PDF Solutions Inc (PDFS) 2025 Q1 法說會逐字稿

Good day everyone and welcome to the PDF Solutions Inc. conference call to discuss this financial results for the first quarter ending Monday, March 31, 2025. (Operator Instructions) 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 at www.pdf.com.

大家好，歡迎參加 PDF Solutions Inc. 電話會議，討論截至 2025 年 3 月 31 日星期一的第一季財務業績。（操作員指示）提醒一下，本次會議正在錄音。如果您尚未收到相應新聞稿的副本，它已發佈在 PDF 的網站 www.pdf.com 上。

Some of the statements that will be made in the course of this conference are forward-looking, including statements regarding PDF's future financial results and performance, growth rates, and demand for its solutions. PDF's actual results could differ materially. You should refer to the section entitled Risk Factors on pages 16 through 30 of PDF's annual report on Form 10-K for the fiscal year ended December 31, 2024, and similar disclosures on subsequent SEC filings. The 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.

本次會議期間將發表的一些聲明是前瞻性的，包括有關 PDF 未來財務結果和業績、成長率以及對其解決方案的需求的聲明。PDF 的實際結果可能會大不相同。您應該參考 PDF 截至 2024 年 12 月 31 日的財政年度 10-K 表格年度報告第 16 至 30 頁的「風險因素」部分，以及後續 SEC 文件中的類似揭露。本次電話會議中提出的前瞻性陳述和風險是基於 PDF 今天掌握的資訊。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 Adnan Raza, PDF's Chief Financial Officer. Mr. Kibarian, please go ahead.

現在，我想介紹 PDF 總裁兼執行長 John Kibarian；以及 PDF 財務長 Adnan Raza。基巴里安先生，請繼續。

Thank you for joining us on today's call. If you've not already seen our earnings press release and management report for the first quarter, please go to the Investors section of our website where each has been posted.

感謝您參加今天的電話會議。如果您還沒有看到我們第一季的收益新聞稿和管理報告，請造訪我們網站的投資者部分，其中已發布每份報告。

As we entered 2025, we expected a customer environment where some would be recovering from a relatively weak 2024, while others would be continuing momentum into this year. Given our strong products which align well with the trends of 3D processing and advanced nodes, complex packaging and test flows, and increased use of AI to streamline operations, we anticipated growth of 21% to 23% for the year, albeit with growth being lumpy quarter-over-quarter due to eProbe sales model driving more variability in revenues.

進入 2025 年，我們預計部分客戶環境將從相對疲軟的 2024 年復甦，而其他客戶環境則將延續今年的動能。鑑於我們強大的產品與 3D 處理和先進節點、複雜封裝和測試流程以及越來越多地使用人工智慧來簡化營運的趨勢相一致，我們預計今年的成長率將達到 21% 至 23%，儘管由於 eProbe 銷售模式導致收入波動較大，環比成長率會波動。

Consistent with our expectations, the first quarter was a strong start to our year, with the second largest revenue quarter in our history topped only by Q4 of last year which benefited from the eProbe sale. Significant bookings in the quarter were primarily for enterprise-wide solutions. Sapience Manufacturing Hub Enterprise, which is designed to connect enterprise applications such as SAP, MES, and engineering analytics, drove a meaningful percentage of bookings as a large customer moved from a pilot that began in 2024 to a contract for full deployment.

與我們的預期一致，第一季是我們今年的一個強勁開局，是我們歷史上收入第二高的季度，僅次於去年第四季度，這得益於 eProbe 的銷售。本季度的大量訂單主要針對企業範圍的解決方案。Sapience Manufacturing Hub Enterprise 旨在連接 SAP、MES 和工程分析等企業應用程序，隨著一家大客戶從 2024 年開始的試點轉向全面部署合同，其訂單量大幅增加。

Exensio bookings were driven primarily by fabless and OSATs for offline analytics and test operations. The trend of more complex test flows and advanced packaging are strong drivers for this solution. Cimetrix bookings were strong as equipment vendors utilized more runtime licenses as they increased shipments, particularly of our more advanced tool control and communication modules. secureWISE, which closed late in the quarter, contributed less than one month of revenues. Gainshare drove the IYR revenue growth as new fabs and process nodes under contract began to deliver revenues. We expect IYR revenues to continue to improve during this year overall based on this trend.

Exensio 的預訂主要受到無晶圓廠和 OSAT 廠商的離線分析和測試作業的推動。更複雜的測試流程和更先進的封裝趨勢是此解決方案的強大驅動力。Cimetrix 的預訂很強勁，因為設備供應商在增加出貨量時使用了更多的運行時許可證，特別是我們更先進的工具控制和通訊模組。 secureWISE 在本季末關閉，貢獻的收入不到一個月。隨著合約規定的新晶圓廠和製程節點開始產生收入，Gainshare 推動了 IYR 收入的成長。根據這一趨勢，我們預計今年國際稻米年的營收將整體持續提高。

With respect to DFI, we've previously talked about shipping at least four eProbe tools this year, with some of them contributing to revenue in the year. In fact, this past quarter, we shipped two tools, which is a great start to exceeding our goal of four-system ship. We anticipate one of those ship systems has the potential to contribute incremental revenue growth this year. Overall, demo, install, and engineering activity with customers is at a very high level, and we anticipate meeting or exceeding our goals for DFI this year.

關於 DFI，我們之前曾談到今年將至少出貨四款 eProbe 工具，其中一些將為今年的收入做出貢獻。事實上，上個季度我們已經發布了兩款工具，這對於超越我們發布四套系統的目標來說是一個很好的開始。我們預計其中一個船舶系統有可能在今年貢獻增量收入成長。總體而言，與客戶的演示、安裝和工程活動處於非常高的水平，我們預計今年將達到或超過 DFI 的目標。

In the quarter, we also completed the acquisition of secureWISE. Now with just about two months operating together, things are going well. We have been meeting with equipment companies, fabless, foundries, and OSATs to discuss secureWISE and how we believe it fits into our overall platform. Based on these meetings and our internal discussions, we are refining plans for integration with our platform. In particular, customers see benefits of integrating secureWISE with our DEX nodes at the OSATs as advanced packaging and test requires more collaboration between OSATs, fabless, foundries, and equipment vendors. Customers also want to see tighter integration between Cimetrix and secureWISE so equipment vendors can more easily enable collaboration and manage AI/ML systems in the field.

本季度，我們也完成了對 secureWISE 的收購。現在我們一起合作了兩個月，一切都很順利。我們一直在與設備公司、無晶圓廠、代工廠和 OSAT 會面，討論 secureWISE 以及我們認為它如何融入我們的整體平台。根據這些會議和我們的內部討論，我們正在完善與我們的平台整合的計劃。特別是，客戶看到了將 secureWISE 與 OSAT 上的 DEX 節點整合的好處，因為先進的封裝和測試需要 OSAT、無晶圓廠、代工廠和設備供應商之間進行更多的協作。客戶還希望看到 Cimetrix 和 secureWISE 之間更緊密的集成，以便設備供應商可以更輕鬆地實現協作並管理現場的 AI/ML 系統。

Overall, it's a strong start to the year both in terms of our traction with customers and our product development.

總體而言，無論從我們對客戶的吸引力還是產品開發而言，今年都是一個強勁的開端。

Now, I'd like to make a few comments about our view on the industry and opportunities for our business going forward. Since the start of April, tariffs have taken center stage. Semiconductors have been a focus of many governments all over the world for the last few years, so the industry leaders have become accustomed to adjusting to frequent shifts in the regulatory environment.

現在，我想就我們對行業的看法以及未來業務的機會發表一些評論。自四月初以來，關稅已成為焦點。過去幾年，半導體一直是世界各國政府關注的重點，因此產業領導者已經習慣於適應監管環境的頻繁變化。

So far, we have not seen any noteworthy change in customer behavior with us as a result of tariffs. Most of our software business, including SaaS, is generally not impacted by tariffs. For the eProbe, tariffs could impact the cost of components shipped into the U.S. However, at this point, we believe it will have only modest impact on our financial results. Given our progress in Q1 and despite the macro uncertainty, we reconfirm our revenue growth estimate for the year to be in the range of 21% to 23% when compared with 2024.

到目前為止，我們還沒有看到客戶行為因關稅而有任何顯著變化。我們的大部分軟體業務，包括 SaaS，通常不受關稅的影響。對 eProbe 而言，關稅可能會影響運往美國的零件成本。然而，目前，我們認為它對我們的財務表現的影響很小。鑑於我們在第一季取得的進展，儘管存在宏觀不確定性，我們仍重申今年的營收成長預期，與 2024 年相比，將在 21% 至 23% 之間。

I want to thank all the PDF customers, employees, and contractors for their efforts during the first quarter, including our new secureWISE colleagues.

我要感謝所有 PDF 客戶、員工和承包商在第一季所做的努力，包括我們新的 secureWISE 同事。

Now, we'll turn the call over to Adnan who will review the financials and provide his perspective on our results. Adnan?

現在，我們將把電話轉給阿德南，他將審查財務狀況並對我們的業績提供他的看法。阿德南？

Thank you, John. Good afternoon, everyone. Good to speak with you again today and I hope all of you and your families are well.

謝謝你，約翰。大家下午好。很高興今天再次與你們交談，我希望你們和你們的家人一切都好。

We are pleased to review the financial results for the first quarter of 2025. As mentioned, our earnings release and our management report are posted in the Investor Relations section of our website. Our Form 10-Q was also filed with the SEC today. Please note that all of the financial results we discussed in today's call are on a non-GAAP basis and a reconciliation to GAAP financials is provided in the materials on our website.

我們很高興回顧 2025 年第一季的財務表現。如上所述，我們的收益報告和管理報告發佈在我們網站的投資者關係部分。我們的 10-Q 表格今天也已提交給美國證券交易委員會。請注意，我們在今天的電話會議上討論的所有財務結果都是非 GAAP 基礎的，並且在我們網站的資料中提供了與 GAAP 財務狀況的對帳。

We are pleased with multiple important milestones achieved during the quarter. We announced and closed the $130 million acquisition of secureWISE and signed a large deal for Sapience Manufacturing Hub Enterprise platform with a new customer, as a result of our continued partnership with SAP. As John said, on the Exensio side, our bookings this quarter also came from many customers spread across multiple Exensio software modules. On the equipment side, CImetrix products continue to be strong, and we benefited from less than one month of secureWISE revenues as well. Our backlog ending this quarter was approximately $227 million, growing slightly compared to the prior quarter.

我們對本季實現的多個重要里程碑感到高興。我們宣布並完成了以 1.3 億美元收購 secureWISE 的交易，並與新客戶簽署了 Sapience Manufacturing Hub Enterprise 平台的大額交易，這是我們與 SAP 持續合作的結果。正如約翰所說，在 Exensio 方面，我們本季的預訂也來自分佈在多個 Exensio 軟體模組的眾多客戶。在設備方面，CImetrix 產品持續表現強勁，我們也受惠於不到一個月的 secureWISE 收入。本季末我們的積壓訂單約為 2.27 億美元，與上一季相比略有成長。

Total revenues for the first quarter were $47.8 million, up 16% versus the same quarter of last year. Analytics revenue came in at $42.5 million, an increase of 10% year-over-year and was lower compared to the prior quarter, mainly due to the eProbe sale in Q4.

第一季總營收為 4,780 萬美元，比去年同期成長 16%。分析收入為 4,250 萬美元，年增 10%，但低於上一季度，主要原因是 eProbe 在第四季度的銷售。

On a year-on-year basis, our Q1 IYR revenue was up meaningfully by 86% or $2.5 million driven by the start of a new Gainshare from a customer engagement we completed during the quarter.

與去年同期相比，我們的第一季 IYR 營收大幅成長了 86% 或 250 萬美元，這得益於我們在本季完成的客戶互動中啟動了新的 Gainshare。

Overall, when we think about our business over the last few years, we are pleased with the progress towards establishing us as the leading independent data analytics platform optimized for the semiconductor industry. Our customer base is spread across three key areas of fabless, fabs, and equipment companies. We serve these three customer groups with optimized solutions respectively mapped to a product portfolio addressing existing nodes, leading edge nodes, and connectivity software.

總體而言，回顧過去幾年的業務，我們對在成為針對半導體產業優化的領先獨立數據分析平台方面取得的進展感到滿意。我們的客戶群分佈在無晶圓廠、晶圓廠和設備公司三個關鍵領域。我們為這三類客戶群提供最佳化的解決方案，分別對應到針對現有節點、前沿節點和連接軟體的產品組合。

We have built our offerings on top of a robust, scalable, and secure analytics platform specifically designed for the semiconductor industry and are making the platform smarter with machine learning and AI offerings such as (inaudible).

我們在專為半導體行業設計的強大、可擴展且安全的分析平台上構建了我們的產品，並透過機器學習和人工智慧產品使平台更加智能，例如（聽不清楚）。

Our gross margin for the first quarter came in at 77% versus 72% in the prior quarter and 72% for the same quarter of last year, driven this quarter by increased strength in Gainshare. Our cost of sales this quarter were also lower compared to prior quarter where we sold an eProbe machine. Our operating margin for the first quarter came in at 18% versus a similar 18% for the prior quarter and 12% for the same quarter a year ago. We are pleased that on a dollar basis, we generated $8.6 million of operating profit this quarter compared to $8.8 million in the prior quarter that had the benefit of the eProbe machine.

我們第一季的毛利率為 77%，而上一季為 72%，去年同期為 72%，得益於 Gainshare 的強勁成長。與銷售 eProbe 機器的上一季相比，本季的銷售成本也較低。我們第一季的營業利潤率為 18%，而上一季為 18%，去年同期為 12%。我們很高興，以美元計算，本季我們的營業利潤為 860 萬美元，而上一季得益於 eProbe 機器的營業利潤為 880 萬美元。

Compared to the last quarter, we grew our R&D slightly by 1% and our SG&A by 6% this quarter, with the increase in SG&A driven by increased sales and marketing from customer pre-sales activities. Net income for the quarter totaled $8.1 million or $0.21 per share, compared to $5.7 million or $0.15 per share in the same quarter a year ago or up approximately 40% for each of net income and EPS on a year-over-year basis.

與上一季相比，本季我們的研發費用略微增加了 1%，銷售、一般及行政費用增加了 6%，銷售、一般及行政費用的成長是由於客戶售前活動的銷售和行銷增加所致。本季淨收入總計 810 萬美元或每股 0.21 美元，而去年同期為 570 萬美元或每股 0.15 美元，淨收入和每股收益同比增長約 40%。

Turning to the balance sheet, we ended the quarter with cash, cash equivalents, and short-term investments of $54 million, compared to $115 million at the end of the prior quarter, with the change primarily driven by approximately $61 million for the secureWISE acquisition, $8 million for CapEx primarily for eProbe machines, and offset by positive operating cash flow of $9 million for the quarter, even after the annual bonus payout which happens during Q1.

談到資產負債表，本季末我們的現金、現金等價物和短期投資為 5,400 萬美元，而上一季末為 1.15 億美元，這一變化主要由於 SecureWISE 收購的約 6,100 萬美元、主要用於 eProbe 機器的 800 萬美元資本支出，並被本季度 900 萬美元的年度營運獎金，即使在第一季支付現金。

In terms of balance sheet changes to finance and secureWISE acquisition, besides the aforementioned approximately $61 million of cash from our balance sheet, we took on bank debt of approximately $70 million via a combination of a revolving credit facility and a term loan, both structured for a five-year term.

在資產負債表融資變化和 secureWISE 收購方面，除了前面提到的資產負債表中約 6,100 萬美元的現金外，我們還透過循環信貸額度和定期貸款的組合承擔了約 7,000 萬美元的銀行債務，兩者的期限均為五年。

As we look to the rest of the year, we remain committed to our prior guidance of revenues for this year to grow in the range of 21% to 23% on a year-over-year basis, which is ahead of our long-term growth rate target of 20% annual revenue growth.

展望今年剩餘時間，我們仍將堅持先前的預期，今年的營收年增將在 21% 至 23% 之間，高於我們 20% 的長期成長率目標。

With that, let me turn the call over to the operator for Q&A. Operator?

說完這些，讓我把電話轉給接線生進行問答。操作員？

Thank you, Mr. Raza. (Operator Instructions)

謝謝你，拉札先生。（操作員指示）

William Jellison, D.A. Davidson & Company.

威廉·傑利森（William Jellison），地方檢察官戴維森公司。

Great. Thanks for taking my question. It was great to see the overall revenue guidance maintained for the year. I was wondering if you could give some more detail as to the moving pieces potentially between IYR and analytics or even within analytics, or if expectations across the board are pretty in line with where we where we last published them.

偉大的。感謝您回答我的問題。很高興看到今年的整體收入預期得以維持。我想知道您是否可以提供一些關於國際稻米年和分析之間甚至分析內部可能發生的變化的更多細節，或者整體預期是否與我們上次發布的預期一致。

Sure. Thank you, Will. Overall, it's pretty in line with where we started the year. We do expect a meaningful growth in IYR just because it was off a very small base and had been declining for the last couple of years. So a jump of a couple million dollars really on a percentage basis is a big deal. But in terms of the total business, it's just under 10%.

當然。謝謝你，威爾。總體而言，這與我們今年年初的情況基本一致。我們確實預計國際稻米年將出現有意義的成長，因為其基數很小，而且過去幾年一直在下降。因此，從百分比來看，數百萬美元的成長確實意義重大。但就整體業務而言，這一比例還不到 10%。

Overall analytics growth, a few things that are going on. In general, we do see increased effort from our customers on the advanced node capability. We do expect that to be growing this year from a booking standpoint, and that will impact also eProbe sales. And then on the analytics, as I said in my prepared remarks, it's more and more the customers on the enterprise side, so the Sapience Manufacturing Hub, larger deployments of Exensio, Exensio with the test and ML capability. And we will be announcing our user conference at the end of this year. And some of that's going to really just show how this is really all one integrated platform. And more and more -- Sapience Manufacturing Hub uses the Exensio database and the data schema common ML ops capability across the entire platform, showing how these are really all just different components of the same platform.

總體分析成長，正在發生的一些事情。總的來說，我們確實看到客戶在高級節點能力方面付出了越來越多的努力。我們確實預計今年從預訂量來看會有所成長，這也將影響 eProbe 的銷售。然後關於分析，正如我在準備好的演講中所說，越來越多的客戶來自企業方面，因此 Sapience Manufacturing Hub、Exensio 的更大規模部署、具有測試和 ML 功能的 Exensio。我們將在今年年底宣布召開用戶大會。其中一些實際上只是展示了這實際上是一個整合平台。而且越來越多——Sapience Manufacturing Hub 在整個平台上使用 Exensio 資料庫和資料模式通用 ML 操作功能，表明它們實際上只是同一平台的不同元件。

And as Adnan said in his prepared remarks, we do target the fabless, the foundries and the equipment vendors, but they all, more and more, what each of them experience is different parts of that platform brought out to them for their applications. And that enables the collaboration that we think the industry overall needs which is where secure lies and the things we're doing with decks come into play because they, increasingly, fabless companies need to know what equipment companies are doing and collaboration across that entire supply chain is necessary, particularly with respect to complex packaging.

正如阿德南在準備好的發言中所說，我們確實針對無晶圓廠、代工廠和設備供應商，但他們每個人所體驗到的只是該平台為他們的應用提供的不同部分。這使得我們認為整個行業都需要合作，而合作正是安全所在，我們在甲板上做的事情也發揮了作用，因為無晶圓廠公司越來越需要了解設備公司在做什麼，並且整個供應鏈上的合作是必要的，特別是在複雜封裝方面。

Great. Thanks, John. And then, Adnan, in your prepared remarks you mentioned the step-up in sales and marketing expense both in dollars and in percent of revenue due to higher pre-sales activity. I'm wondering if you could give -- you or John could give any more detail about where you're putting that money to work and where you're expecting growth to come from those investments.

偉大的。謝謝，約翰。然後，阿德南，在您準備好的發言中，您提到由於售前活動的增加，銷售和行銷費用（以美元計算）和收入百分比都有所增加。我想知道您是否可以提供——您或約翰是否可以提供更多細節，說明您將如何使用這些資金，以及您預計這些投資將帶來哪些成長。

Yeah. I'll first answer at it, and of course, John can add. Look, I mean, I think the beauty of the product portfolio that's becoming wider and wider for us is that we see continued engagement across a wide variety of product offerings with the customers, right? It's not just the three themselves, but it's also the cross-correlation like John said, the equipment guys versus the fabless guys all wanting to exchange or know data from the other side as well. So look, we're finding opportunities across the board and therefore, we have spent over the last few years on sales and marketing. And we'll continue to align it with the opportunities that we're seeing.

是的。我會先回答這個問題，當然，約翰可以補充。你看，我的意思是，我認為產品組合越來越廣泛的美妙之處在於，我們看到各種各樣的產品與客戶持續互動，對嗎？這不僅是三者本身的問題，而且就像約翰所說的那樣，還有相互關聯，設備供應商和無晶圓廠供應商都希望交換或了解對方的數據。所以看，我們正在全面尋找機會，因此，我們在過去幾年裡在銷售和行銷上投入了大量資金。我們將繼續根據我們看到的機會進行調整。

A little bit on top of that, just I think whether it's the eProbe or SMH, Sapience Manufacturing Hub, we've done a lot of R&D over these last couple of years. And now, as evidenced by the large enterprise, contract last quarter for Sapience, the eProbe activity with Exensio test and ML ops. We've got a lot of ongoing pilots with customers, some of which are starting to convert into bookings like we saw at the SMH Enterprise last quarter. And that's where, some of this, like the digestion of your previous year's R&D.

除此之外，我認為無論是 eProbe 還是 SMH、Sapience Manufacturing Hub，我們在過去幾年裡都做了大量的研發。現在，正如大型企業所證明的那樣，上個季度為 Sapience 簽訂的合同，以及與 Exensio 測試和 ML 操作的 eProbe 活動。我們與許多客戶正在進行試點，其中一些已經開始轉化為預訂，就像我們上個季度在 SMH Enterprise 看到的那樣。這就是其中的一些內容，例如去年研發成果的消化。

Great. Thank you both.

偉大的。謝謝你們兩位。

Blair Abernethy, Rosenblatt Securities.

羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

Thanks. Nice quarter, guys. Just wondering if you could give us a little more color on the secureWISE integration plan sort of from a technical standpoint vis-a-vis what's the low-hanging fruit and where do you kind of see this, I guess, the longer term particularly in light of the CImetrix product you have? And then also from a go-to market standpoint, where do you see sort of maybe some of the best potential revenue synergies or cross-selling opportunities with the new product line?

謝謝。大家，這個季度過得真不錯。我只是想知道您是否可以從技術角度向我們詳細介紹一下 secureWISE 整合計劃，即目前最容易實現的目標是什麼，以及從長遠來看，特別是考慮到您擁有的 CImetrix 產品，您如何看待這個計劃？然後從市場進入的角度來看，您認為新產品線的最佳潛在收入綜效或交叉銷售機會在哪裡？

Sure. Okay. That's a great question. So first of all, as we met with customers, I would say number one, customers really love the security it provides, it's adherence to the standards like the ISO standards and emerging standards in Europe, and the fact that it can operate around the world. PDF has an even bigger footprint, a much bigger footprint in Taiwan, in Korea, in China, all around Asia than secureWISE do. So I think leveraging PDF infrastructure in Asia is the value to the customers. And combining PDS attention to security which, as you can imagine, from the database and system side because of the kinds of data customers store in our systems and their ability to transit data and engineering activity around the world in a secure manner. Putting those two things together is a big interest for the customers, number one on security.

當然。好的。這是一個很好的問題。首先，當我們與客戶會面時，我想說，首先，客戶真的很喜歡它提供的安全性，它遵守 ISO 標準和歐洲新興標準等標準，它可以在世界各地運作。PDF 的影響力甚至比 secureWISE 更大，在台灣、韓國、中國以及整個亞洲的影響力要大得多。因此我認為利用亞洲的 PDF 基礎設施對客戶來說是有價值的。並且結合 PDS 對安全性的關注，正如您可以想像的那樣，從資料庫和系統方面來看，這是因為客戶在我們的系統中儲存的資料類型以及他們以安全的方式在世界各地傳輸資料和工程活動的能力。將這兩件事結合起來對客戶來說具有很大的利益，首先是安全性。

Number two, as I said in my prepared remarks, secureWISE is used by the most sophisticated equipment companies in the world, with the most challenging equipment bring up and production control, et cetera. And the assembly world was always kind of like an afterthought in our industry. But as more and more process complexity is going in there into assembling and advanced packaging, the equipment vendors see value in the secureWISE platform being out there.

第二，正如我在準備好的演講中所說，secureWISE 被世界上最先進的設備公司所採用，用於最具挑戰性的設備啟動和生產控制等等。而在我們的產業中，裝配世界總是被人們視為事後才想到的事。但隨著組裝和先進封裝過程中的流程越來越複雜，設備供應商看到了 secureWISE 平台的價值。

Moreover, if you look at our engagement with this OSAT facilities, it's primarily on the test floor for AI/ML models and rules at the test edge. But when we talk to our fabless customers, they would like to ship more than rules and data around. They would like the engineers to be able to collaborate with their equipment and OSAT vendors, interactively with the engineering.

此外，如果你看看我們與這個 OSAT 設施的合作，它主要是在測試邊緣的 AI/ML 模型和規則的測試場地。但當我們與無晶圓廠客戶交談時，他們希望傳遞的不僅僅是規則和數據。他們希望工程師能夠與他們的設備和 OSAT 供應商合作，並與工程部門互動。

Moreover, one of the applications secureWISE supports is when an equipment vendor wants to upgrade software on equipment tool, it can be done in a secure manner. And the fab can run the proper virus checks and scans on it as it comes in. If you remember six or seven years ago, there was a large foundry that had a huge problem where someone brought in a memory stick and upgrade to an equipment, a piece of equipment, I think it was an (inaudible). And caused a huge virus in the fab and took down an entire fab for a chunk of time. Well, secureWISE has handled that very well in fabs.

此外，secureWISE 支援的應用之一是，當設備供應商想要升級設備工具上的軟體時，可以以安全的方式進行。當產品到達工廠時，工廠可以對其進行適當的病毒檢查和掃描。如果你還記得六、七年前，有一家大型鑄造廠遇到了一個大問題，有人帶來了一個記憶棒併升級到一台設備，一台設備，我認為這是一個（聽不清楚）。並在晶圓廠內引發了大規模病毒，導致整個晶圓廠在一段時間內停工。嗯，secureWISE 在晶圓廠已經很好地處理了這個問題。

Now if you just think about the OSATs world, more and more, your fabless customers want to bring AI models into your facility. You'd like those virus scanned and checked out. And secureWISE has that infrastructure as well.

現在，如果你只考慮 OSAT 世界，你的無晶圓廠客戶會越來越希望將 AI 模型帶入你的工廠。您希望掃描並檢查這些病毒。而 secureWISE 也擁有這樣的基礎設施。

So the first thing we did was demonstrate we could put secureWISE on a DEX network at an OSAT, and you could interact with it. This is something we'll expand on. Technically that interaction of PDF AI modeling, PDF connections to the tools, and secureWISE, myriad of ways of enabling communications and collaboration much richer than what we provided with DEX is always a big low-hanging fruit that you described.

因此，我們做的第一件事就是證明我們可以將 secureWISE 放在 OSAT 的 DEX 網路上，並且您可以與其互動。這是我們將會進一步擴展的內容。從技術上講，PDF AI 建模、PDF 與工具的連接以及 secureWISE 的交互，以及比我們透過 DEX 提供的更加豐富的通訊和協作方式，始終是您所描述的唾手可得的巨大成果。

And then business-wise, low-hanging fruit, obviously, additional equipment vendors, helping equipment vendors get to the advanced packaging world where they all want to get a connectivity. And then even, we've had dialogue with customers within foundries and IDMs, collaboration between the equipment teams, especially in a world of the geopolitical situation where everyone's setting up fabs all around the world. So a lot of our customers are needing to support fabs in many parts of the world. And equipment expertise, whether it's at the equipment vendor or it's at the foundry or IDM, is scarce. So you really want to be able to have a secure way and engineer in one location and can also interact with the tool in a different location. And we're starting to have dialogues with customers around that as well.

然後從商業角度來看，顯然，更容易實現的是額外的設備供應商，幫助設備供應商進入他們都希望獲得連接的先進封裝世界。甚至，我們還與代工廠和 IDM 內的客戶進行了對話，設備團隊之間進行了合作，特別是在每個人都在世界各地建立晶圓廠的地緣政治形勢下。因此，我們的許多客戶都需要為世界各地的晶圓廠提供支援。無論是設備供應商、代工廠或 IDM，設備專業知識都很稀缺。因此，您確實希望能夠以安全的方式在一個位置進行工程設計，並且還可以在不同位置與工具進行互動。我們也開始就此與客戶進行對話。

So overall it's just a great fit with the platform we're building out. We do think, with the trends of additional ML and AI, it enables a number of security features that customers will really want. And I think we're very excited to see what we're bringing to our ML ops capability.

所以總的來說，它與我們正在建立的平台非常契合。我們確實認為，隨著機器學習和人工智慧的發展趨勢，它將實現客戶真正想要的許多安全功能。我認為我們非常高興看到我們為我們的 ML 操作能力帶來的變化。

That's great, John. Thanks for the explanation. That's really helpful. And I just want to ask, on the Sapience side of things, how is the pipeline building there? It's great to see a deal this quarter. But how is this kind of -- is it starting to pick up? I know you've been working with SAP for a couple of years on this, but just kind of wondering if you're starting to see a bit of a shift in adoption.

太好了，約翰。謝謝你的解釋。這真的很有幫助。我只想問一下，在 Sapience 方面，那裡的管道建設得怎麼樣？很高興看到本季度達成了交易。但這種情況是怎麼樣的——它開始好轉了嗎？我知道您已經與 SAP 就此展開合作幾年了，但我只是想知道您是否開始看到採用方面發生了一些轉變。

Yeah, we do expect to close additional contracts this year for SMH Enterprise. And again, some of that new capability enables new workflows, and so we like to make sure we help the customers with new workflows and AI workflows. A big motivator for moving to something like this, because more accurate data from the facilities is important to enable better AI at the enterprise level. We do expect more business this year on SMH and we do think that there's a growing set of ways that we can help customers get more value out of it, which will create, I think, incrementally beyond this year, additional opportunities.

是的，我們確實希望今年與 SMH Enterprise 簽訂更多合約。再次強調，一些新功能可以實現新的工作流程，因此我們希望確保能夠透過新的工作流程和 AI 工作流程為客戶提供協助。轉向此類舉措的一大動機是，因為來自設施的更準確的數據對於在企業層面實現更好的人工智慧非常重要。我們確實預計今年 SMH 的業務會更多，而且我們確實認為，我們可以透過越來越多的方式幫助客戶從中獲得更多價值，我認為，這將在今年以後逐步創造更多機會。

Great. Thanks very much.

偉大的。非常感謝。

(Operator Instructions)

（操作員指示）

Gus Richard, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Gus Richard。

Thanks for taking the question. John, you mentioned you shipped two DFI systems in the quarter, one potential revenue. I was just wondering if you could provide a little bit of color on that. Is that a new customer? Is that an existing customer? Is it logic, DRAM? And the other system, any color where that one went?

感謝您回答這個問題。約翰，你提到你在本季出貨了兩套 DFI 系統，一套是潛在的收入。我只是想知道您是否可以對此提供一些說明。那是新顧客嗎？那是現有客戶嗎？它是邏輯、DRAM 嗎？另一個系統，那個系統跑到哪裡去了？

So these are both logic customers, both existing customers. And as I said in the last call, we do anticipate shipping for DRAM applications as we get through this year and we remain committed about that. We do see that opportunity as well. And maybe we're going to take a digestion pause as we digest these machines and the other ones that we've stood up recently. But we do expect in the second half of the year to ship again and exceed our goals for the year.

所以這些都是邏輯客戶，都是現有客戶。正如我在上次電話會議中所說的那樣，我們確實預計今年 DRAM 應用程式將會出貨，並且我們將繼續致力於此。我們確實也看到了這個機會。也許我們需要暫停一下來消化這些機器以及我們最近建立的其他機器。但我們確實希望在今年下半年再次發貨並超越今年的目標。

Okay. And just out of curiosity on the hope to recognize some revenue, if this is existing customers and you know in an additional tool, what's the hesitancy or what's the delay in (inaudible)?

好的。出於好奇，希望確認一些收入，如果這是現有客戶，並且您知道在附加工具中，猶豫或延遲是什麼（聽不清楚）？

So one of the basically new capability that we're demonstrating for the customer, it's a new configuration machine that does some new things.

因此，我們向客戶展示的基本新功能之一是，它是一種可以執行一些新功能的新型配置機器。

Okay. Understood. And then you were very popular at a recent event and made an appearance on stage and I'm just wondering was that signaling a strengthening of that relationship and perhaps an opportunity for additional DFI or other services at that customer or any sort of color around a potential opportunity?

好的。明白了。然後你在最近的一次活動中非常受歡迎，並出現在舞台上，我只是想知道這是否標誌著這種關係的加強，或許是一個為該客戶提供額外 DFI 或其他服務的機會，或者任何潛在機會的顏色？

Yeah. We never really speculate on specific customers, Gus, I mean we were very honored to be able to be on the stage and talk about our collaboration with them over the years, we hope to be able to extend that. And we think that there's a lot we can do together. Their roadmap is very interesting for a lot of our customers too. But it would be speculative for me to kind of go on and say what that meant, other than it was just a nice opportunity to get up on stage.

是的。我們從來沒有真正猜測過具體的客戶，格斯，我的意思是，我們非常榮幸能夠站在這個舞台上談論我們多年來與他們的合作，我們希望能夠延續這種合作。我們認為我們可以一起做很多事。他們的路線圖對我們的許多客戶來說也非常有趣。但對我來說，除了這是一個登上舞台的好機會之外，繼續說下去這意味著什麼都是猜測。

Okay. I understand. And then last one for me, the analytics business grew 10% year-on-year. The growth rate appears to have slown a bit. And I'm just wondering what are the challenges to picking up the growth rate of analytics?

好的。我明白。對我來說最後一個是，分析業務年增了 10%。增長率似乎有所放緩。我只是想知道提高分析成長率面臨哪些挑戰？

Overall, Gus, I think we've done a lot on R&D -- it kind of comes to that sales and marketing spend that I think maybe Blair asked us about. New innovation takes a while to get digested, and so that's I think an effort for us. Things like our SMH product, it's quite a complex deployment, right? So that pilot we did last year was very small, right on the order of a couple million dollars, right? And it takes a year, right, to then get to the point where they can go and say, well, this is useful, I think I'll make a more substantial booking and and actually deploy. So a lot of it, I think, as Exensio and (inaudible) analytics platform becomes more and more an enterprise-wide system, I do think that the way we sell needs to evolve. We're spending more money to get better at that. I wouldn't give us an A. I don't think I'd give us a B yet. I think we're still a C student. But we'll work at it and try to become a better student at it. I still think our effort is as we get new technology out, how do we get it into the hands of customers and show it really works and show them the value, to us that's what's most critical to drive growth.

總的來說，格斯，我認為我們在研發方面做了很多工作——這涉及到銷售和行銷支出，我想布萊爾可能問過我們這個問題。新的創新需要一段時間來消化，所以我認為這對我們來說是一種努力。像我們的 SMH 產品這樣的產品，部署起來相當複雜，對吧？所以我們去年進行的試點規模很小，大約需要幾百萬美元，對嗎？然後需要一年的時間，對吧，他們才能到達那個程度，然後說，好吧，這很有用，我想我會進行更實質性的預訂並實際部署。因此，我認為，隨著 Exensio 和（聽不清楚）分析平台越來越成為一個企業範圍的系統，我確實認為我們的銷售方式需要發展。我們正在投入更多資金來改善這一點。我不會給我們 A。我認為我暫時不會給我們 B。我認為我們仍然是 C 級學生。但我們會努力並嘗試成為更好的學生。我仍然認為，我們的努力在於，當我們推出新技術時，如何將其交到客戶手中，並向他們展示它確實有效並展示其價值，對我們來說，這是推動成長的最重要因素。

Got it. And then, Adnan, just with the acquisition, can you give us a little bit of color on how we should think about gross margin and OpEx going forward. What is the incremental spend and which lines?

知道了。然後，阿德南，就此次收購而言，您能否向我們稍微介紹一下我們應該如何看待未來的毛利率和營運支出。增量支出是多少以及哪些項目？

Yeah, absolutely. Look, I mean, I think when we announced the acquisition as well, we talked about how we expect the acquisition to be accretive to our earnings. We still believe that. It should also be accretive to our operating margins as well. Although there, as you acquire the company, you also had some thoughts around the additional spend it might need given that it's a carve-out situation and it wasn't a fully functioning organization by itself. So there are pieces of spend that we would add to this.

是的，絕對是如此。聽著，我的意思是，我認為當我們宣布收購時，我們也談到了我們期望收購如何增加我們的收益。我們仍然相信這一點。這也應該會增加我們的營業利潤率。儘管如此，當你收購該公司時，你也會考慮它可能需要的額外支出，因為這是一個剝離的情況，而且它本身並不是一個功能齊全的組織。因此，我們會將一些支出添加到其中。

I would say, overall, think of us as a combined company still marching towards our long term gross margin targets and the operating margin targets that we had said what in the fall of 2023. What we need to see is do we get all the way there or are we just under. So that's the math that we will continue to study as the year goes on. But overall, very pleased with the acquisition and the results that we're seeing already, like John said, in the two months of working together and the less than one month of results that are incorporated into our numbers.

我想說，總的來說，我們是一家合併後的公司，仍在朝著我們在 2023 年秋季所說的長期毛利率目標和營業利潤率目標邁進。我們需要看的是，我們是否已經完全達到目標，還是只是落後。所以這就是我們在未來幾年將繼續研究的數學問題。但總體而言，我們對這項收購以及我們已經看到的結果感到非常滿意，就像約翰所說的那樣，在兩個月的合作中，不到一個月的結果就被納入我們的數據中。

Okay. That's it for me thanks so much. Thanks, guys.

好的。對我來說就是這樣了，非常感謝。謝謝大家。

Christian Schwab, Craig Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Thanks. So guys, it's good to see that previous announced partnerships such as SAP has led to contracts in hand. Could you give us an update if you have numerous partnerships? And then thinking of Advantest in particular, is there any other pilots that have been ongoing that we should anticipate could turn into contract revenue over the next year?

謝謝。所以，夥計們，很高興看到之前宣布的與 SAP 等公司的合作已經促成了合約的簽訂。如果您有多個合作夥伴，能否提供我們最新資訊？然後特別考慮 Advantest，是否還有其他正在進行的試點項目，我們預計這些項目可以在明年轉化為合約收入？

Sure. You're right about we have a number of other partnerships with respect to Advantest, we have ongoing revenue from the Advantest engagement that includes both mutual selling, joint selling at customers where our customers use our product, integrated with if it works with some of their hardware, enabling more dynamic testing, more model-based testing. And they also are a customer of using our systems on-premise. We anticipate that relationship continuing and pieces of it will grow over time. Some of it will not grow, some of it will stay relatively constant. Some may shrink a little bit. But overall, we expect to have a relationship with Advantest on an ongoing basis.

當然。您說得對，我們與 Advantest 有許多其他合作夥伴關係，我們從與 Advantest 的合作中獲得持續收入，包括相互銷售、向使用我們產品的客戶進行聯合銷售，如果產品與他們的一些硬體兼容，則可以進行更動態的測試和更多基於模型的測試。他們也是使用我們系統的客戶。我們期望這種關係能夠持續下去，並且隨著時間的推移，關係會不斷發展。有些不會成長，有些會保持相對穩定。有些可能會縮小一點。但總體而言，我們希望與 Advantest 保持持續的合作關係。

There's numerous other ones, but well that's Siemens or IBM, most of them were involved with some joint selling. A lot of times, we show how our stuff works with their stuff, we sell our stuff, they sell their stuff. That's like in the case of SAP. Even most of the work we do with Advantest is like that as well.

還有許多其他公司，但主要是西門子或 IBM，其中大多數都參與了一些聯合銷售。很多時候，我們展示我們的產品如何與他們的產品協同工作，我們銷售我們的產品，他們銷售他們的產品。這就像 SAP 的情況一樣。甚至我們與 Advantest 合作完成的大部分工作也是如此。

So I would say, overall, we've learned a lot about how to run partnerships effectively. We still believe in the activity of integrating our solution with theirs. We think customers want that. But a lot of times we will do the selling of our part of the solution on our own, like we do with SAP as we're better able to speak to a specific value and in effect, capture the opportunity that's there, working in collaboration with them.

所以我想說，總的來說，我們已經學到了很多關於如何有效地經營合作關係的知識。我們仍然相信將我們的解決方案與他們的解決方案相結合的活動。我們認為客戶想要這個。但很多時候，我們會自己銷售我們自己的解決方案部分，就像我們與 SAP 合作一樣，因為我們能夠更好地表達特定的價值，並有效地抓住那裡的機會，與他們合作。

Great. No other questions. Thanks, guys.

偉大的。沒有其他問題。謝謝大家。

William Jellison, D.A. Davidson & Company.

威廉·傑利森（William Jellison），地方檢察官戴維森公司。

Thanks for taking the follow-up question. I wanted to ask, John, at the very beginning of the call, you mentioned how this year started with some of the industry who was relatively soft last year, hoping for better performance this year. You mentioned in the Q&A that advanced nodes would likely remain strong this year as well. So with that in mind, I'm curious how you think about your trailing edge customers and where they sit right now and your perspective on their relative strength or perhaps still waiting for their recovery.

感謝您回答後續問題。約翰，我想問一下，在電話會議一開始，您就提到今年年初一些行業表現相對疲軟，去年表現相對較弱，希望今年能有更好的表現。您在問答中提到，高階節點今年也可能保持強勁。因此考慮到這一點，我很好奇您如何看待您的後緣客戶以及他們目前的狀況，以及您對他們的相對實力的看法，或者也許仍在等待他們的復甦。

I mean, what I've noticed about the customers, I refer to them mostly as the merchants (inaudible) customers, they're some of the most aggressive at reforming their business operations, driving more AI in the way they operate, trying to get more productive on the way they respond to the market. So the SAP activity, the ML ops opportunities, some of the things we're doing on the enterprise-wide Exensio database capability, we find a lot of interest from the customers in that part of the world. I think, in part, because our industries, as I said in my prepared remarks, we've always been very good at dealing with an uncertain environment whether that was due to just supply and demand or regulatory issues or otherwise. And they want to get to a higher degree of nimbleness or flexibility. And so I think that some of what PDF can offer is a value to that customer base right now.

我的意思是，我注意到客戶，我主要稱他們為商家（聽不清楚）客戶，他們是最積極改革業務運營、在營運方式上推動更多人工智慧、試圖在響應市場的方式上提高生產力的人之一。因此，SAP 活動、ML 操作機會以及我們在企業範圍的 Exensio 資料庫功能上所做的某些事情，我們發現該地區的客戶對此非常感興趣。我認為，部分原因是，正如我在準備好的發言中所說，我們的行業一直非常善於應對不確定的環境，無論這僅僅是由於供需關係、監管問題還是其他原因。他們希望獲得更高程度的靈活性或靈活性。因此我認為 PDF 可以提供的一些功能對於目前的客戶群來說是有價值的。

For our leading edge customers, the train for 2-nanometer or 1.4-nanometer or the 1X or the 1Y layer of DRAM, that train leaves no matter what. So they need to either be on that train or not on that train. And that always is an impetus for customers making a decision fast for stuff on the leading edge. When it comes to enterprise-wide business process evolution, obviously, that can always take an extra quarter for them to make a decision to some extent. There's always timing issues that are harder to predict. But I think for that merchant customer, really, nimbleness is the name of the game. They're all looking to achieve more of it. We hope to help them with that in what we're bringing with our enterprise-wide solutions. That's kind of what we see in space right now.

對於我們領先的客戶來說，無論怎樣，2 奈米或 1.4 奈米或 1X 或 1Y 樓的 DRAM 列車都會開走。所以他們要嘛上那趟火車，要嘛不上那趟火車。這始終是促使顧客快速做出前沿產品決策的動力。當涉及到企業範圍的業務流程演變時，顯然，他們總是需要額外一個季度的時間來做出某種程度的決定。總是存在一些更難預測的時間問題。但我認為，對商家客戶來說，彈性才是關鍵。他們都希望能有更多成就。我們希望透過我們的企業範圍解決方案來幫助他們實現這一目標。這就是我們現在在太空中看到的景象。

Great. Thanks, John.

偉大的。謝謝，約翰。

Blair Abernethy, Rosenblatt Securities.

羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

Thanks. Just Adnan, just in terms of capital allocation, how should we think about over the next couple of years, your prioritization vis-a-vis debt reduction, share buyback, and so forth, given that you should be cash flowing fairly strongly?

謝謝。阿德南，就資本配置而言，考慮到您的現金流應該相當強勁，我們應該如何考慮未來幾年您在減少債務、回購股票等方面的優先事項？

Good. First of all, thanks for that confidence in the last part of your question. And yes, we certainly believe so as well, particularly with the businesses. We said in our prepared remarks and John said in the Q&A answers as well that the business is starting to show diversity now finally from the Gainshare side as well. So look, I mean that is a necessity when we were looking at the acquisitions that has to be put in place. Obviously, with John, he came in as the founder of the company, you've seen us `not carry any debts.

好的。首先，感謝您對問題最後一部分的信任。是的，我們確實也這麼認為，尤其是對企業而言。我們在準備好的發言中說過，約翰在問答環節也說過，從 Gainshare 來看，業務現在也開始展現出多元性。所以，我的意思是，當我們考慮必須進行的收購時，這是必要的。顯然，有了約翰，作為公司的創始人，你已經看到我們「沒有任何債務」。

So our objective high up on the list is going to remain how fast and how soon can we start to pay off that debt. That said, when the opportunities arise, are we going to look at buybacks? Yes, we absolutely will as well. But at the same time, it's going to be the balance of how much mint cash we want to carry on the balance sheet. So I would think of it as debt and then coupled with some buyback. Obviously, the last couple of quarters, as you can imagine, with the announcement of the deal, it puts you in a situation where you can't really go and buy in the market. And then a few years ago, you saw us buy back larger chunks of shares when the large blocks become available. So we'll remain opportunistic and balance it with the desire, number one, of reducing the debt amount as well as then when the opportunities arise, to buy back the stock.

因此，我們的首要目標仍然是我們能多快、多快開始償還債務。話雖如此，當機會出現時，我們會考慮回購嗎？是的，我們絕對會這麼做。但同時，這將是我們希望在資產負債表上保留多少鑄幣現金的平衡。所以我會把它看作是債務，然後再加上一些回購。顯然，正如你可以想像的那樣，過去幾個季度，隨著這筆交易的宣布，你陷入了無法真正去市場上購買的境地。幾年前，當大量股票可供出售時，你會看到我們回購了更大份額的股票。因此，我們將繼續抓住機會，並在減少債務金額和在機會出現時回購股票的願望之間取得平衡。

Okay. Great. And just one other one, if I could, on secureWISE, what's the gross margin profile look like of that business? And is it mostly a subscription revenue base or is it a maintenance base? What does the revenue side look like?

好的。偉大的。另外，如果可以的話，請問關於 secureWISE 的問題，該業務的毛利率狀況如何？它主要是訂閱收入基礎還是維護收入基礎？收入方面是什麼樣的？

Great question. I'll answer it in the flip order just to put the context around it. So the business is highly recurring, in fact, nearly all recurring. And it's got multiple pieces of it that constitute to the recurring nature. So as we have explained, the business, at the time when we did the acquisition, as John has also explained it today, there's obviously a license component that the end customers will pay to have access to the secure system. That's one. Second, you also get an opportunity for some of the contracts to build them on the data usage that's flowing into the system. Both of those together along with other pieces tend to make this business a highly recurring nature business.

好問題。我將按照相反的順序來回答這個問題，以便提供相關背景。因此，該業務具有高度的經常性，事實上，幾乎全部都是經常性的。它由多個部分組成，構成了循環性質。正如我們所解釋的那樣，當我們進行收購時，正如約翰今天所解釋的那樣，顯然有一個許可組件，最終客戶需要付費才能訪問安全系統。那是一個。其次，您還可以獲得機會根據流入系統的數據使用情況來制定一些合約。這兩者以及其他因素共同作用，使得這項業務成為一項具有高度重複性的業務。

In terms of gross margin, look, that was one of the attractive things to us. We don't break it out separately. But let me just say, it is accretive to our gross margins. So over the long term, particularly balanced with some of the spend that we alluded to earlier that we do need to make because of the carve-out situation. We net-net still expect to be a positive for us for the year. And hence, our earlier comments as well that we remain committed to our target margin models that we had set, a gross margin of 75% and 20% in the long term.

就毛利率而言，這對我們來說是一個有吸引力的因素。我們不會單獨將其分解。但我只想說，它確實提高了我們的毛利率。因此，從長遠來看，特別是要平衡我們之前提到的由於剝離情況而確實需要進行的一些支出。我們仍然預計今年的業績將對我們有利。因此，我們先前也表示，我們仍然致力於我們設定的目標利潤率模型，即毛利率為 75%，長期毛利率為 20%。

I mean, back to the question that I think Will had asked also on the increased spend on sales and marketing. Look, yes, we will optimize the spend and sometimes increase it, sometimes decrease it. But rest assured, we remain committed to making sure to solve for the 75% growth and 20% operating margin as our north-star.

我的意思是，回到我認為威爾也問過的問題，關於增加銷售和行銷支出的問題。是的，我們會優化支出，有時會增加，有時會減少。但請放心，我們仍然致力於確保實現 75% 的成長和 20% 的營業利潤率作為我們的目標。

Great. Thanks very much.

偉大的。非常感謝。

Thank you. (Operator Instructions) At this time, there are no more questions. Ladies and gentlemen, this concludes the program. Thank you for joining us on today's call.

謝謝。（操作員指示）目前，沒有其他問題。女士們、先生們，本次節目到此結束。感謝您參加今天的電話會議。