庫力索法 (KLIC) 2020 Q2 法說會逐字稿

Greetings, and welcome to the Kulicke and Soffa's Second Quarter Fiscal 2020 Earnings Conference Call.

大家好，歡迎參加 Kulicke 和 Soffa 2020 財年第二季財報電話會議。

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

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Joe Elgindy.

現在我很高興向大家介紹你們的主持人喬·埃爾金迪。

Please go ahead, Joe.

請繼續，喬。

Thank you.

謝謝。

Welcome, everyone, to Kulicke and Soffa's Second Quarter Fiscal 2020 Conference Call.

歡迎大家參加 Kulicke 和 Soffa 的 2020 財年第二季電話會議。

Joining us on the call today are Fusen Chen, President and Chief Executive Officer; and Lester Wong, Chief Financial Officer.

今天加入我們電話會議的是總裁兼執行長陳福森；和財務長 Lester Wong。

For those of you who have not received the copy of today's results, the release as well as the latest investor presentation are both available in the Investor Relations section of our website at investor.kns.com.

對於尚未收到今天業績副本的人，可以在我們網站 Investor.kns.com 的投資者關係部分獲取新聞稿以及最新的投資者簡報。

In addition to historical statements, today's remarks will contain statements relating to future events and our future results.

除了歷史陳述之外，今天的演講還將包含與未來事件和我們未來結果有關的陳述。

These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

這些陳述屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Our actual results and financial condition may differ materially from what is indicated in those forward-looking statements.

我們的實際結果和財務狀況可能與這些前瞻性陳述中所示的內容有重大差異。

For a complete discussion of the risks associated with Kulicke and Soffa that could affect our future results and financial condition, please refer to our recent SEC filings, specifically the 10-K for the year ended September 28, 2019, and the 8-K filed yesterday.

有關 Kulicke 和 Soffa 可能影響我們未來業績和財務狀況的相關風險的完整討論，請參閱我們最近向 SEC 提交的文件，特別是截至 2019 年 9 月 28 日的年度 10-K 和 8-K 提交的文件昨天。

Before moving on to our prepared comments, I'd like to make an additional announcement.

在繼續我們準備好的評論之前，我想再發布一項聲明。

Beginning on today's call, we will provide additional details and updates to our end market categorization.

從今天的電話會議開始，我們將提供終端市場分類的更多詳細資訊和更新。

These end market categories will now refer only to our capital equipment segment and will isolate the general and advanced LED market from the general semiconductor end markets and advanced packaging IC market.

這些終端市場類別現在僅指我們的資本設備領域，並將通用和先進 LED 市場與通用半導體終端市場和先進封裝 IC 市場分開。

Additional information regarding these end market categories are available within the latest investor presentation and will be reported in the Management Discussion & Analysis section of our quarterly and year-end SEC filings.

有關這些終端市場類別的更多資訊可在最新的投資者簡報中找到，並將在我們的季度和年終 SEC 文件的管理層討論與分析部分中報告。

With that said, I would like to turn the call over to Fusen Chen for the business overview.

話雖如此，我想把電話轉給陳福森，了解一下業務概況。

Please go ahead, Fusen.

請繼續，福森。

Thank you, Joe.

謝謝你，喬。

This is clearly an unprecedented period for our industry and the world.

對於我們的行業和世界來說，這顯然是一個前所未有的時期。

First, I hope your family, friend and colleagues remain safe and healthy through this unique period.

首先，我希望您的家人、朋友和同事在這個特殊時期保持安全和健康。

Before reviewing our quarterly business update, I would like to briefly discuss our response and the status relating to the global COVID-19 situation.

在回顧我們的季度業務更新之前，我想簡要討論我們的應對措施以及與全球 COVID-19 情況相關的狀況。

Over the past 6 years, our global development and the manufacturing side have designed and carry out detailed business continuity planning and a testing exercise.

在過去的六年裡，我們的全球開發和製造方面設計並實施了詳細的業務連續性計劃和測試練習。

This effort have streamlined and prioritized critical communication flow and allow our individual site management team in affected area to operate site in the best interest of employees, customers and business partner, while allowing decisive response to local and the regional guidelines and orders.

這項工作簡化並優先考慮了關鍵的溝通流程，使我們在受影響地區的各個現場管理團隊能夠以員工、客戶和業務合作夥伴的最佳利益來運營現場，同時能夠對當地和區域準則和命令做出果斷的響應。

More recently, over the past few months, we have also taken many precautionary steps, including significant travel reductions, increased site cleaning, biggest social distancing practice, visitor limitations and an increased use of a virtual collaboration tool and software.

最近，在過去的幾個月裡，我們還採取了許多預防措施，包括大幅減少旅行、加強現場清潔、最大程度地保持社交距離、限制訪客以及增加虛擬協作工具和軟體的使用。

Where it is in the best interest to employees and the local community where we operate, we have also reduced our physical presence in the office and facilities to provide a safe working environment for essential staff.

在符合員工和我們經營所在當地社區的最大利益的情況下，我們還減少了在辦公室和設施中的實際存在，為重要員工提供安全的工作環境。

Our IT infrastructure has provided adequate bandwidth to support the need of this temporary remote working environment.

我們的 IT 基礎架構提供了足夠的頻寬來支援這種臨時遠距工作環境的需求。

Despite this working from home transition, we continue to make progress on our development initiative and do not anticipate significant disruption to critical customer commitments.

儘管進行了在家工作的轉變，我們的開發計劃仍在繼續取得進展，並且預計不會對關鍵客戶承諾造成重大干擾。

From a manufacturing standpoint, all operational sites in Singapore, Europe and China remain fully operational.

從製造角度來看，新加坡、歐洲和中國的所有營運基地均保持全面運作。

Our operation in China returned to 100% capacity within the March quarter.

我們在中國的業務在三月季度內恢復了 100% 的產能。

Regarding supply chain, there continued to be disruption in many part of the world, although we believe the situation remain manageable.

關於供應鏈，儘管我們認為情況仍然可控，但世界許多地區仍然受到干擾。

We experienced temporary disruption of supplier within China, although production gradually recover in March.

儘管生產在三月逐漸恢復，但我們在中國經歷了供應商的暫時中斷。

Several U.S. and the European vendor are running at the reduced capacity.

幾家美國和歐洲供應商正在以減少的產能運作。

Currently, the situation in Malaysia may create additional disruption in the June quarter.

目前，馬來西亞的局勢可能會在六月季度造成額外的干擾。

Again, we believe this current situation is manageable, and that we are mitigating this identified supply chain risks through close partnership with customers and also with new and existing suppliers.

同樣，我們相信目前的情況是可以控制的，並且我們正在透過與客戶以及新的和現有的供應商的密切合作來減輕這種已確定的供應鏈風險。

Overall, I'm very proud of our organization's resilience, dedication and effort in navigating this unique situation.

總的來說，我對我們組織在應對這一獨特情況方面所表現出的韌性、奉獻精神和努力感到非常自豪。

Turning to our business dynamic.

轉向我們的業務動態。

Demand challenge and uncertainty were triggered by mandate customer shutdown early in the quarter.

本季初強制客戶關閉引發了需求挑戰和不確定性。

Demand has recovered rapidly in certain area like China and has softened in other region, currently implementing social distancing practice, such as Europe, Southeast Asia and the U.S.

中國等某些地區的需求迅速恢復，而歐洲、東南亞和美國等目前實施社交距離措施的其他地區的需求則有所疲軟。

During the March quarter, revenue came in at $150.7 million, a sequential increase from the December quarters.

3 月季度的營收為 1.507 億美元，較 12 月季度季增。

We generated $11.9 million of net income and earnings per share of $0.19.

我們產生了 1190 萬美元的淨利潤，每股收益 0.19 美元。

On the December quarter, the capital equipment segment revenue increased by 11%, with stronger demand for our high-volume ball and wedge bonding system.

12 月季度，資本設備部門收入成長了 11%，對我們的大容量球和楔鍵合系統的需求更加強勁。

The APS segment decreased by roughly 11% sequentially.

APS 細分市場較上季下降約 11%。

This change was largely due to the lower customer utilization rate in the week following Chinese New Year.

這項變化主要是由於農曆新年後一週的客戶利用率較低。

Considering a higher portion of capital equipment sales, gross margin of 46% came in better than expected, generating [$69.3 million] (corrected by company after the call) of gross profit.

考慮到固定設備銷售所佔的比例較高，46% 的毛利率優於預期，產生了 [6,930 萬美元]（由公司在電話會議後修正）的毛利。

Within capital equipment, general semiconductor increased the most dramatically by nearly $17 million, over 33% from the December quarters.

在資本設備中，通用半導體成長最為顯著，成長了近 1,700 萬美元，較 12 月季度成長了 33% 以上。

Automotive and industrial also improved, while LED, advanced packaging and the memory declined sequentially.

汽車和工業也有所改善，而 LED、先進封裝和記憶體則持續下降。

During the June quarter, we continue to anticipate demand improvement to stem primarily from general semiconductor and the LED market, although anticipate ongoing shelter-in-place order to create regional demand disruptions.

在 6 月季度，我們繼續預計需求改善主要來自一般半導體和 LED 市場，儘管預計持續的就地避難令會造成區域需求中斷。

I would now like to turn the call over to Lester Wong, who will cover this quarter's financial overview in greater detail.

我現在想將電話轉給 Lester Wong，他將更詳細地介紹本季的財務概況。

Lester?

萊斯特？

Thank you, Fusen.

謝謝你，福森。

My remarks today will refer to GAAP results unless noted.

除非另有說明，我今天的演講將參考公認會計準則結果。

Net revenue for the quarter was $150.7 million.

該季度淨收入為 1.507 億美元。

Gross margins of 46% generated $69.3 million of gross profit, and net income of $11.9 million or $0.19 per diluted share.

46% 的毛利率帶來了 6,930 萬美元的毛利和 1,190 萬美元的淨利潤，即稀釋後每股收益 0.19 美元。

As Fusen mentioned, despite the lower relative APS contribution, gross margins of 46% were stronger than expected.

正如 Fusen 所提到的，儘管 APS 貢獻相對較低，但 46% 的毛利率高於預期。

This stronger performance is largely due to product mix within equipment and a higher proportion of feature-rich equipment.

這種強勁的表現很大程度上歸功於設備內的產品組合以及功能豐富的設備比例較高。

Looking into the June quarter, we anticipate gross margins to be lower due to an increased demand of LED wire bonding system.

展望六月季度，由於 LED 引線接合系統的需求增加，我們預期毛利率將下降。

Operating expenses, again, came in more favorably than our expected target range.

營運費用再次優於我們的預期目標範圍。

This is largely due to a sustained focus on cost control, prior restructuring efforts, but also due to lower travel expense.

這主要是由於對成本控制的持續關注、先前的重組努力，以及差旅費用的降低。

Travel expenses were approximately $550,000 lower in the March quarter versus the December quarter.

與 12 月季度相比，3 月季度的差旅費用減少了約 55 萬美元。

As we continue to prioritize order fulfillment and near-term project development, we expect June quarter operating expense to, again, fall on the lower side of our target operating expense range.

隨著我們繼續優先考慮訂單履行和近期項目開發，我們預計六月季度的營運費用將再次降至我們目標營運費用範圍的較低水平。

As a reminder, this GAAP operating expense target range consists of $53 million of fixed expense, plus 5% to 7% of variable expense tied to revenue.

提醒一下，這個 GAAP 營運費用目標範圍包括 5,300 萬美元的固定費用，加上與收入相關的 5% 至 7% 的可變費用。

Turning to tax.

轉向稅收。

We booked a net tax expense of $1.2 million.

我們登記的淨稅費為 120 萬美元。

We continue to target a long-term average effective tax rate of approximately 18%, although anticipate our fiscal 2020 period to come in below that long-term target.

我們繼續將長期平均有效稅率設定為約 18%，但預計 2020 財年的稅率將低於該長期目標。

Regarding the balance sheet.

關於資產負債表。

We ended the March quarter with a total net cash and investment position of $524.7 million or $8.17 on a diluted share basis.

截至 3 月季末，我們的淨現金和投資部位總額為 5.247 億美元，以稀釋股份計算為 8.17 美元。

Considering our long-term perspective on the repurchase program, we view the recent market dynamics as an opportunity.

考慮到我們對回購計畫的長期看法，我們將近期的市場動態視為一個機會。

During the March quarter, we increased our repurchase activity by over 3x and deployed $18.5 million to repurchase 872,000 shares.

在 3 月季度，我們的回購活動增加了 3 倍多，並部署了 1,850 萬美元回購 872,000 股股票。

Over the trailing 2 years, we deployed roughly $191 million to repurchase 8.5 million shares.

在過去的兩年裡，我們投入了約 1.91 億美元回購 850 萬股股票。

Since initiating the program in 2014, we have repurchased 18.3 million shares, which is equivalent to over 28% of our diluted share count in the March quarter.

自 2014 年啟動該計畫以來，我們已回購 1,830 萬股股票，相當於 3 月季度稀釋後股票數量的 28% 以上。

We continue to take a long-term and very structural approach to this repurchase program.

我們繼續對這項回購計劃採取長期且非常結構化的方法。

At the end of the March quarter, we had approximately $73.3 million remaining under the existing share repurchase authorization.

截至 3 月季度末，我們現有的股票回購授權剩餘約 7,330 萬美元。

On a book value per share basis, we closed the March quarter with $11.89.

以每股帳面價值計算，三月季度收盤價為 11.89 美元。

Working capital, defined as accounts receivable plus inventory, less accounts payable, increased slightly to $255.4 million.

營運資金（定義為應收帳款加存貨減去應付帳款）小幅增加至 2.554 億美元。

From a DSO perspective, our day sales outstanding decreased from 124 days to 119 days.

從 DSO 的角度來看，我們的每日銷售額從 124 天減少到 119 天。

Our day sales of inventory increased from 116 days to 117 days, and days of accounts payable increased from 55 days to 56 days.

我們的庫存日銷售天數從 116 天增加到 117 天，應付帳款天數從 55 天增加到 56 天。

This concludes the financial review portion of our call.

我們電話會議的財務審查部分到此結束。

I will now turn the discussion back over to Fusen for the June quarter's business outlook.

我現在將討論轉回富森，討論六月季度的業務前景。

Thanks, Lester.

謝謝，萊斯特。

This is clearly a unique and a dynamic period in our history.

這顯然是我們歷史上一個獨特且充滿活力的時期。

While we cannot predict the futures, our strong fundamental position, expectation of core business improvements and the growing market prospect for our new products provide confidence and optimism as we look ahead.

雖然我們無法預測未來，但我們強勁的基本面地位、對核心業務改善的預期以及新產品不斷增長的市場前景為我們展望未來提供了信心和樂觀。

Fundamentally, we continue to have adequate cash on hand to support our operational ramp, maintain the path of development, while supporting shareholder return through the dividend and our opportunistic repurchase activity.

從根本上講，我們手頭上繼續擁有充足的現金來支持我們的營運提升，維持發展道路，同時透過股息和機會性回購活動支持股東回報。

Also, our served market have diversified over the years and that we continue to aggressively expand our market reach.

此外，多年來我們服務的市場已經多元化，我們將繼續積極擴大我們的市場範圍。

Next, despite supply chain challenge throughout the world and the ongoing uncertainty, there continue to be pocket of the strong demand for our core high-volume systems.

接下來，儘管全球供應​​鏈面臨挑戰以及持續的不確定性，但對我們的核心大批量系統的強勁需求仍然存在。

After several low volume quarters, many customers are beginning to demand incremental capacity.

經過幾季的低產量後，許多客戶開始需要增量容量。

This is primarily evident in the general semiconductor and the LED market, although we continue to anticipate gradual improvement in automotive and memory as well.

儘管我們繼續預期汽車和記憶體市場也會逐漸改善，但這一點主要在一般半導體和 LED 市場中表現得尤為明顯。

Finally, I'm happy to report the adoption and the progress of all APAMA and Katalyst, advanced packaging system, and also PIXALUX, our advanced LED system, continue as planned.

最後，我很高興地向大家報告所有 APAMA 和 Katalyst（先進封裝系統）以及 PIXALUX（我們先進的 LED 系統）的採用和進展情況，繼續按計劃進行。

Customer feedback continues to be positive, and we are aggressively working toward increasing production and also additional customer acceptance.

客戶回饋仍然積極，我們正在積極努力提高產量並提高客戶接受度。

This new product that enable new packaging capabilities is an additional layer of diversification to our business.

這種支援新包裝功能的新產品是我們業務多元化的另一個層次。

I will provide a brief update for each of this new system.

我將為每個新系統提供簡短的更新。

Katalyst, our High Accuracy Flip Chip tool, continues to be in several payroll evaluations, which are progressing according to plan.

我們的高精度倒裝晶片工具 Katalyst 繼續參與多項薪資評估，並且正在按計劃進行。

We have attained the first Katalyst PO and acceptance from our OSAT in April, supporting high-volume logic application.

我們在 4 月獲得了第一個 Katalyst PO 並獲得 OSAT 驗收，支援大批量邏輯應用。

This first market acceptance of Katalyst highlights our ability to rapidly develop a competitive flip-chip solution and expand our market reach further into leading-edge logic market, a market where the wire bonding was historically less dominated.

Katalyst 的首次市場接受凸顯了我們快速開發具有競爭力的倒裝晶片解決方案的能力，並將我們的市場範圍進一步擴大到前沿邏輯市場，在這個市場上，引線鍵合歷來較少佔據主導地位。

We are currently building multiple Katalyst tool to be shipped over the coming quarters.

我們目前正在建立多個 Katalyst 工具，並將在未來幾季出貨。

APAMA, our thermal compression system, is qualified for production for several high-end mobile chipset at a major OSAT, and that we are also actively working towards several additional qualifications supporting new feature in mobile sensor applications.

我們的熱壓縮系統 APAMA 已獲得在主要 OSAT 生產多種高階行動晶片組的資格，我們也正在積極努力獲得支援行動感測器應用中新功能的多項附加資格。

Our progress and expectation on PIXALUX, our advanced mini and micro LED system, remain consistent and optimistic.

我們對先進的 Mini 和 Micro LED 系統 PIXALUX 的進展和期望保持一致和樂觀。

We expect higher volume production to begin in the June quarter and the majority of the calendar year sales to ship in the September and the December quarters.

我們預計 6 月季度將開始增加產量，而日曆年的大部分銷售額將在 9 月和 12 月季度發貨。

We anticipate consistent demand for PIXALUX through fiscal year 2021, largely driven by backlighting application in the display market.

我們預計到 2021 財年，PIXALUX 的需求將保持穩定，這主要是由顯示器市場的背光應用所推動的。

Despite a challenging working environment globally, we have maintained focus on our longer-term market expanding development effort.

儘管全球工作環境充滿挑戰，我們仍專注於長期市場拓展開發工作。

These initiatives are increasing our prospect for next-generation display and also leading-edge logic integration.

這些舉措正在增加我們下一代顯示和前沿邏輯整合的前景。

Considering the current dynamic environment and the ongoing impact of regional, state and home order on semiconductor assembly production and our customers' equipment capacity plan, we are guiding June quarter revenue of $140 million to $160 million.

考慮到當前的動態環境以及地區、州和家庭訂單對半導體組裝生產以及我們客戶的設備產能計劃的持續影響，我們預計 6 月份季度收入為 1.4 億美元至 1.6 億美元。

While this production challenge across the industry may linger, we are reassured by the resilience of the general semiconductor and the LED market in areas like China, which are now less effective by the current global pandemic.

儘管整個行業的生產挑戰可能會持續存在，但我們對中國等地區的一般半導體和 LED 市場的彈性感到放心，這些地區目前因當前的全球大流行而效率較低。

Again, we believe the recovery is partially due to ongoing demand improvement within select end market, but also achieve a relatively strong and improving utilization rate we have seen in the December quarters.

同樣，我們認為復甦的部分原因是特定終端市場的需求持續改善，但也實現了我們在 12 月季度看到的相對強勁且不斷提高的利用率。

Utilization rate recovered quickly in China, and we are hopeful other region will resume a higher level of productivity once social distancing practice begin to ease.

中國的利用率迅速恢復，我們希望一旦社交距離措施開始放鬆，其他地區的生產力將恢復到更高水準。

Longer-term, ongoing technology transitions within the automotive market, display market and within advanced packaging are driving the need for new equipment capabilities.

從長遠來看，汽車市場、顯示器市場和先進封裝領域持續的技術轉型正在推動對新設備功能的需求。

Ongoing progress of this technology transition will further diversify our unit-driven businesses.

這項技術轉型的持續進展將進一步使我們的單位驅動業務更加多元化。

We continue to believe this improving condition and a longer-term opportunity will be much more meaningful to our business than the near-term headwinds.

我們仍然相信，這種改善的狀況和長期的機會對我們的業務比近期的不利因素更有意義。

In summary, the strength of our fundamental resilience of our core market and the progress of new growth initiatives provide a positive outlook and ongoing confidence as we look ahead.

總之，我們核心市場的基本韌性和新成長措施的進展為我們展望未來提供了積極的前景和持續的信心。

I'm very proud of the dedication and the adaptability of our employees through this dynamic period.

我對我們員工在這個充滿活力的時期的奉獻精神和適應能力感到非常自豪。

I'm confident we will exit this current environment as stronger and an even better positioned organizations.

我相信，我們將在當前的環境下成為更強大、定位更佳的組織。

This conclude our prepared remark.

我們準備好的演講到此結束。

Operator, we will now be happy to take the questions.

接線員，我們現在很樂意回答問題。

(Operator Instructions) Our first question today is coming from Craig Ellis from B. Riley FBR.

（操作員說明）今天我們的第一個問題來自 B. Riley FBR 的 Craig Ellis。

Gentlemen, congratulations on the execution in the quarter despite a very dynamic environment.

先生們，祝賀本季的執行情況，儘管環境非常活躍。

Fusen, I just wanted to start by following up on some of the trends in the quarter.

Fusen，我只想先跟進本季的一些趨勢。

I think I heard you say that memory was down quarter-on-quarter, but auto was up.

我想我聽到你說記憶體環比下降，但汽車卻上升了。

We've heard from some other companies that memory utilization rose through the quarter.

我們從其他一些公司得知，本季記憶體利用率有所上升。

So can you give us your view of how memory looks as we move into the latter part of April?

那麼，當我們進入四月下旬時，你能告訴我們你對記憶的看法嗎？

And secondly, on auto, there are a lot of concerns about auto units sequentially in the second quarter.

其次，在汽車方面，第二季汽車銷售連續出現許多擔憂。

What's your view of the automotive market as it stands today?

您對當今汽車市場有何看法？

Okay.

好的。

So Craig, let's talk about -- I think you asked about memory and auto, right?

那麼克雷格，讓我們談談——我想你問的是內存和汽車，對吧？

So let me talk about memory first.

那我先來說說內存。

I think in the recent months, we see actually a price of both NAND and DRAM start to form up.

我認為最近幾個月，我們實際上看到 NAND 和 DRAM 的價格開始上漲。

So I do believe recovery is ongoing and will go even stronger in the next couple of months and quarters.

因此，我確實相信復甦正在持續，並且在未來幾個月和幾季將會更加強勁。

I think the memory is a very important component for the whole food chain.

我認為記憶是整個食物鏈非常重要的組成部分。

And I'm a fan to believe it's going to go bigger compared to our current level because of 5G, because of many AI, a lot of technology.

我相信，由於 5G、人工智慧和技術，它的水平會比我們目前的水平更高。

So for us, I think we're a little bit slow.

所以對我們來說，我認為我們有點慢。

Our quarterly revenue compared to average revenue is still low, that's why I think we say it's a little bit softer.

與平均收入相比，我們的季度收入仍然較低，這就是為什麼我認為我們說它有點軟。

But I do believe the recovery is ongoing.

但我確實相信復甦正在進行中。

I think in the next couple of months and the quarter, we will see the stronger revenue contribution from memory.

我認為在接下來的幾個月和本季度，我們將看到記憶體帶來更強勁的收入貢獻。

So that's a question about memory.

所以這是一個關於記憶的問題。

Okay.

好的。

And then on the automotive market?

那麼汽車市場呢？

So automotive, I think for us, I think we still have room to grow.

因此，我認為對於汽車產業來說，我們仍然有成長的空間。

Relatively, I think the whole war, the quarter was still a little bit low.

相對而言，我認為整個戰爭，這個季度還是有點低。

But I think auto also going through some revolution, right?

但我認為汽車也正在經歷一些革命，對嗎？

I think like electrical car and a lot of change, information and also memory content in the auto will continue to increase.

我認為就像電動車和許多變化一樣，汽車中資訊和記憶體的內容將繼續增加。

So hopefully, I think we're going to see that recover, I think, in the next couple of quarter as well.

因此，我認為我們也將在接下來的幾個季度看到這種情況的復甦。

But relatively to us, I think it's a little bit slow.

但相對於我們來說，我認為有點慢。

We see upside in the memory and auto.

我們看到了記憶體和汽車的優勢。

Great.

偉大的。

That's helpful.

這很有幫助。

And the next question is really a follow-up on a point in the press release and an artifact of the guidance range.

下一個問題其實是對新聞稿中某個觀點的跟進，也是指導範圍的一個產物。

So I think a quarter ago, the guidance range was $30 million.

所以我認為一個季度前，指導範圍是 3000 萬美元。

It's back to $20 million.

又回到了2000萬美元。

So does that signal just increased confidence with the way the supply chain is working?

那麼，這是否顯示人們對供應鏈運作方式的信心增強了呢？

And I noticed from the release, backlog ending the fiscal second quarter was $136 million, so about 90% of the guidance midpoint.

我從新聞稿中註意到，截至第二財季的積壓訂單為 1.36 億美元，約為指導中點的 90%。

How would you characterize the strength of the backlog?

您如何描述積壓的強度？

And would you expect to be building backlog as you go through the fiscal third quarter given the view for gradual sequential growth through the year?

考慮到全年將逐步實現環比成長，您預計第三財季會出現積壓訂單嗎？

Okay.

好的。

So Craig, let me put this way.

克雷格，讓我這樣說。

We believe our customers are under-indexed in 2019, right?

我們相信 2019 年我們的客戶指數較低，對吧？

So currently, I think the utilization rate in the industry is quite healthy, and we see many technology driver, like 5G and AI, many things.

所以目前，我認為產業的利用率是相當健康的，我們看到了很多技術驅動因素，像是5G和人工智慧，很多東西。

And we already experienced a few quarters of sequential growth, right?

我們已經經歷了幾個季度的連續成長，對吧？

So we can see that fundamental demand for our core business, I think, is very strong.

所以我們可以看到，我認為我們的核心業務的基本需求非常強勁。

And coupling with our new product introduction in AP and LED and also new customer we are engaging.

結合我們在 AP 和 LED 領域的新產品介紹以及我們正在參與的新客戶。

I think that we are quite optimistic for 2020 and beyond.

我認為我們對 2020 年及以後相當樂觀。

But unfortunately, I think that we have this pandemic situation, it's just not practical for some of our customers [to them just appear] to come to give us a PO and then for us to enable the system and then service the system in their fab.

但不幸的是，我認為我們遇到了這種大流行情況，對於我們的一些客戶（對他們來說）來說，給我們一個採購訂單，然後讓我們啟用系統，然後在他們的工廠中為系統提供服務是不切實際的。

So this pandemic actually weakened a little bit of our outlook.

所以這次大流行其實削弱了我們的前景。

But fundamentally, I think the situation will improve and our growth will resume.

但從根本上來說，我認為情況將會改善，我們的成長將會恢復。

So at the beginning of this coronavirus, I think I'll start probably in China, end of January.

因此，在這種冠狀病毒爆發之初，我想我可能會在一月底在中國開始。

Actually, [LED] alone is much, much more than more than we expected.

事實上，僅 [LED] 就遠遠超出了我們的預期。

So that's why I think we give a little bit wider range.

所以這就是為什麼我認為我們給予更廣泛的範圍。

And fortunately, I think it's a lot of effort.

幸運的是，我認為這需要付出很多努力。

We almost hit the center point, right?

我們幾乎到達中心點了，對吧？

So with a lot of effort with the team putting together, we believe we know how to respond to a lot of dynamic much better.

因此，透過團隊的大量努力，我們相信我們知道如何更好地應對大量動態。

But where I think this time, we actually tightened the range, right?

但我認為這次我們實際上收緊了範圍，對嗎？

So at least you have...

所以至少你有...

Craig, it's Lester.

克雷格，我是萊斯特。

Just to give you a little more specificity around the backlog.

只是為了讓您更了解積壓工作的具體情況。

We are seeing backlog growing over the last couple of quarters.

我們看到過去幾季積壓的訂單不斷增加。

So over each the last 4 quarters, the backlog of the capital has increased.

因此，在過去的四個季度中，資金積壓都在增加。

That's great color on both fronts, guys.

夥計們，這兩個方面的顏色都很棒。

And then my last question before I hop back in the queue.

然後是我回到隊列之前的最後一個問題。

Fusen, it was really helpful to get your perspective on some of the emerging product growth drivers for the company, Katalyst, APAMA and PIXALUX.

Fusen，了解您對公司的一些新興產品成長驅動因素（Katalyst、APAMA 和 PIXALUX）的看法確實很有幫助。

And I know we've had a view that PIXALUX could potentially generate $50 million to $100 million in revenue.

我知道我們認為 PIXALUX 可能會產生 5,000 萬至 1 億美元的收入。

So the two-part question is, first, is that still a reasonable revenue expectation for PIXALUX this year and next year?

因此，問題分為兩部分：首先，這對於 PIXALUX 今年和明年的收入預期仍然是合理的嗎？

And if you look at the 3 new products, Katalyst, APAMA and PIXALUX, which would be the most significant growth drivers this year and next year?

如果你看看 Katalyst、APAMA 和 PIXALUX 這 3 個新產品，哪一個會是今年和明年最重要的成長動力？

Okay.

好的。

So I think I talked about a piece of that in my script.

所以我想我在劇本中談到了其中的一部分。

So currently, I think we expect about $40 million for the calendar year revenue, so roughly $40 million.

目前，我認為我們預計日曆年的收入約為 4000 萬美元，所以大約是 4000 萬美元。

And some of the system is going to be shipped in June, but the majority of the system is going to be shipped, I think, in September and December.

部分系統將在 6 月發貨，但我認為大部分系統將在 9 月和 12 月發貨。

So altogether, I think we are looking at roughly $40 million because we only have half of the year to run these products.

總的來說，我認為我們需要大約 4000 萬美元，因為我們只有一年的一半時間來運行這些產品。

So the number actually is due to the shipment schedules and is not a change in end demand.

因此，這個數字實際上是由發貨時間表決定的，而不是最終需求的變化。

We continue to expect the demand for PIXALUX to increase further in fiscal 2021, right?

我們仍預期 2021 財年 PIXALUX 的需求將進一步增加，對吧？

So compared to a lot of global market disruption.

因此，與全球市場的許多混亂相比。

Actually, this performance, $40 million, is a very good performance.

其實這場演出，4000萬美元，已經是非常好的演出了。

So in short summary, I think the piece that is on track and on schedule, and we are quite happy with it.

簡而言之，我認為這部作品正在按計劃進行，我們對此感到非常滿意。

So that's PIXALUX and the next year will be bigger.

這就是 PIXALUX，明年會更大。

And the AP, I think we are also quite confident.

還有美聯社，我想我們也很有信心。

If you look at the AP, I think increasing the transistor density is very important, right?

如果你看AP，我認為增加電晶體密度非常重要，對吧？

So most of them actually increased the transistor taking density at the wafer level by level.

因此，他們中的大多數實際上逐級提高了晶圓級電晶體的佔用密度。

But AP actually increased taking density in transition level, then it's much more affordable and much more effective, right?

但AP實際上增加了過渡級別的服用密度，那麼它更實惠，更有效，對嗎？

So this actually are very favorable to our TCB and free chip.

所以這實際上對我們的TCB和免費晶片是非常有利的。

And we are aiming at high-performance logic, high bandwidth in memory and also next generation of imaging sensor.

我們的目標是高性能邏輯、高頻寬記憶體以及下一代影像感測器。

So AP, I think many players, and we are actually a little bit late, but we are quite confident.

所以AP，我想很多玩家，我們其實有點晚了，但我們還是很有信心的。

So we are in the process to gain the market shares, establish a good foundation.

所以我們在爭取市場佔有率的過程中，建立了良好的基礎。

So to see AP getting much bigger, probably will be 2021.

因此，AP 變得更大可能要等到 2021 年。

And we are quite confident 2022 will be much, much bigger.

我們非常有信心 2022 年規模將會大得多。

But we will see the sizable increase, I think, in 2021.

但我認為，到 2021 年，我們將看到大幅成長。

So that's PIXALUX and AP.

這就是 PIXALUX 和 AP。

And the other one is the APS.

另一種是 APS。

I think we are much stronger in the APS, putting much focus.

我認為我們在 APS 方面更加強大，並且更加專注。

So we -- hopefully, we will see from now to 2022, we can contribute probably close to $200 million in AP plus advanced LED and maybe additional $50 million for the APS.

因此，我們希望從現在到 2022 年，我們可以在 AP 和先進 LED 方面貢獻近 2 億美元，並可能為 APS 貢獻 5,000 萬美元。

Our next question is coming from Krish Sankar from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Krish Sankar。

I had a few of them.

我有幾個。

First one, Fusen, you spoke about supply constraints, which seems to be a common theme across most companies.

首先，Fusen，您談到了供應限制，這似乎是大多數公司的共同主題。

Just curious, if you did not have any supply constraints, what does the June quarter guidance have been?

只是好奇，如果沒有任何供應限制，六月季度的指導是什麼？

Okay.

好的。

So actually, Krish, June quarter actually has a constraint both on supply chain and also the shelter in place, right?

所以實際上，Krish，六月季度實際上對供應鏈和庇護所都有限制，對吧？

So I mentioned it's also not practical to expect some of the customer to place a PO and during this period of time, and we deliver a system in their fab when they are shut down.

所以我提到，期望一些客戶在這段時間下訂單也是不切實際的，當他們的工廠關閉時，我們會在他們的工廠中交付一個系統。

So I think we are impacted both by supply chain disruption and also the shelter in place.

因此，我認為我們既受到供應鏈中斷的影響，也受到庇護所的影響。

I would say shelter in place actually -- will actually impact more the supply chain disruption.

我想說的是，就地避難其實會對供應鏈中斷產生更大的影響。

Our operating team, I think, has done a very, very good job, right?

我覺得我們的營運團隊做得非常非常好，對吧？

So if you want to me to quantify, I think that probably these 2 adding together probably about 15% of our total revenue outlook.

因此，如果你想讓我量化，我認為這兩者加起來可能約占我們總收入前景的 15%。

But I think this is temporary.

但我認為這是暫時的。

This order did not disappear.

這個命令並沒有消失。

I think it's going to show up in the next couple of quarters in our revenue.

我認為這將在接下來的幾個季度中體現在我們的收入中。

Got it.

知道了。

That's helpful, Fusen.

這很有幫助，福森。

And then I think you mentioned about auto coming back.

然後我想你提到了汽車的回歸。

I'm just curious, is there a function of what your customers are telling you?

我只是好奇，你的客戶告訴你的內容有作用嗎？

Or is it just the fact that auto has been weak for a while so it's expected to have a cyclical rebound?

或者只是因為汽車產業已經疲軟了一段時間，因此預計會出現週期性反彈？

Well, so Krish, let me rephrase it.

好吧，克里什，讓我重新表達一下。

Actually, memory will come back much faster than auto, right?

實際上，記憶體的恢復速度比自動速度快得多，對嗎？

With the current financial situation, I think auto actually will be weak for a while.

以目前的財務狀況，我認為汽車實際上會疲軟一段時間。

So this will be a little bit longer-term opportunity.

所以這將是一個更長期的機會。

But actually, I'm quite confident there will be a lot of innovation.

但實際上，我非常有信心會有很多創新。

And electrical car will get much, much bigger.

電動車將會變得越來越大。

And in the B2B area, there are many things, information, the display, the semiconductor content.

而在B2B領域，有很多東西，資訊、展示、半導體內容。

So the auto will come back.

所以汽車會回來。

But let me modify a little bit.

但讓我稍微修改一下。

I think this will take a while to come back.

我認為這需要一段時間才能恢復。

So this will be our longer-term opportunity.

所以這將是我們的長期機會。

Got it.

知道了。

Got it.

知道了。

All right.

好的。

And then just a final housekeeping question for Lester.

接下來是萊斯特最後一個家事問題。

I might have missed it in the prepared comments.

我可能在準備好的評論中錯過了它。

What did you say in March quarter the semiconductor revenues, auto revenues, China exposure was?

您所說的三月季度的半導體收入、汽車收入、中國風險敞口是多少？

Sorry.

對不起。

I don't think I specifically said that.

我想我沒有特別說過。

Are you asking what regional sales in China?

請問在中國有哪些區域銷售？

Is that your question, Krish?

這是你的問題嗎，克里什？

Yes.

是的。

Regional sales in China.

中國區域銷售。

And also, out of the total sales, how much was semi and auto in March?

另外，三月的總銷量中，半掛車和汽車銷售量是多少？

So out of the total sales in China for the quarter, it's about 63%.

因此，佔本季中國總銷售額的 63% 左右。

And for capital equipment sales, auto was -- we do auto and industrial together, so it's about 80% of total capital equipment sale.

對於資本設備銷售來說，汽車是——我們把汽車和工業一起做，所以它約佔資本設備銷售總額的 80%。

And what was the other one you're asking?

你問的另一個是什麼？

Sorry.

對不起。

Semiconductor, like your general semi exposure?

半導體，像你們一般的半曝光嗎？

The general semi is about 60%.

一般半是60%左右。

Our next question is coming from David Duley from Steelhead Securities.

我們的下一個問題來自 Steelhead 證券公司的 David Duley。

Could you just repeat what you said?

你能重複一下你說過的話嗎？

Was China 63% of revenue in the quarter?

中國佔該季度營收的 63% 嗎？

Is that what you said, Lester?

萊斯特，你是這麼說的嗎？

Yes.

是的。

6-3.

6-3.

63, okay.

63，好吧。

And general semi was 60%.

而普通半成品為60%。

So therefore, advanced packaging would be the other 40%?

那麼剩下的 40% 就是先進封裝嗎？

No, no, no.

不不不。

We break it out general semi, LED, advanced packaging, memory as well as auto industrial, right?

我們把它分為通用半導體、LED、先進封裝、記憶體以及汽車工業，對吧？

So...

所以...

Okay.

好的。

And could you just review those percentages?

您能回顧一下這些百分比嗎？

Sure.

當然。

So general semi was 60%.

所以一般半是60%。

LED was about 9% to 10%.

LED約為9%至10%。

AP is around 6% to 8% or so.

AP大約在6%到8%左右。

Memory was around 8% to 10%.

記憶體約為 8% 至 10%。

And auto industrial is about 18% to 20%.

其中汽車工業約18%至20%。

Okay.

好的。

And what do you think the overall utilization rates are now?

您認為現在的整體使用率是多少？

And I'm assuming utilization rates in China are higher than in other regions.

我假設中國的利用率高於其他地區。

If you could help us understand what the difference is, that will be great.

如果您能幫助我們理解其中的區別，那就太好了。

Sure.

當然。

I'll take that, Fusen.

我會接受的，福森。

So utilization rate actually is quite healthy.

所以利用率其實是相當健康的。

I would say, again, globally, it's close to 80%.

我想說，在全球範圍內，這一比例接近 80%。

China, we see it above 90%.

中國，我們認為這一比例超過 90%。

Obviously, it's much softer in Europe as well as in the U.S. and Korea and Japan.

顯然，歐洲、美國、韓國和日本的情況要軟得多。

So in general, I think -- Taiwan is actually also pretty strong as well.

所以總的來說，我認為——台灣其實也相當強大。

So I would say Taiwan and China, the 2 leading ones right now in utilization.

所以我想說台灣和中國大陸是目前利用率領先的兩個國家。

Okay.

好的。

And did you mention what the specific supply disruptions are that you're seeing, I guess, in Malaysia?

您有沒有提到您在馬來西亞看到的具體供應中斷是什麼？

If you could just help us understand what it is that's in short supply for you.

如果您能幫助我們了解您所缺少的是什麼。

I think for us, we're still -- as Fusen indicated, we're working with our partners, our suppliers throughout the world, first in China, now Malaysia as well as in the U.S., to manage the supply chain disruption.

我認為對我們來說，正如 Fusen 所指出的那樣，我們正在與我們的合作夥伴、世界各地的供應商合作，首先是在中國，現在是馬來西亞以及美國，以管理供應鏈中斷。

We're also looking for new partners, second source and so on.

我們還在尋找新的合作夥伴、第二來源等。

But I think for Malaysia, yes, it's -- obviously, there's a loss of control order in place.

但我認為對於馬來西亞來說，是的，顯然，存在失控令。

Even though some of the semiconductor companies have gotten exceptions as well as suppliers, but it's always -- and it's being renewed every 2 weeks in terms of the MCO.

儘管一些半導體公司和供應商都獲得了例外，但它始終如此，並且在 MCO 期間每兩週更新一次。

So I think for us, right now, it's still definitely manageable.

所以我認為對我們來說，目前來說，這仍然是絕對可控的。

It did not have a huge effect on the March quarter, but I think it will have some effect in the June quarter, as Fusen says, with both shelter in place and with the control orders.

它對三月季度的影響並不大，但我認為，正如福森所說，隨著庇護所到位和控制令的實施，它將對六月季度產生一些影響。

Okay.

好的。

Final question for me is, as far as the LED product goes going forward, how many -- you talked about doing $40 million in the back half of this calendar year.

我的最後一個問題是，就 LED 產品的未來發展而言，有多少——您談到在今年下半年實現 4000 萬美元的收入。

Is that -- could you help us understand how many customers that is?

那是 - 您能幫助我們了解有多少客戶嗎？

And what are some of the end market products that you would expect to be behind this ramp?

您預計哪些終端市場產品將推動這項成長？

Okay.

好的。

So I think I mentioned this in my script last time.

所以我想我上次在劇本中提到過這一點。

Actually, we do a part in there with [LED mini].

實際上，我們在其中做了[LED mini]的一部分。

Actually, together, we identify our customers.

事實上，我們一起識別我們的客戶。

So they also have a networking, for example, in consumer electronics, auto industry and the display industry.

因此，他們也有網絡，例如在消費性電子、汽車產業和顯示器產業。

So actually, we have numerous customers, about 4 sizable customers, I think we can probably have 2, 2 or 3 sizable customers.

所以實際上，我們有很多客戶，大約有 4 個大客戶，我想我們可能會有 2、2 或 3 個大客戶。

And at this moment, yes, it's quite a little bit concentrated on a few other customers, but we do have multiple customers.

目前，是的，它相當集中於其他一些客戶，但我們確實有多個客戶。

(Operator Instructions) Our next question is coming Tom Diffely from D.A. Davidson.

（操作員說明）我們的下一個問題是來自 D.A. 的 Tom Diffely。戴維森。

Following up on Dave's mini LED question.

跟進戴夫的迷你 LED 問題。

We've been talking about a $30 million to $70 million market, midpoint of $50 million.

我們一直在談論 3000 萬至 7000 萬美元的市場，中間值為 5000 萬美元。

Now you're saying it's $40 million.

現在你說這是 4000 萬美元。

Is it just the timing of when the shipments happen in the second half that's gone, you have changed the midpoint of that guide?

難道只是下半年出貨的時間消失了，你改變了指南的中點嗎？

Okay.

好的。

So Dave (sic) [Tom], I think, first, I think we talked about this probably long time ago, 1 year ago.

所以戴夫（原文如此）[湯姆]，我想，首先，我想我們可能很久以前，一年前就討論過這個問題。

So personally, actually, I am quite happy with the program.

事實上，就我個人而言，我對這個計劃非常滿意。

We talk about maybe second half of this year starting rent.

我們談論的可能是今年下半年開始的租金。

So actually, the demand actually is originally expected.

所以實際上，需求其實是最初預期的。

And the revenue really depends on the shipment schedule, right, which is mainly when the customer needs the system, right?

而收入實際上取決於發貨時間表，對吧，這主要是當客戶需要係統時，對吧？

So -- and due to a recent customers' request, I think that we are seeing is about $40 million from now to end of year.

因此，根據最近客戶的要求，我認為從現在到年底我們將看到大約 4000 萬美元。

And we see next year, our demand will be stronger than the current level.

我們預計明年我們的需求將比目前的水平更強。

So it's really not demand issue.

所以這確實不是需求問題。

It's really a shipment schedule, right?

這確實是一個發貨時間表，對嗎？

And we need to make a system and according to customers' request, when the system reached the customer side and we ship out from this and we come as everything.

我們需要製作一個系統，並根據客戶的要求，當系統到達客戶方時，我們從中發貨，我們就作為一切而來。

Okay.

好的。

So the shipment schedule is dictated by the customer, not your supply capabilities?

那麼出貨時間表是由顧客決定的，而不是由你們的供應能力決定的？

That's correct.

這是正確的。

I don't think it's our manufacturing constraint, and not demand constrained.

我不認為這是我們的製造限制，也不是需求限制。

I think demand is very healthy.

我認為需求非常健康。

Okay.

好的。

Great.

偉大的。

And then, Lester, I was hoping to get a little color on the utilization rates and how they've changed over the last quarter.

然後，萊斯特，我希望了解利用率以及它們在上個季度的變化。

Because I remember, going into the year, China was really strong at the end of last year, maybe dipped up in the beginning of this year.

因為我記得，進入今年，中國在去年年底非常強勁，可能在今年年初有所下降。

But curious, as this quarter has gone on, how have the different utilization rates changed?

但令人好奇的是，隨著本季的進展，不同的利用率有何變化？

I think the utilization rate, frankly, probably hasn't changed that much.

坦白說，我認為利用率可能沒有太大變化。

I think it will probably change more, maybe a little bit in the June quarter, particularly as more shelter in place, depending on what gets listed.

我認為在六月季度，情況可能會發生更多變化，也許會發生一些變化，特別是隨著更多庇護所到位，具體取決於列出的內容。

China was pretty strong even in Q1.

即使在第一季度，中國也相當強勁。

I think it's stronger even Q2.

我認為Q2甚至更強。

I think Taiwan also has remained pretty robust.

我認為台灣也仍然相當強。

I think Southeast Asia has fluctuated a little bit, but most -- I think Europe and the U.S. have -- they were soft before and they continue to be soft now.

我認為東南亞有一點波動，但大多數——我認為歐洲和美國——以前很軟，現在也繼續軟。

Okay.

好的。

That's helpful.

這很有幫助。

And then finally, when you look at the operating expenses, obviously, some very good cost controls going on right now.

最後，當你看看營運費用時，顯然，現在正在進行一些非常好的成本控制。

Are those just temporary measures?

這些只是臨時措施嗎？

Or has anything changed structurally that would change the operating expense equation going forward?

或者是否有任何結構性變化會改變未來的營運費用方程式？

Well, Tom, cost control is a subject near and dear to Fusen's heart, so we always look at it.

嗯，湯姆，成本控制是福森非常關心的主題，所以我們總是關注它。

But I think, as I indicated, some of the reduction is due to, for example, reduction in travel because of, obviously, COVID-19.

但我認為，正如我所指出的，部分減少是由於，例如，顯然，由於 COVID-19，旅行減少了。

Obviously, our rate of hiring also slowed down a little bit given the difficulties of hiring.

顯然，由於招募困難，我們的招募速度也有所放緩。

So I would say, at this point, I would not say it's structural in the model.

所以我想說，在這一點上，我不會說它是模型中的結構性的。

I think 53 plus 5 to 7 is still what we're seeing.

我認為 53 加 5 到 7 仍然是我們所看到的。

But we are coming in on the low side of that, both for last quarter, this quarter, as I guided, probably for next quarter as well.

但正如我所指導的那樣，無論是上個季度還是本季度，我們的業績都處於較低水平，下個季度也可能如此。

Our next question is coming from Christian Schwab from Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Christian Schwab。

Great.

偉大的。

Fusen, I just want to make sure I understand on the supply chain with disruptions.

福森，我只是想確保我了解供應鏈中斷的情況。

That's really like movement controls and shelter in place that's causing supply chain disruptions, correct?

這真的就像行動控制和避難所導致供應鏈中斷一樣，對嗎？

There is not components that you're waiting for that are in short supply some place in the supply chain.

您正在等待的組件不會在供應鏈中的某個地方出現短缺。

Is that correct?

那是對的嗎？

Yes.

是的。

It's many things, right?

有很多事情，對吧？

Sometimes, they cannot go to the office to make a part for us.

有時，他們無法去辦公室為我們製作零件。

So this is really a lot of things tied together, right?

所以這確實是很多事情連在一起的，對嗎？

So sometimes, we are short on parts.

所以有時我們會缺少零件。

We continue to find the second supplier.

我們繼續尋找第二家供應商。

So actually, this is quite time consuming to manage all of the disruption.

所以實際上，管理所有中斷是相當耗時的。

Okay.

好的。

Okay.

好的。

And would you say that given the economic dislocation due to the COVID-19 environment that the business, a couple of quarters here, we're kind of stable at $150 million, should we begin to reopen successfully globally?

您是否會說，鑑於 COVID-19 環境造成的經濟混亂，我們的業務在幾個季度內穩定在 1.5 億美元，我們是否應該開始在全球範圍內成功重新開業？

Can you give us any idea about how big a recovery or snapback in your revenue could be 2 to 3 quarters out?

您能否告訴我們，您的收入在 2 到 3 個季度後可能會出現多大程度的復甦或快速回升？

So we don't guide more than 1 quarter.

所以我們的指導不會超過 1 個季度。

But if you ask my feeling, I can tell you my feeling, right?

但如果你問我的感受，我可以告訴你我的感受，對嗎？

So I already mentioned, I believe our customers, they are under-indexed in 2019.

所以我已經提到過，我相信我們的客戶在 2019 年的指數較低。

And at this moment, actually, if you look at the utilization rate, it's quite healthy.

事實上，目前如果你看一下利用率，它是相當健康的。

We already have a few quarter sequential growth.

我們已經實現了幾個季度的連續成長。

Unfortunately, I think we really want to guide higher, but we really need to avoid the risk for the pandemic.

不幸的是，我認為我們確實希望指引更高，但我們確實需要避免大流行的風險。

Fundamentally, I think the demand is there.

從根本上來說，我認為需求是存在的。

So hopefully, I think this will not go for more than 2 quarter.

因此，我認為這種情況不會持續超過兩個季度。

And hopefully, we can see data, Q4.

希望我們能夠看到第四季的數據。

If you look at it, all customer actually concentrate in China and in Asia, like Europe.

如果你看一下，所有客戶其實都集中在中國和亞洲，例如歐洲。

So Europe, already impact.

所以歐洲已經產生了影響。

U.S. already impact, and they're opening up.

美國已經產生影響，並且正在開放。

And I think this quarter, actually South Asia -- Southeast Asia impacted us a lot.

我認為這個季度，實際上南亞——東南亞對我們影響很大。

But I really don't think this will be more than another quarter, right?

但我真的認為這不會超過另一個季度，對吧？

So all the semiconductor company looks like it is already -- most of them are impact already.

因此，所有半導體公司看起來都已經——其中大多數已經產生了影響。

If there is no second wave of the infection, hopefully, we can see better Q4 coming back.

如果沒有第二波感染，希望我們可以看到更好的第四季回來。

So hopefully, after Q3, we can see the bigger revenue.

因此，希望在第三季之後，我們可以看到更大的收入。

Thank you.

謝謝。

We reach the end of our question-and-answer session.

我們的問答環節即將結束。

I'd like to turn the floor back over for any further or closing comments.

我想重新發言以徵求進一步的意見或結束意見。

Thank you, Kevin.

謝謝你，凱文。

Thank you all for the time today.

謝謝大家今天抽出時間。

As always, please feel free to follow-up directly with any additional questions.

與往常一樣，如果有任何其他問題，請隨時直接跟進。

Have a great day, everyone.

祝大家有個美好的一天。

Operator, this concludes our call.

接線員，我們的通話到此結束。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time, and have a wonderful day.

此時您可以斷開線路，度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。