科磊 (KLAC) 2021 Q3 法說會逐字稿

Good afternoon. My name is Priscilla, and I will be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation March Quarter 2021 Earnings Conference Call and Webcast. (Operator Instructions)

下午好。我的名字是 Priscilla，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 3 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. Please go ahead.

我現在將把電話轉給投資者關係副總裁 Kevin Kessel。請繼續。

Thank you, Priscilla, and welcome to KLA's fiscal Q3 2021 quarterly earnings call to discuss the results of our March quarter and the outlook for the June quarter.

謝謝你，Priscilla，並歡迎參加 KLA 的 2021 財年第三季度財報電話會議，討論我們 3 月季度的業績和 6 月季度的前景。

With me today is Rick Wallace, our Chief Executive Officer; and Bren Higgins, our Chief Financial Officer. During today's call, we will discuss quarterly results for the period ended March 31, 2021, that we released this afternoon after the market close in the form of a press release, shareholder letter and slide deck. All are available on the KLA IR section of our website.

今天和我在一起的是我們的首席執行官里克·華萊士。和我們的首席財務官 Bren Higgins。在今天的電話會議中，我們將討論截至 2021 年 3 月 31 日期間的季度業績，該業績是我們今天下午收市後以新聞稿、股東信函和幻燈片的形式發布的。所有這些都可以在我們網站的 KLA IR 部分找到。

Today's discussion is presented on a non-GAAP financial basis unless otherwise specified. A detailed reconciliation of GAAP to non-GAAP results is in today's 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。 GAAP 與非 GAAP 結果的詳細核對見我們網站上發布的今天的收益材料。

During today's call, whenever we make references to a year, we are referring to the calendar year. 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.

在今天的電話會議中，每當我們提到一年時，我們指的是日曆年。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。

Our comments today are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC filings. Any forward-looking statements, including those that 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.

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。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。

I'd like to now turn the call over to our President and Chief Executive Officer, Rick Wallace. Rick?

我現在想把電話轉給我們的總裁兼首席執行官里克·華萊士。瑞克？

Thanks, Kevin, and thank you for joining KLA's earnings call today. KLA's March quarter results demonstrate continued momentum in our business. We delivered strong 27% year-over-year revenue growth.

謝謝凱文，感謝您今天參加 KLA 的財報電話會議。 KLA 的 3 月季度業績表明我們業務的持續發展勢頭。我們實現了強勁的 27% 的收入同比增長。

Non-GAAP gross and operating profit rose 30% and 48% year-over-year, respectively. And free cash flow grew 47% to a record level. We accomplished these by executing our strategic vision amidst a dynamic business environment. Year-to-date, we've seen a sharp increase in business levels across each of our major markets. This is primarily due to secular demand trends driving semiconductor industry growth across a broad range of markets and applications such as 5G and cloud computing.

Non-GAAP 毛利潤和營業利潤分別同比增長 30% 和 48%。自由現金流增長了 47%，達到創紀錄水平。我們通過在動態的商業環境中執行我們的戰略願景來實現這些目標。年初至今，我們在每個主要市場都看到了業務水平的大幅提升。這主要是由於長期需求趨勢推動了半導體行業在廣泛的市場和應用（如 5G 和雲計算）中的增長。

Our customers are increasing their strategic CapEx investment to address these growth markets while continuing investment in leading-edge R&D efforts. Against this backdrop of strong demand, we continue to navigate evolving customer requirements and dynamic supply chain challenges. Still, KLA has not missed a beat and continues operating at an exceptionally high level, delivering on our commitments, staying focused on creating value for our partners, customers and shareholders.

我們的客戶正在增加他們的戰略資本支出投資以應對這些增長市場，同時繼續投資於領先的研發工作。在需求強勁的背景下，我們繼續應對不斷變化的客戶需求和動態的供應鏈挑戰。儘管如此，KLA 並沒有錯失良機，繼續以極高的水平運營，兌現我們的承諾，專注於為我們的合作夥伴、客戶和股東創造價值。

We would be remiss if we did not mention that achieving these results would be impossible without the extraordinary contributions of our talented global teams who always rise to the challenges of meeting our customers' needs in an increasingly complex global business environment. Three key things enabled KLA's record results and momentum: one, successful innovation and market leadership; two, the resourcefulness and talent of our global workforce; and three, the strength and resiliency of the KLA operating model.

如果我們沒有提到，如果沒有我們才華橫溢的全球團隊的非凡貢獻，我們將無法取得這些成果，這些團隊總是迎接挑戰，在日益複雜的全球商業環境中滿足客戶的需求。三個關鍵因素促成了 KLA 創紀錄的業績和勢頭：一、成功的創新和市場領導地位；第二，我們全球勞動力的足智多謀和才能；第三，KLA 運營模式的強度和彈性。

Before we discuss those further, let me begin by touching on how we see the industry demand environment now. Strong secular demand trends continue to shape multiple markets and are fueled by the increasing digitization of end markets and industries. In addition, there's a heightened focus on the strategic nature of our customers' investments around both leading edge development, optimizing facility utilization and regionalization. As a result, our WFE forecast has improved, even further from January, reflecting the strength of demand we're experiencing over the past couple of months, with momentum continuing into calendar 2022.

在我們進一步討論這些之前，讓我先談談我們現在如何看待行業需求環境。強勁的長期需求趨勢繼續塑造多個市場，並受到終端市場和行業日益數字化的推動。此外，我們更加關注客戶在前沿開發、優化設施利用率和區域化方面的投資的戰略性質。因此，我們的 WFE 預測比 1 月份有所改善，這反映了我們在過去幾個月中經歷的需求強勁，這種勢頭將持續到 2022 年。

And in this environment, KLA is experiencing a sharp increase in customer demand for systems and support for 2021 deliveries. And our expectations for KLA revenue growth have increased from our initial assessment in January. This momentum in customer investment is happening against a backdrop where process control intensity maintains its momentum and KLA continues to drive market leadership at levels approximately 4x the nearest competitor. Propelled by the upside we're experiencing in the underlying WFE markets, KLA market leadership, increasing long-term process control intensity, our broader reach into electronics ecosystem and the contributions of our large and growing service business, KLA is on track to achieve our 2023 financial targets well ahead of our original expectations.

在這種環境下，KLA 正在經歷客戶對系統和 2021 年交付支持的需求急劇增加。我們對 KLA 收入增長的預期比我們 1 月份的初步評估有所增加。客戶投資的這種勢頭是在流程控制強度保持其勢頭的背景下發生的，KLA 繼續以大約 4 倍最接近的競爭對手的水平推動市場領先地位。受我們在潛在 WFE 市場上所經歷的上行、KLA 市場領導地位、長期過程控制強度的提高、我們對電子生態系統的更廣泛影響以及我們龐大且不斷增長的服務業務的貢獻的推動，KLA 有望實現我們的2023 年的財務目標遠超我們最初的預期。

KLA's market leadership results from the ongoing successful execution of the company's customer-focused strategy, which is based on investing a high level of R&D to drive differentiation with the unique portfolio of products, technologies and strategies that address the most critical process control market challenges. We're pleased to continue to see the success of our efforts being validated by our customers' purchasing decisions. Here are some recent success stories to illustrate the point.

KLA 的市場領先地位源於公司持續成功執行以客戶為中心的戰略，該戰略基於投資高水平的研發以通過獨特的產品、技術和戰略組合來推動差異化，以應對最關鍵的過程控制市場挑戰。我們很高興繼續看到客戶的購買決定驗證了我們努力的成功。這裡有一些最近的成功案例來說明這一點。

The most recently published Gartner data shows that in 2020, the total optical inspection market grew at a rate double that of the growth rate of the overall WFE market to approximately $1.9 billion, with KLA maintaining our strong market leadership and 83% share of this critical market for process control.

Gartner 最新發布的數據顯示，2020 年，整個光學檢測市場的增長率是整個 WFE 市場增長率的兩倍，達到約 19 億美元，KLA 保持了我們強大的市場領導地位，並在這一關鍵市場中佔據 83% 的份額過程控制市場。

Many already know that KLA is participating in the automotive electronics through our semiconductor packaging and PCB product lines. We're excited by near-term plans to launch new versions of our process control products tailored for the automotive industry. This quarter, expect to hear more about how KLA has positioned our wafer inspection portfolio to help customers drive higher reliability, quality and yield in automotive applications in both 200-millimeter and 300-millimeter production, which will help address some of the reported automotive semiconductor shortages going forward.

許多人已經知道 KLA 通過我們的半導體封裝和 PCB 產品線參與汽車電子領域。我們很高興近期計劃推出為汽車行業量身定制的新版本過程控制產品。本季度，我們希望聽到更多關於 KLA 如何定位我們的晶圓檢測產品組合以幫助客戶在 200 毫米和 300 毫米生產中提高汽車應用的可靠性、質量和良率的更多信息，這將有助於解決一些報告的汽車半導體問題未來短缺。

Calendar year 2021 is positioned to be the 6th consecutive year of revenue growth for KLA, demonstrating strong through-cycle growth, the success of our diversification strategies and our market leadership in process control and a large and growing contribution from our Services business.

2021 日曆年被定位為 KLA 連續第 6 年的收入增長，展示了強勁的整個週期增長、我們多元化戰略的成功和我們在流程控制方面的市場領導地位以及我們的服務業務的巨大且不斷增長的貢獻。

Let's briefly cover the top 5 highlights from the March quarter results. First, we saw continued strength and breadth in foundry/logic demand in the quarter. As expected, memory demand also grew, as memory customers planned for growth in equipment investment in 2021 to meet improving end demand. We expect higher business levels across a broader set of customers in the March quarter, with demand momentum continuing throughout 2021 across 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.

讓我們簡要介紹一下 3 月季度業績的前 5 大亮點。首先，我們看到本季度代工/邏輯需求的持續強勁和廣度。正如預期的那樣，內存需求也有所增長，因為內存客戶計劃在 2021 年增加設備投資以滿足不斷改善的終端需求。我們預計 3 月季度將在更廣泛的客戶群中實現更高的業務水平，整個 2021 年主要終端市場的需求勢頭將持續。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。

Second, Gartner's recent market share report for 2020 sized KLA's share of process control over 53% for the year. KLA's market share in process control has maintained a steady growth trajectory over the past 10 years. Highlights of the 2020 report show KLA continuing to strengthen our core franchise in optical inspection and strong momentum against e-beam inspection and optical metrology. Increasing investment in leading-edge foundry/logic accelerated adoption of the EUV continues to be major factors driving equipment spending.

其次，Gartner 最近發布的 2020 年市場份額報告顯示，KLA 在這一年的過程控制份額超過 53%。 KLA 在過程控制領域的市場份額在過去 10 年中一直保持著穩定的增長軌跡。 2020 年報告的要點顯示，KLA 繼續加強我們在光學檢測方面的核心專營權，並在電子束檢測和光學計量方面表現強勁。增加對前沿晶圓代工/邏輯的投資加速採用 EUV 仍然是推動設備支出的主要因素。

KLA's market leadership once again demonstrates the success of our portfolio approach to solving complex customer requirements at the leading edge. Third, our Services revenue was $428 million in the March quarter or 24% of total sales, with over 75% of Services revenue in our Semiconductor Process Control segment resulting from recurring contract agreements. Services is on track for another strong double-digit growth year, driven by our growing installed base, higher utilization rate and increasing expansion of service opportunities in the trailing edge and the EPC group. Our Semi Process Control service business revenue continues to grow faster than the rate of the installed base, growing approximately 2.8x faster over the last 5 years.

KLA 的市場領導地位再次證明了我們的產品組合方法在以領先優勢解決複雜客戶需求方面的成功。第三，我們在 3 月季度的服務收入為 4.28 億美元，佔總銷售額的 24%，其中超過 75% 的服務收入來自我們的半導體過程控制部門，來自經常性合同協議。在我們不斷增長的安裝基礎、更高的利用率以及後緣和 EPC 集團的服務機會不斷擴大的推動下，服務業有望迎來又一個強勁的兩位數增長年。我們的半過程控制服務業務收入繼續以快於安裝基數的速度增長，在過去 5 年中增長速度約為 2.8 倍。

Fourth, this was another growth quarter for our Electronics, Packaging and Components, or EPC group, highlighted by record quarterly bookings for the semiconductor -- the specialty semiconductor business. Growth was driven by automotive, 5G, wireless connectivity and advanced packaging applications across various end markets. With EPC, KLA is now providing a more comprehensive and broader product portfolio across fast growing new markets in the electronics value chain such as RF, automotive semiconductors and advanced packaging. As it relates to EPC's opportunities in advanced packaging markets, KLA is strengthening our engagement with the top 5 semiconductor market leaders in packaging, and we're expanding our reach with OSATs. KLA is ramping our investment in advanced packaging market to drive adoption of new technologies in this exciting growth market in addition to new inspection products for high level production and assembly.

第四，這是我們的電子、封裝和組件或 EPC 集團的又一個增長季度，以半導體（特種半導體業務）創紀錄的季度預訂量為亮點。增長受到各個終端市場的汽車、5G、無線連接和先進封裝應用的推動。通過 EPC，KLA 現在可以在電子價值鏈中快速增長的新市場（如射頻、汽車半導體和先進封裝）中提供更全面、更廣泛的產品組合。由於它與 EPC 在先進封裝市場的機會有關，KLA 正在加強我們與封裝領域前 5 大半導體市場領導者的合作，並且我們正在通過 OSAT 擴大我們的影響力。 KLA 正在加大對先進封裝市場的投資，以推動在這個令人興奮的增長市場中採用新技術，以及用於高水平生產和組裝的新檢測產品。

Finally, in keeping with our commitment to deliver strong and predictable capital returns to our shareholders, in the March quarter, we repurchased $273 million of our common stock and paid $139 million in dividends for a total capital return of $412 million or 71% of free cash flow of $585 million, which was also a record. Last July, KLA's Board of Directors authorized the 11th consecutive annual dividend increase to a yearly run rate of $3.60 per share. Since its inception in 2006, KLA's dividend payout has grown at a CAGR of approximately 15%. We believe KLA's 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.

最後，為了履行我們為股東提供強勁且可預測的資本回報的承諾，在 3 月季度，我們回購了 2.73 億美元的普通股並支付了 1.39 億美元的股息，總資本回報率為 4.12 億美元或 71%現金流為 5.85 億美元，這也是創紀錄的。去年 7 月，KLA 董事會授權連續第 11 次將年度股息提高至每股 3.60 美元的年度運行率。自 2006 年成立以來，KLA 的股息支付以約 15% 的複合年增長率增長。我們相信 KLA 提供強勁資本回報的往績記錄是 KLA 投資主題的關鍵組成部分，並為我們的股東提供可預測和引人注目的價值創造。

Before Bren gets into greater details of our financial highlights, let me recap. KLA's March 2021 results demonstrate the critical nature of KLA's products and services and enabling the digital transformation of our lives, the resiliency of the KLA operating model and our commitment to productive capital allocation. KLA is exceptionally well positioned at the forefront of technology innovation with a comprehensive portfolio of products to meet demanding customer requirements, balancing sensitivity and throughput. Semiconductor and electronics landscape is constantly changing. We're seeing broadening customer interest, driven by more technology innovation than ever before at the leading edge.

在布倫詳細了解我們的財務亮點之前，讓我回顧一下。 KLA 2021 年 3 月的業績證明了 KLA 產品和服務的關鍵性質，以及實現我們生活的數字化轉型、KLA 運營模式的彈性以及我們對生產性資本分配的承諾。 KLA 處於技術創新的前沿，擁有全面的產品組合，可滿足苛刻的客戶要求，平衡靈敏度和吞吐量。半導體和電子產品的格局在不斷變化。在前沿技術創新的推動下，我們看到了越來越多的客戶興趣。

We believe there are multiple secular factors driving industry demand, and KLA will continue to benefit from and position us to exceed our 2023 financial targets, reach them earlier than anticipated. At the same time, our strategy of driving diversified growth with strong long-term operating leverage should provide robust cash flow generation and consistent capital returns to our shareholders.

我們相信，有多種長期因素推動行業需求，KLA 將繼續受益於我們，並使我們能夠超越我們的 2023 年財務目標，比預期更早地實現這些目標。與此同時，我們以強大的長期經營槓桿推動多元化增長的戰略應該為我們的股東提供強勁的現金流和持續的資本回報。

And with that, I'll pass the call over to Bren.

有了這個，我會把電話轉給布倫。

Thank you, Rick. Results this quarter highlighted the soundness and strength of our ongoing strategies. 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。本季度的業績突出了我們持續戰略的穩健性和實力。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。

Total revenue in the March quarter was $1.8 billion, at the top of the guided range. Non-GAAP gross margin was 62.9%, above the midpoint of the guided range, as stronger revenue and favorable product mix drove upside in the quarter. Non-GAAP EPS was $3.85, at the upper end of the guided range. GAAP EPS was $3.66.

3 月季度的總收入為 18 億美元，處於指導範圍的頂部。非美國通用會計準則毛利率為 62.9%，高於指導範圍的中點，因為強勁的收入和有利的產品組合推動了本季度的上行。非公認會計原則每股收益為 3.85 美元，處於指導範圍的上限。 GAAP每股收益為3.66美元。

Non-GAAP total operating expenses were $407 million, including $239 million of R&D expense and $168 million of SG&A. At KLA, technical application support for our customers is included in SG&A and was $42 million in the quarter. The combination of R&D expense and technical applications represents about 70% of total operating expenses.

Non-GAAP 總運營費用為 4.07 億美元，其中包括 2.39 億美元的研發費用和 1.68 億美元的 SG&A。在 KLA，我們為客戶提供的技術應用支持包含在 SG&A 中，本季度為 4200 萬美元。研發費用和技術應用的組合約佔總運營費用的 70%。

Non-GAAP operating income as a percentage of revenue was very strong at 40.4%. Given higher revenue expectations for the remaining 3 quarters of 2021, product development requirements, particularly in programs supporting next-generation reticle inspection capabilities, regionalization of additional customer engagement resources and increased investment in our infrastructure globally, particularly in expanding our manufacturing footprint and completing our new HQ2 in Ann Arbor, Michigan, we expect operating expenses to be approximately $412 million in the June quarter.

非美國通用會計準則營業收入佔收入的百分比非常強勁，達到 40.4%。鑑於對 2021 年剩餘 3 個季度的更高收入預期，產品開發要求，特別是在支持下一代光罩檢測能力的計劃、額外客戶參與資源的區域化以及對我們全球基礎設施的投資增加，特別是在擴大我們的製造足跡和完成我們的在密歇根州安娜堡新建 HQ2，我們預計 6 月季度的運營費用約為 4.12 億美元。

We are budgeting quarterly operating expenses to increase sequentially $3 million to $5 million a quarter over the near-term horizon. Given top line expectations for 2021 and fueled by double-digit growth over the past 2 years, we expect that the business will continue to outperform our target operating model, both in terms of overall profitability and operating margin leverage.

我們正在對季度運營費用進行預算，以便在短期內每季度連續增加 300 萬美元至 500 萬美元。鑑於對 2021 年的收入預期以及過去 2 年兩位數增長的推動，我們預計該業務在整體盈利能力和營業利潤率槓桿方面將繼續優於我們的目標運營模式。

Non-GAAP net income was $598 million. GAAP net income was $567 million. Cash flow from operations was $646 million. And free cash flow was $585 million. This resulted in a free cash flow conversion of nearly 100% and a very healthy free cash flow margin of over 32%.

非美國通用會計準則淨收入為 5.98 億美元。 GAAP 淨收入為 5.67 億美元。運營現金流為 6.46 億美元。自由現金流為 5.85 億美元。這導致了近 100% 的自由現金流轉換和超過 32% 的非常健康的自由現金流利潤率。

Our segment revenue was strong in the quarter, driven by growth in our Semiconductor Process Control business. The EPC group delivered results mostly in line with our model heading into the quarter. Revenue for the Semiconductor Process Control segment, including its associated service business was $1.51 billion, a sequential quarterly increase of 9% and up 28% compared with March of last year. The approximate semiconductor customer mix was as follows: foundry/logic was strong as expected at 69%. And memory was 31%. In memory, the business was split roughly 55% NAND and 45% DRAM.

在我們的半導體過程控制業務增長的推動下，我們的部門收入在本季度表現強勁。 EPC 小組交付的結果與我們進入本季度的模型基本一致。包括其相關服務業務在內的半導體過程控制部門的收入為 15.1 億美元，環比增長 9%，與去年 3 月相比增長 28%。大致的半導體客戶組合如下：代工/邏輯如預期的那樣強勁，達到 69%。內存是 31%。在內存方面，該業務被分成大約 55% 的 NAND 和 45% 的 DRAM。

Revenue for the Specialty Semiconductor Process segment in March was $92 million, up 1% sequentially and up 8% over the prior year. Demand in this segment was driven by growth in RF, power and advanced packaging. PCB, display and component inspection revenue was $205 million, up 14% sequentially and up 28% year-over-year, with mobility markets driving strength in advanced PCB and finished component inspection.

3 月份特種半導體工藝部門的收入為 9200 萬美元，環比增長 1%，比去年同期增長 8%。這一領域的需求受到射頻、功率和先進封裝增長的推動。 PCB、顯示器和組件檢測收入為 2.05 億美元，環比增長 14%，同比增長 28%，移動市場推動了先進 PCB 和成品組件檢測的實力。

Revenue by major product category and region are both broken out in the shareholder letter in slides. From a balance sheet perspective, KLA ended the quarter with $2.4 billion in total cash, total debt of $3.4 billion and a flexible and attractive bond maturity profile supported by strong investment-grade ratings from all 3 agencies.

按主要產品類別和地區劃分的收入均在幻燈片中的股東信中列出。從資產負債表的角度來看，KLA 在本季度末的總現金為 24 億美元，總債務為 34 億美元，債券期限靈活且有吸引力，得到所有 3 個機構的強大投資級評級的支持。

In terms of cash flow and capital returns, Rick already covered the highlights. 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. While circumstances can change, our current expectation is that our capital returns profile for calendar '21 will exceed 85% of the expected free cash flow.

在現金流和資本回報方面，Rick 已經涵蓋了亮點。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。雖然情況可能會發生變化，但我們目前的預期是，我們 21 年日曆的資本回報率將超過預期自由現金流的 85%。

As it relates to guidance, our overall semiconductor demand and WFE outlook has expanded further from our view in January, where we characterized the WFE market to grow in the low teens, plus or minus a few points. We are revising up our view for the WFE market to grow on a percentage basis in the low to mid 20s, with a bias to the upside in calendar '21 from approximately $61 billion in 2020, reflecting the strengthening of demand we have experienced over the past couple of months across all segments.

由於它與指導相關，我們的整體半導體需求和 WFE 前景從我們 1 月份的觀點進一步擴大，我們將 WFE 市場定性為在十幾歲以下增長，上下浮動幾個點。我們正在上調我們對 WFE 市場在 20 年代中期到 20 年代中期的百分比增長的看法，從 2020 年的約 610 億美元偏向 21 日曆年的上行空間，這反映了我們在 2020 年經歷的需求增強過去幾個月的所有細分市場。

Also, at earnings in January, we provided a high-level outlook of business levels being roughly flat quarter-to-quarter for calendar year '21. As we look ahead, based on the strength of our current backlog, sales funnel visibility over the next couple of quarters, along with expected product lead times, we are encouraged by the sustainability of our current demand profile for the year. As a result, we would expect the company revenue to continue to improve sequentially quarter-to-quarter throughout the remainder of the calendar year, with the second half growing versus the first half, as more KLA manufacturing capacity comes online to support this robust customer demand environment.

此外，在 1 月份的收益中，我們提供了 21 日曆年業務水平大致持平的高水平展望。展望未來，基於我們當前積壓的實力、未來幾個季度的銷售渠道可見性以及預期的產品交貨時間，我們對今年當前需求狀況的可持續性感到鼓舞。因此，我們預計公司收入將在整個日曆年剩餘時間內繼續環比增長，下半年將比上半年增長，因為更多的 KLA 製造能力上線以支持這個強大的客戶需求環境。

This growth is fueled principally by our Semiconductor Process Control business. This business is positioned well in terms of expected performance in 2021 relative to the overall WFE market.

這一增長主要由我們的半導體過程控制業務推動。相對於整個 WFE 市場，該業務在 2021 年的預期表現方面處於有利地位。

Our June quarter guidance is as follows. Total revenue is expected to be in a range of $1.855 billion, plus or minus $100 million. Foundry/logic is forecasted to be about 68%. And memory is expected to be approximately 32% of Semi Process Control systems revenue to semiconductor customers. Within memory, DRAM is expected to be about 60% of the segment mix. We forecast non-GAAP gross margin to be in a range of 61% to 63%, as product mix expectations normalize in the June quarter. Based on increased revenue volume and product mix expectations for 2021, we are now modeling gross margin to be between 62% and 62.5% for the calendar year.

我們的 6 月季度指導如下。總收入預計在 18.55 億美元上下浮動 1 億美元。代工/邏輯預計約為 68%。內存預計將佔半導體客戶半過程控制系統收入的約 32%。在內存中，DRAM 預計將佔細分市場組合的 60% 左右。隨著產品組合預期在 6 月季度正常化，我們預測非公認會計準則毛利率將在 61% 至 63% 之間。基於對 2021 年收入增長和產品組合的預期，我們現在將日曆年的毛利率建模為 62% 至 62.5%。

While in any given quarter the mix of our business will affect our gross margin results, the structural trends, both in terms of product cost and product positioning, remain compelling in our sustainable tailwinds going forward. Other model assumptions include, non-GAAP operating expenses of approximately $412 million, interest and other expense of approximately $40 million and an effective tax rate of approximately 13.5%.

雖然在任何特定季度，我們的業務組合都會影響我們的毛利率結果，但產品成本和產品定位方面的結構性趨勢仍然對我們未來的可持續發展具有吸引力。其他模型假設包括約 4.12 億美元的非公認會計原則運營費用、約 4000 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 in a range of $3.20 to $4.08 and non-GAAP diluted EPS in a range of $3.47 to $4.35. The EPS guidance is based on a fully diluted share count of approximately 154.5 million shares.

最後，GAAP 攤薄後每股收益預計在 3.20 美元至 4.08 美元之間，非 GAAP 攤薄後每股收益預計在 3.47 美元至 4.35 美元之間。每股收益指引基於約 1.545 億股的完全稀釋股數。

In closing, the industry dynamics driving semiconductors and investments in WFE remain compelling, with solid demand across end markets and at multiple technology nodes. We are encouraged by the strength of the leading indicators of our business. And our customers' multiyear plans for continued investment.

最後，推動半導體和 WFE 投資的行業動態仍然引人注目，終端市場和多個技術節點的需求強勁。我們對業務領先指標的實力感到鼓舞。以及我們客戶的多年持續投資計劃。

KLA is executing well, and we have continued confidence that we are on track to both exceed our 2023 financial targets and achieve it sooner than anticipated on the strength of higher industry demand. The KLA operating model positions us well to outperform and guides our strategic objectives. These objectives fuel our growth, operational excellence and differentiation across an increasingly diverse product and service offering. They also underpin our sustained technology leadership, deep competitive moat, strong track record of free cash flow generation and capital returns to shareholders.

KLA 執行良好，我們繼續相信，我們有望超過 2023 年的財務目標，並在行業需求增加的情況下比預期更快地實現這一目標。 KLA 運營模式使我們能夠很好地超越並指導我們的戰略目標。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。它們還鞏固了我們持續的技術領先地位、深厚的競爭護城河、良好的自由現金流生成記錄和股東資本回報。

With that, I'll now turn the call back over to Kevin to begin the Q&A. Kevin?

有了這個，我現在將電話轉回給凱文開始問答。凱文？

Thanks, Bren. Priscilla, we're ready to queue for questions.

謝謝，布倫。普里西拉，我們已經準備好排隊提問了。

(Operator Instructions) We'll now take our first question from Krish Sankar with Cowen and Company.

（操作員說明）我們現在將向 Cowen and Company 的 Krish Sankar 提出第一個問題。

Congrats on the really strong results. Rick or Bren, the first question I had was you're guiding to WFE, obviously, uptick since 3 months ago, similar in the mid-20 range. I'm kind of curious, if I look at some of your peers, they're talking about 30% range. But either way, from your vantage point, how do you think KLA's Semi Process Control revenues are going to do relative to your mid-20s WFE growth on a calendar '21 basis? And then I have a follow-up.

恭喜你取得了非常好的結果。 Rick 或 Bren，我遇到的第一個問題是您正在指導 WFE，顯然，自 3 個月前以來一直在上升，在 20 年中期範圍內類似。我有點好奇，如果我看看你的一些同行，他們說的是 30% 的範圍。但無論哪種方式，從您的角度來看，您認為 KLA 的半過程控制收入相對於您在 21 年日曆上的 20 年代中期 WFE 增長情況如何？然後我有一個跟進。

Yes, Krish, thanks for the comments. I'll start here, but you have to remember that everybody uses a different baseline. So that's why I put the baseline in there. So I said that against the baseline of 2020 of $61 billion, we saw a -- we see growth from there in the low to mid-20s percentile as -- and with bias to the upside. So I think that as we see it, you do the math on that, that puts you in that sort of $75 billion plus range of WFE. And certainly, the momentum that we saw over the course of the quarter has increased pretty substantially, really across all segments.

是的，克里什，感謝您的評論。我將從這裡開始，但您必須記住，每個人都使用不同的基線。所以這就是為什麼我把基線放在那裡。所以我說，相對於 2020 年 610 億美元的基線，我們看到了 - 我們看到從那裡的低到 20 年代中期的增長 - 並且偏向於上行。因此，我認為，正如我們所看到的，您可以對此進行數學計算，這將使您處於 750 億美元以上的 WFE 範圍內。當然，我們在本季度看到的勢頭已經大大增加，實際上是在所有領域。

So we feel pretty good not only about the growth of the overall industry, but the positioning of the Semi Process Control segment against that industry growth and expectations. So I think that it sets up well for us. We have to execute over the remainder of the year, but I think it sets up well for us in terms of relative performance against the industry.

因此，我們不僅對整個行業的增長感到非常滿意，而且對半過程控制部門相對於該行業增長和預期的定位感到非常滿意。所以我認為這對我們來說很好。我們必須在今年剩下的時間裡執行，但我認為就行業的相對錶現而言，這對我們來說很好。

Got it. Got it. Super helpful, Bren. And then as a follow-up -- and thanks for the color on the market share data from last year. I'm just looking more, if we look -- looking ahead, can you talk a little bit about the market share dynamics? Obviously, a large U.S. competitor has spoken about gaining traction in Process Control, introduce a new optical inspection tool with the e-beam combo along with AI. So I'm kind of curious, are you seeing that impact your share, especially foundry and logic? Or how do you kind of counteract that, especially given that you are obviously the leader in this space today?

知道了。知道了。超級有幫助，布倫。然後作為後續行動 - 感謝去年市場份額數據的顏色。我只是在看更多，如果我們看一下 - 展望未來，你能談談市場份額動態嗎？顯然，美國的一家大型競爭對手已經談到在過程控制方面獲得牽引力，推出了一種新的光學檢測工具，該工具結合了電子束和人工智能。所以我有點好奇，你是否看到這會影響你的份額，尤其是代工和邏輯？或者你如何抵消這一點，特別是考慮到你顯然是當今這個領域的領導者？

Yes, Krish, thanks for the question. I think that there's no question that the demand for process control continues to be strong, as Bren said. And we view process control in 2021 as outgrowing the overall market-based on those drivers. From a competitive standpoint, we also expect to be able to continue the plan we laid out in 2020 -- 2019, which is to increase our overall position of process control as we have in the last couple of years. And we think that continues based on the strength of our product portfolio and the engagement we have with our existing customers.

是的，Krish，謝謝你的提問。正如布倫所說，我認為毫無疑問，對過程控制的需求仍然很強勁。基於這些驅動因素，我們認為 2021 年的過程控制將超過整個市場。從競爭的角度來看，我們還希望能夠繼續我們在 2020 年 - 2019 年制定的計劃，即像過去幾年一樣提高我們在過程控制方面的整體地位。我們認為，這將基於我們產品組合的實力以及我們與現有客戶的互動。

There's no question that there's always going to be competition out there. But if you look at the history of the Gartner data, as we highlighted, over time, KA has consistently been successful in leveraging our strategies to build on our market position and gain share. And we don't see anything about the current competitive environment that will change that. We do have some major products to deliver in terms of -- in areas like reticle inspection, but -- and that's happening this year. But we're very pleased with the performance of our optical inspection. And we're also very encouraged by the recent success of our e-beam offerings that we really got back in those segments in the last year or so.

毫無疑問，總會有競爭。但是，如果您查看 Gartner 數據的歷史，正如我們所強調的，隨著時間的推移，KA 一直成功地利用我們的戰略來鞏固我們的市場地位並獲得份額。而且我們看不到任何關於當前競爭環境會改變這種情況的事情。我們確實有一些主要產品要交付 - 在諸如標線檢查之類的領域，但是 - 今年正在發生這種情況。但我們對光學檢測的性能非常滿意。我們也對我們的電子束產品最近取得的成功感到非常鼓舞，我們在過去一年左右的時間裡真正回到了這些領域。

So we feel good about our competitive position. And as you might imagine, it kind of shows up in our gross margin in terms of the strength of our business and our competitive position. That we're able to continue to have the kind of margin profile that we have, despite the fact that we've added EPC, which overall, at a corporate level, you know, was dilutive to the margins that KLA had prior to that. So I think that should be evidence of our strength.

因此，我們對自己的競爭地位感覺良好。正如您可能想像的那樣，就我們的業務實力和競爭地位而言，它在我們的毛利率中有所體現。儘管我們添加了 EPC，但總體而言，在公司層面上，這會稀釋 KLA 在此之前的利潤率，但我們能夠繼續擁有我們所擁有的那種利潤率概況.所以我認為這應該是我們實力的證明。

And we will move next to John Pitzer with Crédit Suisse.

我們將與瑞士信貸一起移動到約翰皮策旁邊。

Bren, just first on the gross margin in the March quarter. What drove the upside? And I guess, importantly, as you look at June and full calendar year guide, what are the assumptions that you're making for kind of mix? And to what extent are your above target because of cyclical, because of mix? Or should we just start thinking about 62% plus as being kind of the new target?

布倫，僅在 3 月季度的毛利率上排名第一。是什麼推動了上漲？而且我想，重要的是，當您查看 6 月和完整日曆年指南時，您對混合做出的假設是什麼？你的上述目標在多大程度上是因為周期性的，因為混合的？還是我們應該開始將 62% 以上視為新目標？

Yes, John, thanks for the question. So when you look back at the March quarter, most of the growth sequentially in the quarter came from the Semi Process Control business. And as Rick just mentioned, that's a richer business for us overall. So that, combined with the upside in the quarter in terms of incremental revenue, is what drove the margins up to where they were. It's a little bit lower as we look at the June quarter. It's still in line with the kind of guidance that we've been providing at 62%, plus or minus. So we're mostly in line with that.

是的，約翰，謝謝你的問題。因此，當您回顧 3 月季度時，該季度的大部分連續增長來自半過程控制業務。正如 Rick 剛剛提到的，這對我們整體而言是一項更豐富的業務。因此，再加上本季度在增量收入方面的上升，是推動利潤率上升到原來水平的原因。當我們查看六月季度時，它有點低。它仍然符合我們一直提供的 62%（正負）的指導。所以我們大多符合這一點。

As we look at quarter-to-quarter, we do have some sequential growth in EPC. And so that's dilutive from that standpoint. But in general, I think that the margin drivers structurally are all pretty solid. We're seeing nice leverage overall in the business from the activities, the strength of the business and the activities in our factory. So we're seeing good efficiencies there.

當我們查看季度環比時，我們確實在 EPC 方面有一些連續增長。所以從這個角度來看，這是稀釋性的。但總的來說，我認為利潤驅動因素在結構上都相當穩固。從活動、業務實力和我們工廠的活動來看，我們在業務中總體上看到了很好的影響力。因此，我們在那裡看到了良好的效率。

And then over the course of the year, I think just given directionally where it's moving, as I mentioned last quarter, I thought it was 61.5% to 62% for the year. Certainly, the stronger outlook in terms of top line, but also just the drivers underneath in terms of what we're expecting from certain products. I think we're in line with that sort of 62% to 62.5% that I talked about in our prepared remarks.

然後在這一年中，我認為只是給出了它的發展方向，正如我上個季度提到的那樣，我認為今年的增長率是 61.5% 到 62%。當然，就收入而言，前景更為強勁，但就我們對某些產品的期望而言，這也只是潛在的驅動因素。我認為我們符合我在準備好的評論中談到的那種 62% 到 62.5% 的比例。

And given the strength in the business overall, probably more bias to the upper end of that range. So I think that there's sustainable traction in these areas, particularly around certain products. We talked about the inflection and growth in optical inspection. So anytime you see products like that inflecting, that's going to drive to a richer mix overall for the overall business.

鑑於整體業務的實力，可能更傾向於該範圍的高端。因此，我認為這些領域具有可持續的吸引力，特別是圍繞某些產品。我們談到了光學檢測的變化和增長。因此，每當您看到這樣的產品變化時，這將推動整個業務的整體組合更加豐富。

That's helpful. And then, Rick, as my follow-up, going back to kind of the market share question, which I think is one of the key investor concerns out there. I think the concern that some investors have is that as we hit this inflection from optical to more exotic-like sources like e-beam and X-ray, the sort of review that the incumbency advantage kind of goes away and perhaps we're all kind of estimating that inflection to happen more quickly than it will. But can you help me better understand the 4x market share advantage that you have in the optical world, how does that position you as we start moving to these new technologies?

這很有幫助。然後，瑞克，作為我的後續行動，回到市場份額問題，我認為這是投資者最關心的問題之一。我認為一些投資者擔心的是，當我們從光學到像電子束和 X 射線這樣的更具異國情調的來源發生這種轉變時，那種在職優勢消失的評論，也許我們都是有點估計這種拐點會比它發生得更快。但是，您能否幫助我更好地了解您在光學領域擁有的 4 倍市場份額優勢，當我們開始轉向這些新技術時，這對您有何定位？

Yes. Thanks, John. I think the -- I'm not certain of this, but I think the fastest growing product in metrology and inspection, I'm pretty certain, was our GEN5 over the last couple of years. And the strength of that is driven by its ability to satisfy the needs that we have for inspection measurement with EUV, specifically around print down and also the advanced nodes.

是的。謝謝，約翰。我認為 - 我不確定這一點，但我認為計量和檢測領域增長最快的產品，我很確定，是我們過去幾年的 GEN5。其優勢在於它能夠滿足我們對 EUV 檢測測量的需求，特別是在打印和先進節點方面。

There's nothing that we're seeing that indicates the percent of inspection and metrology budget is dramatically increasing toward e-beam. In fact, if anything, it's always been the challenge to drive the optical at a higher rate, because the price performance is so much higher.

我們沒有看到任何跡象表明檢測和計量預算的百分比正在向電子束顯著增加。事實上，如果有的話，以更高的速率驅動光學器件一直是一個挑戰，因為性價比要高得多。

I'd also say that the people that are closest to having a multi-beam -- e-beam solution are KLA. We're the ones that have it that we're developing and introducing in the reticle space, which is, I think, where it's needed the most. So we don't really see any inflection. We don't see a change in the market share dynamic. And if anything, the challenge the brand and the operations team have is satisfying the increased demand around the optical portfolio that we have, specifically GEN5, but also GEN4, which hasn't slowed down. So I don't buy the thesis that this is the transition.

我還要說，最接近擁有多束電子束解決方案的人是 KLA。我們是擁有它的人，我們正在開發並在標線空間中引入它，我認為這是最需要它的地方。所以我們真的看不到任何拐點。我們沒有看到市場份額動態的變化。如果有的話，品牌和運營團隊面臨的挑戰是滿足圍繞我們擁有的光學產品組合不斷增長的需求，特別是 GEN5，還有 GEN4，它並沒有放緩。所以我不相信這是過渡的論點。

It hasn't been for years, and the reason is because optical keeps getting better. And it's really difficult to make an e-beam tool that's fast enough to satisfy most of the inspection requirements. In terms of pointing e-beam, pointing optical with e-beam, that's not a new idea. That's been around quite a while. And at KLA, we introduced that concept when we introduced our e-beam inspection tool and talked about it at our Analyst Day. That just allows those tools to be functional and to continue to provide value. So I don't think that transition is happening.

很多年都沒有了，原因是光學性能越來越好。製造一個足夠快的電子束工具來滿足大多數檢測要求真的很困難。在指向電子束方面，用電子束指向光學，這不是一個新想法。這已經有一段時間了。在 KLA，我們在介紹電子束檢測工具時介紹了這個概念，並在分析師日討論了它。這只允許這些工具發揮作用並繼續提供價值。所以我不認為這種轉變正在發生。

I think just in terms of overall growth rates, right? So we talked about the accelerated growth relative to market in 2020. And I would expect this business to grow faster than market again in 2021. So I think that the good thing about the complementary nature of our e-beam solutions with our optical is driving higher relevancy and use case application across the optical inspection, which is the large market, right? That's the market that's $2 billion-plus in terms of opportunities. So it gives you some perspective on the strategy overall, but there's an inflection here that's validating, I think, the relevancy of optical inspection in a lot of different ways.

我認為就整體增長率而言，對吧？因此，我們談到了 2020 年相對於市場的加速增長。我預計該業務在 2021 年的增長速度將再次超過市場。所以我認為我們的電子束解決方案與我們的光學器件的互補性的好處正在推動整個光學檢測具有更高的相關性和用例應用，這是一個大市場，對吧？就機會而言，這就是價值超過 20 億美元的市場。因此，它為您提供了對整體戰略的一些看法，但我認為這裡有一個轉折點，它以許多不同的方式驗證了光學檢測的相關性。

And Rick, does the incumbency advantage you enjoy at optical transferable as the world starts to move to e-beam?

還有 Rick，隨著世界開始轉向電子束，您在光學可轉移方面享有的在職優勢是否存在？

Yes. John, again, I don't think the world is going to move large scale to e-beam. I mean we're well positioned if it does. But I just don't think -- I think there's going to be a mix and match. And the percent of layers that could be inspected by e-beam is never going to be as high as what could be expected by optical, especially since GEN5 is still in the early iterations. We have more capability to add to GEN5. We've been adding -- have for a while added AI capability to that.

是的。約翰，我不認為世界會大規模轉向電子束。我的意思是，如果確實如此，我們就處於有利地位。但我只是不認為 - 我認為會有混合搭配。並且可以通過電子束檢查的層的百分比永遠不會像光學預期的那樣高，特別是因為 GEN5 仍處於早期迭代中。我們有更多的能力可以添加到 GEN5。我們一直在添加 - 有一段時間添加了 AI 功能。

So I think in general, yes, we have a good e-beam solution, but our modeling doesn't show that, that's going to be the increased percentage of the use case, because optical can satisfy -- especially GEN5 can satisfy the needs that are going to be through the 2020s even past when we get the high-NA EUV. And remember, that's only a percentage of the layers that are going to be subject to that. So I don't think we're going to see this transition to e-beam.

所以我認為總的來說，是的，我們有一個很好的電子束解決方案，但我們的建模並沒有表明，這將增加用例的百分比，因為光學可以滿足——尤其是 GEN5 可以滿足需求當我們獲得高數值孔徑的 EUV 時，這將持續到 2020 年代。請記住，這只是受此影響的層的百分比。所以我認為我們不會看到這種向電子束的過渡。

I think incumbency for KLA has really been based on our ability to keep delivering new capability to the market, not so much because we've been there, but our newest products, which is why we invest so heavily in R&D and the application support for our customers. So I don't think it's going to transition. We'd be fine if it did, but I think it's a better price performance for our customers to have as many layers be done optically as possible, because the throughput capability is just so much better in optical than it is in any form of e-beam.

我認為 KLA 的在職實際上是基於我們不斷向市場提供新功能的能力，不是因為我們一直在那裡，而是因為我們的最新產品，這就是為什麼我們在研發和應用支持方面投入如此巨大的原因我們的顧客。所以我認為它不會過渡。如果是這樣的話我們會很好，但我認為對於我們的客戶來說，盡可能多地以光學方式完成是一個更好的性價比，因為光學的吞吐量能力比任何形式的電子都要好得多-光束。

We will take our next question from C.J. Muse with Evercore.

我們將向 Evercore 的 C.J. Muse 提出我們的下一個問題。

I guess first question, Rick, I want to go back to your earlier comment around process control outgrowing WFE. And to me, logically, when we're adding meaningful capacity, I would think process tools would outperform and process control would underperform. Not any hit to you, but just where you fit in terms of the order of spending. And here, you've outlined mid-20s kind of growth for the industry, whereas we've heard 37% growth from ASML. We've got 30-plus percent growth from Lam. How in that world would process control outperform. Is it Intel coming back? Is it mask inspection spend from China? What are the moving parts that can allow that to happen?

我想第一個問題，Rick，我想回到你之前關於過程控制超出 WFE 的評論。對我來說，從邏輯上講，當我們增加有意義的容量時，我認為流程工具會表現出色，而流程控制會表現不佳。對您沒有任何影響，而只是您在支出順序方面的適合程度。在這裡，您概述了該行業 20 年代中期的增長，而我們聽說 ASML 增長了 37%。我們從 Lam 那裡獲得了 30% 以上的增長。在那個世界中，過程控制將如何表現出色。英特爾回來了嗎？是來自中國的口罩檢測費用嗎？有哪些活動部件可以讓這種情況發生？

Yes. I'll give some color, and then Bren can fill in some of the details. But if you -- if we assume the market is, let's say, just pick a number, 22% WFE growth this year. What we're loaded right now and what we're modeling that we need to do just based on the orders and the conversations we're having with customers daily is we'll significantly outgrow that.

是的。我會給出一些顏色，然後布倫可以填寫一些細節。但是，如果您 - 如果我們假設市場是，比如說，選擇一個數字，今年 WFE 增長 22%。我們現在加載的內容以及我們需要根據訂單和我們每天與客戶進行的對話來建模的內容是我們將大大超出這一點。

I don't know if it will be 38%, but it will probably start with a 3 in terms of what it is. Now we don't know what WFE is going to actually be this year, but if that's what process control -- that's just based on the conversations we're having right now. Ahmad Khan who runs that business is in calls almost 3 times a week talking about slots and support for customers across this portfolio. I get pulled into them occasionally. But that's the conversation is how can we support that.

我不知道它是否會是 38%，但就它是什麼而言，它可能會以 3 開頭。現在我們不知道今年 WFE 的實際情況，但如果這就是流程控制——這只是基於我們現在正在進行的對話。經營該業務的 Ahmad Khan 每週幾乎要打 3 次電話，談論插槽和對該產品組合客戶的支持。我偶爾會被拉進去。但這就是我們如何支持這一點的對話。

And when we model it, we look at that business, and we think it's going to be a very strong grower this year. Could the WFE numbers change? Yes, of course. What's it driven on your other question, C.J., it's -- of course, it's driven by the increased investment people have in the advanced design rules. It's not a secret that TSM has talked about dramatically increasing their CapEx this year, and we know what Intel has said publicly.

當我們對其進行建模時，我們會關注該業務，我們認為今年它將成為一個非常強大的種植者。 WFE 數字會改變嗎？是的當然。你的另一個問題是什麼驅動的，C.J.，它是——當然，它是由人們對高級設計規則的投資增加所驅動的。 TSM 談到今年大幅增加資本支出已經不是什麼秘密了，我們知道英特爾公開表示了什麼。

But it's not just that. We're seeing increased commitment in conversation from the memory manufacturers who want that capability too. So I think the difference between the process control intensity and foundry/logic is still there, but it is narrowing a bit as people push harder on the advanced nodes for -- specifically for the advanced DRAM work that's going, but also some NAND work too. Bren, maybe you can fill in.

但不僅如此。我們看到，內存製造商也希望獲得這種能力。所以我認為工藝控制強度和代工/邏輯之間的差異仍然存在，但隨著人們更加努力地推動先進節點，它正在縮小一點——特別是對於正在進行的先進 DRAM 工作，還有一些 NAND 工作.布倫，也許你可以填寫。

Yes, C.J., I always struggle a little bit with these questions, just because everybody uses different baselines. I don't know what the baselines were for the different companies. And sometimes they don't even share them, so you don't really know when you're thinking about percentages. So I try to show our work here, how we're thinking about it. If you look at 2020, KLA's performance was pretty much in line with the market. If you went from $52 billion, $53 billion in 2019 to 2020 at $61 billion, that's about 16% overall. And if you look at Semi PC equipment, it was in that ballpark.

是的，C.J.，我總是在這些問題上有點掙扎，只是因為每個人都使用不同的基線。我不知道不同公司的基線是什麼。有時他們甚至不分享它們，所以你真的不知道什麼時候考慮百分比。所以我試著在這裡展示我們的工作，我們是如何思考的。如果你看 2020 年，KLA 的表現與市場基本一致。如果你從 2019 年的 520 億美元、530 億美元到 2020 年的 610 億美元，那麼總體上約為 16%。如果你看看 Semi PC 設備，它就在那個球場上。

So as we look at this year, as I said earlier, if you're looking at $75 billion plus, I think that's where the industry is against the $61 billion baseline, then you're like in the mid-20s to our prepared remarks. And against that backdrop, I would expect Process Control to do very well.

所以當我們看今年，正如我之前所說，如果你看到超過 750 億美元，我認為這就是該行業與 610 億美元基線相比的地方，那麼你就像我們準備好的評論在 20 年代中期一樣.在這種背景下，我希望過程控製做得很好。

And so we'll see how it goes. I'm not going to guide the second half. Certainly, we would expect the second half to be stronger in that business overall. And I think the drivers are pretty compelling and pretty broad-based. So we'll see how it goes as we move forward here. But that's -- I think that's how I see it at this point.

所以我們會看看它是怎麼回事。我不會指導下半場。當然，我們預計下半年整體業務會更強勁。而且我認為驅動程序非常引人注目且基礎廣泛。因此，我們將在此處繼續前進時看看情況如何。但那是 - 我認為這就是我目前的看法。

Yes, very helpful. Very helpful. As my follow-up, you alluded to supply constraints or adding on additional capacity. Would love to hear -- you guys typically run your business to roughly 7-month backlog. Has that extended? And I guess, what -- how should we be thinking about the timing of bringing on capacity implications to the model, either gross margins or OpEx, if at all? And if your lead times are extending beyond that kind of 7-month time frame, do you have visibility now into the first half of '22?

是的，很有幫助。非常有幫助。作為我的後續行動，您提到了供應限製或增加了額外的容量。很想听聽——你們通常將您的業務運行到大約 7 個月的積壓工作。延長了嗎？我想，如果有的話，我們應該如何考慮對模型帶來產能影響的時機，無論是毛利率還是運營支出？如果你的交貨時間超過了 7 個月的時間範圍，你現在能看到 22 年上半年嗎？

Well, we prefer to operate right around 6 months where we can. Now our products do vary. Some have very long lead times, where you're looking at some of our high-end systems, the timing to procure and optical components and then polish and grind optics can take some time. So for some of those products, the lead times are significantly longer. I'd say today, if you aggregate it across the company, we're a little bit longer than we'd like to be. So we'd like to target somewhere in that 5 to 6, and we're probably somewhere in that 7 to 8 range as we look at it today.

好吧，我們更願意在可能的情況下運行大約 6 個月。現在我們的產品確實有所不同。有些交貨時間很長，您正在查看我們的一些高端系統，採購和光學元件的時間，然後拋光和研磨光學元件可能需要一些時間。因此，對於其中一些產品，交貨時間要長得多。我今天要說的是，如果您將其匯總到整個公司，我們的時間會比我們希望的要長一些。因此，我們希望將目標定位在 5 到 6 之間，而我們今天看到的可能在 7 到 8 範圍內。

And capacity is coming online really across the board. We're adding people into all of our factories. We've been doing that since we started to see the business inflect in November in a meaningful way. We're adding capacity in terms of space in all of our major factories around the world. And we're working very closely with our suppliers. Suppliers have been great in supporting our ramp so far. They're adding and investing, and we're investing in them in a lot of cases.

容量正在全面上線。我們正在為我們所有的工廠增加人員。自從我們在 11 月開始看到業務以一種有意義的方式發生變化以來，我們一直在這樣做。我們正在增加我們在世界各地所有主要工廠的空間容量。我們正在與我們的供應商密切合作。到目前為止，供應商一直非常支持我們的坡道。他們正在增加和投資，我們在很多情況下都在投資他們。

So I would expect that given the guidance, the growth we're expecting in the second half will happen as a result of incremental capacity, and we can continue to work that. So I think given the expectations around 6 months of -- in terms of our lead time, we can continue to add to what we have to support whatever environment we're facing.

因此，我預計，鑑於指導意見，我們預計下半年的增長將因產能增加而發生，我們可以繼續努力。因此，我認為考慮到大約 6 個月的預期——就我們的交貨時間而言，我們可以繼續增加我們必須支持的任何環境。

At the end of the day, KLA doesn't lose business because we can't deliver. So we also will move things around as needed to be able to support our customers. And we do a lot from a tactical point of view to try to shorten cycle times, adding shifts, all the little things you can do to pull in and cut days out of the lead time.

歸根結底，KLA 不會因為我們無法交付而失去業務。因此，我們還將根據需要進行調整，以便能夠支持我們的客戶。從戰術的角度來看，我們做了很多工作，試圖縮短週期時間，增加輪班，所有你可以做的小事情來縮短交貨時間。

So all those activities are ongoing. And I think that as we execute against that into the second half, I think it creates opportunities for us to deliver to the expectations we have right now, but also to support upside if it presents itself. And I don't see any reason why -- it seems to be sustaining even as we move beyond, right, in terms of -- I don't see anything falling off anytime soon.

所以所有這些活動都在進行中。而且我認為，當我們在下半場反對這一點時，我認為它為我們創造了實現我們現在的期望的機會，而且如果它出現的話，也可以支持上行。而且我看不出有任何理由 - 即使我們超越，它似乎仍在持續，對，就 - 我看不到任何東西很快就會下降。

We will take our next question from Harlan Sur with JPMorgan.

我們將向摩根大通的 Harlan Sur 提出下一個問題。

Great job on the quarterly execution and strong results. In foundry, I know most of the discussion has been focused on leading edge, but there's significant wafer tightness on lagging edge CMOS technologies, 16-, 28-, 40-nanometer and higher. I know your sweet spot is advanced technologies, but there is some part of the demand strength in process control coming from these lighting edge processes as capacity gets built out. So what percentage of your business and process control is exposed to mature technology nodes?

在季度執行和強勁的結果方面做得很好。在代工廠，我知道大部分討論都集中在前沿，但在 16 納米、28 納米、40 納米和更高的落後 CMOS 技術上存在顯著的晶圓緊密性。我知道您的最佳選擇是先進技術，但隨著產能的增加，這些照明邊緣工藝的部分需求強度來自這些照明邊緣工藝。那麼，您的業務和流程控制有多少百分比暴露於成熟的技術節點？

So well, China -- all the business in China classify as mature, and most of that is pretty foundry-weighted this year. There is some wafer investment that's happening. There is some memory investment. But I'd still say it's probably greater than 60%, 65% foundry. I don't have it in front of me. And so you've got that, plus you've got other activity. I would say probably somewhere in the Semi Process Control equipment, if I just look at the equipment part of the business, it's probably somewhere around 25% of our revenue, I would call, 28-nanometer and above, 25% to 30%.

好吧，中國——中國的所有業務都被歸類為成熟，而且今年大部分業務都是相當重要的。有一些晶圓投資正在發生。有一些內存投資。但我仍然會說它可能大於 60%、65% 的代工。我面前沒有它。所以你得到了那個，加上你有其他的活動。我會說可能在半過程控制設備的某個地方，如果我只看業務的設備部分，它可能占我們收入的 25% 左右，我認為，28 納米及以上，25% 到 30%。

Just to add to it, it's not just tight there. As you know, it's tight everywhere. And so you do remember years ago, if you think back to when there was 1 product and it would transition to the next product and people would reuse capabilities, that's really not an option now. And so what you get is the heavily utilization that benefits sales, but also we see that in service. So that's what's part of what's driving the higher levels of growth in service.

只是補充一點，它不僅在那裡很緊。如你所知，到處都很緊。所以你確實記得幾年前，如果你回想當有一個產品並且它會過渡到下一個產品並且人們會重用功能，那現在真的不是一個選擇。因此，您得到的是有利於銷售的大量利用率，而且我們在服務中也看到了這一點。這就是推動服務更高水平增長的部分原因。

Great. Good insights there. And then as a follow-on, I mean, on the EPC business with -- again, with the chip tightness on mature technologies, especially automotive and industrial-focused and tightness in advanced packaging and substrates, I would assume that this would be driving strong demand for EPC's portfolio of products, because they are focused on specialty processes, advanced packaging and PCB.

偉大的。那裡有很好的見解。然後作為後續，我的意思是，在 EPC 業務上——再次，隨著成熟技術的芯片緊密性，特別是汽車和工業領域的緊密性，以及先進封裝和基板的緊密性，我認為這將推動對 EPC 產品組合的強勁需求，因為它們專注於特殊工藝、先進封裝和 PCB。

And I think last call, I think your view was that ex display that EPC would grow 15% this year. But just given the strong demand for analog, RF, power transistors, advanced substrates, PCB capacity, do you guys have a new view of EPC growth for this year?

我認為最後一次電話會議，我認為您的觀點是 EPC 今年將增長 15%。但鑑於對模擬、射頻、功率晶體管、先進基板、PCB產能的強勁需求，你們對今年的EPC增長有新的看法嗎？

Yes, we do. I think you hit it. And again, if you take out the display piece, which has its own dynamics, as you know, I'd say that we were being powered by -- and we talked about this in the past, Harlan, by 5G, largely, if you think about it, most of 2020 and early. Now the thing that we had counted on early in terms of the deal thesis was automotive. And as you know and everybody knows, they hit the brakes part last year when the view of the overall economy was tough. Largely, I'd say that and some other factors, which have contributed to this chip shortage. And so now they're back on. And you're right, that's definitely driving EPC, as [PGS] is being driven by that dynamic as well.

是的，我們有。我想你擊中了它。再說一次，如果你拿出展示片，它有自己的動力，正如你所知，我會說我們是由 - 我們過去討論過這個，哈蘭，5G，主要是，如果你想想看，2020 年的大部分時間和早期。現在，我們在交易論點早期指望的是汽車。正如你所知道的，每個人都知道，他們在去年對整體經濟的看法很艱難時踩了剎車。很大程度上，我想說的是，這和其他一些因素導致了這種芯片短缺。所以現在他們又回來了。你是對的，這肯定會推動 EPC，因為 [PGS] 也受到這種動態的推動。

So now it's really firing on all cylinders. And so we're seeing really, really strong growth across EPC in terms of supporting both the continuing momentum in 5G, but also now automotive. And I mentioned in my comments that we're going to talk more about some of the new offerings we're having to support our automotive customers, which we hope will not just help in terms of solving some of their problems, but alleviate some of these shortages as we help them with yield, which is really the near-term the best leverage they have in terms of providing more output is higher yield.

所以現在它真的是火力全開。因此，在支持 5G 的持續發展勢頭以及現在的汽車方面，我們看到整個 EPC 的增長非常非常強勁。我在評論中提到，我們將更多地討論我們必須支持我們的汽車客戶的一些新產品，我們希望這些產品不僅有助於解決他們的一些問題，而且可以緩解一些當我們幫助他們提高產量時，這些短缺實際上是他們在提供更多產量方面的近期最佳槓桿，即更高的產量。

Yes, Harlan, one of the things I'm encouraged by -- with everything that Rick said is, including display now, I would say that our expectations about -- for EPC are in the mid-teens. So that reflects some of the growth drivers and growth that we're seeing in the businesses that Rick mentioned. We'll see how it plays out half to half. I think it will be reasonably balanced. We are doing an ERP integration on one of those businesses. And so that could drive some revenue across quarters a little bit as you prepare for that. But pretty consistent level of business, and as I said, overall, for the entire group, growth expectations that are kind of mid-teen for the year.

是的，Harlan，我受到鼓舞的一件事——Rick 所說的一切，包括現在的展示，我想說我們對 EPC 的期望是在十幾歲的時候。因此，這反映了我們在 Rick 提到的業務中看到的一些增長動力和增長。我們將看到它如何發揮一半。我認為這將是合理的平衡。我們正在對其中一項業務進行 ERP 集成。因此，當您為此做準備時，這可能會在各個季度帶來一些收入。但業務水平相當穩定，正如我所說，總體而言，對於整個集團來說，今年的增長預期是十幾歲左右。

So we feel pretty good about where we're at with those businesses. And particularly on that growth, I think with all the synergy work we've been doing across the company in those -- in that group, really pleased with the operating leverage as well.

因此，我們對我們在這些業務中所處的位置感覺非常好。特別是在這種增長方面，我認為我們在整個公司中所做的所有協同工作 - 在那個集團中，對運營槓桿也非常滿意。

And we'll take our next question from Joe Moore with Morgan Stanley.

我們將向摩根士丹利的喬摩爾提出下一個問題。

You mentioned China and that the activity is mostly foundry. Can you give us an update on how big you see the China sovereign business? How much growth you see coming this year? And how fragmented is it? How many different customers are you seeing that are kind of spread out across that WFE?

你提到中國，主要是代工。您能否向我們介紹一下您對中國主權業務的看法？你認為今年會有多少增長？它的碎片化程度如何？您看到多少不同的客戶分佈在 WFE 中？

It will probably grow mostly in line with the overall market, I would think, and very fragmented, lots of customers. And also included in that, Joe -- Joe, also included in that is also some of the wafer activity that's happening where you -- in mask where there's some investment in infrastructure to support the broader ecosystem.

我認為，它的增長可能主要與整體市場保持一致，而且非常分散，有很多客戶。還包括在其中，喬 - 喬，也包括在你所在的地方發生的一些晶圓活動 - 掩蓋了對基礎設施進行一些投資以支持更廣泛的生態系統的地方。

Yes, that makes sense. Okay. And then as it pertains to regulation, whether it's the CHIPS Act or the Export Controls Reform that's kind of going through, I guess, do you feel like the equipment industry, and KLA specifically, has kind of a voice in the government in terms of the direction of these things? Or is it kind of more dictated by the semiconductor customers? Just how big is the lobbying kind of government affairs efforts from the equipment companies these days?

是的，這是有道理的。好的。然後就監管而言，無論是 CHIPS 法案還是出口管制改革，我想，你是否覺得設備行業，特別是 KLA，在政府中擁有某種發言權這些東西的方向？還是更多地由半導體客戶決定？如今，設備公司在政府事務方面的遊說力度有多大？

It's -- Joe, I think what's really happened is there has been an openness in general to understand the dynamics. I think that a fear that many of us had was that there might have been unilateral action, if you go back a year or so. And it doesn't feel like there's going to be that now. It's going to be multilateral. It's going to be thoughtful.

這是-- 喬，我認為真正發生的事情是總體上對理解動態持開放態度。我認為，我們中的許多人擔心的是，如果你回溯一年左右，可能會有單方面的行動。而且感覺現在不會那樣了。這將是多邊的。這將是深思熟慮的。

And we're all in favor of free trade, and nobody wants IP or other factors to be compromised. So I do feel like there's a constructive dialogue around that. And it's not just the semiconductor guys, it's also the equipment companies. And we feel really good about where that conversation is.

我們都支持自由貿易，沒有人希望知識產權或其他因素受到損害。所以我確實覺得圍繞這一點進行了建設性的對話。不僅是半導體公司，還有設備公司。我們對談話的位置感覺非常好。

And we'll move now to Joe Quatrochi with Wells Fargo.

我們現在將轉到富國銀行的 Joe Quatrochi。

On EUV, I was just curious, you talked a lot about process control intensity clearly benefiting from EUV. But I guess at 3-nanometer, we're starting to see a big step-up in the number of EUV layers. Is that something we should think about as maybe an incremental driver for you guys?

關於 EUV，我只是好奇，您談到了很多明顯受益於 EUV 的過程控制強度。但我想在 3 納米時，我們開始看到 EUV 層數的大幅增加。我們應該把這看作是你們的增量驅動力嗎？

Yes, Joe, for sure. I mean we're having, as you know, the development work. There's a lot of Process Control work that goes on early on when we're doing R&D and development with our customers. And there's definitely an increased sensitivity to the number of layers that they have to qualify. And that drives multiple markets. But obviously, ensuring the quality of the reticles and when they're printed that the high-quality is there, now it's across more layers. So that drives adoption of GEN5. Also just more sensitivity to smaller defects.

是的，喬，當然。我的意思是，如你所知，我們正在進行開發工作。當我們與客戶進行研發和開發時，有很多過程控制工作在早期進行。而且對他們必須合格的層數肯定會增加敏感度。這推動了多個市場。但很明顯，確保標線的質量以及在印刷時確保高質量，現在它跨越了更多層。因此，這推動了 GEN5 的採用。也只是對較小的缺陷更敏感。

So in general, that shifts the dynamic, if you thought about a blend between GEN4 and GEN5, which GEN4 is still very active as a product line. This will shift it more in those advanced nodes to a higher percentage of those tools being GEN5 tools and the next-generation or iterations on GEN5 as we move forward.

所以總的來說，如果你考慮 GEN4 和 GEN5 之間的融合，那麼這會改變動態，GEN4 作為一個產品線仍然非常活躍。隨著我們前進，這將在那些高級節點中將其更多地轉移到這些工具中更高比例的 GEN5 工具和下一代或 GEN5 上的迭代。

I think we mentioned in the past, GEN5 is very early in its product life cycle. And there are a number of additional capabilities that will be added to it to support advance. So those are just 2 areas. There'll be others in terms of the metrology challenges. But in general, the process control challenges as we move forward, especially on advanced design rules, will increase. And we're seeing that play out right now in development.

我想我們過去提到過，GEN5 處於其產品生命週期的早期階段。還有一些額外的功能將被添加到它以支持前進。所以這些只是兩個領域。在計量挑戰方面還會有其他挑戰。但總的來說，隨著我們向前發展，尤其是在高級設計規則方面的過程控制挑戰將會增加。我們現在正在開發中看到這種情況。

So Joe, one other factor to keep in mind that now you have these technical drivers in these node transitions that force customers to have to think about incremental capability and those requirements. And so the ability to reuse a lot of the capacity they might have purchased in a prior node is harder, because you've got stronger end market adoption that's clearly happening today, particularly with the 5-nanometer node, but then also the technical drivers of -- even if they could use the tool doesn't meet the technical requirements. So that's another factor that drives intensity that's pretty important to our overall business.

所以喬，另一個要記住的因素是，現在您在這些節點轉換中擁有這些技術驅動因素，迫使客戶必須考慮增量能力和這些要求。因此，重用他們可能在先前節點中購買的大量容量的能力更加困難，因為今天顯然正在發生更強大的終端市場採用率，特別是對於 5 納米節點，而且還有技術驅動因素的——即使他們可以使用該工具也不符合技術要求。所以這是推動強度的另一個因素，這對我們的整體業務非常重要。

That's helpful. And then maybe one for Bren. On the capacity increasing for your manufacturing footprint, I mean, how do we think about your planning in terms of supporting overall WFE? Because I think in the prepared remarks, you talked about sustained growth looking even into next year.

這很有幫助。然後也許是布倫的一個。關於為您的製造足跡增加產能，我的意思是，我們如何看待您在支持整體 WFE 方面的規劃？因為我認為在準備好的評論中，你談到了甚至明年的持續增長。

Yes. Look, I don't think we're capacity-constrained. Within the windows that we talk about, just in general, that we think that we -- there is no upper limit, right? We'll continue to work it. We continue to invest. Certainly, there's some time to some of the lead time on our parts. But whether it's facilities -- we like to think about people, parts and space at KLA. Typically, our long goal is around parts around some of the components we talked about. So we're going to continue to add capacity and send strong signals into supply chain to drive the investments that are required.

是的。聽著，我不認為我們的能力有限。在我們談論的窗口內，一般來說，我們認為我們 - 沒有上限，對吧？我們將繼續努力。我們繼續投資。當然，我們的部分交貨時間還有一些時間。但無論是設施——我們都喜歡考慮 KLA 的人員、零件和空間。通常，我們的長期目標是圍繞我們討論過的一些組件。因此，我們將繼續增加產能並向供應鏈發出強烈信號，以推動所需的投資。

And we'll -- based on customer readiness and customer expectations, we'll do what we need to, to continue to support those activities as we go forward even beyond 2021. So I'm not worried about our ability. I'm worried that we're challenged, and it's not easy, and there's a lot of work going on here. But at the same time, we know how to do this, and we'll continue to make the investments that are required to get the capacity to support the environment we're in.

我們將——根據客戶的準備情況和客戶的期望，我們將做我們需要做的事情，以繼續支持這些活動，甚至在 2021 年之後繼續前進。所以我並不擔心我們的能力。我擔心我們會受到挑戰，這並不容易，而且這裡還有很多工作要做。但與此同時，我們知道如何做到這一點，我們將繼續進行必要的投資，以獲得支持我們所處環境的能力。

And we will move next to Patrick Ho with Stifel.

我們將和 Stifel 一起搬到 Patrick Ho 旁邊。

Rick, not to make you sound old, but you've been in this industry for a while. Given that you've seen previous cycles in how they've acted in terms of these kind of burst volumes where you've had to accelerate capacity, Bren just mentioned that he's not particularly worried about meeting customer demand. But as we get into the secular change in terms of the industry where we may have sustained and elevated spending, how do you look at, I guess, meeting the challenges of supply as well as meeting customer demand, particularly for both for new tools, for their needs, how do you manage potentially an extended period of spending at very elevated levels?

瑞克，不是為了讓你聽起來老了，但你在這個行業已經有一段時間了。鑑於您已經看到了之前的周期，他們在這些突發量方面的表現，您必須加快容量，布倫剛剛提到他並不特別擔心滿足客戶需求。但是，當我們進入可能持續和增加支出的行業的長期變化時，我猜你如何看待供應挑戰以及滿足客戶需求，特別是對於新工具，對於他們的需求，您如何管理潛在的長期高水平支出？

Yes. Patrick, thanks for not making me feel old. I think every cycle, as I'm sure you've heard, is different. One of the things that we learned early on, though, is to look at the -- follow the money and figure out how profitable your customers are and what is sustainable. And I go back to periods where I remember companies that were spending 2x their CapEx was twice the size of their revenue. And you just knew that couldn't last, right?

是的。帕特里克，謝謝你沒有讓我覺得老了。我相信每個週期，我相信你已經聽說過，都是不同的。不過，我們早期學到的一件事是看——跟隨金錢，弄清楚你的客戶有多大的利潤以及什麼是可持續的。我回到我記得那些花費 2 倍資本支出的公司是其收入規模的兩倍的時期。而你只知道這不會持續下去，對吧？

So when we look at the supply chain -- now one of the leading indicators we always look at is profitability of our customers. And it's universally good. I mean there are some examples where customers are investing, and we see this in China, where they don't have a revenue base to support the investment, but those are viewed as strategic investments. But the percent of that, that's in the industry right now is really low. And so it's the growth of the semiconductor industry broadly with all the different drivers, the number of players that have maintained their profitability through these cycles and the fact that, that gives us confidence in the sustainability.

因此，當我們查看供應鏈時——現在我們一直關注的領先指標之一是我們客戶的盈利能力。它普遍很好。我的意思是有一些客戶投資的例子，我們在中國看到了這種情況，他們沒有收入基礎來支持投資，但這些被視為戰略投資。但是現在這個行業的百分比真的很低。因此，半導體行業的廣泛增長與所有不同的驅動因素、在這些週期中保持盈利能力的參與者數量以及這一事實使我們對可持續性充滿信心。

I don't think we're going to see growth rate that's 25%, 30%. We're talking about what it might be this year. That's not going to be the long-term growth rate. I think there's a step-up to get to support these new drivers. And I would imagine it resumes its growth at a more reasonable upper single-digit kind of level for the equipment industry as we kind of model. But the step-up is consistent with the multiple drivers.

我認為我們不會看到 25%、30% 的增長率。我們正在談論今年可能會發生什麼。這不會是長期增長率。我認為有一個步驟來支持這些新的驅動程序。我可以想像它在設備行業的一個更合理的上個位數水平上恢復增長，就像我們的模型一樣。但升壓與多個驅動程序是一致的。

As Bren mentioned, we have a lot of leverage in terms of being able to utilize our facilities. But even that, given that we're investing right now to make sure we've got additional people, parts and space, as Bren said, so that we could support the ramps that we're seeing. I do think this is a step-up. I think we've seen it in the past. And I think the business is sustainable.

正如布倫所說，我們在利用我們的設施方面有很大的影響力。但即便如此，鑑於我們現在正在投資以確保我們有更多的人員、零件和空間，正如布倫所說，這樣我們就可以支持我們所看到的坡道。我確實認為這是一個進步。我想我們過去已經看到了。而且我認為這項業務是可持續的。

I don't think 30% growth will happen for several years in a row. But if it did, we'd be there to support it. So we feel really good about where we are. And more importantly, the investments we're making in our capability are enabling our customers to achieve their objectives, and that's really the key to our continued success is make sure we're staying relevant with our customers. Does that answer your question, Patrick?

我認為連續幾年不會出現 30% 的增長。但如果確實如此，我們會在那裡支持它。所以我們對自己所處的位置感覺非常好。更重要的是，我們在能力方面所做的投資使我們的客戶能夠實現他們的目標，而這確實是我們持續成功的關鍵，那就是確保我們與客戶保持相關性。這能回答你的問題嗎，帕特里克？

No, that's very helpful. And to make you feel younger, Rick, I'll ask you the follow-up as well. As we look forward, and I know process control does get a, I guess, a good look at a lot of next-generation process technologies and manufacturing. You mentioned about EUV increasing layers and the adoption of GEN5.

不，這很有幫助。為了讓你感覺更年輕，瑞克，我也會問你後續的問題。正如我們所期待的那樣，我知道過程控制確實可以很好地了解許多下一代過程技術和製造。你提到了EUV增加層數和GEN5的採用。

As you look forward to foundry/logic, you have the EUV increasing layers, but you also have in a few nodes the transition to gate all around to nanowires, nanoribbons. Qualitatively, from a process control standpoint, I know it's very early, which do you see out of the EUV increasing layers and the transition to the new transition structures, which do you see as a larger incremental opportunity for KLA?

當您期待代工/邏輯時，您有 EUV 增加層，但在一些節點中也有向柵極過渡到納米線、納米帶的過渡。定性地說，從工藝控制的角度來看，我知道現在還為時過早，您認為 EUV 增加層和向新過渡結構的過渡中哪些是 KLA 更大的增量機會？

Yes. I think it's a great question. Just so you know, we do have a group inside of KLA that models out the advanced technology designs. We have some really talented people that we think about that years in advance to think about what are the solutions that will be necessary. Data all around is an interesting 1 because there, it's actually an adaptation of GEN4 that's going to be most relevant to solving some of those problems based on the contrast of those devices.

是的。我認為這是一個很好的問題。如您所知，我們在 KLA 內部確實有一個小組來模擬先進的技術設計。我們有一些非常有才華的人，我們會提前幾年考慮，考慮哪些解決方案是必要的。周圍的數據是一個有趣的 1，因為它實際上是對 GEN4 的改編，這將與基於這些設備的對比解決其中一些問題最相關。

So we think that will be incremental. As I mentioned in the earlier question, you think about more EUV layers, that just drives the overall expectation of higher sensitivity across the portfolio, the increase for more inspection overall and a higher level of sensitivity. I tip it toward the advanced nodes driving more intensity than the new structures, but the new structures can't be discounted because if you can't make them successful, then you're not going to be able to ramp those nodes. So -- but I'd say, probably 60-40, maybe even 65-35 that it will be the advanced design rules that drive it more.

所以我們認為這將是漸進的。正如我在前面的問題中提到的，您會考慮更多的 EUV 層，這只會推動整個產品組合中更高靈敏度的總體預期，增加整體檢查和更高水平的靈敏度。我將其推向比新結構驅動更多強度的高級節點，但新結構不能打折扣，因為如果你不能讓它們成功，那麼你將無法提升這些節點。所以 - 但我會說，可能是 60-40，甚至可能是 65-35，這將是更先進的設計規則推動它。

And it's not just going to be in foundry/logic because we're also seeing -- even though it seems like they're almost out of gas, DRAM keeps pushing as well to drive the next capability improvement so that they can have competitive advantage. And I don't think that abates anytime soon.

而且它不僅會出現在代工廠/邏輯領域，因為我們也看到了——儘管它們看起來幾乎用盡了，DRAM 也在不斷推動下一次能力改進，以便他們能夠擁有競爭優勢.而且我認為這種情況不會很快減弱。

We will move next to Timothy Arcuri from UBS.

我們將搬到 UBS 的 Timothy Arcuri 旁邊。

I guess I had -- the first question was on the whole EVM versus optical thing. Applied launched the Enlighten (sic) [Enlight] tool in March and the idea that you combine optical and e-beam and you use inferencing to sort of determine what defects matter. You guys talked about that a lot back in the back half of 2019 with eSL10. So I guess conceptually, it's not new. But they have a pretty strong e-beam review presence. So I guess, in theory, that could provide kind of a better input for the AI algorithm. But can you sort of talk about just this general idea and maybe sort of whether it can change the impact the e-beam could have on the market in your position?

我想我有——第一個問題是關於整個 EVM 與光學的東西。 Applied 在 3 月份推出了 Enlighten (sic) [Enlight] 工具，並提出了將光學和電子束結合起來並使用推理來確定哪些缺陷很重要的想法。你們在 2019 年下半年用 eSL10 談論了很多。所以我想從概念上講，這並不新鮮。但他們有相當強大的電子束審查存在。所以我想，理論上，這可以為人工智能算法提供更好的輸入。但是，您能否僅談談這個總體思路，以及它是否可以改變電子束對您所在位置的市場可能產生的影響？

Yes, Tim. Thank you for remembering what we said in 2019. I could go back even further when we introduced the [sum spec] back years and years ago. And the idea -- it was a pointer for optical back then, and that was in the '90s. So this idea of e-beam directing optical is an old idea. The idea that -- the problem that it has in general, and this is an interesting question, is do you have systemic defects? Can you -- do you really -- can you actually point that.

是的，蒂姆。感謝您記住我們在 2019 年所說的話。當我們多年前推出 [sum spec] 時，我可以追溯到更遠的地方。這個想法——當時它是光學的指針，那是在 90 年代。所以這種電子束引導光學的想法是一個古老的想法。這個想法 - 它普遍存在的問題，這是一個有趣的問題，你是否有系統性缺陷？你能 - 你真的 - 你真的能指出這一點嗎？

AI has helped solve some of those problems, but there's still this basic question about coverage. And can you cover enough of the wafers to see enough of the errors. If you look at a modern wafer in a leading fab, they don't have many defects. I mean there are very few. So you need to cover a lot of area, and that's what optical is really good at.

人工智能已經幫助解決了其中一些問題，但仍然存在關於覆蓋率的基本問題。您能否覆蓋足夠多的晶圓以查看足夠多的錯誤。如果您查看領先晶圓廠中的現代晶圓，它們沒有很多缺陷。我的意思是很少。所以你需要覆蓋很多區域，而這正是光學真正擅長的。

The e-beam ends up being the most valuable in debugging of a new process at the very front end, which is why it's mostly been in R&D. And that's what we're continuing to see. AI has been added to the products. We've been doing that for a number of years. Whatever your definition is, increasing the intelligence, the algorithm that's been KLA's sweet spot for years, and we continue to do that.

電子束最終成為在最前端調試新工藝最有價值的東西，這就是它主要用於研發的原因。這就是我們繼續看到的。 AI已添加到產品中。多年來，我們一直在這樣做。無論您的定義是什麼，增加智能，算法是 KLA 多年來的最佳選擇，我們將繼續這樣做。

So I think -- I don't think that the announcement of 2.5-year-old technology earlier this year was really anything revolutionary other than the announcement. It's not new. And I don't think that the relevancy of what we're doing changes as a result. I do think that increasing the capability of the ML and the AI across all the products in this industry will continue to make them more relevant as we go forward for KLA and others as well.

所以我認為 - 我不認為今年早些時候宣布的 2.5 年曆史的技術除了宣布之外真的沒有任何革命性的意義。這不是新的。我不認為我們正在做的事情的相關性會因此而改變。我確實認為，隨著我們在 KLA 和其他方面的發展，提高該行業所有產品的 ML 和 AI 的能力將繼續使它們更加相關。

So I think that's an area we're all taking advantage of. And that will help increase the capability and the learning that the industry has, in general, to be able to move forward. But I don't think this is -- this was not a dislocation. It was not anything new for customers. It might have been new for other communities, but the disclosures and the conversations are not new to customers.

所以我認為這是我們都在利用的領域。這將有助於提高該行業總體上能夠向前發展的能力和學習能力。但我不認為這是——這不是錯位。這對客戶來說並不是什麼新鮮事。對於其他社區來說，這可能是新事物，但披露和對話對客戶來說並不新鮮。

And then, I guess, just last thing from me. So service, obviously, it's a lower portion of your total rather than your peers. I know that you're never going to be like the films guys, given the nature of their technology, some of their tools eat themselves. So obviously, it's sort of like apples and oranges there. But some of them also are sort of guaranteeing performance and metrics like that, and they're sort of selling that. And I'm wondering what sort of new things you're bringing to bear in service to maybe help your service business start to grow a little faster?

然後，我想，這只是我的最後一件事。所以服務，很明顯，它在你的總數而不是你的同行中所佔的比例較低。我知道你永遠不會像電影人那樣，考慮到他們的技術性質，他們的一些工具會自食其果。很明顯，它有點像那裡的蘋果和橘子。但他們中的一些人也可以保證類似的性能和指標，並且他們在賣那個。我想知道您在服務中帶來了什麼樣的新事物，以幫助您的服務業務開始更快地增長？

Yes, Tim, I mean, we -- I think one of the things in service for us is that we have the ability to really customize our offerings for customers, both in terms of response times, in terms of the stocking levels, in terms of uptime commitments and things like that. And then given that and given the nature of the contract that we structure -- and it's pretty important for -- when customers buy process control, they buy what they need, and then they have contracts to ensure that the tools are running full out all the time. And they are willing to invest in a contract structure to ensure that we can keep them up and make sure that they match and all those sorts of things.

是的，蒂姆，我的意思是，我們 - 我認為為我們服務的一件事是，我們有能力真正為客戶定制我們的產品，無論是在響應時間方面，在庫存水平方面，在方面正常運行時間承諾和類似的事情。然後考慮到這一點，並考慮到我們構建的合同的性質——這對客戶來說非常重要——當客戶購買過程控制時，他們會購買他們需要的東西，然後他們簽訂合同以確保工俱全部用完時間。他們願意投資合同結構，以確保我們能夠跟上他們並確保他們匹配以及所有這些事情。

So it's a little bit different business. Customers, because they don't have as many, they have tens instead of hundreds as they would in a process tool. They don't necessarily have the ability to build the capability internally to be able to do self-service. And so that's a unique aspect of our service business. There's also the complexity of what we offer relative to process tools, which is far different.

所以這是一個有點不同的業務。客戶，因為他們沒有那麼多，他們有幾十個而不是幾百個，就像他們在流程工具中那樣。他們不一定有能力在內部建立能夠進行自助服務的能力。這是我們服務業務的獨特之處。相對於流程工具，我們提供的產品也很複雜，這是完全不同的。

So for all those reasons, it does drive a different service experience with customers. And as I said, we customize to meet their operating expense requirements and what they're looking to get out of their fab. And it does drive this 75%-plus contract revenue stream. I think there's always what happens with the new tools in terms of our ability to sell and support service on new tools.

因此，出於所有這些原因，它確實為客戶帶來了不同的服務體驗。正如我所說，我們定制以滿足他們的運營費用要求以及他們希望從他們的工廠中得到什麼。它確實推動了這一 75% 以上的合同收入流。我認為，就我們在新工具上銷售和支持服務的能力而言，新工具總會發生什麼。

I think where we've seen a lot more engagement with customers is the -- in the trailing edge, where you're seeing higher reliability and quality requirements, particularly, let's say, for example, in areas like automotive, where customers weren't as focused on the process control outcomes as much as they are today with the growth that we're seeing and the increase in reliability that's required.

我認為我們看到更多與客戶互動的地方是——在後緣，你會看到更高的可靠性和質量要求，特別是，例如，在汽車等客戶沒有的領域。隨著我們所看到的增長和所需可靠性的提高，我們與今天一樣關注過程控制結果。

And given the margin structure in that industry, for example, it's pretty important that you don't under-kill, right, because of the cost of recall and so on. But then there's also overkill too. So there's a lot more process control engagement that's happening through our service business for those customers to support the installed base at a greater level.

例如，考慮到該行業的利潤率結構，由於召回成本等原因，您不要過度殺戮是非常重要的。但也有矯枉過正。因此，通過我們的服務業務正在為這些客戶提供更多的過程控制參與，以在更高水平上支持已安裝的基礎。

So you don't see tools falling off. You see them staying in service. And that's what is probably the unique growth driver that we're seeing today as products are living longer and some of these other markets are inflecting.

因此，您不會看到工具掉落。你看到他們繼續服役。這可能是我們今天看到的獨特增長動力，因為產品壽命更長，而其他一些市場也在發生變化。

And we have time for one more question. We'll take our final question today from Vivek Arya with Bank of America.

我們還有時間再問一個問題。我們今天將向美國銀行的 Vivek Arya 提出最後一個問題。

You will be at your 2023 target model this year, basically 2 years ahead. But that seems to have been driven a lot more by market growth rather than, I think, in your target model, you had penciled in 1 to 2 points of share gains. And I know, Rick, you highlighted a third-party survey that had your share kind of slipping a little bit last year. I'm just curious, when do you think we should start expecting share gains for you over the next few years.

今年你將達到 2023 年的目標模型，基本上提前 2 年。但這似乎更多地是由市場增長推動的，而不是我認為在你的目標模型中，你已經計入了 1 到 2 個點的股票收益。我知道，瑞克，你強調了一項第三方調查，去年你的份額略有下滑。我只是好奇，你認為我們什麼時候應該開始期待未來幾年你的股票收益。

And will that be driven by the launch of new products? Or will that be driven by share in a like-to-like category? Will that be driven by spending being more foundry/logic-based? Just how do we think about what you had thought about share gains at the Analyst Day versus what you have seen so far and how we should think about this share shift over the next 1 to 2 years.

這會受到新產品推出的推動嗎？還是會受到點贊類別的份額驅動？這會受到更多基於代工/邏輯的支出的推動嗎？我們如何看待您在分析師日對股票收益的看法與您迄今為止所看到的情況，以及我們應該如何看待未來 1 到 2 年的這種股票轉變。

Yes, Vivek, I'll take the first part and let Bren talk about the model. We actually are ahead of our share projections that we laid out in the Analyst Day. 2019, we gained 3 points -- 3% share, and that's 0.7% down is what the survey says. But we had modeled 2.5% over the 4 years, and we've gained 2.3% over 2 years. And we believe that this year will be another strong year.

是的，Vivek，我會講第一部分，讓 Bren 談談模型。我們實際上領先於我們在分析師日制定的份額預測。 2019 年，我們獲得了 3 個百分點——3% 的份額，而調查顯示下降了 0.7%。但是我們在 4 年中模擬了 2.5%，我們在 2 年中獲得了 2.3%。我們相信，今年將是又一個強勁的一年。

So I mean these things move. Annually, it's kind of hard, because there are puts and takes. But competitively, we're actually ahead of plan. And largely, that's driven by the success mainly of GEN5 and what we're seeing in the optical inspection portfolio. That's been the bigger gains. We have new products coming out that will add to that. But our expectation of share growth is actually higher than it was at the time when we did the analyst meeting based on the success that we've had to date. And then Bren can talk more about the model.

所以我的意思是這些東西會移動。每年，這有點難，因為有投入和投入。但在競爭中，我們實際上是超前的。很大程度上，這主要是由 GEN5 的成功以及我們在光學檢測產品組合中看到的。那是更大的收穫。我們推出了新產品，這將增加這一點。但我們對股票增長的預期實際上高於我們根據迄今為止所取得的成功召開分析師會議時的預期。然後布倫可以更多地談論這個模型。

Yes. From a top line point of view, you're right, it's been -- what's driven it mostly has been, yes, we had some incremental share improvement relative to the plan we were on, but just stronger industry growth. We talked a lot -- and part of our theme was, if you will, back for our Investor Day, was to talk a lot about opportunities related to EUV and increasing memory opportunities to drive incremental adoption of process control and KLA solutions.

是的。從頂線的角度來看，你是對的，它一直是 - 驅動它的主要因素是，是的，相對於我們的計劃，我們有一些增量的份額改善，但只是更強勁的行業增長。我們談了很多——如果你願意的話，我們的部分主題是，如果你願意的話，回到我們的投資者日，是談論與 EUV 相關的機會和增加內存機會以推動過程控制和 KLA 解決方案的增量採用。

We talked about reticle inspection requirements for EUV that would affect the reticle inspection tools, but also the wafer inspection tools. We also talked about new markets like e-beam that we were reentering, and then finally, opportunities in memory metrology. So those, in some ways, were going to create incremental revenue almost irrespective of the WFE level.

我們討論了 EUV 的光罩檢測要求，這會影響光罩檢測工具，也影響晶圓檢測工具。我們還談到了我們重新進入的電子束等新市場，最後談到了內存計量領域的機會。因此，在某些方面，無論 WFE 水平如何，這些都將創造增量收入。

If we look at where we are today, most of it's been industry growth in the, I'll call, the normal products or the regular products, and share opportunity has driven our performance relative to the overall plan. The contributions from those products are still to come. We talked a lot about '20 and '21 being opportunities to engage with customers to seed the markets and that we would start to see more steady state contributions in 2023 from those products.

如果我們看看我們今天所處的位置，我會稱之為普通產品或普通產品的行業增長，分享機會推動了我們相對於整體計劃的表現。這些產品的貢獻還在後面。我們談了很多關於 '20 和 '21 是與客戶互動以播種市場的機會，並且我們將在 2023 年開始看到這些產品對穩定狀態的貢獻。

So we're still in that same phase regarding those. And in some cases, COVID has made it a little bit harder to engage with customers out in the field to support new products in these -- and to drive new markets. But I think that's still to come. So we've got a higher industry environment that's driven us to where we are today, but those contributions are still to come over the next couple of years. And so we're excited about that.

因此，我們仍處於同一階段。在某些情況下，COVID 使與現場客戶互動以支持這些領域的新產品並推動新市場變得更加困難。但我認為這仍然會到來。因此，我們擁有一個更高的行業環境，推動我們走到今天，但這些貢獻仍將在未來幾年內到來。所以我們對此感到很興奮。

And then on the leverage part, anytime you have revenue that's grown what we saw in calendar '20, where we were up 15% as a company and the growth expectations we now have for 2021, given the industry commentary earlier, any time you drive revenue like that, you're going to drive more leverage through the model.

然後在槓桿部分，只要你有收入增長，就像我們在 '20 日曆中看到的那樣，我們作為一家公司增長了 15%，而且我們現在對 2021 年的增長預期，鑑於之前的行業評論，任何時候你開車像這樣的收入，您將通過該模型推動更多的槓桿作用。

So yes, we're outperforming our public model by about 4 points in operating margin today. Do I think that, that's sustainable at 4 points? Probably not. But do I think there's a couple of points for sure sustainability there? I do, just given the strength of the products and the expected mix going forward.

所以，是的，我們今天的營業利潤率比我們的公共模型高出約 4 個百分點。我認為這在 4 點上是可持續的嗎？可能不是。但我認為那裡有幾點可以確定可持續性嗎？我願意，只是考慮到產品的實力和未來的預期組合。

So yes, we're -- I think, in a pretty good place relative to the overall model. We have to execute, of course, over the next year or so. And we'll have more to say about the future in the coming months and quarters.

所以是的，我們 - 我認為，相對於整體模型而言，我們處於一個相當不錯的位置。當然，我們必須在接下來的一年左右執行。我們將在未來幾個月和幾個季度對未來有更多話要說。

If I can squeeze in a quick one, automotive. From your perspective, when do you think the automotive industry is able to address all these supply shortages that it's seeing from the semiconductor industry?

如果我能快速擠進去，汽車。從您的角度來看，您認為汽車行業何時能夠解決半導體行業出現的所有這些供應短缺問題？

I think we're not the right people to answer that question. We're going to do everything we can to help them, but it's hard to understand exactly how they got so out of line with the demand. But I know that there have been contributing factors. And you've heard of some of them, projects that weren't started, fires that happened and the reluctance to invest earlier than in retrospect was needed plus the strong demand. So we're going to do everything we can to help them, but they're the best people to ask for that.

我認為我們不是回答這個問題的合適人選。我們將盡我們所能幫助他們，但很難準確理解他們是如何與需求脫節的。但我知道有促成因素。你已經聽說過其中一些，尚未開始的項目，發生的火災以及不願早於回想起來的投資以及強勁的需求是必要的。所以我們將盡我們所能來幫助他們，但他們是最好的人。

I was just going to conclude M&A and turn the call back to you, Kevin.

凱文，我正要完成併購，然後再接電話給你。

Yes, sorry about that. Again, we appreciate everybody's time. We know it's been a very busy week for earnings, a very busy day for earnings. We'll be busy this summer here with a lot of investor events. We look forward to seeing you again then. Take care.

是的，對此感到抱歉。再次，我們感謝大家的時間。我們知道這是收入非常忙碌的一周，也是收入非常忙碌的一天。今年夏天我們將在這裡忙於許多投資者活動。屆時我們期待再次見到您。小心。

This concludes the KLA Corporation March Quarter 2021 Earnings Call and Webcast. Please disconnect your lines at this time, and have a wonderful day.

KLA Corporation 2021 年 3 月季度財報電話會議和網絡直播到此結束。請在這個時候斷開您的線路，並祝您有美好的一天。