泰瑞達 (TER) 2019 Q3 法說會逐字稿

Ladies and gentlemen, my name is Simon, and I will be your conference operator today.

女士們先生們，我叫西蒙，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Teradyne Third Quarter 2019 Earnings Conference Call.

此時此刻，我歡迎大家參加泰瑞達 2019 年第三季財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

Andy Blanchard, you may begin your conference.

安迪布蘭查德，您可以開始會議了。

Thank you, Simon.

謝謝你，西蒙。

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

大家早安，歡迎來到我們對泰瑞達最新財務表現的討論。

I'm joined this morning by our CEO, Mark Jagiela; and our CFO, Sanjay Mehta.

今天早上我們的執行長 Mark Jagiela 也加入了我的行列。以及我們的財務長桑傑梅塔 (Sanjay Mehta)。

Following our opening remarks, we'll provide details of our performance for the 2019 third quarter along with our outlook for the fourth quarter of 2019.

在我們的開場白之後，我們將提供 2019 年第三季業績的詳細資訊以及 2019 年第四季的展望。

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

包含我們第三季業績的新聞稿於昨晚發布。

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

我們在網站的投資者頁面上提供幻燈片，可能對您跟進討論有所幫助。

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

通話結束後，可以透過同一頁面重播此通話。

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

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

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

我們鼓勵您查看收益報告中包含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，這些前瞻性陳述是截至今天作出的，我們沒有義務因本次電話會議後發生的事態發展而更新這些陳述。

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

在今天的電話會議中，我們將參考非公認會計準則財務指標。

We've 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.

我們已在我們網站的投資者頁面上發布了有關這些非 GAAP 財務指標的更多信息，包括與最直接可比的 GAAP 財務指標（如果有）的調整。

Also, between now and our next earnings call, Teradyne will be participating in investor conferences hosted by Baird, Cowen, Credit Suisse and UBS.

此外，從現在到我們的下一次財報電話會議，泰瑞達將參加由 Baird、Cowen、Credit Suisse 和 UBS 主辦的投資者會議。

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

現在讓我們繼續議程的其餘部分。

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

首先，馬克將評論我們最近的業績和進入第四季時的市場狀況。

Sanjay will then offer more details on our quarterly results along with our guidance for the fourth quarter.

然後，桑傑將提供有關我們季度業績的更多詳細資訊以及我們對第四季度的指導。

We'll then answer your questions.

然後我們將回答您的問題。

And this call is scheduled for 1 hour.

這次通話預計持續 1 小時。

Mark?

標記？

Thanks, Andy.

謝謝，安迪。

Good morning, everyone, and thanks for joining us.

大家早安，感謝您加入我們。

In my prepared remarks, I'll cover 3 topics: highlights from the third quarter at the company and business unit level; how our recent agreement to purchase autonomous mobile robot maker, AutoGuide, fits into our industrial automation strategy; and how we're looking at next year and beyond.

在我準備好的發言中，我將涵蓋三個主題：公司和業務部門層面的第三季亮點；我們最近購買自主移動機器人製造商 AutoGuide 的協議如何符合我們的工業自動化策略；以及我們如何看待明年及以後的情況。

Sanjay will then provide the financial details of the quarter, our view of the 5G test opportunity and our guidance for the fourth quarter.

然後，Sanjay 將提供本季的財務詳細資訊、我們對 5G 測試機會的看法以及我們對第四季的指導。

We delivered results above our third quarter guidance on continued strength across all of our test businesses.

我們所有測試業務的持續強勁表現都超出了第三季指引值。

Our MiR mobile robot business also performed well in the quarter.

我們的 MiR 移動機器人業務在本季也表現良好。

However, sales at Universal Robots were roughly flat year-on-year as the impact of softening manufacturing activity in Europe and U.S. were a strong headwind.

然而，由於歐洲和美國製造業活動疲軟的影響，優傲機器人的銷售額比去年同期大致持平。

Overall, our year-to-date revenue is up 4% from 2018 and non-GAAP EPS is up 13%.

總體而言，我們今年迄今的營收較 2018 年成長了 4%，非 GAAP 每股盈餘成長了 13%。

For the fourth quarter, we expect strong test demand to continue, combined with single-digit growth in IA on a year-over-year basis.

對於第四季度，我們預計強勁的測試需求將持續，且 IA 同比將出現個位數成長。

At the business unit level, Semi Test SOC test demand for digital, broadband and RF devices related to 5G infrastructure, remained very strong.

在業務部門層面，Semi Test SOC對與5G基礎設施相關的數位、寬頻和射頻設備的測試需求仍然非常強勁。

That infrastructure demand, combined with strength in handset-related test, is driving our estimate of the SOC market size for 2019 up to a $3 billion to $3.2 billion range compared to last year's $3 billion level and above our earlier estimate of $2.6 billion to $3 billion.

這種基礎設施需求，加上手機相關測試的實力，正在推動我們對2019 年SOC 市場規模的估計，從去年的30 億美元水準上升至30 億美元至32 億美元，也高於我們先前估計的26 億美元至3 億美元十億。

Geographically, China's SOC test market will be up $300 million year-on-year while the rest of the world's market will likely be down.

從地理來看，中國的SOC測試市場將年增3億美元，而世界其他地區的市場可能會下降。

This reflects strong tooling for 5G infrastructure in handsets as the combination of device complexity and base station unit growth are fueling demand.

這反映出手機中 5G 基礎設施的強大工具，因為設備複雜性和基地台單元成長共同推動了需求。

On the product front, in early September, we introduced an extension of our flagship UltraFLEX product, the UltraFLEXplus.

在產品方面，九月初，我們推出了旗艦 UltraFLEX 產品的擴展版本 UltraFLEXplus。

The plus extends our performance for an emerging class of AI and big data devices that require a new test architecture to efficiently and comprehensively test the rapidly growing complexity of these devices.

Plus 擴展了我們針對新興人工智慧和大數據設備的效能，這些設備需要新的測試架構來高效​​、全面地測試這些設備快速成長的複雜性。

Multicore chip architectures are driving billions of transistors per die, which operate in parallel to process the vast data streams associated with machine learning and 5G networks.

多核心晶片架構在每個晶片上驅動數十億個晶體管，這些晶體管並行運行以處理與機器學習和 5G 網路相關的大量資料流。

This is yet another example of the complexity growth we have been describing that drives up test seconds and drives our markets.

這是我們一直在描述的複雜性成長的另一個例子，它增加了測試時間並推動了我們的市場。

The UltraFLEXplus puts in place an architecture with the headroom to test this complexity growth for the next decade.

UltraFLEXplus 建立的架構具有足夠的空間來測試未來十年的複雜性成長。

At the same time, it maintains software compatibility to leverage the accumulated FLEX family software experience of over 10,000 trained customer test engineers.

同時，它保持軟體相容性，以利用 10,000 多名經過培訓的客戶測試工程師累積的 FLEX 系列軟體經驗。

Systems are now in use at multiple customers and we recognized our first revenue from product in Q3.

系統現已被多個客戶使用，我們在第三季度從產品中獲得了第一筆收入。

In memory test, demand remains strong in Q3, driven by both flash package and DRAM wafer tests.

在記憶體測試方面，受快閃記憶體封裝和 DRAM 晶圓測試的推動，第三季需求依然強勁。

Although the memory test market will likely be down about 40% this year to around $600 million, our market share will be up from about 29% last year to the low 40% level this year.

儘管今年記憶體測試市場可能會下降約 40% 至 6 億美元左右，但我們的市佔率將從去年約 29% 上升到今年的 40% 左右。

Building on our strong foundation in flash package test, our Magnum product family now covers the entire memory test market, wafer and package test for both flash and DRAM.

建立在我們在快閃記憶體封裝測試方面的堅實基礎之上，我們的 Magnum 產品系列現已涵蓋整個記憶體測試市場、快閃記憶體和 DRAM 的晶圓和封裝測試。

LitePoint and the System Test group sales were about flat with the second quarter and up 23% and 48%, respectively, from the third quarter of 2018.

LitePoint 和 System Test 集團的銷售額與第二季基本持平，但較 2018 年第三季分別成長 23% 和 48%。

Advanced connectivity standards and early 5G-related buying powered LitePoint's results; while in System Test, our storage test products were the standout as revenues more than doubled compared to a year ago quarter on terabyte-class HDD demand and system-level test shipments.

先進的連接標準和早期 5G 相關購買推動了 LitePoint 的業績；在系統測試方面，我們的儲存測試產品表現出色，在 TB 等級 HDD 需求和系統層級測試出貨量方面，營收比去年同期成長了一倍以上。

Shifting to our Industrial Automation segment.

轉向我們的工業自動化領域。

Universal Robots sales were flat with the third quarter of 2018 as demand in our largest geographic markets, Europe and North America, and our largest end market, automotive supply chain, remained weak.

由於我們最大的地理市場（歐洲和北美）以及我們最大的終端市場（汽車供應鏈）的需求仍然疲軟，因此優傲機器人的銷售額與 2018 年第三季持平。

Conversely, this was balanced by strong demand in China and Japan with year-over-year growth in the quarter running 30% and 44%, respectively.

相反，中國和日本的強勁需求抵消了這一影響，該季度同比增長分別為 30% 和 44%。

MiR, on the other hand, continued to grow at a healthy clip post the year-over-year sales gain of 47% in the quarter.

另一方面，MiR 在本季度銷售額年增 47% 後繼續保持健康成長。

We believe the lower year-to-date growth at UR is a short-term phenomenon, consistent with the slowing of industrial activity in Europe and North America.

我們認為，UR 今年迄今較低的成長是一種短期現象，與歐洲和北美工業活動放緩的情況一致。

While our automation solutions are not immune to the decline in industrial output, we are faring better than the market in general.

雖然我們的自動化解決方案無法免受工業產出下降的影響，但我們的表現整體優於市場。

We also see opportunity to expand our market coverage in the U.S. and Europe to offset these headwinds, and we'll be investing to support underserved verticals and geographies in these regions.

我們還看到了擴大美國和歐洲市場覆蓋範圍以抵消這些不利因素的機會，我們將進行投資以支持這些地區服務不足的垂直行業和地區。

In addition, we continue to expand our product offerings.

此外，我們繼續擴大我們的產品範圍。

In September, we introduced the UR16e, which opens up new applications by extending the payload capacity of the product line.

9月份，我們推出了UR16e，它透過擴展產品線的有效負載能力開啟了新的應用。

We also shipped our first industrial bin-picking application in the quarter, utilizing UR's -- utilizing a UR robot, 3D vision and Energid's unique path planning software to ease deployment and open new applications at new customers.

我們還在本季推出了第一個利用 UR 的工業垃圾箱揀選應用程式——利用 UR 機器人、3D 視覺和 Energid 獨特的路徑規劃軟體來簡化部署並為新客戶開放新應用程式。

UR also passed the 200-product threshold of UR+ certified plug-and-play peripherals, expanding the range of applications and reducing the deployment time for our cobot customers.

UR 也通過了 UR+ 認證的即插即用周邊的 200 個產品門檻，擴大了應用範圍，並減少了我們的協作機器人客戶的部署時間。

MiR has also introduced a similar plug-and-play strategy for peripherals called MiR Go.

MiR 也推出了類似的周邊即插即用策略，稱為 MiR Go。

Both programs are consistent with our strategy of making automation safe, low risk and easy to deploy by shop-level technicians with short ROI.

這兩個計劃都符合我們的策略，即使自動化安全、低風險、易於車間級技術人員部署且投資回報率短。

With the announcement earlier this week of our plan to acquire AutoGuide, a maker of autonomous mobile robots for industrial and warehouse material handling, we are expanding our capabilities to include high-payload pallet and material moving.

隨著本週稍早我們宣布計劃收購 AutoGuide（一家用於工業和倉庫物料搬運的自主移動機器人製造商），我們正在擴展我們的能力，包括高有效負載托盤和物料移動。

The global market for manually driven forklifts is prime for automation as technological advancements have enabled cost-effective autonomous solutions.

全球手動堆高機市場是自動化的主要市場，因為技術進步實現了經濟高效的自主解決方案。

AutoGuide's products use many of the same sensing, guidance, software and drive technologies as MiR to provide autonomous operation to higher-payload tugging and pallet-moving applications.

AutoGuide 的產品使用許多與 MiR 相同的感測、導引、軟體和驅動技術，為更高有效負載的牽引和托盤行動應用提供自主操作。

Additionally, AG's unique modular architecture offers customers greater flexibility than either a dedicated forklift or tugger, with reduced costs and safer operation.

此外，AG 獨特的模組化架構為客戶提供比專用堆高機或拖車更大的靈活性，同時降低成本和更安全的操作。

Like our other IA investments, AutoGuide is a small but differentiated and fast-growing player in a nascent market.

與我們的其他 IA 投資一樣，AutoGuide 是新興市場中規模雖小但差異化且快速成長的參與者。

We expect full year sales to more than double to over $10 million this year.

我們預計今年全年銷售額將增加一倍以上，達到 1,000 萬美元以上。

Furthermore, they are -- there are natural synergies in engineering, marketing and distribution with MiR, and we expect our broad lineup of low and now high-payload autonomous material handling robots to be attractive to global customers.

此外，它們與 MiR 在工程、行銷和分銷方面存在天然的協同效應，我們預計我們廣泛的低有效負載和現在高有效負載自主物料搬運機器人產品線將對全球客戶有吸引力。

Finally, as you can see from our guidance, we expect to finish 2019 on a very strong note.

最後，正如您從我們的指導中看到的那樣，我們預計 2019 年將以非常強勁的成績結束。

As we've described in the past, our visibility in the test business is a quarter or so and in industrial automation less than a quarter.

正如我們過去所描述的，我們在測試業務中的可見度約為四分之一，而在工業自動化中的可見度不到四分之一。

While we expect volatility in our markets, we also expect overall trend line growth consistent with our midterm growth plan and earnings model.

雖然我們預期市場會出現波動，但我們也預期整體趨勢線成長與我們的中期成長計畫和獲利模型一致。

Teradyne's cost structure and business plans are architected with this volatility and growth in mind.

泰瑞達的成本結構和業務計劃在設計時就考慮到了這種波動性和成長。

In Semi Test, SOC tests has seen another strong year despite an overall soft semiconductor device market.

在半測試領域，儘管整體軟半導體元件市場強勁，但 SOC 測試又迎來了強勁的一年。

As I noted at the outset, this year's strength in China for testing smartphone, handset and base station devices has more than offset the decline elsewhere in the world in automotive, linear and MCU tests.

正如我在一開始所指出的，今年中國在智慧型手機、手機和基地台設備測試方面的強勁表現足以抵消世界其他地區在汽車、線性和 MCU 測試方面的下滑。

As we look to 2020, with the aggressive 5G base station ramp, will the aggressive 5G base station ramp continue?

展望2020年，5G基地台爬坡勢頭強勁，5G基地台爬坡動能還會持續嗎？

Or will there be a pause for digesting?

或會暫停消化嗎？

Will 2020 phones adopt 5G millimeter wave in meaningful volumes?

2020 年手機會大量採用 5G 毫米波嗎？

Will the health of the memory business improved?

內存業務的健康狀況會改善嗎？

Will the automotive and industrial markets stabilize and recover or further contract?

汽車和工業市場會穩定復甦還是進一步收縮？

All of these questions have implications for our 2020 business levels and all are hard to predict.

所有這些問題都對我們2020年的業務水準產生影響，而且都很難預測。

And frankly, we don't spend too much energy on trying to predict this as it doesn't really affect our plans.

坦白說，我們不會花費太多精力來預測這一點，因為它並不會真正影響我們的計劃。

Our strategy and plans are based on the fundamental belief that the pervasiveness and complexity of semiconductors will continue to grow on a trend line and continue to drive growth in our test business.

我們的策略和計劃基於這樣的基本信念：半導體的普遍性和複雜性將繼續按趨勢線成長，並繼續推動我們測試業務的成長。

Similarly, we believe the inflection point we've reached in industrial automation where new, powerful, yet cost-effective technologies like LiDAR, 3D vision, AI and others have opened new markets will drive opportunity and growth for decades to come.

同樣，我們相信工業自動化已經達到拐點，雷射雷達、3D 視覺、人工智慧等新型、強大且具有成本效益的技術打開了新市場，這將在未來幾十年推動機會和成長。

We strengthened our competitive position in our test and IA businesses with a steady flow of new products through the year, and AutoGuide adds another exciting and technically differentiated building block to our stable of advanced automation tools.

我們透過全年穩定的新產品流加強了我們在測試和 IA 業務中的競爭地位，而 AutoGuide 為我們穩定的先進自動化工具添加了另一個令人興奮的、技術上差異化的構建模組。

We don't know what 2020 will bring in terms of test and IA demand, but we are confident that our product lineup, financial position and growth strategy positions us well for the long-term success.

我們不知道 2020 年測試和 IA 需求會發生什麼，但我們相信我們的產品陣容、財務狀況和成長策略將為我們的長期成功做好準備。

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

這樣，我會將事情交給 Sanjay 了解財務細節。

Thanks, Mark, and good morning, everyone.

謝謝，馬克，大家早安。

Today, I'll review the third quarter results and performance of each business; comment on the full year results at the midpoint of our Q4 guidance; provide some insight on how we're looking at mobility as a long-term driver of the test business; and then provide additional detail on the AutoGuide acquisition.

今天，我將回顧第三季的業績和各業務的表現；在我們第四季度指導的中點對全年業績發表評論；提供一些關於我們如何將行動性視為測試業務的長期驅動力的見解；然後提供有關 AutoGuide 收購的更多詳細資訊。

Lastly, I will offer some early financial information for modeling 2020.

最後，我將提供一些 2020 年建模的早期財務資訊。

Now to our results for the third quarter.

現在我們來看看第三季的業績。

Third quarter revenue of $582 million was above the high end of the guidance due to strength in our Semi Test business -- sorry, due to our strength in our test businesses, partially offset by lower Industrial Automation revenues.

由於我們的半測試業務強勁，第三季收入 5.82 億美元高於指導上限 - 抱歉，由於我們測試業務的強勁，部分被工業自動化收入下降所抵消。

We had 1 customer greater than 10% of sales in the quarter.

我們有 1 位客戶佔本季銷售額的 10% 以上。

Gross margin of 59% was driven by favorable product mix in Semi Test.

59% 的毛利率得益於 Semi Test 有利的產品組合。

Non-GAAP operating margin of 28% and non-GAAP EPS of $0.77 were above the high end of the Q3 guidance, driven by slightly higher revenues with improved product mix and lower spending relative to the third quarter plan.

28% 的非 GAAP 營運利潤率和 0.77 美元的非 GAAP 每股收益均高於第三季度指引的上限，這是由於產品組合改善以及相對於第三季度計劃的支出減少導致收入略有增加。

You'll see our non-GAAP operating expenses were $185 million, down $5 million from the second quarter due to seasonally lower spending in Industrial Automation and lower project spending in Semi Test, slightly offset by higher variable compensation accruals on higher profits.

您會看到我們的非GAAP 營運費用為1.85 億美元，比第二季減少500 萬美元，原因是工業自動化支出季節性下降和半測試項目支出減少，但因利潤增加而增加的可變薪酬應計額略有抵銷。

Turning to the individual businesses.

轉向個體工商戶。

Semi Test revenue of $398 million grew 6% over Q2.

Semi Test 營收為 3.98 億美元，比第二季成長 6%。

Notably, memory test revenue grew 70 -- about $72 million grew 23% over the prior quarter, driven by Flash final and DRAM wafer test demand.

值得注意的是，在快閃記憶體最終和 DRAM 晶圓測試需求的推動下，記憶體測試收入成長了 70%，約 7,200 萬美元，比上一季成長了 23%。

As I've met investors over the last several months, one of the common questions asked -- ask revolves around the surprising strength in the handset test demand in an environment where volumes are down year-over-year and the transition to 5G is at its infancy stage.

在我過去幾個月與投資者會面時，最常見的問題之一是，在銷量逐年下降且向 5G 過渡的環境下，手機測試需求的驚人強勁。

I see 2 primary drivers of this trend: first, devices at each tier of the phone are getting more complex.

我認為這一趨勢有兩個主要驅動因素：首先，手機每一層的裝置都變得越來越複雜。

Typically, leading technology gets introduced at a premium tier or devices greater than $600.

通常，領先的技術會在價格超過 600 美元的高端設備或設備上引入。

Innovations such as lower process nodes for power and performance, increased compute capability, more camera sensors and increased memory requirements on a device are a few examples of higher complexity.

降低功耗和效能的流程節點、增強的運算能力、更多的相機感測器以及設備上更高的記憶體需求等創新是更高複雜性的幾個例子。

This complexity enters at a premium tier and then in 1 to 2 years, key technologies waterfall down from high-tier devices.

這種複雜性進入高階設備，然後在一到兩年內，關鍵技術就會從高階設備下降。

This waterfall down of technology continues from high to mid-tier devices and mid- to low-tier devices.

這種技術的瀑布式下降持續從高階設備到中階設備以及中階設備到低階設備。

Hence, the continuous increase of device complexity drives the need for more test time per device.

因此，設備複雜性的不斷增加導致每個設備需要更多的測試時間。

Second, in the smartphone market, historically, people who purchase a low, mid- or high-tier smartphone typically upgrade at some point to the next tier up.

其次，在智慧型手機市場，從歷史上看，購買低階、中階或高階智慧型手機的人通常會在某個時候升級到下一個等級。

These 2 drivers increase the test TAM.

這 2 個驅動程式增加了測試 TAM。

So while the mobility market is not without volatility, we do expect it to be a multiyear positive driver of our Semi Test business.

因此，儘管行動市場並非沒有波動，但我們確實預計它將成為我們半測試業務的多年積極推動力。

Moving on to System Test.

繼續進行系統測試。

The group continued to deliver strong results in Q3 with revenue of $73 million.

該集團第三季​​持續取得強勁業績，營收達 7,300 萬美元。

Within the System Test group, defense and aerospace grew sequentially on increased defense-related buying.

在系統測試組中，國防和航空航太隨著國防相關採購的增加而持續成長。

Production Board Test grew quarter-over-quarter and was slightly ahead of plan.

生產板測試環比增長，略高於計劃。

As Mark noted, on a year-over-year basis, we delivered 48% growth in System Test in the third quarter while Storage Test more than doubling, benefiting from growth in terabyte drives and cloud storage.

正如 Mark 指出的那樣，由於 TB 驅動器和雲端儲​​存的成長，第三季度我們的系統測試同比增長了 48%，而儲存測試增長了一倍多。

Defense and aerospace grew 30% year-over-year as we are seeing continued growth in long-term projects within many branches of the military.

國防和航空航太領域年增 30%，因為我們看到許多軍事部門的長期專案持續成長。

For the full year, System Test is on track to grow over 25% from last year's $260 million of revenue.

就全年而言，System Test 的營收預計將比去年 2.6 億美元的營收成長 25% 以上。

At LitePoint, we saw continued momentum with sales of $42 million on the strength of new WiFi standards and early buying of 5G development tests.

在 LitePoint，由於新的 WiFi 標準和早期購買 5G 開發測試，我們看到了持續的成長勢頭，銷售額達 4,200 萬美元。

For the full year, LitePoint will grow about 10% from $132 million last year.

LitePoint 全年營收將比去年的 1.32 億美元成長約 10%。

In Industrial Automation, sales were $69 million, down 8% from Q2 and up 4% year-over-year.

在工業自動化領域，銷售額為 6,900 萬美元，季減 8%，年增 4%。

Within IA, UR was $58 million of revenue, a decline from Q2 and about flat year-over-year.

在 IA 內部，UR 的營收為 5,800 萬美元，較第二季有所下降，與去年同期基本持平。

MiR revenue of $10 million was slightly down quarter-over-quarter and up 47% year-over-year.

MiR 營收為 1,000 萬美元，較上季略有下降，較去年同期成長 47%。

As Mark noted, we view this lower growth in IA so far this year primarily as a result of a slowdown in global industrial investments, especially in Europe and North America and not a long-term market detractor.

正如馬克所指出的那樣，我們認為今年迄今工業投資成長放緩主要是由於全球工業投資放緩，特別是歐洲和北美的工業投資放緩，而不是長期的市場拖累因素。

However, we also recognize we have to continue to improve our organizational capability in order to fully capture the opportunity ahead of us.

然而，我們也意識到，我們必須繼續提高我們的組織能力，才能充分抓住我們面前的機會。

We will continue to invest to strengthen those capabilities.

我們將繼續投資以加強這些能力。

Turning to the acquisition of AutoGuide.

談到收購 AutoGuide。

The upfront purchase price was $58 million, with an earn-out of up to an incremental $107 million if certain revenue and profit targets are achieved through 2022.

前期購買價格為 5,800 萬美元，如果到 2022 年實現某些收入和利潤目標，則可增加高達 1.07 億美元的收益。

We expect the transaction to close later this quarter, post regulatory approvals.

我們預計該交易將在獲得監管部門批准後於本季稍後完成。

AutoGuide is on track to achieve revenue of over $10 million on a stand-alone basis in 2019, up from $4 million in 2018.

AutoGuide 預計在 2019 年實現超過 1000 萬美元的獨立收入，高於 2018 年的 400 萬美元。

We expect AutoGuide to grow over 100% in 2020.

我們預計 AutoGuide 到 2020 年將成長超過 100%。

Their sales today are primarily in North America, with a plan to broaden their distribution to serve global customers.

他們目前的銷售主要在北美，並計劃擴大其分銷範圍以服務全球客戶。

We expect them to incur a small loss this year and be slightly positive on an EBITDA basis in 2020.

我們預計他們今年將出現小幅虧損，並在 2020 年 EBITDA 基礎上略有正值。

Relative to share buybacks, we forecast this acquisition will be about neutral in EPS in 2021 and will be accretive on an EPS basis in 2022.

相對於股票回購，我們預計此次收購在 2021 年的每股收益方面將保持中性，並在 2022 年實現每股收益的增值。

AutoGuide will operate as a stand-alone business within the Industrial Automation reporting segment.

AutoGuide 將作為工業自動化報告部門內的獨立業務運作。

Partnership between UR, MiR, Energid and now AutoGuide, coupled with our central core competency will enable them to efficiently and effectively scale their business, taking advantage of technologies, processes, external relationships and experts across all of Teradyne's businesses.

UR、MiR、Energid 和現在的AutoGuide 之間的合作夥伴關係，加上我們的核心競爭力，將使他們能夠利用泰瑞達所有業務的技術、流程、外部關係和專家，高效且有效地擴展業務。

As stated in prior calls, our industrial automation acquisition strategy is to acquire growth companies with leading technologies serving nascent markets that have short ROIs and make the workplace safer and more productive.

如同先前的電話會議所述，我們的工業自動化收購策略是收購擁有領先技術的成長型公司，這些公司服務於投資報酬率較短的新興市場，並使工作場所更安全、更有效率。

AutoGuide is another example of Teradyne executing on this strategy.

AutoGuide 是泰瑞達執行這項策略的另一個例子。

AutoGuide has a modular, purpose-built architecture for their autonomous mobile robots, along with intuitive user and fleet management software.

AutoGuide 為其自主移動機器人擁有模組化、專用架構，以及直覺的使用者和車隊管理軟體。

We believe this approach differentiates them from the competition, enabling flexible, scalable solutions with compelling economics to be efficiently implemented at a customer's location.

我們相信，這種方法使他們在競爭中脫穎而出，能夠在客戶所在地高效實施靈活、可擴展的解決方案，並具有令人信服的經濟效益。

We've provided a slide in the earnings deck which summarizes the transaction, along with the schedule of the earn-outs, so you have a sense of the revenue growth required to reach the performance targets.

我們在損益表中提供了一張投影片，其中總結了交易以及獲利時間表，以便您了解達到績效目標所需的收入成長。

Additional AutoGuide details are included in the deck supplemental information.

其他自動指南詳細資訊包含在甲板補充資訊中。

Back at the company level, our operating model continues to deliver strong results.

回到公司層面，我們的營運模式持續帶來強勁的業績。

We generated $162 million in free cash flow in the third quarter, and we ended the quarter with $1.040 billion in cash and marketable securities.

第三季我們產生了 1.62 億美元的自由現金流，季末我們擁有 10.4 億美元的現金和有價證券。

We repurchased $122 million in shares -- sorry, of shares in the third quarter.

我們在第三季回購了 1.22 億美元的股票——抱歉，是回購的股票。

This brings the year-to-date share repurchase total to $369 million at an average purchase price of $41.93.

這使得年初至今的股票回購總額達到 3.69 億美元，平均購買價格為 41.93 美元。

We paid $15 million in dividends in the quarter.

本季我們支付了 1500 萬美元的股息。

For the full year, we expect to repurchase $500 million of our shares.

我們預計全年將回購價值 5 億美元的股票。

As usual, we'll update our capital allocation plan for next year in the January earnings call.

像往常一樣，我們將在一月份的財報電話會議上更新明年的資本配置計畫。

Turning to our guidance for the fourth quarter.

轉向我們第四季的指引。

Revenue is expected to be $590 million to $630 million and a non-GAAP EPS range of $0.73 to $0.84 on 174 million diluted shares.

預計收入為 5.9 億至 6.3 億美元，非 GAAP 每股收益範圍為 0.73 至 0.84 美元，稀釋後股份為 1.74 億股。

Q4 growth will come from both our test and Industrial Automation businesses.

第四季的成長將來自我們的測試和工業自動化業務。

Historically, our Semi Test business has been seasonably lower in Q4 but this year, continued strength in 5G infrastructure and memory will drive growth.

從歷史上看，我們的半測試業務在第四季度季節性下降，但今年，5G 基礎設施和記憶體的持續強勁將推動成長。

The guidance excludes the amortization of acquired intangibles and noncash convertible debt interest.

該指南不包括所收購的無形資產和非現金可轉換債務利息的攤銷。

Fourth quarter gross margin should run approximately 58% and OpEx should run from 31% to 33% of revenue.

第四季毛利率應約為 58%，營運支出應佔營收的 31% 至 33%。

The operating profit of our fourth quarter guidance is forecasted to be 25% to 27% of revenue.

我們預計第四季營業利潤將佔營收的 25% 至 27%。

A quick comment on diluted shares.

對稀釋股票的快速評論。

There is a GAAP requirement to measure and disclose EPS with the most dilutive calculation.

GAAP 要求以最具稀釋性的計算來衡量和揭露每股收益。

We have applied this concept to the non-GAAP EPS with respect to treatment of our convertible debt.

我們已將這一概念應用於非公認會計準則每股收益中，以處理我們的可轉換債務。

Diluted shares are higher in both Q4 guidance and Q3 results versus Q2 at current share price levels.

以目前股價水準計算，第四季指引和第三季業績中的稀釋股價均高於第二季。

It is more dilutive from an EPS perspective to assume the convertible debt has converted and include the associated shares than to include the interest expense related to the debt and not include the shares.

從每股盈餘的角度來看，假設可轉換債務已轉換並包含相關股份，比包含與債務相關的利息費用但不包含股份更具稀釋性。

Shifting to taxes.

轉向稅收。

Our non-GAAP full year tax rate is expected to be 16.5%.

我們的非 GAAP 全年稅率預計為 16.5%。

We expect the tax rate to be 16% in 2020.

我們預計 2020 年稅率為 16%。

Related to modeling 2020, as in past years, you should expect Q1 Industrial Automation sales to be seasonably down versus fourth quarter.

與 2020 年建模相關，與過去幾年一樣，您應該預計第一季工業自動化銷售額將比第四季季節性下降。

From a full year perspective, at the midpoint of our Q4 guidance, we expect sales to grow 7% and non-GAAP EPS 16% from last year.

從全年角度來看，在我們第四季指導的中點，我們預計銷售額將比去年增長 7%，非 GAAP 每股收益將比去年增長 16%。

From a longer-term perspective, this is the sixth consecutive year of non-GAAP earnings per share growth with CAGR of 17%.

從更長期的角度來看，這是非公認會計準則每股收益連續第六年增長，複合年增長率為 17%。

Over this period, we averaged a non-GAAP operating profit of 23%.

在此期間，我們的平均非 GAAP 營業利潤為 23%。

In summary, we are delivering very strong results across all of our test businesses, in particular Semi Test over the past few quarters has enjoyed a wave of 5G infrastructure investments that will continue in Q4.

總而言之，我們在所有測試業務中都取得了非常強勁的業績，特別是半測試業務在過去幾個季度中享受到了 5G 基礎設施投資浪潮，這種投資浪潮將在第四季度繼續下去。

However, we expect the global 5G rollout to drive lumpy test demand.

然而，我們預計全球 5G 的推出將推動測試需求的波動。

As Mark described, we don't have much visibility into 2020 test demand, but our operating model has been tuned to handle any potential volatility.

正如 Mark 所描述的，我們對 2020 年的測試需求沒有太多了解，但我們的營運模式已經過調整，可以應對任何潛在的波動。

The Industrial Automation portfolio is well positioned to get back to consistent levels of growth when global industrial spending recovers and will be further bolstered by AutoGuide's rapid growth.

當全球工業支出復甦時，工業自動化產品組合將恢復到穩定的成長水平，並將受到 AutoGuide 快速成長的進一步推動。

We're continuing to take actions necessary to drive incremental demand and investing to strengthen our position.

我們將繼續採取必要行動來推動增量需求並進行投資以鞏固我們的地位。

With that, I'll turn things back to Andy.

有了這個，我會把事情轉回給安迪。

Thanks, Sanjay.

謝謝，桑傑。

Simon, we'd now like to take questions.

西蒙，我們現在想提問。

And as a reminder, please limit yourselves to one question and a follow-up.

提醒一下，請將自己限制在一個問題和一個後續問題上。

(Operator Instructions) And your first question comes from the line of Vivek Arya with Bank of America.

（操作員說明）您的第一個問題來自 Vivek Arya 與美國銀行的線路。

Congratulations on the strong results.

祝賀取得了優異的成績。

Mark, I'm curious.

馬克，我很好奇。

A number of semiconductor companies had suffered this year because of pull-ins from China last year.

由於去年來自中國的拉動，許多半導體公司今年都遭受了損失。

I'm curious how sensitive is your 2020 outlook if China demand normalizes versus what you're seeing right now.

我很好奇，如果中國需求正常化，與您現在所看到的情況相比，您對 2020 年的前景有多敏感。

I understand that the visibility at this time is low but do you have some sense of what the utilization is of the testers bought by your Chinese customers so far this year?

我知道目前的知名度較低，但您是否了解今年迄今為止中國客戶購買的測試儀的使用率如何？

Yes, I think -- so a couple of comments.

是的，我想——所以有幾點評論。

Utilization of the existing installed fleet of testers is very high.

現有安裝的測試儀群的利用率非常高。

And as we described in Q4, we have still continued shipments and strength into China.

正如我們在第四季度所描述的，我們仍然繼續向中國發貨並保持強勁勢頭。

So the pull for demand through Q4 is strong and unabated.

因此，第四季的需求拉動強勁且有增無減。

I also mentioned in my remarks that China is the one geography this year that's up for tests, where the rest of the world is down.

我在發言中也提到，中國是今年唯一經過考驗的地區，而世界其他地區則表現不佳。

So the key question is what's normal.

所以關鍵問題是什麼是正常的。

And I think there's been a heavy, heavy investment for infrastructure, 5G infrastructure, test tooling this year.

我認為今年對基礎設施、5G 基礎設施、測試工具進行了大量投資。

And it wouldn't -- and I'm -- and we've been surprised as well by how long it's continued.

但它不會——我是——而且我們也對它持續的時間感到驚訝。

The view going into next year is that there should be a little bit of a pause in some of the rate that they're adding capacity but the long-term trend line is still intact and that could pick up again in the back half of the year.

進入明年的觀點是，他們增加產能的一些速度應該會稍微暫停，但長期趨勢線仍然完好無損，並且可能會在下半年再次回升。

But frankly, the forecast that we've been looking at throughout this year, as you can see from our results, have been somewhat weak and the result -- and the actuality has been stronger.

但坦白說，正如您從我們的結果中看到的那樣，我們今年一直在關注的預測有些疲弱，而結果 - 而現實卻更加強勁。

So it's really hard to predict at the moment.

所以目前真的很難預測。

And as a follow-up, I think in the past, you outlined, I believe, around a $300 million to $400 million opportunity if all smartphones get converted to 5G.

作為後續行動，我認為您過去曾概述過，如果所有智慧型手機都轉為 5G，我相信將帶來約 3 億至 4 億美元的機會。

And I think from what DSMC said, they expect 5G penetration to be about mid-teens next year.

我認為從 DSMC 的說法來看，他們預計明年 5G 的滲透率將達到十幾歲左右。

So does the math work in a linear way?

那麼數學是否以線性方式進行？

So let's say, mid-teens smartphones are converted, then does it mean it's like a mid-teens part of the $300 million to $400 million TAM?

假設，十幾歲左右的智慧型手機被改裝了，那麼這是否意味著它就像 3 億至 4 億美元 TAM 中十幾歲的一部分？

And do you have some similar math for -- from a base station perspective also?

從基地台的角度來看，您是否也有一些類似的數學計算？

Yes.

是的。

So that's a good question.

這是一個好問題。

The $300 million to $400 million increment is based on 5G in general.

3億至4億美元的增量總體上是基於5G。

And what we've said in the past is that somewhere around 2021, 2022 when the majority of smartphones cross over with 5G millimeter wave capability, we would see that kind of bump.

我們過去說過，在 2021 年、2022 年左右，當大多數智慧型手機都具備 5G 毫米波功能時，我們會看到這種成長。

Much of what was -- we may see next year in smartphones for 5G is sub-6G, which has an impact but not as much as millimeter wave.

明年我們可能會在 5G 智慧型手機中看到的大部分內容都是 6G 以下的內容，它會產生影響，但不如毫米波那麼大。

However, the 5 -- the infrastructure demand this year has been so strong that what I would suggest is that of that $300 million to $400 million, we'll probably, this year, see $200 million or so of that bump from 5G.

然而，今年的 5 基礎設施需求非常強勁，我建議今年 5G 的 3 億至 4 億美元的基礎設施需求可能會增加 2 億美元左右。

Now the infrastructure piece comes first.

現在基礎設施部分是第一位的。

That would likely wane a little bit as we go through the next few years as the capacity gets built up to run out a lot of base stations and then the phone thing will kick in.

在接下來的幾年裡，隨著容量的增加，大量基地台將被耗盡，然後電話的事情就會開始出現，這種情況可能會稍微減弱。

It will kick in a little bit next year for sub-6G and then in subsequent years to a greater extent with millimeter wave.

明年它將在 sub-6G 中發揮一點作用，然後在隨後的幾年中在毫米波中發揮更大的作用。

That's how to think about it.

就是這樣想的。

Your next question comes from the line of Timothy Arcuri with UBS.

您的下一個問題來自瑞銀集團的 Timothy Arcuri。

Mark, I just wanted to follow up on what you just said.

馬克，我只是想跟進你剛才說的話。

So we began the year for the SOC TAM was about $2.5 billion for this year and then we went to $2.8 billion and now we're at $3.1 billion.

因此，我們今年年初的 SOC TAM 約為 25 億美元，然後達到 28 億美元，現在達到 31 億美元。

And if 5G is adding maybe $200 million to that $600 million increment, what -- where is the other $400 million coming from?

如果 5G 可能會在 6 億美元增量的基礎上增加 2 億美元，那麼另外 4 億美元來自哪裡？

Well there's strength in, I would say, general computing and sort of AI-type big digital applications out there.

我想說的是，通用計算和人工智慧類型的大型數位應用程式具有優勢。

I think there's also strength in handsets in general, not 5G-related, but just 4G, the complexity of the processors, the extra sort of MIMO and RF side of the 4G phones this year has driven a lot of test demand as well.

我認為手機總體上也有優勢，與 5G 無關，而只是 4G，處理器的複雜性、今年 4G 手機額外的 MIMO 和 RF 方面也推動了大量的測試需求。

So it's sort of all in the digital side and I'd say phones, 4G phones, are the principal other half of the equation.

所以這一切都在數字方面，我想說手機，4G 手機，是等式的主要另一半。

Okay.

好的。

Got it.

知道了。

And then I guess I have a question in Industrial Automation.

然後我想我有一個關於工業自動化的問題。

With respect to UR, I mean, obviously, the business is suffering from some industry trends, but we've also heard about some price competition.

就 UR 而言，我的意思是，很明顯，該業務正遭受一些行業趨勢的影響，但我們也聽說了一些價格競爭。

There's a lot of offerings now coming out a lower price.

現在有很多產品的價格較低。

I think Techman is now partnering with OMRON.

我認為達明現在正在與歐姆龍合作。

So how do you think about that in the context of you went out and spent a decent amount of money for a company that's not really going to be accretive to earnings for a couple of years?

那麼，當你出去為一家公司花了相當多的錢，而這家公司在幾年內不會真正增加收益時，你如何看待這一點？

So there seems to be a lot of sort of investor concerns, I get a lot more questions about this, that people are getting a bit concerned that there is some deterioration happening in your core business.

因此，投資者似乎有很多擔憂，我收到了更多關於此的問題，人們開始有點擔心你的核心業務正在惡化。

Can you sort of talk about that and what your longer-term strategy is?

您能談談這個問題以及您的長期策略是什麼嗎？

And also, whether you think that this changes your view of this being a $1 billion business by 2022 or something like that?

另外，您是否認為這會改變您對 2022 年將成為 10 億美元業務的看法？

It's Sanjay here.

我是桑傑。

I'll comment on the UR pricing competition first.

我首先評論 UR 定價競爭。

I think, first of all, UR margins actually ticked up this quarter slightly.

我認為，首先，本季 UR 利潤率實際上略有上升。

When we look at our win/loss and evaluate the competition, pricing is obviously out there from other competitors that's much lower.

當我們查看我們的輸贏並評估競爭時，我們發現定價顯然比其他競爭對手低得多。

However, we haven't lost significant business on that front.

然而，我們在這方面並沒有失去大量業務。

So I think we have a quality product offering.

所以我認為我們提供優質的產品。

It's recognized, all by the customer base and it's being priced appropriately.

它得到了客戶群的認可，並且定價合理。

And so I think from a UR standpoint, yes, we are planning that competition eventually will get the quality levels up and we'll have to deal with a little bit of pricing.

所以我認為從 UR 的角度來看，是的，我們正在計劃競爭最終會提高品質水平，我們將不得不處理一點定價問題。

But currently, that's not necessarily the case where we're losing business from a price perspective.

但目前，從價格角度來看，我們不一定會失去業務。

From a long-term perspective on AutoGuide, I think in both Mark's and my prepared remarks, I think you need to consider this as a complemental or a complement set of offerings in our portfolio of higher payload, of which there will be some potential product, go-to-market synergies with MiR and the entire portfolio.

從 AutoGuide 的長遠角度來看，我認為在 Mark 和我準備好的演講中，我認為您需要將其視為我們更高有效載荷產品組合中的補充或補充產品集，其中將有一些潛在的產品、與MiR 和整個產品組合的上市綜效。

That, coupled with the scale of Teradyne and the core competencies, we believe very strongly in completing out the portfolio of industrial application.

再加上泰瑞達的規模和核心能力，我們堅信能夠完成工業應用產品組合。

And this is just another example.

這只是另一個例子。

And I would also, just on the specific comment around Techman and OMRON, we talked about them as -- it's an interesting product but it's really not a price deflator.

我還想，就 Techman 和 OMRON 的具體評論而言，我們談論它們是——這是一個有趣的產品，但它實際上不是價格平減指數。

And even in its home turf of Japan, that's our strongest growing region this year with UR.

即使在它的主場日本，這也是我們今年 UR 成長最強勁的地區。

So I think the thought that somehow price competition or competition in general is causing the growth sort of slowing in UR is really not how we see it.

因此，我認為價格競爭或整體競爭以某種方式導致 UR 成長放緩的想法實際上並不是我們所看到的。

It's more the macroeconomic effects.

更多的是宏觀經濟影響。

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

你的下一個問題來自 C.J. Muse 和 Evercore 的線。

I guess, first question, regarding gross margins and mix as we move from September to December.

我想，第一個問題是關於 9 月到 12 月的毛利率和組合。

I think in your prepared remarks, you talked about overall system test growth about 25% for the calendar year, which would imply Storage Test, I believe, roughly flat, and that's your lower-margin business.

我認為在您準備好的發言中，您談到了日曆年整體系統測試增長約 25%，這意味著存儲測試，我相信，大致持平，這是您利潤率較低的業務。

So curious what's driving the year-over-year -- the sequential decline in gross margin.

很好奇是什麼推動了同比增長——毛利率的連續下降。

Historically, it's been more mobile base.

從歷史上看，它一直是移動基地。

If there's other drivers within your core SOC business that's [baked] into that.

如果您的核心 SOC 業務中存在其他驅動因素，則將其納入其中。

Yes I think -- it's Sanjay here.

是的，我想──是桑傑。

So I think Q3 gross margins had favorable product mi specifically tied to the Semi Test business.

因此，我認為第三季的毛利率有有利的產品，特別是與半測試業務相關的產品。

We get to a same Semi Test business has a little bit of mix change and that's driving kind of a margin percentage down a tad, so 59% to 58%, roughly.

我們的半測試業務有一點混合變化，這導致利潤率略有下降，大約為 59% 到 58%。

But it's kind of in our plan and as expected.

但這在我們的計劃中並且符合預期。

I guess just curious, I mean, does that mean we're seeing a pickup in mobility?

我想只是好奇，我的意思是，這是否意味著我們看到流動性有所提升？

Or there are other drivers with the SOC that have similar margins to mobility?

或者有其他具有 SOC 的驅動程式與移動性具有類似的利潤嗎？

Overall, the mix is as we planned.

總體而言，組合符合我們的計劃。

We are seeing continued [strength] in mobility.

我們看到流動性持續[強勁]。

That is a key driver.

這是一個關鍵的驅動因素。

It's not anything more than that.

僅此而已。

Okay.

好的。

And I guess as a follow-up, share of north of 40% in memory is pretty incredible.

我想作為後續，內存中 40% 以上的份額是相當令人難以置信的。

And so I guess, can you kind of walk through how you're thinking about 2020, particularly as we move to UFS 3.0 standards and the requirements for higher-speed NAND test as well as the move to DDR5 and your competitive positioning there?

所以我想，您能否介紹一下您對 2020 年的看法，特別是當我們轉向 UFS 3.0 標準和更高速 NAND 測試的要求以及轉向 DDR5 以及您在那裡的競爭定位時？

Yes.

是的。

So those 2 trends are great.

所以這兩個趨勢都很棒。

We love it.

我們喜歡它。

That helps our product line, but I would say that it's likely that the low 40% share position we will have in 2019 is a bit inflated because the DRAM portion of test buying this year is quite low.

這對我們的產品線有幫助，但我想說，我們在 2019 年擁有的 40% 的低份額地位可能有點誇張，因為今年測試購買的 DRAM 部分相當低。

NAND has been better than DRAM and DRAM is sort of the new space for entering.

NAND 比 DRAM 更好，而 DRAM 是新的進入領域。

Our share there is still relatively small.

我們的份額仍然相對較小。

So if we think about 2020, if the market this year is $600 million, we've talked about trend line market of $700 million for memory.

因此，如果我們考慮 2020 年，如果今年的市場規模為 6 億美元，那麼我們已經討論過記憶體市場的趨勢線為 7 億美元。

If we think about the trend line going -- the market going back, it's likely to be on the DRAM side.

如果我們考慮趨勢線的走向——市場回落，很可能是在 DRAM 方面。

And our share of next year could come down into the high 30s.

明年我們的份額可能會下降到 30 左右。

But given the products and the trends that you cited, if we think about another couple of years out, we should be routinely operating in that sort of mid-40% range, is our view.

但考慮到您提到的產品和趨勢，如果我們考慮再過幾年，我們的觀點是，我們應該經常在 40% 左右的範圍內運作。

Your next question comes from the line of Brian Chin with Stifel.

你的下一個問題來自 Brian Chin 和 Stifel 的對話。

Congratulations on the nice -- current results.

祝賀目前取得的良好成果。

I guess my first question would be on sort of UR and Industrial Automation business, and sorry if I missed this but what is the current expected growth rate for UR and for IA as a whole in 2019?

我想我的第一個問題是關於 UR 和工業自動化業務，很抱歉，如果我錯過了這個問題，那麼 2019 年 UR 和整個 IA 的當前預期成長率是多少？

Also, can you flesh out some of the underserved verticals and regions you expect to invest more heavily in as it relates to UR?

另外，您能否充實一些您希望加大投資力度的與 UR 相關的服務不足的垂直行業和地區？

And also, just curious kind of where you think margins on the IA business will come in at this year?

另外，您覺得今年 IA 業務的利潤率會達到多少？

Yes.

是的。

So I think from an Industrial Automation perspective, you should expect us to be in the teens for 2019.

因此，我認為從工業自動化的角度來看，您應該預期 2019 年我們將處於十幾歲的水平。

Operating margin to growth.

營業利潤率成長。

And so...

所以...

Yes.

是的。

Yes.

是的。

So expected to be in the teens.

所以預計會在十幾歲。

And then from -- and that's a full year, 2019 over 2018 on an as-reported basis.

然後，根據報告，這是一整年，即 2019 年到 2018 年。

Pro forma, you think a little bit lower as we acquired MiR in April, maybe around 9%, 10% on a pro forma basis.

預計，你認為我們在 4 月收購了 MiR 後會稍微低一些，預計大約是 9%、10%。

And then from an investment perspective, I think you should think about different verticals and consumer electronics and the like.

然後從投資的角度來看，我認為你應該考慮不同的垂直領域和消費性電子產品等。

Yes.

是的。

And I think, geographically, as we look at United States as an example, we've had some areas of North America and the U.S. that we've been a little light in our distribution networks.

我認為，從地理上看，以美國為例，我們在北美和美國的一些地區的分銷網絡比較少。

So we're going to fill that out.

所以我們要填寫它。

And on the verticals front, we do see that electronics remained strong.

在垂直領域，我們確實看到電子產品仍然強勁。

It's not like we haven't invested in electronics, but we haven't leaned into it disproportionately.

我們並不是沒有投資電子產品，但我們並沒有過度依賴它。

I think that's an -- one area where we will have more concentration looking forward.

我認為這是我們未來將更加關注的領域。

Okay.

好的。

That's helpful.

這很有幫助。

It sounds like with IA maybe in 4Q, some seasonality, maybe not quite the seasonal bump maybe you've seen in kind of recent years.

聽起來，IA 可能會在第四季出現，有些季節性，也許不完全是你近年來看到的季節性成長。

And then maybe switching gears to the acquisition in terms of AutoGuide.

然後也許會轉向收購 AutoGuide。

Just curious, would you go to market differently with those autonomous vehicles, perhaps more of a direct sale than some of the extensive distribution integration partners you've leveraged for UR and MiR?

也許好奇，您會以不同的方式對待這些自動駕駛汽車的市場嗎？

And I guess -- and I would imagine if that was the case, then that might [season] the sort of the time frame you've talked about from an accretion standpoint.

我想 - 我想如果是這樣的話，那麼這可能會[季節]你從吸積的角度談到的那種時間框架。

Yes.

是的。

So that's exactly right.

所以這是完全正確的。

It's classic customer or the big opportunities for AutoGuide tend to be larger enterprises and the direct sales approach there will be the predominant approach.

它的經典客戶或 AutoGuide 的大機會往往是較大的企業，直接銷售方式將是主要方式。

Not that we won't have channel partners.

並不是說我們不會有通路夥伴。

We do and will expand that, but in the early going here, that will be the majority of the story versus MiR and UR, which come at it from the other way, where today 90-plus-percent is through the channel and we're just developing a few enterprise direct sales accounts.

我們確實並且將會擴展這一點，但在早期，這將是與 MiR 和 UR 相比的大部分故事，它們是從另一種方式實現的，今天 90% 以上是通過渠道實現的，我們'我們只是開發一些企業直銷帳戶。

Your next question comes from the line of Toshiya Hari with Goldman Sachs.

你的下一個問題來自高盛的 Toshiya Hari。

Mark, I wanted to follow up on the memory test business.

馬克，我想跟進內存測試業務。

The improvement of market share this year, it's the low 40% range.

今年市佔率有所提高，處於 40% 的低點。

How much of that is due to mix shift within the TAM, DRAM being lower and then being better?

其中有多少是由於 TAM 內的混合轉變、DRAM 的性能降低然後變得更好？

And how much of that is due to real share gains at the expense of your competitor?

其中有多少是由於以犧牲競爭對手為代價而獲得的實際份額收益？

And kind of related to that, given memory test has been sort of the bread and butter of your competitor, have you seen any price retaliation from them?

與此相關的是，鑑於內存測試一直是競爭對手的麵包和黃油，您是否看到他們有任何價格報復？

So I would say very little pricing activity that would be abnormal in this environment and what I said earlier about DRAM is kind of weak this year.

因此，我想說，在這種環境下，定價活動非常少，這是不正常的，而且我之前所說的 DRAM 今年有點疲軟。

So if you normalize out DRAM, maybe the way to think about it is our 42%, 43% share will be more like 37%, 38%.

因此，如果你將 DRAM 標準化，也許我們的 42%、43% 份額將更像是 37%、38%。

And so that's probably more our natural share position at this point.

因此，這可能是我們目前更自然的股票立場。

And it's -- we're basically picking up business at existing memory manufacturers, so there's some real share gain happening at the traditional suppliers that you might think of for memory and then there is emerging players in China, which are kind of a jump ball that we're competing with.

我們基本上是在現有內存製造商處獲得業務，因此傳統供應商的份額確實有所增長，您可能會想到內存領域，然後中國出現了新興的參與者，這有點像跳球我們正在與之競爭。

And our share in China is above our kind of average share globally.

我們在中國的份額高於全球平均份額。

So those 2 pieces are what combined to sort of put a fit that natural 37%, 38% point.

因此，這兩件作品結合起來自然適合 37%、38% 點。

Got it.

知道了。

I assume most of the activity in China in memory so far has been on the NAND side as opposed to DRAM?

我認為迄今為止中國記憶體領域的大部分活動都集中在 NAND 方面，而不是 DRAM 方面？

It was activity in both.

兩者都有活動。

I don't think I would break it down too much but both areas, we see activity.

我不認為我會對其進行太多細分，但我們在這兩個領域都看到了活動。

Okay.

好的。

And a quick follow-up, on analog test, can you remind us how big that subsegment is within Semi Test?

關於模擬測試的快速跟進，您能否提醒我們半測試中的子部分有多大？

I know it's a business that's been in sort of correction mode for the past few, if not several quarters.

我知道這家企業在過去幾季（如果不是幾季）一直處於調整模式。

But how big was that in Q3?

但第三季的規模有多大？

And is it fair to say that you're pretty close from the bottom?

可以說你已經非常接近谷底了嗎？

Or could there be further downside, given some of your customers' commentary overnight?

或者考慮到一些客戶隔夜的評論，是否還會有進一步的負面影響？

Yes.

是的。

I think when we say analog, in the purest sense, linear analog is a market that traditionally is sort of in the $300 million to $400 million range.

我認為，當我們說模擬時，從最純粹的意義上來說，線性模擬是一個傳統上在 3 億至 4 億美元範圍內的市場。

And this year, it's probably at the low end of that.

今年，它可能處於最低水平。

Then there's another segment that's related to the discussions going on in the sort of general linear analog area related to automotive and MCU and logic.

然後還有另一個部分與汽車、MCU 和邏輯相關的通用線性模擬領域正在進行的討論相關。

That's a market that probably oscillates between $300 million to $500 million, and it's also down at the low end of its range this year, probably even a little bit below $300 million.

這個市場可能在 3 億美元到 5 億美元之間波動，今年也跌至該區間的低端，甚至可能略低於 3 億美元。

And we had a couple strong years of automotive, leading up into -- coming into this year.

我們在汽車領域經歷了幾年強勁的發展，直到今年。

This year is obviously down quite a bit in automotive.

今年汽車業的表現顯然大幅下滑。

And if past trends sort of hold, it will stay down for another 9 months to 1 year perhaps before we start to see that recover.

如果過去的趨勢保持不變，那麼在我們開始看到復甦之前，它可能會再持續 9 個月到 1 年的時間。

Your next question comes from the line of John Pitzer with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Okay.

好的。

Let's move on, please.

請讓我們繼續。

Your next question comes from the line of Krish Sankar with Cowen & Company.

您的下一個問題來自 Cowen & Company 的 Krish Sankar。

I have a couple of them.

我有幾個。

Mark, I think I asked this last time, too.

馬克，我想我上次也問過這個問題。

Is there a way to quantify how much of your sales in SOC test, so that's SOC test plus Wireless Test, is coming from 5G?

有沒有辦法量化 SOC 測試（即 SOC 測試加無線測試）的銷售額中有多少來自 5G？

And then I have a follow-up.

然後我有一個後續行動。

5G.

5G。

I don't think we have that broken down about for you.

我想我們還沒有為你分解這些。

So no, I can't do that for you on the fly here.

所以不，我不能在這裡為你做這件事。

I'm not sure that's something we're going to be able to break out too easily, but I can't do it off the top of my head.

我不確定我們是否能夠輕易地突破這一點，但我不能憑空做這件事。

Sorry.

對不起。

Got you.

明白你了。

No worries.

不用擔心。

And then I have a question on Industrial Automation and your strategy.

然後我有一個關於工業自動化和你們的策略的問題。

And it looks like you are go to slowing, I understand there are external factors, like macro and competition, but over the last couple of years, acquired MiR and now AutoGuide, does it make sense to go down more downstream to a defensive software or a optic solution-based technology acquisition than a robotics hardware asset that has a potential to be commoditized down the road?

看起來你會放慢速度，我知道有外部因素，例如宏觀和競爭，但在過去幾年裡，收購了 MiR，現在收購了 AutoGuide，向下游發展到防禦軟體或防禦軟體是否有意義？解決方案的技術收購，而不是有可能在未來實現商品化的機器人硬體資產？

Yes.

是的。

I think there's a view that the hardware is the commodity and the software is where all the money is going to be.

我認為有一種觀點認為硬體是商品，而軟體是所有資金的來源。

And I would just reiterate that the differentiation we have in hardware has been incredibly strong and powerful throughout the 4.5 years we've owned UR and continues to be.

我想重申的是，在我們擁有 UR 的 4.5 年裡，我們在硬體方面的差異化一直非常強大，而且仍然如此。

So -- and then on the second point around software, isn't that sort of the pot of gold at the end of the rainbow?

那麼，關於軟體的第二點，這不是彩虹盡頭的第一桶金嗎？

I think there is something to that over time that more and more value can be captured through software.

我認為隨著時間的推移，透過軟體可以獲得越來越多的價值。

Not at the expense of hardware, however, I don't believe it's that but I do think it's another market that will grow in conjunction with the hardware.

然而，並不是以犧牲硬體為代價，我不相信是這樣，但我確實認為這是另一個將與硬體一起成長的市場。

So it's something we're looking at.

所以這是我們正在關注的事情。

We do have a good platform to develop some capability around that but I wouldn't disabuse hardware for the sake of software.

我們確實有一個很好的平台來開發一些相關功能，但我不會為了軟體而停用硬體。

I think they're both attractive and interesting.

我認為它們既有吸引力又有趣。

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

你的下一個問題來自理查德·伊士曼和貝爾德的對話。

Just around the IA business and in particular, UR, you've made reference to Asia, Asia Pac strength both in China and Japan.

圍繞著 IA 業務，特別是 UR，您提到了亞洲、亞太地區在中國和日本的實力。

Is there a different mix of end markets there?

那裡有不同的終端市場組合嗎？

Or have you added some distribution?

還是你加了一些發行版？

Where -- what would you attribute that strength to because again, some of the verticals certainly have slowed there in Industrial Automation as well?

您將這種優勢歸因於哪裡，因為工業自動化領域的一些垂直行業肯定也放緩了？

But curious as to where that strength come from.

但很好奇這種力量從何而來。

And then maybe just a second question, similar thoughts, we now introduced this bin-picking product.

然後也許只是第二個問題，類似的想法，我們現在推出了這個垃圾箱揀選產品。

We had some enterprise agreements in the backlog there.

我們在那裡積壓了一些企業協議。

As we move forward with UR, I'm not sure if you referenced this, but would you expect UR to maybe drop a little bit further here in the fourth quarter and in the first quarter seasonally it does that, but when will we start to inflect towards core growth at UR?

當我們推進 UR 時，我不確定您是否提到過這一點，但您是否預計 UR 在第四季度可能會進一步下降一點，而在第一季季節性它會這樣做，但我們什麼時候開始影響UR 的核心成長？

I mean, middle of next year?

我是說，明年年中？

What would your best guess be there?

您最好的猜測是什麼？

So maybe on that last point, first.

所以也許首先是最後一點。

I think UR is going to grow in fourth quarter over third because typically, fourth quarter is a big bump for us.

我認為 UR 在第四季度的成長將超過第三季度，因為通常情況下，第四季對我們來說是一個很大的成長。

It probably won't -- it will be single digits compared to year-over-year fourth quarter but it will likely be up a little bit.

它可能不會——與去年第四季相比，它會是個位數，但可能會略有上升。

We're doing this in light of the fact that if you look at the macroeconomic indicators of industrial output in the U.S. and Europe, they are significantly weak and down.

我們這樣做是因為，如果你看看美國和歐洲工業產出的宏觀經濟指標，你會發現它們明顯疲軟且下降。

If you look at the traditional suppliers of industrial automation, for example, whether it's Japanese machine tool, sales or some of the specific companies that have announced recent trends, you'll see that they are down anywhere from 10% to 30% year-over-year, where we're roughly low single-digit growth.

如果你看看工業自動化的傳統供應商，例如，無論是日本工具機、銷售額還是一些公佈近期趨勢的特定公司，你會發現它們每年都下降了 10% 到 30%——與去年同期相比，我們的成長率大致為低個位數。

So I think we're going to have that kind of a headroom over the traditional cyclical industrial automation market, where we will oscillate with a 10-, 15-point gap on top of those guys.

因此，我認為我們將比傳統的周期性工業自動化市場擁有更大的空間，我們將在這些市場上以 10 到 15 點的差距波動。

So the real question is when will the industrial manufacturing sector in North America and Europe return to an expansive mode.

所以真正的問題是北美和歐洲的工業製造業何時才能回歸擴張模式。

And that one I think, is hard for us to call.

我認為，我們很難稱呼這一點。

We think that we can grow next year, even in light of the current economic conditions we see in Industrial Automation.

我們認為，即使考慮到工業自動化當前的經濟狀況，我們明年也能實現成長。

So we think it will be a growth year next year, but is it going to be single digits or back into that 30% to 40% range?

因此，我們認為明年將是成長的一年，但成長是個位數還是回到 30% 到 40% 的範圍？

It's a little tough for us to call that right now.

現在我們很難這麼稱呼它。

On Japan specifically, it's interesting in Japan.

具體到日本，日本很有趣。

Japan is a country that really sees the value of automation.

日本是一個真正看到自動化價值的國家。

They've got a demographic issue that requires it for them to stay productive.

他們面臨人口問題，需要他們保持生產力。

And we're seeing that our product is able to win a disproportionate amount of collaborative robot business there despite the fact, as somebody mentioned earlier, OMRON's home turf is there, they've decided to rep Techman there, but the Universal Robots product and cobot is winning.

我們看到我們的產品能夠在那裡贏得不成比例的協作機器人業務，儘管事實上，正如前面有人提到的那樣，歐姆龍的主場就在那裡，他們決定在那裡代表 Techman，但優傲機器人的產品和協作機器人正在獲勝。

So that's all very encouraging to us.

這對我們來說非常令人鼓舞。

And if you look at the PMI and other indicators in Japan, they're actually not quite down as much as they are elsewhere in the world.

如果你看看日本的 PMI 和其他指標，它們實際上並沒有像世界其他地方那樣下降那麼多。

And in China, it's a similar, believe it or not, demographic concern that there's a -- an issue of finding staff to do a lot of this manual labor that has resulted in companies in China continuing to invest, even though there's a lot of economic uncertainty and some industry downturn there.

不管你信不信，在中國，也存在類似的人口問題，即尋找員工從事大量體力勞動的問題，這導致中國的公司繼續投資，儘管有很多經濟存在不確定性，部分行業出現低迷。

We have automotive suppliers in China and elsewhere.

我們在中國和其他地方都有汽車供應商。

Even though the automotive industry is down, they've got -- and they're letting go people, in some cases, closing factories.

儘管汽車業不景氣，但他們還是解雇了員工，在某些情況下還關閉了工廠。

They're still Steady Eddy, adding collaborative robots at a good clip because they see the long-term trend line.

他們仍然是穩定渦流，在適當的時候添加協作機器人，因為他們看到了長期趨勢線。

So all of that, to me, is positive.

所以對我來說，所有這些都是積極的。

I think we are learning.

我認為我們正在學習。

We're not immune.

我們也不能倖免。

The ROI for clever robots is fantastic, whether it's an economic upturn or downturn.

無論經濟好轉或低迷，智慧機器人的投資報酬率都是驚人的。

So we'd like to believe we can fight through the downturn and still get growth.

因此，我們相信我們能夠度過低迷時期並仍然實現成長。

And we are.

我們是。

But it's kind of single-digit, and I expect we're always going to ride above the curve here throughout these cycles.

但這只是個位數，我預期在整個這些週期中我們總是會高於曲線。

Your next question comes from the line of Sidney Ho with Deutsche Bank.

你的下一個問題來自德意志銀行的 Sidney Ho。

I want to clarify one thing.

我想澄清一件事。

You said the 5G infrastructure added about $200 million to the TAM this year.

您說5G基礎設施今年為TAM增加了約2億美元。

And next year, they will be positive, in the Infrastructure side, there may be some pick up on the handset side, but the real next big opportunity is until the millimeter wave, which is a couple of years away.

明年，他們將持積極態度，在基礎設施方面，手機方面可能會有一些回升，但真正的下一個重大機會要等到毫米波，這還需要幾年的時間。

I know it's early, but are you implying that the 5G-related incremental revenue for next year will be -- kind of be flat?

我知道現在還為時過早，但您是否暗示明年 5G 相關的增量收入將會持平？

I guess that's net of the -- any decline in 4G?

我想這是扣除了 4G 的下降之後的淨值？

Yes, Sanjay here.

是的，桑傑在這裡。

I think that -- yes, we believe that's roughly a couple hundred million.

我認為——是的，我們相信這大約是幾億。

I said -- I think -- I believe we said in the past that we believe, all in all, 5G will have about a $300 million to $400 million TAM uplift to the market.

我說過——我認為——我相信我們過去說過，我們相信，總而言之，5G 將為市場帶來約 3 億至 4 億美元的 TAM 提升。

And so right now, we're trying to calibrate, as Mark said earlier, utilization of testers as high.

因此，正如馬克之前所說，現在我們正在努力調整測試人員的使用率。

What we're trying to calibrate, the build-out that is getting ready for the infrastructure rollout of sub-6 in 2020 and have the customers created the capacity to handle the throughput required in 2020.

我們正在嘗試校準的內容是為 2020 年 sub-6 基礎設施的推出做好準備的擴建，並讓客戶創建處理 2020 年所需吞吐量的能力。

So we're kind of trying to triangulate that and we'll provide an update of our best estimate in Q1.

因此，我們正在嘗試對此進行三角測量，我們將在第一季提供最佳估計的更新。

I think from a 5G handset perspective, I think you should think about sub-6 is going to increase in 2020.

我認為從 5G 手機的角度來看，我認為你應該考慮 2020 年 sub-6 將會增加。

And then also, millimeter wave, first infrastructure and then handsets in the following years.

然後是毫米波，首先是基礎設施，然後是接下來幾年的手機。

And so there will be this wave of adoption, first started with 5G infrastructure, then 5G handsets for sub-6 and then going to millimeter wave infrastructure, more in 2021, and then handsets 2021, 2022.

因此，將會出現這一波採用浪潮，首先是 5G 基礎設施，然後是 sub-6 的 5G 手機，然後是毫米波基礎設施，2021 年會更多，然後是 2021 年、2022 年的手機。

That's the way we see it now.

這就是我們現在所看到的。

Okay.

好的。

Great.

偉大的。

Some follow-up, if you look back at the 4G opportunities, which obviously started early this decade, it may still be growing right now, and if you look at the shape of that TAM hike over time for you guys as well as how long it took for the opportunity to plateau and eventually start falling off, how do you think the shape of the 5G over the next business cycle, how is that going to be different than 4G?

一些後續行動，如果你回顧一下 4G 機會，這顯然是本世紀初開始的，它現在可能仍在增長，如果你看看你們隨著時間的推移 TAM 上漲的形狀以及持續多長時間它抓住了進入穩定期並最終開始下滑的機會，您認為下一個商業週期中5G 的形態如何，這與4G 有何不同？

So I think I want to break that into 2 different test markets.

所以我想我想把它分成兩個不同的測試市場。

There's the LitePoint business we have that saw tremendous spike when 4G rolled out, of handsets shifting over to 4G, which happened quite rapidly.

當 4G 推出時，我們的 LitePoint 業務出現了巨大的成長，手機轉向 4G 的速度非常快。

And LitePoint is fueled by those standard shifts.

這些標準轉變推動了 LitePoint 的發展。

And so when you think of LitePoint's business, that market grew to like $1 billion in size.

因此，當您想到 LitePoint 的業務時，您會發現該市場的規模已成長到 10 億美元左右。

LitePoint's business grew upwards of $100 million.

LitePoint 的業務成長超過 1 億美元。

It was a huge boom and then a bust.

這是一次巨大的繁榮，然後是蕭條。

5G for LitePoint, I think, is going to go slower because there's more -- under the 5G umbrella, there's more substandards and a slower rollout.

我認為，LitePoint 的 5G 發展速度會更慢，因為在 5G 保護傘下，不合格的情況更多，推出速度也更慢。

In Semi Test, I think it's a different issue.

在半測試中，我認為這是一個不同的問題。

Semi Test has been benefiting less from sort of the standards change to 4G than the complexity growth associated with the standard, its evolution and all of this sort of other features in phones.

Semi Test 從 4G 標準變化中獲益更多的是與標準、其演進以及手機中所有此類其他功能相關的複雜性增長。

So we've had a decade almost now of strong mobility Semi Test demand.

因此，我們已經有近十年的強勁行動半測試需求。

Some of that you can attribute to the 4G standard, much more of it you attribute to the complexity growth in the phone and other perhaps correlated, but other areas, like the apps processor, the AI getting built in, the image sensors, et cetera.

其中一些可以歸因於 4G 標準，更多歸因於手機和其他可能相關的複雜性增長，但其他領域，如應用程式處理器、內建人工智慧、影像感測器等。

So when we look at a 5G roll for Semi Test, there's a difference.

因此，當我們查看半測試的 5G 卷時，會發現存在差異。

One subtle difference, but I think the net result is going to be the same.

雖然有一點細微的差別，但我認為最終結果是一樣的。

Subtle difference is the 5G millimeter wave step in is a much bigger technological impact than the 4G LTE step for Semi Test.

細微的差別是，對於 Semi Test 來說，5G 毫米波的介入比 4G LTE 的介入帶來了更大的技術影響。

The silicon that go at millimeter wave frequencies is going to be more test-intensive and require higher test intensity for Semi Test.

毫米波頻率的矽將需要更密集的測試，並且需要更高的半測試測試強度。

So that's a balloon.

所以這是一個氣球。

And it will be metered out over years.

而且它將在多年後進行計量。

The complexity growth is a constant.

複雜性的成長是一個常數。

So that one, I think continues and so you've got a little bit more of a bump on top of it with millimeter wave being more complex.

因此，我認為這一點仍在繼續，因此毫米波更加複雜，因此在它上面有更多的凸起。

So looking forward, marginally more test-intensive than looking backwards is how I think about it.

因此，展望未來，我的想法是，比回顧過去的測試更密集。

Last question for me, a couple of years ago, your SOC test share was in the mid-50s and dropped off last year and maybe coming back a little bit this year.

我的最後一個問題是，幾年前，你們的 SOC 測試份額在 50 多歲左右，去年有所下降，今年可能會有所回升。

I guess, next year, it probably should be up as well because of better end market customer mix and whatnot.

我想，明年，由於終端市場客戶組合的改善等原因，它可能也會上漲。

But what would it take for you guys to get your share back to the 50% level?

但是你們要怎麼樣才能讓自己的份額恢復到 50% 的水平呢？

Well I think, overall, we've got to get a kind of rollout of millimeter wave.

嗯，我認為，總的來說，我們必須推出毫米波。

So that's a key part.

所以這是一個關鍵部分。

That drives a lot of the RF test intensity that we're solid and good at.

這推動了我們紮實且擅長的大量射頻測試強度。

And the memory story has to play out as it's playing out are sort of 2 key elements to that.

記憶故事必須上演，因為它的上演是其中的兩個關鍵要素。

And then less important, but also in there, is picking up a little more, what we would look at as an edge AI-type test business.

然後，雖然不那麼重要，但也在那裡，我們會看到更多一點，即邊緣人工智慧類型的測試業務。

We have to get more devices in automotive and in consumer products that are digitally intensive and executing these inference algorithms that have been developed in the cloud.

我們必須在汽車和消費產品中獲得更多數位密集型設備，並執行這些在雲端中開發的推理演算法。

We're strong there.

我們在那裡很強大。

That growth is sort of the third leg of the stool that gets us there.

這種成長可以說是我們實現這目標的第三條腿。

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

你的下一個問題來自 David Duley 和 Steelhead 的對話。

A couple of things on 5G handsets.

關於 5G 手機的一些事情。

Could you take a stab at how much more test time is involved in the 5G handset versus a 4G handset?

您能否測試一下 5G 手機與 4G 手機相比要多花多少測試時間？

I realize there's more RF and power management content and more complexity in some of the parts.

我意識到射頻和電源管理內容更多，某些部分也更複雜。

But if you could get -- take a stab at estimating of how much more test time intensity there is with the handset with 5G versus 4G, that would be great.

但如果您能夠嘗試估計 5G 手機與 4G 手機相比，測試時間強度要多多少，那就太好了。

And the second question is, have you seen an acceleration in customers' plans to roll out 5G phones next year?

第二個問題是，您是否看到客戶明年推出 5G 手機的方案加快？

So on the second point -- actually, I'll leave that -- on the second point, yes, there's an acceleration of 5G rollout in general that happened this year.

所以關於第二點——實際上，我會留下這一點——關於第二點，是的，今年 5G 的推出總體上有所加速。

So if you went back to the beginning of the year and said what's the pace of 5G rollout today, it's quite accelerated in both base stations and in handsets.

因此，如果你回到今年年初，看看現在 5G 的推出速度如何，你會發現基地台和手機的推出速度都相當快。

However, the difference, a significant point in all that is that most of the acceleration is in sub-6G.

然而，差異的一個重要點是大部分加速度都在 6G 以下。

It's the base stations and the handsets that are really starting to roll fast are in Asia, where sub-6G is rolling out ahead of the rest of the world.

真正開始快速發展的是亞洲的基地台和手機，那裡的 sub-6G 領先世界其他地區。

Now next year, we'll probably get a little bit of broadening of that.

明年，我們可能會稍微擴大這個範圍。

That's what's expected, and I would expect that, too.

這是所期望的，我也期望如此。

But the infrastructure in the United States and Europe really isn't going to be in place to take advantage of a lot of that.

但美國和歐洲的基礎設施確實無法充分利用這些優勢。

So that's going to be a bit of an anchor.

所以這將成為一個錨點。

But thank God, Asia is running because it's been great for us.

但感謝上帝，亞洲正在運行，因為它對我們來說很棒。

Now the test time question, there's 2 different ways -- I'm not sure which question you're asking, there's the testing of handsets that LitePoint does in a 5G phone and then there's the testing of all the silicon that rolls into the 5G phone, which one are you...

現在是測試時間問題，有兩種不同的方法 - 我不確定你問的是哪一個問題，一種是 LitePoint 在 5G 手機中進行的手機測試，另一種是對 5G 中使用的所有晶片進行測試手機，你是哪一個...

I was referring to all the silicon in the phone.

我指的是手機裡的所有矽片。

Okay.

好的。

So on the silicon side, that one is a tough one to call right now because people are still developing early-early test cases for the 5G silicon.

因此，在晶片方面，現在很難做出決定，因為人們仍在開發 5G 晶片的早期測試案例。

The 5G-specific silicon tends to be there's transceivers, there's antennas and there's a modem.

5G 專用晶片往往包含收發器、天線和數據機。

And all of those are in early pilot phase production.

所有這些都處於早期試驗階段生產。

All of them have today, much higher test times, which if you extrapolated, will come up with stupid numbers for test markets.

今天，所有這些都具有更長的測試時間，如果你推斷的話，將會為測試市場得出愚蠢的數字。

And we expect they will get optimized as always over the next year as they go to production.

我們預計它們將在明年投入生產時一如既往地優化。

So I think in the end, we're going to see small, maybe handful, 10%, plus or minus, kind of test time increases when people finally sort through all this, but that's sort of a rough number we use.

所以我認為最終，當人們最終對所有這些進行排序時，我們將看到少量的，也許是少數的，10％，正負的測試時間增加，但這只是我們使用的一個粗略數字。

I think I'll just add one quick point on the 5G acceleration.

我想我只想簡單地補充一點關於 5G 加速的問題。

I think on the millimeter wave, we're seeing a lot of engineering efforts and testers to support that endeavor.

我認為在毫米波方面，我們看到了大量的工程工作和測試人員來支持這項努力。

So the handsets, as I said earlier, would come out, we believe would ramp in 1 year or plus.

因此，正如我之前所說，手機將會問世，我們相信會在一年或更長時間內實現成長。

We are seeing an uptick in the engineering efforts on 5G millimeter wave.

我們看到 5G 毫米波的工程工作增加。

Okay.

好的。

And operator, we have time to sneak in just one final question, please.

接線員，我們有時間偷偷問最後一個問題。

Your next question comes from the line of Tom Diffely with D. A. Davidson.

你的下一個問題來自 Tom Diffely 和 D.A. Davidson。

I was hoping you could add a little bit more on the automotive market.

我希望你能在汽車市場上多做一些補充。

I know it's down quite a bit this year but what is your long-term view there?

我知道今年下降了很多，但您的長期看法是什麼？

And [it deviate] more as a capacity play?

而且[它偏離]更多的是作為一種能力發揮？

Or is it the technology drivers as well?

或者說這也是技術驅動因素嗎？

Yes.

是的。

It's primarily a technology driver.

它主要是技術驅動力。

The automotive unit volume in the world is not going to move much over the next decade probably or at least for the next 5 years, but the complexity growth of the silicon in automotive is what's important.

全球汽車銷售在未來十年或至少在未來五年內可能不會有太大變化，但汽車中矽的複雜性成長才是重要的。

And much of that relates to more autonomous driving, driver assistance technologies flowing into the cars.

其中很大一部分與更多的自動駕駛、駕駛員輔助技術流入汽車有關。

And from the design point of view, a lot of tooling was put in place for that last year.

從設計的角度來看，去年為此準備了許多工具。

This year, I think because unit volumes were down and such, the manufacturers are kind of holding off.

今年，我認為由於單位銷售下降等原因，製造商有點推遲。

But I expect like I said before, that will return to growth late next year.

但我預計就像我之前所說的那樣，明年年底將恢復成長。

And that trend line for automotive-elect tests, let's say automotive tests, should be above the trend line of the rest of the industry in terms of growth.

汽車選擇測試的趨勢線，比如說汽車測試，在成長方面應該高於產業其他部分的趨勢線。

So we look at that, it's going to grow probably greater than 10% on average, whereas the rest of the test market, we've modeled in that sort of 4% to 5% range.

因此，我們認為，它的平均成長率可能會超過 10%，而測試市場的其餘部分，我們已經在 4% 到 5% 的範圍內進行了建模。

Great.

偉大的。

Thanks, everyone, and we look forward to talking with you in the days and weeks ahead.

謝謝大家，我們期待在未來幾天和幾週內與您交談。

Bye-bye.

再見。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。