科磊 (KLAC) 2021 Q2 法說會逐字稿

Good day.

再會。

My name is Priscilla, and I will be your conference operator today.

我的名字是 Priscilla，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the KLA Corporation December Quarter 2020 Earnings Conference Call and Webcast.

在這個時候，我想歡迎大家參加 KLA Corporation 2020 年 12 月季度收益電話會議和網絡直播。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Kevin Kessel, Vice President of Investor Relations.

我現在將把電話轉給投資者關係副總裁 Kevin Kessel。

Please go ahead.

請繼續。

Thank you, and welcome to KLA's Fiscal Q2 2021 Quarterly Earnings Call to discuss the results of the December quarter and the outlook for the March quarter.

謝謝，歡迎參加 KLA 的 2021 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。

With me today is Rick Wallace, our Chief Executive Officer; and Bren Higgins, our Chief Financial Officer.

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。

During today's call, we will discuss quarterly results for the period ended December 31, 2020, that we released today after the market close in the form of a press release, shareholder letter and slide deck.

在今天的電話會議中，我們將討論截至 2020 年 12 月 31 日的季度業績，該業績是我們今天在收市後以新聞稿、股東信函和幻燈片的形式發布的。

All are available on the KLA IR section of our website.

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.

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。

A detailed reconciliation of GAAP to non-GAAP results is in today's earnings material posted on our website.

GAAP 與非 GAAP 結果的詳細對賬見我們網站上發布的今天的收益材料。

Today's call also represents the end of the calendar year.

今天的電話也代表日曆年的結束。

We will make references to both 2020 and 2021.

我們將參考 2020 年和 2021 年。

Please note all references are for the calendar year.

請注意，所有參考資料均針對日曆年。

Our IR website also contains future virtual investor conferences as well as presentations, corporate governance information and links to our SEC filings, including our most recent annual report and quarterly reports on Forms 10-K and 10-Q.

我們的投資者關係網站還包含未來的虛擬投資者會議以及演示文稿、公司治理信息和我們向 SEC 提交的文件的鏈接，包括我們最近的年度報告和關於表格 10-K 和 10-Q 的季度報告。

Our comments today are subject to risks and uncertainties reflected in the risk factor disclosure in our SEC filings.

我們今天的評論受到我們提交給美國證券交易委員會的文件中風險因素披露所反映的風險和不確定性的影響。

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.

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。

Our actual results may differ significantly from those projected in our forward-looking statements.

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。

As many of you now know, we changed the format of our earnings 2 quarters ago to include prepublishing a detailed shareholder letter that provides updates on our business performance.

正如你們中的許多人現在所知，我們在 2 個季度前更改了收益的格式，包括預先發布一份詳細的股東信函，其中提供了我們業務績效的最新信息。

The prepublishing allows this call to be efficient by providing more streamlined comments while also freeing up more time for your questions and answers.

預發布通過提供更簡化的評論，同時還為您的問題和答案騰出更多時間，從而使此呼叫變得高效。

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

有了這個，我想把電話轉給我們的總裁兼首席執行官里克·華萊士。

Thanks, Kevin, and thank you for joining us today and for your interest in KLA.

謝謝，Kevin，感謝您今天加入我們並感謝您對 KLA 的興趣。

As we reflect on the accomplishments of 2020, it's important for me to first appreciate and acknowledge the global KLA team.

當我們回顧 2020 年的成就時，首先要感謝和認可全球 KLA 團隊對我來說很重要。

Your perseverance, drive to be better and determination enabled KLA to rise to the challenge and deliver for our customers.

您的毅力、追求更好的動力和決心使 KLA 能夠迎接挑戰並為我們的客戶提供服務。

2020 was like no other year we have seen.

2020 年與我們所見過的其他年份不同。

And while our teams have not been physically together for the most part, our company continues to demonstrate the great KLA culture of collaboration and innovation and is emerging stronger than ever.

雖然我們的團隊大部分時間並沒有真正在一起，但我們公司繼續展示偉大的 KLA 協作和創新文化，並且比以往任何時候都更加強大。

In the process, we delivered exceptionally strong financial results in the December quarter, closing a strong year for the company.

在此過程中，我們在 12 月季度交付了異常強勁的財務業績，為公司結束了強勁的一年。

In our shareholder letter published today, we articulate how KLA's record results are driven by success on multiple fronts, including the resourcefulness of our global workforce, the resiliency of our business model and our commitment to returning value to our shareholders.

在我們今天發布的股東信中，我們闡明了 KLA 創紀錄的業績如何受到多方面成功的推動，包括我們全球員工的足智多謀、我們業務模式的彈性以及我們為股東回報價值的承諾。

As most of you have already seen from our results, 2020 was an impressive year for KLA on multiple fronts.

正如你們中的大多數人已經從我們的結果中看到的那樣，2020 年對於 KLA 在多個方面都是令人印象深刻的一年。

We delivered strong growth, profitability and free cash flow while continuously adjusting to the changing work environments driven by COVID.

我們實現了強勁的增長、盈利能力和自由現金流，同時不斷適應由 COVID 驅動的不斷變化的工作環境。

Through it all, we remain focused on meeting customer demand and delivering strong return to shareholders in the rapidly growing semiconductor market.

通過這一切，我們仍然專注於滿足客戶需求並在快速增長的半導體市場中為股東提供豐厚的回報。

Bren will have much more to highlight on the financials for both the quarter and the year, but I'd like to hit on a few of the annual milestones.

布倫將在本季度和本年度的財務方面有更多亮點，但我想談談一些年度里程碑。

For the year, KLA revenue grew 15% to $6.1 billion, marking the fifth consecutive year of growth.

全年，KLA 收入增長 15% 至 61 億美元，連續第五年實現增長。

We also delivered notable profitability growth with non-GAAP operating profit and non-GAAP earnings per share increasing 28% and 32%, respectively year-over-year.

我們還實現了顯著的盈利增長，非 GAAP 營業利潤和非 GAAP 每股收益分別同比增長 28% 和 32%。

Our free cash flow grew 44% to $1.8 billion, and we returned $1.2 billion to shareholders through share repurchases and dividends.

我們的自由現金流增長了 44% 至 18 億美元，我們通過股票回購和股息向股東返還了 12 億美元。

In the December quarter, we saw diversified strength across each of our segments.

在 12 月季度，我們看到了各個細分市場的多元化實力。

Semiconductor Process Control revenue was once again above plan.

半導體過程控制收入再次超出計劃。

The Electronics, Packaging and Components group met its target.

電子、包裝和組件集團實現了目標。

And our Services business continued and delivered another quarter of growth and strong operating leverage.

我們的服務業務繼續並實現了另一個季度的增長和強大的運營槓桿。

We ended the year with strong backlog, setting the stage for double-digit growth in 2021 as we continue to execute at a high level.

我們以強勁的積壓結束了這一年，為 2021 年的兩位數增長奠定了基礎，因為我們繼續保持高水平的執行力。

We're operating from a position of strength in our marketplace.

我們在市場上處於強勢地位。

And given the accelerated growth of our served markets, we remain solidly on track to meet and likely exceed our 2023 financial targets.

鑑於我們所服務市場的加速增長，我們仍將穩步實現並可能超過我們 2023 年的財務目標。

All this reflects the dedication of our global teams and the enabling role KLA plays in our customers' technology road maps and enhancing their return on capital investment.

所有這一切都反映了我們全球團隊的奉獻精神以及 KLA 在我們客戶的技術路線圖和提高他們的資本投資回報方面發揮的有利作用。

Moving to today's demand environment, which continues to demonstrate accelerated adoption of several semiconductor and electronics industry growth drivers that we've been highlighting for the past few years, technology continues to transform how we live and work.

轉向今天的需求環境，繼續證明我們在過去幾年中一直強調的幾個半導體和電子行業增長驅動因素的加速採用，技術繼續改變我們的生活和工作方式。

And the data-driven economy is fundamentally changing how businesses operate and deliver value.

數據驅動的經濟正在從根本上改變企業運營和交付價值的方式。

This digital transformation is enabling secular demand drivers such as high-performance computing, artificial intelligence and rapid growth in new automotive electronics and 5G communications markets.

這種數字化轉型正在推動高性能計算、人工智能等長期需求驅動因素，以及新汽車電子和 5G 通信市場的快速增長。

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.

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。

With our market leadership in Process Control and growth and expansion to new markets like specialty semiconductor process equipment, PCB and finished die inspection in our EPC group, KLA is essential to enabling our increasingly digital world.

憑藉我們在過程控制方面的市場領先地位，以及在我們的 EPC 集團中向特種半導體工藝設備、PCB 和成品模具檢測等新市場的發展和擴張，KLA 對於實現我們日益數字化的世界至關重要。

As much as things have changed over the past year, one thing that's remained constant is our KLA operating model.

儘管過去一年發生了很多變化，但保持不變的一件事是我們的 KLA 運營模式。

KLA operating model is the enduring framework that we rely on to guide the execution of our long-term strategic objectives.

KLA 運營模式是我們賴以指導執行長期戰略目標的持久框架。

We deploy the KLA operating model to align the company on a consistent strategy, tie accountability to results, drive product development execution, respond to changing market conditions and facilitate continuous improvement, while ensuring the company operates with strong fiscal discipline as we pursue our long-term performance and profitability objectives.

我們部署 KLA 運營模式以使公司與一致的戰略保持一致，將責任與結果聯繫起來，推動產品開發執行，響應不斷變化的市場條件並促進持續改進，同時確保公司在追求長期的長期業績和盈利目標。

Let's turn now to 5 top highlights for our -- and our results for the quarter and for 2020.

現在讓我們來看看我們的 5 個主要亮點 - 以及我們在本季度和 2020 年的業績。

First, we saw continued strength and breadth in foundry/logic demand in the quarter.

首先，我們看到本季度代工/邏輯需求的持續強勁和廣度。

As expected, memory demand also grew as memory customers plan for growth and equipment investment in 2021 to meet improving end demand.

正如預期的那樣，隨著內存客戶計劃在 2021 年增長和設備投資以滿足不斷提高的終端需求，內存需求也有所增長。

We expect higher business levels across a broader set of customers in the March quarter, with demand momentum continuing throughout 2021 across our major end markets.

我們預計，在 3 月季度，更廣泛的客戶群的業務水平會更高，整個 2021 年我們主要終端市場的需求勢頭將持續。

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.

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, we're seeing strong momentum in the marketplace for new products, driving market growth and share opportunities in both the Semiconductor Process Control and EPC groups.

其次，我們看到新產品市場的強勁勢頭，推動了市場增長，並在半導體過程控制和 EPC 集團中分享了機會。

Fueled by expanded customer investment in EUV lithography, the Semiconductor Process Control business is driving adoption with new applications in optical inspection portfolio, such as EUV print check for GEN5, and expanding our share in new markets for KLA, including the eSL10 e-beam inspection

在客戶對 EUV 光刻技術投資擴大的推動下，半導體工藝控制業務正在推動光學檢測產品組合中新應用的採用，例如 GEN5 的 EUV 打印檢測，並擴大我們在 KLA 新市場中的份額，包括 eSL10 電子束檢測

Platform and the nascent use of x-ray technologies for metrology applications.

平台和 X 射線技術在計量應用中的新生使用。

Third, our Services revenue grew to $1.56 billion or 25% of total sales in 2020.

第三，我們的服務收入在 2020 年增長到 15.6 億美元，佔總銷售額的 25%。

This is driven by growth in our installed base, higher utilization rate and increasing expansion of Service opportunities in the trailing edge and in the EPC group.

這是由我們安裝基礎的增長、更高的利用率以及後緣和 EPC 集團的服務機會不斷擴大所推動的。

The strong results delivered in 2020 show how the Services team continues to do a fantastic job leveraging the KLA operating model to deliver at a high level.

2020 年取得的強勁成果表明，服務團隊如何繼續出色地利用 KLA 運營模式實現高水平交付。

Working in close collaboration with customers and partners, the Services business innovated and drove new initiatives against the unprecedented challenges of COVID.

服務業務與客戶和合作夥伴密切合作，創新並推動了新舉措，以應對前所未有的 COVID 挑戰。

Not only did our Services business received praise from our customers, but also grew share of wallet.

我們的服務業務不僅獲得了客戶的好評，而且錢包份額也有所增長。

And we've seen our contact penetration steadily increase in 2020 from 70% to 75% plus, which fuels recurring revenue streams and generate strong operating leverage and cash flows.

我們已經看到我們的接觸滲透率在 2020 年從 70% 穩步增長到 75% 以上，這推動了經常性收入流並產生了強大的運營槓桿和現金流。

Fourth, this was a very encouraging year for the newly established EPC group, demonstrating success in KLA's growth strategies and highlighting how execution of the KLA operating model drives market leadership and improved operating leverage in acquired businesses.

第四，對於新成立的 EPC 集團來說，這是非常令人鼓舞的一年，它展示了 KLA 增長戰略的成功，並突出了 KLA 運營模式的執行如何推動市場領導地位並提高收購業務的運營槓桿。

Revenue growth was strong, and we believe that on a net basis will exceed our $50 million annual acquisition cost synergy target by at least another additional $30 million.

收入增長強勁，我們相信淨額將超過我們每年 5000 萬美元的收購成本協同目標至少額外 3000 萬美元。

With EPC, KLA is now providing a more comprehensive and broader product portfolio and addressing fast-growing new markets in the electronics value chain, such as RF, automotive, 5G wireless connectivity and display.

通過 EPC，KLA 現在可以提供更全面、更廣泛的產品組合，並應對電子價值鏈中快速增長的新市場，例如射頻、汽車、5G 無線連接和顯示。

Relative to the adoption of 5G, KLA has exposure to many key components in the electronics value chain as well.

相對於 5G 的採用，KLA 也接觸到了電子價值鏈中的許多關鍵組件。

The EPC group ended the year with record backlog, setting the stage for double-digit growth in 2021 and for incremental operating margins on that growth in line with the total company model.

EPC 集團以創紀錄的積壓工作結束了這一年，為 2021 年實現兩位數的增長奠定了基礎，並為該增長的營業利潤率增加了與公司整體模式一致的水平。

Finally, in keeping with our commitment to deliver strong and predictable capital returns to our shareholders, in the December quarter, we repurchased $177 million of common stock and paid $140 million in dividends.

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 12 月季度，我們回購了 1.77 億美元的普通股並支付了 1.4 億美元的股息。

Back in July, KLA's Board of Directors authorized the 11th consecutive annual dividend increase to a yearly run rate of $3.60 per share.

早在 7 月，KLA 的董事會就授權連續第 11 次將年度股息提高到每股 3.60 美元的年度運行率。

Since inception in 2006, KLA's dividend payout has grown at a CAGR of approximately 15%.

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。

In 2020, KLA returned $1.23 billion to shareholders or 70% of free cash flow.

2020 年，KLA 向股東返還了 12.3 億美元，佔自由現金流的 70%。

Before Bren gets into the greater detail of our financial highlights, let me briefly summarize, despite the disruption and unforeseen challenges that persisted throughout the year associated with COVID, KLA has benefited from the resourcefulness of its global workforce, we've adapted well and we end 2020 in a position of strength while delivering record results and set the stage for the sixth consecutive year of growth.

在 Bren 詳細了解我們的財務亮點之前，讓我簡要總結一下，儘管與 COVID 相關的全年持續存在中斷和不可預見的挑戰，但 KLA 受益於其全球員工的足智多謀，我們已經很好地適應了，我們2020 年底處於強勢地位，同時創造了創紀錄的業績，並為連續第六年的增長奠定了基礎。

KLA is exceptionally well positioned at the forefront of technology innovation with a comprehensive portfolio of products to meet the demanding customer requirements, which balance sensitivity and throughput.

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。

The semiconductor and electronics landscape is constantly changing, and we're seeing broadening customer interest which is being applied to more technology innovation than ever before at leading edge.

半導體和電子領域不斷變化，我們看到客戶興趣不斷擴大，這正被應用於比以往任何時候都處於領先地位的更多技術創新。

We believe the secular factors driving industry demand that we identified at our last Investor Day are even more relevant now than they were then, and this will help us to meet and likely exceed our 2023 financial targets.

我們相信，我們在上一次投資者日確定的推動行業需求的長期因素現在比當時更加重要，這將有助於我們實現並可能超過我們的 2023 年財務目標。

At the same time, our strategy of driving diversified growth with strong long-term operating leverage should provide consistent capital returns to our shareholders.

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。

Thanks, Rick, and good afternoon, everyone.

謝謝，瑞克，大家下午好。

KLA's December quarter and 2020 results highlight the soundness and strength of our ongoing strategy.

KLA 的 12 月季度和 2020 年業績突出了我們持續戰略的穩健性和實力。

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.

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。

2020 was a year of strong growth and profitability across multiple areas of our business.

2020 年是我們業務多個領域實現強勁增長和盈利的一年。

All of this was accomplished while simultaneously continuing to return high levels of capital to shareholders.

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 $1.65 billion, at the very top of the guided range for the quarter of $1.51 to $1.66 billion.

12 月季度的總收入為 16.5 億美元，處於該季度 1.51 至 16.6 億美元的指導範圍的最高水平。

Non-GAAP gross margin was 61.8%, slightly below the midpoint of the guided range for the quarter of 61% to 63%.

非美國通用會計準則毛利率為 61.8%，略低於本季度 61% 至 63% 的指導範圍的中點。

Non-GAAP EPS was $3.24, solidly above the midpoint of the guided range of $2.82 to $3.46.

非美國通用會計準則每股收益為 3.24 美元，遠高於 2.82 美元至 3.46 美元的指導區間中點。

GAAP EPS was $2.94.

公認會計原則每股收益為 2.94 美元。

At the guided tax rate of 13%, non-GAAP EPS would have been $0.03 higher or $3.27.

在 13% 的指導稅率下，非公認會計原則每股收益將高出 0.03 美元或 3.27 美元。

Total operating expenses were above the guided range of $393 million, including $228 million of R&D expense and $165 million of SG&A.

總運營費用高於 3.93 億美元的指導範圍，其中包括 2.28 億美元的研發費用和 1.65 億美元的 SG&A。

Non-GAAP operating income as a percent of revenue was strong at 38% and in line with expectations.

非美國通用會計準則營業收入佔收入的百分比強勁，達到 38%，符合預期。

The higher operating expenses in the quarter were due in part to adjustments in variable compensation programs as well as the timing of prototype material purchases for product development programs.

本季度較高的運營費用部分是由於可變薪酬計劃的調整以及為產品開發計劃購買原型材料的時間。

Based on revenue expectations for 2021, product development requirements, particularly in programs supporting next-generation reticle inspection capabilities and the regionalization of additional customer engagement resources, we expect operating expenses to be approximately $400 million in the March quarter and we are budgeting quarterly operating expenses roughly within the range of $400 million to $405 million over the near-term horizon.

根據 2021 年的收入預期、產品開發要求，特別是在支持下一代光罩檢測能力和額外客戶參與資源區域化的計劃中，我們預計 3 月季度的運營費用約為 4 億美元，我們正在預算季度運營費用短期內大致在 4 億至 4.05 億美元之間。

Given top line expectations for 2021, we expect that the business will continue to outperform its target operating model in terms of overall profitability and operating margin leverage.

鑑於對 2021 年的最高預期，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其目標運營模式。

Other interest and expense in the December quarter was $43 million, and the effective tax rate was 13.8%.

12 月季度的其他利息和費用為 4300 萬美元，有效稅率為 13.8%。

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 is prudent to adjust our long-term tax planning rate up slightly to 13.5% going forward.

儘管我們的稅率總是存在一些變化，但考慮到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稅率略微上調至 13.5% 是審慎的做法。

Of course, we are monitoring the corporate tax discussions in the United States, and we'll provide updates on how those will affect or would affect KLA, as appropriate, in the future.

當然，我們正在關注美國的公司稅討論，我們將在未來酌情提供有關這些將如何影響或將影響 KLA 的最新信息。

Non-GAAP net income was $504 million, GAAP net income was $457 million, cash flow from operations was $561 million and free cash flow was a record at $502 million.

非 GAAP 淨收入為 5.04 億美元，GAAP 淨收入為 4.57 億美元，運營現金流為 5.61 億美元，自由現金流為創紀錄的 5.02 億美元。

This resulted in the free cash flow conversion of nearly 100% and a very healthy free cash flow margin of just over 30%.

這導致了近 100% 的自由現金流轉換和剛剛超過 30% 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.

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。

The EPC group delivered results in line with our model heading into the quarter.

EPC 小組交付的結果與我們進入本季度的模型一致。

Revenue for the Semiconductor Process Control segment, including its associated Service business, was $1.38 billion, a sequential quarterly increase of 9% and up 15% for 2020.

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 13.8 億美元，環比增長 9%，到 2020 年增長 15%。

Approximate customer segment mix is as follows: foundry was strong as expected at 49%, logic was 10% and memory grew to 41% from 32% in the December quarter.

大致的客戶群組合如下：代工如預期的那樣強勁，達到 49%，邏輯為 10%，內存從 12 月季度的 32% 增長到 41%。

Within memory, the business was roughly 60% NAND and 40% DRAM.

在內存中，該業務大約是 60% 的 NAND 和 40% 的 DRAM。

Going forward, we will be combining the foundry and logic segments into one category to remove some of the noise as to whether a customer is in one category or another, given the various markets they serve and to better align with industry reporting practices.

展望未來，我們將把代工和邏輯部分合併到一個類別中，以消除關於客戶是否屬於一類或另一類的一些噪音，考慮到他們服務的各種市場，並更好地與行業報告實踐保持一致。

Revenue for the Specialty Semiconductor Process segment in December was $91 million, up 2% sequentially and up 24% in 2020.

12 月特種半導體工藝部門的收入為 9100 萬美元，環比增長 2%，2020 年增長 24%。

Demand in this segment was driven by growth in RF, MEMS and advanced packaging.

這一領域的需求受到射頻、MEMS 和先進封裝增長的推動。

PCB, Display and Component Inspection revenue was $179 million, down 1% sequentially, but up 12% for 2020 as strength in PCB and component inspection offset a weaker business environment in the display business.

PCB、顯示器和組件檢測收入為 1.79 億美元，環比下降 1%，但由於 PCB 和組件檢測的實力抵消了顯示業務疲軟的商業環境，2020 年增長了 12%。

In terms of balance sheet highlights, KLA ended the quarter with $2.3 billion in total cash, total debt of $3.46 billion and a flexible and attractive bond maturity profile supported by investment-grade ratings from all 3 agencies.

就資產負債表亮點而言，KLA 在本季度末的總現金為 23 億美元，總債務為 34.6 億美元，債券到期情況靈活且有吸引力，得到所有 3 家機構的投資級評級的支持。

From a cash flow and capital returns perspective, during the December quarter, we repurchased $177 million of common stock and paid $140 million in dividends.

從現金流和資本回報的角度來看，在 12 月季度，我們回購了 1.77 億美元的普通股並支付了 1.4 億美元的股息。

In 2020, KLA returned $1.2 billion to shareholders or 70% of free cash flow, including $547 million in dividends paid and $681 million in share repurchases.

2020 年，KLA 向股東返還了 12 億美元或 70% 的自由現金流，其中包括 5.47 億美元的股息支付和 6.81 億美元的股票回購。

We believe our track record for delivering strong capital returns is a key component of the KLA investment thesis and offers predictable and compelling value creation for our shareholders.

我們相信，我們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。

As it relates to guidance, as we begin the new year, our view is that the wafer fab equipment or WFE market will grow in the mid-teens, plus or minus a couple of percentage points, in 2021 off a baseline of $59 billion to $60 billion.

由於它與指導相關，在我們開始新的一年時，我們的觀點是晶圓廠設備或 WFE 市場將在 2021 年從 590 億美元的基線增長到600億美元。

2021 is expected to be a year of strong demand and growth across our major end markets, with the strongest percentage growth coming in memory, led by DRAM investment and with foundry/logic delivering another year of solid growth.

預計 2021 年將是我們主要終端市場需求和增長強勁的一年，其中最強勁的百分比增長來自內存，由 DRAM 投資引領，代工/邏輯實現又一年穩健增長。

Looking ahead, based on our current backlog, sales funnel visibility over the next couple of quarters and product lead times, we are encouraged by the sustainability of our current demand profile for the year.

展望未來，根據我們目前的積壓、未來幾個季度的銷售漏斗可見性和產品交貨時間，我們對今年當前需求狀況的可持續性感到鼓舞。

As a result, we would expect the company revenue to be roughly consistent quarter-to-quarter across the year.

因此，我們預計公司全年的收入將大致保持一致。

Our March quarter guidance is as follows: total revenue is expected to be in a range of $1.74 billion, plus or minus $75 million.

我們 3 月份的季度指導如下：總收入預計在 17.4 億美元之間，上下浮動 7500 萬美元。

Foundry/logic is forecasted to be about 68% of Semi Process Control Systems revenue.

代工/邏輯預計將佔半導體過程控制系統收入的 68% 左右。

Memory is expected to be approximately 32%.

內存預計約為 32%。

We forecast non-GAAP gross margin to be in a range of 61.25% to 63.25% as we expect a richer product mix, continued service leverage and higher volume lead to improved gross margins compared to the December quarter.

我們預計非美國通用會計準則毛利率將在 61.25% 至 63.25% 之間，因為我們預計與 12 月季度相比，更豐富的產品組合、持續的服務槓桿和更高的銷量會導致毛利率提高。

Based on revenue and product mix expectations for 2021, we are modeling gross margins between 61.5% and 62% in 2021.

根據 2021 年的收入和產品組合預期，我們將 2021 年的毛利率建模為 61.5% 至 62%。

Given the structural trends in our business in both cost and product positioning, my bias today is to the high end of this range.

鑑於我們業務在成本和產品定位方面的結構性趨勢，我今天偏向於該範圍的高端。

Other model assumptions include operating expense of approximately $400 million, interest and other expense of approximately $43 million and an effective tax rate of approximately 13.5%.

其他模型假設包括約 4 億美元的運營費用、約 4300 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 the range of $2.98 to $3.66 and non-GAAP diluted EPS in a range of $3.23 to $3.91.

最後，GAAP 攤薄後每股收益預計在 2.98 美元至 3.66 美元之間，非 GAAP 攤薄後每股收益預計在 3.23 美元至 3.91 美元之間。

The EPS guidance is based on a fully diluted share count of approximately 155 million shares.

每股收益指引基於約 1.55 億股的完全稀釋後的股份數量。

In closing, the end market dynamics driving semiconductors and investments in WFE remain compelling with solid demand across end markets and at multiple technology nodes.

最後，推動半導體和 WFE 投資的終端市場動態仍然引人注目，終端市場和多個技術節點的需求強勁。

2021 is setting up to be a second consecutive year of double-digit growth for both WFE and KLA.

2021 年將成為 WFE 和 KLA 連續第二年實現兩位數增長。

KLA is executing well with continued confidence that we are on track to meet and likely exceed our 2023 financial targets.

KLA 執行良好，我們始終有信心實現並可能超過 2023 年的財務目標。

The KLA operating model positions us well to outperform and also guides our strategic objectives.

KLA 運營模式使我們能夠很好地表現出色，並指導我們的戰略目標。

These objectives fuel our growth, operational excellence and differentiation across an increasingly more diverse product and service offering.

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, deep competitive moat and strong track record of free cash flow generation and capital returns to shareholders.

它們還鞏固了我們持續的技術領先地位、強大的競爭護城河以及自由現金流產生和股東資本回報的良好記錄。

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

有了這個，我將把電話轉給凱文開始問答。

Kevin?

凱文？

Thanks, Bren.

謝謝，布倫。

Priscilla, if you could provide the instructions for Q&A?

Priscilla，您能否提供問答說明？

(Operator Instructions) We'll now take our first question from Patrick Ho with Stifel.

（操作員說明）我們現在將回答 Patrick Ho 與 Stifel 的第一個問題。

And a belated Happy New Year.

還有遲到的新年快樂。

Congrats to you guys.

恭喜你們。

Rick, maybe first off, in terms of process control intensity, we've seen foundry/logic continue to grow as we go through these node migrations.

Rick，也許首先，就過程控制強度而言，我們已經看到代工廠/邏輯在我們經歷這些節點遷移時繼續增長。

And NAND flash has obviously seen intensity rise with the increasing layer counts.

隨著層數的增加，NAND 閃存的強度明顯上升。

As we look at DRAM and the projected pickup that you mentioned in your prepared remarks, what types of process control intensity increases are you seeing in that marketplace?

當我們查看 DRAM 和您在準備好的評論中提到的預計回升時，您在該市場中看到了哪些類型的過程控制強度增加？

Maybe excluding some of the EUV options that are out there, what other types of process control intensity trends are increasing in DRAM?

也許排除一些現有的 EUV 選項，DRAM 中還有哪些其他類型的工藝控制強度趨勢正在增加？

Sure.

當然。

I think that there -- if you think about DRAM, what they've really been pushing on, and it's very difficult, as you know, to do it, is to continue scaling.

我認為那裡 - 如果您考慮 DRAM，他們真正在推動的事情，正如您所知，要繼續擴展是非常困難的。

And we do think that there's going to be some EUV that comes in.

我們確實認為會有一些 EUV 進來。

But there's no question that there's scaling happening.

但毫無疑問，規模正在發生。

And of course, that drives more process control intensity.

當然，這推動了更高的過程控制強度。

The other thing that's pretty clear in DRAM is the overlay requirements continue to get more and more challenging.

DRAM 中非常清楚的另一件事是覆蓋要求繼續變得越來越具有挑戰性。

So we're seeing increased -- trying to understand of how to squeeze more capability out of the lithography sets that they've got.

所以我們看到了增加——試圖了解如何從他們擁有的光刻設備中擠出更多的能力。

And then we do see some, as I say, EUV adoption.

然後，正如我所說，我們確實看到了一些 EUV 的採用。

So we think there'll be incrementally more focus on our more advanced optical inspection tools to be able to support that.

因此，我們認為我們將越來越多地關注我們更先進的光學檢測工具，以便能夠支持這一點。

So that's what we're seeing as a trend.

這就是我們所看到的趨勢。

It's not necessarily, obviously, as EUV-heavy as what we'd see in foundry/logic, but there is some element of EUV in there.

顯然，它不一定像我們在代工廠/邏輯中看到的那樣重 EUV，但其中有一些 EUV 元素。

Does that answer your question, Patrick?

這能回答你的問題嗎，帕特里克？

It does, Rick.

確實如此，瑞克。

Bren, as a follow-up to that question, you guys, as you're seeing demand pickup and revenues grow, working capital metrics have actually also improved.

布倫，作為該問題的後續行動，你們看到需求回升和收入增長，營運資本指標實際上也有所改善。

What changes have you made, particularly given that you've added Orbotech over the last 2 years, but you see the inventory turns actually improving even as demand picks up.

您做了哪些改變，特別是考慮到您在過去 2 年中添加了奧寶科技，但您看到即使需求回升，庫存實際上也在改善。

What are some of the dynamics there?

那裡有哪些動態？

Patrick, it's a great question.

帕特里克，這是一個很好的問題。

And certainly, adding Orbotech in -- and I think we've done a pretty good job of improving overall asset velocity in that business so far.

當然，加入奧寶科技——我認為到目前為止，我們在提高該業務的整體資產速度方面做得很好。

I think there's room for us to improve it going forward.

我認為我們未來還有改進的空間。

But on the KLA side, one of the areas where you could argue that we -- I think we do something in our business to support, and I think we get paid for it in terms of our profitability, but to support our model, both in terms of the component differentiation we have that drives our differentiation of our products, but also that enables our business.

但在 KLA 方面，您可以爭辯的領域之一是我們——我認為我們在業務中做一些事情來支持，我認為我們從盈利能力方面獲得報酬，但為了支持我們的模式，兩者就我們擁有的組件差異而言，它推動了我們產品的差異化，同時也促進了我們的業務。

So we've always tended to carry a lot of inventory because we're supporting these tools that last a long time in the field.

因此，我們總是傾向於攜帶大量庫存，因為我們支持這些在現場使用很長時間的工具。

And we also have very exclusive relationships in a lot of our key supplier relationships that help us, as I said, protect differentiation.

正如我所說，我們在許多關鍵供應商關係中也有非常獨特的關係，這有助於我們保護差異化。

So as a result of all that, it does drive higher inventory commitments, and we carry that risk, if you will, although we never get stuck with extra systems.

因此，所有這一切的結果，它確實推動了更高的庫存承諾，如果你願意，我們會承擔這種風險，儘管我們永遠不會被額外的系統卡住。

And given the strength of the service business, we tend to move the part.

鑑於服務業務的實力，我們傾向於移動部分。

So we think it's a good sacrifice to make.

所以我們認為這是一個很好的犧牲。

We think we get paid for it in terms of the profitability and structure of our business.

我們認為，就我們業務的盈利能力和結構而言，我們得到了回報。

And the volume we've seen has allowed us to improve it a little bit.

我們所看到的數量使我們能夠對其進行一些改進。

It's -- this is not a turns business for the most part, so I think there's probably an upper limit to it.

這是 - 這在很大程度上不是一個轉彎業務，所以我認為它可能有一個上限。

But we have -- we do focus on, and I think we have improved it a little bit over time.

但是我們有 - 我們確實專注於，我認為隨著時間的推移我們已經改進了一點。

We'll take our next question from Joe Quatrochi with Wells Fargo.

我們將向富國銀行的 Joe Quatrochi 提出下一個問題。

I wanted to go back to your comment about revenue should be relatively consistent quarter-to-quarter in 2021.

我想回到您關於 2021 年季度收入應該相對一致的評論。

Is that a process control tool comment as well?

這也是過程控制工具註釋嗎？

I guess what I'm trying to understand is what you're seeing relative to maybe peers talking about WFE being a little bit more first half weighted?

我想我想了解的是您所看到的相對於同行談論 WFE 上半年權重更多一點的情況？

Yes, Joe.

是的，喬。

So it's a good question.

所以這是一個很好的問題。

So what we're trying to do, first of all, it's really for both groups of our business.

所以我們正在嘗試做的事情，首先，這真的是為了我們的兩個業務群體。

If you look at the EPC group and -- as well as the process control equipment part of the business.

如果您查看 EPC 組和 - 以及業務的過程控制設備部分。

I was really trying to do a few things.

我真的想做一些事情。

First, obviously, we're guiding March, and we've got a nice sequential increase to the March quarter.

首先，顯然，我們正在指導 3 月，並且我們在 3 月季度實現了不錯的連續增長。

We wanted to provide our view of WFE growth for '21 and expectations for KLA in the year.

我們想提供我們對 21 年 WFE 增長的看法以及對今年 KLA 的期望。

And the third thing was to provide just some context on the demand profile as we move through the year.

第三件事是在我們度過這一年時提供有關需求概況的一些背景信息。

And as I said in the prepared remarks, it looks relatively consistent.

正如我在準備好的評論中所說，它看起來相對一致。

Now I'm not guiding the June quarter.

現在我不是在指導六月季度。

I'm not guiding September.

我不是在指導九月。

I'm not guiding December.

我不是在指導十二月。

But what I wanted to do is provide a little bit more context.

但我想做的是提供更多的上下文。

Now we do have tools that cost from $10 million to $20 million, sometimes even more than that.

現在我們確實擁有成本從 1000 萬美元到 2000 萬美元不等的工具，有時甚至更高。

So there is the usual variability that you have related to the timing of a shipment to customer acceptance, to consignment buyout and so on.

因此，通常存在與發貨時間到客戶接受、寄售買斷等相關的可變性。

But when we look across our business, it looks relatively consistent from a demand profile point of view.

但是，當我們審視我們的業務時，從需求概況的角度來看，它看起來相對一致。

And I think starting with the backlog we have, the visibility we have in the funnel and then just the general lead time dynamics of our products, it gives me some comfort with that statement.

我認為從我們的積壓工作開始，我們在漏斗中的可見性，然後只是我們產品的一般交貨時間動態，這讓我對這種說法感到有些安慰。

Okay.

好的。

That's helpful.

這很有幫助。

And then you talked about the investments you're making on the product development side.

然後你談到了你在產品開發方面的投資。

And clearly, you guys are strongly outperforming your long-term profitability targets.

很明顯，你們的表現遠遠超過了長期盈利目標。

So I was curious, how do you think about opportunities to maybe even spend a little bit more and accelerate some of the product development projects you've got going on?

所以我很好奇，你如何看待可能花更多錢和加速你正在進行的一些產品開發項目的機會？

It sounds like you've been talking to some of our guys inside.

聽起來你一直在和我們裡面的一些人說話。

I think sometimes Rick and I are the only 2 people in the company that think we ought to spend less.

我認為有時瑞克和我是公司中唯一認為我們應該少花錢的兩個人。

But anyway, to answer your question, look, we have a rigorous process where we look at the portfolio of the business and look at how we get returns on that portfolio.

但是無論如何，要回答您的問題，看，我們有一個嚴格的流程，我們會查看業務組合併查看我們如何從該組合中獲得回報。

So we've ramped up our investments in R&D and product development over the last few years.

因此，我們在過去幾年中加大了對研發和產品開發的投資。

We think that there are opportunities.

我們認為有機會。

One of the biggest drivers that's driving the uptick that I articulated here, as we look at '21, is investment in multiple programs supporting reticle inspection, qualification and so on.

正如我們在 21 年所闡述的那樣，推動我在此闡明的上升的最大驅動因素之一是投資於支持標線檢查、資格認證等的多個項目。

So I think that that's been an area of focus for us, but we feel pretty comfortable with our process around R&D and the timing of our road map relative to our customer requirements, and It's worked pretty well for KLA.

所以我認為這一直是我們關注的一個領域，但我們對圍繞研發的流程以及相對於客戶要求的路線圖時間安排感到非常滿意，這對 KLA 來說效果很好。

I think what's driving more of our model upside is more of a gross margin dynamic than a cost dynamic.

我認為推動我們模型上升的更多是毛利率動態而不是成本動態。

And so I think the gross margin is reflective of the differentiation that we have with our products in the field and I think the value we're adding to our customers.

所以我認為毛利率反映了我們在該領域產品的差異化，我認為我們正在為客戶增加價值。

So hopefully, that answers your question.

所以希望這能回答你的問題。

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

我們將從 C.J. Muse 和 Evercore 提出我們的下一個問題。

I guess, 2 questions, if I could put them together.

我想，2個問題，如果我可以把它們放在一起。

The first one would be around EUV shortages at ASML.

第一個是圍繞 ASML 的 EUV 短缺。

Is that impacting GEN5 optical demand at all?

這會影響 GEN5 的光學需求嗎？

And then I guess, secondly, I'm a little bit surprised that you're guiding Orbotech businesses flat half-on-half.

然後我想，其次，我有點驚訝你正在指導奧寶科技的業務。

Typically, there's seasonal uplift into the back half.

通常情況下，後半部分會出現季節性上漲。

I'm curious if that's a conservative outlook, whether seasonality has changed or is there something that we should be kind of thinking about?

我很好奇這是否是保守的觀點，季節性是否發生了變化，還是我們應該考慮一些事情？

Yes, C.J., nicely done.

是的，C.J.，做得很好。

Those are not related at all, those 2 questions, as you know.

如您所知，這兩個問題根本不相關。

But I will take them.

但我會帶走它們。

The first one, no, we don't see any slowdown in the EUV impact if the delays that were outlined by ASML in terms of the demand for GEN5.

第一個，不，如果 ASML 概述的對 GEN5 需求的延遲，我們看不到 EUV 影響的任何放緩。

If anything, it's kind of gone the other way.

如果有的話，它有點走另一條路。

What's happened in the last few months is I think the realization that some of the yield challenges associated with EUV are best addressed by having more GEN5 capacity.

過去幾個月發生的事情是，我認為與 EUV 相關的一些良率挑戰最好通過增加 GEN5 產能來解決。

And so we're actually maxed out and trying to ramp that in order to support it.

所以我們實際上已經最大化並試圖增加它以支持它。

So we have very strong GEN5.

所以我們有非常強大的GEN5。

We don't see any delay in that.

我們沒有看到任何延遲。

And we have a lot of conversations with customers about our ability to support that.

我們與客戶就我們支持這一點的能力進行了很多對話。

In terms of Orbotech, in terms of that, it's a complicated business overall to aggregate, and so we don't really see anything -- any signs of concern.

就奧寶科技而言，總體而言，這是一項複雜的業務，因此我們並沒有真正看到任何問題——任何擔憂的跡象。

We do see continued growth in that business.

我們確實看到該業務的持續增長。

We feel good about where we set out our plans for 2023 in terms of the original model that we outlaid at the Investor Day, and we're on track to meet or exceed those.

根據我們在投資者日公佈的原始模型，我們對 2023 年計劃的製定位置感到滿意，我們有望達到或超過這些目標。

So we feel good about it.

所以我們對此感覺良好。

We'll have to see.

我們得看看。

This is a little bit newer for us to understand the dynamics of the Orbotech business, but we feel good about the signs that we're seeing.

這對我們了解奧寶科技業務的動態來說有點新，但我們對所看到的跡象感到滿意。

And as we said, we ended with a strong backlog coming out of 2020.

正如我們所說，我們以 2020 年的大量積壓而告終。

So we feel really good about this year.

所以我們對今年感覺非常好。

So C.J., the only thing that I'll add to that is we were guiding it right.

所以 C.J.，我唯一要補充的是我們的指導是正確的。

This still has the same variability you see quarter-to-quarter is at a different -- obviously, order agitate in our semiconductor process control equipment business.

這仍然具有您看到的季度與季度不同的相同可變性 - 顯然，我們的半導體過程控制設備業務中的訂單攪動。

But if you look at what's driving the business overall between 5G infrastructure, mobile and 5G handsets, some of the dynamics within specialty, and then just all the overall PCB dynamics and how it's changing relative to integration and packaging and high-performance computing.

但是，如果你看看是什麼推動了 5G 基礎設施、移動和 5G 手機之間的整體業務，專業領域的一些動態，然後是所有的整體 PCB 動態，以及它相對於集成、封裝和高性能計算的變化。

So all of that is driving some nice growth in those businesses.

因此，所有這些都推動了這些業務的一些不錯的增長。

So while the display business is, I expect a down year in '21 versus '20, the other businesses are more than making up for it.

因此，雖然顯示業務是，但我預計 21 年與 20 年相比會有所下降，但其他業務不僅僅是彌補它。

So I think that overall, it looks pretty consistent more or less as we move through the year.

所以我認為總體而言，隨著我們一年的發展，它看起來或多或少是一致的。

We'll take our next question from John Pitzer with Credit Suisse.

我們將向瑞士信貸的 John Pitzer 提出我們的下一個問題。

First one is for Bren.

第一個是給布倫的。

But I'm wondering if you could just give a little bit more detail around what happened to mix in the December quarter that drove gross margins a little bit light relative to revenues being at the high end of the range?

但我想知道您是否可以就 12 月季度發生的混合情況提供更多細節，這使得毛利率相對於處於該範圍高端的收入而言有點輕微？

And as we look out beyond March, are there any other mix considerations we should think about as we think about gross margins?

當我們展望 3 月以後，我們在考慮毛利率時是否應該考慮其他任何混合因素？

Yes, John, it's the usual quarter-to-quarter variability.

是的，約翰，這是通常的季度變化。

So it was a little bit weaker in the December quarter, and you see a bit of a bounce back into the March quarter.

所以它在 12 月季度稍弱，您會看到 3 月季度出現反彈。

So we were 20 basis points below, and we just guided 25 basis points over the midpoint or over that 62% level.

所以我們低於 20 個基點，我們只是在中點上方或 62% 的水平上方引導了 25 個基點。

And as I look at the next several quarters and why I put the comments in the prepared remarks that I feel like we're operating in the 61.5% to 62% range.

當我查看接下來的幾個季度以及為什麼我將評論放在準備好的評論中時，我覺得我們的運營範圍在 61.5% 到 62% 之間。

So it was really just a function of the products that actually revenue in the quarter, it's a customer acceptance timing dynamic and not any other reason.

因此，這實際上只是本季度實際收入的產品的功能，這是客戶接受時間的動態，而不是任何其他原因。

That's helpful.

這很有幫助。

And then, Rick, as my follow-up, maybe I'll go back to the memory question that Patrick asked first, but ask it a little bit differently.

然後，里克，作為我的後續，也許我會回到帕特里克首先問的記憶問題，但問的方式有點不同。

If we're doing the math right, December quarter, memory was a new record.

如果我們做對了，十二月季度，記憶是一個新的記錄。

You have to go back to kind of June of '18 to see memory this high.

你必須回到 18 年 6 月才能看到這麼高的內存。

And as you know, we in the investment community always think about that space as being kind of hyper-cyclical.

如您所知，我們在投資界總是認為這個空間是一種超週期性的。

We're willing to underwrite some of the structural drivers in logic/foundry, but maybe not as much in memory.

我們願意為邏輯/代工廠中的一些結構驅動程序提供擔保，但在內存中可能沒有那麼多。

When you look at the level of memory business today, how do you kind of parse out where we are in the "CapEx cycle" for memory versus some of the structural drivers you outlined in Patrick's answer?

當您查看當今的內存業務水平時，您如何分析我們在內存“資本支出週期”中的位置與您在帕特里克的回答中概述的一些結構驅動因素？

Yes.

是的。

John, I think, as you know, since we're a little more dependent on technology transition than we are to volume, our answer is a little different because it has more to do with the migration and the yield challenges associated with advanced nodes.

約翰，我認為，正如你所知，由於我們對技術轉型的依賴程度高於對數量的依賴，因此我們的答案略有不同，因為它更多地與遷移和與高級節點相關的產量挑戰有關。

And what we see that is a pretty steady commitment toward additional capability to drive next generation, and we're seeing that from multiple players.

我們看到這是對推動下一代的額外能力的相當穩定的承諾，我們從多個參與者那裡看到了這一點。

So I think like a lot of things in this industry, KLA's exposure is -- there's less variability in it based on that fact.

所以我認為就像這個行業的很多事情一樣，KLA 的曝光率是 - 基於這一事實，它的可變性較小。

And so the volume considerations associated with CapEx impact us less than that.

因此，與資本支出相關的數量考慮對我們的影響較小。

And maybe Bren can give some color on how that looks for the -- as we go out through the year.

也許布倫可以為我們在這一年中的表現提供一些顏色。

Well, John, it was fairly weak for most of 2020, and we saw this increase in the December quarter which had some breadth to it, and we expected to see that.

好吧，約翰，在 2020 年的大部分時間裡，它都相當疲軟，我們在 12 月季度看到了這種增長，這有一定的廣度，我們預計會看到這一點。

So we weren't surprised by it.

所以我們對此並不感到驚訝。

And then as we look at '21, we expect to see growth overall.

然後當我們看 21 年時，我們預計會看到整體增長。

We articulated our view earlier about just -- we think the DRAM market overall probably grows at a higher percentage level than the flash market, but we would expect to see growth in the business into '21.

我們早些時候表達了我們的觀點——我們認為 DRAM 市場整體的增長百分比可能高於閃存市場，但我們預計到 21 年該業務將出現增長。

But it's been pretty disciplined.

但是一直很守規矩。

So seeing it bounce back in the December quarter and some sustainability here at these levels as we move through the first part at least here at '21, it's encouraging.

因此，至少在 21 年的第一部分，看到它在 12 月季度反彈並且在這些水平上具有一些可持續性，這是令人鼓舞的。

We'll take our next question from Krish Sankar with Cowen and Company.

我們將向 Cowen and Company 的 Krish Sankar 提出下一個問題。

I have 2 of them, too.

我也有2個。

Rick, just to follow-on the thought process on memory, it seems like KLA, the way it is today is relatively more exposed to NAND than DRAM.

Rick，只是繼續對內存的思考過程，它看起來像 KLA，它今天的方式相對更多地暴露於 NAND 而不是 DRAM。

Do you think that exposure or process control intensity increases in DRAM as DRAM goes more EUV?

您是否認為隨著 DRAM 的 EUV 越來越多，DRAM 的曝光或工藝控制強度會增加？

And if so, how should we think about KLA's revenue mix?

如果是這樣，我們應該如何看待 KLA 的收入組合？

And then I have a quick follow-up.

然後我有一個快速跟進。

Yes.

是的。

I think that the differences are pretty slight in terms of what the drivers are.

我認為就驅動程序而言，差異很小。

It's actually different products that are getting impacted.

實際上受到影響的是不同的產品。

So if you think about DRAM, we're more -- obviously, scaling is more of a factor there.

因此，如果您考慮 DRAM，我們會更多——顯然，縮放是其中的一個因素。

And so you'll see more of what we're doing in terms of whether it's GEN5.

所以你會看到更多關於它是否是 GEN5 的內容。

You don't really see that and what's going on in NAND, but you do have some of the new products.

你並沒有真正看到這一點以及 NAND 中發生了什麼，但你確實有一些新產品。

We talked about the x-ray technology is really more applicable to that, some of the challenges associated with metrology and even how it impacts our bare wafer business, our Surfscan business because the flatness requirements and the cleanliness for wafers for NAND really get exacerbated when you think about the kind of verticality of those dimensions are going through and the stress that puts on the semiconductor producer for them to be able to manage the yield.

我們談到了 X 射線技術確實更適用於此，與計量相關的一些挑戰，甚至它如何影響我們的裸晶圓業務，我們的 Surfscan 業務，因為 NAND 晶圓的平整度要求和清潔度確實會加劇您考慮一下這些尺寸的垂直度以及半導體生產商為了管理產量而承受的壓力。

So they're different.

所以他們是不同的。

I think the intensity at this point is slightly higher in the NAND than in the DRAM, but they're both kind of increasing at similar amounts.

我認為此時 NAND 中的強度略高於 DRAM，但它們都以相似的數量增加。

Got it.

知道了。

Got it, Rick.

明白了，瑞克。

Krish, the only thing I would add on DRAM is with the introduction of EUV, and we'll have to see how that plays out, it does drive some infrastructure.

Krish，我唯一要在 DRAM 上添加的是 EUV 的引入，我們必須看看它是如何發揮作用的，它確實推動了一些基礎設施。

Now -- that's 1 level of investment, and is that sustainable over time is, I think, a challenge for our teams.

現在 - 這是一級投資，並且隨著時間的推移可持續發展，我認為，對我們的團隊來說是一個挑戰。

But as customers start to deploy EUV, it will require EUV-related infrastructure to help manage that.

但隨著客戶開始部署 EUV，它將需要與 EUV 相關的基礎設施來幫助管理。

So that's a factor that's out there that is also maybe a change moving forward.

所以這是一個存在的因素，也可能是一個向前發展的變化。

Fair enough, Bren.

很公平，布倫。

And then I had a follow-up for you on Services.

然後我在服務方面為您跟進。

In the shareholder letter, you spoke about how the Services attach rate grew from 70% to over 75% through the course of last year.

在股東信中，您談到了去年服務附加率如何從 70% 增長到 75% 以上。

I'm just curious how you can realistically get -- or put in another way, Service is running at 25% of total sales.

我只是好奇你如何才能真正獲得——或者換句話說，服務佔總銷售額的 25%。

Can it get to over 30%?

能達到30%以上嗎？

Well, Krish, it will.

好吧，克里希，它會的。

It's 2 separate questions.

這是2個單獨的問題。

It will because it's growing faster than the underlying Systems business.

它將是因為它的增長速度超過了基礎系統業務。

If you look at our service model, it's a 9% to 11% growth rate, which is what we articulated at Investor Day.

如果你看看我們的服務模式，它的增長率是 9% 到 11%，這就是我們在投資者日所闡明的。

And I'd argue that, certainly, the increase in demand we've seen on the Systems side gives us a tailwind to that growth rate moving forward.

而且我認為，當然，我們在系統方面看到的需求增長為我們提供了推動這一增長率前進的動力。

There's -- clearly, customers are valuing the service offerings, particularly as you're seeing more and more demand at the trailing edge and the need for those customers to keep those tools up.

有 - 顯然，客戶正在重視服務產品，特別是當您看到越來越多的後緣需求以及這些客戶保持這些工具的需求時。

A lot of those customers, particularly around automotive, are facing increasing reliability requirements, and that's driving more investment in process control and the information that comes off the tools.

許多這些客戶，尤其是汽車行業的客戶，都面臨著越來越高的可靠性要求，這推動了對過程控制和來自工具的信息的更多投資。

So those have all been good drivers for us.

所以這些對我們來說都是很好的推動力。

So I keep thinking, look, 80%, 85%, I think that's probably reasonable to think that we could aspire to get there.

所以我一直在想，看，80%，85%，我認為我們可以渴望達到目標可能是合理的。

There's always dynamics for certain customers that prefer a billable model.

某些喜歡計費模型的客戶總是有動態。

And so we'll have to deal with that resistance to try to move to a contract structure.

因此，我們將不得不應對這種阻力，以嘗試轉向合同結構。

At the end of the day, contract structures allow us to optimize the cost structure underneath, and we can serve to an entitlement level that drives higher through-cycle profitability.

歸根結底，合同結構使我們能夠優化下面的成本結構，並且我們可以服務於提高整個週期盈利能力的權利水平。

So that's what we aspire to.

所以這就是我們所追求的。

So I think there's opportunities, but I think there's always going to be some limit to it where customers are going to -- some customers prefer a billable structure as part of their installed base.

所以我認為有機會，但我認為客戶要去的地方總是會有一些限制 - 一些客戶更喜歡可計費結構作為其安裝基礎的一部分。

Just to add to it, I mean, the one other factor is the tools that are being shipped today, the complexity is such that if you think about a car analogy, it's pretty hard to service a car today.

補充一點，我的意思是，另一個因素是今天正在運送的工具，其複雜性如此之大，以至於如果您考慮汽車類比，那麼今天維修汽車非常困難。

15 years ago, it might have been different.

15 年前，情況可能有所不同。

And so you think about, over time, the complexity and the associated, more and more of our systems end up having more and more custom design parts throughout the system, and it just becomes more economical to rely on us.

所以你想想，隨著時間的推移，複雜性和相關性，我們越來越多的系統最終在整個系統中擁有越來越多的定制設計部件，依賴我們變得更加經濟。

And then there's no question that in service model, customer benefits from having a contract over the long term.

毫無疑問，在服務模式中，客戶可以從長期合同中受益。

They take the risk out of episodic events and they have more reliability of uptime.

他們從偶發事件中承擔風險，並且具有更高的正常運行時間可靠性。

So I agree with Bren.

所以我同意布倫的觀點。

I think it goes up over time, but nothing moves particularly fast in the services world, given the size of the installed base.

我認為它會隨著時間的推移而上升，但考慮到安裝基數的規模，在服務領域沒有什麼變化特別快。

So it takes a little time for that number to keep creeping up.

所以這個數字需要一點時間才能繼續攀升。

But we're firmly convinced and committed to driving it.

但我們堅信並致力於推動它。

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

我們將向美國銀行的 Vivek Arya 提出我們的下一個問題。

I had 2 as well.

我也有2個。

First is, if I take your March quarter outlook and kind of annualize it, suggests this calendar year growth in line with WFE growth.

首先，如果我採用您的 3 月季度展望並將其年度化，則表明該日曆年的增長與 WFE 增長一致。

But when I look at some of the investments that are being made in 5 and 3-nanometer on the foundry side, and then the DRAM, which is more kind of logic like, I'm curious what are the prospects of outgrowing WFE?

但是當我看到一些在代工方面對 5 和 3 納米進行的投資，然後是 DRAM，這更像是一種邏輯，我很好奇 WFE 的發展前景如何？

I guess it's the process control intensity question just asked in a different way.

我想這是以不同方式提出的過程控制強度問題。

Like, what would help you grow above or below WFE this year?

比如，今年什麼可以幫助你在 WFE 之上或之下成長？

Well when I look at it, Vivek, I think that there's -- you have a little bit more memory investment this year than in '20.

好吧，當我看到它時，Vivek，我認為今年的內存投資比 20 年多一點。

And so that puts downward pressure on process control intensity.

這給過程控制強度帶來了下行壓力。

But you're right about the opportunities in foundry/logic and some of the product offerings that we expect to have over the course of 2021.

但是，您對代工/邏輯的機會以及我們預計在 2021 年期間提供的一些產品是正確的。

So when I look at it and -- I think that we will at least perform in line with the market.

所以當我看到它時 - 我認為我們至少會與市場保持一致。

I would expect that we'll probably do a little bit better.

我希望我們可能會做得更好一點。

There are some headwinds and some tailwinds as we look at '21.

當我們看 21 年時，有一些逆風和一些順風。

But overall, I think that that's where process control intensity kind of plays out.

但總的來說，我認為這就是過程控制強度發揮作用的地方。

And then from a share, if we execute, I think there's probably some opportunities for some modest share improvement as well.

然後從份額來看，如果我們執行，我認為可能也有一些適度改善份額的機會。

So I would think KLA's share of WFE is probably flat to slightly up as we look at '21 from where we sit today.

因此，我認為 KLA 在 WFE 中的份額可能持平或略有上升，因為我們從今天的位置來看 21 年。

Got it.

知道了。

And a follow-up is a question on cash returns to shareholders.

後續問題是關於股東現金回報的問題。

Your profitability is very analog semi like, right, almost 37%, 38% operating margins, but free cash flow returns are -- do leave a lot more room for improvement.

你的盈利能力是非常類似的，對，幾乎是 37%，38% 的營業利潤率，但自由現金流回報——確實留下了更多的改進空間。

Even when I look at the buybacks that you had in December, they were somewhat lower than the average we have seen in the last 2 years.

即使當我查看您在 12 月進行的回購時，它們也略低於我們在過去兩年中看到的平均水平。

So I'm curious, how are you looking at cash returns going forward if you're going to have such strong growth this year and the longer-term trends are there, why not look at 100% free cash flow returns and looking at boosting dividends or the buyback?

所以我很好奇，如果你今年會有如此強勁的增長並且存在長期趨勢，你如何看待未來的現金回報，為什麼不看看 100% 的自由現金流回報並著眼於提升分紅還是回購？

Well, so if you go back to Investor Day, and I think even over time, every time we get the question, we've been very explicit about how we think about capital allocation in the company and our belief that, in generally, cash doesn't get valued unless it's deployed productively.

好吧，所以如果你回到投資者日，我認為即使隨著時間的推移，每次我們收到問題時，我們都會非常明確地說明我們如何看待公司的資本配置，以及我們普遍認為現金除非有效部署，否則不會受到重視。

And so when you look at what we're doing going forward, we expect that at a minimum, we'd be able to return 70% and investors can model that as they think about the returns profile over time.

因此，當您查看我們未來的工作時，我們預計我們至少能夠獲得 70% 的回報，投資者可以在考慮隨著時間的推移的回報情況時對其進行建模。

We're right around that this year, but this was a little bit of a unique year with some of the COVID dynamics at the beginning of the year.

今年我們就差不多了，但這是一個有點獨特的一年，年初有一些 COVID 動態。

We did build our cash balance a little bit.

我們確實建立了一點現金餘額。

But you're right, given the growth of the business, I would expect that we can deploy more.

但你是對的，鑑於業務的增長，我希望我們可以部署更多。

We do an exhaustive exercise here to understand the liquidity of the company and how much cash we need to run it, and we're operating at that level today.

我們在這裡進行了詳盡的練習，以了解公司的流動性以及我們需要多少現金來運營它，而我們今天就在這個水平上運營。

And so we have to juxtapose those alternatives against opportunities for growth in the company, and I think we've done a pretty good job of that.

因此，我們必須將這些替代方案與公司的增長機會並列，我認為我們在這方面做得很好。

But generally, I think the 70% tends to be a floor.

但總的來說，我認為 70% 往往是一個底線。

And given the uptick in the business that we're describing, I would expect our quarter-to-quarter share repurchasing to increase as we go forward here.

鑑於我們所描述的業務增長，我預計隨著我們在這裡的發展，我們的季度股票回購量將會增加。

Now on the dividend side, a, we've raised it 11 years in a row, 35% or so payout ratio target through-cycle to enable us to continue to raise it year in and year out and have a payout ratio that gives us the ability to do that and even raise it in difficult years.

現在在股息方面，a，我們已經連續 11 年提高了它，整個週期的派息率目標是 35% 左右，使我們能夠繼續年復一年地提高它，並有一個派息率給我們有能力做到這一點，甚至在困難的年份提高它。

We're going to grow it in line with the growth rate in free cash flow.

我們將使其與自由現金流的增長率保持一致。

And so over time, you can expect that the dividend payout ratio will grow roughly in line with the growth in free cash flow.

因此，隨著時間的推移，您可以預期股息支付率將大致與自由現金流的增長保持一致。

So that's our model, and we do our exercise here each year, and we'll continue to do it that way.

這就是我們的模式，我們每年都在這裡進行練習，我們將繼續這樣做。

I don't think anything's changed.

我不認為有什麼改變。

We'll take our next question from Sidney Ho with Deutsche Bank.

我們將在德意志銀行接受 Sidney Ho 的下一個問題。

Great.

偉大的。

My first question is on China.

我的第一個問題是關於中國的。

I think China was -- if my math is right, the China revenue was down about 20% quarter-over-quarter after a pretty good third quarter, but still up very solidly for the year by 20%.

我認為中國是 - 如果我的數學是正確的，在第三季度相當不錯的情況下，中國的收入環比下降了約 20%，但今年仍然非常穩定地增長了 20%。

What are your expectations for your opportunity in China this year?

您對今年在中國的機會有何期待？

So I would expect WFE in China to be flat to up.

因此，我預計中國的 WFE 將持平。

I'm looking at our business levels, and they match that.

我正在研究我們的業務水平，它們與之相匹配。

So it -- I would say it's very consistent with the profile of '20, maybe a little bit better.

所以它 - 我會說它與 20 年的概況非常一致，也許會更好一點。

And it's different customers that are investing.

投資的是不同的客戶。

But in general, that's how we see it.

但總的來說，這就是我們的看法。

Okay.

好的。

Great.

偉大的。

Maybe my follow-up question is related to your target model.

也許我的後續問題與您的目標模型有關。

You printed operating margin 38%, guiding up to 39% plus, well ahead of our target model.

您打印的營業利潤率為 38%，指導高達 39% 以上，遠超我們的目標模型。

And it sounds like you're comfortable that you will continue to exceed that.

聽起來你很自在，你將繼續超越這一點。

But are there things that we should be aware of that may bring down operating margin as your revenue continue to grow in the next few years in terms of either cost of goods sold side of things, gross margin, obviously, operating expenses side that may try to normalize a little bit over the next few years?

但是，我們應該注意哪些事情可能會降低營業利潤率，因為您的收入在未來幾年繼續增長，無論是商品銷售成本方面，毛利率，顯然，運營費用方面可能會嘗試在接下來的幾年裡正常化一點？

Well, there's always quarter-to-quarter fluctuations.

嗯，總是有季度到季度的波動。

But when you look at our long-term plan of growing our top line at least in the 7% to 9% range and dropping 1.5x that revenue growth rate in terms of EPS growth.

但是，當您查看我們將收入增長至少在 7% 至 9% 範圍內並在每股收益增長方面降低 1.5 倍的收入增長率的長期計劃時。

But that drives effectively an incremental operating margin that's between 40% and 50%.

但這有效地推動了 40% 到 50% 之間的增量營業利潤率。

And that's how we're going to run the company over time.

這就是我們隨著時間的推移經營公司的方式。

So you always have the drivers that influence margin -- gross margin, whether it's a product mix.

所以你總是有影響利潤率的驅動因素——毛利率，無論是產品組合。

Obviously, service has a dilutive element at the gross margin line.

顯然，服務在毛利率線上具有稀釋成分。

But we factor that into how we think about the model when we put out there.

但是，當我們推出該模型時，我們會將其考慮在內。

So yes, we're outperforming the public model.

所以是的，我們的表現優於公共模型。

I think the strength and the speed of the growth that we've seen over the last couple of years has helped drive a fair amount of leverage in the business.

我認為我們在過去幾年中看到的增長的力量和速度有助於推動該業務的相當大的槓桿作用。

And I think that a lot -- as I said earlier and said in the prepared remarks, a lot of it is sustainable.

我認為很多——正如我之前所說並在準備好的評論中所說，很多都是可持續的。

So that's our model, and we're outperforming it and expect to over the next number of quarters, as I outlined.

這就是我們的模型，正如我概述的那樣，我們的表現優於它，並有望在接下來的幾個季度中實現。

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

我們將回答瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）的下一個問題。

Bren, I'm sorry, you might have already talked about this, but I actually jumped on late.

布倫，對不起，你可能已經談過這個了，但實際上我遲到了。

So it seems like if you're going to hold WFE share pretty flat, which I think is pretty reasonable in the [6 3] or [6 4] range, it seems like process control shipments are going to be -- or revenue is going to be in the 1.05 range for March, and then it's going to sort of stay in that range throughout the rest of the year.

所以看起來如果你要保持 WFE 的份額相當平穩，我認為這在 [6 3] 或 [6 4] 範圍內是相當合理的，看起來過程控制出貨量將會是 - 或者收入是將在 3 月份處於 1.05 的範圍內，然後在今年餘下的時間裡將保持在該範圍內。

So you're not going to see this pronounced half-on-half decline that maybe some others will.

所以你不會看到這種明顯的半對半下降，也許其他一些人會。

Is that sort of the right way to think about the -- some of these process piece?

這樣的思考方式是正確的嗎？

So Tim, yes, you missed it.

所以蒂姆，是的，你錯過了。

I covered it earlier.

我之前介紹過。

And there were some prepared remarks that I had that were about a sustained or consistent demand profile over the next number of quarters.

我有一些準備好的評論，這些評論是關於未來幾個季度的持續或一致的需求狀況。

So that isn't guidance, but that was just to give some context on how we see the year shaping up, notwithstanding the issue that we have around just general ASPs of our tools that can cause some variability quarter-to-quarter.

因此，這不是指導，但這只是為了提供一些關於我們如何看待這一年的背景信息，儘管我們的工具的一般 ASP 存在問題，這可能會導致季度間出現一些變化。

If you look at the March quarter -- and again, we run the -- we guide one revenue number, but my expectations around the semi process control business are somewhere between [1.435] and [1.455], including service, so somewhere in that ballpark.

如果您查看 3 月季度 - 再一次，我們運行 - 我們指導一個收入數字，但我對半過程控制業務的預期介於 [1.435] 和 [1.455] 之間，包括服務，所以在那個地方球場。

Including service.

包括服務。

Okay.

好的。

Okay.

好的。

Got it.

知道了。

Got it.

知道了。

And then I had a question on NAND.

然後我有一個關於 NAND 的問題。

So I know you don't have a ton of visibility there, but your commentary that NAND is going to be sort of the weakest in terms of the relative end markets on a year-over-year basis this year is kind of interesting.

所以我知道你在那裡沒有太多的知名度，但你關於今年 NAND 在相對終端市場的同比同比方面將是最弱的評論有點有趣。

I think some others are beginning to try to say the same thing.

我認為其他一些人也開始嘗試說同樣的話。

It sounds like about flat is the growing consensus.

聽起來關於扁平化是越來越普遍的共識。

There was a pretty big budget flush from one of the big customers in the fourth quarter.

第四季度，一位大客戶的預算相當大。

So that was higher.

所以這更高。

But I guess my question is, is your view on NAND, is it because things have been cut?

但我想我的問題是，你對 NAND 的看法是不是因為事情被削減了？

So because the procurement has been cut later on in the year as to why it's flat?

因此，由於採購在今年晚些時候被削減，為什麼它是持平的？

Or is it because the number is the same, it just is off of a bigger base in 2020?

還是因為數量相同，只是在 2020 年基數更大？

Yes.

是的。

I think there's some growth in NAND.

我認為NAND有一些增長。

It's the lowest percentage growth rate of the 3 segments that we articulated.

這是我們闡述的三個細分市場中最低的百分比增長率。

So I think it's probably a mid-single-digit type growth rate.

所以我認為這可能是一個中等個位數的增長率。

And that's obviously off of a bigger base as we look at '21.

當我們看到'21時，這顯然是一個更大的基礎。

But it's not because things have been cut, Bren.

但這不是因為事情被削減了，布倫。

That's -- I guess...

那是——我猜...

No.

不。

I'm not so sure I understand the question, but I think it's been fairly consistent I think here.

我不太確定我是否理解這個問題，但我認為我在這裡認為這是相當一致的。

I think it upticked a little bit in the second half, to your point.

我認為它在下半場有所上升，就你的觀點而言。

And I think that there's some growth next year off of '20.

而且我認為明年 20 年會有一些增長。

We'll 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.

在季度執行和強勁的結果方面做得很好。

In 2019, in Semiconductor Process Control, you guys gained about 300 basis points of share on the Systems side.

2019 年，在半導體過程控制中，你們在系統方面獲得了大約 300 個基點的份額。

Revenue-wise, you're about 5x larger than your nearest competitor.

就收入而言，您比最接近的競爭對手大 5 倍左右。

It looks like your process control systems business grew about 17% in 2020.

看起來您的過程控制系統業務在 2020 年增長了約 17%。

Do you guys think you sustained or gained overall process control market share in 2020?

你們認為你們在 2020 年保持或獲得了整體過程控制市場份額嗎？

And in what areas do you think you drove the most share gains?

您認為您在哪些領域推動了最大的份額增長？

And on your view of double-digit percentage revenue growth in 2021, what are going to be the fastest-growing segments within process control?

根據您對 2021 年兩位數百分比的收入增長的看法，過程控制中增長最快的部分是什麼？

Harlan, I think it kind of -- there's kind of 2 ways to answer it.

哈蘭，我認為有兩種方法可以回答它。

What were the end drivers for it?

它的最終驅動因素是什麼？

And what were the products?

產品是什麼？

And I say that because EUV really drove a lot of our BBP performance, but it isn't necessarily the only thing BBP is used for.

我這麼說是因為 EUV 確實推動了我們的 BBP 性能，但它不一定是 BBP 的唯一用途。

So we feel good about how we finished up the year.

所以我們對我們如何結束這一年感覺很好。

As you said, we gained share and we feel like we held it.

正如你所說，我們獲得了份額，我們覺得我們持有它。

We'll see what the final numbers come out.

我們將看到最終的數字是什麼。

But remember, at Investor Day, we were modeling a slower growth in share than what we're actually seeing.

但請記住，在投資者日，我們模擬的份額增長比我們實際看到的要慢。

So we feel really good about where we are in terms of the BBP adoption and had a very strong year in optical inspection in calendar '20.

因此，我們對 BBP 的採用情況感到非常滿意，並且在 20 年日曆中的光學檢測方面表現非常強勁。

As you shift to '21, we feel like we're well positioned to continue to build on the share gains or process control adoption gains that we had, again, based as much on end demand as some products that are coming to market that will continue to build that, plus continued adoption.

當您轉向 '21 時，我們覺得我們已經準備好繼續在我們擁有的份額收益或流程控制採用收益的基礎上再一次建立在最終需求的基礎上，就像一些即將上市的產品一樣繼續構建它，並繼續採用。

The optical inspection strength is really remarkable, and we feel good about how we're positioned there.

光學檢測的實力非常出色，我們對自己的定位感到滿意。

So I think that you're right.

所以我認為你是對的。

We gained more in '19 than in 2020.

與 2020 年相比，我們在 19 年獲得的收益更多。

We held our gains, maybe built on it a little.

我們保持了我們的收益，也許在此基礎上有所建樹。

And I think we're positioned to continue that trajectory as we go towards our '23 plan, but certainly for '21.

而且我認為，隨著我們朝著 23 年的計劃前進，我們有能力繼續這一軌跡，但肯定是在 21 年。

That's the way the year is lining up.

就這樣過年了。

That's the way our build plans look right now.

這就是我們的構建計劃現在的樣子。

Yes.

是的。

The product families overall, all of them are showing growth.

總體而言，產品系列都在增長。

I would think that Rick talked a lot about broadband plasma and the strength there.

我認為 Rick 談了很多關於寬帶等離子及其強度的問題。

Because of the memory uptake we're seeing and after a couple of years now of digestion, we're seeing more pattern inspection -- unpatterned inspection investment.

由於我們看到的內存佔用以及經過幾年的消化，我們看到了更多的模式檢查——無模式檢查投資。

And so that's a good indicator both to support the wafer output, but also, which in memory tends to drive wafers, so that drives that business.

因此，這是一個很好的指標，既可以支持晶圓產量，也可以支持內存中的晶圓，從而推動該業務。

And then the tool monitoring that is done with unpatterned inspectors running monitor wafers in memory.

然後通過無圖案檢查員在內存中運行監控晶圓來完成工具監控。

And then in reticle inspection, I'd expect to see growth year-over-year above market kind of growth levels in that business as well.

然後在標線檢查中，我預計該業務的同比增長也將高於市場增長水平。

Great.

偉大的。

And on the EPC side, it's brought very good diversification to the business.

在EPC方面，它為業務帶來了非常好的多元化。

Going back to the 2019 Analyst Day, the team's outlook for EPC was kind of like a 9% to 10% CAGR, $1.4 billion, $1.5 billion in revenues in 2023.

回到 2019 年分析師日，該團隊對 EPC 的展望有點像 2023 年 9% 到 10% 的複合年增長率，14 億美元，15 億美元的收入。

Based on the results that you put up in 2020, looks like you guys grew that business about 10%, 11% if you included the full quarter of Orbotech in your March 2019 quarter.

根據您在 2020 年提出的結果，如果您在 2019 年 3 月的季度中包括奧寶科技的整個季度，那麼看起來你們的業務增長了大約 10%，11%。

So good to see the team tracking to or slightly ahead of those targets.

很高興看到團隊跟踪或稍微領先於這些目標。

What type of growth are you guys expecting for EPC this year?

你們對今年 EPC 的增長有何期待？

Would it be more in line with that 9% to 10% CAGR that you've been targeting?

它會更符合您一直瞄準的 9% 到 10% 的複合年增長率嗎？

Or could it be more in line with the overall top line growth of sort of mid teens?

或者它是否更符合中等青少年的整體收入增長？

And what segments are going to be driving the largest growth in any segments that will lag the growth?

在增長滯後的任何細分市場中，哪些細分市場將推動最大的增長？

Sure, Harlan.

當然，哈蘭。

Great question.

好問題。

We do feel good about where we're positioned.

我們確實對我們所處的位置感覺良好。

And as you know, I think we're fully integrated now and feel really good about the message we have for our customers.

如您所知，我認為我們現在已經完全整合，並且對我們為客戶傳達的信息感覺非常好。

I mentioned in prepared remarks, we feel good about the progress we've made on the synergies.

我在準備好的評論中提到，我們對我們在協同效應方面取得的進展感到滿意。

We have seen the target that we laid out in 2023.

我們已經看到了我們在 2023 年制定的目標。

We're on track.

我們走上了正軌。

But to your point, and Bren mentioned it, FPD will be down in calendar '21, which means -- and we think, overall, the rest of the business, if you take out FPD, probably be up closer to 15%.

但就你的觀點而言，布倫提到，FPD 將在 21 年日曆中下降，這意味著——我們認為，總的來說，如果你去掉 FPD，其餘業務可能會上升接近 15%。

So -- and FPD was relatively weak in '20.

所以——FPD 在 20 年相對較弱。

So the parts of the business that were, I think, the most levered to in terms of advanced packaging and a lot of the work that's going on, where we have overlap with some of our existing front end customers really a lot of good progress.

因此，我認為，就高級封裝和正在進行的大量工作而言，業務中最受利用的部分，我們與一些現有的前端客戶重疊，確實取得了很多良好的進展。

And as you know, Oreste is running that.

如您所知，Oreste 正在運行它。

I think he's confident that we can build on our success as we go forward based on the interactions that we're having with customers.

我認為他相信我們可以在我們與客戶的互動的基礎上繼續取得成功。

We feel good about specialty.

我們對專業感覺很好。

PCB has been great, and we've been really happy with the work that's going on in the packaging, inspection, the ICOS businesses.

PCB 一直很棒，我們對包裝、檢驗和 ICOS 業務中正在進行的工作感到非常滿意。

So those 3 are really hitting it and feel really good about it.

所以這三個人真的很成功，感覺很好。

I also mentioned we're seeing the same operating margin leverage.

我還提到我們看到了相同的營業利潤率槓桿。

Obviously, those are lower profitability businesses, but they have the same leverage in the operating model as the rest of KLA.

顯然，這些都是盈利能力較低的業務，但它們在運營模式中的影響力與 KLA 的其他業務相同。

So we feel good about that as well.

所以我們對此也感覺良好。

We'll take our final question today from Quinn Bolton with Needham & Company.

我們今天將向 Needham & Company 的 Quinn Bolton 提出最後一個問題。

Guys, you somewhat addressed it in answering Harlan's question there, but I was looking at the wafer inspection business up 32%.

伙計們，你們在回答 Harlan 的問題時稍微解決了這個問題，但我看到晶圓檢測業務增長了 32%。

Just wondering if you can give a little bit more detail on what's driving that strength?

只是想知道您是否可以詳細說明是什麼推動了這種力量？

Is it mostly GEN5?

主要是GEN5嗎？

Is it Surfscan?

是衝浪掃描嗎？

And in the script, I think you also mentioned some new applications in optical inspection.

在劇本中，我想你還提到了光學檢測中的一些新應用。

So I was just looking for some more color there.

所以我只是在那裡尋找更多的顏色。

Yes.

是的。

It's really related, Quinn, to the optical inspection in GEN4, GEN5.

Quinn，這真的與 GEN4、GEN5 中的光學檢查有關。

So it's not just what we're seeing in GEN5.

所以這不僅僅是我們在 GEN5 中看到的。

But GEN5 is certainly where we're seeing the increased application around specifically supporting EUV.

但 GEN5 肯定是我們看到圍繞專門支持 EUV 的應用增加的地方。

And there -- that's -- we laid out that thesis at Investor Day.

在那裡 - 那是 - 我們在投資者日提出了這個論點。

We haven't really seen it at that time that we thought the print check.

當時我們還沒有真正看到我們認為打印檢查。

So when customers will print down the EUV and they'll validate that image, that was going to be an application we believe there was a big market requirement for it.

因此，當客戶打印 EUV 並驗證該圖像時，這將是一個應用程序，我們相信它有很大的市場需求。

That's proving to be true, and that's driving a lot of the business success going forward.

事實證明這是真的，這推動了許多商業成功的發展。

The other thing that's happening, of course, as EUV is becoming more prevalent than just in general, scaling matters more, smaller defects, and that pushes the mix toward more GEN5 than perhaps would have been GEN4.

當然，正在發生的另一件事是，隨著 EUV 變得比一般情況更普遍，縮放更重要，缺陷更小，這推動了混合向 GEN5 的方向發展，而不是可能是 GEN4。

So we're benefiting from both of those trends, new applications, additional scaling.

因此，我們從這兩個趨勢、新應用程序和額外擴展中受益。

All right.

好的。

We appreciate everybody's time and interest, and I'll pass the call back over to Priscilla to go ahead.

我們感謝大家的時間和興趣，我會將電話轉回給 Priscilla 繼續進行。

This concludes the KLA Corporation December Quarter 2020 Earnings Call and Webcast.

KLA Corporation 2020 年 12 月季度財報電話會議和網絡直播到此結束。

Please disconnect your line at this time and have a wonderful day.

請在此時斷開您的線路，祝您有美好的一天。