PDF Solutions Inc (PDFS) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to the PDF Solutions Inc. conference call to discuss its financial results for the fourth quarter and year end 2023 conference call, ending Sunday, December 31st, 2023. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session to ask a question during the session, you will need to press star one one on your telephone. As a reminder, this conference is being recorded. If you have not yet received a copy of the corresponding press release, it has been posted to PDF's website, www.pdf.com. Some of the statements that will be made in the course of this conference are forward-looking statements, including statements regarding PDF's future financial results and performance growth rates and demand for IT solutions. Pdf's actual results could differ materially. You should refer to the section entitled Risk Factors on pages 17 through 13, an annual report on Form 10 K for the fiscal year end December 31st, 2022, and similar disclosures and subsequent SEC filings.

大家好，歡迎參加 PDF Solutions Inc. 電話會議，討論其第四季度和 2023 年底的財務業績電話會議，該電話會議將於 2023 年 12 月 31 日星期日結束。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節，在會議期間提出問題，您需要在電話上按星號一一。提醒一下，本次會議正在錄製中。如果您尚未收到相應新聞稿的副本，則該新聞稿已發佈到 PDF 的網站 www.pdf.com。本次會議期間將發表的一些聲明屬於前瞻性聲明，包括有關 PDF 未來財務績效、績效成長率以及 IT 解決方案需求的聲明。PDF 的實際結果可能存在重大差異。您應參閱第 17 頁至第 13 頁標題為「風險因素」的部分、截至 2022 年 12 月 31 日的財政年度的 10 K 表格年度報告，以及類似的揭露和隨後向 SEC 提交的文件。

Forward-looking statements and risks stated in this conference call are based on information available to PDF today. Pdf assumes no obligation to update them.

本次電話會議中陳述的前瞻性陳述和風險是基於 PDF 今日掌握的資訊。Pdf 不承擔更新它們的義務。

Now I'd like to introduce John Kibarian, PDF's President and Chief Executive Officer, and Art nonres, PDF's Chief Financial Officer. Mr. Kibarian, please go ahead.

現在我想介紹PDF公司總裁兼執行長John Kibarian和PDF公司財務長Art nonres。Kibarian 先生，請繼續。

Thank you for joining us on today's call. If you have not already seen our earnings press release and management report for the fourth quarter and the full year. Please go to the investor section of our website where each has been posted today. I will start with the review of 2023 with a particular focus on Q4, I will provide our perspective of the semiconductor market and then conclude with our outlook on PDF Solutions' prospects for the year and beyond. R&m will then provide an overview of our financial results and his perspective on the business before we turn the call over for questions.

感謝您參加今天的電話會議。如果您還沒有看到我們第四季和全年的收益新聞稿和管理報告。請造訪我們網站的投資者部分，其中今天已發布了每項內容。我將首先回顧 2023 年，特別關注第四季度，我將提供我們對半導體市場的看法，然後總結我們對 PDF Solutions 的今年及未來前景的展望。然後，在我們轉交電話提問之前，R&m 將概述我們的財務表現以及他對業務的看法。

Looking back on 2023, the company made great strides and our goal is being the end-to-end analytics platform for the semiconductor and electronics industries. This progress was particularly visible at our users' conference in October first, tenants was fantastic, with over 300 people registered from over 100 companies, which represents two times the turnover of our last conference. We had presentations from many of our customers and partners, including Intel, Analog Devices, Renesas, SAP, Adventist and others.

回顧 2023 年，公司取得了長足進步，我們的目標是成為半導體和電子產業的端到端分析平台。這項進展在我們十月份的用戶大會上尤其明顯，租戶非常好，有來自 100 多家公司的 300 多人註冊，這是我們上次會議營業額的兩倍。我們收到了許多客戶和合作夥伴的演示，包括英特爾、Analog Devices、瑞薩、SAP、Adventist 等。

Second, our developers and application engineers and product managers revealed our roadmaps and demonstrated our new products customers described how they use our products and platform to revolutionize their technology development, manufacturing operations and product quality talks included their use of our designer will inspection to accelerate, bringing up of new products and processes, data analytics, AI solution for product engineering, defined yield issues, foster our test cell automation to enable 25% reduction in operating overhead and our Sapiens manufacturing hub to enable manufacturing digital transformation by connecting to the enterprise. We also provided updated information for investors turn off from our investors and analysts was substantially above our previous meeting. Overall, we received positive feedback from our community of customers, partners, investors and analysts.

其次，我們的開發人員、應用工程師和產品經理透露了我們的路線圖並展示了我們的新產品，客戶描述了他們如何使用我們的產品和平台徹底改變他們的技術開發、製造營運和產品品質會談，包括他們使用我們的設計師將檢查來加速，推出新產品和流程、數據分析、產品工程人工智慧解決方案、明確的產量問題、促進我們的測試單元自動化以實現營運費用減少25%，以及我們的Sapiens 製造中心透過連接到企業來實現製造數位轉型。我們也為投資者提供了最新消息，投資者和分析師的厭惡程度大大高於我們先前的會議。總體而言，我們收到了客戶、合作夥伴、投資者和分析師社群的正面回饋。

2023 was also a year of significant progress in our product development. Our ePRO DFI. team was able to ship two machines this year, one to an existing customer. And in the fourth quarter a machine for manufacturing evaluation by a new customer. The PO bottle shipped in 2023 has two times the throughput of the previous generation, and it was optimized to find yield issues at both the middle of line and the metallization layers. Our essentially on Sapiens product teams work together to deliver our Sapiens manufacturing hub and analytics applications to link SAP's ERP system. So the factory information, we signed a contract for the first customer for this solution in 2023.

2023年也是我們產品研發有重大進展的一年。我們的 ePRO DFI。團隊今年能夠運送兩台機器，其中一台發給現有客戶。第四季度，新客戶對一台機器進行製造評估。2023 年發貨的 PO 瓶的吞吐量是上一代的兩倍，並且經過優化以發現生產線中間和金屬化層的產量問題。我們本質上的 Sapiens 產品團隊共同努力提供我們的 Sapiens 製造中心和分析應用程式來連結 SAP 的 ERP 系統。所以根據工廠信息，我們在 2023 年與第一個客戶簽訂了該解決方案的合約。

Finally, we released our ML Ops products. Customers tell us that the complexity of test is increasing due in part to advanced packaging. They have a desire to apply AI ML to improve product quality yields and operations. Building AI models is one thing, putting them online and then operating properly, while producing millions of chips is another. The challenge is to get data from the entire supply chain available at the right machine. So the AI models can be applied in real-time to the chip manufacturing and test PDS ML Ops enables customers to solve this challenge and putting AI models on the production floor by orchestrating the movement of data, the management of models and the model, the monitoring of the models, execution and production flow. Customer interest in our ML Ops has been fantastic. We are on pilot deployments with customers this quarter, while interest in our ML Ops has been great. The fact is there not enough engineers in the industry that are both familiar with AI and semiconductor manufacturing teaming with Intel and Carnegie Mellon University. We pioneered a new a new Master's course this past fall. The students are able to work with real-world data to develop new AI models using extensive software feedback has been great, and we look forward to expand this COSTS offering in the future. All of our marketing product development and field applications effort resulted in positive growth in the business. For the year, we grew revenue 12% against a backdrop of the industry that contracted 10%. As I said earlier, Arnaud will comment on the financials in depth, while bookings in the first three quarters were muted Q4 bookings were strong and we again built backlog. Bookings in Q4 were driven by excess CEO as customers deployed our process control, manufacturing analytics and test solutions. The strong bookings helped our revenue performance despite weakness in gain share and run-time licenses due to equipment customers and wafer fabs shipping less product than we originally expected for the second half of the year. Finally, in the quarter, we booked our first contract as part of the DoD AMI comments program. The Southern California universities and defense contractors wanted to leverage extensively to connect advanced labs with contractors fabs to smooth the transfer of new technologies to products. We are proud to be included in this program and work is already underway.

最後，我們發布了 ML Ops 產品。客戶告訴我們，測試的複雜性正在增加，部分原因是先進的封裝。他們希望應用 AI ML 來提高產品品質、產量和營運。建立人工智慧模型是一回事，將它們放到網路上然後正常運行，而生產數百萬個晶片則是另一回事。面臨的挑戰是從正確的機器上獲取整個供應鏈的數據。因此，人工智慧模型可以即時應用於晶片製造和測試 PDS ML Ops 使客戶能夠解決這一挑戰，並透過協調資料移動、模型管理和模型、監控模型、執行和生產流程。客戶對我們的 ML Ops 非常感興趣。本季我們正在與客戶進行試點部署，同時人們對我們的 ML Ops 很感興趣。事實上，業界沒有足夠多熟悉人工智慧和半導體製造的工程師與英特爾和卡內基美隆大學合作。去年秋天，我們開創了一個新的碩士課程。學生們能夠利用大量的軟體回饋來處理現實世界的數據來開發新的人工智慧模型，這真是太棒了，我們期待在未來擴展這款 COSTS 產品。我們所有的行銷產品開發和現場應用努力都帶來了業務的積極成長。今年，在產業萎縮 10% 的背景下，我們的收入成長了 12%。正如我之前所說，阿諾將對財務狀況進行深入評論，雖然前三個季度的預訂量較低，但第四季度的預訂量強勁，我們再次積壓了訂單。隨著客戶部署我們的流程控制、製造分析和測試解決方案，第四季度的預訂量是由過多的執行長推動的。儘管由於設備客戶和晶圓廠出貨量少於我們下半年的預期，導致份額增長和運行時許可證疲軟，但強勁的預訂量仍有助於我們的收入表現。最後，在本季度，我們預訂了第一份合同，作為 DoD AMI 評論計劃的一部分。南加州大學和國防承包商希望廣泛利用，將先進實驗室與承包商工廠連接起來，以順利地將新技術轉移到產品中。我們很自豪能夠參與該計劃，並且工作已經在進行中。

In summary, with progress we made in 2023. Pds is driving the reinvigoration of the IC manufacturing and technology development by bringing AI and ML. So the factory floor.

總而言之，我們在 2023 年取得了進展。Pds 正在透過引入人工智慧和機器學習來推動 IC 製造和技術開發的重振。所以是工廠車間。

Turning to our view of 2020 for many of our fabless foundry and equipment customers are reporting relatively weak first half of 2024. And in many cases, customers are reporting Q1 will be down. They generally expect now that the second half of the year will return to growth while some customers are experiencing near term weakness. The long-term trends driven by increased intelligence, increasingly intelligent semiconductor products that make a possible the electrification of the energy economy and the geographic diversification of manufacturing are only accelerating. Our outlook for the year reflects both the short-term weakness in the IC industry and the longer-term macro trends that can drive significant growth. Overall, we expect bookings for the year to be up significantly versus last year, and we expect to build backlog meaningfully our revenue model for the year suggests the first half of the year will be roughly flat with when compared to the last year and growth returning to 20% on a year-over-year basis in the second half of the year. Overall, we expect double digit growth for the year.

談到我們對 2020 年的看法，我們的許多無晶圓廠代工廠和設備客戶都報告說 2024 年上半年的業績相對疲軟。在許多情況下，客戶報告第一季的業績將會下降。他們現在普遍預計，下半年將恢復成長，而部分客戶近期將經歷疲軟。由不斷提高的智慧、日益智慧的半導體產品所推動的長期趨勢只會加速，這些趨勢使能源經濟的電氣化和製造業的地理多元化成為可能。我們對今年的展望既反映了IC產業的短期疲軟，也反映了可以推動顯著成長的長期宏觀趨勢。總體而言，我們預計今年的預訂量將比去年大幅增加，並且我們預計今年的積壓量會有意義，我們今年的收入模型表明，今年上半年將與去年大致持平，並且會恢復增長下半年同比增長20%。總體而言，我們預計今年將實現兩位數的成長。

Similar to last, when we look to the progress we made in 2023 and consider the opportunities we see in front of us in 2024. So we truly appreciate the effort of our employees, contractors, customers and partners that have positioned the Company for the future.

與上次類似，當我們回顧 2023 年的進展並考慮 2024 年擺在我們面前的機會時。因此，我們衷心感謝我們的員工、承包商、客戶和合作夥伴的努力，他們為公司的未來奠定了基礎。

Now I will turn the call over to Dan for more details and comments on our results. None?

現在我將把電話轉給 Dan，以了解更多詳細資訊和對我們結果的評論。沒有任何？

Thank you, John, and good afternoon, everyone. We're pleased to review the financial results of the full year and the fourth quarter of 2023. As John said, we posted our earnings release and a management report in the Investor Relations section of our website. Our Form 10 K with final results will be filed with the SEC by the end of February after the annual audit is complete. Please note that all the financial results we discuss in today's call will be on a non-GAAP basis and a reconciliation to GAAP financials is provided in the materials on our website.

謝謝約翰，大家下午好。我們很高興回顧 2023 年全年和第四季的財務表現。正如約翰所說，我們在網站的投資者關係部分發布了收益報告和管理報告。我們的 10 K 表格及最終結果將於 2 月底年度審計完成後向 SEC 提交。請注意，我們在今天的電話會議中討論的所有財務業績都將基於非 GAAP 基礎，並且我們網站上的材料中提供了 GAAP 財務數據的調整表。

Like John, I'm also pleased that we ended the fourth quarter of 2023 by growing our backlog versus the third quarter of 23. Our backlog at the end of the year was $230 million. For the full year 2023, we generated record revenue of $165.8 million versus $148.5 million in 2022, a 12% year over year increase. Two items are worth highlighting here. First, our analytics revenue grew 17% for the full year 23 on a year-over-year basis.

和約翰一樣，我也很高興我們在 2023 年第四季結束時積壓訂單比第三季的 23 季有所增加。截至年底，我們的積壓訂單為 2.3 億美元。2023 年全年，我們創造了創紀錄的 1.658 億美元收入，而 2022 年為 1.485 億美元，年增 12%。這裡有兩點值得強調。首先，23 年全年我們的分析收入年增 17%。

Second, we delivered a 12% total company revenue growth rate for the full year against the backdrop of a 24% decline in IYR revenues and as John pointed out, an industry that contracted 10% for the fourth quarter of 23, our total revenue was $41.1 million, up slightly on a year-over-year basis with analytics revenue growing 9% and IYR revenue declining 55%. For the fourth quarter, our gross margin was 72% and we reported EPS of $0.15 per share.

其次，在 IYR 收入下降 24% 的背景下，我們全年公司總收入增長率為 12%，正如 John 指出的那樣，該行業在 23 年第四季度收縮了 10%，我們的總收入為4,110 萬美元，年比小幅成長，分析收入成長9%，IYR 收入下降55%。第四季度，我們的毛利率為 72%，每股盈餘為 0.15 美元。

Turning back to the full year 23 results, I will now provide detailed comments on a full-year basis. Our gross margin was 73%, and we reported EPS of $0.73. For the full year, Analytics revenue increased 17% to $152.1 million versus the prior year, despite the fact that some metrics, connectivity run-time licenses will generate revenue as customers ship their equipment were down double digit percentage due to decline in end market equipment shipments. We are making solid progress on our mission to become the leading analytic software provider for the global semiconductor supply chain. Analytics has solidified as the dominant component of our overall business and is now 92% of total revenues for the full year. Important contributions to analytics revenue came from Exensio product deals we signed during the year, particularly some large double-digit million dollar deals signed in the fourth quarter, adding to our recurring revenues. Analytics revenue also saw contributions from continued adoption of our ePRO DFI systems by key customers. We are pleased that a second leading edge customer now has our ePRO DFI machine at their facility for manufacturing evaluation.

回到23年全年業績，我現在將提供全年的詳細評論。我們的毛利率為 73%，每股盈餘為 0.73 美元。全年分析收入較上年增長 17%，達到 1.521 億美元，儘管一些指標顯示，由於終端市場設備下降，連接運行時許可證將產生收入，因為客戶發貨的設備百分比下降了兩位數發貨。我們正在堅定地履行成為全球半導體供應鏈領先的分析軟體供應商的使命。分析已成為我們整體業務的主導組成部分，目前佔全年總收入的 92%。分析收入的重要貢獻來自於我們在這一年中籤署的 Exensio 產品交易，特別是在第四季度簽署的一些數百萬美元的大型交易，增加了我們的經常性收入。分析收入也得益於主要客戶持續採用我們的 ePRO DFI 系統。我們很高興第二位領先客戶現在在他們的工廠擁有我們的 ePRO DFI 機器進行製造評估。

With respect to Symmetrix products, we continue to see weakness in equipment shipments affecting the contribution to revenue, which declined on a year-over-year basis. For the full year, we stay engaged with our equipment software customers to watch for signs of growth in shipments. Just as we highlighted last year on our earnings call with the full year 2022 results. It is worth noting for this year 2023 as well that our full year analytics revenue for 2023 was more than the total Company revenue for the prior year 2022. This is yet another year in a row for this noteworthy achievement for the full year 2023 IYR revenue comprised 8% of total revenues at $13.8 million and was down 24% on a year-over-year basis, driven by completion of some fixed fee engagement projects and reduction in revenues from gainshare, primarily from reduced production volumes at key gainshare customers.

就 Symmetrix 產品而言，我們持續看到設備出貨量疲軟，影響其對營收的貢獻，營收年減。全年，我們與設備軟體客戶保持聯繫，觀察出貨量成長的跡象。正如我們去年在財報電話會議上強調的 2022 年全年業績一樣。值得注意的是，2023 年也是如此，我們 2023 年的全年分析收入超過了前一年 2022 年的公司總收入。這是連續一年取得這一值得注意的成就，2023 年全年收入為 1,380 萬美元，佔總收入的 8%，由於完成了一些固定費用業務，同比下降 24%項目和增益共享收入減少，主要是由於主要增益共享客戶的產量減少。

Gross margin for the full year 23 increased to 73%, up from 71% for 2022 shopping another year of expanding gross margins. Despite the fact that gainshare, which is 100% gross margin decrease, we were able to grow gross margins in part due to better optimize spending on cloud infrastructure as we improve the business scale.

23 全年毛利率增加至 73%，高於 2022 年的 71%，又是毛利率擴大的一年。儘管收益份額（毛利率下降了 100%），但我們能夠提高毛利率，部分原因是隨著業務規模的擴大，我們更好地優化了雲端基礎設施支出。

Turning to operating expenses, we also control the growth of our expenses to expand the operating margins to 17% for the full year 23 compared to 15% for the full year 2022. During the year, we managed our resources to better distribute use between R&D and presales activities, while funding the growth of our sales team to engage in the opportunities we are seeing in our pipeline for the year 2023 reported EPS of $0.73 a share, a meaningful growth of more than 20% compared to the $0.60 per share we reported for the prior year 2022. During the year, we generated positive operating cash flow of $14.6 million, of which we spent $11.3 million on CapEx for data collection systems for our leading edge business, $1.8 million on the acquisition of long-term machinery analytics for our EV battery initiative at about $0.7 million on share buybacks. We are pleased with another year of positive operating cash flow generation consistent with our history.

在營運費用方面，我們也控制了費用成長，將 23 年全年的營運利潤率從 2022 年全年的 15% 擴大至 17%。在這一年中，我們管理我們的資源，以便更好地在研發和售前活動之間分配使用，同時為我們的銷售團隊的發展提供資金，以利用我們在管道中看到的機會。2023年報告的每股收益為0.73 美元，這是一個有意義的數字。與我們報告的 2022 年每股 0.60 美元相比，增長了 20% 以上。這一年，我們產生了 1,460 萬美元的正營運現金流，其中 1,130 萬美元用於我們領先業務的數據收集系統的資本支出，180 萬美元用於為我們的電動車電池計劃收購長期機械分析。 70 萬美元用於股票回購。我們很高興又一年實現了與我們的歷史一致的正營運現金流。

Turning to the balance sheet, we ended the year 23 with cash and equivalents and short-term investments of $135.5 million compared to $139.2 million at the end of 2022. And we continue to carry no debt we are proud of the performance of 23 against the macro environment and remain committed to the long-term targets we set at our Analyst Day in October last year of 20% year over year. Total company revenue growth rate, 75% gross margin and 20% operating margin.

轉向資產負債表，23 年底我們的現金及等價物和短期投資為 1.355 億美元，而 2022 年底為 1.392 億美元。我們繼續不承擔任何債務，我們對 23 在宏觀環境下的表現感到自豪，並繼續致力於實現我們在去年 10 月分析師日設定的同比增長 20% 的長期目標。公司總收入成長率、毛利率75%、營業利益率20%。

Now turning to our financial outlook for 2024, we look forward to another growth year. As John said and stated in our earnings release, our outlook for the year reflects both the short-term weakness in the semiconductor industry and the strength of our pipeline bolstered by the macro trends of distributed manufacturing, energy, electrification and AI, which can drive significant growth. As a result, we expect revenue for the first half of 2024 to be flat over the comparable period of the prior year and for revenue for the second half of the year to grow by 20% over the comparable period of the prior year.

現在轉向 2024 年的財務展望，我們期待另一個成長的一年。正如約翰在我們的財報中所說和指出的那樣，我們對今年的展望既反映了半導體行業的短期疲軟，也反映了分散式製造、能源、電氣化和人工智慧宏觀趨勢支撐下的管道實力，這可以推動顯著成長。因此，我們預計 2024 年上半年營收將與去年同期持平，下半年營收將比去年同期成長 20%。

With that, I'll turn the call over to the operator to commence the question and answer session. Operator?

這樣，我會將電話轉給接線生開始問答環節。操作員？

Thank you, Mr. Rosa. Ladies and gentlemen, if you have a question at this time, please press star one one on your telephone. If you're using a speakerphone, please lift the handset before asking a question. Please wait one moment for our first question Our first question comes from the line of Blair Abernethy from Rosenbluth Securities.

謝謝你，羅莎先生。女士們、先生們，如果您此時有任何疑問，請按您電話上的星號一一諮詢。如果您使用免持電話，請在提問前拿起聽筒。請稍候我們的第一個問題 我們的第一個問題來自 Rosenbluth Securities 的 Blair Abernethy。

Good afternoon, gentlemen. Good afternoon, Bob, Blair and I am John, my first question is just a around DFI I'm sorry, that's great. You've shipped to a second customer. I just wonder if you can give us just some color around that. And was your have you started to recognize any revenue from that at this point? And sort of what does the pipeline look like for DFI as you kind of look forward into 2024?

下午好，先生們。下午好，鮑伯、布萊爾，我是約翰，我的第一個問題只是關於 DFI 的問題，抱歉，這很好。您已出貨給第二位客戶。我只是想知道你是否可以給我們一些關於這個的顏色。此時您是否已開始確認其中的任何收入？當您展望 2024 年時，DFI 的管道是什麼樣的？

Sure. So yes, we shipped in the fourth quarter. This is for, as I said, our prepared remarks, manufacturing evaluation. We did the technical evaluation of what the machine is capable of seeing by having the customer ship wafers to us here, quite a number of wafers came through our facility here in California that this is a customer in East Asia. So we had to ship the machine over there. And the purpose there is to demonstrate that it's able to really be used in a production facility that it maintains the uptimes, but it has the repeatability as you scan flavors and wafers wafers day after day. You know, in our user conference this past for what our early adopter customer was able to show what they were able to do using the machine at our user conference. So we have good confidence that we will be able to demonstrate success and then convert that into revenue upon achievement of the milestones that we have set out for this evaluation in terms of the outlook for this year, we do anticipate adding additional customer in this year as well as expanding within existing customers and this year, customer this year, we expect to be able to ship just a couple of machines, but we'll be able to we've already ordered CompuCom capital for cleared us quite a bit more. So we're able to start shipping as we get to the end of this year and early next year at a more accelerated rate than we're shipping. Let's say, this year, but we expect to end this year with it have a quite a few machines contributing to revenue. So you say that today this last year of two machines contributed revenue we expect to over two times that number by the end of this year.

當然。所以是的，我們在第四季度發貨了。正如我所說，這是為了我們準備好的評論、製造評估。我們透過讓客戶將晶圓運送給我們來對機器能夠看到的內容進行技術評估，相當多的晶圓來自我們位於加州的工廠，這是東亞的客戶。所以我們只好把機器運到那裡。其目的是證明它確實能夠在生產設施中使用，以保持正常運行時間，但當您日復一日地掃描口味和威化餅時，它具有可重複性。您知道，在我們過去的使用者會議上，我們的早期採用者客戶能夠在我們的使用者會議上展示他們能夠使用機器做什麼。因此，我們很有信心，我們將能夠展示成功，然後在實現我們為今年的前景評估所設定的里程碑後將其轉化為收入，我們預計今年將增加更多客戶以及在現有客戶範圍內的擴張，今年，今年的客戶，我們預計能夠只運送幾台機器，但我們已經能夠訂購CompuCom 資金，以清除我們更多的資金。因此，我們能夠在今年年底和明年初開始發貨，速度比我們現在的發貨速度更快。比方說，今年，但我們預計到今年年底，會有相當多的機器為收入做出貢獻。所以你說今天這兩台機器去年貢獻的收入我們預計到今年底將是這個數字的兩倍以上。

Great. And I'm just wonder of maybe you can help us with your with your guidance thoughts and rationale, I guess in your guidance to the I mean, I can understand with the wire business and equipment shipments still being pretty tepid for the first half. What gives you sort of the confidence that you can go from effectively flat first half two, a pretty substantial second half growth?

偉大的。我只是想知道也許你可以用你的指導思想和理由來幫助我們，我想在你的指導中我的意思是，我可以理解上半年的有線業務和設備出貨量仍然相當不溫不火。是什麼讓你有信心從上半年的持平發展到下半年的大幅成長？

Yes. So great questions there. The bookings activity that we have ongoing, some of which completed in Q4 as our non side, a couple of very large. But on contracts, we've signed a fourth quarter, which is why the bookings in Q4 were large and then this quarter and next quarter, we have quite a bit of activity going on. We expect to build on that bookings momentum in Q4 and the first half of this year. Will be substantially over the second half of last year from a bookings standpoint. And then given the ratable nature of the business as you get through the year, that just drives incremental growth. And so we book in Q1, it will drive very little revenue growth in revenue or revenue in Q1. That will drive incrementally more in Q2. And then a lot more again, the second half of the year and similar to the bookings we did in Q2.

是的。那裡有很多很好的問題。我們正在進行的預訂活動，其中一些在第四季度作為我們的非方完成，有一些非常大。但在合約上，我們已經簽署了第四季度的合同，這就是為什麼第四季度的預訂量很大，然後本季度和下季度，我們有相當多的活動正在進行。我們預計第四季和今年上半年的預訂動能將持續維持。從預訂量的角度來看，將大大超過去年下半年。然後考慮到這一年中業務的可評級性質，這只會推動增量成長。因此，我們在第一季預訂，它將推動第一季營收或營收的成長非常小。這將在第二季度推動更多的成長。然後在下半年又出現了更多的情況，與我們在第二季所做的預訂類似。

Got it. Got it.

知道了。知道了。

Look at the grounds for optimism, the more internal or like our specific business situation with customers, that is the macro environment. They are so activities that we see that we're in deep discussions with customers that we feel pretty confident about on the Asia where RevPAR and instances you are more like the overall weather outside of U.S.

看看樂觀的理由，更多的是內部的或像我們與客戶的具體業務狀況，那就是宏觀環境。這些活動如此之多，我們看到我們正在與客戶進行深入討論，我們對亞洲的 RevPAR 和實例更接近美國以外的整體天氣感到非常有信心。

So I get it. So it's more in your control more what you have business as opposed to waiting for the market to come back to you on the equipment side on the Symmetrix side.

所以我明白了。因此，您可以更好地控制自己的業務，而不是在 Symmetrix 設備方面等待市場回饋給您。

Right, we're not forecasting we are forecasting equipment getting better as we get towards the second half of the year modestly.

是的，我們並不是在預測隨著下半年的到來，我們會預測設備會變得更好。

We're not forecasting a ton of growth in gain share. We are really forecasting a ton of growth in analytics, primarily around the selling activities, some of which happened in Q4 and more of that happens to begin in the second half of this year than the first half of this year. Q1 and Q2 in particular.

我們預期收益份額不會大幅成長。我們確實預測分析將出現大量成長，主要是圍繞銷售活動，其中一些發生在第四季度，更多發生在今年下半年，而不是今年上半年。特別是 Q1 和 Q2。

Great. And so one last question, if I can. Just it sounds like so it you've made progress on the partnership side with SAP. Would there be any other significant parties you highlight?

偉大的。最後一個問題，如果可以的話。聽起來好像您在與 SAP 的合作夥伴關係方面取得了進展。您還強調了其他重要的聚會嗎？

I think what we did in my prepared remarks, I talked about the new product release on SAP. Of course, we've had a number of products that we've done in conjunction with Adventist that yet that are generating revenue and continue to generate momentum. Some of the pilots we have on ML Ops also interface with that with the have been test infrastructure in their edge box. So we do expect those two partners to be driving additional bookings as we go throughout this year.

我認為我們在準備好的演講中所做的，我談到了 SAP 上的新產品發布。當然，我們與 Adventist 合作開發了許多產品，這些產品正在產生收入並繼續產生動力。我們在 ML Ops 上的一些試點也與邊緣盒中已測試的基礎設施進行互動。因此，我們確實預計這兩個合作夥伴將在今年推動更多預訂。

When we look at our other partners beyond that we are in active work with them on additional customers. And we do expect that more of our partners will start driving bookings with us as we jointly go to market with a number of them pilots with customers.

當我們關注其他合作夥伴時，我們正在積極與他們合作開發更多客戶。我們確實希望更多的合作夥伴將開始與我們一起推動預訂，因為我們將與其中一些合作夥伴與客戶共同進入市場。

Okay. That's thanks very much.

好的。那就非常感謝了。

Thank you. One moment for next question.

謝謝。請稍等一下，回答下一個問題。

Our next question comes from the line of William Jellison from Davidson & Co.

我們的下一個問題來自戴維森公司的威廉·傑里森 (William Jellison)。

Good afternoon and thanks for taking the question. I'll ask two and then get back in queue the first one, and I'm wondering if you can share and any more color on the analytics revenue per customer metric, Pam, and any updated metrics on that front or just overall observations? And then within that, the level of module uptake you see within your existing customer base as well?

下午好，感謝您提出問題。我會問兩個，然後回到第一個隊列，我想知道您是否可以分享每個客戶指標的分析收入、Pam 以及這方面的任何更新指標或只是總體觀察結果，並提供更多資訊？然後，您在現有客戶群中看到的模組採用程度如何？

Yes, absolutely. And look, every quarter, we post this metric as we did the last quarter as well, and we're calculating that number of finalizing it to post for the Analyst Day itself. But over the last few quarters, we've seen the trend of that number going up. And we would expect that this quarter that would be the case as well in terms of continued in terms of adoption with additional customers, it's nice to see that customers are using our products on a larger scale, as referenced by the comment that we made in the call about the two large customers with the in a large deal that we talked about, the double digit million dollar deal. So stay tuned for that for that metric as we post our IR deck in the next few days about the Investor Day about the matter about the details on some of those metrics.

是的，一點沒錯。看，每個季度，我們都會像上個季度一樣發布這個指標，並且我們正在計算最終確定的數量，以便在分析師日本身發布。但在過去的幾個季度中，我們看到這個數字呈現上升趨勢。我們預計本季的情況也會如此，因為更多客戶會繼續採用我們的產品，很高興看到客戶正在更大規模地使用我們的產品，正如我們在關於兩個大客戶的電話，我們談到了一筆大交易，即兩位數百萬美元的交易。因此，請繼續關注該指標，因為我們將在接下來的幾天內發布有關投資者日的投資者關係報告，其中涉及其中一些指標的詳細資訊。

Absolutely. Okay. And then the second question relates to your investment in sales and marketing. I remember getting the impression from from your Analyst Day last October, a lot of the a lot of the incremental gross profit that PDF is going to get as it approaches that 75% margin target was going to get reinvested into a more concerted effort in sales and marketing. And I was just wondering on the level of intensity, PDS is presently investing there to capture those opportunities and whether or not we should expect that to step up even further as it pursues or more of those opportunities?

絕對地。好的。第二個問題與您在銷售和行銷方面的投資有關。我記得去年 10 月的分析師日給我的印像是，當 PDF 接近 75% 的利潤目標時，其將獲得的增量毛利中的大部分將被重新投資到更協調一致的銷售努力中和行銷.我只是想知道 PDS 目前正在那裡投資以抓住這些機會的強度水平，以及我們是否應該期望在追求或更多這些機會時進一步加強？

Yes. Look, I mean, through this year and frankly early on in the year, we talked about increased spend that we would plan to do with the sales and marketing side in Canada, if you I know were reported as a combined number was in the SG&A bucket. But I'll tell you a G&A is not where we have put some of that growth. It's really between the S and M side. We have hired some new people, especially given some of the M&A and the dislocation in the market that we sought to grab some of the good salespeople and add them to our portfolio.

是的。看，我的意思是，今年以來，坦率地說，在今年年初，我們討論了計劃在加拿大的銷售和營銷方面增加支出，如果我知道在 SG&A 中報告了合併數字的話桶。但我會告訴你，一般行政費用不是我們投入部分成長的地方。確實是介於S側和M側之間。我們聘請了一些新員工，特別是考慮到一些併購和市場混亂，我們試圖抓住一些優秀的銷售人員並將他們添加到我們的投資組合中。

And back to the questions are asked, you compare you add the two together, you say okay, great. You're spend on asset at what are the early proof points. I think the tone of the call that you're hearing from us along those lines, you're catching us at a good time. This is the time of the year. We also prepare our annual operating plan and presented to the Board and our early views of that. We do a top-down view. And then as we presented to the Board, we end up looking at every deal with the timing for the year. And that's how we're able to give you this guidance that we are sharing there. So yes, we've increased the spend in S&M is starting to show early results and the strength of the pipeline and hopefully the two deals in Q4 that we are the chalk up some of that benefit already and hopefully more to come.

回到提出的問題，你比較你將兩者加在一起，你說好吧，太好了。您在資產上的支出是在早期證據點上的。我認為您從我們這裡聽到的電話語氣表明您抓住了我們的好時機。這是一年中的這個時候。我們還制定了年度營運計劃並向董事會提交了我們對此的早期看法。我們做一個自上而下的視圖。然後，當我們向董事會提交報告時，我們最終會根據今年的時間表來審查每筆交易。這就是我們能夠為您提供我們在此分享的指導的方式。所以，是的，我們增加了 S&M 的支出，並開始顯示出早期結果和管道的實力，希望第四季度的兩筆交易已經帶來了一些好處，並希望未來會有更多好處。

I think just to I think you asked a little bit around, okay, what does that mean for this year?

我想你問了一些問題，好吧，這對今年意味著什麼？

I think when you look at a quarterly basis, we crossed it out every quarter. But as we get into this year, we will make modest incremental investments. But a lot of the reason why sales and marketing expenses this year will be higher than last year. So you have a full year's accounting of the increase that happened throughout 2023. So we don't expect that we're going to incrementalize incrementally increasing at a much more rapid rate. In fact, arguably it will be at a more muted rate. But because you have a full year's expense and you know, on an annualized basis, it will be a higher higher number than it was last year. But on a quarterly basis, not a not a lot higher than Q4, just modestly off of a Q4. I think that by then what you are kind of looking for.

我認為當你查看季度數據時，我們每個季度都將其劃掉。但進入今年，我們將進行適度的增量投資。但很多原因導致今年的銷售和行銷費用會高於去年。這樣您就可以對 2023 年全年的成長情況進行統計。因此，我們預計我們不會以更快的速度逐步增加。事實上，可以說它的速度將會更加緩慢。但因為你有全年的開支，而且你知道，以年化計算，這個數字會比去年更高。但從季度來看，並沒有比第四季高出很多，只是略微低於第四季。我認為到那時你正在尋找什麼。

Yes, Bose, very helpful.

是的，Bose，非常有幫助。

Thank you, gentlemen.

謝謝你們，先生們。

Thank you. If you have a question at this time, please press star one one on your telephone. If you're using a speakerphone, please lift the handset before asking a question one moment for next question.

謝謝。如果您此時有疑問，請在電話上按星號一一。如果您使用免持電話，請先拿起聽筒，然後再詢問下一個問題。

Our next question comes from the line of Gus Richard from Northland.

我們的下一個問題來自北國的格斯理查德。

Yes, good afternoon, guys. Thanks for letting me ask some questions here on the two large deals that you signed in the quarter, were those on sort of enterprise-wide fab test assembly or were they more point products? And could you give any color on is it like Analog, industrial or leading edge? What kinds of customers?

是的，下午好，夥計們。感謝您讓我就您在本季度簽署的兩筆大型交易提出一些問題，這些交易是企業範圍內的晶圓廠測試組裝還是更多的點產品？您能否給它一些顏色，例如模擬、工業還是前沿？什麼樣的客戶？

Sure. So I can answer that. Both of them upfront and cyber-related, both of them are process control related with advanced analytics capability in one case and more a base capability. And the other one, they're both enterprise-wide in that they go across all of their facilities will worldwide and both as a result, relatively large customers that are have been customers before and now are deploying it more broadly in one case with more advanced capabilities on top of the base capabilities and so yes, these are we've been talking throughout the year that there is a number of large contracts that we've been working on. These were two of them. There are others that we are continuing to work on. This is again kind of getting back towards questions around the investment in sales and marketing that some of the early foods. We expect substantial a step up again in this first half of the year as we close a number of other larger deals. And this first part of the year that are all kind of related to these investments building even largely what we did, not just those two or those were pretty substantial for us.

當然。所以我可以回答這個問題。它們都是預先的且與網路相關的，在一種情況下它們都是與進階分析功能相關的過程控制，更多的是基本功能。另一方面，他們都是企業範圍的，因為他們遍布全球的所有設施，因此，相對較大的客戶以前就是客戶，現在正在更廣泛地部署它，在一種情況下有更多基本功能之上的高級功能，所以是的，這些是我們全年一直在談論的，我們一直在處理許多大型合約。這是他們中的兩個人。我們正在繼續研究其他一些內容。這又回到了一些早期食品的銷售和行銷投資問題。隨著我們完成一些其他較大的交易，我們預計今年上半年將再次大幅成長。今年上半年，這些投資都與我們所做的工作有關，而不僅僅是這兩項或對我們來說相當重要的投資。

Okay. And then just from can you give us a sense of like the size of your pipeline, you closed a couple of deals. Are there five, 10? How many how many more of these enterprise-wide deals on a currently working on?

好的。然後，僅從您能否讓我們了解您的管道規模來看，您就完成了幾筆交易。有五個、十個嗎？目前正在進行多少這樣的企業範圍內的交易？

Yes, I mean off the top of my head. I don't know that I can give you a really great answer, Gus. I mean, as always is the case for us on a dollar value basis, we live by the 80,20 rule. So, you know, there's maybe even 90,10 there are probably 10% of the deals that represent a sizable, you know, 80%-plus of the dollar value because these enterprise things tend to be quite large. There are some out there that we're working on right now that are, as I said, substantially bigger than those first two that are going to drive a meaningful piece of our own our bookings this year. And then there's a number that are similar size to those you know a handful of them. I don't know off the top of my head, but this could be a fair number collectively overall, as I said in my prepared remarks, we do have a lot of confidence about the bookings this year on page 8 and the level of activity with customers quite meaningful, given those three drivers that I spoke about, the electrification of the energy economy. That's really just driving high-voltage silicon on battery technologies. The young advanced process nodes really geared towards AI that includes advanced packaging. So a ton of activity. We are going out for the ML ops piece there. And then all the DFI and our leading edge capabilities, all around just advanced semiconductors driven by I don't know, the geographic diversification customers really wanted to get to these more enterprise-wide control schemes because of the nature of their manufacturing to in Q4 kind of somewhat representative of that. But we see a number of those. So overall, it's probably, you know, I know in the 10 range, but there's probably two or three that drive a sizable fraction of that. And those 10 probably are you now have more than 80% of the bookings for the year.

是的，我的意思是從我的頭頂。我不知道我能給你一個很好的答案，格斯。我的意思是，一如既往，以美元價值為基礎，我們遵循 80,20 法則。所以，你知道，甚至可能有 90,10 筆交易，其中可能有 10% 的交易代表了相當大的，你知道，80% 以上的美元價值，因為這些企業的事情往往很大。正如我所說，我們現在正在研究的一些項目比前兩個項目大得多，這將為我們今年的預訂帶來有意義的部分。還有一些數字與您所認識的少數人的規模相似。我不知道自己的想法，但這總體上可能是一個相當大的數字，正如我在準備好的發言中所說，我們確實對今年第 8 頁上的預訂量和活動水平充滿信心考慮到我談到的三個驅動因素，即能源經濟的電氣化，與客戶的合作非常有意義。這其實只是推動了高壓矽電池技術的發展。年輕的先進製程節點真正面向人工智慧，包括先進封裝。所以有大量的活動。我們將在那裡進行 ML 操作。然後，所有 DFI 和我們的領先能力，都圍繞著先進的半導體，我不知道，地理多元化的客戶確實希望獲得這些更多企業範圍的控制方案，因為他們的製造性質在第四季度有點代表性。但我們看到了其中的一些。所以總的來說，我知道，可能是在 10 個範圍內，但可能有兩三個驅動了其中相當大的一部分。這 10 個可能是您現在擁有的全年預訂量的 80% 以上。

Got it. Okay.

知道了。好的。

That was very helpful. Thank you. And then and just flipping to DFI, it sounds like you've got some pretty decent visibility through this year in terms of what you're building over the last 90 days. Have you know, I know there's some long lead time items for on DFI, have you had to sort of go back to your vendors and order more material for potentially deliveries in 2025?

這非常有幫助。謝謝。然後，轉向 DFI，聽起來您對今年過去 90 天所構建的內容有了相當不錯的了解。您是否知道，我知道 DFI 上有一些交貨時間較長的商品，您是否必須返回供應商並訂購更多材料以便可能在 2025 年交付？

That's a great point because, yes, if you look at our expected spend on capital, you'll see it on step up in 2024 versus 2023 and 2023 had a modest increase versus 2020 of my number memory is correct and that step up is because of ordering for things weeks, machines, we expect to ship in 2025 more than what we expect to ship in 2024 as it does impact went up a little bit. And yes, we've been going back to our vendors to trying to tighten up the availability and delivery times we would like to get and we feel like we're getting close to the point where we're really going to be looking at how we can pull those in for because of the customer interest. So yes, we are you'll see the spend of this year. It's anticipation of 2025. We're setting ourselves up to be able to ship significantly more in 2025 demand for shipping in 2024. And we are going back and even discussing with the vendors on if we needed to pull in even more for that, how would we be able to more than what we're already planning, how we would be able to affect that? That would probably not affect our capital spend in 2024 very much, but it could affect our capital spend in the first part of 2025 and then shipments that would impact second half of 2025 we think we have the first half of 2025, mostly.

這是一個很好的觀點，因為，是的，如果你看看我們的預期資本支出，你會發現2024 年與2023 年相比有所增加，2023 年與2020 年相比略有增加，我的數位記憶是正確的，這一進步是因為我們預計 2025 年的機器訂單量將超過 2024 年的訂單量，因為它的影響確實有所上升。是的，我們一直在與我們的供應商聯繫，試圖縮短我們希望獲得的可用性和交貨時間，我們覺得我們已經接近我們真正要考慮如何解決的問題了。由於客戶的興趣，我們可以將其拉入。所以是的，我們將會看到今年的支出。這是對2025年的期待。我們的目標是能夠在 2025 年滿足 2024 年的運輸需求。我們正在回過頭來，甚至與供應商討論我們是否需要為此投入更多資金，我們如何能夠比我們已經計劃的更多，我們將如何影響這一點？這可能不會對我們 2024 年的資本支出產生太大影響，但可能會影響我們 2025 年上半年的資本支出，然後影響 2025 年下半年的出貨量，我們認為主要是 2025 年上半年。

Okay.

好的。

Got it. Got it.

知道了。知道了。

But that's super helpful. And then you mentioned in your prepared remarks that you expected to add additional customers this year from any colors that no memory advanced logic? Is there any is it one or two? What any color there is helpful.

但這非常有幫助。然後您在準備好的演講中提到，您預計今年會從任何沒有記憶高級邏輯的顏色中增加更多客戶？有沒有一個或兩個？任何顏色都有幫助。

Yes. So we've on we continue to see opportunities in advanced logic, and we do expect advanced logic incrementally to contribute this year above what it contributed last year. We've also, you know us, we've been in the industry for quite a while. And so yes, we as you know, PDF has worked on yield ramps all around the world on with virtually everybody. I was chatting with an executive at one of the companies that's just getting into what would be more advanced than us trailing edge, but now would have to navigate. But as you think about everything from 12 nanometer to 28. And they were starting to see interest in those areas where people said, hey, we have this that could really accelerate our bringing up of new products. And one of the guys joke with me, John, we worked on your reps with you at my past company and these notes, and this would really help that. And so we think that the opportunity is broader than just the leading edge. As you know, we were very focused on just what can you do on the leading edge in some way because it's a Talisman about, you know, where you're going with for the industry, but now we're going to double back and look at some of those other opportunities. And we're also starting to get some early looks in the memory space on where we're starting to have some early dialogue. So part of our goal this year is to make sure we've got enough capacity in our own lab to be able to do demos and even for customers like much like we did for that Asian fab and on 2023, that enabled us to ship at the end of the year. We'd like to do that this year for some additional customers in the trailing edge across a trailing edge and memory. While we continue dependent on penetrate demo on the leading edge logic.

是的。因此，我們繼續看到先進邏輯領域的機會，並且我們確實預計先進邏輯今年的貢獻將逐漸超過去年的貢獻。我們也，你知道我們，我們在這個行業已經有一段時間了。所以，是的，正如您所知，PDF 已經與世界各地的幾乎每個人一起提高了產量。我正在與一家公司的一位高管聊天，該公司剛剛進入比我們落後的領域更先進的領域，但現在必須導航。但當你想到從 12 奈米到 28 奈米的所有奈米材料。他們開始對那些人們說的領域感興趣，嘿，我們有這個可以真正加速我們推出新產品的領域。其中一個人跟我開玩笑，約翰，我們在我以前的公司和你的代表一起工作過，還有這些筆記，這真的很有幫助。因此，我們認為機會比領先優勢更廣泛。如你所知，我們非常關注你能以某種方式在前沿做什麼，因為這是一個護身符，你知道，你將在這個行業中走向何方，但現在我們要加倍努力，看看其他一些機會。我們也開始在記憶空間中進行一些早期的觀察，以了解我們開始進行一些早期對話的地方。因此，我們今年目標的一部分是確保我們自己的實驗室有足夠的能力，能夠進行演示，甚至可以為客戶進行演示，就像我們為亞洲晶圓廠所做的那樣，到2023 年，這使我們能夠以年底。今年我們希望為後緣和記憶體領域的一些額外客戶做到這一點。雖然我們繼續依賴前沿邏輯的滲透演示。

Okay. And I promise my last question. When you talk to these not bleeding edge but more advanced geometry logic, guys, DFI would be helpful for them and because it would accelerate there learning over Mike, on the permits chemistry used to use or is it a cost savings because you wouldn't scrap as many wafers as you go through that normally price.

好的。我保證我的最後一個問題。當你與這些不是前沿但更先進的幾何邏輯交談時，夥計們，DFI 會對他們有所幫助，因為它會加速邁克的學習，了解用於使用的化學許可，或者是否可以節省成本，因為你不會以正常價格報廢盡可能多的晶圓。

Great question because it's for bringing up the noted controlling. And if you just look at PDF has had yield models based on product design layouts for ever, we typically would run a test vehicle to expect kind of the intrinsic failure rates of metal shorts and opens contacted you or, you know, opens in contact to the shorts. Those models would always show you that half of the yield loss you would see because it opens between layers, shorts and opens between layers. But you can't see them optically. So the customer would run a test vehicle are short flows to see the single layer shorts and opens in the between layers, shorts and opens.

很好的問題，因為它是為了提出值得注意的控制。如果你只看 PDF 已經有基於產品設計佈局的良率模型，我們通常會運行一個測試工具來預期金屬短路和開路的固有故障率，或者你知道，開路接觸短褲。這些模型總是會向您顯示，您會看到一半的良率損失，因為它在層之間開路，在層之間短路和開路。但你無法透過光學方式看到它們。因此，客戶將執行短流程測試工具，以查看單層短路和開路、層間短路和開路。

But then if you want to know what does it really do on product? Will our test vehicle could give you on that because it's a test vehicle and the inspection tools can just tell you what's happening at layer that can't really tell you do you have a failure in 1 billion or 0.1 billion, 1 billion or 0.10 billion on the contacted via layer. And the probably the only thing that can really do that can measure tens of billions and tell you, okay, what's your real failure rate across all the layoffs of unreal products and not really about what the point the guy says. I got, John, when we went from your test vehicle to product, we got caught by some issues took us months to solve because there's no way to look at it. Depot gives you a way to look at that. And that's why the kind of as people see that this is real. You can measure 10 billion contacts and VMs, right? That's a change of the game, right? So even for 12 nanometer or 28 nanometer, that actually matters and quite a bit. And we've always known in our models, it's hot cereal.

但如果你想知道它對產品到底有什麼作用呢？我們的測試車輛能否告訴您這一點，因為它是測試車輛，檢查工具只能告訴您該層發生了什麼，而無法真正告訴您 10 億或 1 億、10 億或 1 億是否出現故障在接觸過孔層上。也許唯一真正能做到的事情就是可以衡量數百億美元，並告訴你，好吧，在所有非真實產品的裁員中，你的真正失敗率是多少，而不是真正關於那個人所說的要點。約翰，我知道，當我們從您的測試車輛轉向產品時，我們遇到了一些問題，花了幾個月的時間才解決，因為沒有辦法查看它。Depot 為您提供了一種看待這個問題的方法。這就是為什麼人們認為這是真實的。您可以測量 100 億個聯絡人和虛擬機，對嗎？這就是遊戲的改變，對嗎？因此，即使對於 12 奈米或 28 奈米，這實際上也很重要。我們在模型中一直知道，它是熱麥片。

So hard to see anyone not a perfect fit that was super helpful that that really clarifies it for me. Thank you.

很難看到任何人不是一個完美的人選，這對我來說非常有幫助，這真的為我澄清了這一點。謝謝。

No problem.

沒問題。

Thank you. If you have a question at this time, please press star one one on your telephone. If you're using a speakerphone, please lift the handset before asking a question. If you have a question at this time, please press star one one on your telephone. If you are using a speakerphone, please lift the handset before asking a question at this time, there are no more questions.

謝謝。如果您此時有疑問，請在電話上按星號一一。如果您使用免持電話，請在提問前拿起聽筒。如果您此時有疑問，請在電話上按星號一一。如果您使用免持電話，請先拿起聽筒再提問，此時不會有更多問題。

Ladies and gentlemen, this concludes the program and thank you for joining us on today's call.

女士們、先生們，本次會議到此結束，感謝您參加今天的電話會議。