Note that during this call, we are providing slides on the website that may be helpful to you on following the discussion. To view them, simply access the Investor page of the site and click on the Live Webcast icon.In addition, replays of this call will be available via the same page about 24 hours after the call ends. The replays will be available along with the slides through August 11. The matters that we discuss today will include forward-looking statements that involve risk factors that could cause Teradyne's results to differ materially from management's current expectations. We encourage you to review the Safe Harbor statement contained in the earnings release, as well as our most recent SEC filings for a complete description. Additionally, those forward-looking statements are made as of today, and we take no obligation to update them as a result of developments occurring after this call. During today's call, we will make reference to non-GAAP financial measures. We posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measure were available on our website. To view them, go to the Investor page and click on the GAAP to non-GAAP reconciliation link. Also, you may want to note that between now and our next conference call, Teradyne will be participating in investor conferences hosted by Barclays, Pacific Trust, Morgan Stanley and Piper Jaffray in August and Citibank and Deutsche Bank in September. Now, let's get on with the rest of the agenda. First, our CEO, Mike Bradley, will review the state of the company and the industry in the second quarter and provide our outlook for the third quarter. Then, our CFO, Greg Beecher, will provide more details on our quarterly performance, along with our detailed guidance for the third quarter. We'll then answer your questions. You should note that we intend to end this call after 1 hour. Mike?
Michael A. BradleyGood morning, everyone, and thanks for joining our call today. As you can see, we've posted some exceptional results in the second quarter and have registered a very solid first half. So I want to spend some of my time breaking out what's behind those numbers. But after I do that, I'd like to recap the growth trajectory we're on and the strategy behind it. Greg will go into some additional detail on LitePoint, on our model and cash strategy and on what we expect to see in the second half of this year. And of course, he'll also run down the details on the second quarter results. The bottom line of the halfway mark this year is continued strength in SOC test, driven by mobility applications plus an additional boost from the microcontroller and analog sectors. On top of that, a new product ramp in LitePoint has delivered record first half revenues that put LitePoint on course to exceed our original projections for revenues and profits for this year. The SOC story is an extension of what we saw last quarter, that is very strong demand in mobility applications, resulting in a record in UltraFLEX shipments and a near record in bookings. On top of that, we've had an uptick in the microcontroller sector, with our best J750 order rate in 2 years. That brings our J750 install base to over 4,000 systems. Our performance analog business at Eagle had a strong showing with over 100 systems ordered in the quarter, including a number of new socket wins for linear, automotive and power management applications. These milestones for the J750 and the ETS line are noteworthy as they are the workhorse products for high productivity, digital and analog testing, respectively. They complement the versatility of the UltraFLEX with focused, cost-effective architectures that have stood the test of time, are constantly refreshed with new instrumentation and continue to log new design wins.
Now the only dim spot in SemiTest was in memory, which continued to be subdued despite some good design in its first 6 months. In SemiTest, IDM and specifier orders were up 4%, while OSAT declined by about 10%. So we had a 2/3, 1/3 split between the 2 end markets.Read the rest of this transcript for free on seekingalpha.com