Ichor Holdings Ltd (ICHR) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Ichor's first-quarter 2024 earnings conference call.

女士們先生們，美好的一天，歡迎參加 Ichor 2024 年第一季財報電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

（操作員說明）謹此提醒，此通話正在錄音。

I'd now like to introduce your host for today's conference, Claire McAdams, Investor Relations.

現在我想介紹一下今天會議的主持人，投資者關係部門的克萊爾·麥克亞當斯。

Please go ahead.

請繼續。

Thank you, operator, and good afternoon, and thank you for joining today's first quarter 2024 conference call.

謝謝運營商，下午好，謝謝您參加今天的 2024 年第一季電話會議。

As you read their 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.

當您閱讀他們的收益新聞稿和收聽本次電話會議時，請注意，兩者都包含聯邦證券法含義內的前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements.

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，這可能導致實際結果與此類陳述有重大差異。

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 2023 and those described in subsequent filings with the SEC.

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、2023 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。

You should consider all forward-looking statements in lighting in light of those and other risks and uncertainties.

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.

此外，我們將在本次電話會議、我們的收益新聞稿以及發佈在我們的投資者關係網站上的財務補充報告中提供某些非公認會計準則財務指標。

Each provide a reconciliation of these non-GAAP financial measures to their most comparable GAAP financial measures.

每項指標都提供了這些非公認會計原則財務指標與其最具可比性的公認會計原則財務指標的調節表。

On the call with me today are Jeff Andreson, our CEO, and Greg White, our CFO.

今天與我通話的有我們的執行長傑夫安德烈森 (Jeff Andreson) 和我們的財務長格雷格懷特 (Greg White)。

Jeff will begin with an update on our business, and then Greg will provide additional details about our results and guidance.

傑夫將首先介紹我們業務的最新情況，然後格雷格將提供有關我們的結果和指導的更多詳細資訊。

After the prepared remarks, we will open the line for questions.

準備好的發言結束後，我們將開通提問專線。

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

我現在將把電話轉給傑夫·安德烈森。

Jeff?

傑夫？

Thank you, Claire.

謝謝你，克萊爾。

And welcome to our Q1 earnings call.

歡迎參加我們的第一季財報電話會議。

As expected, our Q1 revenues were similar to Q4 levels at 201 million, reflecting the relatively stable demand environment within the wafer fab equipment market.

如預期，我們第一季的營收與第四季的水準相似，為 2.01 億美元，反映出晶圓廠設備市場相對穩定的需求環境。

Q1 gross margin of 12.2% increased sequentially from Q4, but not quite as much as we had forecast due to a combination of mix and costs revenue mix was slightly less favorable than our earlier expectations for Q1 revenues.

第一季毛利率為 12.2%，較第四季連續成長，但由於組合和成本收入組合略低於我們先前對第一季營收的預期，因此沒有達到我們的預期。

Q1 was a particularly back-end loaded quarter with about one-third of our revenue shipping in the final three weeks of the quarter.

第一季是後端負載特別嚴重的季度，我們約三分之一的收入是在該季度的最後三週交付的。

High volume shipments at quarter end were highly weighted to gas panels compared to components and our overall mix of higher margin components decreased compared to Q4 versus our prior expectation for sequential growth in our component businesses.

與零件相比，季度末的大批量出貨量對燃氣面板的權重較高，與我們先前對零件業務連續增長的預期相比，我們高利潤零件的整體組合比第四季度有所下降。

At the same time, we witnessed a late quarter slowing in build rates for EUV gas delivery associated with order delays and leading-edge logic.

同時，我們發現，由於訂單延遲和前沿邏輯，EUV 氣體交付的建造速度在季度末有所放緩。

We remain on track with our strategy to drive gross margin improvement through greater integration of proprietary components and continued cost reduction initiatives.

我們仍然堅持我們的策略，透過更大程度地整合專有組件和持續降低成本措施來推動毛利率提高。

In Q1, we achieved a sequential uptick in proprietary content that was aligned with our expectations, but with higher than expected costs as we begin to ramp these products with continued execution of our gross margin improvement strategies, we are driving further expansion of our margin profile at the similar revenue levels expected in Q2.

在第一季度，我們實現了專有內容的連續成長，這與我們的預期一致，但隨著我們開始增加這些產品並繼續執行毛利率改善策略，成本高於預期，我們正在推動利潤率的進一步擴大與第二季預期的收入水準類似。

Our earnings for the quarter came in below guidance because of a combination of gross profit impacts as well as a change in the tax provision.

由於毛利的影響以及稅收撥備的變化，我們本季的收益低於預期。

As Greg will cover shortly, we completed an equity offering in early March that yielded net proceeds of 137 million.

正如 Greg 稍後將介紹的那樣，我們在 3 月初完成了股票發行，產生了 1.37 億美元的淨收益。

We paid down the entire balance of our revolver, vastly improving our leverage ratio and cutting expected interest expenses by over half with this transaction, we believe we have significantly improved the Company's capital structure as well as our earnings leverage and overall flexibility to execute against future strategic objectives.

我們還清了左輪手槍的全部餘額，透過此交易大大提高了我們的槓桿率並將預期利息支出削減了一半以上，我們相信我們已經顯著改善了公司的資本結構以及我們的盈利槓桿和針對未來執行的整體靈活性策略目標。

Now I'll turn to our outlook for the year.

現在我將談談我們對今年的展望。

Expectations for industry demand in 2024 have remained relatively stable year to date within an overall WFE landscape that is expected to be similar to modestly up from 2023.

迄今為止，WFE 整體格局中對 2024 年產業需求的預期保持相對穩定，預計將比 2023 年略有上升。

The current revenue baseline for iCore continues to be fairly stable at the 200 million level.

iCore目前的營收基準仍相當穩定在2億的水準。

The midpoint of our Q2 guidance is slightly below that baseline because of some isolated softness in a couple of areas, namely in our silicon carbide gas panel business, which has slowed a bit as the industry digests the capacity installed over the past few years as well as a slower than expected EUV system build rate through midyear.

我們第二季指引的中點略低於該基線，因為幾個領域存在一些孤立的疲軟，即我們的碳化矽氣體面板業務，隨著行業消化過去幾年安裝的產能，該業務已略有放緩緩截至年中，EUV 系統建設速度低於預期。

Given certain order delays in leading-edge logic, we remain optimistic for an improvement in the second half revenue volumes as the demand profile begins to build in advance of a stronger 2025 spending environment.

鑑於前沿邏輯存在一定的訂單延遲，我們對下半年收入量的改善保持樂觀，因為需求狀況在 2025 年支出環境更加強勁之前開始建立。

That being said, our visibility remains limited to approximately three months given the return to normalized lead times in the supply chain.

話雖這麼說，鑑於供應鏈恢復正常交貨時間，我們的能見度仍僅限於約三個月。

And with our current visibility, we are not yet seeing a meaningful uptick in demand for new systems serving the named market.

以我們目前的知名度，我們尚未看到服務於指定市場的新系統的需求出現有意義的成長。

The recovery in this market remains in the very early stages and recent reports indicate that the improvement year to date is chiefly focused on technology upgrades.

該市場的復甦仍處於早期階段，最近的報告表明，今年迄今的改善主要集中在技術升級。

Given the strong etch and deposition intensity characteristic of the NAN market we look forward to a more meaningful improvement in May and demand driving a strong growth year for us in 2025.

鑑於 NAN 市場強勁的蝕刻和沈積強度特徵，我們期待 5 月出現更有意義的改善，需求將在 2025 年推動我們的強勁成長。

In other semiconductor end markets, the emergence of new technology drivers and process inflections such as gate-all-around and high-bandwidth memory, require an increasing use of applications that are highly dependent on the accuracy and repeatability of the fluid delivery systems.

在其他半導體終端市場中，新技術驅動因素和製程變化（例如環柵和高頻寬記憶體）的出現，需要越來越多地使用高度依賴流體輸送系統的準確性和可重複性的應用。

These include applications such as selective etch, ALD, deep silicon at TCD. and more, we have a role providing fluid delivery to all of these applications.

其中包括選擇性蝕刻、ALD、TCD 深矽等應用。此外，我們也負責為所有這些應用提供流體輸送。

And while the expected pace of EUV deployments has resulted in a current slowing in the build rate for 2024.

儘管 EUV 部署的預期步伐導致目前 2024 年的建造速度放緩。

As we move into 2025, we expect a significant increase in gas delivery deployment for litho as well outside of semiconductors, specifically for IMG. business, we are also seeing improvement in the overall demand forecast as well as incremental share gains ahead within IMG.'s customers base in aerospace and defense as well as certain commercial markets.

進入 2025 年，我們預計光刻以及半導體以外的氣體輸送部署將顯著增加，特別是 IMG。業務方面，我們還看到整體需求預測的改善以及 IMG. 在航空航天和國防以及某些商業市場的客戶群中未來份額的增量增長。

As each of these markets and applications continue to expand, we see opportunities for iCore to increase our revenue potential and continue to add breadth and diversification to our customer base.

隨著這些市場和應用不斷擴大，我們看到 iCore 有機會增加我們的收入潛力，並繼續擴大我們客戶群的廣度和多樣化。

With all of these factors build a strong story for eye towards revenue growth as the industry recovery accelerates, but it's our proprietary products, including our next-generation gas panel that we are most excited about as our key initiative to drive overall gross margin expansion within our business.

所有這些因素都為隨著行業復甦加速而實現收入成長奠定了堅實的基礎，但我們最興奮的是我們的專有產品，包括我們的下一代燃氣面板，這是我們推動整體毛利率擴張的關鍵舉措。

And this period of muted demand has enabled us to make steady progress penetrating our new products into the market.

這段需求低迷的時期使我們能夠在新產品進入市場方面取得穩步進展。

I'm pleased to report that we recorded our first revenue on some of our initial shipments of next-generation gas panels during Q1.

我很高興地報告，我們在第一季首次透過下一代燃氣面板的部分發貨實現了收入。

By midyear, we will have over 20 next-generation gas panels shipped and installed in the field with most supporting our customers' evaluation tools that have shipped to device manufacturers.

到年中，我們將在現場運送和安裝超過 20 個下一代氣體面板，其中大多數支援我們客戶的評估工具，這些工具已運送給設備製造商。

Our new gas panel contains about 80% proprietary high core content compared to around 10% today, which will drive significant expansion of our gross margin profile.

我們的新燃氣板包含約 80% 的專有高核心含量，而目前這一比例約為 10%，這將推動我們毛利率的顯著擴大。

These tool evaluations typically take about nine months to complete.

這些工具評估通常需要大約九個月才能完成。

So the earliest These will be completed and production shipments can begin the fourth quarter for the initial shipment.

因此，這些工作最早將在第四季完成並開始生產出貨，並進行首次出貨。

We have been qualified on three applications and are now expecting the completed force application qualification by midyear and have four active customer engagements.

我們已經獲得了三項申請的資格，目前預計在年中之前完成強制申請資格，並有四家積極的客戶參與。

Our strategy to expand overall proprietary iCore content extends to our components businesses as well.

我們擴大整體專有 iCore 內容的策略也延伸到了我們的組件業務。

We are now customer qualified on fittings that are used in our weldment business substrates used in our gas panel as well as seals and valves.

現在，我們的焊接件業務基材中使用的配件以及燃氣面板中使用的密封件和閥門均已獲得客戶資格。

These are all critical components used in the existing gas panels that we assemble.

這些都是我們組裝的現有瓦斯面板中使用的關鍵零件。

All of these component qualifications can be deployed to our existing gas panels that we build today as well as being designed into our next-generation gas panel.

所有這些組件資格都可以部署到我們今天建造的現有燃氣面板中，也可以設計到我們的下一代燃氣面板中。

These specific products are now qualified at three customers and began shipping in the second half of the first quarter.

這些特定產品現已獲得三個客戶的認可，並於第一季下半年開始出貨。

We expect our proprietary component content will continue to increase within our build-to-print gas panel business over the next several quarters.

我們預計未來幾季我們的按圖生產氣體面板業務中的專有組件含量將繼續增加。

These applications have significant opportunities to drive margin accretion as we further integrate them into our gas panel business.

隨著我們進一步將這些應用程式整合到我們的燃氣面板業務中，這些應用程式將有很大機會推動利潤成長。

In summary, I'll remind everyone here today that our revenues tend to recover more sharply when industry spending rebounds.

總之，我今天要提醒大家，當產業支出反彈時，我們的收入往往會恢復得更快。

Furthermore, our business model and financial profile tend to generate significant operating leverage as revenues grow, given the current industry expectations for WFE remaining relatively stable at these levels through 2024 in advance of a strong 2025 we also expect our revenue run rate to continue around the $200 million level until the beginning of a revenue ramp.

此外，隨著收入的成長，我們的業務模式和財務狀況往往會產生顯著的營運槓桿，鑑於當前行業對WFE 的預期在2024 年之前保持相對穩定在這些水平上，然後在2025 年實現強勁增長，我們也預計我們的營收運行率將繼續圍繞2 億美元的水平，直到收入開始增加。

We look forward to ramping revenues back towards the 250 million to $300 million plus level in 2025.

我們期待 2025 年將營收恢復到 2.5 億至 3 億美元以上的水準。

We expect to be able to deliver significant earnings growth as revenue volumes increase, which is why we continue to make critical investments in our business in support of future growth.

隨著收入量的增加，我們預計能夠實現顯著的獲利成長，這就是為什麼我們繼續對我們的業務進行關鍵投資以支持未來的成長。

With that, I'll turn it over to Greg to recap our Q1 results and provide further details around our Q2 financial outlook.

接下來，我將把它交給 Greg 來回顧我們第一季的業績，並提供有關我們第二季財務前景的更多細節。

Greg?

格雷格？

Thanks, Jeff.

謝謝，傑夫。

To begin, I would like to emphasize that the P&L metrics discussed today are non-GAAP measures.

首先，我想強調今天討論的損益指標是非公認會計準則指標。

These measures exclude the impact of share-based compensation amortization of acquired intangible assets, nonrecurring charges and discrete tax items and adjustments.

這些措施不包括所收購無形資產的股權激勵攤銷、非經常性費用以及離散稅項和調整的影響。

There is a useful financial supplement available on the Investors section of our website that summarizes our GAAP and non-GAAP financial results as well as a summary of the balance sheet and cash flow information for the last several quarters.

我們網站的投資者部分提供了有用的財務補充，其中總結了我們的 GAAP 和非 GAAP 財務業績以及過去幾個季度的資產負債表和現金流量資訊摘要。

First quarter revenues were aligned with our earlier expectations at $201 million remaining relatively steady from Q4 levels.

第一季營收與我們先前的預期一致，為 2.01 億美元，與第四季的水準相比保持相對穩定。

Gross margin improved 180 basis points sequentially to 12.2%, driven by improved factory efficiencies as well as the pass through revenue events from Q4 not repeating this quarter, while gross margins improved meaningfully compared to the Q4 trough, we were about 100 basis points shy of forecast due to less favorable product and customer mix versus forecast as well as higher costs for our internally produced proprietary products.

由於工廠效率提高以及第四季度的收入轉嫁事件在本季度沒有重演，毛利率環比提高了180 個基點，達到12.2%，雖然毛利率與第四季度的低谷相比有了顯著改善，但與第四季的低谷相比，我們的毛利率仍低約100 個基點。 。

Q1 operating expenses came in below forecast and were up slightly from Q4 at $22.1 million due to the resetting of labor related taxes and benefits.

由於勞工相關稅收和福利的重置，第一季營運支出低於預期，較第四季小幅上升至 2,210 萬美元。

And our operating income for Q1 was 2.4 million.

我們第一季的營業收入是240萬。

Our net interest expense was $4.1 million, and our non-GAAP net income tax expense was above our forecast at $800,000 due to higher international profits and the elimination of our ability to recognize the US tax loss benefit.

我們的淨利息支出為 410 萬美元，由於國際利潤增加以及我們無法確認美國稅收損失收益，我們的非 GAAP 淨所得稅支出高於我們的預測（80 萬美元）。

That change had approximately a $0.03 impact on our EPS within the quarter.

這項變更對我們本季的每股盈餘產生了約 0.03 美元的影響。

The resulting net loss per share was $0.09.

由此產生的每股淨虧損為 0.09 美元。

Now turning to the balance sheet, at the end of the quarter, our cash and equivalents totaled $102 million, a $22 million increase from Q4, we generated 4.8 million in cash flow from operations.

現在轉向資產負債表，截至本季末，我們的現金和等價物總計 1.02 億美元，比第四季增加 2,200 萬美元，我們從營運中產生了 480 萬美元的現金流。

And after deducting 4.5 million of capital expenditures, our free cash flow was roughly neutral.

扣除 450 萬資本支出後，我們的自由現金流大致呈現中性。

Accounts receivable increased from year end due to the back-end loaded revenue profile of the quarter and our DSOs were 33 days.

由於本季後端加載的收入狀況以及我們的 DSO 為 33 天，應收帳款較年底有所增加。

Inventory decreased 5 million during the quarter to end the quarter $241 million and inventory turns increased to 2.9. During the quarter, we completed an equity offering that raised net proceeds of $137 million.

本季庫存減少 500 萬美元，季末庫存減少 2.41 億美元，庫存週轉率增加 2.9。本季度，我們完成了股票發行，籌集了 1.37 億美元的淨收益。

The proceeds were used to pay down $115 million of our revolver balance.

所得款項用於償還我們的左輪手槍餘額中的 1.15 億美元。

Our total debt currently has an outstanding balance of 133 million, and our net debt-free net debt coverage ratio improved to 1.9 times.

目前，我們的總債務未償餘額為1.33億，淨無債淨債務覆蓋率提高至1.9倍。

Now let's discuss our guidance for the second quarter of 2024 with anticipated revenues in the range of 190 to $205 million.

現在讓我們討論一下我們對 2024 年第二季的指導，預計收入在 190 至 2.05 億美元之間。

We expect our gross margins will improve to a range of 12.5% to 13.5%.

我們預計毛利率將提高至 12.5% 至 13.5%。

We expect Q2 operating expenses to be approximately $22.2 million or roughly flat to Q1.

我們預計第二季營運費用約為 2,220 萬美元，或與第一季大致持平。

We expect operating expenses to remain at similar level for the remainder of the year.

我們預計今年剩餘時間營運支出將維持在類似水準。

Net interest expense for Q2 is expected to decline to approximately $1.8 million.

第二季的淨利息支出預計將下降至約 180 萬美元。

Looking beyond Q2, we expect our net interest expense to continue to decline as a result, result of the declining term loan balance as well as improvement of our leverage ratio and the applicable spreads associated with the leverage ratio.

展望第二季度之後，由於定期貸款餘額下降以及槓桿率和與槓桿率相關的適用利差的改善，我們預計我們的淨利息支出將繼續下降。

For modeling purposes, you should model net interest expense for the full year of 2024 to be approximately 9 million.

出於建模目的，您應該將 2024 年全年的淨利息支出建模為約 900 萬。

We expect to record a tax expense in Q2 of $500,000 for the full year, we are forecasting a non-GAAP effective tax rate expense of 2.5 million.

我們預計第二季全年的稅務費用為 50 萬美元，我們預測非 GAAP 有效稅率費用為 250 萬美元。

And finally, our EPS guidance for Q2 reflects the higher share count of 34 million shares.

最後，我們對第二季每股收益的指引反映了 3,400 萬股的較高股數。

Operator, we are ready to take questions.

接線員，我們準備好回答問題。

Please open the line.

請打開線路。

(Operator Instructions) Brian Chin, Stifel.

（操作員說明）Brian Chin，Stifel。

Another good afternoon.

又一個下午好。

Thanks for letting us ask a few questions maybe just first, maybe a clarification on historically.

感謝您讓我們問幾個問題，也許只是首先，也許是對歷史的澄清。

I have not been aware of iCore having material exposure to semi equipment OEMs that are based in China.

我不知道 iCore 與中國的半設備原始設備製造商有重大接觸。

I guess, can you firstly maybe just confirm whether that that is the case.

我想，你能不能先確認一下情況是否如此。

And then maybe just since we're on the topic of China indirectly through your larger U.S. OEM customers, do you have any sense of if China spending is sort of growing or at least sustaining this year?

然後，也許正因為我們是透過您較大的美國 OEM 客戶間接討論中國的話題，您是否知道今年中國的支出是否有所增長或至少持續增長？

Hey, Brian, it's Jeff.

嘿，布萊恩，我是傑夫。

No, we don't sell directly to the China OEM.s. So we don't sell the narrow or a Mac or any of those those guys.

不，我們不直接向中國 OEM 銷售。因此，我們不出售窄螢幕電腦、Mac 或任何此類產品。

So we do not have a China channel.

所以我們沒有中國頻道。

Second part of your question is what are we seeing in China I think China was still pretty strong.

你問題的第二部分是我們在中國看到了什麼，我認為中國仍然相當強大。

I think it's going to remain at relatively decent levels or good levels.

我認為它將保持在相對不錯的水平或良好的水平。

I mean it in the first half.

我的意思是上半場。

But indications are that the back half might be a little bit slower, but some of those are going to be offset by high bandwidth memory and some of these other areas that are going to start to continue to kind of grow quarter on quarter and year year over year.

但有跡象表明後半部分可能會慢一些，但其中一些將被高頻寬記憶體和其他一些領域所抵消，這些領域將開始繼續逐季度和逐年增長一年多了。

So so we don't think China will stay at the same levels in the second half is kind of our view today.

因此，我們認為中國下半年不會保持同樣的水平，這是我們今天的觀點。

Got it.

知道了。

And maybe kind of for my follow-up, maybe a bit of a hodgepodge on sort of second half and sort of how various dynamics maybe impact sort of this kind of high-level outlook.

也許是我的後續行動，也許是下半年的一些大雜燴，以及各種動態可能如何影響這種高層展望。

I thought it was kind of interesting.

我覺得這很有趣。

You mentioned how business could kind of be there either sustain maybe at sort of the 200 level, but you're sort of guiding reported in first half per quarter or kind of when revenue ramps it.

您提到業務可能會維持在 200 左右的水平，但您會在每季上半年或收入增加時報告某種指導。

Maybe it kind of goes up to two 50 Selma seems sort of like a binary and potential outcome, maybe out to like Q4 had like a 200 or two 50 situation, but kind of maybe that's not the right way to think about it.

也許它會上升到兩個 50 Selma 看起來有點像一個二元和潛在的結果，也許像 Q4 那樣有一個 200 或兩個 50 的情況，但這可能不是正確的思考方式。

But what sort of what kind of inventory layer I think still exists maybe with some of your larger OEM customers that you're still maybe work they're working through and maybe what will be a little bit of a kind of a throttle on revenue maybe over the next few quarters as that sort of burns off?

但我認為，對於一些較大的 OEM 客戶來說，可能仍然存在什麼樣的庫存層，你可能仍在努力解決他們正在解決的問題，也許會對收入產生一點限制在接下來的幾個季度裡，這種情況會消失嗎？

Is that maybe the right way to think about that and whether sort of the gross margin dynamic in terms of not being able to capture maybe a normalized mix?

這也許是思考這個問題的正確方法，以及是否無法捕捉標準化組合的毛利率動態？

Is there still some of this inventory layer to burn off through the next couple of quarters?

在接下來的幾個季度中，是否仍有一些庫存需要消耗？

Yes, that's a good question with seven parts.

是的，這是一個由七個部分組成的好問題。

Brian, am I taking on right now?

布萊恩，我現在正在接受嗎？

So I guess the way I think about the second half of the year is I don't think we wanted to give you an indication.

所以我想我對下半年的看法是我們不想給你一個指示。

We're going to be absolutely flat through the end of the year.

到今年年底，我們的業績將絕對持平。

What I would tell you is we're now four months through the year.

我要告訴你的是，現在已經是一年中的四個月了。

We're not really seen as much of an inflection as we would have anticipated yet, but that's not saying that 2025 timing is clear to us that maybe to our customers at this stage.

我們還沒有真正看到像我們預期的那樣大的變化，但這並不是說我們對現階段的客戶來說 2025 年的時機已經很清楚了。

So we still view 2025 as an up year year on year.

因此，我們仍然認為 2025 年將同比增長。

The timing of when that is will have the biggest effect on our fourth quarter.

具體時間將對我們第四季的影響最大。

Second part of your question is really around where we are with the inventory burn off.

你問題的第二部分實際上是關於我們的庫存消耗狀況。

And I think we'll go through largely through the end of the year with some of the components still needing to be burned off, largest impact is probably to our weldment business.

我認為我們將在很大程度上經歷到今年年底，一些組件仍然需要被燒掉，最大的影響可能是我們的銲接業務。

And then machining.

然後進行機械加工。

Second, I think from gas panels and stuff, they they're kind of more normalized.

其次，我認為從燃氣面板和其他東西來看，它們更加標準化。

I would say we're what we've been running flat now for six quarters, something like that going through last year.

我想說的是，我們現在已經連續六個季度表現平平，與去年的情況類似。

We did.

我們做到了。

And so I think most of those things have been gas panels are just kind of in the normal range of whether something falls out of a forecast and needs to be reconfigured.

因此，我認為大部分氣體面板都處於正常範圍內，是否超出了預測並需要重新配置。

I don't think there's a pileup gas panel, so it's all in the component side of the business.

我不認為有堆積氣體面板，所以這一切都在業務的組件方面。

Now having said that, thinking about the gross margin are our qualifications that we've had that we just finished kind of describing in totality will have an effect on the gross margin.

話雖如此，考慮毛利率是我們所擁有的資格，我們剛剛完成了總體描述，這將對毛利率產生影響。

And we typically accrete margin kind of quarter over quarter on revenue about 25%, it might be a little bit better than that.

我們的利潤率通常會逐季增加，收入約 25%，可能會比這好一點。

But our view of the fourth quarter, I would say not regardless of revenue levels, but even at these revenue levels like this, you're seeing in our our guidance driven the gross margin is going up.

但我們對第四季的看法，我想說的是，無論收入水平如何，但即使在這樣的收入水平上，你也會在我們的指導中看到，毛利率正在上升。

A big portion of that is as we start putting these things in India, as we come up the learning curve and get the efficiencies in the factories and things like that worked out and comms will get behind some of the cost headwinds from Q1 and we'll see the margin continue to accrete at similar revenue levels.

其中很大一部分是當我們開始將這些東西放在印度時，當我們沿著學習曲線並提高工廠的效率和類似的事情時，通訊將克服第一季的一些成本阻力，我們'我們將看到利潤率在類似的收入水平上繼續增加。

And as you know, once we inflect, we generally will outpace gross margin.

如您所知，一旦我們發生變化，我們通常會超過毛利率。

So I mean, the view we gave you on the last call, I think is relatively intact from our view of our cost initiatives to drive gross margin.

所以我的意思是，我們在上次電話會議中向您提供的觀點，我認為從我們對提高毛利率的成本舉措的觀點來看，相對完整。

Okay.

好的。

Thanks for all the detail.

感謝您提供所有詳細資訊。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

Yes, thanks for taking the question and all the color so far, guys.

是的，謝謝你們提出這個問題以及迄今為止的所有顏色，夥計們。

Jeff, I wanted to start just by following up on a comment that you made in response to Brian's question.

傑夫，我想先跟進您在回答布萊恩問題時發表的評論。

So on with regard to the point that, Tom, you're not seeing as much of an inflection in 24 as you might have thought three months ago, which of the businesses, gas panels, weldments, et cetera.

湯姆，關於這一點，你在 24 中看到的變化並不像你三個月前想像的那麼大，其中包括燃氣面板、焊接件等業務。

Is that having greater impact on or is it impacting all of those about equally as you think about where we are and where we could be in the back half.

當你思考我們在後半區的位置以及我們可能處於的位置時，這對所有這些影響是否更大，還是對所有這些影響大致相同。

Well, if you think gas panels is still pretty close to two thirds of our business or 60, I don't know that number.

好吧，如果您認為燃氣面板仍然非常接近我們業務的三分之二或 60，我不知道這個數字。

But and then chemical integration, I mean, they're going to be the ones that we need to see in flat.

但是，我的意思是，化學整合將是我們需要在平面上看到的。

And but the biggest impact to drive gross margin would be recovery in our component side of the business as well because they'll bring through more incremental margin on a per revenue basis, some.

但推動毛利率的最大影響也將是我們業務組件的復甦，因為它們將在每項收入的基礎上帶來更多的增量利潤。

And so those are kind of the drivers.

這些都是驅動因素。

I think that we see and our visibility and as I mentioned, it is really kind of three months with I would call good visibility.

我認為我們看到了我們的能見度，正如我所提到的，這實際上是三個月的時間，我稱之為良好的能見度。

I think after that there are pockets where it's really well understood.

我認為在那之後，有些地方它確實得到了很好的理解。

And there's other areas where we were not seeing the visibility and largely because the industry has kind of pulled back to normal lead times and visibility?

還有其他領域我們沒有看到可見性，很大程度上是因為該行業已經恢復到正常的交貨時間和可見性？

Yes, yes, sure.

是的，是的，當然。

So some of that's just the SEC required effect.

所以其中一些只是 SEC 要求的效果。

Got it.

知道了。

Okay.

好的。

And then, Greg, just turning to gross margins and versus our expectations, we're tracking around 100 basis points lower than we thought in the first half of the year.

然後，格雷格，談談毛利率，與我們的預期相比，我們今年上半年的毛利率比我們想像的低約 100 個基點。

As you look at the business and the way that it can trend in the back half and admittedly, we have a hard time seeing beyond maybe 3Q, but um, but how do we think about gross margins?

當你觀察業務及其在下半年的趨勢時，不可否認，我們很難看到第三季之後的情況，但是嗯，但是我們如何看待毛利率？

Or are you thinking that we can execute to fairly steady gains that 20% to 25% incremental margin, I think Chuck referred to or is there either any cost item or mix items that can give us more of a step-up as we think about second half trends?

或者您是否認為我們可以實現相當穩定的收益，即20% 到25% 的增量利潤，我認為Chuck 提到過，或者是否有任何成本項目或混合項目可以讓我們在我們考慮時獲得更多的提升下半年趨勢？

Thank you, Greg.

謝謝你，格雷格。

So as Jeff said, right, we we expect that as we drive incremental revenue, the 25% flow through is still where we believe we're driving to and expect to see.

因此，正如傑夫所說，我們預計，隨著我們推動收入增量，25% 的流量仍然是我們相信我們正在努力實現並期望看到的水平。

So that will continue as we move through the year.

因此，隨著這一年的推移，這種情況將繼續下去。

The other thing is, as Jeff talked about, is we've got our proprietary side that will start to drive some incremental margin improvements in the second half of the year, how much we're working through all of that.

另一件事是，正如傑夫所說，我們擁有自己的專有方面，將在今年下半年開始推動一些增量利潤率的提高，我們正在努力解決所有這些問題。

But for now, the 25% flow through is what you should still model Paycom?

但就目前而言，25% 的流量仍然是您應該為 Paycom 建模的嗎？

Craig, maybe just to follow on is I think our view of our I'll call it internal proprietary products that we're now of integrating into our existing gas panel business.

克雷格，也許接下來是我認為我們對我們的內部專有產品的看法，我將其稱為我們現在正在整合到我們現有的燃氣面板業務中的內部專有產品。

Not necessarily our new generation of gas panels is tracking to what we expected as we kind of entered the year.

進入這一年，我們的新一代瓦斯面板不一定會達到我們的預期。

I'd say with the exception in Q1, revenue was very similar, but are we just kind of we were too low down the learning curve, cutting some of these new fabricated parts, but they'll quickly overcome in China.

我想說，除了第一季的例外，收入非常相似，但我們只是在學習曲線上太低了，削減了一些新的製造零件，但它們很快就會在中國克服。

That's helpful.

這很有幫助。

Thank you very much.

非常感謝。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

I think that my question, just a couple of them.

我認為我的問題只是其中幾個。

One is, you know, when I compare or contrast it to your closest peer as reported last evening, they've been kind of growing revenues for the last couple of quarters.

一是，你知道，當我將其與昨晚報道的最接近的同行進行比較或對比時，他們在過去幾個季度的收入一直在增長。

Are you guys have been kind of flat line?

你們一直都是扁平線嗎？

Is that does that as simple as they are more Chinese semi cap exposure here, more silicon carbide?

是不是就這麼簡單，因為他們在這裡有更多的中國半導體暴露，更多的碳化矽？

Or is there something fundamentally going on with the top large U.S. semi cap OEMs?

或者美國頂級大型半導體製造商是否存在根本性問題？

Well, I'd say I don't want to speak for my competitors, but we overlap around 40%.

好吧，我想說我不想代表我的競爭對手說話，但我們的重疊率約為 40%。

I would say largely, I don't see much deviation where we compete.

我想說的是，我在很大程度上沒有看到我們競爭的地方有太大偏差。

Having said that, obviously some of his upside was is the China revenue base that I don't.

話雖如此，顯然他的一些優勢是中國的收入基礎，而我不這麼認為。

I don't you know, have a channel for or we don't chase it as well as services businesses different.

我不知道，有一個管道，或者我們不追逐它以及服務不同的業務。

Dave recently required another kind of I guess I'd call it a SunFab gas delivery business as well.

Dave 最近需要另一個我想我也可以稱之為 SunFab 天然氣輸送業務的業務。

So we do we don't overlap as much as people see.

所以我們確實沒有像人們看到的那樣重疊。

But where I think we play, I don't I don't really see if the Funline question is, are we seeing share shifts?

但我認為我們在玩的地方，我不認為我真的不明白 Funline 的問題是否是，我們是否看到份額變化？

We don't see it.

我們沒有看到它。

So and so the profiles are just a little bit different because the businesses are not apples to apples.

某某人的情況略有不同，因為這些業務並不相同。

But again, I mean, you guys spoke about no easy delay for leading edge.

但我的意思是，你們再次談到前沿的延遲並不容易。

I'm kind of curious, just can you just talk through the mechanics of like when your EV customer ASM now gets a booking two when they ship a tool to when you get the order and when you ship it, can you just talk us through the time line?

我有點好奇，你能談談這樣的機制嗎，例如當你的電動車客戶ASM 現在收到預訂時，他們發貨了兩個工具，當你收到訂單和發貨時，你能和我們談談談嗎時間軸？

Because I'm just kind of curious how to figure it out competitive this year versus next year.

因為我只是有點好奇該如何判斷今年與明年的競爭力。

And given your buildout profiles and we ship about five months before tool can be shipped, I'll buy them.

考慮到您的建置配置文件，並且我們在工具發貨前大約五個月發貨，我會購買它們。

And then I don't I'm not going to purport to know their revenue recognition on the other end, but we're about we go in about five months before they deliver a tool.

然後我不會，我不會聲稱知道他們在另一端的收入確認，但我們大約需要五個月的時間，然後他們才會交付工具。

And we did see, again some modest reduction within the quarter from the entry point of the quarter.

我們確實看到，本季內再次從本季的切入點略有下降。

And then we've seen again our when we talk about the midpoint being down a little bit quarter over quarter, it's probably about half silicon carbide and half EUV, and then they have taken down some of their build plans.

然後我們再次看到，當我們談論中點逐季度下降一點時，可能是一半碳化矽和一半 EUV，然後他們取消了一些建造計劃。

And I think they've been pretty straightforward with their comments.

我認為他們的評論非常直截了當。

And so that just flows through to us.

所以這就會流向我們。

And all we're seeing is that going into 2025.

我們所看到的只是進入 2025 年。

So it sets us up for a good growth year in 2005.

因此，這為我們在 2005 年實現良好的成長奠定了基礎。

As I as I look out to EUV right now.

我現在正在關注 EUV。

And then the other thing we're doing is we've had this relationship now for probably six or seven years.

我們正在做的另一件事是，我們的這種關係已經有六、七年了。

I think we're starting to pick other sub assemblies up and things like that that are helping us kind of increase the content we get on each EUV tool as well, broader data and one one final question, if I can just squeeze it in on since you kind of spoke about on the inventory side to Brian's question, how gas inventories are kind of normalized, but weldments and mission are still pretty high.

我認為我們開始挑選其他子組件，類似的事情也在幫助我們增加每個 EUV 工具的內容，更廣泛的數據和最後一個問題，如果我可以把它擠進去因為你在布萊恩的問題中談到了庫存方面，天然氣庫存如何標準化，但銲接和任務仍然相當高。

I'm just kind of curious, as you look at your products, when you say is the stickiest market share to the lower I'm guessing gas panel is probably high market share, but it's pretty sticky compared to machining and Weldments, which could be more fungible or just your thoughts on that would be helpful.

我只是有點好奇，當您查看您的產品時，當您說最粘的市場份額較低時，我猜燃氣面板可能具有較高的市場份額，但與機械加工和焊接件相比，它的粘性相當大，這可能更具可替代性，或者只是您對此的想法會有所幫助。

Thank you.

謝謝。

Yes, I would say certain portions of the addressable market within weldments are highly fungible.

是的，我想說銲接件潛在市場的某些部分是高度可替代的。

We call it or but a welding a little more of but less skilled when it comes to taking more sophisticated combinations of weldments and subassemblies that are a little bit sticky.

我們稱之為焊接，但在採用更複雜的銲接和有點黏性的組件組合時，技術稍高一些，但技術水平較低。

I mean, in the long run, nothing sticky, to be honest.

我的意思是，老實說，從長遠來看，沒有什麼黏性。

But I think with machining, it's fairly sticky.

但我認為透過機械加工，它相當黏。

Those take long qualification periods.

這些需要很長的資格期。

So once you have a machine shop, you know that that becomes fairly sticky in the long run.

因此，一旦你擁有了一家機械車間，你就會知道從長遠來看，這會變得相當具有黏性。

And obviously with gas panels, we still view ourselves as the largest TAM market share somewhere around 30s, low 30s, I would say, percentage of market share and globally.

顯然，對於燃氣面板，我們仍然將自己視為 30 多歲左右、30 多歲左右的最大 TAM 市場份額，我想說的是，全球市場份額百分比。

So that's pretty sticky as well.

所以這也很黏。

And no new entrants are fairly rare maybe one in the last five years come in guy.

沒有新進入者是相當罕見的，也許是過去五年出現的一個。

Thank you.

謝謝。

Tom Diffely, DA Davidson.

湯姆·迪夫利，檢察官戴維森。

Yes, good afternoon.

是的，下午好。

Appreciate the chance to ask a question.

珍惜提問的機會。

Maybe, Greg, first, a clarification on the cost side for the components.

格雷格，也許首先要澄清一下組件的成本方面。

Was that material cost was that expediting would cause the the variance in the cost this quarter?

材料成本是否會導致本季成本差異？

So on the component side, Tom.

所以在組件方面，湯姆。

So yes, really it was, I would say, more of a mix within the customer mix there, not well, I was about half of it.

所以，是的，我想說，這實際上是那裡的客戶組合中的更多混合，不太好，我大約是其中的一半。

Yes, about the about half of the miss on the components, not expediting.

是的，大約有一半的失誤是在組件上，而不是加急。

We're not seeing any of that now in the market from from supply chain on fees and things like that it's more about the customer mix within side of the components, specifically in machining, when you when you're starting to ramp up, you're doing smaller lot quantities.

我們現在在市場上沒有看到任何來自供應鏈的費用和類似的事情，更多的是關於組件方面的客戶組合，特別是在加工方面，當你開始增加時，你正在做較小的批量。

So you're just you're not getting as much throughput.

所以你只是沒有獲得那麼多的吞吐量。

So it almost equates to like a learning curve.

所以它幾乎等同於學習曲線。

And as the more the more volume we get, the lower the average cost per unit will come down.

隨著我們獲得的數量越多，每單位的平均成本就會下降得越低。

So and then we just didn't hit what we thought we could come in out of the gates.

然後我們就沒有達到我們認為可以進入的目標。

Okay.

好的。

That's helpful.

這很有幫助。

And then when you look at the proprietary products that you have going forward weldments fittings, precision machining, which of those do you think is the biggest market for you ultimately?

然後，當您查看您擁有的銲件配件、精密加工等專有產品時，您認為哪一個最終對您來說是最大的市場？

And is there any type of a margin difference between the three.

三者之間是否存在任何類型的利潤差異？

And I would say from the least sophisticated more, you know, Baker, these types of parts there, they're probably in low 30s and you might get on the low 40s.

我想說的是，從最不複雜的部分開始，你知道，貝克，這些類型的零件，它們可能在 30 左右，你可能會在 40 左右。

So the range is not that far off from from them.

所以距離他們來說並沒有那麼遠。

I would say we the markets that we address today in precision machining and things like that are kind of measured in billions in components and things like that.

我想說的是，我們今天在精密加工等領域所面對的市場是用數十億個組件和類似的東西來衡量的。

So there are big opportunities individually.

所以個人來說有很大的機會。

I'd say the flow controllers are the ones that can help move the needle the most in the long term.

我想說，從長遠來看，流量控制器是最能幫助推動行動的控制器。

But in the near near term, it's definitely going to be the components I mentioned on the conference call because those are going into existing gas panels we manufacture today.

但在不久的將來，它肯定會是我在電話會議上提到的組件，因為這些組件將用於我們今天製造的現有燃氣面板。

So that they're also going on the new stuff, but the new stuff obviously is in early stages of qualifications.

所以他們也在研究新東西，但新東西顯然處於資格認證的早期階段。

Okay, that's helpful.

好的，這很有幫助。

And then finally, when you look at the impact that some inventories you need to burn off, but at what point do you need to start building inventory for gas panel?

最後，當您考慮需要消耗掉一些庫存的影響時，您需要在什麼時候開始為瓦斯面板建立庫存？

And how far before revenue do you start to see that?

您在收入之前多久開始看到這一點？

Well, I would say maybe the way to think about it, Tom, is that when we will know the inventory burn is largely gone.

好吧，湯姆，我想說也許思考這個問題的方法是，當我們知道庫存消耗已基本消失時。

When we see our component business start to inflect because they have the longest lead times.

當我們看到我們的零件業務開始發生變化時，因為它們的交貨時間最長。

I mean, our contractual lead times are three weeks, four weeks for gas panels.

我的意思是，我們的合約交貨時間是三週，瓦斯面板的交貨時間是四個星期。

There are longer than that for the EUV gas delivery, but the volumes are much, much smaller, obviously.

其長度比 EUV 氣體輸送的長度要長，但顯然體積要小得多。

So and so we usually see it on the component side first, and that's still running fairly sideways for us in the first half of the year.

某某我們通常首先在組件方面看到它，並且在今年上半年對我們來說仍然相當橫向運行。

Okay.

好的。

Thank you for that.

謝謝你。

[Ross Hall], Needham & Company.

[羅斯霍爾]，李約瑟公司。

Thank you for taking my question.

感謝您回答我的問題。

On behalf of Charles Shi.

代表查爾斯施。

So in the past, you had mentioned that you expect are the two largest OEMs to reach a restocking point in the second half this year, or do you still think that's the case that they might not want to wait until inventory get back to historical normal levels, or do you think that the management of those companies will still want to maintain a higher inventory buffer than they have in the past.

所以過去您曾提到您預計最大的兩家整車廠將在今年下半年達到補貨點，或者您仍然認為他們可能不想等到庫存恢復到歷史正常水平或者您認為這些公司的管理層仍然希望保持比過去更高的庫存緩衝。

And I would say I don't know what levels of buffers.

我想說我不知道緩衝區的等級。

I know that we're carrying higher levels of buffers which should alleviate their need to do it.

我知道我們正在攜帶更高級別的緩衝區，這應該會減輕他們的需要。

So we've added safety stock to be able to handle bursts and things like that.

因此，我們增加了安全庫存，以便能夠處理突發事件等。

And so I think once they get through their inventory normalization in those particular pockets of our component business that they'll be back to normal lead time ordering.

因此，我認為，一旦他們在我們的零件業務的特定領域實現庫存標準化，他們將恢復正常的交貨時間訂購。

Great.

偉大的。

Thank you.

謝謝。

Christian Schwab, Craig-Hallum Capital Group.

克里斯蒂安·施瓦布，克雷格·哈勒姆資本集團。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

I mean, would you say that on your utilization rate on gas delivery systems that you're keeping your workforce in the factory a little bit elevated with the hope of being able to gain market share if the recovery starts in 2025?

我的意思是，您是否會說，就天然氣輸送系統的利用率而言，您會稍微提高工廠的勞動力數量，並希望在 2025 年開始復甦時能夠獲得市場份額？

Or have you kind of nail that down?

或者你已經確定了這一點嗎？

I would say we have we have right-sized our workforce, but we leave enough excess such that we can first think of it is in the 10% to 20% range, you know, so could be while we've lagged, we've lowered our, I'll call it the direct labor workforce quite a lot.

我想說的是，我們已經調整了我們的勞動力規模，但我們留下了足夠的多餘人員，這樣我們首先可以想到它在10% 到20% 的範圍內，你知道，所以可能是在我們落後的時候，我們'我們的，我稱之為直接勞動力，已經減少了很多。

We still keep some excess capacity such that we do get pockets and then we have to address those and so on.

我們仍然保留一些過剩產能，這樣我們就可以得到資金，然後我們必須解決這些問題等等。

And then I would say definitely on the component side, because those are tougher skill sets to acquire as you ramp, though.

然後我肯定會說在組件方面，因為不過，隨著你的成長，這些是更難獲得的技能。

Okay, perfect.

好的，完美。

That makes great sense.

這很有道理。

And then my last question, kind of regarding demand recovery, right?

然後我的最後一個問題是關於需求復甦的，對吧？

I mean, the main manufacturers, you know, are just finally coming out of it kind of almost an unprecedented money losing situation given such a consolidated marketplace and they have a whole lot of money to get back for the money that they lost to make future investment.

我的意思是，你知道，主要製造商終於擺脫了這種幾乎前所未有的虧損局面，考慮到這樣一個整合的市場，他們有一大筆錢可以彌補他們為未來而損失的錢。

Do you think that there will be a substantial improvement in your name business in 25.

你認為25年你的名字生意會有實質的改善嗎？

And I guess if it is more 25 weighted, it seems to me that without a material increase in smartphones or PCs that, that that we kind of need that in order to see a material improvement in demand?

我想，如果權重超過 25，在我看來，如果智慧型手機或個人電腦沒有實質增加，我們是否需要這樣才能看到需求的實質改善？

Or am I thinking about that wrong?

還是我想錯了？

I think you're I think you're largely right.

我認為你是我認為你基本上是對的。

I think unmanned inflecting will be very beneficial to garner.

我認為無人化會對加納非常有利。

I think our position with our largest customer had the largest share of the NAN. market to nine begins to inflect.

我認為我們最大的客戶在 NAN 中所佔的份額最大。行情到九點開始活用。

And I think the view is that it will inflect in 2025.

我認為這種觀點將在 2025 年改變。

I've also I mean, I'm not the expert on AI and all of this, but demand is used in that as well because they need the storage near the new, you know, a generative, AI and stuff.

我的意思是，我不是人工智慧和所有這些方面的專家，但需求也用於這方面，因為他們需要新的存儲，你知道，生成式人工智慧等東西。

So I think that's helping demand as well.

所以我認為這也有助於需求。

Obviously, we're seeing in that and some strengthening on the DRAM side and things like that.

顯然，我們看到了 DRAM 方面的一些加強以及類似的事情。

So but I think you're right.

所以但我認為你是對的。

I mean, demand is at its lowest levels and I don't want to say forever, but it's pretty close to all-time lows.

我的意思是，需求處於最低水平，我不想說永遠處於最低水平，但它非常接近歷史最低水平。

And I would say basically somebody talked about the materials side engineering side, it has been less than half the WFE for the first time in history to you've got, you know, you've got the little guys being a significant percentage of it.

我想說，基本上有人談到了材料方面的工程方面，歷史上第一次，它還不到 WFE 的一半，你知道，小傢伙佔了相當大的比例。

So while we have a position there obviously the ASPs on that are significantly bigger than process tools.

因此，雖然我們在那裡佔有一席之地，但顯然，ASP 的規模比流程工具大得多。

So our percentage of their content is much lower than a process tool.

所以我們的內容百分比比流程工具低很多。

Right, right.

是的是的。

Great.

偉大的。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the call over to Jeff Andreson for closing comments.

我現在將把電話轉給傑夫·安德烈森 (Jeff Andreson) 以徵求結束意見。

I want to thank all of you for joining us on our call this quarter by, I think our employees, employees, suppliers, customers and investors for their ongoing dedication and support.

我要感謝大家參加本季的電話會議，我認為我們的員工、供應商、客戶和投資者一直以來的奉獻和支持。

We look forward to the opportunity to meet with investors during several upcoming investor conferences, including the B. Riley, Craig-Hallum and Cowen conferences.

我們期待有機會在即將舉行的幾場投資者會議上與投資者會面，包括 B. Riley、Craig-Hallum 和 Cowen 會議。

Taking place later this month and the CEO Summit in early July, please feel free to reach out to Claire directly to follow up with us.

本月稍後和 7 月初舉行的執行長高峰會，請隨時直接聯繫 Claire 以跟進我們的情況。

We look forward to updating you on our Q2 earnings call scheduled for early August.

我們期待向您通報定於 8 月初舉行的第二季財報電話會議的最新情況。

Operator, that concludes our call, and thank you.

接線生，我們的通話到此結束，謝謝您。

This does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。