Intevac Inc (IVAC) 2022 Q3 法說會逐字稿

Good day, and welcome to Intevac's Third Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please note that this conference call is being recorded today, November 2, 2022.

您好，歡迎參加 Intevac 2022 年第三季財務業績電話會議。 (操作員指示)請注意，本次電話會議於今天（2022 年 11 月 2 日）進行錄音。

At this time, I'd like to turn the call over to Claire McAdams, Investor Relations for Intevac.

現在，我想將電話轉給 Intevac 投資者關係部門的 Claire McAdams。

Thank you, Michelle, and good afternoon, everyone. Thank you for joining us today to discuss Intevac's financial results for the third quarter of 2022, which ended on October 1st. Shortly after the close of market today, we posted our Q3 earnings release and an updated investor presentation to our IR website.

謝謝你，米歇爾，大家下午好。感謝您今天加入我們討論 Intevac 截至 10 月 1 日的 2022 年第三季的財務表現。今天市場收盤後不久，我們在 IR 網站上發布了第三季財報和更新的投資者介紹。

Joining me on today's call are Nigel Hunton, President and Chief Executive Officer; and Jim Moniz, Chief Financial Officer. Nigel will begin with his review of the third quarter and our outlook looking forward. Then Jim will review our financial results before turning the call over to Q&A.

參加今天電話會議的還有總裁兼執行長 Nigel Hunton；以及財務長 Jim Moniz。奈傑爾將首先回顧第三季並展望未來。然後，吉姆將回顧我們的財務結果，然後將電話轉入問答環節。

I'd like to remind everyone that today's conference call contains certain forward-looking statements, including, but not limited to, statements regarding financial results for the company's most recently completed fiscal quarter, which remains subject to adjustment in connection with the preparation of our Form 10-Q as well as comments regarding future events and projections about the future financial performance of Intevac.

我想提醒大家，今天的電話會議包含某些前瞻性陳述，包括但不限於有關公司最近完成的財政季度的財務業績的陳述，這些陳述仍可能根據我們編制 10-Q 表進行調整，以及有關未來事件的評論和對 Intevac 未來財務業績的預測。

These forward-looking statements are based upon our current expectations and actual results could differ materially as a result of various risks and uncertainties relating to these comments and other risk factors discussed in documents filed by us with the Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10-Q. The contents of this November 2 call include time-sensitive forward-looking statements that represent our projections as of today. We undertake no obligation to update the forward-looking statements made during this conference call.

這些前瞻性陳述是基於我們目前的預期，實際結果可能因與這些評論有關的各種風險和不確定性以及我們向美國證券交易委員會提交的文件（包括我們的 10-K 表年度報告和 10-Q 表季度報告）中討論的其他風險因素而存在重大差異。 11 月 2 日電話會議的內容包括時間敏感的前瞻性陳述，代表我們截至今天的預測。我們不承擔更新本次電話會議中前瞻性陳述的義務。

I will now turn the call over to Nigel.

現在我將電話轉給奈傑爾。

Thanks, Claire, and good afternoon. I would like to welcome everyone and thank you for joining us for our third quarter 2022 results conference call and hearing more about the new Intevac.

謝謝，克萊爾，下午好。我歡迎大家並感謝大家參加我們的 2022 年第三季業績電話會議並了解更多有關新 Intevac 的資訊。

Now approaching the end of my first full year at Intevac, I feel we have made tremendous progress building the foundation for growth and increased stockholder value. Today, I will provide an update on our progress with securing a partner for the TRIO as well as discussing how we see our HDD business shaping up over the near and medium term given all the changes in the industry since our last call.

現在，我在 Intevac 工作的第一年即將結束，我覺得我們在為成長和提高股東價值奠定基礎方面取得了巨大進步。今天，我將介紹我們在為 TRIO 尋找合作夥伴方面取得的進展，並討論考慮到自上次電話會議以來行業發生的所有變化，我們如何看待我們的 HDD 業務在近期和中期內的發展。

First, however, I'll briefly recap our third quarter results. Revenues were $10.8 million, above the high end of our guidance, as our customers elected to accelerate their technology upgrade plans during this period of reduced hard drive production volumes. This more favorable mix revenues also drove upside in gross margin, which reduced our operating loss and resulted in a smaller net loss from continued operations of $0.13 per share. So once again, better than forecast.

不過，首先我將簡要回顧我們的第三季業績。收入為 1080 萬美元，高於我們預期的最高值，因為我們的客戶選擇在硬碟產量減少期間加快他們的技術升級計劃。更有利的組合收入也推動了毛利率的上升，從而減少了我們的經營虧損，並導致持續經營淨虧損縮小至每股 0.13 美元。因此，再次，結果好於預測。

We had another very strong bookings quarter with new orders of $21 million. As a result, 2022 is shaping up to be a record-setting bookings year with new orders of over $110 million year-to-date, driving another sequential increase in backlog, which is also exceeded $110 million at quarter end. The new order activity in Q3 was primarily focused around strategic technology upgrade initiatives, which we believe will position our HDD customers for their next generation of mass capacity drives for the cloud.

我們又度過了一個非常強勁的預訂季度，新訂單金額達到 2,100 萬美元。因此，2022 年預計將成為創紀錄的訂單年，年初至今的新訂單額超過 1.1 億美元，推動積壓訂單再次連續增加，截至季末也已超過 1.1 億美元。第三季的新訂單活動主要集中在策略性技術升級計畫上，我們相信這將為我們的 HDD 客戶打造下一代用於雲端的大容量硬碟。

We also had a strong quarter of cash flow generation, primarily as a result of our advanced customer deposits received in support of the record level backlog, and we ended Q3 with total cash and investments of $125 million. As I'll discuss in more detail in the fourth quarter, we'll be investing a portion of our cash in long lead time inventory in order to meet the planned delivery schedule, both for the TRIO forecast and for HDD upgrades. And given these investments, our forecast for total cash at year end is now in the $105 million to $110 million range. As a reminder, the customer deposits received in Q3, which resulted in $125 million cash balance are typical of our customer engagement to fund necessary inventory purchases. And you should expect that with the sequential decline in cash during Q4, you'll also see a commensurate increase in inventory levels.

本季度，我們的現金流量產生也十分強勁，這主要得益於我們收到的預付客戶存款，以支持創紀錄的積壓訂單，第三季度結束時，我們的總現金和投資達到 1.25 億美元。正如我將在第四季度詳細討論的那樣，我們將把部分現金投資於長交貨期庫存，以滿足計劃的交付時間表，包括 TRIO 預測和 HDD 升級。考慮到這些投資，我們預測年底的總現金額將在 1.05 億美元至 1.1 億美元之間。提醒一下，第三季收到的客戶存款產生了 1.25 億美元的現金餘額，這是我們為資助必要的庫存採購而進行的典型客戶參與。並且您應該預料到，隨著第四季度現金的連續下降，您還會看到庫存水準相應增加。

In my customer and investor facing activities since our last call, I made another trip to Asia to meet with existing and potential new customers in both Singapore and Malaysia and to ensure our high-volume manufacturing center in Singapore is positioned to rapidly wrap tool and process module production in the coming months. We also reviewed our technology roadmaps with our customers in both Asia and the U.S.A. to ensure we are fully aligned with their needs. In addition, I've met with many new and prospective investors who are eager to understand our strategy and future prospects with the new TRIO platform, the changing HDD demand environment and our plans related to our very healthy cash position.

自從我們上次通話以來，在我面向客戶和投資者的活動中，我再次前往亞洲，與新加坡和馬來西亞的現有和潛在新客戶會面，並確保我們在新加坡的大批量製造中心能夠在未來幾個月內快速完成工具和工藝模組的生產。我們也與亞洲和美國的客戶一起審查了我們的技術路線圖，以確保我們完全符合他們的需求。此外，我還會見了許多新的和潛在的投資者，他們渴望了解我們的策略和未來前景，包括新的 TRIO 平台、不斷變化的 HDD 需求環境以及與我們非常健康的現金狀況相關的計劃。

We are very pleased to see all the new interest coming from the investment community. And today, I'll provide an update on our TRIO strategy, news about which I know you've been patiently awaiting all year. We are pleased to report today that we have executed a non-binding term sheet with Corning Incorporated. The objective of our partnership is the development and deployment of the TRIO platform, to apply coatings to glass and glass ceramic materials as Corning is a leading player in the use of these materials in consumer electronic applications. We are advancing through a definitive agreement with Corning and expect to have it signed by year end.

我們非常高興看到投資界對此表現出新的興趣。今天，我將向您介紹我們的「三重策略」的最新進展，我知道大家一年來一直在耐心等待這個消息。今天我們很高興地報告，我們已經與康寧公司簽署了一份不具約束力的條款清單。我們合作的目標是開發和部署 TRIO 平台，將塗層應用於玻璃和玻璃陶瓷材料，因為康寧在消費性電子應用中使用這些材料方面處於領先地位。我們正在與康寧推進最終協議的達成，預計年底前簽署。

Our confidence in the collaboration is such that we're starting to invest in long lead capital items to support the program, which in turn, will have a modest impact on our cash forecast for year end 2022. Our objective has been to announce our partnership once definitive agreement was signed. However, we are disclosing the status of our relationship with Corning today because of the substantial size of the opportunities being pursued across multiple applications and because the funding of some of the inventory purchases required to meet targeted deployment timelines is impacting our year end cash guidance, which we've been very consistently communicating through 2022.

我們對此次合作充滿信心，因此我們開始投資長期資本項目來支持該計劃，這反過來將對我們 2022 年底的現金預測產生適度影響。然而，我們今天披露與康寧的關係狀況，是因為在多個應用中尋求的機會規模巨大，而且滿足目標部署時間表所需的部分庫存採購資金影響了我們的年底現金指引，我們一直在非常一致地傳達到2022年的指引。

Speaking of our cash balance, I will add here that the strength of our balance sheet has been a highly valued into (inaudible) that has been vitally important in establishing our ability to grow and scale that is commensurate with a partner with leading global market share. I look forward to updating you again once the definitive agreement is finalized, but clearly, 2022 has been a very exciting and productive period of time for both me and the company.

說到我們的現金餘額，我想補充一點，我們的資產負債表的實力一直受到高度重視（聽不清楚），這對於建立我們與擁有領先全球市場份額的合作夥伴相稱的成長和擴張能力至關重要。我期待在最終協議敲定後再次向您通報最新情況，但顯然，2022 年對我和公司來說都是非常令人興奮且富有成效的時期。

As we are investing in the organization in order to be well positioned to execute on the growth ahead, I was very pleased to announce the recent appointments of John Dickinson as our VP of Operations; and Mark Popovich, as our VP of Business Development, and they are already making an impact given the announcement of our partnership with Corning today.

我們正在對組織進行投資，以便為未來的成長做好準備，我很高興地宣布最近任命約翰·迪金森 (John Dickinson) 為我們的營運副總裁；以及擔任我們的業務發展副總裁的馬克·波波維奇，自從我們今天宣布與康寧建立合作關係以來，他們已經產生了影響。

Now I'll turn to the current demand environment in the hard disk industry, which has changed considerably since I joined Intevac earlier this year. In talking with our customers and other industry experts, the most recent revisions to forecasts and build plans are the result of a number of factors, which together have impacted both supply chain and demand levels for hard drives. In the short-term, this multitude of factors, which include inconsistent components availability, excessive inventory bills, higher cost overseas against a strengthening dollar, a rapid contraction in drive demand from both the client and cloud customers and an overall slowdown in discretionary spending are resulting in an HDD production forecast for the fourth calendar quarter of 2022 that has been nearly halved compared to the levels expected just six months ago.

現在我來談談硬碟產業目前的需求環境，自從我今年稍早加入 Intevac 以來，該產業已經發生了很大變化。在與我們的客戶和其他行業專家交談時，我們發現，對預測和建設計劃的最新修訂是多種因素共同作用的結果，這些因素共同影響了硬碟的供應鏈和需求水平。短期內，零件供應不穩定、庫存費用過高、美元走強導致海外成本上升、客戶端和雲端客戶的硬碟需求快速萎縮以及整體可自由支配支出放緩等多種因素，導致 2022 年第四季度的硬碟產量預測與六個月前的預期水準相比幾乎減少了一半。

As a result, whereas prior industry expectations were for media capacity utilization to be completely exhausted by year end, instead our customers are currently running media production at less than 60% of capacity. This is expected to be a temporary cut to production levels with steadily increasing levels anticipated as we move through 2023. There's been no change in the long-term importance of the hard drive industry. In the cloud, the need for capacity is insatiable. Workloads continues to grow in complexity. And the quote from a recent keynote, hard drives are still the king of big data.

因此，儘管業界先前預計媒體產能利用率將在年底前完全耗盡，但目前我們的客戶媒體生產產能利用率不到 60％。預計這只是暫時的生產削減，預計到 2023 年產量將穩定上升。在雲端，對於容量的需求是無止境的。工作量的複雜性不斷增加。正如最近的主題演講所言，硬碟仍然是大數據之王。

Given the continued robust demand profile for mass capacity HDDs for the cloud over the next several years, our customers are continuing to execute on their multi-year plans for capital investments, both in capacity additions and technology upgrades. Our longer term revenue forecast for our HDD business is essentially unchanged since our last earnings call. What has been adjusted by our customers, however, is the balance of their demand between systems, what you call it, new capacity and technology upgrades. The steep reduction in production has afforded them a unique opportunity to take advantage of viable capacity and upgrade these systems in support of next-generation media.

鑑於未來幾年雲端對大容量硬碟的需求持續強勁，我們的客戶將繼續執行其多年資本投資計劃，包括增加容量和技術升級。自上次財報電話會議以來，我們對 HDD 業務的長期收入預測基本上沒有變化。然而，我們的客戶已經調整了他們對系統（也就是所謂的新容量和技術升級）之間需求的平衡。產量的大幅減少為他們提供了一個獨特的機會，可以利用可用的產能並升級這些系統以支援下一代媒體。

New tool installations, however, are being deemphasized, while upgrades are being pulled in. Part of the $21 million in new orders received during Q3 were for accelerated deployment of upgrades in the current quarter as well as early 2023 in support of the next generation of heat-assisted magnetic media. This prioritization of upgrades in Q4 has effectively replaced the anticipated 200 Lean tool shipment, previously planned for Q4 revenue and our revenue forecast for '22 of approximately $34.5 million is relatively consistent with our prior guidance.

然而，新工具的安裝正在被淡化，而升級正在被拉起。第四季的升級優先順序實際上取代了先前計劃用於第四季度收入的 200 套 Lean 工具出貨量，而我們對 22 年約 3,450 萬美元的收入預測與我們先前的指引相對一致。

We also continue to expect that our HDD revenues in 2023 will show modest growth over 2022 in the low-double-digit percentages, as we said last quarter, to approximately $40 million. The recent order announcement for $12 million of HAMR upgrades supports our forecast for 2023 revenues. The 200 Lean system has been scheduled for the current quarter has been rescheduled for July 2023, which drives the incremental revenue growth next year. We expect revenues from HDD upgrades and field service will be similar next year compared to this year and the installations of new 200 Lean capacity will now begin in earnest beginning in 2024 and 2025.

我們也繼續預計，2023 年我們的 HDD 收入將比 2022 年略有增長，增長率為低兩位數百分比，正如我們上個季度所說的那樣，達到約 4000 萬美元。最近宣布的價值 1200 萬美元的 HAMR 升級訂單支持了我們對 2023 年收入的預測。原定於本季實施的200個Lean系統已重新安排至2023年7月，將推動明年的增量收入成長。我們預計明年 HDD 升級和現場服務的收入將與今年相似，新的 200 Lean 產能的安裝將從 2024 年和 2025 年開始認真開始。

Our close collaboration with our customers on their future plans, along with solid backlog of $110 million and growing, provides us with continued confidence in our longer term hard drive revenue forecast and supports our expectation for at least $200 million of HDD revenues through 2025. Incremental to this unchanged forecast for growth in our HDD business is that we now see an extended investment cycle in both capacity and technology upgrades. This is beginning to give us visibility for at least $300 million of HDD revenues through 2026 with upside being driven by the installed base of over 150 systems that will need to be upgraded to seven process modules to be HAMR capable.

我們與客戶就其未來計劃展開密切合作，加上 1.1 億美元且不斷增長的穩固訂單積壓，使我們對長期硬碟收入預測充滿信心，並支持我們對 2025 年至少 2 億美元的 HDD 收入的預期。這讓我們開始預見 2026 年至少 3 億美元的 HDD 收入，而上行空間則由超過 150 個系統的安裝基數推動，這些系統需要升級到七個處理模組才能具備 HAMR 功能。

It's also worth emphasizing again this quarter that 100% of investments of our customers in both technology and capacity are currently being made on our 200 Lean platform. And we believe that the next technology transition will provide yet another opportunity to Intevac to gain an increased share of the world's hard drive media installed base.

本季也值得再次強調的是，我們客戶在技術和產能方面的投資 100% 目前都集中在我們的 200 Lean 平台上。我們相信，下一次技術轉型將為 Intevac 提供另一個機會，以擴大其在全球硬碟中安裝基數的份額。

In summary, 2022 has been a transformative year for Intevac. We are very excited about the year ahead and our new partnership with Corning for our groundbreaking TRIO platform. Over the next quarter, we'll be finalizing our strategic plan and starting to develop a forecast for 2023 that reflects the expected HDD revenue profile along with the initial TRIO tool shipments. We look forward to providing you with a clearer picture of 2023 when we meet again on the Q4 earnings call. In the meantime, I will take this moment to emphasize just how committed we are as a company to increasing stockholder value and protecting the strength of the balance sheet.

總而言之，2022 年對 Intevac 來說是轉型的一年。我們對未來的一年以及與康寧在突破性 TRIO 平台上的新合作夥伴關係感到非常興奮。在下個季度，我們將最終確定我們的策略計劃，並開始製定 2023 年的預測，該預測反映預期的 HDD 收入狀況以及初始 TRIO 工具出貨量。我們期待在第四季度財報電話會議上再次為您提供 2023 年的更清晰圖景。同時，我要藉此機會強調一下，作為一家公司，我們致力於提高股東價值並保護資產負債表的強大。

That completes my prepared remarks. And with that, I will now turn the call over to Jim.

我的準備好的發言到此結束。現在我將電話轉給吉姆。

Thank you, Nigel. Turning to the third quarter results. Revenues were $10.8 million, above our guidance of $9.5 million to $10 million due to upside in HDD upgrades. Q3 gross margin was 45.5%, above our guidance of 39% to 40% due to more favorable mix of upgrades. Q3 operating expenses were $8.1 million, above our guidance of $7.5 million due to higher R&D expenses and higher stock-based compensation expense.

謝謝你，奈傑爾。談到第三季的業績。由於 HDD 升級帶來的收益，營收為 1,080 萬美元，高於我們預期的 950 萬美元至 1,000 萬美元。由於升級組合更有利，第三季毛利率為 45.5%，高於我們預期的 39% 至 40%。第三季營業費用為 810 萬美元，高於我們預期的 750 萬美元，原因是研發費用和股票薪資費用增加。

The Q3 net loss from continuing operations was $3.2 million or $0.13 per share and better than our guidance of $0.15 to $0.17 per share. Our backlog was $110.4 million at quarter end. This is the highest level since Q1 of 2010 and an increase of $10 million over the second quarter. The recent $12 million order received to date in Q4 indicates that we expect backlog to grow again at year end.

第三季持續經營淨虧損為 320 萬美元，即每股 0.13 美元，優於我們預期的每股 0.15 美元至 0.17 美元。截至季末，我們的積壓訂單為 1.104 億美元。這是自 2010 年第一季以來的最高水平，比第二季增加了 1000 萬美元。第四季迄今收到的價值 1200 萬美元的訂單顯示我們預計年底積壓訂單將再次成長。

We ended the quarter with cash and investments, including restricted cash, of $124.9 million, equivalent to $4.91 per share based on 25.4 million shares at quarter end. Cash flow generated by operations was $15.3 million during the quarter. We saw accounts receivable declined by $19 million in the quarter due to collections of customer down payments. We added $6 million in inventory to support the growing backlog. Q3 capital expenditures were $538,000 and depreciation and amortization were $329,000 for the quarter.

截至本季末，我們的現金和投資（包括受限現金）為 1.249 億美元，按季末 2,540 萬股計算，相當於每股 4.91 美元。本季經營活動產生的現金流為 1,530 萬美元。由於收取客戶預付款，本季應收帳款減少了 1,900 萬美元。我們增加了價值 600 萬美元的庫存來支持不斷增長的積壓訂單。第三季資本支出為 538,000 美元，折舊和攤提為 329,000 美元。

Now moving to Q4 guidance. We are projecting revenues to be approximately $10 million, reflecting continued prioritization of HAMR upgrades in a lower level of field service returns. We expect fourth quarter gross margin to be around 32% to 34%. Q4 operating expenses are expected to be around $8 million. We expect interest income of about $400,000 and GAAP tax expense of around $500,000 in the quarter. Most of the tax expense will be non-cash. We are projecting a net loss in the range of $0.17 to $0.21 per share based on 25.5 million shares outstanding.

現在轉向第四季指引。我們預計收入約為 1000 萬美元，這反映了在較低級別的現場服務回報中繼續優先考慮 HAMR 升級。我們預計第四季毛利率在32%至34%左右。第四季營運費用預計約800萬美元。我們預計本季的利息收入約為 40 萬美元，GAAP 稅費約為 50 萬美元。大部分稅費將以非現金形式出現。根據 2,550 萬股流通股，我們預期每股淨虧損在 0.17 美元至 0.21 美元之間。

Finally, as it relates to our cash forecast, as Nigel discussed, we are investing in long lead time inventory during Q4 to support both multiple TRIO system shipments as well as the acceleration of HDD process module upgrades in 2023. Total inventory investments are in the range of $5 million to $10 million. And we also expect that a portion of the pending customer deposits and Q3 ending receivables will be paid in January instead of December. For these reasons, we now expect to end fiscal '22 with a total balance of cash, equivalents and investments of between 105 and $110 million compared to the $115 million guided last quarter.

最後，就我們的現金預測而言，正如 Nigel 所討論的，我們將在第四季度投資長交貨期庫存，以支持多個 TRIO 系統的出貨以及 2023 年 HDD 工藝模組升級的加速。我們也預期部分未付客戶押金和第三季末應收帳款將在一月支付，而不是十二月。基於這些原因，我們目前預計 22 財年末的現金、等價物和投資總餘額將在 1.05 億美元至 1.1 億美元之間，而上季預計為 1.15 億美元。

As we looked into 2023, while our strategic plan and forecast for next year is still in process, keep in mind that we do expect the year to be second half weighted, given the current delivery scheduled for 200 Lean systems starting in July. We currently expect our revenues over the next three quarters to consist solely of HDD upgrades, spares and field service and that upgrades in Q1 will be down sequentially from Q4.

當我們展望 2023 年時，雖然我們的明年戰略計劃和預測仍在進行中，但請記住，考慮到目前計劃從 7 月開始交付 200 個精益系統，我們預計今年將以下半年為重心。我們目前預計未來三個季度的收入將僅由硬碟升級、備件和現場服務組成，且第一季的升級將比第四季下降。

This completes the formal part of our presentation. Operator, we are ready for questions.

我們演示的正式部分到此結束。接線員，我們已經準備好回答問題了。

(Operator Instructions) Our first question comes from the line of Mark Miller with Benchmark.

（操作員指示）我們的第一個問題來自 Benchmark 的 Mark Miller。

Just wanted to make sure I understand the Lean shipments now. You're talking about maybe the first tools going out in July next year, but really, the bulk of Leans will be '24, '25. Is that correct?

只是想確保我現在了解 Lean 的發貨情況。你說的可能是第一批工具將於明年 7 月推出，但實際上，大部分 Lean 將在 2024、2025 年推出。那正確嗎？

Yes. What has happened is, the shift and change of prioritization to focus on the HAMR upgrades and the new technology has been prioritized by our customers. And because of that, they've moved -- the systems have moved out and they've brought in the upgrades to drive this next generation of technology and to use this time in the market to actually accelerate this upgrade program.

是的。已經發生的情況是，優先順序發生了轉變，重點轉向 HAMR 升級，而新技術已成為我們的客戶的優先事項。正因為如此，他們已經開始行動——系統已經遷移出去，他們已經引入了升級來推動下一代技術，並利用這段時間在市場上真正加速這項升級計畫。

Your TRIO tool, you've attempted or Intevac has attempted previously to enter the market for glass coatings. I'm just wondering what is different with this tool? And I assume this tool will be used also to deposit oxides besides metals?

您的 TRIO 工具，您已經嘗試過或 Intevac 之前已經嘗試過進入玻璃塗層市場。我只是想知道這個工具有什麼不同？我認為這個工具除了用於沉積金屬之外，還用於沉積氧化物？

Correct. To answer that in a couple of sections. I think I've said on several calls, it's absolutely critical when you develop technology. That you develop technology with a real partner and you look to solve real problems in the market. And the TRIO technology we've developed to solve a real challenge with scratching of antireflective glass on consumer devices and we've done, as I think I've mentioned on the prior couple of calls.

正確的。分幾個部分來回答這個問題。我想我在幾次電話中都說過，開發技術時，這絕對至關重要。與真正的合作夥伴一起開發技術，並尋求解決市場上的實際問題。我們開發的 TRIO 技術解決了消費設備上的防反射玻璃刮擦這一真正難題，我們已經做到了，我想我在之前的幾次電話會議中提到過。

The level of meetings has increased, the customer engagement has increased. And that's probably the real key -- one of the key reasons we've announced the non-binding term sheet today, because for the last -- since the summer, myself, the board, the entire team working on this have been blacked out from trading or buying in shares. And this is because of the relationship with Corning has progressed. It's now at a level where it's not reasonably to continue to keep this partnership of this magnitude confidential.

會議層級提高了，客戶參與度也提高了。這或許才是真正的關鍵——也是我們今天宣布不具約束力的條款清單的關鍵原因之一，因為自去年夏天以來，我本人、董事會以及從事這項工作的整個團隊都無法交易或購買股票。這是因為與康寧的關係已經取得進展。現在，繼續對如此規模的合作關係保密已不再合理。

And therefore, if you think about the partnership with Corning, if you think about how we're now partnering with the sort of leading glass supplier and we're actually delivering a coated solution, which is very different to anything that we've done in prior years. This is unique. It's taking the TRIO expertise. It's taking really our phenomenal expertise of years -- 30 years of coating. If we think about it, I think you know more than anyone, every bit of data that people store information on is on a disk that's been manufactured by Intevac.

因此，如果您考慮與康寧的合作關係，如果您考慮我們現在如何與領先的玻璃供應商合作，並且我們實際上正在提供塗層解決方案，這與我們前幾年所做的任何事情都截然不同。這是獨一無二的。它需要 TRIO 的專業知識。這確實體現了我們 30 年塗層經驗的豐富專業知識。如果我們仔細想想，我想你比任何人都清楚，人們儲存資訊的每一位資料都在 Intevac 製造的磁碟上。

We've got billions of durable glass substrates in the market. And that expertise in processing and expertise in coating is clearly what's developed in this unique partnership and that's why we announced it today. This is a complete change for the company. It's very new. It's solving a real customer problem or a real consumer problem and it's partnering with a leading glass company. It's a phenomenal change for Intevac.

我們在市場上擁有數十億塊耐用的玻璃基板。而這種加工專業知識和塗層專業知識顯然是這種獨特合作關係所發展起來的，這就是我們今天宣布這一消息的原因。這對公司來說是一次徹底的改變。它很新。它正在解決真正的客戶問題或真正的消費者問題，並且正在與一家領先的玻璃公司合作。這對 Intevac 來說是一個巨大的變化。

So the TRIO will be focused on [tribological] coatings to prevent scratching. What about antireflective coatings? Will that be an option for the TRIO?

因此，TRIO 將專注於防止刮傷的摩擦學塗層。那麼抗反射塗層怎麼樣呢？這會是三方合作的一個選擇嗎？

Yes, correct. That's a very good question. The TRIO is absolutely targeting antireflective coatings. And that's one of the things we found -- I think we mentioned on the last call. One of the benefits of some of the antireflective coatings we've put into the technology has enabled a improvement in power usage of a handheld. So there's some unique capabilities that were additional benefits from actually solving the requirements to provide a solution, to give a scratch-resistant antireflective coating. So I mean, that's -- the work that the technology team have done here to produce what is a world-leading process tool is phenomenal. So it's -- and we're very proud of what they've done.

是的，正確。這是一個非常好的問題。 TRIO 絕對以防反射塗層為目標。這是我們發現的事情之一——我想我們在上次電話會議上提到過。我們在技術中引入的一些抗反射塗層的優點之一是能夠改善手持設備的功耗。因此，有一些獨特的功能可以從實際解決需求中帶來額外的好處，從而提供解決方案，提供防刮擦的抗反射塗層。所以我的意思是，技術團隊在這裡所做的工作，為了生產世界領先的工藝工具，是驚人的。所以——我們對他們所做的一切感到非常自豪。

There are no further questions at this time. I'd like to turn the call back over to Nigel Hunton for closing remarks.

目前沒有其他問題。我想將電話轉回給奈傑爾‧亨頓 (Nigel Hunton)，請他作最後發言。

Thank you. I mean, as I just said, as I look at where we are today compared to 10 months ago when I joined, I feel we've made tremendous progress in creating a new Intevac. And I wish to thank all of our employees as well as their counterparts with our industry partners for their hard work and dedication as we've been moving forward to this defining moment in Intevac history, a milestone engagement for the new TRIO platform as well as the HDD's industry historic transition to HAMR.

謝謝。我的意思是，正如我剛才所說，當我回顧我們現在的狀況與我 10 個月前加入時相比時，我覺得我們在創建新的 Intevac 方面取得了巨大進展。我要感謝我們所有的員工以及行業合作夥伴的辛勤工作和奉獻精神，我們一直在向 Intevac 歷史上的這一決定性時刻邁進，這是新 TRIO 平台的里程碑式參與，也是 HDD 行業向 HAMR 的歷史性過渡。

So we believe the Intevac is not just a sound investment, but an exciting growth and turnaround story. And we're eager to continue meeting with as many interested investors as possible. And if people are interested, our next investor event is in New York at the CEO Summit on December the 13th, followed by the Needham Growth Conference in January. So if you can please reach out to Claire directly, if you'd like to follow-up.

因此，我們相信 Intevac 不僅是一項合理的投資，而且還是一個令人興奮的成長和扭虧為盈的故事。我們渴望繼續與盡可能多的有興趣的投資者會面。如果大家有興趣的話，我們的下一個投資者活動將於 12 月 13 日在紐約舉行 CEO 高峰會，隨後於 1 月舉行 Needham 成長會議。因此，如果您願意跟進，請直接聯繫克萊爾。

And with that, I'd like to thank everyone for their contributions and conclude today's call. So thank you.

最後，我要感謝大家的貢獻，並結束今天的電話會議。所以謝謝你。

Thank you. This concludes today's teleconference. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。