泰瑞達 (TER) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Teradyne first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

各位女士、先生，早安，歡迎參加 Teradyne 2026 年第一季財報電話會議。(接線員指示) 提醒各位，今天的電話會議將被錄音。

I now like to turn the call over to Amy McAndrews, VP, Corporate Relations for Teradyne. Please go ahead.

現在我想把電話交給 Teradyne 企業關係副總裁 Amy McAndrews。請開始。

Thank you, operator. Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results. I'm joined this morning by our CEO, Greg Smith; and our CFO, Michelle Turner. Following our opening remarks, we'll provide details of our performance for the first quarter of 2026 and our outlook for the second quarter.

謝謝，接線員。各位早安，歡迎參與我們對 Teradyne 最新財務結果的討論。今天早上與我一同出席的有我們的執行長 Greg Smith，以及財務長 Michelle Turner。在開場致詞之後，我們將提供 2026 年第一季的營運表現細節，以及對第二季的展望。

The press release containing our first quarter results was issued last evening. We are providing slides as well as a copy of these prepared remarks on the Teradyne Investor website, that may be helpful in following the discussion. Replays of this call will be available via the same page after the call ends.

包含第一季結果的新聞稿已於昨晚發布。我們在 Teradyne 投資人網站提供簡報投影片以及本次預先準備的講稿副本，方便各位跟進討論內容。本次電話會議結束後，也可透過同一頁面收聽重播。

The matters that we discuss today will include forward-looking statements that involve risks that could cause Teradyne's results to differ materially from management's current expectations. 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 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, 2025, on file with the SEC. Additionally, these forward-looking statements are made only as of today.

我們今天討論的事項將包含前瞻性陳述，相關風險可能導致 Teradyne 的結果與管理層目前的預期出現重大差異。我們提醒聽眾不要過度依賴本簡報中任何前瞻性陳述。我們也鼓勵各位查閱本簡報投影片所載的安全港聲明，以及我們向美國證券交易委員會（SEC）申報、截至 2025 年 12 月 31 日止會計年度之 Form 10-K 年報中所描述的風險因素。此外，這些前瞻性陳述僅以今日為準。

During today's call, we will refer to non-GAAP financial measures. We have posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measures, where available, on the Investor page of our website.

在今天的電話會議中，我們將提及非 GAAP 財務衡量指標。我們已在公司網站的投資人頁面張貼與這些非 GAAP 財務衡量指標相關的補充資訊，包括在可取得的情況下，與最直接可比的 GAAP 財務衡量指標之調節表。

Looking ahead between now and our next earnings call, Teradyne expects to participate in technology-focused investor conferences hosted by Bernstein, TD Cowen, Stifel and Bank of America. Our quiet period will begin at the close of business on June 12, 2026.

展望下一次財報電話會議之前，Teradyne 預期將參與由 Bernstein、TD Cowen、Stifel 與美國銀行（Bank of America）主辦、以科技為主題的投資人研討會。我們的靜默期將於 2026 年 6 月 12 日營業結束時開始。

Following Greg and Michelle's comments this morning, we'll open up the call for questions. This call is scheduled for one hour.

在 Greg 與 Michelle 今天早上的評論之後，我們將開放提問。本次電話會議預計為一小時。

Greg?

Greg？

Good morning, with revenue of approximately $1.3 billion and non-GAAP EPS of $2.56, Teradyne delivered record results in the first quarter of 2026. Our previous high watermark was in the consumer-driven mobile peak of Q2 of 2021. In Q1 of 2026, our revenue was $200 million or 18% higher than that previous record. This new record comes from durable AI demand drivers and the continuing acceleration of our wafer to AI data center strategy. This strategy is delivering demand across Teradyne's portfolio.

各位早安。2026 年第一季，Teradyne 以約 13 億美元的營收與非 GAAP 每股盈餘（EPS）2.56 美元，繳出創紀錄的成績。我們先前的最高水位出現在 2021 年第二季、由消費性需求帶動的行動裝置高峰期。2026 年第一季，我們的營收較該項先前紀錄高出 2 億美元，或 18%。這項新紀錄來自具持續性的 AI 需求驅動因素，以及我們「從晶圓到 AI 資料中心」策略的持續加速推進。此策略正為 Teradyne 的整體產品組合帶來需求。

In Q1, AI-related demand accounted for nearly 70% of our revenue, up from about 60% in Q4 of 2025. Our strategy continues to be anchored across three broad trends: verticalization, electrification, and AI. Verticalization is the concentration of our business into extremely large vertically-integrated technology companies. The verticalization trend was cleared by 2024 and continues to accelerate. This includes companies like hyperscalers, but also huge AI ecosystem enablers like foundries, merchant compute, memory, and networking companies.

第一季，與 AI 相關的需求約占我們營收的 70%，高於 2025 年第四季約 60% 的水準。我們的策略仍以三大趨勢為核心：垂直整合化（verticalization）、電氣化（electrification）與 AI。所謂垂直整合化，是指我們的業務日益集中於規模極大、垂直整合的科技公司。垂直整合化趨勢在 2024 年已明確成形，且仍在加速。這不僅包括超大規模雲端業者（hyperscalers），也包括晶圓代工、商用運算（merchant compute）、記憶體與網路等龐大 AI 生態系的關鍵推動者。

Many of these companies are customers of all three of our businesses: Semiconductor Test, Product Test, and Robotics. And this product portfolio enables us to serve their needs from wafer to data center.

其中許多公司同時是我們三大事業的客戶：半導體測試（Semiconductor Test）、產品測試（Product Test）與機器人（Robotics）。而這樣的產品組合使我們能從晶圓一路到資料中心，全面滿足其需求。

While these massive customers are driving strong growth, it also means that the business is increasingly concentrated to these customers into a smaller number of very large ASIC and commercial device programs. This concentration also increases the risk that bottlenecks in other areas could shift demand for our products, which can lead to short-term demand peaks and valleys superimposed over long-term strong growth trend. In other words, it's lumpy growth.

雖然這些大型客戶帶動強勁成長，但也意味著業務正日益集中在較少數的客戶，以及較少數、規模極大的 ASIC 與商用裝置專案上。這種集中度也提高了風險：若其他環節出現瓶頸，可能改變對我們產品的需求，導致短期需求出現高峰與低谷，疊加在長期強勁成長趨勢之上。換句話說，成長會呈現波動（lumpy growth）。

The electrification trend continues. In the auto industrial segment, 46% of our revenue came from data center devices in the first quarter, which historically has been dominated by automotive and industrial devices.

電氣化趨勢仍在延續。在汽車與工業（auto industrial）領域，第一季我們有 46% 的營收來自資料中心裝置；而該領域過去一向以汽車與工業裝置為主。

It goes without saying, AI is the dominant force shaping our business. We think about the opportunity presented by AI as three superimposed waves, each building on the one before it. We are in the heart of the first wave, which focused on the build-out of general-purpose AI data center capacity. This was behind the massive increase in data center spend in 2025. In 2026, we are entering the second wave.

不言而喻，AI 是塑造我們業務的主導力量。我們將 AI 帶來的機會視為三個相互疊加的浪潮，每一波都建立在前一波之上。我們正處於第一波的核心階段，該波聚焦於通用型 AI 資料中心產能的建置。這也是 2025 年資料中心支出大幅增加的主因。到了 2026 年，我們正進入第二波。

While there is still huge investment in general-purpose AI data centers, these data centers are being augmented with compute silicon optimized for inference at scale. This wave will grow to a high run rate over the next few years.

即使通用型 AI 資料中心仍有龐大投資，這些資料中心也正加入針對大規模推論（inference at scale）最佳化的運算晶片（compute silicon）。在未來幾年，這一波將成長至高水準的穩態運行率（run rate）。

Still yet to come is the Edge AI physical AI wave. As the technologies for silicon packaging, memory and AI models improve, compelling use cases for AI at the edge will be emerging. Obvious examples of this are self-driving cars, robotics, PCs, wearables and smartphones. These waves are broad-based, and we expect them to stack on top of each other, driving significant ATE TAM growth over the full midterm. Because of Teradyne's wafer to data center strategy and our historic strength in mobile, automotive and industrial, we are well positioned to ride each of these waves as they arrive.

接下來尚未到來的是邊緣 AI（Edge AI）與實體 AI（physical AI）的浪潮。隨著矽封裝、記憶體與 AI 模型等技術持續進步，邊緣端 AI 的具吸引力應用情境將逐步浮現。明顯的例子包括自動駕駛汽車、機器人、PC、穿戴式裝置與智慧型手機。這些浪潮具有廣泛基礎，我們預期它們將彼此疊加，於整個中期帶動自動測試設備（ATE）可服務市場（TAM）顯著成長。憑藉 Teradyne「從晶圓到資料中心」的策略，以及我們在行動、汽車與工業領域的歷史優勢，我們已做好準備，在各波浪潮到來時把握機會。

Back in our January call, we shared that we expected robust double-digit year-over-year growth. We still expect that the compute TAM and revenue will grow significantly from an already strong 2025 base. We're seeing healthy engagement with both networking and VIP compute customers, and our pipeline of new design wins remains robust.

回到我們 1 月的電話會議，我們曾分享預期將有強勁的兩位數年增成長。我們仍預期，運算（compute）TAM 與營收將在 2025 年已相當強勁的基期之上，進一步顯著成長。我們看到網路與 VIP 運算客戶的互動維持健康水準，而我們的新設計導入（design wins）管線仍然強勁。

Aligned with this momentum, I am pleased to share that we have received our first multi-system production test orders for merchant GPU in Q1. We expect these systems to ship, be installed and be in production in Q2. Customer engagement remains strong, and we are well positioned to capture further share as we bring up more devices on our platform.

配合這股動能，我很高興分享：我們在第一季已收到首批針對商用 GPU（merchant GPU）的多系統量產測試訂單。我們預期這些系統將於第二季出貨、完成安裝並投入量產。客戶互動仍然強勁，隨著我們在平台上導入更多裝置，我們也具備良好條件以取得更多市占。

In automotive and industrial, we're seeing moderate but steady recovery in both TAM and revenue. There are signs of strength in automotive, primarily ADAS, and we're seeing increased demand for power going into AI data centers. As of now, mobile appears a bit weaker, with memory pricing and availability affecting end market demand, especially outside the iOS ecosystem. Memory test demand appears to be even stronger than our view in January, with AI compute demand for both HBM and DRAM continuing to act as an accelerator.

在汽車與工業領域，我們看到 TAM 與營收呈現溫和但穩定的復甦。汽車端出現走強跡象，主要來自 ADAS；同時，我們也看到導入 AI 資料中心的電力相關需求增加。就目前而言，行動裝置市場似乎略為疲弱，記憶體價格與供給狀況正影響終端市場需求，尤其是在 iOS 生態系之外。記憶體測試需求看起來甚至比我們 1 月時的看法更強，AI 運算對 HBM 與 DRAM 的需求持續扮演加速器。

We're also beginning to see increasing flash test demand driven by SSD. The overall memory market is on track for solid TAM growth for the year, and we expect to gain low single-digit share.

我們也開始看到由 SSD 帶動的快閃測試需求增加。整體記憶體市場今年有望實現穩健的 TAM 成長，我們預期市占率將提升至低個位數。

In 2025, our IST group expanded its HDD customer base and entered the SLT compute market. Now in 2026, IST is on track to deliver against this expanded opportunity. We're seeing strength in HDD, driven by greater than 20% annual exabyte growth fueled by AI. This translates into longer test times per drive and a larger HDD TAM and revenue for Teradyne.

在 2025 年，我們的 IST 團隊擴大了 HDD 客戶基礎，並進入 SLT 運算市場。而在 2026 年，IST 正按計畫把握這個擴大的機會並交付成果。我們看到 HDD 表現強勁，受 AI 推動，年度 EB（exabyte）成長超過 20%。這轉化為每顆硬碟更長的測試時間，以及更大的 HDD TAM 與 Teradyne 的營收。

In Robotics, we delivered our fourth consecutive quarter of sequential growth. This is particularly notable because Q4 is typically our strongest quarter and Q1 is typically down. We're seeing strong customer engagement across e-commerce, electronics manufacturing and semiconductor end markets. Robotics is a key part of our wafer to AI data center strategy, with robotic-assisted assembly test and data center operations. Our robots are being used in environmental sensing and data centers, and we recently demonstrated a complex physical AI work cell in partnership with Generalist as part of the recent NVIDIA GTC.

在機器人業務方面，我們已連續第四個季度實現環比成長。這點尤其值得注意，因為第四季通常是我們最強的季度，而第一季通常會下滑。我們在電商、電子製造與半導體終端市場都看到強勁的客戶互動。機器人是我們從晶圓到 AI 資料中心策略的關鍵一環，涵蓋機器人輔助的組裝測試與資料中心營運。我們的機器人正用於環境感測與資料中心，我們也在近期的 NVIDIA GTC 上，與 Generalist 合作展示了一個複雜的實體 AI 工作單元（work cell）。

In prior calls, we have often talked about the investments that we are making to capture growth opportunities coming from our wafer to data center strategy. In Q1, these investments have resulted in 2 significant new product introductions. The first is Photon 100, which is our platform for silicon photonics and co-packaged optics testing. The Photon 100 is based on our proven UltraFLEXplus tester and is bringing SiPho testing from lab to fab.

在先前的電話會議中，我們經常談到為了把握從晶圓到資料中心策略所帶來的成長機會而進行的投資。在第一季，這些投資帶來了兩項重要的新產品發表。第一項是 Photon 100，這是我們用於矽光子（silicon photonics）與共封裝光學（co-packaged optics）測試的平台。Photon 100 以我們經驗證的 UltraFLEXplus 測試機為基礎，正把 SiPho 測試從實驗室帶到晶圓廠。

I'll remind you that silicon photonics and co-packaged optics are in the very early stages of a ramp that will likely be substantial. There is uncertainty about the timing and the slope of this ramp, but as optical interconnections are increasingly used for scale out and then scale up networking, it is going to be a big chunk of the total networking TAM.

我提醒各位，矽光子與共封裝光學仍處於非常早期的爬坡階段，而這個爬坡很可能相當可觀。爬坡的時點與斜率仍存在不確定性，但隨著光互連愈來愈多用於 scale-out，進而用於 scale-up 網路，它將占整體網路 TAM 的很大一部分。

As this market grows, we also expect to bring significantly more efficient test solutions online, so it would be a mistake to linearly extrapolate from today's test strategies and economics. That being said, we expect that this is a meaningful TAM expansion opportunity, which could reach $300 million to $700 million per year over the midterm.

隨著市場成長，我們也預期將推出效率顯著更高的測試解決方案，因此若以今日的測試策略與經濟性做線性外推將是錯誤的。即便如此，我們預期這是一個具意義的 TAM 擴張機會，中期每年可達 3 億至 7 億美元。

The second product introduction is Omnyx, which is a new production board test platform designed to address the unique set of test challenges for server boards and tray assemblies. This platform uses power, thermal, optical and TDR test capabilities from across all of Teradyne to enable earlier detection of defects that are plaguing the build-out of AI data centers.

第二項產品發表是 Omnyx，這是一個新的量產板級測試平台，旨在因應伺服器主機板與托盤組裝（tray assemblies）所面臨的一系列獨特測試挑戰。該平台整合 Teradyne 全公司在電源、熱、光學與 TDR 測試能力，以更早偵測正在困擾 AI 資料中心建置的缺陷。

In addition, we continue to pursue inorganic opportunities to grow our business. Our MultiLane Test Products joint venture closed on April 8, and we believe this partnership will accelerate the development of high-speed I/O and data center interconnect test solutions, a critical test need as AI data centers transition from cable-based connections to back plane and mid-plan architectures.

此外，我們也持續尋求非有機機會以擴大業務。我們的 MultiLane Test Products 合資企業已於 4 月 8 日完成交割，我們相信此合作將加速高速 I/O 與資料中心互連測試解決方案的開發；隨著 AI 資料中心從纜線式連接轉向背板（back plane）與中板（mid-plan）架構，這是一項關鍵的測試需求。

Additionally, we closed the acquisition of TestInsight two weeks ago. TestInsight is the leading provider of test development tools that are used with our testers and competing platforms. This acquisition strengthens Teradyne's design to test software capabilities, enabling us to build a virtual test environment, which will reduce time to market for complex AI and networking devices.

另外，我們在兩週前完成了對 TestInsight 的收購。TestInsight 是測試開發工具的領先供應商，這些工具可與我們的測試機以及競爭平台搭配使用。此收購強化了 Teradyne 的設計到測試（design-to-test）軟體能力，使我們能建立虛擬測試環境，從而縮短複雜 AI 與網路裝置的上市時間。

In summary, Q1 2026 was a record quarter for Teradyne. We're executing our strategy, capitalizing on secular growth drivers and delivering value for our customers and shareholders. Our team, especially our operations team and manufacturing partners, went above and beyond to hit this ramp, and I'm grateful for their hard work and skill. We came into the second quarter with a lot of momentum and confidence that 2026 will be a strong growth year, and we are well on our way to achieving our target earnings model.

總結而言，2026 年第一季是 Teradyne 的創紀錄季度。我們正在執行策略，把握長期結構性成長動能，並為客戶與股東創造價值。我們的團隊，尤其是營運團隊與製造合作夥伴，為了達成這次爬坡付出超乎預期的努力，我對他們的辛勤與專業深表感謝。我們帶著強勁動能進入第二季，並有信心 2026 年將是強勁的成長年度；我們也正穩步朝達成目標獲利模型邁進。

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

接下來，我把電話會議交給 Michelle。

Thank you, Greg, and good morning, everyone. Today, I will cover our first quarter financial results and our second quarter 2026 outlook.

謝謝你，Greg，各位早安。今天我將說明我們第一季的財務結果，以及 2026 年第二季的展望。

Starting first with Q1. First quarter sales were $1.282 billion with non-GAAP EPS of $2.56, both above the high end of our guidance range. Total company sales were up 87% from first quarter last year and up 18% sequentially from last quarter. Non-GAAP earnings per share was up 241% from first quarter last year and up 42% sequentially from last quarter. This represents a record financial performance for the company, driven by all things AI across all three of our business groups.

先從第一季開始。第一季銷售額為 12.82 億美元，非 GAAP 每股盈餘（EPS）為 2.56 美元，兩者皆高於我們指引區間的上緣。公司總銷售額較去年第一季成長 87%，較上一季環比成長 18%。非 GAAP 每股盈餘較去年第一季成長 241%，較上一季環比成長 42%。這代表公司創紀錄的財務表現，動能來自我們三大事業群全面受惠於 AI。

In the quarter, we continue to have two specifying customers and one purchasing customer greater than 10% of our revenue. Building on that, let's look a little deeper at revenue starting with Semi Test. Revenue was $1.1 billion, breaking the $1 billion threshold for the first time, up 26% sequentially from last quarter and over 100% year-over-year versus Q1 2025. The revenue breakdown within Semi Test was SoC at $882 million, memory at $203 million, and IST at $27 million. The key drivers were continued AI strength in compute segments and memory.

本季我們仍有兩家指定客戶與一家採購客戶，其營收占比均超過 10%。在此基礎上，我們更深入看看營收表現，先從半導體測試（Semi Test）開始。營收為 11 億美元，首次突破 10 億美元門檻，較上一季環比成長 26%，相較 2025 年第一季年增超過 100%。Semi Test 內部的營收拆分為：SoC 8.82 億美元、記憶體 2.03 億美元，以及 IST 2,700 萬美元。主要驅動因素是運算領域與記憶體持續受 AI 帶動的強勁需求。

At roughly 75%, compute is the largest portion of our SoC product revenue. This continues the evolution of our test portfolio from being mobile-centric shifting to AI dominant.

運算約占我們 SoC 產品營收的 75%，是最大組成。這延續了我們測試產品組合的演進：從以行動裝置為中心，轉向以 AI 為主導。

Within auto and industrial, revenue nearly doubled sequentially from a low base last quarter, driven by power management demand increases for AI data center build-outs. Mobile revenue was roughly flat with fourth quarter 2025 and remains a muted impact to our overall results with the increasing importance of compute in our SoC portfolio.

在車用與工業領域，營收在上一季低基期之上環比幾乎翻倍，主要受 AI 資料中心建置帶動的電源管理需求增加所驅動。行動裝置營收與 2025 年第四季大致持平；隨著運算在我們 SoC 組合中的重要性提升，行動裝置對整體結果的影響仍相對有限。

Aligned with our strong top-line performance, operationally, we have more than doubled our UltraFLEXplus shipments over the last 9 months while sustaining our 12- to 16-week lead times. Our multisource strategy, primarily leveraging contract manufacturers, provides ultimate flexibility for our customers while ensuring capacity continuity in today's dynamic environment.

與我們強勁的營收表現一致，在營運面，我們在過去 9 個月內將 UltraFLEXplus 出貨量提升至兩倍以上，同時維持 12 至 16 週的交期。我們的多來源策略主要運用委外製造商，為客戶提供最大的彈性，同時在當今動態環境中確保產能的連續性。

Moving on to memory. Our memory business delivered another strong quarter of $203 million in revenue, relatively flat to our record last quarter, driven by robust HBM and DRAM test solution demand. We also successfully ramped the newest generation of our memory tester, Magnum 7.

接著看記憶體業務。我們的記憶體業務本季再度交出強勁表現，營收 2.03 億美元，與上一季創紀錄水準大致持平，主要由強勁的 HBM 與 DRAM 測試解決方案需求所帶動。我們也成功量產爬坡了最新一代記憶體測試機 Magnum 7。

IST revenue of $27 million was relatively flat year-over-year, though we are seeing early indicators for potential growth, driven primarily by HDD in the second half and continuing into 2027.

IST 營收為 2,700 萬美元，年比大致持平；不過我們已看到潛在成長的早期跡象，主要由下半年 HDD 帶動，並延續至 2027 年。

Product Test Group revenue was $80 million, up 8% year over year. Growth was led by sustained defense and aerospace demand and production board test. Robotics revenue was $91 million, up 32% year over year, representing our fourth sequential quarter of growth. Our one sales team approach is delivering results with revenue strength across end market verticals and e-commerce, electronics manufacturing, and semiconductors, including in AI data centers. Shipments associated with our large e-commerce customer increased sequentially and AI revenue increased to 15% of the quarter's sales.

產品測試事業群（Product Test Group）營收為 8,000 萬美元，年增 8%。成長主要來自國防與航太需求的持續，以及量產板級測試。機器人業務營收為 9,100 萬美元，年增 32%，為連續第四個季度成長。我們「單一銷售團隊」的做法正在產生成果，營收在各終端市場垂直領域以及電商、電子製造與半導體（包含 AI 資料中心）均展現強勁表現。與我們大型電商客戶相關的出貨量環比增加，而 AI 營收占本季銷售額的比重提升至 15%。

Now moving down the P&L. A confluence of positive factors delivered record earnings results, including peak AI-driven volume, favorable product mix and nonrecurring onetime benefits. Gross margin for the quarter was 60.9%, up 370 basis points sequentially, driven by strong semi test volume and product mix and nonrecurring operational impacts. OpEx declined sequentially from last quarter and was favorable to guidance, due primarily to the timing of nonrecurring engineering. Non-GAAP operating income was $480 million, with an operating margin of 37.5%, both all-time financial records.

現在往下看損益表（P&L）。多項正面因素匯聚帶來創紀錄的獲利表現，包括 AI 驅動的量能達到高峰、有利的產品組合，以及一次性、非經常性的收益。本季毛利率為 60.9%，較前一季上升 370 個基點，主要受強勁的半導體測試量與產品組合，以及非經常性營運影響所帶動。營業費用（OpEx）較上季環比下降，且優於指引，主要因非經常性工程費用的認列時點所致。非 GAAP 營業利益為 4.80 億美元，營業利益率為 37.5%，兩者皆創下歷史財務新高。

Now moving on to capital allocation. Our capital allocation strategy remains consistent, and that is to maintain cash reserves to enable us to run the business and have dry powder for M&A. We ended the quarter with cash and investments of roughly $400 million. Working capital, predominantly in accounts receivable, increased in support of the revenue growth delivered in the quarter.

接著談資本配置。我們的資本配置策略維持一致，也就是保留現金儲備，以支持營運並為併購（M&A）保留彈藥。本季末我們的現金與投資約為 4.00 億美元。營運資金（主要為應收帳款）增加，以支應本季實現的營收成長。

Capital expenditures were flat year over year with the expectation that Q2 will increase, driven by continued investments in innovation and operations scaling. We paid $20 million in dividends in the quarter, and our share buybacks were de minimis.

資本支出與去年同期持平，但預期第二季將增加，主要由持續投入創新與營運擴產所帶動。本季我們支付 2,000 萬美元股利，而庫藏股回購金額微乎其微。

As Greg mentioned, we closed on two important inorganic asset opportunities this month. On April 8, we closed on our previously announced MultiLane Test Product joint venture. The results of this business will be consolidated into the Product Test group, and our EPS will reflect our share of the results of this business. On April 16, we closed on the acquisition of TestInsight business, furthering our wafer to AI data center product penetration. Combined, these two deals used roughly $165 million of cash in the second quarter, which we funded via our credit revolver.

如 Greg 所提到的，我們本月完成了兩項重要的外生成長資產機會。4 月 8 日，我們完成先前已公告的 MultiLane 測試產品合資企業交易。該業務的業績將併入產品測試（Product Test）事業群，我們的每股盈餘（EPS）將反映我們在該業務成果中的持分。4 月 16 日，我們完成收購 TestInsight 業務，進一步提升我們從晶圓到 AI 資料中心的產品滲透率。合計而言，這兩筆交易在第二季動用了約 1.65 億美元現金，資金來源為我們的循環信用額度（credit revolver）。

Looking ahead to our second quarter guidance. For the quarter, we expect revenue in the range of $1.15 billion to $1.25 billion and non-GAAP EPS of $1.86 to $2.15. Gross margins are expected to be in the range of 58% to 59%, normalized for peak volumes and onetime benefits. Operating expenses are expected to run at approximately 27% to 28% of second quarter sales. The non-GAAP operating profit rate is expected to be between 30% and 32%.

展望第二季指引。本季我們預期營收介於 11.5 億至 12.5 億美元，非 GAAP 每股盈餘（EPS）介於 1.86 至 2.15 美元。毛利率預期介於 58% 至 59%，已就量能高峰與一次性收益進行常態化調整。營業費用預期約為第二季銷售額的 27% 至 28%。非 GAAP 營業利益率預期介於 30% 至 32%。

Based on current customer order visibility, we continue to expect first half weighted revenue with approximately 55% to 60% of annual revenue expected in the first half. This expanded range from three months ago recognizes the continued strong demand signals we are hearing from our customers, while also balancing potential order lumpiness that could impact revenue timing across quarters or years. For the year, we have line of sight to about $50 million in revenue for merchant GPU, but our visibility into the second half is quite limited with increasing contributions over the midterm period.

基於目前客戶訂單能見度，我們仍預期上半年營收比重較高，全年營收約有 55% 至 60% 將落在上半年。相較三個月前，這個擴大的區間反映我們從客戶端持續聽到強勁需求訊號，同時也平衡可能出現的訂單不均（lumpiness），其可能影響跨季度或跨年度的營收認列時點。就全年而言，我們對商用 GPU（merchant GPU）約有 5,000 萬美元營收的可視性，但對下半年能見度相當有限，預期在中期期間貢獻將逐步增加。

So in closing, our teams delivered exceptional financial results, reflecting strong execution and robust demand across our portfolio aligned with our wafer to data center strategy. We remain confident in the full year trajectory and our target model of $6 billion in revenue and $9.50 to $11 in non-GAAP EPS.

最後總結，我們的團隊交出卓越的財務成果，反映出強勁的執行力，以及與我們「從晶圓到資料中心」策略一致的產品組合所帶來的穩健需求。我們對全年走勢以及目標模型仍具信心：營收 60 億美元、非 GAAP 每股盈餘（EPS）9.50 至 11 美元。

I want to thank all of our Teradyne team members for their performance and operational discipline in delivering for our customers and shareholders.

我要感謝所有 Teradyne 團隊成員的表現與營運紀律，為客戶與股東交付成果。

With that, we'll open the call for questions. Operator?

接下來我們開放提問。接線員？

(Operator Instructions) Timothy Arcuri, UBS.

(接線員指示) UBS 的 Timothy Arcuri。

Greg, I guess, my question is just on the back half of the year. So it's a bit of a disconnect. It sounds like the demand signals has anything gotten better over the past three months, but you're not raising guidance for the back half of the year. Is this -- this kind of came up on the -- on your competitor's call as well. So is this, to some degree, like factoring in some constraints that may be your downstream of your business?

Greg，我想我的問題是關於今年下半年。所以這裡有點落差。聽起來需求訊號在過去三個月有變得更好，但你們並沒有上調下半年的指引。這點在你們競爭對手的電話會議上也有被提到。所以這是否在某種程度上，是把一些可能發生在你們業務下游的限制因素納入考量？

And I know you did talk about this, VIP stuff can be very lumpy. So maybe that's part of it. So if you can talk about that.

我也知道你們有提到，VIP 相關業務可能非常不均。所以也許這是其中一部分原因。如果可以的話，請談談這點。

Tim, it's Michelle. I'll start, and then Greg can add some specifics from a customer perspective. So let me start with where we're at today. Q1 was an exceptional quarter, a record quarter. You heard that throughout our script for the company.

Tim，我是 Michelle。我先開始，接著 Greg 可以從客戶角度補充一些細節。先說我們目前的狀況。第一季是非常出色的一季，也是創紀錄的一季。你在我們整份講稿中都聽到公司反覆強調這點。

When you look at our Q2 guidance, it's equally strong. So revenue of $1.15 billion to $1.25 billion. This represents about 84% year-over-year growth at the midpoint after coming off of a really strong Q1 of 87% growth. So as a result of the strength in the first half, we have expanded our first half revenue range to 55% to 60%. So this is a change from January where we've given a point estimate of 60%.

再看我們第二季指引，同樣非常強勁。營收 11.5 億到 12.5 億美元。以中位數來看，年增約 84%，而第一季在非常強勁的基期下仍達到 87% 的成長。因此，受上半年強勢表現帶動，我們將上半年營收占比區間擴大到 55% 至 60%。這相較於 1 月份我們給出的 60% 點估計有所調整。

So when I think about the ranges, just to kind of round this, the low end of the range really reflects the potential for timing impact. So this is either lumpiness in terms of large customer ordering patterns or it could also be hiccups in the AI data center build out the ecosystem, if you will in terms of when our testers actually get accepted. So these dynamics, as you know, can impact revenue within the quarter or across your boundaries. And so that is part of the dynamic that's playing out in the second half.

談到這些區間，為了概括說明，區間下緣主要反映時點可能帶來的影響。這可能是大型客戶下單模式的不均，也可能是 AI 資料中心建置生態系（如果你願意這麼稱呼）中的一些卡點，例如我們的測試機何時能被驗收。如你所知，這些動態可能影響單一季度內的營收，或在季度之間跨期移動。因此，這也是下半年正在發生的一部分因素。

When I think about the high end of the range, this really reflects continued strength that we're seeing from a demand perspective across compute, networking and memory. And then the other element I would add to this is in terms of visibility. So we talked in our January call around improved visibility from a customer ordering perspective. That is consistent with where we're at today. So historically, this business has had about 13 weeks of visibility.

再看區間上緣，主要反映我們在需求面持續看到的強勁動能，涵蓋運算、網路與記憶體。另外我想補充的是能見度。我們在 1 月的電話會議中談到，從客戶下單角度來看能見度有所改善。這與我們今天的狀況一致。歷史上，這項業務大約只有 13 週的能見度。

Coming into this year, we improved that. We can now see into another quarter out, although not as strong as the current quarter. And so we still do have some undefined parts as we think about Q4.

進入今年後，我們改善了這點。我們現在可以再往後看到多一個季度，雖然強度不如當前季度。因此，當我們思考第四季時，仍有一些部分尚未明朗。

Yes. So -- and Tim, let me give you a little bit more color in terms of sort of how the first half, second half polarization breaks down by sort of group or technology. The part of our business that we believe is most first half weighted is VIP compute. And that's -- like we have pretty good visibility into the timing of programs associated with that and the specific customers that we have. We think that that's like -- it's really, really strong in the first half of the year, and the next wave of that for the next generation of that technology is early '27. It might start bleeding in or pulling into the end of 2026, but we really don't know about that.

是的。Tim，我再補充一些背景，說明上半年、下半年比重分化，按事業群或技術別大致如何拆解。我們認為最偏向上半年比重的業務是 VIP 運算（VIP compute）。對於相關專案的時程以及我們所服務的特定客戶，我們有相當不錯的能見度。我們認為它在上半年非常、非常強勁，而下一波、也就是下一代技術的下一波需求會在 2027 年初出現。它可能會開始在 2026 年底提前滲入或拉動一些需求，但我們目前真的還不確定。

When you go from then to like networking, networking has started off very, very strong. And we think it's going to stay at a reasonably strong level through the year, but our visibility isn't as strong into the second half. And we've historically seen that sort of filling in more as time goes on. Like as you look beyond two quarters, you start to see that sort of -- that tending to go up, not down. So there's potential upside in the networking space.

當你從那邊轉到像網通這一塊時，網通一開始表現非常、非常強勁。我們認為它在今年內會維持在相當強的水準，但我們對下半年能見度沒有那麼高。而從歷史經驗來看，這類情況通常會隨著時間推進而逐步補齊。比如當你把視野放到兩個季度之後，你會開始看到那種——傾向於往上走，而不是往下。所以網通領域存在潛在的上行空間。

When you look at memory, that, I think, is actually going to end up being more back half weighted than front half weighted. So that's a counter thing. And the stronger that memory gets, the more we're going to be able to trend towards that 55% end of the range that we gave.

再看記憶體，我認為實際上最後會呈現下半年比上半年更偏重的走勢。所以這是一個相反的情況。而記憶體越強，我們就越能朝我們給出的區間上緣、也就是 55% 那一端去靠攏。

And then if you look beyond the Semiconductor Test part of this -- well, actually in Semiconductor Test, just to sort of finish the story around auto and industrial. Right now, data center is hot, hot, hot in that segment, and we expect that to continue. What we're seeing and hearing from those customers is that the rest of their portfolio, that there are -- like there's reduced inventories and potential demand increases, but we haven't seen that translate into increased demand for capital equipment in the auto and industrial part of that beyond data center.

然後如果你把視野放到這裡的半導體測試之外——嗯，其實在半導體測試這塊，先把車用與工業的故事收個尾。目前在那個細分領域，資料中心非常、非常、非常火熱，我們預期這種情況會持續。我們從那些客戶看到與聽到的是，他們投資組合的其他部分——像是庫存降低、以及潛在需求增加——但我們還沒看到這轉化為資料中心以外、車用與工業那部分對資本設備需求的增加。

So moving beyond that, getting into IST, we definitely think that's stronger second half than first half. But I mean we're talking about coming off of a base of $27 million in Q1. So there's a lot of upside to go before it really moves the needle at the enterprise level. Product Test similarly will be back-half weighted. But again, it's like a smaller percentage of the total.

所以再往下談，進到 IST，我們確實認為下半年會比上半年更強。但我的意思是，我們是從第一季 2,700 萬美元的基期往上走。所以在它真正對公司整體層面產生明顯影響之前，還有很大的上行空間要走。產品測試同樣會偏下半年。但同樣地，它占總體的比例比較小。

And typically, our second half is much stronger in Robotics than the first half, but we've started this year at a really good run rate. And so we -- like the signs are encouraging, but we've learned to be very careful about predicting what's going to happen beyond lead time in the Robotics space. So does that help a little bit?

而通常我們下半年的機器人業務會比上半年強很多，但今年我們一開始的運行率就相當不錯。所以我們——跡象令人鼓舞，但我們也學會在機器人領域，對於超出交期（lead time）之後會發生什麼，要非常謹慎地做預測。所以這樣有稍微幫到你嗎？

It does, Greg. Yes. I guess I just then wanted to ask you about the TAM for the year. So you didn't give us a TAM. I know Advantest is saying like low 9s for SoC and sort of low to mid-2s for memory, so kind of a total of like [11.5]. You've usually been pretty close to their number, a bit lower in memory and a bit higher in SoC. So is that total [11.5] for the year, is that like a reasonable TAM number for the year?

有的，Greg。是的。我想接著問你今年的 TAM。所以你沒有給我們 TAM。我知道 Advantest 說 SoC 大概是 9 開頭偏低、記憶體大概是 2 開頭偏低到中段，所以合計大概是[11.5]。你們通常跟他們的數字很接近，記憶體稍微低一點、SoC 稍微高一點。所以今年合計 [11.5]，作為今年的 TAM 估計，算是合理嗎？

So bearing in mind how far off both Teradyne and Advantest were about the 2025 TAM when it was April. So make that the big asterisk on this answer -- that like -- because a lot changed last year, and the TAM strengthened significantly from the April view through the full year view.

先記得一點：去年 4 月時，Teradyne 和 Advantest 對 2025 年 TAM 的預估偏差有多大。所以請把這當作這個回答上的一個大星號——也就是說——因為去年很多事情都變了，而 TAM 從 4 月的看法到全年看法之間顯著走強。

Now for 2026, there's three -- like just at a logical level, there are three possible things. One is that people have overcorrected in terms of estimating what the TAM is, people have gotten the TAM exactly right or it could follow the same pattern that it followed in 2025. I would say that, like we are not talking about a TAM publicly because we feel really uncertain about which of those timelines we're living in. I don't think the numbers that Advantest gave are absurd, but I don't feel confident enough in our forecast to share them.

那對 2026 年來說，從邏輯層面看有三種可能。一是大家在估 TAM 時過度修正；二是大家把 TAM 估得剛剛好；三是它可能會沿著 2025 年同樣的模式發展。我會說，我們之所以不公開談 TAM，是因為我們對於目前處在哪一種時間軸上感到非常不確定。我不覺得 Advantest 給的數字荒謬，但我對我們的預測沒有足夠信心到可以把那些數字分享出來。

CJ Muse, Cantor Fitzgerald.

CJ Muse，Cantor Fitzgerald。

I guess first question, and again, congrats on your first merchant GPU win. Curious how to think about the follow-through there? What kind of -- are the steps to try to ascertain a greater percentage penetration there? As well as how you're thinking about custom ASICs from here beyond your one very large customer?

我想先問第一個問題，再次恭喜你們拿下第一個商用（merchant）GPU 的勝利。好奇接下來該怎麼看後續的延伸？要如何——有哪些步驟來嘗試爭取更高的滲透率？以及除了你們那一家非常大的客戶之外，你們接下來如何看待客製化 ASIC？

Yes. So first on GPU. What we've said previously, I think, is the way it is going to -- is tending to play out. That the first project is the hardest project because it involves qualifying the test platform and converting all of the underlying libraries that support the testing. So that part of this project is behind us, and we are into the phase where that initial qualifying part can go into production.

是的。先談 GPU。我想我們之前說過的，基本上就是它將會——也正在——這樣發展。第一個專案是最難的，因為它涉及測試平台的認證（qualification），以及把支援測試的所有底層函式庫全部轉換過來。所以這個專案中那一部分已經在我們身後了，我們已進入初始認證完成、可以導入量產的階段。

The next phase is what you could call the fast follower phase. So we're going to begin working on projects that are earlier in their life cycle, and that we will be able to complete more quickly than the first qualification project. So those are projects that probably have a timeline where we would be releasing into production late in this year. And so whether that capacity ramp starts to hit at the end of '26 or into '27 is an open question.

下一個階段你可以稱之為「快速跟進者」（fast follower）階段。所以我們會開始著手一些處於生命週期更早期的專案，而這些專案我們能比第一個認證專案更快完成。因此這些專案的時程，可能會是在今年稍晚導入量產。至於產能爬坡是從 2026 年底開始反映，還是延伸到 2027 年，這仍是個未定之數。

And the thing that I want to caution is like the long-term view, over the midterm, we expect that a dual source customer is going to be managing share in that 30% to 70% range. It's going to take us a few years to get there because there are so many different part types, so many different SKUs that as an incumbent platform, there's a lot of flexibility about what -- like if you need capacity for a particular device, you know that you have the solution for it on the incumbent platform.

我想提醒的是，從中期的長期觀點來看，我們預期採雙供應來源的客戶，會把份額管理在 30% 到 70% 的區間。我們需要幾年時間才能走到那裡，因為零件型號非常多、SKU 也非常多；作為既有平台（incumbent platform），在「要用哪一個」上有很大的彈性——比如你如果需要某個特定器件的產能，你知道在既有平台上就有對應的解決方案。

So during the fast follower, we're really competing on the basis of differentiation of the platform and an ability to serve spot demand more quickly than our competition. So we're trying to be very responsive. We're trying to get as many SKUs converted over to our platform as possible. But I would expect it's going to take -- like it's going to take us a few years to get from low single digits in 2026 to sort of entering that 30% to 70% range over the midterm.

所以在快速跟進者階段，我們主要是以平台差異化，以及比競爭對手更快滿足即時需求（spot demand）的能力來競爭。因此我們會努力做到非常快速回應。我們會盡可能把更多 SKU 轉到我們的平台上。但我預期這會需要——也就是說，我們要從 2026 年的低個位數份額，走到中期進入 30% 到 70% 的區間，可能需要幾年時間。

Very helpful. And then maybe a question on gross margins. You're taking a downtick here. And historically, the business has not been fixed cost. It's been much more product cycle driven.

非常有幫助。接著也許問一下毛利率。你們這裡出現了下滑。而從歷史來看，這個業務並不是固定成本型。它更多是由產品週期所驅動。

So curious what is precisely driving that downtick in June and how should we be thinking about modeling the second half of the year?

所以好奇究竟是什麼在推動 6 月這一季的下滑？以及我們應該如何思考、建模今年下半年？

Hang on, like -- my colleagues have reminded me that I neglected the second half of your question about custom ASICs. So we'll take your gross margin question right after. I just want to hit the custom ASICs.

等一下——我的同事提醒我，我漏掉了你問題中關於客製化 ASIC 的後半段。所以我們會在回答完這個之後立刻接你的毛利率問題。我先把客製化 ASIC 講完。

So right now, there are two hyperscaler programs -- two compute hyperscaler programs that are at scale. If you include like Edge automotive, there are three hyperscalers that are at commercial scale and driving tons of volume for us or our competitor. We are actively competing for parts that have not yet ramped and also for dual-source status against the hyperscalers that have already ramped. And the timing for that would be more 2027 than 2026, but stay tuned for news of that as we go on.

所以目前有兩個超大規模雲端業者（hyperscaler）的專案——兩個運算類 hyperscaler 專案——已經達到規模化。如果把像邊緣車用（Edge automotive）也算進來，則有三家 hyperscaler 已達到商業規模，並為我們或我們的競爭對手帶來大量出貨量。我們正在積極競爭那些尚未爬坡的零件，同時也在已經爬坡的 hyperscaler 客戶那裡，爭取雙供應來源（dual-source）資格。而那個時點更可能落在 2027 年而不是 2026 年；但請持續關注，我們後續有消息會再對外更新。

And I'll pass it over to Michelle for the gross margin commentary.

我把時間交給 Michelle，請她說明毛利率的評論。

Well, I think technically now, CJ has three questions now as a result of this, but we'll go with this.

嗯，我想從技術上來說，因為這個緣故，CJ 現在變成有三個問題了，但我們就先照這樣進行。

But that's my error.

不過那是我的疏失。

Yes. So from a gross margin perspective, we did have a really strong Q1. So 60.9%, again, another record for the company. And there were several favorable factors coming into play simultaneously that drove this. One was related to the AI demand.

是的。就毛利率的角度來看，我們第一季確實非常強勁。達到 60.9%，再次創下公司紀錄。同時有幾個有利因素一起發揮作用，推動了這個結果。其中一個與 AI 需求有關。

So really strong semi test volume, which was 87% of our overall portfolio within Q1. Along with that, we also had favorable product mix and some benefit from some nonrecurring operational benefits. So as you think about the shift from -- or the step down from Q1 into Q2, at the midpoint, that's about 240 basis points. About half of that is driven by the onetime nonrecurring kind of operational benefits that we had. And then you couple that with what we're seeing from a mix perspective within Q2, this is somewhat of a normalization.

因此半導體測試量非常強勁，在第一季占我們整體產品組合的 87%。此外，我們也有有利的產品組合，並受惠於一些一次性的非經常性營運效益。所以當你思考從第一季到第二季的轉變——或下滑——以中位數來看大約是 240 個基點。其中約一半是由我們的一次性、非經常性營運效益所驅動。再加上我們在第二季從產品組合角度所看到的情況，這在某種程度上是回歸常態。

The one thing I will highlight, however, is when you look at first half, overall margins will be around 59.7%. This is at the low end of our target model range. And so I think it's important to kind of keep in context that you should expect to see our margins move around a bit. They are lumpy like our revenue. We typically will see up to 400 basis points within a year.

不過我想強調的一點是，當你看上半年時，整體毛利率大約會在 59.7%。這位於我們目標模型區間的低端。因此我認為重要的是要放在脈絡中理解，你應該預期我們的毛利率會有一些波動。它像我們的營收一樣具有不均勻性。我們通常在一年內會看到最多約 400 個基點的波動。

However, when you look year on year, it's a much tighter range. It's within like 200 basis points. So some of this is noise just within the first half. That's how I would think about it from a modeling perspective.

然而，若以年對年來看，區間就緊得多。大概在 200 個基點以內。所以其中一部分只是上半年內部的雜訊。從建模的角度，我會這樣看待。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

I also have two. The first one has to do with how you have been managing quarterly guide? And your performance has actually been exceeding on a consistent basis. And with that as a background, my question to you is, are you seeing a consistent trend where late in a quarter, you get the rush order, you get the programs in line, and the last month of the quarter becomes the source of upside? Or is there something fundamentally different in the way you communicate with the Street? And I have a follow-up.

我也有兩個問題。第一個是關於你們如何管理季度指引？你們的表現其實一直都在持續超出。在這個背景下，我想問的是：你們是否看到一個一致的趨勢——也就是在季度後段會出現急單、專案排上線，而季度最後一個月成為上修的來源？或者你們在與華爾街溝通的方式上，有什麼根本性的不同？我還有一個追問。

I'll start. And Michelle, if you want to chime in with some additional color. When we sit down to do our guide, we try to give the very best view in terms of balancing the risks and opportunities that we see in the current quarter. And we are typically carrying some upside capacity that if we get quick turn orders, that we -- that -- like if we can help improve customer satisfaction by serving orders within lead time and we have the capacity to do it, we are going to do that. So in a strengthening demand environment we will tend to over-perform.

我先回答。Michelle，如果你想補充一些細節也可以。我們坐下來做指引時，會盡力在平衡當季所見的風險與機會之下，給出最好的觀點。而且我們通常會保留一些上行產能；如果我們收到需要快速交期的訂單——也就是如果我們能在交期內出貨、提升客戶滿意度，且我們有能力做到——我們就會去做。因此在需求轉強的環境下，我們往往會超出表現。

At the same time, we, like everyone else, are working really hard to solve the supply chain issues that come from ramping capacity. And so there are supply chain risks that our operations team does a great job solving. But when we go into the quarter, we don't know that we have a solution for all of those.

同時，我們也和其他公司一樣，正非常努力地解決因擴充產能而帶來的供應鏈問題。因此確實存在供應鏈風險，而我們的營運團隊在解決這些問題上做得很好。但在進入季度時，我們並不確定能否對所有問題都有解方。

The other thing that I'll say at a like minor level is we are still being quite cautious about Robotics. That we are seeing much improved -- like improved predictability and improved growth from that unit. But we don't want to get ahead of ourselves in terms of -- assume that we are in like a bold new future there, we want to make sure that we really understand exactly what our funnel of opportunities looks like and our conversion rate. And like we're really happy about having 4 good on track quarters in a row, but we are still quite careful in terms of predicting like higher rates of growth against that business until we get a little bit further down the road.

另外我還想補充一點，算是比較次要的層面：我們對機器人業務仍然相當謹慎。我們看到該事業單位的可預測性明顯改善——也看到成長改善。但我們不想在判斷上操之過急——假設那邊已經進入一個大膽的新未來；我們希望確保自己真正了解機會漏斗的樣貌以及轉換率。而且我們對於連續 4 個季度都按計畫推進感到很高興，但在我們走得更遠一些之前，對於預測該業務更高的成長率，我們仍會非常謹慎。

And the only other thing I would add to that, to Greg's point about the supply chain variability, that's not just within Teradyne but also with our customers. And so to the extent, for example, all the parts of a test cell are not coming together, they're not looking to take our testers and install them. There could be slips that happened within the quarter. And so that could be either upside or downside in terms of how it plays out within a particular week.

我唯一想補充的是，呼應 Greg 關於供應鏈變動性的觀點，這不只發生在 Teradyne 內部，也發生在我們的客戶端。因此在某些情況下，例如一個測試單元（test cell）的所有零組件沒有到齊，他們就不會想要接收我們的測試機並進行安裝。這可能導致在季度內出現延後。因此就某一週的實際發展而言，可能會形成上行或下行。

And so you'll see this sitting in our receivables at the end of Q1, where we shipped a lot of units that originally, we have been told to kind of push out. So I think it's important to note that we're seeing variability not only on the order side, but also in terms of the supply chain from a customer perspective.

所以你會在第一季末的應收帳款中看到這點：我們出貨了很多原本被告知要往後推的機台。因此我認為重要的是要注意，我們看到的變動性不僅在訂單端，也包括從客戶角度的供應鏈面。

Got it. And then since the last earning conference call, agentic AI has become the new buzz word. And there are a number of existing and the new semiconductor companies that are trying to capitalize on tokenization and offer a new kind of a CPU. And my question to you is given the fact that historically, [X86] has been more of a -- driving more of an in-house test solution, and now you have a diversification of a CPU because of agentic AI.

了解。另外，自從上次財報電話會議以來，agentic AI 已成為新的流行語。有不少既有與新成立的半導體公司，正試圖利用 tokenization 並提供一種新型 CPU。我想問的是，鑑於過去 [X86] 比較傾向——推動更多內部自建的測試解決方案，而現在因為 agentic AI 導致 CPU 走向多元化。

Does that also add a new layer of opportunity for you? Was that already embedded in your longer-term forecast? Or is this something new and could potentially provide some upside?

這是否也為你們增加了一層新的機會？這是否已經包含在你們較長期的預測之中？或者這是新的因素，可能帶來一些上行空間？

So I think of it more as providing potential upside than something that's in our plan. That we are testing primarily ARM-based CPUs for data center applications. I think we have active design-in opportunities that I expect to be able to convert in this space as well.

我更傾向把它視為潛在上行，而不是已經納入我們計畫的內容。我們主要是在測試用於資料中心應用、以 ARM 為基礎的 CPU。我認為我們在這個領域也有正在進行的 design-in 機會，我預期能夠轉換落地。

I would add that in addition to sort of new demand for CPU in agentic, there's also a big trend towards this optimizing data centers for inference at scale. I talked about that a little bit in the prepared remarks, that if you look at what NVIDIA is doing to try to decreased time to first token on inference and other players are doing, I think we have reasonable exposure to those types of devices as well. So as things shift towards more inference and more agentic, then I think we have potential long-term upside.

我補充一下，除了 agentic 帶來的 CPU 新需求之外，還有一個很大的趨勢是：為了大規模推論（inference at scale）而最佳化資料中心。我在事先準備的發言中稍微提到過，如果你看 NVIDIA 為了降低推論的「首個 token 時間」（time to first token）以及其他業者所做的努力，我認為我們對這類裝置也有相當程度的曝險。因此，隨著趨勢轉向更多推論與更多 agentic，我認為我們在長期上有潛在上行。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

My first question is on networking. Regarding CPO and silicon photonics, can you talk about where you stand in terms of share now? And how do you anticipate your share tracking? I'm asking as your competitor announced that they received their first high-volume AT order for silicon photonics.

我的第一個問題是關於網路。針對 CPO 與矽光子，你能談談你們目前在市占率方面的位置嗎？以及你們預期市占率將如何變化？我之所以這樣問，是因為你們的競爭對手宣布他們拿到了矽光子的第一筆高量產 AT 訂單。

Thanks for the question. So our best guess, so far in 2026, that share is quite balanced between us and our competitor. And I think -- like the only difference is whether we're talking about single large orders or multiple smaller orders. But I think share is kind of balanced, and that's where we think things are right now.

感謝提問。截至目前我們對 2026 年的最佳推估是，那個市占在我們與競爭對手之間相當均衡。而我認為——唯一的差異在於我們談的是單筆大型訂單，還是多筆較小的訂單。但我覺得市占大致是平衡的，這也是我們認為目前的狀況。

But it's really early days that -- right now, there is -- there are very few end customers that are trying to ramp CPO into production. And the share split right now is mostly around which test insertion is being done by what companies. And so our strength is primarily in the -- in insertion, too, where the -- where you're actually connecting electrically to a compound of wafer on the top for electrical and looking at light down in the bottom. We are in the process of releasing solutions for that in production. And we are working with partners to do that.

但現在其實還很早期——目前真正嘗試把 CPO 拉升到量產的終端客戶非常少。而目前的市占分配主要取決於哪些公司在做哪一段的測試插入（test insertion）。因此我們的強項主要在於——也在插入環節，亦即你實際上在上方對晶圓複合體進行電性連接做電測，同時在下方往下看光學訊號。我們正在釋出可用於量產的相關解決方案。並且我們正與合作夥伴一起推進。

So it's really kind of a 4-way partnership involving foundry, end customer, ficonTEC and Teradyne. We're working that with a team in Taiwan, Israel, Germany, North America to bring this technology to production. We think that it's -- this is a very important market.

所以這其實是一個四方合作，包含晶圓代工廠、終端客戶、ficonTEC 以及 Teradyne。我們透過台灣、以色列、德國、北美的團隊共同推動，把這項技術導入量產。我們認為——這是一個非常重要的市場。

And as -- like what -- the way we see this happening is that in '27, this is primarily going to be associated with scale-out kind of networking. The scale up networking is likely to be even higher volumed, but over a longer period of time like '28, '29. And we are going to be rapidly changing the efficiency of tests at all four insertions.

而就——我們看待這件事發生的方式而言，到了 '27 年，這主要會與 scale-out 類型的網路相關。scale-up 網路的量可能會更大，但會在更長的時間軸上發生，例如 '28、'29 年。而我們將會快速提升四個插入點（insertions）上測試的效率。

And the balance of where things are going to be done across those foreign insertions is really going to be driven by the end economics. So if they are finding a lot of faults at a particular level, they will keep doing that test. If they have very high yields, then they will look to see if they can eliminate that.

而在那四個插入點之間，哪些測試會在哪裡進行的平衡，最終將由終端經濟性所驅動。所以如果他們在某一個層級發現很多缺陷，他們就會持續在那個層級做測試。如果良率非常高，那他們就會評估是否能夠把那個測試拿掉。

But I -- like personally, I think efficiency is going to go up by like a factor of 10 over the next couple of years. And despite the fact that that efficiency is going to get that much higher, I think that this is still going to be $300 million to $700 million worth of equipment once you get a few years into this midterm.

但我——就我個人而言，我認為未來幾年效率會提升大約 10 倍。而儘管效率會提高到那麼多，我仍然認為，一旦你在中期推進幾年之後，這仍會是價值 3 億到 7 億美元的設備市場。

That's really insightful. And for my follow-up, one of your auto industrial customers talked about a bit of a tester shortage on the earnings call. And while I was listening to that, my interpretation was, oh, there may be a fight among customers to get in the queue at Teradyne. Just where do we stand right now in terms of capacity and utilization? And how much capacity are we looking to expand over the next year or so?

這真的很有洞見。那我追問一下，你們的一家汽車工業客戶在財報電話會議上提到測試機有點短缺。我在聽的時候，我的解讀是，喔，可能客戶之間會為了排進 Teradyne 的交期隊列而競爭。那就目前而言，我們在產能與稼動率方面處於什麼狀態？以及未來一年左右我們打算擴充多少產能？

So if that customer is having trouble getting testers, they're obviously not buying them from Teradyne. That we are able to serve the demand that we have, our capacity has ramped rapidly, where we have multiple contract manufacturing partners that are enabling our production.

所以如果那位客戶拿不到測試機，那他們顯然不是向 Teradyne 購買。我們能夠滿足我們所面對的需求；我們的產能已快速拉升，因為我們有多家委外製造合作夥伴支援我們的生產。

So we were surprised by that. We -- for this particular end customer, we have a very good relationship. And for the parts of their business that we serve, we're able to deliver the testers that they need and the lead time that they needed. So I think this is another reason that more and more customers are really looking at supply chain resilience, all the way back to their test equipment capital supplier. And that kind of strategy isn't something that is just solved by increasing capacity that -- what customers really need is to be able to get the capacity that they need when they need it for the parts that they are ramping. And you don't know how that demand is going to overlap at as a supplier.

所以我們對此感到意外。我們——就這個特定終端客戶而言，我們的關係非常好。而在我們所服務的他們業務範圍內，我們能交付他們所需的測試機，以及他們所需要的交期。所以我認為這也是為什麼越來越多客戶正在真正關注供應鏈韌性，一路回溯到他們的測試設備資本供應商。而這類策略並不是單純靠增加產能就能解決——客戶真正需要的是，在他們拉升的那些部分，能在需要的時候取得所需的產能。而作為供應商，你並不知道那樣的需求會如何彼此重疊。

So I think it's -- I think the trend in the future is that for high-volume devices, we're going to increasingly see this trend towards multiple sourcing of test equipment. And overall, I see that as a real positive for Teradyne.

所以我認為——我覺得未來的趨勢是，對於高出貨量的裝置，我們會越來越常看到測試設備採取多來源供應（multiple sourcing）的趨勢。整體而言，我把這視為對 Teradyne 非常正面的發展。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

I have two of them. First one, on the silicon photonics. Michelle or Greg, you spoke about the $300 million to $700 million opportunity. I understand it's midterm. How big is the market this year?

我有兩個問題。第一個，關於矽光子。Michelle 或 Greg，你們提到 3 億到 7 億美元的機會。我理解那是中期。那今年的市場有多大？

Is it like tens of millions of dollars this year? And along the same path, is the high contact being acquired by a Chinese entity an issue? Is it a non-issue for you? And then I have a quick follow-up.

今年會是幾千萬美元的規模嗎？另外沿著同一條線，高接觸（high contact）被一家中國實體收購會是個問題嗎？對你們來說是非問題嗎？然後我還有一個簡短追問。

Yes. So this year, we're probably looking at silicon photonics right around 100-ish, maybe a little bit less, maybe a little bit more. It's substantial, but it's pretty early days.

是的。所以今年我們看矽光子大概在 1 億左右，可能略低一些，也可能略高一些。規模不小，但仍然是相當早期。

With regards to ficonTEC, ficonTEC has been an independently operated unit of a Chinese corporation since 2021, I think. I mean, this is not a new thing. It is -- and our relationship with ficonTEC is with both the unit, which is in Germany and also the Chinese company that it's a part of RoboTechnik. We have a great relationship with the CEO there. And they are one of the absolute world-class providers of active alignment for silicon photonics assembly and for test.

關於 ficonTEC，ficonTEC 自 2021 年起就一直是某家中國企業旗下、獨立營運的單位，我想是這樣。也就是說，這不是新鮮事。而我們與 ficonTEC 的合作關係，涵蓋其位於德國的事業單位，以及其所屬的中國公司 RoboTechnik。我們和那邊的執行長關係很好。他們是全球頂尖的矽光子組裝與測試之主動對準（active alignment）供應商之一。

That there are a lot of hard things that you need to do when you're building silicon photonics. One of the most difficult is achieving alignment in the assembly process for electro-optic modules or for CPOs. And ficonTEC is a -- is like one of the world leaders in that technology, and they are working to build their business in semiconductor capital equipment, the test part of it. And that is something that is a high priority for us, high priority for them. And I think that the press reports that came out are like they've been refuted by ficonTEC, and we don't see any evidence on the ground that it's at all true.

在建構矽光子時，有很多困難的事情需要完成。其中最困難之一，是在電光模組或 CPO 的組裝流程中達成對準。而 ficonTEC 是——可以說是該技術的全球領導者之一，他們也正在半導體資本設備領域、特別是測試這一塊，努力建立他們的業務。這對我們是高度優先事項，對他們也是高度優先事項。而我認為媒體報導的內容已被 ficonTEC 反駁，我們在第一線也看不到任何證據顯示那是真的。

Great. That's very helpful. And a quick follow-up for Michelle. I know you gave some color on how to think about gross margins. But just visually thinking, as auto analog industrials cyclically starts rebounding, is it fair to assume that's a huge tailwind for your gross margin given those legacy eagle testers are pretty high margins?

很好。這非常有幫助。那給 Michelle 一個簡短追問。我知道你已經提供了一些關於如何看待毛利率的說明。但從直觀上來看，當汽車、類比與工業需求循環性開始回升時，是否可以合理假設，這會因為那些傳統的 Eagle 測試機毛利率很高，而成為你們毛利率的一大順風？

So I think the short answer is no. When you think about kind of our full year expectations and what's really going to influence the end results even over the midterm, right? So we've given a target model of 59% to 61%. We're sitting at 60.9% in Q1. We expect the first half to be about 59.7%.

所以我認為簡短答案是否。當你思考我們全年預期，以及真正會影響最終結果的因素——即便放到中期來看，對吧？我們給出的目標模型是 59% 到 61%。我們在第一季是 60.9%。我們預期上半年大約是 59.7%。

I still think that that's within the range. And auto -- and when you think about auto and industrial, it's not going to be the biggest swinger in terms of our overall margin portfolio.

我仍然認為那是在合理範圍內。而汽車——以及當你想到汽車與工業時，就我們整體毛利組合而言，它不會是最大的擺動因素。

I'm just going to go back to just the tightness in our overall margins within 200 basis points year-on-year. So when you use the words like huge or significant, I'd probably react to that a little bit. I do think it can be somewhat of a tailwind. But just given the size of it to the overall portfolio, I would say no, in terms of the significance.

我只是回到我們整體毛利年對年在200個基點以內的緊縮幅度。所以當你用「巨大」或「顯著」這樣的字眼時，我可能會對此稍微有點反應。我確實認為它可能在某種程度上是個順風。但就其在整體組合中的規模而言，我會說不，就重要性來看並不算顯著。

Yes. I mean, over the years, we've seen most of our product lines converging towards similar margins. And so it's -- I would not expect to see -- even if we saw us like a significant increase in the percentage of total revenue that's coming from auto and industrial, I don't think we'd see that as a big mover.

是的。我的意思是，多年來，我們看到大多數產品線的毛利率正趨於收斂到相近水準。因此——我不會預期看到——即使我們看到來自汽車與工業的總營收占比有顯著提升，我也不認為那會成為很大的推動因素。

Now the other thing to remember is that one of the things that goes into auto and industrial is ADAS. And so if you squint at an ADAS tester, it looks a hell of a lot like a VIP compute tester. So the -- just because things are aggregating into particular end markets, it doesn't necessarily reflect the platform that's being sold to serve it.

另外要記得的是，汽車與工業其中一個構成項目是ADAS。所以如果你眯著眼看一台ADAS測試機，它看起來跟一台VIP運算測試機非常非常像。因此——僅僅因為需求彙聚到特定終端市場，並不一定反映為了服務該市場而銷售的實際平台。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

Greg, on the GPU engagement, when we look at the large customer, the demand is clearly increasing. The number of queues across training and inference is going up. So I'm curious, what is the gating factor to getting to that, let's say, whatever, 20%, 30% market share? What is your share assumed in your $6 billion target model?

Greg，關於GPU的合作參與度，當我們看大型客戶時，需求顯然在增加。訓練與推論的排隊數量都在上升。所以我想請教，達到例如20%、30%市占的關鍵瓶頸是什麼？在你們60億美元目標模型中，假設的市占是多少？

So let me start at the beginning. So the thing that is setting the timeline to get to, say, 25% share of GPU is how efficiently we execute our fast follower strategy, how fast we can bring up test programs and test solutions for devices that are early enough in their life cycle that we capture a significant portion of the ramp. So that ultimately is the limitation.

那我從頭開始說。決定我們達到例如GPU 25%市占的時間表的因素，是我們執行「快速跟隨者」策略的效率、我們能多快為那些在生命週期早期的裝置建立測試程式與測試解決方案，以便我們能在其放量爬坡時捕捉到相當大的一部分。所以最終的限制就在這裡。

As time goes on, the ultimate phase of fast follower is something that I've referred to as tester agnostic development. So what many of our customers are talking about in this space is that they really want to develop their test solutions against a -- like think of it as like a virtual test system. And by flicking a switch in software that they can target that towards our platform or towards another platform. When we get to that, then we are going to be in a world where it's much more about the differentiation on throughput and performance and availability than incumbency.

隨著時間推進，快速跟隨者的最終階段，是我所稱的「測試機不可知（tester agnostic）的開發」。因此，這個領域許多客戶在談的是，他們真的希望能在一個——可以把它想成虛擬測試系統——上開發他們的測試解決方案。並且透過在軟體中切換一個開關，就能把目標指向我們的平台或另一個平台。當我們走到那一步時，我們將進入一個世界：競爭更取決於吞吐量、效能與供貨可得性上的差異化，而不是既有供應商的先占優勢。

And I think that we have certain advantages around test coverage for elements of the device. I think we have some advantages in terms of platform reliability. I certainly think that we have some advantages in terms of responsiveness to demand. And what we've seen -- like one of the reasons that we're -- that we feel like we know what we're talking about here is that this is basically the world that we live in, in high-performance memory. That -- we were later to market than our competitor when it came to HBM performance testing.

我認為我們在裝置某些元件的測試覆蓋率方面有一些優勢。我認為我們在平台可靠性方面也有一些優勢。我當然也認為我們在對需求的回應速度方面有一些優勢。而我們所看到的——我們之所以覺得自己很清楚在說什麼，其中一個原因是，這基本上就是我們在高效能記憶體領域所處的世界。在HBM效能測試方面，我們比競爭對手更晚進入市場。

But once we released a platform that delivered better economics and better performance, then we began to see significant share gains because the customer can choose which platform they're going to buy, and we were able to capture that.

但一旦我們推出一個能提供更佳經濟性與更好效能的平台，我們就開始看到顯著的市占提升，因為客戶可以選擇要買哪個平台，而我們也因此能夠拿下那些份額。

As the AI accelerator world migrates more towards this idea where there are solutions existent on both platforms, then we think that we can compete on being able to get them the capacity that they need and getting the most parts out of each test cell because at the end of the day, it's like the limitations are turning into things like floor space and number of probers and handlers that they can buy. So having very productive test equipment is a potent advantage.

當AI加速器的世界更朝向這種概念遷移——也就是兩個平台上都存在解決方案——我們認為我們可以在「提供他們所需的產能」以及「讓每個測試單元（test cell）產出更多良品數」上競爭；因為到最後，限制因素正逐漸變成像是廠房空間，以及他們能買到多少探針台（probers）與處理器（handlers）。因此，擁有生產力非常高的測試設備是一個強而有力的優勢。

In terms of the -- the part of the $6 billion, I think that we are -- looking at -- I don't think we need to be much -- like we can get to this -- our model in the fast follower phase of this, where we're just doing specific part conversions. And I think we would only need kind of low double-digit share in order for us to hit our model.

至於60億美元中的那一部分，我認為我們——從……來看——我不認為我們需要很……也就是說，我們可以在這個快速跟隨者階段達到我們的模型目標，在那個階段我們只是做特定零件的轉換。而我認為我們只需要大約低雙位數的市占，就能達成我們的模型。

And from my follow up, I just wanted to get back to the visibility question. AI is over 70% of your sales. But when we look at any other semiconductor company involved AI, logic or networking or memory, right, even the semi cap front-end players, they all claim to have great visibility, not just for this year, consistent sequential growth and then visibility even in 2027.

另外追問一下，我想回到能見度的問題。AI占你們銷售額超過70%。但當我們看任何其他與AI相關的半導體公司——無論是邏輯、網通或記憶體——甚至是半導體設備前段（front-end）的業者，他們都宣稱有很好的能見度，不只是今年，還有連續的季增長，甚至對2027年也有能見度。

And I'm curious, why is that not translating into stronger visibility for the testing part right? Because you guys are an important part of that supply chain also. So how come everyone else has great visibility and confidence, but we are not hitting that right from the testing side as much?

我很好奇，為什麼這沒有轉化為測試端更強的能見度？因為你們也是那條供應鏈中很重要的一環。那為什麼其他人都有很好的能見度與信心，但從測試端來看，我們似乎沒有那麼明顯地反映出來？

So I think that the point that Michelle made is really important, that the lead time for a tester is on the order of the same as the lead time for the actual wafer, not the wafer front-end equipment. And these are -- our customers are rapidly trying to build out capacity to be able to support all of the phases of production. And so where -- like at the end of the day, these customers are definitely leaning hard into produce -- into creating the front end capacity to increase the number of wafers that go through. But until they actually are seeing the wafers go through, they are holding back on the orders for the test equipment.

我認為Michelle提到的一點非常重要：測試機的交期大致與實際晶圓的交期相當，而不是晶圓前段設備的交期。而且——我們的客戶正快速地擴建產能，以支援生產的各個階段。因此——到最後，這些客戶確實正大力投入在生產——也就是建立前段產能，以提高晶圓通過的數量。但在他們真正看到晶圓開始通過之前，他們會先按住測試設備的下單。

I mean we definitely are working against a long-term plan around capacity expansion for our products. We have an idea of our -- think of it as like a strategic forecast that we're working against, but that's very, very different from the level of commitment that we get from our customers around what they'll buy and when. And since the -- like testers are sold for particular devices and particular device ramps. Those ramps can move significantly if you have an issue with -- like if it's an ASIC, if the first silicon doesn't work, then that can inject a two quarter delay in a ramp, that would have a meaningful effect on the timing of our growth.

我的意思是，我們確實是在一個長期的產能擴張計畫下運作，以支援我們的產品。我們對我們的——可以把它想成我們正在依循的一個策略性預測——有一定概念，但那與我們從客戶那裡得到的、關於他們會買什麼以及何時購買的承諾程度，是非常非常不同的。而且由於——例如測試機是針對特定裝置與特定裝置的放量爬坡而銷售的。如果你遇到問題，這些爬坡可能會大幅移動——例如如果是ASIC，第一版晶片（first silicon）不工作，那就可能讓爬坡延後兩個季度，這會對我們成長的時間點造成有意義的影響。

It wouldn't have a meaningful effect on the long-term growth that we'll achieve. So I think the front end is less lumpy, but growth in the front end inevitably leads to growth in the back end, it's just uncertain in the timing.

但這不會對我們最終能達成的長期成長造成有意義的影響。所以我認為前段相對不那麼起伏，但前段的成長終究會帶動後段的成長，只是時間點不確定。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

Relative to the CPO opportunity, I think you did a good job kind of outlining where you believe the market is going. Just kind of two follow-ups on that. One is, can you maybe level set us for where you expect your CPO revenue to land in terms of a range for this year, 2026?

關於CPO的機會，我認為你在勾勒你相信市場走向方面做得很好。我有兩個簡單的追問。第一個是，你能否幫我們校準一下，你預期今年、2026年，你們的CPO營收大概會落在什麼區間？

And then you talked about kind of a four-way kind of tie-up for -- to pull off some of the second insertion solutions. Do you have any kind of plans or thoughts about how you might integrate that a little bit more under one roof in some way or another?

然後你提到某種四方合作的結盟——用來推動一些第二次插入（insertion 2）解決方案的落地。你們是否有任何計畫或想法，未來要如何以某種方式把這些更整合到同一個體系（under one roof）之下？

So I don't think we're publicly disclosing our expectations for 2026 revenue, mainly because there's so much uncertainty about where in the test flow the investment will go. So will they lean harder into insertion 2 or insertion 1 or insertion 3. So there's a lot of noise on that data right now. So we're not trying to make a prediction.

所以我認為我們不會公開揭露我們對 2026 年營收的預期，主要是因為在測試流程中投資會落在哪個環節存在很大的不確定性。也就是說，他們會更偏向加碼 insertion 2、insertion 1，還是 insertion 3。因此目前這些數據雜訊很多。所以我們不打算做預測。

The four-way partnership is actually -- that's kind of the way the world works normally. That if you think about non-CPO devices, there's a fabulous specifier. There's a foundry, there's an OSAT. There's a handler or prober provider, and there's a tester provider and there's a probe card provider. There's like -- there are a lot of -- there's a whole ecosystem that makes these test cells work.

四方合作其實——這大致就是世界通常運作的方式。如果你想想非 CPO 裝置，會有很棒的規格制定者（specifier）。會有晶圓代工廠（foundry），也會有 OSAT。會有分選機（handler）或探針台（prober）供應商，也會有測試機（tester）供應商，以及探針卡（probe card）供應商。也就是——有很多——有一整個生態系，讓這些測試單元（test cells）能運作起來。

And we are a real strong advocate of this open ecosystem long term. We think that that's what our customers want, and it's how we want to try and work. And we also want to make sure that all of the providers in this space, for probers, handlers, whatever, that they feel like we are being -- that we're treating people alike, that we're not showing favorites.

而我們長期來看非常支持這種開放式生態系。我們認為這是客戶想要的，也是我們希望採取的合作方式。同時我們也想確保在這個領域裡所有供應商——不論是探針台、分選機等等——都能感受到我們一視同仁，不會偏袒任何一方。

So what we're really trying to do is we're trying to lean hard into helping fight contact, build their capability in the semiconductor test equipment space, but we're acknowledging that they are the world experts in active alignment. So they're a great company. They know what they're doing. We want to help stand them up to be a great member of this ecosystem versus trying to integrate them closely.

所以我們真正想做的是：大力協助 Fight Contact 在半導體測試設備領域建立能力，但同時也承認他們是主動式對準（active alignment）方面的全球專家。所以他們是一家很棒的公司。他們知道自己在做什麼。我們希望協助他們成為這個生態系中很強的一員，而不是試圖把他們緊密整合進來。

That's helpful. And then just as a follow-up for Michelle. Clearly, the growth and margins and everything else are kind of turning out very well, and it seems like you will indeed probably get to your model at some point. Just from a philosophical standpoint, from an OpEx perspective, to the extent you do tend to grow on a multiyear basis a lot stronger, would you tend to believe that you could actually underpunch the OpEx intensity? Or would you -- you plan to develop more OpEx resources to R&D over time?

這很有幫助。接著我想再追問 Michelle 一點。顯然，成長、毛利率以及其他各項表現都進展得很好，看起來你們確實可能在某個時間點達到你們的模型目標。從理念上、以營業費用（OpEx）的角度來看，如果你們在多年期的基礎上成長明顯更強，你們是否會認為其實可以讓 OpEx 強度低於原先預期（underpunch）？還是你們會——計畫隨時間投入更多 OpEx 資源到研發（R&D）？

So the answer is yes. And so we've historically talked about growing OpEx at 50% of revenue, and we still believe in that model. We believe in investing back in the business. Particularly in today's environment as we think about the pain points in our kind of wafer to data center strategy, there's lots of opportunities for us to help our customers. So we're going to look for those opportunities to reinvest back in the business, which will impact OpEx.

所以答案是會的。我們過去一直談到 OpEx 的成長大約是營收成長的 50%，我們仍然相信這個模型。我們相信要把資金再投回業務。特別是在今天這樣的環境下，當我們思考從晶圓到資料中心（wafer to data center）策略中的痛點時，我們有很多機會可以幫助客戶。因此我們會尋找這些把資金再投回業務的機會，而這會影響 OpEx。

And when we think about the short term, however, in the current year, in such a hyper-growth mode, we wouldn't expect that same translation to play out within 2026, but definitely over the midterm and the longer term, that's the aspiration that we would be driving to.

不過，當我們看短期、也就是當年度，在這種超高速成長模式下，我們不預期同樣的對應關係會在 2026 年內完全呈現；但在中期與長期，這絕對是我們努力追求的目標。

Yes. The only color that I'd add to that is there is such a high rate of technology change in this end market and so many interesting opportunities, like there is a ton of waste due to yield issues and quality escapes. It's kind of a perfect environment for a company that is delivering something to help other companies get to high quality.

是的。我唯一想補充的是：這個終端市場的技術變化速度非常快，而且有很多很有趣的機會——例如因良率問題與品質漏失（quality escapes）造成大量浪費。對一家提供解決方案、協助其他公司達到高品質的公司而言，這幾乎是個完美的環境。

So we are -- like for a while, we were in a world where like the marginal utility of additional R&D spend was not that great. Like if you look back a few years. Now, we have just a really long list of great things that we can invest in that will drive long-term revenue growth. So we're going to do our very best to constrain the growth of our G&A. We're going to do the very best that we can to manage the growth of our sales and marketing so that most of that is customer-focused technical investments, and we're going to lean into R&D because it's a target-rich environment.

所以我們——在一段時間內，我們所處的環境是：額外增加研發支出所帶來的邊際效益並不高。如果你回頭看幾年前。但現在，我們有一長串非常棒、值得投資的項目，能推動長期營收成長。因此我們會盡最大努力抑制一般及行政費用（G&A）的成長。我們也會盡最大努力管理銷售與行銷的成長，讓其中大部分都成為以客戶為中心的技術性投資；同時我們會加大研發投入，因為這是一個目標非常多的環境。

This concludes our Q&A session. I'd like to now turn it back to our presenters for any additional or closing remarks.

我們的問答環節到此結束。現在我想把時間交還給簡報人員，請他們做任何補充或結語。

Thank you, operator. So thanks, everyone, for joining the call. We are really looking forward to Q2, another really strong quarter. And I just want to reiterate our thanks to the team around the performance for Q1. It was -- we're calling 2026 the year of execution. And we are like hitting on all cylinders. The team is doing really, really well, and we appreciate you having the interest in the company.

謝謝，接線員。也謝謝各位參與這通電話會議。我們非常期待第二季（Q2），會是另一個非常強勁的季度。我也想再次向團隊在第一季（Q1）的表現致謝。我們——把 2026 年稱為執行之年（the year of execution）。而我們就像是火力全開。團隊表現非常、非常好，也感謝各位對公司的關注。

Thank you. This concludes today's Teradyne first quarter 2026 earnings call and webcast. You may disconnect your lines at this time, and have a wonderful day.

謝謝。今天的 Teradyne 2026 年第一季財報電話會議與網路直播到此結束。您現在可以掛斷電話線，祝您有美好的一天。