泰瑞達 (TER) 2024 Q4 法說會逐字稿

Greetings, and welcome to the fourth-quarter 2024 Teradyne, Inc., earnings conference call.

大家好，歡迎參加 Teradyne, Inc. 2024 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Traci Tsuchiguchi, Vice President, Investor Relations.

現在我很高興介紹投資者關係副總裁 Traci Tsuchiguchi。

Thank you, Traci.

謝謝你，特蕾西。

You may begin.

你可以開始了。

Thank you, operator.

謝謝您，接線生。

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

大家早安，歡迎參加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; our CFO, Sanjay Mehta.

今天早上和我一起參加的是我們的執行長 Greg Smith；我們的財務長 Sanjay Mehta。

Following our opening remarks, we'll provide details of our performance for the fourth quarter and full year of 2024 and our outlook for the first quarter of 2025.

在開幕詞之後，我們將詳細介紹 2024 年第四季和全年的業績以及 2025 年第一季的展望。

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

包含我們第四季業績的新聞稿已於昨晚發布。

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

我們在 Teradyne 網站的投資者頁面上提供了幻燈片以及該收益腳本的副本，這可能有助於後續討論。

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

通話結束後，可在同一頁面上重播本次通話。

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

我們今天討論的問題將包括前瞻性陳述，這些陳述涉及的風險可能會導致泰瑞達的表現與管理層目前的預期有重大差異。

We caution listeners not to place undue reliance under any forward-looking statement 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 the slides accompanying this presentation, as well as the risk factors described in our annual report on Form 10-K for the fiscal year ended December 31, 2023, on file with the SEC.

我們鼓勵您查看本簡報附帶幻燈片中包含的安全港聲明，以及我們向美國證券交易委員會提交的截至 2023 年 12 月 31 日的財政年度的 10-K 表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，這些前瞻性陳述僅截至今天有效。

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

在今天的電話會議中，我們將參考非公認會計準則財務指標。

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

我們已發布有關這些非 GAAP 財務指標的更多信息，包括與最直接可比的 GAAP 財務指標的對賬，可在我們網站的投資者頁面上找到。

We hope that you plan to join us for our financial analyst meeting, which will be webcast beginning at 1:00 PM Eastern Time on March 11, 2025.

我們希望您計劃參加我們的財務分析師會議，該會議將於 2025 年 3 月 11 日東部時間下午 1:00 開始進行網路直播。

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

根據格雷格和桑傑今天上午的評論，我們將開始提問。

This call is scheduled for one hour.

此次通話預計可持續一小時。

Greg?

格雷格？

Thanks, Traci, and thank you, all, for joining us today.

謝謝，崔西，也謝謝大家今天加入我們。

I'll start off by summarizing our fourth quarter and full year 2024 results and provide some context for our initial view of 2025.

我將首先總結我們 2024 年第四季和全年的業績，並提供一些我們對 2025 年的初步看法的背景。

Then I'll provide context around our updated midterm earnings model.

然後我將提供有關我們更新的中期盈利模型的背景資訊。

I'll describe the trends we expect to drive the market and Teradyne's strategy to drive highly leveraged earnings growth through the midterm.

我將描述我們預期推動市場的趨勢，以及泰瑞達在中期推動高槓桿獲利成長的策略。

Sanjay will then go into greater detail on all of these topics.

然後，Sanjay 將更詳細地討論所有這些主題。

Our fourth quarter came at the high end of our guidance range, as trends we noted previously continued through the end of the year.

我們的第四季業績達到了預期範圍的高位，因為我們先前指出的趨勢將持續到年底。

Cloud AI has been the dominant driver of our Semiconductor Test business.

雲端人工智慧一直是我們半導體測試業務的主要驅動力。

And we have seen some short-term improvement in the mobile space, driven by supply chain shifts in our customer base.

在客戶群供應鏈轉變的推動下，我們看到行動領域出現了一些短期改善。

In industrial and automotive, our fourth quarter benefited from customer-specific equipment purchases.

在工業和汽車領域，我們在第四季度受益於客戶特定設備採購。

Strength in our test business more than offset the continuing weakness in the industrial automation market, which impacted our Robotics business.

我們測試業務的強勁表現足以抵消工業自動化市場的持續疲軟，這對我們的機器人業務產生了影響。

In 2024, after two years of Semiconductor Test market declines, our SOC and memory test revenue grew 17% year over year, excluding DIS.

2024年，在半導體測試市場經歷兩年下滑之後，我們的SOC和內存測試收入（不包括DIS）年增17%。

AI was the dominant driver of our growth, specifically AI accelerator ASICs, networking, and HBM DRAM.

人工智慧是我們成長的主要動力，特別是人工智慧加速器 ASIC、網路和 HBM DRAM。

We have previously described a class of customers called VIPs or vertically integrated producers.

我們之前描述過一類稱為 VIP 或垂直整合生產商的客戶。

We use this term because these customers develop custom silicon to provide differentiation in their end products, whether they are phones, cars, or cloud AI computing.

我們使用這個術語是因為這些客戶開發客製化矽片來為其最終產品提供差異化，無論是手機、汽車還是雲端 AI 運算。

In the first half of 2024, we saw VIP strength for edge AI in automotive.

2024 年上半年，我們看到了汽車邊緣 AI 的 VIP 實力。

In the second half, strength was driven by Cloud AI compute VIP customers.

下半年，雲端人工智慧運算VIP客戶表現強勁。

Our goal in 2024 was to achieve 50% market share in computing VIPs, and we believe that we achieved that goal.

我們的目標是在 2024 年實現計算 VIP 的 50% 市場份額，我們相信我們已經實現了這一目標。

This is particularly notable because much of the VIP test demand in 2024 came in the form of upgrades to systems left underutilized by the weak mobile market.

這一點尤其值得注意，因為 2024 年的大部分 VIP 測試需求都是以對疲軟的行動市場未充分利用的系統的升級形式出現的。

If this demand had come in the form of system sales, our 2024 VIP revenue would have been more than double what we recognized in the year.

如果這種需求以系統銷售的形式出現，我們 2024 年的 VIP 收入將是當年收入的兩倍以上。

At the company level, we grew 5% in 2024.

從公司層級來看，我們在 2024 年實現了 5% 的成長。

If one excludes the divestiture of the DIS business, our total revenue growth was 8%.

若不計 DIS 業務的剝離，我們的總收入成長了 8%。

We grew earnings per share by 10% year over year and generated over $470 million in free cash flow.

我們的每股盈餘年增了 10%，並產生了超過 4.7 億美元的自由現金流。

Our full-year financial results reflect an inflection in our business, both in terms of Semiconductor Test cyclical recovery, but more importantly, a successful pivot to diversify our customer base and reduce customer concentration.

我們的全年財務表現反映了我們業務的轉變，不僅體現在半導體測試的周期性復甦方面，更重要的是，我們成功地實現了客戶群多元化，並降低了客戶集中度。

In 2020 and 2021 timeframe, our business was dominated by mobile with high customer concentration in that market.

在 2020 年和 2021 年期間，我們的業務以行動為主，而該市場的客戶集中度很高。

Back then, we were highly exposed to mobile in SOC, memory, and Wireless Test.

當時，我們在 SOC、內存和無線測試領域高度關注行動領域。

Now in 2024, the compute end market was a larger component of our revenue than mobile, as our SOC business in the compute market grew more than 3.5 times the prior year.

現在到了 2024 年，計算端市場在我們的收入中所佔的份額已經超過了行動端，因為我們在計算市場的 SOC 業務比上一年增長了 3.5 倍以上。

We have been investing to capitalize on the secular shift towards VIP ASICs.

我們一直在進行投資，以利用向 VIP ASIC 的長期轉變。

And that yielded roughly 50% share in what we believe was around a $300 million TAM in 2024.

我們認為，這將帶來約 50% 的份額，到 2024 年，TAM 將達到約 3 億美元。

We have seen growth driven by our historical strength in the networking space.

我們在網路領域的歷史實力推動了我們的成長。

And we see opportunities in system-level test for AI compute.

我們在人工智慧運算的系統級測試中看到了機會。

The pivot we have executed in SOC over the past couple of years is remarkable.

過去幾年我們在 SOC 中執行的轉變非常引人注目。

In 2023, 11% of our SOC product revenue was in computing, and 51% was in auto and industrial.

2023年，我們的SOC產品收入的11%來自計算領域，51%來自汽車和工業領域。

In 2024, 34% was in compute and 34% was in auto and industrial, a balance that underpins our longer-term model.

到 2024 年，34% 用於計算領域，34% 用於汽車和工業領域，這種平衡支撐了我們的長期模型。

Recent advancements in AI inference, which appear to reduce the cost and time to develop AI applications, may be a catalyst to accelerate edge AI development.

人工智慧推理領域的最新進展似乎減少了開發人工智慧應用程式的成本和時間，這可能是加速邊緣人工智慧發展的催化劑。

We think this could directly benefit the markets where we have historical strength, mobile and automotive.

我們認為這將直接惠及我們具有歷史實力的行動和汽車市場。

It's early days, but we believe that lower-cost, lower-power. and faster time-to-market AI solutions can drive complexity growth and increased unit demand at the edge, which are key inputs for improving demand for test equipment.

雖然還處於早期階段，但我們相信成本更低、功耗更低。更快的上市時間的AI解決方案可以推動複雜性成長和邊緣單位需求增加，這是提高測試設備需求的關鍵投入。

Looking forward to 2025, we expect the SOC TAM to continue to grow roughly 7% year over year.

展望 2025 年，我們預計 SOC TAM 將繼續以每年約 7% 的速度成長。

While some of this growth is driven by AI compute, we expect a modest recovery in mobile, automotive, and industrial in the back half of the year.

雖然部分成長是由人工智慧運算推動的，但我們預計今年下半年移動、汽車和工業領域將出現溫和復甦。

We believe that we are positioned to gain share in the low single digits in SOC test.

我們相信，我們有能力在 SOC 測試中獲得低個位數的份額。

Now shifting gears to memory.

現在轉向記憶。

In 2024, our memory business grew to over $500 million, up 30% year over year.

2024年，我們的記憶體業務成長至5億多美元，年增30%。

Strength in the market and our growth was fueled by AI compute demand for HBM DRAM.

市場強勁和我們的成長得益於 HBM DRAM 的 AI 運算需求。

In the second half of 2024, we were qualified for HBM performance test at a major memory supplier.

2024年下半年，我們獲得了某大型記憶體供應商的HBM效能測試資格。

Our higher throughput and forward compatibility created competitive differentiation, enabling us to capture significant share of the HBM performance test market in the second half of 2024.

我們更高的吞吐量和前向相容性創造了競爭差異化，使我們能夠在 2024 年下半年佔據 HBM 效能測試市場的很大份額。

We expect the HBM device end market to be strong through 2025.

我們預計 HBM 設備終端市場到 2025 年將會保持強勁。

However, from a test equipment perspective, we are expecting the market to soften, as customers absorb capacity with higher productivity tools.

然而，從測試設備的角度來看，隨著客戶使用生產力更高的工具吸收產能，我們預期市場將會走軟。

We expect the HBM TAM to recover in 2026.

我們預計 HBM TAM 將在 2026 年恢復。

As a result, we expect the entire memory test market to be flattish in 2025, although we do expect to gain share in the low single-digit range.

因此，我們預計整個記憶體測試市場在 2025 年將持平，儘管我們確實預期份額將增加到個位數的低點。

Beyond AI compute, we believe that there are other segments in the Semiconductor Test market that offer the opportunity for accelerating long-term growth.

除了人工智慧運算之外，我們相信半導體測試市場的其他領域也能提供加速長期成長的機會。

One of these areas is power semiconductors.

其中一個領域是功率半導體。

These devices will continue to grow long term with the crossover to EVs and the demand for more efficient power generation, storage, and distribution.

隨著電動車的普及以及對更高效發電、儲電和配電的需求，這些設備將繼續長期成長。

We are announcing a strategic partnership with Infineon, the market leader in power semiconductors, to acquire their internal tester development team in Regensburg, Germany.

我們宣布與功率半導體市場領導者英飛凌建立策略夥伴關係，收購其位於德國雷根斯堡的內部測試儀開發團隊。

This group will enable us to accelerate our road map in power semiconductor space, specifically, in areas like silicon carbide and gallium nitride at the scale needed to serve the automotive and renewables market.

團隊將協助我們加速在功率半導體領域的發展路線圖，特別是在碳化矽和氮化鎵等領域，達到服務汽車和再生能源市場所需的規模。

While the Semi Test business was strong in 2024, Teradyne's other product test businesses, which include our System Test and Wireless Test operating segments, continued to be impacted by weak end market conditions.

儘管半測試業務在 2024 年表現強勁，但 Teradyne 的其他產品測試業務（包括我們的系統測試和無線測試營運部門）繼續受到終端市場疲軟的影響。

Within our product test businesses, we saw some programs push out from 2024 into 2025, but scored key program wins that we expect to drive healthy growth in 2025.

在我們的產品測試業務中，我們看到一些項目從 2024 年推遲到 2025 年，但取得了關鍵項目的勝利，我們預計這些項目將在 2025 年推動健康成長。

We expect our Wireless Test business to return to growth in 2025 after securing 74 out of 80 tracked Wi-Fi 7 design win opportunities in 2024.

我們預計，在 2024 年獲得 80 個 Wi-Fi 7 設計得標機會中的 74 個之後，我們的無線測試業務將在 2025 年恢復成長。

Turning to Robotics, the industrial automation market continued to be weak in Q4.

談到機器人，工業自動化市場在第四季持續疲軟。

We typically see strong fourth-quarter seasonality, as customers place quick turn orders in the back half of the quarter.

我們通常會看到第四季度的季節性強勁，因為客戶會在該季度後半段下達快速訂單。

Visibility is inherently low in this high-turns business.

在這個高週轉率的行業中，能見度本來就很低。

In Q4 of 2024, this seasonality was far more muted than in prior years.

2024 年第四季度，這種季節性比前幾年要溫和得多。

And we ended the year down slightly for UR and roughly flat from year.

今年年底，UR 的銷售額略有下降，與去年同期相比基本持平。

This underperformed our expectations but outperformed our industrial automation peer group.

這低於我們的預期，但優於我們的工業自動化同行。

Despite the headwinds, there were highlights for Robotics.

儘管面臨阻力，機器人領域仍有亮點。

The UR channel transformation continues to progress with the OEM channel delivering 20% growth and the MiR large accounts also delivering 24% growth year over year in 2024.

UR 通路轉型持續推進，OEM 通路將實現 20% 的成長，MiR 大客戶也將在 2024 年實現 24% 的年成長。

In the fourth quarter, as part of our multifaceted partnership with NVIDIA, UR launched its AI accelerator.

第四季度，作為與 NVIDIA 多方面合作的一部分，UR 推出了其 AI 加速器。

Late in the fourth quarter, MiR's new flagship product, the AI-enabled MiR 1200 Pallet Jack, began shipping to customers.

第四季末，MiR 的新旗艦產品——支援人工智慧的 MiR 1200 托盤搬運車開始向客戶出貨。

And most recently, Teradyne Robotics announced a strategic partnership with Analog Devices to develop and deploy robots, AI, and software to support ADI's automation initiative.

最近，Teradyne Robotics宣布與ADI公司建立策略合作夥伴關係，以開發和部署機器人、人工智慧和軟體，以支援ADI的自動化計畫。

In 2024, we combined UR and MiR operations into a unified Robotics operations group.

2024 年，我們將 UR 和 MiR 營運合併為統一的機器人營運集團。

Now in Q1 of 2025, we are consolidating our go-to-market functions at the Robotics level to enable our best partners to sell the full UR and MiR product line, and to serve our customers better with a single customer service organization.

現在，在2025 年第一季度，我們正在整合機器人層面的行銷功能，以使我們的最佳合作夥伴能夠銷售完整的UR 和MiR 產品線，並透過單一客戶服務組織更好地為我們的客戶服務。

This restructuring increases our efficiency and reduces our Robotics breakeven revenue from $440 million in 2024 to $365 million in 2025.

此次重組提高了我們的效率，並將我們的機器人損益平衡收入從 2024 年的 4.4 億美元減少到 2025 年的 3.65 億美元。

Looking ahead to the next four years, we are very optimistic.

展望未來四年，我們非常樂觀。

A year ago, there were questions as to whether VIPs would matter.

一年前，有人質疑 VIP 是否重要。

And if they did, could we win their business.

如果他們這樣做了，我們就能贏得他們的生意嗎？

At that time, we thought the compute VIP market would be $100 million to $200 million opportunity in 2024, growing to $400 million to $600 million in the 2026 timeframe.

當時，我們認為計算 VIP 市場在 2024 年將有 1 億至 2 億美元的商機，並在 2026 年成長到 4 億至 6 億美元。

Our latest estimate is that the compute VIP market was $300 million in 2024.

我們最新的估計是，到 2024 年，計算 VIP 市場規模將達到 3 億美元。

And the compute VIP market will be centered around $600 million in 2026 and could approach $800 million in 2028.

到 2026 年，計算 VIP 市場規模將集中在 6 億美元左右，到 2028 年可能接近 8 億美元。

We believe that Cloud AI will continue to drive share gains for us in SOC and memory.

我們相信，雲端 AI 將繼續推動我們在 SOC 和記憶體領域的份額成長。

By the later years of this midterm, as AI moves to the edge for mobile enabled by process technology like 2-nanometer and gate-all-around, we expect robust growth of the mobile TAM.

到今年中期選舉的後幾年，隨著人工智慧在 2 奈米和環柵等製程技術的推動下走向移動邊緣，我們預計行動 TAM 將出現強勁成長。

With the remarkable complexity of AI computing systems and the need for highly reliable performance in the training and use of AI models, we expect growing demand for additional test steps.

由於人工智慧運算系統的顯著複雜性以及對人工智慧模型的訓練和使用中高度可靠性能的需求，我們預計對額外測試步驟的需求將會不斷增長。

The addition of system-level test insertions for AI compute both in the cloud and at the edge creates an additional growth vector for Teradyne.

在雲端和邊緣增加用於 AI 運算的系統級測試插入為 Teradyne 創造了額外的成長載體。

This was a primary consideration in our decision to align the integrated System Test unit within Semi Test.

這是我們決定將整合系統測試單元與半測試結合的主要考慮因素。

Going forward, we believe that AI will have an outsized impact on the longer-term growth of edge devices, specifically, in mobile and automotive applications.

展望未來，我們相信人工智慧將對邊緣設備的長期成長產生巨大影響，特別是在行動和汽車應用領域。

Also, the trends towards electrification, whether pure EV or hybrid, provide considerable growth potential with increasing silicon content per vehicle.

此外，無論是純電動車還是混合動力車，電氣化趨勢都會隨著每輛車的矽含量的增加而提供巨大的成長潛力。

Our investments in this space, including our strategic partnership with Infineon, will help us drive share gains in this highly complex, test-intensive segment of the market.

我們在該領域的投資，包括與英飛凌的策略合作夥伴關係，將幫助我們在這個高度複雜、測試密集的市場領域中提高份額。

Based on these long-term trends, we expect to see healthy TAM growth in the automotive and mobile segments of the market over the midterm.

根據這些長期趨勢，我們預計中期汽車和行動市場領域的 TAM 將實現健康的成長。

Our strong market position in these segments will help fuel our revenue growth.

我們在這些領域的強大市場地位將有助於推動我們的收入成長。

These positive trends underpin our 2028 earnings model.

這些正面的趨勢支撐了我們的 2028 年獲利模型。

At the midpoint of our model, we expect to grow from $2.8 billion of revenue in 2024 to $5 billion in 2028.

在我們的模型的中間點，我們預計營收將從 2024 年的 28 億美元成長到 2028 年的 50 億美元。

We expect EPS to grow from $3.22 per share to $8.25 per share over the same period, implying a 12% to 18% revenue CAGR and a 21% to 31% EPS CAGR over that period, demonstrating considerable operating leverage in our business model.

我們預計每股收益在同一時期將從3.22 美元增長至8.25 美元，這意味著同期收入複合年增長率為12% 至18%，每股收益複合年增長率為21% 至31%，表明我們的商業模式具有相當大的經營槓桿。

To sum up, 2024 was a very good year.

總而言之，2024 年是非常好的一年。

We have repositioned the company and are seeing the success from our investments in AI, in compute, and in memory.

我們已經重新定位了公司，並在人工智慧、計算和記憶體方面的投資中看到了成功。

We expect that 2025 will be another good year.

我們預計2025年將會是另一個豐收年。

We are setting our Robotics business up on a sustainable path for long-term growth.

我們正在將我們的機器人業務推向長期可持續發展的道路。

And our test business will grow, driven by continued strength in share gains in VIPs, tightening capacity utilization, and the return of higher demand in mobile, industrial, and automotive.

我們的測試業務將實現成長，這得益於 VIP 份額的持續成長、產能利用率的提高以及移動、工業和汽車領域需求的回升。

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

說完這些，我會把電話轉給桑傑。

Sanjay?

桑傑？

Thank you, Greg.

謝謝你，格雷格。

Good morning, everyone.

大家早安。

Today, I'll cover our Q4 and full-year 2024 financial summary.

今天，我將介紹我們的 2024 年第四季和全年財務摘要。

We will provide our Q1 outlook, some planning guidance for the full-year 2025, and discuss our updated earnings model and capital allocation plan.

我們將提供第一季的展望、2025年全年的一些規劃指導，並討論我們更新的獲利模型和資本配置計畫。

Now to Q4.

現在進入第四季。

Fourth-quarter sales were $753 million, with non-GAAP EPS of $0.95, both at the high end of our guidance range.

第四季銷售額為 7.53 億美元，非 GAAP 每股收益為 0.95 美元，均處於我們預期範圍的高點。

Semi test revenue, which now includes our integrated System Test business or IST, comprised of product lines for system-level test and HDD test, was $561 million.

半測試收入為 5.61 億美元，現在包括我們的整合系統測試業務或 IST，由系統級測試和 HDD 測試的產品線組成。

Within Semi Test, SOC revenue was $429 million with memory shipments of $112 million and IST shipments, $19 million.

在半測試領域，SOC收入為4.29億美元，其中記憶體出貨量為1.12億美元，IST出貨量為1,900萬美元。

The other product test businesses comprised of Defense and Aerospace, production board test, and Wireless Test, contributed $94 million.

其他產品測試業務包括國防和航空航太、生產板測試和無線測試，貢獻了 9,400 萬美元。

Robotics revenue's $98 million was up 11% sequentially with muted seasonality due to ongoing weak industrial spending.

由於工業支出持續疲軟，機器人業務收入達 9,800 萬美元，較上季成長 11%，季節性因素較少。

As Greg noted, we had softer-than-expected performance in the Robotics business, tied to typical turns business that did not materialize.

正如格雷格所說，我們的機器人業務表現低於預期，這與未能實現的典型轉變業務有關。

Non-GAAP gross margin was 59.4%, just below our guidance range due to Robotics.

非公認會計準則毛利率為 59.4%，由於機器人技術的原因，略低於我們的指導範圍。

Non-GAAP operating expenses were $284 million in Q4, higher than our guide.

第四季非公認會計準則營業費用為 2.84 億美元，高於我們的預期。

A majority of the increase was tied to accelerated engineering spend in Semi Test.

大部分成長都與半測試領域的加速工程支出有關。

Non-GAAP operating profit rate was 22%.

非GAAP營業利益率為22%。

Some other financial facts.

一些其他財務事實。

The tax rate, excluding discrete items for the quarter, was 7.6% on a non-GAAP basis and lower than planned because of product mix shift to Semi Test.

本季不包括單項項目的稅率按非公認會計準則計算為 7.6%，由於產品結構轉向半成品測試，稅率低於計劃。

GAAP tax rate was 8.7% in Q4, excluding discrete items.

第四季的 GAAP 稅率為 8.7%，不包括單一項目。

We repurchased $144 million of shares in the quarter as we opportunistically accelerated our share buybacks.

由於我們抓住機會加快了股票回購步伐，本季我們回購了價值 1.44 億美元的股票。

Dividends were $19 million, and we had one 10% customer in the quarter.

股息為 1900 萬美元，本季我們有一個 10% 的客戶。

Turning to the full-year results, our revenue was $2.82 billion.

回顧全年業績，我們的營收為 28.2 億美元。

Samsung was the only customer greater than 10% of our revenue for the year.

三星是我們今年唯一收入佔比超過 10% 的客戶。

Gross margin for the year was 58.6%.

全年毛利率為58.6%。

OpEx was $1.08 billion, and operating profit was 20.4%.

營運支出為10.8億美元，營運利潤為20.4%。

Non-GAAP EPS was $3.22. We generated $474 million in free cash flow in 2024.

非公認會計準則每股收益為 3.22 美元。我們在 2024 年產生了 4.74 億美元的自由現金流。

We returned $275 million or 58% of free cash flow to our shareholders through share repurchases and dividends.

我們透過股票回購和股利向股東返還了 2.75 億美元，即 58% 的自由現金流。

We ended the year with $724 million of cash and marketable securities.

截至年底，我們的現金和有價證券總額為 7.24 億美元。

Our tax rate for the full year, excluding discrete items, was 12.6% on a non-GAAP basis and 12.5% on a GAAP basis.

我們全年的稅率（不含單一項目）以非 GAAP 計算為 12.6%，以 GAAP 計算為 12.5%。

Business unit revenues for 2024 were as follows.

2024 年業務部門收入如下。

Semi Test revenue for the year, including IST, was $2.124 billion, with SOC revenue contributing $1.537 billion; memory, $502 million; and IST, $85 million.

包括IST在內的半測試業務全年營收為21.24億美元，其中SOC營收貢獻15.37億美元；內存，5.02 億美元；以及 IST，8500 萬美元。

Excluding the impact of our DIS divestiture, our SOC and memory revenue was 17% year over year.

不包括 DIS 剝離的影響，我們的 SOC 和內存收入較去年同期成長 17%。

SOC growth in the year was driven by AI compute, specifically custom ASICs for VIPs and networking.

今年 SOC 的成長主要由 AI 運算推動，特別是針對 VIP 和網路的客製化 ASIC。

Our memory sales were up 30% year over year, driven primarily by AI compute demand for HBM DRAM.

我們的記憶體銷售額年增 30%，主要受 AI 運算對 HBM DRAM 的需求所推動。

IST revenue declined 39% year over year, primarily due to underutilized test capacity in HDD.

IST 營收年減 39%，主要原因是 HDD 測試能力未充分利用。

Turning to our other product test businesses.

轉向我們的其他產品測試業務。

The System Test group, which is combined Defense and Aerospace and Production Board Test, had revenue of $201 million in 2024, flattish in 2023.

系統測試集團（包括國防和航空航太以及生產板測試）的收入在 2024 年將達到 2.01 億美元，2023 年將持平。

Wireless Test revenue was $130 million, down from 2023 due to slower ramp of Wi-Fi 7.

無線測試收入為 1.3 億美元，由於 Wi-Fi 7 的成長放緩，較 2023 年有所下降。

The combined revenue of the two operating segments in 2024 was $331 million, down 4% year over year.

2024年兩個營運部門的合併收入為3.31億美元，較去年同期下降4%。

Now to Robotics.

現在來談談機器人技術。

Robotics revenue in 2024 was $365 million, with UR contributing $293 million and [MiR] $72 million.

2024 年機器人營收為 3.65 億美元，其中 UR 貢獻 2.93 億美元，[MiR] 貢獻 7,200 萬美元。

Considerably lower-than-expected volumes in the fourth quarter drove profitability well below our expectations.

第四季的銷售量大幅低於預期，導致獲利能力遠低於我們的預期。

The group had 13% non-GAAP operating loss in both Q4 and the full year.

該集團第四季和全年的非公認會計準則營業虧損均為 13%。

As Greg mentioned, we are restructuring the Robotics business to create a single point of contact for customers and partners across UR and MiR sales, marketing, and service organizations to improve customer experience.

正如 Greg 所說，我們正在重組機器人業務，為 UR 和 MiR 銷售、行銷和服務組織的客戶和合作夥伴創建單一聯絡點，以改善客戶體驗。

The result of these actions will help drive top-line growth in 2025 and improve our efficiency.

這些行動的結果將有助於推動2025年的營收成長並提高我們的效率。

These actions will enable our Robotics business to continue to outperform industrial automation market.

這些舉措將使我們的機器人業務繼續超越工業自動化市場。

Now to our outlook for Q1.

現在來看看我們對第一季的展望。

Since our October call, our Semi Test outlook has remained strong.

自十月份電話會議以來，我們的半測試前景一直保持強勁。

However, Robotics forecast remains seasonably soft.

然而，機器人產業的預測仍然受到季節性因素的疲軟。

Q1 sales are expected to be between $660 and $700 million, with non-GAAP EPS in the range of $0.58 to $0.68 on 163 million diluted shares.

預計第一季銷售額在 6.6 億美元至 7 億美元之間，非 GAAP 每股收益在 1.63 億股稀釋股份中在 0.58 美元至 0.68 美元之間。

The first-quarter guidance excludes the amortization of acquired intangibles and restructuring charges.

第一季的業績指引不包括收購無形資產的攤銷和重組費用。

First-quarter gross margins are expected to be in the range of 58.5% to 59.5%.

預計第一季毛利率在58.5%至59.5%之間。

OpEx is expected to be roughly flat with Q4 and run at approximately 41.5% to 42.5% of first-quarter sales.

預計營運支出將與第四季基本持平，約佔第一季銷售額的 41.5% 至 42.5%。

The non-GAAP operating profit rate at the midpoint of our first-quarter guidance is 17%.

我們第一季預期中位數的非 GAAP 營業利潤率為 17%。

As Greg noted, we believe the semiconductor SOC test TAM will see healthy growth in 2025, driven by a second-half broad-based recovery.

正如 Greg 所說，我們相信，在下半年廣泛復甦的推動下，半導體 SOC 測試 TAM 將在 2025 年實現健康成長。

We expect the SOC TAM to be between $4.7 billion and $5.1 billion or $4.9 billion at the midpoint.

我們預期 SOC TAM 在 47 億美元至 51 億美元之間，或中間值為 49 億美元。

For a more detailed view of our end market expectations for SOC, please refer to the table in our earnings deck.

欲了解我們對 SOC 的終端市場預期的更詳細情況，請參閱我們的收益報告中的表格。

We are forecasting the memory TAM to be between $1.3 billion and $1.5 billion.

我們預測記憶體 TAM 在 13 億美元至 15 億美元之間。

Recall that within this, HBM has grown from around $100 million in 2023 to over $500 million in 2024.

回想一下，在這其中，HBM 已經從 2023 年的 1 億美元左右增加到 2024 年的 5 億多美元。

Our memory TAM forecast for 2025 is roughly flat year over year, with the HBM tester market going through a period of digestion.

我們對 2025 年記憶體 TAM 的預測與去年同期基本持平，其中 HBM 測試儀市場正經歷消化期。

In both the SOC and memory Semi Test markets, we expect to gain low-digit share in 2025.

我們預計，在 SOC 和記憶體半測試市場中，2025 年的份額將達到低位數。

In Robotics, we are currently operating in a difficult, low-visibility industrial spending environment.

在機器人技術領域，我們目前正處於困難且低可見度的工業支出環境中。

The business is still driven by turns.

業務仍靠輪流推動。

When we look at our plans for 2025, we see SAM expansion and channel growth initiatives expected to yield approximately 10% revenue growth in current market conditions.

當我們審視 2025 年的計畫時，我們發現，在當前市場條件下，SAM 擴展和通路成長計畫預計將帶來約 10% 的收入成長。

Of course, there is a wide range around this growth expectation.

當然，這一增長預期存在很大差異。

Few points to assist you in modeling 2025 for the enterprise.

以下幾點可協助您為企業建模 2025。

In Q2, we expect 5% to 10% sequential growth from Q1's midpoint.

我們預計第二季的銷售額將較第一季中位數環比成長 5% 至 10%。

We expect first-half revenue to be approximately 43% to 44% of full-year revenue.

我們預計上半年收入約佔全年收入的43%至44%。

Now to gross margins.

現在來談談毛利率。

We expect full-year gross margins to be 59% to 60%.

我們預計全年毛利率為59%至60%。

We expect second-half gross margins to slightly improve from current levels tied to higher revenue expected in the second half of the year.

我們預計下半年的毛利率將比目前水準略有提高，這與預計下半年收入增加有關。

Regarding OpEx for the full year, we expect full-year 2025 OpEx to increase 8% to 10% year over year, which is a reduction from our low teens' view in October.

至於全年營運支出，我們預計 2025 年全年營運支出將年增 8% 至 10%，低於我們 10 月的低預期。

The key changes were restructuring to capture synergies between UR and MiR in Robotics and the acceleration of Semi Test projects in Q4.

關鍵變化是重組，以抓住 UR 和 MiR 在機器人領域的協同作用，並加速第四季度的半測試項目。

Interest and other line is forecasted at $1 million of income per quarter.

預計每季利息和其他收入為 100 萬美元。

While we have cash driving the yield, we also have items like FX gains and losses included in this line in our P&L.

雖然我們有現金推動收益，但我們的損益表中也包括外匯收益和損失等項目。

Our GAAP tax rate is forecasted to be 15.25% and 15% non-GAAP in 2025, excluding discrete items.

預計 2025 年我們的 GAAP 稅率為 15.25%，非 GAAP 稅率為 15%（不含單一項目）。

Turning to capital allocation.

轉向資本配置。

Our strategy remains consistent as we take a balanced approach to maintain cash reserves that enable us to run the business and have dry powder for M&A.

我們的策略保持一致，因為我們採取平衡的方法來維持現金儲備，這使我們能夠經營業務，並為併購提供充足的資金。

For reference, from 2015 to 2024, we've returned over $4.6 billion to shareholders through share repurchases and dividends, which is 93% of free cash flow.

作為參考，從 2015 年到 2024 年，我們透過股票回購和股利向股東返還了超過 46 億美元，佔自由現金流的 93%。

In 2025, we plan on executing up to $400 million of share buybacks along with our current level of dividends.

2025 年，我們計劃在維持現有股利水準的同時，進行高達 4 億美元的股票回購。

Moving to our midterm earnings model, as we do each January, we've updated our model.

正如我們每年一月所做的那樣，我們轉向中期獲利模型，我們已經更新了我們的模型。

We share this model with investors to provide insight into how we look at the markets we serve, our competitive positioning, and ultimately, the growth and earnings power of the company.

我們與投資者分享這個模型，以便深入了解我們如何看待我們所服務的市場、我們的競爭定位以及最終公司的成長和獲利能力。

A few points for context.

關於背景的幾點說明。

We're rolling forward our midterm model to 2028, which replaces our prior 2026 midterm model.

我們將中期模型推進至 2028 年，以取代先前的 2026 年中期模型。

That said, we believe we are tracking with our prior 2026 model in terms of ranges of revenue and earnings.

儘管如此，我們相信，就收入和收益範圍而言，我們將與先前 2026 年的模型保持一致。

Over the midterm, we expect test revenue to grow at a 12% to 17% CAGR off of our 2024 results, driven by continued strength in AI compute-related demand and recovery with long-term growth in broader end markets, including auto, industrial, and mobile.

從中期來看，我們預計測試收入將以 12% 至 17% 的複合年增長率成長，這得益於人工智慧運算相關需求的持續強勁以及汽車、工業等更廣泛終端市場的長期成長。裝置.

Our mobile assumption is for recovery, but we're not assuming a return to the prior peak in 2021.

我們對行動市場的假設是復甦，但我們不假設 2021 年會回到先前的高峰。

In Robotics, we're expecting the industrial markets to begin to recover, with AI expanding the SAM and persistent labor shortages.

在機器人技術領域，我們預計工業市場將開始復甦，人工智慧將擴大 SAM 並持續解決勞動力短缺問題。

We expect these dynamics to drive a top line of 18% to 24% CAGR off of 2024 with modest growth in 2025, which we expect to accelerate over the midterm.

我們預計，這些動態將推動營收從 2024 年起實現 18% 至 24% 的複合年增長率，並在 2025 年實現適度增長，我們預計中期增長將加速。

Going forward, the Robotics operating model will deliver increasing operating leverage through the midterm, ending towards the high end of our target 5% to 15% operating profit range for this business.

展望未來，機器人營運模式將在中期內持續提高營運槓桿，最終達到我們為該業務設定的 5% 至 15% 的營運利潤目標範圍的高端。

Our updated midterm model is expected to drive 2028 revenue to $4.5 billion to $5.5 billion and non-GAAP EPS between $7 and $9.50. As Greg mentioned, this implies a 15% CAGR from 2024 to 2028 and a 27% EPS CAGR at the midpoint, demonstrating the operating leverage of our test and Robotics businesses.

我們更新的中期模式預計將推動 2028 年營收達到 45 億美元至 55 億美元，非 GAAP 每股盈餘達到 7 美元至 9.50 美元之間。正如 Greg 所提到的，這意味著 2024 年至 2028 年的複合年增長率為 15%，中期每股收益複合年增長率為 27%，體現了我們的測試和機器人業務的經營槓桿。

Gross margin is expected to be between 59% and 60%.

預計毛利率在59%至60%之間。

OpEx as a percentage of sales between 28% to 31%, yielding a non-GAAP operating margin of 28% to 32%.

營運支出佔銷售額的百分比在 28% 到 31% 之間，非 GAAP 營運利潤率在 28% 到 32% 之間。

Summing up, 2024 was a good year overall, driven by strength in Semi Test.

總而言之，由於半決賽測試的強勁表現，2024 年總體來說是不錯的一年。

Excluding the DIS divestiture, our overall company revenues grew 8% year over year.

除 DIS 資產剝離外，我們公司的整體收入年增 8%。

And our SOC and memory combined grew 17% year over year, helping to achieve a 10% increase in our EPS to $3.22.

我們的 SOC 和內存合計年增 17%，幫助我們的每股收益成長 10% 至 3.22 美元。

We are making strategic investments to drive competitive advantage in the Semi Test business.

我們正在進行策略性投資，以提高半測試業務的競爭優勢。

And we are leveraging logical synergies between UR and MiR to drive long-term sustainable growth in Robotics.

我們正在利用 UR 和 MiR 之間的邏輯協同作用來推動機器人技術的長期永續成長。

We enter 2025 feeling good about the year and our line of sight to our midterm model.

進入 2025 年，我們對這一年以及對中期模型的預期感到十分樂觀。

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

說完這些，我將把電話轉回給接線生以回答問題。

Operator?

操作員？

(Operator Instructions) CJ Muse, Cantor Fitzgerald.

（操作員指令） CJ Muse、Cantor Fitzgerald。

Yeah, good morning.

是的，早安。

Thank you for taking the question.

感謝您回答這個問題。

I guess, first question, was hoping you could spend a little bit of time expanding on your outlook for low single-digit share growth in Semi Test.

我想，第一個問題是，希望您能花一點時間來擴展您對半導體測試領域低個位數份額成長的前景。

Can you kind of walk through the moving parts in terms of what's driving that?

您能否詳細闡述推動這項進程的因素有哪些？

And then considering that you're expecting a bit of a recovery in your noncompute businesses in the second half, can you speak to what we could see potentially in terms of upside to that low single-digit number if that were to come in incrementally better?

然後考慮到您預計下半年非計算業務會有所復甦，您能否談談如果這一數字逐步好轉，那麼我們可能看到哪些潛在的上升空間？

Hi, CJ.

你好，CJ。

This is Greg.

這是格雷格。

Yeah, so there's a number of things that are driving our outlook for low single-digit growth in share.

是的，有許多因素導致我們預期份額將呈現低個位數成長。

In the SOC space, we think that we're going to continue to make progress with the compute VIPs, maintain that 50% share that we got this year as that TAM continues to grow.

在 SOC 領域，我們認為我們將繼續在計算 VIP 方面取得進展，隨著 TAM 的不斷增長，我們將繼續保持今年獲得的 50% 的份額。

And we're expecting to see some incremental improvement in the mobile space, driven primarily by -- there's been sort of steady increases in complexity that has been filling up the big pool of underutilized testers.

我們期望看到行動領域出現一些漸進的改進，這主要得益於——複雜性的穩定增加，填滿了大量未充分利用的測試人員。

And so we would expect that that sort of continuing march of complexity will actually turn into incremental growth in the TAM in that space in this year.

因此，我們預計，這種持續的複雜性實際上將在今年轉化為該領域 TAM 的增量成長。

And then when it comes to auto and industrial, right now, we think that there's a short-term slowdown in that space.

至於汽車和工業領域，目前我們認為該領域短期內會出現放緩。

But the increase of automotive content -- the increase of semiconductor content in automotive is kind of proceeding with each model year.

但是汽車內容的增加——汽車中半導體內容的增加是隨著每一年的車型而不斷進行的。

So even at similar or depressed end unit sales, that we expect that to be modest growth in the automotive space.

因此，即使終端銷量相似或低迷，我們預計汽車領域仍將實現適度成長。

The other thing that I'll say is that the electronics content in hybrids is nearly as high as the electronic content in pure EVs.

我想說的另一件事是，混合動力汽車中的電子含量幾乎與純電動車中的電子含量一樣高。

And the trend in the market towards more hybrid vehicles is something that is certainly impacting the plans for pure EVs, but it's impacting the auto semiconductors a little bit less.

市場向混合動力車發展的趨勢必定會對純電動車的計畫產生影響，但對汽車半導體的影響則較小。

Now the last is in industrial.

現在最後一個是工業領域的。

In industrial, one of the things that is actually helping to drive the market there is an indirect pass-through from the AI compute space.

在工業領域，真正有助於推動市場發展的因素之一是來自人工智慧運算領域的間接傳導。

The AI compute is incredibly power hungry.

人工智慧計算極為耗電。

And it needs really, really good power for all of these GPU-fueled servers.

而且所有這些由 GPU 驅動的伺服器都需要非常非常好的電力。

And that has been a driver for some of our power and electronics customers to -- with things like point-of-load converters, that's actually helping to sustain that market even when the traditional industrial market is not quite as strong.

這對我們的一些電力和電子客戶來說是一個驅動力——透過諸如負載點轉換器之類的產品，即使在傳統工業市場不那麼強勁的情況下，這實際上也有助於維持該市場。

Now if you move over to memory, the gradual recovery in mobile is going to help in parts of the market.

現在，如果你轉向內存，行動市場的逐步復甦將會對部分市場有所幫助。

So incrementally, year on year, that part of the market is going to be a little bit stronger.

因此，逐年遞增，這部分市場將會逐漸變得更強勁。

The HBM part of the market is going to be a little bit weaker because of that digestion factor.

由於消化因素，HBM 市場的份額將會稍微弱一些。

But the appetite for DRAM in AI servers is incredible.

但 AI 伺服器對 DRAM 的需求令人難以置信。

And that's driving both LPDDR and DDR memories.

這可以驅動 LPDDR 和 DDR 記憶體。

So we're expecting the non-HBM part of the DRAM market to sustain a little bit better than the HBM part.

因此，我們預期 DRAM 市場非 HBM 部分的表現將比 HBM 部分略好。

So if you look at that whole thing and you look at the share gains or the new test insertions we've won in HBM in 2024, plus our strong position in final test for DRAM, especially LPDDR DRAM and flash, we're expecting that to accrue to low single digits in memory as well.

因此，如果你縱觀整個情況，看看我們在 2024 年在 HBM 中贏得的份額增長或新測試插入，加上我們在 DRAM 最終測試中的強勢地位，特別是 LPDDR DRAM 和閃存，我們預計在記憶中也能累積到低個位數。

Very helpful.

非常有幫助。

And then, I guess, as a follow-up question, on the Robotics side, you're restructuring that business once again.

然後，我想，作為後續問題，在機器人方面，您正在再次重組該業務。

Obviously, I think you had multiple kind of paths that you could pursue on that front?

顯然，我認為您在這方面有多種途徑可以選擇？

And I guess, what gives you the confidence that this is the right path?

我想，什麼讓您確信這是正確的道路？

And what kind of timeframe are you giving yourself for proof points of success, given the struggles that Teradyne has had within this business for many years?

考慮到泰瑞達多年來在這一行業所面臨的困難，您為自己設定了什麼樣的時間框架來證明自己的成功？

Yeah.

是的。

So I think one of the things that we're trying to do is to tease apart what part of this is Teradyne struggles and what parts of this are market struggles.

因此，我認為，我們正在嘗試做的事情之一就是理清其中哪些部分是泰瑞達的困境，哪些部分是市場困境。

So if you look at the performance of our Robotics unit, it certainly is coming in under what our expectations were.

因此，如果你看一下我們的機器人部門的表現，它肯定會低於我們的預期。

But it is outperforming the companies that we compare ourselves in the industrial automation space.

但它的表現優於我們在工業自動化領域所對比的公司。

So we actually think we've made some significant progress in a very, very weak market.

因此，我們實際上認為，我們在一個非常非常疲軟的市場中取得了一些重大進展。

Having said that, there's definitely areas that we thought that we could make changes that would help improve.

話雖如此，我們確實認為可以在某些方面做出改變，從而實現改進。

One of the big things that was a positive in 2024 was the pace of new product introductions.

2024 年最大的正面因素之一是新產品推出的速度。

And we think that the R&D groups associated with UR and MiR are really clicking.

我們認為 UR 和 MiR 相關的研發團隊確實合作得很默契。

And the releases that we have that are adding AI content to our product or enabling our partners to do AI-based Robotics are very important positives.

我們發布的產品添加了 AI 內容或使我們的合作夥伴能夠進行基於 AI 的機器人技術，這些都是非常重要的積極因素。

The positive that we've seen in terms of building an OEM channel for UR is something that we think is a positive and we need to preserve.

我們認為，為 UR 建立 OEM 頻道方面看到的正面因素是我們需要保留的。

And we've also made significant progress in terms of building large account competency in the MiR organization.

我們在 MiR 組織中建立大客戶能力方面也取得了重大進展。

So if you look at the restructuring that we're doing, we're really -- we are not -- we're making very modest changes in the product creation part of the business.

因此，如果你看看我們正在進行的重組，你會發現我們實際上——我們並沒有——我們正在對業務的產品創造部分做出非常溫和的改變。

We had already made the changes that we wanted to make in the operations part of our business.

我們已經對業務營運部分做出了我們想要做的改變。

And so now we're focusing on the commercial side of the business.

因此，我們現在專注於業務的商業方面。

And there, we're trying to really do things -- two things.

我們正在努力做兩件事。

The first is, we want to help our partners be more successful.

首先，我們希望幫助我們的合作夥伴取得更大的成功。

And the way we can help our partners be more successful is by giving them a broader product range that they can sell.

我們可以幫助合作夥伴取得更大的成功，為他們提供更廣泛的可銷售產品系列。

And that, we think, is going to really help out.

我們認為，這確實會有所幫助。

It also drives natural efficiencies. 50 of our largest partners between UR and MiR actually sell both UR and MiR already.

它還能提高自然效率。我們在 UR 和 MiR 之間的 50 個最大合作夥伴實際上已經同時銷售 UR 和 MiR。

And so we're going to be able to get a natural improvement in efficiency by covering those partners in a single way.

因此，透過單一方式涵蓋這些合作夥伴，我們將能夠自然地提高效率。

Also, as we approach this large account success that we're seeing with MiR, we definitely see that service is a very important component of success.

此外，當我們透過 MiR 取得這個大客戶的成功時，我們清楚地看到服務是成功的一個非常重要的因素。

And so by having a single service organization, we believe that's going to allow us to expand the success that we've had with large accounts and MiR to the UR product line as well.

因此，透過擁有單一的服務組織，我們相信這將使我們能夠將與大客戶和 MiR 合作所取得的成功拓展到 UR 產品線。

So the main thing we're trying to do with this restructuring is to sell more robots.

因此，我們這次重組的主要目的是為了銷售更多的機器人。

The next most important thing that we're trying to do is to set up our breakeven so that we have the ability to overperform, that we have the ability to deliver better operating margin against what is a growth rate that is always going to be impacted by the end market conditions.

我們接下來要做的最重要的事情是設定損益平衡點，這樣我們才能超額完成任務，才能在成長率總是受到影響的情況下，實現更好的營業利潤率最終市場狀況。

That help?

那有幫助嗎？

Very helpful.

非常有幫助。

Thank you.

謝謝。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yes, thanks for taking my question.

是的，感謝您回答我的問題。

Two from my end is focusing on semi.

我這邊的兩個重點是半導體。

I wanted to understand this partnership with Infineon.

我想了解與英飛凌的合作關係。

It's interesting that you're doing this at the bottom of the power semi.

有趣的是，你在電力半導體的底部做了這件事。

I'm not sure if silicon carbide could get any worse.

我不確定碳化矽是否還會變得更糟。

But what's in it for Infineon?

但這對英飛凌有什麼好處呢？

And how should I think about partnership benefits with Teradyne and benefits to Infineon?

我該如何看待與 Teradyne 合作的利益以及對英飛凌的利益？

I do have another follow-up.

我還有其他後續事宜。

Sure.

當然。

So yes, it is definitely an adverse times in the discrete semiconductor market, especially in like Wi-Fi bandgap, silicon carbide, gallium nitride.

所以是的，對於分立半導體市場來說，這絕對是一個不利的時期，特別是在 Wi-Fi 帶隙、碳化矽、氮化鎵等領域。

The way we look at that is, this is sort of a classic hype cycle situation, where people saw the promise of these technologies in terms of delivering higher-efficiency power conversion for both cars and for alternative energy applications.

我們的看法是，這是一種典型的炒作週期情況，人們看到了這些技術在為汽車和替代能源應用提供更高效電力轉換方面的前景。

And there was -- I think people got ahead of themselves in terms of how quickly the crossover would happen between internal combustion and EVs.

而且——我認為人們對內燃機和電動車之間的交叉速度的預期有些超前了。

So definitely, there was a lot of enthusiasm around this market.

因此可以肯定的是，這個市場充滿了熱情。

And we think that that enthusiasm has waned.

我們認為這種熱情已經減弱了。

So actually, we kind of think this is a good time for us to make this kind of a move.

因此實際上，我們認為現在是採取此類措施的好時機。

The advantage for Teradyne here is, as we look to this long-term path from here to 2028, we think that the discrete semiconductor market is going to -- the test market is going to be increasing in a pretty healthy way.

泰瑞達的優勢在於，展望從現在到 2028 年的長期發展，我們認為分立半導體市場將會——測試市場將會以相當健康的方式成長。

We also believe that all of the other semiconductor content associated with that, battery management systems, other conversion products, isolation products, is also going to increase.

我們也相信，與此相關的所有其他半導體內容，電池管理系統、其他轉換產品、隔離產品等也將增加。

So the advantage for Teradyne by making this partnership with Infineon is that we're going to be able to accelerate our road map to be able to cover these new types of devices and the higher powers that they're going to be trying to address.

因此，泰瑞達與英飛凌合作的優勢在於，我們將能夠加速我們的路線圖，以涵蓋這些新型設備以及它們將嘗試解決的更高功率。

The advantage to Infineon is, inside of this group, they had a number of technologies and a number of specialty test equipment that they were using to support Infineon's market-leading business.

英飛凌的優勢在於，在這個集團內部，他們擁有多項技術和大量專業測試設備，用於支援英飛凌的市場領先業務。

By moving those capabilities into a commercial ATE company like Teradyne, now those products are addressing the entire market rather than just the Infineon market.

透過將這些功能轉移到 Teradyne 這樣的商業 ATE 公司，現在這些產品可以滿足整個市場的需求，而不僅僅是英飛凌市場。

So that group has a broader horizon than before.

因此該群體的視野比以前更開闊。

Teradyne has an opportunity to accelerate our road map.

泰瑞達有機會加速我們的路線圖。

And Infineon gets to focus on designing and building chips, which is kind of the point of their company.

英飛凌則專注於設計和製造晶片，這正是其公司的核心價值。

Should I assume there's a payment here?

我是否應假設這裡有付款？

Are you actually acquiring this asset for a purchase price?

您是否實際以購買價格獲得了該項資產？

Yes.

是的。

Have you disclosed how much it is?

有透露一下具體是多少嗎？

No, we're not disclosing the purchase price.

不，我們不會透露購買價格。

It's not at a material level for disclosure.

這還不是需要揭露的物質層面的事情。

Got it.

知道了。

And very quickly switching to industrial automation, if I just look at what you have guided for Q2 and extrapolate the year-end and look at the margin and OpEx, you're better off with less contribution from industrial automation.

並且迅速轉向工業自動化，如果我只看你對第二季度的指導並推斷年底的情況並查看利潤率和運營支出，那麼工業自動化的貢獻較少會更好。

And the numbers speak for themselves.

數字說明了一切。

So my question to you is, what's the plan B?

所以我想問你， B 計畫是什麼？

You have spent several years reorganizing, enhancing the channel partners.

您花了數年時間進行重組和加強通路合作夥伴。

But to me, it seems like you may have to end up partnering with a system integrator or there needs to be more.

但對我來說，似乎你最終可能必須與系統整合商合作，或者需要更多。

And again, the question to the management team is, is there a plan B?

管理團隊再次面臨的問題是，是否有 B 計畫？

How much more investment would you be willing to make before saying, okay, maybe you have to part way with industrial automation.

在你說「好吧，也許你必須放棄工業自動化」之前，你願意再投入多少資金？

Yeah.

是的。

So we're nowhere near the point where we would be making a part ways kind of a decision.

因此，我們還遠遠沒有到達做出分道揚鑣決定的地步。

But I want to address sort of the first point in your question that we are definitely not better off with less industrial automation.

但我想回答你問題中的第一個問題，那就是工業自動化程度的降低絕對不會為我們帶來更好的結果。

We are better off with more industrial automation.

工業自動化程度越高，我們的情況就越好。

And that has a lot to do with the leverage that's built into the business model for industrial automation.

這和工業自動化商業模式中的槓桿作用有很大關係。

So we've reset our breakeven to this $365 million level in 2024.

因此，我們將 2024 年的損益平衡點重設為 3.65 億美元的水準。

But that -- we are -- given current market conditions, we believe that we'll be delivering 10% growth above that level.

但是，考慮到當前的市場狀況，我們相信我們將實現高於該水準的 10% 的成長。

And we would be delivering positive operating margin from that group.

我們將從該部門獲得正的營業利潤率。

For certain, it's dilutive to the percentage earnings across the whole company, but it is accretive to earnings.

確實，這會稀釋整個公司的收益百分比，但會增加收益。

And we believe that this is something that's going to be an important growth vector for us over the long term.

我們相信，從長遠來看，這將成為我們重要的成長動力。

So we definitely saw an opportunity to improve customer experience and save money, and set us up to be able to put our investments into the things that are driving the highest growth.

因此，我們確實看到了改善客戶體驗和節省資金的機會，並使我們能夠將投資投入到推動最高成長的領域。

But we're not really at a plan B stage yet.

但我們還沒有真正進入 B 計畫階段。

Okay.

好的。

Thank you.

謝謝。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Hi, good morning.

嗨，早安。

This is Jacob Moore, on for Steve.

我是雅各·摩爾，代替史蒂夫。

Thanks for taking the questions.

感謝您回答這些問題。

First one for me is on 2-nanometer data all around.

對我來說，第一個是關於2奈米範圍的數據。

What is your outlook for the timing of that ramp look like over the year?

您對於今年產量上升的時間安排有何預測？

Has that changed at all?

這有改變嗎？

And are there any notable differences you'd call out in testers for the new transistor architecture versus current generations?

您是否認為新電晶體架構與目前幾代電晶體架構在測試中存在顯著差異？

Hi, this is Greg.

你好，我是格雷格。

I'll take that one.

我要那個。

So right now, we are looking at the leading edge of devices that utilize 2-nanometer occurring in the -- like very, very late in 2025 just -- and early production in late 2025.

所以現在，我們正在關注利用 2 奈米技術的設備的前沿——例如 2025 年末——以及 2025 年末的早期生產。

The bulk of that is going to be in 2026.

其中大部分將在 2026 年實現。

And at least in terms of our line of sight, we see both compute and mobile devices that are going to be taking advantage of that note.

至少從我們的視線來看，我們看到運算和行動裝置都將利用這一優勢。

In terms of the differences for that, the primary difference is that these devices have significantly more complexity.

就其差異而言，主要差異在於這些設備的複雜性明顯更高。

And with that higher complexity, it is actually -- these devices are higher -- requiring higher peak power from the tester, and they're requiring much, much more tester memory.

由於複雜性的提高，這些設備實際上需要測試儀提供更高的峰值功率，並且需要更多的測試儀記憶體。

And so the impact of that is, there's some -- there's a degree of technical obsolescence that is going to be creating opportunities in the ATE space and also in the system level test space for us.

因此，其影響是，一定程度的技術過時將為我們在 ATE 領域以及系統級測試領域創造機會。

So we're -- we think that this discontinuity in device power is going to be helpful.

因此我們認為設備功率的這種不連續性將會有所幫助。

It's not going to be like cataclysmic increase in demand because of the transition to 2 nanometer.

由於向 2 奈米的過渡，需求不會急劇增加。

But we do think that it's an accelerant.

但我們確實認為它是一種加速劑。

Got it.

知道了。

That's helpful.

這很有幫助。

Second one for me is on end markets.

對我來說第二個是關於終端市場。

I think AI and compute are clearly strong drivers, but PC notebook and mobile are still big volume based.

我認為人工智慧和運算顯然是強大的驅動力，但個人電腦筆記型電腦和手機仍然以大批量為基礎。

And I know you -- I think you said a gradual improvement over the year.

我知道你說過，這一年會逐漸好轉。

But can you help us frame up how you're thinking about total growth in those segments for the year?

但您能幫助我們概括一下您對今年這些領域的整體成長有何看法嗎？

And has there been a more meaningful shift in tester conversion to HPC from mobile that could affect that dynamic?

並且，測試人員從行動裝置向 HPC 的轉變是否發生了更有意義的變化，從而影響這種動態？

Okay.

好的。

So first off, we think that the second-half recovery is going to be pretty balanced.

首先，我們認為下半年的復甦將相當均衡。

And in the compute space, I would expect that the primary driver is going to continue to be AI cloud-related demand.

在運算領域，我預計主要驅動力將繼續是與人工智慧雲端相關的需求。

And that's accelerators, CPUs, and networking for that part of the market.

這就是該部分市場的加速器、CPU 和網路。

There's probably going to be a nudge upward in terms of client compute.

客戶端計算方面可能會有一個小幅上升。

I would expect that our primary benefit from that increase would actually be in our wireless business unit in the LitePoint group.

我預計，此次成長為我們帶來的主要利益實際上是萊特波特集團的無線業務部門。

When you think about mobile, the primary thing is that there are -- it depends on which analysts you're looking at.

當你考慮移動時，首要的事情是——這取決於你所關注的分析師。

But generally, people are a little bit optimistic in terms of units, and there's definitely a march towards greater complexity in the phones.

但整體來說，人們對設備數量還是比較樂觀的，而且手機的複雜程度肯定會越來越高。

And then I already spoke about industrial and automotive, where it's more increasing semiconductor content by model year.

然後我已經談到了工業和汽車領域，這兩大領域的半導體內容隨著車型年份的增加而不斷增加。

And we think that there's an inventory digestion and a weak spot that we're in now.

我們認為，目前我們處於庫存消化階段，並且處於薄弱環節。

But we'll be returning to sort of more normal dynamics by the end of the year.

但到今年年底我們將恢復更正常的狀態。

Got it.

知道了。

Thank you very much.

非常感謝。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Hi, thanks.

嗨，謝謝。

I had two.

我有兩個。

So Greg, I wanted to ask about your VIP test TAM forecast.

所以 Greg，我想問一下你的 VIP 測試 TAM 預測。

I think you said 626 and going to maybe 828.

我認為您說的是 626，但可能會是 828。

So my question on that is, if I listen to what Marvell and Broadcom are basically saying about the custom ASIC TAM, one is saying it's going to be $40 billion in 2027.

所以我的問題是，如果我聽 Marvell 和 Broadcom 對定制 ASIC TAM 的基本看法，有人說到 2027 年它將達到 400 億美元。

The other is saying it's going to be $140 billion in 2027, 2028.

另一方則稱，到 2027 年、2028 年，這一數字將達到 1,400 億美元。

So if I average those two, I can pretty easily get to $80 billion-plus in that timeframe.

所以，如果我將這兩個數字平均，那麼在這段時間內我可以很容易地達到 800 億美元以上。

So these numbers would imply that the test intensity is like less than 1% for that stuff.

所以這些數字意味著測試強度低於 1%。

And this stuff all has tons of transistors, and it seems like that's a pretty conservative forecast.

而且這些東西都有大量的晶體管，這似乎是一個相當保守的預測。

So I'm wondering what your custom ASIC end market revenue numbers that would underpin this.

所以我想知道您的客製化 ASIC 終端市場收入數字能夠支撐這一點。

Because it seems like your test intensity number is very low based upon what the end customers are talking about relative to the size of the market.

因為根據最終客戶相對於市場規模所談論的內容，您的測試強度數字似乎非常低。

Yeah.

是的。

Our model is built more bottoms-up based on, like, unit quantities, device complexity.

我們的模型是基於單位數量、設備複雜性等自下而上建構的。

The one thing that is definitely not factored into our model is any variability in the margin that a Marvell or a Broadcom may be getting on the devices that they're producing.

我們的模型肯定沒有考慮到的一件事是 Marvell 或 Broadcom 在其生產的設備上獲得的利潤的任何變化。

And so that's one area where (technical difficulty) a disconnect in our forecast versus theirs.

所以，這就是我們的預測與他們的預測存在脫節的一個面向（技術難度）。

But to sort of answer your question directly, we would definitely be more aligned with the low end of that sort of $40 billion to $140 billion outlook for 2027 than the high end.

但直接回答你的問題，我們肯定更傾向於 2027 年 400 億美元到 1400 億美元的低端前景，而不是高端。

And that's mainly because we're working off of sort of line of sight of what we can -- what we've discerned from these more the actual hyperscalers versus the -- what we are hearing from the chip folks in the middle.

這主要是因為我們在根據我們所能了解的情況開展工作 — — 我們從實際的超大規模計算中了解到的情況，而不是 — — 我們從中間晶片人員那裡聽到的情況。

Okay, yeah, seems well.

好的，是的，看起來不錯。

But -- okay.

但是--好吧。

So then on IA, so PBT has been negative for the past six years.

那麼就 IA 而言，過去六年的 PBT 一直是負值。

Cumulatively, it's -- you've lost $150 million.

累計起來，你已經損失了 1.5 億美元。

And usually, when companies lose money like this, the markets are growing very fast, and we're chasing growth.

通常，當公司出現這樣的虧損時，市場正在快速成長，我們也在追逐成長。

So can you just talk, like, is the plan here to cut costs and try to maximize profitability?

那麼你能不能談談，我們的計劃是不是要削減成本並儘量提高盈利能力？

Or do you really see something bigger coming that you still want to do this?

或者你真的看到了更大的事情即將發生所以你仍然想這樣做？

And I kind of asked this in like the context of do you need outside investments to really scale this business, or is it not a dollar investment thing?

我問這個問題的意思是，你是否需要外部投資來真正擴大這個業務，或者這不是一個美元投資的事情？

It's more just that the market hasn't grown which you thought it would.

更確切地說，市場並沒有像你想像的那樣成長。

And I guess, the question there is like what's going to change to actually make this market grow?

我想，問題在於，需要什麼樣的改變才能真正推動這個市場成長？

Thanks.

謝謝。

Yeah.

是的。

So I think the X factor here is an extremely long downcycle in industrial automation investment.

所以我認為這裡的X因素是工業自動化投資的極長的下降週期。

Really from -- starting in 2022 all the way to now, it's been -- PMIs have been consistently weak.

事實上，從 2022 年開始一直到現在，PMI 一直很疲軟。

And we've been caught in that.

而我們就陷入了這種境地。

While we've outperformed our peers, it hasn't delivered the growth that it's supposed to.

雖然我們的表現優於同行，但尚未實現預期的成長。

So one of the things that we -- like our view that may be a little bit idiosyncratic from the other advanced Robotics players is that we do believe that growth in this market is going to be a marathon, not a sprint, that we are hoping to align our OpEx so that we're able to generate positive operating margin even under weak business conditions, and then incrementally increase that operating margin by making sure that we have leverage between any top-line growth and limit the OpEx increase and improve our gross margin as we go along.

因此，我們的觀點可能與其他先進的機器人公司有所不同，那就是我們確實相信這個市場的成長將是一場馬拉松，而不是短跑，我們希望調整我們的營運支出，以便即使在疲軟的商業條件下也能產生正的營運利潤率，然後透過確保我們在任何營收成長之間具有槓桿作用來逐步提高營運利潤率，並限制營運支出的成長，提高我們的毛利率隨著我們的前進，我們將獲得利潤。

So we think that there is significant growth potential in this space that is being masked by the end market macro headwind.

因此，我們認為該領域具有巨大的成長潛力，但被終端市場宏觀逆風所掩蓋。

We don't have visibility into when those headwinds are going to come to an end.

我們無法預見這些不利因素何時會結束。

So we definitely were focused on trying to maximize our efficiency during this period to make sure that we are setting ourselves up so that there isn't incremental negative impact on earnings from our Robotics business even under weak business conditions.

因此，我們肯定會專注於在這段時間內最大限度地提高我們的效率，以確保我們做好準備，即使在疲軟的商業條件下，也不會對我們的機器人業務收益產生增量負面影響。

So that's the primary thing.

這是最重要的事。

I think I'd like to pass it over to Sanjay for a couple of comments on this as well.

我想我也想把它交給桑傑，讓他就這個問題發表一些評論。

Yeah, just really quick, Tim.

是的，真的很快，提姆。

Just for a point of reference, since 2019, 2019 to 2022 at an operating profit level, we were profitable.

僅作為參考，自 2019 年以來，從 2019 年到 2022 年的營業利潤水準來看，我們都是獲利的。

I'm not sure where you're kind of $150 million.

我不知道你那 1.5 億美元在哪裡。

In the last two years, it's true.

在過去的兩年裡，確實如此。

We have lost money.

我們損失了錢。

But cumulatively, since 2019 to 2024, we'll have lost an operating profit level of about $23 million, just for context.

但累計起來，從 2019 年到 2024 年，我們的營業利潤損失將達到約 2,300 萬美元，這只是個參考。

Okay, we can follow up afterwards.

好的，我們可以隨後跟進。

Thanks.

謝謝。

Yeah.

是的。

Krish Sankar, Cowen.

克里什·桑卡爾，考恩。

Yeah, hi, thanks for taking my question.

是的，你好，感謝您回答我的問題。

I told them, first one, Sanjay or Greg, if I look at your color on calendar '25, it looks like your revenues in '25 are going to grow about 15% from 2024 levels.

我告訴他們，第一個，桑傑或格雷格，如果我看你們在 25 年日曆上的顏色，看起來你們在 25 年的收入將比 2024 年的水平增長約 15%。

A, is that right?

嗯，是嗎？

And along the same path, a couple of months ago, you seem a little more confident on maybe high teens' growth for the year versus mid-teens right now.

沿著同樣的路徑，幾個月前，您似乎對今年的高十幾歲的增長率比現在的十幾歲的中十幾歲增長率更有信心。

So what kind of changed on Teradyne's outlook for 2025?

那麼，泰瑞達對 2025 年的展望發生了哪些變化？

And then I have a follow-up.

然後我有一個後續問題。

Sure.

當然。

It's Sanjay here.

我是桑傑。

Yeah, at the midpoint of our guide, it's 15%, obviously -- or the midpoint of our estimation.

是的，在我們的指導中點，顯然是 15% - 或者說是我們估計的中點。

And it could be plus or minus there.

它可能是正數，也可能是負數。

And what's changed over the last 90 days, I'd say, is that Robotics, our view of the market, obviously, from Q4 and our forecast or our thinking of our plan for Robotics has come down to a growth rate of about 10% year over year.

我想說的是，在過去90 天裡，我們對機器人市場的看法發生了變化，顯然，從第四季度開始，我們對機器人市場的預測或對機器人計劃的思考已經下降到10% 左右的增長率年復一年。

I will add that what hasn't changed is that our view on Semi Test actually over the past 90 days has actually strengthened.

我要補充一點，不變的是，我們對半決賽的看法在過去 90 天裡實際上有所加強。

We saw acceleration into more business into Q4 of '24, but we held our plans roughly the same.

我們看到 2024 年第四季業務加速發展，但我們的計劃大致保持不變。

So over a five-quarter period, it's actually been enhanced, which gives us confidence in the year for Semi Test.

因此，在五個季度內，它實際上得到了增強，這使我們對今年的半決賽充滿信心。

And I'd say the other product test businesses are roughly in line of what we thought about.

我想說其他產品測試業務大致上與我們的想法一致。

Got it.

知道了。

Got it.

知道了。

And then as a follow-up -- thanks for the color.

然後作為後續——感謝你提供的顏色。

You kind of spoke about how your SOC compute revenue has been growing from 11% to 34% last year.

您談到了去年您的 SOC 計算收入如何從 11％ 增長到 34％。

I'm curious where you think it could end up being this year in the context of your $4.9 billion SOC TAM.

我很好奇，您認為在 49 億美元 SOC TAM 的背景下，今年的最終結果會是什麼？

If you can just give some color on how much of that is compute, how much is mobile, and what percentage SOC revenue you could get from both compute and mobile this year.

如果您可以具體說明其中有多少是計算，有多少是移動，以及今年您可以從計算和移動中獲得多少百分比的 SOC 收入。

Thank you.

謝謝。

Yeah.

是的。

So I think compute will be one of our largest growers and should increase as a percentage of the SOC revenue that we have.

因此，我認為計算將成為我們最大的成長點之一，並且應該會隨著我們 SOC 收入的百分比而增加。

We also see, obviously, the TAM growing in compute.

顯然，我們也看到 TAM 在計算方面的成長。

So we're tracking to it.

因此我們正在追蹤它。

We see continued strength in VIPs, as Greg noted, roughly a TAM in 2024 for VIPs of 300 -- of compute VIPs of 300.

正如 Greg 所說，我們看到 VIP 將繼續保持強勁勢頭，到 2024 年，VIP 的 TAM 大致為 300，計算 VIP 的 TAM 大致為 300。

And in '26, we see that as roughly centered around 600.

而在 26 年，我們看到這個數字大致集中在 600 左右。

So as you'd expect, we see growth in 2025, and we're tracking to that growth in compute.

因此，正如您所預料的，我們將在 2025 年看到成長，並且我們正在追蹤計算方面的成長。

I think from a mobile perspective, we do see it continuing just likely growing along the 2025 level -- or consistent with 2024 similar to 2025.

我認為從移動角度來看，我們確實看到它繼續增長，很可能達到 2025 年的水平 - 或與 2024 年和 2025 年保持一致。

And then when we take a look at auto and industrial, we do see that TAM growing along with our business growing.

當我們審視汽車和工業領域時，我們確實看到 TAM 隨著我們業務的成長而成長。

So I'd say a little bit more strength in compute and TAM as well as from our shipment perspective, and then auto and industrial growing with mobility flattish to slightly up.

因此，我認為從我們的出貨量角度來看，運算和 TAM 將會更加強勁，然後汽車和工業將會成長，而移動性則會持平或略有上升。

Got it.

知道了。

Thanks, Greg.

謝謝，格雷格。

Thanks, Sanjay.

謝謝，桑傑。

Toshiya Hari, Goldman Sachs.

高盛的 Toshiya Hari。

Hi, good morning.

嗨，早安。

Thank you so much for taking the question.

非常感謝您回答這個問題。

My first one is on the VIP business.

我的第一個主題是關於VIP業務。

When you think about growth outlook in '25 and '26, I was hoping you could sort of touch on the breadth of your customer base in that business.

當您考慮 25 年和 26 年的成長前景時，我希望您能夠觸及該業務的客戶群廣度。

Is the growth expected to mostly come from existing customers?

預計成長主要是否來自現有客戶？

Or are you looking to -- or do you expect for a new product or new customers to ramp in '25 and '26 as well, within the context of the VIP business and AI compute more specifically?

或者您是否希望 - 或者您是否預計新產品或新客戶也將在 '25 和 '26 年增加，更具體地說是在 VIP 業務和 AI 計算的背景下？

Yeah.

是的。

Hi, it's Greg.

你好，我是格雷格。

The VIP business is pretty concentrated.

VIP業務比較集中。

I mean, there are very few companies that have the scale necessary to pay for a 2-nanometer ASIC accelerator.

我的意思是，很少有公司有足夠的規模來購買 2 奈米 ASIC 加速器。

So this is definitely going to be lumpy.

所以這肯定會很不順利。

If you look at our 2025 business, we are expecting a robust ramp of the existing customers that we have.

如果你看看我們的 2025 年業務，我們預期現有客戶數量將強勁成長。

And we're expecting between '25 and into '26, that would be adding one or two logos to the customers that we have.

我們預計在2025年至2026年期間，我們將為現有客戶增加一到兩個標誌。

But like if you're trying to get an understanding for this, this is always going to be a situation where it's like very big single sockets that drive a lot of capacity adds, not a broad based

但如果你想理解這一點，你會發現這種情況總是會出現，就像非常大的單一插座推動大量容量增加，而不是廣泛的

(inaudible)

（聽不清楚）

Yup.

是的。

That makes total sense.

這很有道理。

Thank you.

謝謝。

And then as my follow-up on HBM Test, you talked about digestion in '25 and then the potential recovery in '26, I think.

然後，作為我對 HBM 測試的後續報導，您談到了 25 年的消化，然後是 26 年的潛在恢復，我想。

Is that view primarily based on a bottoms-up based on customer forecast?

這種觀點是否主要基於由下而上的客戶預測？

Are you guys making internal assumptions around HBM bit growth, technology evolution?

你們是否對 HBM 位元成長、技術發展做出了內部假設？

Is it a combination?

這是一種組合嗎？

I'm just curious how you formed your view on '25 and '26.

我只是好奇你是如何形成對 '25 和 '26 的看法的。

Thank you.

謝謝。

So we have very good relationships with most of the major memory producers.

因此，我們與大多數主要記憶體生產商都保持著良好的關係。

And so a lot of this is based on our conversations with them and their advanced capital planning.

所以這很大程度上是基於我們與他們的對話以及他們的高級資本規劃。

The -- and having said that, there is a fair amount of capacity in place that needs to be filled out that is capable of doing HBM3E.

話雖如此，仍有相當多的產能需要填補，才能達到 HBM3E。

The thing that is an X factor in our model is the timing of a transition to HBM4.

我們模型中的一個X因子是向HBM4過渡的時間。

If that transition comes in in time, then there's upside to the TAM.

如果這種轉變及時實現，那麼 TAM 就會有上升空間。

If that transition delays in time, that would mean that that TAM would be further weakened.

如果這種轉變隨著時間的推移而延遲，那就意味著 TAM 將進一步被削弱。

But right now, we've kind of going with our best view from what we're hearing from our customers in terms of when that transition is going to happen.

但目前，我們根據從客戶那裡得到的意見，來判斷這種轉變何時會發生。

And when you say in time, do you mean sort of first-half '26 or -- I just wanted to clarify.

當您說時間時，您是指 26 年上半年還是——我只是想澄清一下。

Yeah

是的

(multiple speakers).

（多位發言者）。

The real question is, yeah, whether like -- people are certain that HBM4 is going to be in volume production in early 2026.

真正的問題是，是的，人們是否確定 HBM4 將在 2026 年初投入量產。

There's certainly a customer desire to try to have more significant volumes of HBM4 in the latter half of 2025.

客戶確實希望在 2025 年下半年擁有更多數量的 HBM4。

And if the schedules support that, that would pull in the capacity needs for that into '25 from '26.

如果時間表支持這一點，那麼這將把對 2026 年到 2025 年的容量需求拉高。

Got it.

知道了。

Thank you.

謝謝。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

I guess, for the first one, the seasonality between the first half and the second half that you're indicating this year is definitely more second-half skewed than sort of the last couple of years.

我想，對於第一個問題，您所指出的今年上半年和下半年之間的季節性肯定比過去幾年更加偏向下半年。

And that brings into sort of the question in terms of you're talking about second-half recovery in some of these markets like mobile and then auto, industrial.

這就引出了一個問題，即您談到移動、汽車、工業等某些市場下半年的復甦情況。

How are you sort of derisking that second half when we think about upside, downside risk, particularly given your visibility? How should we think about sort of that first-half versus second-half improvement and sort of upside, downside risk there already? And I have a follow-up.

當我們考慮上行風險和下行風險時，特別是考慮到您的可見性，您如何降低下半年的風險？我們該如何看待上半年與下半年的改善情況，以及現有的上行和下行風險？我還有一個後續問題。

Thank you.

謝謝。

Yeah, hi, it's Sanjay.

是的，你好，我是桑傑。

So that's right.

沒錯。

As we have the visibility into Q1 or the first half, second half, I'd say we're in an environment where we see the upgrades that have occurred that we've talked about to underutilized capacity.

由於我們對第一季或上半年、下半年的情況有了清晰的了解，我想說，在我們所處的環境中，我們看到了我們之前談到的產能利用不足的升級。

We see that as coming to [an end] some time of these upgrades, really getting to really high levels of utilization first half-ish.

我們看到，隨著這些升級的某個時間點的結束，利用率在上半年確實達到了非常高的水平。

And while there'll still be probably some minor upgrades, we see capacity tightening.

儘管可能仍會有一些小幅升級，但我們看到產能正在收緊。

You can see that with the VLSI reports as well as how, when we go and count the testers and utilization and our methodology of getting there.

您可以透過 VLSI 報告看到這一點，以及我們如何、何時去統計測試人員和利用率，以及我們實現目標的方法。

So we see a tailwind as utilization tightens.

因此，隨著利用率的收緊，我們看到了順風。

The second thing is that we do have a pipeline as we think about the customers we're engaging that gives us confidence in the second half.

第二件事是，當我們考慮我們正在接觸的客戶時，我們確實有一個管道，這讓我們對下半年充滿信心。

And in the second half, it's broad-based, I'd say, more focused around compute as well as auto and industrial from a Semi Test perspective, and then also tied to the end market recovery.

在下半年，我認為基礎廣泛，從半測試的角度來看，更多地集中在計算、汽車和工業領域，然後也與終端市場的復甦相關。

And as Greg noted, end market recovering in industrial automation as well.

正如格雷格所說，工業自動化的終端市場也在復甦。

Got it.

知道了。

Thank you.

謝謝。

And maybe going back to the VIP ASIC TAM, you sort of highlighted -- you made some comments on the last question as well in terms of logos that you're expecting.

也許回到 VIP ASIC TAM，您有點強調了——您對最後一個問題以及您期待的標誌也發表了一些評論。

But more specifically, I think there is a broader investor concern about your ability to maintain that 50% share that you're talking about.

但更具體地說，我認為投資者普遍擔心你是否有能力維持你所說的 50% 的股份。

And when we sort of look into 2025, 2026, is that visibility in terms of maintaining the 50% share more in terms of continuing to work with your existing customers?

當我們展望 2025 年、2026 年時，在繼續與現有客戶合作方面，保持 50% 的份額是否更具可見性？

Or how does the pipeline look in terms of sort of new wins, either in terms of sockets with existing customers or new customers that's driving that confidence to keep that 50% share?

或者從新勝利的角度來看，管道是什麼樣的，無論是從現有客戶的插座還是新客戶的角度來看，這推動了保持 50％ 份額的信心？

Thank you.

謝謝。

Yeah, this is Greg. I'll take that one. So we believe that we have the best product for these leading-edge devices.

是的，這是格雷格。我要那個。因此我們相信我們擁有適合這些尖端設備的最佳產品。

But one of the critical factors in ATE selection is the installed base of tools and training and everything else that you have around the platform that you're using.

但是，ATE 選擇中的一個關鍵因素是工具和培訓的安裝基礎以及您所使用的平台周圍的所有其他內容。

So Teradyne's traditional low share in the compute space has a lot to do with the way the market was shaped for the last 10 years.

因此，Teradyne 在計算領域的傳統低份額與過去 10 年的市場格局有很大關係。

The success that we're having in VIPs is that with these new devices and the use of these design service providers, like a Broadcom or a Marvell or a Samsung, Alchip, GUC, that we have excellent relationships with these customers, and we're able to demonstrate the differentiation of our product.

我們在 VIP 方面的成功在於，透過這些新設備以及使用這些設計服務供應商，例如 Broadcom、Marvell、Samsung、Alchip、GUC，我們與這些客戶建立了良好的關係，而且我們能夠展示我們產品的差異化。

And we think that people are getting a good result by using our product, and they're choosing our product for that reason.

我們認為人們使用我們的產品獲得了良好的效果，因此他們選擇我們的產品。

So from a product differentiation perspective, we think we have the right recipe in order to maintain that share.

因此，從產品差異化的角度來看，我們認為我們擁有保持該份額的正確方法。

We think that we have the right customer relationships to be able to do that.

我們認為我們擁有良好的客戶關係，所以我們能夠做到這一點。

And we believe that we have the right relationships with the hyperscalers themselves to try and add the logos that we need.

我們相信，我們與超大規模企業本身有著正確的關係，可以嘗試加入我們需要的標誌。

So we're pretty confident that we're going to be able to keep going at this 50% level.

所以我們非常有信心能夠維持這個 50% 的水準。

Thank you.

謝謝。

Thanks for taking my questions.

感謝您回答我的問題。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾莉亞（Vivek Arya）。

Thanks for taking my questions.

感謝您回答我的問題。

So first one, compute TAM grew 57% last year, but you're expecting it to grow only 5% in '25.

首先，計算 TAM 去年成長了 57%，但你預計它在 25 年只會成長 5%。

I'm curious what is causing that slowdown?

我很好奇是什麼原因導致了這種速度減慢？

And then versus the, I think, $300 million in VIP last year, what is the VIP TAM for '25?

那麼與去年 3 億美元的 VIP 相比，25 年的 VIP TAM 是多少？

So in terms of compute growth, you can -- I think you can look at this in a little bit of a similar way to the situation in HBM.

因此，就計算成長而言，您可以 - 我認為您可以以與 HBM 中的情況有點類似的方式來看待這個問題。

The end market for this stuff is going to stay very, very hot.

這類產品的終端市場將保持非常非常熱門。

But the situation in terms of capital equipment or test equipment to support the volumes that are being produced doesn't necessarily follow that in lockstep.

但就支援大量生產的資本設備或測試設備而言，情況並不一定同步進行。

Right now, there are a lot of devices in the space that are still coming up an experience curve and have very, very long test times that could be reduced as parts become more mature.

目前，該領域中有許多設備仍處於經驗曲線階段，且測試時間非常非常長，但隨著零件變得更加成熟，測試時間可以縮短。

And we believe that that's going to have -- that's going to limit the sequential growth of the compute space.

我們相信這將會限制計算空間的連續成長。

So we think the primary opportunity in the compute space is in these new sockets from the VIPs, not in the traditional space where it's sort of a year after introduction and experience per situation.

因此，我們認為計算領域的主要機會在於來自 VIP 的這些新插座，而不是傳統領域，傳統領域需要經過一年的推出和經驗累積。

So we think that there's definitely a -- there are balloons and anchors that are going to be affecting this.

所以我們認為，氣球和錨肯定會對此產生影響。

The balloon is, obviously, this huge CapEx for data center that's going in.

顯然，這個氣球是用於資料中心的巨額資本支出。

The anchor is increasing efficiency of production for the devices.

重點是提高設備的生產效率。

But then how do we reconcile that with the strong -- I think almost 30%-plus half-on-half growth that you are expecting this year driven by compute.

但是，我們如何將其與強勁的成長相協調呢？

If the TAM is not growing, then how can one depend on that to grow much more than what Teradyne's normal seasonality has been half on half in the second half?

如果 TAM 沒有成長，那麼怎麼能指望它在下半年實現比 Teradyne 正常季節性增長一半以上的增長呢？

Yes.

是的。

So I think you should think about it as share growth, some of that.

所以我認為你應該把它看作是份額增長之類的。

Yeah.

是的。

It's share growth.

這是份額的成長。

And the other thing that I would say is, we're kind of expecting compute to be delivering throughout the year.

我想說的另一件事是，我們預計計算業務將在全年交付。

And we're expecting the automotive, industrial, and mobile segments to be more back half loaded.

我們預計汽車、工業和移動領域的負載將進一步下降。

So it's not that we're expecting a big back half for compute, I think.

因此，我認為，我們並不期待計算領域後半部會有什麼大的進展。

Yeah.

是的。

I think compute, we are seeing -- it's a little bit more balanced.

我認為，計算，我們看到 - 它更加平衡一些。

But back half is going to be stronger than the first.

但後半部會比前半部更強。

Okay.

好的。

But it's not 30% increase, is it?

但增幅不會是30%吧？

It is?

這是？

Okay.

好的。

It's going to have a reasonable increase.

它將會有一個合理的成長。

Okay.

好的。

Thank you.

謝謝。

But I think that the logic behind that is related to this new part introduction that if you're introducing new parts, you need capacity to support that.

但我認為這背後的邏輯與新部件的引入有關，如果你要引入新部件，那麼就需要有能力來支持它。

If you are increasing volume on parts that are already in production, then that's affected by the experience curve.

如果您增加已投入生產的零件的產量，那麼這會受到經驗曲線的影響。

And then, Vivek, you had a question on the VIP TAM?

然後，Vivek，你對 VIP TAM 有疑問嗎？

I think the $300 million, what is it this year in '25?

我認為是 3 億美元，25 年是多少？

Yeah.

是的。

What we said in our prepared remarks is it's $300 million and then growing to, what we expect to be in 2026, centered around $600 million.

我們在準備好的評論中說過，這個數字是 3 億美元，然後成長到 2026 年，預計達到 6 億美元左右。

You should expect that that's going to grow on a trend line.

您應該預料到它將沿著趨勢線增長。

It has a range.

它有一個範圍。

But if you think about $400 million to $500 million, maybe bias towards the higher end range for 2025.

但如果您考慮 4 億到 5 億美元，也許會偏向 2025 年的較高端範圍。

That's how you should think about it.

你應該這樣想。

Understood.

明白了。

Thanks very much.

非常感謝。

Brian Chin, Stifel.

布萊恩·欽（Brian Chin），Stifel。

Hi, good morning.

嗨，早安。

Thanks for letting us ask a few questions here.

感謝您讓我們在此提出幾個問題。

Sorry if I missed this but -- and I know there was sort of some movement around of certain revenue streams into different buckets.

抱歉，如果我錯過了這一點，但——我知道某些收入來源在不同管道中發生了一些變化。

But what was the size of the SOC test market in 2024?

但是 2024 年 SOC 測試市場的規模是多少？

And if no one asked this yet, can you decompose sort of how that $4.9 billion TAM for 2025 breaks down across compute, mobile, et cetera?

如果還沒有人問這個問題，您能否分解一下 2025 年 49 億美元的 TAM 在運算、移動等領域的分佈？

Sure.

當然。

On '24 -- I believe we have a slide in the backup.

在'24 —— 我相信我們的備份出現了下滑。

But compute is $2.2 billion.

但計算成本是 22 億美元。

Mobile is $0.8 billion.

行動業務價值為 8 億美元。

Auto and industrial's $0.9 billion; services, $0.7 million; and $4.6 billion SOC TAM in '24.

汽車和工業 9 億美元；服務，70 萬美元；以及24年的46億美元SOC TAM。

And then if you go to '25, you've got $2.3 billion in compute; mobile at $0.9 billion; auto and industrial at $1 billion; and service at $0.7 billion, to get us to the $4.9 billion at the midpoint.

然後如果你轉到'25，你就有23億美元的計算;行動業務價值 9 億美元；汽車和工業 10 億美元；和服務費用為 7 億美元，從而使中間值達到 49 億美元。

Got it.

知道了。

That's helpful.

這很有幫助。

And just -- and you sort of touched on this a little bit.

只是——你稍微觸及了這一點。

But just to underpin that view for the modest test recovery in the second half.

但只是為了支持下半年溫和的測試復甦這一觀點。

Can you give us maybe a better sense of where Semiconductor Test cell utilization rates are now versus a year ago to kind of how close we are to bridging that gap?

您能否讓我們更了解現在半導體測試單元的利用率與一年前相比的情況，以及我們距離彌合這一差距還有多遠？

Yeah.

是的。

So I mean, we've cautioned before in terms of the absolute accuracy of this utilization.

所以我的意思是，我們之前已經就這種利用的絕對準確性發出警告。

So we tend to look at changes from quarter to quarter.

因此，我們傾向於關注每季的變化。

I will say that utilization has drifted up through 2024, and it inflected more strongly in the end of the year than before.

我想說的是，到 2024 年，利用率將一直上升，而且在年底的變化比之前更強勁。

And that's really around the impact of the upgrades that we shipped through the year that turned previously idle testers into testers that are being actively loaded.

這實際上與我們今年推出的升級的影響有關，這些升級將之前閒置的測試儀變成了正在積極加載的測試儀。

There was a delay of maybe one quarter from those being shipped to when they are actively loaded by our customers.

從出貨到客戶主動裝載，大概要延遲一個季度的時間。

But it's probably about a 10% increase in utilization year on year like exiting '24 from coming into '24.

但利用率可能年增約 10%，就像 2024 年結束與 2024 年進入相比一樣。

And right now, we're at the point where we think our business has already shifted in mix more away from upgrades and more towards system sales.

而現在，我們認為我們的業務已經從升級轉向系統銷售。

So we think that that's -- we've kind of passed the tipping point there.

所以我們認為，我們已經過了臨界點。

Okay.

好的。

Maybe if I could sneak a Robotics question.

也許我可以偷偷問一個機器人問題。

Would you mind unpacking a little bit what you mean by consolidating the go-to-market?

您介意稍微解釋一下您所說的整合行銷是什麼意思嗎？

And also in 2025, does your kind of modest growth outlook suggests that you think the benchmark of the broader Robotics industry is down something like 10% this year?

還有到 2025 年，您的溫和成長前景是否表明您認為整個機器人行業的基準今年將下降 10％ 左右？

Yes.

是的。

So the details of the consolidation is that we've combined the marketing functions, the sales functions, and the service functions of UR and MiR together so that we have one unified go-to-market organization.

合併的細節是，我們將 UR 和 MiR 的行銷功能、銷售功能和服務功能合併在一起，以便我們擁有一個統一的行銷組織。

And that is the primary way that we are going to improve our interface to our partners and improve the interface to our largest customers.

這是我們改善與合作夥伴的介面以及改善與最大客戶的介面的主要方式。

There's a lot of overlap in terms of our largest partners and our largest customers where they are customers of both UR and MiR.

我們的最大合作夥伴和最大客戶有很多重疊，他們都是 UR 和 MiR 的客戶。

So it was an obvious place where we could make things simpler for them and also drive some efficiency for us.

因此，顯然我們可以在這裡簡化他們的事務，同時也提高我們的效率。

There's really no change in terms of the primary go-to-market growth vectors that we see for these groups.

就我們看到的這些集團的主要市場成長方向而言，確實沒有變化。

And that really is OEMs and for -- and large customers.

這確實是 OEM 和大客戶。

And so we're continuing to lean into those programs.

因此我們將繼續依賴這些計劃。

But now we're doing those across both product lines versus on an isolated basis.

但現在我們在兩條產品線上都進行這些工作，而不是單獨進行。

Now the -- could you remind me what your second question was in there?

現在——你能提醒我你的第二個問題是什麼嗎？

Yeah.

是的。

It was just that I think you previously said you kind of said growth targets against a benchmark outperforming benchmark for the industry, something I think like 10% to 15% better than the benchmark.

我只是記得您之前說過，您所說的成長目標是相對於基準而言的，要優於行業基準，我認為要比基準好 10％ 到 15％。

And if you're guiding kind of for modest growth this year, does that mean that that benchmark is down maybe 10% this year?

如果您預計今年將實現溫和成長，這是否意味著今年的基準可能會下降 10％？

Yeah.

是的。

I think we're -- everyone is trying to figure out exactly what the shape of a recovery in industrial automation would be.

我想我們——每個人都在試圖弄清楚工業自動化復甦的具體形式。

I think you're right in thinking that we are -- our intent is to outgrow the traditional automation players by like 20% per year or maybe more like 15% per year.

我認為您的想法是正確的，我們的目標是每年以 20% 或更高的速度超越傳統自動化參與者，例如每年 15% 以上。

So I think it's probably more like we're looking at 5% down with us delivering above that.

因此，我認為我們更有可能看到 5% 的降幅，而我們的交付量將高於這個數字。

So if the automation market were flat, I think we would be significantly higher, up around 20% growth.

因此，如果自動化市場持平，我認為我們的成長將會顯著提高，達到 20% 左右。

If it's down -- up, around 15% growth.

如果下降——上升，成長約 15%。

If it's down 5%, then we deliver like 10% growth.

如果下降 5%，那麼我們就能達到 10% 的成長。

Okay, that's helpful.

好的，這很有幫助。

Thanks, Greg.

謝謝，格雷格。

Shane Brett, Morgan Stanley.

摩根士丹利的 Shane Brett。

Hi, thank you for taking the question.

你好，謝謝你回答這個問題。

So I understand the importance of giving investors long-term forecast of the 2028 model.

因此我明白向投資者提供 2028 年模型的長期預測的重要性。

But I just wanted to better understand, what are the kind of more finer details behind the revenue assumptions for that model?

但我只是想更能理解，該模型的收入假設背後有哪些更精細的細節？

And sort of how far your visibility extends?

你的視野範圍有多大？

The context of this question is that since 2022, it appears as though you are continuing to set up a little bit of a higher bar for your business.

這個問題的背景是，自 2022 年以來，您似乎在繼續為自己的業務設定更高的標準。

Thanks very much.

非常感謝。

Yeah.

是的。

Hi, it's Sanjay here.

你好，我是桑傑。

Yeah.

是的。

So as we've said in our prepared remarks, we see test revenues -- we see overall revenues growing 12% to 18%.

正如我們在準備好的評論中所說的那樣，我們看到測試收入——我們看到總體收入增長了 12％ 至 18％。

And that's really broken out from a test perspective of 12% to 17%; and then from Robotics, an 18% to 24% level.

從測試角度來看，這一數字確實從 12% 上升到了 17%；然後是機器人技術，佔比為18%到24%。

I would say, starting with Robotics, there are some key drivers that we have.

我想說，從機器人技術開始，我們就有一些關鍵的驅動因素。

AI-enabled SAM expansion really focused on channel growth through OEMs and large accounts and new product introduction.

人工智慧支援的 SAM 擴充功能真正專注於透過 OEM 和大帳戶實現通路成長以及新產品的推出。

And so we believe we are in a sub-5% penetrated market.

因此我們認為，我們處於滲透率低於 5% 的市場。

The market has had some tremendous headwinds, as Greg noted, over the past couple of years.

正如格雷格所說，在過去幾年裡，市場遇到了一些巨大的阻力。

However, we see that as we develop these incremental solutions, AI-enabled capabilities in our products, that will enable us to help address incremental segment verticals.

然而，我們看到，隨著我們開發這些增量解決方案，我們產品中支援人工智慧的功能將使我們能夠幫助解決增量細分垂直問題。

And so it's with that, we have the confidence.

因此，我們有信心。

We just need the market to return, and we are predicting that in our model.

我們只是需要市場回歸，我們已在模型中預測到這一點。

From a test perspective, I would think about it like this.

從測驗的角度來說，我會這樣思考。

We analyze the TAM.

我們對 TAM 進行分析。

We take a look at -- and maybe, Greg, do you want to add some comments when I'm done?

讓我們來看看——也許，格雷格，當我講完之後你想添加一些評論嗎？

But we analyze the TAM.

但我們分析了 TAM。

We look at things in the different segments like compute, how we see the AI compute or high-performance compute go in networking, as well as the forecast from external players, but also talking to customers, and what our view is of the custom ASICs.

我們研究不同領域的事物，例如運算、我們如何看待人工智慧運算或高效能運算在網路中的發展，以及外部參與者的預測，同時也與客戶交談，以及我們對客製化 ASIC 的看法。

So we look at it segment by segment, high-level drivers, Greg mentioned, silicon content in cars growing as well as a fast-moving driver or an increased driver in, hybrid as well as EVs.

因此，我們逐一細分市場地進行研究，格雷格提到，高級驅動因素包括汽車中矽含量的成長，以及快速發展的驅動因素或混合動力和電動車中增加的驅動因素。

But it's both a top-down and a bottoms-up.

但它既是自上而下的，也是自下而上的。

Yeah.

是的。

One bit of color in terms of the Semi Test growth, I think one way that you should think about it is that there was this incredible inflection in 2024 for the memory market.

關於半導體測試成長的一個特點，我認為你應該考慮的一種方法是，2024 年記憶體市場出現了令人難以置信的轉折。

So the memory market, like, really bumped up in 2024.

因此，記憶體市場在 2024 年確實會大幅成長。

So if you're looking at 2024 to 2028 growth rates, we think that the memory market has already sort of built in some of the growth of that longer period.

因此，如果您觀察 2024 年至 2028 年的成長率，我們認為記憶體市場已經在該較長時期內實現了部分成長。

So we're expecting sort of a lower incremental TAM growth in the memory market going out to 2028 and a more linear model of growth rate for the SOC TAM through that period.

因此，我們預計到 2028 年記憶體市場的 TAM 增量成長率會較低，且在此期間 SOC TAM 的成長率模型會更加線性。

And maybe I'll add one more point on share.

也許我會在分享方面再補充一點。

In the compute space, as we see the market shift to more custom ASICs, we also see share gain as we believe we're going to continue to win kind of one in two sockets.

在計算領域，隨著我們看到市場轉向更多客製化 ASIC，我們也看到份額的成長，因為我們相信我們將繼續贏得兩分之一的份額。

And then as the market recovers in mobile as well as auto and industrial markets that we've had traditionally higher share in, as those markets become a larger portion of the TAM relative to 2024 and those markets recover, we should inherently gain share in those markets.

然後，隨著行動市場以及我們傳統上佔有較高份額的汽車和工業市場的復甦，隨著這些市場相對於2024 年成為TAM 的更大份額，並且這些市場復甦，我們應該會自然而然地在這些市場中獲得市佔率市場。

One other thing that I think you probably want to try to consider as you're trying to flesh out a view for 2028 is that we think system-level test is going to be a long-term growth factor, that adding those test insertions is going to be important to achieve the quality levels that our customers are demanding.

我認為，當你試圖充實 2028 年的願景時，你可能還想考慮的另一件事是，我們認為系統級測試將是一個長期增長因素，增加這些測試插入是對於達到客戶所要求的質量水平至關重要。

And so we believe that that's going to be one of the things that helps to drive that -- you said it was 12% to 17% growth for the test reps -- that there is a chunk of that growth that is coming from that system-level test stuff.

因此，我們相信這將是推動這一成長的因素之一——您說測試代表的成長率為 12% 到 17%——其中很大一部分是來自該系統層級測試的內容。

Got it.

知道了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I'd like to hand the floor back over to Traci Tsuchiguchi for any closing comments.

我想將發言權交還給 Traci Tsuchiguchi，請她發表最後評論。

Thank you again for joining us this morning.

再次感謝您今天早上加入我們。

We hope that many of you will be able to join us for our Analyst Day on March 11.

我們希望你們中的許多人能夠參加 3 月 11 日的分析師日。

Until then, we look forward to speaking with you soon.

在此之前，我們期待很快與您交談。

Bye.

再見。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。