泰瑞達 (TER) 2004 Q1 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們先生們。

My name is Paul, and I will be your conference facilitator today.

我叫保羅，今天我將擔任你們的會議主持人。

At this time, I would like to welcome everyone to the first quarter earnings release conference call.

現在，我歡迎大家參加第一季財報發布電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question and answer period.

演講者發言結束後，將進入問答環節。

If you would like to ask a question during this time, simply press star then number one on your telephone key pad.

如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後按數字 1 即可。

If you would like to withdraw your question, press star then the number two on your telephone keypad.

如果您想撤回問題，請按星號，然後按下電話鍵盤上的數字 2。

Thank you.

謝謝。

I would now like to turn the conference over to Mr. Tom Newman, Vice President of Corporate Relations.

現在我想將會議交給企業關係副總裁湯姆紐曼先生。

Please go ahead, sir.

請繼續，先生。

Thank you, Paul.

謝謝你，保羅。

Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results.

大家早安，歡迎來到我們對泰瑞達最新財務表現的討論。

I'm joined this morning by our Chairman and Chief Executive Officer, George Chamillard; our President, Mike Bradley; and our Chief Financial Officer, Greg Beecher.

今天上午，我們的董事長兼執行長喬治·查米拉德 (George Chamillard) 也加入了我的行列。我們的總統麥克·布拉德利；以及我們的財務長 Greg Beecher。

Following our opening remarks, we'll provide with you details of our performance of the first quarter of 2004, as well as our outlook for the second quarter.

在我們的開場白之後，我們將向您詳細介紹我們 2004 年第一季的業績以及我們對第二季的展望。

First, however, I'd like to address some administrative issues.

不過，首先我想解決一些行政問題。

Teradyne's press release containing our financial results for the first quarter of 2004 was sent out by a business wire and was posted on our website yesterday evening.

包含 2004 年第一季財務業績的泰瑞達新聞稿已透過商業電訊發出，並於昨天晚上發佈在我們的網站上。

If anyone needs a copy, please call Teradyne's corporate relations office at 617-422-2221, and we'll provide you with one.

如果有人需要副本，請致電 617-422-2221 聯繫泰瑞達公司關係辦公室，我們將為您提供一份。

This call is being simultaneously webcast over our website at www.teradyne.com.

本次電話會議同時透過我們的網站 www.teradyne.com 進行網路直播。

A replay of this call will be provided on our site starting at noon today Eastern time.

從東部時間今天中午開始，我們的網站將提供本次電話會議的重播。

If it's more convenient, can you also access a replay of the call by dialing 1-800-642-1687 in the U.S. and Canada, or 706-645-9291 outside of the U.S. and Canada, and providing the pass code 6603186.

如果更方便，您還可以透過撥打 1-800-642-1687（美國和加拿大）或 706-645-9291（美國和加拿大境外）並提供密碼 6603186 來觀看通話重播。

Replays for both sources will be available through the fifth of May.

兩個來源的重播將持續到 5 月 5 日。

It is our objective to use this call to comply with the requirements of SEC Regulation FD; therefore, investors should accept the contents of this call as the official guidance from the company for the second quarter of 2004 and beyond.

我們的目標是利用此呼籲來遵守 SEC FD 法規的要求；因此，投資者應接受本次電話會議的內容作為公司 2004 年第二季及以後的官方指引。

If at any time we communicate any material changes to this guidance, it is our intent to do so simultaneously to all investors to the best of our ability.

如果我們在任何時候對本指南進行任何重大變更，我們都會盡最大努力同時向所有投資者通報。

Investors should note that only George Chamillard, Greg Beecher and Mike Bradley and myself are authorized to supply company guidance.

投資者應注意，只有喬治·查米拉德、格雷格·比徹、麥克·布拉德利和我本人有權提供公司指導。

The matters that we discuss today, other than historical information, include forward-looking statements relating to future financial performance and other performance expectations, changes in the company's business, statements as to bookings, backlog, orders, shipments, pricing, design ends and demand for our products, capital spending and other opinions of management.

我們今天討論的事項，除歷史資訊外，還包括與未來財務業績和其他業績預期相關的前瞻性陳述、公司業務的變化、有關預訂、積壓、訂單、發貨、定價、設計結束和需求的陳述對於我們的產品、資本支出和管理層的其他意見。

These forward-looking statements are made under the Federal Securities laws.

這些前瞻性陳述是根據聯邦證券法做出的。

Investors are cautioned that forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those projected in the forward-looking statements.

請投資人注意，前瞻性陳述既不是承諾，也不是保證，而是涉及可能導致實際結果與前瞻性陳述中預測的結果有重大差異的風險和不確定性。

Some of those risks and uncertainties are detailed in our filings with the Securities and Exchange Commission, including, but not limited to, our form 10-K filed on March 15, 2004.

其中一些風險和不確定性在我們向美國證券交易委員會提交的文件中有詳細說明，包括但不限於我們於 2004 年 3 月 15 日提交的 10-K 表格。

We caution listeners not to place undue reliance on any forward-looking statements, which speak only as of the date they are made, and we incorporate here the discussion of those factors.

我們提醒聽眾不要過度依賴任何前瞻性陳述，這些陳述僅代表發布之日的情況，我們在此納入對這些因素的討論。

Teradyne disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

泰瑞達不承擔公開更新或修改任何此類聲明的義務，以反映任何此類聲明所依據的預期或事件、條件或情況的任何變化，或者可能影響實際結果與聲明中規定的結果不同的可能性。

As a final administrative issue, we want to make clear to investors that our prepared remarks will be presented within the requirements of SEC Regulation G regarding generally accepted accounting principles, or GAAP.

作為最後的管理問題，我們希望向投資者明確表示，我們準備的評論將按照 SEC G 條例有關公認會計原則 (GAAP) 的要求進行。

Our prepared remarks will be presented in GAAP; however, some historical financial metrics discussed by us during this call may be provided in both GAAP and nonGAAP or proforma operating terms.

我們準備好的評論將在 GAAP 中呈現；然而，我們在本次電話會議中討論的一些歷史財務指標可能會以 GAAP 和非 GAAP 或形式營運條款提供。

By disclosing this proforma information, management intends to provide investors with additional information to further analyze the company's performance, core results and underlying trends.

透過披露這些備考信息，管理層打算向投資者提供更多信息，以進一步分析公司的業績、核心業績和基本趨勢。

Management utilizes nonGAAP measures such as operating results and earnings per share on a proforma basis that exclude certain charges and credits to better assess operating performance.

管理階層利用非公認會計準則指標（例如排除某些費用和貸項的備考績效和每股盈餘）來更好地評估經營績效。

Proforma information is not determined using GAAP; therefore, the information is not necessarily comparable to other companies.

形式資訊不是根據 GAAP 確定的；因此，該資訊不一定與其他公司具有可比性。

Proforma information should not be viewed as a substitute for, or superior to, data provided in accordance with GAAP.

形式資訊不應被視為替代或優於根據 GAAP 提供的數據。

A reconciliation of all historical GAAP versus nonGAAP metrics which are discussed by Teradyne during this call will be available on the company's website at www.teradyne.com, by clicking on "Investors" and then selecting the "GAAP to Proforma Reconciliation" link.

泰瑞達在本次電話會議期間討論的所有歷史GAAP 與非GAAP 指標的調節將在公司網站www.teradyne.com 上提供，只需點擊“投資者”，然後選擇“GAAP 與形式調節”鏈接即可。

Now let's get on with the rest of the agenda.

現在讓我們繼續議程的其餘部分。

First, our CEO and Chairman, George Chamillard, will review the state of the company and industry.

首先，我們的執行長兼董事長 George Chamillard 將回顧公司和產業的狀況。

We'll review our performance in the first quarter of 2004, and we'll provide guidance for the second quarter.

我們將回顧 2004 年第一季的業績，並為第二季提供指導。

I should mention, by the way, that George is in Munich on business and will be participating on this call from there.

順便說一句，我應該提到，喬治正在慕尼黑出差，並將從那裡參加這次電話會議。

Then our Vice President and Chief Financial Officer, Greg Beecher, will review the details of our financial performance in the first quarter and will provide some additional details in our guidance for the second quarter 2004.

然後，我們的副總裁兼財務長 Greg Beecher 將審查我們第一季財務業績的詳細情況，並將在 2004 年第二季的指導中提供一些額外的詳細資訊。

We will then answer your questions.

然後我們將回答您的問題。

For scheduling purposes, you should note that we intend to end this call after one hour.

出於安排目的，您應該注意，我們打算在一小時後結束本次通話。

George?

喬治？

Thanks, Tom, and good afternoon to all of you.

謝謝，湯姆，祝大家下午好。

In January, I said there was a good chance 2004 would be a happier year for Teradyne than the last few years, and the first quarter has certainly reinforced that feeling.

一月份，我曾說過，對泰瑞達來說，2004 年很可能會比過去幾年更幸福，而第一季無疑強化了這種感覺。

We had sales of $431 million and net income of 40 million, the highest income in three years.

我們的銷售額為 4.31 億美元，淨利潤為 4000 萬美元，是三年來的最高收入。

On an EPS basis, we delivered 20 cents per share.

以 EPS 計算，我們每股盈餘 20 美分。

Company bookings were $551 million, up 13% from Q4, with semiconductor tests and connection systems each up almost 20% sequentially.

公司訂單金額為 5.51 億美元，較第四季成長 13%，其中半導體測試和連接系統分別較上季成長近 20%。

In our smaller businesses, where large program bookings tend to be lumpy, the orders were up in broadband test while they were down in assembly and automotive tests.

在我們規模較小的企業中，大型專案的預訂往往不穩定，寬頻測試中的訂單增加，而組裝和汽車測試中的訂單則有所下降。

Orders in those businesses were down collectively from Q4 by about 15%, after being up 65% in Q4 of last year.

這些業務的訂單繼去年第四季成長 65% 後，整體較第四季下降了約 15%。

We believe that our product position in these businesses is quite solid, and we expect to improve that position over the course of 2004.

我們相信我們的產品在這些業務中的地位相當穩固，並且我們期望在 2004 年期間提高這一地位。

As a result of the strong first quarter orders, we will continue to increase shipments in the second quarter to meet customer demand.

由於第一季訂單強勁，我們將在第二季繼續增加出貨量以滿足客戶需求。

And we expect sales to be between 500 and 525 million, with earnings per share between 32 and 38 cents.

我們預計銷售額將在 5 億至 5.25 億之間，每股收益將在 32 至 38 美分之間。

As you might guess, we are very pleased with the results of the first quarter, and we're excited looking forward for several reasons.

正如您可能猜到的，我們對第一季的結果非常滿意，並且出於多種原因我們對未來感到興奮。

First, our financial performance has improved significantly due to the company's leaner cost structure.

首先，由於公司成本結構更加精簡，我們的財務表現顯著改善。

Second, new product acceptance and semi conductor tests is accelerating.

其次，新產品驗收和半導體測試正在加速。

And third, we have successfully refocused our connection system business on our historical core connector products.

第三，我們成功地將我們的連接系統業務重新集中在我們歷史悠久的核心連接器產品上。

Let's look at each of these in a little more depth, starting with our financial performance.

讓我們從我們的財務表現開始，更深入地了解每一項。

During the last cycle, when we went from a break-even quarter in the fourth quarter of '98 to about 500 million per quarter in the third quarter of '99, we dropped 41% of incremental sales to the operating profit line.

在上一個週期中，當我們從 98 年第四季的盈虧平衡季度成長到 99 年第三季每季約 5 億美元時，我們將增量銷售額的 41% 降至營業利潤線。

We described in our last call and on our February Analyst Day meeting, that we were positioned to drop close to 50% of sales, sales flowing through to the operating profit line, up to 500 million per quarter in sales.

我們在上次電話會議和 2 月分析師日會議上表示，我們的銷售額將下降近 50%，銷售額將流向營業利潤線，每季銷售額最高可達 5 億美元。

And our profit performance in the first quarter was in line with that forecast.

我們第一季的獲利表現符合該預測。

The second reason we're pleased with our result is the semi conductor tests, where orders grew 19% after a 67% sequential growth from Q3 to Q4.

我們對結果感到滿意的第二個原因是半導體測試，訂單在第三季到第四季環比成長 67% 後成長了 19%。

Orders have therefore doubled from Q3 of last year.

因此，訂單量比去年第三季增加了一倍。

The new orders were equally divided between our IDM and our subcom [PHONETIC] customers, which we believe suggests a more solid base for this recovery.

新訂單在我們的 IDM 和 subcom [PHONETIC] 客戶之間平均分配，我們認為這表明復甦的基礎更加堅實。

Additionally, our product mix in the first quarter included more of our new products.

此外，我們第一季的產品組合包括更多新產品。

You may recall that our Q4 semi conductor test orders of 312 million were dominated by orders from Catalyst and 750.

您可能還記得，我們​​第四季的半導體測試訂單為 3.12 億顆，其中以 Catalyst 和 750 的訂單為主。

This quarter, there was a significant broadening in demand to encompass Teradyne's new products, Flex and Tiger, in the 372 million dollars of orders.

本季度，泰瑞達新產品 Flex 和 Tiger 的需求大幅增加，訂單金額達 3.72 億美元。

The demand for our Catalyst and 750 products continues to be very strong.

對我們的 Catalyst 和 750 產品的需求仍然非常強勁。

On a six-month rolling basis, orders for those [INAUDIBLE] products ran well over 400 units.

在六個月的滾動基礎上，這些[聽不清楚]產品的訂單遠遠超過 400 件。

That's a level only exceeded at the peak of 2000.

這個水平直到 2000 年的頂峰才被突破。

The J750 continues to be the most popular choice for subcontractors who are economically testing digitally oriented devices.

對於經濟地測試數位設備的分包商來說，J750 仍然是最受歡迎的選擇。

When you add to this the strong and growing markets of testing CCD [INAUDIBLE] for digital still cameras and for cell phones, the 750 family should have an exciting growth year in 2004.

再加上數位相機和手機的 CCD 測試市場的強勁且不斷增長[聽不清楚]，750 系列在 2004 年應該會迎來令人興奮的成長。

The strong orders this quarter for Catalyst were driven by demand for testing video devices, cell phone base band devices and precision converters.

本季 Catalyst 的強勁訂單是由測試視訊設備、手機基頻設備和精密轉換器的需求所推動的。

Orders for the new products, Tiger and Flex, accelerated significantly in the quarter.

本季新產品 Tiger 和 Flex 的訂單大幅成長。

Tiger nearly matched its record unit orders of a year ago.

Tiger 幾乎與一年前的訂單量持平。

Its traditionally strong drivers of Diskus OC [PHONETIC] [INAUDIBLE], cable modems and [INAUDIBLE] chips, those are enhanced by orders for testing graphics and pc chip set devices.

其傳統上強大的 Diskus OC [聲音] [聽不清]、電纜調製解調器和 [聽不清楚] 晶片驅動程序，透過測試圖形和 PC 晶片組設備的訂單得到了增強。

Many of these devices are designed around a new industry standard called PCI Express.

其中許多設備都是圍繞著稱為 PCI Express 的新行業標準設計的。

This is a next generation data interface, which brings significantly higher data bandwidth at much lower overall costs.

這是下一代數據接口，能夠以低得多的總體成本帶來更高的數據頻寬。

The interface is -- it utilizes Experian [PHONETIC] technology, well known in the data com world, and applies it to the [INAUDIBLE] in the computing device markets.

該介面採用了在數據通訊領域眾所周知的 Experian [PHONETIC] 技術，並將其應用於計算設備市場的 [聽不清楚]。

PCI Express is expected to become an increasingly popular technology in chip set and graphic devices in the second half of 2004, and we should be a major beneficiary of this trend.

PCI Express預計在2004年下半年成為晶片組和圖形設備中越來越流行的技術，我們應該是這一趨勢的主要受益者。

Flex orders posted a new record by a wide margin, with more than 50 systems booked in the quarter and over 100 booked since introduction.

Flex 訂單大幅創下新紀錄，本季預訂了 50 多個系統，自推出以來預訂了 100 多個系統。

We also added nine new customers in the quarter, almost doubling the number at the end of 2003.

本季我們也增加了 9 個新客戶，幾乎是 2003 年底數量的兩倍。

The new orders, by the way, included competitive wins against virtually every ATE competitor across a wide range of applications.

順便說一句，新訂單包括在廣泛的應用領域中與幾乎所有 ATE 競爭對手的競爭勝利。

The portfolio of Flex orders this quarter has been exceptional.

本季度 Flex 訂單組合非常出色。

We have had orders from both IDM's and subcoms.

我們收到了 IDM 和分公司的訂單。

We have had orders from the U.S., from Europe, from Japan, Taiwan, Korea, Thailand and Malaysia.

我們有來自美國、歐洲、日本、台灣、韓國、泰國和馬來西亞的訂單。

We have had orders for testing chips used in applications as diverse as optical disk drive, power management and base bands for cell phones, mega watt switches, automotive, consumer, broadband, [INAUDIBLE] and smart cards.

我們已經收到了測試晶片的訂單，這些晶片用於各種應用，例如光碟驅動器、電源管理和手機基帶、兆瓦開關、汽車、消費性、寬頻、[聽不清楚]和智慧卡。

The Flex advantage of a wide range of instrumentation inherited from Catalyst, plus its unique [INAUDIBLE] architecture derived from the J750 has created momentum that we believe will continue.

Flex 繼承自 Catalyst 的各種儀器的優勢，加上源自 J750 的獨特[聽不清楚]架構創造了動力，我們相信這種動力將持續下去。

My third reason for being pleased is that we have successfully repositioned our connection system business to exploit its core technology and improve its profitability.

我感到高興的第三個原因是我們成功地重新定位了我們的連接系統業務，以利用其核心技術並提高其盈利能力。

Last July, we described that for the division to achieve its profit targets in this cycle, we would emphasize our core connector and back plan assembly business by adding new products and by targeting new customers.

去年7月，我們曾表示，為了使該部門在本週期實現利潤目標，我們將透過增加新產品和瞄準新客戶來強調我們的核心連接器和背面計劃組裝業務。

We also would shed products and service which didn't offer us the opportunity for profit growth in the future.

我們也會放棄那些無法為我們提供未來利潤成長機會的產品和服務。

As of the end of Q1, the repositioning was complete, as the division grew in sales, bookings and profit during the quarter.

截至第一季末，隨著該部門在本季度銷售額、預訂量和利潤的增長，重新定位已完成。

Connection Systems had the highest booking quarter in three years, and is now solidly profitable after moving into the black last quarter.

Connection Systems 的預訂季度創下三年來最高水平，在上個季度扭虧為盈後，目前已實現穩健盈利。

Our connector business was particularly strong, with orders up 26% sequentially after a 17% sequential growth Q3 to Q4.

我們的連接器業務尤其強勁，繼第三季至第四季訂單較上季成長 17% 後，訂單較上季成長 26%。

The applications driving the business include mid-range and high performance service, 10-G Ethernet switches, wireless bay stations, optical switches and super computers.

推動業務發展的應用包括中階和高效能服務、10G 乙太網路交換器、無線灣站、光交換器和超級電腦。

Additionally, we are gaining some traction in advance auto com for military customers it its highly complex back planes for high-end work stations.

此外，我們還透過其用於高端工作站的高度複雜的背板為軍事客戶贏得了一些關注。

So what does the future hold for the balance of the year?

那麼今年剩下的時間裡，未來會怎麼樣呢？

Well, we're not seeing any falloff in the short-term demand, but for us and all of our customers, forecasting business beyond the next few months is always difficult and always uncertain.

嗯，我們沒有看到短期需求有任何下降，但對於我們和我們所有的客戶來說，預測未來幾個月後的業務總是很困難且總是不確定的。

We see some encouraging signs that make us more bullish than bearish.

我們看到了一些令人鼓舞的跡象，使我們更加看漲而不是看跌。

Corporate IT spending is increasing.

企業 IT 支出正在增加。

Capital spending plans from our semi conductor customers are projected to increase broadly in 2004.

我們的半導體客戶的資本支出計畫預計在 2004 年將大幅增加。

There is a lot of catch up needed in semi conductor tests to address new front end technologies, as well as new front end capacity.

半導體測試需要大量趕上來解決新的前端技術以及新的前端能力。

Yield management of these new SOC devices is proving to be more difficult than expected.

事實證明，這些新 SOC 裝置的良率管理比預期更加困難。

And finally, our checks on our equipment utilization show that utilization remains very high, despite capacity additions, indicating a growth and demand across several end markets.

最後，我們對設備利用率的檢查表明，儘管產能增加，但利用率仍然非常高，這表明多個終端市場的成長和需求。

While we don't know how the year will turn out, it's clear what we're going to do as the year unfolds.

雖然我們不知道這一年會如何，但隨著這一年的展開，我們將做什麼是很清楚的。

First, we'll continue to deliver the improved financial results we projected last year.

首先，我們將繼續實現去年預計的改善財務表現。

And secondly, we'll keep working with our customers to gain even greater acceptance of our new products across all of our businesses.

其次，我們將繼續與客戶合作，讓我們的新產品在我們所有的業務中獲得更大的接受度。

Given that agenda, we expect to do well no matter what the business climate ends up to be.

考慮到這項議程，無論商業環境最終如何，我們都希望能夠做得很好。

Finally, let me comment on Teradyne's earlier announcement that Mike Bradley will take over as CEO of Teradyne in late May, with me remaining as chairman.

最後，讓我評論一下泰瑞達早些時候宣布的邁克布拉德利 (Mike Bradley) 將在 5 月底接任泰瑞達首席執行官，而我仍擔任董事長。

I'm pleased that Mike will be taking over at a time when the industry is growing and healthy, and at a point in time when Teradyne has its financial house in order and its product portfolio well positioned for the recovery.

我很高興麥克將在該行業增長和健康的時候接手，並且在泰瑞達的財務狀況良好且其產品組合為復甦做好準備的時候。

And now I turn it over to Greg for more details on our financial performance.

現在我將其交給格雷格，以獲取有關我們財務業績的更多詳細資訊。

Greg?

格雷格？

Thanks, George.

謝謝，喬治。

And good morning, everyone.

大家早安。

Our sales in the first quarter of 431 million were up 20% from the previous quarter and 29% above the levels a year ago.

我們第一季的銷售額為 4.31 億美元，比上一季成長 20%，比去年同期成長 29%。

We had net income of 40.2 million, or 20 cents per share on 200 million diluted shares.

我們的淨利潤為 4,020 萬美元，即 2 億股稀釋後每股收益 20 美分。

Our gross margin was 176 million or 41% of sales, up significantly from 36% of sales in the fourth quarter.

我們的毛利率為 1.76 億美元，佔銷售額的 41%，較第四季的銷售額 36% 大幅上升。

This was driven principally by manufacturing leverage, [INAUDIBLE] sharp and focused on our differentiated products.

這主要是由製造槓桿推動的，[聽不清楚]尖銳並且專注於我們的差異化產品。

R&A expenses was 65 million, or 15% of sales as compared to 17% of sales in the fourth quarter.

R&A 費用為 6,500 萬美元，佔銷售額的 15%，而第四季佔銷售額的 17%。

SG&A expenses were 56 million, 15% of sales as compared to 17% in the fourth quarter.

SG&A 費用為 5,600 萬美元，佔銷售額的 15%，而第四季為 17%。

We provided 4.5 million in state and foreign taxes in this quarter at a rate of 10%.

本季我們以 10% 的稅率繳納了 450 萬美元的州稅和外國稅。

Our quarter ending head count was 7,170, including 6,170 regular employees.

季末員工總數為 7,170 人，其中正式員工 6,170 人。

In the first quarter, semi test sales were 64% of the total, connection systems, 22%, assembly tests 8%, and other tests rose 6%.

第一季度，半測試銷售額佔總銷售額的64%，連接系統佔22%，組裝測試佔8%，其他測試成長6%。

On a geographic basis, our first quarter sales broke down as follows: U.S. was 32.8%, Europe 17.4, Singapore 14.3, Taiwan 13.6, Southeast Asia, 13.3.

從地理來看，我們第一季的銷售額細分如下：美國為 32.8%，歐洲 17.4%，新加坡 14.3%，台灣 13.6%，東南亞 13.3%。

Japan, 4.8, Korea, 3.4 and rest of the world, .4.

日本，4.8，韓國，3.4，世界其他地區，0.4。

We had net bookings of 551.2 million in the quarter.

本季我們的淨預訂量為 5.512 億。

On a quarter to quarter basis, our total net bookings were up 13%.

按季度計算，我們的總淨預訂量增加了 13%。

Semi test was up 19%, connection systems was up 18%.

半測試上漲 19%，連接系統上漲 18%。

Assembly tests was done 30% and other tests was up 4%.

組裝測試完成了 30%，其他測試增加了 4%。

On a year-over-year basis, that is Q1 to Q1, total net bookings were up 91%.

與去年同期相比，即第一季至第一季度，淨預訂總量增加了 91%。

Semi tests was up 145%, connection systems was up 45%, assembly tests was down 14% and other tests was up 58%.

半測試成長了 145%，連接系統成長了 45%，組裝測試下降了 14%，其他測試增加了 58%。

Our book to bill ratios were 1.28 for the overall company, 1.36 for semi tests, 1.08 for connection systems and 1.01 for assembly tests and 1.53 for other tests.

我們整個公司的訂單出貨比為 1.28，半測試為 1.36，連接系統為 1.08，組裝測試為 1.01，其他測試為 1.53。

At the end of the quarter, our backlogs stood at 629.3 million, of which 84% is scheduled to ship within six months.

截至本季末，我們的積壓訂單量為 6.293 億件，其中 84% 計劃在六個月內發貨。

On a geographic basis, our net bookings for the quarter were distributed as follows: U.S., 27.4%, Europe 17.6, Singapore 10.7, Taiwan 20.0, Southeast Asia 16.7, Japan 3.8, Korea 3.4 and rest of world, .4.

依地域劃分，我們本季的淨預訂量分佈如下：美國 27.4%、歐洲 17.6%、新加坡 10.7%、台灣 20.0%、東南亞 16.7%、日本 3.8%、韓國 3.4%，世界其他地區 0.4%。

Now, moving to the balance sheet.

現在，轉向資產負債表。

We ended the fourth quarter with cash and marketable securities with 617 million, which was up 31 million over the end of the fourth quarter.

在第四季末，我們的現金和有價證券為 6.17 億美元，比第四季末增加了 3,100 萬美元。

Accounts receiveables stood at 255 million or 54 days sales outstanding, down from 59 days in the previous quarter.

應收帳款為 2.55 億美元，即待售銷售天數為 54 天，低於上一季的 59 天。

We ended the quarter with inventory of 248 million or 14% of sales, up 33 million from the end of the fourth quarter.

截至本季末，我們的庫存為 2.48 億件，佔銷售額的 14%，比第四季末增加了 3,300 萬件。

We spent 24 million on capital in the quarter, while depreciation and amortization was 31 million.

本季我們的資本支出為 2,400 萬美元，折舊和攤提為 3,100 萬美元。

In the second quarter, as George mentioned, we expect sales to be between 500 and 525 million, with EPS of between 32 and 38 cents per share -- diluted share -- assuming a 10% effective tax rate.

正如喬治所提到的，我們預計第二季的銷售額將在500 至5.25 億之間，每股收益將在32 至38 美分之間（稀釋後的每股收益），假設有效稅率為10% 。

Note that in the past, we projected drop through percentages to the operating profit line that applied up to the 500 million per quarter level.

請注意，過去我們預計營業利潤線的下降百分比最高適用於每季 5 億美元的水平。

As we are now moving above that sales level, you should expect the drop through to the operating profit line to be around 45%, up to $600 million per quarter.

由於我們現在的銷售水平已超過該水平，您應該預期營業利潤線將下降 45% 左右，每季最高可達 6 億美元。

Now back to second quarter guidance.

現在回到第二季指引。

We expect gross margins to run between 42 and 43%.

我們預計毛利率將在 42% 至 43% 之間。

R&D should run between 12% and 13% and SG&A should run between 13 and 14%.

研發應在 12% 至 13% 之間運行，SG&A 應在 13% 至 14% 之間運行。

We expect to increase inventory by at least 30 million, and expect to increase receiveables by around 80 million, both due to the sharp increase in forecasted shipments.

我們預計庫存將增加至少 3,000 萬，並預計應收帳款將增加 8,000 萬左右，這都是由於預計出貨量的大幅增加。

We also expect to have capital additions of about 30 million or less.

我們也預計增資額約為 3000 萬或更少。

Depreciation and amortization should be around 31 million.

折舊和攤提應該在3100萬左右。

And we expect to end the second quarter with cash and marketable securities of around 600 million.

我們預計第二季末現金和有價證券將達到約 6 億美元。

And now, I'll turn it back to Tom.

現在，我將把它轉回給湯姆。

Thanks, Greg.

謝謝，格雷格。

Paul, we'd now like to open the discussion for questions.

保羅，我們現在想開始討論問題。

Ladies and gentlemen, as a reminder, if you do have any questions, press star then the number one on your telephone key pad at this time.

女士們、先生們，謹提醒您，如果您確實有任何疑問，請此時按電話鍵盤上的星號，然後按數字 1。

One moment, please, for your first response.

請稍等一下，請先回答您的問題。

Our first question comes from Bill Lu with Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Bill Lu。

Yeah, hi there.

是的，你好。

Congratulations on the very nice quarter.

恭喜這個非常美好的季度。

I've got a couple of questions.

我有幾個問題。

First of all, if I look at your gross margin in the first quarter, it was a little bit better than what you forecasted.

首先，如果我看一下你們第一季的毛利率，它比你們的預測要好一些。

Actually, a couple of percentage points better.

事實上，好幾個百分點。

Can you just comment to us a little bit about whether that was mixed together with something else?

您能否向我們評論一下它是否與其他東西混合在一起？

We got the gross margin improvement in large part due to volume; for each 20 million increase in revenue, we got a percentage point.

我們的毛利率提高很大程度上得益於銷量；每增加2000萬的收入，我們就獲得一個百分點。

That made up the most significant piece.

這是最重要的部分。

The other was mix.

另一個是混合。

Some of the connection systems business that had lower margins that --- had lower margins -- have been replaced with much higher connector margins.

一些利潤率較低的連接系統業務已被利潤率高得多的連接器所取代。

Okay, great.

好的，太好了。

And then, just, if I look at the ATE business, if you look at your guidance for the second quarter, is that constrained by [INAUDIBLE] or is that constrained by [INAUDIBLE]?

然後，如果我看看 ATE 業務，如果你看看第二季的指導，是受到 [聽不清楚] 的限制還是受到 [聽不清楚] 的限制？

In other words, [INAUDIBLE], do I get it in June quarter or September quarter?

換句話說，[聽不清楚]，我是在六月季度還是九月季度得到它？

You're asking -- this is Michael responding -- so you're asking what are the lead times now on ATE products?

您是在問——這是 Michael 的回答——那麼您是在問 ATE 產品現在的交貨時間是多少？

Yeah, that's correct and whether the guidance you are giving for the second quarter, is that constrained by your capacity or is that event related?

是的，這是正確的，您為第二季度提供的指導是否受到您的能力限制，或者是否與該事件相關？

Our lead times are holding about where they were in the first quarter, and the current bookings as they're coming in are booking into the third quarter.

我們的交貨時間保持在第一季的水平，目前的預訂量將持續到第三季。

Okay.

好的。

So could you have upside in the second quarter then, if -- you know, could that happen, or is that pretty much constrained?

那麼，如果——你知道，這種情況會發生嗎，或者說這種情況受到很大限制的話，那麼第二季你會出現上漲嗎？

The second quarter is really set up against customer demand.

第二季確實是針對客戶需求而設立的。

So we're sizing it against the [INAUDIBLE], the customer requirements at this point.

因此，我們目前正在根據[聽不清楚]客戶要求來確定其大小。

Okay.

好的。

Got it.

知道了。

And then just one last question.

最後一個問題。

It looks like you're doing fairly well in terms of PC Express tests.

看起來您在 PC Express 測試方面表現相當不錯。

Do you have any numbers on what it was this year, or share gains in that area?

您有關於今年情況的任何數字嗎？

That is a tough one to be able to quantify.

這是一個很難量化的問題。

As you know, the industry had some trouble getting its market share numbers on an annual base basis with any accuracy.

如您所知，該行業在準確獲取年度市場份額數據方面遇到了一些困難。

So a subsegment like that is tough to track.

因此，像這樣的細分市場很難追蹤。

We've got a pretty good foothold at this point.

我們現在已經有了很好的立足點。

As you know, over the last couple of years, that was not an area that we played in.

如你所知，在過去的幾年裡，這不是我們涉足的領域。

The graphics and trip sets to the Tiger is positioned pretty well there with the functional testing capability that we have.

憑藉我們擁有的功能測試能力，Tiger 的圖形和行程設定非常好。

So I think that we would say we're gaining in that area.

所以我認為我們會說我們在該領域取得了進展。

I can't put a number on it.

我無法給出一個數字。

So would you say then that your share of PC Express is hiding your market share in the overall, say subcon area?

那麼您是否會說您的 PC Express 份額隱藏了您在整個市場（例如分包領域）的市佔率？

You know, because I can't quantify one, it's hard to relate one to the other.

你知道，因為我無法量化其中之一，所以很難將其中一個連結起來。

It's just -- I think that the momentum arrow is up on the PCI Express graphics and chip set market for us.

只是——我認為 PCI Express 圖形和晶片組市場對我們來說勢頭強勁。

Okay, thanks a lot.

好的，非常感謝。

Yep.

是的。

Our next question comes from David Duley with Merriman.

我們的下一個問題來自大衛·杜利和梅里曼。

Yes, good morning.

是的，早安。

Could you talk a little bit about -- it looks like the Taiwanese order book was very strong, if I got your numbers down that you gave very quickly.

你能談談——看起來台灣的訂單非常強勁，如果我得到你很快給出的數字的話。

Could you talk about what's driving that?

您能談談是什麼推動了這個趨勢嗎？

And also, the timing of PCI Express, should we think, you know, I think Intel's going to launch Grantsdale, which kind of gets the ball rolling in this marketplace?

而且，PCI Express 的時機，我們是否應該考慮，你知道，我認為英特爾將推出 Grantsdale，這將推動這個市場的發展？

Should that be after that event when we expect ATI to begin to start to order more substantially in this area?

應該是在那次事件之後，我們預計 ATI 開始在該領域開始大量訂購嗎？

Okay.

好的。

It's Mike again.

又是麥克。

The Taiwan business is driven by many things, but as you can see on the book rate, Taiwan has been a bigger piece of our business.

台灣業務受到許多因素的推動，但正如你在帳面率上看到的那樣，台灣一直是我們業務中更大的一部分。

That's driven by just subcontract tests, mostly by subcontract test customers in Taiwan, and they had a bigger piece of the pie for us this quarter.

這是由分包測試推動的，主要是由台灣的分包測試客戶推動，他們本季為我們分得了更大的份額。

As George mentioned, if you look back over the last six months, the distribution between subcon and IDM business has been about the same, both in a quarterly basis and in distribution of about 50/50 split between the two.

正如 George 所提到的，如果回顧過去六個月，分包商和 IDM 業務之間的分佈大致相同，無論是按季度還是兩者之間的分佈大約為 50/50。

Now, on the timing of PCI Express, we're -- a portion of our bookings this past quarter were driven by PCI Express, so there's tooling up being done now.

現在，關於 PCI Express 的時間表，我們上個季度的部分預訂是由 PCI Express 驅動的，因此現在正在完成工具安裝。

I don't think that will be a spike as much as it will be gradual growth as those products are deployed.

我認為隨著這些產品的部署，這不會是一個高峰，而是會逐漸成長。

Okay.

好的。

And a couple other questions.

還有其他幾個問題。

Could you talk -- give us a relative idea of the gross margins of the different segments, just to kind of frame it, and did you exceed Catalyst unit volume shipments this quarter from the previous cycle?

您能否談談 - 讓我們對不同細分市場的毛利率有一個相對的了解，只是為了框架它，以及您本季度的 Catalyst 單位出貨量是否超過了上一個週期？

Let me do the Catalyst unit volume and then Greg will talk about gross margins.

讓我計算一下 Catalyst 單位體積，然後格雷格將談論毛利率。

The Catalyst unit volume is -- has not exceeded the level, --the peak level of Catalyst shipments in the 2000 period.

Catalyst 單位數量尚未超過 2000 年期間 Catalyst 出貨量的最高點。

The ramp rate on Catalyst has exceeded the ramp rate that we had in 2000.

Catalyst 的爬坡率已經超過了 2000 年的爬坡率。

So we're actually scrambling harder today on Catalyst than we were then, but we're not yet at the peak level.

因此，我們今天實際上在 Catalyst 上比當時更加努力，但我們還沒有達到高峰水平。

In terms of the gross margins, we typically don't provide gross margins by product line.

就毛利率而言，我們通常不會提供以產品線劃分的毛利率。

It is safe to say that the semi test gross margins are the highest we have, with the exception of occasionally, you can have a software sale in our ETD division, which would have the size 90% margins.

可以肯定地說，半測試毛利率是我們最高的，除了偶爾之外，您可以在我們的 ETD 部門進行軟體銷售，該部門的利潤率為 90%。

But if you look at where the volume of business is and then think about where the higher margin business is, it would be semi testing.

但如果你看看業務量在哪裡，然後考慮利潤率較高的業務在哪裡，那麼這將是半測試。

Okay.

好的。

And I guess in relation to the -- perhaps the steady PCI Express ramp later on this year, early next year, how might that impact the gross margins?

我想，也許是今年稍晚、明年初 PCI Express 的穩定成長，這會對毛利率產生什麼影響？

We're not altering our projections on margins based upon that, because the PCI Express buying, some of it is be behind us and some of it will be forward.

我們不會據此改變我們對利潤率的預測，因為 PCI Express 的購買，有些已經落後，有些將會提前。

So it will be a regular mix.

所以這將是一個常規的混合。

It won't spike the mix.

它不會使混合物尖峰。

It's already in the plan, is the other way to put it.

換句話說，它已經在計劃中了。

Okay.

好的。

And one final question from me, I promise.

我保證，還有最後一個問題。

When you look at your customers here, is this increase in, you know, Tiger sales into this space, is that driven by just the customers that you have already, one, started to ramp, or are you implying that you've cracked another egg here, gotten another customer?

當你觀察這裡的客戶時，你知道，老虎在這個領域的銷售量的增長是由你已經擁有的客戶驅動的，一個，開始增加，或者你是否暗示你已經破解了另一個客戶雞蛋在這裡，有另一個顧客嗎？

Well, it's both.

嗯，兩者都是。

I think if you contrast the Flex versus Tiger, you'd say that Tiger was growing the -- more growing the existing install base, and you'd say Flex was really breaking out in terms of new customers.

我認為，如果您將 Flex 與 Tiger 進行對比，您會說 Tiger 正在擴大現有安裝基礎，並且您會說 Flex 在新客戶方面確實取得了突破。

Okay, thanks.

好的，謝謝。

Let's move on.

讓我們繼續吧。

Our next question comes from Jim Covello of Goldman Sachs.

我們的下一個問題來自高盛的吉姆·科維羅。

Good morning, thanks so much.

早安，非常感謝。

Couple questions, first is specifically on the semi test business.

有幾個問題，第一個是專門針對半測試業務的。

Do you think your strong performance, you know, whether it be in revenue or orders, is more a function of market share gains versus market growth?

您是否認為您的強勁表現，無論是收入還是訂單，更多的是市場佔有率成長與市場成長的函數？

I know you've commented before that '03 there wasn't a lot of share shift, but how about so far this year?

我知道您之前曾評論過，03 年沒有太多股份轉移，但今年到目前為止怎麼樣？

Well, I think a large part of our growth is market growth.

嗯，我認為我們的成長很大一部分是市場成長。

The projections that you hear from the market watchers is for very strong growth, you know, 40% plus growth in the overall market, so that has to be a piece of it.

你從市場觀察家那裡聽到的預測是非常強勁的成長，你知道，整個市場的成長超過 40%，所以這必須是其中的一部分。

We've had two good quarters now of order growth, and I think as you dissect to the order growth, obviously, we're looking for where sockets are shifting from competitors' equipment to ours, where we're getting new platforms in and where we're breaking into new accounts.

我們現在已經經歷了兩個良好的訂單增長季度，我認為當你剖析訂單增長時，顯然，我們正在尋找插座從競爭對手的設備轉移到我們的設備的地方，我們正在哪裡獲得新的平台以及我們正在那裡闖入新帳戶。

A piece of our growth in the first quarter -- continued growth in the first quarter -- we think is a market share momentum.

我們認為第一季成長的一部分——第一季的持續成長——是市場佔有率的動力。

The reason I say that is because the Flex is really the product that has had more of the break-ins this quarter, and as George was commenting, it's a wide geographical spread, wide application spread, subcons and IDM's.

我這麼說的原因是因為 Flex 確實是本季出現更多故障的產品，正如 George 所評論的那樣，它具有廣泛的地理分佈、廣泛的應用分佈、分包商和 IDM。

So it's a broad front of the dance on the Flex.

所以這是 Flex 上舞蹈的廣闊前沿。

And we think when you add that up, we think we've taken the first quarter step towards the market share gain this year.

我們認為，當你把這些加起來時，我們認為我們已經在今年第一季的市佔率成長方面邁出了一步。

That's helpful, thank you.

這很有幫助，謝謝。

Second follow-up question would be, I know you typically don't provide order guidance, but sometimes you've in the past have given us a direction on the book to bill, maybe in each of your different segments

第二個後續問題是，我知道您通常不提供訂單指導，但有時您過去曾給過我們關於書籍計費的指示，也許在每個不同的細分市場中

Do you think could you manage a book to bill above one, given the real strong order growth this quarter?

鑑於本季真正強勁的訂單成長，您認為您能否管理一本書的帳單高於一本書？

Well, I think the book to bill, obviously, is a function of how hard we're pushing the bill side of it, and we're really pushing very hard to meet the customer deliveries this coming quarter.

嗯，我認為顯然，要開票的書是我們推動帳單方面努力程度的函數，而且我們確實非常努力地滿足下個季度的客戶交付要求。

So as we push that up, it obviously gets tougher to keep the book to bill above one.

因此，當我們把這個數字推高時，要讓這本書的價格保持在 1 以上顯然會變得更加困難。

George's point I'll just reiterate, which is, as he said it, we're bullish and bearish on the overall momentum.

我只想重申喬治的觀點，正如他所說，我們對整體勢頭看漲和看跌。

We're optimistic.

我們很樂觀。

We're bullish as we enter Q2, because the short-term visibility is still pretty positive.

當我們進入第二季度時，我們看漲，因為短期能見度仍然相當樂觀。

And the toughness in keeping the book to bill above one, is that more in semi tests, more in PCS or a combination?

保持這本書高於第一的難度，是在半測試中更多，在 PCS 中更多還是兩者的結合？

I think that you'd say it was a little more in semi tests, where you get batches of buying versus a more gradual trajectory on the PCS side.

我想你可能會說，這更多是在半測試中，你會得到批量購買，而不是 PCS 方面的漸進軌跡。

Final question.

最後一個問題。

The tax rate, is it going to stay at 10% still throughout the full year, given your increased profitability?

考慮到你們獲利能力的提高，稅率全年是否會維持在 10%？

Yes.

是的。

We expect it to stay at 10 throughout this year and into 2005.

我們預計今年到 2005 年將維持在 10。

The one thing I will note, as the profits go up, at some point, the rate in fact could go down a bit.

我要注意的一件事是，隨著利潤的上升，在某個時候，利率實際上可能會下降一點。

But for now, 10% is a good number to use.

但就目前而言，10% 是一個比較合適的數字。

Thank you.

謝謝。

Next question comes from John Pitzer with Credit Suisse First Boston.

下一個問題來自瑞士信貸第一波士頓公司的約翰‧皮策 (John Pitzer)。

Yeah, guys, I'm going to go back to the book to bill question.

是的，夥計們，我要回到書本解決問題。

You guys can achieve a positive book to bill in June on down orders, but that kind seems consistent with George's earlier comment that he doesn't see any let up in the business.

你們可以在六月的訂單上取得積極的成果，但這似乎與喬治早些時候的評論一致，即他認為業務沒有任何放緩。

I guess my question to you is, when you look out at the June quarter, are we seeing orders turning flat to up?

我想我向您提出的問題是，當您展望六月季度時，我們是否看到訂單從持平轉為上升？

Or help me understand that a bit.

或幫我理解一下。

Are we seeing orders trending up in the second quarter?

我們看到第二季的訂單呈現上升趨勢嗎？

We're a few weeks into the second quarter; and generally, with our orders back loaded, as they continue to be, they are slightly less back loaded in Q1 than in the prior quarters, but it was -- it was -- that's cutting it kind of fine.

第二季已經過去幾週了；一般來說，隨著我們的訂單回載，正如它們繼續那樣，第一季的回載量比前幾季略少，但確實是這樣，這有點好。

So the trend on orders in Q2 is yet to be seen, John.

所以第二季的訂單趨勢還有待觀察，約翰。

Well, I guess as you guys do some of your quarterly forecast, does the bottom's up picture going into Q2 look better than it did going into Q1?

好吧，我想當你們做一些季度預測時，第二季度的自下而上的情況看起來比第一季更好嗎？

The short-term visibility is optimistic in Q2, similar to the way it was in Q1.

第二季的短期前景樂觀，與第一季類似。

Okay.

好的。

And then, Greg, can you talk a little about how to look at the new gross margins you've achieved at a $600 million sort of quarterly run rate?

然後，Greg，您能談談如何看待您以 6 億美元的季度運行率實現的新毛利率嗎？

At about $600 million, we would expect gross margins to be close to the mid-40s.

我們預計毛利率約為 6 億美元，接近 40 多美元。

If I had to pick a number, I'd say 44% would be a good number to model for gross margins.

如果我必須選擇一個數字，我會說 44% 是一個很好的毛利率模型數字。

I should point out, John, that we would expect that engineering and SG&A would be lower than the levels in the prior cycle at about these levels of revenue.

約翰，我應該指出，在這些收入水準上，我們預期工程和銷售管理費用將低於上一個週期的水準。

And I think we've described in the past that the operating expenses, we're going to get more leverage out of these expenses this cycle.

我認為我們過去已經描述過營運費用，本週期我們將從這些費用中獲得更多槓桿。

Great.

偉大的。

Is it fair for us to say then that most of the incremental levels are coming below the gross margin line then?

那我們可以說大部分增量水準都低於毛利率線嗎？

There's incremental leverage that's going to take the gross margin up, if we go to 600 million, about three points.

如果我們達到 6 億，增量槓桿將使毛利率上升約三個百分點。

You'd also see the R&D and engineering go down a bit, but if you said, how does this compare to prior cycle at like revenue?

您還會看到研發和工程有所下降，但如果您說，這與先前週期的類似收入相比如何？

If you look back, then you'd see we're doing better at operating expenses.

如果你回顧過去，你會發現我們在營運費用方面做得更好。

It depends what your comparison is.

這取決於你的比較是什麼。

Is it past cycle, or is it for this past quarter?

是過去的周期，還是上個季度？

And then, two quick questions for Mike.

然後，問麥克兩個簡單的問題。

Mike, first, we're hearing some rumors that you might be capacity constrained on some of the semi test stuff due to long lead time components.

麥克，首先，我們聽到一些傳言稱，由於組件的交貨時間較長，你們的一些半測試材料的產能可能會受到限制。

Can you help me understand if that is a problem, and if it is a problem to the point that you might be losing market share to your competitors?

您能否幫助我了解這是否是一個問題，以及是否這個問題可能導致您的市場佔有率被競爭對手奪走？

And secondly, hate to put you on the spot, but as you move into your new role, do you see any significant changes in sort of the strategy to driving business in the company?

其次，我不想讓你陷入困境，但當你進入新職位時，你是否發現公司推動業務發展的策略有任何重大變化？

Okay.

好的。

On the subject of capacity constraints, we're, you know, obviously still scrambling here on the supply chain to be able to meet deliveries.

關於產能限制的問題，您知道，我們顯然仍在供應鏈上努力滿足交貨要求。

The reason I said, John, that, you know, we're on balance optimistic is the urgency in short term is still very high with customers.

約翰，我之所以說，你知道，我們總體上持樂觀態度，是因為客戶的短期緊迫性仍然很高。

So we're scrambling to meet the short-term delivery requirements.

所以我們正在爭先恐後地滿足短期交貨的要求。

I might give you one anecdote, and that is, you know, the used market, which is usually reasonably robust during a downturn and drives up in an upturn -- that has happened.

我可以跟你講一則軼事，那就是，你知道，二手市場通常在經濟低迷時期相當強勁，在經濟好轉時則上漲——這種情況已經發生了。

We've actually dipped into the used market ourselves to purchase some of our own equipment so that we could meet some short-term delivery requirements.

事實上，我們自己也涉足二手市場，購買了一些自己的設備，這樣我們就可以滿足一些短期交貨的要求。

So I think that's evidence that on the supply side it's as tight as can be.

所以我認為這證明供應方面已經非常緊張了。

Now, we're obviously sensitive to whether we lose sockets, because the demand by customers is so high.

現在，我們顯然對是否失去插座很敏感，因為客戶的需求如此之高。

We're not seeing a -- you know, we're seeing the opportunity to gain sockets because of our ability to ship, and we're seeing pressure on -- obviously, the competitive pressure exists on lead times.

我們沒有看到——你知道，我們看到了因為我們的運輸能力而獲得插座的機會，而且我們看到了壓力——顯然，交貨時間存在競爭壓力。

I don't see a measurable amount of share shift that's being caused by capacity constraints, but I'll reiterate that we're not out of the woods in terms of marshaling material, expediting material.

我沒有看到因產能限製而導致的可衡量的份額轉移，但我要重申，我們在整理材料、加快材料方面尚未走出困境。

As we go into the cycle, we're obviously reducing the number of things we have to gather, but there's still some, you know, pressure on our supply chain that's pretty heavy at this point.

當我們進入這個循環時，我們顯然正在減少必須收集的東西的數量，但你知道，我們的供應鏈目前仍然面臨相當大的壓力。

Mike, is the biggest issue just high end [INAUDIBLE] components or are there other issues out there as well?

麥克，最大的問題只是高端[聽不清楚]組件還是還有其他問題？

No, it's -- it's the full gamut.

不，這是－－這是全色域。

I think, you know, you'd be surprised at the kinds of things that you have to push on, whether it's, you know, mechanical components.

我想，你會對你必須推動的事情感到驚訝，無論是機械部件。

We try to take a position on the [INAUDIBLE] side, so we get buffered from the foundries that start to tighten up on their capacity.

我們試圖在[聽不清楚]方面採取立場，因此我們可以從開始收緊產能的代工廠中獲得緩衝。

So we have die banks [PHONETIC] and so on that front.

所以我們在這方面有模具銀行[PHONETIC]等等。

But it's a very high mix of the kinds of things you have to go after in the ramp, and nothing stands out as a single point.

但這是你在坡道上必須追求的各種事物的高度混合，沒有什麼可以作為一個點脫穎而出。

John, a couple other perspectives I guess that may be helpful.

約翰，我認為其他一些觀點可能會有所幫助。

I think that it would be important to note that on products like Catalyst where there has been a huge surge in demand, and where we ramped at record levels, as was pointed out from Q4 to Q1, the lead times are the same at the end of Q1 that they were at the end of Q4.

我認為值得注意的是，對於像 Catalyst 這樣的產品，需求大幅激增，並且我們以創紀錄的水平增長，正如從第四季度到第一季所指出的那樣，最終的交貨時間是相同的第第一季的數據是在第四季末的。

So -- you know, to the extent -- I think they -- in fairness, probably booked up sometime during the first quarter and then they're coming back down again.

所以——你知道，在某種程度上——我認為他們——公平地說，可能在第一季的某個時候就被預訂滿了，然後他們又回來了。

So lead times are flat quarter to quarter in the face of significantly rising demands is one point.

因此，儘管需求顯著上升，但每季的交貨時間卻持平。

But the other thing I think would be fair, although we are struggling against the ramp, which I think is great news for us and hopefully the customers are getting what they need.

但我認為另一件事是公平的，儘管我們正在努力應對成長，我認為這對我們來說是個好消息，希望客戶能夠得到他們需要的東西。

That's certainly our intent.

這當然是我們的意圖。

There are no showstoppers at this point in the program.

目前節目中還沒有什麼精彩的內容。

We're getting what we need.

我們正在得到我們需要的東西。

It is with difficulty and we're managing it carefully, but I think we're getting the job done.

這很困難，我們正在謹慎處理，但我認為我們正在完成工作。

And then Mike, just quickly, any planned changes in emphasis on strategy as you migrate into your new role?

然後，麥克，請快速介紹一下，當您轉入新職位時，有任何計劃對策略進行改變嗎？

Yeah.

是的。

Well, let me give you a short answer to a big question.

好吧，讓我對一個大問題做一個簡短的回答。

I think that as you look at the terrain going back a little bit on the strategic moves we've made over the last couple of years, whether that's in the area of our focus on SOC, you know, the consolidation of our semi conductor test divisions into one division and the leverage we're getting out of the engineering there, whether it's the focus on PCS on back plane connection systems, some deselection of businesses, I expect that we're going to keep driving hard on those.

我認為，當你回顧一下過去幾年我們所採取的戰略舉措時，無論是在我們重點關注的 SOC 領域，還是我們半導體測試的整合，各個部門的劃分以及我們從那裡的工程中獲得的影響力，無論是對背板連接系統上的PCS 的關注，還是對某些業務的取消，我預計我們將繼續努力推動這些工作。

Those are big strategic decisions we've made over the last couple of years, and I see us, you know, accelerating on those fronts.

這些是我們在過去幾年中做出的重大策略決策，我看到我們在這些方面正在加速。

I think we'll continue to try to take advantage of places where there are discontinuities.

我認為我們將繼續嘗試利用存在不連續性的地方。

We'll continue to focus on, you know, the kinds of businesses that we've got where there are big system sales, where there's long [INAUDIBLE] cycles and opportunities to shift share.

我們將繼續關注，你知道，我們擁有的那些有大量系統銷售、有長[聽不清楚]週期和轉移份額的機會的業務。

So I wouldn't preview to you in honesty that we're going to have a shift in the strategy.

因此，老實說，我不會向您預告我們將改變策略。

I think a lot of the big moves we've made over the last couple of years have charted the course we want to be on for the next couple of years going forward.

我認為過去幾年我們採取的許多重大舉措都為我們未來幾年的發展規劃了方向。

Great.

偉大的。

Thanks, guys.

謝謝，夥計們。

Yep.

是的。

Our next question comes from Ben Pang with JP Morgan.

我們的下一個問題來自摩根大通的 Ben Pang。

Hi, couple of questions.

你好，有幾個問題。

You talked about the utilization rate for your customer -- customers pending approval.

您談到了客戶的使用率—等待批准的客戶。

Can you give some numbers behind that, where the trend is going?

您能否給出一些背後的數字，以及趨勢的走向？

And also, can you talk about the behavior of your customers in terms of how they are ordering [INAUDIBLE]?

另外，您能否談談您的顧客在訂購方式上的行為[聽不清楚]？

Are they getting more nervous about lead times, and -- or do you still expect to see a back end loaded quarter for a semi conductor test?

他們是否對交貨時間變得更加緊張，或者您是否仍然期望看到半導體測試的後端負載季度？

Yeah.

是的。

Let's see.

讓我們來看看。

On utilization rates, let's put it in context for a minute.

關於利用率，讓我們先來了解它的背景。

The unit volumes, as you know in the nonmemory and -- in overall IC manufacturing, over the last semi -- or WSDS data says human volumes have exceeded the peak for four of the last five months.

正如您在非記憶體領域以及整個 IC 製造領域（過去的半年）或 WSDS 資料中所知道的，單位數量表明，過去五個月中有四個月的人員數量超過了高峰。

So the peak shipment rates, the unit volumes are right at record level.

因此，峰值出貨率和單位數量都處於創紀錄的水平。

That has driven utilization up for all of the installed base test equipment up into 80-plus into the 90's.

這使得所有已安裝基礎測試設備的使用率在 90 年代上升到 80 多。

Now, we've shipped about 400 units in the last six months -- 400 new testers into the installed base.

現在，我們在過去 6 個月內已發貨了約 400 台設備——已有 400 名新測試儀進入安裝基地。

That, you would expect, would normally dampen that utilization rate.

您可能會想到，這通常會降低利用率。

We have not seen that slow down.

我們還沒有看到這種放緩。

We've seen customers really pushing the systems, plug and play into production, so the utilization rates have remained very high.

我們已經看到客戶真正將系統即插即用投入生產，因此利用率仍然非常高。

You put high 80's and low 90's on the equipment as we monitored our utilization rates in our installed base.

當我們監控我們的安裝基礎的利用率時，您對設備進行了 80 分的高分和 90 分的低分。

So the appetite continues very strong.

所以食慾依然非常旺盛。

Your question on the behavior and lead times was what again?

您關於行為和交貨時間的問題又是什麼？

I just want to understand if, you know, it seems like, you know, you are getting a lot of back end loaded quarters, right?

我只是想了解，你知道，你是否得到了很多後端負載的硬幣，對嗎？

Right.

正確的。

For the orders.

為了訂單。

And I just want to understand what -- the behavior of the customers, why they do that at this point, because it seems like it's happened on several quarters.

我只是想了解客戶的行為，他們為什麼在此時這樣做，因為這似乎已經發生了幾個季度。

You know, I mean, is it because you have good lead times you have such good control over that, or the industry as a whole, that they don't need to worry about that?

你知道，我的意思是，是因為你有很好的交貨時間，你對整個行業或整個行業有很好的控制，所以他們不需要擔心這個嗎？

Or there's no difference between whether you order it in April or, you know, at the end of the quarter?

或者，無論您在四月訂購還是在季度末訂購，都沒有區別？

Well, I don't think there's a different pattern in the last six months than there has been in the last two years.

嗯，我認為過去六個月的模式與過去兩年沒有什麼不同。

And that is, at the low point in the peak, the orders were back loaded in the quarter.

也就是說，在高峰期的低點，該季度的訂單有所回載。

And we all know that human nature [INAUDIBLE] that goes on [INAUDIBLE].

我們都知道人性[聽不清楚]持續存在[聽不清楚]。

I'll say that we are very tightly connected in the planning for capacity with customers.

我想說的是，我們在容量規劃上與客戶有著非常緊密的連結。

So in a way, you have to separate the ordering of the paper work behavior from the, you know, the mapping of what customer demanded.

因此，在某種程度上，您必須將文書工作行為的順序與客戶需求的映射分開。

So we're very -- the demand is very visible to us.

所以我們的需求對我們來說是非常明顯的。

The order actual posing of paperwork is a phenomena that I'd like to be out of, but it's always back end loaded.

我希望避免文書工作的實際排列順序，但它總是後端加載的。

And the last question -- and let me congratulate you on a good quarter, as well.

最後一個問題——也讓我祝賀你們這個季度的表現不錯。

In terms of the strategies going forward for the semi conductor tests, in terms of your product mix and, you know, new products, is this pretty much the lineup that you are going to have, you know, for the next six months?

就半導體測試的未來策略而言，就您的產品組合以及新產品而言，這幾乎是您未來六個月的產品陣容嗎？

Or is there anything out there, you know, that you're doing on either the high end or the low end, that we can expect in terms of new product?

或者，您知道，您正在做的高端或低端產品中，有什麼是我們可以期待的新產品嗎？

Well, I don't want to preannounce anything, so I couldn't describe to you if we were going to introduce new products.

好吧，我不想預先宣布任何事情，所以我無法向您描述我們是否要推出新產品。

I will say that the product portfolio on all of the products is being augmented, so new instrumentation and so on is coming online all through the course of '04 for our products.

我要說的是，所有產品的產品組合都在不斷擴大，因此新的儀器等將在整個 04 年期間為我們的產品上線。

I think what you'll see is we'll continue to keep stretching the product lines.

我想你會看到我們將繼續擴大產品線。

So we'll move it up in performance and we'll move it down in cost effectiveness.

因此，我們將提高效能，降低成本效益。

That's the game plan.

這就是比賽計劃。

And that's as you see new products, it will populate the terrain of product offerings to stretch the boundaries here of price performance.

正如您所看到的新產品一樣，它將填充產品供應領域，從而擴展性價比的界限。

Thank you very much.

非常感謝。

Yep.

是的。

Next question comes from Brett Hodess with Merrill Lynch.

下一個問題來自美林證券的布雷特‧霍德斯。

Good afternoon.

午安.

Good morning.

早安.

On PCS, since you're moving out of some of the assembly and, you know, metal bending back to the core connectors and back planes, can you give us a feel for how that might affect where the revenues might go in this cycle and if the operating profits from the business can still be higher than the last cycle, even if you give up some of that lower margin revenue?

在 PCS 上，由於您要移出一些組件，並且金屬彎曲回核心連接器和背板，您能否讓我們了解一下這可能會如何影響本週期中的收入流向以及即使您放棄了一些利潤率較低的收入，該業務的營業利潤是否仍可高於上一個週期？

We would expect that the operating profit percentages should be very attractive and could equal or exceed the past cycle.

我們預計營業利潤百分比應該非常有吸引力，並且可能等於或超過過去的周期。

And what PCS is no longer doing is some convenience business for certain customers that added to the top line but didn't contribute to the bottom line.

PCS 不再做的是為某些客戶提供一些便利業務，這些業務增加了收入，但對利潤沒有貢獻。

So when you take that business out and you replace it with business that is much more core to where PCS has unique capabilities, you invariably generate profit from the bottom line.

因此，當您將該業務撤出並用 PCS 具有獨特功能的更核心業務取而代之時，您總是會從底線中產生利潤。

So we would be quite optimistic as to PCS's prospects, looking out in time.

所以我們對PCS的前景相當樂觀，及時關注。

So it would be reasonable, though, that they could exceed previous operating profits on the lower revenues as you replace those, say, convenience revenues?

那麼，當你取代那些便利收入時，它們可能會超過以前較低收入的營業利潤，這是合理的嗎？

You would -- that is possible.

你會——那是可能的。

The one -- the one area that we'd need to take a careful look at, depending on what level of revenues one is looking at, we have a printed circuit board shop that has been downsized, and as that gets filled up more, that has quite a significant drop through, so there is an element of what does a board shop look like back at some point in time versus what it looks like today.

一個 - 我們需要仔細研究的一個領域，取決於人們所關注的收入水平，我們有一家印刷電路板商店，該商店已縮小規模，並且隨著它變得越來越滿，這有一個相當大的下降，所以有一個元素是紙板廠在某個時間點的樣子與現在的樣子。

But as the revenues grow to a healthier rate, we would be confident that we could earn greater profits.

但隨著收入以更健康的速度成長，我們有信心賺取更大的利潤。

At lower levels of revenue, that may not hold true.

在收入水平較低的情況下，這可能並不成立。

Thank you.

謝謝。

Our next question comes from Mark Fitzgerald with Banc of America Securities.

我們的下一個問題來自美國銀行證券公司的馬克·菲茨杰拉德。

Thank you.

謝謝。

Very nice quarter, gentlemen.

非常好的季度，先生們。

I had a quick question when it comes to the gross margins, and some of the expediting charges.

關於毛利率和一些加急費用，我有一個簡單的問題。

Would gross margins have been significantly higher if you had a more normalized environment in terms of suppliers?

如果供應商環境更加標準化，毛利率會顯著提高嗎？

The -- you're raising a good point, which is, what's happening on the supply line in terms of expediting increased costs, and would that, if we had a more level trajectory here, would we have less on that?

你提出了一個很好的觀點，那就是，在加速成本增加方面，供應線上正在發生什麼，如果我們在這裡有一個更水平的軌跡，我們在這方面的進展會更少嗎？

And the answer on that one is yes, we would.

答案是肯定的，我們會的。

There is additional costs in the material gathering and in the expediting.

材料收集和加急過程中會產生額外費用。

Now, the way we've dealt with that is that we've gone to our customers and we've said that we've got the opportunity to expedite, whether that's in the aftermarket or whether it's in expediting in the normal supply chain.

現在，我們處理這個問題的方式是，我們去找客戶，我們說我們有機會加快速度，無論是在售後市場還是在正常供應鏈中加快速度。

So what we've done with customers is to ask them, do they want us to do that expediting.

因此，我們對客戶所做的就是詢問他們是否希望我們加急處理。

And if they do, then we have worked to pass those costs through.

如果他們這樣做了，那麼我們就會努力轉嫁這些成本。

So we've tried to actually dampen the effect of the margin corrosion that you get from higher expediting without being able to pass on any of the cost.

因此，我們試圖實際上抑制因更高的催收而導致的邊際腐蝕的影響，而無法轉嫁任何成本。

So there is price increases being passed on to customers, is that basically what you're saying?

所以價格上漲會轉嫁給客戶，這基本上就是您所說的嗎？

Because of the --

因為——

There is some amount of expediting where we're passing the cost increase back through the chain with customers, and we're doing that with them at their choice.

我們採取了一定程度的加急措施，將增加的成本透過供應鏈轉嫁給客戶，並根據他們的選擇與他們一起這樣做。

And that's in semi tests and also in connection systems, so that is occurring in a couple of our businesses.

這是在半測試和連接系統中，所以這發生在我們的一些業務中。

Okay.

好的。

Then a longer term question in this area is that you see inflationary pressures building through the chain here, particularly on the component side of the business.

那麼這個領域的一個長期問題是，您會看到通貨膨脹壓力透過這裡的鏈條而形成，特別是在業務的組件方面。

Is that part of your business model planning for those higher prices going forward from your vendors?

這是您的商業模式規劃的一部分，以應對供應商未來提出的更高價格嗎？

The business model reflects both the ups and downs.

商業模式反映了起起落落。

In other words, we're, you know, anticipating that the inflationary pressures would put some upward move on our material costs.

換句話說，我們預期通膨壓力將使我們的材料成本上升。

At the same time, we've got a very aggressive program going to low-cost regions, sourcing and building in low-cost regions, to try to offset the expected cost increases.

同時，我們有一個非常積極的計劃，前往低成本地區，在低成本地區採購和建造，以試圖抵消預期的成本增加。

So we're pulling down at the same time we've got built into the model some assumption about inflation.

因此，我們在降低模型的同時，在模型中內建了一些關於通貨膨脹的假設。

Okay.

好的。

And then one last question, given the business model that you're running on at this point, would you expect to be able to keep your head above water in the next downturn, in terms of profitability?

最後一個問題，考慮到您目前所採用的商業模式，您是否期望能夠在下一次經濟低迷時期保持盈利能力？

The way we've restructured the business is, we could get back to about the same levels of break even, which is about 350 million or a tad under.

我們重組業務的方式是，我們可以恢復到大致相同的損益平衡水平，大約 3.5 億美元或略低一些。

So in that neighborhood, we could break even.

所以在那個街區，我們可以收支平衡。

The cost that we've added, Mark, this cycle, a very high percent is temporary labor and we've used this optimized outsourcing strategy.

馬克，我們在這個週期中增加的成本，很大一部分是臨時勞動力，我們已經使用了這種優化的外包策略。

And some of the other costs you see that have gone up are variable compensation arrangements.

您看到的其他一些增加的成本是可變補償安排。

So, much of the growth is variable and we could get back to about the 350 million level.

因此，成長的大部分是可變的，我們可能會回到 3.5 億左右的水平。

And do you look at that 350 million level as just kind of core that you'd be eating into the long-term opportunity if you cut your cost structure below that?

您是否認為 3.5 億水平只是一種核心，如果您將成本結構削減到低於這個水平，您就會蠶食長期機會？

Yes, yes.

是的，是的。

If you went below that, Mark, below 350, we'd be making a product line decision, it would be a strategic decision and there's none of those decisions right now that we see would make sense to make.

如果你低於這個數字，馬克，低於 350，我們就會做出產品線決策，這將是一個策略決策，而我們認為目前所做的這些決策都沒有意義。

Okay.

好的。

Thank you very much.

非常感謝。

I think one of the -- just to expand on that, Mark -- I think one of the questions that the industry has to ask itself and answer as they think about going forward is, what is the next cycle like?

我認為其中一個——只是為了擴展這一點，馬克——我認為行業在考慮未來時必須問自己並回答的問題之一是，下一個週期是什麼樣的？

If you think of the next cycle, more like the typical cycle where we've seen for 20 years in the business where sales fall off 20 or 25% for 12 to 18 months, you have one view of what the ability for both our customers and other captial equipment companies to stay profitable.

如果您考慮下一個週期，更像是我們在20 年來的業務中看到的典型週期，銷售額在12 到18 個月內下降20% 或25%，您就會對我們兩個客戶的能力有一個看法和其他固定設備公司保持盈利。

If on the other hand, you say the next cycle is going to be like this cycle, down 60 to 70% and staying there for three years, I think they are two very different questions.

另一方面，如果你說下一個週期會像這個週期一樣，下降 60% 到 70%，並保持三年，我認為這是兩個非常不同的問題。

Thanks.

謝謝。

Our next question comes from Shakar [INAUDIBLE] with Schwab SoundView.

我們的下一個問題來自 Schwab SoundView 的 Shakar [聽不清楚]。

Hi, good morning.

嗨，早安。

Congratulations on a very good quarter here.

恭喜您度過了一個非常好的季度。

I'd like to ponder a little bit on the TCF segment.

我想稍微思考一下 TCF 部分。

Where do you think the peak revenue opportunity is -- you know, that business now has orders of about 100 million a quarter.

您認為營收高峰機會在哪裡——您知道，該業務現在每個季度的訂單量約為 1 億個。

Do you see a scenario with this kind of product that this could rise up to $150 million a quarter, or is it you think something 16, say 12 months out, is only 130 million a quarter is possible?

您是否認為這種產品每季的銷售額可能會增加到 1.5 億美元，或者您認為 16 個月（例如 12 個月）後，每個季度的銷售額只有 1.3 億美元？

Then I have one or two more.

然後我還有一兩個。

I think you hit upon the range.

我想你已經找到範圍了。

Could be 130.

可能是130。

That's very reasonable.

這是非常有道理的。

It could be higher.

它可能會更高。

And the second question is on the pricing side.

第二個問題是定價方面。

I mean, do you see a scenario where you would be able to pass the higher component price costs, or you're seeing pricing improvement come back in the industry given the lead times are so stretched?

我的意思是，您是否認為您能夠承受更高的組件價格成本，或者您是否看到由於交貨時間如此拉長，行業中的價格改善又回來了？

Let me address that.

讓我來解決這個問題。

Shakar, this is Mike.

沙卡，這是麥克。

The -- you know, over the last few quarters, there's obviously been questions of, is there any pricing power.

你知道，在過去的幾個季度裡，顯然有這樣的問題：是否有任何定價能力。

The focus now with customers is on availability and delivery.

現在客戶關注的焦點是可用性和交付。

That's very clear.

這非常清楚。

And to the extent that we can accelerate by accruing higher costs, we've been up front and all cards face up with customers, so that we've given them an opportunity to pay a premium that covers our premium costs.

在某種程度上，我們可以透過增加成本來加速，我們一直在前面，所有卡片都面向客戶，這樣我們就給了他們一個支付溢價的機會，以覆蓋我們的溢價成本。

So in some respects, yes, there's some pricing leverage that has returned.

因此，在某些方面，是的，一些定價槓桿已經回歸。

But it's not an opportunistic, let's raise price now that demand is up, because, you know, we've got long-term commitments with many of our customers and so on.

但這不是機會主義，既然需求增加，我們就提高價格，因為，你知道，我們與許多客戶都有長期承諾等等。

Okay.

好的。

Lastly, would you give us maybe a round number within the test segment, how the orders broke down, like, Catalyst, Tiger, J-750, Flex and IG-750?

最後，您能否給我們一個測試部分的整數，訂單如何細分，例如 Catalyst、Tiger、J-750、Flex 和 IG-750？

Is that possible?

這可能嗎？

I can't break it down to that level of detail.

我無法將其分解到那麼詳細。

What I'll say is that, if you go back six months, our Tiger, Flex, the new offensive products, have doubled in volume -- dollar volume -- from six months ago to now at the same time that the overall business has doubled.

我要說的是，如果你回到六個月前，我們的 Tiger、Flex 這些新的進攻性產品的銷售（美元銷售）從六個月前到現在翻了一番，同時整體業務也增加了增加了一倍。

So those -- there's been a quadrupling of the new products over the six-month period.

因此，在六個月內，新產品的數量增加了四倍。

Okay.

好的。

Lastly, if I may, the deferred profits, when do you expect now them to come back in the book value?

最後，請容許我問一下，遞延利潤現在預計什麼時候才能恢復到帳面價值？

Is that still four quarters out or --

還剩四個季度嗎？

This is the deferred tax asset?

這就是遞延所得稅資產？

Yep.

是的。

I would expect some time in 2005.

我預計會在 2005 年的某個時候。

You generally need a string of -- there's no hard science here, but six to eight consecutive profitable quarters, so it could be the end of 2005.

你通常需要一連串——這裡沒有硬科學，但需要六到八個連續獲利的季度，所以可能是 2005 年底。

Thank you.

謝謝。

Our next question comes from Patrick Ho with Moors and Cabot.

我們的下一個問題來自 Patrick Ho 與 Moors 和 Cabot。

Thanks a lot.

多謝。

Congratulations again, guys.

再次恭喜你們。

Looking at the June quarter and beyond a little on the gross margin front again, do you see -- what's, I guess, the biggest lever going forward?

再次審視六月季度及之後的毛利率，您是否看到 - 我猜，未來最大的槓桿是什麼？

Is it just continued efficiencies, volumes, or is it product mix of some of your new products, you know, becoming a greater percentage?

只是持續的效率、產量，還是你知道的一些新產品的產品組合正在變得更大？

It's actually both -- you hit on two key themes.

實際上兩者都是——你觸及了兩個關鍵主題。

One is, we still get additional leverage going up.

一是，我們的槓桿率仍然上升。

Not as much leverage as we did when we were at much lower levels of revenue.

槓桿率不如我們收入水準低得多時的槓桿率。

So we would expect as revenue grows we get another point for every 40 million of sales growth.

因此，我們預計，隨著收入的成長，每增加 4,000 萬的銷售額，我們就會獲得另一個積分。

And then with the new Flex product, as that fans out and grows in customers' test floors, we would expect that our margins would rise as a result of that as well.

然後，隨著新的 Flex 產品在客戶測試平台中的推廣和成長，我們預計我們的利潤率也會因此而上升。

Okay, great.

好的，太好了。

I guess, can you just also give a little more color on the traction reflex?

我想，你能給牽引反射更多的色彩嗎？

I got to admit I'm quite surprised with the strong traction you gained over the last three quarters.

我必須承認，我對你們在過去三個季度獲得的強勁吸引力感到非常驚訝。

Can you just describe at a high level what's been, I guess, the biggest selling point and how you, I guess, gain market share in that area?

您能否概括地描述一下我認為最大的賣點是什麼以及您如何在該領域獲得市場份額？

Yeah, Patrick, let me just take a quick run at that.

是的，派崔克，讓我快速介紹一下。

The value proposition on the Flex is that the tradeoff that our customers have normally made between a niche product offering that has very, very, very good economics for niche of technology traded off against the cap -- or the asset utilization that they want to get by testing a wide range of costs.

Flex 的價值主張是，我們的客戶通常會在具有非常非常好的經濟效益的利基產品與上限之間進行權衡，或者在他們想要獲得的資產利用率之間進行權衡通過測試各種成本。

That's always been the paradox they've been faced with.

這一直是他們面臨的悖論。

Should they buy a flexible piece of equipment or a very, very high cost effective piece of equipment.

他們應該購買靈活的設備還是非常非常高性價比的設備。

And what the Flex brings to the table is wide range of instrumentation and a break through on parallelism. [INAUDIBLE]

Flex 帶來的是廣泛的儀器和並行性的突破。 [聽不清楚]

So if you wanted to look at a theme that cut across, a series of applications this quarter that included automotive, broadband, smart card, CD, cell phone, digital camera, video controllers, HD TV, you'd find a thread of this combination of the opportunity to test the wide range of parts with this unique offering that customers can very quickly get to parallel -- high parallel tests on those.

因此，如果您想了解一個貫穿本季度的主題，即一系列應用程序，包括汽車、寬頻、智慧卡、CD、手機、數位相機、視訊控制器、高清電視，您會發現這樣的主題將測試各種零件的機會與這種獨特的產品相結合，客戶可以非常快速地進行並行——對這些零件進行高度並行測試。

So that's really the theme that's allowed us -- the Flex -- to break out here this quarter.

所以這確實是讓我們——Flex——在本季取得突破的主題。

Okay, great.

好的，太好了。

And just the final question, looking forward into the June quarter.

最後一個問題，展望六月季度。

Again, I think you said it was kind of 50/50 between IDM's and subcosts.

再說一遍，我想您說過 IDM 和子成本之間是 50/50。

Do you see that type of, you know, percentage breakdown continuing in the near term?

您認為這種百分比細分在短期內會持續嗎？

I think that's the way we would see it.

我想這就是我們的看法。

Remember, the -- that's a simple breakdown, and it actually masks the issue that IDM's are outsourcing the subcons.

請記住，這是一個簡單的細分，它實際上掩蓋了 IDM 外包分包商的問題。

So if you said pure IDM's, it would be a little heavier on that because the IDM is helped by plus the outsourcing as a subcontractor.

因此，如果您說的是純粹的 IDM，那麼這個問題會更重一些，因為 IDM 是透過加上作為分包商的外包來幫助的。

But roughly, if you put the customer list down and said who's going to buy, we think there's still, you know, heavy drive on both sides.

但粗略地說，如果你放下客戶名單並說出誰將購買，我們認為雙方仍然有很大的動力。

So we'll see the double barrel action we think this next quarter.

因此，我們將在下個季度看到我們認為的雙桶行動。

Yeah, and then just a follow-up on that comment.

是的，然後是該評論的後續行動。

So you are not seeing any indication, especially from the subcons, where there could be potential double ordering?

所以你沒有看到任何跡象，特別是來自分包商的跡象，其中可能存在潛在的雙重排序？

The -- you know, that's one of those cases where you only know it in the rear very mirror, because it becomes apparent after things start getting pushed out or canceled.

你知道，這是一種你只能在後視鏡中知道的情況，因為在事情開始被推遲或取消後，它就會變得明顯。

We're seeing pretty uniform drive for delivery and delivery expediting, versus any signals of pushing out.

我們看到了相當一致的交付和交付加速驅動力，而不是任何推出的訊號。

Obviously, we watch for if customers -- multiple customers -- are buying for the same end application as subcontract customers may be at that the time.

顯然，我們會關注客戶（多個客戶）是否與當時的分包客戶購買相同的最終應用程式。

But I think there are no heavy signals of that at this time.

但我認為目前還沒有明顯的訊號。

I think the fact that we've receiving premiums from some of these orders tells you that they really need testers now.

我認為我們從其中一些訂單中收到溢價的事實告訴您他們現在確實需要測試人員。

Right.

正確的。

And best of luck, George, on your, I guess your heading out from your CEO role.

祝你好運，喬治，我想你即將辭去執行長的職務。

Thanks very much.

非常感謝。

Paul, we'll take the last question.

保羅，我們來回答最後一個問題。

The time is up.

時間到了。

Last question comes from Mehdi Hosseini with SVR.

最後一個問題來自 SVR 的 Mehdi Hosseini。

Yes.

是的。

A couple of questions.

有幾個問題。

Going back to the pricing premium.

回到定價溢價。

I wanted to look at it from a different view.

我想從不同的角度來看待它。

I'm hearing that the used market for Catalyst has basically dried up.

我聽說 Catalyst 的二手市場基本上已經枯竭。

So I want to know to what extent you have been able to use that to increase prices, or the comparative price is so much that you feel unable to raise prices?

所以我想知道你們在多大程度上能夠利用它來漲價，或者對比價格太多，以至於你們覺得無法漲價？

And I have some follow up questions.

我還有一些後續問題。

Okay.

好的。

It's Mike again, Mehdi.

又是麥克，邁赫迪。

You know, we were using this point of the premiums and the supply chain as an example.

你知道，我們以保費和供應鏈這一點為例。

That's not a pervasive 50% of the orders we're seeing.

這並不是我們看到的訂單中普遍存在的 50%。

It is a small percentage, but it gives you some indication that there is a portion of the demand that is very, very focused on immediate delivery.

雖然比例很小，但它向您表明有一部分需求非常非常注重立即交付。

The -- you're right, the used market equipment availability is arid at this point.

您是對的，目前二手市場設備的可用性很匱乏。

We push on that.

我們會繼續努力。

Our customers obviously have been probing on that.

我們的客戶顯然​​一直在探索這一點。

So the Catalyst supply in the aftermarket is close to zero.

因此售後市場的催化劑供應量接近零。

Okay.

好的。

And then going back to your comment regarding your engagement with [INAUDIBLE] regarding Cap Ex planning.

然後回到您關於您與 [聽不清楚] 就資本支出規劃進行合作的評論。

It seems to me if you are able to grow bookings by a mid-single digit, you are still going to end up in -- you're still going to end 2004 with a double digit growth rate for '04.

在我看來，如果您能夠將預訂量成長到中個位數，您最終仍將在 2004 年結束時以兩位數的 04 年增長率結束。

So is that a fair assessment of incoming business for the next nine months?

那麼，這是對未來九個月的傳入業務的公平評估嗎？

Yeah.

是的。

I'm not sure, Medhi, what your point is.

我不確定，梅迪，你的觀點是什麼。

I would say that double digits may not capture the thought.

我想說兩位數可能無法表達這個想法。

If you look at the three external market share pundits of the industry level, they're all projecting remarkable consistency growth in semi test for that portion of the company's business at 40% or so for this year.

如果你看看行業層面的三位外部市場份額專家，他們都預測今年公司這部分業務的半測試將出現顯著的一致性增長，約為 40% 左右。

And that may or may not prove to be conservative, so I think double digits is in the cards, definitely given that in light of other indicators that we see.

這可能被證明是保守的，也可能不是保守的，所以我認為兩位數是可能的，考慮到我們看到的其他指標，這絕對是可能的。

But exactly where it'll end up, I'm not sure we can say at all.

但它到底會在哪裡結束，我根本不確定我們能說什麼。

Okay, and just two follow questions, regarding your semi test.

好的，接下來只有兩個關於半測試的問題。

Can you help me capture the amount of business that you do regarding upgrade kits?

您能幫我了解一下您在升級套件方面所做的業務量嗎？

Just sending purely these upgrade kits?

就純粹送這些升級包嗎？

If you could give me a percentage of mix?

如果你能給我一個混合百分比嗎？

Tom may have the number.

湯姆可能有電話號碼。

I don't have the number at hand.

我手邊沒有號碼。

Yeah, I think for the industry and for us, what you would call miscellaneous or nonsystems business runs between 10 and 20% of the dollar volume.

是的，我認為對於這個行業和我們來說，所謂的雜項或非系統業務佔美元交易量的 10% 到 20%。

We typically run in that range, and it's upgrades around everything from 20-year-old machines to 5-year-old machines to machines we shipped last quarter.

我們通常在這個範圍內運行，並且它圍繞從 20 年舊機器到 5 年舊機器到我們上季度發貨的機器的所有內容進行升級。

So typically a reasonable percentage of that.

所以通常是合理的百分比。

It doesn't get much bigger than that, but occasionally it does in downturns, but not often.

它不會變得比這更大，但在經濟低迷時期偶爾會發生，但並不經常。

Okay.

好的。

And just a share count for Q2?

只是第二季的份額計數嗎？

The diluted share count will be higher.

稀釋後的股份數量將會更高。

And I can explain that.

我可以解釋一下。

As we go above 21 cents EPS, our earnings per share calculation will be calculated differently.

當每股盈餘超過 21 美分時，我們的每股盈餘計算方式將會有所不同。

We will put in the shares from the convertible debt, and we will take out the interest expense that then net income.

我們將從可轉換債務中投入股份，然後取出利息費用，即淨利。

So we'll increase net income in the calculation but decrease -- or increase in our shares and the denominator So the share count's going to go up about 15.5 million for this instrument.

因此，我們將增加計算中的淨利潤，但減少或增加我們的股份和分母，因此該工具的股份數量將增加約 1550 萬股。

So you can add that to your 200 million.

所以你可以將其添加到你的 2 億中。

So say 216 million.

所以說2.16億。

Okay, great.

好的，太好了。

Thank you.

謝謝。

All right.

好的。

For the way of wrap-up here, I'd make two or three comments.

對於這裡的總結，我想發表兩三個評論。

One is that we have a large number of investor events --12, to count them -- between April 28 and mid June.

一是 4 月 28 日至 6 月中旬期間，我們舉辦了大量的投資者活動，數起來有 12 場。

I'm not going to read them here.

我不打算在這裡讀它們。

They will be on our website.

他們將出現在我們的網站上。

So we've got a lot of opportunity to meet and talk to all of you over the next few months.

因此，在接下來的幾個月裡，我們有很多機會與大家見面並交談。

Our next earnings release will be Tuesday, April 20th at roughly 6:30 Eastern time, followed by a conference call at 10:00 a.m.

我們的下一次財報將於東部時間 4 月 20 日星期二大約 6:30 發布，隨後於上午 10:00 召開電話會議。

Eastern time on Wednesday July 21st.

美國東部時間 7 月 21 日星期三。

And thanks a lot for your interest today and -- did I read it wrong?

非常感謝您今天的關注—我是不是讀錯了？

Tuesday, July 20th for the earnings release, and the conference call Wednesday July 21st, if I read it wrong.

7 月 20 日星期二發布財報，7 月 21 日星期三召開電話會議（如果我沒看錯的話）。

Thanks for your interest, and we'll see you next quarter.

感謝您的關注，我們下個季度再見。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Take care.

小心。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。