泰瑞達 (TER) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q3 2024 Teradyne Incorporated earnings conference call.

女士們、先生們，美好的一天，歡迎參加泰瑞達公司 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note, this conference is being recorded. I would now like to turn the conference over to the Vice President of Investor Relations page to Page 8. Please go ahead, ma'am.

請注意，本次會議正在錄製中。 現在我想將會議轉交給投資者關係副總裁第 8 頁。

Thank you, operator. Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results and during the coronavirus and be aggressive and our CFO, Zimeta Following our opening remarks and provide details about the format for the third quarter of 2024 and our outlook for the fourth quarter of 2020.

謝謝你，接線生。 大家早上好，歡迎大家討論泰瑞達在冠狀病毒期間的最新財務業績，並積極進取，我們的首席財務官Zimeta 在我們的開場白後提供了有關2024 年第三季度格式的詳細信息以及我們對第第四季的展望2020 年第四季。

For the press release detailing our third-quarter results was issued last evening. We are providing prices was a copy of the earnings that on the investor page of our website and maybe help home phone replays of this call will be available via the same page after the call and 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.

昨晚發布了詳細介紹我們第三季業績的新聞稿。 我們提供的價格是我們網站投資者頁面上的收益副本，也許可以幫助在電話會議結束後通過同一頁面提供本次電話會議的家庭電話重播，我們今天討論的事項將包括前瞻性陳述：涉及可能導致泰瑞達業績與管理階層目前預期有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. We encourage you to review the Safe Harbor statement contained in the company's presentation as well as the risk factors described in our annual report on Form 10 K filed with the SEC. Additionally, these forward-looking statements are made only as of today. During today's call, we'll refer to non-GAAP financial measures.

我們提醒聽眾不要過度依賴本簡報中的任何前瞻性陳述。 我們鼓勵您查看公司簡報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。 此外，這些前瞻性陳述僅在今天作出。 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 reconciliations to most directly comparable GAAP financial measures were available on the Investor page of our website. Looking ahead between now and our next earnings call. Teradyne expects to participate in technology or industrial, but the conferences hosted by RW Baird NEBS.

我們已經發布了有關這些非 GAAP 財務指標的更多信息，包括與我們網站的投資者頁面上最直接可比的 GAAP 財務指標的調整表。 展望從現在到下次財報電話會議的未來。 Teradyne 希望參加技術或工業領域的會議，但會議由 RW Baird NEBS 主辦。

Additionally, please note, we were planning to host the financial analyst meeting at our headquarters, most by the Massachusetts in the afternoon of March 11, 2025 point Greg incentives comments this morning, we'll open up the call for questions. This call is scheduled for one hour break. Thanks, Tracy, and good morning, everyone, and thanks for joining us today.

此外，請注意，我們計劃於 2025 年 3 月 11 日下午在我們的總部舉辦金融分析師會議，主要由馬薩諸塞州的格雷格激勵評論今天早上提出，我們將開放提問。 本次通話安排休息一小時。 謝謝特雷西，大家早上好，謝謝您今天加入我們。

I will summarize our third-quarter results and discuss the trends we are seeing in the semiconductor and advanced robotics industry. Sanjay will then provide more color on our third-quarter results and forward looking guidance. Generally, the market dynamics that we identified in our July earnings call of continued through the third quarter.

我將總結我們第三季的業績，並討論我們在半導體和先進機器人產業看到的趨勢。 然後，桑傑將為我們的第三季業績和前瞻性指導提供更多資訊。 總體而言，我們在 7 月的財報電話會議中確定的市場動態持續到了第三季。

The ongoing strength of cloud AI is driving demand in both the efficacy and memory test market and our semi test business is performing above our expectations. Within semi test, the memory business delivered record high revenue in the third quarter on strong HBM demand. Our SOC business was driven by networking and by vertically integrated producers or VIP.s, cloud and edge AI applications beyond compute and memory would beginning to see stabilization and in some cases modest levels of improvement.

雲端人工智慧的持續優勢正在推動功效和記憶體測試市場的需求，我們的半測試業務的表現超出了我們的預期。 在半測試中，由於 HBM 需求強勁，記憶體業務在第三季營收創下歷史新高。 我們的 SOC 業務是由網路和垂直整合的生產商或 VIP 推動的，計算和內存之外的雲端和邊緣人工智慧應用程式將開始穩定，在某些情況下會出現適度的改進。

In our other semi test segments, we are seeing utilization rates continue to tick higher as testers initially purchased for mobile are increasingly being upgraded to test cloud. AI compute devices by the beginning of 2020 for our lead times have been returned to normal. And while our customers are not generally providing forecast forecast beyond a quarter to which limits our visibility, we do expect a broader market recovery as we progress through 2025.

在我們的其他半測試領域，我們看到利用率繼續走高，因為最初為行動裝置購買的測試儀越來越多地升級到測試雲端。 到 2020 年初，我們的 AI 運算設備的交貨時間已恢復正常。 雖然我們的客戶通常不會提供超過季度的預測，這限制了我們的能見度，但我們確實預計，隨著 2025 年的進展，市場將出現更廣泛的復甦。

Robotics powered by Chairman, transformation and SAM expansion continues to outpace its peer group as it operates in a different difficult macro industrial environment that has now persisted for more than two years. Focusing in on Q3, we delivered third quarter financial results at the high end of our revenue guidance range and above the high end of our gross margin and earnings guidance ranges. Memory and SOC came in above our plan, driven mainly by AI applications.

由董事長推動的機器人技術、轉型和 SAM 擴張繼續領先於同行，因為它在一個不同的困難的宏觀工業環境中運營，這種環境現已持續了兩年多。 重點關注第三季度，我們公佈的第三季度財務業績處於收入指導範圍的高端，並且高於毛利率和盈利指導範圍的高端。 內存和 SOC 超出了我們的計劃，主要由人工智慧應用驅動。

In Q3 cloud, a I drove compute revenue with notable strength in networking devices. As we have discussed in the past, a I enable data centers require much denser networks and our incumbent leadership position in networking, combined with shipments to support the IPs has resulted in a considerable shift. Our revenue mix this year, we expect our revenue from compute to be four times what it was in 2023.

在第三季的雲端運算中，我透過網路設備的顯著優勢推動了運算收入的成長。 正如我們過去所討論的，I使資料中心需要更密集的網絡，而我們在網絡方面現有的領導地位，再加上支持IP的出貨量，導致了相當大的轉變。 我們今年的收入結構，我們預計計算收入將是 2023 年的四倍。

We are increasing our SOC TAM forecast for the compute market by $200 million from 1.6 billion to 1.8 in 2024. This compares to $1.54 billion in 2023, approximately 30% year over year TAM growth. The VIP. portion of the compute, Tim is growing faster than our current estimate of this market for 2024 is approximately 300 million, of which we have roughly 50% share in memory AI.

我們將 2024 年計算市場的 SOC TAM 預測增加了 2 億美元，從 16 億美元增加到 1.8 億美元。 貴賓。在計算部分，Tim 的成長速度快於我們目前對 2024 年該市場約 3 億的估計，其中我們在記憶體 AI 領域擁有約 50% 的份額。

Driven HBMDRAM. demand remains very strong, and AI servers are driving demand for enterprise SSD. Nan Flash memory business is at record levels, driven by volume shipments for DRAM, wafer sort and HBM stack data. We are revising our estimated memory TAM expectation for the year to approximately $1.4 billion above our prior estimate range of 1.2 to 1.3.

驅動HBMDRAM。需求仍然非常強勁，人工智慧伺服器正在推動企業級SSD的需求。 在 DRAM、晶圓分類和 HBM 堆疊資料的批量出貨的推動下，Nan 快閃記憶體業務達到了創紀錄的水平。 我們正在將今年的記憶體 TAM 預期修改為約 14 億美元，高於我們先前 1.2 至 1.3 的估計範圍。

The memory tester TAM in 2024 is now expected to be over 35% higher than the last peak in 2021. We note that the 2020 from return includes a big slug of initial tooling for HBM. at multiple memory suppliers. It's likely that the HBM. TAM will flatten all reduce in 2025. Moving on to Q4, cloud AI. demand is expected to continue into the fourth quarter.

目前，2024 年的記憶體測試儀 TAM 預計將比 2021 年的上一個峰值高出 35% 以上。在多家內存供應商。 很可能是 HBM。 TAM 將在 2025 年使所有減少趨於平緩。預計需求將持續到第四季。

However, given the surge of memory shipments in the third quarter, we expected our Memory revenue will moderate in the fourth, while semi test has consistently outperformed our expectations this year, our other test businesses have continued to see softer demand. Our wireless business, in particular, has been impacted by the slower than expected ramp of WiFi seven and access points. Pcs and laptops are age. Business continues to wait for our primary customer to work through capacity.

然而，鑑於第三季記憶體出貨量的激增，我們預計第四季度記憶體收入將放緩，而半測試今年的表現一直好於我們的預期，而我們的其他測試業務的需求繼續疲軟。 我們的無線業務尤其受到 WiFi 7 和接入點成長速度慢於預期的影響。 個人電腦和筆記型電腦已經過時了。 業務繼續等待我們的主要客戶發揮其產能。

And our Production Board Test business continues to be weak, mainly due to lower demand from Tier 1 automotive OEMs. Now turning to robotics. Despite roughly flat quarter-on-quarter revenue, our robotics business has delivered 8% year to date growth.

我們的生產板測試業務持續疲軟，主要是由於一級汽車原始設備製造商的需求下降。 現在轉向機器人技術。 儘管季度收入大致持平，但我們的機器人業務今年迄今仍實現了 8% 的成長。

Despite a worsening industrial macro backdrop, we see our Industrial Automation peers with year-over-year declines averaging more than 10%. While the basic demand drivers for advanced robotics remain low penetration rate, the demographics of an aging population, fewer young workers willing to do factory work and the compellingly short ROI., the industrial market that we serve is inherently cyclical, and our customers have significantly cut back on capital.

儘管工業宏觀背景不斷惡化，但我們的工業自動化同業平均年減超過 10%。 雖然先進機器人技術的基本需求驅動因素仍然是低滲透率、人口老化、願意在工廠工作的年輕工人越來越少以及投資回報率極低，但我們服務的工業市場本質上是週期性的，我們的客戶有顯著的週期性。

Some plants. We believe a more appropriate short-term indicator of progress is to consider performance relative to the peer group rather than an absolute growth metric for this business to consider absolute growth, one needs to look over complete business cycle. Even in the exhibit adverse business environment through robotics team is seeing good progress in executing its growth strategy.

一些植物。 我們認為，更合適的短期進展指標是考慮相對於同業的業績，而不是絕對成長指標，因為該業務考慮絕對成長，需要審視整個商業週期。 即使在不利的商業環境中，機器人團隊在執行其成長策略方面也取得了良好進展。

Our highest priority and robotics go-to-market transformation is the development of an OEM Solutions channel for you. Our this channel is highly valuable because customers purchasing cobot based solutions from these partners get into production more quickly and have fewer problems that customers that develop custom solutions.

我們的首要任務和機器人市場轉型是為您開發 OEM 解決方案管道。 我們的這個管道非常有價值，因為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比開發客製化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。

In the first three quarters of the year, OEM revenue at UR. is up over 50% compared to 2023. Innovation Driven SAM expansion is central to outgrowing the market. The new heavy payload you are robust that began shipping late last year, have less well in the market and represents 16% of your units shipped year to date. The OEM for growth and new product revenue essentially account for Teradyne robotics, outperforming our peer group in budget constrained market conditions. We expect innovation driven growth to continue in Q4. Sameer 1,200 pallet.

今年前三季度，UR的OEM營收。與 2023 年相比成長了 50% 以上。 新的重型負載 you are rough 於去年年底開始發貨，但市場表現不佳，佔今年迄今為止發貨的設備的 16%。 OEM 的成長和新產品收入主要來自泰瑞達機器人，在預算有限的市場條件下，其表現優於我們的同行。 我們預計第四季度創新驅動的成長將持續。 Sameer 1,200 托盤。

Jack is a breakthrough product cost savings in video powered AI. to solve a tough problem in the physical industrial world. Our beta customer trials have completed successfully, and we expect commercial shipments to begin late this quarter. Earlier this week, you are launched its AI accelerator, which is already used hardware and software tool kit that will reduce time to market for a I based work cell robotic solutions for UR.s partners to sum up based on year to date outperformance of our semi test business and partially offset by the softer environment outside of semi test, we expect total company revenue growth of approximately 5%, up from our prior expectation of low single digit revenue growth from 2023.

Jack 是視訊驅動人工智慧領域成本節約的突破性產品。解決物理工業世界中的一個難題。 我們的測試版客戶試驗已成功完成，我們預計商業出貨將於本季末開始。 本週早些時候，您推出了人工智慧加速器，該加速器已經使用了硬體和軟體工具包，將縮短 UR.s 合作夥伴基於 I 的工作單元機器人解決方案的上市時間。半測試之外的疲軟環境的部分抵消，我們預計公司總收入成長約為5%，高於我們先前對2023 年低個位數收入成長的預期。

As a reminder, excluding the impact of the sale of DIS. TechnoPro, our 2024 revenue growth would be a couple of percentage points higher. Our third quarter results have reinforced our belief that a guy is a transformational secular growth driver across Teradyne's businesses, both in test and in robotics. It is powering demand in semi test and powering innovative products in robotics. We expect that this will only accelerate in the years ahead. With that, I'll turn the call over to Sanjay. Sanjay.

提醒一下，排除出售 DIS 的影響。 TechnoPro，我們 2024 年的營收成長將高出幾個百分點。 我們第三季的業績強化了我們的信念，即一個人是泰瑞達業務（無論是測試領域還是機器人領域）變革性長期成長驅動力。 它推動了半測試的需求並推動了機器人技術的創新產品。 我們預計這種情況在未來幾年只會加速。 這樣，我會將電話轉給 Sanjay。 桑傑.

Thank you, Greg. Good morning, everyone. I'll cover the financial summary of Q3, provide our Q4 outlook and provide some color around 2025. Now the key third quarter sales were $737 million, which was up a high end of our guidance of non-GAAP EPS $0.9, which was above the high end guide of $0.86. Non-gaap gross margins were 59.7%. This was above our high guidance due primarily to product mix.

謝謝你，格雷格。 大家早安。 我將介紹第三季的財務摘要，提供我們第四季度的展望，並提供2025 年左右的一些資訊。美元的指導上限，高於我們的預期高端指導價為 0.86 美元。 非 GAAP 毛利率為 59.7%。 這主要是由於產品組合的原因，高於我們的高指引。

Non-gaap operating expenses for $275 million, upset with our because we invest in targeted opportunities to drive long-term growth. Non-gaap operating profit was approximately 22%. Turning to our revenue breakdown in Q3, Semi Test revenue for the quarter was $543 million, with SOC contributed $393 million and memory $150 million.

非公認會計準則營運費用為 2.75 億美元，這讓我們感到不安，因為我們投資於有針對性的機會來推動長期成長。 非 GAAP 營業利潤約 22%。 轉向我們第三季的營收細分，該季度的半測試收入為 5.43 億美元，其中 SOC 貢獻了 3.93 億美元，記憶體貢獻了 1.5 億美元。

Strength in SOC was driven by compute, while mobile and industrial continued to ship at a consistent level. For Q2 Memory Test revenue was driven by HBMDRAM. shipments, flash tooling for new UFS. or Dato standard in mobility and DRAM wafer sort memory. We continue to expect the ramp to dominate the memory mix at over 80% of the memory TAM in 2024. In System Test group Q3 revenue was $73 million with continued weakness across the businesses.

SOC 的實力由計算驅動，而移動和工業的出貨量繼續保持一致的水平。 第二季記憶體測試收入由 HBMDRAM 推動。出貨量，新 UFS 的快閃記憶體工具。或移動性和 DRAM 晶圓排序記憶體中的 Dato 標準。 我們仍然預計，到 2024 年，成長將主導記憶體組合，佔記憶體 TAM 的 80% 以上。

Production Board Test business decline was driven by weakness in the automotive end market Storage Test weakness in SLT. was tied to the mobile end market. While the HDD. end market is recovering, demand is being sold, satisfied with underutilized test capacity and Wireless Test revenue was $0.3 in Q3 lower sequentially and year on year on a slower than expected ramp of WiFi seven and continued weakness in the PC end market now to robotics, revenue was approximately $89 million, flattish sequentially and up 3% year over year.

生產板測試業務下滑是由於汽車終端市場的疲軟以及SLT儲存測試的疲軟。與行動端市場緊密相連。 而硬碟。終端市場正在復甦，需求正在出售，對未充分利用的測試能力感到滿意，無線測試收入在第三季度環比下降0.3 美元，同比下降0.3 美元，原因是WiFi 7 的增長速度慢於預期，並且PC 終端市場現在對機器人技術持續疲軟，營收約 8,900 萬美元，與上一季持平，年增 3%。

In the quarter, you are contributed $73 million and near contributed 15 million. As noted, although the overall market is down, we are experiencing year-over-year growth tied to our SAM expansion and channel strategies. Some other financial information in Q3. Our equity investment and Technip progress reflected below the line in the income statement, where we recognized 10% of TPI.s profit one quarter in arrears clarity as the transaction closed at the end of May, our third quarter results reflect the impact of one month of the TPI. investment.

本季度，您貢獻了 7,300 萬美元，接近 1,500 萬美元。 如前所述，儘管整體市場下滑，但我們正在經歷與 SAM 擴張和通路策略相關的同比增長。 第三季的一些其他財務資訊。 我們的股權投資和Technip 進展反映在損益表的線下，其中我們確認了TPI 利潤的10%。第三季業績反映了一個月的影響TPI 的。投資。

We had three 10% customers in the quarter. The tax rate, excluding discrete items for the quarter, 13.6% on a GAAP basis and 13.8% on a non-GAAP basis, full year rate is expected to be 14% on a GAAP basis, 14.5% on a non-GAAP basis. Shifting to some cash metrics at a company level. Our free cash flow was $114 million, primarily driven by earnings and net working capital improvements in the quarter. We repurchased $25 million fare in the quarter and paid $20 million in dividends. We ended the quarter was $678 million in cash and marketable securities. Now to our outlook for Q4, Q4 sales are expected to be between $710, $760 million. Gross margins are estimated at 59.5% to 60.5%.

本季我們有 3 個 10% 的客戶。 排除本季離散項目的稅率，以 GAAP 基準計算為 13.6%，以非 GAAP 基準計算為 13.8%，全年稅率以 GAAP 基準計算為 14%，以非 GAAP 基準計算為 14.5%。 轉向公司層面的一些現金指標。 我們的自由現金流為 1.14 億美元，主要受到本季獲利和淨營運資本改善的推動。 我們在本季回購了 2500 萬美元的機票，並支付了 2000 萬美元的股息。 本季結束時，我們的現金和有價證券為 6.78 億美元。 現在我們對第四季的展望是，第四季的銷售額預計在 7.1 至 7.6 億美元之間。 毛利率預計為59.5%至60.5%。

We call in January, we had a plan to improve gross margins back to model and the second half of 2020 for the first half of 2024 at subscale revenues tied to a seasonally low Q1 and operational resiliency sense in the second half of 2024, we are back to our model gross margins of 59% to 60%.

我們在一月打電話，我們計劃在2024 年上半年將毛利率提高到2020 年下半年的水平，因為與第一季季節性較低和2024 年下半年營運彈性意識相關的小規模收入，我們正在回到我們的毛利率模型 59% 到 60%。

A little more color on gross margin seasonality in Q1 2025, we anticipate revenue to be roughly 5% to 10% down quarter over quarter. With this lower volume, our gross margin is expected to be slightly below our target model back to Q4. Opex is expected to run at 36.5% to 38.5% of fourth quarter sales for non-GAAP operating profit rate at the midpoint of our Q4 guidance, 23%, with non-GAAP EPS expected to be in the range of 80 to $0.97. On one hand $64 million diluted shares.

2025 年第一季毛利率的季節性變化更加明顯，我們預計營收將環比下降約 5% 至 10%。 由於銷量下降，我們的毛利率預計將略低於我們第四季的目標模型。 依照我們第四季指引的中位數 23%，營運支出預計將佔第四季非 GAAP 營業利潤率銷售額的 36.5% 至 38.5%，非 GAAP 每股收益預計在 80 至 0.97 美元之間。 一方面，稀釋後的股票價值 6,400 萬美元。

GAAP, EPS is expected to be in the range of 73 to $0.91. A few comments on the semiconductor test market, we are revising up our total semiconductor ATE TAM estimates for 2024. We have provided a slide in the appendix of our earnings deck. With this information for call, our SOC TAM range has been 3.64 0.2 billion with a midpoint of 3.9 billion. We now expect the SOC TAM to be at the high end of this range, around 4.2 billion.

GAAP 每股盈餘預計在 73 至 0.91 美元之間。 關於半導體測試市場的一些評論，我們正在修改 2024 年半導體 ATE TAM 總額的預測。 根據這些供呼叫的信息，我們的 SOC TAM 範圍為 3.64 02 億，中點為 39 億。 我們現在預計 SOC TAM 將處於該範圍的高端，約 42 億。

This is comprised of compute, which we now estimate to be $1.8 billion, up 200 million from our point estimate and industrial to be around $400 million, up $100 million from our prior estimates. We continue to estimate mobile be around 800 million, auto MCU to be around 500 million and services at 700 million. We are also raising our memory TAM estimate to 1.4 billion, up from an estimated range of 1.2 to 1.3 billion within our 2024 expectations.

其中包括計算部分，我們現在估計為 18 億美元，比我們的點估計增加了 2 億美元；工業部分為 4 億美元左右，比我們先前的估計增加了 1 億美元。 我們繼續估計行動裝置約 8 億，汽車 MCU 約為 5 億，服務為 7 億。 我們也將記憶體 TAM 估計值從 2024 年預期的 1.2 到 13 億個估計值提高到 14 億個。

As Greg noted, we are calibrating our expectations of growth in robotics around the relative growth of the peer group. We are targeting growth in our robotics business to be 15% to 20% above the Industrial Automation peer group, which contemplates macroeconomic factors that are outside of our control. We are confident in the long term growth of this business and will continue to have a disciplined approach to spending.

正如格雷格所指出的那樣，我們正在圍繞同行群體的相對增長來調整我們對機器人技術成長的預期。 我們的機器人業務成長目標是比工業自動化同業高出 15% 至 20%，這考慮到了我們無法控制的宏觀經濟因素。 我們對這項業務的長期成長充滿信心，並將繼續採取嚴格的支出方式。

Given the weak end market. We now expect robotics growth in 2024 to be between 5% and 10%. 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. Looking ahead to 2025, with an uptick in utilization and an expectation of end market improvements, we will be making investments that will increase our operating expenses.

鑑於終端市場疲軟。 我們現在預計 2024 年機器人技術的成長將在 5% 至 10% 之間。 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酬和員工股份購買計畫所帶來的稀釋所需的金額。 展望 2025 年，隨著利用率的上升和終端市場改善的預期，我們將進行投資以增加我們的營運費用。

However, we expect to have a plan with operating leverage. We expect revenue growth to accelerate from 2024 levels across all business. As Bob said, demand for most of our end markets outside of a I related to related to compute and memory is improving but remains muted. And the timing and magnitude of a broader-based recovery is not known.

然而，我們預計會有一個具有營運槓桿的計劃。 我們預計所有業務的營收成長將從 2024 年的水準開始加速。 正如鮑勃所說，除了與計算和內存相關的領域之外，我們大多數終端市場的需求正在改善，但仍然保持低迷。 更廣泛的復甦的時間和幅度尚不清楚。

Our variable business model is scalable and resilient with outsourced manufacturing and our operating expenses having a variable component during the cyclical downturn, we shut off that's enabling greater profitability and free cash flow generation during an upturn in the market. We expect in 2025, you will see an accelerated OpEx increase tied to our variable OpEx model 2025.

我們的可變業務模式具有可擴展性和彈性，外包製造和我們的營運費用在週期性低迷期間具有可變成分，我們在市場好轉期間關閉了這種模式，從而實現了更大的盈利能力和自由現金流的產生。 我們預計，到 2025 年，您將看到與我們的 2025 年可變營運支出模型相關的營運支出加速成長。

Given our expected top-line growth, we are planning a low 10s increase in year-over-year, but mainly to fund our semi test growth initiatives, primarily in engineering and go-to-market. Also approximately 30% of the growth is due to our variable compensation model. Q1 OpEx is expected to grow 15% to 20% year over year. Summing up, we delivered strong sales and earnings in the third quarter as memory and compute revenue helped us drive for the high end of the range of robotics. Team delivered year-over-year growth by the difficult auto and industrial end markets as the business continues to execute new product development and go-to-market strategy.

鑑於我們預期的收入增長，我們計劃同比增長 10 多點，但主要是為了資助我們的半測試增長計劃，主要是在工程和上市方面。 此外，大約 30% 的成長歸功於我們的可變薪酬模型。 第一季營運支出預計將年增 15% 至 20%。 總而言之，我們在第三季度實現了強勁的銷售和盈利，因為記憶體和運算收入幫助我們推動了機器人技術的高端發展。 隨著業務繼續執行新產品開發和上市策略，團隊在困難的汽車和工業終端市場中實現了同比增長。

Overall, our mid term fundamentals remain strong. Loan growth trajectory.

整體而言，我們的中期基本面依然強勁。 貸款成長軌跡。

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

這樣，我會將電話轉回給接線員，以開啟提問隊列。 操作員？

(Operator Instructions)

（操作員說明）

Our first question comes from Media has CDRSIG. from. Please go ahead.

我們的第一個問題來自媒體 CDRSIG。從。 請繼續。

Yes, thanks for taking my question. First of all has to do with it, Tom, just the overall system level test, you have other opportunities. We compute and I think of the system level test as an extension of compute impacting both your semi test on the system level. So remind me where you see the timing 24 and your projection over 25 and what are the opportunities that has on could benefit from? And for context, specialty was mostly opportunities in the smartphone I'm under and questions at the end market diversity plan. I want to hear with our tenants positions and have a follow-up income.

是的，感謝您提出我的問題。 首先，湯姆，只是整體系統層級的測試，你還有其他機會。 我們進行計算，我認為系統級測試是影響系統級半測試的計算的擴展。 那麼請提醒我，您在哪裡看到了 24 日的時間安排以及您對 25 日以上的預測，以及可以從中受益的機會是什麼？ 就背景而言，專業主要是我所使用的智慧型手機的機會以及終端市場多元化計劃的問題。 我想聽聽我們租戶的立場並有後續收入。

So on like the of the semiconductor ATE market, there are as accurate measures of TAM in the SLT. space because there are a lot of sort of fuzzy edges between SLT. and burn in their different message technologies. So we look more at at this from a major customer perspective and a segment perspective. So you're right, the the the thing that's happened over the past few years, and it may be the last like five years or so on is our SLT. becoming a an important part of the test strategy for on for the processors that go into smartphones.

因此，就像半導體 ATE 市場一樣，SLT 中也有同樣精確的 TAM 測量。空間，因為 SLT 之間有很多模糊邊緣。並融入他們不同的訊息技術。 所以我們更多的是從大客戶的角度和細分市場的角度來看這個問題。 所以你是對的，過去幾年發生的事情，可能是最後五年左右，就是我們的 SLT。成為智慧型手機處理器測試策略的重要組成部分。

And that has been the primary driver for us. Our business over on in 2024. We have added on compute customers to that mix. And we're really going to hit more like I think that's only going to be a meaningful contributor to SLP. revenue. Once we get to 2025. There's a little bit in 2024 on there'll be more in 2025. We also on while this the mobile downturn has been going on, we have been adding additional an additional customer in the mobile space.

這一直是我們的主要驅動力。 我們的業務將於 2024 年結束。 我們確實會取得更多成果，我認為這只會對 SLP 做出有意義的貢獻。收入。 一旦我們到了 2025 年。

So when the mobile market and hopefully recovers to an extent in 2025, we expect that to grow a little bit more robustly because we have an additional customer there on. So I don't have a firm answer to give you, but we certainly believe that we're looking at a significantly stronger 20 $0.25 24 and SLT. Thank you. And just as a follow up, when I asked your customers' issues like the overall test time for the next generation of a I guess, for lack of well increases by more than 30% versus the prior generation.

因此，當行動市場預計在 2025 年恢復到一定程度時，我們預計其成長會更加強勁，因為我們在那裡有了更多客戶。 所以我沒有給你一個確切的答案，但我們當然相信我們正在尋找一個明顯更強的 20 $0.25 24 和 SLT。 謝謝。 作為後續行動，當我詢問客戶的問題時，例如下一代的整體測試時間，我猜，因為缺乏良好的情況，與上一代相比增加了 30% 以上。

And I'm just wondering, given the fact that has limited exposure to accelerate their product to a high market with the escalating has time often go for Teradyne to accommodate and reduce the test time, and this is where SLT could potentially become enabled. So it's a visit. The on the trend that you're talking about higher test times is really firmly tied to the complexity of the device. The sale of Blackwell is a huge die on its test time and is quite well optimized to the complexity.

我只是想知道，考慮到隨著不斷升級的產品加速其產品進入高端市場的機會有限，Teradyne 通常需要時間來適應和減少測試時間，而這正是 SLT 可能啟用的地方。 所以這是一次訪問。 您所談論的更高測試時間的趨勢確實與設備的複雜性緊密相關。 Blackwell 的出售對其測試時間來說是一個巨大的損失，並且針對複雜性進行了很好的最佳化。

That's fair. And there are ICSLT. as primarily a way to limit the limit the growth. If the test time fracked with the transistor complexity increase, it would go up by a lot more than 30% SLT. is sort of a backstop that's keeping that growth down on. And we have significant opportunities in AI accelerators for I don't see a significant opportunity for us to gain share of wins are in a specific part like Blackwell are our future is much more strongly tied to vote, vertically integrated producers.

這很公平。 還有 ICSLT。主要作為限製成長的一種方式。 如果測試時間隨著電晶體複雜性的增加而增加，它會增加超過 30% SLT。是一種抑製成長的後盾。 我們在人工智慧加速器方面擁有重大機會，因為我認為我們在像布萊克韋爾這樣的特定部分中沒有獲得勝利份額的重大機會，因為我們的未來與投票、垂直整合的生產商緊密相關。

So as far as on the hyperscalers begin to deploy a greater amounts of compute power on on their own silicon, that's the thing that's going to be driving our on our improved results in the compute space. The other thing about that is coming along with that increased complexity in each of the devices is for when you're trying to do a I model training and the number of nodes in both in the model are increasing and increasing. The amount of networking is actually increasing. It a faster pace than the number of nodes.

因此，就超大規模企業開始在自己的晶片上部署更大量的運算能力而言，這將推動我們在運算領域取得更好的結果。 另一件事是，當您嘗試進行 I 模型訓練並且模型中的節點數量不斷增加時，每個裝置的複雜性都會增加。 網路數量實際上正在增​​加。 它的速度比節點數量更快。

So that path, Ivan, like the mix, if you look within a single company, they have a delta of AI accelerators and networking devices. The amount of test second required for the networking devices is going up, at least as fast as the number of test seconds for those on for the the call of compute devices because there's simply more links. So on the I think there's the this test time expansion is kind of a of a broad tailwind for the ATV industry. We're going to be looking at larger TAM is more testers on. And I think that's the key messages that our primary opportunity is through the growth of the VIP.s and networking.

因此，伊万，就像混合一樣，如果你在一家公司內部觀察，他們擁有大量的人工智慧加速器和網路設備。 網路設備所需的測試秒數正在增加，至少與計算設備呼叫所需的測試秒數一樣快，因為有更多的連結。 因此，我認為這次測試時間的擴展對全地形車產業來說是一種廣泛的推動力。 我們將關注更大的 TAM，以及更多的測試人員。 我認為這就是關鍵訊息，即我們的主要機會是透過 VIP 和網路的發展來實現的。

Thank you. Our next question comes from Vivek Arya of Bank of America Securities. Please go ahead.

謝謝。我們的下一個問題來自美國銀行證券公司的 Vivek Arya。 請繼續。

Thank you for taking my question. I'm not sure how you know, the TAM is being taken up $700 million, but you are on Q4 and Q1 sales are going to be below Q3 on Sam's. And as we look at our direct up, do you think that this 2025 sales note, which is kind of in line the dealer midterm, modest CapEx, that's the real-estate on target for 2025?

感謝您回答我的問題。 我不確定你是怎麼知道的，TAM 的銷售額為 7 億美元，但你現在處於第四季度，而第一季的銷售額將低於 Sam's 第三季度的銷售額。 當我們審視我們的直接上漲時，您認為這份 2025 年銷售說明（與經銷商中期、適度的資本支出一致）是 2025 年的房地產目標嗎？

So on let me take this in two parts. So in terms of the TAM expansion of there's three factors with, there's really two factors going off. one is that as we are measuring ourselves and our competitors, we're seeing significantly strong for our business in a I come to that of the HBM. memory on the other factor is that as the years going on, we are getting better visibility into the on into the size of the TAM in China and the success of the on the local Chinese tester companies serving that Chinese town.

那麼讓我將其分為兩部分。 因此，就 TAM 擴展而言，有三個因素，實際上有兩個因素正在發生。 一是，當我們衡量自己和競爭對手時，我們發現 HBM 的業務非常強勁。另一個因素的記憶是，隨著時間的推移，我們對中國 TAM 的規模以及為該中國城鎮提供服務的當地中國測試公司的成功有了更好的了解。

So there's there's a there's demand from companies in China that's being served by companies in China, and it's not so much that that is strengthening, but we're getting a clearer picture of how much of that's going on on. So because of Teradyne's relatively low exposure in China, that isn't as big of a factor around our share our growth.

因此，中國公司的需求是由中國公司提供的，雖然這種需求並沒有增強，但我們正在更清楚地了解其中的情況。 因此，由於泰瑞達在中國的業務相對較低，這並不是影響我們成長份額的重要因素。

But it is certainly something that is accelerating the TAM, our estimate of the TAM in 2024 now the second part of your question around like our model was suggest growth of 20% to 25% in 2025 will be giving you a complete picture of what we believe our is quite what are what our estimates are for 2020. I specifically in our January call, but on, I think the ingredients are there for us to be able to stay on model towards our 2010, six points.

但這肯定會加速 TAM，我們對 2024 年 TAM 的估計現在是您問題的第二部分，就像我們的模型建議 2025 年增長 20% 到 25% 一樣，這將讓您全面了解我們的情況我相信我們對2020 年的預測完全符合我們的預期。

And from a follow up, if I do a five-year look, max of soy or automation or your robotics business at a 29 to 24 on if my model is right, it shows a 5% kegger. So what explains that software growth in a how does that long-term trend can be set against the industry and what needs to happen for Teradyne to grow at this 20, 30% of unit forecast for the next handful of years?

從後續來看，如果我對五年進行觀察，如果我的模型正確的話，大豆或自動化或機器人業務的最大值為 29 到 24，那麼它會顯示 5% 的增長。 那麼，如何解釋軟體的成長？

So that's a really good question. And it's something that we've spent a fair amount of time doing some soul-searching about ourselves. And when we are trying to look at this, we saw a number of different factors. one thing that is on that has happened is that the on your if you if you rewind the tape, you said a sort of a five-year look-back on 2020 was a busy year for industrial automation in general. That's on the semiconductor industry recovered very quickly. Deals was a critical industry during the COVID pandemic.

所以這是一個非常好的問題。 我們花了相當多的時間對自己進行自我反省。 當我們試圖研究這個問題時，我們看到了許多不同的因素。 已經發生的一件事是，如果你倒回磁帶，你會說，2020 年是工業自動化的五年回顧，總體來說是忙碌的一年。 那就是半導體產業恢復得非常快。 新冠疫情期間，交易是關鍵產業。

And our results were really, really strong there. But for industrial automation, including R&D through automation, it was a it was a very, very difficult environment to tried to of gross sales. There was a strong recovery from that in 2021. And then after that winter 2022 of our growth really flattened out. And we have negative growth in 2023 in the period from 2023, up through now, actually the second half of 2022 through now, we've been looking at on very soft end market of the industrial. Pmi has been at or below 50% indicating contraction for two years.

我們在那裡的成績非常非常強勁。 但對於工業自動化，包括透過自動化進行的研發，這是一個非常非常困難的銷售環境。 2021 年出現了強勁復甦。 從2023年到現在，實際上從2022年下半年到現在，我們在2023年出現了負增長，我們一直在關注工業的非常軟的終端市場。 Pmi 連續兩年處於或低於 50%，顯示收縮。

And that is the longest, the longest period of time that that indicator has been that low for the last 40 years for. And I'm not sure about the 40 is a very long time. The on them that coincides with the on post COVID contraction in general and also the period of time when interest rates started going up, making capital title or tighter for industrial expansion on we haven't been sort of sitting around while that's going on. We have been looking at our own performance and our own issues in that that business.

這是過去 40 年來該指標處於如此低水準的最長、最長的一段時間。 我不確定 40 是一個很長的時間。 這與新冠疫情後的總體經濟收縮以及利率開始上升的時期相吻合，這使得資本所有權或工業擴張更加收緊，在此期間我們並沒有坐視不理。 我們一直在關注我們自己在該業務中的表現和問題。

And the key thing that we saw that and that business was that our distribution was inadequate for the growth, the growth objectives that we had and that in order to serve this huge on served market that we needed to actually broaden our offer things both in hardware and software. And so that's what we've been doing. While this of all, we've had these terrible end market conditions, we've added high high payload robots to to are you online.

我們看到的關鍵問題和業務是，我們的分銷不足以滿足成長、我們的成長目標，為了服務這個龐大的服務市場，我們需要實際擴大我們在硬體方面的產品範圍和軟體。 這就是我們一直在做的事情。 最重要的是，我們面臨這些可怕的終端市場條件，我們已經添加了高負載機器人來幫助您在線。

We have on we're about to introduce a product from near that will roughly double our served market, and we've established an effective OEM.s solutions channel for on for you, our that's now a couple of accounting for a material part of their sales and growing 50% year over year in a weak market. So we definitely need on better end market conditions than we see right now for us to be able to maintain 20% to 30% growth. For what what Sanjay said, I think is right that we think we can outgrow the sort of traditional suppliers in robotics and industrial automation by 15 to 20 percentage points per year.

我們即將推出一款產品，將使我們服務的市場增加一倍，並且我們已經為您建立了一個有效的 OEM.s 解決方案管道，我們現在佔了重要部分他們的銷售額在疲軟的市場中較去年同期成長50%。 因此，我們肯定需要比現在更好的終端市場條件，才能維持 20% 到 30% 的成長。 對於 Sanjay 所說的，我認為我們認為我們可以每年以 15 到 20 個百分點的速度超越機器人和工業自動化領域的傳統供應商，這是正確的。

And that market typically go grows a little bit faster than GDP in all sort of a 5% growth rate. So that would put us in the 20% to 25% growth on just deal with a quote, normal market. So I think where we have pretty strong conviction that we've done the right things to set ourselves up for growth. But where consistent, we're consistently looking at it and adjustments.

該市場的成長速度通常比 GDP 快一點，成長率為 5%。 因此，只要處理正常市場的報價，我們就會達到 20% 到 25% 的成長。 因此，我認為我們非常堅信我們已經做了正確的事情來為自己的成長做好準備。 但只要保持一致，我們就會持續注意並進行調整。

Thank you. The next question comes from Tim Arcuri of UBS. Please go ahead.

謝謝。 下一個問題來自瑞銀集團的提姆·阿庫裡。 請繼續。

Thanks a lot on, Sanjay, you guided OpEx next year up low 10s and you talked about how that's going to be focused in a semi test, but you also said you want to show leverage next year. So So implicit in that state that you think you're going to grow revenue something higher than that on the street right now, has it up low 20s? So. So is that a reasonable number central growing at the OpEx up low 10s? Is the Street projection of up low 20s? Is is that a reasonable number? Or do you think you can grow faster than that?

非常感謝，Sanjay，您指導明年的營運支出達到 10 左右，您談到如何將其重點放在半測試中，但您也表示您希望明年展示槓桿作用。 那麼，在這種狀態下，你認為你的收入成長會比現在街上的收入更高，是不是已經上升了 20 多歲？ 所以。 那麼，營運支出成長 10 倍左右的中心數字是否合理？ 街道預測是低 20 多歲嗎？ 這是一個合理的數字嗎？ 或者你認為你可以比這更快成長嗎？

Yes, hi, Tim, on that. But I think it says a couple of things. one is we do have conviction on in the US. As I noted in my prepared remarks, we believe that across the business, we're going to see an improvement. However, we are in a downturn or a muted set of demand for mobility, auto and industrial. And when that exact returns will be an interesting dynamic that will fluctuate where we end up in 2025.

是的，嗨，提姆，關於這一點。 但我認為它說明了一些事情。 一是我們對美國確實有信心。 正如我在準備好的演講中指出的那樣，我們相信整個業務都會有所改善。 然而，我們正處於低迷時期，或對交通、汽車和工業的需求低迷。 確切的回報將是一個有趣的動態，它將影響我們在 2025 年的最終結果。

We will provide a view in 2020 of 2025 in our January call. But the other implicit point that I wanted to make was, hey, this is a dynamic environment. We're going through our strategic planning process now that culminates with a review with our Board, and then we provide an update to the earnings model in January as we always do it, you're still going through that process.

我們將在 1 月的電話會議中提供 2020 年或 2025 年的展望。 但我想說的另一個隱含的觀點是，嘿，這是一個動態的環境。 我們現在正在經歷我們的策略規劃流程，最終由我們的董事會進行審查，然後我們會像往常一樣在一月份提供盈利模型的更新，您仍然在經歷這個過程。

But one of the principles that we look at is how do we have our operating leverage? We wanted to put that out there now tactically as we do see that the market's changing pretty significantly.

但我們關注的原則之一是我們如何擁有營運槓桿？ 我們現在想從戰術上把它放出來，因為我們確實看到市場正在發生相當大的變化。

If you go back to 28, you see a mobility being very, very strong. And now obviously with segment shift to compute, um, you know, we believe were as we've noted several years ago, we pivoted to do VIP. or hyperscaler strategy that is on, you know, we feel has been very successful in the short term and we're making the right engineering and go-to-market decisions.

如果你回到28歲，你會發現流動性非常非常強。 現在顯然隨著細分市場轉向計算，嗯，你知道，我們相信，正如我們幾年前指出的那樣，我們轉向做 VIP。或超大規模策略，你知道，我們認為在短期內非常成功，我們正在做出正確的工程和上市決策。

We believe So tactically, while we have this principle of driving operating leverage, tactically, we are looking at investments very carefully. This is where we expect to be. So we wanted to make sure I was what came out with the principle of operating leverage. If I can just add one comment that as we were on looking at our our our 2026 earnings model and trying to make sure that we were providing useful like as much useful information as we can know, without having complete pant plans for 2025,

我們相信，因此，從戰術上講，雖然我們有推動營運槓桿的原則，但從戰術上講，我們正在非常仔細地考慮投資。 這就是我們所期望的。 所以我們想確保我是根據經營槓桿原則得出的。 如果我可以添加一條評論，我們正在研究 2026 年的盈利模型，並試圖確保我們提供了盡可能多的有用信息，但沒有製定 2025 年的完整計劃，

The thing that we are most concerned with that on there was a chance that people would miss understand our trajectory and OpEx going into 2025, we were less concern about the sort of the impressions that existed, sort of what the implication of our 2026 earnings model. On 2025. We had less concerns about that in the area of revenue growth.

我們最關心的事情是，人們可能會錯過了解我們進入 2025 年的軌跡和營運支出，我們不太關心現有的印象，以及我們 2026 年獲利模型的含義。 2025 年。

Okay, great. Thanks for that. And I mean, obviously, as you guys know, I don't say good things about the industrial automation business often. So I guess maybe to ask a question that could be a kind of a green shoot question. And if you look at this white paper, I mean, Amazon obviously has Ciba for automated guided robots, but they do have this new white paper where it looks like they're looking to fill in niche with cobots for warehouse and fulfillment, things like that.

好的，太好了。 謝謝你。 我的意思是，顯然，正如你們所知，我不經常說工業自動化業務的好話。 所以我想也許要問一個可能是萌芽問題的問題。 如果你看一下這份白皮書，我的意思是，亞馬遜顯然有用於自動引導機器人的Ciba，但他們確實有這份新的白皮書，看起來他們正在尋求用協作機器人來填補倉庫和履行的利基市場，比如那。

So is that a green shoot that may be any need of a I obviously hasn't done a deal has not grown much, but is that a green shoot that maybe should really start to catalyze that business? So on. Yes, we we don't comment on sort of specific customer engagements are the things that I've seen this a white paper that you've seen, and it's really exciting technology.

那麼，我顯然還沒有達成交易的任何需要的新芽是否沒有增長太多，但這是一個也許應該真正開始催化該業務的新芽嗎？ 很快。 是的，我們不會對特定的客戶參與發表評論，這是我在白皮書中看到的，您也已經看到了，這確實是令人興奮的技術。

The thing that's exciting to me is that on their applying AI to allow for cobots to be able to react to deal with like the hundreds of thousands of SKUs that they need to deal with on a day-to-day basis. We have other other customers in the logistics space that are using AI and cobots in a very similar way of immunotherapy for on for like cube storage systems on for online grocery, picking those kinds of applications.

讓我興奮的是，他們應用人工智慧讓協作機器人做出反應，處理他們每天需要處理的數十萬個 SKU。 我們在物流領域還有其他客戶，他們正在以非常相似的免疫療法方式使用人工智慧和協作機器人，例如線上雜貨的立方體儲存系統，選擇這些類型的應用。

So the green shoot in our mind is how a I can be used to allow cobots to be applied to a much broader range of product cost problems than it's been able to serve before and on. I certainly believe that online retailing is one of the richest areas for that to possibly growth.

因此，我們心中的初衷是如何利用「I」讓協作機器人解決比以前更廣泛的產品成本問題。 我當然相信線上零售是最有可能成長的領域之一。

Thank you, Greg. Our next question comes from Samik Chatterjee of JPMorgan. Please go ahead.

謝謝你，格雷格。 我們的下一個問題來自摩根大通的 Samik Chatterjee。 請繼續。

Hi, thanks for taking the question. So for the first one, I'm just trying to go back to your comments on the prepared remarks, both growth being significantly higher in 2025, freight rate pretty full, right to think about it in terms of the TAM for us by segments that you outlined previously. You've outlined that the company that probably is really not where you see a lot of upside in 2025, but more in the cyclical parts of the debt that you outlined, like mobility and others. I'm more curious if that's still your view and look forward into 2025 because you just outline today as well that the memory or the people that might be sort of flattening out as well.

您好，感謝您提出問題。 因此，對於第一個問題，我只是想回到您對準備好的評論的評論，2025 年的增長顯著更高，運費相當滿，正確地從我們的 TAM 角度考慮，按細分市場你之前概述過。 您已經概述了該公司在 2025 年可能並沒有看到很大的上升空間，但更多的是您概述的債務的周期性部分，例如流動性等。 我更好奇這是否仍然是你的觀點並展望 2025 年，因為你今天也概述了可能會變得平淡的記憶或人。

So is it still very much when we start to think about next year's significantly through growth as it really driven by the cyclical parts of the TAM or IGBT changing on compute or memory in aggregate in relation to that? And have a quick follow-up.

那麼，當我們開始考慮明年的顯著增長時，它是否仍然非常重要，因為它實際上是由 TAM 或 IGBT 的周期性部分在計算或內存方面的總體變化驅動的？ 並進行快速跟進。

Yes, I'll give my usual. I will tell you we'll tell you in more detail what our view of 25 is in January. But since we talked a little bit about this last last quarter, what I'll do is all sort of give you an update sort of what we've seen to modify that view. So on last quarter, we like what I was saying last quarters like man compute is hot. I don't I can't imagine that's going to get much hotter. You know what? It's probably going to get a bit hotter in all. It's probably going to grow a bit from where it is now. We certainly are expecting some recovery from them, lower levels that we see in 2024 in the automotive and industrial space.

是的，我會像平常一樣。 我會告訴您，我們將在一月份更詳細地告訴您我們對 25 的看法。 但由於我們在上個季度對此進行了一些討論，因此我要做的就是向您提供我們所看到的修改該視圖的更新內容。 因此，在上個季度，我們就像我在上個季度所說的那樣，「人類計算很熱門」。 我不認為我無法想像它會變得更熱。 你知道嗎？ 總體而言，天氣可能會變得更熱一些。 它可能會比現在的情況有所增長。 我們當然預計它們會出現一些復甦，但 2024 年汽車和工業領域的水平將低於我們看到的水平。

There's a lot of end market demand that is going to come. So crossover from internal combustion to EV., even though it's delayed, it's going on in every single model. Europcar is increasing semiconductor content. So we see that there are long-term growth drivers that are going to help us in auto and industrial on in memory, I do think that HBM will moderate, but honestly, the other parts to the memory market are still quite weak. The DRAM market is like it was 80% of this year of the TAM and kids usually much more balanced than that.

將會出現大量的終端市場需求。 因此，從內燃機到電動車的交叉，儘管被推遲了，但它在每個車型中都在發生。 Europcar 正在增加半導體含量。 因此，我們看到汽車和工業記憶體領域存在長期成長動力，我確實認為 HBM 將會放緩，但老實說，記憶體市場的其他部分仍然相當疲軟。 DRAM 市場就像是今年 TAM 的 80%，而孩子們通常比這要平衡得多。

So we think that there's definitely room for improved strength in the flash part of the memory market. So I think I guess the premise of your question is, is it like RAI. Kim, like being sold to a growth driver next year? I think that's a real story is that the rest of the market kind of improves incrementally underneath a very strong a market.

因此我們認為快閃記憶體市場的實力肯定還有提升的空間。 所以我想我猜你問題的前提是，它像 RAI 嗎？ Kim，喜歡明年被賣給成長動力嗎？ 我認為這是一個真實的故事，市場的其他部分在一個非常強大的市場下逐漸改善。

That's helpful. And from its second one, just on someday, you mentioned disease leading to one Q. If I sort of look at your business as a I versus sort of the more cyclical box or the EI. pieces also going to go to the seasonality of difficult to the rest of the business, or are you seem to sort of stand out from that? And it's more driven by the cyclical aspects that you sort of take that step down into 1Q? Yes. I think if you look at our history, what you'll see is a seasonality come down in Q1 and we're seeing that in robotics specifically. You know, historically, we've seen strong Q4's and then cut down to come down in Q1.

這很有幫助。 從第二個開始，就在某一天，您提到疾病導致了一個問題。這些作品也會受到季節性因素的影響，這對其他行業來說是困難的，或者您似乎從中脫穎而出？ 它更多地是由週期性方面驅動的，您是否將這一步驟降至第一季？ 是的。 我認為如果你看看我們的歷史，你會看到第一季的季節性下降，我們特別在機器人領域看到了這一點。 你知道，從歷史上看，我們看到了第四季度的強勁表現，然後在第一季出現下滑。

And then from a test perspective, you know the AI. Arm three AI. strength right now it'll be interesting to see because one thing I want to tie back to is that on our lead times have come down significantly from where they were several years ago.

然後從測試的角度來看，你就知道人工智慧了。武裝三號人工智慧。現在看看我們的實力會很有趣，因為我想提到的一件事是，我們的交貨時間比幾年前已經顯著下降。

And one of the drivers of our strengths in Q three was really tied to some customers pulling in future forecast to meet current wafer outs and test requirements. And we're seeing that more and more and we're positioned well to service that there have been some unforecasted demand. So I would say that the visibility is starting to get a little bit lower on looking out into kind of Q1 from a tactical execution perspective. Now we are positioned well that if customers come in and we can service it.

我們在第三季的優勢的驅動因素之一確實與一些客戶拉動未來的預測以滿足當前的晶圓輸出和測試要求有關。 我們看到越來越多的情況出現，我們已經做好了充分的準備來服務一些不可預見的需求。 所以我想說，從戰術執行的角度來看第一季的能見度開始變得有點低。 現在我們的定位很好，如果客戶進來，我們可以提供服務。

But even in test, we are seeing on historically a little bit of seasonality, but a large part driven by them by robotics and a little bit and test.

但即使在測試中，我們在歷史上也看到了一點季節性，但很大一部分是由機器人技術驅動的，還有一點是測試。

Thank you. Thanks for taking my questions. Our next question comes from Brian Chin with Stifel. Please go ahead.

謝謝。 感謝您回答我的問題。 我們的下一個問題來自 Stifel 的 Brian Chin。 請繼續。

Brian, your line is open. You can ask your question. Others are not that, Tom. Thanks for asking a leading U.S. Ask a few questions and good morning, Tom, maybe just first question, can you discuss why the industrial test TAM was that to there? Or would you explain that in another way?

布萊恩，你的線路已開通。 你可以問你的問題。 其他人則不然，湯姆。 感謝您向美國領先人士詢問幾個問題，早上好，湯姆，也許只是第一個問題，您能討論為什麼工業測試 TAM 在那裡嗎？ 或者你能用另一種方​​式解釋一下嗎？

Yes. So on you hit the nail on the head that on C, this isn't a case of the industrial plan lengthening from quarter to quarter. It's a case of us getting better visibility into the size of the TAM that existed in China that's being served by indigenous suppliers.

是的。 所以你一針見血，在C上，這不是工業計劃逐季度延長的情況。 這是我們更了解由本土供應商提供服務的中國 TAM 規模的一個例子。

Okay. No, that's a very clear and helpful, Tom and Greg, maybe can you also referenced this on prior calls and I think this is while, but can you help to quantify roughly what percent of the mobile installed tester base?

好的。 不，這是非常清楚和有幫助的，Tom 和Greg，也許您也可以在之前的電話中引用這一點，我認為這是一段時間，但是您可以幫助大致量化移動安裝的測試人員基數的百分比嗎？

I assume that those assets principally has been reduce, rationalize or repurpose for other other chips in markets such as AI accelerator, GPUs and Asics? Yes. So on right now, like as of today, based on the upgrade shipments that we've done on all of our 100 of 100 testers have been repurposed. And by the end of the year, we expect that over 200 tests, Wilmington, repurposed into other markets.

我認為這些資產主要已經被減少、合理化或重新用於市場上的其他晶片，如人工智慧加速器、GPU 和 Asics？ 是的。 所以現在，就像今天一樣，根據我們對 100 台測試儀中的所有 100 台進行的升級發貨，我們已經重新調整了用途。 到今年年底，我們預計威爾明頓將有 200 多項測試重新用於其他市場。

Most of that isn't to compute, but not all of it on and in all, the other thing that we look at is to see directionally what's happening with utilization. We don't we don't cross the absolute numbers, but since we keep our measurement methodology consistent, you can get a better idea of whether things whether compete he is getting tighter or looser.

其中大部分不是要計算的，但不是全部，我們關注的另一件事是定向了解利用率發生的情況。 我們不會交叉絕對數字，但由於我們保持測量方法的一致性，因此您可以更好地了解競爭是否變得更嚴格或更寬鬆。

And we've seen a meaningful uptick in utilization as these testers have been converted and put to use so on, we definitely believe that there's less idle capacity now than there was a quarter ago, and there will be even less wondering at the end of the year. I think that's hopefully you understand kind of the supply side of that demand is what you're kind of floating come at the moment for next year. That maybe one last quick question. Tom.

隨著這些測試儀的轉換和投入使用，我們已經看到利用率顯著上升，我們絕對相信現在的閒置產能比一個季度前要少，而且到年底也會更少疑惑。 我認為希望您能理解明年目前的需求供應面。 這也許是最後一個快速問題。 湯姆.

Yes. And I understand maybe the reluctance to give a number for 2025 of that, that VIP. compute TAM. But you know if that's your drives a higher again for this year, Tom? Yes, Nabeel and ultimately push higher in terms of what your 2026 view has been domestically, at least talk about the key considerations that maybe drive the size of that opportunity next year. And as our constraints for things like co-los capacity or HBM supply, one of those considerations.

是的。 我理解也許不願意給 2025 年那個 VIP 的數字。計算 TAM。 但你知道這是否是你今年再次前進的動力嗎，湯姆？ 是的，Nabeel，最終要進一步提高您對 2026 年國內的看法，至少談談可能推動明年機會規模的關鍵考慮因素。 作為我們對 co-los 產能或 HBM 供應等因素的限制，這是考慮因素之一。

Okay. So on. So first, in terms of the VLPs, what we've said before is that on we by 2026, we believe that the TAM will be about five for VIP. compute that we believe the TAM will be about 500 million of this year. We believe that TAM is going to be about 300. And frankly, that was a positive surprise in terms of the market size for 2024.

好的。 很快。 首先，就 VLP 而言，我們之前說過，到 2026 年，我們認為 VIP 的 TAM 約為 5 個。計算一下，我們認為今年的 TAM 約為 5 億。 我們認為 TAM 數量將達到 300 左右。

Because of that, we are currently taking a hard look at whether that $500 million number for 2026 is right. And we'll give you an update in June, January about whether we think that that's on that, that it needs to be revised upward. And I certainly feel like there's there's upward pressure on it. On the other thing that we've said about the VIP. TAM is that because it's so few producers.

因此，我們目前正在仔細研究 2026 年 5 億美元的數字是否正確。 我們將在六月、一月向您提供最新情況，說明我們是否認為這一點需要向上修改。 我當然覺得它有向上的壓力。 關於我們已經說過的關於 VIP 的另一件事。 TAM 是因為它的生產者太少了。

And so few part types that TAM is really lumpy. So you use strike, you strike a winner. You get a big up big amount of orders in one period of time and then that capacity gets in place and its use. So that market is not sort of reached a level of maturity and breadth where you can draw straight line to say this. And this year is this two years later, and therefore, it's going to be halfway there between them the middle year. But the trend is definitely strengthening.

由於零件類型太少，TAM 確實很混亂。 所以你使用罷工，你就贏了。 您在一段時間內獲得大量訂單，然後該產能就位並使用。 因此，這個市場還沒有達到可以畫直線來說明這一點的成熟度和廣度水準。 今年是兩年後的一年，因此，中間年將是中間的一年。 但這種趨勢肯定正在加強。

Now in terms of the constraints, the things that we are seeing when we talk to the IT customers is that they are constrained in terms of the amount of HPM memory and they can get their constraints in the amount of advanced package. You are in order to be able to assemble these kinds of partners on those are probably the two most important constraints. The other thing that I think is a X factor in this space as of the park has to work on these are these are huge die, radical radical constrained by sizes, and they are on designing a fair amount of redundancy into them to trying to make sure that they get adequate yields. But this is that it's not a slam dunk that these parts are going to work the first time around. So the demand for these testers can shift around in time, but it's a kind of challenging space to predict, but it's definitely the trend is moving faster than we thought it was. Yes, that's super helpful color.

現在就限製而言，當我們與 IT 客戶交談時，我們看到的是他們在 HPM 內存量方面受到限制，並且他們可以獲得高級軟體包數量的限制。 你要能夠聚集這些類型的合作夥伴，這可能是兩個最重要的限制。 我認為在這個空間中的另一件事是一個X因素，因為公園必須解決這些問題，這些是巨大的模具，激進的激進受到尺寸的限制，他們正在設計大量的冗餘來試圖使它們成為可能。 但問題是，這些部件第一次就能發揮作用並不是一帆風順的。 因此，對這些測試人員的需求可能會隨著時間的推移而變化，但這是一個具有挑戰性的預測空間，但趨勢的發展速度肯定比我們想像的要快。 是的，這是非常有用的顏色。

Thanks, Greg. Our next question comes from C.J. Muse of Cantor Fitzgerald. Go ahead.

謝謝，格雷格。 我們的下一個問題來自康托·菲茨杰拉德 (Cantor Fitzgerald) 的 C.J. Muse。 前進。

Yes, good morning. Thank you for taking the question. I guess first question, I realize you want to save the founder for your Analyst Day in March, but everything that I'm hearing on this call is telling me that only 25 is a transition year. Our OpEx in Q1 is at new highs while your revenues or 37% below prior peak. So can you give us a little bit of help you to understand that there's actually real leverage in the model and 25?

是的，早安。 感謝您提出問題。 我想第一個問題是，我知道您想在 3 月的分析師日保留創辦人，但我在這次電話會議中聽到的一切都告訴我，只有 25 是過渡年。 我們第一季的營運支出創下新高，而您的收入比之前的峰值低 37%。 那麼您能否給我們一點幫助，讓您了解模型和 25 中實際上存在真正的槓桿作用？

Yes. Hi, C.J. So when we take our eyes on Greg noted, hey, look, we're going through our strategic planning process. And um, but what we're seeing is early indicators are that we on we are talking to customers and hearing about 0.0 hearing about their plans. We will do we have gone through our early market kind of size assessments. And as Greg noted, hey, look, we are seeing on we are seeing incremental for we are planning incremental growth in mobility, auto industrial.

是的。 嗨，C.J. 因此，當我們關注格雷格時，嘿，看，我們正在經歷我們的策略規劃流程。 嗯，但我們看到的早期跡像是，我們正在與客戶交談，並聽到大約 0.0 人聽到他們的計劃。 我們會做的，我們已經完成了早期的市場規模評估。 正如格雷格所指出的，嘿，看，我們正在看到增量，因為我們正在計劃移動、汽車工業的增量成長。

And from a percentage wise that's coming off of a low base. So that would be higher and and compute is doing really well.

從百分比來看，這是從較低的基數開始的。 所以這個數字會更高，而且計算的表現也非常好。

So we feel comfortable that at this point on with all the facts we have, we did note that we do expect to see operating leverage while we do grow low 10s in the way of OpEx and what changes in 90 days. And we've got a complete our planning process and will provide an update. But we feel comfortable with at this point, we expect to see the operating leverage in our business and 25.

因此，我們感到放心的是，在這一點上，根據我們掌握的所有事實，我們確實注意到，我們確實期望看到營運槓桿，同時我們的營運支出和 90 天內的變化確實會增加 10 左右。 我們已經有了完整的規劃流程並將提供更新。 但目前我們對此感到滿意，我們預計我們業務的營運槓桿將達到 25。

Yes. So if I can just add on a little bit of add-on to that, when we hit our prior peak, the upturn that that was serving was on its plate precisely into Teradyne strength like we are, we are great in mobile and it was a huge boom in mobile demand. And so we were operating at peak efficiency. We did not need to layer in significant OpEx in order to serve that level of revenue coming out of like.

是的。 因此，如果我可以添加一點附加內容，當我們達到之前的峰值時，所服務的好轉正是像我們一樣融入泰瑞達的實力，我們在移動領域表現出色，而且移動需求的巨大繁榮。 因此我們的營運效率最高。 我們不需要大量的營運支出來滿足這樣的收入水準。

And it's pretty clear from our earnings model that we believe that we are off Tampa over the next couple of years. The differences that that TAM growth doesn't naturally play to where Teradyne's historic strength was. And so we needed to pivot and we needed to invest in order to make sure that we were able to reap the benefit of the change in the market.

從我們的獲利模型中可以清楚地看出，我們相信未來幾年我們將遠離坦帕。 TAM 的成長並不能自然地發揮泰瑞達歷史上的優勢。 因此，我們需要轉型，需要投資，以確保我們能夠從市場變化中獲益。

And so we made significant investments to Brian aligned to the HBM. market, and we are making significant progress in terms of our exposure in our success in the performance stacked die tests, we made significant investments in engineering and sales and marketing in order to allow line to VIP.s and our share and compute VIT.s is 50% this year versus like much, much lower share and traditional compute. So the like the the thing that you need to understand is this is a conscious decision on our part that we were able to control the changes in the market, but we are able to react to it and you know, to be able to increase our investments moderately while still maintaining very, very good operating margins is the thing that we need to do to trying to make sure that we maintain a leadership position in this industry. That's very helpful. Thank you. As my follow-up financial question on robotics, it looks like you're guiding that business to grow 50% sequentially in December. Continued kind of walk through the drivers there and how to think of what the business will look like after that? I believe that's driven primarily by major product cycle, but would love to hear more color there.

因此，我們對 Brian 進行了大量投資，以配合 HBM。市場，並且我們在性能堆疊裸片測試中的成功曝光方面取得了重大進展，我們在工程、銷售和營銷方面進行了大量投資，以便允許線路連接 VIP.s 以及我們的共享和計算 VIT.s今年是50%，而傳統計算的份額則低得多。 因此，您需要了解的是，這是我們有意識的決定，我們能夠控制市場的變化，但我們能夠對其做出反應，並且您知道，能夠增加我們的我們需要做的就是適度投資，同時仍然保持非常非常好的營業利潤率，以確保我們在這個行業中保持領先地位。 這非常有幫助。 謝謝。 作為我關於機器人技術的後續財務問題，看起來您正在引導該業務在 12 月環比增長 50%。 繼續了解那裡的驅動因素，以及如何思考之後的業務會是什麼樣子？ 我相信這主要是由主要產品週期驅動的，但我很想聽到更多的顏色。

Thank you. Yes. So on the robotics business has historically had very, very large Q4's. There's a lot of seasonality in that business. And this year is no exception that we we expect sort of the normal seasonality pattern on. We also expect that the Go growth that we're seeing in the OEM channel and with heavy payload is going to continue to contribute on also not like it's us, it's a lesser factor, but now there's a more meaningful amount of service revenue that's coming into those businesses. \

謝謝。 是的。 因此，機器人業務歷來有非常非常大的第四季。 該行業有很多季節性。 今年也不例外，我們預期會出現正常的季節性模式。 我們也預計，我們在 OEM 頻道中看到的 Go 成長以及高負載將繼續做出貢獻，這與我們不同，這是一個較小的因素，但現在即將出現更有意義的服務收入進入這些業務。 \

So the mere like the mere story is much more of a 2025 story than a 24 story. We need to get our next to our new pallet chat into the hands of customers that is going to happen at the end of this quarter, but it's not going to be on a material contributor to Q4 growth. So it's really more of view of the pipeline that we have like our lead pipeline for Q4, how strong we expect that business to be from what we have going now than any contribution from like a mere new product.

因此，單純的故事更像是 2025 年的故事，而不是 24 年的故事。 我們需要將我們的下一個新托盤聊天交到客戶手中，這將在本季末發生，但這不會對第四季的成長做出重大貢獻。 因此，更多的是對我們擁有的管道的看法，例如我們第四季度的主要管道，我們期望該業務從我們現在所做的事情中獲得多大的力量，而不是僅僅來自新產品的任何貢獻。

Thank you. Our next question comes from Toshiya Hari of Goldman Sachs. Please go ahead.

謝謝。 我們的下一個問題來自高盛的 Toshiya Hari。 請繼續。

Hi, good morning. I had two questions as well. First on the on mobile SOC test. Tom, I know you're not giving guidance for 25, but Craig, I'm curious how you're thinking about the opportunity set medium to long term. I think the mark to peak around 2 billion a couple of years ago, several years ago, you're at 800 million today. How do you think about sort of the through cycle?

嗨，早安。 我也有兩個問題。 首先進行移動 SOC 測試。 湯姆，我知道你不會為 25 歲提供指導，但克雷格，我很好奇你如何考慮中長期的機會集。 我認為這個數字在幾年前達到了 20 億左右的峰值，幾年前，今天已經達到了 8 億。 您如何看待整個週期？

I know there is no steady state, but how do you think about sort of the through cycle opportunity for mobile? You talked about utilization rates coming up per your market and tau. But on medium to long term, are you thinking 1 billion to 1.3 billion, Tom, for mobile touched and some of the reasons behind that, that would be super helpful.

我知道不存在穩定狀態，但您如何看待行動領域的貫穿週期機會？ 您談到了每個市場和 tau 的使用率。 但從中長期來看，湯姆，你是否認為 10 億到 13 億美元對於行動裝置的影響以及背後的一些原因，這將是非常有幫助的。

Yes. So I think once we get to once we get to steady state in terms of like having chewed up the excess capacity and I think that happens in 2025, I think the kind of like I would expect that the floor in mobile is going to be closer to $1 billion than the 800 that it is now up from that is really going to depend on weather AIAI. enabled smartphones are saying or not, and whether AI. enabled smartphones will deliver compelling customer value because that's a two for in terms of the market. If if a phone comes out that has that light has a much more complex processor that's going to require more test time, which means that you need more testers to do it on.

是的。 因此，我認為一旦我們達到穩定狀態，例如消除過剩產能，我認為這種情況會在 2025 年發生，我認為移動領域的底線將會更加接近從現在的800 美元到10 億美元，這實際上取決於天氣AIAI。智慧型手機是否啟用，以及是否支援人工智慧。支援的智慧型手機將提供引人注目的客戶價值，因為就市場而言，這是兩個。 如果一款帶有這種燈的手機問世，它有一個更複雜的處理器，這將需要更多的測試時間，這意味著您需要更多的測試人員來完成它。

And if it offers of features that customers want badly enough, then that drives the refresh cycle down. And right now on like the average age of smartphones is long and is over now than it's ever been that people have been holding on to their phones much longer because there really hasn't been that compelling new feature that drives people to upgrade.

如果它提供了客戶非常想要的功能，那麼就會縮短更新周期。 現在，智慧型手機的平均壽命已經很長了，人們使用手機的時間比以往任何時候都已經結束，因為確實沒有那麼引人注目的新功能來促使人們升級。

So I really think that upside to our like a $1 billion I love and mobile is going to depend on weather. The refresh rate in phones goes up and phone as volume goes up.

所以我真的認為我喜歡的 10 億美元行動裝置的上漲空間將取決於天氣。 手機的刷新率會提高，手機的音量也會提高。

Got it. Thank you. And then as my follow up on just a question on how you're thinking about the overall business portfolio. It's been, I think, something like eight years since you guys acquired, you are and I know that predates you becoming CEO of the Company.

知道了。 謝謝。 然後我將繼續回答一個關於您如何看待整體業務組合的問題。 我想，自從你們被收購以來，已經有大約八年了，我知道，這早於你們成為公司執行長的時間。

But since then, I think at the time, I think the gross ton expectation around Semi Test was slower perhaps than how you're thinking about the business today. I think the market sort of perceive the acquisition as a diversification play. When you think about the opportunity set today, I think you've got a lot going on and semi test, and you touched on quite quite of those quite quite a few of those things, whether it be HBM or the VIP. opportunity set. I guess to ask a question of bluntly on, did you feel like you're still the right owner of the robotics business? Do you feel like you're getting share value for our running this business? And do you guys ever internally debate separating the two businesses?

但從那時起，我認為當時對半測試的總噸預期可能比您今天對業務的思考要慢。 我認為市場將這次收購視為一種多元化經營。 當您考慮今天的機會集時，我認為您已經進行了很多工作和半測試，並且您觸及了相當多的東西，無論是 HBM 還是 VIP。機會集。 我想直截了當地問一個問題，你覺得你仍然是機器人業務的正確所有者嗎？ 您覺得您從我們經營這項業務中獲得了股票價值嗎？ 你們內部是否曾經爭論過要將這兩個業務分開？

Thanks. Yes. No, that's us that. That is a remarkably blunt question on the, but it's fair so on and you're right in terms of the initial motivation that on feel that the way the world looked to us in 2015 when we bought you or was that on, we were coming out of like a decade of shrinking TAM's in the semiconductor test market.

謝謝。 是的。 不，那就是我們。 這是一個非常直率的問題，但這是公平的，就最初的動機而言，你是對的，你覺得 2015 年我們買下你時世界對我們的看法，或者是這樣，我們來了半導體測試市場TAM 近十年來不斷萎縮。

And over that same decade, Paradyne also doubled our share in the semiconductor test market. So like in that environment, we managed to become more price profitable. We managed to essentially double our share position, but we didn't see that as a great long-term growth strategy in light of COVID, you can you can end up owning a market that goes away.

在同一十年中，Paradyne 還將我們在半導體測試市場的份額增加了一倍。 因此，就像在那種環境下，我們設法提高了價格利潤。 我們設法將我們的股票部位基本上增加了一倍，但我們認為，鑑於新冠疫情，這並不是一項偉大的長期成長策略，你最終可能會擁有一個消失的市場。

That's not particularly satisfying. So we were definitely on the hunt for on a a way to ensure the long-term growth of the enterprise. That was our original motivation for things that we have discovered since we bought these robotics companies is that on paradigm essentially presents a unique value proposition in the advanced robotic space that if you look at the people that compete with us in the industrial automation in for robots, in industrial automation, the big players, they are typically on not as comfortable in terms of delivering very high tech products with very, very high tech are very, very high reliability requirements. What we do with testers is honestly kind of astonishing the level of reliability and the level of complexity is really kind of off the charts and being able to bring that mindset and that scale we'll set to our robotics businesses. And also that reputation to our robotics businesses allows developments are really on compete well against the traditional IT folks that are pivoting into the advanced robotic space.

這並不是特別令人滿意。 因此，我們肯定在尋找一種確保企業長期成長的方法。 這是我們自收購這些機器人公司以來發現的最初動機，即在範式上本質上在先進機器人領域提出了獨特的價值主張，如果你看看那些在工業自動化領域與我們競爭機器人的人在工業自動化領域，大型企業通常不太願意提供非常非常高的技術產品，但對可靠性的要求非常非常高。 老實說，我們與測試人員所做的事情的可靠性水平和複雜程度確實令人驚訝，並且能夠將我們為機器人業務設定的思維方式和規模帶來。 此外，我們的機器人業務的聲譽使我們的開發能夠真正與轉向先進機器人領域的傳統 IT 人員競爭。

And it gives us a teller advantage against pure play on advanced robotics folks because they're typically undersized undersell their spending on beyond on their spending 12 loss on. They don't have international distribution for spares and logistic network. And so we kind of think that's all we are are the right player to bring advanced robotics to act to an industrial scale.

這為我們提供了相對於純玩先進機器人技術人員的出納優勢，因為他們通常低估了他們的支出，超出了他們支出 12 的損失。 他們沒有國際備件分銷和物流網絡。 因此，我們認為我們就是將先進機器人技術應用於工業規模的合適參與者。

So does the database that we have is, is there some point in the future where we where we may unlock shareholder value by having these two businesses? The separate maybe. But right now we are I think that like the Teradyne is like attaching Teradyne to the advanced robotics name is actually a significant differentiator and will allow us to lead in that space.

那麼，我們擁有的資料庫是否表明，在未來的某個時刻，我們可以透過擁有這兩項業務來釋放股東價值？ 也許是分開的。 但現在我認為，就像泰瑞達一樣，將泰瑞達附加到先進的機器人名稱上實際上是一個顯著的差異化因素，將使我們能夠在該領域處於領先地位。

Thanks, Frank. Our next question comes from Krish Sankar of TV. Kevin, please go ahead.

謝謝，弗蘭克。 我們的下一個問題來自電視台的克里斯桑卡（Krish Sankar）。 凱文，請繼續。

Yes, thanks for taking my question. Greg, I have two of them first, and I just wanted to come back those OpEx thing either for Greg or Sanjay, I thought the strategy and the semi side was with the idea is to engage earlier. And then on the GPU customer side was to get into the networking test side with the semi just OpEx increase.

是的，感謝您提出我的問題。 格雷格，我首先有兩個，我只是想為格雷格或桑傑回歸那些營運支出，我認為策略和半方面的想法是儘早參與。 然後，在 GPU 客戶方面，我們將進入網路測試方面，營運支出也將增加。

Are you trying to build new platforms to compete? And this is I understand that this is a structurally new OpEx level for the cemetery business closes. Just cyclical, trying to get market share. So on, I would consider it more to be cyclical on. It's not and And for sure, we're always trying to get more market share, right?

您是否正在嘗試建立新的競爭平台？ 據我了解，這是墓地業務關閉時結構上新的營運支出水準。 只是周期性的，試圖獲得市場份額。 所以，我更認為它是周期性的。 當然，我們一直在努力獲得更多的市場份額，對吧？

So that's kind of a given. But the thing that we're seeing is that the VIP. customers, they're building extremely complex devices and the amount of applications and of field technical support required to help them get to market is on is significant.

所以這是理所當然的。 但我們看到的是 VIP。對於客戶來說，他們正在建造極其複雜的設備，幫助他們進入市場所需的應用程式和現場技術支援的數量是巨大的。

And it's worth it that if you invest that that money with that team, then you end up with a part that drives a significant amount of business. So the ROI. is there to make those investments. But those investments right now, we are we are definitely in the phase where we're making more investments than we're reaping the results of them.

如果您將這筆錢投入到該團隊中，那麼您最終將獲得一個能夠推動大量業務的零件，這是值得的。 所以投資報酬率。是否可以進行這些投資。 但現在的這些投資，我們肯定處於這樣一個階段：我們所進行的投資多於我們所獲得的成果。

So I think it is a cyclical effect on long term. I would expect that we would be able to on like I think we will grow revenue into the OpEx that we're taking on on not reduce OpEx, again, lower revenue. That's sort of the view that we have that by getting in place in these IP and networking spaces that we're going to be able to hold and grow without without proportionate increase in OpEx the whole way. Cargo is very helpful, Greg, and do a quick follow up on HBM. on.

所以我認為這是長期的周期性影響。 我希望我們能夠像我認為的那樣將收入增加到我們正在承擔的營運支出中，而不是減少營運支出，再次降低收入。 我們認為，透過在這些 IP 和網路空間中佔有一席之地，我們將能夠維持並發展這些空間，而無需全程按比例增加營運支出。 Cargo 非常有幫助，Greg，並對 HBM 進行了快速跟進。在。

Can you talk a little bit about your opportunity and market share in the post guide that this will also be resolved? Okay. So on. So on post stack die test, that's a market that Teradyne was not able to participate in and how we were qualified by our major supplier in the middle of this year.

您能否在後期指南中談談您的機會和市場份額，這也將得到解決？ 好的。 很快。 因此，在堆疊後晶片測試方面，這是泰瑞達無法參與的市場，以及我們如何在今年年中獲得主要供應商的認可。

And so we have significant excess capital for SaaS side performance tests in the second half of this year from one of the major HVM suppliers we are in call add an additional OEM supplier. And that's something that we would expect to drive some revenue in 2025 on depending on the success of that particular supplier to get share. How when it comes to wafer, sort of that's really more aligned to sort of the traditional traditional market share breakdown in the wafer starts storage space. So if you look at the bill is just a few two important memory players are we have great DRAM wafer starts share at one of the majors. We don't have much wafer start per share at the biggest on. And we have we're doing well in the on the memory manufacturers that are in China also as they grow, we will do well as well. So I think of wafer sort, it is probably the shares the share space in wafer sort of kind of stay about the same. But we're going to be gaining share and stacked die.

因此，我們在今年下半年從主要 HVM 供應商之一獲得了用於 SaaS 端效能測試的大量多餘資金，我們正在呼籲添加額外的 OEM 供應商。 我們預計這將在 2025 年帶來一些收入，具體取決於特定供應商能否成功獲得份額。 當談到晶圓時，這實際上更符合晶圓儲存空間的傳統市場份額細分。 因此，如果你看一下帳單，你會發現這只是少數兩個重要的記憶體廠商，我們在其中一個主要廠商中擁有龐大的 DRAM 晶圓開工份額。 我們最大的每股晶圓起始量並不多。 我們在中國的記憶體製造商方面做得很好，隨著他們的成長，我們也會做得很好。 所以我想到了晶圓排序，晶圓排序中的共享空間可能保持大致相同。 但我們將獲得份額並堆疊晶片。

Thanks a lot, Greg, very helpful. Our final question comes from Gus Richard of Northland Capital. Please go ahead.

非常感謝，格雷格，非常有幫助。 我們的最後一個問題來自 Northland Capital 的格斯理查德。 請繼續。

Hi, yes, thanks for taking my question. On China. Ask about Tom. Your expectations for complexity grows and mobile processors on next generation next year on inclusion of more AI capability, perhaps on integration of modem. Do you have any thoughts or any thoughts on what that might look like in 25? Yes. So on, it's interesting.

你好，是的，謝謝你提出我的問題。 關於中國。 詢問湯姆的情況。 您對複雜性的期望不斷增長，明年下一代行動處理器將包含更多人工智慧功能，也許會整合數據機。 您對 25 年後的情況有什麼想法或想法嗎？ 是的。 如此下去，就很有趣了。

It's an interesting take the on the devices that are going to ramp next year are at the test chip phase now on and and will we expect that there's modest Matas complexity increases on and a lot of that complexity increases associated with a I of modems is a different story that we don't see a trend towards additional mode, some integration, but we do see the opportunity for on changes in supply chain for Motive that you felt like different handset manufacturers may begin to get us to get motorhomes from different sources.

這是一個有趣的做法，明年將推出的設備目前正處於測試晶片階段，我們是否預計 Matas 複雜性會適度增加，並且與調製解調器相關的複雜性增加很多是不同的故事是，我們沒有看到額外模式、某些整合的趨勢，但我們確實看到了Motive 供應鏈變化的機會，你覺得不同的手機製造商可能會開始讓我們從不同的來源獲得房車。

And they get now in that feel that that's at play both in the iOS S. and the Android space so on. So we don't we don't see modem integration, but we do see sort of shifts in terms of who's providing those modems. Great. That's super helpful. And then just touching on capacity utilization on new indicated it was up sequentially, and I was just wondering if you could quantify that a bit more. What was it in Q3 on what are you thinking beyond Q2, Q3 and Q4, how it's SOC utilization on trend it. Can you quantify that?

他們現在感覺到這在 iOS S 和 Android 領域都在發揮作用。 因此，我們沒有看到調製解調器集成，但我們確實看到了提供這些調製解調器的人發生了某種變化。 偉大的。 這非常有幫助。 然後，只要觸及新的產能利用率，就表明它是連續上升的，我只是想知道您是否可以進一步量化這一點。 第三季是什麼，您對第二季、第三季和第四季之後的想法是什麼，SOC 利用率的趨勢如何。 你能量化一下嗎？

I wish I could, but I can't we have the numbers and we use them internally and we don't feel that they are well as our auditors to use them externally in this way, saying that I can tell you is that it's on it's up a fair amount quarter on quarter sort of mid to high single digits range on. But I don't really want to give absolute numbers because it's hard for us to do audits on and whether that continues in the fourth quarter, my expectation is that we will see significant continued increases in utilization in Q4, both because of normal seasonality and also because of the number of testers that we have filled up great kits to go from one market to another like somebody is not going to upgrade a little faster to use it someplace else, they're going to upgrade and underutilized tester. So that's probably got a slide a bunch of testers from the unutilized column into the utilized column. So I think there's going to be edition. In addition, no improvement in utilization in Q4, but I can't give you a hard number.

我希望我可以，但我不能，我們有這些數字，我們在內部使用它們，我們覺得他們不適合我們的審計師以這種方式在外部使用它們，我可以告訴你的是，它是在它的季度環比成長幅度相當大，在中高個位數範圍內。 但我真的不想給出絕對數字，因為我們很難對其進行審計，以及這種情況是否會在第四季度繼續下去，我的預期是，我們將看到第四季度的利用率持續大幅增長，這既是由於正常的季節性因素，也是由於還因為我們已經為大量測試人員配備了從一個市場到另一個市場的大量測試人員，就像有人不會更快地升級以在其他地方使用它一樣，他們將升級並未充分利用測試人員。 因此，這可能會將一群測試人員從未使用的列滑到已使用的列中。 所以我認為會有版本。 此外，第四季的利用率沒有改善，但我無法給你一個確切的數字。

Got it. Thanks so much. Appreciate it. Thank you. Ladies and gentlemen, we have reached the end of the question and answer session. I will now hand over to Tracy distribution chain for cash from us. Thanks so much for joining us this morning. We look forward to speaking with many of you to the question quarter. Thanks again. Thanks. Thanks. Thanks. Thanks. Thanks. Thanks. Thanks .

知道了。 非常感謝。 欣賞它。 謝謝。 女士們、先生們，問答環節已經結束。 我現在將把現金交給特雷西分銷鏈。 非常感謝您今天早上加入我們。 我們期待在問題季度與你們中的許多人交談。 再次感謝。 謝謝。 謝謝。 謝謝。 謝謝。 謝謝。 謝謝。 謝謝 。