Ultra Clean Holdings Inc (UCTT) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Ultra Clean Technology Reports Q2 2025 financial results conference call. (Operator Instructions) I would like to turn the conference over to Ms. Rhonda Bennetto, Investor Relations. Thank you. Please go ahead.

女士們、先生們，下午好，歡迎參加超潔淨技術報告 2025 年第二季財務業績電話會議。（操作員指示）我想將會議交給投資人關係部的 Rhonda Bennetto 女士。謝謝。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me today are Clarence Granger, Chairman and interim CEO Sheri Savage, CFO, and Cheryl Knepfler, VP of Marketing. Clarence will begin with some prepared remarks about the business, and Sheri will follow with the financial review. Then we'll open up the call for questions.

謝謝您，接線生。大家下午好，感謝大家的參與。今天與我一起的有董事長兼臨時執行長克拉倫斯·格蘭傑 (Clarence Granger)、財務長謝裡·薩維奇 (Sheri Savage) 和行銷副總裁謝麗爾·克內普弗勒 (Cheryl Knepfler)。克拉倫斯將首先就業務發表一些準備好的評論，然後謝裡將進行財務審查。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. 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.

今天的電話會議包含前瞻性陳述，這些陳述受風險和不確定性的影響。欲了解更多信息，請參閱我們向美國證券交易委員會提交的文件中的風險因素部分。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。

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, and with that, I'd like to turn the call over to Clarence. Clarence.

我們將以非公認會計準則 (GAAP) 為基礎討論財務績效。在我們網站上發布的今天的新聞稿中可以找到 GAAP 與非 GAAP 的對賬，因此，我想將電話轉給克拉倫斯。克拉倫斯。

Thank you, Rhonda, and good afternoon, everyone. We appreciate you joining our second quarter 2025 conference call. I'll start with a brief review of our Q2 results followed by an update on three areas of focus for us, including new product introduction, flattening the organization, and business structure and processes.

謝謝你，Rhonda，大家午安。感謝您參加我們的 2025 年第二季電話會議。我將首先簡要回顧我們的第二季業績，然後介紹我們關注的三個領域，包括新產品推出、組織扁平化以及業務結構和流程。

After that, I'll turn the call over to Sheri for a more detailed financial review. As we discussed during our last earnings call, we anticipate our quarterly revenue will continue to bounce around the $500 million revenue for the balance of this year.

之後，我會將電話轉給 Sheri，以便進行更詳細的財務審查。正如我們在上次收益電話會議上所討論的那樣，我們預計今年剩餘時間我們的季度收入將繼續在 5 億美元左右波動。

With this in mind, we are continuing to focus internally on what we can do to enhance our overall business performance. Specifically, we are focused on three key areas. The first of these is NPI or new product introduction and component qualifications with our customers.

考慮到這一點，我們將繼續專注於內部如何提高我們的整體業務績效。具體來說，我們專注於三個關鍵領域。其中第一個是與客戶一起進行 NPI 或新產品介紹和組件鑑定。

During these slower times, our customers have more time to partner with us on new business qualifications. We have already been awarded some new business in our Czech Republic facility that should result in an incremental revenue increase in Q4.

在這些較為緩慢的時期，我們的客戶有更多的時間與我們合作以獲得新的業務資格。我們已經在捷克共和國工廠獲得了一些新業務，這將導致第四季度的收入增加。

We are also working with all of our major customers on qualification by our fluid solutions group. Since the fluid solutions components are going into the subsystems that UCT already manufactures, it will not increase our overall revenue. However, it will enhance our margin profile.

我們還與所有主要客戶合作，通過我們的流體解決方案組進行資格認證。由於流體解決方案組件將進入 UCT 已經生產的子系統，因此不會增加我們的整體收入。然而，它將提高我們的利潤率。

We expect to see the benefits of this beginning early in 2026. The second focus of our actions has been on flattening the structure and reducing the overall size of the organization to improve efficiency. As I've previously mentioned, we had anticipated a return to industry growth in 2024.

我們預計這項措施將於 2026 年初開始顯現其效益。我們的行動的第二個重點是扁平化結構，減少組織的整體規模，以提高效率。正如我之前提到的，我們預計 2024 年產業將恢復成長。

And we were scaled to grow at a $4 billion run rate to support this. Unfortunately, given market conditions, we are currently operating at a $2 billion run rate. With this reality, we have taken steps to flatten and reduce the size of the overall organization.

為了支持這一目標，我們決定以 40 億美元的營運速度進行成長。不幸的是，考慮到市場狀況，我們目前的營運成本為 20 億美元。面對這個現實，我們已採取措施，使整個組織扁平化、精簡規模。

Specifically, we have had significant workforce reductions in April and July, and you can see the results of this effort in the reduction of our ops during Q2. While we anticipate some churning in this area during Q3, we anticipate this effort to be finalized in the coming months with notable savings heading into Q4.

具體來說，我們在 4 月和 7 月大幅裁員，您可以從第二季的營運削減中看到這項措施的成果。雖然我們預計第三季該領域會出現一些波動，但我們預計這項工作將在未來幾個月內完成，並在第四季度實現顯著的節省。

Larger, more complex initiatives, including driving factory efficiencies, consolidating sites, and streamlining organizational layers are ongoing. While these more comprehensive strategies will take time to realize their full impact, they are critical to strengthening our long-term competitiveness.

更大、更複雜的措施正在進行中，包括提高工廠效率、整合場地和精簡組織層級。雖然這些更全面的策略需要時間才能充分發揮其影響，但它們對於增強我們的長期競爭力至關重要。

Importantly, these value creation initiatives are being executed in a way that preserves our ability to scale effectively and capture growth opportunities as market demand returns. Our third area of focus is on business systems and final integration of our acquisitions, including fluid solutions, services, and his in the UCT's core systems and processes.

重要的是，這些價值創造計畫的執行方式能夠保持我們有效擴展的能力，並在市場需求回升時抓住成長機會。我們的第三個重點領域是業務系統和我們收購的最終整合，包括流體解決方案、服務以及 UCT 的核心系統和流程。

In the fluid solutions group, we just implemented our company-wide SAP business system at the beginning of July. This will add some integration costs in Q3 but will make us much more efficient by the end of the year. We've also completed strategic alignment between our products group and fluid solutions on qualification priorities with our customers.

在流體解決方案集團，我們剛在七月初實施了全公司範圍的 SAP 業務系統。這將在第三季增加一些整合成本，但到年底將使我們的效率更高。我們也根據客戶的資質優先順序完成了產品組和流體解決方案之間的策略協調。

This will help us both with new business and improved margins. In the services group, we have identified several strategic new marketing initiatives to enable us to more fully utilize our factories. In addition, we have flattened the organization of the services group by combining the manufacturing and business unit functions under 1Litre.

這將有助於我們拓展新業務並提高利潤率。在服務集團，我們確定了幾項策略性的新行銷舉措，以使我們能夠更充分地利用我們的工廠。此外，我們透過將製造和業務部門職能合併到 1Litre 旗下，簡化了服務集團的組織結構。

Finally, in our HIS business, we are working on streamlining the facilities and consolidating leadership positions for greater efficiency. These initiatives are all crucial as they enhance operational alignment, drive efficiencies, and capture additional value across the entire organization. And a quick word on tariffs.

最後，在我們的 HIS 業務中，我們正在努力精簡設施並鞏固領導地位，以提高效率。這些措施都至關重要，因為它們可以增強營運協調性、提高效率並為整個組織帶來額外價值。簡單談談關稅。

While they remain technically paused on semiconductors, uncertainty persists, and we have seen some cost increases throughout our supply chain. Well, our customers have all said they will assume responsibility for the tariffs that are incurred from components they have specified, most of them have not yet paid us for these additional costs.

儘管他們在半導體方面的技術仍處於暫停狀態，但不確定性仍然存在，我們已經看到整個供應鏈的成本增加。嗯，我們的客戶都表示他們將承擔他們指定的組件所產生的關稅，他們中的大多數還沒有向我們支付這些額外費用。

As such, we continue to take a cautious stance and have accounted for some additional risk in our outlook. So, far we have not seen changes in customer demand relating to tariffs. And lastly, our CEO search is nearing completion on schedule. We anticipate making an announcement in the coming weeks.

因此，我們繼續採取謹慎的立場，並在我們的展望中考慮了一些額外的風險。到目前為止，我們還沒有看到與關稅相關的客戶需求改變。最後，我們的執行長搜尋工作即將按計劃完成。我們預計將在未來幾週內發佈公告。

In summary, before I turn the call over to Sheri, While near term business conditions remain fluid, UCT maintains strong confidence in the long-term fundamentals of the semiconductor industry, supported by increasing manufacturing complexity and sustained capital investment in AI.

總而言之，在我將電話轉給 Sheri 之前，雖然短期商業環境仍然不穩定，但 UCT 對半導體產業的長期基本面保持著強烈的信心，這得益於製造複雜性的提高和對人工智慧的持續資本投資。

Recent months have seen a notable acceleration in AI related investment, fueled by a surge in venture capital funding, heightened corporate and institutional interest, and a positive market sentiment. Although the trickle down effects of these investments will vary across the equipment manufacturing supply chain.

近幾個月來，受創投資金激增、企業和機構興趣增強以及市場情緒積極推動，人工智慧相關投資明顯加速。儘管這些投資的涓滴效應在整個設備製造供應鏈中會有所不同。

UCT is well positioned to capitalize as industry momentum builds, particularly through our deep customer partnerships, proven execution, and expanding portfolio of vertically integrated solutions. These strengths reinforce our competitive position and enable us to support our customers evolving technology roadmaps with agility and precision. With that, I'll turn the call over to Sheri.

隨著產業發展勢頭增強，UCT 已做好準備，充分利用這一優勢，特別是透過我們深厚的客戶合作夥伴關係、成熟的執行力以及不斷擴展的垂直整合解決方案組合。這些優勢增強了我們的競爭地位，使我們能夠靈活、精確地支援客戶不斷發展的技術路線圖。說完這些，我將把電話轉給 Sheri。

Thanks, Clarence, and good afternoon, everyone. Thanks for joining us. In today's discussion, I will be referring to non-GAAP numbers only. UCT's second quarter results reflect the challenges and complexity of navigating a dynamic environment spanning a broad range of customers and product offerings.

謝謝，克拉倫斯，大家下午好。感謝您的加入。在今天的討論中，我將僅參考非 GAAP 數據。UCT 第二季度的業績反映了在廣泛的客戶和產品範圍內的動態環境中導航的挑戰和複雜性。

Amid shifting demand trends, our ability to remain agile, meaning delivery commitments while reducing operating expenses, demonstrates the meaningful progress we're making on our cost efficiency initiatives. For the second quarter, total revenue came in at $518.8 million compared to $518.6 million in the prior quarter. Revenue from products was $454.9 million compared to $457 million last quarter.

在不斷變化的需求趨勢中，我們能夠保持敏捷，即在降低營運費用的同時履行交付承諾，這表明我們在成本效益計劃方面取得了重大進展。第二季總營收為 5.188 億美元，而上一季為 5.186 億美元。產品收入為 4.549 億美元，而上一季為 4.57 億美元。

Our services business had a solid quarter with revenues increasing from $61.6 million in Q1 to $63.9 million in Q2. Total gross margin for the second quarter was 16.3% compared to 16.7% last quarter. Product cost margin was 14.4% compared to 14.9% in Q1. And services was 29.9% compared to 29.8% last quarter.

我們的服務業務本季表現穩健，營收從第一季的 6,160 萬美元增至第二季的 6,390 萬美元。第二季總毛利率為 16.3%，上一季為 16.7%。產品成本利潤率為 14.4%，而第一季為 14.9%。服務業佔比為 29.9%，而上一季為 29.8%。

Margins continue to be influenced by fluctuations in volume, mix, manufacturing region, and related tariffs, as well as material and transportation costs. So, there will be variances quarter to quarter. Operating expense for the quarter was $56.1 million compared with $59.4 million in Q1.

利潤率持續受到產量、產品組合、製造區域、相關關稅以及材料和運輸成本波動的影響。因此，每個季度之間都會存在差異。本季營運費用為 5,610 萬美元，而第一季為 5,940 萬美元。

As a percentage of revenue, operating expenses were 10.8% versus 11.5% in Q1. This decrease reflects the positive impacts of our cost reduction initiatives in the quarter, as well as a return to normal operating level following higher year-end costs seen in Q1.

以收入百分比計算，營運費用為 10.8%，而第一季為 11.5%。這一下降反映了我們本季成本削減措施的正面影響，以及繼第一季年底成本上升之後恢復正常營運水準。

As Clarence noted, we have incremental SAP go live costs flowing into Q3. However, we will continue to implement broader cost saving actions that will further reduce OpEx incrementally over the long term. Total operating margin for the quarter came in at 5.5% compared to 5.2% last quarter.

正如克拉倫斯所指出的，我們在第三季增加了 SAP 上線成本。然而，我們將繼續實施更廣泛的成本節約措施，從長遠來看進一步降低營運支出。本季總營業利潤率為 5.5%，而上一季為 5.2%。

Margin from our products division was 4.8% compared to 4.6%. And services margin was 10.5% compared to 10.2% in the prior quarter. Our second quarter tax rate remained flat at 20%. Our mix of earnings between higher and lower tax jurisdictions can cause our rate to fluctuate throughout the year.

我們的產品部門的利潤率為 4.8%，而之前為 4.6%。服務利潤率為 10.5%，而上一季為 10.2%。我們第二季的稅率保持不變，為 20%。我們在高稅區和低稅區之間的收入組合可能會導致我們的稅率全年波動。

For 2025, we expect the tax rate to be in the low to mid-20s. Based on 45.3 million shares outstanding, earnings per share for the quarter were $0.27 on net income of $12.1 million compared to $0.28 on net income of $12.7 million in the prior quarter.

到 2025 年，我們預計稅率將在 20% 左右。基於 4,530 萬股流通股，本季每股收益為 0.27 美元，淨收入為 1,210 萬美元，而上一季每股收益為 0.28 美元，淨收入為 1,270 萬美元。

Turning to the balance sheet, our cash and cash equivalents worth $327.4 million compared to $317.6 million at the end of last quarter. Cash flow from operations was $29.2 million compared to $28.2 million last quarter, mostly due to working capital efficiency.

從資產負債表來看，我們的現金和現金等價物價值為 3.274 億美元，而上一季末為 3.176 億美元。經營活動現金流為 2,920 萬美元，而上一季為 2,820 萬美元，主要歸功於營運資本效率。

Earlier this quarter, we repurchased 182,000 shares at a cost of $3.4 million as part of our repurchase program. The tariff situation for semiconductors remained unchanged, but we are seeing some impact throughout our supply chain. We will continue to monitor the landscape and make the necessary adjustments to our business to maximize efficiency and protect profitability.

本季度早些時候，作為回購計劃的一部分，我們回購了 182,000 股，耗資 340 萬美元。半導體的關稅情況保持不變，但我們看到整個供應鏈受到了一些影響。我們將繼續專注於情況並對我們的業務進行必要的調整，以最大限度地提高效率並保護盈利能力。

Given the heightened uncertainty and limited visibility within the semiconductor market at this time, we project total revenue for the third quarter of 2025 to be between $480 million and $530 million. We expect EPS in the range of $0.14 to $0.34, and with that, I'd like to turn the call over to the operator for questions.

鑑於目前半導體市場的不確定性增加且可見度有限，我們預計 2025 年第三季的總收入將在 4.8 億美元至 5.3 億美元之間。我們預計每股收益將在 0.14 美元至 0.34 美元之間，因此，我想將電話轉給接線員以回答問題。

Thank you, ladies and gentlemen. (Operator Instructions) Charles Shi, Needham.

謝謝各位，女士們、先生們。（操作員指示）Charles Shi，Needham。

Oh yeah, thanks for taking my questions. Clarence and Sheri may be the first one, I think you probably didn't address the Q2 revenue went a little bit above the midpoint. Of your to guidance, mind if you kind of walk us through what what's the upside there in Q2.

哦，是的，感謝您回答我的問題。克拉倫斯和謝裡可能是第一個，我想你可能沒有提到第二季的收入略高於中點。根據您的指導，您介意向我們介紹第二季的優勢嗎？

Well, we had a little bit of upside from China, that that was helpful. Trying to think of what other areas, we did have some general increase in shipments from one of our US sites, our Austin site. We also had an increase in our services revenue. I think those are the major areas where we had increases.

嗯，我們從中國獲得了一些好處，這很有幫助。想想其他地區的情況，我們的美國站點之一，即奧斯汀站點的出貨量確實有所增加。我們的服務收入也有所增加。我認為這些是我們實現成長的主要領域。

Got it. So, just follow up on the China business. So, I think the expectation a quarter ago was, China revenue probably would come off the bottom in one, a little bit better in Q2, and the second half going to be better than first half. Is that still the case?

知道了。因此，只需關注中國業務即可。因此，我認為一個季度前的預期是，中國區收入可能會在第一季觸底回升，第二季會略有好轉，下半年會比上半年更好。現在還是這樣嗎？

Yeah, again, this is Clarence, yes,--that is true, but we do want to make sure we characterize this appropriately. I know I brought up the China revenue because I know it's a common question, but the China revenue represents about 7% of total UCT revenue, so it's not huge, but I will give you the numbers. The numbers in Q1 were about $21 million, and in Q2, there were about $35 million.

是的，再說一次，這是克拉倫斯，是的，這是真的，但我們確實想確保我們恰當地描述這一點。我知道我提到了中國的收入，因為我知道這是一個常見的問題，但中國的收入約佔 UCT 總收入的 7%，所以不是很大，但我會給你數字。第一季的數字約為 2,100 萬美元，第二季的數字約為 3,500 萬美元。

So it's a significant increase, and we've said that we expect on an ongoing basis in China and our China for China strategy to be running about $40 million to $50 million a quarter with revenue out of our Chinese-based customers. And so it feels like we're pretty close to being where we thought we would be at this time.

所以這是一個顯著的成長，我們說過，我們預計在中國市場以及我們的「中國為中國」策略下，來自中國客戶的收入每季將達到 4,000 萬至 5,000 萬美元。所以感覺我們已經非常接近我們當時認為應該達到的水平了。

Thanks, Clarence, for the extra color there. Maybe I ask my last question. So you said at the beginning you sounds like you're still expecting $500 million per quarter run rate through the rest of the year, but I think you also mentioned some new wings. From your check, size, is going to contribute a little bit into four. Not sure if you're alluding to maybe Q4 revenue numbers, may grow sequentially from Q3 or maybe I overread that. Thank you.

謝謝克拉倫斯，為我們增添色彩。也許我問的是最後一個問題。所以您一開始就說，聽起來您仍然預計今年剩餘時間內每季的運行率將達到 5 億美元，但我認為您也提到了一些新的機翼。從您的支票來看，尺寸將對四產生一點貢獻。不確定您是否指的是第四季度的收入數字，可能比第三季度有所增長，或者我可能誤解了。謝謝。

Yeah, you didn't necessarily overread that. We're not in a position where we're ready to commit to Q4 numbers, but it certainly feels like there's an upward bias in Q4. We're kind of feeling pretty good about our directionality in towards the end of the year, not that the revenue is going to increase that dramatically, but we think.

是的，你不一定會過度解讀這一點。我們還沒準備好公佈第四季的數據，但感覺第四季的數據確實有上升趨勢。我們對今年年底的發展方向感覺相當不錯，雖然收入不會大幅增加，但我們認為。

By that time, we'll see the impacts of a lot of the cost reductions that we've implemented and some of the new business opportunities and some of the further integration of fluid solutions. So we're cautiously optimistic that the fourth quarter will get better.

到那時，我們將看到我們實施的大量成本削減措施、一些新的商業機會以及一些流體解決方案的進一步整合所產生的影響。因此，我們謹慎樂觀地認為第四季的情況會好轉。

Thanks, that's all from me.

謝謝，我說的就這些。

Thank you. Krish Sankar, TD Cowen.

謝謝。Krish Sankar，TD Cowen。

Answering my question. I had a couple of questions. Number one, thanks to the color on China. You said it might run rate at about $35 million to $40 million, just under 10% of the revenues. I'm kind of curious, last week there were some AI rules which said that, they might look into components of semi caps that are selling into China. So I'm kind of curious, have you looked into that and do you think there's a risk that this revenue that you're selling into Chinese semicas could go to zero?

回答我的問題。我有幾個問題。第一，感謝中國的顏色。您說它的運行率可能在 3500 萬到 4000 萬美元左右，略低於收入的 10%。我有點好奇，上週有一些 AI 規則說，他們可能會調查銷往中國的半導體公司的組件。所以我有點好奇，您是否研究過這個問題？您是否認為您向中國半導體銷售的收入有可能降至零？

Yeah, I'm going to let our--market analyst Cheryl Knepfler answer that one. Cheryl.

是的，我將讓我們的市場分析師 Cheryl Knepfler 來回答這個問題。謝麗爾。

So yeah, I mean, obviously there's always a risk that it could go forward at a different level, but at this point we do see that the areas that we're selling to are being supported broadly for multiple parts of the industry and so do expect to be able to continue to sell for the upcoming period.

是的，我的意思是，顯然總是存在著在不同層面上向前發展的風險，但目前我們確實看到，我們銷售的地區得到了該行業多個部分的廣泛支持，因此我們預計能夠在未來一段時間內繼續銷售。

Got you. So just to clarify, Cheryl and Clarence, $35 million last quarter, you think it's going to be $35 million to $40 million, you think that run rate. So, far the sustainable, and you're not heard anything from the government or anybody about potential caps on that.

明白了。因此，謝麗爾和克拉倫斯，需要澄清的是，上個季度的銷售額為 3500 萬美元，您認為這個營業額將會達到 3500 萬到 4000 萬美元，您認為這個營業額的營業額是多少。到目前為止，這是可持續的，你沒有聽到政府或任何人對此的潛在限制發表任何言論。

That's correct. We have not heard anything about dental caps. We're pretty optimistic. Don't forget we've been there for 20 years. So, it's not like we're newbies to the country and our customers, our major customers, some of them have actually been customers of ours for 20 years. So we're very confident in our relationship there and so far we're very confident in what's going on with the the government situation relative to us.

沒錯。我們還沒有聽說過有關牙冠的任何消息。我們非常樂觀。別忘了我們已經在那裡待了20年了。所以，我們不是這個國家的新客戶，我們的客戶，我們的主要客戶，其中一些實際上已經是我們 20 年的客戶了。因此，我們對我們在那裡的關係非常有信心，到目前為止，我們對政府相對於我們的情況非常有信心。

Got it. Got it. And then I had another question. You kind of said that, I think China revenues are marginally better in the second half. I'm kind of curious, like, when you look into compared to your earnings about three months ago, did the commentary from China get marginally better, or was it the same thing compared to three months ago in terms of China demand either through [AMat] and lamb or through your China semicap customers in the second half of this year?

知道了。知道了。然後我又有了另一個問題。您這麼說，我認為中國的下半年收入會稍微改善。我有點好奇，例如，當您查看與三個月前收益相比的情況時，來自中國的評論是否略有好轉，或者與三個月前相比，無論是通過 [AMat] 和 lamb 還是通過今年下半年的中國半導體客戶，中國的需求是否相同？

I think I mentioned this, Clarence again. I think I mentioned at one point at the end of Q1 that one of our customers was having some challenges with one of their customers and as a consequence weren't taking at the same rate that they might normally have been taking at. We feel that those issues have been resolved and our customers now taking at a rate that's more in line with what we've traditionally been expecting from them.

我想我再次提到了這一點，克拉倫斯。我想我在第一季末提到過，我們的一個客戶在與他們的另一位客戶之間遇到了一些挑戰，因此他們的收費沒有達到正常水平。我們認為這些問題已經解決，我們的客戶現在的接受率更符合我們傳統的期望。

But I think it's season one, follow up to that, Clarence, I think last time you also mentioned it is one, Chinese customer and also there was one European customer, who had some delays which many people have deemed to be ASMI. I'm kind of curious as that European customers should have been resolved.

但我認為這是第一季，克拉倫斯，我想上次你也提到過，有一個中國客戶，還有一個歐洲客戶，他們的產品有一些延誤，很多人認為是 ASMI 的問題。我有點好奇，因為歐洲客戶的問題應該已經解決了。

Yes, we shipped units to them as well in the quarter.

是的，本季我們也向他們出貨了產品。

Thank you very much, players. I really appreciate the color.

非常感謝各位玩家。我非常欣賞這個顏色。

You're welcome.

不客氣。

Thank you. Christian Schwab, Craig Hallam Capital Group.

謝謝。克雷格哈勒姆資本集團 (Craig Hallam Capital Group) 的克里斯蒂安·施瓦布 (Christian Schwa

Great, thanks for taking my question. Kind of given, the tremendous strength in AI, as well as, rumors of, what looks to be increased investment in Samsung and in Austin, Texas, which I assume you'll benefit from. Do you guys have an initial look or thought, when market demand possibly returns as soon as calendar '26, what the WFP could look like yet?

太好了，感謝您回答我的問題。鑑於人工智慧的巨大實力，以及有傳言稱三星和德克薩斯州奧斯汀的投資有所增加，我認為你們將從中受益。你們是否有初步的看法或想法，當市場需求可能在 26 年恢復時，世界糧食計劃署會是什麼樣子？

So, this is Cheryl. As we look at WFE in 2026, there are a number of abs that are expected to come online, some of which are being pulled in from 2027 into 2026. So we do see the opportunity for 2026 to have incremental growth from 2025. At this point, not certain the level. But, certainly possible for, high single digit, low double digit type of growth.

這是 Cheryl。當我們展望 2026 年的 WFE 時，預計會有許多 ABS 上線，其中一些將從 2027 年到 2026 年上線。因此，我們確實看到了 2026 年從 2025 年起實現增量成長的機會。目前，還不確定水平。但是，肯定有可能出現高個位數或低兩位數的成長。

Okay, so kind of in line with some of the optimist, third party research out there, kind of an 8% to 12%. And then my follow up question, regarding that in a situation such as that, would you expect, your company to be able to outgrow WFE? In a double digit range like you have historically done to ended up here.

好的，這與一些樂觀的第三方研究結果一致，大約是 8% 到 12%。然後我的後續問題是，在這種情況下，您是否期望您的公司能夠超越 WFE？就像您歷史上所做的那樣，保持在兩位數的範圍內，最終到達這裡。

We certainly see the mix of products and our share gains as supporting that opportunity. So definitely going forward, the balance, most of the companies have brought in EUV and so that that initial sort of disconnect that happens when a new segment brings in some of those technologies has passed for both [DRAM] and for boundaries, so we expect our segments to go with WFE and we should be able, we expect to outperform them overall.

我們確實認為產品組合和份額成長支持了這個機會。因此，毫無疑問，展望未來，大多數公司都已引入 EUV，因此，當新的細分市場引入某些技術時發生的最初脫節對於 [DRAM] 和邊界來說都已經過去了，因此我們預計我們的細分市場將採用 WFE，我們應該能夠，我們預計總體表現會優於它們。

Excellent, no other questions. Thank you.

非常好，沒有其他問題。謝謝。

Thank you and your next question comes from the line of Edward Young from Oppenheimer. Please go ahead.

謝謝，您的下一個問題來自奧本海默公司的愛德華楊 (Edward Young)。請繼續。

Hi, thanks for taking my question. Clarence, you mentioned being, cautiously optimistic on the 4 and you listed a number of different, items, but if you were to rank order them, you talked about new business wins and qualifications, you talked about China a bit, the prior questionnaire asked about, AI strength. If you were to rank these items in order, how would they, shake out and, your level of visibility on each?

你好，謝謝你回答我的問題。克拉倫斯，您提到對這四個方面持謹慎樂觀的態度，並且列出了許多不同的項目，但如果要對它們進行排序，您談到了新業務的成功和資質，您談到了中國，之前的問卷詢問了人工智能的實力。如果您按順序對這些項目進行排序，它們會如何排列，以及您對每個項目的可見度如何？

Well, the new business one is the most tangible one that we can tie to real near term market gains. We actually have orders. Going forward, so we're confident in that. But the China situation, I would say, we feel pretty confident but that could change obviously.

嗯，新業務是最切實的，我們可以將其與實際的短期市場收益聯繫起來。我們確實有訂單。展望未來，我們對此充滿信心。但我想說，我們對中國的情況非常有信心，但這種情況顯然可能會改變。

I guess probably the thing that still remains the most frustrating for me is the darn tariff situation. It doesn't feel like it's going to be a huge cost to us. This last quarter it looked like about--$500,000 in the quarter. But our customers took about $3 million or we incurred about $3 million worth of tariff charges associated with the quarter, and we've been paid by the customers about $300,000 and they claim they're going to pay us another $2 million but we haven't got it yet.

我想對我來說最令人沮喪的事情可能就是該死的關稅狀況。感覺這對我們來說不會是一筆巨大的花費。上個季度，該季度的營收約為 50 萬美元。但我們的客戶收取了約 300 萬美元，或者我們在本季度承擔了價值約 300 萬美元的關稅費用，我們已經從客戶那裡得到了約 30 萬美元，他們聲稱將再支付給我們 200 萬美元，但我們還沒有收到。

And so I guess that causes us to be a little a little concerned, although we've gotten verbal commits from them. I forget what was the other one that you, oh, AI, honestly, Cheryl, AI is, that's a little distant from us. I mean, we certainly know about it and hear about it, and it should have a favorable impact on us, but we don't have specific orders tied to that right now.

因此我想這讓我們有點擔心，儘管我們已經得到了他們的口頭承諾。我忘了你的另一個，哦，AI，說實話，謝麗爾，AI，離我們有點遠。我的意思是，我們當然知道這件事，也聽說過這件事，它應該會對我們產生有利的影響，但我們現在還沒有與此相關的具體命令。

And following up on the tariff reimbursement, is it your leading edge customers that haven't paid you for the balance or is it, I just like to understand where the disagreement might be or no I suppose.

關於關稅補償的後續事宜，是不是你們的領先客戶還沒有支付餘額，或者，我只是想了解分歧可能在哪裡，或者我想不是。

Yeah, there's no disagreement, don't get me wrong, they're just slow to pay. They're our largest customers. Got they want progress there.

是的，沒有分歧，不要誤會我的意思，他們只是付款慢而已。他們是我們最大的客戶。他們想要在那裡取得進步。

No, there, there's absolutely no credit risk. It's just a matter of getting the documentation in the format that they're comfortable with.

不，絕對不存在信用風險。這只是一個以他們熟悉的格式獲取文件的問題。

I'm comfortable they will eventually pay us, but the other downside with the darn tariffs is the cost, right? We're spending, we'll probably end up spending about $1 million to $2 million a year in administrative costs to deal with it.

我很放心他們最終會付錢給我們，但是這些該死的關稅的另一個缺點就是成本，對吧？我們每年大概要花費 100 萬到 200 萬美元的管理費用來解決這個問題。

So my guess is over the time, I mean, it's not overwhelming, but my guess is that over on an annualized basis, we'll probably spend about $2 million to $3 million a year dealing with tariff costs and so what does that work out to be about $0.06 a year, so we could be ending up a pen and a half cent each quarter that we have to deal with that we're frustrated about.

所以我的猜測是，隨著時間的推移，我的意思是，這不是壓倒性的，但我的猜測是，按年計算，我們每年可能要花費大約 200 萬到 300 萬美元來處理關稅成本，那麼每年大約是 0.06 美元，所以我們每個季度可能會有一筆半美分的開支，我們對此感到沮喪。

Okay, that's helpful. And final question for me, I'd just like to better understand the goodwill impairment charge, what was driving that?

好的，這很有幫助。最後一個問題，我想更了解商譽減損費用，背後的原因是什麼？

Yeah, hi, this is Sheri. The key thing is our stock price had gone down with the overall market uncertainty and unfortunately, with that happening our carrying value of those that goodwill on our books was lower than the market cap of the company so that's what basically triggered the accounting of that it's purely a non-cash charge obviously but that doesn't mean that we're not very bullish about those businesses on a go forward basis in terms of what we think that they can do it's just more of our assumptions now are a little more conservative than when we initially bought the business when we put our goodwill, calculation in place. So, it's just, it's really a factor of our our market cap at this point.

是的，你好，我是 Sheri。關鍵是我們的股價隨著整體市場的不確定性而下跌，不幸的是，隨著這種情況的發生，我們賬面上的商譽賬面價值低於公司的市值，所以這基本上引發了會計處理，這顯然純粹是一筆非現金費用，但這並不意味著我們對這些企業的未來發展不太看好，只是我們現在的假設比我們最初購買該企業時計算商譽時要保守一些。所以，這其實只是我們目前的市值的一個因素。

Alright, thank you for that clarification.

好的，謝謝你的澄清。

Thank you.

謝謝。

Thank you. Krish Sankar, TD Cowen.

謝謝。Krish Sankar，TD Cowen。

Yeah, hi, thanks for being my follow up. So I have two questions, and first I do appreciate the candidness about China and tariffs. I'm kind of curious, I understand China tariffs is on top of your mind.

是的，嗨，謝謝你跟進我。所以我有兩個問題，首先，我很欣賞您對中國和關稅問題的坦誠。我有點好奇，我知道您最關心的是中國關稅。

I'm just really honestly curious if the $35 million to $40 million in revenue you get from China summit caps. Do you worry that that could ever go to zero, or do you think realistically that is not a possibility?

我只是真的很好奇，您從中國峰會獲得的 3500 萬至 4000 萬美元的收入是否有上限。您是否擔心這一數字會降至零，或者您認為實際上這是不可能的？

Well, first of all, I want to make clear, we don't have China tariffs because all of the stuff that we make in China stays in China and all this stuff. That we make outside of China does not go into China, so we really don't have a China tariff issue.

嗯，首先，我想明確一點，我們沒有對中國徵收關稅，因為我們在中國生產的所有東西都留在中國。我們在中國以外生產的產品不會進入中國，所以我們實際上不存在中國關稅問題。

There would only be an issue if for some reason something happened to our long stream revenue from from China. I don't think there's any jeopardy whatsoever, as I said, we have strong relationships with our existing customers and we can't see them.

只有當我們從中國獲得的長流收入因某種原因出現問題時，才會出現問題。我認為不存在任何危險，正如我所說，我們與現有客戶保持著牢固的關係，我們看不到他們。

Leaving us, obviously there's always some political potential political ramifications, but we are not typically, we are supplying what's specified by the customer. We're not supplying them technology that they don't have available to them already.

顯然，留給我們的總是一些潛在的政治影響，但我們通常不會，我們提供的是客戶指定的東西。我們不會向他們提供他們尚未擁有的技術。

So, I don't think we're a real threat from a technological standpoint, so I don't think there's much danger of us having an issue with China.

所以，我認為從技術角度來看我們並不構成真正的威脅，所以我認為我們與中國發生問題的風險並不大。

I apologize. I don't mean China. I mean in general, but let me reset the question. Do you worry about the $35 million to $40 million that you sell in China semi caps going to 0?

我很抱歉。我不是指中國。我的意思是一般來說，但讓我重新思考這個問題。您是否擔心您出售的 3500 萬至 4000 萬美元中國半導體公司的股票會跌至零？

I worry about every single one of our customers, every single place in the world, but I don't worry about them any more than I worry about our other customers and focus on our growth with other customers.

我擔心我們的每一位客戶、世界上的每一個地方，但我不會比擔心其他客戶更擔心他們，而是專注於與其他客戶的共同成長。

Fair enough, thanks for that, Clarence. And then one quick question I'm just going to do is, are in a broad base, amongst all your customer base, US, China, whatever it is, how do you think the inventory situation is of your gas panel components, etc. Is like do you think they're like drawing it down enough that they got to start buying it more, or do you think there's still like a little bit of a lag effect purely because they still have some inventory of your components on their balance sheet?

好吧，謝謝你，克拉倫斯。然後我要問的一個簡單的問題是，在所有客戶群中，無論是美國、中國還是其他國家，您認為您的瓦斯面板組件的庫存狀況如何？您是否認為他們的庫存已經足夠多，以至於他們必須開始購買更多，或者您是否認為仍然存在一些滯後效應，純粹是因為他們的資產負債表上仍然有一些您的組件庫存？

So this is Cheryl. I think there's probably a little bit left, but I don't think that it's significant at this point. I think our largest customer was the one that we had the most exposure with. They are continuing to work down that inventory in part by sending it back to us to be reconfigured.

這是謝麗爾。我認為可能還剩下一點，但我認為目前這並不重要。我認為我們最大的客戶是我們接觸最多的客戶。他們正在繼續減少這些庫存，部分方法是將其送回給我們重新配置。

So we do see that happening, so I think they are now getting to a point where they don't have very much and it may not align with what some of their current shipment demand is. So we do see that certainly cleaning up a lot more, but obviously.

所以我們確實看到了這種情況的發生，所以我認為他們現在已經到了庫存不足的地步，而且這可能與他們目前的部分出貨需求不符。所以我們確實看到清理工作確實進行得更多，但顯然如此。

Everyone, will periodically find a series of things stuck in a corner, so I think that's kind of where we are now versus, a broad amount of inventory that's sitting.

每個人都會定期發現一系列東西被困在角落裡，所以我認為這就是我們現在的狀態，而不是大量的庫存。

Lovely, thanks a lot. Thanks.

太好了，非常感謝。謝謝。

Welcome.

歡迎。

Thank you. There are no further questions at this time. I will hand a call back to Clarence Granger for any closing remarks.

謝謝。目前沒有其他問題。我將回電給克拉倫斯·格蘭傑 (Clarence Granger) 做最後發言。

Thank you everyone for joining us on our call today, and we look forward to seeing you again in October. Thank you.

感謝大家今天參加我們的電話會議，我們期待十月再次見到你們。謝謝。

This concludes today's call. Thank you for participating and we all disconnect.

今天的電話會議到此結束。感謝您的參與，我們都斷開連結。