Entegris 3Q26 法說會逐字稿（2026-10-29）（英文原文＋中譯）
逐字稿為法說會音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／財報為準。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。原轉寫附帶的 AI 摘要區塊（二次生成）已移除，改以 memo 主檔為準；中譯為機器翻譯，名詞與數字以校正後英文為準。 - 開場候場音樂／等待廣播與無法辨識的亂碼段（00:00:01–00:06:11 之間）已刪除，保留自 Operator 歡迎詞起的正式內容 - 「to support the RAM」→ to support the ramp；「VAP construction」→ fab construction；「if memory serves」被轉成「in memory serves」→ 還原為口語「if memory serves」（指中國 Q3 QoQ +6% 為口述記憶） - 講者標籤：00:34:55 與 00:35:11 的「Thank you, Elizabeth」「Let's move to the next」實為主持人轉場語；00:50:29 標為 Operator 的提問段實為 Chris Parkinson（Wolfe）發問；00:53:19 兩處「Sure.／Thanks, Chris.」為 Dave Reeder 接話。內文以語意為準，未逐段改標 - 「GAAP gross margin was 49.7%」（00:16:41）高於 adjusted 48.9%，與一般 GAAP < adjusted 的關係及 Q4 財測「GAAP 與 non-GAAP 均 49.2%–49.7%」不合，疑為 GAAP 毛利率誤植 [數字存疑]，memo 僅採 adjusted 48.9% - 「we were flat in the quarter. I believe we were up 6% sequentially」（00:39:59，中國）→ 前後矛盾，語意為「中國全年持平；Q3 季增約 6%」，保留原話，memo 以「全年持平、Q3 QoQ 約 +6%（口述）」呈現 - 「KSP」「Rockrimmon」（Colorado 廠區）為廠區名，保留原文；「Colorado」與「Rockrimmon」指同一新廠（科羅拉多），memo 統稱 Colorado 廠 - 「refer capacity」（Citi 提問，00:33:15）→ 保留原文，疑為 wafer capacity [待確認] - 財務數字四項交叉驗算：①APS 6.05 億 ＋ MS 4.04 億 ＝ 10.09 億，與總營收 10.06 億差 0.03 億（部門間抵銷／其他）；YoY +31%／+16% 加權 ≈ +25% ✓；②調整後毛利率 48.9% × 10.06 億 ≈ 4.92 億，減非 GAAP 營業費用 2.23 億（22.1%）≈ 營業利益 2.69 億；調整後 EBITDA 3.03 億 ÷ 10.06 億 ≈ 30.1%（口述 30.2%）✓；③非 GAAP 淨利 1.90 億 ÷ 約 1.54 億股 ≈ 1.23 ✓、GAAP 1.58 億 ÷ 1.54 億 ≈ 1.03 ✓；④Q4 財測中點營收 10.40 億 × 毛利率 49.45% ≈ 5.14 億，減營業費用 2.27 億、利息 0.40 億，稅率 15% → 非 GAAP EPS ≈ 1.36（財測 1.32–1.40）✓；自由現金流 2.24 億 ÷ 10.06 億 ≈ 22.3%（口述 22.2%）✓
Transcript Presentation
(00:06:11)Welcome to the Entegris Third Quarter 2026 Earnings Conference Call. At this time, all participants have been placed on listen-only mode, and the floor will be open for questions following the presentation. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If your question has been answered, you may remove yourself from the queue by pressing star 2. To ensure others hear your questions clearly, please pick up your handset for the best sound quality. Lastly, if you require operator assistance, please press star zero.
(00:06:11)歡迎參加 Entegris 2026 年第三季度財報電話會議。此時，所有參與者已被設置為僅聽模式，會議結束後將開放提問。如果您想在那時提問，請按電話鍵盤上的星號 1。如果您的問題已經得到回答，您可以按星號 2 退出隊列。為了確保其他人能清楚聽到您的問題，請拿起您的話筒以獲得最佳音質。最後，如果您需要操作員協助，請按星號零。
Operator - Operator
(00:06:54)I would now like to turn the call over to Jeffrey Schnell, Vice President of Investor Relations.
(00:06:54)現在我想把電話交給 Jeffrey Schnell，投資者關係副總裁。
Jeffrey Schnell - Entegris, Investor Relation
(00:07:01)Good morning, everyone. Earlier today, we announced the financial results for the third quarter of 2026. Before we begin, I would like to remind listeners that our comments today include some forward-looking statements. These statements involve risks and uncertainties, and actual results could differ materially from those projected. Additional information regarding these risks is contained in our most recent annual and quarterly reports filed with the SEC. Please refer to the disclaimer slide in the presentation for more information.
(00:07:01)大家早上好。今天早些時候，我們公佈了 2026 年第三季度的財務結果。在我們開始之前，我想提醒聽眾，我們今天的評論包括一些前瞻性聲明。這些聲明涉及風險和不確定性，實際結果可能與預測的結果有重大差異。有關這些風險的更多信息包含在我們最近提交給 SEC 的年度和季度報告中。有關更多信息，請參閱演示文稿中的免責聲明幻燈片。
Jeffrey Schnell - Entegris, Investor Relation
(00:07:37)On this call, we will also refer to non-GAAP financial measures as defined by the SEC in Regulation G. Reconciliation tables are available in today's news release and on the IR page of our website at entegris.com. Joining me on the call today are Dave Reeder, our CEO, and Sukhi Nagesh, our CFO. With that, I'll hand the call over to Dave.
(00:07:37)在此次通話中，我們還將提及 SEC 在 G 規則中定義的非 GAAP 財務指標。調整表格可在今天的新聞稿和我們網站的 IR 頁面上找到，網址為 entegris.com。今天與我一起參加通話的有我們的 CEO Dave Reeder 和 CFO Sukhi Nagesh。那麼，我將把通話交給 Dave。
Dave Reeder - Entegris, CEO
(00:07:59)Thanks, Jeff, and good morning. Entegris had a strong third quarter. Revenue increased approximately 25% year over year to a record of slightly more than $1 billion. Adjusted gross margin improved materially more than expected, nearly reaching 49%. Demand remains strong across advanced logic, advanced memory, and throughout the semiconductor ecosystem, supported by continued investment in AI infrastructure. As customers ramp increasingly complex technologies, they rely more on Entegris for technical performance, quality, and reliability.
(00:07:59)謝謝你，Jeff，早上好。Entegris 在第三季度表現強勁。營收同比增長約 25%，達到略超過 10 億美元的歷史新高。調整後的毛利率大幅改善，接近 49%。在先進邏輯、先進記憶體及整個半導體生態系統中，需求依然強勁，這得益於對 AI 基礎設施的持續投資。隨著客戶逐步採用越來越複雜的技術，他們對 Entegris 在技術性能、質量和可靠性方面的依賴也在增加。
Dave Reeder - Entegris, CEO
(00:08:34)Our ability to deliver on these commitments is strengthening customer partnerships and creating new opportunities across our portfolio. Commercial engagement across Entegris has never been stronger. We are engaging earlier in our customers' technology roadmaps and observing a clear progression from co-development to qualifications and plan-of-record wins. This is increasing our content opportunities and strengthening our leadership position in the industry's most critical technology transitions. While the demand environment remains constructive, this quarter also reflects the operational progress we are making.
(00:08:34)我們在這些承諾上的交付能力正在加強客戶合作夥伴關係，並在我們的產品組閤中創造新的機會。Entegris 的商業參與從未如此強勁。我們更早地參與客戶的技術路線圖，並觀察到從共同開發到資格認證和計劃記錄勝利的明顯進展。這增加了我們的內容機會，並加強了我們在行業最關鍵技術轉型中的領導地位。雖然需求環境仍然良好，但本季度也反映了我們所取得的運營進展。
Dave Reeder - Entegris, CEO
(00:09:10)We have focused on increasing manufacturing output, improving productivity and yield, centralizing procurement, and generating higher returns from our installed capacity. Our teams are identifying and resolving emerging constraints, enhancing our ability to convert strong customer demand into revenue. Growth continued to broaden this quarter, with both Advanced Purity Solutions (APS) and Materials Solutions (MS) delivering strong double-digit growth. Regionally, growth was strongest in markets investing at the leading edge.
(00:09:10)我們專注於提高製造產出、改善生產力和良率、集中採購，並從我們的安裝產能中獲得更高的回報。我們的團隊正在識別和解決新出現的限制，增強我們將強勁客戶需求轉化為收入的能力。本季度增長持續擴大，先進純度解決方案（APS）和材料解決方案（MS）均實現了強勁的兩位數增長。從地區來看，增長在投資於前沿市場的地區最為強勁。
Dave Reeder - Entegris, CEO
(00:09:40)Taiwan remained our largest growth contributor, with strong momentum also across Korea and Southeast Asia. Additionally, double-digit growth in North America highlights the breadth of growth across the semiconductor ecosystem. Unit-driven revenue accelerated from approximately 6% in the first quarter to 20% in the third quarter. This is roughly twice the rate of underlying wafer start growth we expect for the year. This revenue growth reflects both higher industry volumes and increasing Entegris content as semiconductor processes become more complex, require new materials, and new plans of record move into production.
(00:09:40)台灣仍然是我們最大的增長貢獻者，韓國和東南亞也有強勁的增長勢頭。此外，北美的兩位數增長突顯了半導體生態系統中增長的廣度。單位驅動的收入從第一季度的約 6% 加速至第三季度的 20%。這大約是我們預期的年度基礎晶圓啟動增長率的兩倍。這一收入增長反映了行業更高的產量和隨著半導體工藝變得更加複雜而增加的 Entegris 內容，並且新的計劃記錄進入生產。
Dave Reeder - Entegris, CEO
(00:10:21)And that represents only one side of our portfolio. Across our CapEx-related businesses, revenue increased from a modest decline at the start of the year to more than 35% growth in the third quarter, particularly in wafer fab equipment (WFE). We anticipated this strengthening and have been working for several quarters to unlock significant embedded capacity across our manufacturing network by adding headcount, improving productivity, and increasing inventory to better support customer demand and manage lead times.
(00:10:21)而這僅僅代表我們投資組合的一個方面。在我們的資本支出相關業務中，收入從年初的輕微下降增長到第三季度超過 35% 的增長，特別是在晶圓廠設備（WFE）方面。我們預期這一增強，並已經努力了幾個季度，以通過增加人手、提高生產力和增加庫存來釋放我們製造網絡中的顯著嵌入式產能，以更好地支持客戶需求並管理交貨時間。
Dave Reeder - Entegris, CEO
(00:10:52)Those efforts delivered strong results in the third quarter. Our teams increased production beyond expectations and converted more backlog into revenue, resulting in growth above projections. Our commercial activity is also translating into tangible wins across the portfolio. Let me provide a few examples. In APS, we recently won a significant EUV filtration application at two nanometers. In MS, we secured an advanced materials plan of record with a major smartphone and technology provider. Additionally, we won multiple CMP plans of record this quarter with leading memory providers.
(00:10:52)這些努力在第三季度取得了強勁的成果。我們的團隊超出預期地增加了產量，並將更多的積壓轉化為收入，導致增長超過預測。我們的商業活動也轉化為投資組閤中的具體勝利。讓我提供幾個例子。在 APS 中，我們最近贏得了一個重要的 EUV 過濾應用，涉及兩納米技術。在 MS 中，我們與一家主要智能手機和技術提供商確保了一個先進材料的計劃記錄。此外，我們在本季度與領先的記憶體供應商贏得了多個 CMP 計劃記錄。
Dave Reeder - Entegris, CEO
(00:11:31)These new plans of record are important proof points. They span both of our segments and multiple technology applications, demonstrating the breadth of opportunities we can address as semiconductor technologies become more complex. As these design wins move into production, they expand Entegris' content opportunity and support future growth. Reflecting strong demand, book-to-bill remains significantly above 1, with backlog up more than 35% sequentially and more than doubling compared to last year. Customers are also providing longer planning horizons, giving us greater visibility into their capacity ramps and the Entegris content required to support those ramps.
(00:11:31)這些新的計劃記錄是重要的證明點。它們涵蓋了我們的兩個細分市場和多個技術應用，展示了隨著半導體技術變得更加複雜，我們可以解決的機會的廣度。隨著這些設計勝利進入生產，它們擴大了 Entegris 的內容機會並支持未來的增長。反映出強勁的需求，訂單與出貨比仍顯著高於 1，積壓較上季度增長超過 35%，並且較去年翻了一番。客戶也提供了更長的規劃時間，讓我們對他們的產能提升和支持這些提升所需的 Entegris 內容有了更大的可見性。
Dave Reeder - Entegris, CEO
(00:12:13)Turning to profitability, We delivered another quarter of adjusted gross margin improvement, reaching 48.9%, while adjusted EBITDA margin exceeded 30%. Adjusted gross margin has expanded more than 500 basis points from a year ago, reaching the highest level in over 25 years. This improvement reflects higher volumes, improved yields, and our continued focus on productivity. These results were achieved despite continued investments to support future incremental customer demand, along with higher performance-based compensation; notably, these strong results are independent of any material pricing benefit.
(00:12:13)轉向盈利能力，我們實現了另一個季度的調整後毛利率改善，達到 48.9%，而調整後的 EBITDA 利潤率超過 30%。調整後毛利率較一年前擴大了 500 多個基點，達到 25 年來的最高水平。這一改善反映了更高的產量、改善的良率以及我們對生產力的持續關注。儘管持續投資以支持未來的增量客戶需求，這些結果仍然得以實現，以及更高的績效基礎薪酬；值得注意的是，這些強勁的結果與任何實質性價格利益無關。
Dave Reeder - Entegris, CEO
(00:12:53)The operational improvements we are making are strengthening the underlying earnings power of the business and reinforcing our confidence in additional margin expansion over time. Stronger earnings are also translating into stronger cash generation and faster deleveraging. During the quarter, we fully repaid the 2029 term loan, marking another important step in strengthening the balance sheet and increasing our financial flexibility. Sukhi Nagesh will provide more detail in the financial section. Turning to the outlook, the industry backdrop remains supportive of continued growth and aligns with the framework we've discussed throughout the year.
(00:12:53)我們正在進行的運營改進正在增強業務的基本盈利能力，並加強我們對未來進一步擴大利潤率的信心。更強的盈利能力也轉化為更強的現金生成和更快的去槓桿化。在本季度，我們全額償還了 2029 年的定期貸款，這是加強資產負債表和提高財務靈活性的另一個重要步驟。Sukhi Nagesh 將在財務部分提供更多細節。轉向前景，行業背景仍然支持持續增長，並與我們全年討論的框架一致。
Dave Reeder - Entegris, CEO
(00:13:30)We expect approximately 8% wafer starts growth in 2026. Leading-edge logic and memory have experienced the strongest growth this year, with utilization at advanced nodes remaining high. We are also seeing gradual improvement in mainstream utilization, although that segment remains the most underutilized. Industry CapEx trends continue to strengthen. Projects are progressing from construction to equipment installation and ultimately to production. The breadth of our portfolio allows us to create value across multiple phases of the investment cycle, as customers build and equip new capacity and as those fabs move into production.
(00:13:30)我們預計 2026 年晶圓啟動增長約為 8%。先進邊緣邏輯和記憶體今年經歷了最強勁的增長，先進節點的利用率保持高位。我們還看到主流利用率逐漸改善，儘管該細分市場仍然是最未充分利用的。行業資本支出趨勢持續增強。項目正在從建設進展到設備安裝，最終進入生產。我們的投資組合的廣度使我們能夠在投資週期的多個階段創造價值，隨著客戶建立和裝備新的產能，並且這些晶圓廠進入生產。
Dave Reeder - Entegris, CEO
(00:14:08)The areas attracting the greatest investment, particularly advanced logic and advanced memory, are also among the most materials- and purity-intensive areas of semiconductor manufacturing. As technology complexity increases, so do the opportunities for greater Entegris content, reinforcing the value of our full portfolio. We are encouraged by what we are seeing across the two drivers of Entegris' business, healthy wafer demand and significant investment in the capacity that will subsequently support future wafer growth.
(00:14:08)吸引最大投資的領域，特別是先進邏輯和先進記憶體，也是半導體製造中材料和純度需求最強的領域。隨著技術複雜性增加，Entegris 內容的機會也隨之增加，強化了我們整個投資組合的價值。我們對 Entegris 業務的兩個驅動因素所看到的情況感到鼓舞，健康的晶圓需求和對將隨後支持未來晶圓增長的產能的重大投資。
Dave Reeder - Entegris, CEO
(00:14:40)In summary, the third quarter was another strong step forward for Entegris. Growth is accelerating and broadening across the business. Customer engagement is translating into new record positions, and improved execution is driving stronger financial performance. The progress we are making is tangible. We are winning with technology and solutions, increasing the output and productivity of our manufacturing network, and strengthening our financial position. There is more work ahead, but the team is delivering against our priorities, and I am encouraged by the progress we've made over the last 62 weeks.
(00:14:40)總結來說，第三季度對 Entegris 來說又是一個強勁的進步。增長正在加速並擴展至整個業務。客戶參與正在轉化為新的紀錄位置，而改善的執行力正在推動更強勁的財務表現。我們所取得的進展是有目共睹的。我們在技術和解決方案上取得了勝利，提高了我們製造網絡的產出和生產力，並加強了我們的財務狀況。還有更多的工作要做，但團隊正在按照我們的優先事項交付，我對過去 62 週所取得的進展感到鼓舞。
Dave Reeder - Entegris, CEO
(00:15:16)I want to thank our employees around the world for their hard work, dedication, and commitment to our customers. Before I close, I want to remind you that we will be hosting our Capital Markets Day on November 9th. We look forward to seeing many of you there. Today, we have focused on our third-quarter performance and the progress we are making across the business. At our Capital Markets Day, we will discuss why we believe Entegris is uniquely positioned to capitalize on the next phase of semiconductor growth, our AI-native strategy, and our roadmap for long-term value creation.
(00:15:16)我想感謝全球的員工們，感謝他們的辛勤工作、奉獻精神和對我們客戶的承諾。在結束之前，我想提醒大家，我們將於 11 月 9 日舉辦資本市場日。我們期待在那裡見到許多人。今天，我們專注於第三季度的表現以及我們在整個業務中所取得的進展。在我們的資本市場日上，我們將討論為什麼我們相信 Entegris 在把握下一階段半導體增長方面具有獨特的優勢，我們的 AI 原生策略，以及我們的長期價值創造路線圖。
Dave Reeder - Entegris, CEO
(00:15:49)We look forward to seeing you there, and if you have any questions regarding the event, please reach out to Jeff. With that, let me turn the call over to Sukhi Nagesh to discuss the financials.
(00:15:49)我們期待在那裡見到你們，如果你們對活動有任何問題，請聯繫 Jeff。這樣，我將把電話交給 Sukhi Nagesh 來討論財務狀況。
Sukhi Nagesh - Entegris, CFO
(00:16:00)Thanks, Dave, and good morning, everyone. Q3 results provide strong evidence of the operating leverage and earnings power we see in the business. We delivered record sales of $1.006 billion in Q3, an increase of 25% year-over-year and 14% sequentially. The strong revenue performance was broad-based, with Advanced Purity Solutions up 31% and Materials Solutions up 16% year-over-year. GAAP net income was $158 million, and non-GAAP net income was $190 million, an increase of 73% from a year ago. Both our top and bottom line results exceeded our guidance.
(00:16:00)謝謝，Dave，大家早上好。第三季度的結果提供了我們在業務中看到的操作槓桿和盈利能力的有力證據。我們在第三季度實現了 10.06 億美元的創紀錄銷售，同比增長 25%，環比增長 14%。強勁的收入表現是廣泛的，先進純度解決方案同比增長 31%，材料解決方案同比增長 16%。GAAP 淨收入為 1.58 億美元，非 GAAP 淨收入為 1.9 億美元，同比增長 73%。我們的營收和淨利潤結果均超過了我們的指導預期。
Sukhi Nagesh - Entegris, CFO
(00:16:41)GAAP gross margin was 49.7% [數字存疑], and adjusted gross margin was 48.9%, an improvement of 130 basis points sequentially, and 530 basis points year over year. Sequentially, adjusted gross profit increased approximately 17%, outpacing revenue growth of 14%. The sequential underlying margin improvement reflects higher volumes, fixed cost absorption, improved yield, and productivity. This gross margin improvement also offset a 30% year-over-year increase in direct factory headcount, as well as higher performance-based compensation and other investments to support customer demand.
(00:16:41)GAAP 毛利率為 49.7%，調整後毛利率為 48.9%，環比改善 130 個基點，同比改善 530 個基點。環比來看，調整後毛利潤增長約 17%，超過了 14% 的收入增長。環比的基礎毛利改善反映了更高的產量、固定成本的吸收、產量的改善和生產力的提高。這一毛利改善也抵消了直接工廠人數同比增長 30%，以及為支持客戶需求而增加的基於績效的薪酬和其他投資。
Sukhi Nagesh - Entegris, CFO
(00:17:26)Operating expenses on a GAAP basis were approximately $270 million and approximately $223 million on a non-GAAP basis, or 22.1% of sales. The year-over-year increase primarily reflects higher performance-based compensation associated with our stronger results. Adjusted EBITDA was $303 million, or 30.2% of sales, compared with 27.3% a year ago and 28.4% in the second quarter. That represents approximately 290 basis points of year-over-year margin expansion. The GAAP tax rate in Q3 was 15%, and the non-GAAP tax rate was 16%.
(00:17:26)GAAP 基礎的營業費用約為 2.7 億美元，非 GAAP 基礎的營業費用約為 2.23 億美元，佔銷售的 22.1%。同比增長主要反映了與我們更強勁的結果相關的基於績效的薪酬的增加。調整後的 EBITDA 為 3.03 億美元，佔銷售的 30.2%，相比之下，去年為 27.3%，第二季度為 28.4%。這代表著約 290 個基點的同比毛利擴張。第三季度的 GAAP 稅率為 15%，非 GAAP 稅率為 16%。
Sukhi Nagesh - Entegris, CFO
(00:18:09)GAAP diluted EPS was $1.03 per share, and non-GAAP EPS was $1.23 per share, an increase of 71% year-over-year. The combination of approximately 25% revenue growth, 530 basis points of adjusted gross margin expansion, and 71% growth in non-GAAP EPS demonstrates the earnings leverage we are generating. Improved execution is translating higher volumes into stronger profitability. Now switching to our segments. Materials Solutions delivered third-quarter sales of $404 million, up 16% year-over-year and 9% sequentially.
(00:18:09)GAAP 稀釋每股收益為每股 1.03 美元，非 GAAP 每股收益為每股 1.23 美元，同比增長 71%。約 25% 的收入增長、530 個基點的調整後毛利擴張和 71% 的非 GAAP 每股收益增長的組合展示了我們所產生的盈利槓桿。改善的執行力將更高的產量轉化為更強的盈利能力。現在轉向我們的各個業務部門。材料解決方案在第三季度實現了 4.04 億美元的銷售，同比增長 16%，環比增長 9%。
Sukhi Nagesh - Entegris, CFO
(00:18:52)Growth accelerated meaningfully from the second quarter, and the segment delivered its highest quarterly revenue since Q3 2023. This growth was broad-based across all major product categories and regions, reflecting stronger production volumes at advanced nodes and increasing demand for materials used to manufacture at the leading edge. The strength was evident across CMP consumables, advanced deposition materials, specialty gases, and coatings. Materials Solutions' adjusted segment margin was approximately 20.4%.
(00:18:52)增長從第二季度顯著加速，該部門實現了自 2023 年第三季度以來的最高季度收入。這一增長在所有主要產品類別和地區都是廣泛的，反映了先進節點的生產量增強和用於製造前沿材料的需求增加。這一強勁表現在 CMP 消耗品、先進沉積材料、特種氣體和塗料中均有體現。材料解決方案的調整後部門毛利率約為 20.4%。
Sukhi Nagesh - Entegris, CFO
(00:19:28)Higher volume and improved productivity drove the margin expansion, offset by continued investments in capacity and resources needed to support customer demand. Advanced Purity Solutions delivered Q3 sales of $605 million, up 31% year-over-year and 18% sequentially, reaching a new quarterly record. Growth was broad across most products and geographies, reflecting the dual exposure of the APS portfolio.
(00:19:28)更高的產量和改善的生產力推動了毛利擴張，抵消了為支持客戶需求而持續增加的產能和資源投資。先進純度解決方案在第三季度實現了 6.05 億美元的銷售，同比增長 31%，環比增長 18%，創下新的季度紀錄。增長在大多數產品和地區都是廣泛的，反映了 APS 產品組合的雙重曝光。
Sukhi Nagesh - Entegris, CFO
(00:19:59)Higher production, advanced node transitions, and incremental contamination control requirements drove increased demand for our filtration and purification products, while accelerating capital investments primarily centered around leading-edge capacity drove demand for our microenvironments, fluid management, and CAPEX-related products. Adjusted operating margin for our APS segment was 34.4% for the quarter. This margin expanded both year-over-year and sequentially. The improvement was driven by higher production volumes, operating leverage, productivity improvements, and favorable mix.
(00:19:59)更高的產量、先進節點的轉換以及增量的汙染控制要求推動了我們過濾和純化產品的需求增加，而主要集中在前沿產能的加速資本投資則推動了我們微環境、流體管理和資本支出相關產品的需求。我們 APS 部門的調整後營業毛利率在本季度為 34.4%。這一毛利率同比和環比均有所擴張。這一改善是由於更高的產量、操作槓桿、生產力改善和有利的產品組合推動的。
Sukhi Nagesh - Entegris, CFO
(00:20:43)These benefits more than offset higher performance-based compensation and the additional resources we are adding to support customer demand. Switching next to cash flow and the balance sheet, we delivered record operating cash flow, and record free cash flow of $224 million in the third quarter, or 22.2% of sales. This reflects higher earnings, lower capital spending, and continued working capital improvements. The strength of our cash flow generation enabled us to fully retire our term loan in Q3 ahead of schedule.
(00:20:43)這些好處超過了基於績效的薪酬增加和我們為支持客戶需求而增加的額外資源。接下來轉向現金流和資產負債表，我們實現了創紀錄的營運現金流，第三季度的自由現金流達到 2.24 億美元，佔銷售的 22.2%。這反映了更高的收益、更低的資本支出和持續的營運資本改善。我們的現金流產生能力使我們能夠提前在第三季度全額償還我們的定期貸款。
Sukhi Nagesh - Entegris, CFO
(00:21:19)As a result, net leverage improved to 2.9 times at the end of Q3. We now expect to end the year at approximately 2.7 times, reflecting more than a full turn of improvement from where we began the year. The combination of stronger earnings, improved cash generation, and debt repayment is increasing our financial flexibility and positioning us to invest in future growth opportunities while maintaining a disciplined approach to capital allocation. Moving on to the details of our fourth-quarter outlook.
(00:21:19)因此，淨槓桿在第三季度末改善至 2.9 倍。我們現在預期年末的淨槓桿約為 2.7 倍，這反映出比年初改善了一整個回合。更強的收益、改善的現金產生和債務償還的結合，正在提高我們的財務靈活性，並使我們能夠在保持資本配置紀律的同時，投資於未來的增長機會。接下來是我們第四季度展望的詳細信息。
Sukhi Nagesh - Entegris, CFO
(00:21:55)We expect Q4 sales to range between $1.025 billion and $1.055 billion. At the midpoint, this represents a year-over-year increase of approximately 26%, building on the strong performance we delivered in Q3. Gross margin is expected to be between 49.2% and 49.7%, both on a GAAP and non-GAAP basis. At the midpoint, this represents approximately 50 basis points of sequential improvement and approximately 550 basis points of improvement year-over-year. At the midpoint, we expect GAAP operating expenses of approximately $272 million and non-GAAP operating expenses of approximately $227 million, reflecting higher variable compensation and investments to support the growth across our portfolio.
(00:21:55)我們預計第四季度的銷售額將在 10.25 億美元到 10.55 億美元之間。在中點上，這代表著同比增長約 26%，建立在我們在第三季度交出的強勁表現之上。預計毛利率將在 49.2% 到 49.7% 之間，無論是根據 GAAP 還是非 GAAP 標準。在中點上，這代表著約 50 個基點的順序改善和約 550 個基點的同比改善。在中點上，我們預計 GAAP 營業費用約為 2.72 億美元，非 GAAP 營業費用約為 2.27 億美元，反映出更高的變動薪酬和支持我們整個產品組合增長的投資。
Sukhi Nagesh - Entegris, CFO
(00:22:50)At the midpoint, we expect Q4 adjusted EBITDA margin to be approximately 31%, representing more than 40% growth in adjusted EBITDA year-over-year, significantly outpacing revenue growth and demonstrating the operating leverage in our model. Additionally, we expect net interest expense to be approximately $40 million, a non-GAAP tax rate of approximately 15%, and depreciation of approximately $34 million. Based on these assumptions and approximately 154 million shares outstanding, we expect GAAP EPS between $1.09 and $1.17 per share, and non-GAAP EPS between $1.32 and $1.40 per share.
(00:22:50)在中點上，我們預計第四季度的調整後 EBITDA 利潤率約為 31%，這代表著調整後 EBITDA 同比增長超過 40%，顯著超過收入增長，並顯示出我們模型中的運營槓桿。此外，我們預計淨利息費用約為 4000 萬美元，非 GAAP 稅率約為 15%，折舊約為 3400 萬美元。根據這些假設和約 1.54 億股的流通股數，我們預計 GAAP 每股收益在 1.09 美元到 1.17 美元之間，非 GAAP 每股收益在 1.32 美元到 1.40 美元之間。
Sukhi Nagesh - Entegris, CFO
(00:23:38)Finally, we expect our capital expenditures to be approximately $200 million for 2026, about one-third lower than last year. Looking ahead to our first-quarter revenue expectations, we expect the momentum to continue. Based on our current visibility, fewer days in Q1 versus Q4, and typical industry seasonality, we expect revenue to decline by a mid-single-digit percentage compared to Q4, but increase by more than 20% year-over-year. Stepping back, the financial progression of the business is clear and increasingly visible in our results.
(00:23:38)最後，我們預計 2026 年的資本支出約為 2 億美元，比去年低約三分之一。展望我們第一季度的收入預期，我們預計這一勢頭將持續。根據我們目前的可見性，第一季度的天數少於第四季度，並且考慮到行業的典型季節性，我們預計收入將比第四季度下降中單位數百分比，但同比增長超過 20%。從整體來看，業務的財務進展是明確的，並在我們的結果中越來越明顯。
Sukhi Nagesh - Entegris, CFO
(00:24:18)We are translating strong revenue growth into even stronger earnings and cash flow growth while continuing to strengthen our balance sheet. Our fourth-quarter outlook reflects continued operating progress and a strong close to the year that we expect to build on in 2027. We look forward to sharing more with you at our Capital Markets Day on November 9th. With that, Operator, let's open the line for questions.
(00:24:18)我們正在將強勁的收入增長轉化為更強勁的收益和現金流增長，同時繼續加強我們的資產負債表。我們的第四季度展望反映了持續的運營進展和強勁的年末收官，我們預期在 2027 年將在此基礎上進一步發展。我們期待在 11 月 9 日的資本市場日與您分享更多信息。那麼，操作員，讓我們開放提問環節。
Q&A Operator - Operator
(00:24:46)The floor is now open for questions. At this time, if you have a question or comment, please press star 1 on your telephone keypad. If at any point your question is answered, you may remove yourself from the queue by pressing star 2. Again, we ask that you pick up your handset when posing your questions to provide optimal sound quality. Thank you. Our first question is coming from Melissa Weathers with Deutsche Bank. Your line is open.
(00:24:46)現在可以開始提問。此時，如果您有問題或評論，請在您的電話鍵盤上按星號 1。如果在任何時候您的問題得到回答，您可以通過按星號 2 來退出隊列。再次提醒您，在提問時請拿起您的話筒，以提供最佳的音質。謝謝。我們的第一個問題來自德意志銀行的梅莉莎·韋瑟斯。您的線路已開通。
Melissa Weathers - Deutsche Bank, Analyst
(00:25:19)Thanks for letting me ask the question. Congratulations on reaching the billion-dollar mark. It's very exciting. Thanks, Melissa. So, if we could unpack the upside in the quarter versus your guidance, I want to understand how much was incremental supply coming on, how much was demand strengthening, and any other insights on the supply side you can provide.
(00:25:19)感謝您讓我提問。恭喜您達到十億美元的里程碑。這非常令人興奮。謝謝，梅莉莎。那麼，如果我們能夠分析一下本季度的上行與您的指導相比，我想了解有多少是增量供應的增加，有多少是需求的增強，以及您能提供的任何其他供應方面的見解。
Dave Reeder - Entegris, CEO
(00:25:47)Morning, Melissa. The revenue beat for the third quarter really came down to execution. Demand was strong. The team's increased production and throughput exceeded our expectations, allowing us to convert more demand and backlog into revenue. From a strength perspective, we saw strength across the portfolio, particularly in our CapEx-related businesses, as expected. Internally, we're continuing to strengthen our ability to serve that demand and backlog we see both today and in the future. Our commercial engagements remain very strong.
(00:25:47)早安，梅莉莎。第三季度的收入超出預期主要歸功於執行力。需求強勁。團隊的生產和產量超出了我們的預期，使我們能夠將更多的需求和積壓轉化為收入。從強度的角度來看，我們在整個產品組閤中看到了強勁的表現，特別是在我們的資本支出相關業務中，這是預期之中的。在內部，我們正在繼續加強我們滿足我們今天和未來所看到的需求和積壓的能力。我們的商業合作仍然非常強勁。
Dave Reeder - Entegris, CEO
(00:26:25)Customers are providing longer planning horizons and lead times. We're continuing to win new plans of record across both segments of the business. And we're unlocking the capacity we discussed around this time last year for 2025. We're improving productivity. We're ultimately increasing our output and becoming a stronger, more responsive, and more reliable partner. Sukhi Nagesh, is there anything you'd like to add? Yes, sure.
(00:26:25)客戶提供了更長的計劃時間和交貨時間。我們正在繼續在業務的兩個部分贏得新的記錄計劃。我們正在解鎖去年這個時候討論的 2025 年的產能。我們正在提高生產力。我們最終正在增加產出，成為一個更強大、更具反應能力和更可靠的合作夥伴。蘇基·納吉什，您有什麼想補充的嗎？是的，當然。
Sukhi Nagesh - Entegris, CFO
(00:26:55)Hi, Melissa. In addition to the revenue growth, we saw a gross margin expansion of about 130 basis points sequentially. This improvement was mainly driven by the higher sales volume that Dave just mentioned, which also generated meaningful operating leverage for the company. The strong production output, factory absorption, yield initiatives, and reductions in E&O, inventory, scrap, and rework all contributed positively to the margin. This was despite higher incentive compensation, labor, and overhead investments to support the ramp.
(00:26:55)嗨，梅莉莎。除了收入增長外，我們還看到毛利率環比擴張約 130 個基點。這一改善主要是由於戴夫剛提到的銷售量增加，這也為公司帶來了顯著的營運槓桿。強勁的生產產出、工廠吸收、產量提升措施，以及在 E&O、庫存、廢料和返工方面的減少，都對毛利率產生了積極影響。儘管為了支持 RAM 而增加了更高的激勵薪酬、勞動力和間接費用投資，但這一點仍然成立。
Sukhi Nagesh - Entegris, CFO
(00:27:35)Taking all of this together, we are quite pleased with how we landed on the gross margin for the quarter. Melissa, did you have a follow-up?
(00:27:35)綜合考慮所有這些因素，我們對本季度的毛利率感到相當滿意。梅莉莎，你有後續問題嗎？
Melissa Weathers - Deutsche Bank, Analyst
(00:27:45)I did. Thank you, guys. I appreciate the guidance you're providing for the first quarter of next year. It sounds like there might be a seasonal decline or something else to consider, but... If I may be greedy, do you have any initial outlook on 2027 and how we should think about MSI and CapEx growth relative to WFE?
(00:27:45)我有。謝謝你們，大家。我感謝你們對明年第一季度的指導。聽起來可能會有季節性下降或其他需要考慮的因素，但……如果我可以貪心一點，你對 2027 年的初步展望是什麼？我們應該如何看待 MSI 和資本支出增長相對於 WFE？
Dave Reeder - Entegris, CEO
(00:28:14)Sure. For 2027, while we are not providing formal guidance today, we believe the industry outlook is very constructive. This is true across all of our major demand drivers. The demand we are seeing today gives us increasing confidence that the momentum exiting 2026 will carry well into 2027. On the unit side, industry forecasts suggest MSI growth will broadly match what we saw this year. Ultimately, all the CapEx we are adding will translate into wafer starts. This bodes well for MSI, both as 2026 transitions into 2027 and beyond into 2028.
(00:28:14)當然。對於 2027 年，雖然我們今天不提供正式指導，但我們相信行業前景非常積極。這在我們所有主要需求驅動因素中都是如此。我們今天看到的需求讓我們越來越有信心，2026 年結束時的勢頭將持續到 2027 年。在單位方面，行業預測顯示 MSI 增長將大致與我們今年看到的相匹配。最終，我們增加的所有資本支出將轉化為晶圓啟動。這對於 MSI 來說是個好兆頭，無論是 2026 年過渡到 2027 年，還是進一步到 2028 年。
Dave Reeder - Entegris, CEO
(00:29:06)Next year, indications point to another strong double-digit growth year for both WFE and fab construction. Based on current momentum and market conditions, we believe the setup is favorable for us and the industry as we exit 2026 and move into 2027. We will discuss this further at Capital Markets Day.
(00:29:06)明年，跡象顯示 WFE 和晶圓廠建設都將迎來另一個強勁的雙位數增長年。根據目前的勢頭和市場條件，我們相信在 2026 年結束並進入 2027 年時，對我們和行業的設置都是有利的。我們將在資本市場日進一步討論這一點。
Operator - Operator
(00:29:40)We'll now take our next question from Elizabeth Sun with Citi. Your line is open.
(00:29:40)現在我們將接下來的問題交給來自花旗的伊莉莎白·孫。你的線路已開通。
Elizabeth Sun - Citi, Analyst
(00:29:47)Good morning. Thanks for taking my question, and congratulations on the strong results and execution. My first question is: you had about 25% year-over-year growth in Q3 and are expecting over 20% growth in Q4 and Q1 as well. Given your strong and growing backlog, is there any reason to think this momentum will not continue into next year? Also, with your strong backlog, are your suppliers prepared for this demand? Are you seeing any emerging constraints on that front?
(00:29:47)早安。感謝你們回答我的問題，並祝賀你們取得強勁的業績和執行。我的第一個問題是：你們在第三季度的年增長約為 25%，並預計第四季度和第一季度也將超過 20% 的增長。鑑於你們強勁且不斷增長的訂單積壓，有沒有理由認為這一勢頭不會持續到明年？此外，鑑於你們的強勁訂單積壓，你們的供應商是否已為這一需求做好準備？你們在這方面是否看到任何新出現的限制？
Dave Reeder - Entegris, CEO
(00:30:25)Thanks. Thanks, Elizabeth. We are very pleased with the momentum in the business. As you noted, Q3 showed about 25% year-over-year growth at the midpoint of guidance, with similar expectations for Q4. We also anticipate a comparable growth rate for Q1 next year, despite the typical seasonal decline from Q4 to Q1. There is tremendous momentum in the business in the second half of the year. Some of this is market-driven. However, the majority is due to our strong performance. So, We are pleased with the demand environment and even more so with how the team has executed the initiatives implemented in the latter half of 2025.
(00:30:25)謝謝。謝謝，伊莉莎白。我們對業務的勢頭感到非常滿意。正如你所提到的，第三季度在指導中點顯示出約 25% 的年增長，對於第四季度也有類似的預期。儘管從第四季度到第一季度通常會有季節性下降，但我們也預計明年第一季度的增長率將相當。在今年下半年，業務勢頭非常強勁。其中一些是市場驅動的。然而，大部分是由於我們的強勁表現。所以，我們對需求環境感到滿意，更加滿意的是團隊在 2025 年下半年執行的各項舉措。
Dave Reeder - Entegris, CEO
(00:31:20)These initiatives are beginning to yield results in 2026 and bode well for 2027. From a supplier perspective, to broaden the view a bit, last year at this time, I mentioned we had significantly more than a billion dollars of incremental capacity in our network. I chose those words carefully to indicate we had well over capacity to meet 2027 demand and beyond. Obviously, we will need to invest to address some inevitable pinch points, but we feel confident in our ability to satisfy demand. Regarding suppliers, we have been working closely with customers to understand and validate their demand, then internally
(00:31:20)這些舉措開始在 2026 年產生效果，並為 2027 年帶來好兆頭。從供應商的角度來看，稍微擴大一下視野，去年這個時候，我提到我們的網絡中有超過十億美元的增量產能。我小心地選擇了這些詞，以表明我們擁有遠超過滿足 2027 年及以後需求的產能。顯然，我們需要投資以應對一些不可避免的瓶頸，但我們對滿足需求的能力充滿信心。關於供應商，我們一直在與客戶密切合作，以瞭解和驗證他們的需求，然後在內部
Dave Reeder - Entegris, CEO
(00:32:28)compare that to our capacity, and further down into our supply chain to ensure readiness to support the anticipated demand. We feel good about that. There will inevitably be some pinch points. We've already proactively identified some issues and have been able to address several of them. I'm sure there will be more challenges in the future. However, we feel confident about how we've ramped up to our current position, identified the necessary ramp for Q4 and Q1, and are now addressing additional pinch points.
(00:32:28)將其與我們的產能進行比較，並深入到我們的供應鏈中，以確保準備好支持預期的需求。我們對此感到滿意。不可避免地會出現一些瓶頸。我們已經主動識別了一些問題，並能夠解決其中幾個。我相信未來會有更多挑戰。然而，我們對於如何提升到目前的狀態感到自信，已經識別出第四季度和第一季度所需的增長，並且現在正在解決其他瓶頸。
Dave Reeder - Entegris, CEO
(00:33:11)Elizabeth, did you have any follow-up questions?
(00:33:11)伊莉莎白，你有任何後續問題嗎？
Elizabeth Sun - Citi, Analyst
(00:33:15)Yes, thank you for the insights. For my follow-up, I have a high-level question. Recently, LAM highlighted that AI is driving demand across different memory tiers. They mentioned QLC, TLC, and especially SLC emerging as a new tier for AI storage in the generative AI space. I'm curious about Entegris's perspective on this. Obviously, it's positive since demand is shifting towards SLC. This represents roughly a two-point increase in refer capacity [待確認]. So, this is beneficial for wafer starts. But I'm interested in how Entegris's content varies across these different technologies.
(00:33:15)是的，謝謝你的見解。對於我的後續問題，我有一個高層次的問題。最近，LAM 強調 AI 正在推動不同記憶層級的需求。他們提到了 QLC、TLC，特別是 SLC 作為生成 AI 領域中 AI 存儲的新層級。我對 Entegris 在這方面的看法感到好奇。顯然，這是正面的，因為需求正在轉向 SLC。這大約代表了參考容量的兩個百分點增長。因此，這對晶圓啟動是有利的。但我對 Entegris 在這些不同技術中的內容變化感興趣。
Dave Reeder - Entegris, CEO
(00:34:02)As you know, and as we've often discussed at Entegris, we embrace technology transitions. We have a broad presence. We supply all memory providers as well as both mainstream and advanced logic segments. As technology becomes more complex, it allows us to outperform with increased content, more layers, and greater wafer growth. We're excited about the technology transitions driven by the complexity and performance demands of AI, which we believe bode well for Entegris.
(00:34:02)正如你所知，正如我們在 Entegris 經常討論的，我們擁抱技術轉型。我們有廣泛的市場存在。我們供應所有記憶體供應商，以及主流和先進邏輯領域。隨著技術變得越來越複雜，這使我們能夠以更高的內容、更層次和更大的晶圓增長來超越競爭。我們對於由 AI 的複雜性和性能需求驅動的技術轉型感到興奮，我們相信這對 Entegris 是有利的。
Elizabeth Sun - Citi, Analyst
(00:34:53)Great. Thanks, Dave.
(00:34:53)很好。謝謝你，戴夫。
Chris Parkinson - Wolfe Research, Analyst
(00:34:55)Thank you, Elizabeth.
(00:34:55)謝謝你，伊莉莎白。
Jeffrey Schnell - Entegris, Investor Relation
(00:35:11)Let's move to the next
(00:35:11)讓我們進入下一個
Operator - Operator
(00:35:11)question. We'll now take a question from Brian Chin with Stifel. Brian, please go ahead.
(00:35:11)問題。我們現在將接受來自 Stifel 的布萊恩·陳的提問。布萊恩，請開始。
Brian Chin - Stifel, Analyst
(00:35:19)Hi there. Good morning. Thank you for letting us ask questions, and congratulations on the strong results. For my first question, some third-party reports on MSI recently suggested 2026 growth could be in the low teens. This is an acceleration from prior high single-digit forecasts that you have also cited. Do you see this as a tailwind for unit-driven business segments in the second half? Or, as Dave mentioned, with execution and conversion being bigger near-term factors, could this MSI pickup in the latter half of this year provide more tailwind in early next year?
(00:35:19)嗨，大家好。早安。感謝你們讓我們提問，並祝賀你們取得強勁的業績。對於我的第一個問題，一些第三方報告最近指出，2026 年的增長可能在低十位數。這是從你們之前提到的高單位數預測的加速。你們認為這對下半年的單位驅動業務領域是一個利好嗎？或者，正如戴夫提到的，執行和轉換是更大的短期因素，這是否意味著今年下半年的 MSI 增長會在明年初提供更多利好？
Dave Reeder - Entegris, CEO
(00:36:07)We likely follow many of the same MSI third-party reports as you do. We consider those reports as context and content. MSI measures wafer shipments in, not actual wafer starts and shipments out. Therefore, there is typically some mismatch between shipments in and wafers moving into production. Because of this, we expect MSI growth for the year to be in the mid to high single digits—around 7 to 9 percent. We anticipate it will be slightly weighted to the second half, roughly 52% in H2 and 48% in H1 from an annual MSI perspective.
(00:36:07)我們可能跟隨許多與你們相同的 MSI 第三方報告。我們將這些報告視為背景和內容。MSI 測量的是晶圓出貨量，而不是實際的晶圓啟動和出貨。因此，通常出貨量和晶圓進入生產之間會有一些不匹配。因此，我們預計今年的 MSI 增長將在中到高的單位數之間，大約在 7% 到 9% 之間。我們預計下半年的增長會稍微偏重，從年度 MSI 的角度來看，大約 52% 在下半年，48% 在上半年。我們對晶圓增長趨勢感到鼓舞，並且在主流領域看到了一些增長。
Dave Reeder - Entegris, CEO
(00:37:14)We are encouraged by wafer growth trends and have seen a slight pickup in mainstream segments. As you know, advanced logic is pretty fully utilized. Similarly, memory is also pretty fully utilized. So, the pickup in mainstream likely reflects where the most available capacity currently exists. We find that encouraging. Our Materials Solutions business has been accelerating. In Q3, it grew about 16% year-over-year. This growth has continued to accelerate throughout the year. I believe this provides tailwinds, especially as CapEx transitions from construction to fab operations.
(00:37:14)正如你所知，先進邏輯的利用率幾乎達到滿負荷。同樣，記憶體的利用率也幾乎達到滿負荷。因此，主流的增長可能反映了目前最可用的產能所在。我們認為這是令人鼓舞的。我們的材料解決方案業務正在加速。在第三季度，它的年增長約為 16%。這一增長在整個年度中持續加速。我相信這提供了利好，特別是當資本支出從建設轉向晶圓廠運營時。我相信這提供了利好，特別是當資本支出從建設轉向晶圓廠運營時。
Dave Reeder - Entegris, CEO
(00:38:12)Build-out and kit-up for tools to fab production bode well for longer-term MSI as well. So, we feel well-positioned. The team is performing, and customer engagement has never been stronger. Brian, did you have a follow-up?
(00:38:12)工具的建設和裝備為生產提供了良好的長期 MSI 前景。所以，我們感覺自己處於良好的位置。團隊表現出色，客戶參與度從未如此強勁。布萊恩，你有後續問題嗎？
Brian Chin - Stifel, Analyst
(00:38:28)Yes, I appreciate that. That was great color, Dave. Maybe going back to something you mentioned, and also in the prepared remarks, regarding mainstream, obviously, comprising a large volume of wafers in terms of unit-driven volume. I think you mentioned geographies like Korea and maybe Southeast Asia. That might not have been specific to unit-driven volume. It might have been broader. But we have heard of a sincere pickup in utilization rates, particularly in China, where there has been significant investment capacity.
(00:38:28)是的，我很感謝這一點。這真是很好的補充，戴夫。也許回到你提到的某些內容，以及在準備的發言中，關於主流，顯然，在單位驅動的產量方面，包含了大量的晶圓。我想你提到了像韓國和東南亞這樣的地區。這可能並不特定於單位驅動的產量。這可能更廣泛。但我們聽說在利用率方面有真誠的回升，特別是在中國，那裡有顯著的投資能力。
Brian Chin - Stifel, Analyst
(00:39:04)Over the years. Is that something you can corroborate? Does that give you encouragement about what mainstream could look like moving into next year?
(00:39:04)多年來。這是你能證實的事情嗎？這是否讓你對主流在明年可能的情況感到鼓舞？
Dave Reeder - Entegris, CEO
(00:39:16)You know, regarding mainstream, let's talk broadly first. We did see a slight pickup in mainstream demand, particularly in portions tied to AI, such as power management. We also saw good performance in industrial automotive. So, I do think there was some pickup in those mainstream market segments. Again, I am speaking very broadly at this point. For mainstream, as we've discussed all year, many applications or markets require memory. And as you know, memory supply is incredibly tight. So, if the end market requires memory, you have to consider how much total memory is available and where it will be allocated.
(00:39:16)你知道，關於主流，我們先廣泛地談談。我們確實看到主流需求略有回升，特別是在與 AI 相關的部分，例如電源管理。我們在工業汽車領域也看到了良好的表現。所以，我確實認為在這些主流市場細分中有一些回升。再次強調，我目前是在非常廣泛地發言。對於主流，正如我們全年所討論的，許多應用或市場需要記憶體。而且你知道，記憶體供應非常緊張。所以，如果最終市場需要記憶體，你必須考慮可用的總記憶體量以及它將被分配到哪裡。
Dave Reeder - Entegris, CEO
(00:39:59)This creates an upper ceiling on what we can expect from mainstream in the near term until more memory capacity comes online. So, that likely limits mainstream growth until memory capacity expands. Specifically regarding China, we were flat in the quarter. I believe we were up 6% sequentially, if memory serves. We are now flat for the year in China, which I think is good momentum, considering tough comps from last year's Liberation Day. So, we've picked up momentum throughout the year in China. So, obviously, the rest of the world, which is more tied to the most advanced manufacturing, has grown the fastest.
(00:39:59)這在短期內對我們對主流的期望創造了一個上限，直到更多的記憶體產能上線。所以，這可能限制了主流的增長，直到記憶體產能擴大。特別是關於中國，我們在這一季度持平。我相信我們在記憶體服務方面環比增長了 6%。我們現在在中國的年增長持平，考慮到去年的解放日的艱難比較，我認為這是良好的動力。所以，我們在中國整個年度都獲得了動力。所以，顯然，與最先進的製造業更相關的世界其他地方增長最快。
Dave Reeder - Entegris, CEO
(00:40:56)I do think China has picked up a bit throughout the year, and that is probably true broadly as well as for us specifically. Thank you for the question, Brian.
(00:40:56)我確實認為中國在整個年度中有所回升，這對我們來說可能也是如此。謝謝你的問題，布萊恩。
Operator - Operator
(00:41:07)Thank you. Thank you. We'll go next to Aleksey Yefremov at Barclays.
(00:41:07)謝謝。謝謝。接下來我們將轉到巴克萊的阿列克謝·葉夫列莫夫。
Aleksey Yefremov - Barclays, Analyst
(00:41:15)Good morning. Congratulations on a great quarter. I wanted to ask my first question about the incremental margins. They were quite strong. Should we expect this near term given potential investment needs to support growth? Also, could you address the differences in incremental margins between the two segments?
(00:41:15)早安。恭喜你們取得了優異的季度成績。我想問我的第一個問題關於增量利潤。它們相當強勁。鑒於支持增長的潛在投資需求，我們應該在短期內期待這一點嗎？此外，你能否說明兩個細分市場之間增量利潤的差異？
Sukhi Nagesh - Entegris, CFO
(00:41:43)Yes, Aleksey, thank you for the question. As you pointed out, our incremental gross margin is close to 60%, and our incremental EBITDA margin is greater than 40%, which aligns with our targets. I believe we mentioned this before. This is how we want to run our operations. It was a combination of many small execution items. Much of this is self-help. We talked a little bit about Productivity and yield initiatives, as well as how we managed to control inventory and scrap. Many people, especially our manufacturing team, did a fantastic job producing more from our factories during the quarter.
(00:41:43)是的，阿列克謝，謝謝你的問題。正如你所指出的，我們的增量毛利率接近 60%，而我們的增量 EBITDA 利潤率超過 40%，這與我們的目標一致。我相信我們之前提到過這一點。這是我們希望運營的方式。這是許多小執行項目的組合。這其中很多是自我幫助。我們稍微談了一下生產力和產量的倡議，以及我們如何管理庫存和廢料。許多人，特別是我們的製造團隊，在本季度內從工廠生產更多產品方面做得非常出色。
Sukhi Nagesh - Entegris, CFO
(00:42:30)We believe this positive trend will likely continue as we move into next year. Do you have a follow-up question, Alexei?
(00:42:30)我們相信這一積極趨勢在明年將可能持續下去。你有後續問題嗎，Alexei？
Aleksey Yefremov - Barclays, Analyst
(00:42:38)Yes, thank you. Dave, you mentioned that some of the sequential sales increase was due to unlocking manufacturing capacity or improved productivity. To what extent was this sequential increase driven by market demand versus your internal ability to serve existing demand?
(00:42:38)是的，謝謝。Dave，你提到部分連續銷售增長是由於釋放製造能力或提高生產力。這一連續增長在多大程度上是由市場需求驅動的，而不是你們內部滿足現有需求的能力？
Dave Reeder - Entegris, CEO
(00:43:04)I believe the vast majority was our ability to satisfy demand that was already in front of us, though we were uncertain if we could complete it within the quarter. We noted that the book-to-bill ratio has been quite robust. Looking at where we significantly outperformed, yes, we exceeded expectations. This outperformance was evident on the CapEx side of the business, but also on unit sales. I would say CapEx-related revenue was the biggest contributor to the outperformance. As the quarter progressed, we also saw more unit pull-through than originally expected.
(00:43:04)我相信絕大多數是我們滿足已經存在的需求的能力，儘管我們不確定是否能在本季度內完成。我們注意到訂單與發貨比率相當穩健。看看我們顯著超出預期的地方，是的，我們超出了預期。這一超出表現明顯體現在資本支出方面，但在單位銷售上也有體現。我會說與資本支出相關的收入是超出表現的最大貢獻者。隨著季度的推進，我們也看到了比最初預期更多的單位拉動。
Dave Reeder - Entegris, CEO
(00:43:44)So, both demand in front of us and quarterly consumption performed well. However, the performance was weighted slightly more toward the CapEx business than the unit-driven business for Q3. Thank you, Alexei.
(00:43:44)因此，面前的需求和季度消耗表現良好。然而，第三季度的表現稍微偏向於資本支出業務，而不是單位驅動業務。謝謝你，Alexei。
Operator - Operator
(00:44:07)Thank you. Next, we'll go to Timothy Arcuri with UBS.
(00:44:07)謝謝。接下來，我們將轉到來自瑞銀的 Timothy Arcuri。
Timothy Arcuri - UBS, Analyst
(00:44:13)Thanks a lot. Dave, I know you will probably address this. You will definitely discuss it at the analyst day, but could you give us a sneak peek on the rubric for growth versus the market? You used to mention four to six points of outgrowth, but recently it's been quite variable. You were mostly undergrowing. You undergrew in 2025 and during the first half of this year, but in the most recent quarter, you were about eight points above the market. Could you provide some guidance on how to think about this rubric?
(00:44:13)非常感謝。Dave，我知道你可能會談到這個。你肯定會在分析師日上討論，但你能給我們一個關於增長與市場的標準的預覽嗎？你以前提到過四到六個增長點，但最近變化相當大。你大多數時間都是低於增長的。你在 2025 年和今年上半年都低於增長，但在最近的季度中，你的增長約高出市場八個點。市場。你能提供一些指導，讓我們瞭解這個標準嗎？
Timothy Arcuri - UBS, Analyst
(00:44:44)Is it still around four to six points? Or is it less than that? Thanks.
(00:44:44)還是大約四到六個點？還是少於這個？謝謝。
Dave Reeder - Entegris, CEO
(00:44:49)Thanks for the question, Tim. I'll give you an unsatisfying answer, but I won't make you wait entirely until Capital Markets Day. For a more complete answer, please join us on November 9th at Capital Markets Day. In the meantime, to help you a bit, it will be somewhat consistent with what we've articulated before, and we'll provide much more detail at Capital Markets
(00:44:49)謝謝你的問題，Tim。我會給你一個不太令人滿意的答案，但我不會讓你等到資本市場日。要獲得更完整的答案，請於 11 月 9 日參加資本市場日。在此期間，為了幫助你一些，這將與我們之前所表達的內容大致一致，我們將在資本市場日提供更多細節。
Timothy Arcuri - UBS, Analyst
(00:45:15)Day. Okay. Sukhi Nagesh, can you speak to the margin impact from Colorado and KSP? I know you're doing great. I believe KSP is still dilutive this year and probably next year as well. And Colorado is still in qualification. I think it's expected to break even maybe in late 2027 or early 2028. Can you discuss the impact from those? I'm trying to understand what a clean gross margin would be without those factors.
(00:45:15)好的。Sukhi Nagesh，你能談談科羅拉多州和 KSP 的利潤影響嗎？我知道你做得很好。我相信 KSP 今年仍然會造成稀釋，可能明年也是如此。而科羅拉多州仍在資格認證中。我認為預計在 2027 年底或 2028 年初會達到盈虧平衡。你能談談這些的影響嗎？我想了解如果沒有這些因素，淨毛利會是多少。
Sukhi Nagesh - Entegris, CFO
(00:45:46)That's a good question. Um. Regarding KSP, we actually reached break-even in Q3. This is a significant accomplishment for the team. We achieved break-even in Q3. Looking ahead to next year, including this quarter and Q4, we're excited about the ramp-up at KSP South. Regarding Colorado, we are currently focused on customer qualifications. The facility is operational. It is producing samples now, and we expect revenue to begin next year. So, there is approximately a 12-month lag between Rockrimmon and KSP South.
(00:45:46)這是一個好問題。嗯。關於 KSP，我們實際上在第三季度達到了盈虧平衡。這對團隊來說是一個重要的成就。我們在第三季度達到了盈虧平衡。展望明年，包括本季度和第四季度，我們對 KSP 南部的增長感到興奮。關於科羅拉多州，我們目前專注於客戶資格認證。該設施已經投入運營。現在正在生產樣品，我們預計明年開始產生收入。因此，Rockrimmon 和 KSP South 之間大約有 12 個月的延遲。
Sukhi Nagesh - Entegris, CFO
(00:46:31)KSP South is now at breakeven on a gross profit basis, and we expect continued improvement as we move into next year.
(00:46:31)KSP South 現在在毛利基礎上達到盈虧平衡，我們預期隨著明年的到來會持續改善。
Dave Reeder - Entegris, CEO
(00:46:40)If I may, I'd like to build on that. Let me briefly expand on that point. Specifically regarding KSP's impact on enterprise gross margins, it will be dilutive through most of 2027, but by the end of 2027, it should be roughly neutral to enterprise gross margin. Colorado's timeline will lag about a year behind what we are seeing at KSP. The current numbers we are reporting fully reflect the burden of both facilities in the P&L. We will provide more detailed guidance on where we expect long-term gross margins to settle during Capital Markets Day.
(00:46:40)如果可以的話，我想在此基礎上進一步闡述。讓我簡要擴展一下這一點。具體來說，關於 KSP 對企業毛利率的影響，這在 2027 年的大部分時間內會造成稀釋，但到 2027 年底，它應該對企業毛利率大致中性。科羅拉多州的時間表將比我們在 KSP 所見的滯後約一年。我們目前報告的數字充分反映了兩個設施在損益表中的負擔。我們將在資本市場日提供更詳細的指導，說明我們預期長期毛利率將穩定在哪裡。
Dave Reeder - Entegris, CEO
(00:47:19)Thank you for your question, Tim.
(00:47:19)謝謝你的提問，Tim。
Operator - Operator
(00:47:23)Thank you. Next, we'll take a question from Jim Schneider with Goldman Sachs.
(00:47:23)謝謝。接下來，我們將接受來自高盛的 Jim Schneider 的提問。
Jim Schneider - Goldman Sachs, Analyst
(00:47:28)Good morning. Thank you for taking my question. Following up on the previous question, could you share your overall view on whether, if revenue continues to increase over the next couple of years as the industry expects, you believe you have sufficient capacity with the ramp-ups in Colorado, KSP, and other sites? Also, are you reconsidering any shutdowns or optimizations of your existing manufacturing base? Good morning, Jim.
(00:47:28)早安。謝謝你接受我的提問。在前一個問題的基礎上，你能分享一下你對未來幾年如果收入如行業預期持續增長的整體看法嗎，你認為你在科羅拉多州、KSP 和其他地點的擴張是否有足夠的產能？此外，你是否在重新考慮關閉或優化現有的製造基地？早安，Jim。
Dave Reeder - Entegris, CEO
(00:47:58)As you mentioned, we have strong demand. We have strong momentum. We have aligned that demand profile with our internal capacity models. We feel confident about our positioning for 2027. We are also optimistic about what 2028 could look like. Overall, we feel good about our four-wall capacity. We believe there is significant capacity remaining in our network to optimize. We plan to deliver through the four main areas I have consistently highlighted. These are network optimization, centralization of procurement with all suppliers, yield improvements, and productivity initiatives across labor and equipment.
(00:47:58)正如你所提到的，我們有強勁的需求。我們有強勁的動能。我們已經將這一需求輪廓與我們的內部產能模型對齊。我們對 2027 年的定位感到自信。我們對 2028 年的前景也持樂觀態度。總體而言，我們對我們的四面牆產能感到良好。我們相信在我們的網絡中仍有顯著的產能可以優化。我們計劃通過我一直強調的四個主要領域來實現交付。這些是網絡優化、與所有供應商的採購集中化、產量改善以及在勞動力和設備上的生產力倡議。
Dave Reeder - Entegris, CEO
(00:48:35)We feel very confident about our capacity in these areas. We will continuously evaluate capacity and recognize there will be pinch points. We will work to alleviate those constraints and selectively invest CapEx to unlock capacity. Did you have a follow-up question, Jim? Yes, please.
(00:48:35)我們對這些領域的產能非常有信心。我們將持續評估產能，並認識到會有瓶頸。我們將努力緩解這些限制，並選擇性地投資資本支出以釋放產能。Jim，你有後續問題嗎？是的，請。
Jim Schneider - Goldman Sachs, Analyst
(00:49:06)I realize this may be addressed at Investor Day, but I am curious. A little over a year ago, when you joined the company, you mentioned potentially expanding the customer focus and broadening the sales catchment for Entegris. Could you provide an update on how that evaluation is progressing? Certainly.
(00:49:06)我意識到這可能會在投資者日上討論，但我很好奇。一年多前，當你加入公司時，你提到可能擴大客戶焦點並擴大 Entegris 的銷售範圍。你能提供一下這一評估的進展情況嗎？當然。
Dave Reeder - Entegris, CEO
(00:49:32)To summarize, and we will provide more details at Capital Markets Day, we have never had more customer and engineering engagement than we do today. We are communicating and engaging with customers earlier in their processes than ever before. This early engagement allows us to participate in roadmaps sooner, leading to plan-of-record wins for both long-term roadmaps and quicker derivative product releases based on new half-node manufacturing in fabs. We are very pleased with these efforts. You are already seeing early signs of these efforts bearing fruit, and we will discuss this further at Capital Markets Day.
(00:49:32)總結一下，我們將在資本市場日提供更多細節，我們從未像今天這樣與客戶和工程團隊的互動這麼多。我們比以往任何時候都更早地與客戶進行溝通和互動。這種早期的參與使我們能夠更早參與路線圖，從而為長期路線圖和基於新半節點製造的快速衍生產品發布帶來計劃勝利。我們對這些努力感到非常高興。你已經看到這些努力開始結出果實，我們將在資本市場日進一步討論這一點。
Dave Reeder - Entegris, CEO
(00:50:21)Thank you, Jim. Next, we will take a question from Chris Parkinson with Wolfe Research.
(00:50:21)謝謝你，Jim。接下來，我們將接受來自 Wolfe Research 的 Chris Parkinson 的提問。
Operator - Operator
(00:50:29)I'll do my best not to spoil anything for Capital Markets Day. Briefly, regarding Materials Solutions and CMP, there has been much debate recently about share gains, momentum, and your positioning in both businesses, and to a lesser extent in Advanced Purity Solutions.
(00:50:29)我會盡量不劇透資本市場日的內容。簡而言之，關於材料解決方案和 CMP，最近對市場份額增長、動能以及你在這兩個業務中的定位，以及在高級純度解決方案中的定位，進行了很多討論。
Chris Parkinson - Wolfe Research, Analyst
(00:50:38)I would appreciate your updated thoughts on where these businesses are trending, your expectations, and any differences based on competitive environments across geographies. I would like to hear your broader perspective as we approach the end of the year. Thank you. Thank you. Thank you. Thank you. Sure.
(00:50:38)我希望你能分享一下你對這些業務趨勢的最新看法、你的預期，以及根據不同地區的競爭環境的任何差異。隨著年末的臨近，我希望聽到你更廣泛的觀點。謝謝。謝謝。謝謝。謝謝。當然。
Dave Reeder - Entegris, CEO
(00:51:17)Let's quickly discuss geographies broadly, and then I'll address your question more directly. For the third quarter year-over-year, North America grew 22%, Taiwan 41%, Southeast Asia 51%, and Japan 29%. I could continue with more details. Overall, we performed well across all geographies. We saw strong performance in regions with the most advanced manufacturing. This includes both logic and memory sectors. Focusing specifically on the Materials Solutions division and CMP, MS has gained momentum throughout the year.
(00:51:17)讓我們快速討論一下各地區的情況，然後我會更直接地回答你的問題。在第三季度，北美同比增長 22%，台灣 41%，東南亞 51%，日本 29%。我可以繼續提供更多細節。總體而言，我們在所有地區的表現都很好。我們在製造業最先進的地區看到了強勁的表現。這包括邏輯和記憶體領域。專注於材料解決方案部門和 CMP，MS 在整個年度中獲得了動力。
Dave Reeder - Entegris, CEO
(00:52:00)Earlier in the year, you saw us, growing in the low single digits. We then progressed to mid to high single-digit growth. Currently, we are solidly in the double digits, possibly moving toward the upper double digits. This business is anchored by CMP and the CMP process. We feel very confident about our position in slurries. If there is one area where we could use more capacity, it is in pads. This is a small pinch point, and we are working to resolve it as quickly as possible. Overall, we feel good about this business and will discuss it further at Capital Markets Day.
(00:52:00)在年初，你看到我們，增長在低單位數範圍內。然後我們進展到中到高單位數的增長。目前，我們穩固地進入了雙位數，可能會向上雙位數邁進。這項業務以 CMP 和 CMP 過程為基礎。我們對於在漿料方面的地位感到非常自信。如果有一個領域我們需要更多產能，那就是墊片。這是一個小的瓶頸，我們正在努力儘快解決它。總體而言，我們對這項業務感到良好，並將在資本市場日進一步討論。
Dave Reeder - Entegris, CEO
(00:52:41)Do you have a follow-up, Chris?
(00:52:41)你有後續問題嗎，Chris？
Chris Parkinson - Wolfe Research, Analyst
(00:52:43)Yes, I'd also like to hear your quick thoughts. You've consistently mentioned the incremental billion dollars you can unlock over the next several years. You provided helpful insights on KSP and Colorado. I'd like to hear your broader thoughts on, now that you've been in the role for just over a year, your overall asset base utilization and perhaps how your approach has evolved given the growth trajectory. A preliminary assessment after about a year and a half would be particularly helpful. Thank you very much.
(00:52:43)是的，我也想聽聽你的快速想法。你一直提到你可以在未來幾年內解鎖的增量十億美元。你對 KSP 和科羅拉多提供了有用的見解。我想聽聽你對於，現在你已經擔任這個角色一年多，你的整體資產基礎利用率，以及考慮到增長軌跡你的方法如何演變。在大約一年半的初步評估後會特別有幫助。非常感謝。
Jim Schneider - Goldman Sachs, Analyst
(00:53:19)Sure.
(00:53:19)當然。
Chris Parkinson - Wolfe Research, Analyst
(00:53:19)Thanks, Chris.
(00:53:19)謝謝，Chris。
Dave Reeder - Entegris, CEO
(00:53:21)I'll try to be brief on this one. We can certainly explore this in more depth at Capital Markets Day. I believe there is no more attractive dollar than investing CapEx at a brownfield site—an existing facility. This is because you achieve the greatest fixed cost absorption there. You leverage the existing team and infrastructure. So, each incremental dollar invested at existing sites to drive additional scale returns value very quickly. Currently, we are investing to expand capacity at our existing locations.
(00:53:21)我會儘量簡短。我們當然可以在資本市場日進一步探討這個問題。我相信沒有比在棕地場地投資資本支出更具吸引力的美元了——一個現有的設施。這是因為你在那裡實現了最大的固定成本吸收。你利用現有的團隊和基礎設施。因此，在現有場地投資的每一個增量美元可以迅速推動額外的規模回報。目前，我們正在投資擴大現有地點的產能。
Dave Reeder - Entegris, CEO
(00:54:06)We focus on sites where we already have critical mass. Despite closing three diluted facilities, we actually have more capacity now than at the start of the year. We are optimizing our network. Our investments target locations where we have the most scale. These investments yield the highest returns and unlock the most capacity. We will continue to drive scale, efficiency, and critical mass at existing brownfield sites, while optimizing the network overall. Thank you for your question, Chris.
(00:54:06)我們專注於已經擁有關鍵規模的地點。儘管關閉了三個稀釋設施，但我們實際上現在的產能比年初還要多。我們正在優化我們的網絡。我們的投資針對的是我們擁有最大規模的地點。這些投資產生最高的回報並解鎖最多的產能。我們將繼續在現有的棕地場地推動規模、效率和關鍵規模，同時優化整體網絡。謝謝你的問題，Chris。
Chris Parkinson - Wolfe Research, Analyst
(00:54:49)Thank you.
(00:54:49)謝謝。
Operator - Operator
(00:54:52)Thank you. Next, we'll go to Charles Shi with Needham. Hi.
(00:54:52)謝謝。接下來，我們將轉到 Needham 的 Charles Shi。嗨。
Charles Shi - Needham, Analyst
(00:54:57)Thanks for taking my questions. Maybe the first one. Dave, I know this will be your second guidance update for Q1. You guided a mid-single-digit decline, but looking back at Entegris' financial history, there was a 5% sequential decline in Q1. That's not the norm. Your typical seasonality is much less than that. We would like to think that in a very strong up cycle like this year, and possibly into next year, seasonality might be disregarded. But why do you believe Q1 would decline by 5% based on current observations?
(00:54:57)謝謝你回答我的問題。也許是第一個問題。Dave，我知道這將是你對第一季度的第二次指導更新。你預測中單位數的下降，但回顧 Entegris 的財務歷史，第一季度有 5% 的環比下降。這不是常態。您的典型季節性遠低於此。我們希望在像今年這樣的強勁上升週期中，甚至可能延續到明年，季節性可能會被忽略。但為什麼您認為第一季度會根據當前觀察下降 5%？
Dave Reeder - Entegris, CEO
(00:55:40)Hey, Charles. I'll start and then hand it over to Sukhi Nagesh for more details. As you know, we typically guide one quarter at a time, and for the fourth quarter, we guided a midpoint growth of about 25%. We wanted to provide some early indications for Q1, and Sukhi Nagesh, perhaps you can elaborate.
(00:55:40)嘿，查爾斯。我會先開始，然後把時間交給 Sukhi Nagesh 以獲取更多細節。如您所知，我們通常一次指導一個季度，對於第四季度，我們指導的中點增長約為 25%。我們想提供一些第一季度的早期指示，Sukhi Nagesh，也許您可以詳細說明。
Sukhi Nagesh - Entegris, CFO
(00:56:01)Yes, as you mentioned, we guide one quarter at a time, but based on our current visibility, Charles, we continue to see very healthy demand and strong momentum. And so, but If you look at Q1, it primarily reflects normal seasonality and fewer selling days, nothing more, especially since 75% of our business is unit-driven. That's why we wanted to provide additional insight on how Q1 is expected to trend. However, the underlying momentum and customer orders remain quite strong. Did you have a follow-up, Charles?
(00:56:01)是的，正如您提到的，我們一次指導一個季度，但根據我們目前的可見性，查爾斯，我們繼續看到非常健康的需求和強勁的動能。所以，但如果您查看第一季度，它主要反映正常的季節性和較少的銷售天數，沒有其他，特別是因為我們 75% 的業務是單位驅動的。這就是為什麼我們想提供有關第一季度預期趨勢的額外見解。然而，潛在的動能和客戶訂單仍然相當強勁。查爾斯，您有後續問題嗎？
Charles Shi - Needham, Analyst
(00:56:38)Yes, maybe not trying to be more forward-looking, but looking back, 2026 shows 8% MSI. Let's say CapEx is up 30% year-over-year. The blended market growth is approximately 14%. If the math is correct, you had 300 basis points of outperformance relative to the market this year. Last year, I don't believe you had outperformance. Looking back at 2026 based on your current guidance, of that 300 basis points outperformance, what do you see as sustainable and what might be transitory? Thank you.
(00:56:38)是的，也許不是想要更具前瞻性，但回顧 2026 年顯示 8% 的 MSI。假設資本支出同比增長 30%。綜合市場增長約為 14%。如果數學正確，您今年相對於市場有 300 個基點的超額表現。去年，我不相信您有超額表現。根據您目前的指導，回顧 2026 年，在那 300 個基點的超額表現中，您認為哪些是可持續的，哪些可能是暫時的？謝謝。
Dave Reeder - Entegris, CEO
(00:57:26)Sure. The first point I'd make is that roughly 30% of our revenue is driven by CapEx. However, the majority of that is actually driven by fab starts and fab construction, which did not fall into our 2026 period. So, I would characterize our outperformance as probably a bit higher than the referenced number. But that's neither here nor there. Looking back at 2026, I think CapEx remains strong as we move into 2027. Certainly, all third-party forecasts indicate that direction. Fab construction that didn't fall into our 2026 period will likely fall into 2027.
(00:57:26)當然。我想說的第一點是，大約 30% 的收入是由資本支出驅動的。然而，大部分實際上是由晶圓廠啟動和晶圓廠建設驅動的，這並未落入我們的 2026 年期間。所以，我會將我們的超額表現描述為可能高於參考數字。但這與此無關。回顧 2026 年，我認為資本支出在我們進入 2027 年時仍然強勁。當然，所有第三方預測都表明了這一方向。未落入我們 2026 年期間的晶圓廠建設可能會落入 2027 年。
Dave Reeder - Entegris, CEO
(00:58:21)So, I think that bodes well for us. MSI is improving, driven by CapEx coming online, but also because mainstream logic has picked up slightly. We all know which fabs are under construction and which are moving into tooling, production, and qualification stages. We can map these out over time and make assumptions on their ramp-up, all of which is positive. The wild card is that 55% of MSI is driven by mainstream logic. The question is where utilization for mainstream logic will go. If it improves slightly, that would help in the second half of this year.
(00:58:21)所以，我認為這對我們來說是個好兆頭。MSI 正在改善，這是由資本支出上線驅動的，但也是因為主流邏輯稍微回升。我們都知道哪些晶圓廠正在建設，哪些正在進入工具、產量和驗證階段。我們可以隨著時間的推移將這些映射出來，並對其增長進行假設，這一切都是正面的。變數是 55% 的 MSI 是由主流邏輯驅動的。問題是主流邏輯的利用率將走向何方。如果它稍微改善，那將有助於今年下半年。
Dave Reeder - Entegris, CEO
(00:59:08)Will that improvement continue into 2027? If so, that would be another positive factor. Thank you for your question, Charles.
(00:59:08)這種改善會持續到 2027 年嗎？如果是，那將是另一個正面因素。謝謝您的提問，查爾斯。
Operator - Operator
(00:59:22)Thank you. We'll go next to Edward Yang with Oppenheimer. Hi, Dave.
(00:59:22)謝謝。接下來我們將轉到 Oppenheimer 的 Edward Yang。嗨，戴夫。
Edward Yang - Oppenheimer, Analyst
(00:59:28)Sukhi Nagesh, thanks for your time. Just a final question on the first quarter revenue moderation you're seeing, related to seasonality. Could you break that down between Materials Solutions and Advanced Purity Solutions? I would expect it to be weighted more toward the CapEx side of the business.
(00:59:28)Sukhi Nagesh，謝謝您的時間。只是對您看到的第一季度收入減少的最後一個問題，與季節性有關。您能否將其分解為材料解決方案和先進純度解決方案？我預期它會更偏向於資本支出方面的業務。
Sukhi Nagesh - Entegris, CFO
(00:59:46)Actually, it will be both. I believe we will see double-digit growth for both the Materials Solutions (MS) and Advanced Purity Solutions (APS) divisions in Q4 and Q1. Q4 and Q1. Overall, considering our usual seasonality, there are fewer selling days, which impacts sales volume. Therefore, we expect to see a slight dip during that period. However, the underlying momentum from customers and order activity remains strong.
(00:59:46)實際上，這將是兩者。我相信我們將在第四季和第一季看到材料解決方案（MS）和先進純度解決方案（APS）部門的雙位數增長。第四季和第一季。總體而言，考慮到我們通常的季節性，銷售天數較少，這影響了銷售量。因此，我們預計在那段期間會有輕微的下降。然而，來自客戶和訂單活動的基本動力仍然強勁。
Edward Yang - Oppenheimer, Analyst
(01:00:15)Do you have a follow-up question? Yes, perfect. I have a question for Dave. In the past, you've described a multi-wave demand cycle: fab construction, followed by WFE, and ultimately higher wafer starts. With revenue now accelerating beyond prior expectations, could you share which stage we are in for each of those three waves? Also, are these waves starting to overlap?
(01:00:15)您有後續問題嗎？是的，完美。我有一個問題要問 Dave。過去，您描述了一個多波需求循環：VAP 建設，接著是 WFE，最終是更高的晶圓啟動。隨著收入現在超出之前的預期，您能分享一下我們在這三個波段中的哪個階段嗎？此外，這些波段是否開始重疊？
Dave Reeder - Entegris, CEO
(01:00:47)I really... Each individual fab represents its own wave. I believe we are still in the earlier part of these innings. Staying with the World Series analogy, we are in the early innings due to the fab construction we've observed, including how much ground has been broken and how much shell completion has occurred. Also, how much has been facilitated with tools. So, I think we are in the early part of these innings, not the latter part. The CapEx that many anticipate occurring in 2027, likely represents a smaller portion, with the majority of units expected in 2028 and 2029 rather than 2027.
(01:00:47)我真的……每個單獨的晶圓廠代表著自己的波段。我相信我們仍然處於這些局的早期階段。持續使用世界大賽的比喻，由於我們觀察到的晶圓廠建設，我們處於早期局，包括已經開挖了多少土地以及完成了多少外殼。此外，還有多少是通過工具促進的。所以，我認為我們處於這些局的早期階段，而不是後期階段。許多人預期在 2027 年發生的資本支出，可能只佔一小部分，預計大多數單位將在 2028 年和 2029 年，而不是 2027 年。
Dave Reeder - Entegris, CEO
(01:01:35)We are still in the CapEx phase of the cycle, which may inflect toward the end of 2027 or mid-2028, in my view. But we will see how it develops. As you know, the semiconductor equipment market is very dynamic. Thank you for the question.
(01:01:35)我認為我們仍然處於循環的資本支出階段，這可能在 2027 年底或 2028 年中期轉折。但我們將看看它如何發展。如您所知，半導體設備市場非常動態。感謝您的提問。
Operator - Operator
(01:01:56)Next, we will take a question from John Roberts with Mizuho.
(01:01:56)接下來，我們將接受來自 Mizuho 的 John Roberts 的提問。
Saurabh Dhir - Mizuho, Analyst
(01:02:00)Hi, this is Saurabh speaking on behalf of John Roberts. Thank you for taking my question. Can you share insights from your customer conversations that suggest they are open to pricing discussions?
(01:02:00)嗨，我是 Saurabh，代表 John Roberts 發言。感謝您回答我的問題。您能分享一下您與客戶對話中的見解，表明他們願意進行價格討論嗎？
Sukhi Nagesh - Entegris, CFO
(01:02:11)Regarding pricing, our approach has not changed significantly. We maintain deep, long-standing relationships with our customers. Our priority is to support them as demand accelerates while ensuring appropriate compensation for the value we provide. Currently, our discussions focus on commercial engagements and expediting product delivery. We always evaluate pricing at the product and customer level. As Dave mentioned in his prepared remarks, we have not included any material pricing actions for Q3 or Q4 this quarter.
(01:02:11)關於定價，我們的做法並沒有顯著改變。我們與客戶保持著深厚且長期的關係。我們的優先事項是支持他們在需求加速的同時，確保我們提供的價值得到適當的補償。目前，我們的討論重點是商業合作和加快產品交付。我們始終在產品和客戶層面評估定價。正如 Dave 在他的準備發言中提到的，我們本季度並未為第三季或第四季包含任何重大定價行動。
Sukhi Nagesh - Entegris, CFO
(01:03:00)Any pricing actions would apply to new orders, not existing backlog.
(01:03:00)任何定價行動將適用於新訂單，而不是現有的積壓訂單。
Dave Reeder - Entegris, CEO
(01:03:06)What excites me is that, year-over-year, we have improved adjusted gross margin by 530 basis points, independent of any pricing actions. So, the self-help initiatives we discussed in late 2025 are beginning to yield results. As Sukhi Nagesh mentioned, we will continue conversations with customers to ensure we deliver products and receive appropriate value. Do you have a follow-up?
(01:03:06)令我感到興奮的是，與去年相比，我們的調整後毛利率提高了 530 個基點，這與任何定價行動無關。所以，我們在 2025 年底討論的自助措施開始產生效果。正如 Sukhi Nagesh 提到的，我們將繼續與客戶進行對話，以確保我們交付產品並獲得適當的價值。您有後續問題嗎？
Saurabh Dhir - Mizuho, Analyst
(01:03:39)Yes. Are you expecting to receive more tax refunds in Q4, and what would be the magnitude?
(01:03:39)是的。您是否預期在第四季會收到更多的稅款退還，數量會有多大？
Sukhi Nagesh - Entegris, CFO
(01:03:44)No, we are not expecting additional tax refunds.
(01:03:44)不，我們不預期會有額外的稅款退還。
Saurabh Dhir - Mizuho, Analyst
(01:03:49)Okay, understood.
(01:03:49)好的，明白了。
Operator - Operator
(01:03:50)Thank you. Thank you. Thank you. Next, we will take a question from Peter Osterland at Truist.
(01:03:50)謝謝。謝謝。謝謝。接下來，我們將接受來自 Truist 的 Peter Osterland 的提問。
Peter Osterland - Truist, Analyst
(01:03:59)Good morning. Thank you for taking my questions. I would like to discuss the segment margins in more detail. So, just starting with the significant step up you saw in margins within APS. At the revenue levels you're expecting in the near term, are segment margins above 34% sustainable? Were there any unusually favorable margin dynamics related to mix or other factors in the third quarter?
(01:03:59)早安。感謝您回答我的問題。我想更詳細地討論這些部門的利潤率。那麼，首先談談您在 APS 中看到的利潤率顯著上升的情況。在您預期的短期收入水平下，這些細分市場的利潤率是否能夠持續在 34% 以上？第三季度是否有任何與產品組合或其他因素相關的異常有利的利潤動態？
Dave Reeder - Entegris, CEO
(01:04:26)No. From an APS perspective, we don't often discuss individual segments. We don't optimize for segments at Entegris. However, the APS business is performing exceptionally well. There were no unusual one-time items impacting the APS segment. The team performed strongly. I expect the team will continue to perform well. Regarding the Materials Solutions side, just for completeness, you are seeing leverage in that business. In fact, I believe gross margins increased by approximately 350 basis points year-over-year.
(01:04:26)沒有。從 APS 的角度來看，我們不常討論個別細分市場。我們在 Entegris 不會針對細分市場進行優化。不過，APS 業務表現非常出色。沒有影響 APS 細分市場的異常一次性項目。團隊表現強勁。我預期團隊將繼續表現良好。關於材料解決方案方面，為了完整性，您在該業務中看到了槓桿效應。事實上，我相信毛利率增加了大約 350 個基點，與去年相比。
Dave Reeder - Entegris, CEO
(01:05:08)Sequentially, it's about 60 basis points in Materials Solutions, and we see tremendous opportunity there. We're increasingly confident it's our right to win in that business, so we're making significant investments to capture those opportunities.
(01:05:08)按季度計算，材料解決方案的增長約為 60 個基點，我們在那裡看到了巨大的機會。我們越來越有信心能在該業務中獲勝，因此我們正在進行重大投資以捕捉這些機會。
Peter Osterland - Truist, Analyst
(01:05:25)Did you have a follow-up, Pete? Yes, very helpful. Thank you. I also wanted to ask about cash flow expectations. Do you expect to deliver higher free cash flow in the fourth quarter compared to the third quarter? Are there any working capital considerations to highlight, and what is a reasonable normalized free cash flow conversion rate you expect going forward?
(01:05:25)彼得，您有後續問題嗎？是的，非常有幫助。謝謝。我還想詢問現金流的預期。您是否預期第四季度的自由現金流會比第三季度更高？是否有任何需要強調的營運資本考量，您預期未來合理的正常化自由現金流轉換率是多少？
Sukhi Nagesh - Entegris, CFO
(01:05:50)We'll provide more details on free cash flow targets at our Capital Markets Day, but near term for Q4, we have some CAPEX spending and working capital needs to support growth from our customers, which is reflected in our guidance. Thank you, Pete. Thanks a lot.
(01:05:50)我們將在資本市場日提供更多有關自由現金流目標的詳細信息，但就第四季度而言，我們有一些資本支出和營運資本需求，以支持客戶的增長，這在我們的指導中有所反映。謝謝你，彼得。非常感謝。
Operator - Operator
(01:06:13)Thank you. We'll now go to Mike Harrison with Seaport Research Partners.
(01:06:13)謝謝。現在我們將轉到來自 Seaport Research Partners 的 Mike Harrison。
Mike Harrison - Seaport Research Partners, Analyst
(01:06:20)Hey, good morning. Congratulations on a strong quarter. You mentioned in APS that you are seeing good growth in microenvironments. But you also said you were benefiting from better mix. My question is: Is the microenvironment business now a better margin business than before, or should we still consider it below the segment average margin?
(01:06:20)嘿，早上好。恭喜你們取得強勁的季度表現。您提到在 APS 中看到微環境的良好增長。但您也說過您受益於更好的產品組合。我的問題是：微環境業務現在的利潤率是否比以前更好，還是我們仍然應該認為它低於細分市場的平均利潤率？
Sukhi Nagesh - Entegris, CFO
(01:06:46)We don't discuss margins by specific product line, honestly, but when we sell our products, we expect to receive value for them, and most of our products have a strong margin structure. David, do you want to add anything?
(01:06:46)說實話，我們不會按特定產品線討論利潤率，但當我們銷售產品時，我們期望能夠獲得相應的價值，而我們的大多數產品都有強勁的利潤結構。大衛，您想補充什麼嗎？
Dave Reeder - Entegris, CEO
(01:07:03)Sure. Briefly on the microenvironments business: When considering new fab construction and fabs requiring overhead wafer transport for protection, security, and contamination control, we invented FOUPs over 30 years ago as a company. We hold a significant market share in that area. It is a market experiencing meaningful growth. As the market leader, we're actively participating in that growth. We're very pleased with that business and its growth trajectory. Also, with how the team is executing. We look forward to ramping up the Colorado facility, which will supply many new units for the Americas.
(01:07:03)當然。簡單談談微環境業務：在考慮新晶圓廠建設和需要進行晶圓運輸以保護、安全和控制汙染的晶圓廠時，我們在 30 多年前作為公司發明瞭 FOUP。我們在該領域擁有顯著的市場份額。這是一個經歷顯著增長的市場。作為市場領導者，我們積極參與這一增長。我們對該業務及其增長軌跡感到非常滿意。另外，對於團隊的執行表現。我們期待著擴大科羅拉多設施，該設施將為美洲提供許多新單位。
Dave Reeder - Entegris, CEO
(01:07:56)Overall, I'm very happy with the business's performance. Did you have a follow-up, Mike?
(01:07:56)總體而言，我對該業務的表現非常滿意。還有，麥克，您有後續問題嗎？
Mike Harrison - Seaport Research Partners, Analyst
(01:08:01)Yes, another question on APS and the filtration and purification opportunity. In the past, you projected that advanced nodes would require multiples of prior nodes in purity and associated revenue. As some of these new nodes move into production and higher volume manufacturing, how does filtration and purification revenue compare to your projections? Is it tracking expectations? Or is it perhaps even better than anticipated?
(01:08:01)是的，關於 APS 和過濾及純化機會的另一個問題。過去，您預測先進節點在純度和相關收入方面將需要比之前的節點多幾倍。隨著這些新節點進入生產和更高的產量製造，過濾和純化收入與您的預測相比如何？它是否符合預期？還是說它甚至比預期更好？
Dave Reeder - Entegris, CEO
(01:08:40)When considering the migration down to two nanometers and even smaller, it's important to note that two nanometers equals 20 angstroms, and a large molecule measures about five angstroms. Essentially, this means we are operating at the atomic scale. We've discussed this before, but we are truly working at the atomic scale. Contamination requirements have increased by approximately three orders of magnitude over the past 25 years. The controls for contamination in the latest generation of semiconductor manufacturing are incredibly stringent.
(01:08:40)在考慮降至兩納米甚至更小的過程中，重要的是要注意兩納米等於 20 埃，而一個大分子的大小約為五埃。本質上，這意味著我們正在以原子尺度運作。我們之前討論過這個，但我們確實是在原子尺度上工作。在過去 25 年中，汙染要求大約增加了三個數量級。最新一代半導體製造的汙染控制非常嚴格。
Dave Reeder - Entegris, CEO
(01:09:21)As the leader in filtration and purification, we believe this positions us very well. We've long emphasized how advanced manufacturing drives higher requirements, both in materials to enable performance and in purity to protect yield. I think you are beginning to see both divisions truly come together from a company perspective, where focusing on just one is no longer sufficient. Increasingly, success requires both divisions working in tandem. The promise of the business now appears to be coming to fruition.
(01:09:21)作為過濾和純化的領導者，我們相信這使我們的地位非常良好。我們長期強調先進製造推動了更高的要求，無論是在材料上以促進性能，還是在純度上以保護產量。我認為你們開始看到兩個部門從公司的角度真正結合在一起，僅專注於一個部門已經不再足夠。成功越來越需要兩個部門協同工作。現在業務的承諾似乎正在實現。
Dave Reeder - Entegris, CEO
(01:10:04)This is evident on the contamination control side, as you mentioned. We are very pleased with the business's performance and trajectory. We look forward to discussing this further at Capital Markets Day. Thank you.
(01:10:04)這在你提到的汙染控制方面是顯而易見的。我們對業務的表現和發展趨勢感到非常滿意。我們期待在資本市場日進一步討論這個問題。謝謝你。
Operator - Operator
(01:10:18)Thank you. Gentlemen, it appears there are no further questions this morning. This concludes Entegris' third quarter 2026 conference call. We thank you all for joining us today and wish you a wonderful day. Goodbye.
(01:10:18)謝謝你。先生們，今天早上似乎沒有其他問題。這結束了 Entegris 的 2026 年第三季度電話會議。我們感謝大家今天的參與，祝你們有美好的一天。再見。