泰瑞達 (TER) 2020 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Q2 2020 Teradyne, Inc. Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，下午好，歡迎參加泰瑞達 2020 年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Andy Blanchard, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給東道主投資者關係副總裁安迪布蘭查德 (Andy Blanchard)。請繼續。

Thank you, Vincent. Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results. I'm joined this morning by our CEO, Mark Jagiela; and CFO, Sanjay Mehta.

謝謝你，文森。大家早安，歡迎來到我們對泰瑞達最新財務表現的討論。今天早上我們的執行長 Mark Jagiela 也加入了我的行列。和財務長桑傑·梅塔。

Following our opening remarks, we'll provide details of our performance for 2020's second quarter, along with our outlook for the third quarter of 2020. The press release containing our second quarter results was issued last evening. We're providing slides on the Investor page of the website that may be helpful to you in following the discussion. Replays of this call will be available via the same page after the call ends.

在我們的開場白之後，我們將提供 2020 年第二季度業績的詳細信息，以及對 2020 年第三季度的展望。我們在網站的投資者頁面上提供幻燈片，可能對您後續討論有所幫助。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. We encourage you to review the safe harbor statement contained in the earnings release as well as our most recent SEC filings. Additionally, those forward-looking statements are made as of today, and we take no obligation to update them as a result of developments occurring after this call. During today's call, we'll make reference to non-GAAP financial measures. We've posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measure, where available, on the website of our -- on the Investor page of the website.

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。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。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。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。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, please take special note of the safe harbor statement in the press release and slide deck for risks related to the COVID-19 pandemic and changes to U.S. export regulations. Looking ahead between now and our next earnings call, Teradyne expects to participate in technology or industrial-focused investor conferences hosted by KeyBanc, Citibank and Deutsche Bank.

另外，請特別注意新聞稿和幻燈片中的安全港聲明，以了解與 COVID-19 大流行相關的風險以及美國出口法規的變化。展望從現在到下一次財報電話會議，泰瑞達預計將參加由 KeyBanc、花旗銀行和德意志銀行主辦的以技術或工業為重點的投資者會議。

Now let's get on with the rest of the agenda. First, Mark will comment on our recent results and the market conditions, including comments on the COVID-19 pandemic and expanded trade regulations. Sanjay will then offer more details on our quarterly results, along with our guidance for the third quarter. We'll then answer your questions, and this call is scheduled for 1 hour. Mark?

現在讓我們繼續議程的其餘部分。首先，Mark 將評論我們最近的業績和市場狀況，包括對 COVID-19 大流行和擴大的貿易法規的評論。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三季的指導。然後我們將回答您的問題，本次通話預計持續 1 小時。標記？

Good morning, everyone. Today, I'll summarize our results for the second quarter and the first half of 2020, comment on the impact of current environmental conditions, including new trade regulations and then describe our view of the second half of the year. Sanjay will then provide the financial details on the quarter and our guidance for Q3.

大家，早安。今天，我將總結我們 2020 年第二季和上半年的業績，評論當前環境條件的影響，包括新的貿易法規，然後描述我們對下半年的看法。然後，桑傑將提供本季的財務詳細資訊以及我們對第三季的指導。

Despite the pandemic, trade issues and shutdown-related headwinds in industrial automation, Teradyne is performing exceptionally well. In the second quarter -- our second quarter results affirm the trend of growing test intensity and the efficiency of our business model. As you can see from our Q3 guidance, the market demand remains robust. While Q2 saw record SOC shipments, 3Q is being driven by growth in memory test and system-level test. Industrial Automation continues to pull out of the effects of global industrial shutdowns as we saw sequential monthly growth in sales throughout second quarter. We expect second quarter to be the bottom for IA and 3Q sales to be back close to 2019 levels.

儘管工業自動化領域面臨疫情大流行、貿易問題和停工相關的不利因素，但泰瑞達的表現卻異常出色。在第二季度－我們的第二季業績證實了測試強度不斷增長的趨勢和我們業務模式的效率。從我們第三季的指導中可以看出，市場需求仍然強勁。雖然第二季 SOC 出貨量創歷史新高，但第三季的成長主要受到記憶體測試和系統級測試的成長所推動。工業自動化繼續擺脫全球工業停工的影響，我們看到第二季銷售額較上季成長。我們預計第二季 IA 銷售額將觸底，第三季銷售額將恢復到接近 2019 年的水平。

Superb execution by the global Teradyne team was on full display in second quarter, as we managed to deliver new shipment records and test. Supply line constraints were largely mitigated and remote technical collaboration with -- both within Teradyne and with our customers continues to show success. It takes dozens to hundreds of engineers working in concert to develop new test products. It takes similar numbers working with customers to launch test programs for new silicon. Flipping a switch to do this remotely without missing a beat is a fantastic accomplishment, and I congratulate and thank all the employees of Teradyne for this achievement.

全球泰瑞達團隊的卓越執行力在第二季度得到了充分展示，我們成功實現了新的出貨記錄和測試。供應線的限制在很大程度上得到緩解，泰瑞達內部以及與我們的客戶的遠端技術協作繼續取得成功。開發新的測試產品需要數十到數百名工程師協同工作。需要類似的人員與客戶合作才能啟動新晶片的測試計畫。只需按下開關即可遠端執行此操作，而不會錯過任何一個節拍，這是一項了不起的成就，我祝賀並感謝泰瑞達的所有員工取得這一成就。

On the trade front, new regulations related to both Huawei and China military end users were announced in the second quarter. We expect the China military end user restrictions to increase our compliance work and costs, but we currently do not expect any material impact on our sales into China. In the case of Huawei, while the new regulations do not impose any new restrictions on our business with Huawei directly, we expect it will likely impact our business with subcon customers who test Huawei devices using our test equipment. However, we expect the macro global test demand to be minimally impacted as alternative sources of silicon supply grow to fill in whatever gap is created by these regulations. This alternative supply should absorb any idled test capacity as well as drive new demand in the future.

在貿易方面，第二季宣布了與華為和中國軍事最終用戶相關的新規定。我們預計中國軍事最終用戶的限制將增加我們的合規工作和成本，但我們目前預計不會對我們在中國的銷售產生任何重大影響。就華為而言，雖然新規定並未直接對我們與華為的業務施加任何新的限制，但我們預計這可能會影響我們與使用我們的測試設備測試華為設備的分包客戶的業務。然而，我們預計，隨著矽供應替代來源的成長以填補這些法規造成的任何缺口，全球宏觀測試需求將受到最小程度的影響。這種替代供應應該會吸收任何閒置的測試能力，並推動未來的新需求。

Shifting to the highlights. As we reach the midpoint of the year, our January forecast for $3.1 billion to $3.4 billion SOC test market is playing out about as planned, while our memory test market estimate has moved up to about $800 million to $850 million. In SOC, our sales grew 60% in the first half and 82% compared to 2Q of 2019, as our participation in this year's mobility tooling cycle is significantly stronger than in the last 2 years. As expected, 5G infrastructure-related capacity add remains weak after a strong 2019, while handset-related silicon is driving the bulk of the demand. While 5G-related silicon is beginning to add a small piece to the mobility handset market, the vast majority of the test demand is complexity growth in non-5G-related handset silicon. Whether related to high-resolution still or video photography, artificial intelligence, augmented reality, gaming, location sensing or advanced wireless connectivity, there is a rich set of features in addition to 5G that we expect will continue to drive mobility demand for the foreseeable future. Specific to 5G, we are still in the early innings of a multiyear rollout and expect it to be an incremental demand driver going forward. Additionally, our new UltraFLEXplus platform will continue ramping in 3Q, providing new revenue sources in mobility and computing going forward.

轉向亮點。當我們到達今年年中時，我們 1 月對 31 億至 34 億美元 SOC 測試市場的預測正在按計劃進行，而我們的記憶體測試市場預測已升至約 8 億至 8.5 億美元。在 SOC 方面，我們的銷售額在上半年成長了 60%，與 2019 年第二季相比成長了 82%，因為我們對今年行動工具週期的參與程度明顯強於過去兩年。正如預期的那樣，在經歷了 2019 年的強勁表現之後，5G 基礎設施相關的產能增加仍然疲軟，而與手機相關的晶片正在推動大部分需求。雖然 5G 相關晶片開始在行動手機市場中佔據一小部分，但絕大多數測試需求是非 5G 相關手機晶片的複雜性成長。無論是與高解析度靜態或視訊攝影、人工智慧、擴增實境、遊戲、位置感測或高級無線連接相關，除了5G 之外，還有一系列豐富的功能，我們預計這些功能將在可預見的未來持續推動行動需求。具體到 5G，我們仍處於多年推出的早期階段，預計它將成為未來增量需求的驅動力。此外，我們新的 UltraFLEXplus 平台將在第三季繼續擴大規模，為未來的行動和運算領域提供新的收入來源。

Beyond mobility, the Automotive and Industrial segments of the SOC test market remain weak, and we do not expect to see recovery until 2021. In memory, our 2Q sales were about flat with Q1, but up 45% from Q2 of 2019. Flash package test and DRAM wafer test, combined with ramping shipments of LPDDR5 package testers drove Q2 results. DRAM test is growing faster than flash test in 2020 due to the LPDDR5 transition, and our design win in DRAM should allow us to hold our share position in the low 40s this year.

除了移動性之外，SOC 測試市場的汽車和工業領域仍然疲軟，我們預計要到2021 年才能看到復甦。第二季成長了45%。由於 LPDDR5 的過渡，2020 年 DRAM 測試的成長速度快於快閃記憶體測試，我們在 DRAM 的設計勝利應該會讓我們今年的份額保持在 40 左右。

In the System Test group, sales were up 43% for the first half compared to 2019, due to strong storage test demand. We expect storage test shipments to grow sequentially and substantially in Q3, driven by both HDD demand and semiconductor at system-level test shipments. System-level test is a great example of derivative products, opening new markets for Teradyne. By combining silicon test instruments with our HDD test product, we've grown the combined sales from $60 million in 2017 to over $200 million this year.

在系統測試部門，由於儲存測試需求強勁，上半年銷售額較 2019 年成長 43%。我們預計，在 HDD 需求和系統級測試出貨量半導體的推動下，第三季儲存測試出貨量將持續大幅成長。系統級測試是衍生產品的一個很好的例子，為泰瑞達開啟了新市場。透過將矽測試儀器與我們的 HDD 測試產品結合，我們的總銷售額從 2017 年的 6,000 萬美元成長到今年的 2 億美元以上。

At LitePoint, sales were up 32% for the first half and 19% compared with 2Q of '19. Demand is being driven by WiFi 6 and growing shipments of 5G test sets. WiFi 6 has recently been allocated additional frequency spectrum in the 6 to 7 gigahertz range. Testing this expanded standard, called WiFi 6E, will require new testers, which we expect will be a positive force in 2021 and beyond.

LitePoint 的銷售額在 19 年上半年成長了 32%，與第二季相比成長了 19%。 WiFi 6 和 5G 測試儀出貨量的成長推動了需求。 WiFi 6 最近被分配了 6 至 7 GHz 範圍內的額外頻譜。測試這項名為 WiFi 6E 的擴展標準將需要新的測試人員，我們預計這將在 2021 年及以後發揮積極作用。

Moving to Industrial Automation. The environment is mixed, but improving. At UR, the biggest unit of our IA segment, sales in Q2 contracted 32%, compared with the same period last year. Manufacturing shutdowns in Europe and North America had a significant impact on UR. MiR sales, on the other hand, grew 7% from last year's Q2 level, as they benefited from exposure to health care and mobile disinfectant markets. AutoGuide, our newest IA business, saw sales more than double from the same 2Q period last year. Overall, IA sales for the first half were down 15% from 2019. We have seen positive indications of improvement as we move through second quarter. For example, all 3 businesses had sequential monthly sales growth across Q2 as customers began to reopen. While we expect IA demand will improve in the third quarter, we don't expect to return to year-on-year growth until Q4 or Q1. Our longer-term growth outlook for IA remains unchanged at 20% to 35%. Social distancing and the need for more resilient manufacturing flow should add additional drivers for our collaborative automation products.

轉向工業自動化。環境好壞參半，但正在改善。在我們 IA 部門最大的部門 UR，第二季銷售額與去年同期相比收縮了 32%。歐洲和北美的製造業停工對 UR 產生了重大影響。另一方面，MiR 的銷售額較去年第二季成長了 7%，因為它們受益於醫療保健和行動消毒劑市場。 AutoGuide 是我們最新的 IA 業務，其銷售額比去年第二季同期成長了一倍多。總體而言，上半年 IA 銷售額較 2019 年下降了 15%。例如，隨著客戶開始重新開業，所有 3 家企業在第二季的月度銷售額均連續成長。雖然我們預計第三季 IA 需求將有所改善，但我們預計要到第四季或第一季才會恢復同比成長。我們對 IA 的長期成長前景維持在 20% 至 35% 不變。社交距離和對更具彈性的製造流程的需求應該會為我們的協作自動化產品增加額外的驅動力。

Our R&D and distribution investments in the IA business continue, as these macro dividend slowdowns provide opportunities to widen our competitive lead. We continue to add distributors in the second quarter, expanded our UR+ table of certified plug-and-play products to over 250 items. We also introduced UR+ applications, moving to complete solutions for specific customer requirements like industrial bin-picking and welding. Stepping back to look at the full year, at the company level, our latest estimates have revenue front half loaded at about 54% to 55%. This is similar to what we experienced in 2016 and '17 when we saw especially strong investments for smartphone test capacity.

我們繼續對 IA 業務進行研發和分銷投資，因為宏觀股息放緩為擴大我們的競爭領先地位提供了機會。我們在第二季度繼續增加經銷商，將我們的 UR+ 認證即插即用產品表擴展到 250 多種。我們還推出了 UR+ 應用程序，轉向滿足特定客戶要求的完整解決方案，例如工業垃圾箱拾取和焊接。回過頭來看看全年，在公司層面，我們最新的估計是前半部分的收入約為 54% 至 55%。這與我們在 2016 年和 17 年經歷的情況類似，當時我們看到對智慧型手機測試能力的投資特別強勁。

In summary, first half of the year showed Teradyne's strength in familiar test markets and demonstrated our ability to grow in new ones with differentiated products and exemplary execution. Our business model is efficient and driving the planned drop-through on incremental sales. Our investments to broaden our competitive moats in IA amidst a global industrial downturn showed the value of Teradyne's financial strength in these nascent industrial automation markets. While our short-term visibility remains limited, we are confident that our long-term strategy will continue to deliver outstanding results for our customers, employees and investors.

總而言之，上半年展現了泰瑞達在熟悉的測試市場中的實力，並展示了我們透過差異化產品和模範執行在新市場中成長的能力。我們的業務模式非常高效，並推動了計劃中的增量銷售。在全球工業低迷時期，我們為擴大在工業自動化領域的競爭護城河而進行的投資顯示了泰瑞達在這些新興工業自動化市場中的財務實力的價值。儘管我們的短期能見度仍然有限​​，但我們相信我們的長期策略將繼續為我們的客戶、員工和投資者帶來出色的業績。

Now I'll turn things over to Sanjay for additional color and the financial details.

現在我將把事情交給 Sanjay 以獲取更多資訊和財務詳細資訊。

Thank you, Mark. Good morning, everyone. This morning, I'll review how the pandemic is impacting us from a financial and supply line management perspective. I will then summarize our Q2 financial results and Q3 outlook.

謝謝你，馬克。大家，早安。今天早上，我將從財務和供應線管理的角度回顧這場流行病對我們的影響。然後我將總結我們第二季的財務表現和第三季的前景。

Our priorities remain consistent during coronavirus pandemic: safety of our employees; supporting our customers; and crisp execution to achieve our financial objectives. In line with my Q1 earnings call remarks, I want to acknowledge the continued challenges of our employees, customers, suppliers and their families going through during this pandemic.

在冠狀病毒大流行期間，我們的優先事項保持一致：員工的安全；支持我們的客戶；以及清晰的執行力來實現我們的財務目標。根據我第一季財報電話會議的講話，我想承認我們的員工、客戶、供應商及其家人在這場大流行期間所面臨的持續挑戰。

From a financial point of view, Teradyne is stronger than ever. We generated $178 million of free cash flow in Q2 and ended the quarter with approximately $1.1 billion in cash and marketable securities, and no short-term debt. During the quarter, we established a $400 million revolving line of credit for added security against future uncertainty and opportunities. The strength of our balance sheet, business model and business execution enabled us to put the revolver in place during a very uncertain time. Our long-term debt is a $460 million face value convert, which matures in December of 2023.

從財務角度來看，泰瑞達比以往任何時候都更強大。我們在第二季產生了 1.78 億美元的自由現金流，本季結束時擁有約 11 億美元的現金和有價證券，並且沒有短期債務。本季度，我們建立了 4 億美元的循環信貸額度，以增強應對未來不確定性和機會的保障。我們的資產負債表、業務模式和業務執行的實力使我們能夠在一個非常不確定的時期把左輪手槍到位。我們的長期債務是面額 4.6 億美元的轉換債券，將於 2023 年 12 月到期。

From an operations perspective, our team and partners have done a great job so far this year. Over many years, Teradyne has built a global supply line management team second to none, and the value of that team has never been more evident. COVID-related supply line issues did not have a material impact on our revenues in Q2. Our combined teams produced the highest number of UltraFLEX systems ever in the second quarter, ramped new products in SOC, memory and across our IA businesses, all, while operating in a very challenging environment. This included overcoming numerous parts and labor shortages, along with logistical constraints. In one case, a shortage of scheduled air cargo capacity led us to charter a dedicated 747 to deliver, quite literally, a plane load of testers to a customer to ensure timely delivery. While operationally executing very well, we continue to take a critical view of how to strengthen our supply chain operations. We have identified potential weaknesses and are taking actions to strengthen our operations further.

從營運角度來看，今年到目前為止，我們的團隊和合作夥伴做得很好。多年來，泰瑞達建立了一支首屈一指的全球供應線管理團隊，該團隊的價值從未如此明顯。與新冠疫情相關的供應線問題並未對我們第二季的營收產生重大影響。我們的聯合團隊在第二季度生產了有史以來數量最多的 UltraFLEX 系統，並在 SOC、內存和整個 IA 業務領域推出了新產品，同時在非常具有挑戰性的環境中運作。這包括克服大量零件和勞動力短缺以及後勤限制。在一個案例中，由於定期航空貨運能力不足，我們包租了一架專用的 747 飛機，毫不誇張地說，向客戶運送一整架測試儀，以確保及時交付。雖然營運執行得很好，但我們繼續對如何加強我們的供應鏈營運持批判態度。我們已經發現了潛在的弱點，並正在採取行動進一步加強我們的營運。

The short-term COVID-19-related actions, along with these long-term actions, have a small impact on margins. While the operations team clearly shined in the quarter, they were not alone. I'd also like to extend thanks to the entire organization from HR to facilities and environmental health, to engineering, repair services, finance, legal, our global field and applications teams, which collectively allowed us to meet our delivery commitments, our revolver, introduce new products, maintain our R&D programs and run the company safely and productively with a combination of at-home and on-site staffing. Well done. Very well done.

與 COVID-19 相關的短期行動以及這些長期行動對利潤率的影響很小。儘管營運團隊在本季表現出色，但他們並不孤單。我還要感謝整個組織，從人力資源到設施和環境健康，再到工程、維修服務、財務、法律、我們的全球現場和應用團隊，他們共同使我們能夠履行我們的交付承諾，我們的左輪手槍，引入新產品，維持我們的研發計劃，並透過在家中和現場人員配置相結合的方式安全高效地運營公司。做得好。做得太好了。

Now on to the details of the quarter. Revenue in Q2 was $839 million, up 49% from Q2 of 2019 and up 46% for the first half of the year. Q2 revenue was 5% above the high end of the range, driven by accelerated shipments in SOC test. Also, while IA contracted year-over-year, IA revenue was higher-than-expected in Q2.

現在介紹本季的詳細資訊。第二季營收為 8.39 億美元，較 2019 年第二季成長 49%，較上半年成長 46%。在 SOC 測試中出貨量加速的推動下，第二季營收比該範圍的高階高出 5%。此外，雖然 IA 年減，但第二季 IA 收入高於預期。

Semi Test revenue was $659 million, up 76% from a year ago, driven by: one, SOC revenue was $575 million, up 82% from a year ago on broad strength in mobility; and two, memory revenue of $85 million, up 45% from a year ago, due to continued strength in flash test and ramp up of our Magnum EPIC solution for DRAM.

Semi Test 營收為 6.59 億美元，年成長 76%，推動因素包括：一、SOC 營收為 5.75 億美元，年成長 82%，得益於行動領域的廣泛優勢；第二，由於快閃記憶體測試的持續強勁以及我們的 Magnum EPIC DRAM 解決方案的升級，記憶體收入達到 8,500 萬美元，比去年同期成長 45%。

In System Test, revenues were $72 million, which included storage test shipments of $36 million, which were down sequentially, but up 6% from Q2 of 2019. Recall, our Storage Test business tends to have lumpy shipments. First half Storage Test revenue was up 106% over the first half of 2019 on strength in both system-level test and HDD product lines. Growth in SLT was driven primarily by processor demand, while HDD shipments were driven by strong exabyte growth for hard drives.

在系統測試方面，營收為7,200 萬美元，其中儲存測試出貨量為3,600 萬美元，季減，但較2019 年第二季成長6%。穩定。由於系統級測試和 HDD 產品線的強勁表現，上半年儲存測試收入較 2019 年上半年成長 106%。 SLT 的成長主要由處理器需求推動，而 HDD 出貨量則由硬碟的艾位元組強勁成長推動。

LitePoint revenue was $49 million in the quarter, up 19% from Q2 of 2019 on 5G, WiFi 6 and next-generation WiFi 6E demand. In Industrial Automation, revenue was $59 million, down 21% from Q2 of 2019 due to the coronavirus and down 3% from Q1 '20, but above our plan entering the quarter. UR contributed $43 million of revenue, MiR $11 million, AG and Energid made up the remainder. We believe in our IA segment, revenue bottomed out in Q2 and is on the road to sequential growth in Q3. We had one 10% customer in the quarter. As a reminder, we disclose customers who contribute 10% or more of full year company revenue in our annual 10-K.

由於 5G、WiFi 6 和下一代 WiFi 6E 需求，LitePoint 本季營收為 4,900 萬美元，較 2019 年第二季成長 19%。在工業自動化領域，收入為 5,900 萬美元，由於冠狀病毒的影響，比 2019 年第二季度下降了 21%，比 20 年第一季下降了 3%，但高於我們進入本季度的計劃。 UR 貢獻了 4,300 萬美元的收入，MiR 貢獻了 1,100 萬美元，AG 和 Energid 貢獻了剩餘收入。我們相信我們的 IA 業務收入在第二季觸底，並在第三季實現環比成長。本季我們有一個 10% 的客戶。提醒一下，我們在年度 10-K 中揭露了貢獻公司全年收入 10% 或以上的客戶。

Non-GAAP gross margins in the quarter were 56.2%, down 130 basis points from Q2 of 2019 as forecasted. Margins reflect the impact of concentrated mobility shipments in Semi Test and the added logistics and operations costs due to the pandemic. Non-GAAP operating expenses were up $11 million to $207 million from Q1, due to company performance causing higher variable compensation. Inventory increased to $206 million to support Q3 shipments and buffer against potential COVID-related supply disruptions. DSO in the quarter increased to 75 days due to the timing of shipments in the quarter. Non-GAAP operating margin was 31.5% and non-GAAP EPS was $1.33, both are tracking ahead of our 2022 model.

該季度非 GAAP 毛利率為 56.2%，較 2019 年第二季預測下降 130 個基點。利潤率反映了半測試中集中移動運輸的影響以及由於大流行而增加的物流和運營成本。由於公司業績導致可變薪酬增加，非 GAAP 營運費用較第一季增加 1,100 萬美元，達到 2.07 億美元。庫存增加至 2.06 億美元，以支持第三季的出貨量並緩衝與新冠肺炎相關的潛在供應中斷。由於本季的出貨時間安排，本季的 DSO 增加至 75 天。非 GAAP 營業利潤率為 31.5%，非 GAAP 每股收益為 1.33 美元，兩者均領先我們的 2022 年車型。

Tax rate in Q2 of '20 was 13% on a GAAP basis and 14.1% on a non-GAAP basis. Our full year GAAP tax rate is expected to be 14%, down from our prior estimate of 14.5%. Our full year non-GAAP tax rate is expected to be 14.5%, down from our prior estimate of 15%. The decrease in tax rate is due to product mix. We generated $178 million in free cash flow in Q2. We paid $17 million in dividends in the quarter. We bought back 173,000 shares for $9.4 million at an average price of $54.49 in the first few days of the quarter. As noted in April, we suspended our share repurchase program as of April 1. We look at our share repurchase and the entire capital allocation program regularly and we'll update you next quarter.

20 年第二季的稅率（以 GAAP 計算）為 13%，以非 GAAP 計算為 14.1%。我們全年 GAAP 稅率預計為 14%，低於我們先前估計的 14.5%。我們全年非 GAAP 稅率預計為 14.5%，低於我們先前估計的 15%。稅率下降是由於產品組合所致。第二季我們產生了 1.78 億美元的自由現金流。本季我們支付了 1700 萬美元的股息。在本季的前幾天，我們以 54.49 美元的平均價格以 940 萬美元的價格回購了 173,000 股股票。正如 4 月所指出的，我們從 4 月 1 日起暫停了股票回購計劃。

Looking ahead at Q3, revenues will include a significant ramp in shipments of our new UltraFLEXplus SOC test system supporting recent design wins. In memory, we expect continued strong momentum for our Magnum product line for flash and DRAM applications. LPDDR5 test shipments are expected to grow significantly in Q3. In our System Test group, storage test demand, driven by system-level test and hard disk drive markets, continue to see end market demand exceeding our expectations for the year. While this business fluctuates from quarter-to-quarter, Q3 is expected to more than double the Q2 level. I'll also note that while we expect multiple waves of 5G-related demand for both handsets and infrastructure in the years ahead, we are not planning on significant infrastructure test shipments in the second half like we experienced in 2019. As a result, we expect to revert back to pre-2019 pattern of lower Q4 SOC shipments.

展望第三季度，營收將包括支持最近設計成果的新型 UltraFLEXplus SOC 測試系統的出貨量大幅成長。在記憶體方面，我們預計用於快閃記憶體和 DRAM 應用的 Magnum 產品線將繼續保持強勁勢頭。預計第三季LPDDR5測試出貨量將大幅成長。在我們的系統測試組中，在系統級測試和硬碟市場的推動下，儲存測試需求繼續看到終端市場需求超出了我們今年的預期。雖然這項業務逐季波動，但預計第三季將比第二季成長一倍以上。我還要指出的是，雖然我們預計未來幾年對手機和基礎設施的 5G 相關需求將出現多波浪潮，但我們並不計劃像 2019 年那樣在下半年進行大量基礎設施測試發貨。預計將恢復到2019 年第四季SOC 出貨量較低的模式。

In Industrial Automation, we are seeing incremental improvements in UR's business. As the U.S. and Europe start to open up, we are seeing signs of increased momentum in quarter-over-quarter. Recall, the U.S. and Europe typically represent greater than 70% of UR's revenue. MiR continues to execute, and in the first half of the year, grew by 4% year-over-year, driven by ultraviolet light disinfectant demand. In Q3, we are guiding a revenue range of $745 million to $805 million and a non-GAAP EPS of $1.01 to $1.17 on $175 million of diluted shares. The ranges reflect continued coronavirus supply risks and potential impact on end market demand. The guidance exclude the amortization of acquired intangibles and noncash imputed interest on convertible debt. In April, we previewed expected gross margin headwinds in the second half of 2020 due to new product ramps. While the ramps continue as planned, our latest view is that the impact will be less severe than earlier expected. Q3 gross margins will be 55% to 56%. We expect to be back to historical gross margin levels in 2021.

在工業自動化領域，我們看到 UR 業務不斷改進。隨著美國和歐洲開始開放，我們看到季度環比成長勢頭增強的跡象。回想一下，美國和歐洲通常佔 UR 收入的 70% 以上。 MiR 繼續執行，在紫外線消毒劑需求的推動下，上半年年增 4%。第三季度，我們預計營收範圍為 7.45 億美元至 8.05 億美元，非 GAAP 每股收益為 1.01 美元至 1.17 美元，稀釋後股份為 1.75 億美元。此範圍反映了持續的冠狀病毒供應風險以及對終端市場需求的潛在影響。該指南不包括所收購無形資產的攤銷和可轉換債務的非現金推定利息。 4 月份，我們預計由於新產品的增加，2020 年下半年毛利率將面臨阻力。雖然坡道繼續按計劃進行，但我們最新的觀點是，影響將沒有之前預期的那麼嚴重。第三季毛利率將為55%至56%。我們預計 2021 年毛利率將恢復到歷史水準。

In Q3, operating expenses are expected to be 26% to 28% of sales and are on track with our revised April full year plan to grow 7% to 8% from 2019. The operating profit at the midpoint of our third quarter guidance is 29%. CapEx investments year-to-date are $84 million, and we expect full year investments will total approximately $175 million. We're investing more in CapEx this year to support new product rollouts, strengthening our supply chain and new facility projects.

第三季度，營運費用預計將佔銷售額的26% 至28%，並符合我們修訂後的4 月份全年計劃，比2019 年增長7% 至8%。為29 %。年初至今的資本支出投資額為 8,400 萬美元，我們預計全年投資總額約 1.75 億美元。今年我們將增加資本支出投資，以支持新產品的推出、加強我們的供應鏈和新設施項目。

To summarize, we closed out Q2 with outstanding financial and operational performance in a difficult working environment. We entered Q3 with a bright outlook on the strength of new product ramps and an Industrial Automation market that is showing signs of early improvement. While our visibility is limited and we're not immune to macroeconomic shocks, I'm confident that we have the products, people and processes to thrive in the quarters ahead.

總而言之，我們在困難的工作環境中以出色的財務和營運業績結束了第二季。進入第三季度，我們對新產品的成長動能和工業自動化市場顯示出早期改善跡象抱持光明的前景。雖然我們的知名度有限，而且我們不能免受宏觀經濟衝擊的影響，但我相信我們擁有在未來幾季蓬勃發展的產品、人員和流程。

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. Vincent, we'd now like to take some questions. And as a reminder, please limit yourself to one question and a follow-up.

謝謝，桑傑。文森特，我們現在想回答一些問題。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) Our first question comes from the line of Mehdi Hosseini from SIG.

（操作員說明）我們的第一個問題來自 SIG 的 Mehdi Hosseini。

Yes, 2 questions. First, I want to better understand how to think about the earning power? I think it was 2 quarters ago that you highlighted a $3.50 to $4.25 earnings by 2022. And your recent execution suggests that you're already at that run rate. And my question to you is given the share gains in memory and other areas, do you think there is an upside to that earnings scenario that you laid out 6 months ago or perhaps a $4 earning is sustainable and it shouldn't be viewed as a onetime event? And my follow-up question has to do with China. How much of a revenue contribution did China provide?

是的，2 個問題。首先我想更能理解如何看待獲利能力？我認為在兩個季度前，您強調了到 2022 年收益將達到 3.50 美元至 4.25 美元。我向您提出的問題是，考慮到內存和其他領域的股票收益，您認為您 6 個月前提出的盈利情景是否有上升空間，或者 4 美元的盈利是否可持續，不應被視為一次性事件？我的後續問題與中國有關。中國貢獻了多少收入？

It's Andrew here. Yes, I think, this year, we'll come close or be in the range of hitting our earnings model of 2022, and -- on the top line and the bottom line. And obviously, there's many puts and takes relative to what we published in the earnings model, specifically strength in Semi Test and Storage business, offsetting the near-term impacts of COVID in the IA portfolio. What we'll plan on doing is, in January, updating that earnings model and provide guidance for the future then.

安德魯在這裡。是的，我認為，今年我們將接近或接近達到 2022 年的獲利模式，並且——在營收和利潤方面。顯然，與我們在獲利模型中發布的內容相關，有許多看跌期權和看跌期權，特別是半測試和存儲業務的實力，抵消了新冠疫情對 IA 投資組合的近期影響。我們計劃在一月份更新該盈利模型並為未來提供指導。

And I think just -- I'll add, Mehdi, that as you know very well, we have a very volatile market that we play in. And so to sustain linear growth throughout a decade is not the kind of business we're in. But the trend lines, we do believe, support certainly reaching and exceeding that mid-term earning model. That in no way is going to be a peak for Teradyne.

我想，Mehdi，我要補充一點，正如你所知道的，我們所處的市場非常不穩定。支援達到並超過中期獲利模式。對泰瑞達來說，這絕對不是巔峰。

Great. Congrats. And then just quickly on China. What's the revenue contribution of China?

偉大的。恭喜。然後很快就談到了中國。中國的收入貢獻有多大？

So in the quarter, China was about 12.5% of revenue.

因此，本季中國市場約佔營收的 12.5%。

Next question comes from the line of Vivek Arya from Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

Congratulations on the strong results and the execution. Mark, you have brought up the test intensity factor a few times, but we honestly do not know how to put that in our model. When I look at your SOC test business, it's up, I think, on track for over 30% growth, but overall phone volumes are down, according to TSMC, in mid-teens, even though the 5G part has been relatively strong. So how do you quantify this test intensity factor per unit? Is there a 5G versus 4G comparison? And importantly, how will this test intensity factor evolve as you go into 2021? Will it be 5% better or 10% better? How do we size that? Because without knowing that, it's very difficult to size what your SOC sales will do going forward.

祝賀取得的強勁成果和執行力。馬克，您已經多次提到了測試強度因子，但老實說我們不知道如何將其放入我們的模型中。當我觀察你們的 SOC 測試業務時，我認為它的成長預計將超過 30%，但根據台積電的數據，儘管 5G 部分相對強勁，但整體手機銷量卻下降了 15%。那麼如何量化每單位的測試強度因子呢？有 5G 與 4G 的比較嗎？重要的是，隨著 2021 年的到來，這個測試強度因子將如何演變？會好5%還是10%好？我們如何確定其大小？因為如果不了解這一點，就很難確定您的 SOC 銷售額未來的表現。

Yes. I appreciate the difficulty because if we had a formula, believe me, we would be using it and advertising it. But I do think what we've said is when we look at the big, big picture, we see that the growth in transistors is what drives complexity and that over an average trend line gives us test growth, market growth, in that 6% to 8% range.

是的。我很理解這個困難，因為如果我們有一個公式，相信我，我們就會使用它並宣傳它。但我確實認為我們所說的是，當我們放眼全局時，我們發現電晶體的成長推動了複雜性，並且平均趨勢線為我們帶來了測試成長、市場成長，即 6%至 8% 範圍。

Now there's many puts and takes that go on every year. It depends if people are making a major transition from a node -- like a 7- to 5-nanometer node, that enables more transistors and typically has lower yields that come with it. So it's very lumpy year-to-year and very hard to model year-to-year. But the net effects, when you look back historically for the past 5 to 7 years and at our projections, are that sort of 6% to 8% trend line growth for test. So I don't think anything is changing in that, but it's not going to be smooth. It's going to be lumpy. And the other thing is -- that affects this, if you look at this year, for example, the market, the market for SOC test is really flat with last year. It's about a 3 -- and we said $3.1 billion to $3.4 billion market. And the underlying economic effects of what's going on in the world and cellphone unit declines and such as all -- and automotive being off and industrial being off is netting out to a flat market.

現在每年都會有很多的投入和拿取。這取決於人們是否正在從一個節點（例如 7 奈米節點到 5 奈米節點）進行重大轉變，該節點可以支援更多晶體管，但通常會帶來較低的產量。因此，每年的情況都非常不穩定，很難逐年建模。但當你回顧過去 5 到 7 年的歷史並根據我們的預測時，淨效應是 6% 到 8% 的趨勢線成長用於測試。所以我認為這方面沒有任何改變，但它不會一帆風順。它會變得凹凸不平。另一件事是——這會影響這一點，例如，如果你看看今年的市場，SOC 測試市場與去年持平。這是關於 3 的——我們說的是 31 億美元到 34 億美元的市場。世界上正在發生的事情和手機銷售下降等對經濟產生了潛在的影響——汽車業的衰退和工業的衰退正在導致市場持平。

Teradyne, on the other hand, is obviously picking up a lot of market share this year. That's both good news and bad news. I think the bad news is we'd love to see the market grow every year. But in a very difficult macro year like this, the fact that it's holding its own despite the weaknesses in the pockets I just mentioned is encouraging. And then we expect as we come out of this pandemic and the global economy start growing again, those markets will continue to grow along those trend lines. So I wish I had the formula, I don't, but I think the evidence is sort of speaking for itself.

另一方面，泰瑞達今年顯然獲得了很大的市場份額。這既是好消息也是壞消息。我認為壞消息是我們希望看到市場每年都在成長。但在這樣一個非常困難的宏觀年份，儘管我剛才提到的口袋裡存在著弱點，但它仍然保持著自己的地位，這一事實令人鼓舞。然後，我們預計，隨著我們走出這場大流行並且全球經濟再次開始成長，這些市場將繼續沿著這些趨勢線成長。所以我希望我有這個公式，但我沒有，但我認為證據本身就說明了一切。

Got it. And for my follow-up, Mark, when I look at, again, on the business, as it relates to 5G, could you give us a sense for how much of your business is infrastructure versus handsets? And as part of that, let's say, if 5G handsets triple next year, right, what does that do to your SOC test business intensity being same or better? Does it mean your tester business will triple? Or how do we -- give us some sense for how we kind of try and correlate your -- the growth prospects to the number of 5G handsets and the demand for infrastructure?

知道了。對於我的後續行動，馬克，當我再次審視與 5G 相關的業務時，您能否讓我們了解一下您的業務中有多少是基礎設施與手機？作為其中的一部分，假設明年 5G 手機數量增加兩倍，對吧，這對您的 SOC 測試業務強度保持不變或更好有何影響？這是否意味著您的測試儀業務將增加兩倍？或者我們如何——讓我們了解如何嘗試將成長前景與 5G 手機數量和基礎設施需求聯繫起來？

Okay. So 5G is a piece of a phone. It's -- the silicon-related to 5G in a phone is one part of a phone. So there's no way that tripling of 5G triples our tester business. But to give you some sense, the infrastructure piece of 5G was very robust last year. And we talked about it all year long, and you saw that our business level grew towards the back end of the year due to infrastructure investments. And then we talked about the fact that those investments would taper off in 2020, which they have. And what would come into the market would be handset-related growth. But we're still talking about -- and we've also said 5G, in aggregate, should add to our test business somewhere between $400 million to $500 million of market. And at Teradyne, that's 50% of the market, that should add, let's say, $250-ish-million to Teradyne's business, and when it's peaking. But we're not peaking. We're not near peaking. This year, we're maybe a couple of hundred million dollars into that $500 million envelope. So that will give you the sort of calibration on how much you might think 5G could mean to us over the next 4 to 5 years on an annual basis. When we get to that mature $500 million level, hopefully, we're running at that $250-million-plus or minus additional revenue level.

好的。所以5G是手機的一部分。手機中與 5G 相關的晶片是手機的一部分。因此，5G 的普及不可能使我們的測試儀業務增加兩倍。但讓你感覺一下，去年 5G 的基礎設施非常強大。我們一整年都在談論這個問題，你可以看到，由於基礎設施投資，我們的業務水平在年底有所增長。然後我們談到了這樣一個事實，即這些投資將在 2020 年逐漸減少，而他們確實這麼做了。進入市場的將是與手機相關的成長。但我們仍在談論——而且我們也說過，總體而言，5G 應該會為我們的測試業務增加 4 億至 5 億美元的市場。在泰瑞達（Teradyne），這佔了 50% 的市場份額，可以說，這應該會給泰瑞達（Teradyne）的業務帶來 2.5 億美元左右的收入，而且當它達到頂峰時。但我們還沒達到頂峰。我們還沒有接近頂峰。今年，我們可能會在 5 億美元的資金中投入幾億美元。因此，這將讓您對未來 4 到 5 年內 5G 對我們每年的意義進行某種校準。當我們達到成熟的 5 億美元水準時，希望我們能夠以 2.5 億美元上下的額外收入水準運作。

Next question comes from the line of Brian Chin from Stifel.

下一個問題來自 Stifel 的 Brian Chin。

First, as was just discussed in the last question there, but the company -- and clearly, company and industry-specific factors contributing to your 50%, 60% year-over-year, year-to-date growth rate in Semi Test. However, do you think a layer of this growth could reflect your customers or customers' customers attempt to put some inventory in place, be it wafer, chip or even end device to safeguard against future supply chain and demand uncertainties? I would appreciate any thoughts.

首先，正如剛剛在最後一個問題中討論的那樣，但是公司 - 顯然，公司和行業特定因素促成了半測試中 50％、60％ 的同比增長率。然而，您是否認為這種成長的一層可能反映出您的客戶或客戶的客戶試圖放置一些庫存，無論是晶圓、晶片還是終端設備，以防範未來供應鏈和需求的不確定性？我將不勝感激任何想法。

Yes. It's Sanjay. So we do a lot of work in trying to triangulate our shipments and trying to understand utilization and inventory levels of testers out there. And I think what you saw in 2019, as Mark articulated earlier, was a buildup of infrastructure test tooling, and which kind of build the capacity so they can have a run rate. From an end market and inventory perspective, we're not seeing tester inventory build. We're always on the lookout for it and concerned about it. But our -- from the analysis we've done, we actually don't see that inventory buildup.

是的。這是桑傑。因此，我們做了很多工作來嘗試對我們的發貨進行三角測量，並嘗試了解測試儀的利用率和庫存水平。我認為，正如 Mark 之前所闡述的那樣，您在 2019 年看到的是基礎設施測試工具的積累，以及哪種能力的建設，以便他們能夠擁有運行率。從終端市場和庫存的角度來看，我們沒有看到測試庫存增加。我們一直在尋找它並關心它。但從我們所做的分析來看，我們實際上沒有看到庫存增加。

Great. And you're talking more about the equipment versus further downstream in terms of that activity?

偉大的。您更多地談論的是設備而不是更下游的活動？

Yes. Mainly from the tester equipment, it's very hard from an end market perspective, be it smartphone or industrial or automotive to think about those inventories.

是的。主要來自測試設備，從終端市場的角度來看，無論是智慧型手機、工業或汽車，都很難考慮這些庫存。

Sure. Okay. Yes. I was kind of geared at more further downstream, but I appreciate the commentary. Maybe one last one. I know you're not guiding fourth quarter per se here, but based on your 54%, I think, to 55% first half weighted revenue comment, does that roughly suggest 4Q sales would be down something like 30%, 35% sequential? And do you -- would you expect Semi Test sales to decline at a similar or higher or lower rate?

當然。好的。是的。我有點適合更下游的地方，但我很欣賞你的評論。也許是最後一張。我知道您本身並不是在指導第四季度，但我認為，根據您對上半年加權收入54% 至55% 的評論，這是否粗略表明第四季度銷售額將比上一季下降30%、35 % 左右？您是否預期半測試銷售額會以類似或更高或更低的速度下降？

Yes. We're effectively guiding down 35% to 40% versus Q3 mid…

是的。與第三季中期相比，我們實際上指導下降了 35% 至 40%…

Yes, I think, what we -- when you do the math, it is exactly what you just did. And now the decomposition of the various businesses in that, there's a lot still influx. So IA tends to be up in the fourth quarter, and we expect that will continue. So I think that last year was atypical with the strong semiconductor. So I think if you looked at prior years, you get essentially the same kind of mix.

是的，我認為，當你進行數學計算時，我們所做的就是你剛剛所做的。而現在分解到各個業務裡面，還是有很多湧入的。因此，第四季度 IA 往往會上升，我們預計這種情況將持續下去。所以我認為去年對於強勁的半導體來說是非典型的。所以我認為如果你看看前幾年，你會得到本質上相同的組合。

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

下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Congratulations on the solid results. Mark, you said in your kind of prepared comments that as the next wave of Huawei bands come into effect, you don't see much of an impact to global test capacity as other suppliers fill the void. I'm just kind of curious, and I know it's a little bit of a guessing game. When you look at the potential suppliers to fill that void, how does your share with those suppliers look vis-à-vis Huawei? And I guess, importantly, do you think the test capacity that's out there just gets repurposed for these different suppliers or do you think it might actually cause some incremental buying?

祝賀取得了紮實的成果。馬克，您在準備好的評論中表示，隨著下一波華為頻段的生效，您認為全球測試能力不會受到太大影響，因為其他供應商會填補空白。我只是有點好奇，我知道這有點像猜謎遊戲。當你尋找潛在的供應商來填補這一空白時，與華為相比，你在這些供應商中所佔的份額如何？我想，重要的是，您是否認為現有的測試能力只是為這些不同的供應商重新利用，或者您認為這實際上可能會導致一些增量購買？

Well, I think, over the long haul, meaning, let's say, a year, I don't think there's going to be -- I think they'll be repurposed, and there could be incremental buying early on. We're in a period right now where the testers are still very full up being used through this September 15 date until we get past the sort of grace period and into the embargo. So post that period of time, there could be some spot buying because they're not completely fungible. But over time, they'll work their way into the supply and demand balance. So there's no long-term consequence here that we see. And our share position in the alternative sources of supply, it's -- some are better, some are a little lower, but I think when we've analyzed it overall, I think, we're neutral. We don't see that we're going to be overly benefited or a detriment because of the shift in who's going to make the silicon for those products.

嗯，我認為，從長遠來看，也就是說，一年後，我認為它們不會被重新利用，而且早期可能會增加購買。我們現在正處於這樣一個時期，在 9 月 15 日之前，測試人員的使用量仍然非常滿，直到我們過了寬限期並進入禁運狀態。因此，在那段時間之後，可能會有一些現貨購買，因為它們不完全可替代。但隨著時間的推移，它們將努力實現供需平衡。因此，我們沒有看到長期後果。我們在替代供應來源中的份額狀況，有些更好，有些稍低，但我認為，當我們對其進行整體分析時，我認為我們是中立的。我們認為，我們不會因為為這些產品製造晶片的人發生變化而獲得過多的好處或損失。

And then, Mark, just going back to the implied guidance for the calendar fourth quarter, that kind of implied sequential decline is not without precedence in your business model. If I go back to like the 2012, '13, 14 period, you saw that kind of fall off in Q4. But I'm just kind of curious, given how uncertain the environment is today, is that your attempt at a conservative placeholder? Or do you actually have visibility out to the December quarter that informs kind of that view of a 55%, 45% half-on-half split?

然後，馬克，回到第四季的隱含指導，這種隱含的連續下降在您的業務模式中並非沒有先例。如果我回到 2012 年 13、14 年期間，你會在第四季看到這種下降。但我只是有點好奇，考慮到當今環境的不確定性，這是你對保守佔位符的嘗試嗎？或者您實際上是否了解 12 月季度的情況，是否有 55%、45% 的一半對一半的觀點？

Yes. What I would say is that if even more recently you looked at 2016 and '17, one of the differences we're seeing right now is that those are also heavy tooling years for smartphones for us. We saw pretty significant drops from Q2 to Q3 in those years, maybe on the order of 20% to 25%, followed by another 5% to 7% in Q4. So this year, instead of a 2Q to 3Q drop, we're kind of seeing it all come in Q4, is our forecast. Our visibility is actually quite limited out there. We -- obviously, when you look at what we've been doing this year and if you followed us a long time, there's quite a bit of variability in the out quarter in terms of what might materialize. So we don't have a lot of backlog that extends out that far and what will actually happen, there's quite a wide range around it. But it's based on the modeling we can do, the customer conversations we're having and those kind of things.

是的。我想說的是，如果您最近看看 2016 年和 17 年，我們現在看到的差異之一是，這對我們來說也是智慧型手機的重型工具年。我們看到這些年從第二季到第三季出現了相當大的下降，可能在 20% 到 25% 左右，然後在第四季又下降了 5% 到 7%。因此，我們的預測是，今年，我們不會看到第二季到第三季的下降，而是在第四季看到這一切。我們的能見度其實非常有限。顯然，當你看看我們今年所做的事情，如果你長期關注我們，你會發現，就可能實現的情況而言，本季會有相當大的變化。因此，我們沒有大量積壓的工作延伸到那麼遠，而實際發生的情況，範圍很廣。但這是基於我們可以做的建模、我們正在進行的客戶對話以及諸如此類的事情。

Next question comes from the line of Atif Malik from Citi.

下一個問題來自花旗銀行的 Atif Malik。

Mark, can you talk about the timing of the millimeter wave opportunity when you expect the infrastructure part of the investments to evolve and also on the mobility side?

馬克，當您預計投資的基礎設施部分以及移動方面都會發展時，您能談談毫米波機會的時機嗎？

Millimeter wave, frankly, I think, is quite a ways off from being a big part of the infrastructure and then subsequently handset story. It's a big test intensive event when it occurs. But it's likely -- none of the geographies are moving aggressively with millimeter wave. In the U.S., there's some boutique deployments, I would say, in urban areas and some high-density areas. But what it appears most of the U.S. carriers are going to do is roll out sub-6G in some flavor first and then slowly move towards millimeter wave. So our view is, there certainly will be handsets at the premium tier that have that capability to run on those scarce networks and there'll be some bump, and we've seen it already this year. Our millimeter wave shipments of test equipment at both LitePoint and Semi Test are tens and tens of millions of dollars. So it's not insignificant even if the miniscule volumes we're talking about. But it's probably not until 2022, '23 before it starts to matter would be my estimate.

坦白說，我認為毫米波距離成為基礎設施的重要組成部分以及隨後的手機故事還有很長的路要走。當它發生時，這是一個大的測試密集型事件。但很可能沒有一個地區積極採用毫米波。我想說，在美國，在城市地區和一些高密度地區有一些精品部署。但大多數美國業者似乎會先推出某種風格的 sub-6G，然後慢慢轉向毫米波。因此，我們的觀點是，肯定會有高階手機能夠在這些稀缺網路上運行，並且會有一些提升，我們今年已經看到了這一點。我們在 LitePoint 和 Semi Test 的毫米波測試設備出貨量都達到數千萬美元。因此，即使我們談論的體積很小，它也並非微不足道。但我估計，可能要到 2022 年、23 年，它才會開始變得重要。

Great. And then you talked about design wins in computing, which is a relatively new area for you guys with UltraFLEXplus. We've also heard that one of your customers' customers moving to ARM-based CPUs for their notebooks. And those CPUs have much larger die size than the apps processor using smartphones. So how do you look at your computing share gain opportunity over the next 12 to 18 months?

偉大的。然後你談到了運算領域的設計勝利，對於 UltraFLEXplus 來說，這對你們來說是一個相對較新的領域。我們也聽說您客戶的一位客戶正在將其筆記型電腦改用基於 ARM 的 CPU。這些 CPU 的晶片尺寸比使用智慧型手機的應用處理器大得多。那麼，您如何看待未來 12 到 18 個月內您的計算份額成長機會？

It's Sanjay here. So the compute market is roughly annually $500 million to $600 million, and our share has been roughly 30%, give or take, historically. Our new UltraFLEXplus product will help us grow that share and this initial design win will help along that journey. So that's how we're thinking about it in the near term.

我是桑傑。因此，計算市場每年約為 5 億至 6 億美元，而從歷史上看，我們的份額約為 30%。我們的新 UltraFLEXplus 產品將幫助我們擴大市場份額，而這最初的設計勝利將有助於我們實現這一目標。這就是我們近期的想法。

Next question comes from the line of Toshiya Hari from Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

Congrats on the strong results. Mark, I wanted to ask about your System Test business, both on the HDD side as well as the SLT side. In terms of your HDD business, you've been speaking to this business and the strength there for a couple of quarters now. How are you thinking about sustainability of that strength into, I guess, Q4 since you're guiding up Q3? And on the SLT side, your nearest competitor here, I guess, they've been pretty vocal about this specific application as well over the past couple of quarters. How are you sizing the opportunity in SLT? And how should we think about your competitive position relative to not just Advantest, but also some of the other players that play here? And then I have a follow-up.

祝賀取得強勁的成果。 Mark，我想詢問一下你們的系統測試業務，包括 HDD 方面和 SLT 方面。就您的硬碟業務而言，您已經談論了該業務及其實力幾個季度了。既然您正在指導第三季度，您如何看待這種優勢在第四季度的可持續性？在 SLT 方面，我猜他們是最接近的競爭對手，在過去的幾個季度中他們也對這個特定的應用程式非常直言不諱。您如何評估 SLT 中的機會？我們應該如何考慮您的競爭地位，不僅相對於 Advantest，還相對於這裡的其他一些玩家？然後我有一個後續行動。

The whole storage test business, whether it's HDD or SLT, has been a tremendous story and it surprised us, and it seems as though the sustainability of it is pretty robust. It doesn't mean it's not volatile. Even in this year, you can see that quarter-to-quarter, we can swing on shipments 20%, 30% a quarter. So it's quarter-to-quarter volatile. But the overall underlying demand is very strong for both HDD and SLT. The SLT side of it, as we described before, it's still somewhat of a nascent market. This is an additional test step that some high-volume -- manufacturers of some high-volume digital-centric devices are using to further reduce defects, defects per million. And the economics of this insertion are something that both customers and equipment suppliers, like ourselves and others, are working to try to make more attractive for other classes of devices, lower volume devices, more mixed-signal with RF and analog content and such. So how -- the rate of adoption of SLT is just a big unknown in this. But even with the limited adoption that exists today, you can see that from last year when the early adoption occurred outside of compute, which it's been doing this for quite some time, it's grown to be pretty significant. It might be a $300 million tester market, something like that this year. And we're probably splitting it roughly 50-50 or so with Advantest in just sort of the test area. So I do think it's got legs. I do think that the underlying complexity issues we're talking about compel these additional test steps in the very high end of complex devices. And so it's going to be a growth industry. It's going to be volatile though. And until we get a dozen customers adopting this wildly, you're likely to see these quarter-to-quarter and year-to-year fluctuations that we've seen up till now.

整個儲存測試業務，無論是HDD還是SLT，都是一個巨大的故事，它讓我們感到驚訝，而且它的可持續性似乎相當強勁。這並不意味著它不不穩定。即使在今年，你也可以看到，我們每季的出貨量可以波動 20%、30%。所以它是逐季度波動的。但 HDD 和 SLT 的整體潛在需求都非常強勁。正如我們之前所描述的，SLT 方面仍然是一個新興市場。這是一些以數字為中心的大批量設備製造商正在使用的額外測試步驟，以進一步減少缺陷（每百萬缺陷數）。這種插入的經濟性是客戶和設備供應商（例如我們自己和其他人）都在努力使其他類別的設備、小體積設備、具有射頻和模擬內容的更多混合訊號等更具吸引力。那麼，SLT 的採用率如何是一個很大的未知數。但即使目前的採用率有限，您也可以看到，從去年開始，早期採用發生在計算之外，並且已經這樣做了相當長一段時間，它已經變得相當重要。測試市場可能會達到 3 億美元，就像今年的情況一樣。我們可能會在測試區域中將 Advantest 分成大約 50-50 個左右。所以我認為它有腿。我確實認為我們正在討論的潛在複雜性問題迫使在非常高端的複雜設備中執行這些額外的測試步驟。因此，這將是一個不斷成長的行業。但它將會波動。在我們有十幾個客戶廣泛採用這種技術之前，您可能會看到我們迄今為止所看到的季度與季度和年度之間的波動。

And then as my follow-up, I wanted to ask about the Industrial Automation business and how you're thinking about the long-term growth profile there? I think in your prepared remarks, you reiterated your long-term growth target. But curious, just given COVID-19 and the potential impact it could have on how your customers and customers' customers think about their factory footprint, I guess, could this drive a significant increase in adoption rates of things like UR cobots and MiR robots or is it a little early to make that call?

然後，作為我的後續行動，我想問工業自動化業務以及您如何看待該業務的長期成長狀況？我認為您在準備好的演講中重申了您的長期成長目標。但好奇的是，考慮到COVID-19 及其可能對您的客戶和客戶的客戶如何看待他們的工廠足跡產生的潛在影響，我想這是否會推動UR 協作機器人和MiR 機器人等產品的採用率顯著提高？

Yes. It's Sanjay here. So I think over -- since 2015, we have experienced significant growth in UR than adding MiR in 2018 and then as well as AutoGuide in 2019. And that growth we expected to continue in 2020. Obviously, COVID hit. And we're looking at potentially a contraction year depending on how the market shakes out in the second half. However, our belief is that we're going to continue over the long run to grow at the 20% to 35%, as Mark stated in his prepared remarks. And really, I think that you consider over the short term, I think, there's going to need to be a balance of getting people back to work versus Industrial Automation. However, in the business development activities, we're seeing a lot of activity in this -- plant managers and decision-makers are looking to harden their production lines and social business. So we are seeing activity even in the short term. I think in the long term, it will provide a tailwind. However, we're still in the mid-term, around the 20% to 35% growth, and we still continue to invest in product differentiation and application differentiation in those businesses.

是的。我是桑傑。所以我想一想，自2015 年以來，我們在UR 方面經歷了顯著的增長，比2018 年添加MiR 和2019 年添加AutoGuide 更顯著。新冠疫情來襲。我們預計今年可能會出現收縮，具體取決於下半年市場的走勢。然而，我們相信，從長遠來看，我們將繼續以 20% 到 35% 的速度成長，正如馬克在他準備好的演講中所說的那樣。事實上，我認為從短期來看，需要在讓人們重返工作崗位與工業自動化之間取得平衡。然而，在業務發展活動中，我們看到了許多這方面的活動——工廠經理和決策者正在尋求強化他們的生產線和社會業務。因此，即使在短期內，我們也看到了活動。我認為從長遠來看，它將提供一個順風車。然而，我們仍處於中期，大約是20%到35%的成長，我們仍然繼續投資這些業務的產品差異化和應用差異化。

Next question comes from the line of C.J. Muse from Evercore.

下一個問題來自 Evercore 的 C.J. Muse。

I guess first question in your prepared remarks, I just want to double check here. I think I heard you say that System Test would double from $72 million in Q2 into Q3, is that correct? And as part of that, can you give us an idea of where we should be thinking about the growth balancing Storage versus traditional System Test?

我想你準備好的發言中的第一個問題，我只想在這裡仔細檢查一下。我想我聽到您說系統測試將從第二季的 7200 萬美元增加到第三季的兩倍，對嗎？作為其中的一部分，您能否告訴我們我們應該在哪裡考慮平衡儲存與傳統系統測試的成長？

Yes. You're right. I did say that we would double and more than doubled in Q3, but it was off a baseline of $36 million in Storage.

是的。你說得對。我確實說過我們會在第三季度實現翻倍甚至超過一倍，但它超出了 3600 萬美元存儲的基線。

Storage.

貯存。

Yes, in Storage.

是的，在儲存中。

Oh, so you -- that was just the Storage comment, not overall System Test?

哦，那麼您——這只是存儲評論，而不是整體系統測試？

Correct.

正確的。

Okay. Great. And then I guess as my follow-up question, thinking through the SOC market, it looks like your share is probably going from 40% to low 50s year-on-year. And I guess I was hoping for you to parse through the drivers there. Obviously, mix plays a role. And you do have your largest customer turning on. They're also bringing on ARM-based processors, I believe, embedded AI that really helps you guys. You have new UltraFLEXplus. And then you talked 5G being only a minimal driver. So amidst that backdrop, what are the key drivers of that share shift? And more importantly, how should we think about the sustainability of that share looking into 2021?

好的。偉大的。然後我猜想，作為我的後續問題，透過 SOC 市場的思考，您的份額可能會比去年同期從 40% 下降到 50% 以下。我想我希望你能解析那裡的驅動程式。顯然，混合發揮了作用。而且您確實擁有最大的客戶。我相信，他們也推出了基於 ARM 的處理器，嵌入式人工智慧對你們確實有幫助。您擁有新的 UltraFLEXplus。然後你談到 5G 只是一個最小的驅動因素。那麼在這種背景下，份額轉移的主要驅動因素是什麼？更重要的是，我們應該如何考慮 2021 年這一份額的可持續性？

So you're right. We think probably our share in SOC moves up around 50% this year. And much of it, the majority of it, is due to the shift of who's buying. So in the last couple of years, our share kind of came down. It wasn't customers defecting. It was who was buying. And this year, the biggest piece of the 10-point-or-so share gain in SOC will be opposite effect of our customers are buying more. However, there's also this component. We've talked about the UltraFLEXplus and the design wins we've had in mobility and compute. Those are going to in the back half of the year and add additional new revenue streams for us. And so we are picking up real customers, too, on this. So that's not insignificant and that won't completely mature in 2020. It's going to be more of the beginning. And so that will grow throughout 2021 and 2022.

所以你是對的。我們認為今年我們在 SOC 中的份額可能會上升 50% 左右。其中很大一部分是由於購買者的轉變所造成的。所以在過去幾年裡，我們的份額有所下降。這並不是顧客流失。是有人買的。今年，SOC 份額增加 10 個百分點左右，其中最大的部分將是我們的客戶購買更多的相反效果。然而，還有這個組件。我們討論了 UltraFLEXplus 以及我們在行動性和運算方面所取得的設計成果。這些將在今年下半年完成，並為我們增加額外的新收入來源。因此，我們也在這方面吸引了真正的客戶。所以這並不是無關緊要的，而且到 2020 年也不會完全成熟。因此，這一數字將在 2021 年和 2022 年持續成長。

So we do have a lot of headroom to continue to move our share north of 50% based on those design wins, other ones in the pipeline. But as you know, the underlying sort of core buying will fluctuate year-to-year. So if you go back to '16 and '17, we had some very big years of tooling for our customers around smartphone silicon. '18 and '19 was a bit down. We picked up new business in infrastructure to sort of offset part of that. Now we come back. It's gangbusters. And that could persist for a while. But it's going to still be volatile, I'm sure. But riding on top of that is this little new wedge of new revenue streams in SOC based on real design wins that gives us that ability to keep, on average, moving our share north. And we've talked about long term, getting to 60% share of this market is reasonable. Once you're past 60%, that will be a little bit more difficult, perhaps, but 60% is certainly within a line of sight.

因此，基於這些設計勝利和正在醞釀中的其他設計，我們確實有很大的空間繼續將我們的份額提高到 50% 以上。但如您所知，潛在的核心購買量會逐年波動。因此，如果你回顧一下 16 年和 17 年，我們在智慧型手機晶片方面為客戶提供了一些非常重要的工具。 18年和19年有點低迷。我們在基礎設施領域開展了新業務，以抵消部分影響。現在我們回來了。這是一鳴驚人。這種情況可能會持續一段時間。但我確信它仍然會不穩定。但最重要的是，基於實際設計成果的 SOC 中新收入流的這一小新楔子使我們有能力保持平均份額向北移動。我們已經討論過從長遠來看，獲得這個市場 60% 的份額是合理的。一旦你超過了 60%，也許會有點困難，但 60% 肯定是在你的視線之內。

Next question comes from the line of Timothy Arcuri from UBS.

下一個問題來自瑞銀集團 (UBS) 的 Timothy Arcuri。

First of all, I wanted to get what the 5G portion of the SOC TAM is this year? Let's say, you're saying $3.1 billion to $3.4 billion, I'm just wondering how much of that is 5G? And then I have another one.

首先，我想知道今年SOC TAM的5G部分是多少？比方說，你說的是 31 億到 34 億美元，我只是想知道其中有多少是 5G？然後我還有另一個。

Yes, we struggle to estimate that one precisely. But again, what I -- I'll just give you the context and give you my best guess of the numbers. So we've said that, at peak, 5G should represent about a $400 million adder to SOC test and about $100 million adder to LitePoint test. So of that SOC $400 million max envelope, this year, 5G is probably somewhere in the $200-ish-million range for a TAM.

是的，我們很難準確地估計這一點。但我再說一遍，我只會向您提供背景信息，並為您提供我對數字的最佳猜測。因此，我們說過，在高峰期，5G 應該為 SOC 測試增加約 4 億美元，為 LitePoint 測試增加約 1 億美元。因此，在 SOC 最大 4 億美元的範圍內，今年 5G 的 TAM 可能在 2 億美元左右。

Got it. And for Wireless, Mark, there's -- I mean, how much of the Wireless piece is coming in?

知道了。對於無線，馬克，我的意思是，無線部分有多少？

Yes. In Wireless, the $100 million -- and we've actually seen that Wireless may grow to be a bit bigger than $100 million adder. It could be $150 million adder or so. But this year, the Wireless is probably in that -- this is production test, not R&D test, but it's probably in that $70 million -- $60 million to $70 million range for the market.

是的。在無線領域，1 億美元——我們實際上已經看到，無線領域的規模可能會比 1 億美元還要大一些。這可能是 1.5 億美元左右。但今年，無線可能處於生產測試階段，而不是研發測試階段，但它的市場價格可能在 7,000 萬美元到 6,000 萬美元到 7,000 萬美元之間。

Got it. Okay. Awesome. And then I just wanted to follow-up on the last question. So I mean there's a lot of stuff going on beyond your big customer, and certainly, you have the UltraFLEXplus ramping. But usually, I mean, a significant portion will -- say, of your share gain this year, you're going to gain 13, 14 points a share, is because your big customers are having an on year. And usually, they don't have 2 straight on years. So I'm just sort of wondering, if you strip away all the other stuff going on and you look at how sustainable that low 50% shares into next year? Why would it be different this time where they would have 2 straight big on years versus history where they'd had one on year and then they've had an off year?

知道了。好的。驚人的。然後我只想跟進最後一個問題。所以我的意思是，除了您的大客戶之外，還有很多事情正在發生，當然，您還有 UltraFLEXplus 的升級。但通常情況下，我的意思是，在你今年的股票收益中，很大一部分會是每股收益 13、14 個點，是因為你的大客戶今年業績良好。通常，他們不會連續兩年。所以我有點想知道，如果你剔除所有其他正在發生的事情，然後看看明年 50% 的低份額是否可持續？為什麼這次會有所不同，他們會連續兩年獲得大滿貫，而歷史上他們只有一個上年，然後又經歷了一個低迷？

Well, I think history is interesting in this. If you look at 2016 and '17, actually, our smartphone-related business was pretty flat and consistent and high. Those were peak years in the past, and it was 2 successive years. So I think the on/off, on/off pattern goes back to the earlier part of the decade. But I think '16 and '17 are equally valid thoughts and models around that. So that's one thought. It doesn't necessarily mean up and down. But at some point, it's not going to be -- what's norm in baseline, I think, is a judgment. But I'd go back to that sort of trend line of the market. We expect to grow 6% to 7%. So if the SOC market this year is, again, let's say, $3.3 billion, nominally, we're talking about a market that should be $3.4 billion, $3.5 billion, everything else being equal next year. So I do think we can have 2 sequential strong years because we've had them in the past, and there's nothing wrong with that. Plus, we have these new design wins coming online that haven't matured yet.

嗯，我認為歷史在這方面很有趣。如果你看看 2016 年和 17 年，實際上，我們的智慧型手機相關業務相當平穩、一致且很高。過去都是巔峰年份，而且是連續兩年。所以我認為開/關、開/關模式可以追溯到本世紀初。但我認為「16」和「17」是同樣有效的想法和模型。這就是一個想法。並不一定意味著向上和向下。但在某些時候，它不會是——我認為基線的規範是一種判斷。但我會回到市場的這種趨勢線。我們預計將成長 6% 至 7%。因此，如果今年的 SOC 市場名義上是 33 億美元，那麼明年其他條件相同的情況下，我們討論的市場應該是 34 億美元、35 億美元。所以我確實認為我們可以連續兩年表現強勁，因為我們過去也有過這樣的經歷，這沒有什麼問題。另外，我們還有這些尚未成熟的新設計成果即將上線。

And then the thing we haven't talked about that's out there is memory. Memory is having a pretty strong year this year. And if you look into 2021, the 2021 era is going to see this large shift from DDR4 to DDR5. This year, we're at the very early innings of the LPDDR5 shift for more mobile devices. But the DDR5 shift is coming. And as we've said, that obsoletes the installed base of DRAM test equipment for final test. So there's a big retooling coming there as well.

然後我們還沒討論過的就是記憶體。今年的記憶力相當強勁。如果展望 2021 年，2021 年將會出現從 DDR4 到 DDR5 的巨大轉變。今年，我們正處於面向更多行動裝置的 LPDDR5 轉變的早期階段。但 DDR5 的轉變即將到來。正如我們所說，這會淘汰用於最終測試的 DRAM 測試設備的安裝基礎。因此，那裡也將進行大規模的設備重組。

Next question comes from the line of Krish Sankar from Cowen and Company.

下一個問題來自 Cowen and Company 的 Krish Sankar。

I had 2 of them. First one, Mark, to just follow-up on your comments from the previous question. You said a couple of sequential growth years. It looks like you had like from an SOC test market standpoint, they're like 5 years of continuous growth. So I'm kind of curious. I understand the test intensity is going up and 5G seems to be a longer and a stronger cycle. So if going forward, should a $3-plus billion be a decent bogey to use for the SOC market size? And I have a follow-up.

我有 2 個。首先，馬克，我想跟進您對上一個問題的評論。你說的是連續幾年的成長。從 SOC 測試市場的角度來看，這就像 5 年的持續成長。所以我有點好奇。我知道測試強度正在上升，5G 似乎是一個更長、更強的週期。那麼，如果展望未來，3 億美元以上對於 SOC 市場規模來說應該是個不錯的目標嗎？我有一個後續行動。

Bogey, I think, is a -- so let me just add a few more comments about where we are. So you're right. We've seen the market show sequential annual growth for quite some length of time here. This year, it's maybe going to be about flat, but it may show a 4% or 5% growth as well by the time the year is over. And that's absent any real interesting participation of automotive and industrial buying. This is heavy, heavy mobility. And it's also in the midst of a pandemic, and it's also in the midst of all the regulations coming in around China. So I'll go back and say, I would model in a 6% to 8% TAM growth rate for SOC over the midterm, 4 to 5 years. That is what we should be tracking at.

我認為柏忌是一個——所以讓我再補充一些關於我們所處位置的評論。所以你是對的。我們已經看到市場在相當長的一段時間內呈現出連續的年度成長。今年，它可能會持平，但到年底時也可能會出現 4% 或 5% 的增長。而且汽車和工業採購缺乏任何真正有趣的參與。這是沉重的、沉重的機動性。而且它也正處於大流行之中，也正處於中國各地推出的所有法規之中。所以我回過頭來說，我會在 4 到 5 年的中期，為 SOC 建立 6% 到 8% 的 TAM 成長率模型。這就是我們應該追蹤的。

Got it. Got it. That's helpful. And then as a follow-up, Mark, can you just tell us how much of your revenue was from LPDDR5? And when I look at your memory market side, you're talking about $800 million to $850 million. 6 months ago, it's more like $650 million to $750 million. Clearly, the upside is coming from DRAM. So I'm just trying to figure out, on the market size, how much of the upside is coming from LPDDR5? And within that, how much of your revenue is coming from LPDDR5?

知道了。知道了。這很有幫助。作為後續跟進，Mark，您能告訴我們您的收入有多少來自 LPDDR5？當我觀察你們的記憶體市場時，你們談論的是 8 億至 8.5 億美元。 6 個月前，這個數字更像是 6.5 億至 7.5 億美元。顯然，優勢來自 DRAM。所以我只是想弄清楚，就市場規模而言，LPDDR5 有多少上漲空間？其中，您的收入有多少來自 LPDDR5？

Yes. I'm not going to break out our LPDDR5 revenue. But I will say that the increase in the market size is both flash and DRAM. It's about 2/3 DRAM and 1/3 flash, compared to our estimate in January. So we are seeing upside on flash, too. And much of the upside in DRAM is related to LPDDR5. So you would expect -- and because our share is kind of going to be flat, you can derive a close estimate of maybe how much revenue is coming out of that for us this year. And we're working on design wins to hopefully capture more of the DRAM market. We just introduced that product in Q4 last year, and we're ramping it this year. So that's what gives us upside going into next year, we think, around DDR5. And we talked in earlier calls about our sort of 40% to 45% market share that we have. Should -- with the products we have today and the competitive position we have today, we should be able to move that into the 50%, low 50% range here in the next couple of years, if we really execute well. So that's what we're focused on and planning.

是的。我不會透露我們的 LPDDR5 收入。但我要說的是，市場規模的成長既是閃存，也是DRAM。與我們 1 月的估計相比，大約有 2/3 DRAM 和 1/3 快閃記憶體。因此，我們也看到了快閃記憶體的優勢。 DRAM 的大部分優勢都與 LPDDR5 有關。所以你會期望——因為我們的份額將會持平，你可以對我們今年可能從中獲得多少收入進行密切估計。我們正在努力爭取設計勝利，以期佔領更多 DRAM 市場。我們去年第四季剛推出了該產品，今年我們將加大力度。我們認為，這就是我們明年 DDR5 的優勢。我們在之前的電話會議中談到了我們擁有 40% 到 45% 的市場份額。應該——憑藉我們今天擁有的產品和我們今天擁有的競爭地位，如果我們真的執行得很好，我們應該能夠在未來幾年內將其提升到 50%、低 50% 的範圍。這就是我們所關注和計劃的。

Next question comes from the line of Richard Eastman from Baird.

下一個問題來自貝爾德 (Baird) 的理查德·伊士曼 (Richard Eastman)。

Just a couple of questions. I'm just going to kind of focus for a second or 2 on the IA business. Could you talk about how the business progressed? You talked perhaps a little bit about some upside in the quarter here relative to your expectations. But could you talk maybe geographically what you're seeing in IA around Universal Robots? And maybe just discuss any successes you might have. You talked about some self-help initiatives around distribution and around some new product applications coming to market. So maybe just provide a little bit of color on there because it seems like that business has at least stabilized if not maybe getting back to its growth mode.

只是幾個問題。我將稍微關註一下 IA 業務。能談談業務進度如何嗎？您可能談到了本季相對於您的預期的一些好處。但您能否從地理角度談談您在工業自動化中看到的優傲機器人的情況？也許只是討論一下您可能取得的任何成功。您談到了一些圍繞分銷和一些即將上市的新產品應用程式的自助計劃。因此，也許只是提供一點顏色，因為看起來該業務至少已經穩定下來，如果不是可能回到成長模式。

It's Sanjay here. So I'll talk a little bit about kind of the geo and kind of monthly profile. So for UR, when I take a look at China, first to go into COVID and first to kind of come out. And when we take a look at kind of the monthly profile, we saw improvement in March. And then sequentially, we saw improvement throughout the quarter. And really kind of coming back strong. And when we take a look at not back to last year's levels, but improving Q2 over Q1 and based on the forecast, we see that improvement continuing. But when we take that recipe of opening up and we look at the data and look at the U.S. and Europe, which is over 70% of the historical UR business, we're very encouraged. And so we are seeing business development activities. We are seeing growth coming. But really, the baseline is China and the business activity in the U.S. as well as Europe.

我是桑傑。因此，我將稍微討論一下地理類型和每月概況。因此，對於優等生來說，當我觀察中國時，首先會進入新冠疫情，然後又會出現。當我們查看每月概況時，我們發現三月有所改善。然後，我們整個季度都看到了改善。並且確實強勢回歸。當我們不回到去年的水平，而是根據預測查看第二季度比第一季的改善時，我們看到這種改善仍在繼續。但是，當我們採用開放的方法並查看數據並查看美國和歐洲（它們佔歷史 UR 業務的 70% 以上）時，我們感到非常鼓舞。因此，我們看到了業務發展活動。我們看到成長即將到來。但實際上，基準是中國以及美國和歐洲的商業活動。

And from a product perspective, from the applications, we're continuing to invest. We recently have launched in April our ActiNav for bin picking, and we continue to drive for ease of implementation activities and really growing the ecosystem.

從產品的角度，從應用的角度，我們正在繼續投資。我們最近在 4 月推出了用於垃圾箱揀選的 ActiNav，我們將繼續努力簡化實施活動並真正發展生態系統。

And at that -- just as a follow-up, at that $59 million revenue for IA in the quarter, how did you manage -- again, if I do the math quickly, and your gross margin is still hanging out in the high 50s, maybe to 60%, how did you manage the OpEx in the quarter for IA? And was that -- how far from profitability were we in the quarter?

作為後續行動，本季 IA 的收入為 5900 萬美元，你是如何管理的 - 再次，如果我快速計算一下，你的毛利率仍然在 50 多美元的高位徘徊，也許到60%，您是如何管理本季IA 的營運支出的？那就是——本季我們距離獲利還有多遠？

Yes. So I think I mentioned earlier in 2019, we were profitable. And our full year plan in 2020 pre-COVID was a heavy investment year in IA, both on the engineering side as well as the go-to-market side. And we still plan an IA to be profitable at similar levels in 2020. COVID hits, and then you -- we're faced with the situation of not having the revenue growth. So we metered down a lot of the go-to-market spends. And that was a significant reduction. However, we continued forward with the engineering and application spends significantly. So what you're seeing in the immediate short term, aside from kind of the revectoring that we did in metering down kind of the selling and marketing or go-to-market spending is you're seeing more and more online marketing, more and more virtual trade shows, et cetera, and kind of restricted travel, obviously. So you're seeing a short-term reduction in selling and marketing spends. However, you are seeing a little bit of travel and those types of costs within the engineering ranks, but we're continuing to significantly invest on that front.

是的。所以我想我在 2019 年早些時候提到過，我們實現了盈利。在新冠疫情爆發之前，我們的 2020 年全年計劃是對 IA 進行大量投資的一年，無論是在工程方面還是在市場推廣方面。我們仍然計劃 IA 在 2020 年實現類似水平的盈利。因此，我們減少了大量的上市支出。這是一個顯著的減少。然而，我們繼續在工程和應用方面投入大量資金。因此，您在短期內看到的，除了我們在減少銷售和行銷或進入市場支出方面所做的重新調整之外，您還會看到越來越多的網路行銷，越來越多的網路行銷。因此，您會看到銷售和行銷支出的短期減少。然而，您會在工程團隊中看到一些旅行和此類成本，但我們將繼續在這方面進行大量投資。

And as far as that's close to profitability?

就接近盈利而言？

We are -- I don't believe in 2020, we will -- it's very uncertain depending on the revenue levels in the back half of the year, but we're teetering on it. It just really depends on the top line. But we are -- I want to reiterate that we are encouraged by the activity of Q3 and as well as the ramp-up of China for UR in Q2, and we expect that to continue.

我們——我不相信 2020 年，我們會——這非常不確定，取決於下半年的收入水平，但我們正在搖搖欲墜。這實際上取決於頂線。但我想重申，我們對第三季的活動以及第二季中國 UR 的成長感到鼓舞，我們預計這種情況將持續下去。

Okay. And, operator, we are out of time. So those in the queue, I will get back to you at the conclusion of this call. And thanks, everyone, for joining us today. And we look forward to talking to you in the days and weeks ahead. Bye-bye.

好的。而且，接線員，我們已經沒時間了。隊列中的各位，我將在本次電話會議結束後回覆你們。感謝大家今天加入我們。我們期待在未來幾天或幾週內與您交談。再見。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation, and have a wonderful day. You may all disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與，祝您有美好的一天。你們都可以斷開連線。