泰瑞達 (TER) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Teradyne First Quarter 2023 Earnings Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎來到泰瑞達 2023 年第一季度財報電話會議和網絡直播。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host Andy Blanchard, VP, Corporate Communications. Thank you, sir. You may begin.

現在我很高興向大家介紹企業傳播部副總裁安迪·布蘭查德 (Andy Blanchard)。謝謝你，先生。你可以開始了。

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

謝謝你，拉托尼亞。大家早上好，歡迎來到我們對泰瑞達最近財務業績的討論。今天早上我們的首席執行官 Greg Smith 加入了我的行列；以及我們的首席財務官 Sanjay Mehta。

Following our opening remarks, we'll provide details of our performance for 2023's first quarter, along with our outlook for the second quarter. 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.

在我們的開場白之後，我們將提供 2023 年第一季度業績的詳細信息，以及我們對第二季度的展望。昨晚發布了包含我們第一季度業績的新聞稿。我們在網站的“投資者”頁面上提供幻燈片，可能對您了解討論有所幫助。此通話的重播將在通話結束後通過同一頁面提供。

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.

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發布中包含的安全港聲明以及我們最近向美國證券交易委員會提交的文件。此外，這些前瞻性陳述是截至今天作出的，我們沒有義務根據本次電話會議後發生的事態發展對其進行更新。

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 applicable on the Investor page of our website. Looking ahead between now and our next earnings call, Teradyne expects to participate in technology or industrial-focused investor conferences hosted by JPMorgan, KeyBank, Cowen, Stifel and Bank of America.

在今天的電話會議中，我們將參考非 GAAP 財務指標。我們已經發布了有關這些非 GAAP 財務指標的更多信息，包括與我們網站投資者頁面上適用的最直接可比的 GAAP 財務指標的對賬。展望從現在到下一次財報電話會議，Teradyne 預計將參加由摩根大通、KeyBank、Cowen、Stifel 和美國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, Greg will comment on our results and the market conditions as we enter the second quarter. Sanjay will then offer 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.

現在讓我們繼續議程的其餘部分。首先，格雷格將在我們進入第二季度時評論我們的業績和市場狀況。然後，Sanjay 將提供有關我們季度業績的更多詳細信息，以及我們對第二季度的指導。然後，我們將回答您的問題，此通話時間安排為 1 小時。

Greg?

格雷格？

Thanks, Andy, and good morning, everyone. Today, I will summarize our Q1 results, comment on the current environment and outline how we see the market developing. Sanjay will then provide the financial details on Q1, our outlook for Q2 and some thoughts on full year planning. From a financial perspective, we delivered first quarter sales above the midpoint of our guidance range, with earnings above the high guide on improved gross margins.

謝謝，安迪，大家早上好。今天，我將總結我們第一季度的業績，評論當前環境並概述我們如何看待市場發展。然後 Sanjay 將提供第一季度的財務細節、我們對第二季度的展望以及對全年計劃的一些想法。從財務角度來看，我們第一季度的銷售額高於我們指導範圍的中點，盈利高於毛利率提高的高指導。

In Q1, our flexible business model enabled us to convert improving component availability in Semiconductor Test into additional revenue and profit, and our robotics businesses delivered on plan for the quarter. Stepping back from the Q1 results, I would like to outline our view of the current market conditions and how we expect the next few quarters to unfold. In Semiconductor Test, lower end market demand and high channel inventory is persisting. And our measures of tester utilization in Q1 of 2023 are at their lowest level in over 10 years.

在第一季度，我們靈活的業務模式使我們能夠將半導體測試中組件可用性的提高轉化為額外的收入和利潤，我們的機器人業務也按本季度的計劃交付。回到第一季度的結果，我想概述一下我們對當前市場狀況的看法，以及我們對未來幾個季度的預期。在半導體測試中，低端市場需求和高渠道庫存持續存在。我們在 2023 年第一季度的測試人員利用率指標處於 10 多年來的最低水平。

The weakness is concentrated in Compute and Mobility SOC test and reflects further erosion in end market demand in 2023. After a 20% decline in PC shipments in 2022, they are forecast to decline an additional 4% this year. Smartphones dropped 10% in 2022 and are forecasted to drop another 4% in 2023. We have clearly seen utilization weaken as well. Inventory levels in these supply chains come into balance and the utilization levels improved, we expect test demand for these markets to remain at low levels. As a result, we don't expect any 10% customers in these end markets in 2023.

疲軟集中在計算和移動 SOC 測試中，反映了 2023 年終端市場需求的進一步下滑。在 2022 年 PC 出貨量下降 20% 之後，預計今年將再下降 4%。智能手機在 2022 年下降了 10%，預計 2023 年將再下降 4%。我們也清楚地看到利用率也在下降。這些供應鏈中的庫存水平趨於平衡，利用率水平有所提高，我們預計這些市場的測試需求將保持在低水平。因此，我們預計 2023 年這些終端市場不會有任何 10% 的客戶。

Over the past 4 years, the Compute and Mobility segments have represented over 70% of the SOC market, so weakness in these segments has an outsized impact on the overall industry. There are, however, several factors beyond inventory alone that make forecasting in this cycle challenging. These factors are likely to impact both the depth of the cycle and the shape of the cycle recovery.

在過去 4 年中，計算和移動領域佔 SOC 市場的 70% 以上，因此這些領域的疲軟對整個行業產生了巨大影響。然而，除了庫存之外，還有幾個因素使這一周期的預測具有挑戰性。這些因素可能會影響週期的深度和周期復甦的形狀。

The first is the strength in the other roughly 30% of the SOC test market, automotive and industrial test. The demand that we're seeing here is stronger and more persistent than we expected in January. Tester utilization at IDM customers that drive this sector is substantially higher than at OSATs, which primarily serve the Compute and Mobility markets. In fact, high demand has pushed out our tester lead times for some configurations to be longer than our target.

首先是在其他大約 30% 的 SOC 測試市場、汽車和工業測試方面的實力。我們在這裡看到的需求比我們 1 月份的預期更強勁、更持久。推動該行業發展的 IDM 客戶的測試儀利用率遠高於主要服務於計算和移動市場的 OSAT。事實上，高需求已將我們的某些配置的測試儀交貨時間推遲到比我們的目標更長的時間。

Wafer capacity expansion plans announced by many of our automotive and industrial customers bode well for sustained demand for us in these segments. Strength in these segments is being driven by a wide range of new and growing device applications such as EVs, autonomous driving and the digitization of industrial activity. We also see these customers working to replenish the inventory that has been depleted over the last 3 years. This strength suggests that the depth of the SOC test market decline of this cycle may not be as deep as past cycles.

我們的許多汽車和工業客戶宣布的晶圓產能擴張計劃預示著這些領域對我們的持續需求。電動汽車、自動駕駛和工業活動數字化等各種新興和不斷增長的設備應用推動了這些領域的發展。我們還看到這些客戶努力補充過去 3 年耗盡的庫存。這種強度表明，本週期的 SOC 測試市場下降深度可能沒有過去的周期那麼深。

Another factor that makes this cycle very different is very strong tester demand from China-based chipmakers. The current test buy rate is substantially greater in 2022 and higher than the broader market and may not be sustainable at these levels. In the vertically integrated producer category, we have seen no slowdown in R&D or design-in activities. However, we expect low OSAT utilizations to significantly impact production capacity buys in 2023.

使這個週期截然不同的另一個因素是中國芯片製造商對測試儀的需求非常強勁。目前的測試購買率在 2022 年大大高於大盤，在這些水平上可能無法持續。在垂直整合的生產商類別中，我們沒有看到研發或設計活動放緩。然而，我們預計低 OSAT 利用率將顯著影響 2023 年的產能購買。

When taken together, these 3 factors make it challenging to predict the timing and the strength of the recovery. Having said that, we do have better insight into the full year than we had 1 quarter ago. We estimate the SOC market in 2023 will be between $3.3 billion and $3.8 billion, down about 20% to 30% from last year's roughly $4.7 billion. We expect our share of the SOC market will increase 2 or 3 points from last year's 36%.

綜合來看，這三個因素使得預測復甦的時間和強度變得具有挑戰性。話雖如此，與一個季度前相比，我們確實對全年有了更好的了解。我們估計 2023 年的 SOC 市場規模將在 33 億美元至 38 億美元之間，比去年的約 47 億美元下降約 20% 至 30%。我們預計我們在 SOC 市場的份額將比去年的 36% 增加 2 或 3 個百分點。

I will note that we have increased our 2022 market size estimate by $100 million since January. In the memory segment, while oversupply is limiting capacity expansion investments the technology transitions we discussed in the past are continuing to drive test demand, especially for LPDDR5 and high-speed FLASH. For the full year, we expect the market to be flat to down 10% from last year's approximately $1 billion level. This is unchanged from our view in January. We expect our share to be in the high 30s, also up 1 point or so from last year.

我會注意到，自 1 月以來，我們已將 2022 年的市場規模估計增加了 1 億美元。在內存領域，雖然供過於求限制了容量擴展投資，但我們過去討論的技術轉型正在繼續推動測試需求，尤其是 LPDDR5 和高速閃存。對於全年，我們預計市場將持平或比去年約 10 億美元的水平下降 10%。這與我們 1 月份的看法沒有變化。我們預計我們的份額將達到 30 多歲，也比去年增加 1 個百分點左右。

We know that the global trends have driven over $300 billion of wafer front-end investment over the past 4 years, and that has not yet fully been converted into the testament. When coupled with a forecast of an additional $160 billion of investment over the next few years, we think the fundamentals for midterm growth are strong. In our LitePoint Wireless Test segment, we see a more familiar correction cycle. We are also a year or so away from the next big complexity leap in connectivity, the transition to WiFi 7.

我們知道，全球趨勢在過去 4 年中推動了超過 3000 億美元的晶圓前端投資，但尚未完全轉化為遺囑。再加上未來幾年額外投資 1600 億美元的預測，我們認為中期增長的基本面是強勁的。在我們的 LitePoint 無線測試部分，我們看到了一個更熟悉的校正週期。我們還需要一年左右的時間才能實現連接性的下一個複雜性飛躍，即向 WiFi 7 的過渡。

As a result, our early view has LitePoint sales down 20% to 25% from last year's level. In System Test, the storage portion of the business is impacted both by reduced demand for HDDs and declining smartphone shipments. As a result, our System Test group revenue will likely be down 20% to 25% for the year.

因此，我們的初步看法是 LitePoint 的銷售額比去年下降 20% 至 25%。在系統測試中，業務的存儲部分受到 HDD 需求減少和智能手機出貨量下降的影響。因此，我們的系統測試部門今年的收入可能會下降 20% 到 25%。

Now turning to the robotics businesses. Robotics revenue in Q1 2023 is down 14% compared to Q1 of 2022. The first quarter of 2022 was the last strong quarter before the invasion of Ukraine and slowing industrial growth began to significantly impact our results. As we've discussed in prior calls, there are both external and internal factors that are limiting the growth of our robotics business. And addressing these challenges remains a high priority for our Universal Robots and MiR teams.

現在轉向機器人業務。與 2022 年第一季度相比，2023 年第一季度的機器人收入下降了 14%。2022 年第一季度是烏克蘭入侵之前的最後一個強勁季度，工業增長放緩開始對我們的業績產生重大影響。正如我們在之前的電話會議中所討論的那樣，有外部和內部因素限制了我們機器人業務的增長。應對這些挑戰仍然是我們優傲機器人和 MiR 團隊的首要任務。

At Universal Robots, we see a mixed picture. The external market conditions remain weak. Overall sales softened and were lower in Q1 than in the same period last year. However, shipments to Europe have returned to their highest level since then. And in the United States, demand slowed substantially in Q1 after a very strong Q4. Demand in Asia also softened in the quarter. In most years, we see a weaker Q1 as strong Q4 shipments are digested. But it is clear that the manufacturing economy is also slowing as indicated by weakening manufacturing PMIs in Q1 for almost all repays.

在 Universal Robots，我們看到了一個喜憂參半的畫面。外圍市場環境依然疲弱。第一季度整體銷售疲軟，低於去年同期。然而，對歐洲的出貨量已恢復到自那時以來的最高水平。在美國，在第四季度非常強勁之後，第一季度的需求大幅放緩。本季度亞洲的需求也有所疲軟。在大多數年份，隨著強勁的第四季度出貨量被消化，我們看到第一季度較弱。但很明顯，製造業經濟也在放緩，正如第一季度幾乎所有還款的製造業採購經理人指數疲軟所表明的那樣。

The primary internal factor that is impacting our growth is the ongoing realignment of our distribution system. Recall, we're shifting resources to put more focus on opportunities at large customers and OEM partners that have higher long-term growth potential. We are seeing some short-term headwinds from the shift in resources. An important positive for Universal Robots are strong preorders for our new high-payload UR20 cobot. We expect to have a backlog of over 6 months of volume shipments when we begin deliveries midyear.

影響我們增長的主要內部因素是我們分銷系統的持續調整。回想一下，我們正在轉移資源，更多地關注具有更高長期增長潛力的大客戶和 OEM 合作夥伴的機會。我們看到了資源轉移帶來的一些短期不利因素。對 Universal Robots 來說，一個重要的積極因素是我們新型高負載 UR20 協作機器人的強勁預購。當我們在年中開始交貨時，我們預計會有超過 6 個月的批量發貨積壓。

The UR20 has already won numerous industry awards, including a recent Robots Business Review innovation award. At MiR, where we're coming off record Q4 shipments, we're seeing similar industry-level headwinds, along with seasonal slowdown in Q1 demand. However, our strategy to increase direct engagement with large accounts is latching with installed unit growth of over 40% in this sector from Q1 of 2022.

UR20 已經贏得了無數行業獎項，包括最近的機器人商業評論創新獎。在 MiR，我們正在打破創紀錄的第四季度出貨量，我們看到類似的行業逆風，以及第一季度需求的季節性放緩。但是，從 2022 年第一季度開始，我們的戰略是增加與大客戶的直接接觸，該行業的裝機量增長超過 40%。

With the persistent weak macro environment and with little evidence to suggest a near-term change in these conditions, we've brought our full year revenue estimate for our Robotics group downward to be 0% to 10% growth from last year's $403 million. I would like to emphasize that despite the current market conditions, our view of the long-term growth potential for robotics remains unchanged. It is clear that there is a large and growing market for collaborative robotics, driven by labor shortages and escalating labor costs.

由於宏觀環境持續疲軟，而且幾乎沒有證據表明這些情況會在短期內發生變化，我們將機器人事業部的全年收入預期從去年的 4.03 億美元下調至 0% 至 10% 的增長。我想強調的是，儘管當前市場狀況不佳，但我們對機器人技術長期增長潛力的看法仍未改變。很明顯，在勞動力短缺和勞動力成本不斷上升的推動下，協作機器人市場規模龐大且不斷增長。

Our strategy is to address this market with an expanding range of applications for our robots and a focused distribution strategy that we expect to yield an average 20% to 30% annual growth over the midterm. The fundamental drivers of all of our served markets, Test and Robotics make them as attractive as ever. We are focused on continuing to operate efficiently with strong financial discipline as demand begins to recover. With our flexible business model, we will maintain the careful investments in our products and capabilities that are the fuel for our future profits.

我們的戰略是通過擴大我們機器人的應用範圍和集中的分銷戰略來應對這個市場，我們預計在中期實現平均每年 20% 至 30% 的增長。我們所有服務市場的基本驅動力，測試和機器人技術使它們一如既往地具有吸引力。隨著需求開始復蘇，我們專注於通過嚴格的財務紀律繼續高效運營。憑藉我們靈活的商業模式，我們將保持對我們產品和能力的謹慎投資，這是我們未來利潤的動力。

I'll turn things over to Sanjay for the financial details. Sanjay?

我會把財務細節交給 Sanjay。桑傑？

Thank you, Greg. Good morning, everyone. Today, I'll cover the financial summary of Q1, provide our Q2 outlook and the full year planning assumptions. I will also provide some financial color around our robotics companies and update you on our supply chain and resiliency progress.

謝謝你，格雷格。大家，早安。今天，我將介紹第一季度的財務摘要，提供我們的第二季度展望和全年計劃假設。我還將提供一些關於我們的機器人公司的財務信息，並向您介紹我們的供應鍊和彈性進展情況。

Now to Q1. First quarter sales were $618 million, which was $28 million above our mid-guide with non-GAAP EPS of $0.55, which was above our high guide of $0.52. Non-GAAP gross margins were 57.7% above our guidance due to favorable product mix, operational efficiencies and some resiliency costs deferred until later in the year. Non-GAAP operating expenses were $251 million, flat with fourth quarter OpEx. And non-GAAP operating profit rate was 17%. We had no 10% customer in the quarter. The tax rate, excluding discrete items for the quarter was 16.5% on a GAAP basis and 16.75% on a non-GAAP basis. Semi Test revenue for the quarter was $415 million, with SOC revenue contributing $347 million and memory of $68 million.

現在到第一季度。第一季度銷售額為 6.18 億美元，比我們的中值指南高出 2800 萬美元，非 GAAP 每股收益為 0.55 美元，高於我們 0.52 美元的高值指南。由於有利的產品組合、運營效率和一些彈性成本推遲到今年晚些時候，非 GAAP 毛利率比我們的指導高出 57.7%。非美國通用會計準則運營支出為 2.51 億美元，與第四季度運營支出持平。非美國通用會計準則營業利潤率為 17%。本季度我們沒有 10% 的客戶。本季度不包括離散項目的稅率在 GAAP 基礎上為 16.5%，在非 GAAP 基礎上為 16.75%。本季度半測試收入為 4.15 億美元，其中 SOC 收入貢獻了 3.47 億美元，存儲器貢獻了 6800 萬美元。

As Greg noted, SOC strength was concentrated in auto and industrial end markets. In memory, our sales were strongest in flash final test followed by DRAM final test as the industry ramps new, higher-speed devices from smartphone and server applications. System Test Group Q1 revenue was $75 million with $34 million in storage test and low SLT and HDD demand.

正如 Greg 指出的那樣，SOC 的優勢集中在汽車和工業終端市場。在內存方面，隨著行業從智能手機和服務器應用中推出新的、更高速的設備，我們在閃存最終測試和 DRAM 最終測試中的銷量最為強勁。 System Test Group 第一季度收入為 7500 萬美元，其中存儲測試收入為 3400 萬美元，SLT 和 HDD 需求較低。

Recall, SLT has high exposure to the smartphone market and as widely noted, HDD markets are weak this year. In Wireless Test, revenue was $39 million in Q1 on the impact of both low PC and smartphone volumes and a low in complexity driven test investments ahead of the expected WiFi 7 rollout beginning in 2024.

回想一下，SLT 對智能手機市場的敞口很大，而且正如人們普遍指出的那樣，今年 HDD 市場疲軟。在無線測試方面，第一季度的收入為 3900 萬美元，這是由於 PC 和智能手機銷量低以及在 WiFi 7 預計於 2024 年開始推出之前複雜性驅動的測試投資低的影響。

Now to robotics. Revenue was $89 million with UR contributing $72 million and MiR $17 million. FX did not have a material impact on our top or bottom lines. Profitability was negative in the quarter on weaker revenue growth. We are trending toward a breakeven profit this year, below our intended 5% to 15% operating profit objectives. Gross margins continue to be above the corporate average.

現在到機器人技術。收入為 8900 萬美元，其中 UR 貢獻了 7200 萬美元，MiR 貢獻了 1700 萬美元。外匯對我們的收入或利潤沒有產生實質性影響。由於收入增長疲軟，該季度的盈利能力為負。我們今年的利潤趨於盈虧平衡，低於我們預期的 5% 至 15% 的營業利潤目標。毛利率繼續高於公司平均水平。

Greg has noted reasons for growth in 2023 below expectations, which is preventing us from achieving our profit goal this year. I would like to share some thoughts to enable an appreciation of where we are with each business. In UR, we have conviction in this very large market and believe it is still sub-5% penetrated coupled with our products and ecosystem leadership. One of our challenges is our distribution approach, which we believe has limited our longer-term growth.

Greg 指出了 2023 年增長低於預期的原因，這阻礙了我們今年的利潤目標。我想分享一些想法，以便了解我們在每個企業中所處的位置。在 UR，我們對這個非常大的市場充滿信心，相信它的滲透率仍低於 5%，再加上我們的產品和生態系統的領導地位。我們面臨的挑戰之一是我們的分銷方式，我們認為這限制了我們的長期增長。

We are executing a solid plan to move to an omnichannel, which we believe will significantly enhance our growth potential. In the slower market we're seeing this year, our traditional channels are being impacted by an outsized rate before we see a full effect -- full benefit of our new channel strategy. From a profitability perspective, UR has operated above 10% to 15% -- sorry, UR has operated at or above 10% to 15% profit since 2017, with the exception of the initial COVID year in 2020.

我們正在執行一項轉向全渠道的可靠計劃，我們相信這將顯著提高我們的增長潛力。在我們今年看到的放緩市場中，我們的傳統渠道在我們看到全面影響之前就受到了巨大的影響——我們新渠道戰略的全部好處。從盈利能力的角度來看，UR 的運營利潤率在 10% 到 15% 以上——抱歉，自 2017 年以來，UR 的運營利潤率在 10% 到 15% 或以上，2020 年 COVID 的最初一年除外。

In 2023, we expect profitability of UR to be in that 10% to 15% range. In short, we are profitable while we continue to invest in transforming our channel, introducing new products, which increase our served markets and growing our industry-leading ecosystem.

到 2023 年，我們預計 UR 的盈利能力將在 10% 至 15% 的範圍內。簡而言之，在我們繼續投資於渠道轉型、推出新產品、擴大我們服務的市場並發展我們行業領先的生態系統的同時，我們實現了盈利。

Turning to MiR. MiR is earlier in its life cycle and serves a more fragmented AMR market where there is no clear leader and the top players have less than 10% share of the market. MiR is in the top 5 participants with mid-single-digit share. We're not yet profitable at MiR, we expect to be in 2025, which is aligned with our strategy to establish a leadership position in a market with long-term upside potential. This market is also less than 5% penetrated today.

轉向 MiR。 MiR 處於其生命週期的早期，服務於更加分散的 AMR 市場，該市場沒有明確的領導者，頂級參與者的市場份額不到 10%。 MiR 以中個位數的份額位居前 5 名。我們尚未在 MiR 實現盈利，我們預計將在 2025 年實現，這符合我們在具有長期上升潛力的市場中建立領導地位的戰略。今天，這個市場的滲透率也不到 5%。

Given the strong pull from our large customers, we're making substantial R&D investments needed to realize the opportunity. An attractive feature of this market is the relatively concentrated customer base, which enables a focused distribution with heavy direct involvement in sales, service and product requirements.

鑑於我們大客戶的強大吸引力，我們正在進行大量研發投資以實現這一機遇。這個市場的一個吸引人的特點是相對集中的客戶群，這使得集中的分銷能夠直接參與銷售、服務和產品需求。

In summary, UR is profitable with a leading market position, and we're evolving our go-to-market approach. MiR is in the heavy engineering investment phase, creating solutions in cooperation with large customers, and we expect it will be profitable in 2025. Gross margins and robotics are above the corporate average and if we do not see significant growth opportunity in the market will reduce growth in OpEx and enable this portfolio to have greater than 20% operating profits similar to our Test businesses.

總而言之，UR 憑藉領先的市場地位實現盈利，並且我們正在改進我們的上市方法。 MiR 正處於重型工程投資階段，與大客戶合作創建解決方案，我們預計它將在 2025 年實現盈利。毛利率和機器人技術高於公司平均水平，如果我們看不到市場的顯著增長機會，將會減少OpEx 的增長，並使該產品組合的營業利潤超過 20%，類似於我們的測試業務。

Shifting back to the financials. At a company level, our free cash flow was an outflow of $22 million in the quarter. We typically consume cash in the first quarter as we pay out our variable employee compensation. We repurchased $93 million of shares in the quarter, paid $17 million in dividends and settled $15 million of debt. Note, the share repurchase program began in late January, so it reflects approximately 2 months of purchases.

轉回財務。在公司層面，本季度我們的自由現金流流出 2200 萬美元。我們通常在第一季度支付可變員工薪酬時使用現金。我們在本季度回購了 9300 萬美元的股票，支付了 1700 萬美元的股息，並清償了 1500 萬美元的債務。請注意，股票回購計劃於 1 月下旬開始，因此它反映了大約 2 個月的購買。

We ended the quarter with $859 million in cash and securities. Now to our outlook for Q2. Q2 sales are expected to be between $625 million and $685 million, with non-GAAP EPS in the range of $0.55 to $0.74 on 164 million diluted shares. The second quarter guidance excludes the amortization of acquired intangibles. This outlook is slightly ahead of our January view as automotive and industrial semiconductor test demand continues to outpace our earlier forecast. Second quarter gross margins are estimated at 57% to 58%. OpEx is expected to run at 37% to 40% of second quarter sales roughly flat with Q1.

我們在本季度結束時擁有 8.59 億美元的現金和證券。現在談談我們對第二季度的展望。第二季度銷售額預計在 6.25 億美元至 6.85 億美元之間，非 GAAP 每股收益在 0.55 美元至 0.74 美元之間，攤薄後的 1.64 億股。第二季度指引不包括已收購無形資產的攤銷。由於汽車和工業半導體測試需求繼續超過我們之前的預測，這一前景略高於我們 1 月份的看法。第二季度毛利率預計為 57% 至 58%。 OpEx 預計佔第二季度銷售額的 37% 至 40%，與第一季度大致持平。

Non-GAAP operating profit rate at the midpoint of our second quarter guidance is 19%. A few points to assist you in the modeling in the rest of the year given the unusual environment Greg has described. First, the expected revenue profile. We expect Q3 sales to be similar to Q2 and Q4 to improve a bit from there. As a result, you should expect the second half will be a bit better than the first.

我們第二季度指引中點的非美國通用會計準則營業利潤率為 19%。考慮到 Greg 描述的不尋常環境，有幾點可以幫助您在今年剩餘時間進行建模。首先，預期的收入狀況。我們預計第三季度的銷售額將與第二季度相似，第四季度會有所改善。因此，您應該預計下半場會比上半場好一點。

Now to gross margins. We've improved gross margins in the first half of the year, driven by accelerated operating efficiencies and deferral of manufacturing resiliency spending to the second half of the year. Full year gross margins will likely be 57% to 58% range. Regarding OpEx for the full year. As noted in January, we expect the full year 2023 OpEx to be roughly flat compared with 2022. Our GAAP and non-GAAP tax rates are forecasted to be 17% in 2023.

現在是毛利率。在運營效率加快和製造業彈性支出推遲到下半年的推動下，我們上半年的毛利率有所提高。全年毛利率可能在 57% 至 58% 的範圍內。關於全年的運營支出。正如 1 月份所述，我們預計 2023 年全年運營支出與 2022 年相比大致持平。我們的 GAAP 和非 GAAP 稅率預計在 2023 年為 17%。

A quick update on our supply chain. While supply and demand is coming back into balance for most of our supply chain, we continue to see shortages in some analog and logic devices. This is impacting about 25% of Tester revenue in Q2 and is outside of our guidance range. On the supply chain resiliency front, while some spend moves from first half to second half, strengthening of our supply chain is progressing largely according to plan. For our tester product manufacturing, that work will be substantially complete in Q3, though there will be component qualifications continuing for several quarters after Q3.

我們供應鏈的快速更新。雖然我們大部分供應鏈的供需正在恢復平衡，但我們仍然看到一些模擬和邏輯設備短缺。這影響了第二季度約 25% 的測試人員收入，超出了我們的指導範圍。在供應鏈彈性方面，雖然一些支出從上半年轉移到下半年，但我們供應鏈的加強基本上按計劃進行。對於我們的測試儀產品製造，這項工作將在第三季度基本完成，儘管在第三季度之後的幾個季度中將繼續進行組件認證。

The changes in our supply chain for our hardware services business will continue through the year. The costs related to strengthening our supply chain are included in the gross margin estimates. Summing up, we delivered sales above the midpoint of our guidance range with earnings above the high guide on improved gross margins. The auto and industrial Semi Test markets in '23 look incrementally stronger than we expected earlier this year with softer mobility and compute markets.

我們硬件服務業務供應鏈的變化將持續一整年。與加強我們的供應鏈相關的成本包含在毛利率估算中。總而言之，我們的銷售額高於我們指導範圍的中點，收益高於毛利率提高的高指導。 23 年的汽車和工業半測試市場看起來比我們今年早些時候預期的更加強勁，移動和計算市場更加疲軟。

Robotics demand is also incrementally softer. In this environment, we're making the investments to strengthen our global supply chain, while maintaining the R&D and go-to-market focus to support our long-term growth strategies in test and robotics. We're doing this while maintaining roughly flat OpEx since 2021. As a result, we expect to generate solid free cash flow in '23, which will deploy to maximize value for our shareholders through potential M&A, dividends and shareholder repurchases -- share repurchases.

機器人技術需求也逐漸疲軟。在這種環境下，我們正在進行投資以加強我們的全球供應鏈，同時保持研發和上市重點，以支持我們在測試和機器人技術方面的長期增長戰略。自 2021 年以來，我們正在這樣做，同時保持大致持平的運營支出。因此，我們預計將在 23 年產生穩定的自由現金流，這將通過潛在的併購、股息和股東回購——股票回購，為我們的股東實現價值最大化.

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

有了這個，我會把電話轉回給安迪。安迪？

Thanks, Sanjay. And Latonya we'd now like to take some questions. And as a reminder, please limit yourself to 1 question and a follow-up.

謝謝，桑傑。 Latonya，我們現在想回答一些問題。提醒一下，請將自己限制在 1 個問題和跟進中。

(Operator Instructions) Our first question comes from Mehdi Hosseini with SIG.

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

Yes. Two follow-ups. I want to go to your LitePoint. Can you please help to understand opportunities in the WiFi 6 area? It seems like that's already behind us? And when would you expect contribution from WiFi 7 to materialize? Is that late this year or do we have to wait till next year? And I do have a follow-up.

是的。兩次跟進。我想去你們的 LitePoint。您能否幫助了解 WiFi 6 領域的機會？好像已經過去了？您預計 WiFi 7 的貢獻何時會實現？那是今年晚些時候還是我們必須等到明年？我確實有後續行動。

So at LitePoint, there's sort of multiple phases of WiFi 6. So WiFi 6 is -- the tooling for that is largely in place, but there is a transition to WiFi 6E, which is probably the primary driver of WiFi investments in 2023. So there's a lot of R&D and development work going on, on WiFi 7 chipsets and equipment that is probably going to ramp in 2024. So we're modeling that, we'll have some WiFi 6E investment through this year and then growing WiFi 7 investment in '24. Does that help?

所以在 LitePoint，WiFi 6 有多個階段。所以 WiFi 6 是 - 工具基本上已經到位，但有向 WiFi 6E 的過渡，這可能是 2023 年 WiFi 投資的主要驅動力。所以關於 WiFi 7 芯片組和設備的大量研發和開發工作正在進行中，這些芯片組和設備可能會在 2024 年投入使用。所以我們正在建模，我們將在今年進行一些 WiFi 6E 投資，然後增加 WiFi 7 投資在 24 年。這有幫助嗎？

Yes, absolutely. And then second question, the favorite topic how 3-nanometer capacity ramp in '24 could attribute? And the fact that you don't have top 10 customer this year. Does that mean that next year is to be a big SOC ramp for Teradyne, especially given the delay in 3-nanometer that would finally have 3-nanometer high-volume manufacturing next year?

是的，一點沒錯。然後是第二個問題，最喜歡的話題是 24 世紀的 3 納米容量提升如何歸因？事實上，您今年沒有前 10 名客戶。這是否意味著明年將成為 Teradyne 的 SOC 大躍進，特別是考慮到 3 納米的延遲，明年 3 納米最終將實現大批量生產？

That's a great question. So first, in terms of like technology transition to 3-nanometer, we've seen no real substantial changes from any of our customers in terms of the pace at which they are trying to move to 3-nanometer to support more complex designs. So that drumbeat is continuing. The thing that we are seeing is that the declines in unit volume in PCs and smartphones has created a fair amount of idle capacity that needs to get filled up before Tester demand is going to return. So the -- so we think that, that is likely to be a significantly stronger in 2024. At this point in time, we don't know whether 2024 is going to be good or great.

這是一個很好的問題。因此，首先，就類似技術向 3 納米的過渡而言，我們沒有看到任何客戶在嘗試向 3 納米過渡以支持更複雜設計的速度方面發生真正的實質性變化。所以鼓聲還在繼續。我們看到的是，個人電腦和智能手機的單位銷量下降已經產生了相當數量的閒置產能，需要在測試儀需求恢復之前將其填滿。所以 - 所以我們認為，這可能會在 2024 年變得更加強大。在這個時間點，我們不知道 2024 年會好還是好。

The other things that are going on is like I talked about the demand in China that might be sustainable, the automotive and industrial markets have been going really, really well, and we think they have great long-term potential, but there are often temporary supply/demand imbalances. So they might get incrementally softer. So there are some things that could mute the up that you see in 2024 that I think all of us expect with sort of a return in unit demand.

其他正在發生的事情就像我談到中國的需求可能是可持續的，汽車和工業市場一直非常非常好，我們認為它們具有巨大的長期潛力，但通常是暫時的供需失衡。所以它們可能會逐漸變軟。因此，有些事情可能會削弱你在 2024 年看到的增長，我認為我們所有人都期望單位需求有所回報。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

So relative to your prior SOC TAM forecast you were down like 20% at the midpoint off of a 4.6 number. Now I know that you took that to 4.7 last year. But -- so you've taken basically a few hundred million dollars out of the TAM this year. So auto sounds like it's better. I know that you were thinking that auto would be down it sounds like maybe it's flat at like $700 million. So can you kind of just sort of disaggregate that 3.5, 3.6 number at the midpoint that you now have for your new SOC TAM?

因此，相對於您之前的 SOC TAM 預測，您在 4.6 數字的中點下降了 20%。現在我知道你去年把它提高到了 4.7。但是——所以你今年基本上從 TAM 中拿走了幾億美元。所以汽車聽起來更好。我知道你在想汽車行業會下跌，聽起來可能持平於 7 億美元左右。那麼，您能否在新 SOC TAM 的中點分解 3.5、3.6 數字？

Sure. It's Sanjay. So disaggregating it, we think roughly the compute market this year is -- and I'm going to give you the rounded numbers roughly at the midpoint, compute at roughly billion dollars in mobility at $900 million. Auto, we believe, is flattish. And again, auto and microcontrollers at about $600 million, industrial at $400 million and then service at roughly $700 million.

當然。是桑傑。所以分解它，我們認為今年的計算市場大致是 - 我將大致在中點給你四捨五入的數字，計算大約 10 億美元的移動性為 9 億美元。我們認為，汽車是平坦的。同樣，汽車和微控制器約為 6 億美元，工業為 4 億美元，然後是服務約 7 億美元。

Got it. Got it, Sanjay. So Greg, maybe we can ask about the -- there was a question on 3-nanometer. And this year, again, is going to be -- typically, you have a much more front-end loaded year than you are this year. It's sort of 50-50 seems like maybe it's -- so I guess, I'm just asking about is there something sort of structural going on? I know there's this debate -- the sort of cyclical debate versus the structural debate with your largest customer.

知道了。明白了，桑傑。所以格雷格，也許我們可以問 - 有一個關於 3 納米的問題。而今年，又將是——通常情況下，你的前端負載比今年多得多。大概是 50-50——所以我想，我只是想問一下是否存在某種結構性問題？我知道有這場辯論——一種週期性辯論與你最大客戶的結構性辯論。

And I continue to believe that it has to be up a lot next year. But is there something under the surface going on, there's maybe more Tester reuse? Can you just sort of talk about what's going on under the surface that might kind of inform where the SOC TAM goes next year and where your share could go?

而且我仍然相信它明年必須大幅上漲。但是在表面之下是否有什麼事情正在發生，也許有更多的測試器重用？您能否談談表面下發生的事情，這些事情可能會告訴您明年 SOC TAM 的去向以及您的份額可能去向何方？

I can give you a little bit of color. So there's no significant change in the amount of reuse. The Tester capacity that we've put in place is largely fungible across all of the technology nodes that are here now or coming. So we're really talking about what's the incremental demand, how much more capacity needs to be put in place. The one structural change is that we haven't really seen a peak in demand since leading producers of mobile phones have started to reuse silicon in lower parts of their product line.

我可以給你一點顏色。因此，重用量沒有顯著變化。我們已經部署的測試人員能力在很大程度上可以跨所有現在或即將到來的技術節點進行替代。所以我們真的在談論什麼是增量需求，需要增加多少容量。一個結構性變化是，我們還沒有真正看到需求的高峰，因為領先的手機生產商已經開始在其產品線的較低部分重新使用矽。

So instead of putting a new processor in all of the phones, they use last year's processor and a portion of the volume. So at this point, we haven't seen a significantly strong year since that decision has happened. We believe that long term, that kind of thing will come out in the wash, but it may make the demand less peaky.

因此，他們沒有在所有手機中安裝新處理器，而是使用去年的處理器和一部分體積。因此，在這一點上，自該決定做出以來，我們還沒有看到明顯強勁的一年。我們相信，從長遠來看，這種事情會逐漸浮出水面，但它可能會降低需求的高峰期。

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

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess a follow-on question. Mobility at $900 million worst level of spending in 5 years and 55% lower than peak. You talked about maybe not such a great year next year, but curious what's kind of a base case kind of recovery assumption if you were to make the view that headset units would be at least flat. And given what you know content-wise and increased test times, what -- why is that kind of impute for mobility?

我想是一個後續問題。流動性支出為 9 億美元，是 5 年來最差的水平，比峰值低 55%。你談到明年可能不會那麼好，但很好奇如果你認為耳機單元至少是持平的，那麼什麼是基本情況下的恢復假設。考慮到您對內容的了解和增加的測試時間，為什麼這種歸咎於機動性？

Yes. I think we don't have enough visibility into the way 2024 is going to shape up to really call a market size for next year? Directionally, I think it will be stronger, but I can't really tell you how much.

是的。我認為我們對 2024 年的形成方式沒有足夠的了解，無法真正確定明年的市場規模？在方向上，我認為它會更強，但我真的不能告訴你強多少。

Okay. And you talked about Q4 revenues accelerated to some degree. I'm curious if you can kind of speak to DDR5 kind of ramp when that starts and how that impacts before and the same thing for UR20. Is that a meaningful driver given your backlog? Or is that something that might get pushed into '24?

好的。你談到第四季度的收入在某種程度上加速了。我很好奇你是否可以談談 DDR5 開始時的斜坡以及它之前的影響以及對 UR20 的影響。鑑於您的積壓，這是一個有意義的驅動因素嗎？或者這可能會被推入 24 世紀？

Yes. So the DDR5 ramp we're kind of running against the same schedules that we've had for a while. So we haven't seen any significant pushout of the technology shift. So I think -- we've got a pretty steady demand for the capacity to support the new technology DRAM testers. For UR20, we're going to be starting substantial shipments of that in the second half of this year. And I would say that it will have a substantial impact on the growth that we're able to achieve in UR this year. It's going to have a meaningful single-digit impact on growth.

是的。因此，我們的 DDR5 坡道有點像我們已經有一段時間的相同時間表。因此，我們還沒有看到任何重大的技術轉變。所以我認為 - 我們對支持新技術 DRAM 測試儀的能力有相當穩定的需求。對於 UR20，我們將在今年下半年開始大量發貨。我會說這將對我們今年在 UR 中實現的增長產生重大影響。它將對增長產生有意義的個位數影響。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess if I can just start with the auto piece here. I know you've called out the trend there, but if you can share your thoughts about how you think -- how sustainable that is, particularly as you're seeing, like how do you think of the correlation there to production volumes, particularly in the China market where we're seeing a lot of different players, call out risk to production as well as demand in that market? And then I have a follow-up.

我想我是否可以從這裡的汽車零件開始。我知道你已經指出了那裡的趨勢，但如果你能分享你的想法 - 這是多麼可持續，特別是正如你所看到的，比如你如何看待那裡與產量的相關性，特別是在我們看到很多不同參與者的中國市場，指出該市場的生產和需求存在風險？然後我有一個後續行動。

Sure. So how sustainable. There's a fairly large capacity increase that has come online in terms of ability to produce vehicles and the supply chain has reacted to that. We are starting to see that the lead times for many of the parts, the sort of electronics that go into cars are starting to come down but there are a lot of linear devices that still have extremely low inventory levels and extremely long lead times. And so that appears to be where capacity is being added to support reducing those lead times.

當然。那麼如何可持續。就生產車輛的能力而言，產能有了相當大的增長，供應鏈對此做出了反應。我們開始看到許多零件的交貨時間，進入汽車的那種電子產品開始下降，但有許多線性設備仍然具有極低的庫存水平和極長的交貨時間。因此，這似乎是增加產能以支持縮短交貨時間的地方。

So if they catch up -- if vehicle sales drop remarkably or if they bring that more into balance, then I would expect that to soften. But the thing I'll remind you is that the current situation for us and our competitors in this space is we're running with tester lead times that are in excess of 26 weeks. So we have a pretty good idea of what these customers are going to need over the next few quarters. And so I would say that the likelihood that we're going to see a lot of softening in that space is probably out a little ways in time.

因此，如果他們迎頭趕上——如果汽車銷量顯著下降，或者如果他們使銷量達到平衡，那麼我預計這種情況會有所緩和。但我要提醒你的是，我們和我們在這個領域的競爭對手目前的情況是，我們的測試儀交付時間超過 26 週。因此，我們非常清楚這些客戶在未來幾個季度將需要什麼。因此，我想說的是，我們在該領域看到大量軟化的可能性可能會及時出現一些問題。

Okay. Okay. Got it. And for my follow-up, just on the memory side, there is obviously some -- I guess, news or sort of just speculation in terms of China looking at sanctions on Micron. Any thoughts of how that impacts dynamics with your -- in terms of your revenue mix and memory as well as with your customers in China in terms of their investment in memory?

好的。好的。知道了。對於我的後續行動，就內存方面而言，顯然有一些——我猜是關於中國考慮對美光實施制裁的新聞或某種猜測。有沒有想過這會如何影響您的動態 - 在您的收入組合和內存方面以及在中國客戶在內存投資方面？

Yes. So I really don't think I can speculate on what's going to happen in terms of those regulations. I will say that we are a supplier to the 2 major memories producers in China. And if there are regulations that impact that, it will have an impact on our sales there. To sort of size that, our sales to indigenous memory in China, like all indigenous in China is about 4%, 5% of total Teradyne revenues and the portion that goes to memory there is probably between 0.5 and 2/3 of that number.

是的。所以我真的不認為我可以推測這些法規會發生什麼。我會說我們是中國兩大存儲器生產商的供應商。如果有法規對此產生影響，那將對我們在那裡的銷售產生影響。就規模而言，我們對中國本土存儲器的銷售額，就像中國所有本土存儲器一樣，約佔 Teradyne 總收入的 4%、5%，而用於存儲器的部分可能佔該數字的 0.5 到 2/3。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

My first one is on component shortages. I just wanted to clarify. I think, Sanjay, you talked about shortage of analog and logic devices impacting Semi Test revenue in Q2 by 25%. So the interpretation there should be without the shortages, your Q2 revenue should be 25% higher. Am I understanding that correctly? And when do those headwinds have...

我的第一個是關於組件短缺的。我只是想澄清一下。我想，Sanjay，你談到模擬和邏輯設備的短缺影響了第二季度的半測試收入 25%。所以解釋應該沒有短缺，你的第二季度收入應該高出 25%。我理解正確嗎？那些逆風什麼時候有...

I noted in my prepared remarks, $25 million, which is outside of our range and it's roughly -- its SOC in memory.

我在準備好的評論中指出，2500 萬美元超出了我們的範圍，而且大致是它在內存中的 SOC。

$25 million.

2500 萬美元。

$25 million.

2500 萬美元。

Okay. Got it. And then my second question, just on your robotics business. So again, you're taking down your full year growth outlook for the year. Greg, you talked about the macro environment. You talked about the transition from distribution to direct and that having an impact. I'm curious if -- is competition is having any impact here. It's always difficult to compare and contrast how you guys are doing relative to your competition because most of your competitors, they're either start-ups or small businesses within bigger conglomerates, but curious, particularly in China, is there anything going on, on the competition front?

好的。知道了。然後是我的第二個問題，關於你的機器人業務。因此，您再次取消了今年的全年增長前景。 Greg，你談到了宏觀環境。你談到了從分銷到直接的轉變以及產生的影響。我很好奇——競爭是否在這裡產生了任何影響。總是很難比較和對比你們相對於競爭對手的表現，因為你們的大多數競爭對手，他們要么是初創企業，要么是大企業集團中的小企業，但很好奇，尤其是在中國，是否有什麼事情發生了，關於競爭前沿？

Yes. Toshiya, it's a great question. In terms of robotics growth, the first, just a quick correction. The change to distribution isn't like distribution to direct. It's really establishing an omnichannel strategy that we're continuing to invest in our traditional distributors. We're adding additional channels through OEMs and, in some cases, direct business. So it's not like a complete flip but it does -- it is sort of moving resources around. In terms of market share, I agree with you, it's really hard to get market statistics about the cobot market. The best data that we have is that from 2021 to 2022, share was relatively stable. We've got between 35% and 40% of a -- in 2023, it will probably be about a $1 billion market.

是的。 Toshiya，這是一個很好的問題。就機器人技術的增長而言，首先，只是一個快速的修正。分配的改變不像直接的分配。這真的是在建立一個全渠道戰略，我們將繼續投資於我們的傳統分銷商。我們正在通過 OEM 添加額外的渠道，在某些情況下，直接業務。所以它不像是一個完整的翻轉，但它確實是 - 它有點移動資源。就市場份額而言，我同意你的看法，很難獲得有關協作機器人市場的市場統計數據。我們擁有的最好數據是，從 2021 年到 2022 年，份額相對穩定。我們有 35% 到 40% 的份額——到 2023 年，它可能會成為一個價值 10 億美元左右的市場。

Our nearest competitor has probably less than 1/3 -- 1/4 to 1/3 of that share and that #2 player has shifted from year to year. The trend that you noted about China competitors is certainly true that the Chinese competitors are coming up, and they are doing very, very well in the Chinese market. The price points in that market are significantly lower than the rest of the world. And their understanding and knowledge of that market is better than our or other foreign competitors.

我們最接近的競爭對手可能不到該份額的 1/3 - 1/4 到 1/3，而排名第二的玩家每年都在轉移。你提到的關於中國競爭對手的趨勢肯定是真實的，中國競爭對手正在崛起，而且他們在中國市場上做得非常非常好。該市場的價格點明顯低於世界其他地區。他們對該市場的了解和了解比我們或其他外國競爭對手要好。

So what's happening in China is that our products are tending to migrate towards sort of a premium tier, both international customers and customers that really value the ecosystem that we have, in either specialized software or specialized adapters that they can get with our products that they can't get with a local supplier. So we are -- we think we can hold the share that we have in China in that particular segment, but there's definitely a competitive threat -- pricing competitive threat from Chinese suppliers that we're really trying to deal with through differentiation.

因此，在中國發生的事情是，我們的產品正趨向於向高端市場遷移，國際客戶和真正重視我們擁有的生態系統的客戶，無論是專業軟件還是專業適配器，他們都可以從我們的產品中獲得無法與當地供應商聯繫。所以我們 - 我們認為我們可以在該特定領域保持我們在中國的份額，但肯定存在競爭威脅 - 我們真正試圖通過差異化來應對來自中國供應商的定價競爭威脅。

Our next question comes from Krish Sankar with TD Cowen.

我們的下一個問題來自 Krish Sankar 和 TD Cowen。

I had 2 of them. First one, let us Sanjay know auto industry is pretty strong maybe mobility rebounds next year. I understand you don't want to give color into calendar '24, but would that change the gross margin profile because it seems like the auto industry has a much higher gross margin than mobility? And then I have a follow-up.

我有 2 個。首先，讓我們 Sanjay 知道汽車行業非常強勁，明年移動性可能會反彈。我知道你不想給 calendar '24 增添色彩，但這會改變毛利率狀況嗎，因為汽車行業的毛利率似乎比移動行業高得多？然後我有一個後續行動。

Sure. Thanks for the question. This year, as I noted in my prepared remarks, we're going to be at 57% to 58%, and it's really tied to both product mix as well as we've got these, what I would call, transitory costs tied to manufacturing resilience. I think when that's materially behind us, I see no reason why we don't get back to our model gross margin of 59% to 60%.

當然。謝謝你的問題。今年，正如我在準備好的發言中指出的那樣，我們將達到 57% 至 58%，這實際上與產品組合有關，而且我們有這些，我稱之為暫時性成本與製造彈性。我認為，當這在很大程度上落後於我們時，我認為我們沒有理由不回到 59% 至 60% 的模型毛利率。

Got it. And then you kind of gave some color on the SOCs breakdown with compute being $1 billion. If I remember right, historically, the GPU test market has been around $100 million or so, give or take, and that has not been as test-intensive. So I'm kind of curious, as you get into all these AI stuff, I think GPU test could grow. And what is your opportunity set there? Because historically, like Verigy Advantest has been the leader over there.

知道了。然後你對 SOC 細分給出了一些顏色，其中計算為 10 億美元。如果我沒記錯的話，從歷史上看，GPU 測試市場的規模大約為 1 億美元左右，而且測試密集度並不高。所以我有點好奇，當你進入所有這些人工智能的東西時，我認為 GPU 測試可能會增長。你在那裡設置的機會是什麼？因為從歷史上看，像 Verigy Advantest 一直是那邊的領導者。

Yes. No, that's -- it's certainly a question we've been talking a lot about internally. So here's the way that we see it. The rise of generative AI, things like ChatGPT is a significant driver for additional cloud compute capacity, especially accelerated capacity. Right now, the primary way that, that acceleration is delivered is through traditional GPUs.

是的。不，那是——這肯定是我們一直在內部討論的一個問題。這就是我們看到它的方式。生成式 AI 的興起，例如 ChatGPT，是額外雲計算容量（尤其是加速容量）的重要驅動力。目前，實現加速的主要方式是通過傳統 GPU。

So I would expect that, that's going to be a tailwind for our competitor who has much higher share with traditional compute. At the same time, the same companies that are making these really aggressive moves to try and capture market share in the AI market are also the same vertically integrated producers that are developing their own ways to accelerate that type of compute. And that's where we are investing our energy primarily is to capture those customers as they bring that kind of technology to market.

所以我預計，這將成為我們在傳統計算中佔有更高份額的競爭對手的順風。與此同時，正在採取這些非常積極的舉措試圖在人工智能市場上奪取市場份額的公司也是垂直整合的生產商，他們正在開發自己的方法來加速這種類型的計算。這就是我們投入精力的地方，主要是在客戶將這種技術推向市場時吸引他們。

I don't want to give you the impression that we're -- that like we have VIPs locked up but it's a different situation than the traditional compute suppliers because these new players don't have a long history of working with any particular vendor. So we are in shootouts in most of these places, and we're winning more than our fair share. And so as this market evolves and AI becomes a more important part of the vertically integrated producers or hyperscalers, the overall value delivery. Our hope is that these internal devices will, long term, have a higher growth than traditional compute. So short term, really strong for traditional longer term, better for vertically integrated.

我不想給你這樣的印象——就像我們鎖定了 VIP，但這與傳統計算供應商的情況不同，因為這些新玩家與任何特定供應商的合作歷史不長.所以我們在這些地方的大部分地方都在槍戰中，我們贏得的比我們應得的更多。因此，隨著這個市場的發展，人工智能成為垂直整合生產商或超大規模生產商的一個更重要的部分，即整體價值交付。我們希望，從長遠來看，這些內部設備將比傳統計算有更高的增長。所以短期來看，傳統的長期來看真的很強大，垂直整合更好。

And Greg, thanks very much for the color, is it fair to assume GPU is probably $100 million of that $1 billion compute market?

非常感謝 Greg，假設 GPU 可能佔 10 億美元計算市場中的 1 億美元是否公平？

In 2023, I would -- my guess would be that it's bigger, but I don't know an exact number.

到 2023 年，我會——我猜它會更大，但我不知道確切的數字。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

I actually had a longer-term one. It seems like you are keeping your long-term sales and earnings model unchanged. But when I look at your largest end markets, mostly on the consumer side, they seem to have matured quite a bit. So what's underpinning the confidence about reaccelerating to that double-digit growth. And let's say if the new model is not for double-digit growth, what will you need to change about your cost structure to realize better profitability?

我實際上有一個長期的。看來您要保持長期銷售和盈利模式不變。但當我看到你們最大的終端市場時，主要是在消費者方面，它們似乎已經成熟了很多。那麼是什麼支撐了重新加速到兩位數增長的信心。假設新模式不是為了實現兩位數增長，您需要改變成本結構以實現更好的盈利能力嗎？

So Vivek, the things that we are looking at is we don't see a fundamental change, like you said in terms of a maturing of our consumer markets. We see the primary driver of the growth in semiconductor test to really beat the pace at which leading chip makers adopt new process technology. And there's a -- the thing that has happened is that the transition from 5-nanometer to 3-nanometer has taken longer than people expected. And I think that, that has contributed to some of the low in the growth that we've seen in this market.

所以 Vivek，我們正在關注的事情是，我們沒有看到根本性的變化，就像你在我們的消費市場成熟方面所說的那樣。我們看到半導體測試增長的主要驅動力確實超過了領先芯片製造商採用新工藝技術的速度。而且有一個 - 已經發生的事情是從 5 納米到 3 納米的過渡所花費的時間比人們預期的要長。我認為，這導致了我們在這個市場上看到的一些低增長。

But if you look, there is this -- there's a number of steadily increasing capability 3-nanometer nodes that are coming from both of the major foundries and behind that, there's a gate all around technology that's coming as well. And so as we talked about, the Compute and Mobility is 70% of the SOC test market and the complexity in the Compute and the Mobility space is also the primary driver for advanced memory technologies and memory density improvements.

但是，如果你仔細觀察，就會發現——來自兩家主要代工廠的許多 3 納米節點的能力都在穩步提高，而在這背後，圍繞技術的大門也在不斷湧現。因此，正如我們所說，計算和移動性佔 SOC 測試市場的 70%，計算和移動性領域的複雜性也是高級內存技術和內存密度改進的主要驅動力。

So as long as that fundamental pace around nodes and node technology continues, then we think that the fundamentals for the growth are strong. I also noted that there is a significant amount of wafer front-end capacity that has gone in, but has not been turned on yet. And we think that, that is a long-term driver for demand in the test space because it's essentially the test equipment of dark fiber. It's there. It's going to get turned on and when it is, it's going to require testers.

因此，只要圍繞節點和節點技術的基本步伐繼續下去，我們就認為增長的基本面是強勁的。我還注意到，有大量晶圓前端產能已經進入，但尚未開啟。我們認為，這是測試空間需求的長期驅動因素，因為它本質上是暗光纖的測試設備。在那。它會被打開，當它打開時，它將需要測試人員。

Got it. And for my follow-up, Greg, seems like your SOC business could be down in the second half, if I take that 39% share that you suggested of the lower TAM. So I just wanted to confirm that. And would Mobility also be down and if it is down, is it the 3-nanometer comment that you mentioned, is it not as big a node? So does that have implications on what we should be thinking about for calendar '24 growth in your SOC test business also?

知道了。格雷格，對於我的後續行動，如果我接受你建議的較低 TAM 的 39% 份額，你的 SOC 業務可能會在下半年下降。所以我只是想確認一下。移動性也會下降嗎？如果下降，是你提到的 3 納米評論，它不是一個大節點嗎？那麼，這是否也對我們應該考慮的 SOC 測試業務的日曆 '24 增長有什麼影響？

Yes. I haven't really looked at second half, here.

是的。我還沒有真正看過下半場，在這裡。

Yes. So second half, I think you asked about SOC revenue in the second half. And as I noted in my prepared remarks, we expect revenue to be a bit higher in the second half. And part of that increment is really tied to SOC. And while it does have auto and industrial is the main driver. So we expect SOC in the second half to be stronger.

是的。所以下半年，我想你問的是下半年的 SOC 收入。正如我在準備好的發言中指出的那樣，我們預計下半年的收入會更高一些。該增量的一部分確實與 SOC 相關。雖然它確實有汽車和工業是主要驅動力。所以我們預計下半年SOC會更強。

So -- and to the other part of your question, so -- actually, I'm sorry, could you repeat the second half of your question?

所以 - 關於你問題的另一部分，所以 - 實際上，我很抱歉，你能重複一下你問題的後半部分嗎？

Of course. Yes. Yes. So what I specifically was trying to ask is, do you expect your Mobility demand in the second half to be better than the first half. And if it isn't, then isn't that a surprise given that your large customer will get on the 3-nanometer cycle. So is 3-nanometer just not as big a node and does that have implications on how we think about your mobility demand for next year?

當然。是的。是的。所以我特別想問的是，你預計下半年的移動需求會比上半年好嗎？如果不是，那麼考慮到您的大客戶將進入 3 納米週期，這也不足為奇。那麼 3 納米是否只是一個節點那麼大，這對我們如何看待您明年的移動需求有影響嗎？

Okay. Yes. So it's a really good point and something that I think it's important to communicate clearly. We believe that the complexity increase enabled by 3-nanometer is on track to what we've modeled before. The reason that we are not seeing significant demand increase in 2023 is because the amount of capacity that is available driven by lower unit volumes is sufficient to absorb that complexity increase. So as unit volumes increase, we believe that we'll see the full effect of that higher complexity.

好的。是的。所以這是一個非常好的觀點，我認為清楚地溝通很重要。我們相信 3 納米帶來的複雜性增加與我們之前建模的一樣。我們沒有看到 2023 年需求顯著增加的原因是，由較低的單位體積驅動的可用容量足以吸收復雜性的增加。因此，隨著單位數量的增加，我們相信我們會看到更高複雜性的全部影響。

Our next question comes from Brian Chin with Stifel.

我們的下一個問題來自 Stifel 的 Brian Chin。

Maybe to start with, I think your as an advanced SOC TAM outlook. So I think they rarely align these are things like service, et cetera, that might be in or out of your forecast. But they've seen especially far part this year with sort of the high end of your range, worst than the low end of theirs. I'm just wondering what do you think explains the kind of the discrepancy between each of your forecast this year?

也許首先，我認為你是一個先進的 SOC TAM 前景。因此，我認為他們很少將服務等可能在您的預測範圍內或之外的事情聯繫起來。但他們今年看到了特別遠的部分，有點像你們範圍的高端，比他們的低端更差。我只是想知道您認為如何解釋今年每個預測之間的差異？

Yes. So I -- Brian, it's a great question. Every year, this is sort of how the year starts that depending on the view from our perspective, the view from their perspective, you end up with a different view. And I think the challenging thing for us is predicting how strong or weak their business will be. And the same thing is true for them, is trying to predict how strong or weak our business will be.

是的。所以我——布賴恩，這是一個很好的問題。每年，這都是一年開始的方式，這取決於我們的觀點，他們的觀點，你最終會有不同的觀點。我認為對我們來說具有挑戰性的事情是預測他們的業務有多強或多弱。對他們來說也是如此，試圖預測我們的業務將有多強或多弱。

And so right now, you see that divergence. By the way, the same thing basically existed last year. And quarter-by-quarter, those numbers tend to converge. And you can take a look -- basically, I'd like to say that we feel pretty comfortable with the range that we set, the 3.3 to 3.8. And we'll see if things strengthen through the year, we'll adjust that range quarter-by-quarter. But I don't -- I guess I don't see it as unusual as you do to see that kind of a spread.

所以現在，你看到了這種分歧。順便說一句，同樣的事情去年基本存在。每個季度，這些數字趨於趨於一致。你可以看一下——基本上，我想說我們對我們設定的範圍 3.3 到 3.8 感到非常滿意。我們會看看今年情況是否有所好轉，我們將逐季度調整該範圍。但我不——我想我並不像你那樣認為看到這種傳播是不尋常的。

Okay. Fair enough. So I guess your molds are better than theirs...

好的。很公平。所以我猜你的模具比他們的好...

Actually, I don't want you to walk away thinking that. I think we ended up having a more accurate prediction last year than they did at the similar time, but if you look at it this year, I don't know that our molds are better than their molds for sure.

實際上，我不希望你這麼想就走開。我認為我們去年的預測比他們同期的預測更準確，但如果你看看今年，我不知道我們的模具肯定比他們的模具好。

Okay. Yes. I was kind of the joke, sorry. But the -- in terms of the omnichannel strategy also, Greg, for automation, when do you think that will be fairly -- you may have sort of alluded towards the end of your investor, but when do you think that will be kind of somewhat well rooted or established, and it will take probably more than a few quarters even potentially. But when do you think that will be pretty well established. And then even when you think about from like a scale or critical mass perspective, would that make a lot of sense for you to market even maybe a broader portfolio of automation than you do currently once you sort of have that -- sort of revamped channel strategies established?

好的。是的。對不起，我開玩笑了。但是 - 就全渠道戰略而言，格雷格，對於自動化，你認為什麼時候會公平 - 你可能已經提到了你的投資者，但你認為什麼時候會是在某種程度上紮根或建立起來，甚至可能需要幾個季度以上的時間。但是你認為什麼時候會很好地建立起來。然後即使你從規模或臨界質量的角度考慮，這對你來說是否更有意義推銷甚至可能比你現在做的更廣泛的自動化產品組合，一旦你有那種 - 某種改造後的渠道戰略制定？

Yes. So that's -- it's like you're sitting in our strategy sessions. So the way to think about the omnichannel is that we are doing this in steps. The first significant new channel that we're -- that we've established for you are is the OEM channel. And from '21 to '22 the OEM channel grew 16% year-on-year. From '22 to '23, we expect that same channel to deliver like 20% growth, even though, overall, the UR growth is going to be significantly lower.

是的。這就是 - 就像你坐在我們的戰略會議上一樣。因此，考慮全渠道的方式是我們正在逐步進行。我們為您建立的第一個重要的新渠道是 OEM 渠道。從 21 年到 22 年，OEM 渠道同比增長 16%。從 22 年到 23 年，我們預計同一渠道將實現 20% 的增長，儘管總體而言，UR 增長將顯著降低。

In this year, we're taking steps to try and establish more effective coverage of large accounts, and we expect that to start delivering towards the end of this year and to significantly impact growth in 2024. After that, we have other channel additions that we'll be making. So the idea is each one of these channels, we think, is capable of delivering kind of 20% to 30% growth. And as we add new ones, they're going to have a multiplicative effect. So we have each channel growing at that rate and then adding a new channel which adds a new growth source.

今年，我們正在採取措施，嘗試建立更有效的大客戶覆蓋範圍，我們預計將在今年年底開始交付，並對 2024 年的增長產生重大影響。之後，我們將增加其他渠道我們將製作。因此，我們認為這些渠道中的每一個都能夠實現 20% 至 30% 的增長。當我們添加新的時，它們將產生乘數效應。因此，我們讓每個渠道都以該速度增長，然後添加一個新渠道，從而增加新的增長來源。

So that's definitely the reason why we have some confidence about the 20% to 30% growth per year over the midterm, even though we're starting at a much lower rate. Now the second question that you have in terms of a broader portfolio, yes, once we build this omnichannel, it is going to be a very powerful advantage for us in our robotics business. And we will be looking to try to find ways to leverage that strength to find other growth engines.

因此，這絕對是我們對中期每年 20% 至 30% 的增長率充滿信心的原因，儘管我們的起點要低得多。現在第二個問題是關於更廣泛的產品組合，是的，一旦我們建立了這個全渠道，這將成為我們機器人業務的一個非常強大的優勢。我們將尋求嘗試找到利用這種力量尋找其他增長引擎的方法。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

I wanted to understand a little bit more of the component constraints. And I guess if you could put that in the context of the last couple of quarters, I thought you guys weren't as constrained as Advantest was, and I wasn't really thinking it was holding you back from revenue. Now it seems like the component constraints are easing but there's still some negative impact is core. Can you just put that in context of what you've been seeing in the last few quarters? And how does that affect you from like a market share standpoint of Advantest supply versus your supply?

我想了解更多的組件約束。我想如果你能把它放在過去幾個季度的背景下，我認為你們不像 Advantest 那樣受到限制，而且我真的不認為它會阻礙你的收入。現在看來組件限制正在放鬆，但仍然存在一些負面影響是核心。您能否將其與您在過去幾個季度所看到的情況相結合？從 Advantest 供應與您的供應的市場份額角度來看，這對您有何影響？

Yes. Great. So last quarter, we had a little bit of market -- or component constraint as well. We brought in roughly $10 million of that constraints into revenue into Q1. And I'd say that overall, supply and demand is kind of coming in more into balance, really with the falloff of demand. And fundamentally, we see things normalizing. I would say that there are a couple of suppliers with still very long lead time for some unique components that we source -- and really, that's driven by demand that has just started to spring up where obviously, we have supply chain programs. We have available slots. But when several customers in specific industries or end market segments are coming in that really ends up outstripping our availability to supply.

是的。偉大的。所以上個季度，我們也有一些市場或組件限制。我們將大約 1000 萬美元的限制納入第一季度的收入。我想說的是，總體而言，隨著需求的下降，供需正在趨於平衡。從根本上說，我們看到事情正在正常化。我要說的是，對於我們採購的一些獨特組件，有幾個供應商的交貨時間仍然很長 - 實際上，這是由剛剛開始出現的需求驅動的，顯然，我們有供應鏈計劃。我們有空位。但是，當特定行業或終端細分市場的多個客戶進來時，我們的供應量確實會超出我們的供應能力。

So think about it as a couple of key component suppliers in a couple of the markets that we're seeing an uptick in that's higher than our expectation, which is great. I expect that this quarter will be 25 -- as I noted, $25 million outside. Obviously, we're doing our best to service the customers. I see that hopefully going down into '24. But with this uptick, the good news is we have the opportunity to solve these problems, and we're working very hard to do it. We have a track record of execution. So just think of it as tied to a couple of key components.

因此，將其視為幾個市場中的幾個關鍵組件供應商，我們看到的增長高於我們的預期，這很好。我預計這個季度將是 25——正如我所指出的，外部 2500 萬美元。顯然，我們正在盡最大努力為客戶服務。我看到希望進入 24 年。但隨著這種上升，好消息是我們有機會解決這些問題，而且我們正在努力做到這一點。我們有執行記錄。因此，只需將其視為與幾個關鍵組件相關聯即可。

Okay. Great. And are those -- I know you had constraints like a year ago -- is it the same component? Or is that they're sort of just different areas like kind of moving hotspots of shortage that are moving around a little bit?

好的。偉大的。那些——我知道你像一年前一樣有限制——是同一個組件嗎？還是它們只是不同的領域，比如有點移動的短缺熱點？

Yes. I'd say going back to '21 and kind of the first part of '22, I'd say there was a wide variety of component supply chain issues that occurred. And think about it, the band is narrowing considerably. While there's a couple that are still out there, that we're working through and working very closely with our suppliers that are showing continuous improvement.

是的。我想說回到 21 年和 22 年的第一部分，我想說發生了各種各樣的組件供應鏈問題。想想看，範圍正在大大縮小。雖然還有一些仍然存在，但我們正在努力並與我們的供應商密切合作，這些供應商正在不斷改進。

Our next question comes from Steve Barger with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Steve Barger。

Greg, thinking about your prepared comments, how do you reconcile the strength in Semi Test for industrial digitization with the softer forecast for robotics. It seems like those should be correlated to some degree? Or is there some other aspect of digitization that's driving the test volume?

格雷格，考慮一下您準備好的評論，您如何協調工業數字化半測試的優勢與機器人技術的軟預測。看起來這些應該在某種程度上相關？還是數字化的其他方面推動了測試量的增長？

Steve, so it's a pretty insightful question. So the thing that is going on. And if you look at us versus other industrial like robotics companies, you'll see that our results are significantly more volatile. And the biggest difference between us and them. And still, like if you think about cobots, they are $1 billion of about a $12 billion industrial robot market. The rest of the industrial robot market is running with 1- to 2-year lead times. And they are still very busy shipping product to help put together a whole bunch of EV factories and battery factories.

史蒂夫，這是一個非常有見地的問題。所以事情正在發生。而且，如果您將我們與其他工業機器人公司進行對比，您會發現我們的結果波動性要大得多。而我們和他們最大的不同。而且，就像您考慮協作機器人一樣，它們在大約 120 億美元的工業機器人市場中佔 10 億美元。其餘工業機器人市場的交貨期為 1 至 2 年。而且他們仍然非常忙於運輸產品，以幫助組建一大堆電動汽車工廠和電池工廠。

That's a business that is not really core to the cobot space. And so I think that the -- one of the things that's going on is there's significant consumption of electronics into the other parts of the Robotics business but our business tracks like PMIs and other broader indices a little bit more closely than that longer lead stuff.

這是一項並不是協作機器人領域真正核心的業務。所以我認為 - 正在發生的事情之一是機器人業務的其他部分大量消耗電子產品，但我們的業務跟踪 PMI 和其他更廣泛的指數比那些更長的鉛東西更緊密。

That is a really great color. And when you think about the longer-term story for your Robotics business, how is your thinking about the profit pools changed over the past year or 2? Is it a pure volume game that's driving the focus on large accounts or do you see the value in the ecosystem that you can provide and the hardware is how you sell that or do you think that more value will be in the services and upgrades over time as the installed base grows? Like where is -- where do you think this goes to your benefit?

那是一種非常棒的顏色。當您考慮機器人業務的長期故事時，您對利潤池的看法在過去一兩年內發生了怎樣的變化？它是一款推動大客戶關注的純銷量遊戲，還是您看到了生態系統中您可以提供的價值，硬件是您銷售硬件的方式，還是您認為隨著時間的推移，服務和升級會帶來更多價值隨著安裝基數的增長？比如在哪裡——你認為這對你有什麼好處？

Yes. So it's the -- I don't really think of it in terms of a volume play because that infers sort of commoditization, and we don't really see that happening. This is a high-tech space where technology differentiation actually matters. Having a better robot, having better software, easier-to-use capabilities, that makes a big difference as does having an ecosystem of partners that can help people build solutions quite quickly. The focus on large accounts, I think of that primarily in terms of our cost of sales, that by concentrating on a smaller number of larger accounts, we can sell more robots per account, and that allows us to grow with -- like that our sales growth will outpace our sales cost growth over time.

是的。所以這是——我並沒有真正從數量上考慮它，因為這暗示了某種商品化，而且我們並沒有真正看到這種情況發生。這是一個高科技領域，技術差異化實際上很重要。擁有更好的機器人、更好的軟件、更易於使用的功能，這與擁有可以幫助人們快速構建解決方案的合作夥伴生態系統一樣，具有很大的不同。關注大客戶，我認為這主要是根據我們的銷售成本，通過專注於少數大客戶，我們可以為每個客戶銷售更多的機器人，這讓我們能夠成長——就像我們的隨著時間的推移，銷售增長將超過我們的銷售成本增長。

So I see that as an efficiency gain. The comment that you made about hardware versus services, I think that, that's an important aspect of our future plans that we think that there are profit pools in retaining an engagement with customers that have bought our product, both in terms of providing service but more importantly, in terms of providing new types of software, new components that will allow them to get more out of the product in the future. At the end of the day, our robots are really reliable. They don't break that much. So like a brake fix business, I would not expect to be a huge volume generator, but as robots get into more and more critical processes, these customers are going to want to pay for uptime and that's a more lucrative service model.

所以我認為這是一種效率提升。你對硬件與服務的評論，我認為，這是我們未來計劃的一個重要方面，我們認為在與購買我們產品的客戶保持互動方面存在利潤池，無論是在提供服務方面，還是在更多方面重要的是，在提供新型軟件和新組件方面，這將使他們能夠在未來從產品中獲得更多收益。歸根結底，我們的機器人非常可靠。他們不會打破那麼多。所以就像剎車修理業務一樣，我不希望成為一個巨大的生產者，但隨著機器人進入越來越多的關鍵流程，這些客戶將希望為正常運行時間付費，這是一種更有利可圖的服務模式。

Would you get into more cobot as a service or robotics as a service over time based on that comment?

根據該評論，隨著時間的推移，您會更多地使用協作機器人即服務還是機器人技術即服務？

Well, we might want to get a beer to have that conversation. I think that like in a nutshell, we believe in service as a service, right that the models where people are trying to offer hardware that depreciates as a service is largely around who carries the depreciation and I think it's an interesting model at the low levels of penetration that we have right now in robotics because customers are reluctant. They're worried about making investments that won't pay off. And robots as a service allow them to walk away more easily. We're far more focused on solving those problems so that customers are willing to make those investments because they're smart enough to figure out if they get a better deal by carrying the depreciation versus paying rent for the robot. And that's basically what you're talking about.

好吧，我們可能想喝杯啤酒來進行對話。我認為簡而言之，我們相信服務即服務，正確的是，人們試圖提供作為服務折舊的硬件的模型主要圍繞誰承擔折舊，我認為這是一個有趣的低水平模型由於客戶不願意，我們現在在機器人技術方面的滲透率很高。他們擔心無法獲得回報的投資。機器人作為一種服務可以讓他們更輕鬆地走開。我們更專注於解決這些問題，以便客戶願意進行這些投資，因為他們足夠聰明，可以弄清楚通過為機器人支付折舊和支付租金是否可以獲得更好的交易。這基本上就是你所說的。

Operator, we're going to try to sneak in just 1 more question, please, if you would.

接線員，如果您願意，我們將嘗試再偷偷提出 1 個問題。

Sure. The next question is Vedvati Shrotre with Jefferies.

當然。下一個問題是 Jefferies 的 Vedvati Shrotre。

I guess my first question is on the high bandwidth memory side. Do you think that kind of put a positive angle on the test intensity on the DRAM side. Is that an angle of just considering that these are advanced packages, does that increase your test intensity or how should we think about it?

我想我的第一個問題是關於高帶寬內存方面的。你認為這對 DRAM 方面的測試強度有積極的影響嗎？是不是僅僅考慮這些是高級封裝的角度，那會增加您的測試強度還是我們應該如何考慮？

Yes. So type input memory is certainly one of the leading-edge technologies that is driving some tester sales -- some technology-related tester sales, even though overall capacity is down. But it's actually a really small part of the overall memory business. So it's a positive, but I don't think it's nearly as significant as the transition to LPDDR5 or the next generation of FLASH in terms of driving technology sales.

是的。因此，類型輸入內存肯定是推動某些測試儀銷售的前沿技術之一——一些與技術相關的測試儀銷售，儘管整體容量下降了。但它實際上只是整個內存業務的一小部分。所以這是積極的，但我認為它在推動技術銷售方面不如向 LPDDR5 或下一代 FLASH 的過渡那麼重要。

Okay. Got it. And sir, for my follow-up, on the auto and industrial markets, I have kind of a 2-part question for this. So the market share has always been sort of 50-50 between Teradyne and Advantest. Are there any pockets where you would see your market share sort of be more dominant? And then as a follow-up to that, some of the front-end equipment players have been talking about China restrictions or getting clarifications on China restriction. Has that impacted you in any sense? Like do you expect some sort of clarifications and China restrictions drive your revenue sort of up better than what you expected?

好的。知道了。先生，對於我在汽車和工業市場的後續行動，我有一個由兩部分組成的問題。因此，Teradyne 和 Advantest 之間的市場份額一直是 50-50。您是否會看到您的市場份額在某些方面更具優勢？然後作為後續行動，一些前端設備參與者一直在談論中國限製或對中國限制進行澄清。這對你有什麼影響嗎？就像您是否期望某種澄清和中國限制會推動您的收入增長好於您的預期？

Yes. So in terms of within auto industrial, any parts where we're more dominant, I'd say that the segment where we probably have a leadership position is in power and discrete test that when it comes to gallium nitride, silicon carbide, IGBTs things like that. Our Eagle product line and the acquisition that we made of Lemsys a few years ago have allowed us to really establish a pretty good position in that space. It's not a huge part of that market, but it is a part of that market that we expect to grow over time.

是的。因此，就汽車工業而言，在我們佔據主導地位的任何部分，我想說我們可能處於領先地位的部分是在功率和離散測試方面，當涉及到氮化鎵、碳化矽、IGBT 時像那樣。我們的 Eagle 產品線和幾年前對 Lemsys 的收購讓我們真正在該領域確立了相當不錯的地位。它不是那個市場的很大一部分，但它是我們期望隨著時間的推移增長的那個市場的一部分。

As for China restrictions, we don't know what's going to happen in the future. There is a lot of trailing edge fab capacity coming online in China and we're getting a share of that. There are also -- something that we are on the lookout for is that, that is generally producing parts that you don't need a high-performance tester to deal with. And there are some smaller test equipment makers locally there that are getting a share of that. So we're watching that, and we're trying to make sure that we protect ourselves against competitive losses.

至於中國的限制，我們不知道未來會發生什麼。中國有很多落後的晶圓廠產能上線，我們正在分一杯羹。還有 - 我們正在尋找的東西是，通常生產不需要高性能測試儀來處理的零件。當地有一些較小的測試設備製造商正在分一杯羹。所以我們正在觀察，我們正在努力確保我們保護自己免受競爭損失。

Okay, folks. And we're out of time. So this concludes the call. Thank you all for your interest in Teradyne. And we look forward to working with you in the weeks ahead. Bye-bye.

好的，伙計們。我們沒時間了。通話到此結束。感謝大家對泰瑞達的關注。我們期待在未來幾週與您合作。再見。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。