泰瑞達 (TER) 2018 Q2 法說會逐字稿

Good morning. My name is Sia, and I will be the conference operator today. At this time, I would like to welcome everyone to the Teradyne Quarter 2 2018 Earnings Conference Call. (Operator Instructions)

早安。我叫 Sia，今天將擔任本次電話會議的主持人。此刻，我謹代表公司歡迎各位參加 Teradyne 2018 年第二季財報電話會議。(接線員指示)

At this time, I would like to turn the conference over to Andrew Blanchard. Please go ahead, sir.

此刻，我想將會議交給 Andrew Blanchard。先生，請開始。

Thank you, Sia. Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results. I'm joined by our CEO, Mark Jagiela; and our Chief Financial Officer, Greg Beecher.

謝謝你，Sia。各位早安，歡迎參加我們對 Teradyne 最新財務結果的討論。今天與我一同出席的有我們的執行長 Mark Jagiela，以及財務長 Greg Beecher。

The press release containing our second quarter results was issued last evening, and we are 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.

包含我們第二季業績的新聞稿已於昨晚發布；我們也在網站的投資人專區提供簡報投影片，方便各位在收聽討論時參考。本次電話會議結束後，也可透過同一頁面收聽重播。

The matters that we discuss today will include forward-looking statements that involve risk factors that could cause Teradyne's results to differ materially from management's current expectations. 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，其中涉及可能導致 Teradyne 實際結果與管理階層目前預期出現重大差異的風險因素。我們建議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 are made as of today, and we take no obligation to update them as a result of developments occurring after this call.

此外，這些前瞻性陳述係以今日為基準作出；對於本次電話會議後發生之任何發展，我們不承擔更新義務。

During today's call, we will 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 measures 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專區張貼與這些非 GAAP 指標相關的補充資訊，包括在可取得的情況下，與最直接可比的 GAAP 財務衡量指標之調節表。

Also, between now and our next earnings call, Teradyne will be participating in investor conferences hosted by Needham, KeyBanc, Davidson, Citi and Deutsche Bank. We'll also be meeting with investors in September in Chicago at the International Manufacturing Technology Show on NGS.

另外，從現在到下一次財報電話會議之間，Teradyne 將參加由 Needham、KeyBanc、Davidson、Citi 與 Deutsche Bank 主辦的投資人會議。我們也將於 9 月在芝加哥的 International Manufacturing Technology Show（NGS）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, current market conditions and outlook for the year. Greg will then offer more details on our quarterly financial results, followed by our guidance for the third quarter. We'll then answer your questions, and this call is scheduled for one hour.

現在讓我們進入其餘議程。首先，Mark 將就我們近期業績、目前市場狀況以及今年展望發表評論。接著 Greg 將進一步說明我們的季度財務結果，並提供第三季財測指引。之後我們將回答各位的問題；本次電話會議預計為一小時。

Mark?

Mark？

Hello, everyone, and thanks for joining us this morning. In today's call, I'll cover our recent financial results and current business conditions, describe how we're looking at the rest of the year and highlight some of the new products that we expect will power our growth in the future.

各位好，感謝各位今天早上加入我們。在今天的電話會議中，我將說明我們近期的財務結果與目前的營運狀況，分享我們如何看待今年剩餘時間，並重點介紹一些我們預期將推動未來成長的新產品。

First, the results. Our second quarter non-GAAP EPS of $0.59 on revenue of $527 million exceeded our guidance, primarily due to our Test businesses strengthening through the quarter.

首先是業績。我們第二季非 GAAP 每股盈餘為 0.59 美元，營收為 5.27 億美元，優於我們的財測指引，主要原因是我們的測試業務在本季逐步走強。

In Semiconductor Test, memory was a standout with sales of $67 million in the quarter, bringing our Memory Test revenue for the first 6 months to $139 million, up nearly 2x from the year-ago period.

在半導體測試方面，記憶體表現突出，本季銷售額為 6,700 萬美元，使得我們前 6 個月的記憶體測試營收達到 1.39 億美元，較去年同期成長近 2 倍。

Memory Test demand in the third quarter looks even stronger, setting us up for significant year-over-year growth. This demand is being driven by both our traditional flash package test customers and a nice mix of new business for our recently introduced Magnum wafer test product.

第三季的記憶體測試需求看起來更為強勁，為我們帶來顯著的年增成長奠定基礎。這股需求同時來自我們傳統的快閃記憶體封裝測試客戶，以及我們近期推出的 Magnum 晶圓測試產品所帶來的多元新業務組合。

Elsewhere in Semi Test, SOC test demand remains strong. Other than the significant year-over-year drop in an isolated mobility segment that we outlined last quarter, demand in other parts of mobility and the overall SOC market has been stronger than we expected when we updated you in our April call.

在半導體測試的其他領域，SoC 測試需求仍然強勁。除了我們在上一季所提到、某個獨立的行動裝置細分市場出現顯著年減之外，行動裝置其他部分以及整體 SoC 市場的需求，都比我們在 4 月電話會議更新時的預期更強。

Our Eagle Test product line is a bright spot, with sales in the first 6 months up 17% compared to a year-ago period, as analog and automotive demand continues to grow. Our latest 2018 market size estimate for SOC is at the high end of our $2.2 billion to $2.4 billion range. And the Memory Test market is now estimated to be in the $900 million to $1 billion range.

我們的 Eagle Test 產品線是一大亮點，前 6 個月銷售額較去年同期成長 17%，因為類比與車用需求持續成長。我們對 2018 年 SoC 市場規模的最新估計落在 22 億至 24 億美元區間的高端。而記憶體測試市場目前估計約為 9 億至 10 億美元。

At LitePoint, results were also above plan as WiFi test demand for smartphone applications strengthened. 6-month sales at LitePoint are up 9% over the year-ago period. Despite being in a technology lull pending new wireless standards like 802.11ax for WiFi and 5G cellular, cell phone makers continue to add incremental wireless capabilities to their products, driving up test times and fueling our business.

在 LitePoint 方面，隨著智慧型手機應用的 WiFi 測試需求走強，業績也高於計畫。LitePoint 前 6 個月銷售額較去年同期成長 9%。儘管在 WiFi 的 802.11ax 與 5G 行動通訊等新無線標準推出前，市場正處於技術空窗期，手機製造商仍持續在產品中增加更多無線功能，推升測試時間並帶動我們的業務。

Our 802.11ax production test product is in the market testing access points and ready for the likely 2019 ramp as cell phones begin to adopt this technology. Likewise, both our millimeter wave and [sub-6G] cellular production test products are being qualified now at top suppliers for likely production volume starting in 2020.

我們的 802.11ax 量產測試產品已在市場上用於測試無線基地台（access points），並已為手機開始採用該技術、可能於 2019 年放量做好準備。同樣地，我們的毫米波與 [sub-6G] 行動通訊量產測試產品，目前也正在主要供應商處進行認證，預期於 2020 年開始進入量產規模。

Our System Test business also is strong, with the 6-month sales up 47% from the same 2017 period. Most of this is due to Storage Test demand, which is more than doubled from the first quarter on greater-than-expected HDD and system-level test demand. This will continue to be lumpy business, and we've organized our operations accordingly, allowing us to deliver above-model profits in strong periods and model or better profits across the full year.

我們的系統測試業務同樣強勁，前 6 個月銷售額較 2017 年同期成長 47%。其中大部分來自儲存測試需求，因 HDD 與系統層級測試需求高於預期，使其較第一季成長逾一倍。這項業務仍將呈現波動性；我們也已相應調整營運配置，使我們能在景氣強勁期間交出高於模型的獲利，並在全年範圍內達到模型或更佳的獲利表現。

In Industrial Automation, Universal Robots' robust growth continues with quarterly sales of $57 million, up 45% from the same quarter of 2017. Late in the quarter, we introduced our new E-series of cobots. The E-series extends the capabilities of our 3-, 5- and 10-kilogram payload cobots by providing higher-performance data processing, enhanced ease-of-use software, Category 3 safety certification, integrated force torque sensing and a long list of other improvements to make the arm even easier to use. The higher power data processing platform and software enhancements allow our UR+ ecosystem partners to design more powerful solutions and apps for our platform. The Category 3 certification further reduces the safety hurdles required to deploy our cobots. And the integrated force torque sensor gives our cobot a sense of touch, which is important for a wide range of tasks like gluing, polishing, surface inspection and light assembly.

在工業自動化方面，Universal Robots 仍維持強勁成長，本季銷售額為 5,700 萬美元，較 2017 年同季成長 45%。在本季後段，我們推出了新一代 E 系列協作機器人（cobots）。E 系列透過提供更高效能的資料處理、強化的易用性軟體、Category 3 安全認證、整合式力矩感測，以及一長串其他改良，擴展了我們 3、5 與 10 公斤負載協作機器人的能力，使機械手臂更容易使用。更高功率的資料處理平台與軟體強化，讓我們的 UR+ 生態系夥伴能為平台設計更強大的解決方案與應用程式。Category 3 認證進一步降低部署協作機器人所需面對的安全門檻。而整合式力矩感測器讓協作機器人具備觸覺，對於上膠、拋光、表面檢測與輕量組裝等多種任務都很重要。

With the acquisition of MiR in the quarter, Teradyne now has the leading platform in the rapidly expanding autonomous mobile robot market. In the second quarter, MiR delivered full quarter sales of nearly $6 million, up over 85% from the same period of 2017. In late June, MiR expanded their product line with the introduction of the 500-kilogram payload autonomous mobile robot, the MiR 500. The MiR 500 delivers the same low-cost, flexible and easy to program characteristics of the MiR 100- and 200-kilogram robots. The MiR 500 extends the range of industry material movement applications that can be autonomously automated. Whereas the 100- and 200-kilogram robots are optimized for automating human scale material movements in manufacturing, the MiR 500 allows the additional automation of forklift and other pallet-moving systems. In the months ahead, we'll continue to strengthen MiR's distribution network, lineup of peripheral suppliers and invest in their organizational capabilities to support their 50% to 100% growth for the foreseeable future.

隨著本季完成對 MiR 的收購，Teradyne 現已在快速擴張的自主移動機器人市場中擁有領先的平台。第二季，MiR 貢獻了接近 600 萬美元的完整季度銷售額，較 2017 年同期成長超過 85%。在 6 月下旬，MiR 透過推出 500 公斤負載的自主移動機器人 MiR 500，擴展了其產品線。MiR 500 延續 MiR 100 與 200 公斤機器人同樣的低成本、彈性高且易於編程的特性。MiR 500 擴大了可由自主方式實現自動化的工業物料搬運應用範圍。相較於 100 與 200 公斤機器人主要針對製造業中「以人為尺度」的物料搬運自動化，MiR 500 讓堆高機及其他棧板搬運系統也能進一步自動化。在接下來的幾個月，我們將持續強化 MiR 的經銷通路網路、周邊供應商陣容，並投資其組織能力，以支援其在可預見的未來達成 50% 至 100% 的成長。

Overall, we expect our Industrial Automation segment to grow at a 50% to 55% clip this year, in line with our 2021 earnings model.

整體而言，我們預期今年工業自動化事業部將以 50% 至 55% 的增長速度成長，與我們 2021 年的獲利模型一致。

Looking out at the full year, from a financial perspective, we expect a second half to look very similar to the first half and the company revenues to be split about 50-50, with the Industrial Automation segment higher and Test lower compared with the first half.

就全年來看，從財務角度而言，我們預期下半年將與上半年非常相似，公司營收約為 50/50 分配；相較於上半年，工業自動化事業部占比將更高，而測試事業部占比將較低。

Looking further ahead, I'm sure many of you are trying to forecast the size of the Semiconductor Test market next year. We won't get our first look at 2019 demand until late this year and won't have a good sense of the market until sometime in first quarter. But while we know the test market will remain volatile in the future, we are confident that the long-term drivers of the market, device unit growth and complexity, are intact.

再往前看，我相信各位之中有許多人正試圖預測明年半導體測試市場的規模。我們要到今年稍晚才會首次看到 2019 年的需求狀況，並且要到第一季的某個時間點才會對市場有較清楚的掌握。但儘管我們知道未來測試市場仍將維持波動，我們仍有信心，市場的長期驅動因素——裝置出貨量成長與複雜度提升——依然完好無虞。

Despite this volatility, the Semi Test market has been growing at about a 7% plus annual rate off the 2014/'15 market average. This supports our confidence in the $3.50 to $4 earnings target in 2021, which assumes a model growth rate of 2 point -- 2% to 4% trend line growth in Semi Test.

儘管存在這種波動，半導體測試市場仍以約 7% 以上的年增率成長，基礎是 2014/’15 年市場平均水準。這也支持我們對 2021 年每股盈餘（EPS）目標 3.50 至 4.00 美元的信心；該目標假設半導體測試的模型成長率為 2 個百分點——亦即 2% 至 4% 的趨勢線成長。

In addition to core market growth, we've been investing in new products and acquisitions to create a portfolio that can grow ahead of the curve. A few of those are just entering the market this year and others will roll out in the quarters ahead. Some enhance our competitive position in served markets, while others expand our served markets. In Semiconductor Test, as noted earlier, the Magnum 5's expansion beyond flash package test is underway as we've started delivering systems for both flash and DRAM wafer test. Recall that flash and DRAM wafer test -- recall that the flash and DRAM wafer test market is more than twice the size of the flash package test market. This market is expected to drive our memory market share from the high 20s to the high 30s over the next few years.

除了核心市場成長之外，我們也持續投資新產品與併購，以打造能夠領先趨勢成長的產品組合。其中有幾項今年才剛進入市場，其他則將在接下來幾季推出。有些強化我們在既有服務市場中的競爭地位，另一些則擴大我們的服務市場範圍。在半導體測試方面，如先前所述，Magnum 5 正在從快閃記憶體封裝測試擴展至更廣領域，我們已開始交付同時用於快閃與 DRAM 晶圓測試的系統。請記得，快閃與 DRAM 晶圓測試——請記得快閃與 DRAM 晶圓測試市場的規模，是快閃封裝測試市場的兩倍以上。預期在未來幾年，該市場將推動我們的記憶體市占率從接近 20% 後段提升至接近 30% 後段。

Also, in Semiconductor Test, our R&D teams are working on products targeting new standards in the high-speed serial and RF markets. Our just-introduced Ultra serial 6G instruments allow customers to fully characterize and test chips with interface speeds up to 60 gigabits per second. Targeted devices that use high-speed serial interfaces like Pam4, the instrument provides customers a cost-effective way to fully verify the performance of devices that deliver the immense bandwidth needed for 5G and cloud-based AI applications.

此外，在半導體測試方面，我們的研發團隊正開發產品，鎖定高速序列與 RF 市場的新標準。我們剛推出的 Ultra serial 6G 儀器，讓客戶能完整表徵並測試介面速度最高達每秒 60Gb 的晶片。針對使用 Pam4 等高速序列介面的裝置，該儀器為客戶提供具成本效益的方式，以完整驗證裝置效能，確保其能提供 5G 與雲端 AI 應用所需的龐大頻寬。

In RF, our new instruments are testing silicon for a range of emerging standards, including 802.11ax, AD and 5G cellular that are moving through our semiconductor customers' labs on their way to early production.

在 RF 方面，我們的新儀器正在測試支援一系列新興標準的矽晶片，包括 802.11ax、AD 與 5G 行動通訊；這些標準正於半導體客戶的實驗室中推進，並朝向早期量產邁進。

And the growing silicon content enabling AI at the edge is driving up device complexity and test time. Whereas training algorithms usually get developed in the cloud, those honed algorithms are often deployed in the real world in edged optimized silicon for AI inference and decision-making in realtime. Teradyne is well positioned in this growing edge AI space.

而支援邊緣端 AI 的矽含量持續增加，正推升裝置複雜度與測試時間。由於訓練演算法通常在雲端開發完成，這些經過調校的演算法往往會部署到真實世界中，透過針對邊緣端最佳化的 AI 推論矽晶片，在即時情境下進行推論與決策。Teradyne 在這個成長中的邊緣 AI 領域具備良好布局。

You can see this today in autonomous driving in automotive ADAS systems where sensor data is interpreted and decisions are made in realtime to optimize safety and performance. You can also see in -- the increasing range of smart speakers interpreting voice commands with a combination of local and cloud-based AI.

你今天就能在汽車自動駕駛的 ADAS 系統中看到這點：系統會解讀感測器資料並即時做出決策，以最佳化安全性與效能。你也能在——越來越多的智慧喇叭上看到：它們結合本地端與雲端 AI 來解讀語音指令。

Smart cameras are another emerging trend where localized AI algorithms preprocess image data to make realtime decisions. In addition to organic investments, acquisitions will continue to play a role in our growth. Having recently completed the acquisitions of MiR and Energid, we continue to have an active M&A pipeline, combined with a robust capital returns program. In the first 6 months of 2018, we've repurchased $361 million of Teradyne shares and paid $35 million in dividends. We remain committed to this balanced capital allocation plan going forward.

智慧攝影機是另一個新興趨勢，本地化的 AI 演算法會先行預處理影像資料，以做出即時決策。除了內生成長投資外，併購也將持續在我們的成長中扮演角色。我們近期完成對 MiR 與 Energid 的收購後，仍持續維持活躍的併購（M&A）案源管線，並搭配強健的資本回饋計畫。在 2018 年前 6 個月，我們回購了 3.61 億美元的 Teradyne 股票，並支付 3,500 萬美元股利。未來我們仍將致力於這項均衡的資本配置計畫。

Now I'll 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 and then cover the second quarter results and third quarter outlook. At the halfway point, our first half sales totaled $1,014,000,000. And at the bottom line, we've achieved $1.04 in non-GAAP EPS. We're pleased with our first half financial performance, particularly in an off year for the mobility segment of our Semiconductor Test business. As described last quarter, our prior year's mobility tooling ramp will not repeat in 2018, which is largely why our first half non-GAAP EPS is down $0.30 from a year ago. Even with this air pocket, our gross margins are running at 57% and our non-GAAP PBIT rate is 23% for the first 6 months. It's important to highlight that the same positive Semi Test structural dynamics, which we've described in the past, remain in place.

謝謝你，Mark，各位早安。我會先對 2018 年做一些簡短評論，接著說明第二季結果與第三季展望。截至上半年，我們上半年銷售額合計為 1,014,000,000 美元。在淨利方面，我們達成非 GAAP 每股盈餘（EPS）1.04 美元。我們對上半年財務表現感到滿意，尤其是在我們半導體測試業務的行動裝置（mobility）事業處於景氣淡年的情況下。如同上季所述，前一年度的行動裝置治具（tooling）拉升不會在 2018 年重演，這也是我們上半年非 GAAP EPS 較去年同期下滑 0.30 美元的主要原因。即便有這段空窗期，我們的毛利率仍維持在 57%，且前 6 個月的非 GAAP PBIT 率為 23%。重要的是要強調，我們過去所描述的半導體測試正向結構性動能仍然存在。

Starting in 2015, advancements in parallel testing hit their practical limits for complex mobility devices, which caused the ATE market to grow again. Previously, advancements in parallel test had a compressive effect on the ATE market and masked the underlying growth [and complexity in] units. We expect mobility devices will continue to increase in complexity with test times trending higher, offset at times by improvements in tester technology or customer optimization work. As a result, the mobility test segment will remain an important growing market for Semiconductor Test, albeit volatile, as we've recently seen.

自 2015 年起，針對複雜行動裝置的平行測試技術進步已達到實務上的極限，因而使 ATE 市場再度成長。先前，平行測試的進步對 ATE 市場具有擠壓效應，並掩蓋了出貨量的底層成長[以及複雜度提升]。我們預期行動裝置將持續變得更複雜，測試時間趨勢走高，但有時會被測試機台技術改善或客戶端最佳化工作所抵銷。因此，行動裝置測試領域將仍是半導體測試中重要且成長的市場，儘管波動性較高，正如我們近期所見。

The net of these trends is that even with lower mobility shipments in 2018, we should have solid profitability and free cash flow.

綜合這些趨勢，即使 2018 年行動裝置出貨較低，我們仍應能維持穩健的獲利能力與自由現金流。

Staying with Semi Test. ATE demand has been healthy this year across the automotive, industrial and memory segments. In automotive, ADAS, IBI and hybrid vehicles are driving more silicon content, along with shorter device life cycles. Automotive semiconductors also require testing under different temperature environments and take more test seconds than other devices, as [escapes] are costly. Longer-term AI [should drive] even more semiconductor content in automotive, where we have strong market share and expect above-average market growth.

繼續談半導體測試。今年 ATE 需求在汽車、工業與記憶體等領域均維持健康。在汽車方面，ADAS、IBI 與油電混合車正推動更高的矽含量，同時也帶來更短的裝置生命週期。汽車用半導體也需要在不同溫度環境下進行測試，且相較其他裝置需要更多測試秒數，因為[漏測]的代價非常高。長期而言，AI [應會推動]汽車領域採用更多半導體；我們在該領域具備強勁市占，並預期市場成長將高於平均。

The ubiquitous industrial and microcontroller devices, where we also maintain strong share, are being driven by an overall healthy economy and greater end applications. Both Eagle Test and the J750 have had strong demand 2 years running. These end markets are also finding new applications in energy management, factory monitoring and IoT applications.

無所不在的工業與微控制器裝置領域，我們同樣維持強勁市占，受惠於整體健康的經濟環境與更多終端應用。Eagle Test 與 J750 已連續兩年需求強勁。這些終端市場也在能源管理、工廠監控與物聯網（IoT）應用中找到新的使用情境。

Turning to Memory Test. As Mark noted, we had record first half Memory Test sales of $139 million and are on track to grow our memory top line for the sixth year in a row. So overall, our Semi Test business is tracking to its fifth consecutive year of non-GAAP PBIT solidly above 20%.

接著談記憶體測試。如 Mark 所提，我們上半年記憶體測試銷售額創下 1.39 億美元的紀錄，並正朝連續第六年提升記憶體營收的目標前進。因此整體而言，我們的半導體測試業務正朝連續第五年非 GAAP PBIT 穩定高於 20% 的方向推進。

Now moving to our high-growth industrial automation segment. We had sales of $62 million in the second quarter. Universal Robots was $57 million of this total and grew 45% from the year-ago quarter. Industrial Robots set a new quarterly gross margin record and is on track to achieve a 60% gross margin for the full year as material cost savings from Teradyne supply line group continue. Recall that Universal Robots had a 51% gross margin when we acquired them in 2015. Universal Robots is also using its own cobot arms to assemble new UR cobots, improving quality and cost and freeing UR employees from many tedious and uncomfortable, repetitive tasks.

現在轉到我們高成長的工業自動化事業部。第二季銷售額為 6,200 萬美元。其中 Universal Robots 貢獻 5,700 萬美元，較去年同期成長 45%。工業機器人業務創下單季毛利率新高紀錄，並正朝全年達成 60% 毛利率的目標前進，因為 Teradyne 供應鏈團隊持續帶來材料成本節省。請記得，我們在 2015 年收購 Universal Robots 時，其毛利率為 51%。Universal Robots 也使用自家的協作機器人手臂來組裝新的 UR 協作機器人，提升品質並降低成本，同時讓 UR 員工免於許多繁瑣、不舒適且重複性的工作。

MiR had second quarter sales of $4.5 million from the day of the acquisition and $5.7 million for the full quarter on a stand-alone basis, over 85% higher than the year-ago quarter. Energid made up the balance of Industrial Automation revenue.

MiR 在第二季自收購日起的銷售額為 450 萬美元；若以獨立公司口徑計算，整個季度為 570 萬美元，較去年同期高出超過 85%。Energid 構成工業自動化營收的其餘部分。

Staying with Universal Robots. We've been ramping our field distribution aggressively this year and expect those added resources to help us achieve higher growth in the second half. We expect that there'll be waves of adoption that should cause UR sales to be above or below our 45% to 50% model growth target for UR. For example, we've been selling mostly to SMEs and plant managers at the larger companies. At some point, we expect a wave of demand as larger companies adopt cobots in greater quantities as they become more aware of their fast payback and flexibility. Similarly, we also expect that new enabling technologies will open up much larger opportunities that to date have only just been scratched. For example, there are many tedious tasks across industrial manufacturing that increasingly can be automated with advanced [half planning] software and commercially available 3D vision modules. We believe that Energid's easy-to-use motion control software will provide the needed path-planning capability to make automation of these tasks economically viable.

接著談 Universal Robots。今年我們積極擴大現場通路佈建，並預期新增資源將協助我們在下半年達成更高成長。我們預期採用將呈現波段式推進，這可能使 UR 銷售高於或低於我們對 UR 設定的 45% 至 50% 模型成長目標。例如，我們目前主要銷售給中小企業（SMEs）以及大型公司的廠務主管。在某個時間點，隨著大型公司更了解協作機器人（cobots）回收期短與彈性高，我們預期將出現一波需求，促使大型公司以更大量導入協作機器人。同樣地，我們也預期新的賦能技術將開啟更大的機會，而迄今僅是初步觸及。例如，在工業製造領域有許多繁瑣工作，正日益可透過先進的[半規劃]軟體與商用 3D 視覺模組實現自動化。我們相信 Energid 易用的運動控制軟體將提供所需的路徑規劃能力，使這些工作自動化在經濟上可行。

There are also more and more third parties investing their R&D on our open platform to create plug-and-play solutions for an expanding array of tasks. For example, at AUTOMATICA, the large German automation show -- trade show held in June, we counted over 40 third parties using UR cobots to demonstrate their products or end of arm accessories ranging from lasers, surface inspections, to light assembly tasks. At MiR, we also expect a strong second half with mid- to larger accounts driving demand. Similar to Universal Robots, we have a significant market lead with our ease of use, fast payback and distribution network. We also bring Teradyne synergies to MiR and supply line management, global expansion and balance sheet muscle.

此外，也有越來越多第三方在我們的開放平台上投入研發，以打造可即插即用的解決方案，涵蓋日益擴大的任務範圍。例如，在 6 月舉行的大型德國自動化展 AUTOMATICA（貿易展）上，我們統計有超過 40 家第三方使用 UR 協作機器人展示其產品或末端執行器配件，範圍從雷射、表面檢測到輕量組裝任務。在 MiR 方面，我們也預期下半年表現強勁，由中型至大型客戶帶動需求。與 Universal Robots 類似，我們憑藉易用性、快速回收與通路網路，擁有顯著的市場領先地位。我們也為 MiR 帶來 Teradyne 的綜效，包括供應鏈管理、全球擴張以及資產負債表實力。

So overall, in 2018, we continue to take strategic actions necessary to make solid progress towards our midterm $3.50 to $4 non-GAAP EPS plan. Recall that the single largest growth contributor from the $2.34 non-GAAP EPS achieved last year is Universal Robots. And with the new E-series lineup, we've taken another big step forward.

因此整體而言，在 2018 年，我們持續採取必要的策略行動，朝中期每股盈餘（非 GAAP）3.50 至 4.00 美元的計畫穩健推進。請記得，去年我們達成的每股盈餘（非 GAAP）2.34 美元中，最大的成長貢獻者是 Universal Robots。而隨著新的 E 系列產品線，我們又向前邁出了一大步。

Moving on to the System Test business. Defense and Aerospace, Production Board Test and Storage Test are all expected to operate at model profitability or better for the year.

接著談系統測試（System Test）業務。國防與航太、量產板測（Production Board Test）以及儲存測試（Storage Test）預期全年皆可達到模型獲利水準或更佳。

Shifting quickly to Wireless Test, we operated above model profitability in the first quarter and for the first half.

再快速轉到無線測試（Wireless Test），我們在第一季以及上半年皆高於模型獲利水準運作。

Turning to the balance sheet. Our cash and marketable security balances stand at $1.3 billion, down $284 million from the first quarter. We returned $244 million of capital in the second quarter, principally through $227 million in share repurchases, a bit more than planned due to opportunistic buying and $17 million in dividends.

接著看資產負債表。我們的現金與有價證券餘額為 13 億美元，較第一季減少 2.84 億美元。第二季我們回饋資本 2.44 億美元，主要透過 2.27 億美元的庫藏股買回（因把握機會買進而略高於原先規劃）以及 1,700 萬美元的股利。

Our share repurchases since 2015 total $1 billion at an average price of $27.12.

自 2015 年以來，我們累計買回股票 10 億美元，平均買回價格為 27.12 美元。

Recall, we plan to buy back at least $750 million of our stock this year and return approximately $70 million in dividends. Looking ahead, we also expect to use our cash to make additional Industrial Automation moves to further our lead in next-generation Industrial Automation. That is why we plan to keep the balance sheet flexible.

請記得，我們今年計畫至少買回 7.5 億美元自家股票，並發放約 7,000 萬美元股利。展望未來，我們也預期運用現金進一步推動工業自動化的併購/布局，以擴大我們在下一代工業自動化的領先優勢。這也是我們計畫維持資產負債表彈性的原因。

Moving to the details of the second quarter. Sales were $527 million. The non-GAAP operating profit rate was 25%, and non-GAAP EPS was $0.59. We had no 10% customer in the quarter, and gross margins were 58%. You'll see our non-GAAP operating expenses were $175 million, up $10 million from the first quarter, primarily due to the expansion of UR's distribution programs, the inclusion of MiR and Energid for a full quarter and higher variable compensation tied to higher profit levels.

接著說明第二季細節。銷售額為 5.27 億美元。營業利益率（非 GAAP）為 25%，每股盈餘（非 GAAP）為 0.59 美元。本季沒有單一客戶占比達 10%，毛利率為 58%。你會看到我們的營業費用（非 GAAP）為 1.75 億美元，較第一季增加 1,000 萬美元，主要因 UR 通路計畫擴張、MiR 與 Energid 納入完整一季，以及與較高獲利水準連動的較高變動薪酬。

Our second quarter OpEx of $175 million versus a year-ago period is up by $3 million due to Industrial Automation acquisitions and distribution buildup, partially offset by lower variable compensation compared with the prior year. We plan to continue to invest aggressively to keep our high-growth Industrial Automation business on track against our 2021 model while keeping test OpEx flat apart from variable compensation changes tied to profitability. The detailed segment and unit level sales for the second quarter, including the geographic breakdown for UR MiR, are shown in a table in the presentation.

我們第二季營業費用 1.75 億美元，相較去年同期增加 300 萬美元，原因為工業自動化併購與通路擴建，但部分被較去年同期更低的變動薪酬所抵銷。我們計畫持續積極投資，以確保高成長的工業自動化業務依 2021 年模型推進，同時除與獲利連動的變動薪酬變化外，維持測試業務的營業費用持平。第二季各事業群與單位層級的詳細銷售額（包含 UR、MiR 的地理區域拆分）已在簡報中的表格呈現。

So turning to the guidance. For the third quarter, sales are expected to between $540 million and $570 million, and the non-GAAP EPS range is $0.59 to $0.66 on 188 million diluted shares. Q3 guidance excludes the [amortization] of acquired intangibles, restructuring and other noncash convertible debt interest. The third quarter gross margin should run at 57%, and total OpEx should run from 31% to 33%. The operating profit rate at the midpoint of our third quarter guidance is about 25%.

接著談財測。第三季銷售額預期介於 5.40 億至 5.70 億美元；以稀釋後股數 1.88 億股計算，每股盈餘（非 GAAP）區間為 0.59 至 0.66 美元。第三季指引不包含併購無形資產的[攤銷]、重組費用以及其他非現金可轉換公司債利息。第三季毛利率應約為 57%，總營業費用應介於 31% 至 33%。以第三季指引中位數計算，營業利益率約為 25%。

Let me emphasize that we expect Industrial Automation quarterly OpEx to approach $35 million towards the end of the year, up from $16 million in the fourth quarter of 2017. Notwithstanding our planned Industrial Automation OpEx investments, we expect this high-growth segment to achieve mid-teens operating profit rates for the full year.

我要強調，我們預期工業自動化季度營業費用在年底前將接近 3,500 萬美元，高於 2017 年第四季的 1,600 萬美元。儘管我們規劃投入工業自動化營業費用，我們仍預期此高成長事業群全年可達到約中段十位數（mid-teens）的營業利益率。

Shifting to taxes. Our full year tax rate is expected to be about 16.5%, up 0.5 point from our April estimate on stronger Memory Test sales at Nextest and analog test sales at Eagle. So in summary, we've significantly extended our product lead at Universal Robots with the E-series lineup. We added the higher payload MiR 500 to MiR's product offerings. And outside of Teradyne, there's a growing pool of third parties developing solutions on our next-generation platforms. We see multiple waves of growth ahead in Industrial Automation. We're also delivering solid profitability across our test and automation portfolio, taking the actions necessary to achieve our 2021 model that has our Industrial Automation segment at a $1 billion business, all while continuing to return significant capital to our investors.

接著談稅務。我們預期全年稅率約為 16.5%，較 4 月估計上調 0.5 個百分點，原因是 Nextest 的記憶體測試銷售更強，以及 Eagle 的類比測試銷售更強。總結來說，我們透過 E 系列產品線大幅擴大 Universal Robots 的產品領先優勢。我們也將更高載重的 MiR 500 納入 MiR 的產品組合。此外，在 Teradyne 之外，也有愈來愈多第三方在我們的下一代平台上開發解決方案。我們看到工業自動化未來將有多波成長動能。我們也在測試與自動化產品組合上交出穩健獲利，並採取必要行動以達成 2021 年模型：工業自動化事業群成為 10 億美元規模的業務，同時持續向投資人回饋可觀資本。

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

接下來我把電話交回給 Andy。

Thanks, Greg. We'd like to take the questions. (Operator Instructions)

謝謝，Greg。我們想開始回答提問。（接線員指示）

(Operator Instructions) And the first question will come from Richard Eastman with Baird.

（接線員指示）第一個問題來自 Baird 的 Richard Eastman。

Just a quick -- my first question is around -- Mark, I think you addressed this in your commentary, but is the expectation for the second-half revenue for Ter still roughly equivalent to the first-half revenue for Ter?

先快速問一下——我的第一個問題是關於——Mark，我想你在評論中有提到，但對 Ter 而言，下半年營收的預期是否仍大致等同於上半年營收？

Yes, that's about what we expect. And of course, the Industrial Automation should be a bit stronger than the first half, and Test will be a bit down, but 50-50.

是的，這大致就是我們的預期。當然，工業自動化應該會比上半年強一些，而測試業務會稍微下滑一些，但大約是 50-50。

Okay. And then just a quick question around the Systems Test business as well as the Wireless Test businesses. I guess, if you kind of do the math, was some of the System Test business and Wireless, was some of that pulled into the first half, some of that revenue? Again, just curious if the lumpiness around the quarterly revenue for those 2 businesses, or have we kind of stepped up to a new revenue level for those 2 businesses?

了解。另外也快速問一下系統測試業務以及無線測試業務。我想，如果你稍微算一下，上半年系統測試與無線測試是否有部分營收被提前拉到上半年認列？同樣地，只是好奇這兩個業務季度營收的波動性，或是我們其實已經提升到這兩個業務新的營收水準？

I'll take that one. It's principally in Storage Test within System Test is inherently lumpy business. And we got large orders concentrated. It's because we have a thin customer portfolio, and they tool up periodically and when they tool up, the orders come on one concentrated buying cycle.

我來回答這題。主要是在系統測試中的儲存測試，本質上是一門波動很大的生意。而且我們的大型訂單會集中出現。這是因為我們的客戶組合較薄，他們會週期性地進行產線/設備建置；一旦開始建置，訂單就會在某一個集中的採購週期內湧入。

Okay. So -- okay. All right. So...

好的。所以——好的。好吧。所以……

Just to add on Wireless Test. There's no evidence there of any sort of pull-in. I think the incremental demand we saw around cell phone, WiFi was just addressing the inherent complexity growth there. And our customers were a little caught short on some capacity. But it's not a forward pull-in that we can see.

再補充一下無線測試。我們沒有看到任何提前拉貨（pull-in）的跡象。我認為我們在手機、WiFi 周邊看到的增量需求，只是在因應那裡固有的複雜度提升。而我們的客戶在部分產能上有點措手不及。但這不是我們所能看到的前置拉貨。

The next question will come from Vivek Arya with Bank of America.

下一個問題來自美國銀行（Bank of America）的 Vivek Arya。

First one on memory. When I look at what we hear from some of the front-end players and from some of the customers and we look at the pricing trends, they seem to be more muted than the strength that you are seeing in memory, so why the disconnect? Are these share gains? Is this new product? And what's the visibility around the utilization and orders in this segment?

第一題關於記憶體。當我看一些前段（front-end）業者以及部分客戶的說法，再看價格趨勢，似乎比你們在記憶體看到的強勁程度更為溫和，所以為什麼會有落差？這是市佔提升嗎？這是新產品嗎？另外，在這個區塊的產能利用率與訂單能見度如何？

Okay. So first of all, visibility in memory is always pretty short. Maybe it's 3 months. So with that being said, there's always a disconnect in time between the front-end [facilitizing] fabs, which tend to be large, multibillion dollar investments that customers make to bring a fab online and with a lot of tool orders rolling in and such. And then the incremental investments they make once the fab is running to facilitate test. As they start to turn on production in these large investments, they incrementally grow wafer volume and incrementally add test along the way. And the lag time can be as much as 6 months to sometimes a year between when the tools go in on the front end and the fab's running at full volume. So that's why you see a timing difference. We don't see, in terms of test demand for memory, any slowdown at the moment. But again, I said the visibility is about 3 months on that, so -- and the other thing I will reinforce, that I said before, the market this year is very strong, $900 million to $1 billion of test capacity. A more sustainable level, I believe, is $700 million to $800 million. Will we see that next year, for example? It could very well happen. A lot will depend on what the indigenous China customers do with their facilitation of test.

好的。首先，記憶體的能見度一向都很短。大概是 3 個月。在此前提下，前段晶圓廠的擴產/建置（[facilitizing] fabs）與後續測試端的投資之間，時間上總是會有落差；前段通常是客戶為了讓晶圓廠上線所做的、數十億美元等級的大型投資，會伴隨大量設備訂單進來等等。而晶圓廠開始運轉後，他們會再做增量投資來完善測試。當這些大型投資開始啟動量產時，他們會逐步增加晶圓產出量，並在過程中逐步增加測試。從前段設備進廠到晶圓廠滿載運轉，落後時間可能長達 6 個月，甚至有時到 1 年。所以你會看到時點上的差異。就記憶體的測試需求而言，我們目前沒有看到放緩。但如我所說，能見度大約只有 3 個月；另外我也要再次強調我之前提過的，今年市場非常強勁，測試產能需求約 9 億到 10 億美元。我認為較可持續的水準是 7 億到 8 億美元。例如明年會看到那樣的水準嗎？很有可能會發生。很大程度取決於中國本土客戶在測試完善/建置方面會怎麼做。

Got it. And for my follow-up, it's clear that you're trying to move the company more and more towards this faster area of Industrial Automation. What -- do you need to change anything organizationally to -- as you look at the transformation of the company? Or do think the way you have it set up right now is the right organizational structure?

了解。追問一下，很明顯你們正試圖讓公司越來越朝向成長更快的工業自動化領域。在你們看公司轉型的過程中——你們需要在組織上做任何調整嗎？還是你認為目前的組織架構就是正確的？

I think we're doing it exactly right at the moment. As Industrial Automation grows as part of the portfolio of Teradyne, there will be some adjustments we make structurally along the way. But right now, we have pretty autonomous and separate operating groups for each of those businesses, with -- the one advantage we have here is leveraging our manufacturing capability, where we've achieved significant gross margin improvements. So leveraging where we need to and get some immediate benefit, but letting the IA business run with its own DNA and its own sort of management team is the principal. And even now with MiR and Energid in the loop, we've got an umbrella strategy. But operating wise, we're still pretty much running independently. At some point, a couple of years down the road, that could very well change, but not in the short term.

我認為我們目前做得完全正確。隨著工業自動化在 Teradyne 的產品組合中占比成長，我們會在過程中做一些結構性的調整。但就現在而言，我們針對各個業務都有相當自主且彼此分開的營運團隊；我們在這裡的一個優勢是能夠運用我們的製造能力，而我們已在毛利率上取得顯著改善。因此在需要的地方加以槓桿、取得立即效益，同時讓 IA 業務以它自己的 DNA、以及它自己的管理團隊來運作，這是主要原則。即使現在 MiR 和 Energid 也納入版圖，我們有一個傘狀策略。但在營運層面，我們仍然大致上是各自獨立運作。未來幾年後某個時間點，這很可能會改變，但短期內不會。

The next question will come from C.J. Muse with Evercore.

下一個問題來自 Evercore 的 C.J. Muse。

I guess, first question, trying to understand the sequential growth in the September quarter. Can you share with us how you're thinking about the storage side, whether that is sustainably strong or that down ticks? And then as part of that, I would assume that you're seeing a meaningful acceleration in the UR IA part of things?

我想第一個問題是，想了解 9 月季度的季增成長。你們能否分享一下你們對儲存端的看法：這樣的強勁是否可持續，還是會下滑？另外，作為其中一部分，我猜你們在 UR 的 IA 業務上應該看到相當明顯的加速？

Yes. C.J., The Storage Test into the third quarter does down tick, so that's not driving the growth. There's some good Semiconductor Test growth, particularly in memory, in the third quarter. So that's a piece of it and that's some new opportunities that we are shipping to. So it's a big plus. And then certainly, UR is a big part of the second half. We target 50% for the year. For the first half, we're at 40%, so we're targeting 60% growth over the corresponding period from a year ago. So we've got some -- a lot of actions underway. We've hired a lot of people to make sure that we have the resources to pull that off.

是的。C.J.，第三季的儲存測試會小幅下滑，所以它不是成長的驅動因素。第三季半導體測試會有一些不錯的成長，特別是在記憶體。這是其中一部分，而且我們也在出貨給一些新的機會。所以這是很大的加分。另外當然，UR 是下半年很重要的一部分。我們全年目標是 50%。上半年我們是 40%，所以我們的目標是下半年相較去年同期成長 60%。因此我們已經——有很多行動正在進行中。我們也招募了很多人，確保我們有足夠資源來達成。

So just to be clear, you are -- or for total IA or you are -- you're targeting 60% year-over-year growth for the second half of calendar '18?

所以確認一下，你是——針對整體 IA，還是你——你們的目標是 2018 年下半年（曆年）年增 60%？

Well, with UR, we're targeting the whole segment to get 50%. UR is 45% to 50%. We want to get to 50%, but the first half, we're at 40%. So we hired a lot of people in the first quarter, the first part this year. And they take about 6 months to become effective. So we would expect a stronger second half, which we traditionally have in Industrial Automation.

嗯，以 UR 來看，我們的目標是讓整個部門達到 50%。UR 本身是 45% 到 50%。我們希望達到 50%，但上半年我們是 40%。所以我們在第一季、今年前段招了很多人。而他們大約需要 6 個月才會發揮效益。因此我們預期下半年會更強，而這也是我們在工業自動化一向的季節性。

Perfect, makes sense. And then just a quick follow-up on your target model for calendar '18. Do you still expect, given the changes in mix here that the gross margins can be flat to up in '18? And embedded in your [OpEx] guide in the slide deck, shall we be thinking total OpEx given what you know now [of roughly 690 to 695?]

很好，合理。再快速追問一下你們 2018 年（曆年）的目標模型。考量到產品組合的變化，你們是否仍預期 2018 年毛利率可以持平到小幅上升？另外，在投影片中你們的 [OpEx] 指引裡，基於你們目前所知，我們是否應該把總 OpEx 想成大約 [690 到 695]？

Well, the gross margins, as you noted, have been improving over a period of time. They're actually at the high end of our model for 2021 already, so we're pulling -- we're actually -- we are doing much better than we planned on that front and that's coming across the portfolio. Universal Robots is a piece of that as well. So we decided not to update that model quite yet because of the other things that could go the other way. There's a lot of assumptions. But we feel very good [where we want] the gross margin. The OpEx, it's going to be the same strategy. We're going to keep tests flat for the next several years. And Industrial Automation is going to continue to grow expenses, so if sales go up another 50%, I would expect OpEx would go up, but you then end up with a similar profit rate, somewhere around 19%, 20%.

嗯，毛利率如你所提，已經在一段時間內持續改善。事實上，它已經在我們 2021 年模型的高端，所以我們正在——其實——我們在這方面的表現比原先規劃好很多，而且這是整個產品組合共同帶來的。Universal Robots 也是其中一部分。所以我們決定暫時還不更新那個模型，因為還有其他因素可能往相反方向發展。裡面有很多假設。但我們對毛利率達到我們想要的水準感到非常有信心。至於 OpEx，策略會一樣。未來幾年我們會讓測試相關費用持平。而工業自動化的費用會持續成長，所以如果銷售再成長 50%，我預期 OpEx 也會上升，但最終你會得到類似的獲利率，大約在 19%、20% 左右。

The next question will come from John Pitzer with Crédit Suisse.

下一個問題將由瑞士信貸（Crédit Suisse）的 John Pitzer 提出。

Mark, Greg, in your prepared comments on the SOC test side, you specifically talked about things your customers can do to optimize them. I'm just wondering if you could help me understand and give me a little bit more detail, what levers do they hold for optimization? By how much do you think that can take down test time and sort of retard overall unit demand for testers? And then I guess, what's the real world trade-off? Are they just willing to have things be good enough and that's the optimization? Just help me better understand that.

Mark、Greg，在你們針對 SOC 測試部分的事先準備發言中，你們特別談到客戶可以做哪些事情來加以最佳化。我只是想請你們幫我理解並提供更多細節，客戶手上有哪些可用來最佳化的槓桿？你們認為這能在多大程度上縮短測試時間，並在某種程度上抑制整體對測試機的單位需求？另外我想，實務上的取捨是什麼？他們是否只是願意讓結果「夠好」就行，而這就是所謂的最佳化？請幫我更好地理解這一點。

Well, there's different levers customers can use to try to optimize. Historically, the one that we've talked about a lot in recent years that has reached its end is parallel test. So that particular technique has run its course. But there's other techniques. So another technique would be just trimming out tests in a long test program because you believe the probability of failure of that particular item is low. So you do that with some risk that you might get some escapes that could affect either the end product manufacturing or the consumer experience. Now in environments where there's not a lot of technology change, if, for example, we're not moving to new silicon or we're not moving to a new lithography node, it's the same part that's now 1 year or 2 years old, that's a technique that people historically have used and continue to use. It's not new. But one of the things that works against that is a lot of the silicon [rep rate] here and the cycle time is quite short. So every year, as silicon gets reinvented, there's not enough time to learn what tests you can prune out and still be, let's say, safe that your quality level isn't going to dip. So that's another one that as -- in the mobility world, as cycle times have become short, that's sort of gone by and by. So there's nothing really new here. Those are 2 techniques: test time, let's say -- eliminating test is still prevalent. Parallel test is less so.

嗯，客戶可以用來嘗試最佳化的槓桿有不同種。歷史上，我們近幾年談得很多、而且已經走到盡頭的一個方法是平行測試。所以那項特定技術已經發揮到極限。但還有其他技術。另一種技術是在很長的測試程式中裁減一些測試項目，因為你認為該項目的失敗機率很低。這麼做會伴隨一些風險：可能會有漏測（escape），進而影響終端產品製造或消費者體驗。在技術變動不大的環境中，例如我們沒有轉向新的矽晶片、也沒有轉到新的微影節點，而是同一個零件已經上市 1 年或 2 年，這是人們過去一直使用、現在也仍在使用的做法。這並不新。但不利於此的一點是，這裡很多矽晶片的[重製頻率]很高、週期時間也相當短。因此每一年矽晶片都在重新設計時，沒有足夠時間去學習哪些測試可以修剪掉，同時仍能在品質水準不下滑的情況下保持「安全」。所以在行動裝置領域，隨著週期時間變短，這種做法也逐漸式微。因此這裡其實沒有什麼全新的東西。這是兩種技術：就測試時間而言——刪減測試仍然普遍；平行測試則較不常見。

I'll just add to what Mark said. There are some techniques that aren't designed, but they can impact test. If yields all of a sudden improves substantially, then you need to do less tests because if yields are lower, you need to test more units to get the right number of good units out. So the yield level between the prior generation and new generation does affect how many testers you need and that's not really within great control of the customer. Also, how are they going to -- when do they finish their [tape] out and when do they go to market? Is that 3 months? Is it 4 months? How much time is there for the peak build cycle? So there's a bunch of other variables that get [read] very complexly in multiple moving variables. But the ones that we see long-term drive the trend line steadily with these aberrations are the complexity and unit growth.

我補充一下 Mark 的說法。有些技術並非以此為目的設計，但會影響測試。如果良率突然大幅改善，那麼你需要做的測試就會變少；因為當良率較低時，你必須測更多單位，才能產出足夠數量的良品。因此，前一代與新一代之間的良率水準確實會影響你需要多少測試機，而這並不完全在客戶可高度掌控的範圍內。另外，他們要如何——何時完成 [tape] out、何時上市？是 3 個月？是 4 個月？尖峰建置週期有多少時間？所以還有一堆其他變數，彼此交互影響，使得情況變得非常複雜、且有多個變動因素。但我們看到長期而言，推動趨勢線穩定前進、只是中間會有這些異常波動的，主要是複雜度與出貨量成長。

That's helpful. And then for my follow-up, guys, just on the Semi Test side, on the memory, clearly we've seen some adjustments in front-end capacity. I'm wondering if you could just talk a little bit about some of the offset that you might have around share gains that you're seeing in memory and/or just test times in memory going up as memory speeds are increasing and complexity is going up? How do I think about that?

這很有幫助。接著我的追問是，關於半導體測試這邊、在記憶體方面，我們顯然看到前段產能有一些調整。我想請你們談談，你們在記憶體領域看到的市占提升，和／或隨著記憶體速度提升、複雜度上升而導致記憶體測試時間增加，這些因素可能帶來的抵銷效果？我該如何看待這件事？

Well, what I said earlier on the macro front is that slowing front-end investments in memory fabs probably impact test anywhere from 6 to -- 6 months to a year later. A lot of what is being bought today in test is for fabs that were facilitated 6 months to 9 months ago. So that's one thing. But the new markets that we're entering in memory in wafer test are essentially 2x the size of the Flash final test market that we've been playing in up until this year. So if you roughly, for rough numbers say, we've been participating up until this year in a $200 million flash final test market, we've now expanded our served market to $600 million by adding wafer test. And we will incrementally gain share into that space over the next few years. And by the 2021 earnings target that we put out there, we expect we'll be in the high 30s to close to 40% overall share.

嗯，我先前在總體面提到，記憶體晶圓廠前段投資放緩，可能會在 6 個月到——6 個月到 1 年之後才對測試產生影響。今天在測試端購買的很多設備，其實是用於 6 到 9 個月前已經建置（facilitated）的晶圓廠。這是一點。但我們在記憶體的晶圓測試（wafer test）所切入的新市場，基本上是我們截至今年一直參與的快閃記憶體最終測試（Flash final test）市場規模的 2 倍。所以用粗略數字來說，如果截至今年我們參與的是約 2 億美元的快閃最終測試市場，那麼透過加入晶圓測試，我們已將可服務市場擴大到 6 億美元。而在未來幾年，我們會逐步在該領域提升市占。並且依照我們提出的 2021 年獲利目標，我們預期整體市占將達到 30% 高段、接近 40%。

The next question will come from Atif Malik with Citigroup.

下一個問題將由花旗集團（Citigroup）的 Atif Malik 提出。

First question on mobility. TSMC on its earnings call last week talked about the strong 7-nanometer RAM. And unlike 10-nanometer, which was a transitional node built for 1 key customer, 7-nanometer is being widely adopted for high-performance computing, GPU, service GPUs. And TSMC is not going to ramp down 7-nanometer capacity to convert to advance nodes. What does it all mean for your semiconductor and mobile test business for next year? And I have a follow-up.

第一個問題關於行動裝置。台積電在上週的法說會中談到強勁的 7 奈米 RAM（產能爬坡）。而不同於 10 奈米——那是一個為單一關鍵客戶打造的過渡節點——7 奈米正被廣泛採用於高效能運算、GPU、伺服器 GPU。而且台積電不會為了轉換到更先進節點而下調 7 奈米產能。這對你們明年的半導體與行動測試業務意味著什麼？我還有一個追問。

Yes. The adoption of 7-nanometer in mobility is happening now. So it's not just a next-year phenomena, it's a this-year phenomena. And the effect on test is really 2 things. One is, it certainly means the devices have more transistors, so they have longer test times. That's a generic balloon for the test market. The other thing that Greg mentioned is the yields. What will yields be at 7-nanometer versus what they were when people transitioned to 10. If yields are better, then the test demand will be slightly lower. If yields are worse, then the test demand will be slightly higher. The early indications on 7-nanometer is that it's a pretty solid node, so we don't see yields worse, and therefore there won't be another balloon from that. But in terms of what that means for next year and will people start early transitions to -- or when will they start transitioning to 5-nanometer, I think if people stay on 7-nanometer for 2 or 3 years, there'll be incremental yield improvement, which means there will be less tests dedicated to testing that part. So if we sit at a node for 2 to 3 years, then that has a slight negative effect on the test market.

是的。7 奈米在行動領域的採用正在發生。所以這不只是明年的現象，而是今年的現象。而對測試的影響主要有兩點。第一，它確實意味著元件有更多電晶體，因此測試時間更長。這對測試市場而言是一個普遍的放大因素。第二點如 Greg 提到的是良率。7 奈米的良率會相較於人們轉向 10 奈米時如何？如果良率更好，那麼測試需求會略低。如果良率更差，那麼測試需求會略高。目前對 7 奈米的早期跡象顯示它是個相當穩健的節點，因此我們不認為良率會更差，也就不會因此再出現另一個放大效應。但就明年的意涵，以及人們是否會開始提早轉向——或何時開始轉向 5 奈米而言，我認為如果人們在 7 奈米停留 2 到 3 年，良率會逐步改善，這意味著用於測該零件的測試會變少。所以如果我們在某個節點停留 2 到 3 年，對測試市場會有些微的負面影響。

Okay. And then any impact from China tariffs, as China is a fast-growing market for your Industrial Automation business. I understand you ship out of Europe for your UR MiR businesses. But any impacts on China tariffs that you're seeing?

好的。另外，中國關稅是否有任何影響？因為中國是你們工業自動化業務的快速成長市場。我理解你們的 UR、MiR 業務是從歐洲出貨。但你們目前看到中國關稅有任何影響嗎？

The only impact to date is the automatic test equipment code got caught up in the list of industries that tariffs would apply. So when our contract manufacturer flex from Xuzhou China ships into the U.S., there is a 25% tariff. So as you can imagine, there aren't a lot of shipments from China to the U.S. because most test equipment is going into Asia. So for that -- those shipments, say it's about $50 million, we're going to do the assembly and final configuration test in other locations, not China, and therefore we should avoid the tariff, which would otherwise be about 25% of $50 million. So apart from that, there's no other impacts that we're seeing and we've mitigated that. And there's obviously uncertainty as to what might come next, and we -- all we can do is sort of have contingency plans in place, which we do, in terms of if we have to move locations, how we'd do that.

迄今為止唯一的影響是，自動測試設備（ATE）相關代碼被納入適用關稅的產業清單中。因此，當我們位於中國徐州的合約製造商 Flex 出貨到美國時，會被課徵 25% 的關稅。所以如你所想，從中國出貨到美國的量並不多，因為大多數測試設備都是出往亞洲。因此，針對那部分出貨，假設約 5,000 萬美元，我們將在其他地點（非中國）進行組裝與最終配置測試，從而應可避免關稅；否則關稅約為 5,000 萬美元的 25%。除此之外，我們沒有看到其他影響，而且我們已經把這部分影響緩解掉了。當然，未來可能會發生什麼仍存在不確定性；我們所能做的就是準備好各種應變計畫，我們也確實如此，包括若必須移轉生產地點，我們將如何執行。

The next question will be from Toshiya Hari with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Toshiya Hari。

Mark, I had a question on the Magnum platform. How differentiated is it relative to solutions from your competitors like advanced test and some of the local Korean companies? And is it differentiated enough for you to avoid any price competition? And kind of related to that, you talked about traction with the platform. Is it one large customer that you are involved with? Or is it spread across multiple memory customers?

Mark，我想問一下 Magnum 平台。相較於你們競爭對手（例如 Advanced Test 以及一些韓國本地公司）的解決方案，它的差異化程度如何？而這樣的差異化是否足以讓你們避免任何價格競爭？另外也相關地，你提到這個平台的市場牽引力。這是你們正在合作的一個大型客戶所帶來的嗎？還是分散在多家記憶體客戶之間？

So in the -- I think we're talking about the wafer test space. So in wafer test, it's multiple customers. The competitiveness of the Memory Test space is actually reasonably high. It's a smaller set of customers, and it tends to be head-to-head competition. Other than the recent phenomena of new players emerging on the scene in China, there tends to be entrenched competitors any place they go for our share or we go for theirs. So I would say in general, it's a more competitive space, and you can see that reflected in both their gross margins and our gross margins. Ours are not that far out of line. They tend to be in the -- I think they average in the low 50s. But it is more price competitive. We do have differentiation. We don't enter a market without differentiation. And the differentiation that we had on the flash final test side that allowed us to gain quite a bit of market share in a short time was tremendous. That happens once every 10 to 15 years. That was extraordinary and great. The differentiation we have in flash wafer test is not as great but still significant, which is why we've already had 2 customers convert to the platform and have others in flight. So I don't expect that margins will be such far out of the norm of what we've seen in the past, and I do think there will be some discipline share gains we'll see over time as we roll this product out.

我想我們談的是晶圓測試領域。在晶圓測試方面，是多個客戶。記憶體測試領域的競爭其實相當激烈。客戶數量較少，而且往往是正面交鋒的競爭。除了近期在中國出現新進業者的現象之外，通常在任何地方都會有既有的競爭者：他們來搶我們的份額，或我們去搶他們的份額。所以我會說整體而言這是一個競爭更激烈的市場，你也可以從他們的毛利率以及我們的毛利率反映出來。我們的毛利率並沒有偏離太多。通常落在——我想平均在 50% 出頭的低段。但確實更偏向價格競爭。我們確實有差異化。我們不會在沒有差異化的情況下進入市場。而我們在快閃記憶體（flash）最終測試端的差異化，讓我們能在短時間內取得相當多的市占，這是非常巨大的。那種情況大概每 10 到 15 年才會發生一次。那是非常特別、也非常棒的。我們在 flash 晶圓測試上的差異化沒有那麼大，但仍然相當顯著；這也是為什麼我們已經有 2 家客戶轉換到該平台，並且還有其他客戶正在導入中。因此我不預期毛利率會大幅偏離我們過去看到的常態；而且我確實認為，隨著我們推出這個產品，隨時間推進會看到一些有紀律的市占提升。

Great. And I have a follow-up on the UR side of things. Mark, in your prepared remarks you talked about E-series and some of the new tasks that it can address relative to your previous platform. I was just curious, to what extent does the introduction of the E-series expand your SAM in cobots? And I guess you guys have talked about waves of adoption in the UR business over the next couple of years. Does the introduction of the E-series kind of allow you to grow above 50% over the next several quarters? Or should we not think that way for the UR business?

了解。我還有一個關於 UR 方面的追問。Mark，在你準備好的發言中，你談到 E 系列以及相較於你們先前平台，它能處理的一些新任務。我只是好奇，E 系列的推出在多大程度上擴大了你們在協作機器人（cobots）上的 SAM（可服務市場）？另外我想你們也談過，未來幾年 UR 業務會有一波波的採用潮。E 系列的推出是否讓你們在接下來幾個季度有機會成長超過 50%？還是我們不應該用這種方式來看 UR 業務？

Okay. I think the E-series won't specifically increase the SAM, but what it will do is increase our ability to have velocity into the SAM. So take some applications like polishing as an example. We, up until before the E-series was introduced, had polishing applications that relied on some third-party partner, add-ons to the product and some relatively complex programming on the part of the customer. What the E-series does for polishing is tremendously simplifies those applications. It embeds a lot of the touch and force measurement into the native architecture of the product, and by extension, simplifies the program. So we should get more velocity into polishing, as an example, from the E-series. And that's true across another -- a broader set of applications. Separate from what the E-series enables, there's other things happening in the ecosystem that will expand the SAM. And those get back to, Greg mentioned, 3D vision as a technology that is developing rapidly. And as it becomes practical to adopt that in -- on the cobot, we will expect the SAM to increase to allow more, let's say, picking applications to be addressable with the product. So that's coming. That might be something we see more start to pick up next year, but that's coming. So to your other point or question, can we grow greater than 50% in the waves of adoption that Greg talked about. We do think there will be that opportunity as we get these 2 things into solidly into the market, but that's probably -- the effects of that are probably more next year than this year.

好。我認為 E 系列不會特別增加 SAM，但它會提升我們切入 SAM 的速度（velocity）。以拋光（polishing）這類應用為例。在 E 系列推出之前，我們的拋光應用需要依賴某些第三方合作夥伴、產品加裝套件，以及客戶端相對複雜的程式設計。E 系列對拋光的幫助在於大幅簡化這些應用。它把大量的觸覺與力測量（touch and force measurement）整合到產品的原生架構中，並進一步簡化程式。因此，以 E 系列為例，我們在拋光應用上應可獲得更高的導入速度。而這也適用於另一——更廣泛的一組應用。除了 E 系列本身所帶來的能力之外，生態系中還有其他事情正在發生，將會擴大 SAM。這回到 Greg 提到的 3D 視覺（3D vision）技術正在快速發展。當它在協作機器人上變得可實際採用時，我們預期 SAM 會增加，使更多例如取放（picking）類的應用能用這個產品來解決。所以這正在到來。這可能是我們明年會更開始看到加速的部分，但它正在到來。至於你另一個觀點或問題：在 Greg 所談的採用浪潮中，我們是否能成長超過 50%。我們確實認為，當這兩件事在市場上更扎實落地時，會有那樣的機會；但其影響大概更多是在明年，而不是今年。

The next question is from Timothy Arcuri with UBS.

下一個問題來自瑞銀（UBS）的 Timothy Arcuri。

My first question is on Semi Test. I know, Greg, you've been talking about Semi Test revenue being -- or rather, SOC revenue was roughly going to be 50-50 for the year. I know that you just said that total company revenue will be 50-50. But previously, you had said that SOC revenue would be 50-50. Now that you're taking the TAM sort of up to the high end of the market or the high end of the range, do you think that the back half for SOC could be a little better than 50-50?

我的第一個問題是關於半導體測試（Semi Test）。我知道 Greg，你一直在談 Semi Test 營收——或者更精確地說，SOC 營收今年大致會是 50-50。我知道你剛剛說整個公司營收會是 50-50。但先前你說的是 SOC 營收會是 50-50。現在你把 TAM（總可服務市場）往市場區間的高端拉升，你覺得 SOC 的下半年表現是否可能會比 50-50 稍微好一些？

I still think it's in the 50-50 neighborhood. It could be, but I wouldn't say pencil that in. Again, we didn't have the big Q2 surge, but everything else is looking pretty solid. We have trouble predicting the fourth quarter this far away. But at the moment, it looks like it could be reasonable. And our strong quarter is the third quarter, so that's the quarter that's going to cover a little bit of whatever happens in the fourth quarter. So it could be 50-50.

我仍然認為會在 50-50 的附近。有可能，但我不會把它當作既定來寫進預測。再說一次，我們沒有出現第二季的大幅衝高，但其他一切看起來都相當穩健。距離現在這麼遠，我們很難預測第四季。但就目前來看，似乎有機會是合理的。而我們的強勁季度是第三季，所以第三季將能在一定程度上覆蓋第四季可能發生的狀況。所以有可能是 50-50。

Got it. Okay. Awesome. And then for Industrial Automation, you guys were saying 50% this year growing before MiR, and MiR was going to add I think $25 million to $30 million when you add MiR and [Energid] for the year. So that was going to add about 10% for the year. But now, it sounds like you're still saying that the whole segment is going to grow 50%, maybe 55% for the year, so it seems a little bit of a down tick. It seems like you've lost $20 million to $25 million for the year in that segment. Am I not reading that right? Or is there something happening there?

了解。好。很棒。接著關於工業自動化（Industrial Automation），你們之前說今年在併入 MiR 之前會成長 50%，而 MiR 在把 MiR 和 [Energid] 加進來後，全年會增加我想約 2,500 萬到 3,000 萬美元。所以那大概會讓全年增加約 10%。但現在聽起來你們仍然說整個部門全年會成長 50%，也許 55%，看起來有點下修。感覺你們在該部門全年少了 2,000 萬到 2,500 萬美元。是我解讀錯了嗎？還是那裡發生了什麼事？

No. I mean, MiR is on track. Their plan is to get to about $30 million of revenue. We could handicap that and say $25 million, but keep in mind, they were at $12 million last year, so whether they get to $25 million or $30 million, it's going to be 100% type growth plus. So we're quite confident we'll be mid-20s, but the stretch target is $30 million.

不。我的意思是，MiR 正按計畫推進。他們的計畫是把營收做到約 3,000 萬美元。我們可以保守一點估 2,500 萬美元，但請記住，他們去年是 1,200 萬美元，所以不論做到 2,500 萬或 3,000 萬，都是 100% 以上的成長。所以我們相當有信心會在 2,000 多萬美元的中段水準，而挑戰目標是 3,000 萬美元。

Yes. I guess, I'm just -- my question was more that you were saying that the segment would grow 50% and then you bought a company that's doing $30 million during the year, and you're still saying that the segment grows 50%. So like something seems to be getting lost.

是。我想，我只是——我的問題比較是，你剛才說這個部門會成長 50%，然後你又買了一家在一年內做到 3,000 萬美元營收的公司，但你仍然說這個部門成長 50%。所以好像有些東西被漏掉了。

It grew -- last year, it was $12 million in sales. Last year. This year, it's going to be $25 million, maybe upwards of $30 million, so that's 100% growth. So it may be the time period that you jotted down or what we said, there's some confusion. But when we said 50% to 100% growth, we're talking about the prior year as a starting point. But even with that said, we would expect next year to be 50% plus growth. The thing about MiR is it's so much earlier than Universal Robots, and therefore customers are even less aware of what's possible. But when they do learn about it, we tend to have leads that can be 10 pieces, 15 pieces, it's not 1 or 2. So it might be a bit lumpy, but it certainly has the ability to grow at a much faster rate because it's small and the orders are larger quantities.

它成長——去年，它的銷售額是 1,200 萬美元。去年。今年會到 2,500 萬美元，可能上看 3,000 萬美元，所以是 100% 的成長。所以可能是你記下來的時間區間或我們說法的關係，造成一些混淆。但當我們說 50% 到 100% 的成長時，我們是以前一年作為起點來談。即便如此，我們也預期明年會有 50% 以上的成長。MiR 的特點是它比 Universal Robots 還早期很多，因此客戶對可能性更不熟悉。但當他們了解之後，我們往往拿到的線索可能是 10 台、15 台，不是 1、2 台。所以可能會有些不均勻，但它確實有能力以更快的速度成長，因為基期小、而且訂單量更大。

Okay, yes, I was talking about the segment as a whole. But yes, great.

好的，是的，我是在談整個部門。不過是的，很好。

Oh, okay. I lost him.

喔，好的。我聽不到他了。

I just think, just to clarify on that one question again, that for the total IA segment, what we've been saying is UR grows at about 50%-plus a year. We add in MiR, which is growing in that 50% to 100% range. And this is over the course of a couple of years, so we would expect the combined segments to be growing in that long-term model we put out, 50% to 55%. There's obviously room for some upside on that. But as we demonstrated with UR, we've had 3 years of growth beyond the 50% level. We're still sticking to that 50% level for this year as well. But adding MiR in does give us some upside potential.

我想，再釐清一次那個問題：就整個 IA 部門而言，我們一直在說 UR 每年大約成長 50% 以上。我們再加上 MiR，它的成長大約在 50% 到 100% 的區間。而這是以幾年的期間來看，所以我們預期合併後的部門會依照我們提出的長期模型，以 50% 到 55% 的速度成長。當然也有一些上行空間。但如同我們在 UR 所展示的，我們已經有 3 年的成長超過 50%。今年我們也仍維持 50% 這個水準。不過加入 MiR 的確帶來一些上行潛力。

The next question comes from Tom Diffely with D.A. Davidson.

下一個問題來自 D.A. Davidson 的 Tom Diffely。

When you look at the new E-series, it sounds like a lot of that is software-driven. Does that give you an opportunity to retrofit your 25,000-or-so robots in the field?

當你看新的 E 系列時，聽起來很多是由軟體驅動的。這是否讓你有機會為現場約 25,000 台左右的機器人進行改裝升級？

No, we would not be retrofitting those cobots. This product is different enough that it would not make sense. Those cobots are all being used very productively, so no.

不，我們不會去改裝那些協作機器人。這個產品差異夠大，改裝並不合理。那些協作機器人目前都被非常有效率地使用，所以不會。

Okay. And then just a follow-up on the question about your facilities in China. How long would it take you to move the final assembly from a Chinese facility to another region?

好的。接著追問一下你們在中國的設施問題。如果要把最終組裝從中國的工廠移到其他地區，你們需要多久？

It would probably take us, to be up in full productions, probably 6 weeks. But if the rest of the world is doing the same thing, then we might run into a problem.

要恢復到滿載量產的話，大概需要 6 週。但如果世界其他地方也都在做同樣的事，那我們可能會遇到問題。

The next question will come from Mehdi Hosseini with SIG.

下一個問題將由 SIG 的 Mehdi Hosseini 提出。

Just going back to the Industrial Automation. I appreciate the breakdown between UR and MiR. You mentioned the longer-term growth of 50% to 55% that applies to the upside. Is that upside going to be dependent on additional acquisition? And I have a follow-up.

回到工業自動化。我很感謝你把 UR 和 MiR 的拆分說明清楚。你提到適用於上行情境的長期成長 50% 到 55%。這個上行是否會取決於額外的併購？我還有一個追問。

No, it's not dependent upon additional acquisitions. It's dependent solely on new enabling technologies that expand What these products can do, and these enabling technologies are things like Energid path planning or these vision modules. I'm speaking about the arm now. So these new technologies that we see that should hit the market and be usable with an easy-to-use framework and that expands the market, but we don't need to buy anything or acquire anything.

不，這不取決於額外併購。它完全取決於能擴展這些產品能力的新賦能技術；這些賦能技術包括像 Energid 的路徑規劃或這些視覺模組。我現在講的是機械手臂。所以我們看到這些新技術應該會進入市場，並能以易用的框架來使用，從而擴大市場；但我們不需要買任何東西或再去併購。

Got it. And then shifting gear to Semi Test, specifically SOC. I like the way you framed the opportunities of 7-nanometer, but I want to dig in. To me, it seems like incremental growth drivers are driven by GPU and new data chips to areas where historically Teradyne has had lower market share. Is there any specific program or what are your thoughts about gaining share because in order to hit that 2% to 4% CAGR growth for Semi Test, you need to see your Semi Test market share rebound. And in my opinion, the GPU and ASIC will become critical. So any thoughts will be appreciated.

了解。接著把焦點轉到半導體測試（Semi Test），特別是 SOC。我喜歡你對 7 奈米機會的表述，但我想深入一點。在我看來，增量成長動能來自 GPU 與新的資料晶片，而這些領域歷來 Teradyne 的市占較低。是否有任何特定專案，或你對提升市占有何看法？因為要達到 Semi Test 2% 到 4% 的 CAGR 成長，你需要看到 Semi Test 的市占回升。而在我看來，GPU 和 ASIC 會變得關鍵。所以任何想法都很感謝。

Yes. In my prepared comments, Mehdi, I was talking about how edge AI, which a lot of the -- and A6, in particular, are areas we are participating and have good share. The GPU area itself is not something that we have good share in. We obviously have some targets there, but it will take technology discontinuities to enable us to get into the specific GPU market. But the growth rate, if you talk about the growth rate of these class of parts, today as a baseline, roughly speaking, we think that the GPU and ASIC AI-related chips are $100 million-ish of ATE test. And they're probably going to grow at 10%-plus, maybe 20% clip over the next few years. That's a combination of both GPU and ASIC, which incorporates these AI at the edge elements. So for that piece of the market that we think is also going to be growing [at least a] 20% clip rate, we will and are participating. For the GPU segment, we're not counting on it, but we are positioned for certain technology discontinuities that could give us a shot.

是的。在我事先準備的評論中，Mehdi，我談到邊緣 AI——其中很多——以及特別是 A6，這些都是我們有參與且市占不錯的領域。GPU 這個領域本身並不是我們市占高的地方。我們當然有一些目標，但要進入特定的 GPU 市場，將需要技術上的不連續（重大躍遷）來讓我們切入。但如果你談這類零件的成長率，以今天作為基準，大致來說，我們認為 GPU 與 ASIC 的 AI 相關晶片，其 ATE 測試市場規模約 1 億美元左右。而未來幾年它們可能以 10% 以上、甚至 20% 的速度成長。這是 GPU 與 ASIC 的合計，其中也包含這些邊緣端 AI 的元素。因此，對於我們認為也將以（至少）20% 速度成長的這一塊市場，我們會、也正在參與。至於 GPU 區塊，我們不把它當作主要假設，但我們已針對某些技術不連續做好布局，可能讓我們有機會切入。

Great. Do you mind if I just have a follow-up? On the ASIC side, do you think your customers are going to be like [subcons]? Is it going to be more like a foundry? Or is there a new category of customer that is emerging? I'm not sure who are the customers looking forward for this specific area?

很好。我可以再追問一下嗎？在 ASIC 這一端，你認為你們的客戶會像是[代工封測廠]（subcons）嗎？會更像晶圓代工廠（foundry）嗎？還是會出現一個新的客戶類別？我不太確定在這個特定領域，未來的客戶會是誰？

Well, it's like other parts of the [fab-less] world. The actual test equipment buyers will be foundries and subcons, and that's true today. The actual selling of the capability of the tester will be to the design house. So in some cases, you'll find an automotive manufacturer designing an ASIC for autonomous driving for their vehicle. And it will be that design team that will choose the test equipment. In other cases, an automotive manufacturer might outsource the design to a third-party silicon house. That third-party silicon house will be the house that decides on the test supplier. So it's usually almost always the design team.

嗯，這就像無晶圓廠（fab-less）世界的其他部分一樣。實際的測試設備買家會是晶圓代工廠和封測廠（subcons），而且今天確實如此。但實際上把測試機能力賣給的會是設計公司。所以在某些情況下，你會看到汽車製造商為其車輛的自動駕駛設計一顆 ASIC。而將由那個設計團隊來選擇測試設備。在其他情況下，汽車製造商可能會把設計外包給第三方矽智財／晶片設計公司。那家第三方矽智財／晶片設計公司會決定測試供應商。所以通常幾乎總是由設計團隊來決定。

The next question will come from [Chris Shankar] with Cowen and Company.

下一個問題來自 Cowen and Company 的 [Chris Shankar]。

I have 2 of them. One is on the memory market, looks like your market share is [falling] in the mid- to high-20s, and you guys have spoken about getting to like a 40% plus market share over the next few years. Is it primarily coming from moving into flash wafer test? Or does it [already] quantify how much is flash wafer test and how much would DRAM be as part of the market share mix? And then I have a follow-up.

我有兩個問題。第一個是關於記憶體市場，看起來你們的市占率在 20% 中段到高段正在[下滑]，而你們也談到未來幾年要提升到 40% 以上的市占。這主要是來自切入快閃記憶體（flash）的晶圓測試嗎？或者你們[已經]能量化其中有多少來自 flash 晶圓測試、以及在市占組合中 DRAM 會占多少嗎？然後我還有一個追問。

Yes, it moves around every year, but the way to think about it is the market segments 25%, 25%, 25%, 25%. [So final test, 25% DRAM; 25%, flash; wafer test, 25% DRAM; 25%, flash.] So by entering the wafer test portion of Memory Test, we've increased our served market from 25% of the overall market to 75% of the overall market. Now in any given year, that can move a little bit. But over the -- average it over 3 or 4 years, that's about how it breaks down.

是的，每年都會有些變動，但可以這樣理解：市場區隔各占 25%、25%、25%、25%。[也就是最終測試：25% DRAM、25% flash；晶圓測試：25% DRAM、25% flash。] 因此，透過進入記憶體測試中的晶圓測試部分，我們把可服務市場從整體市場的 25% 提高到整體市場的 75%。當然在任何特定年度，這個比例可能會有些微變動。但把它在 3 到 4 年的期間取平均，大致就是這樣的拆分。

Got it. Got it. That's very helpful. And I have a follow-up on the Wireless Test. I understand 5G is going to be mass deployment still like 2 to 3 years out. But if I look at some of your comps like [key side] they're already beginning to get traction on 5G testers. My understanding was from a test standpoint, this could be probably more of an early cyclical, but I'm just trying to wonder why you guys are not seeing the traction in 5G while some of your peers are?

了解。了解。這非常有幫助。我還有一個關於無線測試的追問。我理解 5G 要大規模部署大概還要 2 到 3 年。但如果我看你們的一些同業（comps），像是 [key side]，他們已經開始在 5G 測試機上取得進展。我的理解是，從測試的角度來看，這可能更像是一個較早期的循環性機會，但我只是想知道，為什麼你們在 5G 上沒有看到動能，而你們的一些同業卻看到了？

Yes. Our differentiation is much more in the production environment. When 5G gets rolled out in high volume, we excel in that environment. We have the easiest to use testers, great throughput, great support. The company you mentioned and others tend to be more lab-based, so they're there earlier, and the features that they have often isn't what you need in production. It's probably too costly, but it's very useful in a lab.

是的。我們的差異化更多是在量產環境。當 5G 以高出貨量推廣時，我們在那種環境中表現最出色。我們的測試機最容易使用、吞吐量很高、支援也很到位。你提到的那家公司以及其他公司往往更偏實驗室（lab）導向，所以他們會更早進場，而他們具備的功能往往不是量產所需要的。那可能成本太高，但在實驗室裡非常有用。

So the final question is from Patrick Ho with Stifel.

最後一個問題來自 Stifel 的 Patrick Ho。

Mark, maybe if we could get a little bit of color in terms of the SOC trends that you saw in the June quarter. Was [there a] steady kind of build up that led to the upside? Or was it kind of a sudden surge at the end of the quarter with some of the marketplaces you talked about, power management, analog, automotive?

Mark，也許你可以就你們在 6 月季度看到的 SOC 趨勢多提供一些說明。是否是[有]一個穩定的逐步累積，最後帶來超預期？還是說在季度末端，因為你提到的一些市場——電源管理、類比、車用——而出現突然的激增？

It was pretty steady. Analog, for example, throughout the quarter continued the order rate at a very steady clip. It usually can be lumpy, but our principal customers in automotive and industrial that are analog suppliers have just been for a couple of years now, but increasingly buying at a steady rate. Automotive, similar. We did -- if anything, we saw one isolated area that I would say might've been a bit of a surge toward the end of the quarter and that was around image sensors, which is usually a mobility-related issue, image sensor testing. But everything else was pretty steady.

相當穩定。以類比為例，整個季度的接單速度都維持在非常穩定的節奏。它通常可能會比較不均勻（lumpy），但我們在車用與工業領域的主要客戶——也就是類比供應商——這幾年來一直、而且越來越多地以穩定的速度採購。車用也是類似。如果真要說的話，我們看到一個相對獨立的領域，在季度末可能有一點點衝高，那就是影像感測器，通常與行動裝置相關，也就是影像感測器測試。但其他部分都相當穩定。

Okay. Great. And then my follow-up question, following up on the SOC test trend. These trends, obviously, as you mentioned, have been actually pretty consistent over the last few years on these type of devices. I know it's a little bit early, but as you look at 2019, given some of the new marketplaces, new applications and new products that are coming out, do you see another healthy year in these type of, I guess, the low-end IC device test market for 2019?

好的。很好。那我的追問是延續 SOC 測試趨勢。如你所提，這些趨勢在過去幾年對這類裝置而言其實一直相當一致。我知道現在談還有點早，但當你展望 2019 年，考量一些新的市場、新的應用以及即將推出的新產品，你是否預期 2019 年在這類——我想是偏低階 IC 裝置的測試市場——仍會是健康的一年？

Yes, that's -- I think that's really hard to call. I don't see anything that is an anchor at the moment. I do think the real next uptick coming, and it's probably late '19 into '20 is 5G. So that will produce a lot of demand because the technologies tend to obsolete the semiconductor test equipment that's out there. So that will be a very discernible and additional wave that comes. But the other markets and the other buying that's going on, I would say feels and has been for a couple of years and feels right now to be just steady as she goes.

是的——我認為這真的很難判斷。我目前沒有看到任何會成為拖累（anchor）的因素。我確實認為下一個真正的上行動能，可能會在 2019 年下半年延伸到 2020 年，那就是 5G。因此它會帶來大量需求，因為這些技術往往會讓現有的半導體測試設備變得過時。所以那會是一個非常明顯、而且額外的一波需求浪潮。但其他市場以及目前的採購行為，我會說這幾年一直都是、而且現在感覺也是，穩穩地往前走。

Great. Okay, everybody, thanks for joining us today. This concludes the call and look forward to talking to you in the days and weeks ahead.

很好。好的，各位，感謝今天加入我們。本次電話會議到此結束，期待在接下來的幾天與幾週內再與各位交流。

Ladies and gentlemen, thank you for participating in today's conference call. You may now disconnect.

各位女士先生，感謝參與今天的電話會議。您現在可以掛線。