Ultra Clean Holdings Inc (UCTT) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Ultra Clean Q2 2026 earnings call. (Operator Instructions) This call is being recorded on Monday, August 3, 2026.

各位女士、先生，下午好，歡迎參加 Ultra Clean 2026 年第二季財報電話會議。(接線員指示) 本次電話會議將於 2026 年 8 月 3 日（星期一）錄音。

I would now like to turn the conference over to Rhonda Bennetto of Investor Relations.

現在我想把會議交給投資人關係部的 Rhonda Bennetto。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me today are James Xiao, CEO; Sheri Savage, CFO; and Mike Keogh, CFO beginning August 5. James will begin with some prepared remarks about the industry and highlight some of the opportunities ahead for UCT. Sheri will follow with the financial review, and then we'll open up the call for questions.

謝謝，接線員。各位下午好，感謝各位加入我們。今天與我一同出席的有執行長 James Xiao、財務長 Sheri Savage，以及將於 8 月 5 日起擔任財務長的 Mike Keogh。James 將先就產業發表一些準備好的談話，並重點說明 UCT 未來的一些機會。接著 Sheri 將進行財務回顧，之後我們將開放提問。

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. 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.

今天的電話會議包含前瞻性陳述，可能受到風險與不確定性影響。更多資訊請參閱我們向 SEC 提交文件中的「風險因素」章節。所有前瞻性陳述均以截至今日的估計、預測與假設為基礎，我們不承擔在本次電話會議後更新這些陳述的義務。我們的財務結果討論將以非 GAAP 基礎呈現。GAAP 與非 GAAP 的調節表可在今日發布並張貼於我們網站的新聞稿中查閱。

And with that, I'd like to turn the call over to James. James, please go ahead.

那麼，接下來我想把電話會議交給 James。James，請開始。

Thank you, Rhonda, and good afternoon, everyone. We appreciate you joining us for our Q2 '26 earnings call. This afternoon, I will discuss industry environment and the trend is shaping our customer investment, provide an update on our execution against UCT 3.0 strategy and highlight how we are positioning UCT to deliver sustainable growth and long-term value. Following that, Sheri will provide a financial update and then we will open up the call for questions.

謝謝你，Rhonda，各位下午好。感謝各位參加我們 2026 年第二季財報電話會議。今天下午，我將討論產業環境以及正在形塑客戶投資的趨勢，提供我們在 UCT 3.0 策略執行上的最新進展，並說明我們如何定位 UCT 以實現可持續成長與長期價值。接著 Sheri 將提供財務更新，然後我們會開放提問。

Throughout the second quarter, we saw increased demand across both our products and service businesses, reflecting healthy activity across all our end markets. Momentum is building as AI-driven investment reshaped the semiconductor capital equipment landscape, driving increased volume and complexity in the systems and components our customers require.

在第二季期間，我們在產品與服務業務兩方面都看到需求增加，反映出我們所有終端市場的活動維持健康。隨著 AI 驅動的投資重塑半導體資本設備版圖，動能正在累積，推動客戶所需系統與零組件的出貨量與複雜度提升。

As agentic AI become more mainstream, the incremental demand extends well beyond today's GPU-intensive training clusters, we influenced workloads utilizing higher volumes of CPU compute. For companies like UCT, the implications are particularly meaningful because every layer of semiconductor manufacturing must scale to support this next wave of infrastructure investment and AI chip demand expansion beyond GPU and HBM.

隨著代理式（agentic）AI 越來越主流，新增需求遠不僅限於當前以 GPU 為主的訓練叢集，也影響到使用更大量 CPU 運算的工作負載。對 UCT 這樣的公司而言，其意涵尤其重大，因為半導體製造的每一層都必須擴充，以支援下一波基礎設施投資，以及 AI 晶片需求從 GPU 與 HBM 之外進一步擴張。

As volume and complexity increases, customers are engaging more strategically with trusted partners like UCT earlier in the development cycle to help ensure manufacturing readiness and accelerated execution. As technologies advance, we're confident that we will play an even more important role in our customers' long-term technology road maps and capacity expansion.

隨著出貨量與複雜度提升，客戶在開發週期更早期就更具策略性地與像 UCT 這樣值得信賴的夥伴合作，以協助確保製造就緒並加速執行。隨著技術持續演進，我們有信心在客戶的長期技術藍圖與產能擴張中扮演更重要的角色。

That confidence is reinforced by the unprecedented visibility our customers are sharing with us now. They are extending their forecast and giving us longer planning horizons so we can make strategic decisions regarding capacity, supply chain readiness, engineering resources, and talent investments that support their product pipeline.

這份信心也來自於客戶目前與我們分享前所未有的能見度。他們正在延長預測期間並提供更長的規劃視野，使我們能就產能、供應鏈就緒度、工程資源與人才投資做出策略性決策，以支援其產品管線。

As AI infrastructure scales, execution speed and innovation velocity at scale will send UCT apart from the complication. Our customers with partners that can accelerate product development, qualify new technology faster, execute flawless production ramp, and support increasingly complex global manufacturing operations.

隨著 AI 基礎設施擴張，大規模的執行速度與創新速度將使 UCT 從競爭中脫穎而出。我們的客戶需要能夠加速產品開發、更快導入新技術認證、無瑕疵地完成量產爬坡，並支援日益複雜的全球製造營運的合作夥伴。

UCT is becoming more deeply embedded in their success because these are the capabilities that consistently set us apart. The UCT 3.0 is transforming the way we execute. Being ramp ready is the foundational to our customer-first mindset and long-term growth strategy. It is ensuring we're prepared to support our customers whenever the whatever they need us.

由於這些能力持續讓我們與眾不同，UCT 正更深度地融入他們的成功之中。UCT 3.0 正在改變我們的執行方式。具備爬坡就緒（ramp ready）能力是我們以客戶為先思維與長期成長策略的基礎。這確保我們已準備好在客戶需要我們的任何時候、無論他們需要什麼，都能提供支援。

Over the past couple of months, we have built out an additional 26,000 square feet of clean room space in our Malaysia facility and will be increasing our capacity within the current footprint in Singapore and the Czech Republic over the coming quarters.

在過去幾個月，我們已在馬來西亞廠區新增 26,000 平方英尺的無塵室空間，並將在未來幾季於新加坡與捷克共和國的現有廠區範圍內提升產能。

With those expansions, we should be able to support a $4 billion annualized revenue run rate of $200 billion WFE by the middle of 2027. We have begun the process of evaluating future capacity requirements, strategic geographic locations, and greenfield opportunities to support a $5 billion revenue run rate of $250 billion WFE, while continue to align our investments with our customers' long-term demand outlook and commitment.

透過這些擴充，我們預期到 2027 年年中，在 WFE 達 2,000 億美元的情境下，可支援年化 40 億美元的營收運行率。我們已開始評估未來產能需求、策略性地理位置與綠地（greenfield）機會，以在 WFE 達 2,500 億美元的情境下支援 50 億美元的營收運行率，同時持續使我們的投資與客戶的長期需求展望與承諾保持一致。

Our NPX initiative, which integrates new product development, introduction, and transfers reached a significant milestone recently. We have launched our first MPX Center of Excellence in Hillsboro, Oregon, designed to engage earlier and more closely with our customers. This will accelerate product qualification, improve the transition from development to high-volume manufacturing, and strengthen our position as the preferred co-innovation partner.

我們的 NPX 計畫（整合新產品開發、導入與移轉）近期達成一項重要里程碑。我們已在奧勒岡州希爾斯伯勒（Hillsboro）成立首座 MPX 卓越中心，旨在更早且更緊密地與客戶互動。這將加速產品認證、改善從開發到高量產製造的轉換，並強化我們作為首選共同創新夥伴的地位。

By demonstrating our value from design to production, we're increasing our opportunities to win customers new products that support a favorable long-term margin profile. Digital transformation, the third pillar of our UCT 3.0 strategy is enabling a more efficient data-driven enterprise.

透過從設計到量產展現我們的價值，我們正增加贏得客戶新產品的機會，而這些新產品有助於形成有利的長期毛利結構。數位轉型作為 UCT 3.0 策略的第三支柱，正使我們成為更高效率、以數據驅動的企業。

We have begun modernizing our systems, processes and data infrastructure, starting with the ones that best support our ramp readiness efforts. These initiatives have already improved operational visibility, accelerated decision-making, and enable faster execution across our global operations.

我們已開始現代化我們的系統、流程與資料基礎架構，並優先從最能支援爬坡就緒工作的項目著手。這些計畫已提升營運能見度、加速決策，並使我們在全球營運中能更快執行。

Combined with automation, advanced analytics, and AI-enabled capabilities we're increasing productivity and scaling the business more efficiently as customer demand accelerates. We believe our global manufacturing footprint, engineering expertise, operational discipline, and ability to execute with speed and agility position us to capture a greater share in the years ahead. Our objective is straightforward: to deepen our strategic co-innovation partnerships, outgrow the market we serve, and create sustainable long-term value for our shareholders.

結合自動化、進階分析與 AI 賦能能力，我們正提升生產力，並在客戶需求加速之際更有效率地擴大業務規模。我們相信，我們的全球製造佈局、工程專業、營運紀律，以及以速度與敏捷性執行的能力，使我們能在未來幾年取得更高的市占。我們的目標很明確：深化策略性的共同創新夥伴關係、成長速度超越我們所服務的市場，並為股東創造可持續的長期價值。

Before I turn to the financial review, I'd like to announce that this is going to be Sheri's last earnings call as CFO of UCT. I'd like to take a moment to recognize and thanks Sheri for her 17 years of dedicated service to UCT. Sheri has been a trusted leader and an exceptional steward of our business, helping guide the company through the period of significant growth and transformation while strengthening our financial foundation. On behalf of our Board of Directors and the entire UCT family. Thank you, Sheri, for your many contributions unwavering commitment to the company. We wish you all the best in your well-earned retirement.

在我轉入財務回顧之前，我想宣布這將是 Sheri 以 UCT 財務長身分參與的最後一次財報電話會議。我想花點時間表揚並感謝 Sheri 在 UCT 17 年的奉獻服務。Sheri 一直是值得信賴的領導者，也是我們業務的卓越守護者，協助公司度過顯著成長與轉型的時期，同時強化我們的財務基礎。我謹代表董事會以及整個 UCT 大家庭。謝謝你，Sheri，感謝你對公司的諸多貢獻與堅定不移的承諾。祝福你在實至名歸的退休生活中一切順利。

Over to you for the financial review. Thank you.

接下來請你進行財務回顧。謝謝。

Thanks, James, and good afternoon, everyone. Thanks for joining us. In today's discussion, I will be referring to non-GAAP numbers only. As James mentioned, this will be my final earnings call with UCT. It has been a privilege to be a part of UCT's growth and transformation over the past 17 years, and I want to sincerely thank our employees, customers, investors, and partners for your support.

謝謝你，James，各位下午好。感謝各位加入我們。在今天的討論中，我將僅引用非 GAAP 數字。如 James 所提到，這將是我在 UCT 的最後一次財報電話會議。在過去 17 年能參與 UCT 的成長與轉型是我的榮幸，我也要由衷感謝我們的員工、客戶、投資人與合作夥伴的支持。

Before I begin, I'd like to welcome Mike Keogh, our new Chief Financial Officer. Mike brings extensive financial, operational, and public company leadership experience and I am confident he will be a tremendous asset to the team as they continue to advance the UCT 3.0 growth plan.

在我開始之前，我想歡迎我們的新任財務長 Mike Keogh。Mike 擁有豐富的財務、營運以及上市公司領導經驗，我相信他將成為團隊的重要資產，協助大家持續推進 UCT 3.0 成長計畫。

For the second quarter, demand remained healthy across both products and services businesses. Those market dynamics supported another quarter of solid execution and financial performance. For the second quarter, we saw record total revenue of $644.9 million compared to $533.7 million in the prior quarter.

就第二季而言，產品與服務業務的需求仍維持健康。這些市場動態支撐我們再度交出一季穩健的執行與財務表現。第二季我們的總營收創下紀錄，達 6.449 億美元，較上一季的 5.337 億美元成長。

Revenue from products was $572.7 million compared to $465.7 million last quarter. Services revenue was $72.2 million in Q2 compared to $68 million in Q1. We continue to invest in capacity to support our customers' long-term growth. We recently added 26,000 square feet of clean room space in Malaysia with additional expansion planned in Singapore and Czech Republic soon. These investments position us to support an annualized revenue run rate of approximately $4 billion by mid-2027, while planning is underway for the next phase of capacity expansion to support $5 billion run rate over time. As production increases, we expect to benefit from improved operating leverage and corresponding margin expansion.

產品營收為5.727億美元，較上季的4.657億美元增加。第二季服務營收為7,220萬美元，較第一季的6,800萬美元增加。我們持續投資產能，以支持客戶的長期成長。我們近期在馬來西亞新增26,000平方英尺的無塵室空間，並計畫不久後在新加坡與捷克進一步擴建。這些投資使我們有能力在2027年年中前支撐約40億美元的年化營收運行率（run rate），同時也已在規劃下一階段的產能擴張，以在未來支撐50億美元的運行率。隨著產量提升，我們預期將受惠於營運槓桿改善，並帶動相應的毛利率擴張。

Total gross margin for the second quarter was 16.7% compared to 16.5% last quarter. Products gross margin was 15.1% compared to 14.6% in Q1 and services was 28.9% compared to 30% last quarter. Gross margin improved primarily due to higher volumes driving factory efficiencies. Margins continue to be influenced by fluctuations in volume, mix, and 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16.7%，較上季的16.5%略升。產品毛利率為15.1%，較第一季的14.6%提升；服務毛利率為28.9%，較上季的30%下降。毛利率改善主要來自出貨量增加帶動工廠效率提升。毛利率仍會受到出貨量、產品組合與製造地區的變動，以及材料與運輸成本的影響。因此各季之間會出現波動。

Operating expense for the quarter was $62.5 million compared to $51.1 million in Q1. As a percentage of revenue, operating expenses were 9.7% versus 11.4% last quarter. Total operating margin for the quarter came in at 7% compared to 5.1% last quarter. Margin from our Products division was 6.5% compared to 4.2% and services margin was 11.2% compared to 11.5% in the prior quarter.

本季營業費用為6,250萬美元，較第一季的5,110萬美元增加。以營收百分比計，營業費用為9.7%，相較上季為11.4%。本季總營業利益率為7%，較上季的5.1%提升。產品事業部利益率為6.5%，較上季的4.2%提升；服務利益率為11.2%，較前一季的11.5%略降。

Second quarter tax rate came in at 20%, consistent with our expectations. Our mix of earnings between higher and lower tax jurisdictions can cause our rate to fluctuate throughout the year. For 2026, we expect our tax rate to stay in the low 20% range. Based on 46 million shares outstanding, earnings per share for the quarter were $0.70 on net income of $32.3 million compared to $0.31 on net income of $14.5 million in the prior quarter.

第二季有效稅率為20%，符合我們的預期。我們在高稅率與低稅率司法管轄區之間的獲利組合，可能使稅率在全年出現波動。對於2026年，我們預期稅率將維持在20%出頭的區間。以4,600萬股流通在外股數計，本季每股盈餘為0.70美元，淨利為3,230萬美元；相較之下，前一季每股盈餘為0.31美元，淨利為1,450萬美元。

Turning to the balance sheet. Cash and cash equivalents were $255.9 million compared to $323.5 million at the end of last quarter. Operating cash flow was negative $41.1 million compared to negative $33.3 million last quarter. The year-to-date cash outflow continues to reflect strategic investments in working capital, particularly in inventory to support anticipated demand and position the business for future growth. Turning to the guidance for the third quarter. We project total revenue to be between $700 million and $750 million and EPS in the range of $0.83 to $1.03.

接著看資產負債表。現金及約當現金為2.559億美元，較上季季末的3.235億美元下降。營業活動現金流為負4,110萬美元，較上季的負3,330萬美元擴大。年初至今的現金流出仍反映我們對營運資金的策略性投資，特別是為支撐預期需求並為未來成長布局而增加的存貨。接著是第三季財測。我們預估總營收介於7.00億至7.50億美元之間，每股盈餘（EPS）介於0.83至1.03美元。

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

接下來，我想把電話會議交給接線員進行提問。

(Operator Instructions)

(接線員指示)

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Just on the guidance, it was quite good, but it could have -- it was right where I thought it would be. But it could have been even better when you consider that your biggest customer guided its systems up. It's implying that systems are going to grow like 30% QoQ in calendar Q3.

關於財測，確實相當不錯，但也可以說——它正好落在我原本預期的位置。不過考量到你們最大的客戶上調了其系統（systems）的指引，財測其實可能還能更好。這暗示其系統在曆年第三季將季增約30%。

I realize your product revenue outgrew their systems in June. So is it really just a timing thing? Or do they have some inventory or maybe you're just being maybe arguably a little bit conservative in your guidance?

我知道你們6月的產品營收成長超過了他們的系統成長。所以這真的只是時點（timing）問題嗎？還是他們有一些庫存，或是你們在財測上可能（可以說）稍微保守了一點？

Yes, it's a little bit of both, Tim. This is James. I think that definitely, you realize that we have a timing gap with certain customers, where we need to really -- they need to integrate our subsystem into their systems, and there's a timing lag. So the revenue recognition time is different because of that. And for some other customer, they also -- their quarter end are a little bit different from ours.

是的，Tim，兩者都有一點。我是James。我認為確實如你所知，我們與部分客戶之間存在時點落差：他們需要把我們的子系統整合進他們的系統，因此會有時間上的延遲。也因此，收入認列的時間點會不同。另外有些客戶，他們的季末時間也與我們略有不同。

So that created a little bit of a timing gap on the revenue growth. But if you aggregate a 2-quarter revenue growth, you will see that our revenue is on par with their growth or higher.

因此在營收成長上造成了一些時點落差。但如果把兩個季度的營收成長合併來看，你會發現我們的營收成長與他們的成長大致一致或更高。

And then we've heard some examples. So all your customers are so full on capacity there. I mean they're basically booking into the back half of '27, if not even some of them out into '28 some of the slots. So is there an opportunity for them to use you as more overflow. So they come to you to maybe do some things that they had originally planned to do themselves. So then maybe that can hear your revenue to the upside just given how full their internal manufacturing is.

另外我們也聽到一些例子。你們所有客戶的產能都非常滿。我的意思是，他們基本上已經把產能預訂到2027年下半年，甚至有些客戶把部分時段排到2028年。那他們是否有機會把你們當作更多的溢出（overflow）產能？也就是他們可能會找你們來做一些原本打算自己做的事情。因此，考量到他們內部製造產能如此吃緊，這是否可能讓你們的營收有上行空間？

Yes. Definitely, we see that upside opportunity, especially when the customer are, to some extent, constrained by their internal capacity. They -- in this upturn, as you know, they intend to focus more on their final test and the final integration capacity and overflow their subsystem capacity to partners like UCT. So heavily historically, we see that our growth opportunity when the customer gave a higher percentage of their subsystem built to UCT in the uptime. So this is why we always see an outgrow attended on the product side in upturn.

是的。我們確實看到這樣的上行機會，尤其當客戶在某種程度上受限於其內部產能時。在這一波景氣上行中，如你所知，他們打算更聚焦於最終測試與最終整合的產能，並把子系統的產能溢出給像UCT這樣的合作夥伴。因此從歷史經驗來看，當客戶在景氣上行期把更高比例的子系統製造交由UCT承接時，我們就會看到更多成長機會。這也是為什麼在上行周期，我們總是看到產品端有超越（outgrow）的趨勢。

Charles Shi, Needham.

Charles Shi，Needham。

Congrats on the next results and I have a question on the capacity plan. I think I heard you talk about maybe get the $4 billion run rate ready by the mid 2027, looking at $5 billion run rate over time. But on the $4 billion, what's the current judgment on the timing, maybe you may have to do a little bit earlier the mid-'27? Or what's the range of possibilities of what's the buyers? And on the $5 billion, what do you have to see to pull the trigger to really start that expansion to the $5 billion run rate?

恭喜本季的結果。我有一個關於產能規劃的問題。我想我聽到你提到，可能在2027年年中前把40億美元運行率的產能準備好，並在更長期達到50億美元運行率。但就40億美元而言，目前對時程的判斷是什麼？是否可能需要比2027年年中更早一些？或者可能性的區間、主要驅動因素是什麼？至於50億美元，你們需要看到什麼訊號才會扣下扳機，真正啟動擴張以支撐50億美元的運行率？

Thank you, Charles. I think that we said that we're taking the phased approach to -- from $3 billion to $4 billion and then from $4 billion to $5 billion, we're executing on that plan. So at the end of the year, you will see a $3.5 billion, we'll see $3.5 billion capacity ready and not really match the run rate we see today. And then in the first half of 2027, we will hit that $4 billion run rate in capacity, and we're going full speed on that.

謝謝你，Charles。我想我們先前提到，我們採取分階段方式——從30億到40億，然後從40億到50億——並正在按計畫執行。因此到今年年底，你會看到我們具備35億美元的產能就緒，而這並不完全對應我們目前看到的運行率水準。接著在2027年上半年，我們將把產能提升到可支撐40億美元運行率，我們正全速推進。

As you see in my statement earlier, we're actually adding 26,000 square feet in Malaysia site, and we're doing similar things in our Singapore and Czech Republic site. So we will get the $4 billion in the first half of '27.

如同我先前的說明，我們實際上正在馬來西亞廠區新增26,000平方英尺，並在新加坡與捷克廠區進行類似的擴建。因此我們會在2027年上半年達到40億美元。

For the $5 billion run rate or to address a $250 billion WFE, we're actually evaluating the new expansion plan in Southeast Asia, and we'll make that decision pretty quickly and start execution. So the time line still as we communicated before in the first half of 2028, will reach beyond the $4 billion, and those capacity will add and you will see the run rate of $5 billion in the second half of '28 million.

至於50億美元運行率，或是為了因應2,500億美元的WFE（晶圓廠設備）市場，我們正在評估於東南亞的新擴產計畫，並會很快做出決定並開始執行。因此時程仍如我們先前溝通：在2028年上半年將超越40億美元，相關產能會逐步加入，而你將在2028年下半年看到50億美元的運行率。

So that's pretty clear. Sheri, congrats again on the well-deserved retirement, glad working with you for quite a few years. Maybe as Mike is also here, I want to get some thoughts, maybe early thoughts from Mike, how to think about the margin model going forward. I know the team has laid out a goal of 20% gross margin, 10% operating margin at $4 billion revenue run rate, but since the $4 billion is kind of inside right now. Any thoughts on long-term if you will, aspirational margin targets going forward? Any early thoughts at the moment, I think we definitely appreciate that.

所以這點相當清楚。Sheri，再次恭喜你實至名歸的退休，很高興在過去好幾年能與你共事。或許既然 Mike 也在，我想聽聽一些看法，可能是 Mike 對未來毛利率模型的初步想法。我知道團隊已提出在 40 億美元營收運行率下，20% 毛利率、10% 營業利益率的目標，但由於 40 億美元目前看起來已近在眼前。那麼從長期來看，你們對未來是否有更具企圖心的毛利率目標？目前有任何初步想法嗎？我們肯定會很感謝。

It's Sheri. Thank you for the nice comment. I'll be answering calls on this call at this point, but you just talk to Mike later. For the incremental margins, we do see them continuing to move up as we utilize more of our factories. Obviously, we do see us moving towards that 17% range as we move through the rest of the year and hopefully moving beyond that.

我是 Sheri。謝謝你的好意。在這通電話上我會先負責回答提問，但你之後可以再跟 Mike 聊。就增量毛利率而言，隨著我們更充分利用工廠產能，我們確實看到它會持續上升。很明顯地，隨著今年剩餘時間的推進，我們看到會朝 17% 左右邁進，並希望能進一步超越。

The $4 billion and 20% gross margin is still the goal that we are marching forward, especially during 2027. So beyond that, we'll put out a model at some point, but that's the goals that we're still marching to with the utilization of our factories and where we're at right now.

40 億美元與 20% 毛利率仍然是我們持續推進的目標，特別是在 2027 年期間。至於更往後，我們會在某個時間點提出模型，但目前我們仍以這些目標為前進方向，並配合工廠產能利用率以及我們當前的狀況。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

This is Eddy for Chris. A question on the customers beyond the biggest two customers. It seems that customer base has been growing year over year. Can you give us some color like what's the driver and think about it going forward? And I have a follow-up.

我是 Eddy，代 Chris 提問。我想問的是，除了最大的兩家客戶之外的其他客戶。看起來這些客戶基礎逐年成長。你能否提供一些背景，例如成長的驅動因素，以及未來如何看待？我還有一個追問。

Yes, Chris. And certainly, as you can see that if you look at our quarter-by-quarter customer distribution, you can see that the top two customers, as presented with revenue actually reduced from the 64 down to the high 50s.

好的，Chris。而且如你所見，如果你看我們逐季的客戶分布，你會看到前兩大客戶（以營收呈現）的占比，確實從 64% 降到 50% 多的高段。

So I think that, that just to show that we're diversifying our customer mix, so that less volatile regardless of the segment move within WFE. So we're growing our business with our [little] customers. And as the EUV getting the momentum and more adoption in the leading-edge foundry logic and in memory now, we'll see that we also grow our business in terms of total revenue and -- but because the 2026 and '27, we still see the WFE actually has more depth and etch intensity.

所以我認為，這顯示我們正在分散客戶組合，使其不會因 WFE 各細分領域的波動而那麼不穩定。因此我們正與較小的客戶一起擴大業務。隨著 EUV 動能增強，並在先進製程的晶圓代工邏輯以及目前的記憶體領域獲得更多採用，我們也會看到總營收層面的業務成長；但由於在 2026 與 2027 年，我們仍看到 WFE 在沉積與蝕刻的強度更高。

So we do not see that the percentage of the non-GAAP and etch will grow significantly, but we'll definitely grow in that segment as well.

因此我們不認為非 GAAP 的沉積與蝕刻占比會大幅成長，但我們肯定也會在該領域成長。

Got it. Got it. And just a clarification about the previous question. You mentioned when you get to full utilization, your gross margins would be 20%. And a full utilization, would you remind us what level of revenue run rate that would be? And would it be 20%? Because I think the September guide implies around 19% gross margin.

了解。了解。另外針對前一個問題做個釐清。你提到當達到滿載利用時，你們的毛利率會是 20%。那滿載利用時，請提醒我們大約對應到什麼樣的營收運行率？而且會是 20% 嗎？因為我認為 9 月的指引暗示毛利率大約 19%。

Yes. I mean, again, as we've mentioned many times, it depends on multiple things, whether that be mixed and revenue and where things are shipped from jurisdiction, et cetera. So our goal is to be at $4 billion and 20% gross margin. The question is, obviously, there's many factors that go into that. So it just depends on where we're at, at that moment.

是的。我的意思是，如同我們多次提到的，這取決於多個因素，無論是產品組合、營收，以及出貨來源的司法管轄區等。所以我們的目標是在 40 億美元營收、20% 毛利率。問題在於，顯然有很多因素會影響是否能達成。因此這取決於我們在那個時間點的具體狀況。

But we anticipate that we will be at a run rate of $4 billion at some point during 2027.

但我們預期在 2027 年的某個時間點，我們會達到 40 億美元的運行率。

Ed Yang, Oppenheimer.

Ed Yang，Oppenheimer。

One of your competitors reported some issues with component shortages the second quarter. Just curious, did you run into any similar problems? And were there any delivery pushouts in the quarter?

你們的一家競爭對手在第二季提到一些零組件短缺的問題。想請教你們是否也遇到類似問題？本季是否有任何交付延後（pushouts）？

Yes. So Ed, the answer is no. I think we talked about that a couple of earnings ago that we really initiated the ramp readiness campaign internally way ahead. So with that, we were able to secure most of the critical components and really kind of mitigate through at this point, But what I see is also, if you look forward, the industry is implying a double-digit growth quarter by quarter. That will constantly put the pressure on the entire supply chains. And you will see excursions in WFE supply chain, and we just need to actively and proactively manage that.

是的。所以 Ed，答案是否。我想我們在幾次財報前就談過，我們很早就於內部啟動了產能爬坡就緒（ramp readiness）行動。因此，我們得以確保大多數關鍵零組件，並在目前階段有效降低風險。不過我也看到，如果往前看，產業暗示逐季將有雙位數成長。這會持續對整體供應鏈造成壓力。你會在 WFE 供應鏈看到波動，我們需要積極且前瞻地管理。

Okay. And your comments around WFE, it sounds like, again, by mid-2027, you said you expect to see a $200 billion run rate WFE. And for UCT, $4 billion revenue run rate. And it sounded like you also hinted at 2028, you expect to see good growth there because you implied that you're going to add capacity beyond that $4 billion run rate for CAF '28. Just wondering what informs that outlook? Is it just -- is it the order book, the outlook? Would love some color there.

好的。另外你對 WFE 的評論聽起來是，你再次提到到 2027 年年中，你預期 WFE 會達到 2,000 億美元的運行率。而對 UCT 來說，則是 40 億美元的營收運行率。而且聽起來你也暗示 2028 年你預期會有不錯的成長，因為你提到你們將在 CAF '28 之前增加超過 40 億美元運行率所需的產能。想請問這個展望的依據是什麼？是單純基於訂單簿、展望嗎？希望你能多分享一些背景。

Yes, I think that we definitely see a good chance to -- for the whole industry to exceed $200 billion WFE sometime in '27, right? So I think that you see the range between $190 billion, up to $220 billion. And so we just prepare ourselves on the bull case, right? Because I do believe that sufficient shifted stock additional capacity will become a competitive advantage in this kind of up cycle.

是的，我認為我們確實看到整個產業在 2027 年某個時點很有機會超過 2,000 億美元的 WFE，對吧？所以我認為你會看到的區間大約在 1,900 億美元到 2,200 億美元之間。因此我們以多頭情境來做準備，對吧？因為我確實相信，在這種上行週期中，充足的（可轉移/可調度的）額外產能將成為競爭優勢。

Christian Schwab, Craig-Hallum.

Christian Schwab，Craig-Hallum。

Congratulations. Sheri, on a well-deserved retirement. It has been a pleasure working with you for many, many, many years. My only question has to do with as wafer starts accelerate from the capacity that's put on -- is it safe to assume that services will grow at the same pace as products or even potentially higher as we exit 2027?

恭喜。Sheri，恭喜你實至名歸的退休。多年來能與你共事一直是我的榮幸。我唯一的問題是，隨著新增產能帶動晶圓開工（wafer starts）加速——是否可以合理假設，服務業務會以與產品相同的速度成長，甚至在 2027 年末時可能更高？

Christian, I definitely see that the service will grow as we communicated before in the double-digit -- but as you know that the OEMs always have their extended service. So there's a timing lag, right? So I think that we still see the double-digit growth in the '26 and '27, but the acceleration will be after we see the ramp of the advanced factories in US, the improvement of the utilization of one of our major customers in US and also the -- really the kind of the leading-edge ramp as they planned in factories in Korea and Taiwan.

Christian，我確實看到服務會如我們先前溝通的那樣，以雙位數成長——但如你所知，OEM 通常都有其延伸服務。因此會有時間落差，對吧？所以我認為我們在 2026 與 2027 年仍會看到雙位數成長，但加速將會發生在我們看到美國先進工廠的爬坡、我們在美國的一家主要客戶的產能利用率改善，以及——真正如其規劃在韓國與台灣工廠的先進製程（leading-edge）爬坡之後。

There are no further questions at this time. I will now turn the call over to James Xiao for closing remarks.

目前沒有其他問題。我現在把電話交給 James Xiao 作結語。

Thank you, operator. We appreciate you joining us today, and we look forward to talk to some of you at the call back and update you all after Q3.

謝謝，接線員。感謝各位今天加入我們，我們也期待在回撥電話中與部分各位交流，並在第三季後向大家更新。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。