泰瑞達 (TER) 2024 Q2 法說會逐字稿

Good day ladies and gentlemen and welcome to Q2 2024 Teradyne, Inc. earnings conference call.

女士們、先生們，大家好，歡迎參加泰瑞達 2024 年第二季財報電話會議。

At this time all participants are in listen-only mode.

此時所有參與者都處於只聽模式。

A question-and-answer session will follow the formal presentation.

正式演講後將舉行問答環節。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I would like to turn the conference over to Traci Tsuchiguchi.

我想把會議交給 Traci Tsuchiguchi。

Please go ahead ma'am.

女士，請繼續。

Thank you.

謝謝。

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

大家早安，歡迎來到我們對泰瑞達最新財務表現的討論。

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

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)。

Following our opening remarks, we'll provide details of our performance for the second quarter of 2024 and our outlook for the third quarter of 2024.

在我們的開場白之後，我們將提供 2024 年第二季業績的詳細資訊以及 2024 年第三季的展望。

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

包含我們第二季業績的新聞稿於昨晚發布。

We are providing slides as well as the copy of this earnings script on the Investor page of the Teradyne website that may be helpful in following the discussion.

我們在泰瑞達網站的投資者頁面上提供幻燈片以及此收益腳本的副本，這可能有助於追蹤討論。

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

通話結束後，可以透過同一頁面重播此通話。

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

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

We caution listeners not to place undue reliance on any forward-looking statements included in this presentation.

我們提醒聽眾不要過度依賴本簡報中的任何前瞻性陳述。

We encourage you to review the Safe Harbor statement contained in slides accompanying this presentation as well as the risk factors described in our annual report on form 10-K filed with the SEC.

我們鼓勵您查看本簡報附帶的幻燈片中包含的安全港聲明以及我們向 SEC 提交的 10-K 表格年度報告中所述的風險因素。

Additionally, these forward-looking statements are made only as of today.

此外，這些前瞻性陳述僅在今天作出。

During today's call, we will refer to non-GAAP financial measures.

在今天的電話會議中，我們將提及非公認會計準則財務指標。

We have posted additional information concerning these non-GAAP financial measures including reconciliation to the most directly comparable GAAP financial measures where available on the Investor page of our website.

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最直接可比的 GAAP 財務指標的對帳。

Looking ahead between now and our next earnings call, Teradyne expects to participate in technology and investor-focused investor conferences, hosted by KeyBanc, Evercore, Jefferies, Citigroup, and Goldman Sachs.

展望從現在到下一次財報電話會議，泰瑞達預計將參加由 KeyBanc、Evercore、Jefferies、花旗集團和高盛主辦的以技術和投資者為中心的投資者會議。

Following Greg and Sanjay's comments this morning, we'll open up the call for questions.

在格雷格和桑傑今天早上發表評論之後，我們將開始提問。

This call is scheduled for one hour.

這次通話預計持續一小時。

Greg?

格雷格？

Thank you, Traci.

謝謝你，特蕾西。

Good morning, everyone, and thanks for joining us.

大家早安，感謝您加入我們。

Today, I will summarize our second quarter results and discuss the trends we are seeing in the semiconductor and Advanced Robotics industries.

今天，我將總結我們第二季的業績，並討論我們在半導體和先進機器人產業看到的趨勢。

Then Sanjay will go into more depth about our second quarter results and forward looking guidance.

然後桑傑將更深入地介紹我們第二季的業績和前瞻性指導。

At a high level the market dynamics that we identified in our April earnings call have continued through the second quarter.

從高水準來看，我們在四月的財報電話會議中確定的市場動態一直持續到第二季​​。

Cloud AI is driving strong demand across the SoC and memory test markets.

雲端人工智慧正在推動 SoC 和記憶體測試市場的強勁需求。

We have accelerated engineering and sales investments to continue to improve our market position, drive share and increase our ability to deliver long-term sustainable growth.

我們加快了工程和銷售投資，以繼續提高我們的市場地位、提高份額並提高我們實現長期可持續成長的能力。

Outside of compute and memory, all other major test markets, including mobile, continue to be soft.

除了計算和記憶體之外，包括行動在內的所有其他主要測試市場仍然疲軟。

Robotics has delivered on-plan results in a weak macro environment and we continue to expect incremental growth each quarter of this year.

機器人技術在疲弱的宏觀環境下實現了按計劃的業績，我們繼續預計今年每季都會出現增量成長。

Focusing in on Q2, we delivered second quarter financial results above our revenue, gross margin and earnings guidance ranges.

重點關注第二季度，我們交付的第二季度財務表現高於我們的收入、毛利率和獲利指導範圍。

Memory and SoC delivered above our plan and showed strong performance in the quarter, primarily driven by AI applications.

記憶體和 SoC 的交付超出了我們的計劃，並在本季度表現出強勁的性能，這主要是由人工智慧應用程式推動的。

Continuing the trend we noted in the first quarter, Cloud AI demand drove compute revenue with considerable strength in networking devices.

延續我們在第一季注意到的趨勢，雲端人工智慧需求以網路設備的巨大優勢推動了運算收入。

AI enabled data centers have a very high number of network connection points to support training large language models, which is changing the mix in this segment to include more networking silicon.

支援人工智慧的資料中心擁有大量網路連接點來支援訓練大型語言模型，這正在改變這一領域的組合，以包含更多的網路晶片。

Our historic strength in networking combined with shipments to support a vertically integrated producer or VIP resulted in compute revenue in the first half of 2024, exceeding all of our compute revenue in 2023.

我們在網路方面的歷史優勢與支援垂直整合生產商或 VIP 的出貨量相結合，導致 2024 年上半年的計算收入超過了 2023 年的所有計算收入。

We currently expect that Teradyne's SoC revenue from the compute end market will be on par with mobile revenue this year.

我們目前預計泰瑞達今年來自計算端市場的SoC收入將與行動收入持平。

In memory AI driven HBM DRAM demand remains strong.

在記憶體領域，人工智慧驅動的 HBM DRAM 需求依然強勁。

We are now seeing AI driven servers pulling demand across a broader range of memory, including enterprise SSD NAND flash.

我們現在看到人工智慧驅動的伺服器拉動了更廣泛的記憶體需求，包括企業級 SSD NAND 快閃記憶體。

We are also seeing memory demand for the mobile market with strength in LPDDR and continuing retooling to support the latest protocol based mobile flash memory technologies.

我們還看到行動市場對記憶體的需求，LPDDR 的優勢以及持續的重組以支援基於最新協議的行動快閃記憶體技術。

As a result, our memory business has grown nearly 30% in the first half of 2024 compared to the first half of 2023.

因此，我們的記憶體業務在 2024 年上半年比 2023 年上半年成長了近 30%。

While we are not changing our estimated memory tam expectation for the year, we expect that the market is trending towards the upper end of our $1.2 billion to $1.3 billion forecast.

雖然我們不會改變今年的記憶體消耗預期，但我們預期市場將趨向我們 12 億至 13 億美元預測的上限。

Moving on to Q3, the positive impact of AI on test is expected to continue into the third quarter.

進入第三季度，人工智慧對測試的積極影響預計將持續到第三季度。

However, a meaningful uptick in other end markets, including legacy auto and industrial, may not occur until the 2025 timeframe.

然而，包括傳統汽車和工業在內的其他終端市場可能要到 2025 年才會出現有意義的成長。

As a result, at the company level for the full year, we continue to expect low single digit revenue growth from 2023.

因此，在公司層面，我們繼續預期從 2023 年開始，營收將出現較低的個位數成長。

As a reminder, excluding the impact of the sale of DIS to Technoprobe, our 2024 revenue growth would have been a couple of percentage points higher.

提醒一下，排除將 DIS 出售給 Technoprobe 的影響，我們 2024 年的營收成長將會高出幾個百分點。

Now, turning to Robotics, despite a weak macro environment, our Advanced Robotics business grew sequentially from Q1 to Q2.

現在，轉向機器人業務，儘管宏觀環境疲軟，我們的先進機器人業務從第一季到第二季仍實現了環比成長。

Looking at the first half of 2024, we grew 11% compared to the first half of 2023.

展望 2024 年上半年，與 2023 年上半年相比，我們成長了 11%。

We estimate that traditional players in the automation space have seen sales actually decline in the range of 5% to 7% over the same period.

我們估計，自動化領域的傳統參與者同期銷售額實際上下降了 5% 至 7%。

We are executing a three-pronged growth strategy for our Advanced Robotics business; SAM expansion, channel transformation and recurring services and software.

我們正在為先進機器人業務執行三管齊下的成長策略； SAM 擴展、通路轉型以及經常性服務和軟體。

In the second quarter, we have made progress in all three areas.

第二季度，我們在這三個方面都取得了進展。

First SAM expansion, our new high payload cobots, the UR20 and UR30, began shipping late last year.

第一款 SAM 擴展是我們的新型高負載協作機器人 UR20 和 UR30，已於去年年底開始出貨。

In Q2 of 2024, these products represented over 20% of UR sales.

2024 年第二季度，這些產品佔 UR 銷售額的 20% 以上。

The new AI powered MiR1200 Pallet Jack was announced in the first quarter and will begin shipments in Q4 of this year.

新型人工智慧驅動的 MiR1200 托盤搬運車於第一季發布，將於今年第四季開始出貨。

This product includes a market leading pallet detection solution developed in collaboration with Nvidia and has been well received by target manufacturing and logistics customers, resulting in significant backlog for Q4 shipment.

該產品包含與 Nvidia 合作開發的市場領先的托盤檢測解決方案，受到目標製造和物流客戶的好評，導致第四季度出貨量大量積壓。

Our highest priority in our Robotics go-to-market transformation is the development of an OEM solutions channel for UR.

我們機器人市場轉型的首要任務是為 UR 開發 OEM 解決方案管道。

We have seen that customers purchasing cobot-based solutions from these partners get into production more quickly and have fewer problems than customers that build their own solutions or rely upon an integration partner.

我們發現，與建立自己的解決方案或依賴整合合作夥伴的客戶相比，從這些合作夥伴那裡購買基於協作機器人的解決方案的客戶可以更快地投入生產，並且遇到的問題更少。

There are two aspects to the OEM Channel strategy.

OEM 通路策略有兩個面向。

The first is signing up new OEM solution partners.

首先是簽約新的 OEM 解決方案合作夥伴。

In the first half of 2024, we have increased the total number of OEM solutions partners by 8%.

2024年上半年，我們的OEM解決方案夥伴總數增加了8%。

Second, we work with these partners to get them to scale, which we define as having an annual revenue run rate above $1 million.

其次，我們與這些合作夥伴合作，幫助他們擴大規模，我們將其定義為年收入運行率超過 100 萬美元。

Midway through the year we have nearly as many OEM solution partners that have reached that revenue level as we had in all of 2023.

今年中期，達到這一收入水準的 OEM 解決方案合作夥伴數量幾乎與 2023 年全年的數量一樣多。

One of our largest revenue OEM partners in the first half of 2024 uses our cobots in an AI based logistics solution.

我們最大的收入 OEM 合作夥伴之一將於 2024 年上半年在基於人工智慧的物流解決方案中使用我們的協作機器人。

Overall, the OEM solutions channel has shown over 70% growth from the first half of 2023 to the first half of 2024.

整體而言，從2023年上半年到2024年上半年，OEM解決方案管道成長了70%以上。

In the second quarter, the OEM channel represented over 30% of UR's revenue.

第二季度，OEM頻道佔UR收入的30%以上。

Finally, because of the criticality of the processes that our Robotics are being used to automate, we saw an opportunity to build a strong service business.

最後，由於我們的機器人技術用於自動化流程的重要性，我們看到了建立強大服務業務的機會。

In the first half of 2024 we launched managed service offerings at UR and MiR and are beginning to see customer uptake.

2024 年上半年，我們在 UR 和 MiR 推出了託管服務產品，並開始看到客戶的採用。

On balance, the positive effect of these growth vectors and the challenging demand environment, we are expecting growth towards the low end of this year's target 10% to 20% range.

總而言之，考慮到這些成長因素的正面影響以及充滿挑戰的需求環境，我們預計成長將達到今年 10% 至 20% 目標範圍的低端。

Last quarter, I shared the idea that AI would be a transformational, secular growth driver across Teradyne's businesses.

上個季度，我分享了人工智慧將成為泰瑞達業務轉型、長期成長驅動力的想法。

In the first half of 2024, we saw the considerable AI driven growth in memory, networking and ramps of vertically integrated producers, but we think that this is just the beginning.

2024 年上半年，我們看到人工智慧驅動的記憶體、網路和垂直整合生產商的產能大幅成長，但我們認為這只是開始。

We believe that a larger opportunity lies ahead as inference applications and edge AI begins to permeate the mobile and industrial end markets, markets where Teradyne is traditionally strong.

我們相信，隨著推理應用和邊緣人工智慧開始滲透到泰瑞達歷來強勢的行動和工業終端市場，更大的機會就在前方。

We are also already seeing the impact of AI on our Robotics business, with AI powered OEM solutions for UR and a strong backlog for our AI enabled pallet jack.

我們也看到人工智慧對我們的機器人業務的影響，為 UR 提供人工智慧驅動的 OEM 解決方案，以及我們支援人工智慧的托盤搬運車的大量積壓訂單。

We believe that we are well positioned as a leading platform for the development of AI based solutions for manufacturing and logistics.

我們相信，我們已成為開發基於人工智慧的製造和物流解決方案的領先平台。

We are seeing AI driven growth now and we expect AI to be an overarching growth driver for years to come in test and in Robotics.

我們現在看到人工智慧驅動的成長，我們預計人工智慧將成為未來幾年測試和機器人技術領域的首要成長動力。

With that, I'll turn the call over to Sanjay.

這樣，我會將電話轉給 Sanjay。

Sanjay?

桑傑？

Thank you, Greg.

謝謝你，格雷格。

Good morning everyone.

大家，早安。

Today, I'll cover the financial summary of Q2, provide our Q3 outlook and planning assumptions for the full year.

今天，我將介紹第二季的財務摘要，提供第三季的展望和全年的規劃假設。

Now to Q2, second quarter sales were $730 million, which was $5 million above the high end of our guidance with non-GAAP EPS of $0.86, which was above our high end guide of $0.84. Non-GAAP gross margins were 58.3%.

截至第二季度，第二季度銷售額為 7.3 億美元，比我們指引的上限高出 500 萬美元，非 GAAP 每股收益為 0.86 美元，高於我們指引的上限 0.84 美元。非 GAAP 毛利率為 58.3%。

This was above our guidance due to higher volumes and product mix.

由於產量和產品組合增加，這超出了我們的指導。

Non-GAAP operating profit was approximately 22%.

非 GAAP 營業利潤約 22%。

Turning to our revenue breakdown in Q2, Semi test revenue for the quarter was $543 million, with SoC contributing $414 million and memory $129 million.

轉向我們第二季的營收細分，該季度的半測試收入為 5.43 億美元，其中 SoC 貢獻 4.14 億美元，記憶體貢獻 1.29 億美元。

Strength in SOC was driven by both compute and mobile.

SOC 的優勢由計算和移動驅動。

Memory test shipments were driven by technology tooling for new UFS 4.0 standard in mobility.

記憶體測試出貨量是由新 UFS 4.0 移動標準的技術工具推動的。

While the broader auto industry remained sluggish, we benefited from a VIP with a large purchase in this segment, reflecting edge AI's impact on the auto market.

雖然更廣泛的汽車行業仍然低迷，但我們受益於 VIP 在該細分市場的大量購買，反映了邊緣人工智慧對汽車市場的影響。

In memory, we continue to expect DRAM to dominate the memory mix.

在記憶體方面，我們繼續預期 DRAM 將在記憶體組合中佔據主導地位。

We have significant backlog for HVM, enabling strength in the memory market driven by AI.

我們在 HVM 方面有大量積壓訂單，這使得人工智慧驅動的記憶體市場變得更加強大。

We closed the sale of our device interface solutions business or DIS to Technoprobe on May 27.

我們於 5 月 27 日完成了向 Technoprobe 出售設備介面解決方案業務或 DIS 的交易。

DIS contributed $16 million to our revenue in the quarter consistent with our expectations in System test group Q2 revenue was $61 million with $17 million in storage tests on low SLT and HDD demand.

DIS 在本季為我們的營收貢獻了 1,600 萬美元，與我們對系統測試組第二季營收 6,100 萬美元的預期一致，其中 1,700 萬美元用於低 SLT 和 HDD 需求的儲存測試。

Recall SLT has high exposure to the smartphone market and even as HDD end markets begin to recover, tester utilization remains low.

回想一下，SLT 在智慧型手機市場佔有很大份額，即使 HDD 終端市場開始復甦，測試器利用率仍然很低。

In Wireless Test revenue was $36 million in Q2, improving as expected due to gaming and the initial ramp of Wi-Fi 7.

第二季無線測試收入為 3,600 萬美元，由於遊戲和 Wi-Fi 7 的初步成長，收入按預期有所改善。

Now to Robotics, for the fourth quarter in a row we executed to our revenue plan in Robotics.

現在談到機器人技術，我們連續第四季度執行了機器人技術的收入計畫。

Revenue was $90 million, up sequentially and increased 26% year-over-year.

營收為 9,000 萬美元，季增增長，年增 26%。

In the quarter, UR contributed $75 million and MiR contributed $16 million.

本季度，UR 貢獻了 7,500 萬美元，MiR 貢獻了 1,600 萬美元。

Given the potential changes in the regulatory environment involving China, we thought it would be helpful to provide some insight into our revenue exposure in that region.

鑑於涉及中國的監管環境可能發生變化，我們認為深入了解我們在該地區的收入狀況將有所幫助。

Year-to-date, approximately 10% of our total company sales were shipped to China.

今年迄今為止，我們公司總銷售額的約 10% 銷往中國。

This includes shipments to indigenous and multinational customers.

這包括向本土和跨國客戶發貨。

Total sales to indigenous customers was less than 5% in the first half of 2024.

2024 年上半年，本土客戶的總銷售額不到 5%。

This is consistent with the full year of 2023.

這與2023年全年一致。

Our team continues to service our customers in this market while complying with all regulations.

我們的團隊將繼續為該市場的客戶提供服務，同時遵守所有法規。

Shifting to some cash metrics, at a company level, our free cash flow was $171 million in the quarter.

轉向一些現金指標，在公司層面，我們本季的自由現金流為 1.71 億美元。

Strong free cash flow in the quarter was primarily driven by earnings and net working capital improvements.

本季強勁的自由現金流主要是由收益和淨營運資本改善所推動的。

We repurchased $8 million of shares in the quarter and paid $19 million in dividends.

我們在本季回購了 800 萬美元的股票，並支付了 1,900 萬美元的股息。

We ended the quarter with $584 million in cash and marketable securities.

本季結束時，我們擁有 5.84 億美元的現金和有價證券。

The completion of the Technoprobe transactions resulted in a net cash outlay of $434 million and resulted in a 10% equity stake in Technoprobe.

Technoprobe 交易的完成導致淨現金支出 4.34 億美元，並獲得 Technoprobe 10% 的股權。

Some other financial information in Q2, we had two 10% customers in the quarter.

第二季度的一些其他財務信息，本季度我們有兩個 10% 的客戶。

The tax rate, excluding discrete items for the quarter, was 14.25% on a GAAP basis and 15% on a non-GAAP basis.

不包括本季離散項目的稅率以 GAAP 計算為 14.25%，以非 GAAP 計算為 15%。

Now to our outlook for Q3.

現在我們對第三季的展望。

Q3 sales are expected to be between $680 million and $740 million, with non-GAAP EPS in the range of $0.66 to $0.86 on 164 million diluted shares.

第三季銷售額預計在 6.8 億美元至 7.4 億美元之間，非 GAAP 每股收益在 1.64 億股稀釋後股票的 0.66 美元至 0.86 美元之間。

GAAP EPS is expected to be in the range of $0.62 to $0.82. Some color on our Q3 revenue expectation, in our April call, our mid-guide for Q2 was $695 million, and we noted that the third quarter would be flattish.

GAAP 每股盈餘預計在 0.62 美元至 0.82 美元之間。我們對第三季營收預期的一些看法是，在 4 月的電話會議中，我們對第二季的中期指引為 6.95 億美元，我們指出第三季將持平。

Our second quarter revenue came in higher than we forecasted on the heels of strong demand in our Semi Test business.

由於半測試業務的強勁需求，我們第二季的營收高於我們的預期。

Our third quarter revenue forecast of $710 million at the midpoint is now higher than it was 90 days ago.

我們第三季營收預測的中點為 7.1 億美元，高於 90 天前的水準。

Third quarter gross margins are estimated at 58.5% to 59.5% and OpEx is expected to run at 38% to 40% of third quarter sales, up from Q2.

第三季毛利率預計為 58.5% 至 59.5%，營運支出預計將佔第三季銷售額的 38% 至 40%，高於第二季。

As Greg discussed, we are acting on opportunities to accelerate investments that we believe will drive share and long-term sustainable growth.

正如格雷格所討論的，我們正在抓住機會加速投資，我們相信這將推動份額和長期可持續成長。

The non-GAAP operating profit rate at the midpoint of our third quarter guidance is 20%.

我們第三季指引中位數的非 GAAP 營業利潤率為 20%。

Our total semiconductor ATE TAM estimates remain unchanged from our view in April.

我們對半導體 ATE TAM 的整體預測與 4 月的觀點相比保持不變。

However, we made some slight adjustments within the segments.

不過，我們在細分領域內做了一些細微的調整。

We have included a slide in the appendix of our earnings deck with this information.

我們在收益報告的附錄中包含了一張包含此資訊的幻燈片。

Recall our SoC TAM range is $3.6 billion to $4.2 billion with a midpoint of $3.9 billion.

回想一下，我們的 SoC TAM 範圍為 36 億美元至 42 億美元，中間值為 39 億美元。

This is comprised of compute, which we now estimate to be $1.6 billion, up $100 million from our prior estimate.

其中包括計算費用，我們現在估計為 16 億美元，比我們先前的估計增加了 1 億美元。

The increase in compute is offset by a reduction in our estimate for mobile, which is down $100 million to $800 million.

計算量的增加被我們對行動裝置預估的減少所抵消，行動裝置預估減少了 1 億至 8 億美元。

We estimate auto MCU at $500 million, industrial at $300 million, and services at $700 million each at the midpoint of our range.

我們估計汽車 MCU 為 5 億美元，工業為 3 億美元，服務業為 7 億美元，處於我們範圍的中點。

Our estimated memory TAM range of $1.2 billion to $1.3 billion appears to be tracking towards the high end.

我們估計記憶體 TAM 範圍為 12 億美元至 13 億美元，似乎正在朝向高端邁進。

Back to revenues, with our outperformance in the first half of the year, our expectation for revenue distribution for the full year is now less back half weighted than our view in April.

回到收入方面，由於我們在上半年表現出色，我們對全年收入分配的預期現在比我們 4 月的看法要少。

We currently expect around 48% of the company's revenue to be in the first half and 52% in the second half.

我們目前預計公司上半年營收約48%，下半年營收約52%。

We expect full year revenue to grow in the low single digit range compared to 2023.

與 2023 年相比，我們預計全年收入將在較低的個位數範圍內成長。

Note that excluding the impact of the DIS divestiture, our full year revenue growth expectation would be nearly 3 points higher.

請注意，排除 DIS 剝離的影響，我們的全年收入成長預期將高出近 3 個百分點。

Now to gross margins.

現在談談毛利率。

Gross margins have improved through the course of the year and are expected to be at our full target gross margin model by the fourth quarter.

全年毛利率有所改善，預計到第四季將達到我們的全部目標毛利率模型。

Full year gross margins will likely be in the 58% to 59% range, unchanged from our prior outlook.

全年毛利率可能在 58% 至 59% 範圍內，與我們先前的預期持平。

Regarding OpEx for the full year, we expect full year 2024 OpEx to grow approximately 8%, which is above our prior guidance of 5% to 7% as we accelerate investment and opportunities to continue to strengthen our position and gain share.

關於全年營運支出，我們預計2024 年全年營運支出將成長約8%，這高於我們先前5% 至7% 的指導，因為我們加快了投資，並有機會繼續鞏固我們的地位並獲得份額。

Turning to Robotics profitability.

轉向機器人獲利能力。

As Greg noted, we expect to grow revenue towards the low end of our 10% to 20% range.

正如 Greg 指出的那樣，我們預計收入成長將達到 10% 至 20% 範圍的低端。

We expect Robotics will be roughly breakeven in 2024.

我們預計機器人技術將在 2024 年大致達到損益平衡。

Our GAAP and non-GAAP tax rate, excluding discrete items, are forecasted to be 14.25% and 15% respectively in 2024.

我們的 GAAP 和非 GAAP 稅率（不包括離散項目）預計 2024 年分別為 14.25% 和 15%。

With regard to capital allocation, we will continue to target 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 $800 million.

在資本配置方面，我們將繼續將 2024 年的股票回購目標定為抵銷股權薪資稀釋和員工股票購買計畫所必需的金額，從而建立最多 8 億美元的現金回饋。

Summing up, we delivered sales and earnings above the high end of our guidance range as memory and compute revenue exceeded our plan in Semi Test.

總而言之，由於記憶體和計算收入超出了我們在半測試中的計劃，因此我們的銷售額和收益高於我們的指導範圍的高端。

The mobile, industrial and legacy auto markets remained soft.

行動、工業和傳統汽車市場仍然疲軟。

Our Robotics team delivered sequential and year-over-year growth as we continue to execute our new product development and go-to-market strategies.

隨著我們繼續執行新產品開發和上市策略，我們的機器人團隊實現了連續和同比增長。

Our company's first half performance gives us confidence that we are on track for the year.

我們公司上半年的業績讓我們對今年的發展充滿信心。

Our midterm fundamentals remain strong and we are investing to capture the opportunities beyond 2024.

我們的中期基本面仍然強勁，我們正在投資以抓住 2024 年以後的機會。

With that, I'll turn the call back to the operator to open the line up for questions.

這樣，我會將電話轉回給接線員，以開啟提問隊列。

Operator?

操作員？

(Operator Instructions) C.J. Muse, Cantor Fitzgerald.

（操作員說明）C.J. Muse、Cantor Fitzgerald。

Yes, good morning.

是的，早安。

Thank you for taking the question.

感謝您提出問題。

I was hoping maybe you could speak to visibility and outlook into 2025, particularly around Semi Test, and would love to hear your thoughts around how you're seeing recovery in mobility, as well as on the memory side progress with securing that second potential customer in HBM.

我希望您能談談 2025 年的可見性和展望，特別是在半測試期間，並且很想听聽您對移動性復甦的看法，以及在確保第二個潛在客戶方面取得的內存方面進展的想法在HBM 中。

Hey CJ, this is Greg.

嘿，CJ，這是格雷格。

Basically, we are pretty bullish on 2025.

基本上，我們對 2025 年非常樂觀。

The Semi Test market in 2024, we're seeing strength in computing and we're also seeing fair amount of upgrade business where people are converting testers that were underutilized in mobile to use for compute and VIP applications, so that's soaking up some of the excess in that market.

2024 年的半測試市場，我們看到了計算方面的優勢，我們還看到了大量的升級業務，人們正在將移動設備中未充分利用的測試儀轉換為用於計算和VIP 應用程序，因此這會吸收一些該市場的過剩。

We expect that to really sort of accelerate business.

我們預計這將真正加速業務發展。

As mobile returns in 2025, it won't have that capacity to grow into.

隨著 2025 年行動裝置的回歸，它將不再具備這種成長能力。

On HBM, I think we continue to expect that we are going to make progress in two directions on HBM.

關於 HBM，我認為我們繼續期望我們將在 HBM 的兩個方向上取得進展。

One is that our share has primarily been in the pre-stack wafer test of HBM, and we believe that we're going to be gaining share in performance tests of the HBM memory after it's been stacked.

一是我們的份額主要是在 HBM 堆疊前晶圓測試中，我們相信我們將在 HBM 記憶體堆疊後的效能測試中獲得份額。

And so we're hoping that we can expand both our market share within the account where we are participating in HBM and then also break into additional accounts for HBM and that would be more of a 2025 thing.

因此，我們希望能夠擴大我們參與 HBM 的帳戶內的市場份額，然後還進入 HBM 的其他帳戶，這將是 2025 年的事情。

So I think overall, our outlook for 2025 and into 2026 is in line with what we talked about in January.

因此，我認為總體而言，我們對 2025 年和 2026 年的展望與我們 1 月討論的一致。

Excellent.

出色的。

And I guess as a followup, could you update us where you are with VIP?

我想作為後續行動，您能否向我們介紹一下您的 VIP 狀況？

I think you talked about one large auto customer in June.

我想您在六月談到了一位大型汽車客戶。

Can you kind of size that for the industry for this year, how you see that growing next year and what additional kind of customers or end markets, whatever color you can give us in terms of how to think about the trajectory of that business into 2025?

您能否對今年該行業的規模進行一些預測？

Sure.

當然。

So we, I think the way that we're looking at VIP is right now, because that growth has been happening at a time when there is a fair amount of capacity in OSATs to soak up.

因此，我認為我們現在看待 VIP 的方式是正確的，因為這種增長是在 OSAT 有相當大的容量可以吸收的時候發生的。

We're actually trying to keep track of the number of testers that are being used for these VIP customers, and right now, it's hundreds of testers.

實際上，我們正​​在嘗試追蹤這些 VIP 客戶使用的測試儀數量，目前有數百名測試儀。

There are currently hundreds of testers that are being used for VIP and we expect that to end.

目前有數百名測試人員正在使用 VIP，我們預計這種情況將會結束。

We have, I guess we should probably call it multiple VIP customers that are loading significant numbers of testers.

我想我們應該稱之為多個 VIP 客戶，他們正在加載大量的測試人員。

We have additional VIPs where they've made plan of record decisions to put their parts on our testers and those parts are going to be released later in this year and into 2025.

我們還有其他 VIP，他們制定了記錄決策計劃，將他們的零件放到我們的測試儀上，這些零件將在今年稍後到 2025 年發布。

So we think that we'll probably exit this year with twice as many testers being used for these vertically integrated producers than we have right now.

因此，我們認為今年退出時，這些垂直整合生產商使用的測試人員數量可能是現在的兩倍。

Thank you.

謝謝。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

Thanks a lot.

多謝。

Sanjay, can you help us handicap the guidance for the DIS sale?

Sanjay，您能幫助我們限制 DIS 銷售的指導嗎？

I know you said it contributed $16 million in June.

我知道你說過它在 6 月貢獻了 1600 萬美元。

I mean, if I run rate that out, it's probably a $20 million to $25 million number that we should effectively sort of adjust to September guidance for.

我的意思是，如果我計算出這個數字，我們應該有效地根據 9 月的指導進行調整，這個數字可能是 2000 萬到 2500 萬美元。

Is that correct on like a run rate basis?

從運行率的角度來看，這是正確的嗎？

Yes.

是的。

If I go back to 2023, it was about $100 million business.

如果我回到 2023 年，那是大約 1 億美元的業務。

And $20 million to $25 million is roughly the number.

大約是 2000 萬到 2500 萬美元。

And this quarter, with the sale occurring kind of end of the second month on May 27, it was $16 million.

本季度，即 5 月 27 日第二個月末，銷售額達到 1,600 萬美元。

So I think that estimate you have is reasonable.

所以我認為你的估計是合理的。

And as I noted my prepared remarks, we expect growth year-over-year to be in the low single digits, but without DIS, you'd expect it, or that's a shortfall of roughly 3 points.

正如我在準備好的發言中指出的那樣，我們預計同比增長將處於較低的個位數，但如果沒有 DIS，您會預料到這一點，或者缺口大約為 3 個百分點。

So you would increase that by 3 points if there was no DIS in 2023 and 2024 from a growth perspective.

因此，從成長角度來看，如果 2023 年和 2024 年沒有 DIS，您將增加 3 個百分點。

Okay, got it.

好，知道了。

And then, Greg, talking about next year, I mean, you guys have always talked about N2 being a big driver for the SoC TAM and I mean, we're seeing clear evidence that there's going to be a lot more N2.

然後，Greg，談到明年，我的意思是，你們一直在談論 N2 是 SoC TAM 的一大推動力，我的意思是，我們看到明確的證據表明將會有更多的 N2。

We're seeing upside pretty much everywhere for N2 wafer demand next year and the speed of the ramp.

我們看到明年 N2 晶圓需求和成長速度幾乎無所不在。

So I would think you're pretty optimistic about, I mean, sure, there's the mobility piece, but I would think you're pretty optimistic about next year because of N2.

所以我認為你對流動性部分非常樂觀，但我認為你對明年非常樂觀，因為 N2。

Can you speak specifically to the, you've kind of always talked about that as a big driver, and here it is.

你能具體談談，作為一個大司機，你一直在談論這一點，這就是。

So can you talk about that?

那你能談談這個嗎？

Sure, yes.

當然，是的。

So we tend to think of the process nodes not as, from our Business perspective, not as a driver, but as an enabler.

因此，從業務角度來看，我們傾向於將流程節點視為推動者，而不是驅動者。

So the two nanometer or Gate-All-Around, they're going to be enablers for higher device complexity.

因此，兩奈米或環柵，它們將成為更高設備複雜性的推動者。

But the thing that really drives our Business is whether the end market is pulling for that complexity.

但真正推動我們業務發展的是終端市場是否正在推動這種複雜性。

And we're really optimistic that between cloud AI and especially for edge AI like in mobile, that that is going to be a major driver for companies to get into N2 even at a faster rate than they got into N3.

我們非常樂觀地認為，雲端人工智慧，尤其是行動領域的邊緣人工智慧，這將成為公司進入 N2 的主要驅動力，甚至比進入 N3 的速度更快。

So we think that it's a good thing that the capacity is being put in place for N2 because we think that it's going to be needed.

因此，我們認為 N2 的容量到位是一件好事，因為我們認為這是需要的。

In addition, the deployment of edge AI, it's really going to increase complexity of the application processors.

此外，邊緣人工智慧的部署，確實會增加應用處理器的複雜性。

It's also going to be pulling harder on the mobile part of the memory market.

它還將更加努力地推動記憶體市場的移動部分。

So we think that there's sort of a virtuous circle in terms of the capacity being put in place, the end market demand that's going to use that capacity, and then the pull effect on other parts of the market enabled by the features that are going into these products.

因此，我們認為，就正在部署的產能、將使用該產能的終端市場需求，以及即將投入使用的功能對市場其他部分產生的拉動效應而言，存在某種良性循環。

So we think basically this is going to be a good demand driver really through the rest of this midterm, 2025, 2026, 2027.

因此，我們認為基本上這將成為中期選舉剩餘時間（2025 年、2026 年、2027 年）的良好需求驅動力。

Got it.

知道了。

Okay, thank you.

好的謝謝。

Mehdi Hosseini, SIG.

邁赫迪·侯賽尼，SIG。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

I want to followup on your commentary that mobile SoC revenue in 2024 will be comparable to compute.

我想跟進您的評論，即 2024 年行動 SoC 收入將與計算收入相當。

I understand the diversification of customers and additional data center.

我了解客戶的多樣化和額外的資料中心。

But your assumption also is impacted by a weak mobile market.

但您的假設也受到行動市場疲軟的影響。

So, assuming that N2 and smartphone refresh in 2025 would help you with the mobile SoC.

因此，假設 2025 年 N2 和智慧型手機更新將有助於您開發行動 SoC。

Should we also assume that the compute would also grow at the same rate?

我們是否也應該假設計算量也會以相同的速度成長？

In other words, this equilibrium, would it sustain into next year?

換句話說，這種平衡會持續到明年嗎？

So that's a good question, Mehdi, because there's a little bit of subtlety to this.

這是一個很好的問題，邁赫迪，因為這有一點微妙之處。

So you're right that one of the reasons that our mobile revenue and our compute revenue are going to be comparable in 2024 is because the mobile market is weak.

所以你說得對，我們的行動收入和計算收入在 2024 年將具有可比性的原因之一是行動市場疲軟。

But the other reason is, and I talked about this in my prepared remarks, that our compute revenue for the first half is bigger than all of our compute revenue for 2023 and we see good strength for compute in the second half of this year as well.

但另一個原因是，我在準備好的發言中談到了這一點，我們上半年的計算收入大於 2023 年的所有計算收入，而且我們看到今年下半年的計算也具有良好的實力。

So, like, things are going great in compute.

所以，計算方面的事情進展順利。

Next year, we think that compute is going to remain strong, but the TAM sizes for compute are likely to be in the same range, maybe a little bit stronger than where they were.

明年，我們認為計算將保持強勁，但計算的 TAM 大小可能會在同一範圍內，甚至可能比原來更強一些。

The mobile market really should come back pretty strongly, and so our mobile revenue will come back with that.

行動市場確實應該強勁復甦，因此我們的行動收入也會隨之回升。

So we anticipate that we'll have good revenue growth in compute, but it's very possible that mobile will outweigh it next year because of the strength of that recovery.

因此，我們預計計算領域的收入將實現良好成長，但由於復甦的強勁勢頭，明年行動領域的收入很可能會超過它。

Okay, thank you and then one followup for Sanjay.

好的，謝謝您，然後是 Sanjay 的後續行動。

If Robotics business is going to be breakeven in 2024, then profitable next year, is the underlying assumption baked into your 2026 target or could there be an acceleration of profitability?

如果機器人業務將在 2024 年實現盈虧平衡，然後明年實現盈利，那麼基本假設是否已納入您的 2026 年目標中，或者盈利能力是否會加速？

I just want to see how the breakeven in 2024 for Robotics fit into your 2026 target.

我只是想看看機器人技術 2024 年的損益平衡點如何符合您的 2026 年目標。

Thank you.

謝謝。

Sure.

當然。

So, in 2024, we started the year with thinking that we'd be just a little bit above breakeven, low single digits.

因此，在 2024 年年初，我們認為我們的業績將略高於損益平衡點，處於較低的個位數水準。

As we look to the year, and we see the range of 10% to 20% this year of growth, and we see that coming in more to the lower end of the range, we think that number is about breakeven.

當我們展望今年時，我們看到今年的成長範圍為 10% 至 20%，而且我們看到更多接近該範圍的下限，我們認為這個數字大約是盈虧平衡。

And in our earnings model, we had 20% to 30% growth.

在我們的獲利模型中，我們有 20% 到 30% 的成長。

So with that incremental scale, we did build in a level of profitability in the outer years, and we still believe that that trajectory is going to occur as we move into the future.

因此，透過這種增量規模，我們確實在過去幾年建立了一定的獲利水平，而且我們仍然相信，隨著我們進入未來，這種軌跡將會發生。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

Thanks for taking my question.

感謝您提出我的問題。

Greg, for next year, as you suggested, the turnaround in mobile seems to be kind of the biggest catalyst for Teradyne.

格雷格，正如您所建議的，明年移動領域的轉變似乎是泰瑞達最大的催化劑。

So when we look at the TAM of about $800 million for this year, could you help us give some range for what recovery looks like?

那麼，當我們看到今年約 8 億美元的 TAM 時，您能否幫助我們給出一些恢復情況的範圍？

Are we talking 10%, 20%, 30%, 40%?

我們說的是 10%、20%、30%、40% 嗎？

Just can you help us have some broad range?

您能幫我們提供一些廣泛的範圍嗎？

And how much of this you think comes from mobile industry with faster unit growth?

您認為其中有多少來自單位成長更快的行動產業？

How much of this comes from more testing complexity?

其中有多少來自於測試複雜性的提升？

And then a kind of a small nuance question there is, your large customer could also have a change in their modem suppliers for at least some SKUs.

還有一個細微差別的問題是，您的大客戶也可能會改變至少某些 SKU 的數據機供應商。

Is that net positive, negative, neutral to your business?

這對您的業務來說是積極的、消極的還是中性的？

So let me take the second part of your question first, and then, actually, I'm going to tag team the first part with Sanjay because I want to work on sort of a history lesson perspective of the mobile TAM to try and bracket what we would see in 2025.

因此，讓我先回答你問題的第二部分，然後，實際上，我將用 Sanjay 來標記第一部分，因為我想從移動 TAM 的歷史課角度來嘗試並括起來我們會在 2025 年看到。

But in terms of the modem supplier, for the our historically largest customer, a thing to remember is that whoever is supplying that modem is also likely supplying all of the ancillary devices associated with that modem.

但就調變解調器供應商而言，對於我們歷史上最大的客戶來說，需要記住的一件事是，供應該調變解調器的人也可能供應與該調變解調器相關的所有輔助設備。

So there's a modem, there's power management, there's RF, and if that was to change, there's a lot of pluses and minuses.

因此，有調變解調器、電源管理、射頻，如果要改變的話，會有很多優點和缺點。

The thing that I will tell you is that they're all relatively small relative to the magnitude of the overall AP business.

我要告訴你的是，相對於整個 AP 業務的規模，它們都相對較小。

So if that was to change, I would expect it to be a slight positive for us, but I don't think it's a game changer kind of a thing.

因此，如果這種情況要改變，我預計這會對我們產生一些積極的影響，但我不認為這會改變遊戲規則。

And so, on the mobile TAM, so Sanjay, could you just give us sort of the history of the mobile TAM, like over the past few years?

那麼，關於行動 TAM，Sanjay，您能否向我們介紹一下行動 TAM 的歷史，例如過去幾年的歷史？

Sure.

當然。

So, this year at the midpoint, as we've noted, $800 million, and last year we noted approximately $900 million, and in 2022, it was roughly $1.6 billion.

因此，正如我們所指出的，今年的中間值是 8 億美元，去年我們注意到大約 9 億美元，而到 2022 年，這一數字約為 16 億美元。

It peaked our view in 2021 at approximately $2 billion.

我們的預期在 2021 年達到頂峰，約為 20 億美元。

Okay, so take what I'm going to say with a grain of salt, because we are entering into our strategic planning process and haven't completed sort of an updated view of 2025.

好吧，所以請對我所說的話持保留態度，因為我們正在進入策略規劃流程，尚未完成 2025 年的更新視圖。

But the thing that I will tell you is that the mobile TAMs are unlikely to go as high as we saw during the COVID peak, but they're likely to be significantly stronger than what we're seeing in 2023 and 2024.

但我要告訴你的是，行動 TAM 不太可能達到我們在新冠疫情高峰期間看到的那麼高，但它們可能會比我們在 2023 年和 2024 年看到的要強得多。

So going in the middle of that range might not be a bad idea, but it's a pretty big range.

因此，處於該範圍的中間可能不是一個壞主意，但這是一個相當大的範圍。

Vivek, does that help at all?

維韋克，這有幫助嗎？

Yes, extremely helpful.

是的，非常有幫助。

Thank you so much.

太感謝了。

And for my followup question on the Robotics business, you've taken the growth rate this year towards the lower end of the 10% to 20%.

對於我關於機器人業務的後續問題，您已將今年的成長率定為 10% 至 20% 的低端。

I think you mentioned some macro factors.

我想你提到了一些宏觀因素。

If I look at, again a historical view, that segment continues to disappoint every year in terms of its growth rate.

如果我再次回顧歷史，該細分市場的成長率每年都令人失望。

It's not really profitable.

這並不是真正有利可圖。

So I'm curious, at what point do you think it actually realizes the promise and anticipation?

所以我很好奇，你認為它在什麼時候真正實現了承諾和期望？

Is it a matter of scale?

這是一個規模問題嗎？

Is it a matter of channel?

是通路問題嗎？

What will it take for it to actually achieve the growth rate that you anticipate for that business?

怎樣才能真正實現您對該業務的預期成長率？

That's a great question.

這是一個很好的問題。

So in terms of your hypothesis, you're hitting the nail on the head, that part of it is scale, part of it is channel.

因此，就你的假設而言，你一針見血，一部分是規模，一部分是通道。

The thing that we're actually really optimistic about our Robotics business right now, that the macro environment is really weak.

事實上，我們現在對機器人業務非常樂觀，因為宏觀環境確實很弱。

Our automation peers are struggling with declining sales.

我們的自動化同業正在努力應對銷售額下降的問題。

We posted an 11% gain over the first half.

上半年我們實現了 11% 的成長。

And the thing that is encouraging to us is that that 11% gain is on the back of specific aspects of the strategy that we're executing.

讓我們感到鼓舞的是，11% 的收益是我們正在執行的策略的具體方面的結果。

We were trying to expand our SAM by adding a high payload, high payload options for universal robots.

我們試圖透過為通用機器人添加高有效載荷、高有效載荷選項來擴展我們的 SAM。

And those robots are accounting for 20% of our sales in the quarter.

這些機器人占我們本季銷售額的 20%。

We are trying to build additional channels, and our OEM channel grew by 70% year-on-year for the first half.

我們正在努力建立更多的管道，上半年我們的OEM管道年增了70%。

We have additional irons in the fire to drive additional growth that have not yet paid off.

我們還有更多的動力來推動尚未獲得回報的額外成長。

And there are primarily other aspects of market expansion.

市場拓展主要還有其他方面。

So our Pallet Jack for the AMR business, additional products that are coming to market for UR as well.

因此，我們針對 AMR 業務的托盤搬運車以及 UR 的其他產品也即將上市。

We have additional channels that we are building.

我們正在建造更多管道。

We've been working for the last year and a half on building out a large accounts channel and we have significant pipeline for that, but we don't have significant revenue growth to see from it yet.

在過去的一年半里，我們一直致力於建立一個大型客戶管道，並且我們擁有大量的管道，但我們還沒有看到顯著的收入成長。

And then finally, we think that there's a very significant revenue opportunity in service and recurring software.

最後，我們認為服務和經常性軟體有非常重要的收入機會。

Right now, that's a vanishingly small part of our revenue in Robotics.

目前，這僅占我們機器人收入的一小部分。

But every business that has machinery in critical processes definitely needs to have a way to keep that stuff running.

但每個在關鍵流程中擁有機器的企業肯定需要有一種方法來保持這些設備的運作。

And we have an example in our semiconductor business, where service represents a significant portion of our overall revenue and we are trying to apply that same model of managed service plans in Robotics.

我們在半導體業務中有一個例子，其中服務占我們總收入的很大一部分，我們正在嘗試在機器人技術中應用相同的託管服務計劃模型。

And we're actually seeing good customer uptake, but not a lot of revenue yet.

我們實際上看到了良好的客戶吸收率，但還沒有很多收入。

So we think that those three engines are going to be kicking in, in 2025, on top of growth that we're going to still get from the things that we've done in 2023 and 2024.

因此，我們認為，除了我們在 2023 年和 2024 年所做的事情中仍將獲得的成長之外，這三個引擎將在 2025 年開始發揮作用。

So we're pretty optimistic that the end market is terrible, but we're actually doing what we said we were going to do in terms of the strategy.

因此，我們非常樂觀地認為終端市場很糟糕，但我們實際上正在按照我們所說的策略去做。

Okay.

好的。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Yes, hi.

是的，嗨。

Thanks for taking my question.

感謝您提出我的問題。

I have two of them.

我有兩個。

Greg, just first on clarification, you maintain your full year revenue guide of low single digits, but I remember compared to last quarter, you kind of increased the test revenue up modestly.

格雷格，首先澄清一下，您的全年收入指南保持在低個位數，但我記得與上季度相比，您適度增加了測試收入。

So I'm just kind of curious, is this just a little bit of nuance that is within the margin of error or anything else happening over there?

所以我只是有點好奇，這只是誤差範圍內的一點細微差別還是那裡發生的其他事情？

Hi Chris, it's Sanjay.

嗨，克里斯，我是桑傑。

At a top level, you're right, we did guide the full year consistently with the first half a little bit stronger than we anticipated.

從最高層面來看，你是對的，我們確實對全年進行了一致的指導，上半年比我們預期的要強一些。

And what's happening under the covers is Semi Test is up, but our other test businesses are down a little bit in the way of in storage it's tied to the global market and SLT and the HDD.

幕後發生的事情是 Semi Test 上升了，但我們的其他測試業務在與全球市場、SLT 和 HDD 相關的儲存方面略有下降。

As that market returns, there is still underutilized capacity.

隨著市場的恢復，產能仍未被充分利用。

In our Defense and Aerospace business, we had some projects push out and our production board business we had, it's tied to the automotive slowdown.

在我們的國防和航空航天業務中，我們推出了一些項目，我們擁有生產電路板業務，這與汽車行業的放緩有關。

And so overall Semi Test is stronger and the other test is lower.

因此，整體半測試較強，而其他測試較低。

And then we did move to the lower end of our Robotics range.

然後我們確實轉向了機器人技術的低階產品。

So at a top level we're calling the same year, but Semi Test stronger, other tests a little weaker, and Robotics is at the low end of the range.

因此，在最高水準上，我們稱之為同一年，但半測試更強，其他測試稍弱，而機器人技術處於範圍的低端。

Got it.

知道了。

Very helpful, Sanjay.

非常有幫助，桑傑。

And then just a quick followup.

然後快速跟進。

You kind of mentioned strength in networking test.

您提到了網路測試方面的優勢。

If you look at some of the GPU providers, clearly where [indiscernible] has a very strong position.

如果你觀察一些 GPU 供應商，你會發現 [音訊不清晰] 顯然擁有非常強大的地位。

Do you think this networking test opportunity can manifest itself into some share gains on the GPU side or you think that AI opportunity is more to the VIPs, not to the Semi device makers?

您是否認為這個網路測試機會可以反映在 GPU 方面的一些份額增長，或者您認為人工智慧機會更多地屬於 VIP，而不是半設備製造商？

I'm really, really glad you asked that question.

我真的非常非常高興你問了這個問題。

So there are a couple of things going on in the compute space around this topic of cloud AI and building large capabilities to do training of large language models.

因此，圍繞著雲端 AI 和建立大型功能來訓練大型語言模型這個主題，計算領域正在發生一些事情。

So the first is obviously huge demand for GPU's.

首先顯然是對 GPU 的龐大需求。

That's why people have seen Nvidia run up as much.

這就是人們看到英偉達股價上漲的原因。

They are providing an incredibly valuable engine for all of this.

他們為這一切提供了一個非常有價值的引擎。

But if you look at an AI enabled server, there is a much larger number of high speed data links within a server rack than there is for a traditional server.

但如果你觀察啟用人工智慧的伺服器，你會發現伺服器機架內的高速資料鏈路數量比傳統伺服器多得多。

And so in more traditional accelerated computing, we were seeing a ratio of, within a specific account, it might be 90% GPUs, 10% networking, that's trending more towards 20% or even higher.

因此，在更傳統的加速運算中，我們看到特定帳戶內的比例可能是 90% GPU，10% 網絡，趨勢更接近 20% 甚至更高。

So there's definitely a tailwind there that is beneficial.

所以肯定存在有利的順風。

The other is, as these models become more sophisticated and the players in this space are trying to differentiate between these large language models, they're each trying to gain an advantage through architecture and that's driving this VIP design trend that we're seeing.

另一個是，隨著這些模型變得更加複雜，而這個領域的參與者試圖區分這些大型語言模型，他們每個人都試圖透過架構獲得優勢，這正在推動我們所看到的 VIP 設計趨勢。

So we think that there's enough end market demand to drive growth for both sort of traditional GPU based AI models and also drive even faster growth for the VIP or homegrown silicon that is being built into these large server firms.

因此，我們認為有足夠的終端市場需求來推動基於 GPU 的傳統人工智慧模型的成長，同時也推動這些大型伺服器公司內建的 VIP 或本土晶片的更快成長。

Got it.

知道了。

Thank you, Greg, very helpful.

謝謝你，格雷格，非常有幫助。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi, good morning.

早安.

Thank you so much.

太感謝了。

Greg, you talked about strength in compute soaking up some of the idle capacity across the mobile space.

Greg，您談到了運算能力吸收了行動領域的一些閒置容量。

I'm curious where test utilization rates are in mobile, across OSATs and your IDM customers, to the extent you've got some visibility.

我很好奇行動領域、OSAT 和 IDM 客戶的測試利用率如何，您是否有一定程度的了解。

And then for auto and industrial as well, where are utilization rates generally today?

那麼對於汽車和工業來說，目前的利用率一般在哪裡？

And when you talk about a recovery in 2025, I know it's hard to predict, but at what point do you think utilization rates get to a point where customers resume purchases of testers?

當您談論 2025 年的復甦時，我知道很難預測，但您認為利用率何時會達到客戶恢復購買測試儀的程度？

So, to answer the last part of your question first, I think we're very close to the point where the balance is going to tip back away from soaking up capacity to driving new system sales.

因此，首先回答你問題的最後一部分，我認為我們已經非常接近從吸收容量轉向推動新系統銷售的平衡。

The trends that we're seeing, third party data around test utilization are showing a good uptick, a little bit above sort of typical seasonality.

我們看到的趨勢，有關測試利用率的第三方數據顯示出良好的上升趨勢，略高於典型的季節性。

Our own data is showing mixed utilization right now.

我們自己的數據目前顯示混合利用率。

We don't see a clear trend there, but we do have a fair amount of both systems that have already been converted and also upgrades that would be used as conversion kits.

我們沒有看到明顯的趨勢，但我們確實有相當數量的兩個系統已經轉換，並且還有將用作轉換套件的升級。

And so that is going to essentially occupy hundreds of testers that are underutilized now.

因此，這實際上將佔用數百名目前未充分利用的測試人員。

So we are expecting utilization to tick up pretty strongly in the second half of this year, and for that to tip over to the point where it turns into real system demand.

因此，我們預計今年下半年利用率將大幅上升，並最終轉變為真正的系統需求。

When you get to the IDM customers, especially in auto and industrial, there's an interesting, many of those customers are down significantly year-over-year from 2023 to 2024, but a lot of them are persisting in relatively aggressive capacity expansion plants.

當你接觸IDM 客戶時，尤其是汽車和工業領域的客戶，你會發現一個有趣的現象，從2023 年到2024 年，其中許多客戶的數量同比大幅下降，但其中許多客戶仍在堅持相對積極的產能擴編工廠。

They see the same thing that we've been talking about in the automotive space, that there are going to be short-term fluctuations, but the crossover to EVs and hybrids is something that it's a question of like when, not if, that is going to happen and the amount of compute power in cars and other electronics in cars is going to continue to increase the attach rate of more chips per car shipped.

他們看到了我們在汽車領域一直在談論的同樣的事情，即將會出現短期波動，但電動車和混合動力車的交叉是一個何時而不是是否的問題。其他電子設備的運算能力將持續提高每輛汽車所裝運的更多晶片的附加率。

So they have long-term plans to drive capacity and they have long-term plans for purchasing our equipment that we think is going to be important.

因此，他們有提高產能的長期計劃，也有購買我們認為很重要的設備的長期計劃。

So we are cautious about the current downturn that we're seeing in automotive, but we're really confident about the long-term potential in that space, especially parts of it where we have a ton of good share and great customer relationships like battery management, discrete in power and more and more importantly ADAS stuff.

因此，我們對當前汽車行業的低迷持謹慎態度，但我們對該領域的長期潛力充滿信心，尤其是我們擁有大量良好份額和良好客戶關係的部分，例如電池管理、離散電源以及越來越重要的ADAS 功能。

So right now I think the utilization in auto and industrial is down, but what the signals that we're hearing from those customers is that they expect that to be relatively short lived.

因此，目前我認為汽車和工業的利用率正在下降，但我們從這些客戶那裡聽到的訊號是，他們預計這種情況會相對短暫。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

Thank you.

謝謝。

And as a followup on the robotics side, your point about AI helping your UR business and the MiR business makes intuitive sense to me.

作為機器人方面的後續內容，您關於人工智慧幫助您的 UR 業務和 MiR 業務的觀點對我來說很直觀。

I just have a hard time sort of thinking about the timing and sort of the magnitude of that kicking in.

我只是很難思考這種情況發生的時間和程度。

You mentioned backlog for your new MiR product being pretty significant into Q4.

您提到您的新 MiR 產品的積壓在第四季度非常重要。

Maybe we start to see benefits there, but on the UR side, what kind of applications should we be looking out for as it pertains to AI helping that business?

也許我們開始看到那裡的好處，但在 UR 方面，我們應該尋找什麼樣的應用程序，因為它與人工智慧幫助該業務有關？

And again, at what point does sort of the contribution of AI start to really show up in numbers?

再說一次，人工智慧的貢獻什麼時候開始真正以數位形式體現？

Thank you.

謝謝。

Okay, so there's a lot to unpack there, so let's get down to it.

好的，有很多東西需要解壓，所以讓我們開始吧。

So the story for MiR is pretty simple, that take a robot, add AI capability, and suddenly you have a robot that works better.

因此，MiR 的故事非常簡單，就是使用一個機器人，添加人工智慧功能，然後突然間你就擁有了一個工作得更好的機器人。

That's our basic hypothesis behind the pallet jack, is that we're going to be able to have a higher success rate picking pallets than competing solutions.

這是我們托盤搬運車背後的基本假設，即我們將能夠比競爭解決方案獲得更高的托盤揀選成功率。

And so far, the customer reception is that they think that those claims have some merit.

到目前為止，客戶的反應是他們認為這些說法有一定的道理。

So we have a pretty strong backlog for a product that we're going to start shipping in Q4 of this year, so that's pretty simple.

因此，我們的產品有相當多的積壓，我們將在今年第四季開始出貨，所以這很簡單。

For UR, the story is a lot more complex because what we're really doing is creating a platform for our solution providers to build AI based solutions on.

對於 UR 來說，情況要複雜得多，因為我們真正要做的是為我們的解決方案提供者創建一個平台，以便在其上建立基於人工智慧的解決方案。

And there's actually like four chunks of an AI based solution on UR.

實際上，UR 上有四個基於人工智慧的解決方案。

At the bottom, you have our robot and the software that controls our robot.

在底部，您有我們的機器人和控制我們機器人的軟體。

And then on top of that, there's AI toolkits that can come from Nvidia or can come from other providers that really give the primitives that allow people to use AI capabilities to solve problems.

最重要的是，人工智慧工具包可以來自 Nvidia，也可以來自其他供應商，它們真正提供了允許人們使用人工智慧功能來解決問題的原語。

Then on top of that, there's usually a solution builder.

除此之外，通常還有一個解決方案建構器。

And so what that solution builder will do is they'll take our robot and that toolkit and they will build a solution to do something like heterogeneous bin picking or vision based inspection or welding, and then they will take that solution and they will market it to their end customers.

因此，解決方案建構者要做的就是，他們將採用我們的機器人和工具包，他們將建立一個解決方案來執行異質箱揀選或基於視覺的檢查或焊接等操作，然後他們將採用該解決方案並將其推向市場給他們的最終客戶。

So the key thing that differentiates the UR platform from other robots is its features as a platform.

因此，UR 平台有別於其他機器人的關鍵在於它作為平台的特性。

So the APIs that people can use, the features that they need in order to build these solutions for, and that's what makes us sticky, is that once a solution provider builds a solution around a specific toolkit in our robot, it's tough for them to move off.

因此，人們可以使用的 API，他們建立這些解決方案所需的功能，這就是讓我們具有黏性的原因，一旦解決方案提供者圍繞我們機器人中的特定工具包建立了解決方案，他們就很難走開。

The thing about that model for UR is that it's a slower burnt.

UR 模型的特點是燃燒速度較慢。

That it's an indirect AI drives our business indirectly because we're not building the AI solution, our solution providers are.

這是一種間接的人工智慧間接推動我們的業務，因為我們不是在建立人工智慧解決方案，而是我們的解決方案提供者。

So I'll tell you that we have AI based solutions in the market.

所以我會告訴你，我們市場上有基於人工智慧的解決方案。

Right now, our estimate is that high single digits of UR sales are going into AI based applications that are in the market right now, so that's sort of our baseline and we intend to grow from there.

目前，我們的估計是，高個位數的 UR 銷售額將進入目前市場上基於人工智慧的應用程序，所以這是我們的基線，我們打算從此基礎上成長。

These solution providers, it can take a while from when they begin building their solution to when they see a commercial inflection and that's often in excess of a year.

這些解決方案提供者從開始建立解決方案到看到商業拐點可能需要一段時間，而且通常需要一年以上的時間。

So we have a great pipeline of partners that are using AI right now to try and build solutions and we would expect that to deliver material revenue in 2025, but not in 2024.

因此，我們現在擁有大量合作夥伴正在使用人工智慧來嘗試建立解決方案，我們預計將在 2025 年（而不是 2024 年）帶來實質收入。

So sorry for going deep, but you kind of hit a nerve.

很抱歉說得太深了，但你有點觸動了神經。

Thank you for all the details.

感謝您提供所有詳細資訊。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great, thank you.

太好了謝謝。

I wonder if you could talk about the HBM test in particular.

我想知道您能否特別談談 HBM 測試。

I'm just curious, as we move from HBM3 to HBM3E and then later to HBM4, can you talk about how much S3 use there's going to be versus upgrade requirements?

我只是很好奇，當我們從 HBM3 遷移到 HBM3E，然後再遷移到 HBM4 時，您能談談 S3 的使用量與升級需求之間的關係嗎？

Okay.

好的。

So on HBM, the primary difference from a test perspective, as you go from HBM3 to HBM3E to HBM4, is the data rates that are required in the performance test of the final HBM product and the capacity that's in place right now for HBM3, most of it, essentially all of it, is incapable of testing at the data rates required for HBM3E and HBM4.

因此，在 HBM 上，從測試角度來看，從 HBM3 到 HBM3E 再到 HBM4 的主要區別是最終 HBM 產品的性能測試所需的數據速率以及 HBM3 目前的容量（大多數情況下）。全部，無法以HBM3E 和HBM4 所需的數據速率進行測試。

So the people that are building HBM3E are seeking additional capacity.

因此，建構 HBM3E 的人們正在尋求額外的容量。

They're essentially retooling to be able to test the HBM3E.

他們本質上是在重新裝備，以便能夠測試 HBM3E。

Now, this is one of the areas where we believe we have an advantage that will allow us to gain share in HBM performance test, that we have a tester that is going to be effective for both HBM3E and HBM4.

現在，這是我們相信我們具有優勢的領域之一，可以讓我們在 HBM 性能測試中獲得份額，我們擁有一個對 HBM3E 和 HBM4 都有效的測試儀。

And so that essentially will give customers that adopt that solution longer asset life than if they were to adopt a competing solution.

因此，與採用競爭解決方案相比，採用此解決方案的客戶的資產壽命基本上會更長。

So we are pretty hopeful about our opportunity to gain share in HBM performance test and we're working on essentially benchmark competitions in multiple customers to try to prove that.

因此，我們對在 HBM 性能測試中獲得份額非常有信心，並且我們正在多個客戶中進行基本基準測試，以試圖證明這一點。

Great, thank you very much.

太好了，非常感謝。

Samik Chatterjee, JPMorgan Chase & Co.

薩米‧查特吉 (Samik Chatterjee)，摩根大通公司

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

I guess for the first one Greg, if I can go back to one of the comments that you made about the compute time for next year when you were comparing compute versus mobility and your expectations for next year.

我想對於第一個，格雷格，如果我可以回顧一下您在比較計算與移動性以及您對明年的期望時對明年的計算時間所做的評論之一。

I'm just wondering, you said compute to be robust, but remain at these strong levels.

我只是想知道，你說計算是強大的，但仍保持在這些強大的水平。

We've seen the compute TAM go from, I think, 1.2 to 1.6 this year.

我認為，今年我們已經看到計算 TAM 從 1.2 上升到 1.6。

Are you implying that we sort of 1.4 to 1.6?

您是在暗示我們是 1.4 到 1.6 嗎？

I'm sorry and are you implying you sort of hold around this 1.6 level or a similar increase that you're seeing this year.

抱歉，您的意思是維持在 1.6 左右的水平，還是今年看到的類似增長水平。

And what should we think about what's incorporated in that for the portion of the market that's sort of associated with the VIPs and growth outlook for them in 2025 in that number?

對於與 VIP 及其 2025 年成長前景相關的市場部分，我們應該如何考慮？

So I think it'd probably be a good idea to do our TAM history lesson in compute as well, so really strong this year.

因此，我認為在計算領域上 TAM 歷史課可能是個好主意，今年的課程非常強大。

Why don't we go back a couple of years and set that as context, and then we'll bracket kind of what we think we'll do in 2025.

為什麼我們不回到幾年前，將其設定為背景，然後將我們認為 2025 年要做的事情放在括號中。

So, Sanjay, could you do that?

那麼，桑傑，你能做到嗎？

Sure.

當然。

So let me give some more context.

讓我提供更多背景資訊。

So 2019, the compute TAM, our view was about $600 million.

因此，2019 年，計算 TAM，我們的預期約為 6 億美元。

Fast forward, we went to nearly double that in 2021, between $1.1 billion and $1.2 billion.

快轉到 2021 年，我們的收入幾乎翻了一番，達到 11 億美元到 12 億美元之間。

And then in 2022, it went to $1.3 billion and as you noted, 2023 at approximately $1.4 billion and this year at the midpoint, our view is $1.6 billion.

然後到 2022 年，它達到 13 億美元，正如您所指出的，2023 年約為 14 億美元，今年的中點，我們的預期是 16 億美元。

So as you look into 2025, we don't think that we would see mammoth increases to the compute TAM.

因此，展望 2025 年，我們認為計算 TAM 不會大幅成長。

It is between two times and three times larger than it was in 2019 at this point in time.

其規模是 2019 年此時的兩倍到三倍。

And for sure, people are trying to add capacity all through the production chain, but it's coming off of a really high base.

可以肯定的是，人們正在嘗試增加整個生產鏈的產能，但它的基數非常高。

So looking forward into next year, I would probably be looking at where we are this year, plus or minus something, versus a lot of increase in the compute space.

因此，展望明年，我可能會看看今年的情況，加上或減去一些東西，而不是計算空間的大量增加。

Now, you asked about VIPs.

現在，你問到了 VIP 的問題。

Right now, VIPs are towards the low end of a $100 million to $200 million range.

目前，VIP 的價格正接近 1 億至 2 億美元範圍的低端。

It could trend towards the high end of that by the end of this year.

到今年年底，它可能會趨向高端。

We think that by the time we get out to 2026, VIPs will be about $500 million of the overall compute spend.

我們認為，到 2026 年，VIP 將佔總計算支出的 5 億美元左右。

So I think that's a pretty exciting chunk.

所以我認為這是一個非常令人興奮的部分。

That could be a quarter to a third of the compute TAM could be driven by VIPs.

這可能是由 VIP 驅動的計算 TAM 的四分之一到三分之一。

Got it.

知道了。

And for my followup, I know you're reiterating your 2026 plan today, which still sort of implies a 20%, 25% CAGR for the next couple of years.

對於我的後續行動，我知道您今天重申了您的 2026 年計劃，這仍然意味著未來幾年的複合年增長率為 20%、25%。

I'm just trying to compare that with the exit run rate this year that you have in terms of growth.

我只是想將其與今年的退出運行率進行比較。

Even when I add back Technoprobe and the impact of that, it sort of is in that sort of 10% to 15% range.

即使當我加回 Technoprobe 及其影響時，它也在 10% 到 15% 的範圍內。

Can you help me just think about how to think about the impact that the underutilization and mobility is having on your revenue, just to think whether, how do you bridge the gap from this 10% to 15% in the back half to maintaining a 20%, 25% CAGR for the next couple of years?

您能否幫我想想如何考慮利用率不足和流動性對您收入的影響，只是想一下，您如何縮小後半段從 10% 到 15% 的差距，以保持 20% %，未來幾年複合年增率為25%？

So I guess the best thing to say is that at the point in time, there are two things that are going on since we set our plan.

所以我想最好的說法是，自從我們制定計劃以來，目前正在發生兩件事。

One is that the amount of underutilized capacity was larger than we thought at the point that we built our plan.

一是未充分利用的容量比我們制定計畫時想像的還要大。

The other thing that's happened since we built our plan is that even in 2024, compute has strengthened by a couple $100 million that the sort of the underlying demand drivers in the market are stronger than we were forecasting.

自我們制定計劃以來發生的另一件事是，即使在 2024 年，運算能力也增加了 1 億美元，市場中的潛在需求驅動因素比我們的預測更強。

So when you balance the deeper hole of utilization and the stronger end market demand then I think our hypothesis for 2026 holds.

因此，當你平衡更深的利用率缺口和更強勁的終端市場需求時，我認為我們對 2026 年的假設是成立的。

Maybe I'll just add a little bit.

也許我會補充一點。

When we take a look at our model, as Greg noted earlier, mobility comes back.

正如格雷格之前指出的，當我們審視我們的模型時，移動性又回來了。

But let me remind also what he said.

但讓我也提醒一下他所說的話。

It doesn't come back to the peak levels, comes back to kind of a regular level, but mobility comes back.

它不會回到峰值水平，而是回到正常水平，但流動性又回來了。

The trends in automotive, with more silicon going in, combustible engines, the conversion to EV and battery management systems is another tailwind and industrial comes back coupled with the compute.

汽車領域的趨勢，隨著更多的矽投入、可燃發動機、向電動車和電池管理系統的轉換，是另一個推動因素，而工業則與計算相結合。

And I'll remind you that our Robotics business had a 20% to 30% growth in there as well.

我要提醒您的是，我們的機器人業務也實現了 20% 到 30% 的成長。

So that's kind of how you get there.

這就是你到達那裡的方式。

Yep.

是的。

Thank you.

謝謝。

Thanks for taking the questions.

感謝您提出問題。

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

Hi there.

你好呀。

Good morning.

早安.

Thanks for letting us ask a few quick questions.

感謝您讓我們問幾個簡單的問題。

Greg, may be just curious, in Q2, in compute and memory, which obviously drove a lot of that sequential strength, was there any shipment pull in from second half or 3Q?

格雷格（Greg）可能只是好奇，在第二季度，在計算和內存方面，這顯然推動了很多連續的增長，下半年或第三季度是否有任何出貨量拉動？

I'll actually let Sanjay answer that one.

我實際上會讓 Sanjay 來回答這個問題。

Yes, Brian, we did see acceleration from Q3 into Q2.

是的，布萊恩，我們確實看到了從第三季到第二季的加速。

Customers were pulling.

顧客在拉。

And that's in my view we have a full year view and Semi Test is a little bit stronger, as I noted earlier.

在我看來，我們有一個全年的觀點，而半測試則更強一點，正如我之前指出的。

Customers are pulling and the demand is there.

客戶在拉動，需求就在那裡。

And we see a fairly strong backlog going into Q3 with kind of low turns.

我們看到第三季的積壓量相當強勁，且週轉率較低。

So we're in a, I think from a compute and memory perspective, yes we did see some acceleration.

所以我認為從計算和記憶體的角度來看，我們確實看到了一些加速。

Okay, great.

好的，太好了。

That's helpful color.

這是有用的顏色。

And then may be just thinking about the service and software opportunity in Robotics is small today.

然後可能只是想到今天機器人技術中的服務和軟體機會很小。

But just curious, can you sort of size up the active installed base of UR and mobile robots in the field and what their typical useful life is?

但只是好奇，您能否估算一下 UR 和移動機器人在該領域的活躍安裝基礎以及它們的典型使用壽命是多少？

And how big could service and software be as a percent of revenue by 2026?

到 2026 年，服務和軟體佔收入的百分比會有多大？

Yes, so, rough numbers here, but we have on the order of 80,000 UR cobots out in the field, and probably on the order of 10,000 or more AMRs.

是的，所以，這裡是粗略的數字，但我們在現場有大約 80,000 個 UR 協作機器人，可能有 10,000 個或更多 AMR。

The useful life of them is, we have cobots that were delivered before Teradyne bought Universal Robots that are still being used, but most of our customers will depreciate the asset over about a five-year period.

它們的使用壽命是，我們擁有在泰瑞達購買優傲機器人之前交付的協作機器人，這些機器人仍在使用中，但我們的大多數客戶將在大約五年內對資產進行折舊。

So, I think if you're trying to model sort of installed base decay, it's not a bad idea to look at maybe a five to seven-year life.

因此，我認為，如果您嘗試對安裝基礎衰退進行建模，那麼考慮五到七年的使用壽命並不是一個壞主意。

So, I think, and you're going at this exactly the same way that we're thinking about, that we look at the entire installed base, not just new equipment sales as our total available market service agreements.

因此，我認為，您的處理方式與我們正在考慮的方式完全相同，我們將整個安裝基礎，而不僅僅是新設備銷售視為我們可用的總市場服務協議。

And we're also doing this service agreement build in alignment with the build out of our large account channel.

我們也根據我們的大客戶管道的建構來制定此服務協議。

So large accounts are the ones that are most likely to have large fleets and are most likely to see advantage from a managed service plan and that's another sort of aspect to the strategy that we're building out.

如此大的客戶最有可能擁有大型機隊，並且最有可能從託管服務計劃中看到優勢，這是我們正在製定的策略的另一個方面。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

Hi.

你好。

Thank you for taking my questions and thank you for providing the history lesson on the TAM on Slide 13.

感謝您回答我的問題，也感謝您在投影片 13 上提供有關 TAM 的歷史課程。

A quick one, the mobility weakness, fair to assume that is on the Android side?

快速的一個問題，移動性弱點，公平地假設是在 Android 方面嗎？

The mobility weakness is really both Android and iOS.

Android 和 iOS 都存在行動性弱點。

If you look across the major suppliers for silicon for all of those ecosystems, it's generally pretty weak.

如果你看看所有這些生態系統的主要矽供應商，你會發現它通常相當薄弱。

Now, if you peel it back a little bit under the covers, there are some areas of the mobile space that have done better during this downturn than others.

現在，如果你稍微揭開它的面紗，你會發現移動領域的某些領域在這次經濟低迷時期表現得比其他領域更好。

So one aspect of it is in image sensor, that the transition to, like 48 megapixel image sensors really put some pressure on the suppliers in that space, and they've added capacity both in iOS and Android land.

一方面是影像感測器，向 4800 萬像素影像感測器的過渡確實給該領域的供應商帶來了一些壓力，他們在 iOS 和 Android 領域都增加了產能。

The other is the improvements in wireless charging and other charging aspects that even now, when we've seen significant weakness in power and linear, we're still seeing some incremental demand as people always want their phones to charge faster.

另一個是無線充電和其他充電方面的改進，即使現在，當我們看到功率和線性方面的明顯弱點時，我們仍然看到一些增量需求，因為人們總是希望他們的手機充電速度更快。

They want them to charge faster on wireless charging.

他們希望無線充電能夠更快充電。

So, we're seeing increased silicon content there.

因此，我們看到那裡的矽含量增加。

So it's been a little bit of a bright spot within that market.

因此，它是該市場中的一個亮點。

So, I think we've seen broad-based weakness in 2023 and continuing into 2024, and we expect to see relatively broad-based recovery in 2025.

因此，我認為我們在 2023 年看到了廣泛的疲軟，並持續到 2024 年，預計 2025 年將出現相對廣泛的復甦。

Great.

偉大的。

As my followup for Sanjay, you've talked about full year gross margins 58% to 59%.

作為我對 Sanjay 的跟進，您談到全年毛利率為 58% 至 59%。

And if you were to assume that the mobility and compute becomes larger at your large customer next year, all else being equal, like auto, industrial, how will that impact the gross margin profile for next year?

如果您假設明年您的大客戶的移動性和運算能力會變得更大，那麼在其他條件相同的情況下，例如汽車、工業，這將如何影響明年的毛利率狀況？

Yes, so we're happy with this year's gross margin performance kind of playing out as we expected.

是的，所以我們對今年的毛利率表現符合我們的預期感到滿意。

A little bit better though, in the first half, but 58% to 59% with continuous improvement.

雖然上半年稍微好一點，但從 58% 到 59% 一直在進步。

And I would say that, regarding next year, obviously, we'll provide a little bit more color in January.

我想說的是，關於明年，顯然我們會在一月提供更多的色彩。

But the way I'd think about it is, we do expect revenues to grow, so we'll have a bit of a tailwind tied to volume.

但我的想法是，我們確實預期收入會成長，所以我們將有一些與銷售相關的推動力。

And it really depends in those segments you referred to as what specifically the customer is ordering.

這實際上取決於您所說的客戶具體訂購的那些細分市場。

It depends on the configurations of the instruments.

這取決於儀器的配置。

And so, I think, in my view, I think that we're exiting the year at our model.

因此，我認為，在我看來，我們將以我們的模式結束這一年。

That's what we expect and look forward to giving you more of an update in January for 2025.

這就是我們的期望，並期待在 1 月為您提供 2025 年的更多更新。

But I would leave you with a higher volume level, it should help as tailwind.

但我會給你一個更高的音量水平，它應該有幫助作為順風。

Good enough.

夠好了。

Thank you.

謝謝。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc 資本市場。

Hey, good morning.

嗨，早安。

Thanks for stretching the call.

感謝您延長通話時間。

Greg, you talked about all the growth opportunities for both test and robotics for 2025 and 2026, and I wanted to tie that back to the accelerated OpEx investments.

Greg，您談到了 2025 年和 2026 年測試和機器人技術的所有成長機會，我想將其與加速營運支出投資聯繫起來。

Is that increased spend supporting everything we've talked about today or there are also new products you're planning on that add to the existing lineup?

增加的支出是為了支持我們今天討論的所有內容，還是您還計劃在現有產品陣容中添加新產品？

So, I will tell you that our OpEx acceleration is in both R&D and in our sales and marketing expenses.

因此，我會告訴您，我們的營運支出加速體現在研發以及銷售和行銷費用方面。

So you can infer from that that means that we're working on new products and we're working on building relationships with new customers and trying to capture.

因此，您可以從中推斷出，這意味著我們正在開發新產品，我們正在努力與新客戶建立關係並試圖抓住新客戶。

The key thing in semiconductors is that once customers make a platform decision, then it becomes very, very difficult to change their direction.

半導體領域的關鍵在於，一旦客戶做出了平台決策，那麼改變他們的方向就變得非常非常困難。

And so we see a fleeting opportunity with all of the new VIPs to get in the door and influence that initial platform decision.

因此，我們看到了所有新 VIP 進入並影響最初平台決策的短暫機會。

So we're going to take those opportunities and we're going to make the investments to try to capture them while that share is available versus trying to move it after the cement sets.

因此，我們將抓住這些機會，並進行投資，試圖在該份額可用時抓住它們，而不是在水泥凝固後試圖轉移它。

The one thing I will say is that the focus of our acceleration is really in our test business that we see that we have.

我要說的一件事是，我們加速的重點實際上是我們所擁有的測試業務。

We're confident in our strategy in Robotics, and we're confident for the OpEx plan that we put together.

我們對機器人策略充滿信心，對我們所製定的營運支出計畫充滿信心。

We saw no need to pour on more OpEx in our Robotics business.

我們認為沒有必要在機器人業務上投入更多營運支出。

We're going to execute the plan that we set.

我們將執行我們所製定的計劃。

But in the test business, especially in our semiconductor test business and in the system level test business, we saw an opportunity by accelerating our spend that we would be able to drive a better outcome long-term.

但在測試業務中，特別是在我們的半導體測試業務和系統級測試業務中，我們看到了一個機會，透過加快支出，我們將能夠長期推動更好的結果。

So that's where that money's going.

這就是這些錢的去向。

Understood.

明白了。

And just one last one.

還有最後一張。

You said there's good customer uptake in industrials for services, but not a lot of revenue yet.

您說工業服務業的客戶接受度很高，但收入還不是很多。

Is that because the new customers are not taking all of what you offer or why is revenue not tracking uptake?

這是因為新客戶沒有接受您提供的所有產品，還是因為收入沒有追蹤吸收情況？

So it is mainly because the rollout of those programs.

所以這主要是因為這些計劃的推出。

We're trying to make sure that we can walk before we run when it comes to these service programs.

當涉及到這些服務計劃時，我們正在努力確保我們可以先走再跑。

So we have essentially piloted the programs in a relatively small region and we're seeing good results in that region, but we have not deployed the program worldwide because we have to build out the infrastructure to support it.

因此，我們基本上在一個相對較小的地區試點了這些計劃，並且在該地區看到了良好的結果，但我們尚未在全球範圍內部署該計劃，因為我們必須建立基礎設施來支援它。

So that's why I say that we haven't seen material uptake is just because it isn't globally deployed at this point.

這就是為什麼我說我們還沒有看到材料的採用只是因為它目前還沒有在全球部署。

Does that happen in the back half of this year or more 2025 a global rollout?

這會發生在今年下半年還是 2025 年全球推出嗎？

Oh, definitely 2025.

哦，當然是 2025 年。

So in the back half of this year, we're going to be and also the sales cycle time for the service business is it's not terribly long, but it's probably a couple of quarters because you have to establish the value for the managed service plan.

因此，在今年下半年，我們的服務業務的銷售週期不會很長，但可能需要幾個季度，因為您必須確定託管服務計劃的價值。

So we have a lot of interest.

所以我們有很大的興趣。

We are talking to a lot of customers, but we haven't closed the deals yet, because I think some of it is that it needs to be incorporated into their 2025 budgets.

我們正在與許多客戶交談，但我們還沒有完成交易，因為我認為其中一些是需要納入他們的 2025 年預算中。

So, I'm very hopeful that we'll see an inflection in service revenue in 2025.

因此，我非常希望我們能在 2025 年看到服務收入出現轉折點。

I don't think we'll see much in terms of revenue in 2024.

我認為 2024 年我們不會看到太多收入。

Understood, thanks.

明白了，謝謝。

Gus Richard, Northland Capital.

格斯·理查德，北國資本。

Yes, thanks for taking the question.

是的，感謝您提出問題。

I'm just curious, in terms of the jump balls with the vertically integrated producers, where's your win rate?

我只是很好奇，就與垂直整合生產商的跳球而言，您的勝率是多少？

How much of that business do you guys think you're picking up?

你們認為你們能接手多少生意？

So our win rate on sockets, when we started describing our plans in VIPs, we said that we were trying to make sure that we got at least sort of an even split of sockets.

因此，當我們開始在 VIP 中描述我們的計劃時，我們在插槽上的獲勝率，我們說我們正在努力確保我們至少獲得均勻的插槽分配。

And right now in 2024, that's kind of how it's playing out, that we're getting our fair share of wins.

現在到了 2024 年，情況就是這樣，我們正在獲得公平的勝利。

The other way that we're looking at this is in terms of testers loaded.

我們看待這個問題的另一種方式是測試人員的負載。

So we're not looking at it in terms of tester purchases because of the underutilization, but we are trying to count noses in terms of how many testers are being loaded by our customers versus testers being loaded by our competition's customers.

因此，由於利用率不足，我們不會從測試儀購買的角度來看待它，但我們正在嘗試統計我們的客戶加載的測試儀數量與競爭對手客戶加載的測試儀數量。

And right now I would say that we are kind of 60/40 in favor of Teradyne in terms of testers loaded for VIP customers.

現在我想說的是，就為 VIP 客戶加載的測試儀而言，我們對泰瑞達的支援率是 60/40。

Got it.

知道了。

That's helpful.

這很有幫助。

And then the follow on is, thinking about your investment in Technoprobe, how is that helping your effort to expand your market share in these jump balls?

接下來是，考慮一下您對 Technoprobe 的投資，這對您擴大這些跳球市場份額有何幫助？

So right now it's not having a significant effect.

所以目前還沒有產生顯著的效果。

The key thing that we are trying to do in the joint development projects that we have with Technoprobe is to take on relatively hard problems that required collaboration between us and Technoprobe that unless we had a firm partnership, we'd be unwilling to take that risk on speculation.

我們在與 Technoprobe 的共同開發專案中試圖做的關鍵事情是解決需要我們和 Technoprobe 之間合作的相對困難的問題，除非我們有牢固的合作夥伴關係，否則我們不願意承擔這個風險就猜測而言。

We have initiated those projects, but they do require technology development on both sides.

我們已經啟動了這些項目，但它們確實需要雙方的技術開發。

So right now, what we said at the point in time when we announced the deal is that we thought this would have a low-single-digit, long-term effect on market share in the Semi Test space.

所以現在，我們在宣布這筆交易時所說的是，我們認為這將對半測試領域的市佔率產生低個位數的長期影響。

We still think that that's true and we think that we're on track to achieve those gains.

我們仍然認為這是事實，我們認為我們正在實現這些成果的軌道上。

Yes.

是的。

And just to be clear, are these the VIPs or the existing wins and losses that have already happened?

需要明確的是，這些是 VIP 還是已經發生的現有輸贏？

Do you think it can increase your penetration in areas where decisions have already been made?

您認為它可以提高您在已經做出決策的領域中的滲透率嗎？

So we haven't publicly announced sort of what segments of the market we are doing these joint development projects, because we think that we need to keep that relatively proprietary until we have demonstrated the success.

因此，我們還沒有公開宣布我們正在進行這些聯合開發項目的市場細分，因為我們認為在證明成功之前我們需要保持相對專有。

But I will say that the key things that we believe are enabled by the projects that we're working on with Technoprobe are around devices that have very high power requirements and also devices that have very high parallelism.

但我要說的是，我們認為我們正在與 Technoprobe 合作的專案所實現的關鍵是圍繞具有非常高功率要求的設備以及具有非常高並行性的設備。

So the TPI probe technology is unlocking sort of the high end scalability of our test platforms in both SoC and memory.

因此，TPI 探針技術正在釋放我們測試平台在 SoC 和記憶體方面的高端可擴展性。

And we think that that's going to result in share gain by sort of opening up a place where both TPI and Teradyne are differentiated from their competition.

我們認為，這將導致 TPI 和泰瑞達在競爭中脫穎而出，從而獲得份額增長。

Got it.

知道了。

Thank you, very helpful.

謝謝，非常有幫助。

Thank you.

謝謝。

Ladies and gentlemen, we have reached the end of the question-and-answer session.

女士們、先生們，問答環節已經結束。

I will now hand over to Traci Tsuchiguchi for closing remarks.

現在請特雷西·土口 (Traci Tsuchiguchi) 致閉幕詞。

Thank you.

謝謝。

Thank you all for joining us this morning.

感謝大家今天早上加入我們。

We look forward to seeing many of you through the course of the quarter and until then, have a great morning.

我們期待在本季度與你們中的許多人見面，並在此之前祝您度過一個美好的早晨。

Bye.

再見。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's event.

女士們、先生們，今天的活動到此結束。

Thank you for attending and you may now disconnect your lines.

感謝您的出席，您現在可以斷開線路了。