艾司摩爾 (ASML) 2015 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the ASML first-quarter results conference call on April 15, 2015. Throughout today's introduction, all participants will be in a listen-only mode. After ASML's introduction, there will be an opportunity to ask questions. (Operator Instructions) Now I would like to turn the conference over to Mr. Craig DeYoung. Go ahead, please, sir.

女士們、先生們，感謝你們的支持。歡迎參加2015年4月15日ASML第一季業績電話會議。在今天的介紹過程中，所有參與者將處於只聽模式。ASML介紹完後，會有提問的機會。（操作員指示）現在我想將會議交給 Craig DeYoung 先生。請繼續，先生。

Thank you, Peter, and good afternoon and good morning, ladies and gentlemen. This is Craig DeYoung, Vice President of Investor Relations at ASML. Joining me today from our headquarters in Veldhoven, the Netherlands, is ASML's CEO, Peter Wennink, and our CFO, Wolfgang Nickl.

謝謝你，彼得。女士們、先生們，下午好，早安。我是 ASML 投資人關係副總裁 Craig DeYoung。今天，與我一起從荷蘭費爾德霍芬總部前來的還有 ASML 執行長 Peter Wennink 和財務長 Wolfgang Nickl。

The subject of today's call is ASML's first-quarter 2015 results. This call is also being broadcast live over the Internet at ASML.com, and a replay of the call will be available on our website for approximately 90 days.

今天電話會議的主題是 ASML 2015 年第一季的業績。此次電話會議也將透過 ASML.com 在網路上進行現場直播，並且會議重播將在我們的網站上提供約 90 天。

Before we begin, I'd like to caution listeners that comments made by management during this conference call will include forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve material risks and uncertainties. For a discussion of risk factors, I encourage you to review the Safe Harbor statements contained in today's press release and presentation found on our website, ASML.com, and in ASML's annual report on Form 20-F and other documents as filed Securities and Exchange Commission. As a reminder, the length of the call today is 60 minutes. And now I'd like to turn the call over to Peter Wennink for a brief introduction.

在我們開始之前，我想提醒聽眾，管理階層在本次電話會議中發表的評論將包括聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述涉及重大風險和不確定性。對於風險因素的討論，我建議您查看今天的新聞稿和我們網站 ASML.com 上的簡報以及 ASML 的 20-F 表格年度報告和提交給美國證券交易委員會的其他文件中包含的安全港聲明。提醒一下，今天的通話時間為 60 分鐘。現在我想請 Peter Wennink 做簡短的介紹。

Thank you, Craig. Good morning, good afternoon, ladies and gentlemen, and thank you for joining us for our first-quarter 2015 results conference call. Before we begin the question-and-answer session, Wolfgang and I would like to provide an overview and add some commentary on the first quarter and provide our views of the coming quarters. And Wolfgang will start with a review of the first-quarter financial performance, with added comments on our short-term outlook. And I will complete the introduction with some further comments on the current general business environment and our future business outlook. So, Wolfgang, if you will.

謝謝你，克雷格。女士們、先生們，早安、下午好，感謝大家參加我們的 2015 年第一季業績電話會議。在我們開始問答環節之前，沃夫岡和我想提供一個概述，並對第一季添加一些評論，並提供我們對未來幾季的看法。沃夫岡將首先回顧第一季的財務業績，並對我們的短期展望發表一些評論。最後，我將對當前的整體商業環境和我們未來的業務前景發表一些進一步的評論，以完成介紹。那麼，沃爾夫岡，如果你願意的話。

Thank you, Peter, and welcome, everyone. In Q1, our net sales came in at EUR1.65 billion, which was in line with our guidance and driven as expected by a nice balance of memory and logic sales. Memory represented 55% and logic represented 45% of system sales. This compares to 65% and 35% in the December quarter respectively. Service and field option sales came in at EUR403 million, very similar to last quarter. Gross margin for the quarter increased from 44% in the December quarter to 47.2% in Q1 and was in line with our guidance. The increase in gross margin was enabled by volume-driven cost effects and a product mix which included no EUV system sales for the quarter. R&D expenses came in at EUR261 million and SG&A expenses came in at EUR82 million, both in line with guidance despite a strengthening of the US dollar throughout the quarter. Our effective tax rate for the quarter was approximately 11% of pre-tax income.

謝謝你，彼得，歡迎大家。第一季度，我們的淨銷售額達到 16.5 億歐元，符合我們的預期，並由記憶體和邏輯銷售的良好平衡所推動。記憶體佔系統銷售額的 55%，邏輯佔 45%。相比之下，12 月季度這一比例分別為 65% 和 35%。服務和現場選項銷售額為 4.03 億歐元，與上一季非常相似。本季毛利率從 12 月季度的 44% 上升至第一季的 47.2%，符合我們的預期。毛利率的成長得益於銷售驅動的成本效應以及本季不包含 EUV 系統銷售的產品組合。研發費用為 2.61 億歐元，銷售、一般及行政費用為 8,200 萬歐元，儘管美元在本季走強，但兩項費用均符合預期。本季我們的有效稅率約為稅前收入的 11%。

Turning to the balance sheet, quarter-over-quarter cash, cash equivalents, and short-term investments grew to EUR2.84 billion from EUR2.75 billion at the end of the prior quarter.

談到資產負債表，季度環比現金、現金等價物和短期投資從上一季末的 27.5 億歐元增長至 28.4 億歐元。

Regarding the order book, our Q1 systems bookings came in above the EUR1 billion mark. We did not book any additional NXE:3350 systems during the quarter. We saw a shift back towards memory in Q1, representing 53% of bookings versus 27% of bookings in Q4. We finished the quarter with a solid overall backlog of EUR2.6 billion, nicely balanced between memory and logic.

就訂單而言，我們第一季的系統訂單金額超過了 10 億歐元。本季我們沒有預訂任何額外的 NXE:3350 系統。我們在第一季看到了向記憶體的轉變，佔預訂量的 53%，而第四季的預訂量為 27%。本季結束時，我們的總積壓訂單量達到 26 億歐元，在記憶體和邏輯之間實現了良好的平衡。

With that, I would like to now turn to our expectations and guidance for Q2 and share an initial qualitative view on the balance of 2015. As mentioned, we ended Q2 with a strong and nicely balanced backlog. From this, we expect strength in system sales in both memory and logic in the quarter.

現在，我想談談我們對第二季的預期和指導，並分享對 2015 年平衡的初步定性看法。如上所述，我們在第二季結束時擁有強勁且均衡的積壓訂單。由此，我們預計本季記憶體和邏輯系統的銷售都將強勁。

Adding continued strong service and field option sales expectations supports a net sales guidance of around EUR1.6 billion for Q2. This will leave the first half of 2015 growing over the second half of 2014 as previously forecasted. Our Q2 net sales guidance includes revenue recognition of one NXE:3300 system which we shipped in Q1.

加上持續強勁的服務和現場選項銷售預期，支持第二季度約 16 億歐元的淨銷售額預期。正如之前預測的那樣，2015 年上半年的銷售額將超過 2014 年下半年的銷售額。我們第二季的淨銷售額指引包括我們在第一季出貨的一套 NXE:3300 系統的收入確認。

We expect gross margin for Q2 to be around 45%. The difference from Q1 is largely driven by the recognition of one NXE:3300 EUV system in net sales. R&D expenses for the second quarter will be about EUR265 million, and SG&A is expected at about EUR85 million.

我們預計第二季的毛利率約為45%。與第一季的差異主要是由於淨銷售額中承認了一台 NXE:3300 EUV 系統。第二季的研發費用約 2.65 億歐元，銷售、一般及行政費用預計約 8,500 萬歐元。

As to the rest of 2015, we do expect that most of the forecasted DRAM memory bit demand will be satisfied with first half-year litho shipments, leaving memory shipments to taper into the second half of the year. We expect stable foundry business throughout 2015 in support of the current FinFET node ramps and next-node development.

至於 2015 年剩餘時間，我們預計大部分預測的 DRAM 記憶體位元需求將在上半年的光刻出貨量中得到滿足，而記憶體出貨量將在下半年逐漸減少。我們預計 2015 年全年代工業務將保持穩定，以支援目前的 FinFET 節點提升和下一代節點的開發。

Our service and field option sales will likely increase over the coming quarters as we benefit from increased adoption of our holistic lithography products and the purchase of system node enhancement packages supporting customer node migration. We expect this part of our business to reach EUR500 million a quarter exiting the year.

由於我們受益於整體光刻產品的採用率提高以及支援客戶節點遷移的系統節點增強包的購買，我們的服務和現場選項銷售額在未來幾季可能會增加。我們預計，今年年底這部分業務每季的營業額將達到 5 億歐元。

Peter will talk more about EUV shortly, but I would like to make a few points regarding 2015 EUV shipments. As most listeners are aware, we continue to show great progress in improving on key EUV performance metrics related to productivity and availability, with unchanged targets of improving both further throughout this year. Meanwhile, we continue to discuss the exact need and timing of potential NXE:3300 upgrades to NXE:3350 light configurations of three pre-paid systems on order. Depending on the outcome of these discussions, we may ship these tools as NXE:3300 systems in 2015 or as upgraded systems in 2016. We hope that these discussions with our customers, including agreed-upon configuration and shipment timing, will be concluded within this quarter.

Peter 很快會多談 EUV，但我想就 2015 年 EUV 出貨量談幾點看法。正如大多數聽眾所知，我們在改進與生產力和可用性相關的關鍵 EUV 性能指標方面繼續取得了巨大進展，並且我們今年的目標保持不變，即進一步提高這兩方面的表現。同時，我們繼續討論訂購的三個預付費系統的潛在 NXE:3300 升級到 NXE:3350 輕型配置的確切需求和時間。根據這些討論的結果，我們可能會在 2015 年將這些工具作為 NXE:3300 系統發布，或在 2016 年作為升級系統發布。我們希望與客戶的這些討論，包括商定的配置和發貨時間，將在本季度內完成。

In addition, we continue in-depth in direction with multiple customers on the planned 2015 shipment of 4 NXE:3350's in addition to the 2 systems already on order.

此外，除了已經訂購的 2 套系統外，我們還將繼續與多位客戶深入溝通，並計劃於 2015 年發貨 4 套 NXE:3350。

I would like to take a moment now to proactively address what has become a commonly asked question of late, and that is how do changing exchange rates impact our business. Firstly, we contract the majority of our business in euro, and we have not changed our pricing as a result of currency fluctuations.

現在我想花點時間來主動回答最近常被問到的一個問題，那就是匯率變動如何影響我們的業務。首先，我們的大部分業務合約都是以歐元簽訂的，而且我們不會因為貨幣波動而改變定價。

Therefore, the recent strengthening of the US dollar but also the relative strength of Asian currencies have a positive effect on our customer capital spending compared to their original budgets. We also have some of our service business including our final light source business quoted in foreign currencies. And for that portion of our business, we have a positive translation effect in our P&L.

因此，近期美元走強以及亞洲貨幣相對走強對我們客戶的資本支出（相對於其原始預算）產生了積極影響。我們的部分服務業務，包括最終的光源業務，也以外幣報價。對於我們這部分業務，我們的損益表中產生了正面的轉換效應。

Secondly, we do originate a substantial part of our operating spending from the United States, where we employ approximately 3,100 professionals in development, field service, and manufacturing of sources and parts for NXT and NXE systems. This spending weighs in heavier in our P&L when translated into euros.

其次，我們很大一部分的營運支出確實來自美國，我們在美國僱用了大約 3,100 名專業人員，從事 NXT 和 NXE 系統的開發、現場服務以及來源和零件的製造。當換算成歐元時，這筆支出在我們的損益表中佔更大。

Net net, and despite our hedging programs, the disadvantage from our foreign currency base spend is larger than the advantage from our non-euro denominated sales. For the first quarter, the unfavorable impact on our net margin was less than one percentage point.

淨淨額，儘管我們有對沖計劃，但我們外幣基礎支出的劣勢大於非歐元計價銷售的優勢。對於第一季而言，對我們的淨利潤率的不利影響不到一個百分點。

Finally, as an update on our capital return program, next week at our 2015 annual general shareholders meeting, shareholders will vote on our proposal to increase our dividend per ordinary share for 2014 by 15% to EUR0.70 per share. As to our 2015/2016 buyback program announced in Q1, we saw the first repurchases totaling EUR129 million for the quarter.

最後，作為我們資本回報計畫的最新消息，下週在我們 2015 年年度股東大會上，股東將對我們的提案進行投票，將 2014 年每股普通股股息提高 15% 至每股 0.70 歐元。正如我們在第一季宣布的 2015/2016 回購計畫一樣，本季我們首次回購總額為 1.29 億歐元。

Now with that, I'd like to turn the call back over to Peter.

現在，我想把電話轉回給彼得。

Thank you, Wolfgang. As Wolfgang highlighted, the expectation that our strong second half of last year would continue into the first half of this year has been confirmed by our first-quarter results. And our second-quarter guidance, which is supported by continued memory spend, has significant increase in the logic sector as compared to last year.

謝謝你，沃夫岡。正如沃夫岡所強調的，我們第一季的業績證實了我們對去年下半年強勁表現將延續到今年上半年的預期。在持續的記憶體支出的支持下，我們的第二季度指導在邏輯領域與去年相比有顯著增長。

We expect that our shipments to the DRAM sector will be healthy in 2015 and show an increase as compared to 2014. However, with shipment strength continuing in Q2, we expect that 2015 sales to DRAM will be weighted to the first half. And limited litho tool purchases will support continued NAND planar strengths this year. And although all NAND players have 3-D NAND process development programs underway, likely bringing samples to the market in the second half of this year, we do not expect significant volume capacity additions in 2015.

我們預計，2015 年我們對 DRAM 領域的出貨量將保持健康，與 2014 年相比有所成長。不過，由於第二季出貨量持續強勁，我們預期 2015 年 DRAM 銷售額將集中在上半年。有限的光刻工具購買量將支持今年 NAND 平面繼續保持優勢。儘管所有 NAND 廠商都已開始 3D NAND 製程開發計劃，並可能在今年下半年向市場推出樣品，但我們預計 2015 年的產能不會大幅成長。

We continue to see the logic sector working essentially on three lithography nodes at the same time. Capacity additions continue at some foundries at the 28-nanometer node. But at the same time, we see some customers converting 28-nanometer capacity to 16/14-nanometer capacity, driven by our capability to upgrade tools from node to node. And this is helping our customers to manage capital efficiency at the most advanced nodes. The 16/14 nanometer node is moving into volume at all leading foundries, while most advanced foundries are also fully engaged in process development at the 10-nanometer node.

我們繼續看到邏輯部門基本上同時在三個光刻節點上工作。一些 28 奈米節點的代工廠繼續增加產能。但同時，我們看到一些客戶將 28 奈米產能轉換為 16/14 奈米產能，這是由於我們能夠將工具從一個節點升級到另一個節點。這有助於我們的客戶管理最先進節點的資本效率。所有領先的代工廠都正在批量生產 16/14 奈米節點，而大多數先進的代工廠也正在全力進行 10 奈米節點的製程開發。

Meanwhile, MPU microprocessors is starting the transition to the 10-nanometer node in this calendar year. And therefore, we see logic shipments as relatively stable quarter on quarter through the year across the combination of the 28-nanometer, 16-nanometer, 14-nanometer, and 10-nanometer node.

同時，MPU 微處理器將於今年開始向 10 奈米節點過渡。因此，我們認為，28 奈米、16 奈米、14 奈米和 10 奈米節點的邏輯出貨量全年環比相對穩定。

Touching on a couple of things mentioned by Wolfgang, we are seeing an increase in demand for our holistic lithography products as well as our field upgrades. Given that the current advanced logic processes are driving increased multiple patterning, the requirements for tighter system overlay or alignment is increasing substantially. This in turn is driving our process control product sales on things like our YieldStar metrology products and associated process management software as well as overlay focus and household products for our NXT:1970 product. On top of this, we have seen first orders for our next-generation TWINSCAN NXT:1980, supporting next-node requirements.

談到沃夫岡提到的幾件事，我們看到對我們的整體光刻產品以及現場升級的需求正在增加。鑑於目前先進的邏輯製程正在推動多重圖案化的增加，對更嚴格的系統覆蓋或對準的要求正在大幅增加。這反過來又推動了我們的製程控制產品銷售，例如我們的 YieldStar 計量產品和相關製程管理軟體以及我們的 NXT:1970 產品的覆蓋焦點和家用產品。除此之外，我們還收到了下一代 TWINSCAN NXT:1980 的首批訂單，以支援下一個節點的要求。

As mentioned earlier, our customers are increasingly confronted with higher capital requirements in semiconductor manufacturing, forcing them to focus on improving capital efficiency. We think we are uniquely positioned to help our customers in execution of their capital efficiency programs by providing lithography system node enhancement packages supporting each customer's node migrations through significant system upgrades. This in turn provides us with an additional sales stream next to new system sales opportunities.

如前所述，我們的客戶在半導體製造方面面臨越來越高的資本要求，迫使他們專注於提高資本效率。我們認為，我們擁有獨特的優勢，可以透過提供光刻系統節點增強套件來支援每個客戶透過重大系統升級進行節點遷移，從而幫助客戶執行其資本效率計劃。這反過來又為我們提供了新的系統銷售機會以外的額外銷售管道。

Regarding EUV, we continue to demonstrate real progress against our targets in source power and systems availability, which are the two key components of our wafer-per-day program. One customer has already demonstrated wafer-per-day performance at the level of our 2015 target of 1,000 wafers per day, and we are now in the process of upgrading several systems to an 80-watt configuration in order to demonstrate similar wafer-per-day performance across the EUV installed base.

關於 EUV，我們繼續展示在源功率和系統可用性方面針對我們的目標取得的真正進展，這是我們每日晶圓產量計劃的兩個關鍵組成部分。一位客戶已經證明其每日晶圓產量達到了我們 2015 年設定的 1,000 片晶圓的目標水平，而我們目前正在將幾套系統升級到 80 瓦配置，以便在 EUV 安裝基礎上展示類似的每日晶圓產量性能。

The first two orders for our fourth-generation NXE:3350 EUV tools are in our backlog. Output planning has the first systems shipping midyear, with a new high-power drive (inaudible) system and in situ collect to cleaning capability. Meanwhile, we are having extensive discussions and making good progress with several customers on the sale of additional systems in 2015 and beyond.

我們的第四代 NXE:3350 EUV 工具的前兩個訂單已積壓。輸出計畫是首批系統於年中出貨，配備新型高功率驅動（聽不清楚）系統和現場收集清潔能力。同時，我們正在與幾位客戶就2015年及以後的附加系統銷售進行廣泛的討論，並且取得了良好的進展。

The EUV adoption curve will be driven by the continued progress we will make on the key EUV performance metrics. The 2015 target levels of 1,000 wafers per day, a minimum of 70% availability, and the synchronization to our customers' roadmaps, which are different per customer, combined with the customer confidence in us reaching the 2016 performance targets will drive EUV demand for the next couple of years.

EUV 採用曲線將由我們在關鍵 EUV 性能指標上取得的持續進展所驅動。2015 年的目標水準是每天 1,000 片晶圓，最低 70% 的可用性，以及與客戶路線圖的同步（每個客戶都不同），再加上客戶對我們達到 2016 年性能目標的信心，將推動未來幾年 EUV 的需求。

In order to deal with this demand, we are developing a production plan for 2016 of one EUV system per month supporting a ramp-up to a 24-system manufacturing plan for 2017 and doubling that again in 2018.

為了滿足這一需求，我們正在製定 2016 年每月生產一台 EUV 系統的生產計劃，以支援 2017 年增加到 24 台系統的製造計劃，並在 2018 年再翻倍。

Now, with that, we would be happy to take your questions.

現在，我們很樂意回答您的問題。

Thanks, Peter. Ladies and gentlemen, the operator will instruct you momentarily on the protocol for the Q&A session. Beforehand, I'd like to ask, as I always do, to have you kindly limit your question to one question with one short follow-up if necessary. And this will allow us to get in as many callers as possible. Now, Peter, could we have your instructions and then the first question please?

謝謝，彼得。女士們，先生們，接線生將立即向您介紹問答環節的規程。首先，我想像往常一樣請求您將問題限制為一個問題，如有必要，請進行簡短的跟進。這將使我們能夠接到盡可能多的來電者。現在，彼得，我們可以聽您的指示，然後問第一個問題嗎？

(Operator Instructions) Kai Korschelt.

（操作員說明）Kai Korschelt。

It's Merrill Lynch. I had a couple on memory. The first one, could you give us an update on the 20-nanometer conversion? From an industry perspective, it looks like that's benefited you for a while. So I just wanted to ask sort of which inning you thought we are here. And then the second question is, some of your memory customers have announced new fabs or new factories to get built. Roughly, when would you expect to benefit from the deployment in other equipment? Thank you.

是美林證券。我記得有幾個。第一個問題，您能否向我們介紹 20 奈米轉換的最新情況？從行業角度來看，這似乎讓你受益了一段時間。所以我只是想問一下，您認為我們現在處於哪一局。第二個問題是，你們的一些記憶體客戶已經宣布要建造新的晶圓廠或新工廠。大致來說，您預計何時能從其他設備的部署中獲益？謝謝。

Okay. On the 20-nanometer conversion, at the low 20 nanometers -- that's in full swing. We are moving towards the end of the year to the lower nodes. That's end of the year, early 2016 to what I would say just under the 20-nanometer node. So this is -- by the way, has been a main driver of the 20-nanometer node for our shipments over the last couple of quarters.

好的。在 20 奈米轉換方面，在低 20 奈米方面——這正在全面展開。我們正走向年底的低節點。那是在年底，2016 年初，我認為剛好達到 20 奈米節點。順便說一下，這是過去幾季我們 20 奈米節點出貨量的主要驅動力。

New fabs -- yes, there are new fabs. We have 2 fabs in Korea. One fab opened last year. Another will open in the middle of this year. So shipments clearly in Q1 and Q2 are for the fabs that opened last year. And the second half of the year are part of the orders that we received in Q1 are for shipments to and 14, which is a factory of one of our customers, Hynix.

新晶圓廠－是的，有新晶圓廠。我們在韓國有兩家晶圓廠。去年開設了一家晶圓廠。另一家店將於今年年中開幕。因此，第一季和第二季的出貨量顯然是來自去年開設的晶圓廠。下半年我們第一季收到的訂單中有一部分是發往 14 號工廠的，14 號工廠是我們的客戶之一海力士的工廠。

So throughout the year we will be shipping tools to those new fabs.

因此，我們全年都會向這些新工廠運送工具。

Yes, next call I think.

是的，我想下次再打。

Kai?

凱？

I was actually wondering about some of the new fab projects you are more looking into next year, whether you had any visibility on those yet.

我實際上想知道您明年會重點關注的一些新晶圓廠項目，您是否已經了解這些項目的情況。

Well, we have the same visibility as you have as public announcements of those extensions as we all know in Japan are being worked on a NAND extension. There's been an extension being worked on in Singapore but those are too far away to reflect in our order book today. But those are clearly promises and that's good news.

嗯，我們和您一樣，對這些擴展的公開聲明有著同樣的了解，眾所周知，日本正在研究 NAND 擴展。新加坡正在進行擴建工程，但距離現在還太遠，無法反映在我們今天的訂單中。但這些顯然是承諾，這是好消息。

Okay. Thank you.

好的。謝謝。

C.J. Muse.

C.J. 繆斯。

I guess first question -- you highlighted initial order at the 10-nanometer node from foundries. Curious based on that what you can read in terms of litho intensity there versus 20, 16, and 14.

我想第一個問題是——您強調了代工廠在 10 奈米節點的初始訂單。我很好奇，基於此，您可以讀出那裡的光刻強度與 20、16 和 14 之間的差異。

Yes, the node-to-node litho intensity is about 40% -- 40% to 50%. And that also means that you will see also at that 10-nanometer node customers focusing on what I referred to in the introductory statements that how much of the installed base can be reused or can be upgraded to the next node.

是的，節點到節點的光刻強度大約是40%——40%到50%。這也意味著，您還將看到，在 10 奈米節點上，客戶將重點放在我在介紹性陳述中提到的內容，即有多少已安裝的基礎可以重複使用或可以升級到下一個節點。

So partly, part of that litho intensity will be covered by new system sales and another part will be covered by the -- I would say upgrade of an installed base from one node to the other, which in fact for us is pretty good business. So, overall, about 40% to 50% higher litho intensity node for node.

因此，部分光刻強度將由新系統銷售覆蓋，另一部分將由安裝基礎從一個節點升級到另一個節點覆蓋，這對我們來說實際上是一筆非常好的生意。因此，總體而言，節點的光刻強度大約高出 40% 到 50%。

Okay, great. And I guess as my follow-up, as you think about mix in the back half of the year being more levered to logic versus memory, all else equal, plus your service and spares business moving higher throughout the year, I'm curious if you could talk about the impact of that higher-margin service spares plus presumably higher ASPs, particularly on the emerging front and what that will do for your gross margins through the year.

好的，太好了。我想作為我的後續問題，當您考慮在下半年將邏輯產品組合更多地轉向內存而不是內存，其他條件相同，再加上您的服務和備件業務全年都在增長時，我很好奇您是否可以談談利潤率更高的服務備件以及可能更高的平均銷售價格的影響，特別是在新興領域，以及這將對您全年的毛利率產生什麼影響。

Well, we're not going to give you gross margin guidance for the remainder of the year. But it is true that the leading-edge logic shipments have a richer configuration, which has more holistic lithography options included, which would provide us with higher margin. And also margin of the service and the system upgrade business is also healthy. And is, in some instances, especially where it concerns software, of course higher than the corporate average margin.

嗯，我們不會為您提供今年剩餘時間的毛利率指導。但確實，前緣邏輯出貨量具有更豐富的配置，其中包含更多整體光刻選項，這將為我們提供更高的利潤。而且服務和系統升級業務的利潤率也很健康。在某些情況下，特別是涉及軟體時，當然高於企業平均利潤率。

So I think it is -- the margin profile favors clearly high-end logic shipments and also favors some of these software packages that we are shipping. But too early to give you detailed margin guidance.

所以我認為——利潤率明顯有利於高端邏輯產品的出貨，也有利於我們正在出貨的一些軟體包。但現在給你詳細的保證金指導還為時過早。

Okay, great. Thank you.

好的，太好了。謝謝。

Amit Harchandani.

阿米特·哈爾錢達尼。

Amit Harchandani from Citigroup. Thanks for taking my questions. Two, if I may, centered around EUV. Firstly, could you maybe give us a little more clarity or a little more insight into the kind of discussions that you're having with your customers with regards to production orders, kind of inquiries you get, whether they are across sectors or limited to only logic?

花旗集團的阿米特‧哈昌達尼 (Amit Harchandani)。感謝您回答我的問題。如果可以的話，兩個都圍繞著 EUV 展開。首先，您能否向我們更清楚地介紹一下您與客戶就生產訂單、您收到的詢問類型進行的討論，這些詢問是跨行業的還是僅限於邏輯的？

And secondly, as a follow-up, you've talked about there potentially being a requirement where even below 1,500 wafers per day would be enough to drive insertion of EUE into full-time production. Maybe you could clarify a little more on that. Do you see more of such applications emerging over time? And how should we think about insertion and production?

其次，作為後續問題，您談到，可能存在這樣的要求：即使每天生產不到 1,500 片晶圓，也足以推動 EUE 投入全職生產。也許您可以對此做進一步的澄清。隨著時間的推移，您是否會看到更多此類應用程式的出現？我們應該如何考慮插入和生產？

On the first question, well I can give you some more detail on discussions with customers. Unfortunately, I cannot do that. But I can tell you it's cross sector. It's not only logic, so we are engaging with almost every major customer in deep discussions about the insertion point of EUV and about the potential orders.

關於第一個問題，我可以向您提供一些與客戶討論的更多細節。不幸的是，我不能這麼做。但我可以告訴你，它是跨部門的。這不僅僅是邏輯，因此我們正在與幾乎每個主要客戶就 EUV 的插入點和潛在訂單進行深入討論。

So it's definitely not only in the logic space. Although, if it would refer to one of the slides in our slide pack, it is true that logic in terms of pilot production is the first to put EUV into pilot production. And memory could follow one -- and you could argue for a NAND two to three years later. But logic is definitely starting, but we are engaging in discussions with customers across all sectors.

所以它絕對不只存在於邏輯空間中。儘管如此，如果它指的是我們幻燈片包中的一張幻燈片，那麼從試生產的角度來看，邏輯確實是先將 EUV 投入試生產。而內存也可能隨之而來——你可以在兩到三年後討論 NAND。但邏輯肯定已經開始，但我們正在與各個領域的客戶進行討論。

On the 1,500 wafers per day, when you think about the cost per wafer, cost per function, cost per fit, however you want to call it, we always looked at the cost as a function of productivity. As you know, in our emerging products we are driving productivity up, so the cost per wafer, cost per bit, or cost impression goes down.

對於每天 1,500 片晶圓，當您考慮每片晶圓的成本、每項功能的成本、每項組裝的成本（無論您想如何稱呼它）時，我們始終將成本視為生產率的函數。如您所知，在我們的新興產品中，我們正在提高生產率，因此每片晶圓的成本、每個位元的成本或成本印像都會下降。

Now, next to that, on EUV there are other customer benefits. It's particularly the reduction of the process complexity, the increased design flexibility. But also the shorter cycle times, which is a big issue if you go through multiple patterning and you have, on some critical layers, 7 to 9 or even 10 passes. Which you can replace this with much less or much lower number of passes where you use EUV. It's a massive impact on your cycle time. That means that there are other economic drivers that will force customers to very, very seriously look into the application of EUV. And that is why for certain customers, depending on their roadmap and depending on their design complexity, 1,500 wafers per day is kind of a general statement, but for some of them it could indeed be lower.

現在，除此之外，EUV 也為客戶帶來其他好處。特別是降低了流程的複雜性，增加了設計的靈活性。但同時週期時間也較短，如果您要進行多次圖案化，並且在某些關鍵層上需要 7 到 9 次甚至 10 次，那麼這將是一個大問題。您可以使用 EUV 以更少或更少次數的通道來取代它。這會對您的周期時間產生巨大影響。這意味著還有其他經濟驅動因素將迫使客戶非常認真地考慮 EUV 的應用。這就是為什麼對於某些客戶來說，根據他們的路線圖和設計複雜性，每天 1,500 片晶圓是一個籠統的說法，但對於其中一些客戶來說，這個數字確實可能更低。

Thank you.

謝謝。

Sandeep Deshpande.

桑迪普·德什潘德。

Sandeep Deshpande from JPMorgan. My first question is regarding EUV as well. I mean, Peter, you're upgrading some customers to the 80-watt laser at the moment. Would you say at this point -- based on what you've announced on EUV, your EUV program seems to be running ahead of what you had previously guided the market to. So would you be saying that at this point that you're much, much more confident that EUV is now going to be production-worthy by the end of this year for the 10-nanometer node next year?

摩根大通的 Sandeep Deshpande。我的第一個問題也是關於 EUV 的。我的意思是，彼得，你目前正在為一些客戶升級到 80 瓦雷射。您現在會說——根據您在 EUV 上宣布的消息，您的 EUV 計劃似乎超出了您之前對市場的預期。那麼，您是否可以說，現在您更有信心 EUV 將在今年年底前達到 10 奈米節點的生產水準？

And secondly, some of your customers are doing 10 nanometers without using EUV initially. How do you see lithography intensity increasing for that node given that it will require not double patterning but multi-layer patterning to be able to achieve that? And are you going to see orders for that this year or next year? Thanks.

其次，你們的一些客戶最初並沒有使用 EUV 就進行了 10 奈米製程的製造。鑑於實現該目標不需要雙重圖案化而是多層圖案化，您如何看待該節點的光刻強度增加？今年或明年會看到這樣的訂單嗎？謝謝。

The last question that you asked, is that focused on the 10-nanometer question?

您問的最後一個問題是關於 10 奈米的問題嗎？

Yes, 10 nanometers.

是的，10奈米。

10 nanometers. Yes, the 80-watt upgrades, we are rolling that out over the installed base because that's a promise to our customers. And actually, the more than 1,000 wafers per day achievement was done on the 80-watt configuration. And we would like to give every customer access to that capability.

10奈米。是的，80瓦的升級，我們正在整個安裝基礎上推廣，因為這是對我們客戶的承諾。實際上，每天生產超過 1,000 片晶圓的成果是在 80 瓦配置下實現的。我們希望每個客戶都能享受這種功能。

Having said that, the two of the customers are focusing on to put into production is the 3350 because the 3350 with the higher-powered drive laser and the in situ cleaning capability has -- will give our customers the ability to output more wafers and to have a higher availability or a higher uptime. And this is what, of course, puts the machines into production is what they really want.

話雖如此，這兩個客戶都專注於將 3350 投入生產，因為具有更高功率驅動雷射和原位清潔能力的 3350 將使我們的客戶能夠輸出更多的晶圓，並具有更高的可用性或更高的正常運行時間。當然，這才是他們真正想要的，讓機器投入生產。

So the 3350, if you can do, you could argue as you can do 1,000 wafers per day on the 3300, then you should be able to do this on the 3350. And this is where our confidence that we will reach our 2015 targets is, of course, based on the 3300 achievement and our ability to at least copy that onto the 3350 but to the next layer of performance on top of that. So this is why we feel confident, and it is also why the intensity with which we are talking to customers has gone up.

因此，如果您可以做到 3350，那麼您可以說，您可以在 3300 上每天生產 1,000 個晶圓，那麼您應該能夠在 3350 上做到這一點。當然，這也是我們對實現 2015 年目標的信心所在，這基於 3300 的成就，以及我們至少能夠將其複製到 3350 上，並在此基礎上更上一層樓的能力。這就是我們感到自信的原因，也是我們與客戶溝通的強度加大的原因。

Now, on the 10-nanometer node, the logic node, largely I think that default solutions that our customers have in their production plants is on multiple patterning. And the late insertion in 10 nanometer of EUV will be driven by our ability to show them that the 3350 is indeed a pilot production-worthy tool.

現在，在 10 奈米節點、邏輯節點上，我認為我們的客戶在其生產工廠中採用的預設解決方案主要是多重圖案化。而 10 奈米 EUV 的後期插入將取決於我們向他們展示 3350 確實是一款值得試生產的工具的能力。

Now, as the first part of my answer, I think our confidence has gone up based on the performance of the 3300. But the default solution is multiple patterning. We have to realize that those designs were finished some time ago. When you go into pilot production at the end of the year, it means that those design decisions were at the end of last year. And at the end of last year we were not yet at the EUV performance levels that we are actually in today.

現在，作為我回答的第一部分，我認為基於 3300 的性能，我們的信心已經增強了。但預設的解決方案是多重模式。我們必須認識到那些設計很久以前就完成了。當你在年底進入試生產階段時，這意味著那些設計決策是在去年年底做出的。截至去年年底，我們的 EUV 性能仍未達到今天的水平。

So that means that N10 default starts with immersion. And one of the earlier callers asked the question how much more litho intensity will it give? Well, between 40% and 50%, which part of that requirement will be filled in by our upgrade business. Is that based on it?

所以這意味著 N10 預設從沉浸開始。之前有一位來電者問到，它能讓光刻強度提高多少？嗯，40%到50%之間，這個要求的哪一部分將由我們的升級業務來填補。是基於這個嗎？

Thank you.

謝謝。

Jerome Ramel.

傑羅姆·拉梅爾。

Jerome Ramel from Exane BNP Paribas. A question, Peter. How big do you see the 16/14 nanometer node. Would it be in terms of wafer starts per month?

法國巴黎銀行證券部的傑羅姆·拉梅爾（Jerome Ramel）有一個問題，彼得。您認為16/14奈米節點有多大？這是按每月的晶圓開工量計算嗎？

That's a very interesting question. I tried to make that clear in the introductory statements. We are in a pretty unique situation. Since I've been with the Company, I've never seen a situation whereby we are shipping to our logic customers (inaudible) when I say logic customers effectively in three nodes. I've always seen that one node ends and the other node starts, and then you see all shipments moving from one node that ends to the next node. And then it was much easier to say everything that we are shipping is obviously for that next node.

這是一個非常有趣的問題。我試圖在介紹性陳述中闡明這一點。我們正處於一個相當獨特的境況。自從我加入公司以來，我從未見過這樣的情況：當我說邏輯客戶在三個節點中有效地向邏輯客戶發貨時（聽不清楚）。我總是看到一個節點結束而另一個節點開始，然後你會看到所有貨物從一個結束的節點移動到下一個節點。然後，我們可以更輕鬆地說，我們運送的所有東西顯然都是為了下一個節點。

What we are currently seeing is we're seeing shipments of 28-nanometer node, which we are seeing capacity being taken out of 28 nanometer, being reused in 14-nanometer and 16-nanometer FinFETs, and we are seeing 10-nanometer capacity being built up. For us, it is a pretty opaque picture to give you -- so it's very difficult for us to say how much installed capacity are we shipping through the warp node. Because of the reuse capability, the fact that we have three nodes now shipping at the same time, I don't dare to give you a specific installed wafer -- wafer out per month capacity.

我們目前看到的是 28 奈米節點的出貨量，我們看到 28 奈米的產能被取出，並被重新用於 14 奈米和 16 奈米 FinFET，而且我們看到 10 奈米的產能正在建立。對我們來說，這是一個相當不透明的畫面——所以我們很難說出我們透過曲速節點運送了多少安裝容量。由於重複使用能力，事實上我們現在有三個節點同時出貨，我不敢給你具體的安裝晶圓 - 每月晶圓產量。

I'm sorry about that, but it is what it is. It's a bit convoluted. But the only thing that we do see is that we have a stable logic business. A stable logic business over the three nodes, and that the intensity and the need for DUV immersion leading-edge solutions is going up because of the higher litho intensity.

對此我感到很抱歉，但事實就是如此。有點複雜。但我們唯一看到的是，我們擁有穩定的邏輯業務。三個節點上的邏輯業務穩定，並且由於光刻強度更高，對 DUV 浸沒式前緣解決方案的強度和需求也在上升。

So, difficult to answer your question, so I'm not going to guess. But the only thing I'm going to say that logic business is strong, healthy, and stable.

所以，很難回答你的問題，所以我不會猜測。但我唯一要說的是，邏輯業務強勁、健康、穩定。

Thank you very much.

非常感謝。

Mahesh Sanganeria.

馬赫什·桑加內裡亞。

It's RBC Capital Markets. The question on the memory side, you talked about first half being stronger and second later half tapering a little bit. Can you give us a sense of how the -- qualitatively how the distribution is it in terms of DRAM versus demand NAND in the first half and the second half?

它是加拿大皇家銀行資本市場 (RBC Capital Markets)。關於記憶方面的問題，您談到上半年表現較強，下半年表現稍弱。您能否從品質上讓我們了解上半年和下半年 DRAM 與 NAND 需求的分佈？

Yes. I can -- it's weighted more towards DRAM, both first half and the second half.

是的。我可以——它的權重更偏向 DRAM，包括前半部和後半部。

Okay. And then a question on EUV. You talked about shipping the high-power laser. And does this new high-power laser -- does that take you to 100-watt operation or beyond that? Or if it's taking you to 100-watt operation, what do you need to change to go to 200-watt operations?

好的。然後是關於 EUV 的一個問題。您談到了運送高功率雷射。這種新型高功率雷射能否實現 100 瓦或更高的功率？或者如果它讓你以 100 瓦的功率運行，那麼你需要做哪些改變才能以 200 瓦的功率運行？

The high-power laser takes us to 125 watts. And it's, in principle, the architecture to take us to 250 watts. So it's (multiple speakers).

高功率雷射的功率達到 125 瓦。原則上，這是將功率提高到 250 瓦的架構。所以是（多位發言者）。

Okay, that's pretty good. Okay. Thank you.

好的，那非常好。好的。謝謝。

Tim Arcuri.

蒂姆·阿庫裡。

Cowen and Company. Thank you. A couple of things. First of all, Wolfgang, I guess I had a question on the second-half revenue. I know you don't want to guide it. But if DRAM is down, you're saying that there's not a lot of NAND business and logic is pretty stable. I understand that service will be up maybe EUR75 million on a quarterly basis exiting the year versus where it is now or possibly even more than that. But does that overall paint a picture that second-half revenue is down versus the first half of the year, or is that not the right read?

考恩公司。謝謝。有幾件事。首先，沃夫岡，我想我對下半年的收入有一個疑問。我知道你不想引導它。但如果 DRAM 價格下跌，你就代表 NAND 業務不多，而且邏輯相當穩定。據我了解，到今年年底，該服務每季的增幅可能比現在高出 7,500 萬歐元，甚至可能更多。但這總體上顯示下半年的收入與上半年相比有所下降，或者這種解讀是否正確？

A little bit difficult, Tim, because I'm answering this question without going into numbers. That's why we decided to do it qualitatively. We used the word tapering, so it's going down somewhat. That's by definition. Logic is stable, as we said. And it was quite a nice increase in the upgrade and service business. And we said we're going to exit at EUR500 million run rate.

有點困難，蒂姆，因為我在回答這個問題時沒有涉及數字。這就是我們決定進行高品質研究的原因。我們用了「縮減」這個詞，所以它指的是有所下降。這是根據定義。正如我們所說，邏輯是穩定的。升級和服務業務的成長相當可觀。我們說過我們將以 5 億歐元的運行率退出。

And then, of course, it also depends on how the final orders come in for the year. And we don't have visibility on the clarity on how exactly Q2 will look like and Q3 looks like. Otherwise, we would guide. But second half could be a little bit weaker than the first half, I think is what you can conclude.

當然，這也取決於今年的最終訂單情況。我們尚不清楚第二季和第三季的具體情況。否則，我們會指導。但下半年可能會比上半年弱一點，我想這就是你可以得到的結論。

Got it. And it won't be -- it's not going to be, as you called, you would say does it look like a drop-off and that's absolutely not the case. It's like Wolfgang said. It's probably -- it's tapering.

知道了。而且它不會 — — 它不會，正如你所說，你會說它看起來像是一個下降，但事實絕對不是這樣。就像沃夫岡所說的。它可能正在逐漸減少。

Okay. Thanks, Peter. I guess second question, and then I had another follow-up after that. But just on DRAM, it seems like there's some change in tone there. Last quarter, you were pretty positive. Everyone was expanding wafers. Now the message is that the sort of incremental wafer supply is going to be met by what ships in the first half. Is this the right read? And can you give a little more color there in terms of what the tone is from the DRAM guys? Has there been a market change in tone?

好的。謝謝，彼得。我想這是第二個問題，之後我還有另一個後續問題。但僅在 DRAM 方面，似乎語氣發生了一些變化。上個季度，你的表現相當正面。每個人都在擴大晶圓。現在的消息是，這種增量晶圓供應將透過上半年的出貨量來滿足。這是正確的解讀嗎？您能否更詳細地介紹一下 DRAM 人員的語氣？市場基調有變化嗎？

No. I don't think so. I think they are still very confident. It's just a matter of timing when they put that capacity in place. Like a lot of the questions that were asked earlier, it is what fabs are taking tools. I think there are fabs in Korea taking tools. There is capacity that to take tools in Taiwan and Japan particularly. So that will be used. I think it's a matter of timing more.

不。我不這麼認為。我認為他們還是非常有信心的。他們何時實現這項能力只是時間問題。就像之前提出的許多問題一樣，這是關於晶圓廠正在使用什麼工具的問題。我認為韓國的晶圓廠正在使用這種工具。尤其台灣、日本有承接工具的能力。所以將會使用這個。我認為這更多的是一個時間問題。

So when you look at 2015 and you just chop the entire ramp up in calendar years, then everything that we are saying is in calendar year there's more shipments in the first half than in the second half on DRAM customers. But it is not as far as why we listen to our customers absolutely not an indication that our customers feel that the business is weakening, and that's why they need less capacity. It's just a matter of timing of when they ramp their fabs, and it's the combination of those four potentials in Taiwan and Japan and the two in Korea, how that ramp-up is scheduled. It's no more than that.

因此，當您回顧 2015 年並將整個成長過程按日曆年劃分時，我們所說的就是按日曆年來看，上半年 DRAM 客戶的出貨量要多於下半年。但這並不是我們傾​​聽客戶意見的原因，絕對不代表我們的客戶感覺業務正在減弱，這就是他們需要減少產能的原因。這只是他們何時擴大晶圓廠產能的問題，而產能擴大的計畫取決於台灣和日本的四個潛力工廠以及韓國的兩個工廠的結合。僅此而已。

Okay. Maybe if I can just squeeze in one more quick one on EUV, you had guided previously that you would ship 10 systems this year. Now it sounds like if I add it up on the slide, you are shifting like between 8 and 10. And the change really is on the three systems that were going to be 3350s converted from 3300s. Why has that changed, given that the progress on EUV is clearly better than it this time last quarter? Thanks.

好的。也許如果我可以在 EUV 上再快速擠進一個，您之前曾指導過今年將交付 10 個系統。現在聽起來，如果我在幻燈片上將其加起來，你就會在 8 和 10 之間移動。真正的改變發生在從 3300 轉換而來的 3350 三個系統上。鑑於 EUV 的進展明顯比上個季度更好，為什麼情況會改變？謝謝。

Well, it is because the progress has been better than we thought. And you have to think about this way. You have the 3300, and then we did not -- we could not show the 3300 results that we have shown the last quarter when we were at SPIE. One of the customers said now we can do 1,000 wafers per day on the 3300. Before that time, customers were looking at if we want the capability to do 1,000 wafers per day, we need to go to a 3350. So could you please wait with the 3300 shipment and upgrade to a 3350 in order to give us that capability?

嗯，因為進展比我們想像的還要好。你必須這樣去思考。您有 3300，但我們沒有 - 我們無法展示我們在 SPIE 上個季度展示的 3300 個結果。一位客戶說，現在我們每天可以在 3300 上生產 1,000 片晶圓。在此之前，客戶正在考慮如果我們想要每天生產 1,000 片晶圓，我們就需要使用 3350。那麼，您能否等到 3300 出貨後再升級到 3350，以便為我們提供該功能？

Now you can understand that having an 80-watt configuration for the 3300 and doing 1,000 wafers per day that some customers are scratching their head and saying shouldn't we then take the 3300, start using it at 80 watts instead of waiting and then getting a shipment of the 3350 later? It's all a matter of when are we going to do what with respect to EUV? So you could basically say as a result of the progress, we have now this situation where some customers are rethinking their original plan of the 3350 upgrade and still -- and actually wanted to ship it earlier. Is that clear?

現在您可以理解，3300 的配置為 80 瓦，每天可生產 1,000 片晶圓，一些客戶會撓頭並說，我們是否應該採用 3300，以 80 瓦的功率開始使用，而不是等待，然後再收到 3350 的貨件？問題在於我們什麼時候針對 EUV 做些什麼？因此，基本上可以說，由於進展的原因，我們現在遇到的情況是，一些客戶正在重新考慮他們最初的 3350 升級計劃，並且實際上仍然希望提前發貨。清楚了嗎？

Peter, thanks so much.

彼得，非常感謝。

This will do, Mr. Arcuri?

這樣就可以了嗎，阿庫裡先生？

Yes, I think next question.

是的，我想是下一個問題。

Farhan Ahmad.

法爾漢·艾哈邁德。

This is Farhan asking a question from Credit Suisse. My first question is on the reuse. Peter, you mentioned that reuse is much higher on the 14 nanometer. You have not seen it previously, and even on 10 nanometer you are going to see it. How does that change fundamentally your long-term business model? And will we be able to get to the 2020 revenue targets if you're having such high reuse? And also if you could shed some light on like just the 14-nanometer, 16-nanometer node. What percentage of the capacity was actually coming from reuse versus new capacity additions? That would be really helpful.

這是法爾漢 (Farhan) 代表瑞士信貸提出的問題。我的第一個問題是關於重用。彼得，你提到 14 奈米的重複使用率要高得多。您以前沒有見過它，即使在 10 奈米上您也會看到它。這如何從根本上改變您的長期商業模式？如果重複使用率這麼高，我們能達到 2020 年的收入目標嗎？另外，如果您能解釋一下 14 奈米、16 奈米節點的情況的話。實際產能有多少百分比來自重複使用，有多少百分比來自新增產能？那將會非常有幫助。

We don't think it's -- the long-term business model impact is there because we actually included this in our model when we modeled it. And we showed you at the analyst day, the by-2020 model. And we showed you the new systems that assumes a certain percentage reuse. And that's actually what we are seeing today. So it is going to be an integral part of our business model going forward. But it doesn't change the long-term business model.

我們不認為這會對商業模式產生長期影響，因為我們在建模時實際上已經將其納入了模型中。我們在分析師日向您展示了 2020 年的模型。我們向您展示了假設一定比例重用的新系統。這實際上就是我們今天所看到的。因此它將成為我們未來商業模式不可或缺的一部分。但它不會改變長期的商業模式。

So you said the 14 -- the 16 nanometer as a -- the percentage of the capacity reuse. Difficult to say. It's customer by customer different. Some customers that have, let's say, large production of limited products, they would probably do this sooner. And more than very large foundries that have multiple customers, dozens of customers that are actually still requiring capacity, for instance, on the 28-nanometer node to stay in place because they are upgrading the 45-nanometer and 65-nanometer products to 28 nanometer. So it's a bit different per customer.

所以你說 14 至 16 奈米是容量重用的百分比。很難說。每個客戶的情況都不同。一些擁有大量限量產品的客戶可能會更早這樣做。除了擁有多個客戶的大型代工廠外，還有數十個客戶實際上仍然需要產能，例如，在 28 奈米節點上保持原位，因為他們正在將 45 奈米和 65 奈米產品升級到 28 奈米。所以每個顧客的情況都有點不同。

So I don't think you can give this as a standard percentage. But in general you could say those foundries with large volumes of and, let's say, smaller quantity of types of products, they would do this earlier and sooner than foundries with a lot of customers.

所以我不認為你可以給一個標準百分比。但一般來說，那些擁有大量產品且產品種類較少的代工廠會比擁有大量客戶的代工廠更早這樣做。

Got it. That's very helpful. And following up on Sandeep's question earlier, 10 nanometer was initially started with multi-patterning. And there was less insertion on 10 nanometer with EUV. As you look at the 7-nanometer node, I believe the decision on 7 nanometer would be later this year.

知道了。這非常有幫助。接下來回答 Sandeep 之前提出的問題，10 奈米最初是從多重圖案化開始的。而使用 EUV 在 10 奈米上插入的內容較少。當你看到 7 奈米節點時，我相信有關 7 奈米的決定將在今年稍後做出。

What are your expectations? Will it be started initially with EUV or multi-patterning? And also like at a SPIE conference, it appeared that for 7-nanometer node, if you wanted to do multi-patterning, the overlay and the etch placement are the big issue. Do think from a lithography perspective, is immersion able to handle all the needs, or is it going to be like either DUV or we can't do it?

您的期望是什麼？它最初會從 EUV 或多重圖案開始嗎？而且就像在 SPIE 會議上一樣，對於 7 奈米節點，如果想要進行多重圖案化，那麼覆蓋和蝕刻位置就是一個大問題。從微影角度來看，浸沒式技術是否能夠滿足所有需求，或者它會像 DUV 一樣，否則我們就無法做到？

Well, ultimately that call is with the customer. We have an internal view that we believe that EUV should be the technology of choice, very clearly. Customers will tell you that in the absence of a fully production-worthy EUV as we see it today because we're too early, for that default solution is always going to be looking at what they know today, which is immersion, multiple patterning.

嗯，最終這個電話是跟客戶打的。我們內部的觀點是，我們非常明確地認為 EUV 應該是首選技術。客戶會告訴你，由於我們今天還處於發展初期，所以還沒有完全投入生產的 EUV，因為預設的解決方案永遠是研究他們今天所知道的東西，也就是浸入式、多重圖案化。

And that's what every customer will tell you. Every logic customer will tell you, said, we will look at that. But at the same time, also at SPIE the customers made the public statements -- default, we are going there because we're going for double-patterning immersion because it is what we know. But when EUV is available, we will use EUV.

每個顧客都會告訴你這一點。每個邏輯客戶都會告訴你，說，我們會看看這個。但同時，在 SPIE 上，客戶也發表了公開聲明 - 默認，我們會去那裡，因為我們要進行雙重圖案浸沒，因為這是我們所了解的。但當 EUV 可用時，我們就會使用 EUV。

So it all comes down to the production worthiness, i.e. the percentage availability of the tool that is going to drive the position for EUV. Whether it is there with the right level of availability and right level of reliability, they are going to use EUV. There is no doubt in our mind. And the fact that they are talking about two strategies simply got to do with the fact that nobody can point at an EUV production-worthy tool at 85% availability doing 1,500 wafers per day because it's not there yet. But this is how you need to look at that.

所以一切都歸結於生產價值，即驅動 EUV 位置的工具的可用百分比。無論是否具有適當的可用性和可靠性，他們都會使用 EUV。我們心中毫無疑問。他們談論兩種策略只是因為這樣一個事實：沒有人能夠指出一個可用於 EUV 生產的工具能夠以 85% 的可用性每天生產 1,500 片晶圓，因為目前還沒有達到這個水平。但你需要這樣看待它。

And whether you go into 7 nanometers -- last comment, we all understand that you pointed to it also that 7-nanometer, multiple-patterning immersion is a web of pain, and that customers are trying to avoid that.

無論您是否進入 7 奈米 - 最後一條評論，我們都明白您也指出了這一點，即 7 奈米、多重圖案浸入是一個痛苦的網絡，客戶正在試圖避免這種情況。

Got it. Thank you. That's helpful.

知道了。謝謝。這很有幫助。

Gareth Jenkins.

加雷斯·詹金斯。

Yes, it's UBS. Just a couple if I could please, gentlemen. I think this morning, Wolfgang, you mentioned improving utilization times. I just wondered on the immersion side of things whether you could give a sense of cabin times or your cycle times currently. And then just secondly on R&D, I just wonder whether you still see it sort of phasing down through the course of this year in a fairly progressive manner. Thank you.

是的，是瑞銀。先生們，如果可以的話，我只想介紹幾位。沃爾夫岡，我想今天早上您提到了提高利用率。我只是想知道，從沉浸感的角度來看，您是否可以給出當前的艙室時間或週期時間的感覺。其次，關於研發，我只是想知道您是否仍然認為它在今年會以相當漸進的方式逐步減少。謝謝。

Yes, on capacity utilization, we obviously had more volume in Q1 than in Q4. That helps with absorption in general, but we're also making pretty good progress in general and in shortening our cycle time in the factory in terms of -- the second question was on R&D?

是的，就產能利用率而言，我們第一季的產量明顯高於第四季。這有助於整體吸收，但我們總體上也取得了相當大的進展，並且在縮短工廠的周期時間方面——第二個問題是關於研發的？

Yes, that's right.

是的，沒錯。

Yes, R&D, we pretty much came in in line with our guidance at like 2.61%. We have obviously 4 sites where we incur R&D expenses in the US -- in San Diego, of course; and holistic lithography in Santa Clara; and with a center in Chandler; and then we have a big base in Wilton, Connecticut. And we have literally hundreds and hundreds of R&D people there. And there, we do have an FX impact, like I said in my prepared remarks, not fully offset for the total Company by positive effect from the sale in US dollar.

是的，研發方面，我們基本上符合我們的預期，約為 2.61%。我們在美國有 4 個研發地點，當然在聖地牙哥；以及聖克拉拉的整體光刻技術；並以錢德勒為中心；我們在康乃狄克州威爾頓有一個大型基地。我們在那裡有成百上千的研發人員。正如我在準備好的演講中所說的那樣，我們確實受到了外匯影響，但美元銷售帶來的正面影響並沒有完全抵消公司整體的影響。

But I would just suggest there that you model it somewhere in the 2.65%-ish range for the remainder of the year. We are committed to get to the 13% of revenue in terms of the long-term model by 2020. But you will also understand that in this time where we are firing on all cylinders in EUV, holistic, and EUV extension that we are not going to run the risk to cut the program prematurely just to make an artificial number to offset an FX risk.

但我還是建議你在今年剩餘時間內將其模型設定在 2.65% 左右的範圍內。我們致力於在 2020 年實現長期模型中收入的 13%。但您也會明白，在這個我們在 EUV、整體和 EUV 擴展方面全力以赴的時候，我們不會冒險過早地削減計劃，只是為了製造一個人為的數字來抵消外匯風險。

Thanks.

謝謝。

(Inaudible).

（聽不清楚）。

It's Jeff (inaudible) speaking at Bernstein. I think there has probably been a mix-up in names. Thank you for taking my question. Peter, I'd like to come back to the two points you made on the fact that three nodes are being run at the same time at the moment. And it's really something new for you guys and (inaudible) on reuse at 10-nanometer nodes.

這是傑夫（聽不清楚）在伯恩斯坦發表的演講。我認為名字可能被混淆了。感謝您回答我的問題。彼得，我想回到你提出的關於目前三個節點同時運行的兩點。這對你們來說確實是一個新事物，並且（聽不清楚）可以在 10 奈米節點上重複使用。

So there is two way I can think about it. One is 14-nanometer node is reusing the 20-nanometer node at the moment, and it's (inaudible). It is because maybe 20 nanometer is a disappointment in your node for the clients (inaudible) clients, and you should consider 20, 16, and 14 as being the same lithography node. It's almost a nonevent.

因此我可以從兩個方面來考慮這個問題。一個是 14 奈米節點目前正在重複使用 20 奈米節點，而且它（聽不清楚）。這是因為也許 20 奈米對客戶（聽不清楚）客戶來說是一個失望，您應該將 20、16 和 14 視為相同的光刻節點。這幾乎不是什麼大事。

But then, if we start seeing a lot of reuse between 20, 16, and 14 and 10, then it would mean that the 20, 16, 14 node would be phasing down faster than lagging nodes had been phasing down in the past. And that could, in the long term, have some affect on demand for lithography.

但是，如果我們開始看到 20、16 和 14 和 10 之間出現大量重用，那麼就意味著 20、16、14 節點的淘汰速度將比過去滯後節點的淘汰速度更快。長遠來看，這可能會對光刻技術的需求產生一定影響。

So how do you think about that? Do you see a risk that, going forward, higher rate of reuse between nodes means that the total capacity of the industry is going to grow at a slower pace with the N1 node phasing down faster than what we've seen in the past? Thanks.

那麼您對此有何看法？您是否看到了這樣的風險：未來節點間重複使用率的提高意味著產業總容量的成長速度將放緩，而 N1 節點的淘汰速度將比過去更快？謝謝。

Yes, a couple of comments. You assume that the reuse on the 14 and 16 nanometer is out of 20. It's not out of 20; it's out of 28. So -- and we do that by the 28-nanometer-capable tool to upgrade those tools to what we call a system node enhancement package sale. So it could be big sales. It could be EUR10 million, EUR20 million apiece. So those are almost open-heart surgeries in the field. But that of course -- it's cheaper than buying a new tool of EUR50 million.

是的，有幾則評論。您假設 14 和 16 奈米的重複使用率為 20%。這還不到 20 分；共 28 個。所以——我們透過 28 奈米功能工具將這些工具升級到我們所謂的系統節點增強包銷售。因此，這可能會帶來巨大的銷售。每人可能為1000萬歐元、2000萬歐元。因此，這些幾乎都是該領域的開胸手術。但這當然比花費 5,000 萬歐元購買新工具便宜。

So what you will see -- and I think I have to refer back to a previous comment. I think when you look at the customers that are doing this, customers that are having large volumes of a limited number of products where those limited number of products are really products that go from node to node, that means that the current node of a limited number of products that are large volume moves on to the next generation, which means that it almost obsoletes the current node when you go to N+1. And that is also why basically the capacity follows that, so the reuse of that capacity. Which is in fact what happened in the industry for a very long time in microprocessors. That's just a -- that's a well-known fact. And that's what I'd say, is it's a limited number of products with very large volume.

所以你會看到——我想我必須回顧一下之前的評論。我認為，當你觀察這樣做的客戶時，他們擁有大量有限數量產品，而這些有限數量的產品實際上是從一個節點轉移到另一個節點的產品，這意味著當前節點的有限數量大批量產品將進入下一代，這意味著當你進入 N+1 時，它幾乎會淘汰當前節點。這也是為什麼容量基本上遵循這一點，從而重複使用容量。事實上，這正是微處理器產業長期以來所發生的情況。這只是一個——這是一個眾所周知的事實。我想說的是，產品數量有限，但數量卻非常大。

So in that sense, you are seeing also I think in the foundry industry some very large products, large volume where the same logic, this economic logic, applies as it applies or actually has applied for a very long time in the microprocessor world. So I don't think it has a major impact in that sense. Other than you could argue that if everything would be new, then you would sell 40% more new tools. But then you should also realize that Moore's law is an empirical law of economics. So it's also how do you deal with capital efficiency. And I think this reuse option is a way of customers to control their cost of additional capacity that they need because of the higher litho -- of the higher intensity in their lithography systems.

因此從這個意義上講，我認為在代工行業中您也會看到一些非常大的產品，其產量也很大，同樣的邏輯，這種經濟邏輯，在微處理器領域也適用，或者實際上已經適用了很長時間。所以我認為從這個意義上來說它不會產生重大影響。除此之外，您還可以爭辯說，如果一切都是新的，那麼您將銷售出多 40% 的新工具。但你也應該意識到摩爾定律是經濟學的經驗定律。所以這也是如何處理資本效率的問題。我認為這種重複使用選項是客戶控制所需額外容量成本的一種方式，因為他們的光刻系統具有更高的光刻強度。

So it's a logical way of customers dealing with the node-to-node transition for high volumes whereby you have a limited number of products. And it's basically akin to what we've seen in the microprocessor business.

因此，對於客戶來說，處理大批量節點到節點轉換的合理方法是，只使用有限數量的產品。這與我們在微處理器業務中看到的情況基本上類似。

Okay. Excellent. That's very clear. Thank you very much. And a very quick follow-up on what you've been discussing for the second half. I assume that when we talk -- when you talk about like stable business in foundries between the first and the second half, you are excluding from the picture EUV. Or are you taking into account, are you making an assumption on what you are going to recognize in terms of EUV revenues in the second half?

好的。出色的。這非常清楚。非常感謝。接下來是您在下半部分討論的內容的快速跟進。我認為，當我們談論——當您談論上半年和下半年代工廠的穩定業務時，您沒有將 EUV 考慮在內。或者您是否考慮過，您是否對下半年 EUV 收入方面將會實現什麼做出假設？

You are correct; that was a non-EUV statement.

你是對的；這是非 EUV 聲明。

Excellent. Thanks a lot.

出色的。多謝。

Francois Meunier.

弗朗索瓦·默尼耶。

It's Andrew Humphrey here for Francois from Morgan Stanley. Just one question on the comments you are making on 2016 for EUV. I think those are consistent with what you've said before in terms of having the capacity to ship one EUV machine a month next year and 3 EUV machines a month a year after that. But you sounded a little bit firmer in terms of there actually being demand for those machines, i.e., potentially some customers moving beyond the testing phase. So could you just talk a little bit more about what the sensitivities are around that and what the potential upsides and downsides could be for 2016?

我是摩根士丹利的 Andrew Humphrey，為 Francois 主持節目。關於您對 2016 年 EUV 的評論，我只有一個問題。我認為這些與您之前所說的一致，即明年每月可出貨一台 EUV 機器，後年每月可出貨 3 台 EUV 機器。但您對這些機器確實存在需求的說法聽起來更堅定一些，也就是說，可能有些客戶已經超越了測試階段。那麼，您能否再多談一下這方面的敏感度以及 2016 年可能帶來的好處和壞處？

I think what you'll see, it all hinges on -- and I said it's also in my introductory statements is that when we zoom in on our targets of -- let's say, reaching the overall target of 1,000 wafers per day, zooming in on the 1,500 wafers per day next year, reaching the 70% availability this year, go to the 85% availability next year, that progress -- I think that progress will increase the customer confidence.

我認為，您會看到，這一切都取決於——我在開場白中也說過，當我們放大目標時——比如說，達到每天 1,000 片晶圓的總體目標，明年放大到每天 1,500 片晶圓，今年達到 70% 的可用性，明年達到 85% 的可用性，這個進展——我認為這個進展——我認為這個進展將增加客戶信心。

Now, we are planning for success. It actually means that we think we will reach those targets. We also think that when we reach those targets, there's not going to be one. There's going to be multiple customers that are going to say then in 2016 we need to start at least shifting tools for the start of the final production in early 2016 because those two installation times and ramp-up times are quite low. But it will have an effect on 2017 in the customer fabs.

現在，我們正在為成功做規劃。這實際上意味著我們認為我們將實現這些目標。我們也認為，當我們達到這些目標時，就不會再有這樣的目標了。將會有多個客戶說，那麼在 2016 年，我們需要至少開始轉移工具，以便在 2016 年初開始最終生產，因為這兩個安裝時間和啟動時間都相當短。但它會對2017年的客戶工廠產生影響。

And this is why we have that production capability there. You could say, Peter, show me the orders for 2016, and I'd be able to say, Francois, you are right at the end of the day. But when I said -- if you say, Peter, show us the progress that we have made, that we have made a lot of progress and there's a lot of confidence that we have that by that time -- it is 2016, and we are one year or one year and a quarter down the road that we can show some tangible progress which will give customers the confidence that they have to do this. That's why the pressure capacity is there.

這就是我們在那裡擁有生產能力的原因。你可以說，彼得，給我看 2016 年的訂單，然後我就可以回答，弗朗索瓦，你最終說得對。但是當我說——如果你說，彼得，向我們展示我們已經取得的進展，我們已經取得了很大的進展，並且我們很有信心到那時我們能夠做到這一點——那是 2016 年，我們還有一年或一年零四分之一的時間可以展示一些切實的進展，這將使客戶有信心這樣做。這就是壓力容量的原因。

Great. Thanks very much.

偉大的。非常感謝。

Patrick Ho.

何志強。

Thank you very much. Stifel Nicolaus. The first question on EUV -- with the progress you've made, can you just give a little bit of color on some of the ecosystem areas, particularly on the mask inspection side, and how you believe that could potentially impact I guess the production-worthy capabilities for the industry given that they also need to be ready even if you are ready on the system side?

非常感謝。斯蒂費爾·尼古拉斯。關於 EUV 的第一個問題——鑑於您所取得的進展，您能否對一些生態系統領域，特別是在掩模檢查方面，進行一些介紹，以及您認為這可能會如何影響行業的生產能力，因為即使您在系統方面已經做好準備，他們也需要做好準備？

Yes, that's a good question. I think this has been a subject of heated debate over the last couple of quarters. On mask inspection particularly, I think one of the most significant pieces of news that came out of SPIE was the fact that we announced that we have a working prototype of what we call a removable pellicle. And a pellicle is in fact a membrane that sits in front of the photomask. And in fact, what the membrane does, it stops particles getting onto the photomask. Because when they get onto a photomask, which is a reflective photomask, they will print; so you don't want that.

是的，這是個好問題。我認為這是過去幾季以來激烈爭論的話題。特別是在掩模檢查方面，我認為 SPIE 發布的最重要的新聞之一是我們宣布我們擁有所謂的可拆卸防護膜的工作原型。而防護膜其實是位於光掩模前面的一層膜。事實上，這層膜的作用就是阻止顆粒進入光掩模。因為當它們進入光掩模（反射型光掩模）時，它們就會打印；所以你不想要那個。

So the fact that we have now shown that that capability is there and we can remove the pellicle and put it back on, it means that you can remove the pellicle, inspect the photomask with traditional inspection tools and then put the pellicle back. It gives our customers -- at least that's also what they said at SPIE -- a lot of confidence that they can do without what you call an actinic inspection tool, which is an inspection tool that uses the same wavelength which is basically an EUV mask inspection tool, which of course is not there. So that takes away that need.

因此，事實上我們現在已經證明了這種能力，我們可以移除防護膜並將其放回原位，這意味著您可以移除防護膜，使用傳統檢查工具檢查光掩模，然後將防護膜放回原位。它給我們的客戶帶來了很大的信心 — — 至少他們在 SPIE 上是這麼說的 — — 他們可以不用所謂的光化檢測工具，光化檢測工具是一種使用相同波長的檢測工具，基本上是一種 EUV 掩模檢測工具，當然這是不存在的。這樣就消除了這種需要。

Now, there are some customers that are saying, well, for some very critical layers we would still like to have it somewhere down the line, and that's still a debate. We believe that we can show going forward that this removable pellicle is good enough for customers to get confidence that they can work with a defect-free mask.

現在，有些客戶說，好吧，對於一些非常關鍵的層，我們仍然希望將其放在某個地方，但這仍然是一個爭論。我們相信，我們可以證明這款可拆卸的防護膜足以讓客戶有信心使用無缺陷的掩模版。

So this is where we are. I think this is a big step forward. And like I said, it removes the need for an actinic inspection tool this decade, and that's why customers can move on with EUV.

這就是我們現在的處境。我認為這是一個很大的進步。正如我所說的，它消除了本十年對光化檢測工具的需求，這就是為什麼客戶可以繼續使用 EUV 的原因。

Now, on photoresist, there is -- there's also progress made on that point that is logical. Photoresist companies are not companies that are living on very high margins, so they always wait until the exposure tool is ready and all the parts of the infrastructure are there, and they are there today. So we also see since we have made progress with EUV, resist companies definitely stepping up in their R&D efforts and coming up with photoresist EUV, photoresist solutions that were not available six months ago. And we're making very good progress there.

現在，在光阻方面，在這一點上也取得了進展，這是合乎邏輯的。光阻公司並不是靠高利潤生存的公司，所以他們總是等到曝光工具準備好並且所有基礎設施都準備好了，而他們今天就準備好了。因此，我們也看到，自從我們在 EUV 方面取得進展以來，光阻公司肯定會加強研發力度，並推出六個月前無法實現的光阻 EUV 和光阻解決方案。我們在這方面取得了非常好的進展。

So on the infrastructure, I don't think they are showstoppers. That is -- I could've started with this so my answer would have been a bit shorter. But just to give you some detailed information, I don't know we'll (multiple speakers).

因此，就基礎設施而言，我並不認為他們是什麼了不起的人。也就是說──我可以從這個開始，這樣我的回答就會更簡短。但只是為了向您提供一些詳細信息，我不知道我們會（多位發言者）。

Great, that's helpful. And maybe just as a quick follow-up on the industry front, you've talked about reuse particularly on the foundry side of things. How much reuse of litho do you believe the NAND flash industry will see as it transitions to 3-D NAND from planar?

太好了，很有幫助。也許只是作為行業方面的快速跟進，您談到了重用，特別是在代工方面的重用。您認為，在 NAND 快閃記憶體產業從平面過渡到 3D NAND 的過程中，光刻技術將會被重複利用多少次？

None. And that is because it is (technical difficulty) (multiple speakers) -- is somebody else on the line? Hello? No, I think there is none. For the simple reason that when you talk about NAND flash or non-volatile memory, the different memory types -- 2-D, which is planar, or 3-D (technical difficulty) (multiple speakers) --

沒有任何。這是因為（技術困難）（多位發言者）──還有其他人在線上嗎？你好？不，我認為沒有。原因很簡單，當你談論 NAND 快閃記憶體或非揮發性記憶體時，不同的記憶體類型——2D，即平面的，或 3D（技術難度）（多位發言者）——

(inaudible)

（聽不清楚）

Hello? Is somebody interfering? Let me repeat what I said. There is going to be 2-D devices -- playing out devices living next to 3-D devices, living next to what they call the next-generation memory or a cross point or re-RAM. So they're going to be in the memory space.

你好？有人幹擾嗎？讓我重複一遍我說過的話。將會有 2-D 裝置——播放裝置與 3-D 裝置共存，與他們所謂的下一代記憶體或交叉點或 re-RAM 共存。所以它們將會存在於記憶空間中。

I said it on previous calls also, the diversity in non-volatile memory devices is going up, and that means that they will stay -- there's a very long life for planar, for 3-D NAND and for new-type memory. And that means that the installed capacity will stay there. It's not going to be reused. It's just going to grow. Because 2-D planar devices will serve another and a different end application than a 3-D device then a cross-point device. So, this is not applicable. Reuse is not applicable in the NAND business.

我在之前的電話會議上也說過，非揮發性儲存設備的多樣性正在增加，這意味著它們將會保持——平面、3-D NAND 和新型記憶體的壽命非常長。這意味著安裝容量將保持在那裡。它不會被重複使用。它只會不斷生長。因為 2-D 平面設備將服務與 3-D 設備不同的最終應用，然後是交叉點設備。所以，這是不適用的。重複使用不適用於 NAND 業務。

Great. Thank you.

偉大的。謝謝。

I'm going to break in here, ladies and gentlemen. I think we have time for one last question. As always, if you are unable to get through with a question and feel the need to talk to anybody, the IR team is available this evening and tomorrow. So please give us a call. Now, with that Peter, can we have the last question?

女士們、先生們，我要開始講話了。我想我們還有時間回答最後一個問題。像往常一樣，如果您無法提出問題並覺得需要與任何人交談，IR 團隊今晚和明天都會為您服務。所以請給我們打電話。現在，彼得，我們可以問最後一個問題嗎？

Of course, Mr. DeYoung. The last question is coming from Mr. Weston Twigg.

當然，DeYoung 先生。最後一個問題來自韋斯頓·特維格先生。

Wes Twigg from Pacific Crest. Thanks for fitting me in. First on foundry bookings, it looks like they dropped a lot in Q1, and yet you are talking about confidence and having stable demand from foundries. So I'm just wondering if maybe you are seeing orders picking up this quarter or what really gives you that confidence. And then secondly, my second question would the just on the stock buyback program. Why not a bit more aggressive so far?

來自 Pacific Crest 的 Wes Twigg。謝謝你幫我安排。首先，關於代工廠的訂單，看起來第一季的訂單下降了很多，但您談到信心和代工廠的穩定需求。所以我只是想知道您是否看到本季的訂單有所回升，或者是什麼真正給了您這樣的信心。其次，我的第二個問題是關於股票回購計畫。為什麼到目前為止還不採取更積極一點的行動？

Yes, so let me take this. On the bookings, we were not disappointed. We were actually quite satisfied with our overall backlog. We said it in the remarks. It's very balanced. I think it's always important to also note that we do have volume purchasing agreements with all of our customers, which actually makes the act of placing an order almost an administrative act. So we have visibility beyond the bookings and the backlog. So we were not disappointed, and we are, as a matter of fact, quite happy with the backlog and feel confident in our statement that we have a stable business.

是的，所以讓我來接受這個。對於預訂，我們並不失望。事實上，我們對整體積壓工作非常滿意。我們在評論中說過了。它非常平衡。我認為始終要注意的是，我們確實與所有客戶都簽訂了批量採購協議，這實際上使得下訂單的行為幾乎成為一種行政行為。因此，我們不僅能看到預訂量和積壓量。因此我們並不失望，事實上，我們對積壓訂單感到非常滿意，並且對我們的業務穩定的說法充滿信心。

Stock buyback, we have a pretty time-proven policy of systematically giving back what we have available on top of minimum required cash balance. We want to go to the dividend first, and the rest is used for stock buybacks. You saw us ending at EUR2.8 billion, not EUR2.5 billion which is our stated objective. But that's really in preparation for the dividend that's payable in April.

股票回購，我們有一個經過時間考驗的政策，在最低要求的現金餘額之外有系統地返還我們所擁有的資產。我們希望先支付股息，其餘部分用於股票回購。您看到我們最終的獲利目標是 28 億歐元，而不是我們既定的目標 25 億歐元。但這實際上是為了四月支付的股息做準備。

So we were executing the program that we announced last quarter, and that, again, will put over EUR1 billion or around EUR1 billion in stock buybacks for the next two years.

因此，我們正在執行上個季度宣布的計劃，並且在未來兩年內將投入超過 10 億歐元或約 10 億歐元用於股票回購。

All right. Thank you. Very helpful.

好的。謝謝。非常有幫助。

Good. Thanks, Wes, for joining the call. And on behalf of ASML's Board of management, I'd like to thank everybody for joining today. And with that, Peter, if you could formally conclude the call, we'd appreciate it. Thank you.

好的。謝謝韋斯參加此次電話會議。我謹代表 ASML 管理委員會感謝大家今天的出席。彼得，如果您能正式結束通話，我們將不勝感激。謝謝。

Of course, Mr. DeYoung. Ladies and gentlemen, this concludes the ASML first-quarter 2015 results conference call. Thank you for participating. You may now disconnect.

當然，DeYoung 先生。女士們、先生們，ASML 2015 年第一季業績電話會議到此結束。感謝您的參與。您現在可以斷開連線。