Ultra Clean Holdings Inc (UCTT) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Ultra Clean Technology Q2 2024 Earnings Call and Webcast. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions) This call is being recorded on Thursday, July 25, 2024.

下午好，女士們、先生們，歡迎參加超清潔技術 2024 年第二季財報電話會議和網路廣播。此時，所有線路均處於僅監聽模式。演講結束後，我們將進行問答環節。（操作員說明）此通話錄音時間為 2024 年 7 月 25 日星期四。

I would now like to turn the conference over to Rhonda Bennetto, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部門的朗達·貝內托 (Rhonda Bennetto)。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me today are Jim Scholhamer, Chief Executive Officer, and Sheri Savage, Chief Financial Officer. Jim will begin with some prepared remarks about the business and Sheri will follow with the financial review. And then we'll open up the call for questions.

謝謝你，接線生。大家下午好，感謝您加入我們。今天與我在一起的有執行長 Jim Scholhamer 和財務長 Sheri Savage。吉姆將首先對業務進行一些準備好的評論，謝裡將隨後進行財務審查。然後我們將開始提問。

Today's call contains forward-looking statements that are subject to risks and uncertainties. For more information, please refer to the Risk Factors section in our SEC filings.

今天的電話會議包含前瞻性陳述，這些陳述存在風險和不確定性。欲了解更多信息，請參閱我們向 SEC 提交的文件中的風險因素部分。

All forward-looking statements are based on estimates, projections, and assumptions as of today and we assume no obligation to update them after this call. Discussion of our financial results will be presented on a non-GAAP basis. A reconciliation of GAAP to non-GAAP can be found in today's press release posted on our website.

所有前瞻性陳述均基於截至今天的估計、預測和假設，我們不承擔在本次電話會議後更新這些陳述的義務。我們的財務業績討論將在非公認會計原則的基礎上進行。GAAP 與非 GAAP 的調整可以在我們網站上今天發布的新聞稿中找到。

And with that, I'll turn the call over to Jim. Jim?

然後我會把電話轉給吉姆。吉姆？

Hello, everyone. And thank you for joining our call this afternoon. I will start with a high-level summary of our financial and operating results for the second quarter. Then share some thoughts on the broader industry trends we are seeing. I'll close by highlighting another important award before turning the call over to Sheri for a more inclusive financial review before opening the call up for questions.

大家好。感謝您今天下午參加我們的電話會議。我將首先對第二季度的財務和營運業績進行高度總結。然後分享一些關於我們所看到的更廣泛行業趨勢的想法。最後，我將強調另一個重要獎項，然後將電話轉交給 Sheri，以進行更具包容性的財務審查，然後再開始提問。

We continue to perform well in 2024 with second quarter revenue and earnings at the high end of our guided range. We saw strength in both products and services across all geographies and, in particular, elevated equipment spending within the domestic China market and customers supplying high bandwidth memory and equipment supporting advanced packaging for AI applications.

我們在 2024 年將繼續表現良好，第二季營收和利潤處於我們指導範圍的高端。我們看到了所有地區產品和服務的優勢，特別是中國國內市場的設備支出增加，以及為人工智慧應用提供高頻寬記憶體和支援先進封裝的設備的客戶。

Over the past several years, we have expanded and diversified our content, broadening the applications and platforms where we participate, providing us with a unique competitive edge to engage in all stages of industry growth, from fab construction through equipment buildup and supporting the install base.

在過去的幾年裡，我們的內容不斷擴展和多元化，拓寬了我們參與的應用和平台，為我們提供了參與行業增長各個階段的獨特競爭優勢，從晶圓廠建設到設備建設和支援安裝基地。

Our broad engagement in the semiconductor ecosystem and our technical and operational capability has enabled us to participate in some of the early AI hotspots that are front-running the next wave of AI innovation.

我們對半導體生態系統的廣泛參與以及我們的技術和營運能力使我們能夠參與一些早期的人工智慧熱點，這些熱點正在引領下一波人工智慧創新浪潮。

AI servers and AI-enabled devices are experiencing elevated demand, leading to increased investment supporting capacity expansion. This surge requires high performance chips for data center training and other leading edge chips, creating a cycle where AI computing requirements drives semiconductor content growth, spurring further industry investment throughout the whole ecosystem.

人工智慧伺服器和支援人工智慧的設備的需求不斷增加，導致支援容量擴張的投資增加。這一激增需要用於資料中心訓練的高效能晶片和其他領先晶片，從而形成人工智慧運算需求推動半導體內容成長的循環，刺激整個生態系統的進一步產業投資。

We believe AI will be the most significant technological breakthrough of our era, with some of the world's most advanced chips at its core. UCT is uniquely positioned to capitalize on this technology migration by driving earlier, deeper, and broader collaboration with our customers as they move towards high volume production, particularly at the leading edge.

我們相信人工智慧將成為我們這個時代最重大的技術突破，其核心是世界上一些最先進的晶片。UCT 具有獨特的優勢，可在客戶邁向大量生產（尤其是在領先領域）時推動與客戶更早、更深入和更廣泛的合作，從而利用這項技術遷移。

Other metrics pointing to an industry recovery that we are tracking closely include further rebalancing of inventories, increased shipments of high performance computing chips, favorable memory pricing adjustments, elevated data center demand, and a meaningful increase in installed wafer fab capacity.

我們正在密切追蹤的其他表明行業復甦的指標包括庫存的進一步重新平衡、高效能運算晶片出貨量的增加、有利的記憶體定價調整、資料中心需求的增加以及已安裝晶圓廠產能的顯著增加。

The order and speed at which these segments rally will be uneven for the supply chain. However, we are seeing signs of momentum now that indicate a recovery could start later this year instead of early 2025.

對於供應鏈來說，這些細分市場聚集的順序和速度將是不平衡的。然而，我們現在看到的勢頭跡象表明，復甦可能會在今年晚些時候而不是 2025 年初開始。

Our internal marketing intelligence is aligned with the industry belief that wafer fab equipment sales should grow by at least mid-teens next year, driven by increasing demand for leading-edge technology, the introduction of new device architectures, and increased capacity expansion purchases, all of which UCT supports in one manner or another. Our expanded suite of offerings and global footprint position us well to, again, outperform the markets in the next upturn.

我們的內部行銷情報與行業信念一致，即在對前沿技術的需求不斷增長、新設備架構的引入以及產能擴張採購的增加的推動下，明年晶圓廠設備的銷售額將至少增長百分之十幾。我們擴大的產品系列和全球足跡使我們能夠在下一次經濟復甦時再次跑贏大盤。

Our site optimization strategy, including automation and other efficiencies, is on track. Part of that plan, to shift some production to lower cost regions, remains a priority. And it's worth noting that revenue from our Malaysia facility has doubled from the fourth quarter as we focus on qualifications and ramping that flagship site in advance of the ramp.

我們的網站優化策略（包括自動化和其他效率）正在步入正軌。該計劃的一部分——將部分生產轉移到成本較低的地區——仍然是優先事項。值得注意的是，我們馬來西亞工廠的收入比第四季度翻了一番，因為我們專注於資格認證並在擴建之前擴大該旗艦工廠。

The investments we have made in capacity expansion and operational efficiency support our customers' innovation roadmap and manufacturing of their next generation technologies.

我們在產能擴張和營運效率方面的投資支援客戶的創新路線圖和下一代技術的製造。

Lastly, I am very happy to announce that, in addition to the Intel and Texas Instrument Awards of excellence we received last quarter, we were the proud recipients of the Outstanding Partner Award from Piotech China last month.

最後，我非常高興地宣布，除了上季度獲得的英特爾和德州儀器卓越獎之外，我們還榮幸地獲得了上個月 Piotech China 頒發的傑出合作夥伴獎。

We started our operations in China 20 years ago and have grown to over 700 dedicated employees who continue to drive our success today. We are honored by this recognition and are thankful for Piotech's continued confidence in us.

我們 20 年前開始在中國開展業務，現已發展到擁有 700 多名敬業的員工，他們繼續推動我們今天的成功。我們很榮幸能獲得這項認可，並感謝 Piotech 對我們的持續信任。

As our list of accomplishments continue to grow, I want to thank all our employees around the world who are executing at a very high level to ensure we are meeting current demand and preparing for the next up cycle. Our ability to persevere has been instrumental in driving customer success and maintaining our position as the leading manufacturer in the industry.

隨著我們所取得的成就不斷增加，我要感謝我們在世界各地的所有員工，他們的執行力非常高，以確保我們滿足當前的需求並為下一個上升週期做好準備。我們堅持不懈的能力有助於推動客戶成功並保持我們作為行業領先製造商的地位。

In summary, we are capitalizing on some early inflection points in what will be a significant transformation of our industry. We are performing at a very high level to meet current demand while prudently investing to secure future share gains. And we're ready to meet major increases in demand throughout the next ramp with the available capacity, operational excellence, and quality products and services to ensure our customers' success.

總之，我們正在利用一些早期拐點，這將是我們產業的重大轉型。我們的表現非常高，可以滿足當前的需求，同時謹慎投資以確保未來的份額收益。我們已準備好透過可用產能、卓越營運以及優質產品和服務來滿足下一個階段需求的大幅成長，以確保客戶的成功。

And with that, I'll turn the call over to Sheri for our financial review. Sheri?

接下來，我會將電話轉給 Sheri 進行我們的財務審查。雪莉？

Thanks, Jim. And good afternoon, everyone. Thanks for joining us. In today's discussion, I will be referring to non-GAAP numbers only. As Jim mentioned, total company-wide revenue was up quarter-over-quarter across all geographies and major customers, most notably in the domestic China market. We also saw additional revenue supporting high bandwidth memory and equipment for advanced AI packaging, which put us at the high end of our guided range.

謝謝，吉姆。大家下午好。感謝您加入我們。在今天的討論中，我將僅提及非 GAAP 數字。正如吉姆所提到的，所有地區和主要客戶的全公司總收入均較上季成長，尤其是在中國國內市場。我們還看到了支援高頻寬記憶體和先進人工智慧封裝設備的額外收入，這使我們處於指導範圍的高端。

Total revenue for the second quarter came in at $516.1 million compared to $477.7 million in the prior quarter. Revenue from products increased to $452.7 million compared to $418.5 million last quarter. Services revenue was $63.4 million compared to $59.2 million in Q1.

第二季總營收為 5.161 億美元，上一季為 4.777 億美元。產品收入從上季的 4.185 億美元增至 4.527 億美元。服務收入為 6,340 萬美元，而第一季為 5,920 萬美元。

Total gross margin for the second quarter came in at 17.7% compared to 17.9% last quarter. Product gross margin was 15.6% compared to 15.8% in the prior quarter. And services was 32.7% compared to 32.3% in Q1. Margins can be influenced by fluctuations in volume, mix in manufacturing region, as well as material and transportation costs. So there will be variances quarter to quarter.

第二季總毛利率為 17.7%，上一季為 17.9%。產品毛利率為 15.6%，上一季為 15.8%。服務業佔 32.7%，而第一季為 32.3%。利潤率可能受到產量波動、製造區域的混合以及材料和運輸成本的影響。所以每季都會有差異。

Operating expense for the quarter was $55.8 million compared with $54.5 million in Q1. As a percentage of revenue, operating expense decreased to 10.8% compared to 11.4% in Q1.

該季度的營運費用為 5,580 萬美元，而第一季的營運費用為 5,450 萬美元。營業費用佔收入的比例從第一季的 11.4% 下降至 10.8%。

Total operating margin for the quarter increased to 6.9% compared to 6.5% in the first quarter. Margin from our product division was 6.2% compared to 6% in Q1 and services margin was 11.8% compared to 10.1% in the prior quarter. Operating margin improvements were largely different by holding OpEx relatively flat on higher revenue.

該季度的總營業利潤率從第一季的 6.5% 增至 6.9%。我們的產品部門利潤率為 6.2%，而第一季為 6%；服務利潤率為 11.8%，而上一季為 10.1%。營業利潤率的提高與營運支出在收入增加的情況下保持相對持平的情況有很大不同。

Based on 45.4 million shares outstanding, earnings per share for the quarter were $0.32 on net income of $14.4 million compared to $0.27 on net income of $12.1 million in the prior quarter due to increased volumes.

基於 4,540 萬股流通股，本季每股收益為 0.32 美元，淨利潤為 1,440 萬美元，而上一季由於銷量增加，每股收益為 0.27 美元，淨利潤為 1,210 萬美元。

Our tax rate increased from 19.7% last quarter to 24.7% this quarter, representing a year-to-date effective tax rate of 22.5%. Given the growth we've experienced in higher tax jurisdictions like China and the Czech Republic, we now expect our tax rate for 2024 to be in the low 20s.

我們的稅率從上季的 19.7% 上升至本季的 24.7%，即年初至今的有效稅率為 22.5%。鑑於我們在中國和捷克共和國等高稅收司法管轄區經歷的增長，我們現在預計 2024 年的稅率將在 20 左右。

Turning to the balance sheet, our cash and cash equivalents were $319.5 million compared to $293 million in Q1. Cash flow from operations was $23.2 million compared to $9.8 million last quarter, driven by improved operating results and timing of payments.

轉向資產負債表，我們的現金和現金等價物為 3.195 億美元，而第一季為 2.93 億美元。由於營運業績和付款時間的改善，營運現金流為 2,320 萬美元，而上季為 980 萬美元。

For the third quarter, we project total revenue between $490 million and $540 million. We expect EPS in the range of $0.22 to $0.42.

我們預計第三季的總營收將在 4.9 億美元至 5.4 億美元之間。我們預計每股收益在 0.22 美元至 0.42 美元之間。

And with that, I'd like to turn the call over to the operator for questions.

因此，我想將電話轉給接線員詢問問題。

(Operator Instructions) Krish Sankar, TD Cowen.

（操作員說明）Krish Sankar，TD Cowen。

I had a couple of them. Jim or Sheri, first one, on the domestic China strength that you saw, is it still kind of low-single-digits of revenue? So do you expect that to continue increasing as we go forward?

我有幾個。Jim 或 Sheri，第一個，就你所看到的中國國內實力而言，它的收入仍然是低個位數嗎？那麼，您預計隨著我們的前進，這一數字會繼續增加嗎？

It used to be low-single-digits, but now we're looking at $40 million to $50 million of order coming out of that site for those customers.

它曾經是低個位數的，但現在我們看到這些客戶從該網站獲得了 4000 萬至 5000 萬美元的訂單。

And these are the domestic China semi-cap companies, right?

這些是中國國內的半導體公司，對吧？

Correct.

正確的。

And then, the strength in HBM, is that mainly you're seeing on the plating side or how do you get the color into where the end application is?

然後，HBM 的優勢主要是在電鍍側看到的，或者如何將顏色融入最終應用的位置？

Definitely, plating is the biggest piece, but we've also seen it trickle through in other applications like ALD and other areas.

當然，電鍍是最大的部分，但我們也看到它在 ALD 和其他領域等其他應用中逐漸滲透。

And my final question, Jim, where are your cycle times and lead times today compared to like three months ago? Are they still the same?

我的最後一個問題，吉姆，與三個月前相比，您今天的周期時間和交貨時間是多少？他們還是一樣嗎？

I'm sorry, Krish, can you repeat that?

對不起，克里什，你能再說一次嗎？

Where are your cycle times today or your lead times today for shipping these (inaudible) boxes?

您今天運送這些（聽不清楚）盒子的周期時間或交貨時間是多少？

Basically, right after they order it. Cycle times are very short these days.

基本上，在他們訂購後。如今，週期時間非常短。

So that hasn't changed, right? So it's kind of pretty much --

所以這沒有改變，對吧？所以這差不多了--

No. No, it hasn't. Obviously, there's still a lot of inventory in the pipeline, but it's all the way back through the supply chain. So, part of what makes us special is our ability to turn things around really quickly as well. And so, that's what's really been an enabler for us to take advantage of some of these things.

不。不，還沒有。顯然，管道中仍有大量庫存，但它們一直透過供應鏈回流。因此，我們之所以與眾不同，部分原因在於我們能夠快速扭轉局面。因此，這才是我們利用其中一些東西的真正推動者。

Charles Shi, Needham.

查爾斯·施，李約瑟。

Congrats on the consistent execution. I'm glad to see the total revenue retaking that $500 million. Well, we haven't seen that since, I guess, fourth quarter 2022, right? But I want to follow up a few things that Krish just asked.

祝賀一致的執行。我很高興看到總收入重新回到 5 億美元的水平。嗯，我想，自 2022 年第四季以來，我們就沒有看到過這種情況，對嗎？但我想跟進克里什剛才問的一些事情。

First thing about China, I know that you talk about China, that's your direct China exposure somewhere around 10%, sounds like. Going into the second half of this year, how is that business going to trend? Do you see more consistent half-over-half growth or any chance to see any inflection, maybe level off, start to decline? What's the scenario there, what you're seeing in the China business from this point and forward?

關於中國的第一件事，我知道你談論的是中國，聽起來你對中國的直接曝險約為 10%。進入今年下半年，該業務的走勢如何？您是否會看到更穩定的半過半成長，或者是否有機會看到任何轉折點（可能趨於平穩）或開始下降？從現在起以及今後您對中國業務的看法是什麼？

As I said last quarter, we expect this high level of business to continue in China through the rest of the year. And it's really been a huge benefit for us to have this unusual footprint that we have in China that most suppliers do not have, but we do not see it really, really tailing off.

正如我上季所說，我們預計今年剩餘時間中國業務將繼續保持高水準。我們在中國擁有大多數供應商所沒有的這種不尋常的足跡，這對我們來說確實是一個巨大的好處，但我們並沒有看到它真的、真的在減少。

But I don't think that's the whole story. We're also seeing strength in other parts of our diversified business. It's really helping us kind of move forward. So when you think about detractors or what might degrade, we're not looking at that. I think we're looking at things pretty much saying how they are and we're looking more at potential upside to certain areas as we go forward.

但我不認為這就是故事的全部。我們也看到了多元化業務其他部分的優勢。這確實有助於我們前進。因此，當您考慮批評者或可能會降低品質的內容時，我們不會考慮這些。我認為我們正在關注事物的現狀，隨著我們的前進，我們更專注於某些領域的潛在優勢。

I know that the core part of the UCT business, obviously, still with the Lam, with Applied, other – ASML, those kinds of suppliers. So maybe one more follow-up, the HBM, advanced packaging side, I'm going to ask the question in a similar fashion. So it has been an upside contributor. to your numbers last quarter and once again this quarter.

我知道 UCT 業務的核心部分顯然仍然是 Lam、Applied、其他 — ASML 這類供應商。因此，也許還有一個後續行動，就是 HBM、先進封裝方面，我將以類似的方式提出這個問題。所以它一直是上行貢獻者。上個季度的數據以及本季的數據。

The obvious question is how much more upside do you see from either plating and some of the broadened out opportunities like ALD, for going into the AI related packaging, will still be there in second half or do you expect that you're going to stay at this level for those kind of business through the rest of the year? Or any upside for next year and anything that you can tell us about this part of the business would be helpful.

顯而易見的問題是，您認為電鍍和 ALD 等一些擴大的機會（用於進入人工智慧相關封裝）在下半年仍將存在，還是您預計會在今年剩餘時間內留下此類業務的水平如何？或者明年的任何好處以及您能告訴我們的有關這部分業務的任何信息都會有所幫助。

We definitely see the levels that we're operating at. For example, one of our factories, which is one of the major contributors to the wet systems that do a lot of the interconnect layers, is at a level three to four times higher than it was a few years ago. And we see that continuing through this year.

我們確實看到了我們目前的營運水準。例如，我們的一家工廠是濕式系統的主要貢獻者之一，負責大量互連層的生產，其水平比幾年前高出三到四倍。我們看到這種情況將持續到今年。

And if you're watching what's going on in the chip market and where things are going, I think we only see upside into next year.

如果你關注晶片市場正在發生的事情以及事情的發展方向，我認為我們只會看到明年的上漲空間。

Only see upside. This is what we want to hear as well. It does seem like your revenue numbers from Lam, from Applied, that's in your PowerPoint – I know this doesn't include some of the OEM related to service revenue there, but it seems like your top two customers are already buying a little bit more in Q2 than in Q1. Seems like some sign of growth there. But going back to what you said in your prepare remarks about the WFE, sounds like you are thinking maybe Q4, you should see a little bit of more pickup in the general market. Because the only reason I ask this is that you did guide Q3 to be flat relative to Q2, but sounds like Q4 expecting some pickup.

只看到好的一面。這也是我們想聽到的。看起來確實像您的 PowerPoint 中來自 Lam 和 Applied 的收入數據 — 我知道這不包括與那裡的服務收入相關的一些 OEM，但看起來您的兩大客戶已經購買了一些第二季度比第一季度多一點。那裡似乎有一些增長的跡象。但回到你在關於 WFE 的準備評論中所說的，聽起來你在想也許第四季度，你應該會看到一般市場有更多的回升。因為我問這個的唯一原因是你確實引導 Q3 相對於 Q2 持平，但聽起來 Q4 期待一些回升。

Yes, I think we are seeing early indications that Q4, in a broader area, could be better for sure. And of course, we remain ready. We've done a lot of work to get – I think anyone who's been in this industry for a long time knows that when the gas gets hit, it goes up fast, it goes up hard. So we've done a lot of work to bring up our capacity, to take advantage of when it starts to go.

是的，我認為我們看到了早期跡象，表明第四季度在更廣泛的領域肯定會更好。當然，我們時時準備著。我們做了很多工作來獲得——我想任何在這個行業工作了很長時間的人都知道，當氣體受到衝擊時，它會快速上升，很難上升。因此，我們做了很多工作來提高我們的能力，並在能力開始發揮作用時加以利用。

So what are we seeing in Q4? We're seeing early signs of some broader improvement, but yet still slight, but we all – I think many of us know that when it does come, it comes fast. So we're very encouraged by the fact that we're seeing some bottoms up, small improvements in the fourth quarter, and we're kind of anticipating what that might turn into.

那麼我們在第四季看到了什麼？我們看到了更廣泛改善的早期跡象，但仍然很輕微，但我們所有人——我想我們很多人都知道，當它確實到來時，它來得很快。因此，我們看到第四季度出現了一些自下而上的小改進，這讓我們感到非常鼓舞，並且我們正在預測這可能會變成什麼樣子。

Maybe lastly from me, I do want to ask you about your litho business. I kind of recall that you said the customer used to have a little bit more aggressive build plan, but that they walked that back. And it has been rather stable, consistent. But do you see any sign of pickup for the litho business yet?

也許最後我想問一下您的光刻業務。我記得您說過客戶曾經有過更激進的建置計劃，但他們卻收回了這項計劃。而且它一直相當穩定、一致。但您是否看到光刻業務有任何回升的跡象？

So maybe I break that into two parts. I think litho – and maybe I can flip that over to Cheryl Knepfler, our marketing expertise, what she sees for the whole litho market. But what we have been talking about, UCT in particular, we have made nice share gains in the new equipment going out. So what we are seeing is, as the new equipment and our contribution to that, we are seeing that uptick through the third and the fourth quarter for us, in particular. But as far as the whole litho market in general, maybe I would turn it over to Cheryl to talk a little bit more deeper about that.

所以也許我把它分成兩個部分。我認為是光刻——也許我可以把這個問題轉給 Cheryl Knepfler，她是我們的行銷專家，她對整個光刻市場的看法。但我們一直在談論的，特別是UCT，我們在新設備的推出中取得了不錯的份額成長。因此，我們看到的是，隨著新設備以及我們對此的貢獻，我們看到第三季和第四季的成長尤其明顯。但就整個光刻市場而言，也許我會把它交給謝麗爾來更深入地討論一下。

As we look overall, we know that DRAM is expanding their litho. The timing is coming in as they're qualifying and as different processes are coming in. So we are seeing that being a little bit dynamic and are seeing things slowly translate into more firm orders going forward. So we do expect that to be a solid business for us going forward.

從整體來看，我們知道 DRAM 正在擴展其光刻技術。隨著他們的排位賽和不同流程的到來，時機也隨之而來。因此，我們看到這種情況有點動態，並且正在慢慢轉化為未來更確定的訂單。因此，我們確實希望這對我們來說是一項堅實的業務。

Christian Schwab, Craig-Hallum Capital Group.

克里斯蒂安·施瓦布，克雷格·哈勒姆資本集團。

Great quarter, guys. So the 15% mid-teens type of WFE growth that you're looking for, as well as other third-party experts who get paid to make those type of expectations are also in line with that. But given the fact that the WFE then would be north of $110 billion a year, is there any reason should that play out exactly that way that you wouldn't be approaching 2022, your previous 2022 revenue type of numbers potentially in 2025 or do you think there was some over ordering that you want to see a little bit more clarity before suggesting that could be the case?

很棒的季度，夥計們。因此，您所尋求的 15% 左右的 WFE 成長，以及其他獲得報酬以實現此類預期的第三方專家也符合這一點。但考慮到 WFE 每年將超過 1100 億美元，是否有任何理由會導致您無法在 2022 年實現這一目標，而您之前的 2022 年收入類型可能會在 2025 年實現？在提出可能是這種情況之前看到更清晰的情況？

If the market does go up like we think – we've already been in two years of the doldrums, right, since November of 2022. Not every segment of WFE, but the majority of segments. We do see that kind of broad growth in WFE in 2025 and also we have always traditionally outgrown that growth by a significant margin, absolutely, I have a lot of confidence that we could meet and potentially significantly exceed the numbers that we had in 2022.

如果市場確實像我們想像的那樣上漲——自 2022 年 11 月以來，我們已經陷入了兩年的低迷，對吧。不是 WFE 的每個部分，而是大多數部分。我們確實看到了 2025 年 WFE 的廣泛增長，而且傳統上我們的增長總是大幅超過這種增長，絕對，我非常有信心，我們可以達到並有可能大大超過 2022 年的數字。

Thank you. That concludes our question-and-answer session for today. I will now hand the call back to Mr. Jim Scholhamer for closing remarks.

謝謝。我們今天的問答環節到此結束。現在我將把電話轉回給吉姆·肖爾哈默先生進行閉幕發言。

So thank you, everyone, for joining us today. And we look forward to speaking with you again for our next quarter conference call. Thank you.

謝謝大家今天加入我們。我們期待在下個季度的電話會議上再次與您交談。謝謝。

This concludes today's conference call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。