泰瑞達 (TER) 2017 Q1 法說會逐字稿

Good day.

再會。

My name is Carmen, and I will be your conference operator today.

我叫卡門，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Teradyne's First Quarter 2017 Earnings Conference.

在此，歡迎大家參加泰瑞達2017年第一季度財報發布會。

(Operator Instructions)

（操作員說明）

I would now turn the call over to Mr. Andy Blanchard.

我現在將把電話轉給安迪布蘭查德先生。

Please go ahead.

請繼續。

Thank you, Carmen.

謝謝你，卡門。

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

大家早上好，歡迎來到我們對泰瑞達最近財務業績的討論。

I'm joined this morning by our CEO, Mark Jagiela; and our Chief Financial Officer, Greg Beecher.

今天早上，我們的首席執行官 Mark Jagiela 加入了我的行列；以及我們的首席財務官 Greg Beecher。

Following our opening remarks, we'll provide details of our performance for 2017's first quarter and our outlook for the second quarter.

在我們的開場白之後，我們將提供 2017 年第一季度業績的詳細信息以及我們對第二季度的展望。

The press release containing our first quarter results was issued last evening.

昨晚發布了包含我們第一季度業績的新聞稿。

We're providing slides on the Investor page of the website that may be helpful to you in following the discussion.

我們在網站的“投資者”頁面上提供幻燈片，可能對您了解討論有所幫助。

Replays of this call will be available via the same page after the call ends.

此通話的重播將在通話結束後通過同一頁面提供。

The matters that we discuss today will include forward-looking statements that involve risk factors that could cause Teradyne's results to differ materially from management's current expectations.

我們今天討論的事項將包括前瞻性陳述，這些陳述涉及可能導致泰瑞達業績與管理層當前預期存在重大差異的風險因素。

We encourage you to review the safe harbor statement contained in the earnings release as well as our most recent SEC filings.

我們鼓勵您查看收益發布中包含的安全港聲明以及我們最近向美國證券交易委員會提交的文件。

Additionally, those forward-looking statements are made as of today, and we take no obligation to update them as a result of developments occurring after this call.

此外，這些前瞻性陳述是截至今天作出的，我們沒有義務根據本次電話會議後發生的事態發展對其進行更新。

During today's call, we'll make reference to non-GAAP financial measures.

在今天的電話會議中，我們將參考非 GAAP 財務指標。

We posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measure, where applicable, on the Investor website.

我們在 Investor 網站上發布了有關這些非 GAAP 財務指標的更多信息，包括與最直接可比的 GAAP 財務指標的對賬（如適用）。

Also between now and our next earnings call, Teradyne will be participating in investor conferences hosted by Stifel, BofA, Cowen, R.W. Baird, Pac Crest and Citi.

此外，從現在到下一次財報電話會議，泰瑞達將參加由 Stifel、美國銀行、Cowen、R.W. Baird、Pac Crest 和花旗主辦的投資者會議。

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, Mark will comment on our recent results and the market conditions as we enter the second quarter.

首先，馬克將在我們進入第二季度時評論我們最近的業績和市場狀況。

Greg will then offer more details on our quarterly financial results along with our guidance for the second quarter.

然後，格雷格將提供有關我們季度財務業績的更多詳細信息以及我們對第二季度的指導。

We'll then answer your questions, and this call is scheduled for 1 hour.

然後，我們將回答您的問題，此通話時間安排為 1 小時。

Mark?

標記？

Thanks, Andy, and good morning, everyone.

謝謝，安迪，大家早上好。

Today I'll cover 4 topics: Our first quarter highlights, an update on Universal Robots, our outlook for the full year and finally, I'll close with a few comments on capital allocation.

今天我將討論 4 個主題：我們第一季度的亮點、Universal Robots 的更新、我們對全年的展望，最後，我將以對資本配置的一些評論作為結束。

Greg will then take you through the financial details.

然後 Greg 將向您介紹財務細節。

As you can see from our financial results, we had a very strong first quarter that puts us on track for another year of growth at Teradyne.

正如您從我們的財務業績中看到的那樣，我們第一季度表現非常強勁，這讓我們有望在 Teradyne 實現又一年的增長。

Compared with the year ago quarter, we delivered growth in orders, sales, operating margin and EPS.

與去年同期相比，我們在訂單、銷售額、營業利潤率和每股收益方面實現了增長。

Orders in the quarter were up 53% and sales were up 6% when compared to the first quarter of 2016, due mainly to continued strength in Semiconductor Test and growth at Universal Robots.

與 2016 年第一季度相比，本季度的訂單增長了 53%，銷售額增長了 6%，這主要是由於半導體測試的持續強勁和優傲機器人的增長。

In Semiconductor Test, the strong and broadening customer demand we saw in Q4 continued in the first quarter.

在半導體測試中，我們在第四季度看到的強勁且不斷擴大的客戶需求在第一季度繼續存在。

While mobility remained the strong buying trend, there was a marked increase in analog, memory and image sensor test demand.

雖然移動性仍然是強勁的購買趨勢，但模擬、內存和圖像傳感器測試需求顯著增加。

Rising device complexity, combined with a healthy SOC unit growth, continued to provide a positive environment for test.

不斷增加的設備複雜性，加上健康的 SOC 單元增長，繼續為測試提供了積極的環境。

The mobile phone related segment remains the largest bookings contributor, as our UltraFLEX platform continues to deliver differentiated software and hardware performance to customers who operate under tight cost and time-to-market constraints.

手機相關領域仍然是最大的預訂貢獻者，因為我們的 UltraFLEX 平台繼續為在嚴格的成本和上市時間限制下運營的客戶提供差異化的軟件和硬件性能。

Beyond mobility, the automotive end market continued to drive orders stretching across our entire SOC product line.

除了移動性之外，汽車終端市場繼續推動我們整個 SOC 產品線的訂單。

Demand range for microcontrollers and related devices for engine control, adaptive driving and infotainment, to power devices for hybrids and EUVs, to safety devices for airbags and braking.

需求範圍包括用於發動機控制、自適應駕駛和信息娛樂的微控制器和相關設備，用於混合動力和 EUV 的動力設備，以及用於安全氣囊和製動的安全設備。

This string is combined with demand from the catalog/analog space contributed to our highest Eagle Test orders in 7 quarters.

該字符串與目錄/模擬空間的需求相結合，促成了我們 7 個季度以來最高的 Eagle 測試訂單。

Within Eagle Test, our ETS-88 platform had record orders as its unique architecture for testing low-cost, high-volume devices continues to attract new applications.

在 Eagle Test 中，我們的 ETS-88 平台獲得了創紀錄的訂單，因為其用於測試低成本、大批量設備的獨特架構繼續吸引著新的應用。

The IP750 image sensor test platform also had a good quarter, delivering its highest order level in 6 quarters, as the variety of applications for image sensors continues to expand.

IP750圖像傳感器測試平台也有一個不錯的季度，交付了6個季度以來的最高訂單水平，因為圖像傳感器的應用範圍不斷擴大。

Increases in both the pixel density and the number of image sensors per phone are key drivers of test demand.

每部手機像素密度和圖像傳感器數量的增加是測試需求的主要驅動力。

Additionally, automobiles are rapidly increasing the quantity of image sensors to aid in safety and navigation.

此外，汽車正在迅速增加圖像傳感器的數量，以幫助提高安全性和導航性。

Automotive image sensors tend to require more extensive testing to ensure long-term reliable operation in broad extremes of temperature and vibration.

汽車圖像傳感器往往需要更廣泛的測試，以確保在廣泛的極端溫度和振動條件下長期可靠運行。

In Memory Test, our Magnum family of low-cost, high-throughput testers continued to gain traction in the quarter.

在內存測試中，我們的低成本、高吞吐量測試儀 Magnum 系列在本季度繼續受到關注。

Orders were up 75% sequentially as customers add test capacity for high speed flash devices for both smartphone and SSD demand.

由於客戶為智能手機和 SSD 需求增加了高速閃存設備的測試能力，訂單環比增長了 75%。

As we've noted in past calls, dramatic growth in flash interface speeds is driven in part by 4K video for smartphones and cameras.

正如我們在過去的電話會議中指出的那樣，閃存接口速度的顯著增長在一定程度上是由智能手機和相機的 4K 視頻驅動的。

This is driving a refresh of the installed base of testers.

這正在推動已安裝的測試人員基礎的更新。

Growing unit volume of flash devices provides another demand driver.

不斷增長的閃存設備單位體積提供了另一個需求驅動因素。

Universal Robots continued its rapid growth with revenue in the first quarter more than doubling from the year-ago period.

Universal Robots 繼續保持快速增長，第一季度的收入比去年同期增長了一倍多。

Demand was strong across all 3 products, and we continue to see good mix of developed and emerging market sales.

所有 3 種產品的需求都很強勁，我們繼續看到發達市場和新興市場銷售的良好組合。

I'll come back to UR with more details in a few moments.

稍後我會返回 UR 並提供更多詳細信息。

At LitePoint, orders, sales and profitability improved significantly from a year ago.

在 LitePoint，訂單、銷售額和盈利能力比一年前有了顯著提高。

Demand was primarily driven by WiFi connectivity testing of gateway and networking devices.

需求主要是由網關和網絡設備的 WiFi 連接測試驅動的。

802.11ax is also starting to see some increased buying in the access point space.

802.11ax 也開始看到接入點領域的購買有所增加。

On the other hand, next generation technology buys for 802.11ad, 802.11ay and millimeter wave cellular remain at R&D and preproduction levels.

另一方面，802.11ad、802.11ay 和毫米波蜂窩的下一代技術採購仍處於研發和試生產階段。

Therefore, we expect WiFi will remain the driver at LitePoint until millimeter wave WiFi and 5G cellular hit the market.

因此，我們預計在毫米波 WiFi 和 5G 蜂窩進入市場之前，WiFi 仍將是 LitePoint 的驅動力。

In system tests, we had a continuation of Q4 strong order levels in defense and aerospace.

在系統測試中，我們在國防和航空航天領域延續了第四季度的強勁訂單水平。

But the business level in Storage Test was disappointing.

但Storage Test的業務水平卻令人失望。

However, we're making significant investments to extend the Storage Test platform into new markets.

但是，我們正在進行大量投資以將存儲測試平台擴展到新市場。

These investments will push the System Test Group into the red for the next few quarters.

這些投資將使 System Test Group 在接下來的幾個季度陷入虧損。

But we expect the group to return to profitability in the second half.

但我們預計該集團將在下半年恢復盈利。

Turning back to Universal Robots.

回到優傲機器人。

UR continues to reshape how companies think about industrial automation.

UR 繼續重塑公司對工業自動化的看法。

After growing 62% in 2016, we're on track to continue the rapid growth again this year.

在 2016 年增長 62% 之後，我們有望在今年再次保持快速增長。

The universal nature of our human-scale cobots makes the breadth of applications nearly limitless.

我們的人型協作機器人的通用性使得應用範圍幾乎是無限的。

We are regularly surprised by the new uses customers have for their cobots.

我們經常對客戶對其協作機器人的新用途感到驚訝。

For example, a start-up in the manufacturing space demonstrated UR cobots tending their 3D printer farm, freeing up employees to focus on higher value-added activities.

例如，製造領域的一家初創公司展示了 UR 協作機器人照料他們的 3D 打印機農場，讓員工騰出時間專注於更高附加值的活動。

In a more traditional example, an Italian power tool maker is using our cobots to eliminate wasting defects in their production line, delivering higher quality products while improving the working conditions of its employees.

在一個更傳統的例子中，一家意大利電動工具製造商正在使用我們的協作機器人來消除生產線中的浪費缺陷，提供更高質量的產品，同時改善員工的工作條件。

UR's growth depends on expanding the awareness of our cobots economical application to a wide variety of manufacturing and service tasks for all size enterprises.

UR 的發展取決於將我們的協作機器人經濟應用的意識擴展到各種規模企業的各種製造和服務任務。

Growth is also dependent on our partners and distribution network's ability to do the final tweaks necessary to put the cobot to work in a given application.

增長還取決於我們的合作夥伴和分銷網絡進行最終調整以使協作機器人在給定應用程序中工作所需的能力。

As you recall, last year, we accelerated our level of investment in our channel to increase growth above our 50% benchmark.

正如您所記得的那樣，去年，我們加快了對渠道的投資水平，以將增長率提高到 50% 的基準之上。

We made investments to expand our footprint around the world to deliver the value of UR cobots to a broader audience.

我們進行投資以擴大我們在全球的足跡，從而將 UR 協作機器人的價值傳遞給更廣泛的受眾。

We also work closely with our expanding distributor and integrator base to train their sales and their support teams.

我們還與我們不斷擴大的分銷商和集成商基地密切合作，培訓他們的銷售和支持團隊。

We are encouraged that those investments are paying off as shown by our 62% growth last year and strong growth in this year's Q1.

正如我們去年 62% 的增長和今年第一季度的強勁增長所表明的那樣，我們感到鼓舞的是，這些投資正在取得回報。

To accelerate and leverage UR's easy-to-use programming environment, we recently launched UR Academy, a free online training program that provides the basics of cobot programming in 6 online segments totaling just 87 minutes.

為了加速和利用 UR 易於使用的編程環境，我們最近推出了 UR Academy，這是一個免費的在線培訓計劃，通過 6 個在線部分提供協作機器人編程的基礎知識，總時長僅為 87 分鐘。

In addition to continuing to expand our distribution capacity, we are increasing investments in our UR+ platform to attract a growing variety of third parties to our platform, thus creating an unparalleled ecosystem of capabilities to speed the deployment of our cobots.

除了繼續擴大我們的分銷能力外，我們還增加了對我們的 UR+ 平台的投資，以吸引越來越多的第三方加入我們的平台，從而創建一個無與倫比的功能生態系統，以加快我們協作機器人的部署。

Our R&D programs are focused on maintaining our leadership position as having the best universal collaborative robot product in the world with the broadest third-party ecosystem, fastest time to deployment and quickest payback for our customers.

我們的研發計劃專注於保持我們的領先地位，即擁有世界上最好的通用協作機器人產品、最廣泛的第三方生態系統、最快的部署時間和最快的客戶回報。

Greg will take you through the financial details of these investments.

Greg 將帶您了解這些投資的財務細節。

Turning to the full year.

轉向全年。

Based on the past 6 months of strong SOC orders, we are now projecting the SOC test market to be in the $2.4 billion to $2.6 billion range for 2017, up $150 million at the midpoint from our January estimate.

基於過去 6 個月強勁的 SOC 訂單，我們現在預計 2017 年的 SOC 測試市場將在 24 億美元至 26 億美元之間，比我們 1 月份估計的中點高出 1.5 億美元。

As we described in the past, we also expect to gain a point or so of share from last year's 51% SOC share.

正如我們過去所描述的，我們還希望從去年 51% 的 SOC 份額中獲得一個百分點左右的份額。

In memory, we expect the market to be at the high end of the $450 million to $550 million range we discussed in the January call.

在記憶中，我們預計市場將處於我們在 1 月份電話會議中討論的 4.5 億美元至 5.5 億美元範圍的高端。

A portion of that incremental growth will be in the DRAM sector of the market, where we have lower exposure.

增量增長的一部分將出現在市場的 DRAM 領域，我們在該領域的風險敞口較低。

So our overall memory market share will likely fall back a few points from its level of over 30% in 2016.

因此，我們的整體內存市場份額可能會從 2016 年超過 30% 的水平回落幾個百分點。

However, our overall memory sales should increase.

但是，我們的整體內存銷量應該會增加。

The production Wireless Test markets served by LitePoint will likely remain around $200 million for the year, unchanged from our January estimate.

LitePoint 服務的生產無線測試市場全年可能保持在 2 億美元左右，與我們 1 月份的估計持平。

We expect the meaningful adoption of new WiFi standards such as 802.11ax to take place in 2018 or later.

我們預計 802.11ax 等新 WiFi 標準的有意義採用將在 2018 年或之後發生。

The collaborative robot market is tougher to estimate given the limited third-party data, but we put the market in the $250 million to $350 million range for the year.

鑑於第三方數據有限，協作機器人市場更難估計，但我們將全年市場估計在 2.5 億美元至 3.5 億美元之間。

From a seasonality perspective, we expect the revenue to be more heavily weighted to the first half of the year than last year.

從季節性的角度來看，我們預計今年上半年的收入比去年更大。

Since 2014, we've seen 51% to 55% of sales in the first half.

自 2014 年以來，我們上半年的銷售額佔比為 51% 至 55%。

This year, it will likely be in the high 50s, as customers are driving hard to get capacity in place a bit sooner than in prior years.

今年，它可能會達到 50 多歲，因為客戶正在努力爭取比往年更快地到位。

On the capital allocation front, we'll continue to strike a balance between dividends, share buybacks and M&A.

在資本配置方面，我們將繼續在股息、股票回購和併購之間取得平衡。

In our view, we're in the very early stages of a long-term reshaping of global manufacturing, which presents a broad range of opportunities for Teradyne.

我們認為，我們正處於全球製造業長期重塑的早期階段，這為泰瑞達提供了廣泛的機會。

We continue to look at a range of technologies and businesses that could accelerate UR's growth further or leverage our unique position in cobots to take advantage of long-term automation in growth opportunities.

我們繼續關註一系列技術和業務，這些技術和業務可以進一步加速 UR 的增長，或者利用我們在協作機器人領域的獨特地位，利用長期自動化帶來的增長機會。

I'll now turn it over to Greg, who'll take you through the financial details of the quarter.

我現在將其交給格雷格，他將帶您了解本季度的財務細節。

Thanks, Mark.

謝謝，馬克。

And good morning, everyone.

大家早上好。

I'll provide some brief comments on the strong start to 2017, outline our key annual goals and then cover the first quarter results and second quarter outlook.

我將就 2017 年的強勁開局提供一些簡短評論，概述我們的主要年度目標，然後介紹第一季度業績和第二季度展望。

As Mark noted, 2017 opened with a bang, with first quarter bookings of $595 million and sales of $457 million.

正如 Mark 指出的那樣，2017 年一開始就轟動一時，第一季度的預訂額為 5.95 億美元，銷售額為 4.57 億美元。

Using the midpoint of our second quarter guidance, our first half non-GAAP EPS is tracking to $1.29, which is above any of our recent prior first half results and positions us nicely against our midterm $2 annual non-GAAP EPS target.

使用我們第二季度指引的中點，我們上半年的非 GAAP 每股收益追踪到 1.29 美元，高於我們最近上半年的任何結果，並且我們很好地實現了我們中期 2 美元的年度非 GAAP 每股收益目標。

The drivers to this very strong start are SemiTest and Universal Robots.

這一強勁開局的驅動因素是 SemiTest 和 Universal Robots。

In SemiTest, first quarter bookings and sales are up 56% and 4% versus the first quarter of a year ago and above any of our first quarter starts in recent history.

在 SemiTest，第一季度的預訂量和銷售額與一年前的第一季度相比分別增長了 56% 和 4%，高於我們近期歷史上的任何第一季度。

Universal Robots is also off to a strong start, with first quarter bookings and sales up 148% and 117% from the year ago first quarter.

Universal Robots 也開局強勁，第一季度的預訂量和銷售額分別比去年同期增長 148% 和 117%。

Recall that we invested heavily in our field distribution in 2016 to get further ahead.

回想一下，我們在 2016 年對我們的現場分銷進行了大量投資，以取得更大的進步。

So we're starting to see some early benefits of these aggressive investments.

因此，我們開始看到這些積極投資的一些早期好處。

Please note that we also implemented some regional pricing changes in the quarter, which likely accelerated some orders into the first quarter from the second quarter.

請注意，我們還在本季度實施了一些區域定價變更，這可能會加速一些訂單從第二季度進入第一季度。

I'll now describe how we're playing a SemiTest chess game, aggressively growing Universal Robots and the trends that we're riding.

我現在將描述我們如何玩 SemiTest 國際象棋遊戲、積極發展 Universal Robots 以及我們正在駕馭的趨勢。

So first in SemiTest.

所以首先在 SemiTest 中。

We select and target the healthier long-term device growth segments and customers, where we can differentiate through a combination of providing higher throughput, tighter accuracy specs and superior software tools.

我們選擇並瞄準更健康的長期設備增長細分市場和客戶，我們可以通過結合提供更高的吞吐量、更嚴格的精度規格和卓越的軟件工具來實現差異化。

This allows customers to meet their cost of test goals, improve yield and go from tape out to volume production without delay despite the increasing chip complexity.

這使客戶能夠在芯片複雜性不斷增加的情況下滿足其測試成本目標、提高良率並毫不拖延地從流片到量產。

This also allows us to grow share with fewer head-to-head battles.

這也使我們能夠通過更少的正面交鋒來增加份額。

I highlight this careful targeting as you often need a 30% advantage to convince a customer to switch platforms.

我強調這個謹慎的目標，因為您通常需要 30% 的優勢來說服客戶切換平台。

So you can't go to market with a me-too or marginally better product.

因此，您不能將仿效或稍微好一點的產品推向市場。

This product strategy has driven an evolution in our engineering investments from being majority hardware to majority software.

這一產品戰略推動了我們的工程投資從以硬件為主向以軟件為主的演變。

Customers appreciate the performance and time-to-market value of our software programming tools, which ultimately also makes them stickier.

客戶欣賞我們軟件編程工具的性能和上市時間價值，這最終也使它們更具粘性。

On SOC device segment selection, recall that we focus on mobility, automotive, image sensor, analog and Microcontroller Test rather than PC chipsets.

在 SOC 設備細分選擇方面，回想一下，我們專注於移動、汽車、圖像傳感器、模擬和微控制器測試，而不是 PC 芯片組。

In our largest SOC segment, mobility, the test market has remained healthy despite smartphone unit growth flattening, as chip complexity growth has extended chip test time.

在我們最大的 SOC 細分市場移動性中，儘管智能手機的出貨量增長趨於平緩，但由於芯片複雜性的增長延長了芯片測試時間，測試市場仍保持健康。

Elsewhere in automotive, semiconductor content and test intensity are both growing with advanced driver assistance systems, hybrid vehicles and telematics all expanding beyond premier models.

在汽車的其他領域，半導體內容和測試強度都在增長，先進的駕駛員輔助系統、混合動力汽車和遠程信息處理都超越了頂級車型。

In analog and microcontroller, devices are now ubiquitous finding more applications in health monitoring, home automation, factory automation and environmental applications.

在模擬和微控制器中，設備現在無處不在，在健康監測、家庭自動化、工廠自動化和環境應用中找到更多應用。

Our SemiTest business has also been less volatile with a more efficient supply chain up and down the line.

我們的 SemiTest 業務的波動性也有所降低，上下供應鏈更加高效。

The customer consolidations in the semiconductor industry have not had a significant impact on our business.

半導體行業的客戶整合併未對我們的業務產生重大影響。

However, one customer does drive significant demand for our products both through direct sales and sales to the customer's supply partners.

然而，一位客戶確實通過直接銷售和向客戶的供應合作夥伴銷售來推動對我們產品的大量需求。

As you've seen, this can concrete swings in our sales and gross margins.

如您所見，這可能會具體影響我們的銷售額和毛利率。

The healthy SemiTest market since 2010 coupled with our careful segment targeting is how we average a 20% non-GAAP operating profit rate over the last 5 calendar years at the company level, while gaining over 10 points of ATE share.

自 2010 年以來健康的 SemiTest 市場加上我們謹慎的細分市場定位是我們如何在過去 5 個日曆年中在公司層面平均實現 20% 的非 GAAP 營業利潤率，同時獲得超過 10 個百分點的 ATE 份額。

Turning to Universal Robots, the market leader in cobots with approximately 60% share.

轉向 Universal Robots，它是協作機器人的市場領導者，佔有大約 60% 的份額。

UR has expanded the definition of cobots from robots that do not need shielding or fencing to also mean robots that a shop floor operator can easily program and repurpose as production conditions change.

UR 將協作機器人的定義從不需要防護或圍欄的機器人擴展到還意味著車間操作員可以輕鬆編程並隨著生產條件的變化重新調整用途的機器人。

Our cobots are the ultimate equalizer for small and medium enterprises, as they too can automate repetitive task on par with our larger industrial customers.

我們的協作機器人是中小型企業的終極均衡器，因為它們也可以像我們的大型工業客戶一樣自動執行重複性任務。

This ease-of-use and flexibility is a significant differentiator and is one reason why UR is the clear leader in this greenfield market.

這種易用性和靈活性是一個顯著的差異化因素，也是 UR 成為這個未開發市場的明顯領導者的原因之一。

UR cobots are also truly universal.

UR 協作機器人也是真正通用的。

We don't customize for specific end markets.

我們不針對特定的終端市場進行定制。

Rather, we work openly with a vast array of developers, third-party accessory providers and channel partners who adapt our cobots to a wide variety of human-scale tasks.

相反，我們與大量開發人員、第三方配件供應商和渠道合作夥伴公開合作，他們使我們的協作機器人適應各種人類規模的任務。

Our sizable market share lead and universal open platform have attracted a large ecosystem.

我們巨大的市場份額領先優勢和通用的開放平台吸引了龐大的生態系統。

Currently we have over 300 channel partners and over 200 third-party developers.

目前我們擁有300多家渠道合作夥伴和200多家第三方開發商。

For example, at the Automate Trade Show in Chicago recently, UR robots were used in the booths of 23 other companies to demonstrate automation solutions ranging from bin picking, to assembly, to polishing and so on.

例如，近日在芝加哥舉行的Automate Trade Show上，UR機器人在其他23家企業的展台上亮相，展示了從料倉揀選、裝配、打磨等自動化解決方案。

We're building on that momentum to make it easier for customers to shorten the development time, reduce the integration costs and lower project risk with our UR+ web portal.

我們正以這種勢頭為基礎，通過我們的 UR+ 門戶網站讓客戶更容易縮短開發時間、降低集成成本並降低項目風險。

In addition to traditional manufacturing applications, UR partners have also developed a wide range of emerging service tasks, such as assisting in milking cows, providing sports massages and even assisting in surgery.

除了傳統的製造應用，UR 合作夥伴還開發了範圍廣泛的新興服務任務，例如協助擠奶、提供運動按摩甚至協助手術。

Unlike our test businesses, Universal Robots has no noteworthy customer concentration.

與我們的測試業務不同，Universal Robots 沒有值得注意的客戶集中度。

Our top 3 channel partners in 2016 who each sell to different end users taken together make up just 9% of our 2016 sales.

我們在 2016 年向不同最終用戶銷售產品的前 3 大渠道合作夥伴合計僅占我們 2016 年銷售額的 9%。

Moving on to our System Test business.

繼續我們的系統測試業務。

Defense and aerospace and production board test remain solid contributors with both groups expected to operate at 15% PBIT or better for the second consecutive year in 2017.

國防和航空航天以及生產板測試仍然是穩固的貢獻者，預計這兩個集團將在 2017 年連續第二年以 15% 或更高的 PBIT 運營。

However, as Mark noted, in Storage Test, we are investing to bring a new platform geared towards a new application to market.

然而，正如 Mark 指出的那樣，在存儲測試中，我們正在投資將面向新應用程序的新平台推向市場。

The impact of this investment will push System Test overall into a loss position for a few quarters, before returning to profitability later in the year.

這項投資的影響將使 System Test 在幾個季度內整體處於虧損狀態，然後在今年晚些時候恢復盈利。

Shifting to Wireless Test.

轉向無線測試。

Let me add some color on how we're thinking about LitePoint.

讓我補充一下我們對 LitePoint 的看法。

Our Wireless Test methods have historically been driven by growing units and an alphabet soup of new standards.

我們的無線測試方法在歷史上一直受到不斷增長的單位和新標準的字母湯的推動。

In our core connectivity market, the steady stream of new WiFi standards will expand wireless into more applications, such as virtual and augmented reality and provide the need for new test capabilities.

在我們的核心連接市場，源源不斷的新 WiFi 標準將無線擴展到更多應用，例如虛擬現實和增強現實，並提供對新測試功能的需求。

The current market driver is 802.11ac wave 2, while the future WiFi drivers are 802.11ax, 802.11ad and 802.11ay.

當前的市場驅動力是 802.11ac wave 2，而未來的 WiFi 驅動力是 802.11ax、802.11ad 和 802.11ay。

These standards all get more data to more users and the latter to provide extremely high bandwidth.

這些標準都讓更多的用戶獲得更多的數據，而後者則提供極高的帶寬。

In cellular 5G, it will come in 2 forms, sub-6 gigahertz and several millimeter wave frequencies.

在蜂窩 5G 中，它將有兩種形式，低於 6 GHz 和幾個毫米波頻率。

We expect the latter will require a large tooling cycle.

我們預計後者將需要較長的加工週期。

The timing of new technologies will create peaks and valleys in customer buying as a tool to their production lines.

新技術的時機將在客戶購買中創造高峰和低谷，作為他們生產線的工具。

The market is currently in a valley and we've altered our model to weather the current conditions.

市場目前處於低谷，我們已經改變了我們的模型以適應當前的情況。

We're pleased that LitePoint was in the black again this quarter and investing in new technologies for growth.

我們很高興 LitePoint 本季度再次盈利並投資於新技術以實現增長。

Shifting to our key 2017 goals.

轉向我們 2017 年的關鍵目標。

First is to stay on our $2 EPS path by 2020 or earlier.

首先是在 2020 年或更早之前保持我們 2 美元的每股收益路徑。

Remember this path may not be linear due to variability in product demand and market size in any given reporting period.

請記住，由於任何給定報告期內產品需求和市場規模的變化，此路徑可能不是線性的。

Second is to continue with our balance capital allocation strategy of healthy capital returns through buybacks and dividends and highly selective M&A.

其次是通過回購和分紅以及高度選擇性的併購繼續我們的健康資本回報平衡資本配置策略。

Recall we plan to buy back at least $200 million of our stock this year and return approximately $56 million in dividends.

回想一下，我們計劃今年回購至少 2 億美元的股票，並返還約 5600 萬美元的股息。

We'll remain opportunistic in M&A with a focus on industrial automation.

我們將在併購中保持機會主義，重點是工業自動化。

Moving to the operating businesses.

轉向經營業務。

We plan to grow market share carefully again this year in SemiTest, while maintaining strong growth in operating margins.

我們計劃今年在 SemiTest 中再次謹慎地增加市場份額，同時保持營業利潤率的強勁增長。

At UR, we target annual top line growth of 50% or more, while moving the operating profit rate up a few points from about 10% to closer to 15%.

在 UR，我們的目標是年收入增長 50% 或更多，同時將營業利潤率從大約 10% 提高幾個百分點至接近 15%。

In System Test, the goal is to operate at model 15% profits in our mature defense and aerospace and production board test businesses and execute the plan for new applications for our Storage Test platform.

在系統測試中，目標是在我們成熟的國防和航空航天以及生產板測試業務中以模型 15% 的利潤運營，並為我們的存儲測試平台執行新應用程序的計劃。

At LitePoint, the goal is to break even or better or getting securely positioned for the next WiFi buying wave.

在 LitePoint，目標是實現收支平衡或更好，或者在下一波 WiFi 購買浪潮中穩穩地定位。

Shifting to the company level.

轉移到公司層面。

We paid $40 million in dividends and used $38 million to buy back 1.3 million shares at an average price of $29.38 in the first quarter.

我們支付了 4000 萬美元的股息，並在第一季度用 3800 萬美元以平均 29.38 美元的價格回購了 130 萬股股票。

This leaves us with $462 million remaining under our current $500 million stock repurchase authorization.

根據目前 5 億美元的股票回購授權，我們還剩下 4.62 億美元。

Our U.S. cash and marketable securities totaled $778 million, down $67 million due to seasonal payments and of course, our share buybacks and dividend payments.

我們的美國現金和有價證券總額為 7.78 億美元，由於季節性付款，當然還有我們的股票回購和股息支付，減少了 6700 萬美元。

Our total cash and marketable security balances of $1.48 billion was down $131 million due to the aforementioned seasonal payments and capital return along with a buildup in inventory to support increased shipments in the second quarter.

由於上述季節性付款和資本回報以及庫存增加以支持第二季度出貨量的增加，我們的現金和有價證券餘額總額為 14.8 億美元，減少了 1.31 億美元。

We also saw an increase in receivables due to the delivery profile of the first quarter shipments.

由於第一季度發貨的交付情況，我們還看到應收賬款有所增加。

Moving now to the details of the first quarter.

現在轉到第一季度的細節。

Our sales were $457 million and non-GAAP operating profit rate was 23% and non-GAAP EPS was $0.44.

我們的銷售額為 4.57 億美元，非 GAAP 營業利潤率為 23%，非 GAAP 每股收益為 0.44 美元。

For 2017, $0.13 above the first quarter non-GAAP started a year ago due to favorable product mix in SemiTest and year-on-year growth in Universal Robots.

對於 2017 年，由於 SemiTest 的有利產品組合和 Universal Robots 的同比增長，比一年前開始的第一季度非 GAAP 高出 0.13 美元。

We have one 10% customer in the quarter.

本季度我們有一個 10% 的客戶。

Gross margins were 58%, reflecting that same favorable product mix.

毛利率為 58%，反映了同樣有利的產品組合。

You'll see our non-GAAP operating expenses were $161 million, up $13 million from the fourth quarter, primarily due to higher variable compensation accruals on increased profit level and an expansion of UR's distribution programs.

你會看到我們的非 GAAP 運營費用為 1.61 億美元，比第四季度增加了 1300 萬美元，這主要是由於利潤水平提高和 UR 分銷計劃擴大導致可變薪酬增加。

Comparing our first quarter OpEx of $161 million versus the year ago period, it's up by $8 million for similar reasons, partially offset by lower Wireless Test spending.

將我們第一季度 1.61 億美元的運營支出與去年同期相比，由於類似的原因增加了 800 萬美元，部分被無線測試支出的減少所抵消。

Moving to the segment level details.

移動到細分級別的詳細信息。

SemiTest bookings were $476 million, down 9% sequentially from record fourth quarter bookings of $524 million, with demand principally driven by Mobility, SOC Test orders were $436 million and Memory Test orders were $40 million.

SemiTest 訂單為 4.76 億美元，較第四季度創紀錄的 5.24 億美元訂單下降 9%，需求主要受移動性驅動，SOC 測試訂單為 4.36 億美元，內存測試訂單為 4000 萬美元。

SemiTest service orders were $81 million of the total.

SemiTest 服務訂單佔總訂單的 8100 萬美元。

SemiTest sales were $356 million in the first quarter, with SOC making up $332 million and Memory Test the balance.

SemiTest 第一季度的銷售額為 3.56 億美元，其中 SOC 佔 3.32 億美元，其餘為 Memory Test。

SemiTest service revenue totaled $64 million in the quarter.

本季度 SemiTest 服務收入總計 6400 萬美元。

Regionally, UR's first quarter sales broke down 42% in Europe, 29% in North America, 24% in Asia and 5% rest of the world.

從地區來看，UR 第一季度的銷售額在歐洲下降了 42%，在北美下降了 29%，在亞洲下降了 24%，在世界其他地區下降了 5%。

Moving to System Test.

轉到系統測試。

Orders were $46 million in the quarter and sales were $40 million.

本季度訂單為 4600 萬美元，銷售額為 4000 萬美元。

Shifting to Wireless Test.

轉向無線測試。

We booked $27 million and net sales of $25 million in the first quarter.

我們在第一季度預訂了 2700 萬美元，淨銷售額為 2500 萬美元。

At UR, orders in the first quarter were $45 million and sales were $36 million, both quarterly records.

在 UR，第一季度的訂單為 4500 萬美元，銷售額為 3600 萬美元，均創下季度記錄。

Turning to guidance for the second quarter.

轉向第二季度的指導。

Sales are expected to be between $660 million and $700 million and the non-GAAP EPS range is $0.81 to $0.90 on 201 million diluted shares.

銷售額預計在 6.6 億美元至 7 億美元之間，非 GAAP 每股收益範圍為 0.81 美元至 0.90 美元，稀釋後的 2.01 億股。

Q2 guidance excludes the [imposition] of acquired intangibles and the noncash convertible debt interest.

Q2 指南不包括收購的無形資產和非現金可轉換債務利息的[強加]。

The second quarter gross margin should run at 55%, down from the first quarter due to product mix, and total OpEx should run from 25% to 26%.

由於產品組合的原因，第二季度的毛利率應低於第一季度的 55%，而總運營支出應為 25% 至 26%。

The operating profit rate at the midpoint of our second quarter guidance is about 30%.

我們第二季度指引中點的營業利潤率約為 30%。

I should add that we plan to continue building UR's distribution capabilities to capture even more of the growth available in the cobot market, which should add a few million to our quarterly OpEx run rate, with quarterly UR OpEx increasing to about $18 million in 2017.

我應該補充一點，我們計劃繼續構建 UR 的分銷能力，以抓住協作機器人市場的更多可用增長，這將使我們的季度 OpEx 運行率增加幾百萬美元，2017 年季度 UR OpEx 增加到約 1800 萬美元。

Also, as noted, we're increasing investment in our Storage Test Group to bring a new platform and a new application to market.

此外，如前所述，我們正在增加對存儲測試組的投資，以將新平台和新應用程序推向市場。

Nonetheless in our test businesses, we expect full year OpEx planning to be essentially flat year-over-year apart from normal changes in variable compensation tied to profitability levels.

儘管如此，在我們的測試業務中，除了與盈利水平相關的可變薪酬的正常變化外，我們預計全年運營支出計劃將基本持平。

Shifting quickly to taxes.

迅速轉向稅收。

Our full year tax rate is expected to be about 16%, up 1 point from our January estimates.

我們預計全年稅率約為 16%，比我們 1 月份的估計高出 1 個百分點。

We started 2017 above the prior 3 sequentially strong years, driven by SOC test strength and Universal Robots.

在 SOC 測試實力和 Universal Robots 的推動下，我們在 2017 年開局高於前 3 個連續強勁的年份。

Our test businesses in aggregate have consistently generated solid profitability and free cash flow since 2010.

自 2010 年以來，我們的測試業務總體上一直產生穩健的盈利能力和自由現金流。

We now have the market leader in cobots, Universal Robots, racing far ahead in a market that has many years of high growth ahead.

我們現在擁有協作機器人的市場領導者 Universal Robots，在未來多年高速增長的市場中遙遙領先。

We see 2017 as another sequentially strong year, keeping on our midterm $2 non-GAAP EPS target on track.

我們將 2017 年視為又一個連續強勁的年份，繼續實現我們 2 美元的非 GAAP 每股收益中期目標。

This consistent strong performance provides the confidence to continue buying our shares back and of course, was a driver of the dividend increase announced earlier this year.

這種持續強勁的表現讓我們有信心繼續回購我們的股票，當然，這也是今年早些時候宣布的股息增加的推動力。

With that, I'll turn the call back to Andy.

有了這個，我會把電話轉回給安迪。

Thanks, Greg.

謝謝，格雷格。

And Carmen, we'd now like to take some questions.

Carmen，我們現在想回答一些問題。

(Operator Instructions)

（操作員說明）

(Operator Instructions) Your first question comes from the line of Edwin Mok with Needham & Company.

（操作員說明）您的第一個問題來自 Edwin Mok 與 Needham & Company 的合作。

So first question just on the ATE space.

所以第一個問題只是關於 ATE 空間。

You mentioned that the Eagle has strongest quarter after 7 months -- last 7 quarters.

你提到 Eagle 在 7 個月後有最強的季度 - 最後 7 個季度。

Just curious if that is call it, just the market generally seeing overall strength in the market or you guys seeing any specific share gain around that?

只是好奇這是否是所謂的，只是市場普遍看到了市場的整體實力，或者你們看到了任何特定的份額增長？

And if there is any share gain, then any kind of example where you guys are gaining share?

如果有任何份額增加，那麼你們有什麼獲得份額的例子嗎？

Yes, most of that is strength in the market and share.

是的，其中大部分是市場實力和份額。

The analog market, especially related to automotive, has been strong for several quarters now.

模擬市場，尤其是與汽車相關的模擬市場，幾個季度以來一直表現強勁。

But in addition to automotive, more catalog analog buying really picked up in the first quarter.

但除了汽車之外，更多的目錄模擬購買在第一季度真正回升。

The only place where there is some share gain is a little bit in China.

唯一有一些份額增長的地方是在中國。

But overall, it's the market.

但總的來說，這是市場。

I see.

我懂了。

Okay.

好的。

That's helpful.

這很有幫助。

And then on UR, you mentioned that, this year, it's going to be a little bit more front-end loaded.

然後在 UR 上，你提到，今年，前端加載會稍微多一些。

And some of that is due to regional pricing.

其中一些是由於區域定價。

Can you give us a little more color around that?

你能給我們更多的顏色嗎？

And is there a way to kind of think about seasonality for that business?

有沒有辦法考慮該業務的季節性？

Is that just a onetime event that we've seen this year?

這只是我們今年看到的一次性事件嗎？

Or that the seasonality changing?

還是季節性變化？

I remember if I go back historically, you guys tend to be more back-end loaded.

我記得如果我回顧歷史，你們往往更傾向於後端負載。

Maybe I'm wrong on that, but give us some color on that?

也許我錯了，但給我們一些顏色？

Right.

正確的。

Yes, UR tends to be more back-end loaded.

是的，UR 傾向於更多的後端加載。

What my comments were trying to indicate is, in the first quarter, there were some regional pricing changes made principally to, I'll say, discounts.

我的評論試圖表明的是，在第一季度，主要是為了折扣而進行了一些區域定價變化。

There were some other changes made as well.

還進行了一些其他更改。

But basically, incentivizing the channel partners to get a higher level, much high-level growth to earn higher discounts versus they might get them on the early orders in the year.

但基本上，激勵渠道合作夥伴獲得更高水平、更高水平的增長以獲得更高的折扣，而不是讓他們在今年的早期訂單上。

So with that change in the program, there probably were some number of orders that came in a bit earlier under the old program versus the new program.

因此，隨著程序的變化，可能有一些訂單在舊程序下比新程序下得早一些。

Having said all that, we do believe Universal Robots has very strong growth hereafter and whatever early buying there may have been in the first quarter, that will all be worked out early in the second quarter.

話雖如此，我們確實相信 Universal Robots 此後會有非常強勁的增長，無論第一季度早期的購買量如何，都將在第二季度初得到解決。

So it should not affect third and fourth quarter.

所以它應該不會影響第三和第四季度。

Okay, great.

好的，太好了。

Just maybe just (inaudible) so you're already talking about seasonality first half versus in the second half.

也許只是（聽不清）所以你已經在談論上半年與下半年的季節性。

Is it still 50 -- 150?

還是50 - 150？

Yes, the reference to first, second half was for the total company.

是的，上半場和下半場是針對整個公司的。

In the case of Universal Robots, we would expect, as in prior years, that the second half will be stronger than the first.

就優傲機器人而言，與往年一樣，我們預計下半年會比上半年更強勁。

It's Semiconductor Test that tends to swing the total company towards the first half weighting.

半導體測試往往會使整個公司轉向上半年的權重。

Your next question comes from Mehdi Hosseini with SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

It's actually Mehdi Hosseini from SIG.

實際上是來自 SIG 的 Mehdi Hosseini。

Two follow-ups.

兩次跟進。

Mark, going back to the SOC market, it seems like even and odd year trend from the past several years is no longer playing out.

馬克，回到 SOC 市場，過去幾年的偶數年和奇數年趨勢似乎不再發揮作用。

And in that context, would you be able to provide any color as how we should think about the SOC market beyond 2017?

在這種情況下，您能否提供我們應該如何看待 2017 年以後的 SOC 市場的任何顏色？

And I have a follow-up.

我有一個後續行動。

Okay, good.

好的。

Yes, I think the pattern of even-odd year swings in the SOC test market are diminishing or behind us.

是的，我認為 SOC 測試市場的偶數年和奇數年波動模式正在減弱或已經過去。

But remember, the thing that drove that pattern wasn't some astronomical event, it was in any given year how much incremental complexity in the silicon that went into phones was added and how much unit volume growth.

但請記住，推動這種模式的不是什麼天文事件，而是在任何給定的一年中，手機芯片的複雜性增加了多少，單位銷量增長了多少。

So what we've seen in the past few years and in particular this year, which might have traditionally been somewhat soft based on that old pattern is that the complexity increase year-on-year is now accelerating.

因此，我們在過去幾年，尤其是今年，根據舊模式傳統上可能有些疲軟，但我們看到的是，複雜性逐年增加現在正在加速。

So you don't find -- we haven't seen, for example, the same odd-year pause in complexity growth.

所以你沒有發現 - 例如，我們還沒有看到復雜性增長的相同奇數年停頓。

So that trend, and it's driven by things like new features, 4K video, VR and competitive pressures, that kind of trend we expect will continue.

所以這種趨勢，它是由新功能、4K 視頻、VR 和競爭壓力等因素驅動的，我們預計這種趨勢將繼續下去。

But it's really complexity growth that's been the key.

但真正複雜性的增長才是關鍵。

Got it.

知道了。

And then on the UR, and I really appreciate that the disclosure and especially with Europe accounting for 42% of the mix, would your M&A activity be focused on increasing the revenue mix in U.S. and Asia?

然後在 UR 上，我非常感謝所披露的信息，尤其是歐洲佔組合的 42%，您的併購活動是否會專注於增加美國和亞洲的收入組合？

Or would it focus more on complementary or segments that are adjacent to where UR is focused on?

或者它會更多地關注與 UR 所關注的領域相鄰的互補或細分市場？

Yes, I wouldn't disclose too much there.

是的，我不會在那裡透露太多。

Although both of those are certainly within the scope of what we are looking at.

儘管這兩者肯定都在我們正在研究的範圍內。

I don't think the geographic weighting of revenue at any -- in any given quarter or point in time is the main strategic issue that we're trying to address.

我認為任何特定季度或時間點的收入地理權重都不是我們試圖解決的主要戰略問題。

Although that's something that if there is an opportunity would solve that -- would accelerate that, we'd take advantage of it.

儘管如果有機會解決這個問題 - 會加速這個問題，但我們會利用它。

I think we're really more looking to improve the differentiating capabilities of the product.

我認為我們真的更希望提高產品的差異化能力。

And in that regard, accelerate in all geographies growth.

在這方面，加速所有地區的增長。

Let me rephrase my question.

讓我改一下我的問題。

Is your -- the UR revenue mix, is that a reflection of the system integrators that buy your system or your resellers?

您的 UR 收入組合是購買您系統的系統集成商還是您的經銷商的反映？

I think it's a reflection of Europe and U.S. have had higher costs, so there's a much easier ROI payback.

我認為這反映了歐洲和美國的成本更高，因此投資回報率回報要容易得多。

So you tend to have higher penetration there.

所以你往往在那裡有更高的滲透率。

Europe, we got an early start, and Universal Robots is located in Denmark.

歐洲，我們起步較早，Universal Robots 位於丹麥。

North America now is growing at a rapid rate as is Asia, including China.

北美現在正以快速的速度增長，亞洲也是如此，包括中國。

Longer term, we expect China and Asia to grow quite significantly, as there is countless scores of tasks that can be automated to improve quality as well as lower cost.

從長遠來看，我們預計中國和亞洲將實現顯著增長，因為有無數任務可以自動化以提高質量並降低成本。

So I think the big opportunity long term is keeping an eye on what goes on in China, while also continuing to grow North America and Europe at a healthy pace, because we are so early in the adoption.

因此，我認為長期的重大機遇是密切關注中國發生的事情，同時繼續以健康的速度發展北美和歐洲，因為我們在採用方面還處於早期階段。

There are still many companies that are vaguely aware of what's possible or starting to become aware.

仍有許多公司模糊地意識到什麼是可能的或開始意識到。

Your next question comes from Atif Malik with Citi.

你的下一個問題來自花旗的 Atif Malik。

Mark, TSMC talked about the proliferation of -- in the fan-out packages from smartphones into high-performance computing data center applications.

馬克，台積電談到了從智能手機到高性能計算數據中心應用的扇出封裝的擴散。

I was curious, if that is going to be a driver for keeping tailwinds on this growing SOC TAM longer term, and then I have a follow-up.

我很好奇，這是否會成為長期推動這個不斷增長的 SOC TAM 的動力，然後我有一個後續行動。

Certainly, the more the semiconductors are packaged in these advanced packages, whether it's any one company's technology, I don't think is as important.

當然，這些先進封裝中封裝的半導體越多，是否是任何一家公司的技術，我認為就不那麼重要了。

It is a tailwind for the market, because the complexity of test.

它是市場的順風車，因為測試的複雜性。

It goes back to the complexity issue.

這又回到了複雜性問題。

The complexity of test is high and, therefore, the test time and the parallelism.

測試的複雜度很高，因此，測試時間和並行性。

Test time is high, parallelism tends to be lower.

測試時間高，並行度往往較低。

So it is a tailwind.

所以這是順風。

Okay.

好的。

And then on Universal Robots, at the recent Hannover Automation Fair, there was a lot of buzz about your software and Eagle set up.

然後是優傲機器人，在最近的漢諾威自動化博覽會上，有很多關於您的軟件和 Eagle 設置的討論。

But there was another topic that came up, which was on the smart tools that bypass robot control and linked directly to programming logic controllers.

但是出現了另一個話題，即繞過機器人控制並直接鏈接到編程邏輯控制器的智能工具。

Can you talk about your offerings and how these offerings can expand your ASPs and the cobot TAM longer term?

您能談談您的產品以及這些產品如何能夠長期擴展您的 ASP 和協作機器人 TAM 嗎？

Yes.

是的。

In most applications in an integrated production line for our cobots, there is a programmable PLC as a part of the mix.

在我們的協作機器人集成生產線的大多數應用中，都有一個可編程 PLC 作為組合的一部分。

And it's a -- the question always sort of dovetails around what's the master/slave arrangement there.

這是一個——問題總是圍繞著那裡的主/從安排。

We support already a very simple, easy-to-use interface with variety of PLCs out in the market.

我們已經為市場上的各種 PLC 提供了一個非常簡單易用的接口。

It is one of the things that lowers the barrier to deployment in a more -- as opposed to an island of automation, let's say, a more sequentially automated factory.

它是降低更多部署障礙的因素之一——而不是自動化孤島，比方說，一個更順序自動化的工廠。

So I think much of the capability around that is in place.

所以我認為圍繞它的大部分能力已經到位。

It will continue to grow in sophistication with each software release over time.

隨著時間的推移，隨著每個軟件版本的發布，它將繼續變得更加複雜。

But it's already a factor in many installations.

但它已經成為許多安裝中的一個因素。

Your next question comes from the line of Richard Eastman with Robert W. Baird.

你的下一個問題來自 Richard Eastman 和 Robert W. Baird 的台詞。

Mark, could you just kind of speak to a couple of things, if you would, on UR?

馬克，如果你願意，你能在 UR 上談幾件事嗎？

Could you kind of -- could you speak to the growth rate there relative to the components, meaning more distributors, more channel partners versus do you have any sense of kind of same-store sales, if you will, out of channel partners that have been with you for more than a year?

你能不能 - 你能談談相對於組件的增長率，這意味著更多的分銷商，更多的渠道合作夥伴與你有任何同店銷售的感覺，如果你願意的話，渠道合作夥伴有和你在一起一年多了？

Yes.

是的。

Good question.

好問題。

We've been focused on both metrics.

我們一直專注於這兩個指標。

We -- I'd call it the velocity through the existing distributor network year-over-year, how can we grow the per distributor or per integrator sales as well as incrementally adding new distributors to the mix.

我們 - 我將其稱為逐年通過現有分銷商網絡的速度，我們如何才能增加每個分銷商或每個集成商的銷售額以及逐步增加新的分銷商。

So those are metrics we track very carefully.

所以這些是我們非常仔細跟踪的指標。

And generally speaking, if you break down, let's say, the 60-some-odd percent growth we had last year, that about half of that growth came -- a little more than half actually of that growth came from increasing the sales per distributor or same-store sales in your terms.

一般來說，如果你分解一下，比方說，我們去年實現了 60 多個百分比的增長，大約一半的增長來自 - 實際上，超過一半的增長來自增加每個分銷商的銷售額或您所說的同店銷售額。

And the rest came from adding additional distributors.

其餘的來自增加額外的分銷商。

And then, are you seeing growth in, again, I realize the base is smaller at UR, but obviously, the opportunity much bigger in the Asia Pac.

然後，你是否再次看到增長，我意識到 UR 的基數較小，但顯然，亞太地區的機會更大。

Again, some of this goes to channel partners.

同樣，其中一些流向了渠道合作夥伴。

I don't know if that same structure exists in Asia Pac, but are you seeing the growth for UR faster in Asia Pac, just given the base?

我不知道亞太地區是否存在相同的結構，但您是否看到 UR 在亞太地區的增長更快，只是給出了基數？

Yes, it depends on the geography.

是的，這取決於地理位置。

It still uses that same distributor model.

它仍然使用相同的分銷商模型。

The distributor networks in some countries is not as mature as it is in North America and Europe.

一些國家的經銷商網絡不如北美和歐洲成熟。

So part of this is developing that network.

因此，其中一部分是開發該網絡。

And that's part of the reason it's taking a little bit longer, I'd say.

我想說，這就是它需要更長的時間的部分原因。

But the basic game plan is the same.

但基本的遊戲計劃是一樣的。

It's just a less mature market.

這只是一個不太成熟的市場。

But if you look at the various geographies, certain geographies in Asia Pacific that aren't heavily industrialized are growing a bit slower, but other areas, certainly China for example, have quite high growth rates, albeit off a relatively lower base.

但如果你看看各個地區，亞太地區某些工業化程度不高的地區增長速度稍慢，但其他地區，例如中國，儘管基數相對較低，但增長率相當高。

Okay, okay, I understand.

好吧好吧，我明白了。

And just one last question.

還有最後一個問題。

Maybe this is for Mark.

也許這是給馬克的。

But when I look at the orders for SemiTest over the trailing 2 quarters, so kind of the 6 months' orders.

但是當我查看過去 2 個季度的 SemiTest 訂單時，6 個月的訂單也是如此。

And I look at maybe your revenue guide for the second quarter and what that must capture on the SemiTest side, it appears as though more of your backlog will extend into Q3 to ship.

我可能會查看您第二季度的收入指南以及在 SemiTest 方面必須捕獲的內容，看起來您的更多積壓訂單將延伸到第三季度才能發貨。

And I'm wondering if that is due to more of the orders being nonmobile in origin, if you follow my question?

我想知道這是否是由於更多的訂單是非移動來源的，如果你回答我的問題？

The conversion rate...

轉化率...

Yes, let me take that one.

是的，讓我拿那個。

It's due to some of these systems that are sizable.

這是由於其中一些系統相當大。

There is an acceptance procedure, so systems may shift in the second quarter.

有一個驗收程序，因此系統可能會在第二季度發生變化。

But we don't take revenue until it's formally accepted.

但在正式接受之前，我們不會收取收入。

So there can be a delay in that.

所以這可能會有延遲。

So we may have some sales that are sizable that are early in the subsequent quarter.

因此，我們可能會在下一季度初進行一些規模可觀的銷售。

They just don't make it into the second quarter.

他們只是沒有進入第二季度。

And your next question comes from Jagadish Iyer with Summit Redstone.

你的下一個問題來自 Summit Redstone 的 Jagadish Iyer。

Two questions.

兩個問題。

First, how should we think about UR's profitability across different geographies?

首先，我們應該如何看待 UR 在不同地區的盈利能力？

And what is your road map for improving UR's profitability?

您提高 UR 盈利能力的路線圖是什麼？

And when do you think that you will hit that EBIT margin targets?

您認為什麼時候可以達到息稅前利潤率目標？

Then I have a follow-up.

然後我有一個後續行動。

We don't spend a lot of time on UR's profitability across geographies.

我們不會花很多時間研究 UR 在各個地區的盈利能力。

We tend to look at it on gross margin and as well as growth rates and what we need to grow faster in each region and -- what the impediment is.

我們傾向於從毛利率和增長率以及我們需要在每個地區更快地增長的東西以及 - 障礙是什麼來看待它。

But at a high level, let me try to summarize it that, last year, we operated at about 10% operating profit rate because we put a lot of distribution in place, anticipating there will be competitors in this space.

但在較高的層面上，讓我試著總結一下，去年我們的營業利潤率約為 10%，因為我們進行了大量分銷，預計這個領域會有競爭對手。

Well, we don't see them today.

好吧，我們今天沒有看到他們。

We expect to at some point.

我們期望在某個時候。

And we want to have very strong distribution in the places that will be hard for them to replicate.

我們希望在他們難以復制的地方擁有非常強大的分佈。

And again, many of the competitors may be eventually -- call on Automotive for us, but we call on many other regions and applications through our channel partners outside of Automotive that gives us, I believe, the big leg up.

再說一次，許多競爭對手最終可能會 - 為我們呼籲汽車，但我們通過汽車以外的渠道合作夥伴呼籲許多其他地區和應用，我相信，這給了我們很大的優勢。

So we said this year, we expect to get closer to 15%, so whether we end up at 13%, some number like that, that all depends upon the sales and how much we meter out in investing.

所以我們說今年，我們預計會接近 15%，所以我們最終是否會達到 13%，諸如此類的數字，這完全取決於銷售額和我們在投資方面的計量。

Long term, I'd expect by 2020 to get to a 20% operating profit rate at Universal Robots.

從長遠來看，我預計到 2020 年 Universal Robots 的營業利潤率將達到 20%。

Okay, okay, great.

不錯不錯不錯

Then I just had a quick question.

然後我有一個快速的問題。

Given how strong your first half revenue numbers are, how should we think about second half on a year-over-year basis?

鑑於您上半年的收入數字有多強勁，我們應該如何考慮下半年的同比增長？

Is the question UR or the total company?

問題是 UR 還是整個公司？

No, for the total company.

不，對於整個公司。

Total company.

總公司。

Yes, what I mentioned in my comments is typically we see first half in the sort of 53% to 55% of the annual revenue.

是的，我在評論中提到的通常是我們看到上半年佔年收入的 53% 到 55%。

This year, I think, it will be more swung toward a high 50s in the first half versus the back half simply because a lot of the installations in the mobility space are a little bit more accelerated this year than in the prior years.

我認為，今年上半年與下半年相比，它會更傾向於 50 多歲的高點，這僅僅是因為今年移動領域的許多安裝比往年要快一些。

I would just add to that.

我只想補充一點。

I think in Mark's comments, he described that the SOC test market is tracking a little bit higher than what we thought a quarter ago.

我認為在 Mark 的評論中，他描述了 SOC 測試市場的跟踪比我們一個季度前的想法要高一點。

So we're seeing some positive signs in our major markets.

因此，我們在主要市場看到了一些積極的跡象。

Your next question comes from the line of Stephen Chin with UBS.

你的下一個問題來自瑞銀集團的 Stephen Chin。

I just had a follow-up question on that linearity question in the high 50s.

我剛剛有一個關於 50 多歲線性度問題的後續問題。

So is this what you expect, Mark, to be kind of the new normal?

馬克，這就是你所期望的新常態嗎？

Or is this just a one-off year because of the higher demand this year early on from automobile sensors and analog?

還是因為今年早些時候汽車傳感器和模擬產品的需求增加，所以今年只是一次性的一年？

Yes, it's hard to say that this is the normal.

是的，很難說這是正常的。

Like, I don't think there is anything that's happened this year that suggest that's the case.

就像，我不認為今年發生的任何事情表明情況就是如此。

I would just point out, as I have in the past around the bookings volatility, that just a few weeks of shift in shifts or orders can make these kind of swings.

我只想指出，正如我過去圍繞預訂波動所做的那樣，僅僅幾週的輪班或訂單轉變就會產生這種波動。

So there's nothing significant, I think, to be read into the pattern.

因此，我認為沒有什麼重要的東西需要讀入模式。

Okay.

好的。

And then follow the question on the UR business.

然後按照有關 UR 業務的問題進行。

Is this a business where you think you can generate even higher order growth, if you wanted to, but, perhaps, you're choosing to not right now, as you want to make sure the experience is very positive for customers?

如果您願意，您是否認為您可以在該業務中產生更高的訂單增長，但也許您現在選擇不這樣做，因為您希望確保客戶體驗非常積極？

We're certainly trying to balance all elements, and we're most focused on growing faster now and getting further ahead in terms of our channel partners with their velocity, their training, their strength, repeatable solutions, this Universal Robots+ portal.

我們當然在努力平衡所有元素，我們現在最關注的是更快地增長，並在我們的渠道合作夥伴方面以他們的速度、他們的培訓、他們的實力、可重複的解決方案、這個 Universal Robots+ 門戶進一步領先。

So we want a whole bunch of ammunition so that when we see competitors in the future, we're far ahead beyond ease-of-use and reprogramming.

所以我們需要一大堆彈藥，這樣當我們在未來看到競爭對手時，我們在易用性和重新編程方面遙遙領先。

So we are investing aggressively to get further ahead and we will continue to do so.

因此，我們正在積極投資以取得更大的領先地位，我們將繼續這樣做。

I would just add a little color to that around.

我只想在周圍添加一點顏色。

To install a cobot into a customer’s production line takes a system integrator some handful of weeks' worth of work for the final amount of customization.

要將協作機器人安裝到客戶的生產線中，系統集成商需要花費數週的時間來完成最終的定制工作。

So having that net bandwidth globally growing at, I'd say, a 50% to 100% rate, is a key enabler for faster growth.

因此，讓全球淨帶寬以 50% 到 100% 的速度增長，是實現更快增長的關鍵推動因素。

That's something we started investing in last year.

這是我們去年開始投資的東西。

We'll continue to invest in this year.

今年我們會繼續投資。

But tying that back to an earlier comment that to the extent we can increase the velocity or the amount of cobot installations that can be done per technical engineer in the field, that also has a multiplying effect on our growth.

但是，將其與之前的評論聯繫起來，即在某種程度上，我們可以提高現場每個技術工程師可以完成的協作機器人安裝速度或數量，這也會對我們的增長產生乘數效應。

And so in that vein, the R&D investments that we're putting in place both last year and this year and going forward focus a lot on reducing that handful of weeks further to allow for this sort of higher velocity.

因此，在這種情況下，我們在去年和今年以及未來進行的研發投資將重點放在進一步減少少數幾個星期，以實現這種更高的速度。

So we're pushing at it both in R&D and in distribution to try to incrementally raise that growth rate.

所以我們在研發和分銷方面都在推動它，試圖逐步提高增長率。

Your next question comes from Farhan Ahmad with Crédit Suisse.

你的下一個問題來自 Crédit Suisse 的 Farhan Ahmad。

First question is regarding the growth this year.

第一個問題是關於今年的增長。

It seems like the SOC test market overall is up quite a bit.

看起來 SOC 測試市場整體上漲了不少。

Can you help me understand like how much of the growth is coming from the mobile side of things and how much is coming from the autos and industrials in other applications?

你能幫我理解有多少增長來自移動端，有多少來自其他應用程序中的汽車和工業？

And just a clarification on the market as well, like do you think any part of this growth is sustainable next year?

也只是對市場的澄清，比如你認為明年這種增長的任何部分都是可持續的嗎？

Well, first of all, on mobility, I think, year-over-year, if you look at mobility this year compared to last year, it's not that different, it's pretty close.

好吧，首先，關於流動性，我認為，如果你將今年的流動性與去年相比，我認為它與去年相比並沒有什麼不同，它非常接近。

So the growth that we're seeing is in the other parts of the market in 2017 and it's automotive, it's image sensor, it's analog, it's those kind of things.

所以我們看到的增長是在 2017 年市場的其他部分，它是汽車，它是圖像傳感器，它是模擬，就是這些東西。

So -- and it's very difficult to look forward into '18 to say what might happen there.

所以 - 很難展望 18 年說那裡可能會發生什麼。

It's all going to be predicated on -- in the mobility space, the degree of complexity increase in the devices going into handsets next year.

這一切都將取決於——在移動領域，明年進入手機的設備的複雜程度會增加。

I do think that the analog and automotive space historically have had some volatility to them.

我確實認為模擬和汽車領域在歷史上對他們來說有一些波動。

We just come through a pretty strong tooling cycle over the past few quarters.

在過去的幾個季度中，我們剛剛經歷了一個非常強大的工具週期。

So I would expect that automotive will settle back down a little bit, but that image sensors, on the other hand, I think have much more upside.

所以我預計汽車行業會有所回落，但另一方面，我認為圖像傳感器有更多的上升空間。

So getting beyond '17 is a fool's errand to try to predict, but those are the sort of macro trends I see happening.

因此，試圖預測超越 17 年是徒勞的，但這些是我看到正在發生的宏觀趨勢。

That's very helpful.

這很有幫助。

And just on the second question on the competitive side.

關於競爭方面的第二個問題。

Recently there was announcement that one of your -- one of the smaller players in the test market, exida, there was -- there is a bid from China to acquire them.

最近有消息稱，你們中的一個——測試市場上較小的參與者之一，exida，有——中國有收購它們的出價。

How do you see that changing the competitive landscape in the long term and do you think it could be -- it could have a meaningful impact on your business?

從長遠來看，您如何看待改變競爭格局？您認為它可能對您的業務產生有意義的影響嗎？

We don't think that will have a meaningful impact whatsoever.

我們認為這不會產生任何有意義的影響。

We would suspect that Chinese semiconductor companies need to get the best test solutions so they are competitive globally.

我們懷疑中國半導體公司需要獲得最好的測試解決方案才能在全球範圍內具有競爭力。

So therefore, we don't think it has any meaningful impact to us.

因此，我們認為它對我們沒有任何有意義的影響。

Your next question is from the line of C.J. Muse with Evercore.

你的下一個問題來自 C.J. Muse with Evercore。

I guess, first question on the SOC side.

我想，首先是 SOC 方面的問題。

I wanted to try to dig a little bit deeper into the growth trajectory here.

我想嘗試更深入地挖掘這裡的增長軌跡。

You've talked about reduced benefited parallelism, the buy rate bottoming and clearly, I think, given what you're seeing on the SOC side, a nice pick up there.

你已經談到了減少的受益並行性、購買率觸底，而且很明顯，我認為，鑑於你在 SOC 方面看到的情況，那裡有一個很好的回升。

But as we think about shrinks down to the 10-nanometer, 7-nanometer nodes where you're getting 30%, 40% die shrink.

但是當我們考慮縮小到 10 納米、7 納米節點時，您將獲得 30%、40% 的芯片縮小。

And if you put some sort of unit growth on that, is there enough changes to complexity and how should we think about those changes?

如果你把某種單位增長放在上面，複雜性是否有足夠的變化，我們應該如何考慮這些變化？

And what should we be watching to see solid unit growth and for you to get away from that historical kind of tick-tock spending cycle on the mobility side?

我們應該注意什麼才能看到穩定的單位增長，並讓您擺脫移動方面的那種歷史性的滴答支出週期？

Yes.

是的。

I don't -- C.J., I don't think it's driven as much by the no changes.

我不——C.J.，我不認為它是由沒有變化驅動的。

I'll go back to that in a minute.

我會在一分鐘內回到那個。

There's a minor effect there.

那裡有輕微的影響。

It's really the complexity increase.

這確實增加了複雜性。

Hence, the correlation is that obviously 7 nanometers versus 10 nanometers allows for a lot more transistors to be put on a device at the same cost.

因此，相關性顯然是 7 納米與 10 納米相比，允許以相同的成本在設備上放置更多的晶體管。

And the trend line is especially related to video processing, high resolution 4K video processed in real time, is something that needs a lot of GPU intensity.

而趨勢線尤其與視頻處理有關，實時處理高分辨率 4K 視頻，是需要大量 GPU 強度的事情。

And so my guess is that trend line is going to persist for a while in terms of complexity growth, which is the key driver in test time for the devices.

所以我的猜測是，就複雜性增長而言，趨勢線將持續一段時間，這是設備測試時間的關鍵驅動因素。

Unit growth is probably pretty stable, as far as I can tell, but complexity growth is the key thing to watch.

據我所知，單位增長可能相當穩定，但複雜性增長是值得關注的關鍵。

And the other thing around the 7-nanometer node, more and more of these shrinking lithographies create new types of defects that raise -- incrementally raise the test intensity.

而圍繞 7 納米節點的另一件事，越來越多的這些縮小的光刻技術會產生新類型的缺陷，從而增加——逐漸提高測試強度。

So we do see a little bit of incremental growth just because of the complexity or the nature of the failure mechanism.

因此，由於故障機制的複雜性或性質，我們確實看到了一點增量增長。

But it also creates the need for more fanout-type advanced packaging, because the size of the devices is getting to be so small that they become impractical to mount on a conventional circuit or substrate.

但它也產生了對更多扇出型先進封裝的需求，因為設備的尺寸變得如此之小，以至於它們變得不切實際，無法安裝在傳統電路或基板上。

It needs some sort of advanced substrate to adapt it to the factors in a consumer product.

它需要某種先進的基材來適應消費品中的因素。

So that's another sort of related bank shot effect of 7-nanometer and lower.

所以這是另一種相關的 7 納米及以下的銀行射擊效應。

That's very helpful.

這很有幫助。

I guess, as my follow-up, if I look at what you did for UR in Q1, you had a backlog of $1.3 billion and if I just flatline that, that's 44% growth.

我想，作為我的後續行動，如果我看看你在第一季度為 UR 所做的事情，你有 13 億美元的積壓，如果我只是持平，那就是 44% 的增長。

So clearly, it looks like you're going to easily beat that 50-plus percent.

很明顯，看起來您將輕鬆超過 50% 以上。

So wondering if there's sort of a framework we should be thinking about for growth just here in calendar '17 for that part of your business?

所以想知道是否有某種框架我們應該考慮在日曆 '17 中為您的那部分業務增長？

There is no other number, C.J., other than 50% or greater, and we've invested heavily last year to raise the growth rate.

除了 50% 或更高之外，沒有其他數字，C.J.，我們去年投入了大量資金來提高增長率。

So time needs to unfold to see where we end up relative to, let's say, the 62%, and we've invested to try to beat that, but we want to stay on that 50% or greater and not raise it too high in terms of with investors.

因此，需要時間來了解我們相對於 62% 的最終結果，我們已經投資以試圖擊敗它，但我們希望保持在 50% 或更高的水平，而不是將它提高得太高與投資者的條款。

But we're putting a lot of energy and focus into growing it as fast as possible.

但我們正在投入大量精力並專注於盡快發展它。

And your next question comes from the line of Timothy Arcuri with Cowen and Company.

你的下一個問題來自 Timothy Arcuri 與 Cowen and Company 的合作。

First question, I guess, is for you, Greg.

第一個問題，我想，是給你的，格雷格。

You did the big convert last year and you announced that you're going to buy $200 million back this year.

你去年做了一次大的轉變，你宣布今年要回購 2 億美元。

But even in the first quarter, you're running below that sort of $50 million per quarter run rate for the repo and you still have like $500 million give or take worth of excess U.S. cash.

但即使在第一季度，你的回購交易運行率也低於每季度 5000 萬美元的運行率，你仍然有大約 5 億美元的美國現金出入。

So given how much you're going to generate throughout the rest of this year, I guess, I'm wondering why that is?

所以考慮到今年剩餘時間你將產生多少，我想，我想知道為什麼會這樣？

Why you have so much excess cash?

為什麼你有這麼多多餘的現金？

Are you sort of waiting for an asset that you want to buy and you're sort of weighting that out on price?

您是否正在等待您想要購買的資產並且您正在對價格進行權衡？

And also, why the repo is running below the run rate?

而且，為什麼回購的運行速度低於運行速度？

Sure, Tim.

當然，蒂姆。

On the latter, we got the board approval for this in January -- late January.

關於後者，我們在 1 月——1 月下旬獲得了董事會的批准。

So therefore, we didn't have a full quarter to work with.

因此，我們沒有一個完整的季度來工作。

So we took the $200 million and divided it over the remaining days.

所以我們拿了 2 億美元並在剩下的日子里分配。

So therefore, the whole month of January was not in the calculation.

因此，一月份的整個月份都不在計算之內。

So it's just when we started it and how we allocated it.

所以這只是我們開始的時間以及我們如何分配它。

We chose not to put 1/4 of it in a short time period in the first quarter.

我們選擇在第一季度的短時間內不放1/4。

We just spread it out evenly.

我們只是把它均勻地攤開。

So we constantly look for new opportunities on the M&A front, but we're patient and there aren't -- there isn't a long list of attractive targets, there tend to be 1 or 2 that we're looking at.

因此，我們不斷在併購方面尋找新的機會，但我們很有耐心，而且沒有——沒有一長串有吸引力的目標，我們往往會關注 1 或 2 個。

And we have to be careful, because we don't want to disrupt Universal Robots; that's the last thing we want to do, given their growth rates.

我們必須小心，因為我們不想破壞 Universal Robots；考慮到他們的增長率，這是我們最不想做的事情。

So it'd likely be something that could operate side-by-side independently, but still have leverage in that, just makes it harder to find something.

所以它可能是可以獨立並排運行的東西，但仍然有影響力，只是讓找到東西變得更難。

So we continue to look, but we're patient in that endeavor.

所以我們繼續尋找，但我們在這方面有耐心。

Okay.

好的。

And then can you also break out the backlog, the $868 million?

然後你還能打破積壓，即 8.68 億美元嗎？

Can you break that up by product?

你能按產品分解嗎？

Mate, do you want to, Andy, do that offline?

伙計，安迪，你想離線做嗎？

Yes, let me pull that data for you, Tim, because I don't have it in front of me right now, but I'll get back to you right after the call.

是的，讓我為你提取數據，蒂姆，因為我現在沒有它在我面前，但我會在電話後立即回复你。

And your next question comes from the line of Krish Sankar with Bank of America.

你的下一個問題來自美國銀行的 Krish Sankar。

I just want to find out, on the Universal Robot side, the competition catching up.

我只是想知道，在 Universal Robot 方面，競爭正在迎頭趕上。

How do you describe the unique selling proposition and the technology lead you have in terms of number of years versus guys like Fanuc, Yaskawa, even guys like Rethink?

你如何描述獨特的銷售主張和你在年數方面與 Fanuc、Yaskawa 甚至 Rethink 這樣的人相比所擁有的技術領先優勢？

And then I had a follow-up.

然後我進行了跟進。

All right.

好的。

Well, we have been frankly surprised when we go to trade shows that we still have such a substantial lead.

好吧，坦率地說，當我們去參加貿易展時，我們仍然有如此大的領先優勢，這讓我們感到驚訝。

And what's been made clear is, it's very difficult to break the traditional robotics model and make robots designed for a shop floor operator to program versus an engineer.

已經明確的是，很難打破傳統的機器人模型並製造專為車間操作員而不是工程師設計的機器人。

That was a very big change that Universal Robots brought to market.

這是優傲機器人給市場帶來的一個非常大的變化。

It's hard for others to encapsulate all the complexity into wizards or into buttons you can press to simplify the automation.

其他人很難將所有的複雜性封裝到嚮導或您可以按下以簡化自動化的按鈕中。

The other -- and having the first reliable cobot that was highly repeatable, some of our competitors had different technologies and it wasn't quite repeatable or it came with 2 arms or it came with things that weren't valuable.

另一個 - 擁有第一個高度可重複的可靠協作機器人，我們的一些競爭對手擁有不同的技術並且它不是很可重複或者它帶有 2 個手臂或者它帶有沒有價值的東西。

We had a big lead in terms of being industrial, reliable, highly repeatable, easy-to-program, light cost point.

我們在工業、可靠、高度可重複、易於編程、成本低等方面遙遙領先。

So we hit all the things that mattered.

所以我們擊中了所有重要的事情。

The competitors we see at trade shows tend to be Universal Robots copiers and it's proven harder to copy us.

我們在貿易展上看到的競爭對手往往是 Universal Robots 的複印機，事實證明要復制我們更難。

With that said, we're investing a lot to make it even easier to program our cobot.

話雖如此，我們正在投入大量資金，以便更輕鬆地為我們的協作機器人編程。

The idea is the simpler it is to program it, you open up new applications, the more customers or end users can look at our website and say, "Hey, this can be automated and here's a number to call to get that accessory." It has opened up more people looking at automating these repetitive tasks.

這個想法是它的編程越簡單，你打開新的應用程序，就越多的客戶或最終用戶可以查看我們的網站並說，“嘿，這可以自動化，這是一個電話號碼來獲得那個配件。”它讓更多的人開始關注這些重複性任務的自動化。

So there's a lot going on to get further ahead, but we have a very substantial first product mover advantage that we're investing aggressively to get further ahead.

因此，要取得更大的領先地位還有很多事情要做，但我們擁有非常可觀的先行者優勢，我們正在積極投資以取得更大的領先優勢。

Got you.

明白了

Got you.

明白了

That's very helpful.

這很有幫助。

And then a follow-up on the M&A.

然後是併購的後續行動。

Thanks for giving some color on the way you think about it.

感謝您為您的思考方式提供一些顏色。

If you look at the last few years, you guys have done more bolt-on M&A and in the past, whether it's Wireless Test or Eagle Test, it leveraged the "Teradyne infrastructure" and then you kind of deviated from there and you went to Universal Robots.

如果你看看過去幾年，你們做了更多的補強併購，在過去，無論是 Wireless Test 還是 Eagle Test，它都利用了“Teradyne 基礎設施”，然後你有點偏離那裡，你去了通用機器人。

I'm curious like, is that the thought process still where you do more bolt-on M&A kind of aiding Universal Robots?

我很好奇，你是否仍然在思考過程中進行更多的補強併購來幫助 Universal Robots？

Or would you consider something more transformation in the artificial intelligence or some other vertical that would be -- dramatically change the scope of the company?

或者你會考慮在人工智能或其他垂直領域進行更多的變革——顯著改變公司的範圍嗎？

I think the best way to characterize it would be something that helps accelerate UR.

我認為描述它的最好方法是幫助加速 UR。

Now take the example you gave of deep learning software or artificial intelligence.

現在以你給出的深度學習軟件或人工智能為例。

That's an example of something that could be applicable both to the UR product line and also be a standalone product in other dimensions even of itself.

這是一個既可以適用於 UR 產品線，也可以在其他維度上甚至是其本身的獨立產品的示例。

So something like that is within the realm of possibility.

所以類似的事情是有可能的。

But it would -- in any of these cases, it would likely be a tangent to UR or a benefit to UR as well as its own potential standalone revenue possibility.

但它會——在任何這些情況下，它可能與 UR 相切或對 UR 有利，以及它自己潛在的獨立收入可能性。

Your next question comes from the line of David Duley with Steelhead Securities.

你的下一個問題來自 Steelhead Securities 的 David Duley。

You increased your size of the SOC market by, I think, $150 million from the beginning of the year.

你們在 SOC 市場的規模比年初增加了 1.5 億美元。

Could you help us understand and you cited an assortment of segments, which segments contribute the most to that increase for the year?

您能否幫助我們理解並引用了各種細分市場，哪些細分市場對今年的增長貢獻最大？

Sure.

當然。

So first of all, for the test -- the SemiTest market, both memory and SOC, we have increased.

所以首先，對於測試——SemiTest 市場，包括內存和 SOC，我們都增加了。

I don't want to lose sight of the memory piece.

我不想忘記那塊記憶碎片。

But on the SOC side, one of the things growing this year compared to last year is image sensor testing.

但在 SOC 方面，與去年相比，今年增長的事情之一是圖像傳感器測試。

Power linear is another example, microcontrollers is another example, and our service business will also grow and power management.

電源線性是另一個例子，微控制器是另一個例子，我們的服務業務也將增長和電源管理。

So when you look at it in total, those are the growth pieces.

因此，當您從整體上看時，這些都是增長的部分。

As I said before, mobile processing is kind of flat year-over-year, which is a good thing, because traditionally, historical patterns might have suggested that this year was going to be down.

正如我之前所說，移動處理量同比持平，這是一件好事，因為傳統上，歷史模式可能表明今年會下降。

But that being flat, those other segments being up is what's driving SOC.

但那是持平的，其他部分正在上升是推動 SOC 的因素。

In memory, the memory side is both NAND, Flash and DRAM growth.

在內存方面，內存端是NAND、Flash和DRAM的增長。

And so that market after last year coming in, in the sort of mid-4s could easily be up around $550 million.

因此，去年進入市場後，4 年代中期的市場很容易上漲約 5.5 億美元。

So there's another $100 million of growth there.

所以那裡還有 1 億美元的增長。

So just to clarify the $150 million of incremental market in SOC versus the beginning of the year.

因此，只是為了澄清 SOC 與年初相比 1.5 億美元的增量市場。

So the variance was not in the mobile market, it was in these other markets.

所以差異不在移動市場，而是在其他市場。

Correct, correct.

正確，正確。

Okay.

好的。

Now as a follow-on to that, could you help me understand what the seasonality of your SOC test business is outside of the mobility space in the second half of this calendar year?

現在作為後續行動，您能否幫助我了解本日曆年下半年您的 SOC 測試業務在移動領域之外的季節性？

And what I'm getting at is you've seen the shift to your seasonality of your SOC test business and, I think, it's mainly driven by mobility.

我要說的是，你已經看到了 SOC 測試業務季節性的轉變，我認為這主要是由移動性驅動的。

But I get the sense maybe that some of these other sectors starting to show the same patterns.

但我的感覺是，這些其他行業中的一些可能開始顯示出相同的模式。

So I'm just kind of wondering what -- if you could help us understand that?

所以我只是想知道 - 如果你能幫助我們理解這一點？

Yes.

是的。

There is really no seasonal pattern outside of mobility that I would cite as some trend to watch.

除了流動性之外，確實沒有季節性模式可以作為值得關注的趨勢。

Take the Eagle platform as an example, which serves automotive and power linear.

以Eagle平台為例，服務於汽車和電源線性。

That product has gone on a surge 2 quarters ago and still continuing.

該產品在兩個季度前激增，並且仍在繼續。

But it had been at a much lower level for about 7 quarters before that, 6 or 7 before that.

但在那之前的大約 7 個季度，它的水平要低得多，之前有 6 個或 7 個季度。

So it's not even on an annual basis there.

所以它甚至不是每年一次。

It tends to revolve around -- in the automotive space, new model year cars, what extent they're taking a step up in silicon content and complexity.

它傾向於圍繞——在汽車領域，新車型年的汽車，他們在矽含量和復雜性方面採取了多大程度的提升。

And so what we see driving this round of tooling is that for model years starting in '18 and '19, that outside of the premium brands, a lot of the other brands are going to have a significant step up in electronic content.

因此，我們看到推動這一輪工具的是，對於從 18 年和 19 年開始的車型年，除了高端品牌之外，許多其他品牌將在電子內容方面取得重大進展。

Your final question will come from Toshiya Hari with Goldman Sachs.

您的最後一個問題將來自高盛的 Toshiya Hari。

I had a question on OpEx in UR.

我對 UR 中的 OpEx 有疑問。

I think you increased OpEx in 2016 and the business by about $30 million.

我認為您在 2016 年增加了運營支出，業務增加了約 3000 萬美元。

Given the current run rate, I think you're on your way to grow OpEx and the business again this year by about $30 million.

鑑於目前的運行率，我認為您今年將再次將運營支出和業務增長約 3000 萬美元。

How should we think about the rate of change in 2018 and beyond?

我們應該如何看待 2018 年及以後的變化率？

Then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

Look, OpEx in '15, we ended the year '15 with about $7 million a quarter.

看，15 年的運營支出，我們以每季度約 700 萬美元結束了 15 年。

When we closed last year, it's about $12 million a quarter in the fourth quarter.

當我們去年關閉時，第四季度每季度約為 1200 萬美元。

And as we get to second quarter of this year or -- it's probably about $18 million a quarter.

當我們進入今年第二季度或 - 它可能是每季度約 1800 萬美元。

So yes, we've increased UR OpEx along with the sales, given we've got more distributors and many more programs to improve the velocity.

所以是的，我們已經增加了 UR OpEx 和銷售額，因為我們有更多的分銷商和更多的計劃來提高速度。

So I would expect Universal Robots $18 million per quarter this year to increase, probably another $6 million next year and then there will come a point, I don't have the exact time period, where it will move at a slower rate and will be able to drop more of the sales growth through -- to the operating profit line.

所以我預計 Universal Robots 今年每季度增加 1800 萬美元，明年可能再增加 600 萬美元，然後會出現一個點，我沒有確切的時間段，它會以較慢的速度移動並且會能夠通過 - 到營業利潤線來降低更多的銷售增長。

That's helpful.

這很有幫助。

And then on your long-term EPS target of $2 or higher, you're sticking to that number despite the strength you're seeing across both SemiTest and UR.

然後，在您 2 美元或更高的長期每股收益目標上，儘管您在 SemiTest 和 UR 上都看到了實力，但您仍堅持這個數字。

What would you need to see in those businesses for that number to move to $2.50 or $3 down the line?

您需要在這些企業中看到什麼才能使該數字下移至 2.50 美元或 3 美元？

We tend to look at that model once a year in the October call and/or the January call.

我們傾向於在每年 10 月的電話會議和/或 1 月的電話會議中查看一次該模型。

So we tend to leave it alone during this period.

所以我們傾向於在這段時間不去管它。

We understand that we're doing quite well against it which -- most plans you set, you need to have a more aggressive plan that what you tell investors.

我們知道我們在這方面做得很好——你制定的大多數計劃，你需要有一個比你告訴投資者的計劃更積極的計劃。

So that shouldn't be a surprise to you.

所以這對你來說不應該是一個驚喜。

So I think at the end of the year, we'll revisit, do we stick with that plan or do we modify it in some fashion?

所以我想在今年年底，我們會重新審視，我們是堅持那個計劃還是以某種方式修改它？

Great.

偉大的。

Thanks, everybody, for joining us.

謝謝大家加入我們。

And for those still in the queue, I'll get back to you when this call concludes.

對於仍在排隊的人，我會在電話會議結束後回复您。

Look forward to talking with you down the road.

期待在未來與您交談。

Bye-bye.

再見。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you again for joining today's presentation.

再次感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。