庫力索法 (KLIC) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Kulicke and Soffa 2024 First Quarter Results Conference Call. (Operator Instructions) A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Kulicke 和 Soffa 2024 年第一季業績電話會議。 （操作員指示）正式演示之後將有一個簡短的問答環節。 （操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Joe Elgindy, Senior Director, Investor Relations. Thank you. Please begin.

現在我很高興介紹您的主持人，投資者關係高級總監喬·埃爾金迪（Joe Elgindy）。謝謝。請開始。

Thank you. Welcome, everyone, to Kulicke and Soffa's Fiscal First Quarter 2024 Conference Call. Fusen Chen, President and Chief Executive Officer; and Lester Wong, Chief Financial Officer, are also joining on today's call.

謝謝。歡迎大家參加 Kulicke 和 Soffa 2024 財年第一季電話會議。陳福森，總裁兼執行長；和財務長 Lester Wong 也將參加今天的電話會議。

Non-GAAP financial measures referenced today should be considered in addition to, not as a substitute for or in isolation from our GAAP financial information. GAAP to non-GAAP reconciliation tables are included within our latest earnings release and earnings presentation. Both are available at investor.kns.com, along with prepared remarks for today's call.

今天引用的非 GAAP 財務指標應被視為對我們的 GAAP 財務資訊的補充，而不是替代或孤立。我們最新的收益報告和收益報告中包含了 GAAP 與非 GAAP 的對帳表。這兩份文件均可在 investor.kns.com 上查閱，同時也可查閱今天電話會議的準備好的發言稿。

In addition to historical statements, today's remarks will contain statements relating to future events and/or future results. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that may cause our actual results and financial condition to differ materially from the statements made today.

除了歷史陳述之外，今天的評論還將包含與未來事件和/或未來結果有關的陳述。這些聲明是 1995 年私人證券訴訟改革法所定義的前瞻性聲明，受風險和不確定性的影響，可能導致我們的實際結果和財務狀況與今天的聲明有重大差異。

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 and upcoming SEC filings, specifically, our most recently filed Form 10-K and the 8-K filed yesterday.

有關 Kulicke 和 Soffa 所涉及的可能影響我們未來業績和財務狀況的風險的完整討論，請參閱我們最近和即將提交的 SEC 文件，特別是我們最近提交的 10-K 表格和昨天提交的 8-K 表格。

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

話雖如此，我現在想將電話轉給陳福森，請他介紹業務概況。請繼續，Fusen。

Thank you, Joe. Good morning, everyone. Looking ahead into fiscal 2024, we remain focused and optimistic. Our businesses remain on track to support a new level of value creation. As our core market recovers, we continue to anticipate a return to an about average industry growth rates by the end of the fiscal year.

謝謝你，喬。大家早安。展望 2024 財年，我們依然專注且樂觀。我們的業務仍處於正軌上，以支持新的價值創造水平。隨著我們的核心市場復甦，我們預計到本財年末產業成長率將恢復到平均水準。

As the semiconductor industry returned to a more normal growth pattern through fiscal 2024, we remain in dominant leadership position across core markets and will continue to aggressively drive key strategic initiatives, providing additional path to long-term value creation and profitability.

隨著半導體產業在 2024 財年恢復到更正常的成長模式，我們將繼續在核心市場佔據主導地位，並將繼續積極推動關鍵策略舉措，為長期價值創造和獲利提供額外的途徑。

Specifically, these strategic initiatives are centered around 3 key businesses: ball bonding, advanced packaging and advanced display. I will provide additional detail to each of these points shortly. But first, I would like to summarize our financial performance, end market observation and the shares an update on the advanced dispense business.

具體來說，這些策略舉措圍繞著三大關鍵業務：球焊、先進封裝和先進顯示器。我很快就會針對上述每個要點提供更多詳細資訊。但首先，我想總結一下我們的財務表現、終端市場觀察以及先進分配業務的股票最新情況。

For the December quarter, we delivered $171.2 million of revenue, just above our guidance midpoint, with GAAP net income of $9.3 million and non-GAAP earnings per share of $0.30. From a market standpoint, the fiscal first quarter was aligned with the seasonal expectations. Based on external market forecast, customer feedback and discussions, we continue to anticipate improvement over the course of 2024 with more significant demand in the second half of 2024. We anticipate overall industry conditions will remain favorable going into 2025 as we expand our market positions.

12 月季度，我們實現了 1.712 億美元的營收，略高於我們的預期中位數，GAAP 淨收入為 930 萬美元，非 GAAP 每股收益為 0.30 美元。從市場角度來看，第一財季的表現與季節性預期一致。根據外部市場預測、客戶回饋和討論，我們繼續預計 2024 年將有所改善，2024 年下半年的需求將更加顯著。

Over recent months, we have made significant progress with our advanced dispense business and are actively competing for several opportunity in parallel. We continue to target key opportunities across our served end market, which require high-precision dispense capability combined with a world-class motion control capability K&S is known for.

最近幾個月，我們在先進的分配業務方面取得了重大進展，並且正在積極競爭多個機會。我們將繼續瞄準我們所服務的終端市場中的關鍵機遇，這些市場需要高精度分配能力以及 K&S 所聞名的世界一流的運動控制能力。

Initial customer feedback has been strong, and we are increasingly confident we will leverage and grow this opportunity over the coming years.

最初的客戶回饋非常強烈，我們越來越有信心在未來幾年內利用並發展這個機會。

Turning to the end-market review, we continue to see signs of broader cyclical improvements, and also anticipate gradual recovery through the fiscal year. Seasonal dynamics impacted our December quarter results as expected. This effect was the most pronounced within general semiconductor. Here, we experienced softer demand due to seasonal pattern, which affect the Ball Bonding business and softer power semiconductor market conditions, which affect our Wedge Bonding businesses.

轉向終端市場回顧，我們繼續看到更廣泛的周期性改善的跡象，並且預計整個財年將逐步復甦。正如預期的那樣，季節性動態影響了我們 12 月季度的業績。這種效應在通用半導體中最為明顯。在這裡，由於季節性模式，我們經歷了需求疲軟，這影響了球焊業務，而功率半導體市場狀況疲軟，這又影響了我們的楔焊業務。

The power semiconductor market is going through a period of inventory and capacity digestion, causing a near-term headwind in Wedge Bonding. We continue to expect trend in power semiconductor to improve over long term and the support growth of our Wedge Bonding business.

功率半導體市場正在經歷庫存和產能消化期，導致楔形鍵合市場短期內遭遇阻力。我們繼續預計功率半導體的趨勢將長期改善並支持我們的楔形鍵合業務的成長。

For Ball Bonding, we anticipate demand environment to improve as semiconductor unit growth return in fiscal 2024.

對於球焊，我們預計隨著 2024 財年半導體單位成長的恢復，需求環境將會改善。

Next LED remained relatively soft with the demand primarily attributable to general lighting. We remain focused on the existing qualification engagement for both LUMINEX and Project W, and I will share an update to both opportunities shortly.

其次，LED 仍然相對疲軟，需求主要歸因於通用照明。我們將繼續專注於 LUMINEX 和 Project W 的現有資格認證工作，我很快就會分享這兩個機會的最新消息。

Within automotive and industrial, macro and the industry sector have impacted the near-term demand for our wedge solution. Despite the well-known softness in automotive near term, we continue to anticipate specific opportunity for K&S in battery assembly space later this year. This specific battery opportunity is unique to K&S and will help mitigate some of the existing demand softness affecting the broader automotive market.

在汽車和工業領域，宏觀和工業部門影響了我們的楔形解決方案的近期需求。儘管眾所周知短期內汽車市場將呈現疲軟態勢，但我們仍預計今年稍後 K&S 在電池組裝領域將迎來特殊機會。這個特定的電池機會對於K＆S來說是獨一無二的，將有助於緩解影響整個汽車市場的一些現有需求疲軟現象。

Longer term, as the semiconductor content and the complexity within vehicle advance, we remain strategically aligned with automotive trends. We will continue to provide leading class equipment to support the transition to more advanced and sustainable vehicle, including efficient power delivery and the storage application.

從長遠來看，隨著半導體內容和車輛複雜性的提高，我們將繼續與汽車趨勢保持策略一致。我們將繼續提供領先的設備，支援向更先進、更永續的車輛的過渡，包括高效的電力傳輸和儲存應用。

Finally, within memory, we have seen demand improve significantly for our leading NAND solution across multiple customers. Memory revenue in the first fiscal quarter exceeded revenue for the prior fiscal year. This strong improvement provides further confidence that we are past trough in the memory market, and we continue to actively pursue near- and long-term strategy to expand share in high volume and leading-edge DRAM application.

最後，在記憶體方面，我們看到多個客戶對我們領先的 NAND 解決方案的需求顯著提高。第一財季的內存收入超過了上一財年的收入。這一強勁成長進一步證明，我們已經走出了記憶體市場的低谷，我們將繼續積極推行短期和長期策略，以擴大在大批量和尖端 DRAM 應用中的份額。

During the December quarter, we have also booked revenue for multiple systems capable of supporting vertical fan-out application in production has remained very positive on the long-term potential of this smart packaging approach.

在 12 月季度，我們還為能夠支援垂直扇出型應用的多個系統預定了收入，對這種智慧封裝方法的長期潛力保持非常樂觀的態度。

We currently anticipate overall end market demand will return to a more normalized level by the end of fiscal 2024 and continue well into fiscal 2025. As we prepare for the next period of demand recovery, we are extremely focused to execute key K&S opportunities, which will further diversify revenue, expand market growth and sustainably enhance earning potential over the long term.

我們目前預計，到 2024 財年末，整體終端市場需求將恢復到更正常的水平，並持續到 2025 財年。

I would like to provide a brief update on our unique position within the ball bonding, advanced packaging and advanced display opportunity. The semiconductor assembly market continues to evolve, and we are well positioned to add more industry value in the form of power efficiency, performance, packaging level, transistor density and cost. This technology-driven evolution withing assembly is demanding more feature-rich and capable assembly solution, which we are well prepared to deliver.

我想簡要介紹一下我們在球焊、先進封裝和先進顯示領域的獨特地位。半導體組裝市場不斷發展，我們有能力以功率效率、性能、封裝水平、晶體管密度和成本的形式增加更多的產業價值。這種技術驅動的組裝革命要求功能更加豐富、性能更強大的組裝解決方案，我們已做好充分準備來提供這些解決方案。

These semiconductor opportunity will continue to benefit our ball bonding and advanced packaging business over the long term. Within ball bonding, we continue to deliver new feature rich solution, which will further extend our leadership position, drive share gain and also help enhance and sustain long-term gross margin.

從長遠來看，這些半導體機會將繼續有利於我們的球焊和先進封裝業務。在球焊領域，我們繼續提供功能豐富的新解決方案，這將進一步擴大我們的領導地位，推動份額成長，並有助於提高和維持長期毛利率。

Our initial 2 systems, POWERCOMM and POWERNEXX were recently released and have been well received by customers. We are ramping the production of this initial system during the March quarter.

我們最初的兩個系統 POWERCOMM 和 POWERNEXX 最近發布並受到客戶的好評。我們將在三月季度加大該初始系統的產量。

As explained on our previous call, the Ball Bonding process remains the most dominant and cost-effective solution for both high-volume single and multi-die packages. As a pioneer in Ball Bonding with a decade of industry leadership, we continue to maintain a dominant market share in these key growth areas. Additionally, we continue to see mainly consumer, mobile and IoT-based application in high-volume market seeking new packaging approaches.

正如我們上次電話會議所解釋的那樣，球焊製程仍然是高容量單晶片和多晶片封裝中最主要和最具成本效益的解決方案。作為球焊領域的先驅，我們擁有十年的行業領導地位，並繼續在這些關鍵成長領域保持主導市場份額。此外，我們繼續看到大批量市場中主要的消費者、行動和基於物聯網的應用正在尋求新的封裝方法。

These new approaches provide greater level of transistor density at the packaging level and provide K&S with opportunity to add additional value. Within Ball Bonding, this technology-driven change are demanding more complex looping and higher wire column per package.

這些新方法在封裝層級提供了更高水平的電晶體密度，並為 K&S 提供了增加額外價值的機會。在球焊領域，這種技術驅動的變革要求每個封裝具有更複雜的環路和更高的線列數。

Our market leadership and persistent development effort provides a unique position to drive industry-level change. Currently, we see new markets emerging in shielding and also within high-potential stacked-die applications, such as vertical-fan-out, which are providing specific, long-term and unique opportunities for the Company.

我們的市場領導地位和堅持不懈的發展努力為我們推動行業變革提供了獨特的地位。目前，我們看到屏蔽領域以及垂直扇出等高潛力堆疊晶片應用領域出現了新的市場，這些市場為公司提供了特定的、長期的和獨特的機會。

New shielding applications are being deployed for both long and short-distance wireless communications. As bandwidth increases and wireless communications become more engrained in consumer electronics, we expect ongoing growth in this new wire bonding market. This shielding approach was in development a few years ago and has now been broadly adopted by OSAT and IDMs and is utilized in high-volume production. We expect these shielding needs to continue supporting nearterm recovery and long-term growth in the Ball Bonding market.

新的屏蔽應用正在部署用於長距離和短距離無線通訊。隨著頻寬的增加以及無線通訊在消費性電子產品中的越來越根深蒂固，我們預期這個新的引線接合市場將持續成長。這種屏蔽方法是幾年前開發的，現在已被 OSAT 和 IDM 廣泛採用，並用於大量生產。我們預計這些屏蔽需求將繼續支持球焊市場的近期復甦和長期成長。

Similar to where shielding was a few years ago, there has recently been significant interest from customers for our vertical-fan-out, or VFO, solution. This new opportunity is anticipated to further extend our memory market access over the course of fiscal 2024. Over the next few years, we anticipate similar vertical wire approach will provide a cost-effective alternative to Through-Silicon-Vias, or TSVs, for high volume 3D applications beyond the initial adoption within the memory market.

與幾年前的屏蔽類似，最近客戶對我們的垂直扇出 (VFO) 解決方案表現出了濃厚的興趣。預計這一新機會將在 2024 財年進一步擴大我們的記憶體市場准入。

The value of VFO stems from its ability to create a complex 3D structure which provides form-factor, power efficiency, improvement and a significant cost benefits over alternative advanced packaging solutions. One customer has reported a 27% improvement in form-factor and 5% improvement in power efficiency along with allowing higher I/O count and better heat dissipation.

VFO 的價值在於它能夠創建複雜的 3D 結構，與其他先進封裝解決方案相比，該結構可提供外形尺寸、功率效率、改進和顯著的成本效益。一位客戶報告稱，外形尺寸提高了 27%，電源效率提高了 5%，同時允許更高的 I/O 數量和更好的散熱。

During the December quarter we booked VFO system revenue of just over $0.5 million to a first moving customer as they refine their production approach. We are currently engaged with the 3 leading memory customers, who are seeking cost-effective 3D packaging approaches. Initially, we anticipate DRAM applications, such as Low Power DDR, LPDDR, to move into low volume production in calendar year 2024 and higher volume production in 2025.

在 12 月季度，我們向第一位搬遷的客戶預訂了略高於 50 萬美元的 VFO 系統收入，因為他們改進了生產方法。我們目前正在與 3 家領先的記憶體客戶合作，他們正在尋求具有成本效益的 3D 封裝方法。最初，我們預計 DRAM 應用（例如低功耗 DDR、LPDDR）將在 2024 年實現小批量生產，並在 2025 年實現大量生產。

Based on initial customer feedback, there is also strong interest and potential that VFO can be deployed for high-bandwidth-memory applications in the next few years. Shielding, VFO and the overall growth of high-volume multi-die applications, has increased the growth rate, technology need and our competitive position within the sizeable Ball Bonding market. We believe we are best positioned to leverage these new market opportunities long-term.

根據初步客戶回饋，未來幾年，VFO 在高頻寬記憶體應用中的部署也具有濃厚的興趣和潛力。屏蔽、VFO 和大批量多晶片應用的整體成長提高了成長率、技術需求以及我們在龐大的球焊市場中的競爭地位。我們相信，我們最有能力長期利用這些新的市場機會。

Turning to Advanced Packaging, we continue to actively support several customer engagements in parallel and anticipate additional orders from OSAT, IDM and Foundry customers as we complete key evaluations and qualifications.

談到先進封裝，我們將繼續積極支持多個客戶的合作，並在完成關鍵評估和資格認證後期待 OSAT、IDM 和代工廠客戶的更多訂單。

In addition to our incumbent position in high-volume semiconductor markets, our advanced packaging efforts allowed us to take shares in new high-growth markets including leading-edge logic, mobility and co-packaged optics. We are increasingly confident on the longevity and market potential of our TCB portfolio and expect to extend the technology well beyond the previously targeted 10 micron pitch.

除了我們在大批量半導體市場的現有地位之外，我們在先進封裝方面的努力也使我們在包括尖端邏輯、移動性和共封裝光學在內的新興高成長市場中佔有一席之地。我們對我們的 TCB 產品組合的壽命和市場潛力越來越有信心，並希望將該技術擴展到先前目標的 10 微米間距之外。

Reaching below this 10 micron threshold will further unlock the flexibility and the long-term potential of our TCB solutions. We increasingly anticipate TCB will be an essential component to leading-edge assembly for many years to come. In addition to finer-pitch capabilities which extend bandwidth and transistor density, our TCB solutions also provide direct copper-to-copper interconnects. Direct copper-to-copper connections are best-in-class due to low resistance and high performance.

達到這個 10 微米以下的閾值將進一步釋放我們的 TCB 解決方案的靈活性和長期潛力。我們越來越預期，未來許多年，TCB 將成為尖端組裝的重要組成部分。除了能夠擴展頻寬和電晶體密度的細間距功能之外，我們的 TCB 解決方案還提供直接銅對銅互連。由於電阻低、性能高，直接銅對銅連接是同類最佳的連接方式。

Our Fluxless TCB solution is well positioned to enable this industry breakthrough across high-volume and the leading-edge heterogeneous markets. We are confident of our significant technology lead in Thermocompression which we intend to extend further. Demand for our solutions is rising and we are running several qualifications, with OSAT, IDM and Foundry customers, in parallel.

我們的 Fluxless TCB 解決方案能夠幫助該產業在高容量和前沿異質市場中實現突破。我們對熱壓縮技術領域的領先地位充滿信心，並打算進一步擴大這一領先地位。對我們解決方案的需求正在上升，我們正在同時為 OSAT、IDM 和 Foundry 客戶進行多項認證。

Over the coming weeks, we intend to ship several more qualification systems supporting Fluxless TCB. I look forward to sharing new product and customer milestones over the next few quarters as we drive broader market adoption.

在接下來的幾週內，我們打算推出更多支援 Fluxless TCB 的資格認證系統。隨著我們推動更廣泛的市場應用，我期待在接下來的幾季分享新產品和客戶的里程碑。

Finally, within Advanced Display, we continue to expand access into the broadening mini and micro-LED markets. Our growing portfolio supports the evolving display market serving small-format, high-performance mobile displays as well as large-format high-volume and direct-emissive displays. We expect to secure a qualification win for LUMINEXTM later this fiscal year. LUMINEXTM provides a dedicated mini-LED, which will be increasingly necessary as mini-LED die size continues to shrink. At this year’s Consumer Electronics Show, it has become clear that mini-LED technology is a significant performance enabler for the LCD market.

最後，在 Advanced Display 領域，我們持續擴大進入不斷擴大的 mini-LED 和 micro-LED 市場的管道。我們不斷成長的產品組合支援不斷發展的顯示器市場，服務於小型、高效能行動顯示器以及大型大容量和直接發射顯示器。我們期望本財政年度稍後獲得 LUMINEXTM 的資格。 LUMINEXTM 提供專用的 mini-LED，隨著 mini-LED 晶片尺寸不斷縮小，這種技術將變得越來越必要。在今年的消費性電子展上，已經清楚地表明 mini-LED 技術是 LCD 市場的重要性能推動因素。

Mini LED displays have improved over the past years delivering higher levels of brightness and the quality and leveraging the large installed base of LCD capacity. As die-size reduces, we are confident the industry will require a dedicated, high-throughput solution such as our LUMINEXTM system.

過去幾年來，Mini LED 顯示器不斷改進，提供更高的亮度和質量，並利用 LCD 容量的龐大安裝基數。隨著晶片尺寸的減小，我們相信業界將需要專用的高通量解決方案，例如我們的 LUMINEXTM 系統。

Our other key opportunity in display is Project W, and I am happy to report that we are reaching new milestones, expect to ship additional capacity during the March quarter, and recognize revenue during the upcoming June quarter.

我們展示的另一個重要機會是專案 W，我很高興地報告，我們正在達到新的里程碑，預計在 3 月季度出貨更多產能，並在即將到來的 6 月季度實現收入。

As we work to successfully qualify a previously shipped system, we are beginning to ramp production in support of our customer’s long-term capacity plan. Our global R&D, operations, facilities, and supply-chain teams have been working tirelessly to support this major initiative and we look forward to sharing more information over the coming quarters.

在我們努力成功驗證先前出貨的系統的同時，我們開始增加產量，以支持客戶的長期產能計畫。我們的全球研發、營運、設施和供應鏈團隊一直在不懈地支持這項重大舉措，我們期待在未來幾季分享更多資訊。

It remains a very dynamic and interesting time at the company. As our core market recovers, we are again transitioning into a more optimized and more diversified company. We are very excited to reach new milestones across our growing markets.

公司現在依然是一個充滿活力和有趣的時期。隨著我們的核心市場復甦，我們將再次轉型為更優化、更多元化的公司。我們非常高興在我們不斷成長的市場中達到新的里程碑。

Looking through fiscal 2024, we continue to anticipate gradual unit demand recovery and also technology-driven growth as our core market evolves and we continue to extend our foothold in new markets. Customer interest and momentum across our emerging portfolio remains strong. We look forward to releasing a steady pace of new systems, new features and also announcing new customer and technology wins as the core business returns to a more normalized growth rate.

展望 2024 財年，隨著我們核心市場的不斷發展以及我們繼續在新市場中擴大立足點，我們將繼續預計單位需求將逐步復甦，並實現技術驅動的成長。客戶對我們新興產品組合的興趣和發展勢頭依然強勁。隨著核心業務恢復到更正常的成長率，我們期待穩定發布新系統、新功能，並宣布新客戶和技術的成功。

With that said, I will now turn the call over to Lester, who will discuss our financial performance and outlook, Lester?

話雖如此，我現在將電話轉給萊斯特，他將討論我們的財務業績和前景，萊斯特？

Thank you, Fusen. My remarks today will refer to GAAP results, unless noted. While there continues to be headwinds across specific end markets related to the macroeconomic and industry conditions, it remains a very exciting time for the Company. Our core market has shown signs of improvement and we are reaching new milestones with key customer engagements, which provide new market access and enhance our long-term financial potential.

謝謝你，Fusen。除非另有說明，我今天的發言將參考 GAAP 結果。儘管特定終端市場繼續面臨與宏觀經濟和行業狀況相關的阻力，但對於公司而言，這仍然是一個非常令人興奮的時刻。我們的核心市場已顯示出改善的跡象，並且透過與關鍵客戶的合作我們正在達到新的里程碑，這為我們提供了新的市場准入並增強了我們的長期財務潛力。

During the December quarter, we generated $171.2 million of revenue, 46.7% gross margin and $0.30 cents of non-GAAP EPS. Gross margins were aligned with expectations and are anticipated to improve with volume and new product launches. Non-GAAP operating expenses also met expectations, at $69.8 million.

在 12 月季度，我們創造了 1.712 億美元的收入、46.7% 的毛利率和 0.30 美分的非 GAAP 每股盈餘。毛利率與預期一致，預計隨著銷量和新產品的推出而有所提高。非公認會計準則營業費用也符合預期，為 6,980 萬美元。

Finally, tax came in just ahead of expectations at just below our longer-term, 20% effective tax rate. Turning to the balance sheet, working capital days increase from 448 to 524 days in the December quarter. Over this period the absolute value of working capital decreased slightly. Our repurchase program remains opportunistic, and we have increased our repurchase activity sequentially, to $26.8 million during the December quarter, nearly three times the value repurchased in the prior quarter.

最後，稅收略高於預期，略低於我們長期 20% 的有效稅率。從資產負債表來看，12 月季度的營運資本天數從 448 天增加到 524 天。在此期間，營運資本的絕對值略有下降。我們的回購計畫仍然是機會性的，我們已連續增加回購活動，12 月季度回購金額達到 2,680 萬美元，幾乎是上一季回購金額的三倍。

Additionally, we recently raised our quarterly dividend to $0.20 per share. This has allowed us to maintain an industry-leading dividend yield – nearly 1.6% as of our most recent payable date on January 9th. Looking out through fiscal 2024 we continue to invest in the future and are anticipating Capital Expenditures to be $23 million to $27 million. These investments will support growth over the coming years and will be deployed to enhance and expand operations, facilities, R&D and corporate systems.

此外，我們最近將季度股息提高至每股 0.20 美元。這使我們能夠保持業界領先的股息殖利率——截至 1 月 9 日最近的支付日，股息殖利率接近 1.6%。展望 2024 財年，我們將繼續投資未來，預計資本支出將達到 2,300 萬至 2,700 萬美元。這些投資將支持未來幾年的成長，並將用於加強和擴大營運、設施、研發和企業系統。

Considering the ongoing softness in Automotive and Power semiconductor, which is affecting near-term demand for our Wedge Bonder solutions, we anticipate revenue of approximately $170 million, plus or minus $10 million dollars with gross margins of 47% in the March quarter.

考慮到汽車和功率半導體市場持續疲軟，影響了我們楔形鍵合機解決方案的近期需求，我們預計 3 月季度的收入約為 1.7 億美元，上下浮動 1000 萬美元，毛利率為 47%。

Non-GAAP operating expenses are anticipated to increase slightly to $72.5 million, plus or minus 2%. We remain focused on controlling and limiting non-critical activities, although continue to ramp headcount, where necessary, to support our growing set of customer engagements. Non-GAAP net income for the March quarter is expected to be approximately $14 million with non-GAAP earnings per diluted share of approximately $0.25. In closing, over the long history of the company, we have never enjoyed as many different market and growth opportunities.

非 GAAP 營業費用預計將小幅增加至 7,250 萬美元，並上下浮動 2%。我們仍然專注於控制和限制非關鍵活動，但在必要時繼續增加員工數量，以支援我們日益增長的客戶關係。預計 3 月季度非 GAAP 淨收入約為 1,400 萬美元，非 GAAP 每股攤薄收益約為 0.25 美元。最後，在公司的悠久歷史中，我們從未享受過如此多不同的市場和成長機會。

The core semiconductor assembly market continues to evolve and is adding more value to the industry. New levels of capabilities are optimizing our high-volume business, which will see demand recovery over the coming quarters. As this core market recovery is underway, we are taking share and expanding our position in leading-edge logic applications, memory, automotive transitions, and high-potential display opportunities, which will add diversification and meaningfully enhance free-cash-flow generation over the coming years. Finally, we are starting to see material opportunities in Advanced Dispense and continue to adopt an active, but cautious, posture in exploring future M&A opportunities.

核心半導體組件市場不斷發展，並為產業增加更多價值。新的水平的能力正在優化我們的大批量業務，未來幾季需求將會復甦。隨著核心市場的復甦，我們正在佔領市場份額並擴大我們在前沿邏輯應用、記憶體、汽車轉型和高潛力顯示器領域的地位，這將增加多樣化並在未來幾年顯著提高自由現金流的產生。最後，我們開始看到 Advanced Dispense 中的重大機會，並繼續採取積極但謹慎的態度探索未來的併購機會。

Over the coming quarters, we look forward to sharing new milestones on our progress across this broad set of opportunities.

在接下來的幾個季度裡，我們期待分享我們在這一廣泛機會中取得的新里程碑。

This concludes our prepared comments. Operator, please open the call for questions.

我們的準備好的評論到此結束。接線員，請打開電話詢問問題。

(Operator Instructions) Today's first question is coming from Krish Sankar of TD Cowen.

（操作員指示）今天的第一個問題來自 TD Cowen 的 Krish Sankar。

I had a couple of them. Number one, Fusen, I think last quarter, you said you expected kind of like a sharp recovery in the fiscal second half of your -- year. I was wondering, is this still true? Or is it more a calendar second half recovery versus the fiscal second half?

我有幾個。第一，富森，我想您在上個季度說過，您預計今年下半年的財報將大幅復甦。我想知道這現在還是真的嗎？或者這更多的是日曆下半年的復甦，而不是財政下半年的復甦？

Okay. So Krish, I would say this. I think our Q2 actually a weakness in the auto industry and power semi actually impact our Q2 outlook. And also Q2 is a shorter quarter like we have a Chinese New Year. So actually, Q2 was under to our original expectation was lower and we see some pushout.

好的。所以 Krish，我想這麼說。我認為我們第二季的汽車產業和電力半導體產業的疲軟實際上影響了我們第二季的前景。而且第二季度是一個較短的季度，就像我們有農曆新年一樣。因此實際上，第二季的表現低於我們最初的預期，而且我們看到了一些下滑。

But we still actually -- still really feel good about the second half. We still believe the industry recovery actually will make our Ball Bonding recovery more significant. And in addition, I think we have a specific K&S growth, which second half can do better than first half. In a display, VFO, I mentioned in the script, battery, some customers are battery assembly and also TCB.

但實際上，我們仍然對下半場感到十分樂觀。我們仍然相信，產業復甦實際上將使我們的球焊機復甦更為顯著。此外，我認為我們的K＆S有一個特定的成長，下半年會比上半年做得更好。在顯示器、VFO中，我在腳本中提到過，電池，有些客戶是電池元件，還有TCB。

So if you pullout Q2 and the second half, I just mentioned, I think it's unlikely the pushout in Q2 can fully actually in fiscal year over 2024, but -- so some of them probably go beyond '24. But we still feel very good that we will be able to achieve $800 million. So to answer your question, I think we still feel good about the second half, but we do have a pushout from over Q2, Q2 pushout might actually suffer compared to original expectations. But actually, I think we're still quite positive to move forward. Hope I answered your questions.

因此，如果你退出第二季和下半年，我剛才提到，我認為第二季的推出不太可能完全延續到 2024 財年，但是 - 所以其中一些可能會超越 24 年。但我們仍然非常高興能夠實現 8 億美元的目標。所以回答你的問題，我認為我們仍然對下半年充滿信心，但我們在第二季度確實受到了推遲，與最初的預期相比，第二季度的推遲實際上可能會受到影響。但實際上，我認為我們仍然非常積極地向前邁進。希望我回答了你的問題。

Yes. And then 2 other quick questions. One is, is the time frame still around April to figure out any kind of TCB qualifications in Taiwan?

是的。然後還有另外兩個快速問題。一是，時間範圍是否仍在四月左右，以確定台灣的任何 TCB 資格？

Okay. So actually interested in our TCB, publically TCB actually has increased significantly. We currently have multiple engagement with OSAT, IDM and Foundry, including the top 2 potential customers. And even some company, we have multiple engagement projects. So I believe we feel pretty good the qualification, all the qualifications are performing well, and we expect a qualification win throughout 2024, particularly, I think, in foundry process.

好的。因此實際上對我們的 TCB 的興趣，公開的 TCB 實際上已經顯著增加。我們目前與 OSAT、IDM 和 Foundry 有多項合作，其中包括兩大潛在客戶。甚至有些公司，我們有多個參與專案。因此，我相信我們對資格認證感到非常滿意，所有資格認證都表現良好，我們預計在 2024 年將獲得資格認證，特別是在代工工藝方面。

This actually the engagement projects are advanced new technology, we believe it will take additional quarter or maybe a little bit more to finalize everything. But actually, we feel good about the progress and the overall momentum of our TCB.

事實上，這些參與專案都是先進的新技術，我們相信可能還需要一個季度甚至更長的時間才能完成所有工作。但實際上，我們對 TCB 的進展和整體勢頭感到滿意。

Just a quick one for Lester. Can you just help us understand what was the backlog exiting the quarter and how much was China as a percentage of sales?

對 Lester 來說這只是一個簡短的問題。您能否幫助我們了解本季的積壓訂單情況以及中國佔銷售額的百分比是多少？

Well, I think the backlog has been coming down as we've talked about before, from the ramp. It's closer now to the normalized, which is close to our lead times. As far as China, and China constitute close to 60% of our revenues in Q1, 46% of it was China headquartered customers. So China, it continues to be an important part of our business, and we do see some strength in China right now.

嗯，我認為積壓訂單已經在減少，就像我們之前談到的一樣。現在它已經接近正常化水平，也接近我們的交貨時間。就中國而言，中國在第一季占我們營收的近 60%，其中 46% 來自總部位於中國的客戶。因此，中國仍然是我們業務的重要組成部分，而且我們目前確實看到了中國的一些優勢。

The next question is coming from Dave Duley of Steelhead Securities.

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

I was wondering, if you could talk about what are some of the signs that you might be seeing now that lead you to believe that your core business is going is in recovery mode? Is it higher utilization rates or customers coming in and asking for capacity? Just talk about what signs or early signs you're seeing for core business recovery?

我想知道，您是否可以談談您現在可能看到的一些跡象，讓您相信您的核心業務正在復甦模式？是更高的利用率還是客戶進來並要求容量？請談談您看到的核心業務復甦的跡像或早期跡像是什麼？

So actually, we see -- actually we have frequent engagement with our customers. But from an industry point of view, memory actually still recovering, it associated with the memory actually is a phone, a lot of people are talking about AI phone and the PC. We believe these are very smart.

因此實際上，我們看到 - 實際上我們與客戶保持著頻繁的互動。但從產業角度來說，儲存其實還在恢復中，它跟儲存相關的其實就是手機，很多人都在談論AI手機和PC。我們相信這些是非常聰明的。

And the deterioration, I think that probably can comment later. But I think this industry, actually, we do believe a new capacity probably is needed some customer wants on fence, but they point to second half, probably, I think we'll have more opportunity, particularly in our ball bonder. And we also have some project we believe will be more realized in the second half. So Lester, you want to comment.

至於情況的惡化，我想可能稍後才能評論。但我認為，實際上，我們確實相信這個行業可能需要新的產能，一些客戶對此持觀望態度，但他們指出，下半年可能，我認為我們會有更多的機會，特別是在我們的球焊機方面。而且我們也相信一些項目將在下半年得到更多實現。那麼萊斯特，你想發表評論。

Yes. So Dave, you're right in terms of utilization. I mean, utilization, obviously, as always, is mixed around different end markets as well as regions. But China, which I mentioned before, it's over 80% is actually closer to mid-80s now, and we're seeing some real strength there.

是的。所以戴夫，就利用率而言你是對的。我的意思是，利用率顯然一如既往地在不同的終端市場和地區混合存在。但我之前提到的中國，其成長率已超過 80%，實際上現在已接近 85% 左右，而且我們看到了真正的實力。

The other end markets is also doing very, very well. And also, this is also related to China is memory. For the first time, the last 2 quarters are over 80%. This hasn't happened since 2022. So we see a real buildup in utilization in memory, especially in China. So we feel that, that would help drive our Ball Bonding business in the quarter and in the second half.

其他終端市場也表現非常非常好。而且這也跟中國的記憶有關。最近兩個季度首次超過80%。自 2022 年以來，這種情況就沒有發生過。因此我們認為，這將有助於推動本季和下半年的球焊業務。

Okay. And then could you just talk about what your expectations are for unit volume growth for 2024, overall industry unit volume growth? And then maybe characterize what you think it would be in the first half and the second half. It kind of sounds like first half unit volume growth is flattish with an acceleration in the back half, but I'd just like to hear what you guys think about first half and second half?

好的。然後，您能談談您對 2024 年單位銷售成長以及整個產業單位銷售成長的預期嗎？然後也許可以描述一下您認為上半部和下半部的情況。這聽起來好像上半年單位銷售成長持平，下半年有所加速，但我只是想聽聽你們對上半年和下半年的看法？

So I think that we have a market forecast high single-digit. Well, as you know, I think also right now actually is a little bit weak, and power semi also had some inventory. So with these 2, but if you look at it, in general semiconductor, I think are still positive.

因此我認為我們的市場預測值將處於高個位數。嗯，如你所知，我認為現在實際上有點弱，而且電力半導體也有一些庫存。所以對於這兩個，但如果你看一下，總體而言，我認為半導體仍然是積極的。

So actually, first half was weaker compared to our original thinking. So steel industry, I think, from our customers and also industry forecast. So our second half will be -- although, I think forecast is high like single digits, we're still quite positive I think, 6%, 7%, 8%, I think it should still be achieved, including the second half.

因此實際上，上半年的表現比我們原先預期的要弱。因此我認為，鋼鐵業是從我們的客戶和產業預測來看的。因此，我們的下半年將是——儘管我認為預測值很高，只有個位數，但我認為我們仍然非常樂觀，6%、7%、8%，我認為應該還是可以實現的，包括下半年。

So one way to think about that is the growth rate in the first half is probably under 6% to 8%, and it's probably over 6% to 8% in the back half?

那麼，一種思考方式是，上半年的成長率可能低於 6% 至 8%，而下半年的成長率可能高於 6% 至 8%？

Yes, I would say that it's probably close to the flat in the first half. And then I think, as Fusen said, high-single-digits in the second half.

是的，我想說上半年可能接近持平。然後我認為，正如福森所說，下半場的得分會達到個位數。

Okay. And then you talked a lot about the dispense opportunity. Could you just highlight what sort of revenue opportunity you might have there in dispense in 2024 and 2025?

好的。然後您談了很多關於分配機會的事情。您能否強調一下 2024 年和 2025 年您可能擁有什麼樣的收入機會？

Okay. So actually, we are quite excited with our acquisition dispense unit. Actually, this is a huge market and with the TAM, our TAM is about $2 billion. And actually, have adjacency to our business overlap, including a core like a Ball Bonder, Display and SMT. So almost like AV (inaudible) like no other company, I think they have a need for a dispense. So what makes us to excite it is the technology is pretty good. I think we are entering a local micro dispensing, which really need to have a precision dispense and a precision motion, and a lot of company dispense become a bottleneck.

好的。因此實際上，我們對我們的收購分配單位感到非常興奮。實際上，這是一個巨大的市場，如果算上 TAM，我們的 TAM 約為 20 億美元。實際上，我們的業務有重疊，包括球焊機、顯示器和SMT等核心業務。因此幾乎就像 AV（聽不清楚）與其他公司不同，我認為他們需要一種分配器。讓我們興奮的是，這項技術非常好。我認為我們正在進入局部微型分配，這確實需要精密分配和精密運動，而許多公司的分配成為瓶頸。

So we are engaging with more than 10 customers, some of them are quite significant one, and all our feedback are pretty good, quite strong. So our goal actually '25, we hope we will be able to achieve about '25 to $30 million and the '26 , of course, will be even faster growth, right, maybe target about $50 million.

因此，我們正在與 10 多位客戶合作，其中一些是相當重要的客戶，我們所有人的回饋都非常好，非常強烈。所以我們的目標實際上是 25 年，我們希望能夠實現約 3000 萬美元的目標，而 26 年當然會實現更快的增長，對吧，目標可能是 5000 萬美元左右。

Of course, we actually talking to a lot of customers, and this is an area I think I need to have a breakthrough. Micro dispensing with the capability of a precision, control of expense and motion is really needed in this industry, right? So we are quite excited.

當然，我們實際上與許多客戶進行了交談，我認為這是我需要取得突破的一個領域。這個產業確實需要具有精準度、費用和運動控制能力的微型點膠，對嗎？因此我們非常興奮。

The next question is coming from Charles Shi of Needham & Company.

下一個問題來自 Needham & Company 的 Charles Shi。

I have a couple of questions. First, I want to get a little bit more color on how the business of the Wedge Bonding equipment has been trending. I think that you probably have talked about potential moderation for a while, but it does seem like it's -- the softness is a little bit -- I mean, above -- I mean, beyond what you have expected in the past.

我有幾個問題。首先，我想進一步了解楔形鍵合設備業務的發展趨勢。我想您可能已經談論了一段時間的潛在緩和，但它確實看起來——軟度有點——我的意思是，高於——我的意思是，超出了您過去的預期。

So my question is how much weaker would you be expecting in terms of the Wedge Bonding equipment business? And the Ball Bonding side does look like there are some signs of recovery, the largest OSAT is increasing the CapEx this year based on what they said last night. How much with Ball Bonding equipment strength offset the Wedge Bonding equipment witnesses you have? And any color would be great between the puts and takes of your 2 largest product categories.

所以我的問題是，就楔形鍵合設備業務而言，您預計會減弱多少？球焊方面確實看起來有一些復甦的跡象，根據昨晚的說法，最大的 OSAT 今年正在增加資本支出。你們見證了球焊設備強度與楔焊設備的差距有多大？並且，任何顏色都適合您兩大產品類別的投放和接收範圍。

So Charles, we do see, as Fusen mentioned in his remarks, that's what I said. We do see weakness in Wedge Bonding, particularly driven by automotive. So I think it has been trending down for 1 or 2 quarters, but we think for Q2, it's going to be a more significant downward. But hopefully, it will recover near the latter part of the fiscal year.

所以查爾斯，我們確實看到，正如 Fusen 在他的評論中提到的那樣，這就是我所說的。我們確實看到了楔形鍵合方面的弱點，特別是在汽車領域。所以我認為它已經連續 1 或 2 個季度呈下降趨勢，但我們認為第二季的下降趨勢將會更加顯著。但希望它能在財年後期復甦。

So Charles, actually, you mentioned the weakness not only a power semi Wedge Bonding, it's also industry. So the customer with auto exposures, I think they not only push out some of Wedge Bonder. So pushout also include Ball Bonder in that particular company because of -- auto also have a Ball Bonder associated with that, right? So I would say -- I won't say all the pushout actually are all Wedge Bonder for this quarter.

查爾斯，實際上，你提到的弱點不僅是電力半楔形鍵合，還有產業。因此，對於擁有自動曝光的客戶，我認為他們不僅推出了一些 Wedge Bonder。因此，推出也包括該特定公司的球焊機，因為 - 汽車也有一個與之相關的球焊機，對嗎？因此我想說——我不會說本季所有的推出實際上都是 Wedge Bonder。

Got it. Got it. So what's the -- I know directionally, you do expect a Ball Bonding business. I mean other than what you said about -- yes, there are pushout from the auto industrial sector on the Ball Bonders. But in general, what kind of expectation that the profile of the ramp of the ball bonder revenue throughout this year. It does sound like based on your commentary about the unit growth you were expecting probably more gradual and modest increase of the Ball Bonding revenue for the first 3 quarters of this fiscal year, maybe a little bit of uptick in September. Is that the right way to think about it?

知道了。知道了。那麼什麼是—我知道從方向上看，您確實期待球焊業務。我的意思是，除了您所說的之外——是的，汽車工業領域對球焊機的需求也在增加。但總體來說，對於今年全年球焊機收入的成長情況有什麼樣的預期？聽起來，根據您對單位增長的評論，您預計本財年前三個季度的球焊收入可能會更加漸進和適度地增長，9 月份可能會略有上升。這是正確的思考方式嗎？

So I think, as Fusen said, Q2 Ball Bonder is also a little bit weaker than we expected, right? But we think actually Q3 will definitely start seeing recovery from conversations we've had with our customers as well as seeing what I mentioned earlier about utilization rate increasing particularly in China. So we think Q3 will definitely pick up for Ball Bonder and definitely Q4 would be much stronger. So I wouldn't say the first 3 quarters will be weak for Ball Bonder, I would say, Q3 and Q4 for ball bonder I think -- we think the recovery would start in Q3 and then really pick up pace latter part of Q3 into Q4.

所以我認為，正如 Fusen 所說，Q2 Ball Bonder 也比我們預期的要弱一些，對嗎？但我們認為，從我們與客戶的對話來看，第三季肯定會開始復甦，我之前提到的使用率也會上升，特別是在中國。因此我們認為第三季球焊機的銷售肯定會回升，而第四季的銷售肯定會更加強勁。因此，我不會說前三個季度對於球焊機來說會很疲軟，我想說，對於球焊機來說，我認為第三季度和第四季度將會復甦——我們認為復甦將從第三季度開始，然後在第三季度後期到第四季度真正加快步伐。

Got it. Maybe I want to ask one last question. So you didn't provide a new update on Project W. Just want to check with the management team. Do you still expect the high-volume production to be in 2025? And what should be to maximize I'm not asking for the timing of the next milestone, but what exactly should be the next milestone?

知道了。也許我想問最後一個問題。所以您沒有提供有關專案 W 的最新更新。您仍預計 2025 年將實現大量生產嗎？而該最大化什麼我不是問下一個里程碑的時間，而是下一個里程碑到底應該是什麼？

So Charles, I think for Project W, the next milestone, I think, as Fusen mentioned, we've shipped 1 system machining more capacity for the customer. I think the next milestone probably would be the qualification of the initial pre mass production tools, which have been shipped. As far as -- whether we believe mass production will kick in, in 2025. A lot of that has to do with the customer, right? And the readiness of the entire supply chain for Project W.

所以查爾斯，我認為對於 W 專案來說，下一個里程碑，我認為，正如 Fusen 所提到的，我們已經為客戶運送了 1 個系統來增加加工能力。我認為下一個里程碑可能是已出貨的初始預量產工具的資格。至於——我們是否相信 2025 年會開始大規模生產。以及 W 專案的整個供應鏈的準備情況。

So we still see -- I mean, for '24, '25 preproduction tools going in, and we're getting ready for the ramp, which could be the latter part of '25, '26. But again, a big part of it depends on the customers' readiness.

所以我們仍然看到 - 我的意思是，對於'24,'25年的預生產工具來說，我們正在為爬坡做準備，這可能是'25,'26年的下半年。但同樣，很大一部分取決於客戶的準備。

(Operator Instructions) The next question is coming from Craig Ellis of B. Riley Securities.

（操作員指示）下一個問題來自 B. Riley Securities 的 Craig Ellis。

So I wanted to just go back to some of the earlier comments and try and stitch together what we're saying about fiscal '24. So Fusen, I think early on, you said that you think $800 million in revenues is possible. And it seems like with your traction in the spend at $25 million to $30 million, that's going to drive about 60% of the incremental year-on-year growth.

因此，我想回顧一下之前的一些評論，並嘗試整合我們對 24 財年的看法。所以 Fusen，我想很早以前你就說過，你認為 8 億美元的收入是可能的。而且看起來，隨著​​您的支出達到 2500 萬至 3000 萬美元，這將推動約 60% 的同比增長。

So does that mean that the balance of the growth is from Ball Bonders or Wedge Bonders? Or do we have something hitting with advanced display and TCB this year?

那麼，這是否意味著成長的平衡來自球焊機或楔焊機？或者我們今年會在先進顯示器和 TCB 方面推出一些突破性產品嗎？

So actually, I make a comment. I think '25, we expect expense probably have a really momentum because this year '24, we have a lot of engagement with the same customer, right? So earliest, I think traction is going to be '25, which are $25 million to $30 million is what we're looking for. And what I mentioned in the second half, I think in addition to the Ball Bonder recovery, actually, even a recovery compared to the peak, we even not 40% of the peak volume yet. So Ball Bonder will have a lot of long way to go.

所以實際上，我發表了一則評論。我認為'25，我們預計費用可能會有一個真正的成長勢頭，因為今年'24，我們與同一個客戶有很多的接觸，對吧？所以最早，我認為牽引力將是‘25’，也就是我們尋求的 2500 萬到 3000 萬美元。我在下半年提到的，我認為除了球焊機的復甦之外，實際上，即使與高峰期相比有所復甦，我們的產量也還沒有達到高峰期的 40％。因此Ball Bonder還有很長的路要走。

So in addition to the Ball Bonder recovery in the second half, I think we also expect many things we have a VFO, we expect displayed, right? And we have other areas to grow, as I mentioned in my script, so I hope I...

因此，除了下半年球焊機的復甦之外，我認為我們還期待很多事情，我們有 VFO，我們期待展示，對嗎？正如我在劇本中提到的那樣，我們還有其他需要發展的領域，所以我希望...

Okay. That helps. And then I wanted to dig into another comment. You mentioned that it's possible that you'll see some auto battery shipment acceleration later this year for I believe it was Wedge. And I wanted to get a sense for what you thought the magnitude of that would be and how the linearity played out in the back half of the year?

好的。這有幫助。然後我想深入研究另一條評論。您提到今年稍後可能會看到汽車電池出貨量加速，我相信是 Wedge。我想了解一下，您認為這個數字的規模有多大，以及今年下半年的線性發展如何？

Yes. So Craig, I think the magnitude is not huge, but it is significant. This is the first big buy we've had from the customer for quite a while. I think as well as far as linearity is concerned, I think we believe that it will be -- there'll be some in this quarter, but mostly it will be in the second half of the year.

是的。所以克雷格，我認為規模雖然不大，但意義重大。這是很長一段時間以來我們從客戶那裡獲得的第一筆大宗採購。我認為就線性而言，我們相信它會——本季度會有一些，但主要會在今年下半年。

Yes. And then lastly, if I could sneak in one more. Certainly some encouraging signs in China memory. The question is for Korean memory and U.S. memory companies. What's your expectation for when we get back to 80% plus utilization rates that can benefit the business in those geographies with those customers?

是的。最後，如果我可以再偷偷地講一次的話。在中國的記憶中肯定存在一些令人鼓舞的跡象。這個問題針對的是韓國記憶體和美國記憶體公司。當我們的使用率恢復到 80% 以上時，您期望這些地區和這些客戶的業務能從中受益嗎？

Well, I think right now -- well, when you say U.S. memory companies, U.S. memory companies of operations in China as well, right? So I think utilization in those geographic areas is again, right now in the -- not specific to memory, but it's probably in the mid-60 to 70. So I think we hope that by, again, there is a recovery in memory prices, we hope that by the second half, that will start picking up for everybody.

嗯，我認為現在——嗯，當您說美國內存公司時，美國內存公司也在中國運營，對嗎？因此，我認為這些地理區域的利用率現在再次處於 - 不特定於內存，但可能在 60 到 70 之間。

Got it.

知道了。

At this time, I'd like to turn the floor back over to Mr. Elgindy for closing comments.

現在，我想把發言權交還給艾爾金迪先生，請他發表最後評論。

Thank you, Donna, and thank you all for joining today's call. As always, please feel free to follow-up directly with any additional questions. This concludes today's call. Have a great day, everyone.

謝謝你，唐娜，也謝謝大家參加今天的電話會議。像往常一樣，如果您有任何其他問題，請隨時直接與我們聯繫。今天的電話會議到此結束。祝大家有個愉快的一天。