科磊 (KLAC) 2022 Q2 法說會逐字稿

I'll be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation December Quarter 2021 Earnings Conference Call and Webcast. (Operator Instructions)

今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 KLA Corporation 2021 年 12 月季度收益電話會議和網絡直播。 （操作員說明）

I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead.

我現在將把電話轉給投資者關係和市場分析副總裁 Kevin Kessel。請繼續。

Thank you, Leo, and welcome to KLA's Fiscal Q2 2022 Quarterly Earnings Call to discuss the results of the December quarter and the outlook for the March quarter. With me on today's call is Rick Wallace, our Chief Executive Officer; and Bren Higgins, our Chief Financial Officer.

謝謝 Leo，歡迎參加 KLA 的 2022 財年第二季度季度收益電話會議，討論 12 月季度的業績和 3 月季度的前景。今天與我通話的是我們的首席執行官里克·華萊士（Rick Wallace）；和我們的首席財務官 Bren Higgins。

During this call, we will discuss quarterly results for the period ended December 31, 2021, released this afternoon after the market closed. You can find the press release, shareholder letter, slide deck and infographic on the KLA IR section of our website.

在本次電話會議中，我們將討論截至 2021 年 12 月 31 日止期間的季度業績，該業績將於今天下午收市後發布。您可以在我們網站的 KLA IR 部分找到新聞稿、股東信函、幻燈片和信息圖表。

Today's discussion is presented on a non-GAAP financial basis unless otherwise specified. And whenever we make references to full year business performance, it can be understood to be a calendar year. A detailed reconciliation of GAAP to non-GAAP results is in the earnings materials posted on our website.

除非另有說明，否則今天的討論是在非公認會計原則財務基礎上提出的。每當我們提到全年的業務表現時，都可以理解為一個日曆年。 GAAP 與非 GAAP 結果的詳細核對見我們網站上發布的收益材料。

Our IR website also contains future investor events as well as presentations, corporate governance information and links to our SEC filings, including the most recent annual report and quarterly reports on Forms 10-K and 10-Q. Our comments today are subject to risks and uncertainties reflected in the risk factors disclosure in our SEC filings.

我們的投資者關係網站還包含未來的投資者活動以及演示文稿、公司治理信息和我們向 SEC 提交的文件的鏈接，包括最近的年度報告和關於 10-K 和 10-Q 表格的季度報告。我們今天的評論受到風險和不確定性的影響，這些風險和不確定性反映在我們提交給美國證券交易委員會的文件中披露的風險因素中。

Any forward-looking statements, including those we make on the call today, are also subject to those risks, and KLA cannot guarantee those forward-looking statements will come true. Our actual results may differ significantly from those projected in our forward-looking statements.

任何前瞻性陳述，包括我們今天在電話會議上做出的陳述，也都存在這些風險，KLA 不能保證這些前瞻性陳述會成真。我們的實際結果可能與我們在前瞻性陳述中預測的結果大不相同。

Let me now turn the call over to our Chief Executive Officer, Rick Wallace. Rick?

現在讓我把電話轉給我們的首席執行官里克·華萊士。瑞克？

Thanks, Kevin. Before summarizing KLA's results for calendar year 2021 and for the December quarter, I'd like to first acknowledge and thank the global KLA team. The dedication and hard work of our teams never wavered despite challenging conditions, delivering for customers and managing around a complex global supply chain during a period of unprecedented industry shortages.

謝謝，凱文。在總結 KLA 2021 日曆年和 12 月季度的業績之前，我首先要感謝並感謝全球 KLA 團隊。儘管條件充滿挑戰，但我們團隊的奉獻精神和辛勤工作從未動搖，在前所未有的行業短缺時期為客戶提供服務並圍繞複雜的全球供應鏈進行管理。

It was the day-to-day drive to be better that drove KLA's market leadership, resulting in record growth and financial performance across the board for the company in the December quarter and for 2021. KLA also delivered record returns to shareholders in 2021 through our dividend and share repurchase programs with returns to shareholders totaling over $2 billion.

推動 KLA 成為市場領導者的正是日復一日的追求更好，從而使公司在 12 月季度和 2021 年實現了創紀錄的增長和財務業績。KLA 還在 2021 年通過我們的股息和股票回購計劃，股東回報總額超過 20 億美元。

KLA's strong results demonstrate our track record of relative strength and revenue growth and superior financial performance compared with semiconductor industry peers in a dynamic and growing wafer fab equipment industry as well as the long-term value created by employee and consistently refining our KLA operating model. Since our founding in 1976, KLA's mission has been focused on using our expertise and innovative thinking to overcome monumental technological challenges.

與半導體行業同行相比，KLA 的強勁業績證明了我們在充滿活力且不斷發展的晶圓廠設備行業中的相對實力和收入增長以及卓越的財務業績記錄，以及員工創造的長期價值並不斷完善我們的 KLA 運營模式。自 1976 年成立以來，KLA 的使命一直專注於利用我們的專業知識和創新思維來克服巨大的技術挑戰。

KLA is advancing humanity with technologies and ideas that inspire action. Our results in the December quarter and for 2021, demonstrate ongoing success of these strategies. So thank you to all our teams for contributing to KLA's enduring success. 2021 was another year of record growth, profitability and free cash flow for KLA, as we successfully navigated unprecedented challenges in the marketplace, responding to record demand across the vast majority of our markets, while adapting to the evolving operational complexities associated with the global pandemic.

KLA 正在通過激發行動的技術和理念推動人類進步。我們在 12 月季度和 2021 年的業績證明了這些戰略的持續成功。因此，感謝我們所有團隊為 KLA 的持久成功做出的貢獻。 2021 年對於 KLA 來說又是創紀錄的增長、盈利能力和自由現金流的一年，因為我們成功應對了市場上前所未有的挑戰，響應了我們絕大多數市場的創紀錄需求，同時適應了與全球大流行相關的不斷變化的運營複雜性.

Through it all, we remained focused on delivering to our customers' requirements and driving strong returns to shareholders in a rapidly growing industry demand environment. In 2021, revenue grew 34% to $8.2 billion, marking the sixth consecutive year of revenue growth.

通過這一切，我們始終專注於滿足客戶的需求，並在快速增長的行業需求環境中為股東帶來豐厚的回報。 2021 年，收入增長 34% 至 82 億美元，連續第六年實現收入增長。

KLA's strong revenue growth in 2021 was driven by 46% growth in the semiconductor process control systems. Revenue from the services business grew 14% in the year, with over 75% of the revenue generated from recurring subscription-like contracts, reflecting the growing value of added process control systems and services in our product portfolio.

KLA 在 2021 年的強勁收入增長是由半導體過程控制系統增長 46% 推動的。服務業務的收入在這一年增長了 14%，其中超過 75% 的收入來自類似訂閱的經常性合同，這反映了我們產品組合中增加的過程控制系統和服務的價值不斷增長。

KLA also demonstrated strong operating leverage on our revenue growth in 2021 with non-GAAP operating profit and non-GAAP earnings per share growing 54% and 61%, respectively. Incremental operating margin on the revenue growth in 2021 was 57%, consistently above our target operating leverage model of 40% to 50% for the second year in a row.

KLA 還展示了我們在 2021 年收入增長的強大運營槓桿，非 GAAP 營業利潤和非 GAAP 每股收益分別增長 54% 和 61%。 2021 年收入增長的增量營業利潤率為 57%，連續第二年高於我們 40% 至 50% 的目標營業槓桿模型。

Free cash flow also grew a healthy 43% in 2021 to a record $2.5 billion. Consistent with our long-term strategic objectives, KLA delivered on our ongoing commitment to return value to shareholders, including our 12th consecutive dividend increase announced in July 2021, along with an additional $2 billion share repurchase program.

自由現金流在 2021 年也增長了 43%，達到創紀錄的 25 億美元。與我們的長期戰略目標一致，KLA 兌現了我們為股東回報價值的持續承諾，包括我們在 2021 年 7 月宣布的連續第 12 次增加股息，以及額外的 20 億美元股票回購計劃。

Total returns to shareholders in 2021, including dividend and share repurchases, topped just over $2 billion or approximately 79% of free cash flow. This growth demonstrates success in strengthening our market leadership across our business that we can continue to build upon to drive adoption of KLA solutions in the critical markets we serve. Within the Electronics, Packaging and Component inspection or EPC Group, the Specialty Semiconductor Process segment grew 11% in 2021, and the Printed Circuit Board Display and Component Inspection grew 17% in the year.

2021 年，包括股息和股票回購在內的股東總回報略高於 20 億美元，約佔自由現金流的 79%。這一增長表明我們成功地加強了我們在整個業務中的市場領導地位，我們可以繼續在此基礎上推動 KLA 解決方案在我們所服務的關鍵市場中的採用。在電子、封裝和組件檢測或 EPC 集團中，特種半導體工藝部門在 2021 年增長了 11%，印刷電路板顯示和組件檢測在這一年增長了 17%。

The strong relative performance for KLA reflects our market leadership and diversification and was driven by secular industry growth trends across multiple end markets. We ended 2021 with an exceptionally strong backlog and began what we anticipate being a seventh consecutive year of growth for KLA. We enter 2022 executing at a high level and operating from a position of strength in our marketplace despite persistent supply chain challenges.

KLA 強勁的相對錶現反映了我們的市場領導地位和多元化，並受到多個終端市場的長期行業增長趨勢的推動。我們在 2021 年結束時積壓異常強勁，並開始了我們預計 KLA 連續第七年的增長。儘管供應鏈面臨持續挑戰，但我們進入 2022 年仍將保持高水平執行並在市場上處於強勢地位。

This momentum sets the stage for KLA to continue to outperform the market while demonstrating superior financial performance and maintaining our capital returns. Turning now to focus on the December quarter results where we saw diversified strength across our business. Today, demand environment continues to demonstrate accelerated adoption of a broad spectrum of semiconductor and electronic industry growth trends.

這一勢頭為 KLA 在展示卓越財務業績和維持資本回報的同時繼續跑贏市場奠定了基礎。現在轉向關注 12 月季度的業績，我們看到了我們業務的多元化實力。今天，需求環境繼續顯示加速採用廣泛的半導體和電子行業增長趨勢。

Technology is transforming how we live and work and the data-driven economy is fundamentally changing how businesses operate and deliver value. This digital transformation is enabling secular demand drivers such as high-performance computing, artificial intelligence, growth in new automotive electronics and strong growth in data centers and 5G communication markets.

技術正在改變我們的生活和工作方式，數據驅動的經濟正在從根本上改變企業運營和創造價值的方式。這種數字化轉型正在推動高性能計算、人工智能、新型汽車電子產品的增長以及數據中心和 5G 通信市場的強勁增長等長期需求驅動因素。

Each of these secular trends are driving investment and innovation and advanced memory and logic semiconductor devices as well as new and increasingly more complex advanced packaging and PCB technologies. With our market leadership in process control, and growth and expansion in new markets like Specialty Semiconductor Process equipment, PCB and finished die inspection in our EPC group, KLA is essential to enabling our increasing digital world.

這些長期趨勢中的每一個都在推動投資和創新，以及先進的存儲器和邏輯半導體器件，以及新的和越來越複雜的先進封裝和 PCB 技術。憑藉我們在工藝控制方面的市場領先地位，以及在我們的 EPC 集團中的特種半導體工藝設備、PCB 和成品模具檢測等新市場的增長和擴張，KLA 對於實現我們日益增長的數字世界至關重要。

To make this happen, KLA continues to prioritize and invest in R&D, which totaled $1 billion in calendar 2021, double the level of 5 years ago and growing at a 15% compound annual growth rate. With this favorable backdrop and our demonstrated track record of investing heavily in R&D to drive product differentiation and consistently meeting or exceeding our commitments to customers and shareholders, our performance enabled KLA to outperform the 2023 long-term financial model targets that we set 2 years ago, 2 years ahead of expectations.

為實現這一目標，KLA 繼續優先考慮和投資研發，在 2021 日曆年總計 10 億美元，是 5 年前水平的兩倍，並以 15% 的複合年增長率增長。在這種有利的背景下，以及我們在研發方面進行大量投資以推動產品差異化並始終如一地履行或超過我們對客戶和股東的承諾的良好記錄，我們的業績使 KLA 能夠超越我們在 2 年前設定的 2023 年長期財務模型目標, 比預期提前 2 年。

Moving along to the top highlights from the December 2021 quarter. First, we saw continued strength and consistency in foundry logic customer revenue for both leading edge and legacy technologies in the December quarter. As expected, memory demand also grew in the period. Calendar 2022 is setting up to be another year of strong growth for WFE.

轉到 2021 年 12 月季度的主要亮點。首先，我們看到 12 月季度的領先技術和傳統技術的代工邏輯客戶收入持續強勁且穩定。正如預期的那樣，內存需求在此期間也有所增長。 2022 年日曆將成為 WFE 又一個強勁增長的一年。

We see demand momentum throughout 2022 across our major end markets. The strength in demand we're seeing reflects KLA's essential role in supporting our customers' drive to innovate and continue to invest in future technology nodes. In foundry and logic, simultaneous investments across multiple nodes and rising capital intensity continues to be a tailwind. In memory, demand remains broad-based across multiple customers, and we expect another year of double-digit growth in 2022 with NAND growing faster than DRAM; second, KLA is seeing strong demand across the breadth of our industry-leading optical inspection portfolio as we have maintained our momentum in one of the fastest-growing markets in WFE.

我們看到 2022 年整個主要終端市場的需求勢頭強勁。我們看到的需求強勁反映了 KLA 在支持客戶創新和繼續投資未來技術節點方面的重要作用。在代工和邏輯方面，跨多個節點的同時投資和不斷上升的資本密集度仍然是順風。在內存方面，多個客戶的需求仍然廣泛，我們預計 2022 年將再次實現兩位數的增長，NAND 的增長速度將超過 DRAM；其次，由於我們在 WFE 增長最快的市場之一保持了勢頭，KLA 看到我們行業領先的光學檢測產品組合的廣泛需求強勁。

Wafer inspection systems revenues grew 54% in 2021, far outpacing the WFE market, which is estimated to have grown 40%. We're experiencing strong growth across our wafer inspection portfolio from broadband plasma, laser scanning, unpatterned bare wafer inspection, macro inspection and e-beam products.

晶圓檢測系統的收入在 2021 年增長了 54%，遠遠超過了 WFE 市場，後者估計增長了 40%。我們的晶圓檢測產品組合在寬帶等離子、激光掃描、無圖案裸晶圓檢測、宏觀檢測和電子束產品方面正經歷強勁增長。

This quarter, we highlight macro inspection, which is growing at a pace of 1.5x WFE driven by growth in automotive and other specialty markets where KLA has defensible market leadership with a platform uniquely positioned to address growing technical complexity and tighter design rules; third, success in KLA's strategic growth and market diversification strategies are being demonstrated by growth in EPC.

本季度，我們重點介紹宏觀檢測，在汽車和其他專業市場增長的推動下，宏觀檢測正以 1.5 倍 WFE 的速度增長，在這些市場中，KLA 憑藉獨特的平台來解決日益增長的技術複雜性和更嚴格的設計規則，具有穩固的市場領導地位；第三，EPC 的增長證明了 KLA 戰略增長和市場多元化戰略的成功。

Systems revenue from KLA's Electronics, Packaging and Components, or EPC group, grew 20% in 2021. With EPC, KLA is diversifying our market leadership with a portfolio of solutions addressing fast-growing new markets in the electronics value chain, including RF, specialty semiconductors, automotive, PCB, advanced packaging and display; fourth, service revenue grew 14% in 2021 to $1.8 billion and continues to sustain a growth rate above its long-term target of 9% to 11%. For the quarter, services revenue was $457 million or 19% of total revenue. Annual services revenue is quickly approaching $2 billion and has grown 81% in the past 3 years.

2021 年，來自 KLA 的電子、封裝和組件或 EPC 集團的系統收入增長了 20%。通過 EPC，KLA 正在通過一系列解決方案來解決電子價值鏈中快速增長的新市場，包括射頻、特種半導體、汽車、PCB、先進封裝和顯示；第四，2021 年服務收入增長 14% 至 18 億美元，並繼續保持高於 9% 至 11% 的長期目標的增長率。本季度，服務收入為 4.57 億美元，佔總收入的 19%。年服務收入迅速接近 20 億美元，在過去 3 年中增長了 81%。

This growth has been driven by the rising installed base and increasing adoption of subscription-like contracts. Over 75% of service revenue in the Semiconductor Process Control segment, and over 90% of services in the printed circuit board business come from recurring subscription-like contracts.

這種增長是由不斷增長的安裝基礎和越來越多地採用類似訂閱的合同推動的。半導體過程控制部門超過 75% 的服務收入和印刷電路板業務中超過 90% 的服務來自類似訂閱的定期合同。

Finally, the December quarter was another exceptional one from a free cash flow perspective, capping a year in which KLA generated over $2.5 billion in free cash flow and returned over $2 billion to shareholders. In the December quarter, we generated strong quarterly free cash flow of $746 million, which helped drive 43% growth in free cash flow in 2021. We've also maintained focus on returning capital to shareholders via our dividend and share repurchase program, which rose 63% year-over-year on a combined basis.

最後，從自由現金流的角度來看，12 月季度是另一個特殊的季度，在這一年中，KLA 產生了超過 25 億美元的自由現金流，並向股東返還了超過 20 億美元。在 12 月季度，我們產生了 7.46 億美元的強勁季度自由現金流，這有助於推動 2021 年自由現金流增長 43%。我們還繼續專注於通過股息和股票回購計劃向股東返還資本，該計劃上升了合計同比增長 63%。

Before Bren gets into greater detail on our financial highlights and guidance, let me briefly summarize. Despite the persistent disruption and continued challenges associated with the pandemic, particularly around the supply chain and component availability, KLA is consistently delivering strong revenue growth, financial results and returns to shareholders.

在布倫更詳細地介紹我們的財務亮點和指導之前，讓我簡要總結一下。儘管與大流行相關的持續中斷和持續挑戰，特別是在供應鍊和組件可用性方面，KLA 始終保持強勁的收入增長、財務業績和股東回報。

KLA is well positioned at the forefront of technological innovation with a comprehensive portfolio of products targeting the most demanding inspection and measurement challenges in the marketplace. I also want to provide a quick update on our ESG activities. On December 16, KLA announced setting a goal to use 100% renewable electricity across our global operations by 2030. Managing the impacts of our business in terms of ESG stewardship is an integral part of KLA's mission to advance humanity. This includes contributing to creating a more sustainable future.

KLA 處於技術創新的最前沿，擁有針對市場上最苛刻的檢測和測量挑戰的全面產品組合。我還想快速介紹一下我們的 ESG 活動。 12 月 16 日，KLA 宣佈設定目標，到 2030 年在我們的全球運營中使用 100% 可再生電力。管理我們的業務在 ESG 管理方面的影響是 KLA 推進人類使命的一個組成部分。這包括為創造更可持續的未來做出貢獻。

With that, I'll pass the call over to Bren to cover our financial highlights, outlook and guidance. Bren?

有了這個，我將把電話轉給布倫，以涵蓋我們的財務亮點、前景和指導。布倫?

Thank you, Rick. KLA's December quarter and 2021 results highlight the continuation of strong execution in a dynamic and challenging market environment. We continue to demonstrate our ability to meet customer needs and expand our market leadership, while growing operating profits, generating record free cash flow and maintaining our long-term strategy of productive capital allocation.

謝謝你，瑞克。 KLA 的 12 月季度和 2021 年業績突顯了在充滿活力和充滿挑戰的市場環境中繼續保持強勁的執行力。我們繼續展示我們滿足客戶需求和擴大市場領導地位的能力，同時增加營業利潤，創造創紀錄的自由現金流並維持我們生產性資本配置的長期戰略。

The December quarter capped off a year in 2021 that was defined by strong growth and profitability across multiple areas of our business. We also invested almost $1 billion in R&D to sustain our success and $250 million in capital expenditures to grow our global infrastructure to support our industry growth thesis. All this was accomplished while simultaneously continuing to return high levels of capital to shareholders.

12 月季度在 2021 年結束了這一年，這一年的定義是我們業務多個領域的強勁增長和盈利能力。我們還在研發上投入了近 10 億美元來維持我們的成功，並投入了 2.5 億美元的資本支出來發展我們的全球基礎設施，以支持我們的行業增長論點。所有這一切都是在繼續向股東返還高水平資本的同時完成的。

Total revenue in the December quarter was $2.35 billion, above the midpoint of the guided range of the quarter of $2.225 billion to $2.425 billion and up 13% sequentially versus the September quarter. Non-GAAP gross margin was 63.1%, just above the midpoint of the guided range of 62% to 64%. GAAP diluted EPS was $4.71 and non-GAAP diluted EPS was $5.59, each within the guidance range.

12 月季度的總收入為 23.5 億美元，高於該季度 22.25 億美元至 24.25 億美元的指導範圍的中點，比 9 月季度環比增長 13%。非美國通用會計準則毛利率為 63.1%，略高於 62% 至 64% 的指導範圍的中點。 GAAP 攤薄後每股收益為 4.71 美元，非 GAAP 攤薄後每股收益為 5.59 美元，均在指導範圍內。

Gross margins were 63.1% and in line with expectations as product mix and factory expenses ended the quarter mostly as planned. KLA's gross margin reflects the value we deliver to the marketplace and our competitive differentiation. To improve on our ability to meet our customer needs, we are also making meaningful investments in our global workforce, supply chain and factory infrastructure to position KLA to deliver our products in this growing demand environment.

毛利率為 63.1%，符合預期，因為產品組合和工廠費用在本季度結束時基本按計劃進行。 KLA 的毛利率反映了我們為市場提供的價值和我們的競爭優勢。為了提高我們滿足客戶需求的能力，我們還對我們的全球勞動力、供應鍊和工廠基礎設施進行了有意義的投資，以使 KLA 能夠在這個不斷增長的需求環境中提供我們的產品。

Total non-GAAP operating expenses were slightly below the midpoint of the guided range of $465 million, including $265 million of R&D expense and $200 million of SG&A. Non-GAAP operating income as a percentage of revenue was 43.4% in the December quarter. KLA's innovation is fundamental to our go-to-market strategy focused on differentiated solutions.

非 GAAP 總運營費用略低於指導範圍 4.65 億美元的中點，其中包括 2.65 億美元的研發費用和 2 億美元的 SG&A。非美國通用會計準則營業收入佔收入的百分比在 12 月季度為 43.4%。 KLA 的創新是我們專注於差異化解決方案的上市戰略的基礎。

R&D is at the heart of what we do and remains a key element in driving our portfolio strategy, new product introduction cadence and product differentiation. This in turn helps sustain our technology and market leadership. Given the rapid growth of the business over the last couple of years and our revenue expectations going forward, we expect the company's operating expenses to continue to grow as we invest in global infrastructure and systems to scale the KLA operating model, as well as new product development programs and volume-dependent resources to support our business expansion.

研發是我們工作的核心，並且仍然是推動我們的產品組合戰略、新產品推出節奏和產品差異化的關鍵因素。這反過來又有助於維持我們的技術和市場領先地位。鑑於過去幾年業務的快速增長以及我們對未來收入的預期，我們預計公司的運營費用將繼續增長，因為我們投資於全球基礎設施和系統以擴展 KLA 運營模式以及新產品開發計劃和依賴數量的資源，以支持我們的業務擴展。

Furthermore, we, as most companies are seeing a strong labor market driving cost pressure across our global workforce and within outsourced partners. As a result, we expect operating expenses to grow sequentially to approximately $495 million in the March quarter, and we forecast sequential growth in operating expenses to continue through calendar 2022.

此外，正如大多數公司一樣，我們看到強大的勞動力市場推動了我們全球勞動力和外包合作夥伴內部的成本壓力。因此，我們預計第三季度的運營費用將連續增長至約 4.95 億美元，我們預計運營費用的連續增長將持續到 2022 年。

While operating expenses are modeled higher going forward as we will make the necessary investments to scale our business to support our long-term structural industry growth thesis, we will continue to size the company based on our target operating model, which delivers 40% to 50% incremental operating margin leverage on revenue growth over a normalized time horizon.

雖然未來的運營費用會更高，因為我們將進行必要的投資以擴大業務規模以支持我們的長期結構性行業增長論點，但我們將繼續根據我們的目標運營模式調整公司規模，實現 40% 至 50%在標準化時間範圍內增加營業利潤率對收入增長的槓桿作用。

Other interest and expense in the December quarter was $39 million, and the non-GAAP effective tax rate was 13.3%. Though we always have some variability in our tax rate, given the timing and impact of discrete items and the geographic distribution of revenue and profit, we believe it remains prudent to maintain our long-term tax planning rate at 13.5% going forward.

12 月季度的其他利息和費用為 3900 萬美元，非 GAAP 有效稅率為 13.3%。儘管我們的稅率總是存在一些變化，但鑑於離散項目的時間和影響以及收入和利潤的地理分佈，我們認為將我們的長期稅收籌劃率保持在 13.5% 的未來仍然是謹慎的。

Non-GAAP net income was $851 million. GAAP net income was $717 million. Cash flow from operations was $811 million, and free cash flow was $746 million. This resulted in a free cash flow conversion of 88% and a very healthy free cash flow margin of 32%. The company had approximately 152 million diluted weighted average shares outstanding exiting the quarter.

非美國通用會計準則淨收入為 8.51 億美元。 GAAP 淨收入為 7.17 億美元。運營現金流為 8.11 億美元，自由現金流為 7.46 億美元。這導致了 88% 的自由現金流轉換和 32% 的非常健康的自由現金流利潤率。該公司在本季度末有大約 1.52 億股稀釋加權平均流通股。

Revenue for the Semiconductor Process Control segment, including its associated service business, was $2.05 billion, up 49% compared with the December 2020 quarter and up 15% sequentially. Semiconductor Process Control systems and service grew 39% in calendar '21 versus calendar 2020.

半導體過程控制部門（包括其相關服務業務）的收入為 20.5 億美元，與 2020 年 12 月季度相比增長 49%，環比增長 15%。與 2020 年相比，21 年半導體過程控制系統和服務增長了 39%。

Foundry logic was 71% of the approximate Semiconductor Process Control system customer segment mix in the December quarter and memory was 29%. Within memory, the business was split roughly 54% DRAM and 46% NAND. Revenue for our Electronics, Packaging and Components Group continues to be driven by strength in 5G mobile and infrastructure as well as continued demand in automotive.

在 12 月季度，代工邏輯佔半導體過程控制系統客戶群的大約 71%，內存佔 29%。在內存中，該業務被分成大約 54% 的 DRAM 和 46% 的 NAND。我們電子、封裝和組件部門的收入繼續受到 5G 移動和基礎設施實力以及汽車市場持續需求的推動。

More specifically, the Specialty Semiconductor Process segment, which includes its associated service business generated record revenue of $113 million, up 24% over the prior year and up 10% sequentially. Specialty Semiconductor Process systems and service grew 11% for calendar '21. PCB, display and component inspection revenue was $188 million, up 5% year-over-year, but down 7% sequentially. On a full calendar year basis, it grew 17%.

更具體地說，包括其相關服務業務在內的特種半導體工藝部門創造了創紀錄的 1.13 億美元收入，比上年增長 24%，環比增長 10%。 21 年專業半導體工藝系統和服務增長了 11%。 PCB、顯示器和組件檢測收入為 1.88 億美元，同比增長 5%，但環比下降 7%。在整個日曆年的基礎上，它增長了 17%。

Our breakdown of revenue by major products and region can be found in the shareholder letter, so I won't cover those here. Turning to the balance sheet. KLA ended the quarter with $2.8 billion in total cash, total debt of $3.4 billion and a flexible and attractive bond maturity profile supported by investment-grade ratings from all 3 agencies. We remain committed to our long-term strategy of cash returns to shareholders, executing a balanced approach split between dividends and share repurchases, targeting long-term returns of 70% or more of free cash flow generated.

我們按主要產品和地區劃分的收入明細可以在股東信中找到，所以我不會在這裡介紹。轉向資產負債表。 KLA 在本季度末擁有 28 億美元的總現金、34 億美元的總債務以及靈活且有吸引力的債券到期狀況，並得到所有 3 家機構的投資級評級的支持。我們仍然致力於向股東提供現金回報的長期戰略，執行股息和股票回購之間的平衡分配，目標是產生 70% 或更多的自由現金流的長期回報。

In 2021, KLA exceeded our long-term capital returns target, returning over $2 billion to shareholders, including $601 million in dividends paid and $1.4 billion in share repurchases. We believe our track record of delivering strong capital returns is a key component of the KLA investment thesis and offers predictable and compelling value creation for our shareholders.

2021 年，KLA 超過了我們的長期資本回報目標，向股東返還超過 20 億美元，其中包括 6.01 億美元的股息支付和 14 億美元的股票回購。我們相信，我們提供強勁資本回報的往績記錄是 KLA 投資理論的關鍵組成部分，並為我們的股東提供可預測和引人注目的價值創造。

KLA has a history of consistent free cash flow generation, high free cash flow conversion and strong free cash flow margins across all phases of the business cycle and economic conditions. During the December quarter, we repurchased $430 million of common stock and paid $160 million in dividends.

KLA 在商業周期和經濟條件的所有階段都擁有始終如一的自由現金流生成、高自由現金流轉換和強大的自由現金流利潤率的歷史。在 12 月季度，我們回購了 4.3 億美元的普通股並支付了 1.6 億美元的股息。

As we begin the new year, our view is that the WFE market will grow in the high teens, topping $100 billion off a baseline of approximately $86 billion for 2021. WFE demand is still constrained by the industry's ability to supply. Strong industry growth momentum in 2022 across all end markets is expected to drive growth with the strongest percentage growth coming from foundry logic customers. And memory investment will be led by 3D NAND.

在我們開始新的一年之際，我們認為 WFE 市場將在青少年時期增長，在 2021 年約 860 億美元的基線基礎上超過 1000 億美元。WFE 需求仍然受到行業供應能力的限制。預計 2022 年所有終端市場的強勁行業增長勢頭將推動增長，其中最強勁的百分比增長來自代工邏輯客戶。內存投資將由 3D NAND 主導。

Now wrapping up with our outlook and guidance. Looking ahead, our backlog remains strong and sales funnel visibility over the near-term horizon is good. However, rising product lead times driven by increased supply chain constraints is limiting our near-term output. These issues are reducing our revenue expectation by 8% to 10% for the March quarter.

現在結束我們的展望和指導。展望未來，我們的積壓訂單依然強勁，短期內銷售渠道的可見性良好。然而，由於供應鏈限制的增加，產品交付週期的增加限制了我們的近期產量。這些問題使我們對 3 月季度的收入預期降低了 8% 至 10%。

Specifically, COVID-related disruptions at a number of single-source suppliers have exacerbated what has already been a difficult supply situation where these suppliers have been challenged to meet demand by running their production at max capacity. These disruptions are causing delays in parts delivery timing across multiple product platforms. In addition, numerous electronic component sourcing challenges have become more acute over the past month as these are standardized parts and in demand across multiple industries.

具體而言，許多單一來源供應商與 COVID 相關的中斷加劇了本已困難的供應形勢，這些供應商面臨著通過以最大產能進行生產來滿足需求的挑戰。這些中斷導致跨多個產品平台的零件交付時間延遲。此外，在過去的一個月裡，許多電子元件採購挑戰變得更加嚴峻，因為這些是標準化零件，並且在多個行業都有需求。

We expect that the COVID-related impact will begin to abate shortly and new capacity or supply alternatives are expected to become available as we move through the calendar year. While these issues can be fluid and difficult to predict in the short run, we expect the March quarter revenue to represent the low point for calendar 2022, and we remain exceedingly confident in the sustainability of our current demand profile for the year.

我們預計與 COVID 相關的影響將很快開始減弱，並且隨著我們整個日曆年的推進，預計將出現新的產能或供應替代方案。雖然這些問題在短期內可能不穩定且難以預測，但我們預計 3 月季度收入將代表 2022 年日曆的低點，我們對今年當前需求狀況的可持續性仍然充滿信心。

Given current expectations for growth in WFE and other electronics markets, we feel confident in our ability to grow throughout the year with total company revenue growth exceeding 20% and semiconductor process control systems revenue to outperform WFE growth again. Our confidence is based on current backlog levels, competitive positioning, strong customer engagement, and steps we continue to take to add capacity to address output constraints in what continues to be a robust demand environment.

鑑於目前對 WFE 和其他電子市場增長的預期，我們對全年增長的能力充滿信心，公司總收入增長超過 20%，半導體工藝控制系統收入再次超過 WFE 增長。我們的信心基於當前的積壓水平、競爭定位、強大的客戶參與度，以及我們繼續採取的措施，以增加解決持續強勁需求環境中產出限制的能力。

Our March quarter 2022 guidance is as follows: Total revenue is expected to be in a range of $2.2 billion, plus or minus $100 million. Foundry logic is forecasted to be about 59% of Semiconductor Process Control systems revenue.

我們對 2022 年 3 月季度的指導如下：總收入預計在 22 億美元之間，上下浮動 1 億美元。代工邏輯預計將佔半導體過程控制系統收入的 59% 左右。

Memory is expected to be approximately 41%. We forecast non-GAAP gross margin to be in a range of 61.5% to 63.5% as overall revenue levels declined modestly on a sequential basis and product mix dilutes gross margins by roughly 50 basis points versus the prior quarter. To provide some color for the calendar year, given higher revenue volume, product mix expectations across our various segments offset by expected cost pressures within our supply chain, we are modeling gross margins to be approximately 63% for the year, plus or minus 50 basis points.

內存預計約為 41%。我們預測非美國通用會計準則毛利率將在 61.5% 至 63.5% 的範圍內，因為整體收入水平環比略有下降，並且產品組合使毛利率與上一季度相比稀釋了約 50 個基點。為了給日曆年提供一些色彩，鑑於更高的收入量，我們各個部門的產品組合預期被我們供應鏈中的預期成本壓力所抵消，我們將全年毛利率建模為約 63%，正負 50 基礎點。

Other model assumptions for the March quarter include operating expenses of approximately $495 million, interest and other expense of approximately $41 million and an effective tax rate of approximately 13.5%.

3 月季度的其他模型假設包括約 4.95 億美元的運營費用、約 4100 萬美元的利息和其他費用以及約 13.5% 的有效稅率。

Finally, GAAP diluted EPS is expected to be $4.54, plus or minus $0.45, and non-GAAP diluted EPS of $4.80 plus or minus $0.45. The EPS guidance is based on a fully diluted share count of approximately 151 million shares. In conclusion, we have exceptionally strong and diversified end market dynamics propelling semiconductors and the essential WFE investments required to make them.

最後，GAAP 攤薄後每股收益預計為 4.54 美元，正負 0.45 美元，非 GAAP 攤薄後每股收益為 4.80 美元，正負 0.45 美元。每股收益指引是基於約 1.51 億股的完全稀釋後的股票數量。總之，我們擁有異常強大和多樣化的終端市場動態，推動著半導體以及製造它們所需的必要 WFE 投資。

Furthermore, we are seeing revenue growth opportunities as more innovation occurs and technology complexity increases in specialty semiconductors, advanced packaging and other electronics markets. Finally, our services offerings continue to deliver more value to our customers in our Semiconductor Process Control business, and their evolving opportunities to further expand our value proposition in our acquired businesses. Our record backlog is supported by solid customer demand across end markets and at multiple technology nodes.

此外，隨著更多創新的出現和特種半導體、先進封裝和其他電子市場的技術複雜性增加，我們看到了收入增長機會。最後，我們的服務產品繼續為我們的半導體過程控制業務的客戶提供更多價值，以及他們不斷發展的機會，以進一步擴大我們在收購業務中的價值主張。我們創紀錄的積壓訂單得到了終端市場和多個技術節點的穩固客戶需求的支持。

2022 is setting up to be the third consecutive year of double-digit growth for WFE and the seventh consecutive year of growth for KLA. The KLA operating model fuels KLA's strategic objectives and positions us to outperform the industry in terms of growth and financial performance. These objectives fuel our growth, operational excellence and differentiation across an increasingly more diverse product and service offering.

2022 年將成為 WFE 連續第三年實現兩位數增長，也是 KLA 連續第七年實現增長。 KLA 運營模式為 KLA 的戰略目標提供了動力，並使我們在增長和財務業績方面的表現優於行業。這些目標推動了我們在日益多樣化的產品和服務中的增長、卓越運營和差異化。

They also underpin our sustained technology leadership, wide competitive moat and strong record of free cash flow generation and capital returns to shareholders. With that, I'll now turn the call back over to Kevin to begin the Q&A session. Kevin?

它們還鞏固了我們持續的技術領先地位、廣泛的競爭護城河以及自由現金流產生和股東資本回報的強勁記錄。有了這個，我現在將把電話轉回給 Kevin 開始問答環節。凱文？

Go ahead and queue for questions. Sorry about that.

繼續排隊等待問題。對於那個很抱歉。

No worries. (Operator Instructions)

不用擔心。 （操作員說明）

We'll now take our first question from John Pitzer of Credit Suisse.

我們現在將回答瑞士信貸的約翰·皮策提出的第一個問題。

Rick, as you pointed out in your prepared comments, you guys have been dealing and the industry has been dealing with a difficult supply situation all year, but this is the first quarter that you and others have seen to have a meaningful impact on the business.

里克，正如你在準備好的評論中指出的那樣，你們一直在處理，整個行業都在處理困難的供應情況，但這是你和其他人看到的對業務產生有意義影響的第一季度.

And I'm kind of curious as to what specifically happened in the last 90 days to make things worse. And I guess, more importantly, as you call March as the bottom, what gives you confidence that these problems won't persist even longer?

我有點好奇過去 90 天裡到底發生了什麼讓事情變得更糟。而且我想，更重要的是，當您將三月稱為底部時，是什麼讓您相信這些問題不會持續更長時間？

John, thanks for the question. Yes, we feel pretty good about how we've navigated through the pandemic. A couple of factors for KLA specific, I think, to think about. One is we were up in the December quarter. And again, huge customer demand, so working to work that off. We talked in the past about securing critical components, critical parts from key suppliers. That actually continues to be in good shape, where we had some challenges in the last few weeks.

約翰，謝謝你的問題。是的，我們對自己如何度過這一流行病感到非常滿意。我認為，需要考慮一些特定於 KLA 的因素。一個是我們在 12 月季度上漲。再一次，巨大的客戶需求，所以努力解決這個問題。我們過去曾討論過從關鍵供應商那裡獲得關鍵組件和關鍵部件的安全。這實際上繼續保持良好狀態，過去幾週我們遇到了一些挑戰。

And right now, as we're actually working through them, had to do with not necessarily our critical supply but just generalized supply across the industry. I think as most companies are talking about. So we're seeing some of that, that are not unique, as Bren said in his comments, to KLA. The reason we feel more confident is even in the last few days, we've seen some pressure being released in that system, that it won't be in time for what we would have preferred to ship in this quarter, we obviously have the backlog, we could have shipped more if we'd had it.

而現在，正如我們實際上正在處理的那樣，不一定與我們的關鍵供應有關，而只是與整個行業的普遍供應有關。我認為正如大多數公司所說的那樣。因此，正如布倫在他的評論中所說，我們看到了其中一些對 KLA 來說並不是獨一無二的。我們感到更有信心的原因是，即使在過去的幾天裡，我們已經看到該系統中釋放了一些壓力，它不會及時我們希望在本季度發貨，我們顯然有積壓，如果我們有它，我們可以運送更多。

But it's being resolved. So we feel pretty good about the go forward after we get through March. And I'll let Bren add some color since he's spending a good part of his time working some of these issues himself.

但它正在解決。因此，在我們度過三月之後，我們對前進的感覺非常好。我會讓布倫增加一些色彩，因為他大部分時間都在自己處理這些問題。

Hey John, how are you? So just to add to Rick's comments. I think one of the things you have to consider is most of our strategic buffer that we've built, whether we have it in inventory levels at the company, whether it's at inventory or long lead time materials that we've either procured or suppliers have procured. Over the last 15 months or so, given the strength of demand, we have worked through a fair amount of that. And that's one of the challenges we have is we are more dependent today on the predictability of timing, first of all, but also volume of quality. And so I think those are issues that we continue to work through. As Rick said, in our complex systems, we generally have a pretty transparent view of where that demand is, although everyone is struggling to meet the demand environment that we're facing today.

嘿，約翰，你好嗎？所以只是為了補充 Rick 的評論。我認為您必須考慮的一件事是我們建立的大部分戰略緩衝，無論我們是否在公司的庫存水平上，無論是庫存還是我們採購或供應商的長交貨期材料已採購。在過去 15 個月左右的時間裡，鑑於需求強勁，我們已經完成了相當多的工作。這是我們面臨的挑戰之一，我們今天更加依賴時間的可預測性，首先，還有質量。所以我認為這些是我們繼續解決的問題。正如 Rick 所說，在我們複雜的系統中，儘管每個人都在努力滿足我們今天面臨的需求環境，但我們通常對需求在哪裡有一個非常透明的看法。

But it's in our higher volume but single sourced type products where we've seen some of these pressures. We did not anticipate a COVID variant and what that would do to those factories in terms of people having to leave either because of contact or exposure. So you had facilities that are already running 100% max that all of a sudden had to deal with this disruption in a lot of cases, a pretty meaningful disruption in the first part of the month.

但是，在我們數量較大但來源單一的產品中，我們已經看到了其中的一些壓力。我們沒有預料到會出現新冠病毒變種，以及由於接觸或接觸而不得不離開的人，這會對這些工廠產生什麼影響。因此，您的設施已經在 100% 最大運行，在很多情況下突然不得不處理這種中斷，在本月的前半段，這是一個非常有意義的中斷。

We think that, that's abating. And we're getting a sense that that's improving. And this COVID environment, we'll have to figure out and navigate our way through. We don't know what the future holds. But at least in terms of the near-term environment, we feel pretty good about that.

我們認為，這種情況正在減弱。我們感覺到這種情況正在改善。在這種 COVID 環境中，我們必須弄清楚並通過我們的方式。我們不知道未來會怎樣。但至少就近期環境而言，我們對此感覺良好。

And then trying to source and find all the electrical components, which are deeper in our build of material and within our supply chain. There's less visibility, but there's also alternative, either alternative supplies, qualifying new parts in some cases, leveraging third parties, which we've been doing, and that's even becoming more challenged in terms of distributors and others that might be out there that have those parts.

然後嘗試採購和找到所有電子元件，這些電子元件在我們的材料構建和供應鏈中更深層次。知名度較低，但也有替代品，或者替代供應，在某些情況下合格的新零件，利用第三方，我們一直在這樣做，而且對於分銷商和其他可能已經存在的人來說，這甚至變得更具挑戰性那些部分。

So we're managing through this. We're escalating where appropriate. And as we look at it and walk through what we expect to see moving forward, we think the March quarter sets up as the bottom, and we expect -- given the guidance we gave that we would see growth through the year and expect the company to be somewhere in excess of 20%, as we said in the prepared remarks. So there's always some questions or unpredictability here in terms of just where things are, but that's the best of how we see it today.

所以我們正在通過這個進行管理。我們正在適當的地方升級。當我們審視它並完成我們期望看到的前進時，我們認為 3 月季度將成為底部，我們預計 - 鑑於我們給出的指導，我們將看到全年增長並期待公司正如我們在準備好的評論中所說，超過 20%。因此，就事物的位置而言，這裡總是存在一些問題或不可預測性，但這是我們今天看到的最好的方式。

And then, Bren, just as my follow-up. You gave some very specific guidance for OpEx even beyond the March quarter, growing sequentially throughout the year, but still within the model of 40% to 50% incremental gross -- operating margin, sorry. I'm just kind of curious, I have to imagine that this year, the supply constraints are causing some excess costs that might bleed down over time as supply gets better.

然後，布倫，就像我的後續行動一樣。您甚至在 3 月季度之後為運營支出提供了一些非常具體的指導，全年連續增長，但仍在 40% 到 50% 的毛利率增量模型內——營業利潤率，抱歉。我只是有點好奇，我不得不想像今年，供應限制導致了一些超額成本，隨著時間的推移，隨著供應的改善，這些成本可能會下降。

And there's a bigger mismatch, I'm assuming between revenue collection and investment this year. So as you start to recapture some of this revenue as supply gets better, should we assume that incremental op margins closer to the higher end of that 40% to 50%? Or how should we think about that as revenue growth accelerates beyond March?

我假設今年的稅收和投資之間存在更大的不匹配。因此，隨著供應變得更好，當您開始重新獲得部分收入時，我們是否應該假設增量運營利潤率接近 40% 到 50% 的高端？或者，隨著 3 月以後收入增長加速，我們應該如何看待這一點？

Yes. No, you're thinking about it right. As we see revenue growth, it should accelerate to the higher end of the range. The commentary was really about how we look and size the company on an annual basis or over a longer-term horizon. And if you look at '19 to our '22 planning, we will have had incremental operating margins given the growth we've seen in excess of 50%, about 52%. So my point was that we would expect revenue to grow. We're also expecting OpEx to grow. But at the end of the day, as we're sizing 2022, we expect to be in our target range of 40 to 50.

是的。不，你想對了。當我們看到收入增長時，它應該會加速到該範圍的高端。評論實際上是關於我們如何看待和衡量公司的年度或長期範圍。如果你看一下 '19 到我們的 '22 計劃，考慮到我們看到的增長超過 50%，大約 52%，我們的營業利潤率將會增加。所以我的觀點是，我們預計收入會增長。我們也期待 OpEx 增長。但歸根結底，由於我們正在調整 2022 年的規模，我們預計將在 40 到 50 的目標範圍內。

We'll take our next question from Harlan Sur of JPMorgan.

我們將向摩根大通的 Harlan Sur 提出下一個問題。

Great execution by the operations team. In calendar '21, your Process Control Systems business outgrew WFE by about 8 percentage points. So strong performance there. So as we look at your WFE outlook for this year, right, up 16% to $100 billion, taking into account rising cost of control intensity, your portfolio of new products, how should we think about your Process Control Systems growth profile relative to WFE this year? It's clearly going to outperform, but should we expect a similar type of outperformance like you saw in '21 or maybe even better, just given the customer mix and the complexity challenges? And is it going to again be led by wafer inspection?

運營團隊的出色執行。在 '21 日曆中，您的過程控制系統業務增長超過 WFE 約 8 個百分點。那裡的表現如此強勁。因此，當我們查看您今年的 WFE 前景時，考慮到控制強度成本的上升，您的新產品組合，我們應該如何考慮您的過程控制系統相對於 WFE 的增長情況，增長 16% 至 1000 億美元今年？它顯然會跑贏大盤，但考慮到客戶組合和復雜性挑戰，我們是否應該期待像您在 21 年看到的類似類型的出色表現，或者甚至更好？它會再次由晶圓檢測主導嗎？

Harlan. Good question. Yes, '21, we feel really good about how we performed in '21. I think we talked about several times, just the strength, especially of optical wafer inspection was extraordinary in the year. And also, when we look to our order book, we got tremendous interest in those products that we're seeing great opportunities in '22 as well.

哈蘭。好問題。是的，21 年，我們對 21 年的表現感覺非常好。我想我們談了好幾次，只是實力，尤其是光學晶圓檢測的實力在這一年中非常出色。而且，當我們查看我們的訂單時，我們對那些我們在 22 年也看到了巨大機會的產品產生了極大的興趣。

I think that's a favorable mix for the year for '22 and -- based on the success we've had with some of our new products and the way that they're being received by customers, we anticipate that we'll be in a good position to build on our market leadership position as we go forward.

我認為這對於 22 年來說是一個有利的組合，並且 - 基於我們在一些新產品方面取得的成功以及它們被客戶接受的方式，我們預計我們將處於在我們前進的過程中，建立我們的市場領導地位的良好位置。

So we are anticipating continued growth in share, albeit at the kind of rate that we outlined a few years ago. So I think the combination of those factors plus the continuation of the drive in design roles are all good indicators and good drivers for KLA to outperform, which is what we're forecasting. We never really know at this point in the year, how it's actually going to -- the details of what it's going to look, but we think Process Control is in a great position for '22, and we're in a great position within Process Control. And Bren can add some color to that.

因此，我們預計份額將繼續增長，儘管增長率是我們幾年前概述的。因此，我認為這些因素的結合加上設計角色的持續驅動都是 KLA 表現出色的良好指標和良好驅動力，這正是我們所預測的。在今年的這個時候，我們從來沒有真正知道它的實際情況——它的外觀細節，但我們認為過程控制在 22 年處於有利位置，我們在內部處於有利位置過程控制。 Bren 可以為此添加一些顏色。

Yes, Harlan. I think that what we'll see in terms of mix, I would expect foundry logic to grow faster this year than it grew -- or faster than the growth rate in WFE. And as a result of that, that will be a favorable mix. So to Rick's point, I think that, that will be a driver for us. From a share point of view, we feel pretty good about where we are. Certainly, wafer inspection, as you mentioned, has been the biggest driver. It's been the fastest-growing business in the company. We have a very strong position there. I've said many times, I think it might be one of the fastest-growing markets in all of WFE.

是的，哈蘭。我認為我們將在混合方面看到，我預計今年代工邏輯的增長速度將超過其增長速度——或者快於 WFE 的增長率。因此，這將是一個有利的組合。所以就瑞克的觀點而言，我認為這將成為我們的驅動力。從共享的角度來看，我們對自己所處的位置感覺很好。當然，正如您所提到的，晶圓檢測是最大的驅動力。這是公司發展最快的業務。我們在那裡擁有非常強大的地位。我已經說過很多次了，我認為它可能是所有 WFE 中增長最快的市場之一。

I would expect to continue to see momentum in that overall market. So as we said in the prepared remarks that we were about -- we thought we were around 46% for semiconductor systems in 2021. It gets the market of 40% or 41%. And then as we look at high teens type growth rates in WFE this year, I would expect we'll have a similar improvement over the market or similar outperform, somewhere in that mid-single-digit range based on how we're looking at it today.

我預計將繼續看到整個市場的勢頭。因此，正如我們在準備好的評論中所說的那樣——我們認為 2021 年半導體系統的市場份額約為 46%。它的市場份額為 40% 或 41%。然後，當我們看到今年 WFE 的青少年型高增長率時，我預計我們將在市場上出現類似的改善或類似的跑贏大盤，根據我們的看法，在中個位數範圍內的某個地方今天它。

And I appreciate the insights there. And then on the gross margin front, I understand the supply challenges and other logistics-related dynamics that are impacting your shipments here. But relative to your peers, I mean, your gross margins are holding up extremely well, right? I mean you guys are only guiding for roughly a 50 basis point decline sequentially in gross margins here in the March quarter. And it actually looks like that's more mix and volume related, right? And in the midst of all of these potential cost dynamics, you're still guiding full year gross margins to 63%.

我很欣賞那裡的見解。然後在毛利率方面，我了解供應挑戰和其他與物流相關的動態影響您的發貨。但相對於你的同行，我的意思是，你的毛利率保持得非常好，對吧？我的意思是你們只是在指導 3 月季度的毛利率連續下降大約 50 個基點。它實際上看起來更像是混合和音量相關，對吧？在所有這些潛在的成本動態中，您仍將全年毛利率引導至 63%。

So help us understand the better sustainability of gross margins in this challenging period. I mean, are you guys just passing along exercising some pricing power and just passing along some of these cost to your customers?

因此，請幫助我們了解在這個充滿挑戰的時期毛利率的更好可持續性。我的意思是，你們只是在行使一些定價權並將其中一些成本轉嫁給您的客戶嗎？

That's a great question, Harlan, and I'll start and maybe Rick will want to add a few comments here. But our pricing model is really based on pricing to value. It's priced on the value we believe that our tools add to our customers. And so that's ultimately how we price the products. It isn't a cost-based model. It's more of a value-based. You're right, as you look at the March quarter, what's declining is Semiconductor Process Control revenue quarter-to-quarter, we're actually expecting some growth in our EPC business and every quarter service grows.

這是一個很好的問題，Harlan，我將開始，也許 Rick 會想在這裡添加一些評論。但我們的定價模型實際上是基於對價值的定價。它的定價基於我們相信我們的工具為客戶增加的價值。這就是我們最終為產品定價的方式。它不是基於成本的模型。它更多地是基於價值的。您是對的，當您查看 3 月季度時，半導體過程控制收入季度環比下降，我們實際上預計我們的 EPC 業務會有所增長，並且每個季度的服務都會增長。

So it is a bit of a mix effect and a volume effect on the March quarter. Going forward, we are seeing pressure on costs. We're not implying that we aren't and I've been pretty open with the fact that I think there's 100 basis point headwind related to cost increases as we all know, everything seems to be costing more.

所以這對 3 月季度有點混合效應和數量效應。展望未來，我們看到了成本壓力。我們並不是暗示我們不是，而且我一直很開放，我認為與成本增加有關的逆風有 100 個基點，眾所周知，一切似乎都在增加成本。

Labor is costing more and certainly the ramp in investments our customers -- or suppliers are having to make is driving incremental cost into the model but that's factored in. So absent that, I think given the mix expectations we would have moving into '22 with the growth rate of semi PC consistent with what your last question, then we would see margins improve. But we are feeling a little bit of pressure.

勞動力成本越來越高，當然，我們的客戶或供應商必須做出的投資增加正在推動模型中的增量成本，但這是考慮在內的。因此，如果沒有這一點，我認為考慮到我們將進入 22 年的混合預期半 PC 的增長率與你上一個問題一致，那麼我們會看到利潤率有所提高。但我們感到有點壓力。

So I think we hold 63%, plus or minus in any given quarter, you'll see a little bit of variability. But at the end of the day, I also think it's just -- it's a reflection of the value that we're adding, I think it's also a reflection of the differentiation that we have across the portfolio in the marketplace.

所以我認為我們持有 63%，在任何給定的季度加減，你會看到一些變化。但歸根結底，我也認為這只是 - 它反映了我們正在增加的價值，我認為這也反映了我們在市場上的投資組合中的差異化。

Yes. Just one other thing to add to Bren, I mean I think it's really important that we continue to understand the value we're creating for our customers, and we share in that value in our pricing. I think that's the way to think about it. For them, they're very, very motivated to get these products in as soon as they can because the payback is extremely quick.

是的。還有一件事要補充到 Bren，我的意思是，我認為繼續了解我們為客戶創造的價值並在定價中分享該價值非常重要。我認為這就是思考的方式。對他們來說，他們非常非常有動力盡快購買這些產品，因為回報非常快。

What you would probably see in a more normalized -- if you didn't have an environment that was a supply constrained -- with the increase in volume, you'd actually see the cost dynamics go the other way. So I think what Bren talked about the little bit of headwind that we get is because of some of the pricing increases, but it's not much in our overall business.

您可能會在更規範化的情況下看到 - 如果您沒有供應受限的環境 - 隨著數量的增加，您實際上會看到成本動態走向相反的方向。所以我認為布倫所說的我們遇到的一點阻力是因為一些價格上漲，但這在我們的整體業務中並不多。

But in a historical context, if you went up as much as our revenues have, we would see volume discounting happening with our suppliers, which would bring down some of the costs, and that's not really happening in this environment. But our starting point is really good, and our new products are incredibly well received by our customers. So not only do we like the margin profile, but our customers really want to get the new products. So we're in a pretty good position as it stands right now.

但在歷史背景下，如果你的收入增長與我們的收入一樣多，我們會看到供應商出現批量折扣，這將降低一些成本，而這在這種環境中並沒有真正發生。但我們的出發點真的很好，我們的新產品非常受客戶歡迎。因此，我們不僅喜歡利潤率概況，而且我們的客戶也非常希望獲得新產品。所以我們現在處於一個非常好的位置。

We'll take our next question from C.J. Muse of Evercore.

我們將向 Evercore 的 C.J. Muse 提出下一個問題。

I guess another gross margin question, if we really drilled down just the process control, you grew gross margins there, 64% in 2020 to 65% in 2021. And I'm cognizant of the fact that there's clearly some challenges near term. But as you think about the mix that you're seeing and the value add that you're bringing, where do you think process control gross margins can go in a more normalized environment once the supply chain normalizes?

我猜是另一個毛利率問題，如果我們真的只深入到流程控制，那麼您的毛利率就會從 2020 年的 64% 增長到 2021 年的 65%。而且我認識到短期內顯然存在一些挑戰。但是，當您考慮您所看到的組合和您帶來的附加值時，您認為一旦供應鏈正常化，流程控制毛利率可以在更正常化的環境中去哪裡？

Yes, C.J., it's a great question. You're right. We're in the mid-65% range, if you look at the process control segment overall. So as we move into certainly '22, I would expect that to be roughly flat given what we just said, maybe a little bit better, but generally in that range and just given the things we just talked about. A lot of it depends overall on -- you've got the service mix, which service gross margins have improved over time as that business scales, but it is dilutive.

是的，C.J.，這是一個很好的問題。你說得對。如果您查看整個過程控制部分，我們處於 65% 的中間範圍內。因此，當我們進入肯定的 22 年時，考慮到我們剛才所說的，我預計這將大致持平，可能會好一點，但通常在這個範圍內，並且只是考慮到我們剛剛談到的事情。這在很大程度上取決於——你有服務組合，隨著業務規模的擴大，服務的毛利率隨著時間的推移而提高，但它是稀釋性的。

So in the long run, if service is growing faster than systems, that does put a little bit of pressure on margins. So I think we're pretty comfortable with the levels that they're at. I can see them ticking up.

所以從長遠來看，如果服務的增長速度快於系統，那確實會給利潤率帶來一點壓力。所以我認為我們對他們所處的水平非常滿意。我可以看到他們在滴答作響。

We always talk about 60% to 65% type incrementals on our semi process control business. So I would expect to see something consistent with that. But if you're approaching 65% or maybe a little bit higher at the top end of that, you start to hit the ceiling in terms of how high you can go. So I think we're probably in that mid-60s range, maybe creeping up a little bit from there. But I don't see it improving much more than that.

我們總是在我們的半過程控制業務中談論 60% 到 65% 的類型增量。所以我希望看到與此一致的東西。但是，如果你接近 65% 或者在最高端可能會更高一點，那麼就你能走多高而言，你開始觸及天花板。所以我認為我們可能處於 60 年代中期的範圍內，也許會從那裡爬升一點。但我認為它的改善遠不止於此。

That's helpful. As my follow-up, I guess, can you comment on whether you expect to be constrained in the June quarter? And as we think about kind of second half total revenues versus first half on a calendar basis, should we be thinking kind of low- to mid-double-digit growth half-on-half?

這很有幫助。我想，作為我的後續行動，您能否評論一下您是否預計在 6 月季度會受到限制？當我們在日曆的基礎上考慮下半年總收入與上半年的對比時，我們是否應該考慮半對半的中低兩位數增長？

Yes, I think that's the way to think about it. Certainly, the second half will be stronger than the first half. And look, I think we're all constrained right now in terms of the ability to get parts. What we've provided is our expected probability of all the various issues we're managing in terms of an overall view.

是的，我認為這就是思考問題的方式。當然，下半年會比上半年強。看，我認為我們現在在獲得零件的能力方面都受到限制。我們提供的是我們從整體角度來看我們正在管理的所有各種問題的預期概率。

But given that March will be lower, I would expect sequential growth as we move through the year. And the second half overall for the company, yes, low- to mid-double digits is a reasonable way to think about it.

但鑑於 3 月份會更低，我預計隨著我們全年的發展，會出現連續增長。對於公司來說，下半年整體而言，是的，低到中兩位數是一種合理的思考方式。

We'll take our next question from Vivek Arya of Bank of America Securities.

我們將向美國銀行證券公司的 Vivek Arya 提出下一個問題。

I actually wanted to ask the last question in a slightly different way. So as you go into June, so I think you're suggesting about a $200 million impact in the March quarter. Are you able to recognize that $200 million in June? Or is that spread into the back half of the year?

我實際上想以稍微不同的方式問最後一個問題。所以當你進入六月時，我認為你建議在三月季度產生大約 2 億美元的影響。你能認出 6 月份的 2 億美元嗎？還是會蔓延到下半年？

Yes. Vivek, it will show up in the June quarter. So these are shipments that slipped out and then are in the June quarter. But when you have suppliers that are running at max capacity in a lot of cases, and they have a disruption, I think the making up of that lost time will take some time through the year, right? I don't think that they'll be able to make it all of it once. So there's a little bit of a cascading that happens whenever you have a disruption in a facility that's already running full out, I mean, equipment is running 24/7, people are working up to legal limits in terms of overtime.

是的。 Vivek，它將在六月季度出現。所以這些是滑出的出貨量，然後是在六月季度。但是，當您的供應商在很多情況下都以最大產能運行時，他們會出現中斷，我認為彌補損失的時間需要一些時間，對吧？我不認為他們一次就能完成這一切。因此，每當您在已經完全用盡的設施中發生中斷時，都會發生一些連鎖反應，我的意思是，設備正在 24/7 全天候運行，人們在加班方面達到法定限制。

So trying to squeeze more capacity in the short run is a little bit harder. But over time, I would expect that we'll see that creep out. We also expect capacity to improve or have alternatives to materialize as we move through the year. So it's a combination of those effects. But yes, I would expect it to move into the June quarter.

因此，試圖在短期內擠壓更多的產能有點困難。但隨著時間的推移，我希望我們會看到這種情況逐漸消失。我們還預計，隨著我們這一年的發展，能力會有所提高或有替代方案可以實現。所以它是這些效果的組合。但是，是的，我預計它將進入六月季度。

So just one -- just a little more color to think about. What we saw with Omicron is more people being impacted and losing work days, fortunately not severely impacted, but enough that they had to not be at the workforce. And as Bren said, these factories were ramped up. So it's hard to make that up, but it's also -- they're already coming back. So we have a lot of confidence in the supply chain, returning to more supportive levels for our business going forward.

所以只有一個 - 只是要考慮更多的顏色。我們在 Omicron 看到的是更多的人受到影響並失去工作日，幸運的是沒有受到嚴重影響，但足以讓他們不必去工作。正如布倫所說，這些工廠正在增加。所以很難彌補，但也是——他們已經回來了。因此，我們對供應鏈充滿信心，恢復到對我們業務發展更具支持性的水平。

All right. And for my follow-up, I realize it's super, super early, but I was just hoping if you could give us a flavor of customer discussions about 2023? WFE in the past has kind of grown for 2 to 3 years, and there is a period of absorption. This time, we have already had -- or this will be the third year of growth. Do you think it's possible to have a fourth year of growth? And what would be the high-level kind of puts and takes, just so that investors get a sense for is this the peak year for WFE? Or are there still prospects for additional growth next year?

好的。對於我的後續行動，我意識到它非常非常早，但我只是希望你能給我們一些關於 2023 年的客戶討論的味道嗎？ WFE過去有2到3年的成長，還有一段吸收期。這一次，我們已經有了——或者這將是第三年的增長。您認為有可能實現第四年的增長嗎？什麼是高級別的看跌期權，只是為了讓投資者了解今年是 WFE 的高峰年嗎？或者明年還有額外增長的前景嗎？

Vivek, great question. I think, ironically, perhaps the current slowdown in our ability as an equipment industry to provide will stretch this out into '23 anyway. And so you see that plus a number of high-profile projects, which have been discussed recently by our customers don't really order equipment in '22 or maybe they place POs, but we certainly don't see deliveries.

維維克，好問題。我認為，具有諷刺意味的是，我們作為一個設備行業提供的能力目前的放緩可能會一直延續到 23 年。因此，您會看到，再加上一些備受矚目的項目，我們的客戶最近討論過這些項目並沒有真正在 22 年訂購設備，或者他們可能會下訂單，但我們當然看不到交付。

So if you think about some of the big new greenfield projects that have been announced, those are '23 projects, not '22. So I think the combination of those that are related to both support from the regionalization efforts driven by things like the CHIPS Act in the U.S. should that come to pass. But even the other projects, which aren't dependent on that, are really much more about '23 than they are about '22. So as we look at it now, we do have pretty good visibility out through the end of the year and even into the first part of next year for the demand to continue to be very supportive of our business.

因此，如果您考慮一些已宣布的大型新綠地項目，那些是'23 項目，而不是'22。因此，我認為那些與美國 CHIPS 法案等推動的區域化努力的支持相關的因素的結合應該能夠實現。但即使是其他不依賴於此的項目，實際上也比 22 年更多地與 23 年有關。因此，當我們現在看它時，我們確實在今年年底甚至到明年上半年都有很好的知名度，因為需求將繼續非常支持我們的業務。

Yes. Vivek, the only other thing I would add to that is that we have very high levels of backlog. In a lot of cases, we're booking slots for customers into 2023 now. And so as a result of that, we feel pretty confident in the sustainability of what we're seeing. I made some comments earlier about the second half and as we model in terms of how we're planning the company and how we're planning capacity, we expect to see that -- those levels of business sustain as we move forward. So it's a long way out and things can change.

是的。 Vivek，我要補充的唯一另一件事是我們的積壓水平非常高。在很多情況下，我們現在正在為 2023 年的客戶預訂時段。因此，我們對所見事物的可持續性充滿信心。我早些時候對下半年發表了一些評論，當我們根據我們如何規劃公司以及我們如何規劃產能進行建模時，我們希望看到——隨著我們前進，這些業務水平將保持不變。所以這是一個很長的路要走，事情可能會改變。

But certainly, we don't see anything that shows any slowing down anytime in the horizon. And certainly, customers are asking for more and faster.

但可以肯定的是，我們看不到任何跡象表明任何時間都在放緩。當然，客戶要求更多、更快。

We'll take our next question from Timothy Arcuri of UBS.

我們將向瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）提出下一個問題。

I had 2, Bren, one kind of on the same tack as the last question. So it seems like the WFE in the first half of the year were sort of entering March a bit lower than what -- most of us would have thought just because of some of these constraints. But the back half is going to be a lot bigger. If you just take your number, you're going to do like 18 -- I mean, maybe even 19 in terms of process control shipments -- system shipments in the back half of the year. And if you basically take your WFE share, that's like a $110 billion annualized WFE.

我有 2 個，布倫，與上一個問題的思路相同。因此，今年上半年的 WFE 進入 3 月份似乎比什麼要低一些——我們大多數人會因為其中一些限製而想到。但是後半部分會大很多。如果你只拿你的號碼，你將在今年下半年完成 18 次——我的意思是，就過程控制出貨量而言，甚至可能達到 19 次——系統出貨量。如果你基本上拿走你的 WFE 份額，那就像一個 1100 億美元的年化 WFE。

So my question is, when you sort of think about that number and you go back and you try to determine what the demand really supports in terms of WFE, sort of looking at the projects and looking at the technology transitions and what not. How do you handicap sort of -- where you cry uncle on sort of where the WFE run rate becomes too high? And do you agree with the [185] or somewhere in that range of system number for the back half of the year?

所以我的問題是，當您考慮這個數字並返回並嘗試確定需求在 WFE 方面真正支持的內容時，可以查看項目和技術轉換等等。你是如何設置障礙的——你在 WFE 運行率變得太高的地方哭了叔叔？您是否同意 [185] 或今年下半年的系統編號範圍內的某個位置？

Tim, on the last part of your question, given the guidance we gave around second half, you're probably not that far off. It's probably in that 18 range, plus or minus, more or less. So we'll have to see how it plays out. Look, we spent a lot of time looking at the various leading indicators of what we're seeing from customers. And of course, we look at our customers, the discussions we have with them, there is the profitability levels. We look at these end markets and some of the challenges that exist there.

蒂姆，關於你問題的最後一部分，鑑於我們在下半年提供的指導，你可能離你不遠了。它可能在 18 個範圍內，正負，或多或少。所以我們必須看看它是如何發揮作用的。看，我們花了很多時間研究我們從客戶那裡看到的各種領先指標。當然，我們關注我們的客戶，我們與他們的討論，還有盈利水平。我們著眼於這些終端市場以及那裡存在的一些挑戰。

So as we go through it, you look at our customers are spending more than they ever have. They're more profitable than they've ever been. So we feel pretty good about where they're at and where the demand is. So we're going to -- we'll continue to watch it. But right now, at this point, we -- our customers are continuing to ask for systems. As I said earlier, I think WFE is constrained by supply. And over the long run, we believe that WFE, given rising capital intensity will grow faster than semiconductor revenue in terms of a long run trend.

因此，當我們經歷它時，您會看到我們的客戶花費比以往任何時候都多。他們比以往任何時候都更有利可圖。因此，我們對他們所處的位置和需求的位置感到非常滿意。所以我們要 - 我們將繼續關注它。但是現在，在這一點上，我們 - 我們的客戶繼續要求系統。正如我之前所說，我認為 WFE 受到供應的限制。從長遠來看，我們認為，鑑於資本密集度的上升，WFE 的增長速度將超過半導體收入的長期趨勢。

So I think that's how we're modeling the company. Certainly, it's how we're planning when we think about supply and investments we need to make. But that's how we're thinking about it right now.

所以我認為這就是我們為公司建模的方式。當然，當我們考慮需要進行的供應和投資時，這就是我們的計劃方式。但這就是我們現在正在考慮的方式。

And then just maybe a bigger picture, Rick, I'm sort of curious what your view is. I get a lot of questions around as you go to sort of scaling that's a little more verticalized versus using litho to scale, whether you're talking about (inaudible) or 3D DRAM, things like that. It isn't exactly what happened in NAND, but litho does become a little bit maybe less of a driver for actually to scale going forward. Can you just talk about how you think about how that affects you either positively or negatively sort of in terms of your ability to keep on gaining WFE share? And maybe what you're attach to litho is sort of how you think about that bigger picture?

然後也許是一個更大的圖景，里克，我有點好奇你的觀點是什麼。當您進行更垂直化的縮放而不是使用光刻進行縮放時，我會遇到很多問題，無論您是在談論（聽不清）還是 3D DRAM，諸如此類。這並不完全是 NAND 中發生的事情，但光刻機確實成為了真正推動未來擴展的動力。您能否談談您如何看待這對您繼續獲得 WFE 份額的能力的正面或負面影響？也許你對光刻的看法是你如何看待更大的圖景？

Yes. Thanks, Tim. Good question. I think that it's interesting if you use the example of NAND as a -- there, you actually went backwards in lithography. And yet the process control intensity, it went down a little bit, but we actually thought it would go down more because what happened was 2 things. And if we'd had solutions, it probably wouldn't have gone down at all because there were other integration problems that we were unable to solve at that time. But even there, it went backwards and there was not a huge change in process control intensity, albeit at lower levels.

是的。謝謝，蒂姆。好問題。我認為如果你使用 NAND 的例子作為一個有趣的例子——在那裡，你實際上在光刻方面倒退了。然而過程控制強度下降了一點，但我們實際上認為它會下降更多，因為發生了兩件事。如果我們有解決方案，它可能根本不會下降，因為當時還有其他集成問題我們無法解決。但即使在那裡，它也倒退了，過程控制強度並沒有發生巨大變化，儘管水平較低。

What we're seeing now already in conversations with customers as we look at new device types. The process control challenges are going to be enormous. And many of them, yes, defect is a big part of it, but you have EUV, which is driving additional use cases. You have the registration overlay challenges, which has created quite a significant market, and we also see the need for more and more inspection layers using different wavelengths. So that Gen 4 is being extended. I think we mentioned last quarter, Gen 4 actually outperformed Gen 5 in terms of revenue in 2021.

當我們研究新的設備類型時，我們現在已經在與客戶的對話中看到了什麼。過程控制挑戰將是巨大的。其中很多，是的，缺陷是其中很大一部分，但是你有 EUV，它正在推動更多的用例。您面臨註冊疊加挑戰，這已經創造了相當大的市場，我們還看到需要越來越多的使用不同波長的檢測層。因此，第 4 代正在擴展。我想我們上個季度提到過，就 2021 年的收入而言，第 4 代實際上優於第 5 代。

And we actually see that continuing because of the usefulness of that product and that wavelength. So we actually think the real question is, are there going to be integration challenges that are going to drive our customers. When there's multiple players competing at the leading edge, that's always a good thing for KLA. I think we went through a period where there was really one main driver, and they had one real end device driving that logic, that's no longer the case.

實際上，由於該產品和該波長的有用性，我們實際上看到這種情況仍在繼續。所以我們實際上認為真正的問題是，是否會有集成挑戰來推動我們的客戶。當有多名球員在領先優勢競爭時，這對 KLA 來說總是一件好事。我認為我們經歷了一個真正有一個主要驅動力的時期，他們有一個真正的終端設備來驅動這種邏輯，現在情況已不再如此。

So we feel pretty good about the architectures that we're seeing. We have process control teams that are working with our customers. And as far as we can see out through several years, we think we're well positioned with plenty of opportunity and we have a lot of solutions we're investing in, as Bren said, we're investing at a significant level in R&D to be positioned to support those going forward.

所以我們對我們看到的架構感覺很好。我們擁有與客戶合作的過程控制團隊。就我們多年來所看到的而言，我們認為我們處於有利地位，擁有大量機會，並且我們正在投資很多解決方案，正如布倫所說，我們在研發方面的投資水平很高定位於支持那些前進的人。

So we don't see really a relaxation in process control intensity as we go forward. Will it continue to rise? We're not anticipating that it goes up a lot. And so that's not in our models, that would be upside to our model if that happened, but that's not what we're working off of.

因此，在我們前進的過程中，我們並沒有真正看到過程控制強度的放鬆。還會繼續上漲嗎？我們沒有預料到它會上漲很多。所以這不在我們的模型中，如果發生這種情況，這將對我們的模型有利，但這不是我們正在努力的方向。

Tim, 2 things. First, when we move from planar to vertical and NAND, if you use NAND as a proxy, we saw a couple of point improvement overall in process control intensity. And it came really in our metrology businesses because if you think you're starting to build the structures vertically, it creates a whole new set of metrology challenges. So we saw an inflection there for metrology and then you also have defect mechanisms related to high-aspect layers -- high-aspect ratio structures and so on. So that is -- if it's a proxy, we feel pretty good about opportunities there as some of the defect mechanisms, and metrology challenges change, but process control intensity overall is a positive.

蒂姆，兩件事。首先，當我們從平面轉向垂直和 NAND 時，如果您使用 NAND 作為代理，我們會看到工藝控制強度的整體改進點。它確實出現在我們的計量業務中，因為如果您認為您開始垂直構建結構，它會帶來一系列全新的計量挑戰。所以我們看到了計量學的拐點，然後你也有與高縱橫比層相關的缺陷機制——高縱橫比結構等等。所以這就是——如果它是一個代理，我們對那裡的機會感覺很好，因為一些缺陷機制和計量挑戰發生了變化，但總體而言，過程控制強度是積極的。

Our 2023 plan in terms of process control or KLA share of WFE was to see process control intensity improve, KLA share of WFE to grow about 75 to 100 basis points from 2019. And we feel like we're right on that trajectory as we go forward here. So as Rick said, we don't expect it to grow a lot, but we do expect to see it continuing to grow, and that should create opportunities for us to, for the most part, consistently outgrow the market here over the next few years.

我們在流程控製或 WFE 的 KLA 份額方面的 2023 年計劃是提高流程控制強度，從 2019 年起，WFE 的 KLA 份額將增長約 75 至 100 個基點。我們覺得我們走在這條軌道上在這裡前進。所以正如 Rick 所說，我們預計它不會增長很多，但我們確實希望看到它繼續增長，這應該為我們創造機會，在很大程度上，在接下來的幾個年。

We'll move next to Patrick Ho of Stifel.

我們將搬到 Stifel 的 Patrick Ho 旁邊。

Rick, maybe just following up on that question by Tim in terms of process control intensity in terms of device architecture. As we look at gate all around, and I know you've talked about it from a big picture perspective of some of the opportunities there. But given the materials intensity, how do you see, I guess, more semiconductor engineering materials type of trends benefiting process control intensity? And especially, I'm just thinking gate all around, the gates now being surrounded by a lot of materials. How do you look at it from both an inspection and probably from an overlay metrology perspective? Do you see one or the other "benefiting" from these changes on the materials front?

Rick，也許只是在設備架構方面的過程控制強度方面跟進蒂姆的問題。當我們看到周圍的大門時，我知道您已經從大局的角度談到了那裡的一些機會。但考慮到材料強度，我猜你如何看待更多有利於工藝控制強度的半導體工程材料類型的趨勢？尤其是，我只是在想周圍的大門，大門現在被很多材料包圍著。您如何從檢查以及可能從疊加計量的角度看待它？您是否看到材料方面的這些變化中的一種或另一種“受益”？

Yes, Patrick, good question. I think that, again, we've been in conversations with customers about these advanced architectures for some time and the challenges that they face.

是的，帕特里克，好問題。我認為，一段時間以來，我們一直在與客戶就這些高級架構以及他們面臨的挑戰進行對話。

Fortunately, we often have more time than we originally thought to get our solutions ready because these often take longer to get to market than were originally anticipated. So we're actually in pretty good shape in terms of providing solutions for that. Specifically to gate all around, remember, for inspection, there are really a couple of things that we have to -- problems that we have to solve.

幸運的是，我們準備好解決方案的時間通常比我們最初認為的要多，因為這些解決方案通常需要比最初預期更長的時間才能進入市場。因此，在為此提供解決方案方面，我們實際上處於非常好的狀態。尤其是四面八方的門，記住，為了檢查，確實有幾件事是我們必須要做的——我們必須解決的問題。

The most significant one often lost on people is it's a contrast question. It's not as much as a resolution as contrast and gate all around with different materials creates a different contrast challenge, which is why the wavelength matters a lot, which is why we're extending Gen 4, and we're seeing good modeling results from that. The other thing that happens, of course, is the registration, every generation, I think, may be lost on people are the additional challenges in registration and overlay every device technology and the increase in sampling is just dramatic in that business and in films in general.

人們經常忽略的最重要的問題是它是一個對比問題。它不像分辨率那樣高，因為不同材料的對比度和門控會產生不同的對比度挑戰，這就是波長很重要的原因，這就是我們擴展第 4 代的原因，我們看到了良好的建模結果那。發生的另一件事當然是註冊，我認為每一代人都可能會迷失在註冊和覆蓋每一種設備技術方面的額外挑戰，並且採樣的增加在該行業和電影中是戲劇性的一般的。

Again, more challenges associated with that. We have a good modeling effort that goes on very, very strong in the company so we can model and understand what those devices are going to look like and what they're going to need in terms of capability.

同樣，與此相關的更多挑戰。我們有一個很好的建模工作，在公司裡非常非常強大，所以我們可以建模和了解這些設備的外觀以及它們在功能方面的需求。

So we're very well positioned to handle that. I think that you're going to see increases in both inspection needs, but also in metrology slightly in different ways. And in metrology, you're already sampling at so many levels. It's more about increasing the sampling at those levels. In other words, more steps or more measurement points per die and per wafer. In inspection, it ends up you add a number of inspection steps in the process as opposed to the area inspected, which is usually already predetermined and that probably won't change.

所以我們非常有能力處理這個問題。我認為你會看到兩種檢查需求的增加，而且計量學也會以不同的方式略有增加。在計量學中，您已經在很多級別上進行採樣。更多的是增加這些級別的採樣。換句話說，每個裸片和每個晶片有更多的步驟或更多的測量點。在檢查中，最終您在過程中添加了許多檢查步驟，而不是檢查的區域，這通常已經預先確定並且可能不會改變。

So I think that they'll both grow but for different reasons in that. And again, our customers -- our relationship with our customers is such that we've been working on these problems for a while because now they know they need the support of inspection and metrology early in the development phase if they have a chance of ramping these new technologies. So we feel pretty good about our insight into those.

所以我認為他們都會成長，但出於不同的原因。再說一次，我們的客戶——我們與客戶的關係是這樣的，我們已經解決這些問題一段時間了，因為現在他們知道，如果他們有機會加速發展，他們需要在開發階段早期獲得檢驗和計量的支持這些新技術。所以我們對我們對這些的洞察力感覺很好。

Great. That's helpful. And as a quick follow-up. The current environment obviously is seeing very high utilization across fabs for both leading edge and trailing edge. Given the supply chain issues, and I know not all parts and components are the same for both new systems and "your spare parts business, your installed base business." But how are you balancing some of the procurement issues that you're dealing with today in terms of where do I take this component or parts? Should it go into the spare parts bucket? Or should it go into a new system? How are you balancing that today?

偉大的。這很有幫助。並作為快速跟進。目前的環境顯然是在前沿和後沿的晶圓廠中看到了非常高的利用率。鑑於供應鏈問題，我知道對於新系統和“您的備件業務，您的已安裝基礎業務”而言，並非所有零部件都是相同的。但是，您如何平衡您今天處理的一些採購問題，即我將這些組件或零件帶到哪裡？它應該進入備件桶嗎？還是應該進入一個新系統？你今天如何平衡？

Yes, Patrick, it's a great question and it's something that we spend a lot of time on internally, particularly as Brian Lorig runs our service business points out to me all the time that don't forget about spares. So it is absolutely a balancing act. Fortunately, we have pretty good idea of when things will fail that -- around certain components, and we can plan for that. But we -- in terms of stocking levels. But we're very -- we have had situations where we will pull parts off of systems, if we have to, to support the field, we've made commitment to customers, those customers value these systems, and we've got to keep them up and running.

是的，Patrick，這是一個很好的問題，我們在內部花費了大量時間，特別是當 Brian Lorig 經營我們的服務業務時，我一直向我指出不要忘記備件。所以這絕對是一個平衡的行為。幸運的是，我們非常清楚事情何時會失敗——圍繞某些組件，我們可以為此做好計劃。但是我們——就庫存水平而言。但是我們非常 - 我們曾經遇到過我們會從系統中取出部件的情況，如果必須的話，為了支持該領域，我們已經向客戶做出了承諾，這些客戶重視這些系統，我們必須保持它們正常運行。

So in a lot of those cases, we're going to generally prioritize service if we can't figure out a way to work around it, which we've for the most part been able to do. But it's a constant balancing act, and it's something that we watch very closely.

因此，在很多情況下，如果我們無法找到解決問題的方法，我們通常會優先考慮服務，而這在很大程度上是我們能夠做到的。但這是一個持續的平衡行為，這是我們非常密切關注的事情。

We have time for one last question, and we'll take Joe Moore of Morgan Stanley.

我們有時間回答最後一個問題，我們將請摩根士丹利的喬摩爾。

I wonder if you could talk a little bit more about the supply constraints in terms of how much planning were you able to do around it? Did you get surprised by these component issues? And are you generally just kind of meeting commitments to your customers but the lead times are getting pushed out? Or was there kind of a decommitment because of disruptions in your own supply chain?

我想知道你是否可以就供應限制多談談你能圍繞它做多少計劃？您對這些組件問題感到驚訝嗎？您是否通常只是履行對客戶的承諾，但交貨時間卻被推遲了？還是因為您自己的供應鏈中斷而導致離職？

Yes. Joe, that's a great question. So I'll say a couple of things here. First, yes, there were some surprises, right? As we were moving through December and into the early part of January, the COVID impact was a surprise in terms of the impact on some of these suppliers. So we also had some issues that materialized, as I said in the prepared remarks around, I'll call them, more lower-value commodity parts that we also procure in a lot of cases, where those are as we have supplier suppliers that are trying to acquire those parts to then send them to us to our direct suppliers before it gets to us. So it's a little bit harder to have visibility down at those levels.

是的。喬，這是一個很好的問題。所以我會在這裡說幾件事。首先，是的，有一些驚喜，對吧？隨著我們從 12 月進入 1 月初，就對其中一些供應商的影響而言，COVID 的影響令人驚訝。因此，我們也遇到了一些問題，正如我在準備好的評論中所說，我會稱它們為更多價值較低的商品零件，我們也在很多情況下採購，因為我們有供應商供應商試圖獲得這些零件，然後在它們到達我們之前將它們發送給我們的直接供應商。因此，在這些級別上降低可見性有點困難。

Now with enough time, you can typically manage around some of those issues, either by finding alternatives, qualifying alternatives. It does have an impact on on-time delivery, to your point, and so the reason we were able to quantify the impact of 8% to 10% on the results in March was really what we thought we were looking at as we ended the December quarter and where we ended up today. So we had a pretty good visibility to the impact and so we're able to quantify it. On-time delivery is what's suffering though. But we're managing around it to the extent we can.

現在有了足夠的時間，您通常可以通過尋找替代方案、合格的替代方案來解決其中一些問題。就您而言，它確實對準時交付有影響，因此我們能夠量化 8% 到 10% 對 3 月份結果的影響的原因正是我們在結束十二月季度以及我們今天結束的地方。所以我們對影響有一個很好的了解，所以我們能夠量化它。準時交貨是痛苦的。但我們正在盡可能地圍繞它進行管理。

And I think customers, while there's tremendous pressure in the system, there's a reality check of the challenges that I think I can speak for everybody that we're all dealing with here.

我認為客戶，雖然系統中存在巨大壓力，但我認為我可以代表我們在這里處理的每個人對挑戰進行現實檢查。

Great. Thank you, Joe and thank you, everybody, for joining us. We know it's a busy week of earnings, a busy day of earnings. We really appreciate everyone's time and attention. I'm sure we'll be catching up with many of you throughout the quarter. With that I'll pass the call back over to Leo to end the call.

偉大的。謝謝你，喬，謝謝大家加入我們。我們知道這是忙碌的一周，也是忙碌的一天。我們非常感謝大家的時間和關注。我相信我們會在整個季度趕上你們中的許多人。這樣，我會將電話轉回給 Leo 以結束通話。

This concludes the KLA Corporation December Quarter 2021 Earnings Call and Webcast. Please disconnect your line at this time. Have a wonderful day.

KLA Corporation 2021 年 12 月季度財報電話會議和網絡直播到此結束。此時請斷開您的線路。有一個美好的一天。