泰瑞達 (TER) 2017 Q4 法說會逐字稿

Good morning. My name is Jamie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradyne Fourth Quarter 2017 Earnings Conference Call. (Operator Instructions)

早安。我叫 Jamie，今天將擔任各位的電話會議主持人。此刻，我要歡迎各位參加 Teradyne 2017 年第四季財報電話會議。(接線員指示)

Mr. Blanchard, you may begin your conference.

Blanchard 先生，您可以開始您的會議。

Thank you, Jamie. Good morning, everyone. And welcome to our discussion of Teradyne's most recent financial results. I'm joined this morning by our CEO, Mark Jagiela; and CFO, Greg Beecher. Following our opening remarks, we'll provide details of our performance for 2017's fourth quarter and full year, along with outlook for the first quarter of 2018.

謝謝你，Jamie。各位早安。歡迎各位參與我們對 Teradyne 最新財務結果的討論。今天早上與我一同出席的有我們的執行長 Mark Jagiela，以及財務長 Greg Beecher。在開場致詞之後，我們將提供 2017 年第四季與全年表現的細節，並說明 2018 年第一季的展望。

The press release containing our fourth quarter results was issued last evening. We're providing slides on the Investor Page of the website that may be helpful to you in following the discussion. Replays of this call will be available via the same page after the call ends.

包含我們第四季結果的新聞稿已於昨晚發布。我們在網站的投資人專區提供投影片，可能有助於各位跟進本次討論。本次電話會議結束後，可透過同一頁面收聽重播。

The matters that we discuss today will include forward-looking statements that include risk factors that could cost Teradyne's results to differ materially from management's current expectations. We encourage you to review the safe harbor statement contained in the earnings release as well as our most recent SEC filings.

我們今天討論的事項將包含前瞻性陳述，其中包括可能導致 Teradyne 的結果與管理階層目前預期出現重大差異的風險因素。我們鼓勵各位查閱財報新聞稿中的安全港聲明，以及我們最近向 SEC 提交的文件。

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

此外，今天所作的前瞻性陳述——均以今天為準，我們不承擔因本次電話會議後發生之發展而更新這些陳述的義務。

During today's call, we'll make reference to non-GAAP financial measures. We've posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measures, were available on the Investor page of our website. Also, between now and our next earnings call, Teradyne will be participating in investor conferences hosted by Goldman Sachs, Morgan Stanley, Citi and Susquehanna.

在今天的電話會議中，我們將提及非 GAAP 財務衡量指標。我們已在網站投資人專區張貼關於這些非 GAAP 財務衡量指標的補充資訊，包括與最直接可比的 GAAP 財務衡量指標之調節表，供各位查閱。另外，在下一次財報電話會議之前，Teradyne 將參加由 Goldman Sachs、Morgan Stanley、Citi 與 Susquehanna 主辦的投資人會議。

Now let's get on with the rest of the agenda. First, Mark will comment on our recent results and the market conditions as we enter the new year. Greg will then offer more details on our quarterly and full year financial results, along with our guidance for the first quarter. We'll then answer your questions, and this call is scheduled for 1 hour. Mark?

現在我們繼續進行其餘議程。首先，Mark 將評論我們近期的結果，以及在進入新年度之際的市場狀況。接著 Greg 將提供我們季度與全年財務結果的更多細節，並說明第一季的財測指引。之後我們將回答各位的問題，本次電話會議預計為 1 小時。Mark？

Good morning, everyone, and thanks for joining us. In my remarks today, I'll provide a brief summary of 2017, share additional insights on our strategy, then describe our 2018 outlook for the markets we serve and close with comments on our capital allocation plans. Greg will then take us through the financial details.

各位早安，感謝各位加入我們。在我今天的發言中，我將簡要總結 2017 年，分享我們策略的更多洞見，接著說明我們對所服務市場的 2018 年展望，最後談談我們的資本配置計畫。之後 Greg 將帶各位深入了解財務細節。

The fourth quarter capped off a strong year for Teradyne. Sales were up 26% compared with the year-ago quarter, and non-GAAP EPS was up 44%. All business segments showed double-digit sales growth over the fourth quarter of 2016.

第四季為 Teradyne 強勁的一年畫下句點。營收較去年同期季度成長 26%，非 GAAP 每股盈餘成長 44%。所有業務部門相較 2016 年第四季的銷售額皆呈現雙位數成長。

In SemiTest, our Memory Test shipment hit record levels in the quarter, which we are set to exceed again in Q1. SOC sales in the quarter were also strong with Eagle Test and service revenue up 29% and 20%, respectively.

在 SemiTest 方面，我們的記憶體測試（Memory Test）出貨量於本季創下歷史新高，而我們預計在第一季將再次超越此水準。本季 SOC 銷售同樣強勁，Eagle Test 與服務營收分別成長 29% 與 20%。

Universal Robots sales were up 61% compared to the year-ago quarter, as shipments to the Asia-Pacific region, in particular, exceeded our forecast. For the full year of 2017, Teradyne sales grew 22%, and non-GAAP earnings per share grew 55%. A healthy growing test business, combined with an exciting hyper-growth collaborative robot business, resulted in Teradyne breaking the $2 billion revenue mark and exceeding our $2 EPS target 3 years ahead of plan.

Universal Robots 的銷售額較去年同期季度成長 61%，尤其是亞太地區的出貨量超出我們的預期。2017 全年，Teradyne 營收成長 22%，非 GAAP 每股盈餘成長 55%。健康成長的測試業務，加上令人振奮的超高速成長協作機器人業務，使 Teradyne 突破 20 億美元營收門檻，並且比原計畫提前 3 年達成每股盈餘 2 美元的目標。

Market leadership with differentiated products and a disciplined financial model have allowed us to grow with high leverage to the bottom line. Over the last 10 years, we've methodically grown our share of the combined SOC and Memory Test market from 24% to about 50% while improving gross margins. We've taken a disciplined approach of targeting the attractive growth, subsegments of the market. Focusing on technology inflections and market shifts in mobility, automotive and flash memory paved the way for these gains. This will continue to be our game plan going forward.

憑藉具差異化產品的市場領導地位，以及嚴謹的財務模型，我們得以在高槓桿帶動獲利的情況下成長。過去 10 年，我們有系統地將 SOC 與記憶體測試合併市場的市占率從 24% 提升至約 50%，同時改善毛利率。我們採取嚴謹的方法，鎖定市場中具吸引力的成長子區隔。聚焦於行動裝置、車用與快閃記憶體領域的技術拐點與市場轉移，為這些成果鋪路。未來我們也將持續以此作為行動方針。

The ongoing increase in device complexity from advancing transistor count, multifunction cores and advanced packaging, combined with shorter time to market and shorter device lifecycles, have been a balloon for the SOC test market. Here the diminishing value of increasing parallelism in test has changed the trajectory of the overall market to sustained growth. This doesn't suggest a smooth monotonic market growth in test. We expect it will continue to be tooling cycles yielding both quarterly and annual volatility. However, the overall trend line is positive.

由於電晶體數量提升、多功能核心與先進封裝推進，裝置複雜度持續增加，再加上上市時間縮短與產品生命週期縮短，已成為推動 SOC 測試市場的助力。在此情況下，測試中提高平行度的邊際價值下降，改變了整體市場的走勢，使其轉為持續成長。這並不表示測試市場會呈現平滑、單調的成長。我們預期仍將是設備導入（tooling）週期，造成季度與年度的波動。然而，整體趨勢線是正向的。

In addition to complexity growth, new technologies are making their way into the market that create additional opportunities for test. One example is millimeter-wave technologies, which are in development for mainstream deployment in a variety of communications applications as well as vehicular radar. Another example are emerging LiDAR and Time-of-Flight sensors and various positioning technologies. These technologies require a new class of test equipment that will create growth segments well into the next decade.

除了複雜度提升之外，新技術也正進入市場，為測試帶來更多機會。其中一個例子是毫米波技術，正開發用於多種通訊應用的主流部署，以及車用雷達。另一個例子是新興的 LiDAR 與飛行時間（Time-of-Flight）感測器，以及各種定位技術。這些技術需要新一類的測試設備，將在未來十年持續創造成長型市場區隔。

In memory, on top of bit growth, we are seeing increased diversification of application-specific memories. This diversification tends to center around a variety of interface protocols that both up the test intensity and provide the opportunity for Teradyne to differentiate our products. Over the past 3 years, our Magnum Memory Tester has capitalized on the shift to high-speed interfaces for the final testing of flash memory devices, driving us to the #1 position in this segment.

在記憶體方面，除了位元成長之外，我們也看到應用特定記憶體的多元化程度提高。這種多元化往往圍繞在各式介面協定上，既提高測試強度，也讓 Teradyne 有機會以產品差異化。過去 3 年，我們的 Magnum 記憶體測試機（Magnum Memory Tester）掌握了快閃記憶體元件最終測試轉向高速介面的趨勢，推動我們在此區隔躍居第 1。

While we continue to ride that wave, in 2018, we are also expanding our served market by extending the Magnum platform to wafer test. While Teradyne's R&D teams are focused on creating instrumentation to test these interesting new technologies, a large part of our investment goes into the software for our testers. Importantly, our software focuses on reducing the complexity of testing these new technologies. Over time, our software gets stitched into the fabric of our customers' development environment to allow their design teams a seamless, efficient, time-to-market advantage.

在我們持續乘勢而上的同時，2018 年我們也將透過把 Magnum 平台延伸至晶圓測試來擴大可服務市場。當 Teradyne 的研發團隊專注於打造可測試這些有趣新技術的量測儀器時，我們投資中有很大一部分也投入在測試機的軟體上。重要的是，我們的軟體著重於降低測試這些新技術的複雜度。隨著時間推進，我們的軟體會被整合進客戶的開發環境之中，使其設計團隊能以無縫且高效率的方式取得縮短上市時間的優勢。

With design cycles ever shorter and ramps ever steeper, having the software toolkit to allow global teams to develop and release reliable test programs, is another key advantage of Teradyne. Like Universal Robots, we continue to expand our applications and ease-of-use through our open architecture, Universal Robots plus program. With over 55 certified product enhancements and more added every month, customers are enjoying a growing toolkit of options to put our UR Cobot into widening applications. At UR, we do what we do best, focused on creating the world's best universal cobot army and the best intuitive user interface. We then open that architecture to invite the creativity of a global ecosystem of developers to create plug-and-play add-ons.

在設計週期愈來愈短、量產爬坡愈來愈陡峭的情況下，擁有可讓全球團隊開發並發布可靠測試程式的軟體工具組，是 Teradyne 的另一項關鍵優勢。如同 Universal Robots，我們透過開放式架構的 Universal Robots+ 計畫，持續擴展應用範圍並提升易用性。目前已有超過 55 項通過認證的產品增強功能，且每月持續新增，客戶正享有日益擴充的工具組選項，將我們的 UR 協作機器人（Cobot）應用於更廣泛的場景。在 UR，我們專注於做我們最擅長的事：打造全球最強的通用協作機器人軍團，以及最直覺的使用者介面。接著我們開放該架構，邀請全球開發者生態系的創意，打造即插即用的附加模組。

Additionally, while rising labor cost and labor scarcity improve the economics of automation, the value proposition of collaborative robots is much more than just lowering costs. For example, in December, we established operations in Bangladesh, aiming to leverage the success we've seen in the Indian, Sri Lankan and other low-cost markets where customers value the repeatability and accuracy of our cobot, resulting in higher-quality manufacturing and less rework. At the other end of the spectrum, the value of repeatability, accuracy and speed is also evident in our project underway at NASA's Langley Research Center. To speed up and improve the inspection of aircraft composite structures, our cobot is used to create an inspection pattern that doesn't miss any areas. Using our UR 10 cobot with a third-party infrared inspection system and software from a Universal Robots plus partner, a single operator can oversee the inspection of complex, composite structures such as aircraft fuselages. Additionally, the UR 10's built-in safety features allow people to work closely alongside the cobot whilst inspecting the aircraft. That allows other inspections or manufacturing processes to take place during the infrared inspection, which improves the efficiency and saves time. Closer to home, not only are UR cobots used to make new UR cobots, our SemiTest contract manufacturing partner has extended that practice to some of the assembly tasks in building our own UltraFLEX Semiconductor Test product.

此外，雖然勞動成本上升與勞力短缺改善了自動化的經濟效益，但協作機器人的價值主張遠不僅是降低成本。例如，12 月我們在孟加拉建立營運據點，目標是借鏡我們在印度、斯里蘭卡及其他低成本市場的成功經驗；在這些市場中，客戶重視我們協作機器人的重複性與精準度，進而帶來更高品質的製造並減少返工。在光譜的另一端，重複性、精準度與速度的價值也在我們於 NASA 蘭利研究中心進行中的專案中清楚展現。為了加速並改善飛機複合材料結構的檢測，我們的協作機器人用於建立不會遺漏任何區域的檢測路徑。透過我們的 UR 10 協作機器人，搭配第三方紅外線檢測系統，以及 Universal Robots+ 合作夥伴提供的軟體，單一操作員即可監督如飛機機身等複雜複合材料結構的檢測。此外，UR 10 內建的安全功能讓人員在檢測飛機時可與協作機器人近距離並肩作業。這使得在進行紅外線檢測的同時，其他檢測或製造流程也能同步進行，從而提升效率並節省時間。更貼近我們自身的例子是，UR 協作機器人不僅用來製造新的 UR 協作機器人，我們的 SemiTest 合約製造夥伴也將這項做法延伸到組裝我們自有 UltraFLEX 半導體測試產品的部分組裝作業。

In Wireless Test, LitePoint had a strong year in a weak production test market. We returned to model profitability, began early production ramp of our 802.11ax product and delivered initial millimeter wave and sub-6G testers for 5G cellular. While we are about a year away from the impact of 802.11ax and about 2 years away from the beginning of the 5G ramp, we've been active in positioning our next generation of production-focused testers for the 5G era.

在無線測試方面，LitePoint 在疲弱的量產測試市場中仍繳出強勁的一年。我們回到模型獲利水準，開始推動 802.11ax 產品的早期量產爬坡，並交付用於 5G 行動通訊的毫米波與 sub-6G 測試機的初始出貨。雖然距離 802.11ax 影響顯現約還有一年、距離 5G 量產爬坡開始約還有兩年，但我們已積極布局，為 5G 時代定位我們下一代、以量產為導向的測試機。

Turning to market outlook. As a baseline in 2017, we saw a combined SOC and Memory Test market of about $3.35 billion, up from $2.8 billion in 2016. The 2017 SOC Test market was about $2.65 billion, and the Memory Test market was about $700 million. On top of that, we added about 2 points of share to reach 50% share of the overall market. Our view of 2018 has strengthened slightly since our October preview. We now see the SOC Test market in the range of $2.4 billion to $2.8 billion and the memory market in the range of $700 million to $800 million. Additionally, the annual spring and summer ramp for mobility tooling looks to be about 4 weeks later than recent years, resulting in a shift of some revenue to later in 2018. As a result, unlike the past 2 years where the first-half sales were about 55% of annual sales, this year we expect first-half sales to be more like 2015 when we shipped 52% in the first half.

接著談市場展望。以 2017 年作為基準，我們看到 SOC 與記憶體測試市場合計約 33.5 億美元，高於 2016 年的 28 億美元。2017 年 SOC 測試市場約 26.5 億美元，記憶體測試市場約 7 億美元。此外，我們的市占率再增加約 2 個百分點，使整體市場市占達到 50%。自 10 月的預覽以來，我們對 2018 年的看法略為轉強。我們目前預期 SOC 測試市場規模約在 24 億至 28 億美元之間，記憶體市場約在 7 億至 8 億美元之間。另外，每年春夏的行動裝置工裝（tooling）爬坡期看起來將比近年晚約 4 週，導致部分營收延後至 2018 年較後期。因此，不同於過去兩年上半年銷售約占全年 55%，今年我們預期上半年銷售占比更接近 2015 年，當時我們上半年出貨占比為 52%。

At Universal Robots, our aggressive strategy has yielded accelerating annual growth, 58% in '15, 62% in '16, 72% in '17. We are delighted in the progress we are making, and we continue to add staff, distributors, integrators and ecosystem partners to give us an even broader reach across more end markets in more regions of the world. While we'll invest more in operating expenses, we also expect operating profits remain in the mid- to high-teens. Our goal remains to grow at 50% or better in 2018.

在 Universal Robots，我們積極進取的策略帶來加速的年度成長：2015 年 58%、2016 年 62%、2017 年 72%。我們對目前取得的進展感到非常振奮，並持續增加人員、經銷商、系統整合商與生態系夥伴，使我們能在全球更多地區、更多終端市場中擁有更廣的觸及。雖然我們將增加營運費用投資，但也預期營業利益率仍可維持在十幾個百分點的中高區間。我們的目標仍是在 2018 年達成 50% 或更高的成長。

In Wireless Test and System Test, we see 2018 as essentially flat with 2017.

在無線測試與系統測試方面，我們認為 2018 年與 2017 年基本持平。

Finally, I'd like to give you a high-level view of our capital allocation plans for 2018. As we've said, we plan to maintain a balanced approach to capital allocation, consistent of dividends, buybacks and disciplined M&A. The strength of our test business over the past several years has enabled a consistent approach, and a growing industrial automation business gives us a platform for investment. Tax reform gives us some additional flexibility in how we deploy our capital. As a result, the board has authorized a $1.5 billion repurchase program of which we plan to buy back at least $750 million in 2018. Furthermore, a strong outlook in our core test businesses gives us the conviction to increase our quarterly dividend 29% to $0.09.

最後，我想就 2018 年的資本配置計畫提供各位一個高層次的概覽。如同我們所說，我們計畫維持均衡的資本配置方式，包含股利、庫藏股回購以及審慎的併購。過去數年測試業務的強勁表現，使我們得以維持一致的做法，而成長中的工業自動化業務也為我們提供投資平台。稅改也讓我們在資本部署方式上多了一些彈性。因此，董事會已核准 15 億美元的股票回購計畫，我們計畫在 2018 年至少回購 7.5 億美元。此外，核心測試業務的強勁展望也讓我們有信心將季度股利提高 29% 至每股 0.09 美元。

Finally, we remain committed to fully exploit and expand our leadership position we have in Test and Industrial Automation, and our M&A pipeline is focused on that mission.

最後，我們仍致力於充分發揮並擴大我們在測試與工業自動化領域的領導地位，而我們的併購案源（pipeline）也聚焦於此一使命。

With that, I'll turn things over to Greg for the financial details.

接下來，我把時間交給 Greg，請他說明財務細節。

Thanks, Mark. And good morning, everyone. I'll start with the highlights of 2017 and then offer comments and perspective on 2018, including our capital allocation plans and the impact of the newly-enacted tax laws. I'll also offer perspective on our strategic position and market trends at the business segment level, outline our new midterm financial model enclosed with the fourth quarter results and first quarter outlook.

謝謝你，Mark。各位早安。我將先從 2017 年的重點開始，接著就 2018 年提出評論與觀點，包括我們的資本配置計畫以及新近頒布稅法的影響。我也會從事業部層級分享我們的策略定位與市場趨勢觀點，並概述我們隨第四季財報與第一季展望一併提供的全新中期財務模型。

On the financial highlights front. As Mark noted, our $2.14 billion of sales in 2017 was up 22% from 2016, driven by a strong ATE market, SemiTest share gains and 72% sales growth at Universal Robots. As a result, non-GAAP EPS was $2.34 for the year, up 55% from 2016 and exceeding our 2020 $2 EPS target 3 years early. In 2017, we performed quite nicely against our key objectives. We've gained 2 points of share in SemiTest, making 2017 the sixth consecutive year of ATE share gains. We grew Universal Robots' top line 72%, well above the 50% threshold target. We had model operating performance on Wireless Test, mil-aero and Production Board Test. We also bought back $200 million of our stock at an average price of $34.30. Since the beginning of 2014, our balance approach to capital allocation has returned $839 million to shareholders in buybacks and dividends and invested upwards of $350 million to acquire Universal Robots. When we bought Universal Robots in 2015, its sales for its most recently completed year of 2014 were only $39 million. Over the subsequent 3 years, they've grown over fourfold, inside of Teradyne, with sales of $170 million in 2017.

就財務重點而言。如 Mark 所提，2017 年我們的銷售額為 21.4 億美元，較 2016 年成長 22%，主要受惠於強勁的 ATE 市場、SemiTest 市占提升，以及 Universal Robots 72% 的銷售成長。因此，全年非 GAAP 每股盈餘（EPS）為 2.34 美元，較 2016 年成長 55%，並且提前 3 年達成我們 2020 年每股盈餘 2 美元的目標。2017 年，我們在關鍵目標上表現相當出色。我們在 SemiTest 的市占提升 2 個百分點，使 2017 年成為 ATE 市占連續第六年成長。我們將 Universal Robots 的營收成長推升至 72%，遠高於 50% 的門檻目標。我們在無線測試、軍工航太（mil-aero）以及量產板測（Production Board Test）方面展現了符合模型的營運表現。我們也以平均每股 34.30 美元的價格回購了 2 億美元的自家股票。自 2014 年初以來，我們均衡的資本配置方式已透過回購與股利向股東回饋 8.39 億美元，並投入逾 3.5 億美元收購 Universal Robots。當我們在 2015 年收購 Universal Robots 時，其最近一個完整年度（2014 年）的銷售額僅 3,900 萬美元。在接下來的 3 年中，他們在 Teradyne 旗下的營收成長超過四倍，2017 年銷售額達到 1.7 億美元。

With the new $1.5 billion share repurchase authorization, we plan to repurchase a minimum of $750 million of our stock in 2018. Increased quarterly dividend of 29% to $0.09 a quarter is effective immediately, subject, of course, to ongoing board approval. Our strong operating model and balance sheet comfortably support these moves. On the operating model, over the last 3 years, we've averaged a 23% non-GAAP operating profit and $400 million of annual free cash flow. Over the next few years, we plan to steadily migrate our cash and marketable security balance of $1.9 billion down, while at the same time maintaining dry powder for our attractive M&A, subject, of course, to comparison against even more aggressive buybacks. We do see a number of attractive candidates in automation, particularly in software aimed at extending cobots into new applications.

在新的 15 億美元股票回購授權下，我們計畫於 2018 年至少回購 7.5 億美元的自家股票。季度股利提高 29% 至每季每股 0.09 美元即刻生效，當然仍須持續取得董事會核准。我們強健的營運模型與資產負債表可輕鬆支撐這些措施。就營運模型而言，過去 3 年我們的非 GAAP 營業利益率平均為 23%，年度自由現金流約 4 億美元。未來幾年，我們計畫逐步降低 19 億美元的現金與有價證券餘額，同時保留充足火力以進行具吸引力的併購，當然也會與更積極的回購方案進行比較衡量。我們確實看到自動化領域有多個具吸引力的標的，特別是以軟體為主、旨在將協作機器人延伸至新應用的公司。

The newly-enacted tax laws shift from the U.S. from a global tax system to a territorial tax system, subject to a foreign minimum tax rate of 13.2%. As our foreign rate is estimated to be just above this threshold, we do not expect to be subject to this new U.S. tax. With this change, our 2000 (sic) tax rate is estimated at 15% versus our prior estimate of 19%. However, the new toll tax on our accumulative foreign earnings will cost $150 million payable over 8 years. Due to the lower U.S. Federal tax rate, we also wrote down our deferred tax assets by $34 million. These 2 one-time charges are included as discrete items in our Q4 GAAP results, but not in our non-GAAP results.

新近頒布的稅法使美國由全球課稅制度轉為屬地課稅制度，但須符合 13.2% 的海外最低稅率。由於我們的海外稅率估計略高於此門檻，我們預期不會適用這項新的美國稅負。在此變更下，我們 2000（原文如此）年的稅率估計為 15%，相較於先前估計的 19%。然而，針對我們累積海外盈餘的新一次性過渡稅將產生 1.5 億美元成本，並將於 8 年內支付。由於美國聯邦稅率降低，我們亦將遞延所得稅資產減記 3,400 萬美元。這兩項一次性費用已作為單獨項目納入我們第四季 GAAP 業績，但未納入非 GAAP 業績。

Now looking at the segment level, annual highlights and trends. Starting with SemiTest, we had another year of ATE market share gain, adding 2 points to bring us to an estimated 50% share in 2017. These gains were in SOC Test and more than offset the few points of decline in Memory Test share due to short-term buying shifts. We also scored the #1 spot in the VLSI Survey for semiconductor equipment suppliers.

現在來看事業部層級的年度重點與趨勢。先從 SemiTest 開始，我們在 ATE 市占率方面又有一年成長，增加 2 個百分點，使我們在 2017 年的市占率估計達到 50%。這些成長來自 SOC 測試，且足以抵銷因短期採購轉移而導致的記憶體測試市占率下滑數個百分點。我們也在 VLSI Survey 的半導體設備供應商評比中拿下第 1 名。

Shifting to Universal Robots. We grew sales 72% from $99 million in 2016 to $170 million in 2017. Universal Robots also had an operating profit rate of 19% in 2017, more than double the 9% rate in 2016. Teradyne supply line group delivered several gross margin points of improvement, and we can see further improvements as we move towards our target rate of 20% or better by 2020.

接著談 Universal Robots。我們的銷售額成長 72%，由 2016 年的 9,900 萬美元增至 2017 年的 1.7 億美元。Universal Robots 在 2017 年的營業利益率亦達 19%，較 2016 年的 9% 以上翻倍。Teradyne 供應鏈團隊帶來毛利率提升數個百分點，且隨著我們朝 2020 年達到 20% 或更高的目標邁進，仍可望進一步改善。

Apart from the strong financial numbers, we strengthened Universal Robots' strategic position, as Mark highlighted, by growing our UR+ ecosystem platform with more grippers, vision systems and other cobot accessories. This online platform is another key step in making it even easier to deploy our cobots and deliver a faster ROI. This easy access-to-proven solution reduces deployment time and project risk for our customers. We also opened up UR Academy, which is an online interactive training platform, offered in multiple languages. Training is free, and in less than 2 hours, anyone can learn to train a UR cobot. The pattern that you, no doubt, see is that we're making it easier and easier to deploy our cobots. We, along with third-party research firms, expect 50% plus robust growth in the market for years to come, as the applications being served by cobots today are just scratching the surface of what's possible. There are hundreds of highly-repetitive tasks that are not well-suited for people. For example, some repetitive tasks require very high precision, such as applying exact amount of glue; or ergonomically challenging, such as driving screws with force; or simply too tedious, such as machine tending or pick-and-place material handling. There are also new emerging technologies that should further extend the cobots-served markets such as lower-cost vision systems for more advanced pick-and-place applications. So the picture we see is that undesirable tedious task will be increasingly automated, and the human workers will be performing the higher-skilled and safer tasks. And while we expect capable competitors to emerge, today the challenges are much more about building end-user awareness. To that end, we'll have more robust digital and print awareness pieces along with a new digital lead generation program in 2018.

除了亮眼的財務數字之外，我們也如 Mark 所強調，透過擴大 UR+ 生態系平台（增加更多夾爪、視覺系統及其他協作機器人配件）來強化 Universal Robots 的策略地位。此線上平台是讓部署我們協作機器人更容易、並帶來更快投資報酬率（ROI）的另一個關鍵步驟。這種可輕易取得已驗證解決方案的方式，可為客戶縮短部署時間並降低專案風險。我們也推出 UR Academy，這是一個線上互動式訓練平台，提供多種語言。訓練免費，且不到 2 小時，任何人都能學會如何訓練一台 UR 協作機器人。你們無疑看得出來的趨勢是：我們正讓部署協作機器人變得愈來愈容易。我們與第三方研究機構預期，未來多年協作機器人市場將維持 50% 以上的強勁成長，因為目前協作機器人所服務的應用仍只是可能性的冰山一角。有數百種高度重複性的工作並不適合由人來做。例如，有些重複性工作需要極高精度，如塗佈精確用量的膠；或在人體工學上具挑戰性，如用力鎖螺絲；或只是過於繁瑣，如機台看護或取放式（pick-and-place）物料搬運。此外，還有一些新興技術可望進一步擴大協作機器人可服務的市場，例如更低成本的視覺系統，可用於更進階的取放式應用。因此，我們看到的圖像是：不受歡迎且繁瑣的工作將日益自動化，而人類工作者將執行更高技能且更安全的工作。雖然我們預期會出現有實力的競爭者，但目前的挑戰更多在於建立終端使用者的認知。為此，我們將在 2018 年推出更強而有力的數位與印刷宣傳素材，並搭配新的數位潛在客戶開發（lead generation）計畫。

Shifting to System Test. Our Defense and Aero and Space and Production Board Test groups together grew 2017 sales 4% over 2016 and operated above model profitability for the second consecutive year. We expect similar performance in 2018 as Defense and Aero continues to benefit from the deployment of new weapon systems and new aircraft like the F35. While in Production Board Test our high throughput tester designed for high panel count applications continues to gain traction in the growing automotive space.

接著談 System Test。我們的國防與航太與太空，以及生產板測試（Production Board Test）團隊合計在 2017 年的銷售額較 2016 年成長 4%，且連續第二年高於模型獲利水準。我們預期 2018 年表現將相近，因國防與航太持續受惠於新武器系統與 F35 等新型飛機的部署。而在生產板測試方面，我們為高面板數應用所設計的高吞吐量測試機，持續在成長中的車用領域獲得採用。

In Storage Test, we returned to model profitability in the second half of 2017 after incurring losses in the first half, bringing to market a new product aimed at system level test of semiconductor devices. Storage Test should operate at around $60 million sales and model profitability in 2018.

在 Storage Test 方面，我們於 2017 年上半年發生虧損後，於下半年隨著一款針對半導體元件系統層級測試的新產品上市，回到模型獲利水準。Storage Test 在 2018 年應可維持約 6,000 萬美元的銷售額並達到模型獲利水準。

Turning to Wireless Test at LitePoint. The group rebounded very nicely from 2016, with sales growth of 60% and above model profitability in 2017. We expect 2018 to be similar to '17, as we position for a near-term market uptick, driven by the new 802.11ax wireless standard in 2019 and 5G cellular thereafter. For the full year, at the company level, non-GAAP gross margins of 57% were at record levels, an improvement of 2 points from 2016 due to higher volume and favorable product mix.

接著談 LitePoint 的 Wireless Test。該團隊自 2016 年後強勁反彈，2017 年銷售額成長 60%，且獲利高於模型水準。我們預期 2018 年將與 2017 年相近，因我們正為短期市場回升做布局；此回升將由 2019 年新的 802.11ax 無線標準，以及其後的 5G 行動通訊所帶動。以全年、公司層級來看，非 GAAP 毛利率 57% 創下歷史新高，較 2016 年提升 2 個百分點，主要受惠於更高出貨量與有利的產品組合。

Before moving to the more granular fourth quarter numbers, I will note that after this call, we plan to no longer provide bookings information, as the short-term timing of order placement adds unnecessary noise with little-added insight to our business. I also won't cover bookings in my prepared remarks, but the numbers can be found in the press release and investor decks.

在進入更細的第四季數字之前，我要先說明：在本次電話會議之後，我們計畫不再提供接單（bookings）資訊，因為短期訂單下單時點會帶來不必要的雜訊，對理解我們業務的增益有限。我也不會在事先準備的講稿中說明接單，但相關數字可在新聞稿與投資人簡報中找到。

SemiTest sales were $317 million in the fourth quarter, with SOC making up $250 million and Memory Test of balance at $67 million. SemiTest service revenue totaled $70 million. Universal Robots had sales of $54 million, a quarterly record. Geographically, fourth quarter UR sales were 47% in Europe, 24% in Asia, 23% in North America and 6% in the rest of the world. Our largest channel partner was only 3% of our total 2017 sales. So again, we have very wide diversity.

SemiTest 第四季銷售額為 3.17 億美元，其中 SOC 為 2.5 億美元，記憶體測試其餘部分為 6,700 萬美元。SemiTest 服務營收合計為 7,000 萬美元。Universal Robots 銷售額為 5,400 萬美元，創單季新高。以地區來看，第四季 UR 銷售額中，歐洲占 47%、亞洲占 24%、北美占 23%、世界其他地區占 6%。我們最大的通路夥伴僅占 2017 年總銷售額的 3%。因此再次強調，我們的客戶／通路分布非常多元。

System Test sales were $80 million, up 125% from the third quarter due to revenue recognition of our new system level test product. And at wireless, sales were $28 million.

System Test 銷售額為 8,000 萬美元，較第三季成長 125%，主要因我們新的系統層級測試產品認列營收。而在無線方面，銷售額為 2,800 萬美元。

At the company level, our fourth quarter sales were $479 million. The non-GAAP operating profit rate was 23%, and non-GAAP EPS was $0.46. We had known 10% customer in the fourth quarter and 1 for the full year. Non-GAAP gross margins were 57% in the quarter with favorable product mix. This year, our non-GAAP operating expenses were down $3 million to $160 million compared to third quarter due to lower variable compensation accruals on lower profits.

以公司層級來看，我們第四季銷售額為 4.79 億美元。非 GAAP 營業利益率為 23%，非 GAAP 每股盈餘（EPS）為 0.46 美元。我們在第四季有 1 家占比 10% 的客戶，全年則有 1 家。本季非 GAAP 毛利率為 57%，受惠於有利的產品組合。今年我們的非 GAAP 營業費用較第三季減少 300 萬美元至 1.6 億美元，主要因獲利較低使變動薪酬提列減少。

Regarding our earnings power. When we set our original 2020 $2 EPS target, we conservatively estimate that the ATE market would grow on average 1% annually from the 2014/'15 average market size of $2.7 billion after many years of sequential decline. Through 2017, the actual annual growth rate has been much stronger at 11%, and it's a key reason why we achieved our $2 EPS target 3 years early.

關於我們的獲利能力。當我們設定最初的 2020 年每股盈餘（EPS）2 美元目標時，我們保守估計 ATE 市場在經歷多年連續下滑後，將自 2014/'15 年平均 27 億美元的市場規模起，平均每年成長 1%。截至 2017 年，實際年成長率強勁得多，達到 11%，這也是我們提前 3 年達成每股盈餘 2 美元目標的關鍵原因。

With that recent history, combined with our latest outlook, we've updated the earnings model target to $3.50 to $4 of non-GAAP EPS by 2021, driven by some very familiar themes. First is strong annual growth at Universal Robots. We've used 45% to 50% for modeling through 2021, which will bring Universal Robots to $750 million to $860 million in sales in the midterm. Next is further SemiTest growth at a more modest rate than the last few years. We've modeled 3% to 4% growth rate from 2014 average market size and a few points of share gain through 2021. Finally, repurchases, model performance and modest growth elsewhere will contribute to the EPS goal. We've detailed the new model in our investor deck.

基於近期的歷史表現並結合我們最新的展望，我們已將獲利模型目標更新為：到 2021 年非 GAAP 每股盈餘達 3.50 至 4 美元，主要由一些非常熟悉的主題所驅動。第一是 Universal Robots 的強勁年度成長。我們在模型中假設至 2021 年的成長率為 45% 至 50%，這將使 Universal Robots 在中期達到 7.5 億至 8.6 億美元的營收。其次是 SemiTest 進一步成長，但增速將較過去幾年溫和。我們以 2014 年平均市場規模為基礎，建模假設成長率為 3% 至 4%，並在 2021 年前取得數個百分點的市占提升。最後，庫藏股回購、模型表現以及其他業務的溫和成長也將有助於達成 EPS 目標。我們已在投資人簡報中詳細說明新的模型。

Looking a bit closer in at 2018, we expect gross margins to be approximately 56% to 57%. In OpEx, in 2017, non-GAAP operating expenses were up $49 million versus 2016, driven principally by distribution investments in Universal Robots and higher variable compensation tied to increased profitability. In our test businesses, apart from normal changes in variable compensation tied to profit levels, our total OpEx spending in 2017 was down slightly from 2016. Looking ahead to 2018, we plan to keep test OpEx flat, apart from normal changes in variable compensation, and to increase UR OpEx from $16 million a quarter, exiting 2017, to upwards of $30 million a quarter by the end of 2018. These investments should strengthen both distribution and product development and help fuel another 50% plus growth year in 2018 and beyond.

更聚焦看 2018 年，我們預期毛利率約為 56% 至 57%。在營業費用（OpEx）方面，2017 年非 GAAP 營業費用較 2016 年增加 4,900 萬美元，主要由 Universal Robots 的通路投資以及與獲利提升連動的較高變動薪酬所帶動。在我們的測試業務中，除與獲利水準連動的變動薪酬之正常變動外，2017 年總 OpEx 支出較 2016 年略為下降。展望 2018 年，我們計畫讓測試業務的 OpEx 維持持平（除變動薪酬的正常變動外），並將 UR 的 OpEx 從 2017 年底每季 1,600 萬美元，提高到 2018 年底每季 3,000 萬美元以上。這些投資應可強化通路與產品開發，並有助於在 2018 年及之後再創 50% 以上的成長年度。

Shifting to our outlook for the first quarter. Sales are expected to be between $460 million and $490 million, a 4% increase at the midpoint from the year-ago first quarter sales of $457 million. The non-GAAP EPS range is $0.38 to $0.45 on 200 million diluted shares. Also, please note that while we are confident of our full year 50% plus growth plan at UR, the first quarter revenue growth rate, compared with last year, will likely be lower than 50% due to the pricing-related changes that drove very strong demand in the first quarter of 2016.

接著談我們對第一季的展望。預期銷售額介於 4.6 億至 4.9 億美元，中位數較去年同期第一季 4.57 億美元增加 4%。非 GAAP 每股盈餘區間為 0.38 至 0.45 美元，以 2 億股稀釋後股數計算。另外請注意，雖然我們對 UR 全年 50% 以上成長計畫充滿信心，但第一季營收成長率相較去年可能低於 50%，原因是 2016 年第一季因價格相關變動帶動需求非常強勁。

The first quarter guidance excludes the amortization of acquired intangibles and the noncash imputing interest on the convertible debt. First quarter gross margins are estimated 55%, down 2 points from the fourth quarter due to product mix. The first quarter OpEx, running at 34% to 36% of first quarter sales, is up about $5 million from the fourth quarter due to further distribution and product development investments at Universal Robots and some NRE project spending in Semi Test concentrated in the first quarter. The non-GAAP operating profit rate at the midpoint of our first quarter guidance is about 20%. The non-GAAP interest income, excluding the noncash imputed interest from the convert, is expected to be about $2.25 million in 2018, factoring an interest income on our cash balances, partially offset by the 1.25% annual coupon from the convertible debt. In 2018, we earmarked $80 million to $100 million for CapEx.

第一季財測不包含併購無形資產攤銷，以及可轉換公司債的非現金推算利息。第一季毛利率估計為 55%，因產品組合因素較第四季下降 2 個百分點。第一季 OpEx 約占第一季銷售額的 34% 至 36%，較第四季增加約 500 萬美元，原因是 Universal Robots 進一步的通路與產品開發投資，以及 Semi Test 在第一季較集中的部分 NRE 專案支出。以第一季財測中位數計算，非 GAAP 營業利益率約為 20%。2018 年非 GAAP 利息收入（不含可轉債的非現金推算利息）預期約為 225 萬美元，已考量現金餘額帶來的利息收入，並部分被可轉債 1.25% 年息票所抵銷。2018 年我們規劃資本支出（CapEx）為 8,000 萬至 1 億美元。

We start 2018 with strong -- very strong momentum after achieving our $2 2020 EPS target 3 years early and our forging a path to $3.50 to $4 of EPS by 2021. Rising device complexity, IC unit growth and increasing quality requirements are driving SemiTest. For Universal Robots, it is expected to grow at 50% plus for years to come, our Wireless Test business is back to healthy profits and position for the next demand wave, and we expect healthy performance in System Test. And on top of that, increased shareholder returns with our new $1.5 billion share repurchase program and a 29% increase to our quarterly dividends and the future of Teradyne looks quite bright.

在提前 3 年達成 2020 年每股盈餘 2 美元目標，並開闢通往 2021 年每股盈餘 3.50 至 4 美元之路後，我們以強勁——非常強勁的動能展開 2018 年。裝置複雜度提升、IC 出貨量成長以及更高的品質要求正在驅動 SemiTest。就 Universal Robots 而言，預期未來多年將維持 50% 以上成長；我們的無線測試業務已回到健康獲利並為下一波需求做好布局；我們也預期系統測試（System Test）將有健康表現。此外，透過新的 15 億美元庫藏股回購計畫與季度股利提高 29% 來提升股東報酬，Teradyne 的未來看起來相當光明。

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

接下來我把電話交回給 Andy。

Thanks, Greg. Jamie, we'd now like to take some questions. (Operator Instructions)

謝謝你，Greg。Jamie，我們現在想開始回答一些問題。(接線員指示)

(Operator Instructions) Our first question is from Toshiya Hari with Goldman Sachs.

(接線員指示) 我們的第一個問題來自高盛（Goldman Sachs）的 Toshiya Hari。

Mark, you made a slight change to your 2018 Semi Test market outlook. Today -- I guess, what were some of the developments you saw over the past 3 months that led to that change? And if you can talk a little bit about some of the subsegments within SOC, mobility, automotive, image sensors, et cetera, that will be helpful.

Mark，你對 2018 年 Semi Test 市場展望做了小幅調整。今天——我想問的是，過去 3 個月你看到哪些發展促成了這項改變？另外，如果你能談談 SOC、行動裝置、車用、影像感測器等 SOC 內部的一些子領域，會很有幫助。

Okay, sure. So since November, we ended up in fourth quarter of '17 above the high end of the guidance we had for revenues. So we've seen, throughout November, December into January, a steady increasing demand for SOC capacity, more so than we expected. And it's pretty broad-based across everything except mobility, where mobility, as I mentioned in my remarks, has shifted maybe 4 weeks further into the future. So automotive, image sensor, linear, all of these areas were getting pulled for reasonably quick by delivery cycles. And typically, our lead times are 8 to 12 weeks, so we get a reasonable amount of turns within a quarter sometimes. So it's that sort of across-the-board demand that has brightened the outlook looking forward. And then within mobility itself, although there's a bit of a -- I'd say, the peak tooling installation this year about 4 weeks later than last year or the year before, the demand there also looks very strong. And so on the SOC side, I think it's just a broad-based rising of demand. But I would point out that with about an 8- to 12-week visibility, we don't get to see the back end of the year with any precision until we're sort of into the back end of the year. So a lot of what customers are talking about as a general budgetary number kind of flat with 2017. On the memory front, just to turn to that for a minute, things are very busy and hot there. I mentioned, we'll exceed our Q4 shipments in Q1 in memory. Similar kind of lead times. The $700 million to $800 million range hasn't changed since November. But if anything, there's pressure there on the upside. I could see that going up, especially if, in the indigenous fabs in China, we see that the yields get to a sufficient level that they begin to turn on production. We haven't assumed that for '18. We've assumed that's more of a '19 phenomena. But that could be upside on the memory discussion.

好的，當然。自 11 月以來，我們在 2017 年第四季的營收最終高於我們指引區間的上緣。因此我們看到，從 11 月、12 月一路到 1 月，對 SOC 產能的需求持續增加，且增幅超出我們原先預期。而且這種需求相當廣泛，除了行動裝置之外；行動裝置方面，如我在發言中提到的，可能往後延了大約 4 週。因此車用、影像感測器、類比（linear）等領域，都因交期週期而被拉動、要求相對快速交付。一般而言，我們的交期是 8 到 12 週，所以有時在一個季度內會有相當程度的追加訂單（turns）。因此，正是這種全面性的需求讓我們對未來展望更為樂觀。至於行動裝置本身，雖然今年的——我會說，工具機台安裝的高峰期比去年或前年晚了約 4 週，但該領域的需求看起來也非常強勁。所以在 SOC 方面，我認為就是需求全面上升。但我也要指出，由於我們的能見度大約只有 8 到 12 週，在我們進入年末之前，無法精準看見下半年。因此，客戶談到的許多一般性預算數字，大致上與 2017 年持平。再談一下記憶體（memory）方面，目前那邊非常忙碌、需求火熱。我提到過，我們在記憶體方面第一季出貨將超過第四季。交期也類似。自 11 月以來，7 億至 8 億美元的區間並未改變。但若有的話，該區間其實有上修壓力。我可以想像它會上調，特別是如果我們看到中國本土晶圓廠的良率達到足夠水準，開始啟動量產。我們在 2018 年的假設中尚未納入這點。我們假設那更像是 2019 年的現象。但這可能會成為記憶體討論中的上行因素。

Great. My second question is on Universal Robots. In your long-term model, you've assumed 45% to 50% top line growth for the business. I guess, I was curious what the rationale was for that number? Why not 30%? Why not 70%? And then I guess related to that, if my math is correct, I think UR gross margins improved 3 maybe 4 percentage points in 2017 versus 2016. What's the path forward there as you look out to 2021?

很好。我的第二個問題是關於 Universal Robots。在你們的長期模型中，你們假設該業務的營收（top line）成長為 45% 到 50%。我想知道這個數字背後的理由是什麼？為什麼不是 30%？為什麼不是 70%？另外我想相關地問一下，如果我算得沒錯，我認為 UR 的毛利率在 2017 年相較 2016 年提升了大約 3、也許 4 個百分點。展望到 2021 年，你們認為接下來的路徑會是什麼？

Okay. This is Greg. I'll start, and maybe Mark will add to it. I'll start with gross margins. A bit back further, when we acquired Universal Robots, the gross margins were about 51%. As we end '17, we're in the upper 50s percent. And we see a path to increase margins a few more points. Now this doesn't factor in what does the competitive field eventually unfold and look like. Today, as I think I'd mentioned in my prepared remarks, it's much more about stimulating awareness versus we're going up against competitors. So we do see opportunities for further margin improvement, but again, at some point, there'll be some competitors that we'll bump into, particularly at large accounts. On the first part of the question, why not 30%? Why not 70%? Well, we've -- we look at third-party reports. There's a number of them out there. We speak to our distributors, our channel partner. We see that our existing channel partners grow their business about 50% a year. They sell 50% more cobots each year. And there will come a point where we'll probably slow down or stop adding new distributors or integrators in terms of net increases. There might always be some adjustments for quality. So then if I say what do existing ones sell today, it's about 50% and they were constantly improving in terms of some of the offerings we're giving them as well as the UR+, what's on the online website, the Academy. So -- and we've seen sales grow at a higher rate each year, which is unusual to see the growth rate increase, increase, increase. But we all know, as numbers get larger, that gets harder to continue. So in the end, it's a judgment, but we come at it for many different perspectives. And we also look at bottoms up, the types of jobs that can be automated but that leads you to very astoundingly big numbers and then we kind of back off of that because the numbers just look too big looking out that way. So it's judgmental, but we look at it in many different ways. And our track record today has been well above 50%. But we know as numbers get bigger that, that'll get harder to be well above 50%.

好的。我是 Greg。我先回答，Mark 也許會再補充。我先從毛利率談起。再往前回顧一些，當我們收購 Universal Robots 時，毛利率大約是 51%。到 2017 年底，我們已經在接近 60% 的高 50% 區間。而且我們看到毛利率還有再提升幾個百分點的路徑。當然，這並未把競爭格局最終會如何發展、呈現什麼樣貌納入考量。就目前而言，正如我在事先準備的發言中提到的，更多是在刺激市場認知，而不是我們正在與競爭對手正面交鋒。因此我們確實看到進一步改善毛利率的機會，但同樣地，到了某個時間點，我們會遇到一些競爭者，尤其是在大型客戶上。至於問題的第一部分，為什麼不是 30%？為什麼不是 70%？嗯，我們——我們會參考第三方報告。市面上有不少這類報告。我們也會和經銷商、通路夥伴交流。我們看到現有的通路夥伴每年大約能把他們的業務成長 50%。他們每年賣出的協作機器人（cobots）多 50%。而且終究會有一個時間點，我們可能會放慢或停止在經銷商或系統整合商的新增上（以淨增加而言）。但可能仍會為了品質而做一些調整。所以如果我說現有的夥伴今天能賣多少，大約是 50% 的成長，而且他們也在持續改善，這部分來自我們提供給他們的一些方案，以及 UR+、線上網站上的內容、Academy 等。所以——而且我們看到銷售每年以更高的速度成長，這種成長率逐年提高、提高、提高的情況並不常見。但我們都知道，當基數變大時，要持續下去就更難。所以最後這是一個判斷，但我們會從很多不同的角度來推導。我們也會做由下而上（bottoms up）的分析，去看有哪些工作類型可以被自動化，但那會導出非常驚人的大數字，然後我們會稍微往回收，因為用那種方式往外看，數字看起來實在太大。所以這帶有判斷性，但我們用很多不同的方法來看。而我們目前的實績一直遠高於 50%。但我們也知道，隨著規模變大，要維持遠高於 50% 會更困難。

Our next question is from Mehdi Hosseini with SIG.

下一個問題來自 SIG 的 Mehdi Hosseini。

Just back to your ATE forecast. Is there any impact or you're anticipating any incremental market impact from some of the new ASC designs that are coming to the market? These new ASCs are designed for block-chain computing like a cryptocurrency. And I'm just wondering if the market is big enough for the ATE market, and Teradyne specifically, to see that in your forecast? And then I have a follow-up.

回到你們對 ATE 的預測。你們是否看到、或預期市場會因為一些即將上市的新 ASC 設計而產生任何影響或額外的市場增量影響？這些新的 ASC 是為了區塊鏈運算（例如加密貨幣）而設計的。我想知道這個市場是否大到足以讓 ATE 市場、以及特別是 Teradyne，在你們的預測中反映出來？然後我還有一個追問。

Yes. So I think cryptocurrency processing as a subsegment of the ATE market is really de minimis. It's not significant in the grand scheme of things. On a broader scale though, I think, the idea of a rate processing, whether it's used in a edge applications like AI for things like facial recognition or voice recognition, that's becoming a discernible segment and growing, I'd say, several hundred million dollars of that TAM, you could attribute to the combination of all the cryptocurrency processing plus GPU plus AI-related processing. And our participation -- Teradyne's participation in that space in the traditional GPU side has been low, below our average market share. But in the emerging edge space of applications, whether that's in automotive or in cellphones or infrastructure areas, is kind of right at the norm -- right at that 50% point. So couple of hundred million in TAM growing faster than average, and we are participating outside of GPU.

是的。所以我認為，加密貨幣處理作為 ATE 市場的一個子分項，其實非常微不足道（de minimis）。在整體大局中並不重要。不過從更廣的層面來看，我認為這種運算處理的概念——不論是用在邊緣（edge）應用，例如 AI 的人臉辨識或語音辨識——正在成為一個可辨識、且正在成長的細分市場；我會說，在那個 TAM 中，有數億美元可以歸因於加密貨幣處理加上 GPU 再加上 AI 相關處理的組合。而我們的參與——Teradyne 在傳統 GPU 端的參與度一直偏低，低於我們的平均市占率。但在新興的邊緣應用領域，不論是在汽車、手機或基礎設施等領域，我們的表現大致就在常態水準——大約在 50% 那個點。所以這是 TAM 約數億美元、且成長快於平均的市場，而我們的參與主要是在 GPU 之外的部分。

Is this what's driving your market share target specifically for 2021?

這是否就是你們特別針對 2021 年所設定的市占目標的驅動因素？

No. I think -- not specifically. I think we will grow with the market there. I think our market share gains for 2021 will come from the digitalization of automotive where no -- the combination of our strength in traditional automotive, electronics and our strength in mobility will help us in gain share in that area, as that improve significantly.

不是。我認為——不算是特別。我認為我們會在那個領域跟著市場一起成長。我認為我們在 2021 年的市占提升，將來自汽車領域的數位化；也就是我們在傳統汽車電子的優勢，加上我們在行動（mobility）方面的優勢相結合，將幫助我們在那個領域提升市占，因為那一塊會顯著改善。

Got you, and a quick -- Sure. Got it. And a quick follow-up for Greg. I look at -- I appreciate updating us on the longer-term earning power. It seems to me there isn't really much of a leverage left in the P&L. And these ranges that you're targeting, $3.50 to $4, to a large extent depends on your ability to execute on your share gain. So in that context, what is it that gives you as a rather conservative company to step up and discuss these share gains? And b, what if we hit an air pocket? And what is your flexibility in managing cost given the fact that you are still investing in some of the growth areas?

了解，然後一個快速——好的。明白了。再一個給 Greg 的快速追問。我看——也很感謝你們更新我們對較長期獲利能力（earning power）的看法。在我看來，損益表（P&L）上似乎已經沒有太多可以再槓桿化（leverage）的空間。而你們所鎖定的這些區間（每股盈餘）3.50 到 4 美元，在很大程度上取決於你們能否執行並實現市占提升。在這樣的背景下，作為一家相當保守的公司，是什麼讓你們願意更進一步、來談這些市占提升？另外，b，如果我們遇到一段需求空窗（air pocket）怎麼辦？考量到你們仍在一些成長領域持續投資，在成本管理上你們有多大的彈性？

Got it, Mehdi. The slide we've put forth, which we hope will give you a very clear path, we've put the assumptions on the upper half, and frankly, the biggest assumption is Universal Robots' growth rate. That's driving most of the sales and earnings growth. But let me go to the SemiTest question, our market share. We have steadily gained market share in ATE, in both SOC and memory, over many years. We've shown that on the slide here, the last 4-year period, we grew from 44% market share to 50% market share. And for modeling, we're using anywhere from 4 to 6 points. So we're modeling what we've done in the past, and we've been a bit conservative saying could be as low as 4 versus 6 points. If you go back further, we've gained much more than 6 points share -- 6 points of share. So we do have the ability to carefully target the right segments, grow with those waves as well as find areas for differentiation and not compete against capital cost. So it's a long-running formula that we've had at Teradyne that, I think, we -- has proven that it's sustainable. And there's always leverage, Mehdi, in the model. In here, there's a bunch of variable compensation tied to profits. So if the profits are lower, the variable compensation comes out. There's a lot of spending that goes with the growth. If we see the growth, in any business, isn't what we think it is, then we'll hold some of the spending back. So there certainly is flexibility.

了解，Mehdi。我們提出的這張投影片，希望能給你一條非常清晰的路徑；我們把假設放在上半部，坦白說，最大的假設是 Universal Robots 的成長率。這驅動了大部分的銷售與獲利成長。不過讓我回到 SemiTest 的問題，也就是我們的市占率。多年來，我們在 ATE（自動測試設備）領域的市占率穩步提升，涵蓋 SOC 與記憶體兩個面向。我們在這張投影片上也展示了：在過去 4 年期間，我們的市占率從 44% 成長到 50%。而在建模方面，我們採用約 4 到 6 個百分點的增幅。所以我們是在用過去的表現來建模，而且我們稍微保守一些，認為可能低至 4 個點，而不是 6 個點。如果你再往前看，我們的市占率提升遠超過 6 個點——6 個點的市占。因此，我們確實有能力審慎鎖定正確的細分市場，隨著那些浪潮一起成長，同時也能找到差異化的空間，而不是在資本成本上競爭。所以這是我們在 Teradyne 長期以來的一套公式，我認為——也已經證明它是可持續的。而且在模型裡總是有槓桿，Mehdi。這裡有一大部分的變動薪酬與獲利掛鉤。所以如果獲利較低，變動薪酬就會相應減少。也有很多支出是隨著成長而發生的。如果我們看到任何業務的成長不如我們預期，那我們就會把部分支出先按住。所以確實有相當的彈性。

Our next question is from Patrick Ho with Stifel, Nicolaus.

下一個問題來自 Stifel, Nicolaus 的 Patrick Ho。

Mark, maybe first up in terms of the SemiTest market that you've talked about and the outlook you've provided, with some of the timing, I would say, pushouts on the mobility and -- what are your concerns there that -- maybe that pushes out potentially into 2019 or so? Do you feel that it'll come that 4 weeks later that you're talking about right now? And do you have that visibility? Or is it something that could potentially extend a little further?

Mark，或許先從你談到的 SemiTest 市場以及你提供的展望來看，考量到一些時程上的——我會說——在行動裝置相關的延後（pushouts）以及——你在這方面的擔憂是什麼？是否可能把時程推到 2019 年左右？你覺得會如你現在所說的延後 4 週就到位嗎？你有那樣的能見度嗎？還是有可能再延長一些？

Yes, I think that's one area where you have pretty good visibility. And no, it will not extend into '19. What will happen is that some shipments that would normally be in second quarter will leak over into third. And it's about that 4-week window is the delta. But not a lot of ambiguity in that.

是的，我認為那是一個你有相當不錯能見度的領域。而且不會延伸到 2019 年。會發生的是，一些原本通常會在第二季出貨的訂單會延到第三季。差異大約就是那 4 週的時間窗。但在這件事上沒有太多不確定性。

Great. That's helpful. And maybe, Greg, in terms of some of the commentary that you made about UR cost going up, it clearly makes sense because obviously you're growing it at a very rapid rate. Can you give a little more detail? Is it going into more -- on the distribution side of things, in particular Asia, given the rapid growth there? Or is it mix of both, the distributors as well as integrators?

很好。這很有幫助。另外，Greg，關於你提到 UR 成本上升的一些評論，這顯然合理，因為你們的成長速度非常快。你能再多提供一些細節嗎？這主要是投入在更多——在通路/分銷端，特別是亞洲，因為那裡成長很快？還是兩者都有，包括經銷商以及系統整合商？

By far, it's distribution, and that single biggest item is more sales people that can then work with distributors and channel partners in new regions that we're not covering adequately as well as existing regions where there are some accounts we're just not getting to. And then the next is engineering to continue the innovation that we deliver to step that up even further. Those are the 2 big areas with distribution, by far, the largest.

絕大部分是分銷端，而其中最大的一項就是增加更多業務人員，讓他們能與經銷商與通路夥伴合作，進入我們目前覆蓋不足的新區域，以及在既有區域中，我們還接觸不到的一些客戶。接下來就是工程研發，以持續推進我們所交付的創新，並把創新速度再往上提升。這兩個是主要領域，其中分銷端遠遠是最大宗。

Our next question is from the line of B.J. (sic) [C. J.] Muse with Evercore.

下一個問題來自 Evercore 的 B.J.（原文如此）[C.J.] Muse。

I guess, first question, going back to some of the prior questions around your overall SemiTest guide. In the prepared slide that you talked about growth there, but in terms of your outlined expectations, you're guiding to flat. So curious how we should interpret that? And as part of that, how you are thinking mobility spend on the SOC side year-over-year? And is that sort of part of what was driving that flat guide?

我想先問第一個問題，回到先前一些關於你們整體 SemiTest 指引的問題。在你提到成長的那張事先準備的投影片裡，你談到那邊的成長，但就你們所概述的預期而言，你們的指引是持平。所以我很好奇我們應該如何解讀？以及在這之中，你們如何看待 SOC 端的行動裝置支出年對年變化？那是否就是導致持平指引的部分原因？

Yes. So one thing I'll start out with as a caution. A year ago, in this very call, we gave a guide for the SOC market that was in a range of $2.2 billion to $2.5 billion, and we ended up at $2.65 billion. So with that caveat, we're not completely able to see what's going to happen. But in mobility, I would say year-over-year, our expectations is that it will be flat to very slightly up. And that market is one that typically comes to -- the majority of the installations come to conclusion by the end of third quarter, so we have a little bit more visibility there. I think what's less clear to us and what surprised us last year is automotive. How much longer will that have legs? It's been going now for about 1.5 years. If automotive continues at the rate that it did last year with -- or even a little bit of acceleration, that moves us towards the high side of the SOC market. And linear, industrial, linear, those are 2 that are very kind of quick-turn businesses that we get very little visibility beyond the current quarter. So mobility, everything else being equal, roughly flat. And then industrial, linear, automotive, the wildcard that swings the rest of it. I'll just make a comment about memory. Memory, as I said before, the range we gave of $700 million to $800 million could easily have another $100 million or $200 million on top of that if the indigenous Chinese fabs really decide to -- or are able to code it into a production ramp. So that's something we've modeled into '19, but that could pull in.

是的。所以我先提醒一點作為警示：一年前，就在這通電話會議上，我們給 SOC 市場的指引區間是 22 億到 25 億美元，最後結果是 26.5 億美元。

Very helpful. And my follow-up, as you think about UR in building out your infrastructure to support that, curious if you've seen sort of any momentum year-to-date related to tax reforms, accelerated depreciation and pending industrial accelerated spend, and whether or not that's changing perhaps your nearer-term outlook for perhaps faster growth in that business?

非常有幫助。我的追問是，當你們思考 UR 並建置基礎設施來支援它時，我很好奇你們是否看到今年迄今因稅改、加速折舊以及潛在的工業加速支出所帶來的任何動能？以及這是否正在改變你們對該業務更近期、可能更快成長的展望？

C.J., we haven't seen that yet in North America, but we will have our antenna up to see if that's possible. As you know, the cost is fairly low, but I certainly could see that, that might make us go into the ROI calculation. Most of the ROIs are very quick without a further advantage -- a tax advantage. And often the cobots are improving quality or doing tasks that aren't well-suited for human. But sure, it might help a little, but we haven't seen it yet.

C.J.，我們在北美目前還沒有看到，但我們會保持高度關注，看看是否有這種可能。如你所知，成本其實相當低，但我確實可以想像，這可能會被納入 ROI（投資報酬率）的計算。多數的 ROI 在沒有額外——稅務優惠的情況下也非常快。而且協作機器人（cobots）往往是在提升品質，或執行不太適合人類的工作。不過當然，它可能會有一些幫助，但我們目前還沒看到。

Our next question is from Robert Eastman with Baird.

我們的下一個問題來自 Baird 的 Robert Eastman。

Just a quick question on UR. Could you just go back a little bit through how for '17, calendar '17, how UR's business model did shake out? I think you referenced high-50s gross margin kind of at year-end, but I'm curious, what does the model look like as we go into '18 with the growth here? Are we kind of expecting flattish operating margins close to 20%? Or how are we modeling that out for '18?

關於 UR 我有個簡短問題。能否請你回顧一下 2017 年（曆年 2017）UR 的商業模式是如何呈現的？我記得你提到年底時毛利率大概在 50% 後段，但我想了解的是，隨著這裡的成長進入 2018 年，這個模式會長什麼樣子？我們是否大致預期營業利益率會持平、接近 20%？或者你們對 2018 年是如何建模的？

Okay, I'll start with that one. There's actually a range because the growth rates are so high, there's a stretch growth rate and then there's the growth rate 50% plus. So the range of scenarios we could be in and we try to put some OpEx in early and then we try to meter it where we can. So this year, we hit 19% operating profit with end of the year was like 58% gross margin. We actually wanted to bring more people on quicker, frankly, to position for another wave of high growth. So if we end up at 19% or 20% profit, we're delighted. If we end up at 17% or 18%, that might be a great story too, if we've done the things strategically. So we're not driving it with a sharp eye on profitability. It's much more on the growth and are we getting further ahead is what we're monitoring and pushing hard on because the market has many years of high growth thereafter and we want to extend our lead through -- with the best distribution partners well trained, the best third-party ecosystem, accessories on our website, easy-to-do training and then development that makes it even easier to program. The more we can get ahead, the more the numbers naturally, in the subsequent years, will certainly meet our midterm model.

好的，我先回答這題。其實會有一個區間，因為成長率非常高，有一種是更激進的拉升式成長率，另一種則是 50% 以上的成長率。因此我們可能處於的情境範圍很廣；我們會嘗試在早期先投入一些營業費用（OpEx），然後在可控之處盡量節制與調配。所以今年我們達到 19% 的營業利益率，而年底毛利率大約是 58%。坦白說，我們其實希望更快地增加人手，以便為下一波高速成長做好布局。因此如果最後是 19% 或 20% 的獲利率，我們會很高興。如果最後是 17% 或 18%，只要我們在策略上做對了事情，那也可能是一個很好的故事。所以我們並不是以非常嚴苛的角度去盯獲利。我們更關注的是成長，以及我們是否在持續拉開領先幅度；因為市場在未來很多年仍會維持高速成長，我們希望透過——訓練有素的最佳通路夥伴、最好的第三方生態系、我們網站上的配件、容易上手的訓練，以及讓程式設計更容易的開發——來擴大領先。我們越能提前布局，後續年度的數字自然就會符合我們的中期模型。

Okay. Understood. And then just a question. We had spoke maybe off of the third quarter results as well, and we've ticked up our SemiTest market size twice now in the past whatever 4, 5 months. But I'm curious, as we look into '18, given the puts and takes of Teradyne's share in memory versus SOC Test, would you expect to expand market share in '18? Your slide makes it clear that you're looking for similar share gains out to 2021. But I'm curious, how do you think the Teradyne share -- does it hold in '18 or does it expand in '18?

好的。了解。另外再問一個問題。我們可能也在第三季財報後聊過，而在過去大約 4、5 個月裡，我們已經兩次上調 SemiTest 的市場規模。但我想問的是，展望 2018 年，考量 Teradyne 在記憶體測試相對於 SOC 測試的市占消長，你們預期 2018 年會擴大市占嗎？你們的投影片清楚顯示你們希望到 2021 年都能有類似的市占提升。但我好奇的是，Teradyne 的市占——在 2018 年是維持，還是會在 2018 年擴大？

So I think we will be delighted if we held our plans or to gain a bit of share. If you look at the 2 segments, we're 50% of the overall market. But in SOC, we're more towards the mid-50s percent and in memory, closer to 30%. So to the extent the memory business hits the upside or exceeds the upside, we will participate in that. We might gain a little bit of share. But optically, when you roll the whole year together, it looks like the share could be flat. When that all gets said and done, even though we might pick up share in SOC. So it really depends on the math around, the size of the memory market where our share tends to be below the combined average.

所以我認為，如果我們能維持既定計畫或是小幅提升市占，我們就會很滿意。如果看這兩個區隔，我們在整體市場約占 50%。但在 SOC 方面，我們更接近 50% 中段；而在記憶體方面，則更接近 30%。因此若記憶體業務表現達到或超出上行預期，我們也會參與其中。我們可能會小幅增加一些市占。但從表面上看，當你把整年加總起來，市占看起來可能會持平。即便我們可能在 SOC 取得一些市占。所以這真的取決於記憶體市場規模的數學關係，因為我們在那個市場的市占往往低於合併後的平均值。

I see. Okay, okay. Very good. Can I just ask one last question? What share count are we looking at for the first quarter guide from an EPS perspective?

了解。好的，好的。非常好。我可以再問最後一個問題嗎？就 EPS 的角度來看，你們第一季指引所假設的股數是多少？

200 million.

2 億。

200 million shares.

2 億股。

Our next question is from Farhan Ahmad with Crédit Suisse.

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

My first question is just on the deceleration in growth that you're forecasting for March. Can you just talk about why are we seeing growth decelerating from something like 20% for last 3 quarters to like 4% in March quarter? Is there a risk that, that further decelerates as we go later in the year?

我的第一個問題是關於你們對 3 月季度所預測的成長減速。你能談談為什麼我們看到成長從過去 3 個季度大約 20% 降到 3 月季度大約 4% 嗎？是否存在風險，隨著今年後續季度推進，成長還會進一步減速？

Yes. I think that the growth in the quarter, there's a variety of factors. One thing we've talked about was Universal Robots being up less in Q1 over last year's Q1 due to the price increase we instituted a year ago that drove an extraordinary amount of buying into the Q1 '16 period. So UR will likely be up less than it's been growing at. If it's been moving at, say, last year was 70%, Q1 could be closer to 25% kind of up numbers. So that's one factor. And I think the other thing is with mobility having moved out of 4 weeks, what you see is that even last year or the year before, we began shipments in Q1 for the tooling for mobility. There was less of that in this Q1 because of that 4-week shift.

是的。我認為該季度的成長有多種因素。我們談過的一點是，由於我們在一年前實施了漲價，導致在 2016 年第一季期間出現異常大量的提前採購，因此 Universal Robots 在今年第一季相較去年第一季的增幅會較小。所以 UR 的成長幅度可能會低於過去的成長速度。如果去年是例如 70% 的成長，那第一季可能更接近 25% 左右的年增。這是一個因素。另外一點是，因為移動（mobility）業務往後延了 4 週，你會看到即使在去年或前年，我們在第一季就開始出貨移動業務的治具（tooling）。但由於這個 4 週的延後，今年第一季這部分就少了一些。

Got it. And then my second question is on SOC test market. You kind of talked about the impact of Memory Test becoming larger and that might weigh down on your overall share in the combined ATE market. I wanted to dive a little bit on the SOC test market. My understanding was that you don't play in the CPU, GPU and the -- in server markets, for example, where things are pretty strong this year. So is that going to be a headwind for your market share in SOC Test overall this year? Or do you think like you have some products in that area as well that will help you gain share?

了解。第二個問題是關於 SOC 測試市場。你剛才談到記憶體測試變得更大，可能會拉低你們在合併 ATE 市場中的整體市占。我想更深入問一下 SOC 測試市場。我的理解是，你們並未涉足例如伺服器市場中的 CPU、GPU 等領域，而今年那邊相當強勁。那這是否會成為你們今年在 SOC 測試整體市占的逆風？或者你們也有一些產品在那個領域，能幫助你們提升市占？

Yes, I think we have participation in segments of that, that will help us -- that market was relatively strong last year, but as I mentioned to an earlier question, the crypto GPU straightforward application subsegment is sub-$100 million. But when we roll GPUs together, then the whole thing gets a couple of hundred million. So outside of the strict GPU market, we do participate in some of these applications. I don't think it's of -- the market itself is of the size and our share position in that market will be below the 50% average. I don't think that's going to be a factor in moving our share up or down.

是的，我認為我們在其中某些區隔是有參與的，這會對我們有幫助——那個市場去年相對強勁，但如我在先前的問題中提到，加密貨幣 GPU 的直接應用子區隔規模低於 1 億美元。但如果把 GPU 整體合併來看，整體規模就會到數億美元。因此在嚴格定義的 GPU 市場之外，我們確實參與其中一些應用。我不認為——該市場本身的規模，以及我們在該市場的市占位置會低於 50% 的平均值。我不認為那會成為推動我們市占上升或下降的因素。

Our next question is from Atif Malik with Citi.

我們的下一個問題來自 Citi 的 Atif Malik。

Congratulations in meeting your long-term EPS target 3 years earlier, and hopefully, you can get to 2021 target earlier as well. Mark, I have a question on System Test business. Your sales and orders grew strongly in December quarter. Can you just talk about what are some of the new products driving the momentum here? And how big the opportunity is for these new products? And then I have a follow-up for Greg.

恭喜你們比原定時間提早 3 年達成長期 EPS 目標，也希望你們能更早達成 2021 年的目標。Mark，我有一個關於系統測試（System Test）業務的問題。你們在 12 月季度的銷售與訂單成長強勁。能否談談有哪些新產品正在推動這股動能？以及這些新產品的機會有多大？接著我還有一個問題要問 Greg。

Okay. Well, as I mentioned, as we went through last year, inside our System Test group, we had a Storage Test business that's been primarily focused on testing hard disk drives. That business has diminished over the years as the hard disk drive growth has slowed. And we repurposed that platform last year for more of a semiconductor testing application called system-level test. We recognized most of the revenue for that initial project with the initial customer in the fourth quarter. So the fourth quarter bump there that you saw was primarily getting through deliveries in acceptance of that first instantiation. And frankly, looking forward, we haven't put a lot of growth into that product in 2019. We're at the phase now where we can go beyond this initial customer and look for some other opportunities in the market. And that's what we'll be doing in the first half of this year. So we have sort of a steady business now with one account, and we'll be exploring whether we can expand that over the next 6 months or sometime by the summer, we should have a verdict on whether this can be a growth business or not.

好的。嗯，如我提到的，回顧去年，在我們的系統測試（System Test）團隊內，我們有一個儲存測試（Storage Test）業務，主要聚焦於硬碟機的測試。隨著硬碟機成長放緩，這項業務多年來已逐漸縮小。而我們在去年將該平台重新定位，用於一種稱為系統層級測試（system-level test）的半導體測試應用。我們在第四季就與首位客戶的初始專案認列了大部分營收。所以你看到第四季的那個跳升，主要是完成交付並通過該第一個版本的驗收。坦白說，展望未來，我們在2019年並沒有把很多成長預期放進這個產品。我們現在處於可以超越這個初始客戶、去尋找市場上其他機會的階段。這就是我們今年上半年要做的事。因此目前我們以單一客戶維持相對穩定的業務，我們將在接下來6個月、或大約到夏天前後，評估是否能擴大，並得出這是否能成為成長型業務的結論。

Great. And then, Greg, the high accessibility to offshore cash, you touched on the M&A strategy. Can you talk about software being an area of interest, but you're using third-party for infrared sensors. Is your strategy on UR fundamentally different from think robots or using sensor and AI? Can you just talk about or elaborate on your approach on UR?

很好。接著，Greg，關於海外現金的高度可動用性，你提到過併購（M&A）策略。你能談談軟體是否是你們感興趣的領域嗎？另外你們在紅外線感測器上使用第三方。你們在UR上的策略，是否在根本上不同於例如Think Robots那種做法，或是採用感測器與AI的路線？你能談談或更詳細說明你們在UR上的做法嗎？

I think Mark will pitch in on this one, too. Our approach has been to distinguish our cobot based upon ease-of-use. That is the very different approach we took to automation, so that a shop floor operator, and not an engineer, is able to train our cobot and repurpose it when demand changes in their factory or at a small manufacturer. And that's why somewhere about half of our customers are small and medium enterprises. So it's a different approach than what I believe others have originally taken. Now there may be others trying to do what we're doing, but it's not easy to do because you also have to build up a distribution and an integrated network that can be good selling 1 or 2 cobots at a time. And most companies we find like chasing the large -- the very large orders, which tend to be multi, multi, multiyear sales. So we've tended to have a different focus on a different go-to-market approach. So we're continuing to do things that make it easy to use the cobot. And there'll be new enabling technologies, I mentioned, vision modules coming down that'll make using vision more likely for bin-picking or advanced applications where vision can help you getting deeper into a tray or a bin. So I think there's a lot of innovation yet to come in areas around the cobot that the cobot can take advantage of.

我想Mark也會補充這題。我們的做法是以「易用性」來區隔我們的協作機器人（cobot）。這是我們在自動化上採取的非常不同的方法，讓產線操作員而不是工程師，能夠訓練我們的協作機器人，並在工廠需求改變時、或在小型製造商的場景中重新部署。也因此，我們大約有一半的客戶是中小企業。所以這與我認為其他人最初採取的方式不同。現在也許有其他人正嘗試做我們在做的事，但這並不容易，因為你還必須建立起能夠一次賣出1到2台協作機器人的通路與整合式網路。而我們發現多數公司喜歡追逐大型——非常大型的訂單，那通常是跨多年、而且是多次、多年期的銷售。因此我們一直以不同的重點、採取不同的市場進入（go-to-market）方式。所以我們會持續做一些事情，讓協作機器人更容易使用。而且會有新的賦能技術，我提過的視覺模組也會陸續推出，讓視覺更可能被用於料箱取料（bin-picking）或更進階的應用，例如視覺能幫助你更深入地在托盤或料箱中作業。所以我認為在協作機器人周邊、可供協作機器人受益的領域，仍有很多創新會到來。

Our next question is from the line of Edwin Mok with Needham.

我們的下一個問題來自Needham的Edwin Mok。

My first question is on UR margin. I think if I take your OpEx increase on face value, it's growing at a faster rate than the 50% plus top line growth. Does that mean that we might see some operating margin pressure this year on UR?

我的第一個問題是關於UR的利潤率。我想如果我按你們的營業費用（OpEx）增加幅度來看，它的成長速度快於營收50%以上的成長。這是否意味著今年UR的營業利潤率可能會面臨一些壓力？

UR and the gross margin line you're referring to?

你指的是UR以及你提到的毛利率那一行嗎？

No, on OpEx, you said that you will grow from $16 million exiting last year to $30 million exiting this year, right? So that's growing at a faster than 50% rate, right? Wouldn't that have some pressure on your operating margin this year?

不是，我是指營業費用（OpEx）。你說你們會從去年年底的1,600萬美元增加到今年年底的3,000萬美元，對嗎？所以那是以快於50%的速度在成長，對吧？那今年不就會對你們的營業利潤率造成一些壓力嗎？

It is possible that we may not end up at 19% or above where we ended up this year because, as I mentioned, we didn't bring on as many people as we wanted to. We actually weren't targeting 19%. We're targeting 15%. But there's a challenge of bringing out as many people as we wanted to, and that got somewhat delayed. So I don't consider it challenge. If you end up next year at 17% versus growing at 19%, to me it's not a challenge. It depends on what we look like. If we get to 17% as a number, and we're growing at a healthy rate, and we see the next year is another strong year because we've put in the investments necessary to continue this 50% plus healthy growth rate, then I think we'd all be very pleased. So we're much more focused on maintaining the high growth because we know the opportunities are out there. It's a matter of stimulating the awareness, lowering the transaction cost to put a cobot in by making it easier to use. So that's where our overwhelming focus is. We have really no worries about the operating profitability. Frankly, we're way ahead of where you might expect us to be at 19% given the growth prospects of this business.

確實有可能我們最後不會達到今年結束時的19%或更高，因為如我提到的，我們沒有如預期招募到那麼多人。其實我們並不是以19%為目標。我們的目標是15%。但在招募到我們想要的人數方面確實有挑戰，進度也有些延後。所以我不把它視為問題。如果明年最後是17%而不是19%，對我來說也不是問題。這取決於我們的狀況。如果我們做到17%，同時仍以健康的速度成長，而且我們看到隔年也會是強勁的一年，因為我們已投入必要的投資以延續這種50%以上的健康成長率，那我想大家都會非常滿意。因此我們更專注於維持高速成長，因為我們知道機會就在那裡。關鍵在於提升市場認知、並透過讓協作機器人更容易使用來降低導入的交易成本。所以這是我們壓倒性的重點。我們對營業獲利能力其實沒有太多擔憂。坦白說，以這個業務的成長前景來看，我們在19%的水準上其實遠遠超出你可能對我們的預期。

Great. That's helpful. And then I have a question on the 2021 model. If I did my math correctly, your other test part, your system plus Wireless Test, you're actually modeling to grow around at 4.5% CAGR from '17 to 2021. What's driving that? Is it market growth like 5G turning on? Or is it new products? And TAMs, specifically on the new -- I think on the last question regarding system-level test. My understanding that's more for testing Semi on the system application, right? And historically in Semi Test, especially in mobiles semi, pretty much each chip maker select ATE and cost stick with them and there's -- there's a lot of stickiness and very hard to gain share against your competitor because customers are qualified. Is that the same kind of dynamics going on, on system-level test?

很好。這很有幫助。接著我有一個關於2021年模型的問題。如果我算得沒錯，你們其他測試業務部分，也就是系統測試加上無線測試（Wireless Test），你們其實是在模型中假設從2017到2021年約4.5%的年複合成長率（CAGR）。這背後的驅動因素是什麼？是市場成長，例如5G開始啟動？還是新產品？以及TAM（可服務市場規模），特別是針對新的——我想是上一題提到的系統層級測試。我的理解是那更偏向在系統應用層面測試半導體，對嗎？而且歷史上在半導體測試，尤其是行動半導體領域，幾乎每家晶片廠會選定ATE（自動測試設備）供應商並長期沿用——黏著度很高，而且因為客戶已完成資格認證，要從競爭對手手上搶市占非常困難。在系統層級測試上，也存在同樣的動態嗎？

Okay. I'll take the first part of the question. The growth rate in the other test, you are correct, it's on 5G Wireless Test. That's the one element of those other businesses where we see credible, meaningful growth. The other businesses are more 2% or 3% in the GDP-type growth. 5G is 2020, 2021, thereabouts, and we believe will be well positioned for it. We have some integrated 5G product that is out with a chipset company or 2 now, so we're in a good position, albeit it's very early, and 5G would be new to us because we're in 4G, but we didn't have meaningful share because we got to that market late. But we don't plan on getting to 5G late. As you might recall, we're the leaders in connectivity but the cyber side has been more difficult for us to outbreak into.

好的。我先回答問題的第一部分。你說的其他測試業務的成長率，你的判斷沒錯，主要來自5G無線測試（5G Wireless Test）。在那些其他業務中，這是我們看到具可信度、且有意義成長的唯一要素。其他業務比較像是2%或3%這種接近GDP型的成長。5G大約在2020、2021年左右，我們相信我們會處於有利位置。我們目前已有一些整合式5G產品，正與一到兩家晶片組公司合作推出，因此我們的位置不錯，雖然還非常早期；而5G對我們而言會是新的，因為我們在4G時有參與，但由於進入市場較晚，並沒有取得有意義的市占。但我們不打算在5G上再晚到。如你可能記得，我們在連接性（connectivity）方面是領導者，但在資安（cyber）那一側，對我們而言要突破會更困難。

And your other question about is it sticky system-level test? I don't see it that way. What we're seeing is that there may be more applications that need system-level test that didn't have it before. So some of these more advanced semiconductor devices may need an additional level test to wean out the harder-to-find faults and there may not have been any system-level test in the past, so it's a green field. But the challenge for us is, is it a good fit for us? Meaning, can we leverage our existing platform? If we can't, then it's a whole new design, and it probably isn't worth it to us. So that's what Mark was referring to. What we're going to look to see if there's other opportunities, but they have to fit with our platform.

至於你另一個問題：這是否會成為黏著性的系統層級測試？我不這麼看。我們看到的情況是，可能有更多應用需要系統層級測試，而過去並不需要。因此，其中一些更先進的半導體裝置可能需要額外一層測試，以篩除較難發現的缺陷；而且過去可能根本沒有做任何系統層級測試，所以這是一片綠地。但對我們的挑戰是：這是否適合我們？也就是說，我們能否運用既有的平台？如果不能，那就得做全新的設計，對我們來說很可能不值得。所以這就是 Mark 所指的。我們會去看看是否還有其他機會，但它們必須能與我們的平台契合。

Our final question is from the line of David Duley with Steelhead.

我們最後一個問題來自 Steelhead 的 David Duley。

I was wondering on the robot side of things, initially, you talked about being able to take that into some of your larger electronics customers. And I think you've been highlighting on conference calls of the average sale still 2 or 3 units. Could you talk about what the average sale is currently per customer on the robots? And if you had success moving into larger electronic customers?

我想請教在機器人這一塊，一開始你提到能把它導入你們一些較大型的電子客戶。而我想你們在電話會議上一直強調，平均每筆銷售仍是 2 或 3 台。你能談談目前每位客戶在機器人方面的平均購買量是多少嗎？以及你們是否成功打入較大型的電子客戶？

We have a small number of customers that we call on from other divisions, LitePoint and our Production Board Test group. One is an automotive Tier 1 supplier we're in and another one is an Asian production -- PCB board supplier and they do assembly as well. So there's 2 that are over 100 cobots. There tends to be coordination that we're able to help the Universal Robots distribution team get to the right person, so -- but there hasn't been a list of 15 accounts that I could point to you and say here's the leverage. What we've given you in Universal Robot significant leverage, frankly, is cost down on the material pipeline. We've gotten them several gross margin points. We're able to help them hire people much faster around the world, open up new offices. So there are host of things that we're able to help them move faster, we helped them with engineering quality. We bring some people over there to learn best practices and pick and choose what fits their culture. So we're helping them in a number of areas. On the customer-facing, there has been some help, but there's not a list of 10 or 15 accounts that I have.

我們有少數客戶是透過其他事業部去拜訪的，包括 LitePoint 以及我們的生產板級測試（Production Board Test）團隊。其中一家是我們已切入的汽車一級供應商（Tier 1），另一家是亞洲的生產—PCB 板供應商，他們也做組裝。所以有 2 家客戶的協作型機器人（cobot）數量超過 100 台。通常我們能協助 Universal Robots 的通路團隊找到對的人來對接；不過，並沒有一份 15 個帳戶的清單，我可以指給你看並說這就是槓桿所在。坦白說，我們給 Universal Robots 最大的槓桿是材料供應鏈的成本下降。我們幫他們提升了好幾個毛利率百分點。我們也能協助他們在全球更快招募人才、開設新辦公室。因此我們能在很多事情上幫他們加速，我們也協助他們提升工程品質。我們派一些人過去學習最佳實務，並挑選適合其文化的做法。所以我們在多個面向提供協助。在面向客戶這一端確實也有一些幫助，但我手上沒有一份 10 或 15 個帳戶的清單。

Okay. And one final thing for me is on the high-performance computing segment. Is there any sort of crossover point in complexity or speed where you might be able to insert yourself in a larger way in the GPU market?

好的。我最後還有一點想問關於高效能運算（HPC）部門。在複雜度或速度上，是否存在某個交叉點，讓你們有機會在 GPU 市場以更大的方式切入？

Yes, I think what's happening in the GPU space or the array processing space is, right now, a lot of diversification. There are a lot of companies that do not traditionally make silicon, developing custom silicon for their applications, whether these are automotive companies or consumer goods companies, web infrastructure companies. So I think, like we're seeing with memory, a diversification of task-specific, let's say, GPUs or array processors, that's what's going on right now. So when we get into next year, I think, you'll see this array of suppliers doing custom ASCs for their own end markets. And that's, frankly, where we see the ability to participate and where we're focused.

是的，我認為目前在 GPU 領域或陣列處理（array processing）領域正在發生的是：現在有很多元化。有許多公司過去並不傳統上製造矽晶片，但正為其應用開發客製化矽晶片，無論是汽車公司、消費品公司，或是網路基礎設施公司。所以我認為，就像我們在記憶體看到的一樣，任務特定（task-specific）的 GPU 或陣列處理器正在多元化，這就是目前正在發生的事。因此到了明年，我想你會看到一系列供應商為各自的終端市場開發客製化的 ASC。而坦白說，這正是我們看到能夠參與的地方，也是我們聚焦的方向。

Okay, folks, thanks so much for joining us. Sorry to be going over just a minute or 2. Look forward to talking to you in the days and weeks ahead. Bye-bye.

各位，非常感謝大家加入我們。抱歉超時了 1 到 2 分鐘。期待在接下來的幾天與幾週內再與各位交流。再見。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's teleconference. You may now disconnect.

各位女士先生，今天的電話會議到此結束。您現在可以掛線。