PDF Solutions Inc (PDFS) 2025 Q2 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 second quarter conference call ending Monday, June 30, 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 6 月 30 日星期一的第二季度電話會議的財務業績。（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.

本次會議期間將發表的一些聲明具有前瞻性，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'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 in 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.

PDF 的實際結果可能會大不相同。您應參考 PDF 截至 2024 年 12 月 31 日財政年度的 10-K 表格年度報告第 16 至 30 頁中題為「風險因素」的部分，以及後續 SEC 文件中的類似揭露。本次電話會議中所述的前瞻性陳述和風險均基於 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 和 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 second 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二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，每個內容都已發佈在那裡。

We achieved record revenue in the quarter and established groundwork for continued growth. Given our innovative 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 anticipate revenue growth of 21% to 23% for the year, reaffirming our prior guidance.

我們在本季實現了創紀錄的收入，並為持續成長奠定了基礎。鑑於我們的創新產品與 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一致，我們預計今年的收入將成長 21% 至 23%，這再次證實了我們先前的預期。

Significant bookings in the quarter were primarily for enterprise-wide solutions, including secureWISE, Sapience and Exensio and for characterization infrastructure. Sapience and Exensio bookings in Q2 were driven primarily by fabless and IDMs as analytics is increasingly becoming important to them as they have a growing need to link manufacturing operations to ERP.

本季度的大量訂單主要針對企業範圍的解決方案，包括 secureWISE、Sapience 和 Exensio 以及特性化基礎設施。Sapience 和 Exensio 在第二季的訂單主要由無晶圓廠和 IDM 推動，因為分析對他們來說越來越重要，因為他們越來越需要將製造業務與 ERP 聯繫起來。

Characterization bookings in the quarter were tied to customers deploying CV infrastructure to develop and ramp new nodes with particular strength for the solution in Asia. As is typical, Cimetrix bookings in the quarter were primarily due to equipment vendors utilizing more runtime licenses, particularly our more advanced tool control and communications modules.

本季度的特性化預訂與部署 CV 基礎架構的客戶有關，這些客戶旨在開發和提升對亞洲解決方案具有特殊優勢的新節點。通常情況下，本季 Cimetrix 的預訂量主要歸功於設備供應商利用更多的執行時間許可證，特別是我們更先進的工具控制和通訊模組。

With respect to DFI, we have previously talked about shipping at least four eProbe tools with two contributing to revenue this year. So far this year, we have installed and qualified the tool machines we shipped in Q1 as subscription upgrades with incremental revenue. Overall, demo, install and engineering activities with customers are at a high level, and we anticipate meeting our goals for DFI this year with shipping another two tools contributing to additional revenue.

關於 DFI，我們之前曾談到今年將出貨至少四種 eProbe 工具，其中兩種將為收入做出貢獻。今年到目前為止，我們已經安裝並驗證了第一季出貨的工具機器，作為訂閱升級，並增加了收入。總體而言，與客戶的演示、安裝和工程活動處於高水平，我們預計今年將實現 DFI 的目標，並交付另外兩種工具以增加收入。

Our first full quarter with secureWISE showed strong bookings, benefiting from PDF's position in the semiconductor industry. While secureWISE is deployed at all at fabs, in fact, nearly all 300-millimeter fabs in the world, primary customers historically have been the equipment OEMs so they can provide support to their fab customers.

由於 PDF 在半導體行業的地位，我們與 secureWISE 合作的第一個完整季度表現出強勁的預訂量。儘管 secureWISE 已在晶圓廠全面部署，事實上，幾乎世界上所有的 300 毫米晶圓廠都部署了它，但其主要客戶歷來都是設備 OEM，因此他們可以為其晶圓廠客戶提供支援。

However, as the fab owners themselves have more distributed operations, they wish to get the benefit of remote access to tools and data. Thus, we felt that secureWISE would enable our fab customers and eventually our fabless customers to have secure remote operations. We refer to this as the foundation layer of the supply chain orchestration element of the PDF platform. Sapience Manufacturing Hub and DEX are other elements we put in the supply chain orchestration category.

然而，由於晶圓廠業主本身擁有更多的分散式操作，他們希望獲得遠端存取工具和資料的好處。因此，我們認為 secureWISE 將使我們的晶圓廠客戶以及最終的無晶圓廠客戶能夠進行安全的遠端操作。我們稱之為 PDF 平台供應鏈編排元素的基礎層。Sapience Manufacturing Hub 和 DEX 是我們歸入供應鏈編排類別的其他元素。

As our customers deploy analytics and AI, they increasingly need to connect to other enterprise applications such as SAP and across organizational boundaries to the tools processing their chips. Our supply chain orchestration products enable this.

隨著我們的客戶部署分析和人工智慧，他們越來越需要連接到其他企業應用程式（如 SAP）並跨越組織邊界連接到處理其晶片的工具。我們的供應鏈協調產品可以實現這一點。

Last quarter, we validated this perspective as a large IDM entered into a contract to deploy secureWISE across the majority of their tools at their internal fabs, test and assembly facilities. This is intended to enable both internal usage as well as allow equipment vendors the ability to remotely access their tools to improve support for the IDM. The benefit to this customer is higher productivity of their engineering effort and operations while having superior auditing and accounting of all activities on the tools.

上個季度，我們驗證了這一觀點，因為一家大型 IDM 簽訂了合同，在其內部晶圓廠、測試和組裝設施的大多數工具中部署 secureWISE。這是為了實現內部使用，並允許設備供應商遠端存取他們的工具，以改善對 IDM 的支援。該客戶可獲得的好處是，他們的工程工作和營運效率更高，同時可以對工具上的所有活動進行更出色的審計和會計。

Moreover, they can get better support from their equipment vendors. For the equipment vendors, they can be more responsive when issues occur and by purchasing additional capabilities from PDF. They can provide additional services. We are pleased that in such a short time, customers have validated secureWISE as a network for the IC manufacturing ecosystem to facilitate collaboration and AI in manufacturing.

此外，他們還可以從設備供應商那裡獲得更好的支援。對於設備供應商來說，當問題出現時，他們可以更快地做出回應，並透過從 PDF 購買額外的功能。他們可以提供額外的服務。我們很高興，在如此短的時間內，客戶已經驗證了 secureWISE 作為 IC 製造生態系統網路的有效性，以促進製造業的協作和人工智慧。

At the Intel Foundry Direct Connect event, we were able to highlight collaboration and how PDF has moved from a capability used internally at customers to an industry-wide platform that enables new ways to work. I was invited to share the stage with Intel's CEO and talk about their strategy for foundry. My comments were about collaboration to achieve great yields and operational metrics.

在英特爾代工廠直連活動上，我們能夠重點介紹協作以及 PDF 如何從客戶內部使用的功能轉變為支援新工作方式的產業範圍的平台。我受邀與英特爾執行長同台討論他們的代工策略。我的評論是關於合作以實現高收益和營運指標。

Over the years, we have delivered multiple modules of Exensio and characterization vehicles to customers. With the DEX nodes, we started to connect the modules we delivered to fabless and IBMs out to their OSAT suppliers to improve test. Now with secureWISE and Sapience, we're able to connect enterprises together, linking equipment vendors to the fabs where the tools are installed or fabless to the fabs and OSATs that manufacture for them. We believe this is crucial to achieve greater yields, in part because to deploy AI, you need automated connectivity between the different data, tools and enterprise software systems. We believe PDF is very well positioned to deliver this to our customers as they partner with their suppliers and customers.

多年來，我們已向客戶交付了多個Exensio模組和特性化車輛。透過 DEX 節點，我們開始將交付給無晶圓廠和 IBM 的模組連接到他們的 OSAT 供應商，以改善測試。現在，借助 secureWISE 和 Sapience，我們能夠將企業連接在一起，將設備供應商與安裝工具的晶圓廠聯繫起來，或將無晶圓廠與為其進行生產的晶圓廠和 OSAT 聯繫起來。我們認為這對於實現更高的收益至關重要，部分原因是要部署人工智慧，您需要在不同數據、工具和企業軟體系統之間建立自動連接。我們相信，當我們的客戶與供應商和客戶合作時，PDF 能夠很好地為他們提供這項服務。

Recently, we also announced that PDF's user conference and Analyst Day will be held this December. You will see our customers and PDF folks talk about the PDF platform and the impact it's having on the industry and our customers' production.

最近，我們也宣布PDF的用戶大會和分析師日將於今年12月舉行。您將看到我們的客戶和 PDF 人員討論 PDF 平台及其對行業和客戶生產的影響。

Since 2020, through 2024, we have consistently grown revenue, gross margins and EPS every year, with a 20% CAGR for revenue while expanding gross margins from 63% to 74% and EPS from a loss of $0.02 to a profit of $0.84. In our conference, we will describe how we plan to build on this performance. We look forward to seeing many of you there. I want to thank all of the PDF customers, employees and contractors for their effort during the second quarter.

自2020年起，至2024年，我們的營收、毛利率及每股盈餘每年均持續成長，營收複合年增長率達20%，毛利率從63%提升至74%，每股盈餘從虧損0.02美元增至獲利0.84美元。我們將在年會上闡述如何在此基礎上更上一層樓。我們期待在那裡見到你們。我要感謝所有 PDF 客戶、員工和承包商在第二季的努力。

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

現在我將把電話轉給阿德南，他將審查財務狀況並對我們的結果提供他的看法。阿德南？

Thank you, John. Good afternoon, everyone, and good to speak with you all again today. We are pleased to review the financial results of the second quarter and to bring you up to date on the progress of the business. Please note that all of 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.

謝謝你，約翰。大家下午好，很高興今天能再次與大家交談。我們很高興回顧第二季的財務表現並向您通報業務進度。請注意，我們在今天的電話會議上討論的所有財務結果都將以非 GAAP 為基礎，並且在我們網站的資料中提供了與 GAAP 財務的對帳。

For Q2, our total revenues were a record $51.7 million, up 24% on a year-over-year basis and up 8% versus the prior quarter. For the first half of this year, our revenues also grew 20% on a year-over-year basis versus the comparable first half of last year. We achieved our long-term target of revenue growth rate of 20% for the 6-month year-to-date period and exceeded it for this quarter.

第二季度，我們的總收入達到創紀錄的 5,170 萬美元，年增 24%，較上季成長 8%。今年上半年，我們的營收與去年同期相比也年增了 20%。我們實現了年初至今六個月收入成長率 20% 的長期目標，並且本季超過了這一目標。

Our analytics revenue were also a record $48.8 million, up 28% from the same quarter of last year. We benefited this quarter from a characterization deal, first full quarter of secureWISE revenues, a new secureWISE deal signed during the quarter, another meaningful booking for Sapience Manufacturing Hub and contributions from Exensio renewals. We see additional opportunities to leverage cross-selling across the elements of our PDF platform and to expand the strategic relevance of PDF with our customers.

我們的分析收入也創下了 4,880 萬美元的紀錄，比去年同期成長了 28%。本季度我們受益於特性化交易、secureWISE 第一季的完整收入、本季度簽署的一項新的 secureWISE 交易、Sapience Manufacturing Hub 的另一項有意義的預訂以及 Exensio 續約的貢獻。我們看到了利用 PDF 平台各個元素進行交叉銷售的更多機會，並擴大 PDF 與客戶的策略相關性。

During the second quarter, revenue contribution from integrated Yield Ramp came in at $2.9 million compared to $3.5 million of the same quarter of last year, driven primarily by the reduction in fixed fee as we completed the engagement and are now in the gain share period.

第二季度，綜合收益提升 (Yield Ramp) 的收入貢獻為 290 萬美元，而去年同期為 350 萬美元，這主要由於我們完成了合作並進入收益分享期，固定費用減少。

Given the bookings momentum this quarter, we again grew our backlog and ended the quarter with $233 million of backlog. It is worth mentioning that we do not include potential future Cimetrix runtime licenses or gain share revenues in our backlog, and our backlog would be even higher if we included these highly probable future amounts.

鑑於本季的預訂勢頭，我們的積壓訂單量再次增加，本季末積壓訂單量達到 2.33 億美元。值得一提的是，我們的積壓訂單中不包括潛在的未來 Cimetrix 運行時許可證或收益份額收入，如果我們將這些極有可能的未來金額包括在內，我們的積壓訂單將會更高。

Based on what we can see in our deal pipeline, we see an opportunity to strongly grow bookings momentum and therefore, our backlog for the second half of this year. We reported gross margins of 76% for Q2, higher than the 75% long-term gross margin target that we shared during our Analyst Day. On a year-to-date basis, our gross margin is now 76%, again, higher than our target 75% long-term gross margin.

根據我們在交易管道中看到的情況，我們看到了大幅增加預訂量的機會，因此，今年下半年的積壓訂單也有望增加。我們報告的第二季毛利率為 76%，高於我們在分析師日期間分享的 75% 的長期毛利率目標。從年初至今，我們的毛利率為 76%，再次高於我們 75% 的長期毛利率目標。

On the operating expense side, our expenses for the quarter were up. However, they grew at a lower rate than our revenue growth rates, primarily driven by personnel-related expenses. The controlled growth in spend allowed us to expand our operating margin to 19%, higher than both last quarter as well as the same quarter of a year ago.

在營運費用方面，我們本季的支出有所增加。然而，它們的成長速度低於我們的收入成長率，主要原因是人員相關費用。支出的控製成長使我們的營業利潤率擴大到 19%，高於上一季和去年同期。

For the six-month period, our operating margin of 18% are up meaningfully versus 14% of the same period a year ago. We continue to believe we are on the right path to 20% operating margin, which is our target. For EPS, we reported a profit of $0.19 for the quarter, which for the six-month period also grew 18% on a year-over-year basis compared to the first half of last year.

六個月期間，我們的營業利潤率為 18%，與去年同期的 14% 相比有顯著增長。我們仍然相信，我們正朝著 20% 的營業利潤率的目標前進。就每股收益而言，我們報告本季利潤為 0.19 美元，與去年上半年相比，六個月期間的利潤同比增長了 18%。

We ended the quarter with cash and cash equivalents of $40.4 million compared to $54.1 million of the prior quarter. We consumed operating cash flow for the quarter. However, we generated positive operating cash flow for the year-to-date period of six months. For the quarter itself, we used $8.5 million in CapEx spend, primarily for eProbe machine build as a result of increased customer demand.

本季末，我們的現金和現金等價物為 4,040 萬美元，而上一季為 5,410 萬美元。我們消耗了本季的經營現金流。然而，在今年迄今的六個月裡，我們的經營現金流為正。就本季而言，我們使用了 850 萬美元的資本支出，主要用於 eProbe 機器的製造，因為客戶需求增加了。

As we look to the rest of the year and based on the bookings momentum in our deal pipeline discussed earlier, we reaffirm our prior guidance of revenue growth in the range of 21% to 23% for full year 2025 compared to the prior full year 2024. With the first half of the year completed at 20% revenue growth rate, we expect the second half of the year to grow higher than 20% versus a strong comparable period of last year.

展望今年剩餘時間，根據我們先前討論的交易管道中的預訂勢頭，我們重申先前的預測，即 2025 年全年收入增長率將在 21% 至 23% 之間，而 2024 年全年則為 21%。今年上半年的營收成長率已達 20%，我們預計下半年的營收成長率將高於 20%，而去年同期的營收成長率則較為強勁。

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）

Our first question comes from the line of Blair Abernethy from Rosenblatt Securities.

我們的第一個問題來自羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

Good afternoon, gentlemen. Hi, good job on the quarter, I guess a couple of things for me just first off, it's good to see some traction with Sapiens. Maybe you can give us, a little more color on that and, the sounds like you had a win in the quarters that a new customer just come through your relationship with SAP just trying to understand how that product is doing.

先生們，下午好。嗨，本季表現不錯，我想首先對我來說有幾件事，很高興看到 Sapiens 取得一些進展。也許您可以為我們提供更多細節，聽起來您在某些季度中取得了成功，新客戶剛剛透過與 SAP 的關係來了解該產品的運作情況。

Yes. It's an existing customer. As you know, I think we have 350 customers in the chip industry at this point. So almost everybody is an existing customer at some level, except for maybe new entrants in China. Customer that -- the first couple of Sapience contracts we signed were with factory operations, foundries or factory operations sides of IDMs.

是的。這是一位現有客戶。如您所知，我認為我們目前在晶片行業擁有 350 個客戶。因此，除了中國的新進入者之外，幾乎每個人都是某種程度的現有客戶。客戶－我們簽署的最初幾份 Sapience 合約是與工廠營運、代工廠或 IDM 的工廠營運方簽訂的。

This was on the product side of an IDM. So product codes also have to manage the supply chain. And as they effectively add more and more advanced packaging, more complex manufacturing flows, they've got as much need for kind of visibility and connecting the supply chain to their ERP systems for -- as I said, to get better productivity, more agility. And ultimately, if you want to apply AI and ML, you really need to have that automation. As we've done pilots on AI/ML, one of the things that customers bump into is like, wait a minute, I need to know where my material is going if I want to go and affect the downstream test based on upstream data, for example.

這是 IDM 的產品方面。因此產品代碼也必須管理供應鏈。隨著他們有效地添加越來越先進的包裝、越來越複雜的製造流程，他們對可視性的需求也越來越大，並將供應鏈連接到他們的 ERP 系統——正如我所說，以獲得更好的生產力和更高的靈活性。最終，如果您想應用 AI 和 ML，您確實需要實現自動化。當我們在 AI/ML 上進行試點時，客戶遇到的問題之一是，等一下，例如，如果我想根據上游資料影響下游測試，我需要知道我的材料要去哪裡。

So this is first product type customer. We're very excited about that. We think they are more -- and we think there will be a synergy ultimately, although not with this initial contract with the secureWISE network and the DEX network out to the supply chain itself. So as it's deployed, it's really looking at static data. We think over time, it's going to be able to look more dynamically in the field. And then lastly, you asked a question about the SAP connection.

這是第一個產品類型的客戶。我們對此感到非常興奮。我們認為它們更多——並且我們認為最終會產生協同效應，儘管不是透過與 secureWISE 網路和 DEX 網路簽訂的初始合約延伸到供應鏈本身。因此，在部署時，它實際上是在查看靜態資料。我們認為隨著時間的推移，它將能夠在該領域表現得更動態。最後，您問了一個有關 SAP 連線的問題。

Many of these relationships have got SAP involved. This one did as well come through initial SAP discussions.

許多這樣的合作關係都讓 SAP 參與其中。這也是透過最初的 SAP 討論達成的。

Okay. Great. And then just over to the secureWISE acquisition. It sounds like that has gone well with an additional win. Can you just update us as to where you are in terms of integration of the business, but also the products?

好的。偉大的。然後就談到 SecureWISE 收購。聽起來一切進展順利，又獲得了一次勝利。您能否向我們介紹一下您在業務整合和產品整合方面的進展？

Yes, that's a great question, Blair. So on the business, we've been moving over systems, as you know, it was a carve-out. So -- and we have an expectation to get that completed in September. So we're well along our way on that. Some of the new employees you see added this month -- this quarter were people that were contractors prior to -- as of March 30, or whatever, that are now employees from that -- basically secureWISE folks that we brought that were not originally in the secureWISE part of Telit, but in the Telit part of Telit that we've now brought over as employees.

是的，布萊爾，這是一個很好的問題。因此，在業務方面，我們一直在轉移系統，正如你所知，這是一個剝離。所以——我們預計將於 9 月完成。因此，我們在這方面進展順利。您看到的本月（本季）新增的一些員工是 3 月 30 日之前的承包商，現在都是員工了，基本上是我們帶來的 secureWISE 員工，他們最初不在 Telit 的 secureWISE 部門，而是在 Telit 的 Telit 部門，現在我們把他們帶過來當員工了。

So we're moving well along the way on the integration. We've been training -- cross-training the sales teams. That's been ongoing. And we've already started doing things like installing secureWISE on DEX nodes at OSATs and doing internal testing on integration of secureWISE and DEX and having the teams meet on what we can do associated with that. If you really think about it, what secureWISE gives you is a broader set of functions once you're at the factory. DEX gives you the function to be able to run an AI/ML model or a rule and stream test data off. So it's a richer set of functions.

因此，我們在整合方面進展順利。我們一直在對銷售團隊進行培訓—交叉培訓。這一直在進行。我們已經開始做一些事情，例如在 OSAT 的 DEX 節點上安裝 secureWISE，對 secureWISE 和 DEX 的整合進行內部測試，並讓團隊開會討論我們可以採取的相關措施。如果你認真考慮一下，你會發現一旦進入工廠，secureWISE 就會為你提供更廣泛的功能。DEX 為您提供了運行 AI/ML 模型或規則並串流測試資料的功能。因此它的功能更加豐富。

DEX has more compute at the node than secureWISE typically does. Then the pipe from the factory back to the consumer of the data. With secureWISE, it's completely off the Internet and a completely double encrypted channel. It's, I think, the most unique capability out there in the industry. And DEX really was using primarily the cloud infrastructure to do that transmission. So now we're able to offer customers an upgraded or more secure way of communicating or getting their data to and from their OSATs. Already a couple of fabless customers have reached out to us to understand what that means because I think in this environment, you could never be too secure.

DEX 在節點上的運算能力通常比 secureWISE 強。然後透過管道將數據從工廠返回給消費者。使用 secureWISE，它完全脫離互聯網，並且是一個完全雙重加密的通道。我認為這是業界最獨特的能力。DEX 確實主要使用雲端基礎設施來進行傳輸。因此，現在我們能夠為客戶提供升級或更安全的方式來與 OSAT 進行通訊或取得資料。已經有幾家無晶圓廠客戶與我們聯繫，想了解這意味著什麼，因為我認為在這種環境下，安全永遠是最重要的。

Yes. Excellent. One last one for me, and I'll see the line here. The just on the CapEx. So just looking back, your CapEx spending a year ago and was sort of running $4.5 million, $5 million a quarter, stepped up in Q1. And again, this quarter sort of $8.5 million. Just what should we be expecting for CapEx spend on a run rate basis?

是的。出色的。對我來說這是最後一個，然後我會看到這裡的線。這只是資本支出。回顧一下，一年前您的資本支出約為 450 萬美元，每季 500 萬美元，在第一季增加。本季的營收約為 850 萬美元。我們應該對資本支出在運作率基礎上的預期是什麼？

Yes. Good question, Blair. So look, just like John said, we are pleased with the opportunities we're seeing. You've seen in John's comments, even sounding stronger about the opportunities that lie ahead of us. And candidly, it's for that reason, we stepped up on the CapEx where we see an opportunity to engage on the eProbe side with the multiple customers.

是的。問得好，布萊爾。所以，就像約翰所說的那樣，我們對所看到的機會感到高興。您可以從約翰的評論中看到，他對我們的未來機會的評價更加堅定。坦白說，正是出於這個原因，我們加大了資本支出，因為我們看到了與多個客戶在 eProbe 方面合作的機會。

From this point on, we feel we can manage the CapEx to either these levels or just a bit below, but we'll do our best. Obviously, it's going to be balanced by if new opportunities come up that we see, then we'll decide to make the appropriate spend. But first half of the year is probably a good proxy of a high level for the second -- is a high number proxy for the second half of the year. So at this level or slightly below is what we would expect for the second half of CapEx.

從現在開始，我們覺得我們可以將資本支出管理到這些水平或略低於這些水平，但我們會盡力而為。顯然，如果我們發現有新的機會出現，我們就會決定進行適當的支出，從而實現平衡。但上半年可能是下半年高水準的一個很好的代表——是下半年高水準的一個很好的代表。因此，我們對下半年資本支出的預期是處於這個水準或略低於這個水準。

Okay great thank you.

好的，非常感謝。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Our next question comes from the line of Gil Luria from D.A. Davidson & Company.

我們的下一個問題來自 D.A. Davidson & Company 的 Gil Luria。

This is Clark Wright on for Gil Luria. I wanted to quickly just ask on maybe some of the China exposure and the recent developments that we've seen just in terms of potential disruption in this space. I'd love to kind of understand how you guys are positioned to maybe capitalize on this disruption or so the risk that it potentially imposes on growth going forward?

這是克拉克·賴特 (Clark Wright) 代替吉爾·盧裡亞 (Gil Luria) 出場。我想快速詢問一下有關中國的風險敞口以及我們所看到的該領域的潛在混亂的最新發展。我很想了解你們如何利用這次中斷，或是如何利用它可能對未來成長造成的風險？

Sure. Thanks, Gil. Good question. China is an important part of the semiconductor market has been and will be. China is building out its own infrastructure. We've been in China since 2006, and we anticipate staying there. That said, we are very careful about bifurcating, in fact, starting in about 2017, bifurcated a lot of our China operations from the rest of the operations in the company. The pandemic accelerated that because we no longer could fly people around. And we run China pretty autonomously.

當然。謝謝，吉爾。好問題。中國一直是、並且仍將是半導體市場的重要組成部分。中國正在建設自己的基礎設施。我們自 2006 年起就來到中國，並期待繼續在那裡發展。話雖如此，我們對分叉非常謹慎，事實上，從 2017 年左右開始，我們將許多中國業務與公司其他業務分叉。疫情加速了這一進程，因為我們不再能用飛機運送人員。我們在中國管理上相當自主。

We see continued investment in fabs. Our business with fabs tends to lag the capital equipment folks because they buy equipment, then they realize they need test vehicles and systems to be able to ramp up nodes. And so you kind of see that in our numbers right now. And a sizable fraction of our revenue is really just coming out of China is really just royalties gain share from past nodes, from past deployments. That will continue even if China were to be for some reason, the U.S and China were to shut completely shut off, we would see a revenue stream out of there for many, many years to come just off royalty payments, gain share payments of past deployments. So that relatively insulates us from short-term shocks between the two countries.

我們看到對晶圓廠的投資持續不斷。我們與晶圓廠的業務往往落後於資本設備人員，因為他們購買設備，然後他們意識到他們需要測試車輛和系統才能提高節點。所以你現在就可以從我們的數字中看到這一點。我們收入的很大一部分實際上只是來自中國，實際上只是從過去的節點、過去的部署中獲得的版稅份額。即使中國由於某種原因、美國和中國完全關閉，這種情況仍將繼續，我們將在未來許多年看到來自那裡的收入流，僅來自特許權使用費和過去部署的收益分成。因此，這相對而言使我們免受兩國之間短期衝擊的影響。

We think we've done a very good job at separating the way we operate the two organizations, our customers in the West really want us to not use our employees from China and our Chinese customers don't want us to use Western employees as well. So it kind of runs relatively independently these days. And I think given our long history there, we're able to do that pretty effectively. We do believe China will be a meaningful producer, particularly on the trailing edge nodes for years to come. So it's an important market for us to participate in.

我們認為我們在區分兩個組織的運作方式方面做得很好，我們的西方客戶確實希望我們不要使用來自中國的員工，而我們的中國客戶也不希望我們使用西方員工。因此，現在它的運作相對獨立。我認為，鑑於我們在那裡的悠久歷史，我們能夠非常有效地做到這一點。我們確實相信，中國將成為一個重要的生產國，特別是在未來幾年的後緣節點上。因此，這對我們來說是一個重要的市場。

Thanks for that added clarity. Appreciate it.

感謝您提供的進一步說明。非常感謝。

Thank you. Our next question comes from the line of Christian Schwab from Craig-Hallum Capital.

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

Hey, great, thanks for taking my question. We've been talking about Intel for a little while, and it sounds like you're mentioning it a little bit more in the prepared comments. Can you just give us a rough idea of where we stand with that customer and either on a revenue basis or what inning we're in and how fast that potentially could ramp or how big it could be over, say, a multiyear time frame?

嘿，太好了，謝謝你回答我的問題。我們已經談論英特爾有一段時間了，聽起來您在準備好的評論中更多地提到了它。您能否向我們粗略介紹一下我們與該客戶的關係，無論是從收入角度還是從我們所處的階段來看，以及這種關係可能以多快的速度增長，或者在多年的時間範圍內可能增長到多大？

Yes. Of course, Christian, we're always very careful about being respectful of customers' confidentiality. And part of the reason why you saw it on this conference call, us to directly call out Intel and not in the past was because they had us up on stage on their event. So at that point, it's like they move first. So part of the reason why we're on -- we mentioned it today.

是的。當然，克里斯蒂安，我們始終非常小心地尊重客戶的隱私。你們之所以在這次電話會議上看到我們直接點名批評英特爾，而不是像以前那樣，部分原因是因為他們邀請我們在他們的活動中登台亮相。因此，在那時，就好像他們先行動了起來。所以我們今天提到了這個問題的部分原因。

They are an important customer to us. We think they're important company in the industry overall. And they have been a significant customer for us, and we expect them to be a significant and potentially more significant customer going forward, as you probably noticed from the remarks on stage there by their CEO.

他們是我們的重要客戶。我們認為他們是整個產業中重要的公司。他們一直是我們的重要客戶，我們預計他們未來也會成為我們的重要客戶，甚至可能更重要的客戶，正如您可能從他們執行長在台上的演講中註意到的那樣。

The technology that PDF provides is increasingly becomes important as they open up their manufacturing to others and even the way they manufacture their own products. So we do expect an improving outlook on our business with them moving forward as well as an improving business with other customers as well. But we do think they will be on dollar value of growing customer.

隨著 PDF 向其他公司開放其製造業務，甚至開放製造自己產品的方式，PDF 提供的技術變得越來越重要。因此，我們確實期望我們與他們的業務前景會有所改善，並且與其他客戶的業務也會有所改善。但我們確實認為他們會專注於不斷成長的客戶美元價值。

Great. And then it seems like the last few conference calls, we've gotten pull-through regarding our partnership with SAP, but we have other partnerships which we haven't heard a lot about lately. Is there something going on that's specific to customer need that we're seeing SAP partnerships and pull-ins and business because of that versus, say, other people like Advantest that we've had for quite some time now?

偉大的。然後，似乎在最近的幾次電話會議中，我們與 SAP 的合作關係得到了鞏固，但最近我們還沒有聽到太多關於其他合作關係的消息。是否有針對客戶需求的特定因素，導致我們看到 SAP 的合作夥伴關係、拉攏和業務，而與 Advantest 等其他公司相比，我們已經合作了相當長一段時間了？

Yes. So that's a great question. And I think what I tried to put in my prepared remarks, and I guess I didn't do as good a job as I could have. I think everybody knows you've got to get your data all in one place and aligned, and that was Exensio. And you need to be able to talk to the testers.

是的。這是一個很好的問題。我認為我已經盡力在準備好的發言中表達了這一點，但我認為我沒有做到最好。我想每個人都知道你必須將所有數據放在一個地方並保持一致，那就是 Exensio。並且您需要能夠與測試人員交談。

That's been our partnership with Advantest and that partnership does go on. But I think what -- even the most savvy customers probably don't always haven't -- didn't really factor when they started having data scientists and AI people start developing and deploying AI models was the need to orchestrate the enterprise.

這就是我們與 Advantest 的合作關係，而這種合作關係仍在繼續。但我認為，當資料科學家和人工智慧人員開始開發和部署人工智慧模型時，即使最精明的客戶可能也不會總是真正考慮到協調企業的需要。

In other words, if I'm going to use AI to be more efficient and test on some very complex package for an AI chip, I need to know where the material is being shipped, which OSAT is going to, when is it going to be on that tester. So I know when to -- when the AI knows when to send a model over. But that information is typically in your ERP or your MES system. So we're seeing customers who are really starting to get to deploy models at scale or in production, realize they need to go back and look at how do they orchestrate the connection between their engineering and their other operations.

換句話說，如果我要使用 AI 來提高效率並對 AI 晶片的一些非常複雜的封裝進行測試，我需要知道材料被運往哪裡，要運往哪個 OSAT，以及什麼時候會在那個測試儀上進行測試。所以我知道什麼時候——人工智慧知道什麼時候該發送模型過來。但這些資訊通常位於您的 ERP 或 MES 系統中。因此，我們看到真正開始大規模或在生產中部署模型的客戶意識到他們需要回頭研究如何協調他們的工程與其他操作之間的聯繫。

And right now, we still think that, that's going on relatively through conventional Internet out to their OSAT suppliers. Our secureWISE acquisition is because we think they will ultimately want to do that in a very secure way. One of the features secureWISE has is when you ship a software update down to a piece of equipment, the factory gets to decide what virus scans are run on that software before it's installed.

現在，我們仍然認為，這是透過傳統互聯網向 OSAT 供應商進行的。我們收購 secureWISE 是因為我們認為他們最終會希望以非常安全的方式來實現這一點。secureWISE 的功能之一是，當您將軟體更新傳送到某個裝置時，工廠可以決定在安裝之前對該軟體執行哪些病毒掃描。

Well, I think factories are going to get more and more wise about, hey, wait a minute, my fabless customer shipping down a model. And I'd like that -- that's code basically. I'd like that code to be scanned and secureWISE is increasingly important. So that's why we really highlighted what we're doing with SAP and what we're doing with secureWISE because we think the early adopters as they start to deploy AI more in their operations are going to find increasingly needs. And that's why you're seeing it in our numbers, and we think in our selling activity.

嗯，我認為工廠會越來越聰明，嘿，等一下，我的無晶圓廠客戶正在運送一個模型。我喜歡這個——這基本上就是程式碼。我希望程式碼能夠被掃描，而 secureWISE 變得越來越重要。這就是為什麼我們真正強調我們在 SAP 和 secureWISE 所做的事情，因為我們認為，當早期採用者開始在其營運中更多地部署 AI 時，他們會發現越來越多的需求。這就是為什麼您會在我們的數字中看到這一點，並且我們認為我們的銷售活動也是如此。

And it will build on the things we've done with the tools, like what we've been doing and continue to do with Advantest and what we're continuing to do with Exensio in terms of AI and overall data alignment.

它將以我們使用這些工具所做的事情為基礎，例如我們在人工智慧和整體資料對齊方面與 Advantest 合作並將繼續做的事情，以及我們與 Exensio 合作將繼續做的事情。

Great thank you for that no other questions thanks.

非常感謝，沒有其他問題了。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Our next question comes from the line of Blair Abernethy from Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

I just wanted to follow up on just looking through your 10-Q and the China revenue. So China looks like it was around a little over $12 million this quarter. It's up pretty substantially from Q1 of last year. I think it was $7 million. In fact, year-to-date, it's almost double out of that market. What's -- I know you touched on it a little bit, John, but just maybe a little more color on what's changed in the China environment? And sort of are you feeling if that's sustainable? Have we sort of bottomed out there?

我只是想跟進一下您的 10-Q 和中國收入。因此，本季中國的投資額看起來略高於 1,200 萬美元。與去年第一季相比，這一數字大幅上升。我認為是 700 萬美元。事實上，今年迄今為止，該市場的銷量幾乎翻了一番。什麼——我知道你稍微提到了這一點，約翰，但能否更詳細地說明中國環境發生了哪些變化？您覺得這是否可持續？我們已經觸底了嗎？

Yes. It is up this quarter. It will probably not stay at this level in the next couple of quarters, it will come down a little bit from this. In part, it's really coming up for two reasons. One is just volume shipments on customers; and two, increased deployments of CVs, characterization vehicle infrastructure in Exensio.

是的。本季有所上漲。未來幾個季度它可能不會保持在這個水平，而是會略有下降。從某種程度上來說，它的出現其實有兩個原因。一是僅向客戶批量發貨；二是增加了 CV 的部署，在 Exensio 中表徵車輛基礎設施。

In part, what we think is going on is folks bought a lot of equipment. There's always rumors about, well, some of it's not being used yet. And we see them starting to run vehicles and put things to use. I kind of touched on this a little bit, I think, with Christian's question. We believe they are starting to put up capacity at meaningful volumes, and that means they've got to get to decent yields and so test vehicles and eventually, it does mean gain share in royalties.

我們認為部分原因是人們購買了大量設備。總是有傳言說，其中一些還沒有被使用。我們看到他們開始駕駛車輛並利用這些物品。我認為，我有點觸及了克里斯蒂安的問題。我們相信他們開始以有意義的數量增加產能，這意味著他們必須獲得可觀的收益，從而測試車輛，最終，這確實意味著獲得特許權使用費份額。

Okay. Great. Great. And then just back on the Exensio platform. Maybe you could touch on just a little bit on sort of what the renewal landscape looks like there in the back half of the year. And what -- just curious about module penetration sort of adding on modules, expanding existing implementations.

好的。偉大的。偉大的。然後回到 Exensio 平台。也許您可以稍微談談今年下半年那裡的復興前景如何。還有什麼——只是好奇模組滲透，添加模組，擴展現有的實現。

Yes. So we do anticipate a number of expansions in the second half of this year, some of which are very significant in size. And usually, they involve additional modules. I would say the guided analytics, the AI that kind of cross through your data and looks through trends and stuff that we have a number of pilots ongoing with customers, a lot of really positive results. We like to point out to customers for the ones that are using our cloud, we can track how much of the data their engineers look at. And usually, it's a relatively low percentage of the total data that they collect and test.

是的。因此，我們確實預計今年下半年將出現一些擴張，其中一些規模非常大。通常，它們涉及額外的模組。我想說的是，引導式分析，即透過你的數據來查看趨勢等的人工智慧，我們已經與客戶進行了大量的試點，並取得了許多非常積極的成果。我們想向使用我們雲端的客戶指出，我們可以追蹤他們的工程師查看了多少數據。通常，它只佔他們收集和測試的總數據的比例相對較低。

And so with guided analytics, you're effectively using the AI to crawl through all the data sets. I always say the executives, you fund a certain level of engineering. And you want to make sure that those engineers are looking at the most important and most significant things going on in manufacturing. So we do expect a relatively good strong renewal situation in the second half of the year and expansion situation for Exensio. A fair amount of that, including AI, primarily in guided analytics and then test operations around AI for test. Those are probably the two biggest drivers on top of the core renewals and expansions around the core renewals.

因此，透過引導分析，您可以有效地使用 AI 來抓取所有資料集。我總是對高階主管說，你們要為一定程度的工程提供資金。你要確保這些工程師專注於製造業中正在發生的最重要、最重要的事情。因此，我們確實預計下半年 Exensio 的續約情況和擴張情況將相對較好。其中相當一部分，包括人工智慧，主要用於引導分析，然後圍繞人工智慧進行測試操作。這可能是核心更新和圍繞核心更新的擴展之外的兩個最大驅動力。

Okay. Great, John. And you haven't touched on MLOps at all. How is that doing?

好的。太好了，約翰。而且您根本沒有觸及 MLOps。怎麼樣？

Yes. When I say AI for test, that really is the MLOps capability. We're going to have another -- I mean, stay tuned to this channel. We'll have another couple of significant announcements around what we're doing on MLOps coming out over here in the next month or so. And so MLOps is a big piece of this.

是的。當我說用於測試的 AI 時，那實際上就是 MLOps 功能。我們將會再有一次——我的意思是，請繼續關注這個頻道。下個月左右，我們將發布另外幾個有關 MLOps 工作的重要公告。因此 MLOps 是其中很重要的一環。

Guided analytics is built from our MLOps itself, but it's an ML that we deploy. It's basically a PDF diagnostics, whereas MLOps for test is something the customer builds and deploys themselves.

引導式分析是由我們的 MLOps 本身建構的，但它是我們部署的 ML。它基本上是一個 PDF 診斷，而用於測試的 MLOps 是客戶自己建置和部署的東西。

Okay, great, thanks very much.

好的，太好了，非常感謝。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

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

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。