泰瑞達 (TER) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Teradyne First Quarter 2020 Earnings Conference Call. (Operator Instructions) Thank you. It is now my pleasure to turn the call over to Andrew Blanchard to begin. Please go ahead, sir.

女士們、先生們，感謝大家的支持，歡迎參加泰瑞達 2020 年第一季財報電話會議。 （操作員說明）謝謝。現在我很高興將電話轉給安德魯·布蘭查德開始。請繼續，先生。

Thank you, Maria, and 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 the CFO, Sanjay Mehta. Following our opening remarks, we'll provide details of our performance for 2020's first quarter, along with our outlook for the second quarter of 2020.

謝謝瑪麗亞，大家早安，歡迎參加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。以及財務長桑傑梅塔 (Sanjay Mehta)。在我們的開場白之後，我們將提供 2020 年第一季業績的詳細信息，以及我們對 2020 年第二季的展望。

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

包含我們第一季業績的新聞稿於昨晚發布。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 filing. 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 Investor page of our website. 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 potential changes to U.S. export regulations.

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。另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潛在變化。

Looking ahead between now and our next earnings call, Teradyne expects to participate in technology or industrial-focused investor conferences hosted by Wolfe Research, R.W. Baird, Bank of America, Cowen, UBS and Stifel.

展望從現在到下一次財報電話會議，泰瑞達預計將參加由 Wolfe Research、R.W. Baird、美國銀行、Cowen、UBS 和 Stifel 主辦的以技術或工業為重點的投資者會議。

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

現在讓我們開始討論議程的其餘部分。首先，Mark 將評論我們最近的業績和市場狀況，包括我們如何應對 COVID-19 大流行。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二季度的指導。然後我們將回答您的問題，本次通話預計持續 1 小時。標記？

Hello, everyone, and thanks for joining us. Today, I will describe how we're responding to the COVID-19 pandemic, including our high-level results for the first quarter. I'll then provide some context for how we're looking at the second quarter and the market conditions we're observing. Sanjay will then provide the financial details and more specifics on how we're managing in the current environment.

大家好，感謝您加入我們。今天，我將介紹我們如何應對 COVID-19 大流行，包括我們第一季的高水準業績。然後，我將提供一些背景信息，說明我們如何看待第二季度以及我們正在觀察的市場狀況。然後，桑傑將提供財務詳細資訊以及有關我們如何在當前環境中進行管理的更多細節。

COVID-19 has shaken the global economy, and it's unclear how long the restrictions on daily life will continue or what the longer-term economic implications might be. However, as you read in our press release, demand for our test products remained very strong throughout the first quarter, and we were able to deliver revenue and earnings near and above the top end of our guidance, respectively. As you might expect, the Teradyne team and our partners overcame numerous supply, production and logistics obstacles during the quarter, and I could not be more proud of their work.

COVID-19 動搖了全球經濟，目前尚不清楚對日常生活的限制將持續多久，也不清楚長期經濟影響可能是什麼。然而，正如您在我們的新聞稿中所讀到的那樣，整個第一季對我們測試產品的需求仍然非常強勁，我們能夠分別實現接近和高於我們指導上限的收入和收益。正如您所料，泰瑞達團隊和我們的合作夥伴在本季度克服了眾多供應、生產和物流障礙，我對他們的工作感到無比自豪。

Employee health and well-being has been our top priority at Teradyne. Globally, the majority of our employees are working from home. While some of our operations, supply line and customer support teams must be on site, we are providing them with the necessary protective resources and procedures to minimize their exposure risk. Supply line challenges continue to come our way, and the unusually large revenue guidance range in Q2 reflects this challenge. Sanjay will give you more details on our supply line response.

員工的健康和福祉一直是泰瑞達的首要任務。在全球範圍內，我們的大多數員工都在家工作。雖然我們的一些營運、供應線和客戶支援團隊必須在現場，但我們正在為他們提供必要的保護資源和程序，以盡量減少他們的暴露風險。供應鏈挑戰繼續向我們襲來，第二季異常大的收入指引範圍反映了這個挑戰。桑傑 (Sanjay) 將為您提供有關我們供應線回應的更多詳細資訊。

Application support projects are vital to the short-term and long-term success of both Teradyne and our customers. These projects are largely on track with employees assisting customers on-site, where necessary, but using enhanced safety protocols. R&D projects are moving full speed ahead and with minor exceptions, are on schedule, despite the rapid shift to significant number of engineers working remotely. While we are watching this closely to ensure we get ahead of any potential productivity loss from this remote work arrangement, so far, things seem to be proceeding on plan.

應用支援專案對於泰瑞達和我們的客戶的短期和長期成功至關重要。這些項目基本上都在按計劃進行，員工在必要時在現場協助客戶，但使用了增強的安全協議。儘管大量工程師迅速轉向遠距工作，但研發專案正在全速前進，除了少數例外，都按計畫進行。雖然我們正在密切關注這一情況，以確保我們能夠避免這種遠距工作安排帶來的任何潛在的生產力損失，但到目前為止，事情似乎正在按計劃進行。

So in summary, despite the numerous challenges presented by the COVID-19 pandemic, the Teradyne team is executing and delivering one of the largest ramps of tester shipments in history. Moments like these really stand out in our careers, and it feels great to be part of this team.

總而言之，儘管 COVID-19 大流行帶來了眾多挑戰，但泰瑞達團隊仍在執行和交付歷史上最大的測試儀出貨量之一。像這樣的時刻在我們的職業生涯中確實很突出，成為這個團隊的一員感覺很棒。

Turning to the business. As of yet, demand for test equipment remains little impacted by the COVID-19 pandemic. While there is incremental softening in the automotive sector, that's been more than made up for by strengthening of mobility, 5G and memory test demand. On the other hand, our Industrial Automation business saw a decline in Q1, which we expect will deepen in Q2, as Europe and North American manufacturing remains impacted by shutdowns.

轉向業務。到目前為止，對測試設備的需求仍然很少受到 COVID-19 大流行的影響。儘管汽車產業逐漸疲軟，但行動性、5G 和記憶體測試需求的增強足以彌補這一點。另一方面，我們的工業自動化業務在第一季出現下滑，我們預計第二季將進一步下滑，因為歐洲和北美製造業仍受到停工的影響。

Now let's review how Q1 unfolded and how we're looking at Q2. Given the uncertainty in both supply and demand, we will not be making any full year projections in our comments today. At the total Teradyne level, our first quarter sales were up 43% from first quarter of 2019, and our non-GAAP earnings per share were up 85%.

現在讓我們回顧一下第一季的發展以及我們如何看待第二季。鑑於供需雙方的不確定性，我們不會在今天的評論中做出任何全年預測。在泰瑞達整體水準上，我們第一季的銷售額較 2019 年第一季成長了 43%，非 GAAP 每股盈餘成長了 85%。

In Semi Test, sales were up 42% from Q1 '19. Of that, SOC test was up 37%. As expected, 5G infrastructure test buying slowed in the quarter and handset-related buying strengthened. This trend continues into 2Q as well.

在 Semi Test 中，銷售額比 19 年第一季成長了 42%。其中，SOC 測試提升了 37%。正如預期的那樣，本季 5G 基礎設施測試購買放緩，而手機相關購買增強。這一趨勢也持續到第二季​​。

Part of our growth comes from the mobility design wins we highlighted last year, but the biggest driver is the same thing we've been describing for years. The increasing complexity of silicon in handsets drives up test time, which in turn, drives demand for more testers, even in the face of flat-to-down handset unit volume.

我們的成長部分來自我們去年強調的行動設計勝利，但最大的推動力與我們多年來一直描述的相同。手機中矽的複雜性不斷增加，導致測試時間延長，進而推動了對更多測試儀的需求，即使手機單位數量持平甚至下降。

Increased complexity comes from more powerful apps processors, new technologies like WiFi 6 and 5G, more cameras with higher pixel counts and increasingly sophisticated sensors and displays. Tester demand for the specific 5G modem and RF components in handsets is growing in 2020, but remains modest. Much of the early 5G deployment will use low-band sub-6G technology, while millimeter wave will be a small percentage of 5G handset shipments this year. However, there is growing demand for millimeter wave test capabilities, both in Semi Test and at LitePoint. The industry is building capacity for this technology from near 0, so much of this demand is to put initial capacity in place for early production.

複雜性的增加來自更強大的應用處理器、WiFi 6 和 5G 等新技術、更多像素數更高的相機以及日益複雜的感測器和顯示器。 2020 年，測試人員對手機中特定 5G 數據機和 RF 組件的需求將會成長，但仍不大。早期的 5G 部署大部分將使用低頻段 sub-6G 技術，而毫米波將只佔今年 5G 手機出貨量的一小部分。然而，Semi Test 和 LitePoint 對毫米波測試能力的需求不斷增長。該行業正在從接近0的水平開始建造該技術的產能，因此這一需求的大部分是為了早期生產而建立初始產能。

On the infrastructure side. The global build-out is still in the early innings, and we expect test demand to ebb and flow as the network build-out moves through various geographies. Memory test is another bright story. Revenues were up 76% from Q1 '19. The LPDDR5 ramp on our Magnum Epic test system was the highlight of the quarter, as DRAM final test is a new and promising segment for us. We expect that ramp to continue in second quarter.

在基礎設施方面。全球建設仍處於初期階段，我們預計隨著網路建設在不同地區的發展，測試需求將會波動。記憶力測驗是另一個精彩的故事。營收較 19 年第一季成長 76%。 Magnum Epic 測試系統上的 LPDDR5 升級是本季的亮點，因為 DRAM 最終測試對我們來說是一個新的、有前途的部分。我們預計第二季將繼續成長。

From a revenue perspective though. Flash test shipments were the dominant contributor in the quarter. The latest protocol interface standards in flash are pushing interface speeds higher, driving a refresh of packaged test systems. We expect this trend to also continue in the second quarter.

但從收入角度來看。快閃記憶體測試出貨量是本季的主要貢獻者。快閃記憶體中的最新協定介面標準正在推動介面速度的提高，推動封裝測試系統的更新。我們預計這一趨勢在第二季也將持續。

Additionally, we saw healthy shipments for indigenous Chinese memory production in the first quarter. In the System Test group, sales doubled from the first quarter of 2019 with storage tests standing out with sales of over $75 million in the quarter. This was more than 3x the level of a year ago quarter, as demand for both HDD and System-level test remained strong.

此外，我們看到第一季中國本土記憶體生產的出貨量良好。在系統測試部門，銷售額較 2019 年第一季翻了一番，其中儲存測試表現突出，該季度銷售額超過 7,500 萬美元。由於對 HDD 和系統級測試的需求依然強勁，這一數字是去年同期水準的 3 倍多。

Our defense and aerospace business grew over 30% in the quarter year-on-year, while production board tests softened on slower automotive electronics demand. In Wireless Test, LitePoint sales were up 50% year-on-year on increased demand for both connectivity and cellular-related test systems. Like Semi Test, LitePoint shipments are building foundational capacity for 5G handset test and benefiting from the WiFi 6 transition.

我們的國防和航空航太業務本季年增超過 30%，而生產板測試因汽車電子需求放緩而疲軟。在無線測試領域，由於連接和蜂窩相關測試系統的需求增加，LitePoint 銷售額年增 50%。與 Semi Test 一樣，LitePoint 的出貨量正在建立 5G 手機測試的基礎能力，並從 WiFi 6 過渡中受益。

Shifting to Industrial Automation. Revenue in Q1 was down about 10% year-on-year as the improving outlook for Universal Robots in Asia, which we saw in Q4, was stopped dead in its tracks by the COVID-19 pandemic in Q1. In Europe and North America, UR also faced increasing headwinds as the quarter progressed. On the other hand, MiR's autonomous mobile robots delivered roughly flat sales in the quarter compared with the year ago period.

轉向工業自動化。由於我們在第四季度看到的優傲機器人在亞洲的前景不斷改善，但由於第一季的 COVID-19 大流行而停滯不前，第一季的收入同比下降了約 10%。在歐洲和北美，隨著本季的進展，UR 也面臨越來越大的阻力。另一方面，MiR 的自主移動機器人本季的銷售額與去年同期基本持平。

We believe the opportunities for automation will accelerate post pandemic as businesses see the resilience benefit of a more automated workflow. There will also be the opportunity in the likely realignment of localized manufacturing of critical supplies and a heavy reliance on warehouse automation and logistics automation. To that end, our investment in new products, distribution and organizational capability continues at full speed.

我們相信，隨著企業看到更自動化的工作流程所帶來的彈性優勢，自動化的機會將在疫情後加速。關鍵供應品的本地化製造以及對倉庫自動化和物流自動化的嚴重依賴也可能有重新調整的機會。為此，我們繼續全速投資於新產品、分銷和組織能力。

In March, we introduced the MiR250 autonomous mobile robot and the AutoGuide Max N10 pallet stacking autonomous forklift. In April, Universal Robots formally introduced the market's most capable industrial bin-picking product, ActiNav. ActiNav is a UR+ application that uses 3D vision and a proprietary path-planning software in an easy-to-deploy plug-and-play solution. It provides the necessary hand-eye coordination to both precisely pick parts from bins and precisely place parts in a manufacturing flow.

3月份，我們推出了MiR250自主移動機器人和AutoGuide Max N10托盤堆疊自主堆高機。 4 月，優傲機器人正式推出市場上功能最強大的工業垃圾箱揀選產品 ActiNav。 ActiNav 是一款 UR+ 應用程序，它在易於部署的即插即用解決方案中使用 3D 視覺和專有路徑規劃軟體。它提供了必要的手眼協調能力，可以從箱中精確拾取零件，也可以在製造流程中精確放置零件。

Finally, let's jump up and look at the big picture. Our 1Q demand was very strong, and we were nimble enough to fulfill that demand despite the COVID-19 challenges. Our Q2 demand looks even stronger, and the team is focused on knocking down supply bottlenecks to realize another great quarter. However, we recognized that we're not operating in a vacuum. Midterm -- the midterm impact of rolling economic shutdowns remains uncertain in many industries, including our own.

最後，讓我們跳起來看看大局。我們第一季的需求非常強勁，儘管面臨 COVID-19 的挑戰，但我們仍足夠靈活地滿足該需求。我們第二季的需求看起來更加強勁，團隊致力於消除供應瓶頸，以實現另一個偉大的季度。然而，我們認識到我們並不是在真空中運作。中期－滾動經濟停擺的中期影響在許多產業（包括我們自己的產業）中仍然不確定。

Bear in mind that volatility is not new to us. We have an operating model that can flex up and down with extreme demand swings and still remain profitable. We have employees across the company that have weathered severe economic storms in the past, and in each case, we've emerged better positioned competitively.

請記住，波動性對我們來說並不新鮮。我們的營運模式可以隨著極端的需求波動而上下波動，並且仍然保持獲利。我們公司的員工過去都曾經歷過嚴重的經濟風暴，在每一次經歷中，我們都取得了更好的競爭優勢。

You will note that we have suspended our stock buyback as a prudent hedge until the future impact becomes a bit clearer. At the same time, we also anticipate an increased likelihood of M&A opportunities later in the year. Either way, our rock solid balance sheet will be an asset in the quarters to come.

您會注意到，作為審慎對沖，我們已暫停股票回購，直到未來的影響變得更加清晰。同時，我們也預計今年稍後併購機會的可能性將會增加。不管怎樣，我們堅如磐石的資產負債表將成為未來幾季的資產。

Longer term, we know technology relentlessly marches outward, providing solutions to global challenges and enriching all of our lives. We remain confident in the long-term outlook for our test and automation markets and in our strategy to excel at serving them.

從長遠來看，我們知道技術不斷向前發展，為全球挑戰提供解決方案並豐富我們所有人的生活。我們對測試和自動化市場的長期前景以及我們為這些市場提供卓越服務的策略仍然充滿信心。

Sanjay will now take you through the financial details. Sanjay?

Sanjay 現在將帶您了解財務詳細資訊。桑傑？

Thank you, Mark. Good morning, everyone. This morning, I'll provide details on how we're managing our operations, spending and capital allocation in this uncertain environment. I will then cover our Q1 results and our Q2 outlook.

謝謝你，馬克。大家，早安。今天早上，我將詳細介紹我們在這種不確定的環境中如何管理營運、支出和資本配置。然後我將介紹我們第一季的業績和第二季的前景。

I first want to acknowledge the tough environment our employees, customers, suppliers and their families are going through. For those that have family or friends with COVID-19, I wish you speedy recovery, and hope this pandemic will be behind us soon. I would like to thank our employees and suppliers for your extraordinary efforts and our customers for your patience and confidence in Teradyne.

我首先要承認我們的員工、客戶、供應商及其家人正在經歷的艱難環境。對於那些家人或朋友患有 COVID-19 的人，我祝您早日康復，並希望這場大流行很快就會過去。我要感謝我們的員工和供應商的非凡努力，感謝我們的客戶對泰瑞達的耐心和信心。

As Mark noted earlier, our priorities are the safety of our employees, supporting our customers and continued execution in achieving our financial objectives. While we can't predict the duration of this pandemic and its economic consequences, we entered this pandemic in a strong financial position with a flexible business model.

正如馬克之前指出的，我們的首要任務是員工的安全、支持我們的客戶以及持續執行以實現我們的財務目標。雖然我們無法預測這場流行病的持續時間及其經濟後果，但我們以強大的財務狀況和靈活的商業模式進入了這場流行病。

Specifically, we have $905 million of cash and marketable securities at the end of Q1 with no short-term debt. We have a $460 million face value convertible bond that's due in December 2023. We have a diverse portfolio of businesses in test and Industrial Automation. These businesses continue to service their markets with a leading set of products.

具體來說，截至第一季末，我們擁有 9.05 億美元的現金和有價證券，沒有短期債務。我們有面額 4.6 億美元的可轉換債券，將於 2023 年 12 月到期。這些企業繼續以領先的產品組合服務其市場。

Our test businesses continue to have tailwinds behind them, with new technology introductions like various flavors of 5G and new memory standards like LPDDR5. This is balanced by the contraction of our Industrial Automation businesses, due to both weaknesses in the auto industry and COVID-19.

隨著各種 5G 等新技術的推出以及 LPDDR5 等新記憶體標準的推出，我們的測試業務繼續順風順水。由於汽車行業的疲軟和 COVID-19，我們的工業自動化業務的收縮抵消了這種影響。

A couple of points on our expense model. The test equipment market is cyclical. Hence, we've structured our company's expenses to be able to handle large demand swings. Total expenses are set at a level to ensure we generate cash during periods of low market demand, while retaining maximum flexibility to scale up.

關於我們的費用模型的幾點。測試設備市場具有週期性。因此，我們調整了公司的開支結構，以便能夠應對大幅的需求波動。總費用設定在一定水平，以確保我們在市場需求低迷時期產生現金，同時保留擴大規模的最大靈活性。

For example, manufacturing for our test portfolios mainly outsourced to contract manufacturers. Therefore, much of our cost of goods sold are flexible, as we are not burdened with the extensive fixed costs. We have an efficient operating expense model where portions of our engineering, operations and G&A functions are in low-cost regions. Lastly, our compensation structure varies with our revenue and profit levels.

例如，我們的測試產品組合的製造主要外包給合約製造商。因此，我們的大部分銷售成本都是靈活的，因為我們沒有承擔大量的固定成本。我們擁有高效率的營運費用模型，其中部分工程、營運和一般行政管理職能位於低成本地區。最後，我們的薪酬結構隨著我們的收入和利潤水準而變化。

As Mark noted, we are continuing to invest in our engineering road maps across the company. This includes significant 5G, AI and memory-related investments in test. We're also investing to support the rollout of our UR+ application kits, including our ActiNav industrial bin picking product, just introduced by Universal Robots, and new product road maps at MiR and AutoGuide as well as key IP that will benefit us in the years to come.

正如馬克指出的那樣，我們將繼續投資整個公司的工程路線圖。這包括在 5G、人工智慧和記憶體相關的測試方面的大量投資。我們也投資支援 UR+ 應用套件的推出，包括優傲機器人 (Universal Robots) 剛推出的 ActiNav 工業垃圾箱揀選產品、MiR 和 AutoGuide 的新產品路線圖以及未來幾年將使我們受益的關鍵 IP來。

Another key investment focus this year will be our supply line. While the bulk of our production is in Asia, close to our customers, the supply line supporting that production is truly global. As Q1 demonstrated, our internal team and partners did an outstanding job in difficult circumstances to meet our customer delivery requirements. This experience has not only reinforced the value of our operations team, but has identified areas that we could improve. These are primarily in areas of adding redundancy for critical components and manufacturing capacity. We're taking these lessons learned to strengthen the supply chain further in the days ahead, and these will have an impact on our costs.

今年的另一個關鍵投資重點將是我們的供應線。雖然我們的大部分生產都在亞洲，靠近我們的客戶，但支援生產的供應線卻是真正的全球性。正如第一季所表明的那樣，我們的內部團隊和合作夥伴在困難的情況下表現出色，滿足了客戶的交付要求。這種經驗不僅增強了我們營運團隊的價值，而且還確定了我們可以改進的領域。這些主要是在關鍵部件和製造能力方面增加冗餘。我們將吸取這些經驗教訓，在未來幾天進一步加強供應鏈，這將對我們的成本產生影響。

Now to Q1. Company revenues were $704 million, up 43% year-over-year. Semi Test revenue of $484 million was up over 40% from Q1 of 2019, driven by handset-related SOC demand and strength in flash final test. In memory, we also ramped LPDDR5 revenues tied to our Q4 design win. System Test group had revenue of $116 million, which doubled year-over-year, driven by Storage Test solutions, primarily for terabyte-class nearline drives as System Test -- as well as System Test Solutions.

現在到 Q1。公司營收為 7.04 億美元，年增 43%。受手機相關 SOC 需求和快閃記憶體最終測試實力的推動，Semi Test 營收為 4.84 億美元，較 2019 年第一季成長超過 40%。在記憶體方面，我們也提高了與第四季度設計勝利相關的 LPDDR5 收入。系統測試部門的收入為 1.16 億美元，年比翻了一番，這主要得益於儲存測試解決方案（主要針對 TB 級近線驅動器作為系統測試）以及系統測試解決方案。

Industrial Automation, or IA revenue of $60 million was down year-over-year on manufacturing weakness, amplified by the COVID-19 pandemic. In March, we did see some improvement in China, our fastest-growing market in 2019, which is an encouraging sign and hopefully, a leading indicator for countries who get back towards pre-COVID-19 work environments. LitePoint grew -- LitePoint had revenue of $43 million and grew 50% year-over-year, with cellular 5G and the new connectivity standard, WiFi 6, driving revenue.

由於製造業疲軟，工業自動化（IA）收入年減 6,000 萬美元，而 COVID-19 大流行加劇了這種疲軟。 3 月份，我們確實看到中國這個 2019 年成長最快的市場出現了一些改善，這是一個令人鼓舞的跡象，並有望成為恢復 COVID-19 之前工作環境的國家的領先指標。 LitePoint 實現成長－LitePoint 的營收為 4,300 萬美元，年成長 50%，蜂巢 5G 和新連線標準 WiFi 6 推動了營收成長。

Non-GAAP gross margins were 57.6%, down 1 point quarter-over-quarter due to product mix. Our non-GAAP operating expenses were down $7 million to $197 million from the fourth quarter due to lower discretionary spending and timing of expenditures, slightly offset by higher variable compensation on higher profit.

由於產品組合的影響，非 GAAP 毛利率為 57.6%，季減 1 個百分點。由於可自由支配支出和支出時間安排的減少，我們的非公認會計原則營運支出比第四季度減少了 700 萬美元，至 1.97 億美元，但利潤增加帶來的可變薪酬的增加略有抵消。

Non-GAAP operating profit rate was 30% and non-GAAP EPS was $1. The tax rate, excluding discrete items for the quarter and the year, was 14.5% on a GAAP basis and 15% on a non-GAAP basis. The improvement in tax rate is driven by a higher revenue mix from our test portfolio than plan.

非 GAAP 營業利潤率為 30%，非 GAAP 每股盈餘為 1 美元。不包括本季和本年度的離散項目的稅率，按公認會計原則 (GAAP) 計算為 14.5%，按非公認會計原則 (Non-GAAP) 計算為 15%。稅率的提高是由於我們的測試組合的收入組合高於計劃所致。

Turning to share buybacks. We bought back 1.3 million shares for $79 million at an average price of $58.81 in the first quarter. Effective April 1, we have suspended our share repurchase program. There are 2 reasons why we made the decision to preserve cash at this time. Firstly, as we look forward, there is uncertainty of the depth and the duration of the economic impact of COVID-19. Secondly, we wanted to retain more cash on the balance sheet to enable M&A opportunities, which may present themselves in the near term.

轉向股票回購。第一季我們以 7,900 萬美元的價格回購了 130 萬股股票，平均價格為 58.81 美元。自 4 月 1 日起，我們暫停了股票回購計畫。我們此時決定保留現金有兩個原因。首先，我們展望未來，COVID-19 經濟影響的深度和持續時間存在不確定性。其次，我們希望在資產負債表上保留更多現金，以實現併購機會，這可能會在短期內出現。

As Q1 is typically our lowest cash generation quarter, we generated $6 million in free cash flow as we paid annual variable compensation planned in Q1. Share buybacks and dividends are the primary drivers of our $111 million of cash decline in Q1.

由於第一季通常是我們現金產生量最低的季度，因此我們在支付第一季計畫的年度可變薪酬時產生了 600 萬美元的自由現金流。股票回購和股利是我們第一季現金減少 1.11 億美元的主要原因。

Turning to Q2. Given the volatile environment and -- turning to the Q2 run rate -- sorry. Given the volatile environment that we're facing, we've widened our guidance range to reflect the various scenarios we're considering. The first assumption is that second or third waves of the virus do not force countries to shut down essential semiconductor businesses. The second assumption is that semiconductors retain the status of being considered essential by governments when imposing stay-at-home work orders. The third assumption is that our operations team continues to be able to mitigate supply chain and production issues globally.

轉向第二季。考慮到不穩定的環境以及——轉向第二季的運行率——抱歉。鑑於我們面臨的動盪環境，我們擴大了指導範圍，以反映我們正在考慮的各種情況。第一個假設是，第二波或第三波病毒不會迫使各國關閉重要的半導體業務。第二個假設是，在實施居家工作令時，半導體仍被政府視為不可或缺的地位。第三個假設是我們的營運團隊持續能夠緩解全球供應鏈和生產問題。

From a demand perspective, I'd also like to remind you of a couple of important points. First, we have a concentrated demand in Q2 related to smartphone handsets and their associated launches. As you know, smartphone demand can change quickly. And while our guidance reflects our latest estimates, we're not immune to the short-term changes in demand that could materially change our outlook for Q2. Second, we're not operating in normal conditions. So normal seasonality may not come into play in the future quarters.

從需求的角度來看，我還想提醒大家幾個重要的點。首先，第二季的需求集中與智慧型手機及其相關產品的發布有關。如您所知，智慧型手機的需求可能會迅速變化。儘管我們的指導反映了我們的最新估計，但我們也不能免受短期需求變化的影響，這可能會極大地改變我們對第二季度的前景。其次，我們沒有在正常條件下運作。因此，正常的季節性可能不會在未來幾季發揮作用。

Now to our Q2 outlook. Sales are expected to be between $690 million and $800 million. Non-GAAP EPS of $0.86 to $1.16 on $173 million of diluted shares. Second quarter guidance excludes the amortization of acquired intangibles and the noncash imputed interest on the convertible debt. Second quarter gross margins are estimated at 55% to 56%, down approximately 2% at the midpoint from Q1.

現在我們展望第二季。銷售額預計在 6.9 億至 8 億美元之間。非公認會計準則每股收益為 0.86 美元至 1.16 美元，稀釋後股份價值 1.73 億美元。第二季指引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。第二季毛利率預計為 55% 至 56%，較第一季中位數下降約 2%。

There are 2 factors causing the margin decline. First, incremental costs associated with COVID-19 are being incurred to ensure our supply line, as noted prior. This impact results in just under half of the margin decline. Second, increased mix of mobility business in the quarter drives just over half of the margin decline. Margins expected in Q2 follow similar historical pattern when there is a sales mix bias towards mobility.

有兩個因素導致利潤率下降。首先，如前所述，為了確保我們的供應線，正在產生與 COVID-19 相關的增量成本。這種影響導致利潤率下降了近一半。其次，本季行動業務組合的增加推動了利潤率下降的一半以上。當銷售組合偏向流動性時，第二季的預期利潤率將遵循類似的歷史模式。

Second half of 2020 gross margins are expected to further decline from Q2 due to continued growth in new product ramps, which have not come down the cost curve, such as the UltraFLEXplus and millimeter wave solutions. We expect to return to our historical gross margins in 2021.

由於UltraFLEXplus和毫米波解決方案等新產品產量持續成長，但成本曲線尚未下降，預​​計2020年下半年毛利率將較第二季進一步下降。我們預計 2021 年毛利率將恢復到歷史水準。

OpEx spending will increase from the first quarter due to incremental test investments in both R&D and SG&A. Incremental IA investments will focus on distribution and product development investments. OpEx is expected to run at 27% to 30% of second quarter sales. The non-GAAP operating profit at the midpoint of our second quarter guidance is 27%.

由於研發和銷售、管理及管理方面的測試投資不斷增加，營運支出將從第一季開始增加。增量 IA 投資將集中於分銷和產品開發投資。營運支出預計將佔第二季銷售額的 27% 至 30%。我們第二季指引中位數的非 GAAP 營業利潤為 27%。

Regarding our OpEx plans for the full year. In light of the changes we discussed earlier, our latest estimate projects 2020 OpEx to grow about 7% to 8% from $758 million in 2019. This is down from our January guide.

關於我們全年的營運支出計劃。鑑於我們先前討論的變化，我們最新的預測預計 2020 年營運支出將從 2019 年的 7.58 億美元增長約 7% 至 8%。

In closing. These are challenging times and we believe we are well positioned to execute over the period of demand volatility. We have a diversified portfolio of businesses and customers, strong cash position and balance sheet, taking actions to reinforce our business against an uncertain future while continuing to strategically invest in customer support and product road maps that will power our future success.

結束時。這是一個充滿挑戰的時期，我們相信我們有能力在需求波動期間執行任務。我們擁有多元化的業務和客戶組合、強大的現金狀況和資產負債表，在不確定的未來中採取行動加強我們的業務，同時繼續對客戶支援和產品路線圖進行策略性投資，以推動我們未來的成功。

As we proceed ahead, we'll make changes, if needed, in line with the foundational (inaudible) noted. When this pandemic and resulting societal impacts recede, we're confident that the global economic and demographic forces will continue to make the electronics test and industrial automation industries attractive growth markets.

當我們繼續前進時，如果需要，我們將根據所指出的基礎（聽不清楚）進行更改。當這種流行病及其造成的社會影響消退時，我們相信全球經濟和人口力量將繼續使電子測試和工業自動化產業成為有吸引力的成長市場。

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. Maria, we'd now like to take some questions. (Operator Instructions)

謝謝，桑傑。瑪麗亞，我們現在想回答一些問題。 （操作員說明）

Our first question comes from the line of Brian Chin of Stifel.

我們的第一個問題來自 Stifel 的 Brian Chin。

Congratulations on the strength of the results, and appreciate you're not making this into a Zoom conference call. My first question would be, maybe just to sort of reconcile the strength you're seeing in your business. There clearly is a wide range of expectations for what Semi growth could be in 2020. And understandably, they're skewing lower as expectations for markets like smartphones and automotive have been lowered.

恭喜您獲得如此出色的結果，並感謝您沒有將其變成 Zoom 電話會議。我的第一個問題是，也許只是為了協調您在業務中看到的優勢。顯然，人們對 2020 年半導體產業的成長抱持著各種各樣的預期。

That chip complexity and sort of your success in terms of expanding platforms in test and to cut new customers is certainly one factor. How would you further reconcile the strength of your business with sort of the decline in growth expectations further downstream? And I guess, more bluntly, do you also plan for some form of rationalization of test capacity beyond the second quarter?

晶片的複雜性以及在擴展測試平台和削減新客戶方面的成功無疑是一個因素。您將如何進一步協調您的業務實力與下游成長預期的下降？我想，更坦白地說，您是否還計劃在第二季之後對測試能力進行某種形式的合理化？

Okay. There's a lot in there, but I think it is perhaps a little bit incoherent to see such strong tester demand when people are talking about the uncertainty or declining unit volumes, particularly in handsets. But I think this is not unprecedented.

好的。其中有很多內容，但我認為，當人們談論不確定性或銷售下降（尤其是手機銷售）時，看到如此強勁的測試儀需求可能有點不連貫。但我認為這並不是史無前例的。

This is back to the issue of -- it's not so much the number of phones that are being produced, it's the complexity of the silicon in the phones and the associated test time. And that's obviously and absolutely, what's occurring at the moment. So whether we were in the midst of a COVID pandemic or not, the business right now would be equally robust.

這又回到了一個問題——與其說是正在生產的手機數量，不如說是手機中晶片的複雜性以及相關的測試時間。顯然，這就是目前正在發生的事情。因此，無論我們是否處於新冠疫情大流行之中，現在的業務都將同樣強勁。

And I don't believe it's overbuying or sort of there's a rationalization necessarily, provided this economic impact doesn't persist into next year and slow down the rate of complexity growth, which is a possibility. We don't know if that will happen, but it's a possibility.

我不認為這是過度購買或必然存在合理化，只要這種經濟影響不會持續到明年並減緩複雜性增長的速度（這是有可能的）。我們不知道這是否會發生，但有可能。

But I think with so many things coming together this year around features in phones like the new WiFi standard, the -- some of the new sensor technologies and of course, 5G, that it's just driving a lot of complexity increase.

但我認為，今年圍繞手機功能的眾多事物匯聚在一起，例如新的 WiFi 標準、一些新的感測器技術，當然還有 5G，這只會導致複雜性大幅增加。

And so I don't think the test business, you can necessarily correlate that well with the end markets for semiconductors because of that. You certainly see automotive down, way down, and we see that in our business. Industrial down, and we see that in our business for test. But mobility is quite strong.

因此，我認為測試業務不一定能與半導體終端市場緊密相關。你肯定會看到汽車業的下滑，一路下滑，我們在我們的業務中也看到了這一點。工業下降，我們在我們的業務中看到了這一點的考驗。但機動性卻相當強。

I appreciate that. And maybe even sort of against that -- those comments. I think it was early 2017, there was also quite a great deal of strength from mobile processor that you saw in your business in terms of the test capacity additions that occurred in early 2017.

我很感激。甚至可能有點反對這些評論。我認為那是 2017 年初，從 2017 年初發生的測試容量增加來看，您在您的業務中也看到了行動處理器的巨大優勢。

Would you use that as an analog, relative to what you're seeing now in terms of maybe complexity or -- also not may be an exceptionally strong phone unit environment as well?

您是否會使用它作為模擬，相對於您現在所看到的複雜性，或者也可能不是一個非常強大的電話設備環境？

Yes. I think it's reasonably analogous. And therefore, year-to-year, what you've seen in our business for test is that it's not monotonic or consistent year-to-year in terms of our business in the second and third quarter related to mobility.

是的。我認為這是相當相似的。因此，逐年來看，您在我們的測試業務中看到的是，就我們第二季和第三季與行動相關的業務而言，逐年變化並不單調或一致。

In the years where there's a lot of technological change, we get incrementally more growth in revenue. And then there's some years where the change is more modest and it will be down. So that's going to be part of our future as far as the -- I can see. So we really look at it as a trend line. And yes, this is a particularly strong year.

在科技發生大量變革的那些年，我們的收入不斷增長。然後在某些年份，變化會更加溫和，並且會下降。因此，據我所知，這將成為我們未來的一部分。所以我們確實將其視為趨勢線。是的，今年是特別強勁的一年。

Our next question comes from the line of Mehdi Hosseini of SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Mark, I want to go back to your comment back in January earning conference call. You characterized first half versus second half at 55-45. In other words, 55% of your 2020 revenue would be captured in the first half. And I do understand lack of visibility, but just given how strong your first half is, would you agree that your first half could actually be more than 55% of the 2020 revenues?

馬克，我想回到你在一月份的電話會議上的評論。您將上半場與下半場的比分定為 55-45。換句話說，您 2020 年收入的 55% 將在上半年獲得。我確實理解缺乏可見性，但考慮到您的上半年收入有多強勁，您是否同意您的上半年收入實際上可能超過 2020 年收入的 55%？

It certainly could be. I think what we've seen since the January call is that what we described, as sort of the first and second quarters being roughly equal, is close to right. I think we've seen a little more strengthening in the second quarter than we projected back then.

當然有可能。我認為自一月份電話會議以來我們所看到的是，我們所描述的第一季和第二季大致相等，接近正確。我認為第二季的成長比我們當時預計的要多一些。

And we've seen Q1 turn out to be a little bit higher at the high end of our guide then back then. So it's come in a little bit hotter. And therefore, it certainly could be that the percentage skew toward the first half could be higher.

我們已經看到，第一季的業績比當時指南的高端要高一些。所以天氣有點熱了。因此，上半年的百分比偏差肯定可能會更高。

The thing about the second half though, it's not a -- there's no model out there we can rely on to predict what's going to happen. So at the moment, the demand, even the backlog and the deliveries we're quoting through the third quarter are pretty strong, but we know that can change in a moment's notice.

不過，關於下半年的事情，這不是——我們沒有可以依賴的模型來預測將要發生的事情。因此，目前的需求，甚至是我們在第三季引用的積壓訂單和交付量都相當強勁，但我們知道這種情況可能會立即改變。

Sure. And I want to go back to your use of cash. In terms of the priorities for M&A, if it were to happen in the second half, what is the priority for you? Would Semi Test or areas adjacent to Semi Test now become a priority? Or would you focus in Industrial Automation and making additional investment there?

當然。我想回到你對現金的使用。就併購的重點而言，如果下半年進行，您的重點是什麼？半測試或與半測試相鄰的區域現在會成為優先事項嗎？或者您會專注於工業自動化並在那裡進行額外投資？

Yes. Mehdi, it's Sanjay here. So I think that we have an active M&A group that we look at many different opportunities. In the last several years, obviously, the focus has been on Industrial Automation. But we are actively looking, and a key part of that strategy is that as valuations potentially come down in the future, products or companies have a good fit and become more attractive financially. And so I'd say, historically and even looking forward, there will be a focus on Industrial Automation, but I wouldn't count anything out.

是的。邁赫迪，我是桑傑。因此，我認為我們有一個活躍的併購團隊，我們正在尋找許多不同的機會。顯然，過去幾年的重點是工業自動化。但我們正在積極尋找，該策略的關鍵部分是，隨著未來估值可能下降，產品或公司很適合併在財務上變得更具吸引力。所以我想說，從歷史上看，甚至展望未來，工業自動化都會受到關注，但我不會排除任何東西。

Our next question comes from the line of Vivek Arya of Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

Mark, I understand the argument about complexity growing in mobile, but I imagine that was known at the start of the year. But since then, smartphone volume expectations have come down. I think the assumption, you said down high single digit or so.

馬克，我理解關於行動領域複雜性不斷增長的爭論，但我想這在今年年初就已經眾所周知了。但自那以後，智慧型手機銷量預期有所下降。我認為假設，你說的是高個位數左右。

So is it that 5G mix is better? I'm just curious, what could have caused tester demand to improve when volumes have been revised downwards? And as part of that, if you could give us some color about how much of that incremental strength that you are seeing is from China domestic customers versus the U.S. and Korean customers?

那麼是不是5G混合比較好呢？我只是很好奇，當銷售量下調時，是什麼導致測試人員需求改善？作為其中的一部分，您能否告訴我們您所看到的增量力量有多少來自中國國內客戶與美國和韓國客戶？

Yes. So I think, first of all, so it's a good question. Most of the test capacity that is being installed in second and third quarter is for production of handsets that will occur in third, fourth quarter of this year. So the falloff in handsets that we've seen in Q1 and Q2, there's no relationship on that demand. It's related to what do people think the unit volume for new phones, not in aggregate but for new phones, will be in the second half of the year.

是的。所以我認為，首先，這是一個很好的問題。第二季和第三季安裝的大部分測試產能都用於生產今年第三季和第四季進行的手機。因此，我們在第一季和第二季看到的手機銷售下降與需求沒有任何關係。這與人們對下半年新手機銷售的預期有關，不是整體銷量，而是新手機銷售。

And apparently, though, just by the strength in the business, that view is still pretty robust. The other thing that changes as you go from January until now is people start to get a better sense of the complexity impact on test time. So there's some preliminary views back in January. But as you get closer to mass production, the reality of what that test time is sets in and can drive up or down demand.

但顯然，僅從業務實力來看，這種觀點仍然相當有力。從一月到現在發生的另一件事是人們開始更了解複雜性對測試時間的影響。一月就有了一些初步觀點。但當你接近大規模生產時，測試時間的現實情況就會出現，並且可能會推動需求的上升或下降。

We saw several years ago, if you remember, a situation where progression from January to April resulted in a reduction of test capacity because test time turned out to be better than people thought. In this particular situation, that's not the case. It's moving a bit in the other direction.

如果你還記得的話，我們幾年前就看到過一種情況，從一月到四月的進展導致測試能力下降，因為測試時間比人們想像的要好。在這種特殊情況下，情況並非如此。它正在向另一個方向移動一點。

So those are the 2 things, I think, that are going on that are causing demand to be incrementally stronger, despite the fact that in the first half, the old handsets, unit volumes, are down.

因此，我認為，儘管上半年舊手機的銷量有所下降，但有兩件事正在導致需求逐漸強勁。

And then on China versus any place else. We're seeing very strong demand across the board. It's not one geography, it's Korea, it's China, it's U.S. It's just a generally competitive, robust plan around new technology for phones.

然後是中國與其他任何地方的比較。我們看到全面的需求非常強勁。這不是一個地區，而是韓國、中國、美國。

Got it. Very helpful. And for my follow-up, Sanjay, you mentioned some pressure on second half gross margin. And I think you said Q2 would be 55% to 56%. Could you give us a sense for what specifically in the mix? I understand, of course, Industrial Automation is lower, so maybe that is having an impact. But beyond that, what is having the impact on Q2 gross margin? And then where can second half gross margin be? I don't understand what about new product ramps can take gross margins down so much in these quarters when your sales growth is so strong year-on-year?

知道了。很有幫助。對於我的後續行動，桑傑，您提到了下半年毛利率面臨的一些壓力。我想你說過第二季會是 55% 到 56%。能為我們介紹一下具體的混合內容嗎？當然，據我所知，工業自動化程度較低，所以這可能會產生影響。但除此之外，還有什麼因素對第二季毛利率產生影響呢？那麼下半年毛利率能到哪裡呢？我不明白當你們的銷售年增率如此強勁時，新產品的增加會導致這些季度的毛利率下降這麼多嗎？

Sure. So going down about 2% from Q1, is at the midpoint, is what I said. And really half -- think about it as over half of the decline is tied to the concentration of sales mix and mobility. That's not unlike the patterns we've seen in the past.

當然。因此，與第一季相比下降約 2%，處於中點，這就是我所說的。確實有一半——想想看，超過一半的下降與銷售組合和流動性的集中有關。這與我們過去看到的模式沒有什麼不同。

The second part would be, we've -- and I mentioned in my prepared remarks, we've had to strengthen our supply chain and many costs associated with the COVID-19 impact, which is under -- just under half of the impact. So that really kind of bridges you from Q1 to Q2.

第二部分是，我在準備好的發言中提到，我們必須加強我們的供應鏈以及與 COVID-19 影響相關的許多成本，其影響略低於影響的一半。所以這確實是從第一季到第二季的橋樑。

And then getting on to your second question about the second half. First, let me comment and say, the second half, there's tremendous demand uncertainty. As you'd expect with different businesses we have, could have -- could come in or not come in, so that product mix would have an impact.

然後繼續你關於下半場的第二個問題。首先我想說的是，下半年需求的不確定度很大。正如你所期望的那樣，我們擁有、可能擁有的不同業務——可能會進來，也可能不會進來，因此產品組合會產生影響。

But that being said, we're really seeing the adoption of several new products and solutions, specifically the UltraFLEXplus platform and millimeter wave really take hold, and volumes ramping a little bit faster than we had predicted. And these are platforms, if you recall, that last over 10 years and they're in their infancy stage, they come down a cost curve. And so -- and we do expect margins to come back in 2021.

但話雖這麼說，我們確實看到了多種新產品和解決方案的採用，特別是 UltraFLEXplus 平台和毫米波真正佔據主導地位，並且銷售增長速度比我們預期的要快一些。如果你還記得的話，這些平台已經持續了 10 多年，而且還處於起步階段，它們的成本曲線呈現下降趨勢。因此，我們確實預期利潤率將在 2021 年回升。

Our next question comes from the line from Atif Malik of Citi.

我們的下一個問題來自花旗銀行的阿提夫馬利克 (Atif Malik)。

Great job on the execution. Mark, you talked about strength of indigenous China in first quarter, and we hear about U.S. government looking into perhaps licensees for chip makers exposed to Huawei for U.S. equipment suppliers.

執行方面做得很好。馬克，您在第一季談到了中國本土的實力，我們聽說美國政府正在調查美國設備供應商與華為接觸的晶片製造商的許可人。

And was the demand in this indigenous China what you expected back in January? Or was there any kind of pull in or were there any discussions with your customers that they were worried about the license concerns?

中國本土的需求是否符合您一月份的預期？或者是否有任何形式的拉入或是否與您的客戶進行過任何討論，表明他們擔心許可證問題？

I don't want to talk about any specific customer situation. All I would say is that the -- there's really been no change in demand from the China region for SOC tests since the January call. We've had a little bit of incremental demand maybe on the memory side. But things are playing out pretty much as planned on test equipment for China.

我不想談論任何具體的客戶情況。我想說的是，自從一月份的電話會議以來，中國地區對 SOC 測試的需求確實沒有改變。我們可能在記憶體方面有一些增量需求。但中國測試設備的進展幾乎按計劃進行。

LitePoint may also have seen a little bit up, but nothing material.

LitePoint 可能也出現了一點上漲，但沒有什麼實質意義。

Great. And then maybe just one for Sanjay. How are you positioning the Industrial Automation business differently going into recession? You talked about targeting warehouses, logistics, end markets more. Are you looking into maybe moving away from the auto end market?

偉大的。然後也許只是桑傑的一個。在經濟衰退時期，您如何以不同的方式定位工業自動化業務？您談到了更多瞄準倉庫、物流、終端市場。您是否正在考慮退出汽車終端市場？

Yes. So I think Industrial Automation had some weakness building up to COVID-19 in the auto industry, which is a large part of the business. And with the rolling shutdowns in manufacturing, in the U.S. and Europe are predominantly big regions for the business, we're seeing that impact, and obviously, contract year-on-year.

是的。因此，我認為工業自動化在汽車產業（汽車產業是該產業的重要組成部分）在應對新冠肺炎 (COVID-19) 疫情的過程中存在一些弱點。隨著製造業的輪流停工，在美國和歐洲這兩個主要的業務地區，我們看到了這種影響，而且顯然是同比收縮。

We did see some encouraging demand in China in the last couple of weeks of March as well as April to date. We are seeing demand pick up back to pre-COVID levels. And it's an encouraging sign as an indicator of how things might return back to normal, but we're still in the early innings on that.

在三月的最後幾週以及四月迄今為止，我們確實看到了中國的一些令人鼓舞的需求。我們看到需求回升到新冠疫情爆發前的水平。這是一個令人鼓舞的跡象，表明事情可能會恢復正常，但我們仍處於早期階段。

When I think about the business, we guided 10% to 12% OpEx growth in 2020, and we brought that down to 7% to 8%. A lot of that investment decline was really tied to the go-to-market for Industrial Automation. We've kept the focus on the product, the ecosystem, et cetera. But really, we had an investment strategy that one, tied to investing for growth.

當我考慮業務時，我們指導 2020 年營運支出成長 10% 至 12%，然後我們將其降至 7% 至 8%。投資下降很大程度上與工業自動化的上市有關。我們一直關注產品、生態系統等。但實際上，我們有一項投資策略，與投資成長掛鉤。

And as that -- as the contraction and the uncertainty remains, we've moderated that spend in our plans to come down. But we believe in the fundamentals in the long run, and we will -- as the market comes back and manufacturing comes back, we actually think COVID-19, if ever there's a hope, there's a -- or a benefit out of it is -- highlights the advantages and strengthening of supply chain with Industrial Automation.

因此，由於經濟緊縮和不確定性仍然存在，我們在計劃中減少了支出。但從長遠來看，我們相信基本面，而且隨著市場的復甦和製造業的復甦，我們實際上認為 COVID-19，如果有希望的話，就會有——或者從中帶來好處。工業自動化供應鏈的優勢和強化。

Now this would need to be balanced by getting people back to work, but we will continue to invest in the ecosystem as well as distribution. Just in 2020, it will be a little bit less than we anticipated, just given the moderated revenue we're seeing.

現在，這需要透過讓人們重返工作崗位來平衡，但我們將繼續投資於生態系統和分銷。就在 2020 年，考慮到我們所看到的適度收入，這一數字將略低於我們的預期。

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

我們的下一個問題來自高盛的 Toshiya Hari。

Mark, you talked a little bit about millimeter wave in your prepared remarks. I think you noted that contribution in 2020 should be relatively small, but you do expect the technology to contribute to growth in 2021 and beyond.

馬克，您在準備好的發言中談到了毫米波。我認為您注意到 2020 年的貢獻應該相對較小，但您確實預計該技術將為 2021 年及以後的成長做出貢獻。

Can you help us quantify how big or how small millimeter wave could be for your business this year? And what your expectations are for the next couple of years? Then I've got a quick follow-up.

您能否幫助我們量化今年毫米波對您的業務的影響有多大或多小？您對未來幾年的期望是什麼？然後我會進行快速跟進。

Yes. So I think, certainly, people are beginning to ramp production now of millimeter wave. But it's in a small fraction of the handsets that will be produced this year in the end. And related to the impact this year, I bound it somewhere in the high tens of millions of dollars across the company, somewhere in that sort of range.

是的。所以我認為，人們現在肯定開始提高毫米波的產量。但它只佔今年生產的手機的一小部分。與今年的影響力相關，我將整個公司的資金限制在數千萬美元的高位，在這個範圍內。

Now we've said, longer term, the total 5G wave should build towards sort of this $400 million to $500 million adder to the TAM. And with everything going on right now with sub-6G and with millimeter wave and such, maybe we're 2/3 of the way into that because we are seeing strong demand for the sub-6G side of this. It's just less test-intensive. So as we go into 2021, I would expect that to grow. And I think those are the sort of bookends.

現在我們已經說過，從長遠來看，整個 5G 浪潮應該會為 TAM 增加 4 億至 5 億美元。隨著目前 sub-6G 和毫米波等領域的發展，我們可能已經完成了 2/3，因為我們看到對 sub-6G 的強勁需求。只是測試強度較小。因此，隨著進入 2021 年，我預計這一數字將會成長。我認為這些就是書擋。

Got it. And then a quick follow-up on the IA side of your business. Over the past couple of years, I think you've talked about going more direct to large customers. But I just wanted to check in and sort of confirm how significant or insignificant your direct business is today as a percentage of IA sales.

知道了。然後快速跟進您業務的 IA 方面。在過去的幾年裡，我認為您已經談到了更直接地面向大客戶。但我只是想檢查並確認您今天的直接業務在 IA 銷售額中所佔的百分比有多重要或微不足道。

And on the distribution side. I'm curious how much visibility you have into how much inventory your distributors hold today, just given the current environment.

在分銷方面。我很好奇，考慮到當前的環境，您對經銷商今天持有的庫存有多少了解。

Yes. On the -- so on the direct sales part, that's a program we launched last year, and it's something we're doing both in all 3 of our automation companies, it started out heavily distribution-oriented. For large accounts, MiR, UR, have moved toward direct sales. But that's really been in effect for a couple of quarters.

是的。在直銷方面，這是我們去年推出的一個計劃，也是我們在所有 3 家自動化公司中正在做的事情，它一開始主要以分銷為導向。對於大客戶，MiR、UR 已轉向直銷。但這確實已經生效了幾個季度。

We're into a downturn now, and a lot of those customers were automotive-related. So I don't have the numbers in front of me. But I don't think the revenue percentage would be all that significant at this point.

我們現在正處於經濟低迷時期，其中許多客戶都與汽車相關。所以我面前沒有數字。但我認為目前的收入百分比不會那麼重要。

On inventory, I don't think there's very much, if any, built-up inventory in the channel around automation. It's a very quick turns business. We look at that pretty carefully every quarter. So no overhang there.

在庫存方面，我認為圍繞自動化的管道中沒有太多（如果有的話）庫存。這是一個週轉非常快的生意。我們每季都會非常仔細地審視這一點。所以那裡沒有懸垂。

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

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess, first question is regarding supply chain. And so curious, can you speak to, in particular, what kind of issues you're seeing in Malaysia, elsewhere in Southeast Asia, for downstream customers? Whether or not you're seeing plans for any sort of redundancy from those customers, given the uncertainty around COVID and the desire to perhaps have test and assembly at multiple locations?

我想，第一個問題是關於供應鏈的。很好奇，您能特別談談您在馬來西亞和東南亞其他地方的下游客戶遇到的哪些問題嗎？考慮到新冠疫情的不確定性以及可能在多個地點進行測試和組裝的願望，您是否看到這些客戶有任何形式的裁員計劃？

And then I guess, particularly to Teradyne. As you think about this as kind of -- hopefully, just a short-term speed bump here, how are you planning to manage your own inventory? So if I recall back during the financial crisis, you had shortages of FPGAs, et cetera, which made it difficult to ramp testers coming out of the correction. Would love to hear what your plans are today for -- hopefully, a recovery into the future.

然後我想，尤其是泰瑞達。當您認為這只是一種短期的減速時，您打算如何管理自己的庫存？因此，如果我回想在金融危機期間，FPGA 等短缺，這使得測試人員很難從調整中恢復過來。很想聽聽您今天的計劃—希望是未來的復甦。

Yes. It's Sanjay here. So from a supply chain perspective, I think we've -- our operations team and our supply partners have done yeoman's effort. And if we break it down, when this first pandemic first broke out in China, where we have a large contract manufacturer as well as a supply chain kind of feeding it, specifically, we drove a task force on ensuring to get labor back, ensuring to get materials.

是的。我是桑傑。因此，從供應鏈的角度來看，我認為我們的營運團隊和供應夥伴已經做了許多努力。如果我們細分一下，當第一次大流行首次在中國爆發時，我們在那裡有一家大型合約製造商以及一條供應鏈，具體來說，我們成立了一個特別工作組，以確保勞動力回流，確保獲取材料。

And then the first thing we did is we kicked off our supply chain in other parts of the world, and we invested in redundancy from different supply lines in a different geographic location. And so the key takeaway is that we are building both redundancy in the component qualification that feeds our test equipment and Industrial Automation products. And then secondly, building capacity in different territories.

然後我們做的第一件事就是啟動了世界其他地區的供應鏈，並投資於不同地理位置的不同供應線的冗餘。因此，關鍵的一點是，我們正在為我們的測試設備和工業自動化產品提供組件認證的冗餘。其次，在不同地區進行能力建構。

And then as the pandemic grew throughout the world, and as you mentioned, Malaysia, the Philippines and different South Asian countries, you had to build redundancy in logistics and the flight lines to both -- for our products to get to customers, but also for our components too actually get to the contract manufacturers to get deployed.

然後，隨著疫情在世界各地蔓延，正如您所提到的，馬來西亞、菲律賓和不同的南亞國家，您必須在物流和航線上建立冗餘，以便我們的產品可以到達客戶手中，但也對於我們的組件來說，實際上也需要合約製造商進行部署。

So there's been a significant investment that will -- that we're going to strengthen our supply chain, and make sure we have clear diversification of supply if, in the event, the pandemic, which who knows how long it's going to go, will have that strength. And so that's, I think, part one.

因此，我們將進行一項重大投資——我們將加強我們的供應鏈，並確保我們有明確的供應多元化，如果這種流行病（誰知道它會持續多久）會發生的話。我認為這就是第一部分。

And the second thing is we are building -- obviously, our inventories went down just really to kind of meet our demand and as we're growing, we are currently building inventory in anticipation of delivering, as you saw, the significant range. And the range is really tied to where do we believe we can have a high assurance of delivery of that. So we are building inventory at this time. But I think it will normalize as demand starts to shake out and as the market unfolds.

第二件事是我們正在建造 - 顯然，我們的庫存下降只是為了滿足我們的需求，隨著我們的成長，我們目前正在建造庫存，以期交付，正如您所看到的，顯著的範圍。這個範圍確實與我們相信我們可以高度保證交付有關。所以我們此時正在建立庫存。但我認為，隨著需求開始回落以及市場的展開，這種情況將會正常化。

Helpful. And as my follow-up, I guess, kind of a 2-part question. You talked about mobility, really the driver for Q2, but given the commentary around gross margins impacted by millimeter wave and UltraFLEXplus introduction into the back half would suggest, perhaps that could continue into the second half.

有幫助。我想，作為我的後續問題，這是一個由兩個部分組成的問題。您談到了移動性，這確實是第二季度的驅動因素，但考慮到有關毫米波和 UltraFLEXplus 下半年推出影響毛利率的評論表明，這種情況可能會持續到下半年。

So I guess, how do we think about mobility seasonality? And then as part of that, my understanding with the plus is that same software, very different hardware, from the non-plus. And so curious what kind of obsolescence you might see there. And as you get new product introductions that are only using the UltraFLEXplus, what impact might that have on the types of demand for that tool here in 2020 and into 2021?

所以我想，我們如何看待流動季節性？作為其中的一部分，我對 plus 的理解是，與非 plus 相同的軟體，非常不同的硬體。很好奇你會在那裡看到什麼樣的過時現象。當您推出僅使用 UltraFLEXplus 的新產品時，這可能會對 2020 年和 2021 年該工具的需求類型產生什麼影響？

Yes. So I think at the beginning of the year, we anticipated a strong first half. It's kind of playing out the way we anticipated. It's a little bit stronger in Q2 as we've guided in our range. The second half of the year is really opaque.

是的。所以我認為在今年年初，我們預計上半年會表現強勁。這有點像我們預期的。正如我們在我們的範圍內所指導的那樣，第二季度它有點強。下半年確實不透明。

The impact of the economic disruption of the pandemic is really -- it's unclear at this point. We do note that there has been, relative to our expectations in January, a little bit more of an acceleration of adoption of the UltraFLEXplus and millimeter wave that -- and as I said earlier, given the volatility in the second half, there could be a bunch of puts and takes in the gross margin.

疫情對經濟造成的破壞確實造成了影響，目前尚不清楚。我們確實注意到，相對於我們一月份的預期，UltraFLEXplus 和毫米波的採用速度有所加快，正如我之前所說，考慮到下半年的波動，可能會出現毛利率中的一堆看跌期權和買入期權。

With regards to the ramp of the UltraFLEXplus. The UltraFLEX has been around for decades and has a long tail. So we don't necessarily see a huge obsolescence risk with the transition as it occurs.

關於 UltraFLEXplus 的坡道。 UltraFLEX 已經存在了幾十年，並且有著長長的尾巴。因此，我們不一定會看到過渡發生時有巨大的過時風險。

Our next question comes from the line of Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

I guess, I had two questions. First is on Huawei. So I know that you disclosed in the K, so direct and indirect through the OSATs was 11% of revenue last year. You did say that they were greater than 10% customer in December. It sounds like they were greater than 10% in March.

我想，我有兩個問題。首先是華為。所以我知道你在 K 中披露，去年透過 OSAT 直接和間接的收入佔收入的 11%。您確實說過 12 月他們的客戶比例超過 10%。聽起來 3 月的比例超過了 10%。

I guess, 2-part question. Is that the case? And are they still expected to be greater than 10% in the June number? I ask that because the disclosures in the safe harbor did change quite a bit. And it seems like something is clearly likely to happen there. So that revenue seems to be at risk for the back half of the year. And then I have a follow-up.

我想，由兩部分組成的問題。是這樣嗎？ 6 月份的數字是否仍有望超過 10%？我這麼問是因為安全港的揭露確實發生了很大變化。看起來那裡顯然可能會發生什麼事情。因此，今年下半年的收入似乎面臨風險。然後我有一個後續行動。

Yes. So it's Sanjay here. So first of all, we don't comment on specific customers. We, obviously, did disclose in the annual report that Huawei and its affiliates did procure 11% of our business last year, but we specifically won't comment. We did have one 10% customer this quarter.

是的。桑傑來了。所以首先，我們不對特定客戶發表評論。顯然，我們確實在年報中揭露了華為及其關聯公司去年確實採購了我們11%的業務，但我們具體不會發表評論。本季我們確實有一位 10% 的客戶。

Okay. Yes. I asked because you did say that last quarter. So it seems like you have said that in the past, but okay. Okay. And then I guess, the second question is: Can you give us a sense of what the mix is for June? It sounds like on the Semi Test side, memory's going to be flat to up.

好的。是的。我問是因為你上個季度確實這麼說過。所以看起來你過去就說過這樣的話，但沒關係。好的。然後我想，第二個問題是：你可以跟我們介紹六月的組合嗎？聽起來好像在半測試方面，記憶體會持平到上升。

I would assume Systems Test comes down a little bit. You said IA is going to remain pretty weak. So I guess, I'm wondering if you can give any color on the mix, particularly SOC, which seems like it has to be in the $550 million to $575 million range? I just wonder if you can give us any comments there.

我認為系統測試會下降一點。你說過 IA 將保持相當疲軟的狀態。所以我想，我想知道你是否可以給出任何顏色的組合，特別是 SOC，它似乎必須在 5.5 億美元到 5.75 億美元的範圍內？我只是想知道您是否可以給我們任何意見。

I think from a mix perspective, I won't comment on the specific numbers, but Semi Test is -- will -- as you said, will be very strong and as we messaged, as part of mobility, we do expect System Test to decline a tad or to decline.

我認為從混合的角度來看，我不會對具體數字發表評論，但正如您所說，半測試將非常強大，正如我們所傳達的信息，作為移動性的一部分，我們確實希望系統測試能夠稍微下降或下降。

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

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

Well, let's come back to Krish.

好吧，讓我們回到克里什。

Our next question comes from the line of Weston Twigg of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Weston Twigg。

Actually, I had 2 quick ones. One, on the Industrial Automation business. You mentioned that on the other side of this pandemic, there should be a nice acceleration of demand, which makes total sense. But I'm wondering, have you been having conversations with some of these smaller manufacturing operations that may realize they need to invest in automation? Or is that just an expectation? In other words, is it -- is that comment based on conversations you're having today? Or just the expectation that it would recover?

事實上，我有兩個快速的。一、關於工業自動化業務。您提到，在這場大流行的另一面，需求應該會出現良好的加速，這是完全合理的。但我想知道，您是否與一些可能意識到需要投資自動化的小型製造企業進行對話？或者這只是一種期望？換句話說，這個評論是基於你今天的對話嗎？或只是期待它會恢復？

Yes. I think that the conversations today are really not that far out in terms of their headlights, but it's an expectation. But I would say that we've commented that the mobile platform at MiR saw flat sales quarter-over-quarter, hasn't been as robustly impacted by this pandemic.

是的。我認為今天的對話實際上並沒有那麼遙遠，但這是一種期望。但我想說的是，我們已經評論過，MiR 的行動平台銷售額環比持平，並未受到這種流行病的嚴重影響。

And part of the reason for that is that there's already applications for that platform in the health care space that are growing. So while industrial's been moving down, that's been increasing. And so I think there's partly small- to medium-sized enterprises will look at automation coming out of this as a strategic asset.

部分原因是該平台在醫療保健領域的應用已經在不斷增長。因此，儘管工業在下降，但工業卻在增加。因此，我認為部分中小企業會將由此產生的自動化視為策略資產。

But moving towards some of these other verticals, that are likely to disproportionately grow, is another part of the calculus on how this growth in Industrial Automation accelerates coming out of this.

但轉向其他一些可能不成比例增長的垂直領域，是工業自動化如何加速成長的計算的另一部分。

Okay. That's helpful. And then my follow-up is you had talked about supply chain redundancy, manufacturing capacity redundancy. And I have heard that from other companies as well, related to building out Semi Test demand. And I'm wondering if that is part of the near-term strength you're seeing for test. In other words, are your customers building out some test redundancy? Is that a temporary function?

好的。這很有幫助。然後我的後續行動是你談到了供應鏈冗餘、製造能力冗餘。我也從其他公司聽說過，與建立半測試需求有關。我想知道這是否是您要測試的近期實力的一部分。換句話說，您的客戶是否建立了一些測試冗餘？這是臨時功能嗎？

I think that's something we've -- we're concerned about. And to the extent, we've checked and looked, we don't see that really. It would be pretty obvious if we saw customers that are trying to test silicon shift or move capacity to an OSAT. But typically speaking, the testers are purchased by third parties, OSATs. And they're not very willing to invest in capital, unless it's going to be utilized really quickly.

我認為這是我們所關心的事情。在某種程度上，我們已經檢查和觀察過，但我們並沒有真正看到這一點。如果我們看到客戶試圖測試晶片轉移或將產能轉移到 OSAT，情況就會非常明顯。但通常來說，測試器是由第三方（OSAT）購買的。他們不太願意投資資本，除非資本能很快被利用。

And as we've looked at the utilization of the equipment that we've been installing, it seems to be pulled quickly and turned on and utilized right away. So there's not idle capacity being put into the test -- Semi Test channel that we're aware of.

當我們查看我們所安裝的設備的使用率時，它似乎被快速拉動並立即打開並使用。因此，據我們所知，沒有閒置容量被投入測試——半測試通道。

Our next question comes from the line of John Pitzer of Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Mark, there's been a lot of questions on the SOC test business, maybe I'll give you one on the memory test, which had a really strong March quarter. In fact, you're kind of back above levels we were seeing in 2018, when the spending environment in memory was just significantly better and [pick] growth was sort of accelerating versus decelerating. So I'm kind of curious if you can talk a little bit about some of the complexity drivers there and the market share drivers there. And how sustainable do you think that is in the back half of the year?

馬克，關於 SOC 測試業務有很多問題，也許我會給你一個關於記憶體測試的問題，在 3 月季度表現非常強勁。事實上，你已經回到了我們在 2018 年看到的水平，當時記憶體消費環境明顯好轉，[選擇]成長有點加速而不是減速。因此，我很好奇您是否可以談談其中的一些複雜性驅動因素和市場份額驅動因素。您認為下半年這種情況的可持續性如何？

Yes. For the back half of the year is -- God knows. But there are a couple of things going on there that are interesting. One piece of it is that we opened up a new segment of memory test that we haven't participated in before, which is DRAM final test.

是的。因為下半年是──天知道。但那裡發生了一些有趣的事情。其中一個就是我們開闢了一個我們之前沒有參與過的記憶體測試新環節，就是DRAM最終測試。

And in the DRAM world, there's a transition occurring to LPDDR5 that obsoletes the existing fleet of equipment out there. So to the extent memory manufacturers are beginning that shift, just from a technological point of view, they have no choice but to buy incremental capacity for it. And that's something that's benefiting us in Q1, and likely will continue through the year, not just Q2, but in beyond. And that has years to go. So that's a tailwind for sure.

在 DRAM 領域，LPDDR5 正在轉變，現有的設備群將被淘汰。因此，就記憶體製造商開始這種轉變而言，僅從技術角度來看，他們別無選擇，只能為此購買增量產能。這讓我們在第一季度受益，並且很可能會持續一整年，不僅是第二季度，而且會持續到更久。這還需要幾年的時間。所以這肯定是順風。

The bigger piece of memory in terms of revenue is flash. And flash has -- for many years now, been undergoing a similar generational shift toward high speed. And unlike, I would say, DRAM, that's kind of very controlled and not -- I wouldn't say a commodity, but the standards around DRAM are kind of ubiquitous.

就收入而言，最大的一塊記憶體是快閃記憶體。多年來，快閃記憶體一直在經歷類似的高速世代轉變。我想說的是，與 DRAM 不同的是，它是一種非常受控制的產品，我不會說它是一種商品，但圍繞 DRAM 的標準是普遍存在的。

In the case of flash, there's much more bespoke design going on around the protocols for the interface speeds, depending on the handset they're going in or the application they're going in. And that diversity drives a lot of incremental test instrument buying to test all that variety. So that's been true historically. It is just as strong right now.

就快閃記憶體而言，圍繞介面速度的協議有更多的客製化設計，這取決於它們所使用的手機或它們所使用的應用程式。 。所以歷史上確實如此。現在也同樣強大。

And then the other comment I'll make is that -- and new manufacturers that we see coming online in China are not slowing down. They are putting capacity in, and that's also a tailwind.

然後我要說的另一條評論是——我們看到在中國上線的新製造商並沒有放慢腳步。他們正在投入產能，這也是一輛順風車。

That's helpful, Mark. And then maybe as my follow-up, the other standout segment this quarter was the System Test, both sequentially and year-over-year. And you had some comments about strength in nearline drives. I'm just kind of curious, how big a component of the growth was hard drives? And again, can you help us think about sustainability around complexity in share versus just having to rely upon volumes?

這很有幫助，馬克。然後，也許作為我的後續行動，本季另一個突出的部分是系統測試，無論是連續測試還是同比測試。您對近線驅動器的強度有一些評論。我只是有點好奇，硬碟在成長中所佔的比例有多大？再說一次，您能否幫助我們思考圍繞份額複雜性而不是僅依賴數量的可持續性？

Yes. So hard drives have been a standout. Both aspects of what we do with that storage test product are interesting. And I think the hard drive piece is sustainable. And it's sustainable pretty much as far as the eye can reasonably see in -- through next year.

是的。因此，硬碟一直表現出色。我們對該儲存測試產品所做的兩個方面都很有趣。我認為硬碟機部分是可持續的。就人們所能合理預見的範圍來看，它幾乎是可持續的——直到明年。

And this has been going on for several years now. And there's only really 2 predominant manufacturers out there. And so share is a little bit not an issue as much as just as the systemic underlying growth there. And it definitely seems to be there with the increasing density of these drives and volume.

這種情況已經持續好幾年了。實際上只有兩家主要製造商。因此，份額並不是一個問題，重要的是系統性的潛在成長。隨著這些驅動器的密度和體積的增加，它似乎確實存在。

On the System-level test side. That's a nascent market that's still in early development. It's a semiconductor test market. It's an additional insertion of test for semiconductor test, and very few manufacturers have adopted that methodology yet. We're fortunately on the leading edge of that adoption.

在系統級測試方面。這是一個仍處於早期開發階段的新興市場。這是一個半導體測試市場。這是半導體測試的額外插入測試，目前很少有製造商採用這種方法。幸運的是，我們處於這種採用的前沿。

Will it become an industry-pervasive methodology where more and more manufacturers decide to add an additional insertion or test step before they ship their final product or not is unclear. But compared to what our expectations were a year ago, the volume there has certainly exceeded our expectations. So it's a good secular sign.

它是否會成為一種行業普遍的方法，越來越多的製造商決定在發貨最終產品之前添加額外的插入或測試步驟，目前尚不清楚。但與我們一年前的預期相比，那裡的交易量肯定超出了我們的預期。所以這是一個很好的世俗跡象。

Our next question comes from the line of Richard Eastman of Baird.

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

Just -- first question is just around the Industrial Automation business. And with the business model there, and I don't know how the variable fixed cost mix is for the entire IA business. But at a $60 million kind of revenue run rate here in the first quarter and that perhaps dips a little bit in the second quarter, was that business a profitable contributor in the first quarter?

第一個問題是關於工業自動化業務的。就商業模式而言，我不知道可變固定成本組合對於整個 IA 業務而言如何。但是，第一季的營收運行率為 6,000 萬美元，第二季可能會略有下降，那麼該業務是否是第一季的獲利貢獻者？

Yes. It's Sanjay here. So first thing with IA. As we enter into this market, we believe that it's on a rapid growth trajectory over the midterm. We're seeing the impact, obviously, of the auto weakness in the pandemic. But inherently in that, our fixed cost as a percentage of the business is much higher because we do, do internal manufacturing.

是的。我是桑傑。所以首先要考慮 IA。當我們進入這個市場時，我們相信它在中期處於快速成長軌道。顯然，我們看到了大流行中汽車疲軟的影響。但本質上，我們的固定成本佔業務的百分比要高得多，因為我們進行內部製造。

And so we do outsource some subcomponents. But fundamentally, we inherently have a higher fixed cost structure just because we believe we have a leadership position, and that's one of our attributes to hold on to that leadership position. So there is a higher fixed cost component.

所以我們確實外包了一些子組件。但從根本上說，我們本質上擁有較高的固定成本結構，只是因為我們相信我們擁有領導地位，而這是我們維持領導地位的屬性之一。因此，固定成本部分較高。

The second comment is, in 2019, we were profitable. We had plans, even though it was a heavy investment year that we've kind of redacted down tied to revenue. We believe we would have a profitable year. In the first quarter, we -- with the contraction, we weren't profitable.

第二個評論是，2019年我們是獲利的。我們有計劃，儘管這是一個大量投資的一年，我們已經將其與收入掛鉤。我們相信我們將迎來獲利的一年。在第一季度，由於經濟收縮，我們沒有獲利。

Okay. In the development on the new product side there, with the MiR new products and obviously, maybe the awaited ActiNav product now being introduced, is it a reasonable assumption that as we push out to the fourth quarter that the new products, plus, again, making some assumption around the global economy, may be improving by the fourth quarter? But do we -- does Teradyne kind of look at the IA business as potentially seeing sales growth in the fourth quarter? Is that still on the table year-over-year?

好的。在新產品方面的開發中，隨著MiR 新產品，顯然，也許現在正在推出期待已久的ActiNav 產品，這是一個合理的假設，當我們推出新產品到第四季度時，再加上，再次，對全球經濟做出一些假設，到第四季可能會有所改善？但泰瑞達是否認為 IA 業務可能會在第四季度實現銷售成長？與去年同期相比，這個問題仍然存在嗎？

It's on the table for sure. Whether it will happen or not is a question. I mean fourth quarter is always strong. If the -- and early signs in China. China, certainly, was an anchor in Q1 on our IA sales. But as we've gone into March and into Q2, they've come back pretty strong in our -- in IA buying, and could very well set year-over-year records in our IA business. So if that is a mere image of the rest of the world, which we don't know, we could certainly see a Q4 in IA that was sequentially up.

肯定是擺在桌面上的。它是否會發生是一個問題。我的意思是第四季度總是很強。如果——以及中國的早期跡象。當然，中國是我們第一季 IA 銷售的支柱。但隨著我們進入三月和第二季度，他們在我們的 IA 購買方面表現相當強勁，並且很可能在我們的 IA 業務中創下同比記錄。因此，如果這只是我們不知道的世界其他地區的圖像，那麼我們肯定會看到 IA 的第四季度連續上升。

Okay. And Mark, in the commentary, in the slides, I didn't notice any updates around the Semi, the SOC test market or memory test market. And I gather from your comments, just around the puts and takes in the SOC market, obviously, strength in mobility, IA -- or in the industrial piece was softer, auto, softer.

好的。馬克，在評論中，在幻燈片中，我沒有註意到關於 Semi、SOC 測試市場或內存測試市場的任何更新。我從你的評論中了解到，圍繞 SOC 市場的看跌期權，顯然，移動性、IA 或工業領域的實力較弱，汽車、較弱。

And even on the memory side, it seems like a lot of the strength there for you guys to share. But are you still comfortable at this time, just with the previous -- maybe thoughts around the size of the SOC test market as well as memory test market? Are they still reasonably good assumptions to your point at this time?

即使在記憶方面，似乎也有很多值得你們分享的力量。但此時您是否仍然對先前的想法感到滿意——也許是關於 SOC 測試市場和內存測試市場規模的想法？目前這些假設對你的觀點來說還是相當好的假設嗎？

Yes. I would kind of toss all that overboard, unfortunately, because we just don't know about the second half. But what I can say is if what we do know about is the first half of the year. And if you look at the first half of the year, we're running toward the high end in market size in both memory and SOC compared to what we projected that led to the prior estimates.

是的。不幸的是，我會把所有這些都扔到一邊，因為我們不知道下半場會怎樣。但我能說的是，如果我們所知道的是今年上半年的話。如果你看看今年上半年，與我們之前的預測相比，我們的記憶體和 SOC 市場規模正在朝向高端邁進。

So if anything, if this had been a sort of normal year without COVID, we'd probably right now be revising up some of our market size estimates for the year for each segment. But in light of what's happening, we really can't comment.

因此，如果今年是沒有新冠疫情的正常年份，我們現在可能會修改對每個細分市場今年的一些市場規模估計。但鑑於正在發生的事情，我們確實無法發表評論。

Our last question will come from the line of Sidney Ho of Deutsche Bank.

我們的最後一個問題將來自德意志銀行的 Sidney Ho。

The question is just a follow-up with the previous question. I understand you don't want to give full year forecast for SOC TAM. Is that your view that most of the SOC TAM that you get -- I guess, the market is going to lose this year, will be recovered next year, assuming the coronavirus situation is under control, say, by the end of this calendar year? Or will that -- or some of that be lost permanently? Maybe you can talk about that by end market, would be great.

該問題只是上一個問題的後續問題。我了解您不想提供 SOC TAM 的全年預測。您是否認為，您獲得的大部分 SOC TAM（我猜，今年市場將會損失）將在明年恢復，假設冠狀病毒情況得到控制，例如到本日曆年年底？或者那些——或者其中一些會永久丟失嗎？也許你可以在終端市場討論這個問題，那就太好了。

Yes. I think it's just very speculative, but I'll give you maybe just a little bit of color, and I'll probably regret it. If you go back to what happened in 2008 and '09 as a reference, it came back with a vengeance in 2010. And you could argue that it's sort of on a trend line basis, filled the hole in that was created in 2009.

是的。我認為這只是非常推測性的，但我可能會給你一點顏色，我可能會後悔的。如果你回顧 2008 年和 09 年發生的事情作為參考，你會發現它在 2010 年捲土重來。

So the technological progress just drives a underlying test demand in terms of this complexity growth that is cumulative. It can be temporarily squashed through things like a sharp drop in unit volume demand, which is what occurred there. But it came back with a vengeance. So the real question then in this situation is, when will the unit volume demand recover? Because the underlying technological growth will likely continue unabated.

因此，就這種累積的複雜性成長而言，技術進步只會推動潛在的測試需求。它可以透過諸如單位體積需求急劇下降之類的事情暫時被壓垮，這就是那裡發生的情況。但它又回來了。那麼在這種情況下真正的問題是，單位體積需求何時會恢復？因為潛在的技術成長可能會持續有增無減。

And I think that's everybody's guess. We expect things. Mobility and handsets have been slightly declining now for a couple of years, and it's really had little impact on the test demand. If the handset market starts into double-digit declines, and that persists through next year, I would say it must have some impact on test demand. Because the complexity -- underlying complexity growth this year is quite high, it's likely that it will oscillate year-to-year. So those are just sort of touchstones, but no prediction.

我認為這是每個人的猜測。我們期待一些事情。幾年來，行動性和手機一直在略有下降，這對測試需求的影響確實很小。如果手機市場開始出現兩位數的下降，並且這種情況持續到明年，我想說這肯定會對測試需求產生一些影響。由於今年的複雜性——潛在的複雜性增長相當高，因此很可能會逐年波動。所以這些只是試金石，而不是預測。

Okay. That's fair. Maybe my follow-up question is, in the Industrial Automation business, just to level set. Given a pretty sharp deceleration over the last few quarters for this segment, and I'm guessing that will continue in Q2 and whatnot, how should we think about the revenue exposure today, Q1 -- go Q2, whatever you want to use, to areas that are expected to continue to see weakness, namely automotive by end market and maybe some geography? Just trying to understand if things continue to go the wrong way, how much of that is at risk?

好的。這還算公平。也許我的後續問題是，在工業自動化業務中，只是為了水平設定。鑑於該細分市場在過去幾個季度中出現了相當大的減速，我猜這種情況將在第二季度繼續下去，等等，我們應該如何考慮今天的收入敞口，第一季——到第二季度，無論你想使用什麼，預計將繼續疲軟的領域，即汽車終端市場以及某些地區？只是想了解如果事情繼續朝著錯誤的方向發展，其中有多少面臨風險？

Yes. So it's Sanjay here. So really, we're predicting a downward bias in Q2, just given the fact that there's a lot of filter in place, manufacturing locations are still down. And so it is -- we do see a further contraction. Looking forward, as I said earlier, we did see signs of improvement, what I would call getting back to an initial innings in China pre-COVID levels. But it's really too early to tell how fast the recovery would be. And we did enter it -- we did enter in the last quarter, a little bit of weakness with automotive.

是的。桑傑來了。因此，實際上，我們預測第二季會出現下行偏差，因為有許多過濾器到位，製造地點仍在下降。事實也是如此——我們確實看到了進一步的收縮。展望未來，正如我之前所說，我們確實看到了改善的跡象，我稱之為回到中國疫情前的初始水準。但現在判斷復甦的速度還為時過早。我們確實進入了這個行業——我們確實在上個季度進入了這個行業，汽車行業有點疲軟。

Okay. Folks, this concludes our call. Thanks for your interest in Teradyne. We look forward to talking to you in the weeks ahead. And those still in the queue, I'll get back to you straight away. Thank you much.

好的。各位，我們的通話到此結束。感謝您對泰瑞達的興趣。我們期待在未來幾週內與您交談。仍在排隊的人，我會立即回覆您。非常感謝。

Thank you, ladies and gentlemen. This does conclude Teradyne's First Quarter 2020 Earnings Conference Call. You may now disconnect.

謝謝你們，女士們、先生們。泰瑞達 2020 年第一季財報電話會議到此結束。您現在可以斷開連線。