Ichor Holdings Ltd (ICHR) 2025 Q2 法說會逐字稿

Good afternoon and thank you for joining today's second quarter 2025 conference call. 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.

下午好，感謝您參加今天的 2025 年第二季電話會議。當您閱讀我們的收益新聞稿並收聽本次電話會議時，請注意兩者都包含聯邦證券法所定義的前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and 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因素的影響，其中許多是我們無法控制的，並且可能導致實際結果與這些陳述有重大差異。

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 year 2024, 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明確說明的風險和不確定性、我們 2024 財年 10-K 表年度報告中描述的風險和不確定性以及隨後向美國證券交易委員會提交的文件中描述的風險和不確定性。

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

您應該根據這些以及其他風險和不確定性來考慮所有前瞻性陳述。

Additionally, we will be providing certain non-gap 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中提供某些非缺口財務措施。我們的收益新聞稿和發佈到我們的 IR 網站上的財務補充均提供了這些非 GAAP 財務指標與最可比較的 GAAP 財務指標的對帳。

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

今天與我一起通話的有我們的執行長 Jeff Andreson 和我們的財務長 Greg Swyt。

Jeff will begin with an update on our business, and then Greg will provide additional details about our results and guidance. Jeff will make a few additional remarks before opening the line for questions. I'll now turn over the call to Jeff Anderson. Jeff?

傑夫將首先介紹我們的業務進展，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。在開始回答問題之前，傑夫還會做一些補充說明。我現在將電話轉給傑夫安德森。傑夫？

Thank you, Claire, and welcome everyone to our Q2 earnings call. Thanks for joining us today. This afternoon, along with our second quarter earnings release, we announced our CEO's succession plans, which I will further discuss towards the end of our prepared remarks.

謝謝你，克萊爾，歡迎大家參加我們的第二季財報電話會議。感謝您今天加入我們。今天下午，我們在發布第二季度收益的同時，也宣布了執行長的繼任計劃，我將在準備好的發言結束時進一步討論這個問題。

Second quarter revenues of $240 million came in at the upper end of our expectations, reflecting a modest acceleration of customer demand into the first half of the year.

第二季的營收為 2.4 億美元，處於我們預期的上限，反映出上半年客戶需求略有成長。

With the Q2 revenue upside driven primarily by our lower margin gas panel integration business, Q2 gross margin of 12.5% was at the lower end of our expectations for the quarter.

由於第二季營收的成長主要受到利潤率較低的燃氣面板整合業務的推動，第二季的毛利率為 12.5%，處於我們對本季預期的低端。

That being said, through most of the second quarter, we were on track to achieve the midpoint of gross margin guidance, and if not for the hiring challenges we experienced starting halfway through the quarter, which limited our output of machine components, today we would have been announcing Q2 gross margins of over 13%.

話雖如此，在第二季度的大部分時間裡，我們都有望實現毛利率指引的中點，如果不是因為我們從本季度中期開始遇到的招聘挑戰限制了我們的機器零件產量，今天我們就會宣布第二季度的毛利率超過 13%。

We continue to face hiring and retention challenges which has continued to impact our output volumes in the third quarter to date.

我們繼續面臨招募和留任方面的挑戰，這繼續影響著我們第三季迄今為止的產量。

And ramping internal supply is a key enabler of the strong gross margin flow through. Therefore, as we focus on securing the necessary headcount in our US machining operation, we are proactively reducing costs elsewhere in the organization.

增加內部供應是實現強勁毛利率的關鍵因素。因此，在我們專注於確保美國機械加工業務所需員工數量的同時，我們也積極降低組織內其他部門的成本。

As we reflect on the customer demand environment industry and peer reports continue to indicate that 2025 will be a modest growth year for wafer fab equipment, or WFE. And with our first half revenues up 20% year over year, we continue to expect our revenue growth this year will outperform overall WFE growth for 2025.

當我們反思客戶需求環境產業和同業報告時，我們繼續表明 2025 年將是晶圓廠設備（WFE）溫和成長的一年。由於我們上半年的營收年增 20%，我們繼續預計今年的營收成長將超過 2025 年 WFE 的整體成長。

So while revenue growth outperformance versus the industry is an expected highlight of our financial performance this year, the most critical operational priority for ICO in 2025 is bringing our internal component supply fully up to speed in order to meet strong customer demand and increasing momentum qualifying our proprietary component products.

因此，雖然收入成長優於行業是我們今年財務業績的預期亮點，但 ICO 在 2025 年最關鍵的營運重點是全面加快我們的內部組件供應，以滿足強勁的客戶需求並不斷提高我們專有組件產品的合格勢頭。

This is what we absolutely must accomplish in order to see the benefits of the new product wins through the P&L via strong flow through and gross margin expansion. Our new product strategy is taking hold and gaining traction.

為了透過強勁的流通和毛利率擴張看到新產品在損益表中獲勝的益處，我們必須做到這一點。我們的新產品策略正在紮根並獲得支援。

With continued new customer qualifications as we successfully ramp our internal supply, we are confident that our strategies will materialize in stronger gross margins as we progress forward. In order to track our progress, here are some key benchmarks to look for from us over the next few quarters.

隨著我們成功提升內部供應，新客戶資格不斷獲得提升，我們相信，隨著我們不斷前進，我們的策略將實現更高的毛利率。為了追蹤我們的進展，以下是我們未來幾季需要關注的一些關鍵基準。

The first is building momentum in our top line year to date. Further expansion of our revenue scale beyond the current $240 million run rate has been stalled by a slowing EUV build, reduced investments by a major US semiconductor manufacturer, and the continued lack of demand for additional capacity in some of our non-traditional markets such as silicon carbide.

首先是今年迄今為止我們營收的成長動能。由於 EUV 建設放緩、美國主要半導體製造商的投資減少以及碳化矽等一些非傳統市場對額外產能的需求持續不足，我們的收入規模無法進一步擴大到目前的 2.4 億美元以上。

In order to see our structural improvements to gross margin materialize, we need the additional tailwind of revenue momentum above the $250 million run rate, which is what we had planned for in the second half of 2025 as we entered the year.

為了實現毛利率的結構性改善，我們需要在 2.5 億美元的運行率之上獲得額外的收入增長動力，這也是我們在進入 2025 年時為 2025 年下半年制定的計劃。

The next sign of progress will be continued qualifications of our new products by the end device manufacturers, and finally, progress will continue as we provide updates that we have scaled our internal supply to sufficient levels and that our output is aligned with our customer needs and cost targets.

下一個進步的標誌將是終端設備製造商繼續對我們新產品的資格認證，最後，隨著我們提供更新，我們已經將內部供應擴大到足夠的水平，並且我們的產出符合客戶需求和成本目標，進步將繼續。

Turning to our momentum qualifying additional proprietary components with our key customers in two, we made meaningful progress across multiple fronts qualification, commercialization, and market expansion.

我們與兩家主要客戶合作，對額外的專有組件進行了認證，在認證、商業化和市場拓展等多個方面取得了有意義的進展。

Most notably, we achieved a major milestone with the successful qualification of our flow control product at a key end user. This marks our first end user qualification for this product line.

最值得注意的是，我們的流量控制產品在關鍵最終用戶處成功通過認證，實現了重要的里程碑。這是我們這個產品系列的首個最終用戶認證。

Which serves as a strong validation of its performance in high demand production environments. We believe this success lays the foundation for broader adoption and additional and customer qualifications.

這有力地驗證了其在高需求生產環境中的性能。我們相信，這項成功為更廣泛的採用以及額外的客戶資格奠定了基礎。

We also reached an important inflection point with our valve product line. During the quarter we secured a third customer qualification and were actively working toward a fourth that said, we are intentionally pacing the fourth qualification to align with our internal capacity ramp.

我們的閥門產品線也達到了一個重要的轉折點。在本季度，我們獲得了第三個客戶資格，並正在積極努力爭取第四個資格，也就是說，我們有意加快第四個資格的步伐，以與我們的內部產能提升保持一致。

This ensures that we can support volume demands without compromising quality or delivery commitments. Importantly, we began shipping valves and production volumes this quarter, a key milestone in scaling commercial success and realizing the margin benefits of internal sourcing.

這確保我們能夠滿足批量需求，同時又不影響品質或交付承諾。重要的是，我們本季開始運送閥門和生產量，這是擴大商業成功和實現內部採購利潤效益的關鍵里程碑。

In parallel, we are making steady technical and operational progress on two new proprietary component products which are designed to expand our addressable markets for both flow control and valves. These next generation offerings will allow us to serve a broader range of applications and customer needs, further increasing our value across the semiconductor supply chain.

同時，我們在兩種新的專有組件產品上取得了穩步的技術和營運進展，旨在擴大我們在流量控制和閥門方面的潛在市場。這些下一代產品將使我們能夠滿足更廣泛的應用和客戶需求，進一步提高我們在整個半導體供應鏈中的價值。

As we move into the second half of the year, we remain focused on expanding manufacturing capacity and aligning production to meet our targeted product margins. For Q3 specifically, with our current visibility, our revenue guidance remains in the same range as we provided for Q2 a quarter ago.

隨著進入下半年，我們將繼續致力於擴大生產能力和調整生產以滿足我們的目標產品利潤率。具體來說，對於第三季度，根據我們目前的預測，我們的收入預期仍與我們上一季為第二季度提供的收入預期處於同一範圍內。

The customer demand environment has remained relatively steady since May, and our full year outlook is largely unchanged.

自五月以來，客戶需求環境保持相對穩定，我們的全年展望基本上沒有改變。

The key differences between how we are looking at 2025 now compared to a quarter ago are first, the Q2 revenue pull in now indicates 2025 is likely to be a slightly front half weighted year.

我們現在對 2025 年的看法與上一季相比，主要的區別在於：首先，現在第二季的營收成長表明，2025 年很可能是一個略微前半年加權的年份。

While the second half customer demand environment hasn't changed materially, I would also add that the accelerations of demand leading to a stronger second quarter have now slowed a bit in advance of an expected slower quarter in December for etch and deposition.

雖然下半年客戶需求環境沒有實質變化，但我還要補充一點，導致第二季需求更強勁的需求加速現在已經略微放緩，預計12月份蝕刻和沈積季度將出現放緩。

Additionally, we are marginally less confident about a few areas of potential upside materializing within this calendar year.

此外，我們對今年內可能出現的一些上行領域的信心略低。

Next, and more meaningful to our outlook, we are taking a more conservative view to our expected hiring ramp and guiding gross margin. And for the third quarter we are providing a similar range of expectations as we did for Q2.

其次，對我們的前景更有意義的是，我們對預期的招募成長和指導毛利率持更保守的看法。對於第三季度，我們給出了與第二季度類似的預期範圍。

While we remain wholly confident that our strategy will materialize in steady progress towards our long longer term gross margin targets, we need to have improved visibility toward a more meaningful and sustainable top line sequential growth in addition to achieving our product cost targets before we will significantly raise the bar on our expectations for gross margin expansion.

雖然我們仍然完全有信心，我們的策略將穩步實現我們的長期毛利率目標，但在我們大幅提高毛利率擴張預期之前，除了實現我們的產品成本目標之外，我們還需要提高對更有意義和可持續的營收連續增長的可見性。

While we currently expect to deliver sequential improvements to our gross margin for the fourth quarter, even on similar revenue levels, at this time, we will refrain from guiding significantly stronger gross margins until we deliver the expected gross margin performance for Q3.

雖然我們目前預計第四季度的毛利率將環比提高，即使在收入水平相似的情況下，但目前，我們將不會預測毛利率將大幅提高，直到我們實現第三季的預期毛利率表現。

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

接下來，我將把時間交給格雷格，讓他回顧我們的第二季度業績，並提供有關我們財務前景的更多細節，格雷格。

Thanks, Jeff. To begin, I would like to emphasize that the P&L metrics discussed today are non-GAAP measures. These measures exclude the impact of share-based compensation, amortization of acquired intangible assets, nonrecurring charges and discrete tax items and adjustments.

謝謝，傑夫。首先，我想強調的是，今天要討論的損益指標是非公認會計準則指標。這些指標不包括股權激勵、收購無形資產攤銷、非經常性費用以及單獨稅項和調整的影響。

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資料，其中總結了我們的 GAAP 和非 GAAP 財務結果以及過去幾個季度的資產負債表和現金流資訊摘要。

Second quarter revenues were $240.3 million at the upper end of guidance, up 18% year over year and 2% lower than Q1. Gross margin for the quarter was 12.5%, an increase of 10 basis points from Q1, but at the low end of expectations, largely due to hiring challenges limiting our ability to achieve the expected ramp of our machine's components.

第二季營收為 2.403 億美元，處於預期上限，年增 18%，比第一季下降 2%。本季毛利率為 12.5%，較第一季增加 10 個基點，但處於預期低端，主要是因為招募挑戰限制了我們實現機器零件預期產量提升的能力。

With operating expenses roughly flat to Q1 at $23.8 million, operating income for Q2 was $6.1 million. Our net interest expense was aligned with our expectations at $1.6 million. However, our non-GAAP net income tax expense of $3.2 million came in well above forecast due primarily to the acceleration of the Pillar-Two tax into Q2.

第二季的營運費用與第一季基本持平，為 2,380 萬美元，而營運收入為 610 萬美元。我們的淨利息支出與我們的預期一致，為 160 萬美元。然而，我們的非公認會計準則淨所得稅支出為 320 萬美元，遠高於預期，主要原因是第二個支柱稅在第二季加速徵收。

For the full year, our estimated income tax is currently $5.6 million compared to the $6 million estimate as of May. Therefore, while the full year tax estimate is largely unchanged, the acceleration into Q2 impacted EPS by $0.07. The resulting EPS for the quarter was $0.03 per share.

就全年而言，我們預計所得稅目前為 560 萬美元，而 5 月的預計為 600 萬美元。因此，儘管全年稅收預期基本保持不變，但第二季的加速成長對每股盈餘產生了0.07美元的影響。最終本季每股收益為0.03美元。

In our GAAP results, you may note that the -- that year to date in 2025, we have been executing towards various strategies to consolidate and align our global operations capacity with our customers largest global production and supply chain centres.

在我們的 GAAP 結果中，您可能會注意到 - 從 2025 年至今，我們一直在執行各種策略，以鞏固和協調我們的全球營運能力與客戶最大的全球生產和供應鏈中心。

Between Q1 and Q2, we recorded charges of $5.7 million for exit costs related to personnel, fixed assets and facility-related costs. We anticipate there may be additional charges in Q3 and Q4 as we complete the analysis.

在第一季和第二季之間，我們記錄了與人員、固定資產和設施相關成本相關的退出成本 570 萬美元。我們預計，隨著分析的完成，第三季和第四季可能會有額外的費用。

Turning to the balance sheet. Our cash and equivalents (sic) [ cash equivalents ] totalled $92 million at the end of the quarter, down $17 million from Q1, reflecting working capital investments as well as $7 million in capital expenditures.

轉向資產負債表。本季末，我們的現金及等價物總額為 9,200 萬美元，較第一季減少 1,700 萬美元，反映了營運資本投資以及 700 萬美元的資本支出。

Our planned CapEx investments for 2025 are still expected to total about 4% of revenue. Our total debt at quarter end was $126 million, and our net debt coverage ratio was 1.5x, well below any potential threshold for covenants.

我們計劃的 2025 年資本支出預計仍將佔總收入的 4% 左右。我們季末的總債務為 1.26 億美元，淨債務覆蓋率為 1.5 倍，遠低於任何潛在的契約門檻。

Now I will discuss our guidance for the third quarter of 2025. With anticipated revenues in the range of $225 million to $245 million, we expect our Q3 gross margins to be between 12.5% and 13.5%. We expect Q3 operating expenses to be approximately $23.7 million, and we expect Q4 OpEx to be at a similar level.

現在我將討論我們對 2025 年第三季的指導。預計第三季的營收將在 2.25 億美元至 2.45 億美元之間，毛利率將在 12.5% 至 13.5% 之間。我們預計第三季營運費用約為 2,370 萬美元，預計第四季營運支出將保持類似水準。

Net interest expense for Q3 and Q4 are expected to be approximately $1.6 million per quarter. We expect to record a tax expense in both Q3 and Q4 of approximately $900,000, reflecting our current forecast for a non-GAAP tax expense of $5.6 million for the full year.

預計第三季和第四季的淨利息支出約為每季 160 萬美元。我們預計第三季和第四季的稅費約為 90 萬美元，這反映了我們目前對全年非 GAAP 稅費 560 萬美元的預測。

Finally, our EPS guidance range for Q3 of $0.06 to $0.18 reflects a share count of $34.4 million shares. I will now turn the call back over to Jeff.

最後，我們對第三季每股盈餘的預期範圍為 0.06 美元至 0.18 美元，反映的股票數量為 3,440 萬股。我現在將電話轉回給傑夫。

Thanks, Greg. Before turning the call over to Q&A, I'd like to say a few words about the CEO succession plan we announced today. I joined the company in late 2017 as CFO. And after first becoming the company's President, I took over as CEO just as the COVID shutdowns were beginning to roll out in early 2020.

謝謝，格雷格。在進入問答環節之前，我想談談我們今天宣布的執行長繼任計畫。我於 2017 年底加入該公司擔任財務長。在擔任公司總裁之後，我在 2020 年初新冠疫情封鎖剛開始實施時接任了執行長一職。

There's no question that the operational challenges of the past five years have been greater than at any period in recent memory, and I am immensely proud of our successes winning multiple new product qualifications after embarking on Ichor's first-ever branded product development strategy.

毫無疑問，過去五年的營運挑戰比近年來任何時期都要大，在實施 Ichor 首個品牌產品開發策略後，我們成功贏得了多個新產品資格，對此我感到無比自豪。

During the same period, we have integrated five acquisitions and successfully completed the recapitalization of our balance sheet. I love this company, and I strongly believe that we have many opportunities to transform the company's profit generation as we continue to bring our branded products to market. I also believe that the time has come to begin the search for a new leader, who can drive Ichor to new levels of success.

在同一時期，我們整合了五項收購，並成功完成了資產負債表的資本重組。我熱愛這家公司，並且堅信，隨著我們繼續將品牌產品推向市場，我們有很多機會改變公司的利潤來源。我還相信現在是時候開始尋找一位新的領導者，帶領 Ichor 走向新的成功水平。

Ichor is a strong leader in the industry, enjoying tremendous customer partnerships and an amazing team of employees around the globe. This strong foundation will be attractive to the next leader of Ichor. And in order to ensure a seamless transition, the Board and I have entered into a transition agreement where I will remain CEO until my successor is identified and then continue as a strategic adviser to the company and our new CEO to assist in the leadership succession process.

Ichor 是業界的強大領導者，在全球範圍內擁有龐大的客戶合作夥伴關係和出色的員工團隊。這個堅實的基礎將對 Ichor 的下一任領導者俱有吸引力。為了確保順利過渡，董事會和我達成了一項過渡協議，我將繼續擔任首席執行官，直到我的繼任者確定，然後繼續擔任公司和新任首席執行官的戰略顧問，協助領導層繼任過程。

We have an excellent Board of Directors, and I have full confidence that they will find an outstanding new leader for the company. Operator, we are now ready for questions. Please open the line.

我們擁有優秀的董事會，我完全相信他們能夠為公司找到一位出色的新領導者。接線員，我們現在可以回答問題了。請開通線路。

(Operator Instructions) Brian Chin, Stifel.

（操作員指示） Brian Chin，Stifel。

Hi there, good afternoon. I guess firstly, Jeff, definitely wish you all the best. It sounds like you'll be continuing on these calls. But as you wind your time down here, I just want to thank you for that. Maybe to start with gross margins. Can you unpack the dynamic that occurred.

大家好，下午好。我想首先，傑夫，我當然祝你一切順利。聽起來你會繼續這些通話。但隨著你在這裡的時間即將結束，我只想為此向你表示感謝。也許從毛利率開始。你能解開發生的動態嗎？

It sound like mid-quarter in Q2 that took you off that trajectory, maybe that could have taken you towards the midpoint or so of the gross margin guide, but maybe kind of unpack what happened there in terms of the hiring and maybe some turnover? And then tied into that, I guess, is how that relates to sort of the uptick in OpEx sequentially above plan.

聽起來第二季中期你們的業績偏離了原來的軌跡，也許這會讓你的業績達到毛利率指南的中點左右，但也許可以解釋一下在招募和人員流動方面發生了什麼？然後與此相關的是，我想，這與營運支出按計劃連續上升有何關係。

Yeah, so at the beginning of the quarter, we were doing pretty good at bringing people in. And then as you bring them in, these are very unique jobs. This is mostly our US operation in Minnesota.

是的，所以在本季初，我們在引進人才方面做得相當不錯。然後當你把他們帶進來時，這些都是非常獨特的工作。這主要是我們在明尼蘇達州的美國業務。

A lot of them go into the clean room to do the post -- we'll call it post machining. And I'd say we did a pretty good job of getting the machinists. We have a lot of machine parts, but we couldn't get them all built.

很多工序都進入無塵室進行後續加工——我們稱之為後期加工。我想說我們在招募機械師方面做得相當出色。我們有很多機器零件，但我們無法將它們全部製造出來。

They're all off shift, and we had some turnover that was offsetting what we were bringing in, so by about the middle of the quarter or so we just really hadn't netted as many people as we needed. And it kind of continued towards the end of the quarter with very few folks. We've changed some approaches to how we hire in the off shifts and shift differentials, things like that.

他們都不上班了，我們的人員流動也抵消了我們的收入，所以到本季中期左右，我們實際上並沒有招募到足夠的員工。這種情況一直持續到本季末，但人數已經很少了。我們改變了一些輪班以外的招募方式以及輪班差異等問題。

So I would say entering this quarter, it's a little bit better, but it's where we would have wanted to be a quarter ago. So it did start pretty good, but then the retention side of it, once they put on bunny suits and getting a clean room, we weren't able to retain everybody that we hired during the quarter.

所以我想說，進入本季度，情況會好一點，但這是我們一個季度前想要達到的水平。所以一開始確實很好，但從留住員工的角度來看，一旦他們穿上兔子服並進入乾淨的房間，我們就無法留住本季度僱用的所有員工。

Got it, and that's sort of the kind of the spike up in the OpEx and sort of coming back down in three?

明白了，這就像營運支出的激增，然後在三年內回落？

Well, the spike up in the OpEx was a little unique around some of our -- we've had some higher healthcare costs than we had originally planned entering the year, everything else was pretty much aligned with it. But the -- it's not related necessarily to the hiring in Minnesota.

嗯，營運支出的飆升對我們來說有點特殊——我們的醫療保健成本比我們最初計劃的要高，其他一切都與之基本一致。但這不一定與明尼蘇達州的招募有關。

And having said that, most of our -- had we stayed on the hiring trajectory that we saw in the first eight months or so without the turnover, I think we would have been announcing pretty -- better than our midpoint of guidance is how we looked at it. So we've taken a little more conservative approach on our hiring ramp this quarter, and that's why the guidance is around 13% for gross margin.

話雖如此，如果我們保持前八個月左右的招募軌跡，沒有人員流動，我認為我們會宣布相當好的結果——比我們預期的中點要好。因此，我們本季在招募方面採取了更保守的態度，這也是我們預期毛利率約為 13% 的原因。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, hi, thanks for my question, and just, same here, good luck, and we're definitely going to miss you and your insights. I have two questions. One is on demand. Just kind of curious into Q3, where are you seeing the demand coming in from? If you have a visibility, is it coming from NAND? Is it China? I understand you already said that EUV is lower and probably Intel WFP is lower, but I'm just kind of curious, where do you see the incremental demand coming from? I'm going to add a follow up.

是的，嗨，謝謝你的提問，同樣，祝你好運，我們一定會想念你和你的見解。我有兩個問題。一是按需。只是有點好奇第三季度，您看到的需求來自哪裡？如果您有可見性，它是否來自 NAND？是中國嗎？我知道您已經說過 EUV 較低，而且英特爾 WFP 可能也較低，但我只是有點好奇，您認為增量需求來自哪裡？我將添加後續內容。

Yeah, I think when you say incremental or the strength of demand into the second half is what you probably or I think, assuming, I think foundry logic still strong, high bandwidth memory. We can see it. I'd say maybe the advanced packaging has plateaued and then I think the NAND is continuing. We can clearly see that NAND investment is continuing into the back half.

是的，我認為當您說下半年的增量或需求強度時，您可能或我認為，假設代工邏輯仍然強勁，高頻寬記憶體。我們可以看到它。我想說也許先進封裝已經達到穩定水平，而 NAND 將繼續發展。我們可以清楚地看到，NAND 投資在下半年仍在持續。

I mean when you look at us pulling about $5 million forward, it's slightly down in the back half. And probably the biggest changes really have probably been around, again, a little bit of a reduction in our [litho] business, which is well understood and build volumes are down. And then I would say, a large US OEM that continues to push out some of their CapEx investments here in the US And I'd say everything else kind of held its own.

我的意思是，當你看到我們提前投入了大約 500 萬美元時，後半部分就略有下降。可能最大的變化確實已經出現了，我們的[光刻]業務略有減少，這是眾所周知的，而且構建量也在下降。然後我想說，一家大型美國原始設備製造商繼續在美國推進其部分資本支出投資，我想說其他一切都保持了原有的水平。

Got it. And then, on the growth margin side, I'm just kind of curious because, this quarter I understand the machining, employment is an issue. Last quarter is the proprietary content, I understand some of this is probably on execution versus what you can manage, but bigger picture, is there any other issues you see on gross margin?

知道了。然後，在成長利潤方面，我只是有點好奇，因為本季我了解到機械加工和就業是一個問題。上個季度是專有內容，我知道其中一些可能與執行有關，而不是你能管理的範圍，但從更大的角度來看，你在毛利率方面還看到其他問題嗎？

In other words, are your big semi cap customers trying to put more pricing pressure on you compared to in the past given that their customer base is consolidating or has any of that filtered down or do you think this is all manageable and just like as you termed it last quarter growing pains.

換句話說，鑑於他們的客戶群正在整合或有所減弱，您的大型半資本客戶是否會試圖對您施加比過去更大的定價壓力，或者您是否認為這一切都是可控的，就像您上個季度所說的那樣，是成長的煩惱。

I would say our inability to execute and get the ramp to meet the customer demand that we have in front of us is hitting us both in the profitability we could get with the revenue numbers that we were projecting as well as we talked about on the last call we're still buying some externally that we're eventually going to make those two will move the needle fastest I would say pricing pressure is always there. It hasn't really changed.

我想說的是，我們無法執行並滿足擺在我們面前的客戶需求，這對我們的盈利能力造成了打擊，我們無法獲得我們預計的收入數字，以及我們在上次電話會議上談到的我們仍然從外部購買一些產品，我們最終會讓這兩個方面最快地推動這一進程，我想說定價壓力始終存在。它實際上並沒有改變。

Very much over the last year or so it's so it's always something you try and work on with your customers reducing their costs and stuff I would say from a tariff perspective that's getting passed on it's a lot better understood now and so I think that that is well understood by our customers that that's something that'll be passed on.

在過去一年左右的時間裡，我們一直在嘗試與客戶合作，降低他們的成本，我想說，從關稅的角度來看，現在我們對這一成本有了更好的理解，所以我認為我們的客戶也很好地理解了這一點，這將會被傳遞下去。

Thanks, Joe.

謝謝，喬。

Thanks, Chris.

謝謝，克里斯。

Craig Ellis, B Riley Securities.

克雷格·埃利斯 (Craig Ellis)，B Riley 證券。

Yeah, thanks for taking the question, and Jeff I'll echo the sentiment of the other two analysts just expressing thanks for all the help. Over the years and wishing you the best as you evolve to the role at some future time yeah you're welcome.

是的，感謝傑夫提出這個問題，我同意其他兩位分析師的觀點，並對所有的幫助表示感謝。多年來，我祝福您在未來的某個時候能夠順利勝任這個角色，是的，不用客氣。

I wanted to just go back to the last line of inquiry because it sounds like there may be some issues just impacting your ability to deliver product that the time that you'd like and so the question is, are there any market share issues that you've seen arise either as a result of some of the things that surfaced in 1Q or any of the hiring or retention related issues that you're seeing in 2Q.

我想回到最後一個問題，因為聽起來可能有一些問題影響了您在希望的時間交付產品的能力，所以問題是，您是否看到任何市場份額問題，這些問題要么是由於第一季度出現的一些問題，要么是由於您在第二季度看到的任何招聘或保留相關問題。

Well, I'd say from a market share it's largely you would think about it, the internal supply when you're still buying some externally we're not capturing that market share until we get the operation ramped up and so that's where we're seeing it I would say kind of what we would call on our external revenue we're not seeing any shifts there.

好吧，我想說，從市場份額來看，很大程度上你會想到，當你仍然從外部購買一些產品時，內部供應是無法佔領市場份額的，直到我們擴大運營，這就是我們所看到的，我想說的是我們所謂的外部收入，我們沒有看到任何變化。

Got it. And then I just wanted to go back to, the demand view and the fact that we might be down a little bit second half on half I thought we had heard from another large, front end company a view that WIP this year was evolving, to a higher level, more positive level.

知道了。然後我只是想回到需求觀點，事實上我們下半年可能會略有下降，我認為我們從另一家大型前端公司聽說，今年的 WIP 正在向更高的水平、更積極的水平發展。

One potentially leading towards 10% WFP growth versus 5%, your revenues would, track well versus that, but I'm just trying to reconcile the dissonance between those two and wondering if there's any help you can provide.

一個可能導致世界糧食計劃署的增長率達到 10%，而另一個可能導致 5%，您的收入將會與之相符，但我只是試圖調和這兩者之間的差異，想知道您是否可以提供任何幫助。

I don't, I don't know that we disagree with them. I think we've always kind of thought it was going to be 105 or better. I think the wildcard seems to be China again. Is a strength which will benefit of our customers so end users and things like that, but our growth year over year is still outpacing, that level of WFE. So I don't know that it's materially changed. I'll, we'll tell you there's a wide range of expectations out there. Some are higher than the kind of the 5% to 10% that have been, discussed on prior calls so.

我不知道，我不知道我們是否不同意他們的觀點。我想我們一直認為它會達到 105 甚至更高。我認為中國似乎再次成為不確定因素。這是一種優勢，它將使我們的客戶、最終用戶等受益，但我們的逐年增長速度仍然超過 WFE 的水平。所以我不知道它是否發生了實質的改變。我會告訴你，人們有各種各樣的期望。有些比之前電話會議中討論過的 5% 到 10% 要高。

Thank you.

謝謝。

Charles Shi, Needham and Co.

Charles Shi，Needham and Co.

Hi, Jeff, Greg, hey, Jeff, similar to other analysts, I really enjoyed our conversation on the calls and in other various meetings with you over the past few years. I appreciate that.

嗨，傑夫，格雷格，嘿，傑夫，與其他分析師一樣，我非常享受過去幾年在電話會議和其他各種會議上與你們的交談。我很感激。

Thank you.

謝謝。

Yeah, maybe a question about the remainder of the year, the outlook, looks like, you are basically saying this is 90 days ago, there is some conservatism, that the incremental conservatism out there. I, one thing you said really caught me. I think you said that there were some, upside for the fiscal year you thought that would materialize, but that looks like it's not. Sounds like it's more about revenue and may I ask what the upside where you were expecting a little bit earlier this year that you're not seeing.

是的，也許關於今年剩餘時間的前景的問題看起來，你基本上是說這是 90 天前，存在一些保守主義，即漸進式保守主義。我，您說的一件事確實讓我很感動。我認為您說過，您認為本財政年度會有一些好處，但看起來並非如此。聽起來這更多的是關於收入，請問您今年早些時候預期但沒有看到的優勢有哪些？

Yeah, good question. I think what we've seen, stop and that we thought we would start to see build rates in our UV business start to go up in the fourth quarter. We haven't seen that yet, and I would say, we've seen, and you know we don't see all the sell through, but we've seen some of the US OEM stuff shipped out of, fiscal year '25.

是的，好問題。我認為我們已經看到的情況已經停止，我們認為我們將開始看到我們的 UV 業務的建設率在第四季度開始上升。我們還沒有看到這種情況，我想說，我們已經看到了，你知道我們沒有看到所有的銷售，但我們已經看到一些美國 OEM 產品在 25 財年運出。

And so those are probably the two biggest Cadillac catalyst to. I don't know it's got; it's about a $5 million dollar haircut in our outlook from a quarter ago so versus I don't know [$950 or $960] roll up, that's a pretty small range. There could be things that pop up, into the fourth quarter, and we'll give you an update on that, on the next conference call, but those are the two big moving pieces we've seen since the last call.

因此，這可能是凱迪拉克最大的兩個催化劑。我不知道它有多少；與上個季度相比，我們的預期大約有 500 萬美元的損失，所以與我不知道的 [950 美元或 960 美元] 相比，這是一個相當小的範圍。第四季可能會出現一些事情，我們會在下次電話會議上向您提供最新情況，但這些是自上次電話會議以來我們看到的兩個重大變化。

Got it. So a little bit less, a little bit that edge sounds like that were the upside that that no longer really seeing at the moment.

知道了。因此，稍微少一點，稍微有點優勢聽起來就像是目前不再真正看到的優勢。

So Jeff, the other question, you said, you now expect the second half going to be slightly lighter than first half. I would think before Lamb, reported that I would agree with you, but now lamb had a huge Q3 guidance upside and that they no longer see second half being really.

傑夫，另一個問題是，你說，你現在預計下半年會比上半年稍微輕鬆一些。我認為在 Lamb 報告之前我會同意你的觀點，但現在 Lamb 的第三季指引有巨大的上升空間，而且他們不再認為下半年會是真的。

The lighter than the first half and if I look at the AA and the other customers of yours, I, I'm kind of scratching my head a little bit because Almost no customers of yours are actually seeing second half being lighter right now. So how do I square the differences off here and what any insights there. Thanks.

比上半年要輕，如果我看看 AA 和您的其他客戶，我有點摸不著頭腦，因為幾乎沒有您的客戶實際上看到下半年的情況變得更輕。那麼我該如何解決這裡的差異以及有什麼見解呢？謝謝。

Yeah, well, one is I think it's a relatively small moving number versus our last time and I think some of this is really about the timing of when we ship.

是的，首先，我認為與上次相比，這次的移動數字相對較小，其次，我認為這與我們發貨的時間有關。

Okay, so we ship about a month before they can recognize revenue, and I would say we had a pretty healthy tail end of the quarter, which is why you saw the $5 million pulled in had that not pulled forward, then this is mostly about timing we'd be pretty equally weighted and our customers don't remember our customers don't have exactly the same profile of earnings revenue, excuse me, each one's a little bit different, so. I'd say we're pretty aligned to what we see at each one of those and what they've talked about, so.

好的，所以我們在他們確認收入前大約一個月發貨，我想說我們在本季度末有一個相當健康的表現，這就是為什麼你看到 500 萬美元的收入，如果沒有提前，那麼這主要是關於時間，我們會相當平等地加權，我們的客戶不記得我們的客戶沒有完全相同的收入狀況，對不起，每個人都有點不同，所以。我想說，我們對每個人所看到的情況以及他們所談論的內容非常一致，所以。

Thank you. Maybe the last question, I think you didn't really bring it up this time. It's about tariffs, especially the steel and aluminium related tariffs. Are you seeing any impact or any change, in your view on the degree or magnitude of the impact? Thank you.

謝謝。也許是最後一個問題，我想你這次並沒有真正提起它。這是關於關稅的問題，特別是與鋼鐵和鋁相關的關稅。您認為影響的程度或數量級有沒有什麼影響或改變？謝謝。

Yeah. It's in section 232 is what you're talking about. It's 50%. The original 232 has got duty drawback so we work with our customers and we pass it on and then they are able to draw it back for whatever leaves the US.

是的。您說的是第 232 節。是50%。原來的 232 有退稅，所以我們與客戶合作，將其轉交，然後他們可以將其退還給離開美國的任何商品。

The second wave that started in I think April, you can't do duty drawback and that's where we're seeing it and passing on the customers. I would say the regulations are much more clear now. It's not 100% of the value that comes in. It's driven by weight and the percentage that's non, non-US source metals, and so we've done a lot of work on that area and so we're working to reduce the impact across our supply chain and customers. So it hasn't changed, but I think we have clear views of how to manage it.

第二波疫情始於四月份，當時無法辦理退稅，我們看到了這種情況，並將它轉嫁給了客戶。我想說現在的規定更明確了。這並不是 100% 的價值。它是由重量和非美國源金屬的百分比驅動的，因此我們在該領域做了大量工作，因此我們正在努力減少對供應鏈和客戶的影響。所以它沒有改變，但我認為我們對如何管理它有明確的看法。

Thank you, that's all from me.

謝謝，我的話說完了。

Yeah, thanks.

是的，謝謝。

Tom Diffely, DA Davidson.

湯姆·迪菲利，DA 戴維森。

Yeah, good afternoon. Thank you for a couple of questions here. Just curious, the issues that you're seeing with both the hiring and the retention, is this a new issue or is this, something you battle constantly?

是的，下午好。謝謝您在這裡提出的幾個問題。只是好奇，您在招募和留任方面遇到的問題是一個新問題還是您一直在努力解決的問題？

I would say we have ramped our machining operation in Minnesota in the past I mean go back seven, eight years we've had different cycles and this has been a little bit more challenging because we were chasing machinists now we have what we would call post machining operations, so a lot more assembly work and things like that where you're in the clean room and they're off shift so we run 24/7 there so they've been a little more challenging than the last two ramps I would say.

我想說，我們過去在明尼蘇達州擴大了機械加工業務，我的意思是，回想七、八年前，我們有過不同的周期，而這次的挑戰更大一些，因為我們在追逐機械師，現在我們有了所謂的後加工操作，所以有很多裝配工作和類似的事情，你需要在潔淨室裡工作，他們下班了，所以我們在那裡全天候運行，所以我想說這一些挑戰，這一點。

Is it just a matter of you know I guess finding the people who are willing to do the job specifically or is it, higher wages or what are the options here?

這是否只是一個你知道的問題，我猜想，找到那些願意專門做這項工作的人，還是更高的工資，或者這裡有什麼選擇？

Well, wages we can measure and adjust for, and we do that annually and then we look at it during the year if we see any kind of compression and skilled workforce, a little bit but not a whole heck of a lot there I would say. It's the off shifts and it's the clean room and a bunny suit and all that stuff and so we've done a better job at ensuring they understand what that's really like before they take the jobs and move into it so.

嗯，我們可以衡量和調整工資，我們每年都會這樣做，然後我們會在年內觀察是否看到任何形式的壓縮和熟練勞動力，我想說有一點，但不是很多。這是下班時間，這是無塵室和兔子服以及所有這些東西，所以我們做得更好，以確保他們在接受工作並進入工作之前了解實際情況。

Okay, got it. Makes sense. Then as a follow up, Greg, one of your peers talked about a pretty big tax impact from the one big, beautiful bill this year. And we kind of touched on it very briefly, but I'm curious as you go through that new bill, are you seeing any meaningful tax implementations going forward?

好的，明白了。有道理。然後作為後續問題，格雷格，你的一位同事談到了今年一項巨大而美麗的法案帶來的相當大的稅收影響。我們已經非常簡要地談到了這一點，但我很好奇，當您仔細閱讀這項新法案時，您是否看到未來有任何有意義的稅收實施？

Hey, Tom, good question. Not on the near term, mainly because of our where we are in our tax position in the US. We will not see at least for a period of time any material benefit on the various factors that we could take a benefit on like depreciation things like that so there is no benefit for us at least in the near term that we're anticipating.

嘿，湯姆，好問題。短期內不會，主要是因為我們在美國的稅務狀況。至少在一段時間內，我們不會看到從各種因素（例如折舊等）中獲得任何實質利益，因此至少在短期內，我們預期不會獲得任何利益。

Okay, thank you. Yeah, that'll flow through the P&L because of the NLL we'll take advantage of it and use it later, so.

好的，謝謝。是的，這將流經損益表，因為 NLL 我們會利用它並在以後使用它，所以。

Yeah, okay, makes sense, thank you.

是的，好的，有道理，謝謝。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Great, Jeff, good luck on whatever's next, a year ago we talked about, this tremendous movement into, sourcing internally and driving, 20%, maybe 20% plus type of gross margins, is that something that you guys still feel is an opportunity set obviously. With the smoother manufacturing but also higher revenue would save the business. We have a good WFE in the future. We get $300 million a quarter plus or minus, is 20% gross margins still the bogey, or do you think that maybe that was too optimistic when you said it before?

太好了，傑夫，祝你好運，一年前我們談到過，這種巨大的轉變，內部採購，推動 20%，也許 20% 以上的毛利率，這顯然是你們仍然認為的一個機會。生產更加順暢，而且收入更高，可以挽救企業。我們將來會有一個好的WFE。我們每季的毛利率在 3 億美元左右，20% 的毛利率是否仍是一個難以克服的數值，或者您認為您之前說的可能過於樂觀了？

Well, I, well, one is I would say it is not something that we can attain. I would say we have to attack it in too. What one is the fat components is primarily where we've been getting the qualifications and the valves and the substrates and fittings and.

嗯，我，嗯，首先我想說這不是我們能夠實現的。我想說我們也必須進攻它。其中脂肪成分主要是我們從中獲得資格、閥門、基材和配件等。

Along the way those will move us up, but until we actually get some level of the flow controller and then our prepared comments, we actually now have one of our first full integrated high core content gas boxes that got qualified in our customers and customers.

在這個過程中，這些都會推動我們前進，但直到我們真正獲得一定程度的流量控制器，然後是我們的準備好的評論，我們實際上現在已經擁有了第一個完全整合的高核心內容氣體箱，它在我們的客戶和客戶中都獲得了認證。

So with that now kind of goes into production and the timing of their production ramp which is not clear to us right now. That is what's going to move us up into the [2] the flow controllers because you don't need $100 million of those to move the needles. Those would be our highest margin, highest IP content product going forward. So no, 20% is still, I hate to use the word bogey, it's the target for the company to get to.

因此，現在該產品已投入生產，但其產量提升的時間我們目前尚不清楚。這就是讓我們進入[2]流量控制器的原因，因為你不需要1億美元來移動指針。這些將是我們未來利潤率最高、IP 內容最高的產品。所以，不，20% 仍然是，我不想用「妖怪」這個詞，這是公司要達到的目標。

Right, and then, and if we look to the second half of the year, I mean, is there any, puts or takes. You know that you could imagine where gross margins get any worse than the current kind of you know 12.5%, 13% level other than, revenue for seen by a dramatic amount.

好的，然後，如果我們展望下半年，我的意思是，是否有任何看跌或看漲的情況。你知道，你可以想像毛利率會比目前的 12.5%、13% 的水平更差，但收入則會大幅下降。

Yeah, I would say if you go back a quarter we had some operational issues and by the way hiring is operational but when we're down to getting the people in place to meet the demand it's not, it's not production and getting the cost down and all that we were making progress along all of the fronts that we have been attacking since the beginning of the year and so those are progressing well. I think once we get the people in place we still have some, we still have some time to go.

是的，我想說，如果回顧上一季度，我們遇到了一些營運問題，順便說一下，招聘是營運問題，但當我們著手安排人員來滿足需求時，問題就不是生產問題，也不是降低成本問題，自今年年初以來，我們在所有方面都取得了進展，所以這些方面進展順利。我認為，一旦我們把人員安排到位，我們仍然會有一些時間。

I wouldn't say all of our products will be at our target cost, until probably into the first quarter of next year, but, substrates are doing very well and they're very close, and the fittings are moving in the right direction, so it's valves is what we're attacking, and this is the first quarter of production shipments for those.

我不會說我們所有的產品都會達到我們的目標成本，可能要到明年第一季度，但是，基材做得很好，而且非常接近目標，配件也朝著正確的方向發展，所以閥門是我們正在攻克的領域，這是這些產品生產出貨量的第一季度。

Great, thank you, no other questions, thanks.

太好了，謝謝，沒有其他問題了，謝謝。

Thanks.

謝謝。

Edward Yang, Oppenheimer.

楊德昌，奧本海默。

Hi Jeff, I just wanted to wish you all the best. I really appreciated learning from you. You'll be missed.

嗨，傑夫，我只是想祝你一切順利。我真的很感激向您學習。我們會想念你的。

Thank you.

謝謝。

My question, you mentioned events packaging, plateaued in response to an earlier question. I just wanted to unpack that a little bit more. Is that, and market driven or, are you seeing market share fi, between your customers?

我的問題是，您提到了活動包裝，在回答先前的問題時，情況已經趨於平穩。我只是想進一步解釋這一點。這是由市場驅動的嗎，還是您看到客戶之間的市場份額？

No, I think most of, the biggest side of that is the advanced packaging, plating, tool that we do, and that has had a tremendous amount of growth, both sides of that and the cleaning tool that we support have had great high trajectory growth for maybe the last two years, and I would say they're just starting to slow now as the capacity is coming online in those areas, so we don't believe that there's any kind of share shift there, today. I mean our share is not as big as it is in gas panels that's for sure.

不，我認為其中最大的方面是我們所做的先進封裝、電鍍、工具，這些方面都取得了巨大的增長，這兩方面以及我們支持的清潔工具在過去兩年中都實現了很高的增長軌跡，我想說，隨著這些領域的產能上線，它們現在才開始放緩，所以我們認為今天那裡不會出現任何份額轉移。我的意思是，我們的份額肯定不如天然氣面板那麼大。

Got it. And it sounds like one of your public competitors also talking about increasing you know their own internal content local content you know sounds like a familiar strategy just wondering as both you and this competitor become more vertically integrated, are there any cross exposure or you know possibility of displacement where one or the other of you two, sell to each other?

知道了。聽起來你們的一個公開競爭對手也在談論增加他們自己的內部內容，本地內容聽起來像是一個熟悉的策略，只是想知道，隨著你們和這個競爭對手變得更加垂直整合，是否存在交叉曝光或相互替代的可能性，即你們兩個中的一方或另一方互相銷售？

We sell to each other today certain areas because they build boxes and they got a component that's qualified for us and they buy it from us, we buy heaters from them so that's that that's been occurring for years and years and years between the two of us, but yeah, I have noticed their comments have been a little more aligned with the, branded strategy that we have in bringing products together. I think it's a that's what the market is looking for.

如今，我們在某些領域互相銷售產品，因為他們製造盒子，並獲得了適合我們的部件，然後從我們這裡購買，我們從他們那裡購買加熱器，所以這種情況在我們兩人之間已經持續了很多年，但是是的，我注意到他們的評論與我們將產品整合在一起的品牌戰略更加一致。我認為這正是市場所尋求的。

Okay, thank you.

好的，謝謝。

Brian Chin, Stifel.

Brian Chin，Stifel。

Hi there, just, I'm back. I got cut off, a little early, earlier in the queue, yeah, just one clarification, Jeff, the I think you sort of suggested that if I heard correctly, that in December quarter, maybe be consistent with some of your customer patterns, December could be lower than September and that the second half would be a little bit down from a first half weighted spending. And we kind of like mid-single digit decline, half on half moderate.

大家好，我剛剛回來了。我被打斷了，有點早，在隊列中較早，是的，只需要澄清一點，傑夫，如果我沒有聽錯的話，我想你的意思是，在 12 月季度，可能與你的一些客戶模式一致，12 月可能會低於 9 月，下半年的加權支出會比上半年略低。我們覺得下降幅度有點像是個位數的中等幅度，一半是溫和的。

Yeah, I don't even know if its low single digits are what I would say it's about $5 million off of 480 something, so it's 1%. It's very, it's very close to flat, you know if we have a similar quarter, you could almost assume that it's timing.

是的，我什至不知道它的低個位數是否符合我的預期，我認為它大約是從 480 億美元中扣除 500 萬美元，所以它是 1%。它非常接近持平，你知道如果我們有一個類似的季度，你幾乎可以假設它是時機。

Okay, got it. I missed some of that but sounds like you said like a 1% decline in December quarter or something.

好的，明白了。我錯過了一些內容，但聽起來你說的是 12 月季度下降了 1% 左右。

I would say that that's probably in the timing of just when our customers are, building things versus us.

我想說，這可能正值我們的客戶在建造東西，而我們則在建造東西。

Got it. And then just to, I also wanted to touch on the flow control qualification that that is kind of a milestone relative to important part of the insourcing strategy and you said sort of customers customer. Can you give us a sense of that sort of like a logic or DRAM application?

知道了。然後，我還想談談流程控制資格，這是相對於內部採購策略重要部分的里程碑，您說的是客戶客戶。您能為我們介紹一下這種邏輯或 DRAM 應用嗎？

Well, what I would I say, and I think we, we've not said who the customer is, but we have said that these are almost all targeted on advanced logic, opportunities.

好吧，我想說的是，我想我們還沒有說客戶是誰，但我們已經說過這些幾乎都是針對高級邏輯和機會的。

Okay. Yeah, got it. Maybe just one last quick thing because I'm back on the, can you give us it sounds like from listening to the other questions that, some of the slots that may have pushed into, out of the year in some cases, kind of tied into maybe DRAM advanced packaging, something like that.

好的。是的，明白了。也許我還有最後一件小事要說，因為我又回到了話題上，您能否告訴我們，從聽完其他問題之後，某些時間段可能會被推遲，在某些情況下，可能與 DRAM 先進封裝等相關。

I'm not sure I follow you're just talking about this that the North America IDM I would say that's probably logic.

我不確定我是否明白你剛才談論的是北美 IDM，我想說這可能是合乎邏輯的。

Okay, got it, yeah, no worries. I appreciate it, thank you.

好的，明白了，是的，不用擔心。我很感激，謝謝。

Okay, thanks, Brian.

好的，謝謝，布萊恩。

We have reached the end of our Q&A session and I would now like to turn the floor back over to Jeff for closing comments.

我們的問答環節已經結束，現在我想把發言權交還給傑夫，請他發表最後評論。

I want to thank you for joining us on our call this quarter. I'd like to thank our employees, suppliers, customers, and investors for their ongoing dedication and support. Our upcoming two-three investor conferences include Oppenheimer's virtual conference next week, followed by Needham semiconductor conference, Jeffrey's in Chicago, and finally B. Riley's tech conference in New York.

感謝您參加我們本季的電話會議。我要感謝我們的員工、供應商、客戶和投資者的持續奉獻和支持。我們即將舉行的兩到三次投資者會議包括下週舉行的 Oppenheimer 虛擬會議，隨後是 Needham 半導體會議、芝加哥的 Jeffrey 會議，最後是紐約的 B. Riley 科技會議。

After that, we look forward to our next quarterly update in early November for Q3 earnings call. In the meantime, please feel free to reach out to Claire directly if you would like to follow up with us.

之後，我們期待在 11 月初召開下一次季度更新，以便召開第三季財報電話會議。同時，如果您想與我們保持聯繫，請隨時直接聯繫克萊爾。