泰瑞達 (TER) 2018 Q1 法說會逐字稿

Good morning. My name is Vitannia, and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradyne Q1 2018 Earnings Conference Call. (Operator Instructions)

早安。我叫 Vitannia，今天將擔任本次會議的電話會議接線員。此刻，我想歡迎各位參加 Teradyne 2018 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to your host, Mr. Andrew Blanchard. Sir, please go ahead.

現在我想把電話交給本次會議主持人 Andrew Blanchard 先生。先生，請開始。

Thank you, Vitannia. Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results and the details of our acquisition of MiR, the leader in autonomous mobile industrial robots. I'm joined by our CEO, Mark Jagiela; and our Chief Financial Officer, Greg Beecher.

謝謝你，Vitannia。各位早安，歡迎參加我們對 Teradyne 最新財務結果的討論，以及我們收購 MiR（自主移動式工業機器人領導者）的相關細節。我與我們的執行長 Mark Jagiela，以及財務長 Greg Beecher 一同出席。

The press release containing our first quarter results was issued last evening, and the issue -- the release describing the purchase of MiR was issued earlier this morning. We're providing slides on the Investor Page of the website that may be helpful to you following the discussion. A replay of this call will be available via the same page after the call ends.

包含我們第一季業績的新聞稿已於昨晚發布，而描述收購 MiR 的新聞稿則於今天稍早發布。我們在網站的投資人頁面提供投影片，可能有助於各位在討論過程中參考。本次電話會議結束後，同一頁面也將提供重播。

The matter that we discuss today will include forward-looking statements that involve 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. 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.

我們今天討論的事項將包含前瞻性陳述，其中涉及風險因素，可能導致 Teradyne 的結果與管理層目前的預期有重大差異。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。此外，這些前瞻性陳述係以今日為準，我們不承擔因本次電話會議後發生之發展而更新之義務。

During today's call, we'll make reference to non-GAAP financial measures. We have posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measure, [where] available on the Investor Page of our website.

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頁面張貼關於這些非 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（如可取得）。

Also, between now and our next earnings call, Teradyne will be participating in Investor Conferences hosted by Callan, Bernstein, BofA, Baird, Stifel and Crédit Suisse. We'll also be meeting with investors in Munich at the automatica trade show in June and at SEMICON West in early July.

另外，在下一次財報電話會議之前，Teradyne 將參加由 Callan、Bernstein、BofA、Baird、Stifel 及瑞士信貸（Crédit Suisse）主辦的投資人會議。我們也將於 6 月在慕尼黑的 automatica 展會，以及 7 月初在 SEMICON West 與投資人會面。

Now let's get on with the rest of the agenda. First, Mark will comment on our recent results, market conditions and the acquisition of MiR. Greg will then offer more details on our quarterly financial results and the acquisition, followed by our guidance of the second quarter. We'll then answer your questions, and this call is scheduled for 1 hour. Mark?

現在讓我們繼續議程。首先，Mark 將就我們近期業績、市場狀況以及收購 MiR 發表評論。接著 Greg 將提供本季財務結果與收購案的更多細節，並給出第二季展望。之後我們將回答各位問題，本次電話會議預計 1 小時。Mark？

Good morning, and thanks for joining us a bit earlier than usual this morning. In my remarks, I'll cover 3 main topics: our Q1 results, our latest view of this year's Semi Test market and our Industrial Automation investments, including the purchase of MiR, which was announced in our press release earlier this morning.

早安，感謝各位今天比平常稍早加入。在我的發言中，我將涵蓋 3 個主要主題：我們第一季業績、我們對今年半導體測試（Semi Test）市場的最新看法，以及我們在工業自動化方面的投資，包括今天稍早新聞稿中宣布的 MiR 收購案。

Our first quarter financial results were at the high end of our guidance as conditions in most end markets, other than mobility, remained quite strong. In Semi Test, our Memory Test shipments reached a level of $73 million, a new record.

由於除行動裝置以外的大多數終端市場狀況仍相當強勁，我們第一季財務結果落在指引區間的高端。在半導體測試方面，我們的記憶體測試出貨達到 7,300 萬美元，創下新紀錄。

Flash demand continued to grow, driven by the increasing adoption and increasing densities of high-performance NAND devices for mobile and data storage applications.

快閃記憶體需求持續成長，主要受高效能 NAND 裝置在行動與資料儲存應用中採用率提升及密度提高所帶動。

We also saw record shipments into the DRAM wafer segment. In analog test, our Eagle product line shipment soared in the quarter on demand from industrial and automotive end markets. The one soft spot in Semi Test, and it was especially soft, was mobility test, where the expected demand did not materialize, and the full year outlook declined. More on that in a few moments.

我們也在 DRAM 晶圓領域看到創紀錄的出貨。在類比測試方面，受工業與車用終端市場需求帶動，我們的 Eagle 產品線本季出貨大幅攀升。半導體測試中唯一的疲弱點——而且特別疲弱——是行動裝置測試，預期需求未能實現，全年展望也下修。稍後我會再多談一些。

Universal Robots' growth in the quarter was on target, with sales up 34% from last year's atypically high first quarter. UR remains on track to increase sales at 50% or more for the full year.

Universal Robots 本季成長符合目標，銷售額較去年（第一季異常強勁）成長 34%。UR 仍按計畫在全年實現 50% 或以上的銷售成長。

Sales growth at UR comes from both increasing our penetration of existing markets and establishing beachheads in new markets. For example, in automotive assembly, which we've served for many years, a new application uses UR cobot to vacuum the inside of cars on the production line before their interiors are installed.

UR 的銷售成長來自兩方面：提高我們在既有市場的滲透率，以及在新市場建立灘頭堡。以我們服務多年的汽車組裝為例，一項新應用使用 UR 協作機器人在內裝安裝前，於產線上以真空方式清潔車內。

A new example is in the entirely new market of banking. UR cobots are now operating banknote sorting and counting machines, eliminating adult task for human operators while improving accuracy and security.

另一個新例子是在全新的銀行業市場。UR 協作機器人目前正操作鈔票分揀與點鈔機，消除人員操作的繁瑣工作，同時提升準確性與安全性。

In line with our strategy to reinforce our competitive [moats] and be the industry standard for collaborative robots, we continued to build out UR's global infrastructure in the quarter. We opened a new repair center in Shanghai and our third China sales office in Beijing. We opened our fifth office in the U.S. and Boston and added new offices in Italy and Turkey. We've also expanded our online training facility, UR Academy, to include Korean and Japanese language offerings, so we are now offering efficient online UR training courses in 7 languages.

依循我們強化競爭護城河並成為協作機器人產業標準的策略，我們本季持續擴建 UR 的全球基礎設施。我們在上海開設新的維修中心，並在北京設立第三個中國銷售辦公室。我們在美國波士頓開設第五個辦公室，並在義大利與土耳其新增辦公室。我們也擴充線上訓練平台 UR Academy，新增韓文與日文課程，因此目前已提供 7 種語言的高效率 UR 線上訓練課程。

Turning to the full year outlook in Semi Test. The biggest component of that market is mobility test. In that segment, with the data we have today, we now expect substantially lower demand for new test capacity this year than we anticipated in our January call. This leads us to lower our 2018 estimate for the SOC market to the $2.2 billion to $2.4 billion range at the midpoint, down at $300 million from the midpoint of our January outlook.

接著談半導體測試市場的全年展望。該市場中最大的組成部分是行動裝置測試。在該領域，依據我們目前掌握的資料，我們現在預期今年新增測試產能的需求將顯著低於我們在 1 月電話會議中的預期。因此，我們將 2018 年 SOC 市場的估計下調至 22 億至 24 億美元區間（以中點計），較 1 月展望中點下調 3 億美元。

Due to our high share in this segment, much of this reduction in the market will hit Teradyne this year. I should point out that this is not a result of any loss of business to competitors, and we do not believe it's a long-term, broad-based change in the mobility market. Rather, it is an isolated reset of specific 2018 customer plans.

由於我們在此細分市場的市占率很高，市場下修的很大一部分將在今年反映到 Teradyne 的業績上。我必須指出，這並非因為我們將業務流失給競爭對手，我們也不認為這是行動市場長期、廣泛性的變化。相反地，這是特定客戶 2018 年計畫的一次性調整。

Our Q2 guidance reflects this revised outlook, and we now expect first half sales to be about even with second half sales.

我們第二季指引已反映此一修正後的展望，我們目前預期上半年銷售額將與下半年大致持平。

Year-to-year volatility in the Semi Test market is nothing new, and we expect this to continue, both up and down, in the coming years. In fact, 2 sequential up years in 2016 and '17 is more the exception than the rule this decade. Because these market terms are hard to predict, we've tuned our business model to deliver strong results independent of these annual swings. And as Greg will describe, our 2021 earnings model remains intact and anticipates this kind of yearly volatility.

半導體測試市場的年度波動並不新鮮，我們預期未來幾年仍將持續上下波動。事實上，2016 與 2017 連續兩年成長，在本十年反而是例外而非常態。由於這些市場變動難以預測，我們已調整商業模式，使其能在不受年度波動影響的情況下仍交出強勁成果。正如 Greg 將說明，我們的 2021 年獲利模型仍維持不變，並已預期到這類年度波動。

Despite this year's mobility slowdown, the long-term Semiconductor Test story remains bright. The underlying complexity growth in mobility remains, especially with the emerging 5G technologies. In addition, continued bit and performance growth in memories is a positive trend. And the development of ADAS and [IVI] systems in automotive will be additional drivers of test complexity and capacity.

儘管今年行動裝置放緩，半導體測試的長期故事仍然光明。行動裝置的底層複雜度成長仍在，尤其是隨著 5G 技術興起。此外，記憶體位元數與效能的持續提升也是正向趨勢。而車用 ADAS 與 [IVI] 系統的發展，將成為測試複雜度與產能需求的額外驅動因素。

As an example, the Memory Test market is in a particularly strong investment phase. This year's market outlook seems to be strengthening further, with the market size now estimated to be in the $800 million to $900 million range, up $100 million at the midpoint from our January estimate.

例如，記憶體測試市場正處於特別強勁的投資階段。今年的市場展望似乎進一步轉強，目前市場規模估計為 8 億至 9 億美元區間（以中點計），較我們 1 月的估計中點上調 1 億美元。

Our entry into the wafer test portion of the market is on track, and we expect wafer test to make up over 30% of our Memory Test shipments in 2018.

我們切入晶圓測試市場的進展符合計畫，我們預期 2018 年晶圓測試將占我們記憶體測試出貨的 30% 以上。

Additionally, the increase in complex, real-time processing of a myriad of sensor data in autonomous vehicles also drives complexity in test growth. A multitude of specialized processors fits between raw sensor data and the decision-making engine of modern autos. This growing proliferation also bodes well for Test.

此外，自動駕駛車輛對大量感測器資料進行複雜、即時處理的增加，也推動測試複雜度成長。從原始感測器資料到現代汽車的決策引擎之間，存在多種專用處理器。這種日益擴散的趨勢同樣有利於測試業務。

Shifting to this morning's announcement of our purchase of MiR, I'll outline the strategic rationale behind this investment and describe the fit with Teradyne, Greg will then take you through the financial details.

接著談今天早上宣布的 MiR 收購案，我將概述這項投資背後的策略理由，並說明其與 Teradyne 的契合之處；接下來 Greg 將帶各位了解財務細節。

MiR's collaborative autonomous mobile robots are used in industrial settings to move material between workstations or to and from storage locations. For comparison, traditional automated guided vehicles, about a $1 billion market today, require special fixed infrastructure such as embedded floor guides, tracks or other permanent references to navigate, thereby confining themselves to fixed navigation patterns.

MiR 的協作型自主移動機器人用於工業環境，在工作站之間或往返於儲存位置搬運物料。作為對照，傳統的自動導引車（AGV）——目前約 10 億美元的市場——需要嵌入式地面導引、軌道或其他永久性參考等特殊固定基礎設施來導航，因此其導航路徑受限於固定模式。

By contrast, MiR's AMRs require no fixed infrastructure to navigate, are safe, flexible and are easy to dispatch and train. Using a suite of intelligent sensor technologies, including LIDAR, it can automatically map the environment and autonomously navigate while dynamically and safely avoiding obstacles. This enables customers to incrementally automate and has great flexibility by easily adapting to changing workflows and changing factory layouts with no infrastructure change.

相較之下，MiR 的 AMR 不需要固定基礎設施即可導航，安全、彈性高，且易於派工與訓練。透過一套智慧感測技術（包括 LIDAR），它能自動繪製環境地圖並自主導航，同時動態且安全地避開障礙物。這使客戶能逐步導入自動化，並可在無需變更基礎設施的情況下，輕鬆因應工作流程與工廠配置的變動，具備高度彈性。

MiR's story has many similarities to the UR cobot story, and having MIR as part of Teradyne gives us 3 clear benefits: first, this is a rapidly growing emerging market where we expect high growth for the foreseeable future; second, MiR is a market leader in this space; and third, there are clear opportunities to leverage the success of Universal Robots to MiR's business.

MiR 的故事與 UR 協作機器人（cobot）的故事有許多相似之處，而將 MiR 納入 Teradyne 旗下，為我們帶來 3 項明確的效益：第一，這是一個快速成長的新興市場，我們預期在可預見的未來將維持高成長；第二，MiR 是此領域的市場領導者；第三，我們有明確的機會將 Universal Robots 的成功延伸並運用到 MiR 的業務上。

Let me provide more detail on each of these points. Regarding the market, collaborative AMRs are part of the rapidly growing $5 billion mobile robot market. While market data is imprecise, we estimate that the emerging industrial AMR segment that MiR serves to be under $50 million in 2017 but growing at a rate of 50% to 100% for the foreseeable future. Second, MiR is the leader in industrial collaborative robots. Last year's sales of $12 million were about triple the prior year, and we expect 2018 sales to more than double again. That growth is driven by the unique capabilities of MiR's products.

我再就上述各點提供更多細節。就市場而言，協作式 AMR 是快速成長的 50 億美元移動機器人市場的一部分。雖然市場數據並不精確，我們估計 MiR 所服務的新興工業 AMR 細分市場在 2017 年仍低於 5,000 萬美元，但在可預見的未來將以 50% 至 100% 的速度成長。第二，MiR 是工業協作機器人領域的領導者。去年的銷售額為 1,200 萬美元，約為前一年的三倍，而我們預期 2018 年銷售額將再次超過倍增。這樣的成長來自 MiR 產品的獨特能力。

In addition to their autonomous nature, MiR's robots are easily trained and dispatched using just a tablet or mobile phone. After mapping their own environment, after just a few finger motions to identify the start and stop locations on your factory floor, you're ready to go. And as your MiR fleet grows, our fleet management software integrates the operation of your factory's robots, making overall control easy.

除了具備自主性之外，MiR 的機器人也能僅透過平板或手機就輕鬆完成訓練與派遣。在自行完成環境建圖後，只需用手指做幾個動作，在工廠地面上標示起點與終點位置，就能開始運作。而當您的 MiR 機器人車隊規模擴大時，我們的車隊管理軟體可整合工廠機器人的運作，讓整體控制變得容易。

Finally, Teradyne can leverage both our expertise with Universal Robots and our global capabilities to drive growth at MiR. The rapid expansion of an increasingly shared global distribution channel, improved supply chain management, and continued innovation through increased R&D investments enable rapid growth and market leadership. With ASPs similar to UR, the fast customer ROI value proposition is the same. And with similar gross margins, MiR is a nice fit into our Teradyne operating models.

最後，Teradyne 可同時運用我們在 Universal Robots 的專業能力與全球化資源，推動 MiR 的成長。日益共享的全球通路快速擴張、供應鏈管理改善，以及透過增加研發投資而持續創新，將促成快速成長與市場領導地位。由於 ASP 與 UR 類似，客戶快速 ROI 的價值主張也相同；且毛利率相近，MiR 也很適合納入我們 Teradyne 的營運模式。

The addition of MiR to our earlier acquisition of Universal Robots continues our investment in next-generation intelligent automation capabilities, which are reshaping the nature of industry activity worldwide. We are investing in these software-rich, technology-driven building blocks of the future because we believe we're very early in the transition from centralized, complex and costly automation, usable by only a small percentage of global manufacturers to [world of] distributed, easy-to-implement, low-cost automation that's available to nearly all industrial companies regardless of their size or automation proficiency.

將 MiR 納入我們先前對 Universal Robots 的收購，延續了我們對下一代智慧自動化能力的投資；這些能力正在重塑全球產業活動的樣貌。我們投資於這些軟體含量高、技術驅動的未來基石，因為我們相信：從僅少數全球製造商可使用的集中式、複雜且昂貴的自動化，轉向到可分散部署、易於導入、低成本，且幾乎所有工業公司不論規模或自動化熟練度都能使用的自動化之轉型，我們仍處於非常早期的階段。

In addition to UR and MiR, our portfolio also includes Energid, an advanced motion control software company that we acquired in February. Energid's technology enables and simplifies the programming of complex, robotic motions used in a wide variety of end markets, ranging from heavy industry to healthcare, utilizing both traditional robots and, increasingly, collaborative robots. This technology extends beyond controlling individual robot motions to orchestrating groups of robots to perform coordinated tasks. We welcome MiR and Energid, their employees and their customers to the Teradyne family.

除了 UR 與 MiR 之外，我們的產品組合也包含 Energid——一家先進運動控制軟體公司，我們於 2 月完成收購。Energid 的技術可支援並簡化複雜機器人動作的程式設計，應用於多元終端市場，從重工業到醫療保健皆涵蓋，並同時使用傳統機器人以及日益增加的協作機器人。此技術不僅能控制單一機器人的動作，還能進一步編排多台機器人群組以執行協同任務。我們歡迎 MiR 與 Energid，以及他們的員工與客戶加入 Teradyne 大家庭。

Let me now turn it over to Greg.

接下來我把時間交給 Greg。

Thanks, Mark, and good morning, everyone. I'll provide some brief comments on 2018, cover the financial aspects of our recent Industrial Automation M&A moves, and then cover the first quarter results and second quarter outlook.

謝謝你，Mark，各位早安。我將就 2018 年做一些簡短評論，說明我們近期工業自動化併購（M&A）動作的財務面向，接著回顧第一季結果與第二季展望。

As you can see, 2018 has opened with first quarter sales of $487 million and non-GAAP EPS of $0.45, followed with softer second quarter guidance than expected. I'd like to first flesh out the short-term picture of both, in terms of our updated 2018 SOC test market estimate and the Universal Robot's first quarter sales comparisons.

如各位所見，2018 年開局第一季銷售額為 4.87 億美元，非 GAAP EPS 為 0.45 美元；隨後給出的第二季指引較預期疲弱。我想先更具體地說明這兩項短期狀況：包括我們更新後的 2018 年 SOC 測試市場估計，以及 Universal Robots 第一季銷售額的比較基期。

Starting off with Semi Test. As Mark noted, we now estimate the 2018 SOC Test market to run between $2.2 billion and $2.4 billion, down about 12% at the midpoint from our prior estimate. What appeared early this year to be a delay in mobility demand may now shape up as more of an off year, with recent reports of lower complexity growth for a significant portion of the smartphone market and a near-term focus on lower cost. This pause in complexity growth is reminiscent of the tick-tock pattern we had a few years back where every other year, the degree of performance jumps as measured by transistor count growth oscillated quite significantly, which in turn moved our Semi Test sales up or down about $200 million a year. While we can't be certain, we may be witnessing this prior pattern reemerge at least in the short term.

先從半導體測試（Semi Test）談起。如 Mark 所提，我們目前估計 2018 年 SOC 測試市場規模介於 22 億至 24 億美元之間，以中位數計較先前估計下修約 12%。今年初看似是行動需求的延後，如今可能更像是一個相對淡年的情況；近期報告指出，智慧型手機市場相當大的一部分在複雜度成長上較低，且短期更聚焦於降低成本。這種複雜度成長的暫停，讓人想起幾年前的 tick-tock 模式：每隔一年，以電晶體數量成長衡量的效能躍升幅度會出現相當明顯的擺動，進而使我們的半導體測試銷售額每年上下波動約 2 億美元。雖然我們無法確定，但至少在短期內，我們可能正在看到這種過去模式再度出現。

I should also add that last year, our initial SOC Test market size range was $2.2 billion to $2.5 billion, and the market ended the year at $2.7 billion. As we have previously noted in our quarterly calls, tooling cycles will continue to experience quarterly and annual volatility. While these annual ebbs and flows of market size will continue, they don't have any strategic implications for us as we've long ago sized and modeled our operations for this volatility.

我也要補充，去年我們對 SOC 測試市場規模的初始區間為 22 億至 25 億美元，而市場最終以 27 億美元結束年度。正如我們先前在季度電話會議中所提，設備/工裝（tooling）週期將持續呈現季度與年度的波動。雖然市場規模每年的起伏仍會持續，但對我們並無任何策略意涵，因為我們早已依據這種波動來調整規模並建立營運模型。

Since the start of this decade, we've had 3 years where the SOC Test market was just above $2.6 billion, 3 years when it was below $2.4 billion, with a [trough] of $1.9 billion. Despite these swings, our non-GAAP operating profit rate at the total company level has averaged 22% on an annual basis over this 8-year period. The point being is that we're finely tuned for these SOC Test market swings.

自本十年初以來，SOC 測試市場有 3 年略高於 26 億美元，也有 3 年低於 24 億美元，且曾出現 19 億美元的[谷底]。儘管有這些波動，在這 8 年期間，我們以全公司層級計算的非 GAAP 營業利益率，年度平均仍達 22%。重點是：我們已針對 SOC 測試市場的波動做了非常到位的調校。

Moving now to Universal Robots. Recall that we announced that price increase in the first quarter a year ago to take effect in the second quarter. This caused first quarter sales to spike up 117% over the year-ago first quarter period. We are on the other side now where the comparison works against us as the 2018 first quarter sales are up 34% from a year ago. Correspondingly, we expect our second quarter sales growth to be much stronger than the second quarter of a year ago and to remain on the 50% or greater annual growth trajectory this year after growing sequentially 58%, 62% and 72% over the last 3 years.

接著談 Universal Robots。請回想，我們在去年第一季宣布調漲價格，並於第二季生效。這使得第一季銷售額相較前年同期暴增 117%。如今比較基期已反轉，對我們不利，因此 2018 年第一季銷售額僅較去年同期成長 34%。相對地，我們預期第二季的銷售成長將明顯強於去年第二季，且在今年仍可維持 50% 或更高的年度成長軌跡；過去 3 年我們的逐季成長分別為 58%、62% 與 72%。

Now that I've addressed the 2 short-term concerns, [I'll round out] the 2018 picture and our key annual goals. Overall, in 2018, we expect to continue to take the strategic actions necessary to make solid progress against our midterm $3.50 to $4 non-GAAP EPS plan. The single largest contributor from the $2.34 achieved in 2017 is Universal Robot's sales growth of 45% to 50% a year over the next 4 years.

既然我已回應這兩項短期疑慮，[接下來我將補齊] 2018 年的整體圖像與我們的年度關鍵目標。整體而言，2018 年我們預期將持續採取必要的策略行動，以穩健推進我們中期非 GAAP EPS 3.50 至 4.00 美元的計畫。相較於 2017 年達成的 2.34 美元，最大的單一貢獻來源是 Universal Robots 在未來 4 年每年 45% 至 50% 的銷售成長。

This year, Universal Robots is ramping up their investments in distribution and development from about $16 million a quarter at the end of 2017 to about $30 million a quarter by the end of 2018.

今年，Universal Robots 正在加速其在通路與開發方面的投資，從 2017 年底每季約 1,600 萬美元，提高到 2018 年底每季約 3,000 萬美元。

On a distribution front, we'll start to call on some large accounts and OEMs directly this year with very tight coordination with our channel partners. We're also upping our lead generation programs with digital and print media to get the word out as there are still many manufacturer managers who aren't aware of what is possible today with UR cobots.

在通路方面，今年我們將在與通路夥伴非常緊密協調下，開始直接拜訪部分大型客戶與 OEM。我們也將加大數位與平面媒體的潛在客戶開發（lead generation）計畫，以擴大宣傳，因為仍有許多製造業管理者尚未了解 UR 協作機器人如今能做到什麼。

On the product development front, even though we have a market lead in ease-of-use and flexibility, we're making our cobots even easier to train as lower setup costs will open up more customer applications and widen the competitive mode.

在產品開發方面，即使我們在易用性與彈性上已具市場領先地位，我們仍要讓協作機器人更容易訓練，因為更低的導入/設定成本將開啟更多客戶應用，並擴大競爭護城河。

On this same theme, we recently acquired Energid, the leader in motion control and path planning. In addition to their ongoing business, Energid's advanced software algorithms will also open up more advanced user applications for our cobots.

延續同一主題，我們近期收購了 Energid——運動控制與路徑規劃的領導者。除了其既有業務外，Energid 的先進軟體演算法也將為我們的協作機器人開啟更多進階使用者應用。

Lastly, we're strategically running at our UR+ ecosystem offerings by targeting the key regional developers where we don't have certified accessories for some of the mainstream tasks. So there are many actions underway to expand our lead in automating repetitive and tedious tasks that are unattractive for humans.

最後，我們正以策略方式推進 UR+ 生態系的產品供給，鎖定一些關鍵區域的開發者；在某些主流任務上，我們仍缺乏已認證的配件。因此，我們正同步推動多項行動，以擴大我們在自動化重複且繁瑣、對人類不具吸引力之工作的領先優勢。

The second major EPS growth component is Semi Test, where it's more about continued strong profit drop-through on further share gains and the continuation of low secular trend line growth. These plans follow our proven playbook, careful targeting where we can differentiate so that we preserve our healthy gross margins and also recognizing that switch-over costs are high, so rarely does price by itself [move share].

第二個主要的 EPS 成長構成來自半導體測試（Semi Test）。在這裡，重點更在於：在進一步提升市占的同時，持續展現強勁的獲利落地（profit drop-through），以及延續低度的長期趨勢線成長。這些計畫遵循我們已驗證的作戰手冊：謹慎鎖定我們能差異化的領域，以維持健康的毛利率，同時也認知到轉換成本很高，因此僅靠價格很少能[帶動市占]。

I'll call out one key area for growth, which is Memory Test. To date, our share is principally concentrated in Flash final test, with a shift to high-speed interfaces, plays to our Magnum's architectural strengths.

我將點出一個關鍵的成長領域，也就是記憶體測試（Memory Test）。截至目前，我們的市占主要集中在快閃記憶體（Flash）的最終測試；隨著市場轉向高速介面，這正好發揮我們 Magnum 架構上的優勢。

This year, we're on track for another new sales record. We expect to significantly exceed our prior 2017 record of $187 million, given the strong demand in final test and with our entry into wafer level test. We're on track to have 6 consecutive years of sales growth and Memory Test, gaining about 12 points of market share since 2012.

今年，我們有望再創銷售新紀錄。鑑於最終測試需求強勁，且我們已切入晶圓級測試（wafer level test），我們預期將大幅超越先前 2017 年 1.87 億美元的紀錄。我們可望連續 6 年實現銷售成長；在記憶體測試（Memory Test）方面，自 2012 年以來市占約提升 12 個百分點。

Now moving on to the system test businesses. Defense and Aerospace, Production Board Test, and Storage Test are all expected to operate at model profitability for the year.

接著談系統測試（system test）業務。國防與航太（Defense and Aerospace）、生產板測試（Production Board Test）以及儲存測試（Storage Test）預期今年都將以模型獲利水準運作。

Shifting quickly to Wireless Test. The 2018 goal is to operate in the black while securely positioning ourselves for the next WiFi buying wave and the larger 5G waves further out in time. In WiFi, we're maintaining our market lead. And on the 5G cellular front, we're making good progress with leading chipset players so that when the production buying occurs, we'll squarely be in the mix.

快速轉到無線測試（Wireless Test）。2018 年的目標是在確保為下一波 WiFi 採購潮以及更長期、更大規模的 5G 浪潮做好布局的同時，讓業務轉為獲利（operate in the black）。在 WiFi 方面，我們維持市場領先地位。而在 5G 行動通訊方面，我們與領先的晶片組業者合作進展良好，讓我們在量產採購發生時，能夠確實成為主要競爭者之一。

Our 2018 goals also include a balanced capital allocation strategy of healthy capital returns through buybacks and dividends and highly selective M&A.

我們 2018 年的目標也包括一項均衡的資本配置策略：透過庫藏股回購與股利提供健康的資本回饋，並進行高度審慎的併購（M&A）。

Starting with the strategic highlights. We acquired MiR this morning, the global leader in industrial mobile autonomous robots. I'll highlight the key financial aspects in dollars using the current exchange rates.

先從策略重點開始。我們今天早上完成收購 MiR——全球工業用移動式自主機器人（industrial mobile autonomous robots）的領導者。我將以目前匯率，使用美元說明關鍵財務面向。

The purchase price is approximately $148 million, net of cash required plus an earnout of up to $124 million if certain performance targets are achieved. MiR is on track to achieve 2018 revenue of about $30 million on a stand-alone basis, up from about $12 million in 2017. In the first quarter of this year, before joining Teradyne, they had sales of $5 million.

收購價格約為 1.48 億美元（扣除所需現金淨額），另有最高可達 1.24 億美元的或有對價（earnout），若達成特定績效目標即可支付。MiR 以獨立公司口徑計算，2018 年營收可望約 3,000 萬美元，高於 2017 年約 1,200 萬美元。今年第一季，在加入 Teradyne 之前，其銷售額為 500 萬美元。

MiR's regional sales distribution for the first quarter, which is not included with our results, was 45% Europe, 24% North America, 30% Asia, and 1% rest of world. They are profitable and are expected to be immediately accretive to our non-GAAP EPS. Their gross margins are similar to Teradyne's margins. They will run as a separate business unit, led by its very strong management team. The $124 million earnout includes 3 cumulative revenue targets with profitability floors. We provide a schedule of these earnouts, and you can see that the growth rates to earn the first dollar of the earnouts are well in excess of 50%.

MiR 第一季的區域銷售分布（未納入我們的業績）為：歐洲 45%、北美 24%、亞洲 30%、世界其他地區 1%。他們目前已獲利，且預期將立即增厚我們的非 GAAP 每股盈餘（EPS）。其毛利率與 Teradyne 相近。MiR 將以獨立事業單位運作，由其非常強的管理團隊領導。1.24 億美元的 earnout 包含 3 項累計營收目標並設有獲利底線。我們提供了這些 earnout 的時程表；你可以看到，要開始取得 earnout 的第一美元，其所需的成長率遠高於 50%。

We're confident that adding MiR to our portfolio will offer superior returns to an even larger stock buyback. MiR, in many respects, is a younger sibling to Universal Robots, sharing many of the same unique attributes around ease-of-use and flexibility, attractive price points, and a market lead. It differs in that it's earlier in its life cycle, and it's on wheels.

我們有信心，將 MiR 納入我們的產品組合，能帶來優於進一步加大股票回購的報酬。MiR 在許多方面可視為 Universal Robots 的「年輕弟弟」，在易用性與彈性、具吸引力的定價，以及市場領先地位等多項獨特特質上相當類似。不同之處在於，它仍處於較早期的生命週期，而且它是「有輪子的」。

We also can offer MiR a host of larger company capabilities similar to what we've been able to bring to Universal Robots around supply line sourcing, our global footprint and strong balance sheet. We expect to grow MiR 50% or greater with the emphasis on the greater, with 100% growth [nearing]. For the first 3 months of 2018, MiR's sales were $5 million, up more than threefold from $1.5 million in the first 3 months of 2017.

我們也能為 MiR 提供多項大型企業能力，類似我們先前為 Universal Robots 帶來的支援，包括供應鏈採購、全球布局以及強健的資產負債表。我們預期 MiR 成長 50% 或以上，且重點是「以上」，接近 100% 成長。2018 年前 3 個月，MiR 銷售額為 500 萬美元，較 2017 年前 3 個月的 150 萬美元成長逾三倍。

We also acquired Energid for $25 million plus up to an additional $16.5 million in contingent bonuses. Energid is expected to achieve about $6 million in revenue for calendar year 2018 on a stand-alone basis.

我們也以 2,500 萬美元收購 Energid，另加最高 1,650 萬美元的或有獎金。Energid 以獨立公司口徑計算，預期 2018 曆年營收約 600 萬美元。

We've also provided a slide on Energid with further details. Energid will run as a stand-alone business by their experienced management team.

我們也提供了一張關於 Energid 的投影片，包含更多細節。Energid 將由其經驗豐富的管理團隊以獨立事業運作。

We've updated our midterm model for the inclusion of MiR and Energid. You'll see that our 2021 Industrial Automation revenue model is now estimated at 30% of the total Teradyne revenue versus the prior Universal Robot's only contribution target of 27% of the total. For reporting purposes, MiR and Energid's results will be included in our Industrial Automation segment.

我們已更新中期模型，納入 MiR 與 Energid。你會看到，我們 2021 年工業自動化（Industrial Automation）營收模型目前估計占 Teradyne 總營收的 30%，相較於先前僅以 Universal Robots 貢獻目標為總營收 27%。在財務揭露上，MiR 與 Energid 的業績將納入我們的工業自動化部門（Industrial Automation segment）。

Our cash and marketable security balance is sustained at $1,588,000,000, down $316 million from the fourth quarter. The 2 drivers to this cash usage were our balance capital allocation strategy and operating uses. On the former, we returned $152 million of capital, principally through $134 million in share repurchases, we paid $18 million dividends, and we acquired Energid, a leader in robotics motion control for $25 million.

我們的現金與有價證券餘額維持在 15.88 億美元，較第四季減少 3.16 億美元。這次現金使用主要有兩個驅動因素：我們的均衡資本配置策略，以及營運用途。就前者而言，我們回饋資本 1.52 億美元，主要透過 1.34 億美元的股票回購；我們支付 1,800 萬美元股利；並以 2,500 萬美元收購機器人運動控制領導廠商 Energid。

On the operating cash outflows, we pay our annual compensation programs out in the first quarter, along with certain tax payments. And our receivable DSO grew to 77 days, in part to the overwhelming majority of our shipments being back-end loaded, and the new revenue recognition standard which scores certain revenue streams a bit earlier.

在營運現金流出方面，我們在第一季支付年度薪酬計畫款項，並支付部分稅款。此外，我們的應收帳款週轉天數（DSO）增加至 77 天，部分原因是我們絕大多數出貨集中在季度後段，以及新的收入認列準則使某些收入流較早入帳。

Recall, we planned to buy back at least $750 million of our stock this year and return approximately $70 million in dividends.

請記得，我們規劃今年至少回購 7.5 億美元的股票，並回饋約 7,000 萬美元的股利。

Moving to the details of the first quarter. Our sales were $487 million. The non-GAAP operating profit rate was 22% and the non-GAAP EPS was $0.45. We had [one 10% costs from] the quarter, and gross margins were 55%.

接著看第一季的細節。我們銷售額為 4.87 億美元。非 GAAP 營業利益率為 22%，非 GAAP 每股盈餘（EPS）為 0.45 美元。本季我們有 [one 10% costs from]，毛利率為 55%。

This year, our non-GAAP operating expenses were $165 million, up $5 million from the fourth quarter, primarily due to an expansion of UR's distribution programs. Comparing our first quarter OpEx of $165 million versus the year-ago period, it's up by $4 million for similar reasons.

今年，我們的非 GAAP 營業費用為 1.65 億美元，較第四季增加 500 萬美元，主要因 UR 的通路計畫擴張。將第一季 1.65 億美元的 OpEx 與去年同期相比，亦增加 400 萬美元，原因相同。

Semi Test sales were $373 million in the first quarter, with SOC making up $300 million and Memory Test, the balance at $73 million, a new record for Memory Test. Semi Test service revenue totaled $65 million in the quarter. At UR, sales were $49 million, a first -- a new first quarter record. Regionally, UR's first quarter sales broke down 44% Europe; 28% North America; 23% in Asia; and 5% rest of world.

第一季半導體測試（Semi Test）銷售額為 3.73 億美元，其中 SOC 為 3.00 億美元，記憶體測試（Memory Test）其餘為 7,300 萬美元，創下記憶體測試新紀錄。本季 Semi Test 服務營收合計 6,500 萬美元。UR 方面，銷售額為 4,900 萬美元，創下第一季新高紀錄。就區域而言，UR 第一季銷售占比為：歐洲 44%、北美 28%、亞洲 23%、世界其他地區 5%。

System Test sales were $43 million, and Wireless Test sales were $23 million in the first quarter.

第一季系統測試（System Test）銷售額為 4,300 萬美元，無線測試（Wireless Test）銷售額為 2,300 萬美元。

Turning now to the guidance for the second quarter. Sales are expected to be between $490 million and $520 million. The non-GAAP EPS range is $0.45 to $0.52 on 196 million diluted shares. Q2 guidance excludes the amortization of acquired intangibles, restructuring and other -- and the noncash convertible debt interest. The second quarter gross margin should run at 57%, up 2 points from the first quarter due to product mix. And total OpEx should run from 34% to 36%. The operating profit rate at the midpoint of our second quarter guidance is about 22%.

接著看第二季財測。預期銷售額介於 4.90 億至 5.20 億美元。以 1.96 億股稀釋後股數計算，非 GAAP 每股盈餘（EPS）區間為 0.45 至 0.52 美元。第二季指引不包含收購無形資產攤銷、重整及其他項目——以及可轉換公司債的非現金利息。第二季毛利率應為 57%，較第一季因產品組合而提高 2 個百分點。總 OpEx 應介於 34% 至 36%。以第二季指引中點計算，營業利益率約為 22%。

Let me quickly cover OpEx for 2018. We expect full year Test business OpEx spending to be essentially flat year-over-year, apart from normal changes in variable compensation, which is tied to profitability levels.

我快速說明 2018 年的 OpEx。我們預期全年測試（Test）業務的 OpEx 支出基本上與去年持平，除了一般的變動薪酬變化（其與獲利水準連動）。

In Industrial Automation, we'll invest aggressively to get further ahead. And we would expect quarterly OpEx to approach $35 million towards the end of the year, up from $16 million in the fourth quarter of 2017. This includes the addition of MiR, Energid and the increased investments across our 3 robotics business units to capture more of the long-term growth.

在工業自動化（Industrial Automation）方面，我們將積極投資以進一步領先。我們預期到年底時，單季 OpEx 將接近 3,500 萬美元，高於 2017 年第四季的 1,600 萬美元。這包含納入 MiR、Energid，以及在我們 3 個機器人事業單位的投資增加，以掌握更多長期成長。

Notwithstanding our planned Industrial Automation investments, we expect the segment to achieve mid-teen operating profit rates for the full year.

儘管我們規劃增加工業自動化投資，我們仍預期該部門全年可達到約「十幾個百分點」（mid-teen）的營業利益率。

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

接著談稅務。我們預期全年稅率約為 16%，較我們 1 月的估計上調 1 個百分點。

We start 2018 with some very exciting Industrial Automation additions: MiR, the leader in industrial, mobile autonomous robots, and Energid, a leader in robot motion control.

我們在 2018 年以幾項令人振奮的工業自動化新增項目揭開序幕：MiR——工業用移動式自主機器人領導者，以及 Energid——機器人運動控制領導者。

We're also investing aggressively in Universal Robots to further our lead in staying on our 45% to 50% midterm growth plan.

我們也正積極投資 Universal Robots，以進一步擴大領先優勢，並持續推進我們中期 45% 至 50% 的成長計畫。

Our test businesses and aggregate have consistently generated solid profitability and free cash flow since 2010 and can readily navigate the ebbs and flows of the market size swings.

自 2010 年以來，我們的測試業務及整體合計一直穩健創造良好的獲利能力與自由現金流，並能輕鬆因應市場規模起伏所帶來的景氣循環。

We're also returning significant capital to shareholders with our $750 million dividend -- or buyback, excuse me, this year and the ongoing dividend program.

我們也透過今年 7.5 億美元的股利——或回購，抱歉，是回購——以及持續的股利計畫，向股東返還可觀的資本。

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

接下來，我把電話交回給 Andy。

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

謝謝，Greg。Vitannia，我們現在想開始提問。（接線員指示）

(Operator Instructions) Your first question comes from the line of Vivek Arya with Bank of America Merrill Lynch.

（接線員指示）第一個問題來自美國銀行美林的 Vivek Arya。

If I heard you correctly, I think for 2018, you're suggesting roughly $2 billion plus/minus in terms of the top line outlook. Is it fair to say a lot of the delta versus consensus expectations has been captured in Q2? Or should we anticipate any other trends in your mobility business in the second half?

如果我沒聽錯的話，我想你們對 2018 年的營收展望大約是 20 億美元上下浮動。可以說相較於市場一致預期的差異，大部分已經反映在第二季了嗎？還是我們應該預期你們行動（mobility）業務在下半年還會有其他趨勢？

I think that if you look at what we said, meaning that the first half of this year and the second half of this year are roughly going to be 50-50 in our annual revenue, that you can do the math there and get close to what you just cited. We don't expect any further weakness in mobility. I think this is a pretty isolated case, and the rest of the year, in most all other segments, should be strong.

我想如果你看我們所說的，也就是今年上半年與下半年在全年營收中大致各占 50%，你就可以自行推算，會接近你剛才提到的數字。我們不預期行動業務會再進一步走弱。我認為這是相當孤立的個案，而今年其餘時間，在幾乎所有其他部門都應該會很強勁。

And as a follow-up, as your business mix continues to shift more towards robotics, how should we think about just the overall growth contribution from robotics, right, with these new acquisitions that you have made? They seem to be obviously off a smaller base but growing faster than the UR business. So growth outlook there as well as what it means in terms of operating profitability levels.

追問一下，隨著你們的業務組合持續更偏向機器人，你們認為機器人對整體成長的貢獻應該如何看待？尤其是你們近期完成的這些新併購。它們顯然基期較小但成長速度比 UR 業務更快。因此想請教那邊的成長展望，以及對營運獲利水準的意涵。

In terms of the Industrial Automation segment, we've actually updated our model slide that's in the deck. Previously, we just said Universal Robots, and we had 45% to 50% growth through 2021. Now we've upped that to 50% to 55% growth with these other new additions, MiR is certainly growing at a higher rate as it's early in its life cycle. So we see the Industrial Automation business in 2021 getting to $900 million to $1 billion, so it should be a significant part of Teradyne's business. The profitability rate last year was 19%. This year, we're making aggressive investments, so the profit rate could be a little bit less. It may still end up close to 19%. But over time, we would expect the profit rate to move up into the low- to mid-20s.

就工業自動化（Industrial Automation）部門而言，我們其實已更新簡報中的模型投影片。先前我們只提到 Universal Robots，並預期到 2021 年成長 45% 到 50%。現在隨著其他新加入的業務，我們把成長上調到 50% 到 55%；MiR 因為仍在生命週期早期，成長率確實更高。因此我們預期 2021 年工業自動化業務可達 9 億到 10 億美元，將成為 Teradyne 業務中相當重要的一部分。去年的獲利率是 19%。今年我們正進行積極投資，所以獲利率可能會略低一些，也可能最後仍接近 19%。但長期而言，我們預期獲利率會提升到 20% 初段到中段（low- to mid-20s）。

Your next question comes from Atif Malik from Citigroup.

下一個問題來自花旗的 Atif Malik。

In your prepared remarks, you commented mobile is a lower complexity growth this year. Application processor opportunity is a complex function of optimization of die-size to shrink and increasing transistor count. As you look at a ramp-down of 10-nanometer this year and ramp-up of 7-nanometer and then 7-nanometer plus 5-nanometer next couple of years, do you expect complexity for your test business to return for mobility testing? And then I have a follow-up.

在你們事先準備的發言中，你們提到今年行動端是較低複雜度的成長。應用處理器的機會取決於晶粒尺寸縮小的最佳化以及電晶體數量增加等複雜因素。當你們看到今年 10 奈米的量產下滑、7 奈米的量產爬升，接著未來幾年是 7 奈米加上 5 奈米，你們是否預期你們的測試業務在行動測試上會重新回到複雜度提升？我還有一個追問。

Yes. So I do think that what we see in the aggressive move to final geometries and the transistor counts will keep propelling complexity and mobility and test time. So everything we see from today would say that that general trend is intact. And as we said in our prepared remarks, for most of this decade, what we had seen customers doing is have a fairly aggressive year of complexity growth, followed by a more modest year of complexity growth. 2017 was a bit of a exception to that rule. And by all measures, as far as we can see, we may be just reverting back to that trend.

是的。所以我確實認為，我們看到朝向最終幾何尺寸的快速推進以及電晶體數量的增加，將持續推升行動端的複雜度與測試時間。就我們目前所見，一切都顯示這個大趨勢仍然存在。正如我們在事先準備的發言中所說，在這十年大部分時間裡，我們看到客戶的行為是：某一年複雜度成長相當激進，接著下一年複雜度成長較為溫和。2017 年有點例外。以我們目前能看到的各項指標來看，我們可能只是回到那個趨勢。

Okay. And then, Greg, I don't know if I heard a number for the Wireless Test market this year. In January, you were expecting that market to be flat year-over-year? And does this change your plans to potentially divest this business?

好的。接著，Greg，我不確定我是否有聽到今年無線測試（Wireless Test）市場的數字。你們在 1 月時預期該市場年增持平？這是否會改變你們可能出售這項業務的計畫？

We don't have plans to divest the business -- the Wireless Test business, let me get to that one first. The market in Wireless Test is likely to be a little bit smaller this year, slightly smaller. Some of the AX introductions have slipped out in time, the new wireless standard. But Wireless Test will be profitable. And it's all about positioning for the buying waves that occur now next year for AX and longer term, 2020, for 5G.

我們沒有出售該業務的計畫——先回答無線測試業務這點。今年無線測試市場可能會略小一些、稍微縮小。部分 AX 的導入時程，也就是新的無線標準，已往後延。但無線測試仍會獲利。重點在於為接下來的採購波段做好布局：明年針對 AX，以及更長期在 2020 年針對 5G。

Your next question comes from Toshiya Hari with Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

My first question is on the Semi Test business. Mark, you talked about lowering your SOC test TAM by $300 million. I just wanted to confirm that that was all mobile, and your view on analog test and [my] MCUs and so on and so forth haven't changed over the past 3 months?

我的第一個問題關於半導體測試（Semi Test）業務。Mark，你提到把 SOC 測試的 TAM 下調了 3 億美元。我想確認那全部都是行動端的影響嗎？以及你們對類比測試、[我的] MCU 等等在過去 3 個月的看法並沒有改變？

That's correct. All of that is mobility, and the other segment was quite strong.

沒錯。那全部都是行動端，其他部門則相當強勁。

Okay. And sticking to Semi Test, you talked about share gains on the wafer test side and memory. Can you give us an idea where market share is today, where you see that going over the next couple of years? I'm curious, have you seen any kind of retaliation from your nearest competitor, given that it's a pretty important business for them?

好的。繼續談 Semi Test，你提到在晶圓測試與記憶體方面取得市占提升。你能否說明一下目前市占大概在哪裡，以及你認為未來幾年會走到哪裡？我也好奇，鑑於這對你們最接近的競爭對手而言是相當重要的業務，你們是否看到他們有任何形式的反制？

Yes, so right now, we're in the 20 -- mid-20s, there's 27%, 28% market share coming out of last year. And as we open up the wafer test portion of the market, our target by 2021 in our midterm plan is to get close to 40% share roughly. In terms of retaliation, we've been very careful on how we've gone after market share gains, both in SOC and in memory so that we don't precipitate that kind of retaliatory move. The current environment in Memory Test, being in a very high-growth phase and investment phase, has kind of given a rising tide to lift all boats, let's say, despite some of the share gains that we're achieving here. So I don't see anything happening that's silliness in the environment of the memory market. But we are making good progress on Wafer Test this year, and our target's 40%.

是的。目前我們大約在 20% 多——去年結束時大概是 27%、28% 的市占。隨著我們進一步切入晶圓測試市場，我們在中期計畫中設定 2021 年的目標是把市占提升到接近約 40%。至於反制，我們在爭取市占提升時一直非常謹慎，不論是在 SOC 或記憶體領域，避免引發那種報復性的動作。就目前記憶體測試的環境而言，正處於高成長與投資期，可以說水漲船高、大家都受惠，儘管我們在這裡確實取得了一些市占提升。因此我不認為在記憶體市場環境中會發生什麼不理性的事情。不過我們今年在晶圓測試方面進展良好，而我們的目標是 40%。

Okay. And then I had a quick follow-up on MiR. I was just curious if you can talk a little bit about the competitive landscape there. I know on the UR side, you've talked about having 60% plus market share, curious what the positioning there is for MiR? And how you're different from both the hardware and software perspective relative to your peers, that would be great.

好的。接著我想快速追問 MiR。我想請你談談那邊的競爭態勢。我知道在 UR 方面，你們提過市占 60% 以上；我好奇 MiR 的定位大概如何？以及相較同業，你們在硬體與軟體面有哪些差異化？如果能分享會很棒。

I'll take a crack at that. MiR is even a little bit murkier than Universal Robots. There's less third-party data out there. But what we can -- our research has indicated that MiR is the leader in the industrial segment of mobile robots. And they probably -- it's hard to put a number on the market share, but it's -- they're #1, and it's the number we can't be precise with, but we don't see a close second at the moment. So we have an early lead, but it's very early. And what MiR has done, similar to what Universal Robots did, it's the right price point, it's very easy to use and navigate, and it maps its own environment. So you don't need to be an engineer to deploy it. And we have a whole bevy of distributors who signed up, trained out in the field, providing these cobots. So it does have a lot of the Universal Robot's first-mover advantage -- first mover with a reliable product. So that's how I'd ask you to try to think about it. We hope to get more market data over time, but it's sketchy at this stage.

我來試著回答。MiR 的市場狀況甚至比 Universal Robots 更不透明，外部第三方資料較少。但我們的研究顯示，MiR 是工業領域移動機器人（mobile robots）的領導者。他們的市占很難給出精確數字，但他們是第一名；我們無法精準量化，但目前也看不到非常接近的第二名。所以我們有早期領先，但也仍在非常早期的階段。MiR 所做的事情與 Universal Robots 類似：價格帶正確、非常容易使用與導航，並且能自行建立環境地圖，因此不需要工程師就能部署。我們也有一整批經銷商已簽約、在第一線受訓並提供這些協作機器人（cobots）。因此它確實具備許多 Universal Robots 的先行者優勢——以可靠產品成為先行者。這就是我希望你用來思考的方式。隨著時間推進，我們希望取得更多市場資料，但現階段資訊仍較零散。

Your next question comes from Mehdi Hosseini with Susquehanna International Group.

下一個問題來自 Susquehanna International Group 的 Mehdi Hosseini。

Just a follow-up to the acquisition of MiR. It seems to me that you're paying about a 5x forward-looking sales ramp, given your very generous assumption with the forward-looking sales, which is -- and the 5x seems to be at a much higher valuation premium compared to when you acquired or announced acquisition of cobot. And I want to follow up with you, what's the rationale for paying a premium? And also whether you can use the existing infrastructure, in terms of manufacturing and your channel, to scale MiR. I think Greg mentioned that the longer-term operating margin could be adversely impacted. And is that really driven by the changes that you need to make to the infrastructure to be able to scale MiR? So the question has to do with the premium applied and how you're going to be able to scale that.

我想就併購 MiR 追問一下。在我看來，依照你們對前瞻營收相當慷慨的假設，你們支付的價格大約是前瞻營收爬升的 5 倍；而這個 5 倍相較於你們收購或宣布收購協作機器人（cobot）時的估值，似乎有更高的溢價。我想追問你們，支付溢價的理由是什麼？另外，你們是否能利用既有的基礎設施（例如製造與通路）來擴大 MiR 的規模？我想 Greg 提到長期營業利益率可能會受到不利影響。這是否主要是因為你們需要調整基礎設施，才能擴大 MiR 的規模？所以問題在於：溢價的原因，以及你們將如何把規模做大。

Okay, maybe something was lost in translation. I'll get to the operating margin thing last, but there's no issue there. But starting with the premium. We would -- did the traditional valuation analysis with the [hook ball]chart looked at it multiple ways, and the multiple is somewhat similar to Universal Robots, but they're growing at a much higher rate than what Universal Robots was growing at, significantly higher. So it's earlier, growth rates are higher. If you look at Universal Robots as a case study, what it's done to Teradyne's value versus what we paid for, that's been a spectacular return. We expect MiR will do the same thing as well. And I think it's hard sometimes with valuation models when businesses are growing more than 50% a year, it's hard sometimes to get traditional valuation metrics and see how they fit because there aren't many businesses that grow at these super-high rates. And they grow into these valuations very quickly and then they are substantially higher than what we paid for them, which is what happens with Universal Robots. The next thing on the operating margin, there's no deterioration in operating margins. The model we've put out, we have the same operating profit rate in the future at 25% to 27%, with higher sales, given the addition of MiR and Energid, so I apologize if something got lost in communication. I think the only thing that's happening is, in the near term, we're investing aggressively in MiR and Energid, and they won't have the same profit rate as Universal Robots because they're early, they don't have the same scale, but over time, they will, and they'll contribute spectacularly to our model, which will have about 30% coming from Industrial Automation with very good margins on profit rate. In terms of the channels, each business has earnouts, and earnouts in these private companies are a key element that we use to bridge the valuation gap because the sellers think it's worth a lot more than what we paid upfront. But for us to bridge that valuation gap because there's always uncertainty with super-high growth rates is we use these earnouts. It's worked very well with Universal Robots. We've done the same thing with MiR. So I think that's another thing that maybe can get you comfortable with the [evaluation]. When you see the earnouts that MiR has signed up for, they've signed up for earnouts that, in 2018, the earnout starts over 100% of sales growth and tops out at 158%. But there's a chart that gives you the different earnout periods, and you can see it's substantially higher growth. The last thing I'll quickly say about earnouts is we have to support these companies, which we have done in the past and help them achieve these earnouts. It's in our mutual interest. So if there are synergies that can help both companies working together, then we'll find them, and we'll encourage that. But I think the greater synergies will come from Teradyne helping MiR, like we did Universal Robots, we got some better pricing for some of the parts for Universal Robots. We got better supply arrangements, buffer supply, upside supply, better quality. And then we -- our HR team has been able to hire people faster around the world, real estate folks would open up offices quicker. So the whole -- and our engineering team could help them with project management and getting better discipline in place. So there's a set of larger company capabilities that these small companies don't have, and that's another nice thing that Teradyne can bring. But we don't force a lot of these things on the company, it's a collaborative process where they pull, and we help them. I hope that answers the 3 questions.

好吧，也許有些內容在翻譯過程中遺漏了。我會把營業利益率（operating margin）的部分放到最後講，但那邊沒有問題。先從溢價（premium）談起。我們做了——用傳統的估值分析，搭配那張[hook ball]圖表，從多個角度來看；其估值倍數與 Universal Robots 有些相近，但它們的成長速度遠高於 Universal Robots 當時的成長，顯著更高。所以它更早期、成長率更高。若以 Universal Robots 作為案例研究，看看它對 Teradyne 的價值提升相較於我們當初支付的價格，那是非常驚人的報酬。我們預期 MiR 也會做到同樣的事。我認為有時候用估值模型來看，當企業每年成長超過 50% 時，傳統估值指標很難套用並看出是否貼合，因為能以這種超高速成長的企業並不多。它們會很快「長進」這些估值，之後其價值就會大幅高於我們當初支付的價格——Universal Robots 就是如此。接著談營業利益率，營業利益率沒有惡化。我們對外發布的模型中，未來仍維持相同的營業利益率水準在 25% 到 27%，只是因為加入 MiR 與 Energid，銷售額更高；若溝通上有遺漏，我在此致歉。我想唯一正在發生的是，短期內我們正積極投資 MiR 與 Energid，它們不會像 Universal Robots 一樣有同等的獲利率，因為它們仍在早期、規模還不一樣；但隨著時間推進，它們會達到那樣的水準，並且會對我們的模型做出非常亮眼的貢獻——其中約 30% 將來自工業自動化（Industrial Automation），且利潤率非常好。至於通路（channels），每個事業都有或有對價（earnouts），而在這些私人公司交易中，或有對價是我們用來彌合估值落差的關鍵元素，因為賣方認為其價值遠高於我們前期支付的價格。但對我們而言，為了彌合這個估值落差——因為超高速成長率總是伴隨不確定性——我們就使用或有對價。這在 Universal Robots 上運作得非常好；我們在 MiR 上也做了同樣的安排。所以我想這也許能讓你對[evaluation]更安心。當你看到 MiR 簽下的或有對價條款時，他們在 2018 年的或有對價門檻是銷售成長超過 100% 才開始，最高可到 158%。有一張圖表列出不同的或有對價期間，你可以看到其成長要求顯著更高。最後我快速補充一點：我們必須支持這些公司——過去我們也確實如此——並協助他們達成這些或有對價，這符合我們共同利益。因此若有能讓兩家公司合作、同時受益的綜效，我們會找出來並加以推動。但我認為更大的綜效會來自 Teradyne 協助 MiR，就像我們協助 Universal Robots 一樣：我們為 Universal Robots 的部分零組件爭取到更好的價格；取得更好的供應安排、緩衝供應、上行供應、更好的品質。然後我們——我們的人資團隊能在全球更快招募人才，不動產團隊能更快開設辦公室。所以整體而言——我們的工程團隊也能在專案管理上協助他們，建立更好的紀律。這些是小公司所欠缺的一整套大型公司能力，而這也是 Teradyne 能帶來的另一個優點。但我們不會把很多事情強加在公司身上；這是一個協作的過程，他們提出需求（pull），我們提供協助。我希望這回答了那 3 個問題。

Actually, it was 1 question, 3 parts. May I ask one follow-up -- quick follow-up on SOC Test?

其實是 1 個問題、3 個部分。我可以再問一個追問——關於 SOC 測試（SOC Test）的快速追問嗎？

Make it quick. Yes.

簡短一點。可以。

Okay. We -- back in the January, you revised SOC upward. Now we're going backward. Isn't the problem nothing to do with the off year, on year? I thought we took that off the table. Maybe perhaps the problem has to do with just the end market, until 5G is ready to go, the SOC Test market is going to be adversely impacted, and the growth rates are not going to be as much as we thought it would be?

好。我們——在 1 月的時候，你們把 SOC 上修了。現在又往回修。問題難道不是跟淡旺年（off year, on year）無關嗎？我以為我們已經把那個因素排除了。也許問題其實是終端市場本身：在 5G 準備好之前，SOC 測試市場會受到不利影響，成長率也不會像我們原先想的那麼高？

Yes. I don't see it that way. The market unit growth in smartphones has not -- it kind of plateaued 3 or 4 years ago. And so what's been propelling the complexity growth since then isn't new wireless standards and such, it's more compute power behind more features in the phone. Now 5G will certainly kick in another round of bandwidth growth in the phones, which is additive on top of what we see in the past few years. So the lack of new wireless standards for the past 3 or 4 years, I don't think has impacted the Semi Test market. It certainly impacted LitePoint. But I think 5G will be additive. And the feature growth and the complexity growth of the applications processors, Power Management, ICs and such around that, will continue to grow on average.

是。我不這麼看。智慧型手機的市場出貨量成長並沒有——大概在 3、4 年前就趨於平緩了。所以自那之後推動複雜度成長的，不是新的無線標準之類，而是為了手機更多功能而需要更高的運算能力。當然，5G 會再帶來一輪手機頻寬成長，這是在過去幾年我們所看到的基礎上再加上去的增量。因此，過去 3、4 年缺乏新的無線標準，我不認為這影響了半導體測試（Semi Test）市場；它確實影響了 LitePoint。但我認為 5G 會是增量。而功能成長與應用處理器（applications processors）、電源管理 IC（Power Management ICs）以及周邊相關 IC 的複雜度成長，平均而言仍會持續。

Your next question comes from Timothy Arcuri with UBS.

下一個問題來自 UBS 的 Timothy Arcuri。

So I have to say, I'm a bit confused on 2 fronts. First of all, on the SOC weakness, it seems like something else is happening because if you assume that most of the Wireless Test business is with your big customer, that would leave -- based upon what was in the [K] last year, that would leave maybe $375 million to $400 million for that customer for your Semi Test business. And you're cutting about $300 million from the SOC TAM, so that's about 75% to 80% of that customer's test revenue. So I guess, like, that's a much bigger number than you'd think, given what's going on in the supply chain. So are there other customers cutting as well, number one? And second part of that question is, does that come back in 2019? And then I had another point that I'm also confused on.

我得說，我在兩個面向上有點困惑。第一，關於 SOC 的疲弱，看起來像是還有其他事情在發生，因為如果你假設無線測試（Wireless Test）業務大多來自你們的大客戶，那麼——根據去年在[K]裡的內容——那個客戶在你們半導體測試（Semi Test）業務上的金額大概會剩下 3.75 億到 4 億美元。而你們把 SOC 的 TAM 下修了約 3 億美元，這大概等於那個客戶測試營收的 75% 到 80%。所以我想說，考量供應鏈正在發生的事，這個數字比你預期的要大得多。那麼第一點：是否也有其他客戶在削減？第二點：這會在 2019 年回來嗎？然後我還有另一個我也困惑的點。

So one point is, that $300 million is not -- although a lot of it, most of it is Teradyne, it's not all Teradyne. So that's one piece of the math. And then the average buying that occurs -- the concentration of buying that occurs in our mobility segment has a lot of variability in it year-to-year. And if you do the math, coming off of 2017, at least, the numbers that you cited are slightly higher in terms of -- if you were to take the full $300 million out of Teradyne, you would still end up with a higher number than the bottom number that you suggested. So the fact that it's not $300 million for us, it's less, and we're coming off a high '17, I think neutralizes your math. And longer term, I'll go back to say that I think we've seen a pattern this decade of aggressive complexity growth, followed by something more moderate. This doesn't look much different than that so -- and we know what is in development in terms of lithography nodes and such. So I don't think this is a reset or a change to the trend line, it's more of reversion back to what we've seen for most of this decade.

有一點是，那 3 億美元並不是——雖然其中很大一部分、甚至大多數與 Teradyne 有關，但並非全部都是 Teradyne。這是數學拆解的一部分。再來，我們行動裝置（mobility）部門的採購集中度——也就是採購發生的集中程度——每年之間波動很大。若你做一下計算，至少從 2017 年的基期來看，你引用的數字在——如果你把整個 3 億美元都從 Teradyne 扣掉——仍會得到一個比你所提到的下限還要高的數字。所以，因為對我們而言不是 3 億美元、而是更少，再加上我們是從 2017 年的高基期下來，我認為這會中和你那個算法。長期來看，我會回到一點：我認為這十年我們看到的模式是複雜度快速成長，接著回到較溫和的成長。這次看起來並沒有太大不同——而且我們也知道在微影節點（lithography nodes）等方面有哪些正在開發中。所以我不認為這是重置（reset）或趨勢線的改變，更像是回歸到這十年大部分時間所看到的狀態。

Okay. Then I guess the second point is just on the model, so you guys just are spending $124 million to acquire MiR, and you're spending another $25 million, so you're spending like $175 million to acquire these 2 companies and possibly $300 million if that earnout comes through. You did drop another $150 million to the up model in revenue for 2021. But the EPS number didn't change, and it's still the range. I mean, maybe this is all within the EPS range. But it's sort of is a bit of an odd message that you'd be spending up to $300 million to buy 2 companies and you wouldn't change your 2021 -- your earnings model?

好。那我想第二點就是關於模型：你們花了 1.24 億美元收購 MiR，又花了另外 2,500 萬美元，所以你們等於花了大概 1.75 億美元收購這兩家公司；如果或有對價（earnout）達成，可能還要到 3 億美元。你們確實把 2021 年營收模型上修了 1.5 億美元。但 EPS 數字沒有變，仍在原本的區間。我是說，也許這都還在 EPS 區間之內。但訊息看起來有點奇怪：你們可能要花到 3 億美元買兩家公司，卻不調整你們 2021 年——你們的獲利模型？

Yes, Tim, we looked at that, and we thought about changing it, but we just put instead addition of MiR and Energid, it helps accelerate midterm EPS target. We thought that was simpler, that perhaps we could pull it in with these moves. But we could have changed it a bit, but we just opted not to, but it should improve it, there's no doubt. There's no message we're trying to send to you that we didn't improve it, but we just chose to go about it in a different way.

是的，Tim，我們有看過那個，也有想過要調整，但我們改為加入 MiR 和 Energid，這有助於加速中期 EPS 目標。我們認為那樣更簡單，或許可以透過這些動作把它拉進來。我們本來也可以稍微改一下，但最後選擇不改；不過它應該會改善，這點毫無疑問。我們並不是想傳達什麼訊息說我們沒有改善，只是我們選擇用不同的方式來做。

Your next question comes from C.J. Muse with Evercore.

下一個問題來自 Evercore 的 C.J. Muse。

I guess a follow-up question on the mobility side. And so as you think about '18, would love to hear your thoughts in terms of the pullback in spending. Was it primarily isolated to the AP arena only? Or did you also see a falloff in image sensor or power management, et cetera? And then, I guess, more importantly, as you look to 2019 and you think about the world transitioning or continuing to transition 10 to 7 and 7 to 7-plus in adopting EUV, and I know it's extraordinarily early today, but how are you thinking about a pickup in SOC into next year?

我想追問一下行動裝置（mobility）這一塊。當你們看 2018 年時，很想聽聽你們對支出回落的看法。這主要是只發生在 AP 領域嗎？還是你們也看到影像感測器或電源管理等出現下滑？另外，更重要的是，當你們看 2019 年，並思考全球從 10 到 7、以及從 7 到 7-plus、並在採用 EUV 上持續轉換（我知道現在談還非常早），你們如何看待明年 SOC 的回升？

Yes. So I think around the components that make up the mobility space, the predominant issue this year is AP-related. Interestingly, things like image sensors that you mentioned, PMIC, in fact, are stronger this year, so that's slightly offsetting some of the weakness in AP. So it's not broad-based mobility, it's a pretty focused issue. And as again, we look forward into next year with some of the aggressive designs and aggressive lithography nodes, moving forward, people are doing this to get more complexity. They're not doing it to get lower costs. And we expect, therefore, this trend will come back, and we will see decent complexity growth from the future. It's just a very difficult thing, it's been true for decades that in any given short year, the predictability of the SOC market is very difficult. So we tend to look at the longer-term trend lines. This certainly surprised us, but it's not outside the bounds of what's normal in the SOC Test market.

是的。我認為在構成行動裝置領域的各個元件中，今年最主要的問題是與 AP 相關。有趣的是，你提到的影像感測器、PMIC 其實今年更強，因此在某種程度上抵消了 AP 的部分疲弱。所以這不是全面性的行動裝置疲弱，而是相當聚焦的問題。同樣地，展望明年，隨著一些更積極的設計與更先進的微影節點持續推進，人們這麼做是為了提高複雜度，而不是為了降低成本。因此我們預期這個趨勢會回來，未來會看到不錯的複雜度成長。只是 SOC 市場在短期一年內的可預測性一直都非常困難，這點幾十年來皆然。所以我們傾向看較長期的趨勢線。這次確實讓我們意外，但也不算超出 SOC 測試市場的正常範圍。

That's helpful. And as my follow-up, as you think about the inclusion of these 2 acquisitions into your Industrial Automation bucket, what kind of growth should we expect for that business here in calendar '18? And what would the linearity look like through the year?

這很有幫助。那我追問一下，當你們把這兩項收購納入工業自動化（Industrial Automation）這個分類後，我們在 2018 年曆年應該預期這個業務有怎樣的成長？而且全年各季的線性（linearity）會是什麼樣子？

The MiR acquisition, we expect, will grow from -- last year, it was 12, but obviously it's not in our numbers. It was $5 million in the first quarter. We think for the calendar year, it'll be about $30 million. So $30 million minus $5 million is what you put in for the last 3 quarters skewed towards the fourth quarter, so you've got about $25 million in our numbers. Energid will be small, maybe $6 million, of which maybe $5 million is in our period going forward. But MiR is the high grower. Energid's more of a company that has capability that can help us sell more cobots for our long term.

MiR 這項收購，我們預期它會從——去年是 12（但顯然不在我們的數字裡）。第一季是 500 萬美元。我們認為以曆年來看大約會是 3,000 萬美元。所以 3,000 萬減掉 500 萬，就是你在後三季要放進去的數字，而且會偏向第四季，因此在我們的數字裡大約是 2,500 萬美元。Energid 會比較小，可能 600 萬美元，其中大概 500 萬會落在我們接下來的期間。不過 MiR 是高成長者。Energid 比較像是一家擁有能力的公司，長期來看能幫助我們賣出更多協作機器人（cobots）。

And just to be clear, those revenues are embedded in your first half, second half similar revenues?

再確認一下，這些營收是已經包含在你們上半年、下半年相近的營收裡嗎？

Yes, it's in that because they're not -- it's not that large in the grand scheme of things. It's not going to move that conclusion that the first half and second half are about similar because you're adding under $30 million -- certainly under $30 million in the second half because you got a second quarter, too.

是的，包含在裡面，因為它們——在整體規模上並不大。它不會改變我們對上半年與下半年大致相近的結論，因為你增加的不到 3,000 萬美元——下半年肯定不到 3,000 萬美元，因為你第二季也有。

Your next question comes from the line of Farhan Ahmad with Crédit Suisse.

下一個問題來自瑞士信貸（Crédit Suisse）的 Farhan Ahmad。

My first question is related to the margins. Historically, whenever you have a lower mix of mobility in general, what I have noticed is that your margins on the gross margin tend to be a little bit higher. I'm just a little bit surprised that we're getting at around 55% this year versus more like 57%, 58% that we see in low mobility years. So just wanted to understand that piece a little bit better.

我的第一個問題與毛利率有關。歷史上，每當行動裝置（mobility）的占比整體較低時，我注意到你們的毛利率往往會高一些。我有點意外的是，今年大約是 55%，而不是像在低行動裝置年份看到的 57%、58%。想更了解這一點。

Yes, well, there were mobility shipments in the first quarter, so that perhaps explains that. But there won't be as many shipments in the second quarter as a percent of the mix, and that's why the second quarter moves up to 57%. But you are correct that there's heavy mobility buying because there's large volumes, there's better pricing.

是的，第一季仍有行動裝置出貨，所以或許能解釋這點。但第二季行動裝置出貨占比不會那麼高，因此第二季會上升到 57%。不過你說得沒錯，行動裝置採購量大，因為量很大、定價也較好。

Got it. And then as we think about 2019, you mentioned that the pattern of tick-tock might be applicable to smartphones. But I'm just wondering that given that we aren't having a big change at the SMC (sic) [SOC] in terms of 7-nanometer to 7-nanometer plus next year and this year, which is going from 10 nanometers to 7 nanometers, which is same lithography node. So basically, for 3 years, we are at the same lithography node. So why should we expect that there should be a dramatic increase in complexity next year?

了解。那再談 2019 年，你提到 tick-tock 的模式可能適用於智慧型手機。但我在想，鑑於明年與今年在 SMC（誤稱）[SOC] 上，從 7 奈米到 7 奈米 plus 並沒有很大的變化；而今年是從 10 奈米到 7 奈米，這也是同一個微影節點。基本上，三年都在同一個微影節點上。那為什麼我們應該預期明年複雜度會大幅增加？

I do think, next year, you will see a much larger proportion of 7-nanometer utilization, and that's what will drive that change.

我確實認為明年你會看到 7 奈米的使用比例大幅提高，而這將驅動那個變化。

Got it. And just one clarification, can you just talk about if the change in mobility was pretty much driven by one customer or if it was coming from diversified markets?

了解。再澄清一點，你能談談行動裝置的變化是否幾乎是由單一客戶所驅動，還是來自分散的市場嗎？

I think all I will say on that is it was primarily driven by [AP], and it's pretty concentrated.

我能說的只有，主要是由 [AP] 所驅動，而且相當集中。

Your next question comes from the line of Edwin Mok with Needham.

下一個問題來自 Needham 的 Edwin Mok。

First, on Semi Test. So tests statistically [are pretty reusable] with weakness in mobility. Do you see any customer start to kind of reuse all that capacity for other test space and that might have an impact on your demand on -- also mobility or mobile SOC?

首先談半導體測試（Semi Test）。測試設備在統計上[相當可重複使用]，而行動裝置疲弱。你是否看到有客戶開始把那些產能重新用在其他測試領域，進而影響你們的需求——也包括行動裝置或行動 SOC？

No, I mean -- and it turns out that the capacity utilization for the current fleet of mobility testers is quite high, and it's being added to. So it's not like there's nothing happening in mobility. It's just down quite a bit, the capacity adds. So it's highly utilized at -- additional systems are being put in place this year, just fewer than we had expected.

沒有。我的意思是——事實上，目前這批行動裝置測試機的產能利用率相當高，而且還在增加。所以並不是行動裝置什麼都沒發生。只是新增產能大幅下降。因此利用率很高——今年仍在部署額外系統，只是比我們原先預期的少。

Okay. Great. And then on MiR, I guess I have a 2-part question. First is, you said the market is around [$50 million], right? Does that include warehousing and other things that people use those kind of robots? Or is it just for manufacturing automation? I remember, I think Amazon bought a company around 5 years ago, and they paid, what, $700 million dollars for that. And my understanding at that point in time the margin much bigger than $50 million . So I'm just trying to understand if that include the warehousing part, which, I think, what Amazon is using for? And then longer term, do you see that -- frankly, do you see Amazon as potentially becoming a competitor for you -- for that business long term?

好的，很好。接著談 MiR，我想問兩個部分。第一，你說市場大約是 [5,000 萬美元]，對嗎？這是否包含倉儲以及其他使用這類機器人的領域？還是只針對製造自動化？我記得亞馬遜大概 5 年前買了一家公司，花了大概 7 億美元。以我當時的理解，那時的市場規模遠大於 5,000 萬美元。所以我想了解這是否包含倉儲那一塊——我想亞馬遜就是用在那裡？第二，長期來看，你們是否認為——坦白說，你們是否認為亞馬遜可能會成為你們在該業務上的潛在競爭對手？

So first of all, the market that we are describing for MiR is not the warehouse logistics market that would be something like Amazon robotics would serve. It's industrial and manufacturing applications primarily. There's also some applications in the healthcare segment for the mobile platform. But it's not logistics, and hence, sort of, big warehousing market. On the other hand, the market is quite new and early because the sweet spot of this market is for the guy who needs to incrementally automate material movement in his factory. They're not required to build a new factory or retool the layout of the factory, they can incrementally go in and change the way they move material around through automation. So I think it's a very different market. It's very similar to what we saw with UR. UR wasn't going after the large established robotics applications. It was more the small- to medium-sized enterprises. In the case of MiR, it's probably more medium-to large-sized enterprises because those tend to move more material around in their factories.

首先，我們所描述的 MiR 市場並不是倉儲物流市場；那會是像 Amazon Robotics 這類服務的領域。我們主要聚焦在工業與製造應用。此外，行動平台在醫療保健領域也有一些應用。但這不是物流，因此也不是那種大型倉儲市場。另一方面，這個市場相當新、也還在早期，因為它的甜蜜點在於：需要在工廠裡逐步自動化物料搬運的客戶。他們不需要蓋新工廠或重新改造工廠配置，就能逐步導入並透過自動化改變物料搬運方式。所以我認為這是非常不同的市場。這很像我們在 UR 看到的情況。UR 並不是鎖定大型、既有的機器人應用，而是更多面向中小型企業。就 MiR 而言，可能更偏向中大型企業，因為這些企業通常在工廠裡需要搬運更多物料。

Okay. But do you think there's opportunity for you to go after warehousing of market long term?

好的。但你認為從長期來看，你們有機會切入市場的倉儲業務嗎？

I think rather than warehousing, it'll be more, let's say, distribution centers for companies that may need to aggregate and disaggregate shipments to their local stores or suppliers. So rather than, let's say, an Amazon or a DHL or those kind of areas, it might be more a regional distribution center for a consumer goods product or for a food service product that would use the product.

我認為與其說是倉儲，不如說會更偏向於——比如說——配送中心，服務那些可能需要把貨物集中再拆分，配送到其本地門市或供應商的公司。所以與其說是像 Amazon、DHL 或那類型的領域，可能更像是某個消費品或餐飲服務產品的區域性配送中心，供使用該產品的客戶使用。

Your next question comes from Patrick Ho with Stifel.

下一個問題來自 Stifel 的 Patrick Ho。

This is Brian Chin on for Patrick. First, in 2008, the memory market is poised to be roughly double where it was pre-2017. Do you view this -- the current market size as sustainable, i.e., a higher new norm? Or is it still prone to cyclicality? And can you also clarify what SOC market size is embedded in your 2021 target model and whether this has changed any since your January call? And I have one follow-up on the acquisition.

我是代替 Patrick 的 Brian Chin。首先，在 2008 年，記憶體市場規模大致有望達到 2017 年之前水準的約兩倍。你們認為——目前的市場規模是否可持續，也就是說形成更高的新常態？還是仍然容易呈現週期性波動？另外，能否說明你們 2021 年目標模型中所內含的 SOC 市場規模是多少，以及自你們 1 月的電話會議以來是否有任何變化？我還有一個關於收購的追問。

Okay. So on the memory market size, yes, there's been a significant increase in the memory market these past few years. I do expect it to remain volatile. So I don't think we're at a new plateau that's going to sit up at this $800 million to $1 billion level without sort of a dip. But I do think that there's, on average -- if we look forward to, let's say, for the next 5 years in memory, it will certainly operate above that sort of $500 million level it operated at earlier in the decade. It may be operating on an average closer to the $700 million to $800 million. But that doesn't mean there couldn't be a year in there where it drops back to $500 million. That's been the nature of the memory market forever, and I would expect we'll see that again. And then in terms of what's embedded in our market size?

好的。關於記憶體市場規模，是的，過去幾年記憶體市場確實大幅成長。我預期它仍會保持波動性。所以我不認為我們已經到了一個新的平台期，能在 8 億到 10 億美元這個水準上穩定不變而不出現回落。但我確實認為，平均而言——如果我們往前看，比如未來 5 年的記憶體市場——它肯定會運行在本十年早期約 5 億美元的水準之上。它的平均水準可能更接近 7 億到 8 億美元。但這並不代表其中不會有某一年回落到 5 億美元。記憶體市場一直以來就是這樣的特性，我也預期我們會再次看到這種情況。那麼就我們模型中內含的市場規模而言？

In our -- the 2021 model, we have in the range for ATE market size, the [3 3] to [3 5], the SOC is [2 7] at the low end, [2 9] at the high end. By comparison, 2017, the SOC Test market was 2 7 . So there's -- at the low end, there's no growth from '17 or very low growth from 2017 if you got to the high end, 2 9 .

在我們——2021 年模型中，我們對 ATE 市場規模的區間是 [3 3] 到 [3 5]；SOC 在低端是 [2 7]，高端是 [2 9]。相比之下，2017 年 SOC 測試市場是 2 7 。所以——在低端，相較於 2017 年沒有成長或成長非常有限；如果到高端 2 9 ，則有一些成長。

Okay. Great. And then for my follow-up on the MiR acquisition. Can you maybe, one, describe any existing integrated workflows at customers with the UR robots? And then also, how overlapping are the existing distribution channels between UR and MiR?

好的，很好。那我關於 MiR 收購的追問：你能否，第一，描述一下客戶端目前是否已有與 UR 機器人整合的工作流程？第二，UR 與 MiR 現有的通路重疊程度有多高？

So there are some applications today where the UR cobot is mounted on the MiR mobile robot. It is by far the exception of the rule. And there's opportunities to expand that where you need to have a mobile platform dispatched to a location and perhaps be able to use the cobot to load or offload material under the mobile robot. But there's usually much different conveyor belts or even humans at the various loading and unloading stations to do that. So I don't think that's going to be a huge trend, but it'll be a growing subsegment of the market. In terms of the distribution overlap, today, there is a significant Venn diagram overlap between the distributors for UR and MiR, so -- and there's a lot of synergies in the selling story because the value proposition's very similar. So we do see common customers, for sure. I would say that, in general though, MiR's customers tend to skew toward medium to larger enterprises, as -- and Universal Robots is a little more small to medium.

目前確實有一些應用是把 UR 協作機器人安裝在 MiR 移動機器人上。但這遠非主流，反而是少數例外。未來有機會擴大這類應用：當你需要派遣一個移動平台到某個位置，並可能使用協作機器人來在移動機器人上方裝載或卸載物料。不過通常在各個裝卸站會有不同的輸送帶，甚至由人工來完成裝卸。因此我不認為這會成為非常大的趨勢，但會是市場中一個成長中的子區隔。至於通路重疊，目前 UR 與 MiR 的經銷商之間確實存在相當顯著的維恩圖重疊——而且在銷售敘事上有很多綜效，因為價值主張非常相似。所以我們確實看到共同客戶。我會說，一般而言，MiR 的客戶更偏向中型到大型企業；而 Universal Robots 則更偏向小型到中型。

Your final question comes from David Duley with Steelhead.

最後一個問題來自 Steelhead 的 David Duley。

I guess the first question I have is, you mentioned in the memory market it being an $800 million or a $900 million market size now. Could you help me understand what part of the market is wafer level versus final test? I'm trying to figure out how much your SAM increased by moving into wafer level test.

我想我第一個問題是，你提到記憶體市場現在大約是 8 億或 9 億美元的市場規模。你能幫我理解一下，市場中晶圓級（wafer level）與最終測試（final test）各占多少嗎？我想弄清楚你們透過切入晶圓級測試後，你們的 SAM 增加了多少。

It's roughly -- if you look at the market, it's 50-50 between NAND, final test -- DRAM final test. And then the wafer test of those 2 parts is 50-50.

大致上——如果你看整個市場，NAND 最終測試與 DRAM 最終測試大約各占一半（50-50）。而這兩部分各自的晶圓測試也大約是 50-50。

Okay. So this is essentially adding half of the market to your served available market by moving into the wafer test?

好的。所以這基本上表示，透過切入晶圓測試，你們的可服務可用市場等於增加了市場的一半？

Correct, correct. So if you'd roughly said each market this year is $200 million, we've been very, very strong in NAND final test and have a high share there. We're opening up another $400 million market with the move to wafer test.

沒錯，沒錯。所以如果你大致說今年每個市場是 2 億美元，我們在 NAND 最終測試非常、非常強勢，而且市占率很高。透過轉向晶圓測試，我們正在打開另一個 4 億美元的市場。

But would that be mainly in NAND or DRAM?

但那主要會是在 NAND 還是 DRAM？

It will be -- in terms of what we participate in, I think it will mainly be in NAND, Flash or wafer test. There is some business we're getting in DRAM wafer test, but I think the bigger piece of that will be NAND.

就我們參與的部分而言，我認為主要會是在 NAND、Flash 的晶圓測試。我們在 DRAM 晶圓測試也拿到一些業務，但我認為更大的一塊會是 NAND。

Okay. A final thing from me is, could you just help me understand what the size of the APU market was in '17 and in '18? I guess it's a follow-on to an early question because it seems like the cut in that segment is pretty big.

好的。我最後一點是，你能否幫我理解一下，2017 年與 2018 年 APU 市場的規模各是多少？我想這是延續前面一個問題，因為看起來那個區隔的下修幅度相當大。

I don't know that we have it broken down by APU.

我不確定我們是否有按 APU 來拆分。

We had the mobility in total. Perhaps offline, Andy can speak to you, maybe figure that one out.

我們有整體的行動（mobility）。也許會後 Andy 可以跟你談談，看看能不能把那個數字找出來。

Yes, the mobility market came from about $1 billion last year...

是的，行動市場大約是從去年約 10 億美元……

[He was trying to get APU].

[他在嘗試取得 APU 的數字]。

Yes, I know. We don't break out APs specifically, but the mobility in total was about $1 billion, and this year we think it's going to be down at $300 million-or-so lower than that.

是的，我知道。我們不會特別拆分 AP，但整體行動（mobility）大約是 10 億美元，而今年我們認為會比那個水準低大約 3 億美元左右。

Yes. I think just -- I've got some numbers in front of me. Roughly, for mobility, from $1 billion to $750 million. So obviously, in that, AP's a big piece of it, but that's mobility.

是的。我想——我手上有一些數字。大致上，行動（mobility）從 10 億美元降到 7.5 億美元。所以很明顯，在其中 AP 是很大的一部分，但那是行動（mobility）。

All right, folks, we're out of time. Thanks for joining us a little bit earlier today. We look forward to talking to you in the days and weeks ahead. And for those in the queue, I'll get back to you this morning. Thanks so much.

各位，我們時間到了。感謝大家今天稍早加入我們。我們期待在接下來的幾天與幾週內再與各位交流。至於還在排隊的朋友，我今天早上會再回覆你們。非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。