泰瑞達 (TER) 2023 Q4 法說會逐字稿

Greetings. Welcome to Teradyne's Fourth Quarter 2023 Earnings Call and Webcast. (Operator Instructions) Please note, this conference is being recorded. At this time, I'll now turn the conference over to Andy Blanchard, Vice President, Corporate Communications. Mr. Blanchard, you may begin.

問候。歡迎參加泰瑞達 2023 年第四季財報電話會議和網路廣播。 （操作員說明）請注意，本次會議正在錄製中。現在，我將把會議交給企業傳播副總裁安迪布蘭查德 (Andy Blanchard)。布蘭查德先生，您可以開始了。

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. Following our opening remarks, we'll provide details of our performance for 2023's fourth quarter and full year, along with our outlook for the first quarter of 2024.

大家早安，歡迎來到我們對泰瑞達最新財務表現的討論。今天早上我們的執行長格雷格史密斯 (Greg Smith) 也加入了我的行列。以及我們的財務長桑傑梅塔 (Sanjay Mehta)。在我們的開場白之後，我們將提供 2023 年第四季度和全年業績的詳細信息，以及我們對 2024 年第一季度的展望。

The Press Release containing our fourth quarter results was issued last evening. We are providing slides on the Investor page of the website, that may be helpful to you in following the discussion. Replays of this call will be available via the same page after the call ends. 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.

包含我們第四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，這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。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。

And 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 measure, where available on the Investor page of our website.

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來更新這些陳述。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。我們已經發布了有關這些非 GAAP 財務指標的更多信息，包括與最直接可比較的 GAAP 指標的調節，這些資訊可在我們網站的投資者頁面上找到。

Looking ahead between now and our next earnings call, Teradyne expects to participate in Technology or Industrial-focused Investor Conferences hosted by Wolfe Research, Citi, Susquehanna and Morgan Stanley. Now let's get on with the rest of the agenda. First, Greg will comment on our recent results and the market conditions as we enter the new year. Sanjay will then offer more details on our quarterly results, along with our guidance for the first quarter. We'll then answer your questions, and this call is scheduled for 1 hour. Greg?

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、花旗、Susquehanna 和摩根士丹利主辦的以技術或工業為重點的投資者會議。現在讓我們繼續議程的其餘部分。首先，格雷格將評論我們最近的業績和進入新的一年時的市場狀況。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一季的指導。然後我們將回答您的問題，本次通話預計持續 1 小時。格雷格？

Hello, everyone, and thanks for joining us this morning. Today, I will summarize our fourth quarter and full year 2023 results, comment on our early view of 2024 and describe the market assumptions underpinning our updated midterm earnings model. Sanjay will then provide financial details on all of these topics.

大家好，感謝您今天早上加入我們。今天，我將總結我們的 2023 年第四季和全年業績，評論我們對 2024 年的早期看法，並描述支持我們更新的中期獲利模型的市場假設。然後，桑傑將提供所有這些主題的財務詳細資訊。

We delivered Q4 financial results in line with our guidance. The clear highlights for the quarter were the -- were Memory Test, where DRAM tester revenue more than doubled from Q4 2022 on HBM demand and our Robotics team's execution in growing sales, 17% from Q4 2022 and 50% sequentially, as we ramped shipments to address the record backlog of our new UR20 Cobot at Universal Robots. Balancing these strengths in Memory and Robotics was continued softness in our other test markets.

我們交付的第四季度財務表現符合我們的指導。本季的明顯亮點是記憶體測試，由於HBM 需求和我們的機器人團隊在銷售成長方面的執行力，DRAM 測試儀營收比2022 年第四季成長了一倍多，隨著我們出貨量的增加，比2022 年第四季成長17%，比上一季成長50%解決優傲機器人 (Universal Robots) 的新型 UR20 協作機器人積壓創紀錄的問題。平衡記憶體和機器人技術的優勢的是我們其他測試市場的持續疲軟。

Shifting now to the full year, 2023 was the second consecutive year that the size of the semiconductor test market declined, as the industry digested record shipments in 2020 and 2021, driven by COVID-related demand. The SOC test market has declined 21% from 2021 and the Mobility portion has contracted 55% over the same period. Most of that decline occurred in 2023, with SOC demand down 17% year-on-year. Mobility has historically been the largest subsegment of the SOC market and an area of strength for us in semiconductor test and in wireless test.

現在轉向全年，2023 年是半導體測試市場規模連續第二年下降，因為在新冠病毒相關需求的推動下，該行業消化了 2020 年和 2021 年創紀錄的出貨量。 SOC 測試市場較 2021 年下降了 21%，移動部分在同一時期萎縮了 55%。大部分下降發生在 2023 年，SOC 需求年減 17%。行動性歷來是 SOC 市場最大的細分領域，也是我們在半導體測試和無線測試方面的優勢領域。

Despite the weakness in demand, the trend towards vertically integrated producers is continuing. This new class of customer provides an opportunity for Teradyne to gain share in high-performance computing, a segment where we have historically had low share. These customers will take time to ramp. And so we are focusing on capturing sockets.

儘管需求疲軟，但垂直整合生產商的趨勢仍在持續。這類新客戶為泰瑞達提供了在高效能運算領域獲得份額的機會，而我們在該領域的份額歷來較低。這些客戶的成長需要時間。所以我們專注於捕捉套接字。

On that front, 2023 was a great year for us, capturing the majority of key VIP sockets, where we targeted at customers in the United States and in China. Although automotive was strong for most of 2023, at the end of the year, elevated inventories for our automotive customers began to slow down the rate at which they add test capacity. Our latest estimate of the Semi Test market for 2023 is about $4.8 billion, with $3.9 billion in SOC and $900 million in Memory test.

在這方面，2023 年對我們來說是偉大的一年，我們佔領了大部分主要 VIP 席位，我們的目標客戶是美國和中國的客戶。儘管汽車行業在 2023 年的大部分時間裡表現強勁，但到了年底，汽車客戶的庫存增加開始放慢了他們增加測試能力的速度。我們對 2023 年半測試市場的最新估計約為 48 億美元，其中 SOC 為 39 億美元，記憶體測試為 9 億美元。

Our 2023 financial results reflected the test market weakness and when combined with a tepid Robotics marketing -- market, company sales were $2.676 billion, down about 15% and non-GAAP earnings of $2.93 were down 31% from 2022. As we enter 2024, let me describe how we're looking at the current market. Visibility is limited, but we are cautiously optimistic. In SOC test, chip inventories remain high and subcon tester utilization remains in the 70s. These combined to create a headwind to tester demand in the first half of 2024.

我們2023 年的財務表現反映了測試市場的疲軟，再加上不溫不火的機器人行銷市場，公司銷售額為26.76 億美元，下降約15%，非GAAP 收益為2.93 美元，較2022 年下降31 %。當我們進入2024 年時，讓我描述一下我們如何看待當前市場。能見度有限，但我們持謹慎樂觀態度。在 SOC 測試中，晶片庫存仍然很高，subcon 測試機利用率仍維持在 70 多歲。這些因素結合在一起，對 2024 年上半年的測試儀需求造成了不利影響。

The inventory overhang now extends to parts of the legacy Automotive market, which began to soften late in Q4. With this softening of demand, lead times for our SOC testers are now back to pre-COVID levels, generally less than 16 weeks. This enables customers to wait to place new orders until their demand is certain, limiting our visibility. Our current view is that these headwinds will abate midyear, and we are planning for a second -- a stronger second half in SOC test. Several leading indicators point to a second half improvement. For example, we've seen no slowdown in chip development activity at our customers, so the product pipeline remains healthy.

庫存過剩現已延伸到傳統汽車市場的部分地區，該市場在第四季末開始疲軟。隨著需求的疲軟，我們的 SOC 測試儀的交貨時間現已恢復到新冠疫情之前的水平，通常不到 16 週。這使得客戶必須等到他們的需求確定後才下新訂單，這限制了我們的知名度。我們目前的觀點是，這些不利因素將在年中減弱，我們正在計劃第二次——下半年 SOC 測試將更加強勁。多項領先指標顯示下半年有所改善。例如，我們沒有看到客戶的晶片開發活動放緩，因此產品管道保持健康。

While still below normal seasonality, utilization levels are beginning to inch upwards, especially in the OSATs, which points towards improving mobility and compute demand. Mobile phones are expected to adopt AI capabilities in the premium tier in 2024 and more broadly in 2025, which should accelerate complexity and be a positive for test demand.

雖然仍低於正常的季節性，但利用率水準開始小幅上升，尤其是在 OSAT 中，這表明移動性和計算需求將得到改善。預計手機將在 2024 年在高階手機中採用人工智慧功能，並在 2025 年更廣泛地採用人工智慧功能，這將加速複雜性並對測試需求產生積極影響。

Despite the slowdown we are seeing now in Automotive demand, the key driver for this market is the increased electronics content per vehicle, not end vehicle sales. Automotive semi devices are forecast to grow an 11% CAGR through the midterm, and this device -- this and the vast complexity is increasing. Therefore, we expect this law will be short-lived. In Memory Test, the story for 2023 is that despite high end market inventories, demand for new testers was driven by the retooling required to test higher speed flash and DRAM devices, especially HBM DRAM. This drove our Memory share to a record 43% in 2023.

儘管我們現在看到汽車需求放緩，但該市場的關鍵驅動力是每輛車電子含量的增加，而不是終端車輛銷售。汽車半導體裝置預計到中期複合年增長率將達到 11%，而這種裝置及其複雜性正在增加。因此，我們預計該法律將是短暫的。在記憶體測試中，2023 年的情況是，儘管高端市場庫存充足，但測試更高速閃存和 DRAM 設備（尤其是 HBM DRAM）所需的重組驅動了對新測試儀的需求。這使得我們的內存份額在 2023 年達到創紀錄的 43%。

In 2024, we expect continued Memory revenue growth driven by the volume production ramps of the technology introductions we saw in 2023 and continued R&D investments for even faster devices. As business conditions improve for Memory makers, this may drive increased demand to support capacity expansion. Shifting now to other test markets. Wireless test demand is expected to remain at current levels in 2024, due to weakness in the networking equipment demand and excess capacity in smartphone test. In System Test, we expect continued strength in Defense and Aerospace markets and expect modest growth in demand and Production Board test, we expect Storage Test will remain weak in 2024, due to excess test capacity in the HDD and SLT test markets.

2024 年，我們預期記憶體收入將持續成長，這得益於我們在 2023 年看到的技術推出的量產成長以及對更快設備的持續研發投資。隨著記憶體製造商業務狀況的改善，這可能會推動支持產能擴張的需求增加。現在轉向其他測試市場。由於網路設備需求疲軟和智慧型手機測試產能過剩，預計 2024 年無線測試需求將維持在當前水準。在系統測試方面，我們預計國防和航空航太市場將持續強勁，並預期需求和生產板測試將適度成長，我們預計儲存測試將在 2024 年保持疲軟，因為 HDD 和 SLT 測試市場的測試能力過剩。

Having said that, in 2023, we added important new SLT customers in mobility and high-performance computing that are setting us up for midterm growth. Shifting to Robotics. We had a very strong Q4 as our UR20 ramp continued, and we launched the new UR30 late in the quarter. Looking at Robotics for the full year 2023. In addition to the good progress on the product front, our channel transformation work continued nicely with our OEM sales growing nearly 10%, as we added more than 50 new OEM partners.

話雖如此，我們在 2023 年在行動和高效能運算領域增加了重要的新 SLT 客戶，這為我們的中期成長奠定了基礎。轉向機器人。隨著 UR20 的持續成長，我們的第四季表現非常強勁，並且我們在本季末推出了新的 UR30。展望 2023 年全年的機器人領域。除了產品方面取得良好進展外，我們的通路轉型工作也進展順利，我們的 OEM 銷售額增長了近 10%，新增了 50 多家新的 OEM 合作夥伴。

We've also expanded the number of large accounts we manage directly from approximately 100 to over 250. We expect Q1 of 2024 to be down more than the normal seasonal dip, as the extraordinary Q4 shipments are digested. Thereafter, we expect quarterly year-on-year growth through the rest of 2024. Combining all these points and with the proviso that our view into the second half is limited, we're modeling 2024 company revenue to be roughly flat year-on-year with 44% in the first half and 56% in the second half.

我們還將直接管理的大客戶數量從約 100 個擴大到超過 250 個。我們預計 2024 年第一季的下降幅度將超過正常的季節性下降，因為第四季度的非凡出貨量已被消化。此後，我們預計到 2024 年剩餘時間將實現季度同比增長。綜合所有這些因素，加上我們對下半年的看法有限，我們預測 2024 年公司收入將與同比大致持平。上半年為44%，下半年為56%。

Within that, we expect lower Test revenue in 2024, which reflects the sale of our DIS business, reducing our full year Semiconductor Test revenue by approximately $100 million. Excluding the effects of that sale, expected Test revenue would have been about flat in a roughly flat market. In Semi Test, our early estimate of the SOC market size for 2024 is $3.6 billion to $4.2 billion. And our estimate for Memory is $1 billion to $1.1 billion, for a combined Semiconductor Test market at the midpoint of $4.95 billion. We expect Robotics will grow in the 10% to 20% range in 2024.

其中，我們預計 2024 年測試收入將下降，這反映了我們 DIS 業務的出售，導致我們全年半導體測試收入減少約 1 億美元。排除此次銷售的影響，在大致穩定的市場中，預計測試收入將基本持平。在 Semi Test 中，我們對 2024 年 SOC 市場規模的早期估計為 36 億美元至 42 億美元。我們對記憶體的估計為 10 億至 11 億美元，綜合半導體測試市場的中位數為 49.5 億美元。我們預計 2024 年機器人技術將成長 10% 至 20%。

Turning now to our midterm model. Despite the longer-than-expected downturn in the Mobile Test market, and the softness in Robotics and demand, we remain optimistic about the long-term potential of our Test and Robotics businesses. This is shown in the update to our midterm earnings model. At the midpoint in 2026, we expect to deliver earnings per share at over 2x the 2023 level and a revenue growth of nearly 60%. As we've noted in past calls, the key drivers of that growth include process node advances to 3-nanometer, 2-nanometer, gate all around and backside power delivery. These are all on track or even accelerating, and they enable higher transistor counts, higher complexity, and that drives longer test times.

現在轉向我們的中期模型。儘管行動測試市場的低迷時間長於預期，並且機器人技術和需求疲軟，但我們仍然對測試和機器人業務的長期潛力持樂觀態度。這在我們的中期獲利模型的更新中得到了體現。到 2026 年中期，我們預計每股盈餘將是 2023 年水準的 2 倍以上，營收成長近 60%。正如我們在過去的電話會議中指出的那樣，成長的關鍵驅動因素包括製程節點向 3 奈米、2 奈米、全柵和背面供電的進步。這些都已步入正​​軌，甚至正在加速發展，它們可以實現更高的晶體管數量、更高的複雜性，並延長測試時間。

Good progress in the emerging VIP space with key wins at design-in targets and a high share at 2 of the 3 leading ASIC design houses, all of which drive future revenue. Advanced packaging, including chiplet technology, which requires higher test intensity at the wafer level, driving longer test times. Compelling applications of EDGE AI for ADAS and smartphone co-pilots that are driving demand for more processing power, more memory and wider bandwidth communications. All of these factors accelerate test demand.

新興 VIP 領域取得了良好進展，在設計目標方面取得了重大勝利，並在 3 家領先 ASIC 設計公司中的 2 家中佔據了高份額，所有這些都推動了未來的收入。先進封裝，包括小晶片技術，需要在晶圓級進行更高的測試強度，從而導致測試時間更長。 EDGE AI 在 ADAS 和智慧型手機副駕駛領域的引人注目的應用正在推動對更高處理能力、更多記憶體和更寬頻通訊的需求。所有這些因素都加速了測試需求的成長。

There is an aggressive road map for increases in Memory interface speeds in DRAM, HBM and Flash, that will continue to drive technology-driven retooling in the Memory market. And finally, in Robotics, we are still at less than 5% market penetration, and we are confident that our channel strategy will unlock the long-term growth potential of this market. In addition, the application of AI is expanding the range of tasks that our robots can serve, while our new products will expand our served market and decrease the effort required for customers to automate.

DRAM、HBM 和快閃記憶體的記憶體介面速度的提高有一個積極的路線圖，這將繼續推動記憶體市場中技術驅動的重組。最後，在機器人領域，我們的市場滲透率仍低於 5%，我們相信我們的通路策略將釋放該市場的長期成長潛力。此外，人工智慧的應用正在擴大我們的機器人可以服務的任務範圍，而我們的新產品將擴大我們服務的市場並減少客戶自動化所需的工作量。

At the company level, compared to last year, our growth outlook has shifted to the right, but the slope of expected growth is largely unchanged. The duration of the downturn in mobile demand has been longer than we expected, and the softness in the Industrial Automation market that we and our peers have seen, has really impacted our expectations of growth in Robotics for 2023. Sanjay will provide more financial details of the model.

在公司層面，與去年相比，我們的成長前景向右移動，但預期成長斜率基本上沒有改變。移動需求低迷的持續時間比我們預期的要長，我們和同行所看到的工業自動化市場的疲軟確實影響了我們對 2023 年機器人技術增長的預期。Sanjay 將提供更多的財務細節該模型。

As we look at our results for 2023 and the outlook for 2024, we are focused on improving gross margins and maintaining tight financial discipline, while making the necessary R&D and customer-facing investments required to capture the long-term growth potential in both the Test and Robotics markets. To maintain that financial discipline, we will be looking to see signs of top line growth before allowing OpEx to materially increase. We operate our business with midterm plans that track long-term historical trends and the future demand drivers in each of our businesses rather than trying to predict short-term cycles.

當我們審視 2023 年的業績和 2024 年的前景時，我們的重點是提高毛利率和維持嚴格的財務紀律，同時進行必要的研發和客戶導向的投資，以捕捉測試和測試中的長期成長潛力。和機器人市場。為了維持財務紀律，我們將在允許營運支出大幅增加之前看到收入成長的跡象。我們透過中期計畫來經營我們的業務，追蹤長期歷史趨勢和我們每個業務的未來需求驅動因素，而不是試圖預測短期週期。

In any given year, results will land above or below that trend, but that trend line has provided a reliable baseline for planning. As expected, 2023 was below trend line but the underlying demand drivers remain in place, and we're executing our plans to capture that future demand. We're excited about the opportunities ahead, and we have deep confidence in our team's ability to capture those opportunities. With that, I'll turn things over to Sanjay. Sanjay?

在任何一年，結果都會高於或低於該趨勢，但該趨勢線為規劃提供了可靠的基準。正如預期的那樣，2023 年將低於趨勢線，但潛在的需求驅動因素仍然存在，我們正在執行計劃來捕捉未來的需求。我們對未來的機會感到興奮，並且對我們團隊抓住這些機會的能力充滿信心。這樣，我就把事情交給 Sanjay。桑傑？

Thank you, Greg. Good morning, everyone. Today, I'll cover the financial summary of Q4, the full year 2023, provide our Q1 outlook, some planning guidance for full year 2024, review our updated earnings model and outline our capital allocation plan.

謝謝你，格雷格。大家，早安。今天，我將介紹 2023 年第四季的財務摘要，提供我們第一季的展望、2024 年全年的一些規劃指導，回顧我們更新的獲利模型並概述我們的資本配置計畫。

Now to Q4. Fourth quarter sales were $671 million, with non-GAAP EPS of $0.79, both in line with our guidance. Semi Test revenue of $431 million and SOC revenue of $327 million with high memory shipments of $104 million, as Greg noted in his highlights. System Test group had revenue of $86 million, down 14% from Q4 '22. Growth in Defense and Aerospace was offset by weakness in Storage Test and Production Board Test. LitePoint revenue of $25 million was weaker year-over-year due to continued weakness in cellular and PC markets.

現在到第四季。第四季銷售額為 6.71 億美元，非 GAAP 每股收益為 0.79 美元，均符合我們的指引。正如 Greg 在其重點介紹中指出的那樣，Semi Test 收入為 4.31 億美元，SOC 收入為 3.27 億美元，內存出貨量高達 1.04 億美元。系統測試部門的營收為 8,600 萬美元，比 22 年第 4 季下降 14%。國防和航空航太領域的成長被儲存測試和生產板測試的疲軟所抵消。由於蜂窩和個人電腦市場持續疲軟，LitePoint 營收年減 2,500 萬美元。

Robotics revenue of $129 million was up 17% from the fourth quarter of last year and up 50% sequentially on seasonally high demand and the impact of UR20 and UR30 new product shipments. Non-GAAP gross margin was 56.6% in the middle of our guidance range, and non-GAAP operating expenses were $245 million in Q4, up $2 million from Q3 '23. Non-GAAP operating profit rate was 20.1%.

機器人營收為 1.29 億美元，較去年第四季成長 17%，由於季節性高需求以及 UR20 和 UR30 新產品出貨量的影響，季增 50%。非 GAAP 毛利率為 56.6%，處於我們指引範圍的中間位置，第 4 季非 GAAP 營運費用為 2.45 億美元，比 2023 年第 3 季增加 200 萬美元。非 GAAP 營業利益率為 20.1%。

Some other financial facts. We had one 10% customer in the quarter. Tax rate, excluding discrete items for the quarter was 12.6% on a non-GAAP basis and lower than planned because of geographic mix. GAAP tax rate was 14% in Q4, excluding discrete items. We repurchased $51 million of shares in the quarter.

其他一些財務事實。本季我們有一個 10% 的客戶。以非 GAAP 計算，本季的稅率（不包括離散項目）為 12.6%，由於地理分佈的原因，稅率低於計劃。第四季的 GAAP 稅率為 14%，不包括離散項目。我們在本季回購了 5,100 萬美元的股票。

Turning to the full year results. We had revenue of $2.676 billion. Texas Instruments was the only customer greater than 10% of our revenue for the year. Gross margin for the year was 57.4%. OpEx was $990 million, and operating profit was 20.4%. Non-GAAP EPS was $2.93. We generated $426 million in free cash flow in 2023. We returned $468 million or 110% of free cash flow to our shareholders through share repurchases and dividends. We ended the year with $937 million of cash and marketable securities. Our tax rate for the full year, excluding discrete items, was 15.5% on a non-GAAP basis and 15.25% on a GAAP basis.

轉向全年業績。我們的收入為 26.76 億美元。德州儀器 (TI) 是唯一占我們當年收入超過 10% 的客戶。全年毛利率為57.4%。營運支出為 9.9 億美元，營業利潤為 20.4%。非 GAAP 每股收益為 2.93 美元。 2023 年，我們產生了 4.26 億美元的自由現金流。我們透過股票回購和股利向股東返還了 4.68 億美元，即自由現金流的 110%。年底，我們擁有 9.37 億美元的現金和有價證券。我們的全年稅率（不含離散項目）以非 GAAP 計算為 15.5%，以 GAAP 計算為 15.25%。

Semi Test revenue for the year was approximately $1.8 billion, with SOC revenue contributing $1.43 billion and Memory $386 million. Our SOC sales contracted 16% in 2023, in line with the continued mobility market weakness, partially offset by strength in Auto and Industrial. In Memory, our sales grew about 4%, driven by new technologies like UFS4 and Flash and LPDDR5 and HBM and DRAM.

全年半測試收入約 18 億美元，其中 SOC 收入貢獻 14.3 億美元，記憶體收入貢獻 3.86 億美元。 2023 年，我們的 SOC 銷售額收縮了 16%，這與行動市場的持續疲軟相一致，但被汽車和工業領域的強勢所部分抵消。在記憶體領域，受 UFS4、快閃記憶體、LPDDR5、HBM 和 DRAM 等新技術的推動，我們的銷售額成長了約 4%。

System Test group had revenue of $338 million in 2023. Combined Defense and Aerospace and Production Board Test sales were both flat while HDD and System-level test in our Storage business were down in total nearly 50% from 2022. In Wireless Test, revenue of $144 million in 2023 was lower year-on-year, given the decline in handset units and continued weakness in the networking and PC markets.

系統測試部門2023 年的收入為3.38 億美元。國防和航空航天以及生產板測試的綜合銷售額均持平，而存儲業務中的HDD 和系統級測試總計較2022 年下降了近50%。在無線測試中，營收為由於手機銷量下降以及網路和 PC 市場持續疲軟，2023 年的銷售額年減 1.44 億美元。

Now to Robotics. Robotics revenue in 2023 was $375 million with UR contributing $304 million and MiR $71 million. The group had mid-teens profitability in Q4 '23, but for the full year, had an 8% non-GAAP operating loss. While UR was profitable in 2023, we continue to lean into R&D and channel enhancement investments in MiR. Now to our outlook for Q1. Since our October call, SOC Test demand has softened, which impacts our Q1 outlook. Q1 sales are expected to be between $540 million and $590 million, with non-GAAP EPS in a range of $0.22 to $0.38 on 162 million diluted shares.

現在談談機器人。 2023 年機器人營收為 3.75 億美元，其中 UR 貢獻 3.04 億美元，MiR 貢獻 7,100 萬美元。該集團在 2023 年第 4 季的獲利能力為 10%左右，但全年非 GAAP 營運虧損為 8%。雖然 UR 在 2023 年實現盈利，但我們繼續傾向於 MiR 的研發和通路增強投資。現在我們對第一季的展望。自 10 月電話會議以來，SOC 測試需求已經疲軟，這影響了我們第一季的前景。第一季的銷售額預計將在 5.4 億美元至 5.9 億美元之間，1.62 億股稀釋後的非 GAAP 每股收益將在 0.22 美元至 0.38 美元之間。

The first quarter guidance excludes the amortization of acquired intangibles. First quarter gross margins are expected to be the low point for the year and are estimated at 53.5% to 54.5%, due to lower volume and unfavorable product mix. OpEx is expected to be roughly flat with Q4 '23 and run at 42% to 46% of first quarter sales. Non-GAAP operating profit rate at the midpoint of our first quarter guidance is 10%.

第一季指引不包括收購的無形資產的攤銷。由於銷量下降和不利的產品組合，第一季毛利率預計將是今年的最低點，預計為 53.5% 至 54.5%。預計營運支出將與 23 年第四季大致持平，佔第一季銷售額的 42% 至 46%。我們第一季指引的中點非 GAAP 營業利潤率為 10%。

A few points to assist you in model in 2024. First, the gross margin profile. In 2024, we expect gross margins to increase through the year. Gross margins are forecasted to improve to 58% to 59% for the full year driven by improved product mix, including the sale of the Device Interface Solutions or DIS business, lower business resiliency spending and operational improvements.

有幾點可以幫助您制定 2024 年的模型。首先，毛利率概況。 2024年，我們預計全年毛利率將有所上升。由於產品組合改善，包括出售設備介面解決方案或 DIS 業務、降低業務彈性支出和營運改進，預計全年毛利率將提高至 58% 至 59%。

Moving to the strategic partnership we announced with Technoprobe in November 2023. The agreement has several key components as follows: first, Technoprobe will purchase Teradyne's DIS business. This business provides advanced interfaces that connect our testers to customers' chips for test. Second, Teradyne will make an equity investment in Technoprobe, acquiring 10% of their outstanding shares. Third, Teradyne and Technoprobe will work together on a series of projects to expand the performance of semiconductor device interfaces, to enable customers to realize the full performance of our test systems.

接下來是我們於 2023 年 11 月宣布與 Technoprobe 建立的策略合作夥伴關係。該協議有幾個關鍵組成部分，如下：首先，Technoprobe 將收購 Teradyne 的 DIS 業務。該業務提供先進的接口，將我們的測試儀連接到客戶的晶片進行測試。其次，泰瑞達將對Technoprobe進行股權投資，收購其10%的流通股。第三，泰瑞達和Technoprobe將合作一系列項目，以擴展半導體裝置介面的性能，使客戶能夠充分發揮我們測試系統的性能。

We expect the transactions to close in the second quarter. DIS had 2023 revenue of $103 million and the sale will reduce Teradyne's expected 2024 revenue by approximately $100 million, assuming the Q2 close date. It will not have a material impact on earnings. We plan to account for our investment in Technoprobe, using the equity accounting method. Regarding OpEx for the full year, we expect full year 2024 OpEx to increase 5% to 7%, driven by strategic projects to grow share in our Test businesses. The growth will be back-half loaded.

我們預計交易將在第二季完成。 DIS 2023 年的營收為 1.03 億美元，假設第二季截止日期，此次出售將使泰瑞達 2024 年的預期收入減少約 1 億美元。這不會對盈利產生實質影響。我們計劃使用權益會計法對 Technoprobe 的投資進行會計處理。關於全年營運支出，我們預計 2024 年全年營運支出將成長 5% 至 7%，這主要得益於策略性項目的推動，以增加我們測試業務的份額。增長將是後半負載。

Robotics is expected to grow revenue 10% to 20% in 2024, enabling Robotics to be profitable. The group will have a similar revenue profile as the company with second half expected at 56% of full year revenue. Our GAAP and non-GAAP tax rate is forecasted to be 16% in 2024, excluding discrete items.

Robotics 預計到 2024 年營收將成長 10% 至 20%，使 Robotics 獲利。該集團的收入狀況將與該公司類似，預計下半年收入將佔全年收入的 56%。 2024 年，我們的 GAAP 和非 GAAP 稅率預計為 16%，不包括離散項目。

Turning to capital allocation. Our strategy remains consistent, as we take a balanced approach to maintain a minimum cash level of $800 million, which enables us to run the business, have cash reserves set aside in the event of a significant downturn and have dry powder for M&A. For reference, from 2015 to 2023, we've returned over $4.3 billion to shareholders through share repurchases and dividends, which is 97% of our free cash flow. Earlier this month, we also announced a 9% increase in our dividend to $0.12 per quarter. We expect to close our investment in Technoprobe and our divestiture of DIS in Q2, which will consume an estimated $440 million of net cash. We will limit our share buybacks in 2024 to an amount necessary to offset dilution from equity compensation and our employee share purchase program in order to build cash back up to a minimum goal of $800 million.

轉向資本配置。我們的策略保持一致，因為我們採取平衡的方法來維持 8 億美元的最低現金水平，這使我們能夠經營業務，在經濟大幅下滑時留出現金儲備，並為併購做好準備。作為參考，從 2015 年到 2023 年，我們透過股票回購和股利向股東返還了超過 43 億美元，占我們自由現金流的 97%。本月早些時候，我們還宣布將股息增加 9%，達到每季 0.12 美元。我們預計將在第二季完成對 Technoprobe 的投資以及對 DIS 的剝離，預計將消耗 4.4 億美元的淨現金。我們將 2024 年的股票回購限制在必要的數額，以抵消股權薪酬和員工股票購買計劃帶來的稀釋，從而將現金回饋達到 8 億美元的最低目標。

Therefore, we do not expect to materially reduce the share count in 2024. Moving to our midterm earnings model. As we do each January, we've updated our model. We share this with investors to provide insight into how we look at the markets we serve, our competitive positioning and ultimately, the growth and earnings power of the company. A few points for context. First, we've kept 2026 as at year-end so you can make an easy comparison with last year's update. Second, financial ranges are down to reflect our revised view of the markets in which we participate. Greg outlined the key drivers for the Test portfolio, including device technology trends, complexity and unit growth, which we anticipate will drive ATE growth over the 3-year horizon.

因此，我們預計 2024 年不會大幅減少股票數量。轉向我們的中期獲利模型。正如我們每年一月所做的那樣，我們更新了我們的模型。我們與投資者分享這一點，以深入了解我們如何看待我們所服務的市場、我們的競爭定位以及最終公司的成長和獲利能力。背景有幾點。首先，我們將 2026 年保留為年底，以便您可以與去年的更新進行輕鬆比較。其次，財務範圍的下降反映了我們對所參與市場的修正看法。 Greg 概述了測試產品組合的關鍵驅動因素，包括設備技術趨勢、複雜性和單位成長，我們預計這將推動 ATE 在 3 年內的成長。

Our Test revenues are expected to grow at a CAGR of 12% to 18% from 2023's muted level to 2026, driven primarily by a recovery in Mobility Test demand. For Robotics, we're looking at a strong market opportunity. The drivers over the midterm include labor shortages, new products and applications, including a growing range of AI-driven products and our channel transformation work. Our Robotics revenues are expected to grow at 20% to 30% CAGR from 2023 to 2026. The updated earnings model will drive 2026 revenue to approximately $4.3 billion and non-GAAP EPS to $6.50 at the midpoint of the model range.

從 2023 年的低迷水準到 2026 年，我們的測試收入預計將以 12% 至 18% 的複合年增長率增長，這主要是由行動測試需求的復甦推動的。對於機器人技術，我們正在尋找強大的市場機會。中期的驅動因素包括勞動力短缺、新產品和應用，包括越來越多的人工智慧驅動產品和我們的通路轉型工作。從2023 年到2026 年，我們的機器人收入預計將以20% 至30% 的複合年增長率增長。更新後的盈利模型將推動2026 年收入達到約43 億美元，非GAAP 每股收益達到模型範圍中點的6.50 美元。

Our model at the midpoint, as a revenue CAGR from 2023 to 2026 of 17% and on EPS at 30%, highlighting the operating leverage of both Robotics and Test portfolios. Gross margin is estimated at 59% to 60%. OpEx as a percentage of sales will be 28% to 31%, yielding a non-GAAP operating margin of 28% to 32%. Summing up, we had a challenging year in 2023 and still delivered 20% operating profit on a non-GAAP basis. Generated $426 million in free cash flow and returned 110% of that cash to shareholders. We did this while we strengthened our competitive position in Test and Robotics with new products, invested in channel transformation and Robotics and announced a strategic partnership in Test Interfaces to drive Semi Test share growth.

我們的模型處於中點，2023 年至 2026 年的營收複合年增長率為 17%，每股收益為 30%，凸顯了機器人和測試投資組合的營運槓桿。毛利率估計為59%至60%。營運支出佔銷售額的百分比將為 28% 至 31%，非 GAAP 營運利潤率為 28% 至 32%。總而言之，我們在 2023 年度過了充滿挑戰的一年，但以非公認會計原則 (Non-GAAP) 計算，我們仍實現了 20% 的營業利潤。產生 4.26 億美元的自由現金流，並將其中 110% 的現金回饋給股東。我們透過新產品加強了在測試和機器人技術領域的競爭地位，投資於通路轉型和機器人技術，並宣佈在測試介面領域建立策略合作夥伴關係，以推動半測試份額的成長。

Looking ahead, we expect a return to growth later this year and beyond, driven by favorable trends in both Test and Robotics and the financial impact of that growth is reflected in our updated midterm earnings model. With that, I'll turn the call back to Andy. Andy?

展望未來，我們預計在測試和機器人技術的有利趨勢的推動下，今年稍後及以後將恢復成長，並且這種成長的財務影響將反映在我們更新的中期獲利模型中。說完，我會把電話轉回給安迪。安迪？

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

謝謝，桑傑。我們現在想回答一些問題。提醒一下，請將自己限制在一個問題和一個後續問題上。

(Operator Instructions) Our first question will be coming from the line of Mehdi Hosseini with SIG.

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

Yes. The first one has to do with the midterm guide. It seems like there's about a 13% decline in your SOC TAM for 2026. What I want to better understand is how do you think about the mobile app processor and especially the transistor density versus a slow start in Industrial? How should we think about those 2 end markets impacting that 13% reduction to your 2026 TAM for SOC and I have a follow-up.

是的。第一個與期中指南有關。 2026 年，您的 SOC TAM 似乎下降了約 13%。我想更了解的是，您如何看待行動應用處理器，尤其是電晶體密度，以及工業領域的緩慢起步？我們應該如何看待這兩個終端市場對 2026 年 SOC 的 TAM 減少 13% 的影響，我有一個後續行動。

Mehdi, this is Greg. So the composition of the TAM in the midterm model, if you compare this year to last year, I think the biggest change is that we think that the compute part of the market is going to be at a higher level, than we did last year. And we think that the mobile portion of the market is going to be up from where it is now but will not be at the level that we were modeling last year.

邁赫迪，這是格雷格。因此，中期模型中 TAM 的組成，如果將今年與去年進行比較，我認為最大的變化是我們認為市場的計算部分將處於比去年更高的水平。我們認為市場的移動部分將會比現在有所上升，但不會達到我們去年建模的水平。

So we believe that the pace of transistor density is proceeding basically at the same rate that we thought it was proceeding last year. The real difference is that the end market -- sort of end unit market predictions going out through the midterm are a bit softer in this model than they were last time. And certainly, the impact of cloud and Edge AI in the market is a relatively new factor and is strengthening the compute part of it.

因此，我們相信電晶體密度的成長速度與我們去年所認為的成長速度基本上相同。真正的差異在於，在這個模型中，終端市場－中期的終端單位市場預測比上次要軟一些。當然，雲端和邊緣人工智慧對市場的影響是一個相對較新的因素，並且正在加強其中的運算部分。

Okay. Great. And the follow-up has to do with your prepared remarks. I believe you said you have a new compute customer. And if that's true, if I heard you correctly, how does the ramp of that new customer would look like? Is it more like a '25, '26 impact? And if you could just provide any additional color would be great.

好的。偉大的。後續內容與您準備好的發言有關。我相信你說過你有一個新的計算客戶。如果這是真的，如果我沒聽錯的話，新客戶的成長會是什麼樣子？它更像是「25」、「26」的影響嗎？如果你能提供任何額外的顏色那就太好了。

So there are sort of 2 comments in my prepared remarks. One talked about socket wins for VIPs. And those socket wins are in both cloud compute and in EDGE devices. And the right way to model that is perhaps a little bit starting towards the end of 2024, but definitely hitting much more seriously in 2025. The other reference that I made was for an SLT win for a compute customer, and that's definitely something that's going to take until 2025 to build to material volume.

我準備好的發言中有兩則評論。其中一位談到了 VIP 的套接字贏得。這些套接字的勝利同時存在於雲端運算和 EDGE 設備中。正確的建模方法可能會在 2024 年底開始，但到 2025 年肯定會受到更嚴重的打擊。我所做的另一個參考是計算客戶的 SLT 勝利，這絕對是正在發生的事情到2025 年才能達到材料量。

Okay. Great. But perhaps I'll follow-up with Andy, what VIP is?

好的。偉大的。但也許我會跟安迪跟進，VIP 是什麼？

That's -- sorry. We -- because most of the -- there are a number of players that are designing their own silicon. And typically, a big portion of those are the hyperscalers, but there are -- there are players in that space that don't fit the traditional hyperscaler model. So like a large integrated automaker or people that are doing custom silicon development for their own handsets or customer devices. So we prefer the term vertically integrated producer, but you can read that as hyperscale.

那是——抱歉。我們——因為大多數——有許多參與者正在設計自己的晶片。通常，其中很大一部分是超大規模企業，但該領域也有一些參與者不適合傳統的超大規模企業模式。就像大型整合汽車製造商或為自己的手機或客戶設備進行客製化晶片開發的人一樣。因此，我們更喜歡垂直整合生產商這個術語，但您可以將其理解為超大規模。

Our next question is from the line of Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的 Timothy Arcuri。

I'm wondering if you can go through the TAM numbers, how the different segments came in, in '23? I know the breakout before was compute $1.3 billion, Mobility was $900 million, Auto is I think a little more than $600 million. If you can just -- did the market come in about as you thought it would for '23 and then can you shape '24 for those segments? I know it's flat at a high level, but I would imagine Autos are probably down a couple of hundred million. And maybe Compute's up a couple of hundred million. That's the delta. Can you just run through that?

我想知道您是否可以查看 TAM 數字，23 年不同的細分市場是如何產生的？我知道之前的突破是計算 13 億美元，移動性是 9 億美元，汽車是我認為略高於 6 億美元。如果你可以 - 23 年的市場狀況是否與你想像的一樣，那麼你能否為這些細分市場塑造 24 年？我知道它在高水準上持平，但我想汽車可能會下降幾億。也許計算量增加了數億。這就是三角洲。你能完成這個嗎？

Sure. Tim, it's Sanjay. So we estimate the SOC TAM in 2023, you were going down the correct numbers, that haven't really changed. But just for specifics. We view the Compute market at $1.3 billion, Mobility at $900 million, Auto at $600 million, Industrial at $400 million and Service at $700 million. That's how you get to the $3.9 billion. And then the midpoint of 2024, Compute is $1.4 billion, Mobility at $0.9 billion. Auto and MCU at $0.5 billion, Industrial of $0.4 billion and Service -- SOC Service at $0.7 billion to get to the $3.9 billion at our midpoint.

當然。提姆，我是桑傑。因此，我們估計 2023 年的 SOC TAM，您降低了正確的數字，但並沒有真正改變。但僅針對具體情況。我們認為計算市場為 13 億美元，行動市場為 9 億美元，汽車市場為 6 億美元，工業市場為 4 億美元，服務市場為 7 億美元。這就是你獲得 39 億美元的方法。到 2024 年中點，運算領域將達到 14 億美元，行動領域將達到 9 億美元。汽車和 MCU 為 5 億美元，工業為 4 億美元，服務 - SOC 服務為 7 億美元，達到我們的中點 39 億美元。

Got it. Okay. So it is Compute. It's just a little bit of mix shift. Okay. And then can you talk about your largest customer? Your big customer on the mobility side, which was actually not your largest customer in 2023. I know you have a range of outcomes this year. I'm not asking for numbers on that range, but can you talk about sort of what you think at the midpoint, how big they could be as -- is there a case where they're back (inaudible) percent of your revenue range in 2024? Or is that just off the table?

知道了。好的。所以它是計算。這只是一點點混合轉變。好的。那麼您能談談您最大的客戶嗎？你們在行動方面的大客戶，其實不是你們 2023 年最大的客戶。我知道你們今年有一系列的成果。我並不是要求提供該範圍內的數字，但您能否談談您對中點的看法，它們可能有多大——是否存在它們返回（聽不清楚）您收入範圍百分比的情況2024年？或者這只是不可能的事？

So this is Greg. Our historically largest customer, we've said that like in 2023, they are going to come in at under 10%. Looking forward into 2024, our base case, again, has them at less than 10% of total revenue. Right now, our visibility into their second half demand is quite limited. And we usually have a better picture of that in the April time frame. So if we get any better information about it, we'll share it at that time. But the thing that you should think about is that there isn't much downside to our base case around anything that happens with our historically largest customer.

這就是格雷格。我們史上最大的客戶，我們說過，像 2023 年一樣，他們的收入將低於 10%。展望 2024 年，我們的基本假設仍然是它們佔總收入的比例不到 10%。目前，我們對其下半年需求的了解非常有限。我們通常在四月份的時間範圍內對此有更好的了解。因此，如果我們獲得任何更好的信息，我們將在那時分享。但你應該考慮的是，我們歷史上最大的客戶發生的任何事情對我們的基本情況來說並沒有太大的負面影響。

Our next question is from the line of C.J. Muse with Cantor Fitzgerald.

我們的下一個問題來自 C.J. Muse 和 Cantor Fitzgerald 的對話。

In your prepared remarks, you talked about confidence in the second half recovery for SOC test. So I was hoping you could walk through, what's giving you the confidence and how you see that recovery emerging? And perhaps you could speak to OSAT versus end customers, content, EDGE AI, whatever you think is really going to move the needle for you guys and drive that second half recovery over the first half?

在您準備好的發言中，您談到了對下半年 SOC 測試恢復的信心。所以我希望你能講一下是什麼給了你信心以及你如何看待復甦的出現？也許您可以談論 OSAT 與最終客戶、內容、EDGE AI，以及您認為真正能夠為您帶來推動並推動下半年復甦的因素？

Sure. So the leading indicator that we tend to look at most is really around utilization rates. And right now, those utilization rates are low, but we did start to see OSAT utilization start to pick up. So they're still below normal seasonality, but they're definitely improving. And we believe that they could reach sort of the point -- the level that would trigger buying by the third quarter of this year, if the trend that we're seeing continues.

當然。因此，我們最關注的領先指標實際上是利用率。目前，這些利用率很低，但我們確實開始看到 OSAT 使用率開始回升。因此，它們仍然低於正常的季節性，但肯定正在改善。我們相信，如果我們看到的趨勢持續下去，它們可能會達到今年第三季引發購買的水平。

The key end market trends that we're looking for is unit growth in smartphones and PCs. PCs have been in a real pit. And so just from a refresh cycle, we're expecting to see that recovering a bit and that would be a tailwind for us. The thing that we also saw in the fourth quarter was that utilization came down a bit in IDMs. And so they're primarily the -- that's where most of our business is concentrated for Industrial and Automotive.

我們正在尋找的關鍵終端市場趨勢是智慧型手機和個人電腦的銷售成長。個人電腦已經陷入了真正的深淵。因此，僅從更新周期來看，我們預計會看到一點恢復，這對我們來說將是一個順風車。我們在第四季也看到，IDM 的使用率略有下降。因此，它們主要是我們大部分業務集中在工業和汽車領域的地方。

So we saw the Industrial part of that start to weaken in the second half of 2023. And then late in 2023 -- late in Q4 of 2023, we also started to see Automotive begin to weaken. The -- our model right now has that that's a relatively short lull in demand. And we think that that's mainly driven by the fact that new model year introductions, every year for the automakers has a significantly higher attach rate for electronics and that's driving a pretty good CAGR in the Automotive Semiconductor market.

因此，我們看到工業部分在 2023 年下半年開始疲軟。然後在 2023 年末 - 2023 年第四季末，我們也開始看到汽車產業開始疲軟。我們現在的模型顯示，需求的平靜期相對較短。我們認為，這主要是由於汽車製造商每年推出的新車型的電子產品附加率顯著提高，這推動了汽車半導體市場相當好的複合年增長率。

So we think the fundamentals are good to drive growth in Automotive. So we think that this demand lull is going to be relatively short.

因此，我們認為基本面良好，有利於推動汽車產業的成長。因此，我們認為這種需求平靜期將相對較短。

Very helpful. And if I could follow up on the SOP side. You talked about wins across both Mobility and HPC. I know you have one very large customer. Would be curious the timing of the ramp of revenues here? And could they, in aggregate, get to kind of the scale of your very large customer or that will take years to do that?

很有幫助。如果我可以跟進 SOP 方面的情況。您談到了移動性和 HPC 方面的勝利。我知道你們有一位非常大的客戶。你會好奇這裡收入成長的時間嗎？總的來說，他們能否達到您的大客戶的規模，或者需要數年時間才能做到這一點？

So the -- in the prepared remarks, I was referring to system-level test wins for Mobility and for Compute. And if you put that into context, the customer that we won for Mobility is not as large as our primary SLT customer, but they have the potential to drive significant volume. In Compute, that's something that's going to take a while to take off. The device plans basically for SLT, it was a hyperscaler customer in Compute and the volumes for those devices is going to start at a relatively small level and then increase over time.

因此，在準備好的發言中，我指的是移動性和計算性的系統級測試勝利。如果你將這一點放在上下文中，我們為 Mobility 贏得的客戶並不像我們的主要 SLT 客戶那麼大，但他們有潛力推動大量銷售。在計算領域，這需要一段時間才能實現。該設備基本上計劃用於 SLT，它是計算領域的超大規模客戶，這些設備的數量將從相對較小的水平開始，然後隨著時間的推移而增加。

So I don't think that any of those in isolation would rise to the level of our historically largest customer, but it's more additional incremental tailwinds for us.

因此，我認為任何孤立的客戶都不會上升到我們歷史上最大客戶的水平，但這對我們來說是更多額外的增量順風。

Our next questions are from the line of Vivek Arya with 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。

And I appreciate you giving the Compute TAM, which is now the largest end market. Could you help us break that between more client Compute versus data center? And then the growth rate that you're mentioning, the 1.3% to 1.4%, that seems very modest compared to all the very high growth rates that we see in AI and data center right type products. So, if you could just give us a little more color, how much is client versus data center? And then why only such modest growth in testing? Why don't we see more of a correlation with the growth in data-centric products?

我感謝您給予 Compute TAM，它現在是最大的終端市場。您能否幫助我們打破更多客戶端運算與資料中心之間的界限？然後你提到的成長率，1.3% 到 1.4%，與我們在人工智慧和資料中心正確類型產品中看到的所有非常高的成長率相比，這似乎非常溫和。那麼，如果您能給我們更多的信息，那麼客戶端與資料中心的價格是多少？那麼為什麼測試的成長如此緩慢呢？為什麼我們沒有看到與以數據為中心的產品的成長有更多的相關性？

Vivek, this is Greg. So first of all, let me talk a little bit about client versus data center. As far as we can tell in 2023, most of the Test capacity adds in Compute, were really in support of data center. That the client market has been very, very quiet. Looking forward into the future, we think that the capacity adds required for cloud are going to moderate a bit.

維韋克，這是格雷格。首先，讓我談談客戶端與資料中心。據我們所知，到 2023 年，計算中增加的大部分測試容量實際上都是為了支援資料中心。客戶市場一直都非常非常安靜。展望未來，我們認為雲端所需的容量增加將會放緩。

They've added a ton of productive capacity in 2023, and that is going to be felt in higher-end volumes in 2024, so they're at sort of a new high watermark in terms of that part of the market. The client side, there are 2 things that I think are going to accelerate things. The first is that the unit volume in PCs is at a very low point right now. There's really nowhere to go but up. And the other is that we've been seeing the push in large language models in AI, primarily on the training side right now.

他們在 2023 年增加了大量的生產能力，這將在 2024 年高端產量中感受到，因此就這部分市場而言，他們處於新的高水位。在客戶端，我認為有兩件事會加速事情的發展。首先是個人電腦的單位體積目前處於非常低的水平。除了向上，真的無處可去。另一個是，我們已經看到人工智慧中大型語言模型的推動，目前主要是在訓練方面。

And looking at the road maps for our customers, they're putting a huge push on custom silicon for EDGE AI inference versus the training part. So I think we're going to see a shift over the next 3 years, to a much more balanced market, whereas 2023 was dominated by data center, as we get out through this midterm, it's going to be much more balanced between data center and client. Now in terms of the modest size, the thing that I want to just -- I want to try and provide a little bit of context, that if you look back to the high watermark for the total SOC TAM, back in 2021, it was about a $4.9 billion market. And in that $4.9 billion market, less than $1.2 billion of it was in Compute.

看看我們客戶的路線圖，他們正在大力推動 EDGE AI 推理與訓練部分的客製化晶片。因此，我認為我們將在未來 3 年看到市場向更加平衡的轉變，而 2023 年將由資料中心主導，當我們度過這個中期時，資料中心之間將更加平衡和客戶。現在就適度的規模而言，我想嘗試提供一些背景信息，如果您回顧一下 2021 年 SOC TAM 總規模的高水位線，那就是約49億美元的市場。在這個 49 億美元的市場中，其中不到 12 億美元用於計算領域。

Now fast forwarding to this year, the overall TAM is down to $3.9 billion, and Compute is representing of $1.3 billion of that total. Now if you look into 2024, that's a very high level that it's at right now. And that level supports significantly increased production for these devices. The last thing that I'll point out is these devices are big and complex, and they have a high test intensity. But the unit volumes are relatively small, and the margin, the margin in the end market for these devices is very high. So the revenue that Compute makers are getting on these devices is pretty great. But it means that the number of testers required to fulfill that revenue demand is a little bit lower than it would be in the mobile space.

現在快進到今年，整體 TAM 下降至 39 億美元，計算業務佔其中的 13 億美元。現在，如果你展望 2024 年，你會發現目前的水準非常高。此水準支持顯著增加這些設備的產量。我要指出的最後一件事是這些設備又大又複雜，而且測試強度很高。但單位數量相對較小，而這些設備的終端市場的利潤率非常高。因此，計算製造商從這些設備上獲得的收入是相當可觀的。但這意味著滿足收入需求所需的測試人員數量比行動領域少一些。

And for my follow-up, I actually had 2 small ones. I don't know whether they're related or not, but, there was some media reports about Teradyne kind of pulling out of the China market from just the manufacturing footprint. I just wanted to see if there was any clarification around that? But the bigger question, Greg, that I have is, when I look at this midterm model and the forecast of growing, right, kind of low mid-20s in '25 and '26. If I look at the last decade, the only year Teradyne grew above that rate was just like one of the years, and that too was 2020. So why keep such a high forecast and that too for 2 years, what is the kind of the visibility and confidence in hitting those kind of growth rates?

對於我的後續行動，我實際上有兩個小。我不知道它們是否相關，但是，有一些媒體報告說泰瑞達只是從製造足跡中退出中國市場。我只是想看看是否有任何澄清？但格雷格，我面臨的更大問題是，當我看到這個中期模型以及 25 年和 26 年成長預測時，正確的，有點低到 20 年代中期。如果我看看過去十年，泰瑞達成長超過這一速度的唯一一年就像其中的一年，那也是2020 年。那麼為什麼要保持如此高的預測，並且持續兩年，是什麼樣的達到這樣的成長率的可見度和信心？

So first, just a quick comment on China. The news report is really nothing new. We've had a multiyear effort going on to increase the resilience of our supply chain. And that involved moving production locations for some of our products. We still have an extensive supply chain that is in China. We have over 600 people in China. We are competing for business and winning in China. And I think that it's -- it's a good headline, but there's nothing new in that story or in our commitment to that region, as a place where we expect to grow.

首先，簡單評論一下中國。新聞報道確實不是什麼新鮮事。我們多年來一直在努力提高供應鏈的彈性。這涉及到我們一些產品的生產地點的遷移。我們在中國仍然擁有廣泛的供應鏈。我們在中國有超過 600 名員工。我們在中國競爭業務並獲勝。我認為這是一個很好的標題，但這個故事或我們對該地區的承諾並沒有什麼新內容，因為我們希望成為一個成長的地方。

So on the midterm model, if you look at the -- if you look with a longer lens than you're talking about, we've been in this market for 60 years. And we've seen the dynamics of the market, as it comes out of downturns. So in coming out of 2001, coming out of 2009, and then, again, the COVID-related demand increase in 2020. It's not that unprecedented to see significant growth in the years following a downturn.

因此，在中期模型上，如果你用比你所說的更長的鏡頭來看，我們已經在這個市場上待了 60 年了。我們已經看到了市場走出低迷時期的動態。因此，經歷了 2001 年、2009 年以及 2020 年與新冠病毒相關的需求再次出現增長。在經濟衰退後的幾年裡出現顯著增長並不是史無前例的。

And looking at the state of the end market for mobile phones, and the end market for PCs, we really expect to see a pretty good snapback. The other X factor that I think we are becoming increasingly confident in is how generative AI is going to impact complexity of devices. So we were really kind of wondering what was going to be the next thing that drove complexity at the -- in handsets in cars at the EDGE. And it appears that the technology is incorporated in these large language models and the amount of Compute, that they need to execute is something that is a very positive tailwind both in the mobile and the compute part of the market.

看看手機終端市場和個人電腦終端市場的狀況，我們確實希望看到一個相當不錯的反彈。我認為我們越來越有信心的另一個未知因素是生成式人工智慧將如何影響設備的複雜性。因此，我們真的很想知道下一個推動邊緣汽車手機複雜性的因素是什麼。看來該技術已融入這些大型語言模型中，它們需要執行的計算量對於市場的移動和計算部分來說都是非常積極的推動力。

One final reminder is, as you look at this, when you think about EDGE AI, a lot of that is going to accrue to growth in the mobile part of the market and the automotive part of the market, not in the compute part of the market.

最後一個提醒是，當你看到這一點時，當你想到 EDGE AI 時，其中很大一部分將歸因於市場的移動部分和汽車市場的成長，而不是市場的計算部分。市場。

Our next question is from the line of Krish Sankar with TD Cowen.

我們的下一個問題來自 Krish Sankar 和 TD Cowen。

The first one is either for Greg or Sanjay. When I look at your Q1 guidance compared to the last time we had that revenue run rate, our earnings power is almost half of that. I'm just wondering, is there a function of maybe lower gross margin due to product mix like less auto analog testers? Or is it because of higher investments in IA, a combination? I'm just kind of curious. And then a follow-up after that.

第一個是給 Greg 或 Sanjay 的。當我將你們第一季的指引與我們上次的營收運作率進行比較時，我們的獲利能力幾乎只有一半。我只是想知道，是否存在由於產品組合（例如汽車模擬測試儀較少）而導致毛利率降低的功能？還是因為對 IA 的投資較高，是兩者的結合？我只是有點好奇。然後是後續行動。

Sure. So I think it's really fundamentally 2 things in Q1. One is much lower volume, but then really product mix. Say product mix is a little bit of a bigger driver, nothing more than that. It's product mix and volumes.

當然。所以我認為這實際上是第一季的兩件事。一是產量低很多，但產品組合確實如此。說產品組合是一個更大的驅動因素，僅此而已。這是產品組合和數量。

Got it. Got it. And then kind of like a more philosophical question for Greg. Greg, clearly, obviously, on the mobile test side, you have a good position. And then the last several years, it seems like your focus was on IA. And then now you've got the big investment in Technoprobe, which kind of came out of the blue and historically like vertical integration between Test and (inaudible) has never worked. I'm just kind of curious, is it because the last few years, you took your eye off the test market that now you're beginning to see a shift away from mobile to compute and you need to do certain things? Or is there something else going on?

知道了。知道了。然後對格雷格來說有點像是更哲學的問題。 Greg，很明顯，很明顯，在移動測試方面，你有一個很好的位置。在過去的幾年裡，你們的重點似乎都集中在 IA 上。現在你對 Technoprobe 進行了巨額投資，這種投資是突然出現的，而且歷史上測試和（聽不清楚）之間的垂直整合從未發揮過作用。我只是有點好奇，是不是因為過去幾年，您把目光從測試市場上移開了，現在您開始看到從移動到計算的轉變，並且您需要做某些事情？還是還有其他事情發生？

So I think the -- there's no real change in our strategic priorities. The -- and so our strategic priorities has always been to look for accretive investments and opportunities to put free cash flow to work for our investors in the most effective way. We didn't take our eye off the ball on Test, when we were talking about our Industrial Automation business.

所以我認為──我們的策略重點沒有真正的改變。因此，我們的策略重點始終是尋找增值投資和機會，以最有效的方式讓自由現金流為我們的投資者服務。當我們談論我們的工業自動化業務時，我們並沒有把注意力從測試上移開。

And as a matter of fact, over the period of time that you're talking about the Industrial Automation business was accretive that we were making money, and that IA business had a rough year in 2023, mainly because of end market conditions. So we haven't changed our strategy. The thing that's different and the thing that really motivated the investment in Technoprobe is that there is a trend in the Test market, that is drawing the tester and the interface closer together. And that's really driven by the complexity and performance in the end market.

事實上，在您談論的工業自動化業務這段時間內，我們一直在賺錢，而 IA 業務在 2023 年經歷了艱難的一年，主要是因為終端市場狀況。所以我們沒有改變策略。不同之處在於，測試市場中存在一種趨勢，即測試儀和介面更加緊密地結合在一起，這也是真正推動對 Technoprobe 進行投資的原因。這實際上是由終端市場的複雜性和性能所驅動的。

So if you look at the data rates that are required for SOC and memory devices, if you look at the bandwidths required for RF devices, if you look at the number of devices that customers want to test in parallel, all of those are driving a tighter integration between tester and interface. And by establishing a partnership with TPI, we believe that we were going to be able to achieve an advantage in terms of unlocking value for our customers that exists in the technology that Technoprobe has in those interfaces and our testers have in their architecture.

因此，如果您查看 SOC 和儲存設備所需的資料速率，如果您查看 RF 設備所需的頻寬，如果您查看客戶想要並行測試的設備數量，所有這些都在推動測試儀和介面之間更緊密的整合。透過與 TPI 建立合作夥伴關係，我們相信我們將能夠在為客戶釋放價值方面取得優勢，這些價值存在於 Technoprobe 在這些介面中所擁有的技術以及我們的測試人員在其架構中所擁有的技術中。

So I wouldn't say that the -- like the Technoprobe investment reflects a change in strategy, more it reflects the fact that we have been monitoring the trends in the Test market, and we discerned an opportunity for us to do something great for our customers and our investors.

因此，我不會說，就像Technoprobe 投資反映了策略的變化，更多的是反映了這樣一個事實：我們一直在監控測試市場的趨勢，並且我們發現了一個機會，可以為我們的公司做一些偉大的事。客戶和我們的投資者。

Our next question is from the line of Brian Chin with Stifel.

我們的下一個問題來自 Brian Chin 和 Stifel 的問題。

I going to ask a few questions. Maybe, Greg, in the past discussion, my numbers are a little bit off. But I believe you anticipated the hyperscaler ASIC companies maybe driving -- or representing $400 million or so of incremental growth in the Compute TAM in coming years. I guess how large do you see this market by 2026? And based on your customer wins and ongoing traction, what do you think your market share of this incremental could be in that time frame?

我要問幾個問題。也許，格雷格，在過去的討論中，我的數字有點偏差。但我相信您預計超大規模 ASIC 公司可能會在未來幾年推動計算 TAM 的增量成長，或代表 4 億美元左右的增量成長。我猜你認為到 2026 年這個市場有多大？根據您贏得的客戶和持續的吸引力，您認為在這段時間內您的增量市場份額會是多少？

So, I think I'll end up phoning a friend with Andy here in terms of what we've said in terms of projected TAM for that market.

因此，我想我最終會打電話給 Andy 的一位朋友，以了解我們對該市場的 TAM 預測。

We've said it's in the $400 million to $600 million range in '26, '27 time.

我們說過 26 年、27 年的投資額將在 4 億至 6 億美元之間。

Right. And we've said that the -- that has -- there's modest growth in the overall Compute segment over that period of time. So we're going to see a slight decline in sort of the traditional Compute part of the market and this $400 million to $600 million of new hyperscaler VIP, the way that you can think about this is we're always putting up a good fight to try and win share in the traditional Compute space. But we really think that our opportunity is to gain share in that $400 million to $600 million chunk.

正確的。我們已經說過，在那段時間裡，整個計算領域出現了適度的成長。因此，我們將看到市場的傳統計算部分略有下降，而價值 4 億至 6 億美元的新超大規模 VIP，你可以這樣想：我們總是在進行一場激烈的鬥爭嘗試在傳統計算領域贏得份額。但我們確實認為我們的機會是獲得這 4 億至 6 億美元的份額。

And what we've seen is, we're like -- say we're at a below 20% share in the traditional market. In terms of socket wins, the sockets that we see in the market, and we're competing for, we're definitely winning more than our fair share. So we're winning the majority of sockets that we're targeting. And so we're very hopeful that we'll end up with a pretty good split inside of that $400 million to $600 million.

我們所看到的是，我們在傳統市場的佔有率低於 20%。就插座獲勝而言，我們在市場上看到的插座以及我們正在競爭的插座，我們贏得的份額肯定超過了我們的公平份額。因此，我們贏得了我們目標的大多數插槽。因此，我們非常希望最終能在 4 億至 6 億美元之間獲得相當不錯的分配。

Okay. That's helpful. And then maybe focusing on the Memory Test part of the Test TAM. I think your main competitor as of last night is forecasting much stronger year-over-year growth in Memory Test than you this year. They're largely tied off to DRAM. I guess, how can we reconcile your (inaudible) with their sort of maybe more optimistic forecast? And does that do you think potentially represent upside to your view this year?

好的。這很有幫助。然後可能會關注測試 TAM 的記憶體測試部分。我認為截至昨晚，你們的主要競爭對手預測今年記憶體測試的同比增長將比你們強勁得多。它們很大程度上依賴 DRAM。我想，我們如何讓您的（聽不清楚）與他們可能更樂觀的預測一致？您認為這是否代表您今年的觀點可能有正面的一面？

I think it could represent upside to our view. But the thing that I'll remind you is that if you look at the Memory Test market, we typically break it up into 4 chunks. So 2 types of Memory, DRAM and NAND Flash and then the wafer sort and then the Final Test. Our highest share is in the Final Test for both DRAM and for Flash Memory.

我認為這可能代表了我們觀點的正面。但我要提醒您的是，如果您查看記憶體測試市場，我們通常會將其分為 4 個部分。因此，有 2 種類型的記憶體、DRAM 和 NAND 閃存，然後進行晶圓分類，然後進行最終測試。我們的最高份額是在 DRAM 和快閃記憶體的最終測試中。

What we've seen in 2023 is technology-related buying in those spaces, and that has been a great tailwind to our share in that market. What we don't have clear visibility into or real forecast from our customers is how much capacity they're going to need to add at wafer sort. So that's not a technology-driven retooling space. That's something where they can use the same testers for new generations of parts. And they need to have production volumes that drive additional acquisitions. It's entirely possible that our competitor has a better view into the long-term needs in the wafer sort for some of those customers than we do. So -- and it's also possible that we have not seen the benefit in that part of the market.

2023 年，我們在這些領域看到了與技術相關的購買，這對我們在該市場的份額起到了巨大的推動作用。我們無法清楚了解客戶或客戶的真實預測，他們在晶圓分類方面需要增加多少產能。所以這不是一個技術驅動的重組空間。他們可以使用相同的測試儀來測試新一代零件。他們需要有足夠的產量來推動額外的收購。我們的競爭對手完全有可能比我們更了解其中一些客戶對晶圓分類的長期需求。因此，我們也可能沒有看到這部分市場的好處。

So I'm pretty confident in our -- in that we have a good view of our Memory business for 2024. I think there is an upside potential depending on how much capacity add is required as the Memory inventories come down.

因此，我對我們的 2024 年記憶體業務非常有信心。我認為，存在上升潛力，這取決於隨著記憶體庫存下降需要增加多少容量。

Our next question comes from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自 Samik Chatterjee 與摩根大通的對話。

Maybe for the first one, if I can ask you in relation to the long-term model of the 2026 model, you are outlining strong growth in the Robotics segment, as you see a lot of opportunities for growth. How should we think about as you sort of invest towards that growth, what profitability can you drive to in that 2026 model for Robotics? And I have a follow-up.

也許對於第一個，如果我可以問您關於 2026 年模型的長期模型，您概述了機器人領域的強勁增長，因為您看到了很多增長機會。當您為這種增長進行投資時，我們應該如何考慮在 2026 年機器人模型中可以實現多少盈利能力？我有一個後續行動。

Samik, in terms of the long-term model, our goals remain kind of consistent for our Robotics group that our target performance is 20% to 30% growth and our target profit is 5% to 15%. What we've said previously and what we are still operating to is, as we are watching the growth develop in that market, if it appears that incremental investment is not yielding higher growth rates, then we will feather those back to try to increase the profit range. But as long as we believe that we are at this low penetration and there are fruitful investments that we can make, we would prefer to make those investments and continue to drive growth.

Samik，就長期模型而言，我們的機器人團隊的目標保持一致，即我們的目標績效成長 20% 至 30%，我們的目標利潤為 5% 至 15%。我們之前所說的以及我們仍在努力的方向是，當我們觀察該市場的成長發展時，如果增量投資似乎沒有產生更高的成長率，那麼我們將減少這些投資，以嘗試增加利潤範圍。但只要我們相信我們的滲透率如此之低，並且我們可以進行富有成效的投資，我們就寧願進行這些投資並繼續推動成長。

The key thing that we're doing in operating that group is we're really focusing on maintaining high gross margins. So we're in excess of 60% gross margins for the group now and we are intent on keeping those gross margins at that level so that we have the option to sort of dial the profit that is appropriate to the growth rate we're achieving.

我們在經營集團時所做的關鍵事情是我們真正專注於維持高毛利率。因此，我們現在集團的毛利率超過 60%，我們打算將這些毛利率保持在這個水平，以便我們可以選擇調整適合我們所實現的成長率的利潤。

That's helpful. And for my follow-up, just a question on gross margin for the year. I think for the full year 2024, you're guiding to 58% to 59% with the starting point you have, that does imply, I think, if I do the math that you would be at some point during the year crossing 60%. Am I sort of calculating that right? Is that sort of what you're implying? And what are the drivers to get to that 60% level during 2024 itself with the volume challenges that you're seeing right now in the Test market?

這很有幫助。對於我的後續行動，只是關於今年毛利率的問題。我認為，對於 2024 年全年，您的起點將達到 58% 到 59%，這確實意味著，我認為，如果我計算一下，您將在一年中的某個時刻突破 60% 。我這樣計算對嗎？你說的就是這個意思嗎？鑑於您目前在測試市場中看到的數量挑戰，在 2024 年期間達到 60% 水平的驅動因素是什麼？

Yes. So you're right. I think some of the quarters, we do anticipate to be higher than our model, really coming back with a stronger product mix. In various quarters, we have obviously higher volume. And then some of our higher product lines or some of our higher-margin product lines do come back. So it's volume in the quarters, but mainly product mix and product line mix that are driving the improvement. I should add that there's also operational efficiencies that we're working on that we anticipate that will help margins as well in the back half.

是的。所以你是對的。我認為在某些季度，我們確實預計會高於我們的模型，真正以更強大的產品組合回歸。在各個季度，我們的成交量都明顯更高。然後我們的一些較高的產品線或一些利潤率較高的產品線確實會回來。因此，推動改善的是季度銷量，但主要是產品組合和產品線組合。我應該補充一點，我們正在努力提高營運效率，我們預計這也將有助於提高後半段的利潤率。

The next questions are from the line of Toshiya Hari with Goldman Sachs.

接下來的問題來自高盛的 Toshiya Hari。

I had 2 as well. The first one on HBM. Greg, can you characterize your competitive position in this market. That's number one. Number two, how big was HBM as a percentage of your Memory business either in calendar '23 or Q4? And with your customers sort of expecting 50%, 60% growth on an annual basis over the next couple of years or several years, should we think about -- should we think -- should we assume the growth rate in your business to be in that ZIP code? Or could there be retooling or parallel test that sort of deflates that number?

我也有2個。 HBM 上的第一個。格雷格，您能描述一下您在這個市場上的競爭地位嗎？這是第一名。第二，在 23 年曆或第 4 季度，HBM 在您的記憶體業務中所佔的百分比有多大？由於您的客戶期望在未來幾年或幾年內每年實現 50%、60% 的成長，我們是否應該考慮——我們是否應該考慮——我們是否應該假設您的業務成長率在那個郵遞區號？或者是否可以透過重組或平行測試來減少這個數字？

Okay. So you packed a lot of parts into that question. So let me start unpacking it. So first, in terms of competitive position. Right now, we are roughly splitting the HBM test market with our competitors. So if you look at overall share, that's a positive to our share that there are multiple competitors in the overall Memory space. But the HBM part of the market is pretty much a clean split between us and our competitor.

好的。所以你在這個問題中包含了很多部分。那麼就讓我開始拆包吧。首先，就競爭地位而言。目前，我們正在與競爭對手大致瓜分 HBM 測試市場。因此，如果你看一下整體份額，你會發現整個記憶體領域有多個競爭對手，這對我們的份額是有利的。但 HBM 市場部分在我們和我們的競爭對手之間幾乎是一分為二的。

In Q4, we think HBM represented more than 50% of our Memory shipments. So it was a huge factor in that quarter. And in terms of growth, we think that there is the potential for growth that there are new HBM competitors that are coming on the scene. So there's both a unit volume growth. I think that a lot of that -- the capacity for a lot of that is in place now. But there are also standard changes, HBM3e and HBM4 that are coming, and those are driving retooling for performance tests. And we think that, that is going to be a potential driver for us in the back half of the year in Memory.

在第四季度，我們認為 HBM 占我們記憶體出貨量的 50% 以上。所以這是該季度的一個重要因素。就成長而言，我們認為新的 HBM 競爭對手的出現具有成長潛力。所以單位體積都有成長。我認為現在已經具備了很多能力。但標準的變化，HBM3e 和 HBM4 即將到來，這些變化正在推動效能測試的重組。我們認為，這將成為我們今年下半年記憶體領域的潛在驅動力。

Got it. And then as my follow-up on the Robotics side, just wanted to get your thoughts on '24. You're guiding the business up 10% to 20%. You talked about obviously, the long-term value proposition, which makes sense. You're ramping the UR30, you talked about some of the initiatives you're doing from a channel distribution perspective. So I'm just curious, if you're guiding the long term up 20% to 30%, why up 10% to 20% this year particularly given the fact that '23 was down close to 10%. What's sort of weighing on growth this year?

知道了。然後，作為我在機器人方面的跟進者，我只是想了解您對 '24' 的想法。您正在引導業務成長 10% 到 20%。顯然，您談到了長期價值主張，這是有道理的。您正在提升 UR30，您談到了您從通路分銷角度正在採取的一些舉措。所以我只是好奇，如果你指導長期上漲 20% 到 30%，為什麼今年要上漲 10% 到 20%，特別是考慮到 23 年下跌了接近 10%。今年的成長受到哪些因素的影響？

Well, I think, the key thing that is limiting our optimism is that even though we had a really great Q4, we had a really great Q4 because we introduced basically a blockbuster product. 24% or so of our revenue in Q4 came from that product. Underlying that, there's still some fundamental weakness in the Industrial end market. And there are predictions that, that is going to ease that the demand is going to come back relatively strongly. But we are entering Q1 of 2024 with PMIs at a relatively low level and a fair amount of -- some regions that are quite quiet.

好吧，我認為，限制我們樂觀情緒的關鍵是，儘管我們有一個非常出色的第四季度，但我們有一個非常出色的第四季度，因為我們基本上推出了重磅產品。我們第四季約 24% 的營收來自該產品。在此基礎上，工業終端市場仍存在一些根本性弱點。據預測，這將緩解需求將相對強勁地恢復的情況。但進入 2024 年第一季度，PMI 仍處於相對較低的水平，而且相當一部分地區相當安靜。

So we have optimism for continued growth through the year, both quarter-on-quarter through the year and each quarter in comparison to the year prior. But we're coming in with a relatively low Q1. So we wanted to be careful in terms of where we set the bar for growth for the full year.

因此，我們對全年的持續成長持樂觀態度，無論是全年季度環比還是每季與上年相比。但我們的第一季相對較低。因此，我們希望在設定全年成長標準時保持謹慎。

Okay. And operator, we are out of time. So folks that are still in the queue, I'll get back to you later this morning. But thanks, everyone, for joining, and we look forward to talking to you in the days and weeks ahead. Bye.

好的。接線員，我們沒時間了。仍在排隊的人們，我會在今天早上晚些時候回覆你們。但感謝大家的加入，我們期待在未來的幾天和幾週內與您交談。再見。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。