication they're giving you about their growth year-over-year, we're going to see it 4 or 5 months beforehand. So we'll have a piece of 2025 and 2024, so we would expect to see growth year-over-year still in that area.

是的，我認為我們還沒有量化每個 EUV 獲得了多少內容。即使在其他天然氣輸送產品或其他領域，我們通常也不會這樣做。但它們非常透明。正如你所知，他們已經放慢了一些建設速度。我們已經在第二、第三和第四季度看到了一些這樣的情況。但總的來說，他們仍然會超過 10%。我想說，明年，這非常困難。如果我能告訴你 WFE 是什麼，我就能告訴你它們是保持在其之上還是之下，因為到今年年底它們將接近該水平。但我想說，一種思考方式是，他們向您提供的有關其同比增長的任何跡象，我們都會提前 4 或 5 個月看到。因此，我們將在 2025 年和 2024 年分一杯羹，因此我們預計該領域仍將實現同比增長。

Got it. Very helpful. And then my final question, Jeff, like, there's been a lot of focus on silicon carbide. It seems like a really exciting market. And my understanding is that you guys have some exposure to it. Can you just help us like frame kind of what your exposure is in terms of gas panels for gas boxes, where it is and how to think about that opportunity into next year for your silicon carbide exposure?

知道了。很有幫助。然後我的最後一個問題，傑夫，碳化矽受到了很多關注。這似乎是一個非常令人興奮的市場。我的理解是你們已經接觸過它了。您能否幫助我們了解一下您在氣箱氣體面板方面的暴露情況，它在哪裡，以及如何考慮明年您的碳化矽暴露機會？

Yes. I mean it's an initial customer. I would say that it's a relatively complex gas box in comparison to a pretty easy one. So I'm not going to tell you the ASP. But I would tell you, it's kind of this year for us is high single digits and millions. And next year, I would expect that to continue to grow because I would expect it to probably double year-over-year only because we've pretty much been delivering just in the second half of the year with kind of smaller quantities in Q2. So it's a growing market, and that's at one customer. And there are other areas that are benefiting from this that we're also trying to engage with at this point, but it's too early for me to kind of give you any outlook on that.

是的。我的意思是這是一個初始客戶。我想說，與相當簡單的氣箱相比，這是一個相對複雜的氣箱。所以我不會告訴你 ASP。但我想告訴你，今年對我們來說是高個位數和數百萬的數字。明年，我預計這一數字將繼續增長，因為我預計它可能會同比翻一番，因為我們幾乎是在今年下半年交付的，而第二季度的數量較少。所以這是一個不斷增長的市場，而且是針對一個客戶。還有其他領域正在從中受益，我們目前也正在嘗試參與其中，但我現在向您提供對此的任何展望還為時過早。

Congrats, Larry.

恭喜，拉里。

Thank you, Krish.

謝謝你，克里什。

Thanks, Krish.

謝謝，克里什。

Our next question comes from the line of Brian Chin with Stifel.

我們的下一個問題來自 Brian Chin 和 Stifel 的對話。

Congratulations to Greg, and all the best to you, Larry. Maybe first question, so going back to the commentary around the design activity for the new gas panels with increased Ichor proprietary content, 2 successful quals, another progressing nicely. Larry -- or maybe actually, Jeff, can you discuss, sort of were these wins kind of on cost, on performance merits or maybe a combination of both? And also kind of looking a little further out, if those go well, how could design-in activity kind of go from there forward?

祝賀格雷格，祝你一切順利，拉里。也許是第一個問題，所以回到關於新氣體面板設計活動的評論，增加了 Ichor 專有內容，兩個成功的質量，另一個進展順利。拉里——或者實際上，傑夫，你能討論一下，這些勝利是基於成本、性能優點還是兩者的結合？而且還想看得更遠一點，如果這些進展順利，設計活動如何從那裡繼續發展？

Yes, good question. So the simple answer is there is a cost advantage and a technology advantage, which is how we've gotten the attention of our initial customers. And so on an apples-for-apples basis, I think some of the new components that we've done, particularly around the flow controller, actually can eliminate some components, which actually lowers the cost. So they see a pretty good cost reduction as well as performance enhancement, handles a wider range of gas as well. So sizing it, I would like to see these first applications move through their customer eval assets. The third one has to do that as well. And so maybe by the end of the fourth quarter, we'll have a good feel for how they're doing now that they've moved it from, say, their apps lab in their facility out to a customer first tool. So more to come.

是的，好問題。因此，簡單的答案是，存在成本優勢和技術優勢，這就是我們吸引初始客戶注意的方式。因此，在同類的基礎上，我認為我們所做的一些新組件，特別是圍繞流量控制器的新組件，實際上可以消除一些組件，這實際上降低了成本。因此，他們看到了相當好的成本降低和性能增強，還可以處理更廣泛的氣體。因此，我希望看到這些首批應用程序通過其客戶評估資產進行調整。第三個也必須這樣做。因此，也許到第四季度末，我們會對他們的表現有一個很好的感覺，因為他們已經將其從設施中的應用程序實驗室轉移到客戶至上的工具。未來還會有更多。

Yes. That's helpful. Maybe for Greg, Larry or Jeff, on the cost structure, are you where you want to be right now in terms of resizing head count, I know a lot of that's variable, and just the general expense structure of revenue growth off the bottom remains somewhat measured here still over the near term?

是的。這很有幫助。也許對於格雷格、拉里或傑夫來說，在成本結構上，你們現在在調整員工人數方面是否想要達到這樣的目標，我知道其中很多都是可變的，只有收入增長的總體費用結構仍然存在短期內仍然在這裡進行一些衡量？

Yes. I think what we've done is we have a pretty variable model in direct labor workforce where we carry a lot of temporaries and stuff. So we have rightsized that to what we see is an adequate level to kind of address the next several quarters of demand. They're all fairly similar, as you know. And so we can handle any kind of uptick or anything like that, which is, over time, things like that. OpEx structure, we've taken more of a guarded approach because we have to continue our investments in R&D. The company is going to return to growth and scale. So we scaled in some places where we can and we've used kind of what I would call temporary or variable cost reductions, which is PTO and things like that. And then we're kind of not replacing attrition, too, unless it's a critical role. So if we see 2024 not start to uptick, we may take a different approach in OpEx.

是的。我認為我們所做的是，我們在直接勞動力方面有一個相當可變的模型，我們攜帶大量臨時工和其他東西。因此，我們已將其調整到我們認為足以滿足未來幾個季度需求的水平。如您所知，它們都非常相似。因此，我們可以處理任何類型的上漲或類似的事情，隨著時間的推移，類似的事情。在運營支出結構上，我們採取了更多謹慎的方法，因為我們必須繼續對研發進行投資。該公司將恢復增長和規模。因此，我們在一些可以的地方進行了擴展，並且我們使用了我所說的臨時或可變成本削減方式，即 PTO 之類的東西。然後我們也不會取代自然損耗，除非它是一個關鍵角色。因此，如果我們看到 2024 年沒有開始上升，我們可能會在運營支出方面採取不同的方法。

Okay. Great. Maybe sneaking one last quick question. You know that some end markets were incrementally better, including trailing nodes. What are your customers saying about the durability and sustainability of trailing edge investment in calendar '24?

好的。偉大的。也許偷偷地問最後一個問題。您知道，一些終端市場逐漸變得更好，包括尾隨節點。您的客戶對 24 世紀後緣投資的持久性和可持續性有何評價？

I think they're still remaining pretty positive about that. Obviously, there's some geopolitical issues that could slow that up, which I think I don't have an opinion on. It's trying to curtail or require licenses for some of the lagging nodes that could slow things up. But right now, the demand is really pretty healthy. We participate in it fairly well, but there's more things that we can do to kind of support that and our customers as well. So some of that they still do internally, and we're working on seeing if we can help them, and I think it's pretty healthy market right now.

我認為他們對此仍然保持相當積極的態度。顯然，一些地緣政治問題可能會減慢這一速度，我認為我對此沒有意見。它正試圖減少某些可能會減慢速度的滯後節點或要求其獲得許可證。但現在，需求確實非常健康。我們很好地參與其中，但我們可以做更多的事情來支持這一點以及我們的客戶。因此，其中一些工作仍在內部進行，我們正在努力看看是否可以幫助他們，我認為現在的市場相當健康。

Our next question comes from the line of Quinn Bolton with Needham & Company.

我們的下一個問題來自 Quinn Bolton 和 Needham & Company 的電話。

Larry, congratulations on your retirement. And Greg, welcome. I guess maybe first for Jeff, just wanted to follow up on Brian's question on the sort of 3 customers adopting the next-gen gas channel. I know you don't want to share too much color yet, but would you classify or categorize these programs as kind of major etch and dep platforms? Or are you sort of starting on more niche platforms to kind of get your feet wet and to see how the gas panel performs and then you would sort of target larger, higher-volume systems, say, in '25, '26?

拉里，祝賀你退休。格雷格，歡迎。我想 Jeff 可能首先想跟進 Brian 提出的有關採用下一代天然氣通道的 3 個客戶的問題。我知道您還不想分享太多的顏色，但是您會將這些程序分類為主要的 etch 和 dep 平台嗎？或者，您是否會從更小眾的平台開始嘗試，看看燃氣面板的性能如何，然後您會瞄準更大、更高容量的系統，比如在 25 年、26 年？

Yes. I think they lean more towards kind of the niche application, so not blanket films or something like that. So they are initially smaller applications that we can kind of cut our teeth, learn, get it out there and then move it to larger applications as we have success in the marketplace. But having said that, they're not insignificant if they all stack up. So as we've talked about, you don't need a lot of wins given the margin profile of that kind of shift from 90% procured to 70% or 75% internally manufactured to kind of move the needle for us. So we're pretty excited. It's kind of a little bit of a -- we've gotten our qualifications going. We expect the third one by the end of the quarter as well. And then those have to move now to their customer qualification process. So we still got a little bit of lead time before we move to production.

是的。我認為他們更傾向於利基應用，所以不是毯子電影或類似的東西。因此，它們最初是較小的應用程序，我們可以先進行學習、學習，然後將其推廣到更大的應用程序，因為我們在市場上取得了成功。但話雖如此，如果它們全部疊加起來，它們也並非無足輕重。因此，正如我們所討論的，考慮到從 90% 採購到 70% 或 75% 內部製造的利潤率變化，你不需要取得很多勝利，就能為我們帶來推動。所以我們非常興奮。這有點像——我們已經獲得了資格。我們預計第三季度末也會出現。然後這些現在必須進入客戶資格流程。因此，在投入生產之前我們還有一點交貨時間。

Got it. And then second question, I think you mentioned the two areas of strength for trailing nodes but also high-bandwidth memory. I was just wondering if you could just share how Ichor plays in that HBM, is that really more on the etch and dep systems for the 3 silicon? Or are there other applications where you're seeing demand for the HBM application?

知道了。然後是第二個問題，我認為您提到了尾隨節點和高帶寬內存的兩個優勢領域。我只是想知道您是否可以分享一下 Ichor 在 HBM 中的作用，這真的更多關於 3 矽的蝕刻和沈積系統嗎？或者您是否發現其他應用程序對 HBM 應用程序有需求？

Yes. I mean, Quinn, you know I don't see the sell-through on everything, but I do know there are certain tool types that are kind of focused on some of the packaging applications of high bandwidth, and that's where I've seen it. So I would infer that we see it across some other areas, too. I wouldn't say it's gigantic, but it's definitely a positive and a challenging memory market.

是的。我的意思是，奎因，你知道我看不到所有東西的銷售情況，但我確實知道有某些工具類型專注於一些高帶寬的打包應用程序，這就是我所看到的它。所以我推斷我們在其他一些領域也看到了這種情況。我不會說它很大，但這絕對是一個積極且充滿挑戰的內存市場。

Got it. And then just last quick one for me. You mentioned sort of a change or shift in strategy for the Japanese market to try to accelerate some penetration. Could you elaborate on what actions you're taking?

知道了。然後對我來說最後一個快速的。您提到了日本市場戰略的某種變化或轉變，以試圖加速滲透。您能否詳細說明您正在採取哪些行動？

We're reviewing. I mean I don't want to get in too much details, but obviously, we've been trying to work with partners. And the question is, do you go and get boots on the ground versus work with partners or some combination of the two? And that's what we're trying to sort out just to get this accelerated.

我們正在審查。我的意思是我不想透露太多細節，但顯然，我們一直在努力與合作夥伴合作。問題是，你是親自動手還是與合作夥伴合作，還是兩者結合？這就是我們正在努力解決的問題，以加速這一進程。

Our next question comes from the line of Craig Ellis with B. Riley.

我們的下一個問題來自 Craig Ellis 和 B. Riley 的對話。

I'll echo the congrats to both. Larry and Greg, good luck and welcome aboard. So Jeff, maybe I'll start off with you. So it sounds like from what you're seeing, while there have been some moderate movements, some in, some out, that things are tracking well to what you've been expecting 3 months ago. The question is, as we think about the potential for the industry to move into where there is more significant acceleration, one, are you seeing any signs that, that is happening? And two, if not, where would you expect those to emerge? And when would you expect those to start to surface?

我將向兩人表示祝賀。拉里和格雷格，祝你好運，歡迎加入。傑夫，也許我會從你開始。因此，從你所看到的情況來看，雖然出現了一些溫和的變動，有的進有出，但情況正在很好地符合你 3 個月前的預期。問題是，當我們思考該行業有可能進入更顯著加速的領域時，第一，您是否看到任何跡象表明這種情況正在發生？還有兩個，如果沒有，您希望它們出現在哪裡？您預計這些何時會開始浮出水面？

So I'll give you my view. I think memory, and I think we've talked about this at last several conferences we've been at, I view it as kind of middle of the year next year. I think foundry/logic, I think, is maybe a little bit of the wildcard. I think the trailing edge remained fairly stable. And then when you can add that, I think our first silicon carbide opportunity is actually a pretty good growth driver year-on-year as well. So I do think foundry/logic has held up relatively well, and I wouldn't suspect that that's going to deep dive, but there's a lot of both the political and economic challenges right now that can change that direction. So a little bit too early to tell.

所以我會給你我的看法。我記得，我想我們在最近幾次會議上已經討論過這個問題，我認為這是明年年中的事情。我認為代工/邏輯可能有點通配符。我認為後緣保持相當穩定。然後，當您添加這一點時，我認為我們的第一個碳化矽機會實際上也是一個非常好的同比增長動力。因此，我確實認為代工/邏輯保持得相對較好，而且我不懷疑這會深入，但現在有很多政治和經濟挑戰可以改變這個方向。所以現在說還為時過早。

Got it. Okay. And then maybe switching over to Greg. So Greg, we had some nice cash generation in the second quarter, and some of that was used to pay down debt. What should we expect with cash generation for 3Q? And how are you thinking about potential further debt reduction?

知道了。好的。然後也許會切換到格雷格。格雷格，我們在第二季度產生了一些不錯的現金，其中一些用於償還債務。我們對第三季度的現金生成有何預期？您如何看待進一步削減債務的可能性？

Craig, so the cash flow that we're expecting, we will continue to evaluate where we're generating our free cash flow and then as opportunistic, we'll pay down our debt. But at this point, we expect that we should generate enough cash flow to service the business as well as address some debt in the quarter.

克雷格，所以我們預期的現金流，我們將繼續評估我們在哪裡產生自由現金流，然後作為機會主義，我們將償還我們的債務。但目前，我們預計我們應該產生足夠的現金流來服務業務並解決本季度的一些債務。

Yes. And I'll just add to that, Craig. We're focused on inventory reduction. You saw a little bit of debt reduction this quarter and you saw a little bit incremental debt repayment. We expect to do a similar process this quarter. So hopefully, we can continue to bring that inventory down. And then obviously, with the interest rates where they are, debt repayment is a pretty high priority.

是的。我要補充一點，克雷格。我們專注於減少庫存。本季度債務有所減少，債務償還有所增加。我們預計本季度將進行類似的流程。因此，希望我們能夠繼續降低庫存。顯然，在目前的利率水平下，償還債務是當務之急。

Yes. And then given Jeff's earlier comments that we might see the fourth quarter up somewhere around mid-single digits, would it be fair to think that we would be able to generate cash and have sufficient beyond growth initiatives to pay down debt a little bit more? Or is that just too far out?

是的。然後，考慮到傑夫之前的評論，即我們可能會看到第四季度的增長率在個位數左右，那麼認為我們能夠產生現金並有足夠的超越增長計劃來償還更多債務是否公平？或者這太遙遠了？

Yes. We would expect to continue to move our inventory lower as the primary driver for improved cash flow in the quarter.

是的。我們預計將繼續降低庫存，作為本季度現金流改善的主要驅動力。

Our next question comes from the line of Dave Duley with Steelhead Securities.

我們的下一個問題來自 Steelhead Securities 的 Dave Duley。

I was wondering, as far as your OEM customers, where are we with the inventory levels there? Are we now matching their demand levels? Or is there still a significant level of inventory there? And how long would you expect it to last?

我想知道，對於你們的 OEM 客戶來說，我們的庫存水平在哪裡？我們現在是否符合他們的需求水平？或者那裡仍然存在大量庫存嗎？您預計它會持續多久？

Good question, Dave. I think that on the component side of the business, I think it's going to last through the end of the year. I don't think they're where they're at. And it's not an across-the-board comment. It's different of our OEM customers, so it's not one for all and all for one. So I think the component side is going to take the longer. I think most of the gas panels that kind of get hung up between when -- we all drive this industry on forecast, forecast change. And so I think that is largely behind us. So it's really working through the components business.

好問題，戴夫。我認為在業務的組件方面，我認為它將持續到今年年底。我認為他們不在他們現在的位置。這並不是一個全面的評論。這與我們的 OEM 客戶不同，因此不是一勞永逸和一勞永逸。所以我認為組件方面需要更長的時間。我認為大多數燃氣面板都會陷入困境——我們都在預測、預測變化的基礎上推動這個行業。所以我認為這基本上已經過去了。所以它確實是通過零部件業務來運作的。

Okay. And then I think I understand it, you kind of answered it in different ways on this conference call, but as far as when the industry starts to turn into -- what areas do you think that you'll outperform and will allow you to grow faster than the industry? Silicon carbide is a good example. But maybe you could just outline what you think the 2 or 3 biggest opportunities are to outgrow the industry.

好的。然後我想我明白了，你在這次電話會議上以不同的方式回答了這個問題，但就行業開始轉變而言，你認為你會在哪些領域表現出色並讓你成長比業界更快？碳化矽就是一個很好的例子。但也許你可以簡單地概述一下你認為超越該行業的 2 或 3 個最大機會。

Well, I think if we can take a horizon of a year or 2, I think our new gas panels can have a material impact on us if we get qualified beyond the first 3 and add 3 and 4. Silicon carbide, obviously, is a focus area for us. We're supporting our first customer. We're continuing to work on their next generation. This is an application, I think, that's going to continue to grow and have some legs for several years, for sure. And there's other opportunities in that space. As I said on the call, a little too early to talk about who we're talking with, but there are some other opportunities that I think we can do that. There's opportunities, I think, for us to expand what we do for our EUV customer beyond just gas delivery. So there are other areas we're working on. And I think as the industry rebounds, we're so levered to dep and etch. And when memory recovers, I think just that segment of the market and where we're at, we're going to outperform the overall market because of that as well.

好吧，我認為如果我們可以花一年或兩年的時間，如果我們獲得前3 個資格之外的資格並添加3 和4，我認為我們的新燃氣面板可以對我們產生重大影響。顯然，碳化矽是一種我們的重點領域。我們正在支持我們的第一個客戶。我們正在繼續開發他們的下一代。我認為，這是一個應用程序，它肯定會繼續增長並在幾年內擁有一定的基礎。該領域還有其他機會。正如我在電話中所說，現在談論我們正在與誰交談還為時過早，但我認為我們還有其他一些機會可以做到這一點。我認為，我們有機會將我們為 EUV 客戶所做的事情擴展到天然氣輸送之外。我們正在研究其他領域。我認為隨著行業的反彈，我們有足夠的槓桿來進行深度和蝕刻。當記憶恢復時，我認為正是這個市場部分以及我們所處的位置，我們也將因此而跑贏整個市場。

Okay. And final one for me is you mentioned this 25% drop rate on incremental revenue. Is that what we can kind of pencil in throughout 2024, which I would assume will be a much higher -- will be a nice growth year?

好的。對我來說最後一個問題是您提到增量收入下降 25%。這是我們可以在 2024 年預測的嗎？我認為這將是一個更高的增長年——將是一個良好的增長年？

Yes. I'll start. I think it's fair maintaining 25% flow-through for all of '24. It will be dependent a little bit on product mix and kind of the pace of the recovery. But we expect to continue to drive market share gains and revenue growth in the components part of the business, which is a critical piece of our gross margin. And as Jeff mentioned, recognizing some of the new gas panel product revenues in 2024 should allow us to continue to achieve 25% flow-through during the year. So we're shooting for that. I mean I think we've got a good plan, and we just have to execute that plan. As long as the market comes back kind of where we see it today, I think that's a reasonable expectation.

是的。我開始吧。我認為 24​​ 年全年保持 25% 的流量是公平的。這將在一定程度上取決於產品組合和復甦的步伐。但我們預計將繼續推動零部件業務的市場份額增長和收入增長，這是我們毛利率的關鍵部分。正如 Jeff 提到的，認識到 2024 年一些新的燃氣面板產品收入應該能讓我們在這一年中繼續實現 25% 的流量。所以我們正在為此努力。我的意思是，我認為我們已經有了一個很好的計劃，我們只需執行該計劃即可。只要市場回到我們今天看到的樣子，我認為這是一個合理的預期。

No, I'm sorry. Just to clarify, you said you see a broad adoption to your gas panel, would you think the drop rate would be higher than 25%? Or is that kind of baked into the cake?

不，我很抱歉。澄清一下，您說您的燃氣面板得到了廣泛採用，您認為下降率會高於 25% 嗎？或者是把它烤進蛋糕裡？

I think initially, it might have a little upside, but let's have some success before we up our outlook model at this stage. But it depends on the magnitude of it, Dave, obviously. If you get $10 million, for example, it's different than getting $20 million or $25 million or $50 million, that may change the needle.

我認為最初，它可能有一點好處，但在我們現階段升級我們的前景模型之前，讓我們先取得一些成功。但這顯然取決於事情的嚴重程度，戴夫。例如，如果你獲得 1000 萬美元，這與獲得 2000 萬美元、2500 萬美元或 5000 萬美元不同，這可能會改變情況。

There are no further questions at this time. I'd like to turn the floor back over to Jeff Andreson for closing remarks.

目前沒有其他問題。我想請傑夫·安德烈森 (Jeff Andreson) 致閉幕詞。

Thank you for joining us on our call this quarter. I'd like to thank our employees, suppliers and customers for their ongoing dedication and support as we continue to navigate this highly dynamic business environment. Our upcoming investor activities include the Needham Semiconductor Conference being held virtually on August 22 and Jefferies Conference in Chicago on August 29. We also look forward to our next quarterly earnings call scheduled for early November.

感謝您參加本季度的電話會議。我要感謝我們的員工、供應商和客戶在我們繼續駕馭這個高度動態的商業環境時所給予的持續奉獻和支持。我們即將舉行的投資者活動包括 8 月 22 日以虛擬方式舉行的 Needham Semiconductor 會議和 8 月 29 日在芝加哥舉行的 Jefferies 會議。我們還期待定於 11 月初舉行的下一個季度收益電話會議。

Operator, that concludes our call.

接線員，我們的通話到此結束。