科磊 (KLAC) 2014 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是邁克，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the first quarter fiscal-year 2014 earnings call.

在這個時候，我想歡迎大家參加 2014 財年第一季度財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions).

（操作員說明）。

Thank you.

謝謝你。

I will now turn the call over to Ed Lockwood with Investor Relations.

我現在將把電話轉給投資者關係部的 Ed Lockwood。

You may begin your conference.

你可以開始你的會議了。

Thank you, Mike.

謝謝你，邁克。

Good afternoon, everyone, and welcome to our conference call.

大家下午好，歡迎參加我們的電話會議。

Joining me on our call today are Rick Wallace, our President and Chief Executive Officer, and Bren Higgins, our Chief Financial Officer.

今天和我一起參加電話會議的還有我們的總裁兼首席執行官 Rick Wallace 和首席財務官 Bren Higgins。

We are here to discuss first-quarter results for the period ended September 30, 2013.

我們在這裡討論截至 2013 年 9 月 30 日期間的第一季度業績。

We released these results this afternoon at 1.15 PM Pacific time.

我們在太平洋時間今天下午 1.15 PM 發布了這些結果。

If you haven't seen the release, you'll find it on our website at www.kla-tencor.com or call 408-875-3600 to request a copy.

如果您還沒有看到該版本，您可以在我們的網站 www.kla-tencor.com 上找到它或致電 408-875-3600 索取副本。

A simulcast of this call will be accessible on demand following its completion on the investor relations section of our website.

本次電話會議在我們網站的投資者關係部分完成後，可按需收聽該電話的聯播。

There, you will also find a calendar of future investor events, presentations, and conferences, as well as links to KLA-Tencor's SEC filings, including our annual report on Form 10-K for the year ended June 30, 2013, and our subsequently-filed 10-Q reports.

在那裡，您還可以找到未來投資者活動、演講和會議的日曆，以及指向 KLA-Tencor 向 SEC 提交的文件的鏈接，包括我們截至 2013 年 6 月 30 日的 10-K 表格年度報告，以及我們隨後的- 提交 10-Q 報告。

In those filings, you will find descriptions of risk factors that could impact our future results.

在這些文件中，您將找到可能影響我們未來結果的風險因素的描述。

As you know, our future results are subject to risks.

如您所知，我們未來的業績存在風險。

Any forward-looking statements, including those we make on this call today, are subject to those risks, and KLA-Tencor cannot guarantee those forward-looking statements will come true.

任何前瞻性陳述，包括我們今天在本次電話會議上做出的陳述，都存在這些風險，KLA-Tencor 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。

More information, including factors that could cause those differences, is contained in the filings we make with the SEC from time to time, including our fiscal-year 2013 Form 10-K and our current reports on Form 8-K.

更多信息，包括可能導致這些差異的因素，包含在我們不時向 SEC 提交的文件中，包括我們的 2013 財年表格 10-K 和我們當前的表格 8-K 報告。

We assume no obligation and do not intend to update those forward-looking statements.

我們不承擔任何義務，也不打算更新這些前瞻性陳述。

However, any updates we do provide will be broadly disseminated and available over the web.

但是，我們提供的任何更新都將通過網絡廣泛傳播和提供。

I will now turn the call over to Rick.

我現在將把電話轉給 Rick。

Thanks, Ed.

謝謝，埃德。

Good afternoon everyone.

大家下午好。

I will lead off the call today with summary highlights of Q1 and the current business environment, and then provide guidance for the December quarter.

我將在今天的電話會議前總結第一季度的亮點和當前的商業環境，然後為 12 月季度提供指導。

Then Bren will follow with more details on the results.

然後布倫將跟進結果的更多細節。

Q1 2014 was a good quarter for KLA-Tencor, demonstrating our market leadership, the strength of our core markets in process control, and solid operational execution.

2014 年第一季度對 KLA-Tencor 來說是一個不錯的季度，展示了我們的市場領導地位、我們在流程控制方面的核心市場實力以及穩健的運營執行。

New orders in Q1 grew 11% sequentially to $790 million, above the range of guidance and setting a new record for total bookings for the Company in the September quarter.

第一季度的新訂單環比增長 11% 至 7.9 億美元，高於指導範圍，並為公司在 9 月季度的總預訂量創造了新紀錄。

We experienced good momentum in order activity in the quarter and demand was strong across each of our end markets, highlighted by record memory customer bookings in Q1.

我們在本季度的訂單活動勢頭良好，每個終端市場的需求都很強勁，第一季度的內存客戶預訂量創紀錄。

Bookings activity was also robust in foundry, where we witnessed pull-in orders to support 20-nanometer development.

代工廠的預訂活動也很活躍，我們見證了支持 20 納米開發的訂單。

The solid demand affirms our ongoing focus on providing superior value to customers, both in terms of meeting market requirements and delivering superior competitive offerings.

強勁的需求證實了我們一直致力於為客戶提供卓越的價值，無論是在滿足市場需求還是提供卓越的競爭產品方面。

In fact, a key contributor to our strong bookings performance in Q1 was the success of new products, particularly with memory customers, with whom we achieved quick acceptance of our latest-generation plasma inspection tools, as well as a key mask inspection win.

事實上，我們在第一季度的強勁預訂表現的一個關鍵因素是新產品的成功，特別是內存客戶，我們快速接受了我們最新一代的等離子檢測工具，以及一個關鍵的掩模檢測勝利。

With the increasing cost and complexity associated with leading-edge memory, we are seeing higher adoption of process control from memory customers, a trend we believe will continue to benefit KLA-Tencor over time, given our market leadership position in that field.

隨著與前沿內存相關的成本和復雜性不斷增加，我們看到內存客戶越來越多地採用過程控制，鑑於我們在該領域的市場領導地位，我們相信隨著時間的推移，這一趨勢將繼續使 KLA-Tencor 受益。

As we look ahead to the December quarter and into 2014, we expect continued strong order momentum, high levels of business activity with our customers, and we believe this sets the stage for a positive calendar-year 2014 for demand in capital equipment industry overall and for process control in particular, giving the increasing importance that process control is playing in helping our customers achieve their growth and cost objectives at the leading edge.

展望 12 月季度和 2014 年，我們預計訂單勢頭將持續強勁，與客戶的業務活動水平很高，我們相信這為 2014 日曆年的資本設備行業整體需求和特別是對於過程控製而言，過程控制在幫助我們的客戶實現其領先優勢的增長和成本目標方面發揮著越來越重要的作用。

With KLA-Tencor's strong backlog, our market position, and the forecasted growth of the segments in which we participate, we believe we are well positioned to continue to successfully execute our strategies to deliver superior growth and financial performance relative to our industry and return significant value to stockholders.

憑藉 KLA-Tencor 的強大積壓、我們的市場地位以及我們參與的細分市場的預測增長，我們相信我們有能力繼續成功執行我們的戰略，以實現相對於我們行業的卓越增長和財務業績並獲得顯著回報對股東的價值。

Looking ahead to the December quarter, we expect the strong demand environment to continue as momentum for new technology development continues to strengthen across multiple customers.

展望 12 月季度，我們預計強勁的需求環境將繼續，因為多個客戶的新技術開發勢頭繼續增強。

We are encouraged by the pace of this investment and how well we are positioned with new products to address this increasing cost and complexities that are associated with competing at the leading edge.

我們對這項投資的步伐以及我們在新產品方面的定位以解決與領先競爭相關的成本增加和復雜性感到鼓舞。

Now for guidance for the December quarter.

現在為 12 月季度提供指導。

December bookings are expected to increase approximately 10% at the midpoint and be in a range of $800 million to $950 million.

預計 12 月的預訂量將在中點增長約 10%，範圍在 8 億至 9.5 億美元之間。

Revenue for the quarter is expected to be between $670 million and $730 million, with non-GAAP earnings in the range of $0.67 per share to $0.87 per share.

本季度的收入預計在 6.7 億美元至 7.3 億美元之間，非公認會計準則收益在每股 0.67 美元至 0.87 美元之間。

And with that, I will turn the call over to Bren Higgins for his comments.

有了這個，我將把電話轉給布倫希金斯徵求他的意見。

Bren?

布倫?

Thanks, Rick, and good afternoon.

謝謝，里克，下午好。

This was a solid quarter for KLA-Tencor in terms of financial performance and operational execution.

對於 KLA-Tencor 的財務業績和運營執行而言，這是一個穩健的季度。

Revenue for Q1 was $658 million.

第一季度的收入為 6.58 億美元。

Fully-diluted GAAP earnings per share was $0.66.

完全稀釋後的 GAAP 每股收益為 0.66 美元。

Non-GAAP earnings per share was $0.68.

非公認會計原則每股收益為 0.68 美元。

In our press release, you'll find a GAAP to non-GAAP reconciliation of the $0.02 difference.

在我們的新聞稿中，您會發現 0.02 美元差異的 GAAP 與非 GAAP 對賬。

My comments on the quarter will be focused on the non-GAAP results, which excludes the adjustments covered in the press release.

我對本季度的評論將集中在非公認會計原則的結果上，不包括新聞稿中涵蓋的調整。

As Rick mentioned, Q1 results are highlighted by new orders finishing above the upper end of the range of guidance at $790 million, with our order forecast for both Q1 and for Q2 strengthening as we progressed through the quarter.

正如 Rick 所提到的，第一季度的業績突出體現在新訂單完成高於指導範圍的上限 7.9 億美元，隨著我們整個季度的進展，我們對第一季度和第二季度的訂單預測都在加強。

Memory investment is focused on 3-D technology development and new capacity in NAND and technology upgrades in DRAM.

內存投資主要集中在 3D 技術開發和 NAND 的新產能以及 DRAM 的技術升級。

Foundry demand in Q1 was stronger than expected with upside to our original forecast coming from pull in orders to support 20-nanometer development and pilot activity.

第一季度的代工需求強於預期，我們最初的預測來自拉動訂單以支持 20 納米開發和試點活動。

We see foundry orders increasing in Q2, with ramping investment in 20-nanometer and strong customer acceptance of our latest-generation products driving order growth.

我們看到第二季度的代工訂單增加，20 納米的投資增加以及客戶對我們最新一代產品的強烈接受推動了訂單增長。

The regional distribution in new system orders and quarter-to-quarter change was the US was 22%, down from 38% in the June quarter; Europe was 8%, up from 6%; Japan was 10%, down from 12%; Korea was 18%, up from 10%; Taiwan was 26%, up from 10%; and the rest of Asia was 16%, down from 24% last quarter.

新系統訂單和季度變化的區域分佈是美國為 22%，低於 6 月季度的 38%；歐洲為 8%，高於 6%；日本為 10%，低於 12%；韓國為 18%，高於 10%；台灣為 26%，高於 10%；亞洲其他地區為 16%，低於上一季度的 24%。

The distribution of orders by product group was wafer inspection was approximately 52%; reticle inspection was 8%; metrology was 19%; service was 20%; storage, high-brightness LED, and other non-semi was approximately 1%.

按產品組劃分的訂單分佈是晶圓檢測，約佔 52%；標線檢查率為 8%；計量學為 19%；服務為 20%；存儲、高亮度 LED 和其他非半導體約為 1%。

Finally, for new semiconductor system orders, the approximate distribution by customer segment was as follows.

最後，對於新的半導體系統訂單，客戶細分的大致分佈如下。

As expected, memory was strong once again at 47% of new system orders in September, compared to 44% in June.

正如預期的那樣，內存在 9 月份的新系統訂單中再次表現強勁，佔新系統訂單的 47%，而 6 月份這一比例為 44%。

Foundry came in above the original forecast at 45% of new orders on upside from sales directed at 20-nanometer, compared with 33% in June.

Foundry 高於最初的預測，45% 的新訂單來自 20 納米的銷售，而 6 月份這一比例為 33%。

The logic was 8% of new orders versus 23% in June, which was in line with our original forecast.

邏輯是 8% 的新訂單，而 6 月份為 23%，這與我們最初的預測一致。

Our continued heavy investment in research and development is enabling us to maintain our strong position at the leading edge, as evidenced by the fact that investments by our customers at 20-nanometer and below constituted roughly 76% of the orders we received in the September quarter.

我們在研發方面的持續大量投資使我們能夠保持領先優勢，這一事實證明，我們的客戶在 20 納米及以下的投資約占我們在 9 月季度收到的訂單的 76% .

Total shipments in the quarter were $637 million, down 17% from the June quarter and slightly under the midpoint of the guidance range.

本季度總出貨量為 6.37 億美元，比 6 月季度下降 17%，略低於指導範圍的中點。

In total, we ended the quarter with just over $1.2 billion of backlog, comprised of $964 million of shipment backlog, or orders that have not yet shipped to customers and expect to ship over the next six months, and $251 million of revenue backlog, or products that have been shipped and invoiced, but have not yet been signed off by customers.

總體而言，我們在本季度末的積壓訂單超過 12 億美元，其中包括 9.64 億美元的出貨積壓訂單，或尚未發貨並預計在未來六個月內發貨的訂單，以及 2.51 億美元的收入積壓訂單，或已發貨並開具發票但客戶尚未簽收的產品。

We expect shipments in the December quarter to grow 30% at the midpoint compared with Q1 and be in a range of $800 million to $860 million, with a number of newly-released products shipping in volume in the quarter.

我們預計 12 月季度的出貨量中點將比第一季度增長 30%，並在 8 億美元至 8.6 億美元之間，其中一些新發布的產品在本季度出貨量。

Turning to our income statement, I am proud of the operational execution in the September quarter with revenue, gross margin, and earnings finishing at or above the upper end of our guided ranges.

談到我們的損益表，我為 9 月季度的運營執行感到自豪，收入、毛利率和收益達到或高於我們指導範圍的上限。

Revenue for the quarter was $658 million.

本季度收入為 6.58 億美元。

This level is down 9% quarter to quarter and down 9% versus the same quarter last year.

這一水平每季度下降 9%，與去年同期相比下降 9%。

For the December quarter, total revenue is expected in the range between $670 million and $730 million.

對於 12 月季度，總收入預計在 6.7 億美元至 7.3 億美元之間。

Our revenue guidance for the December quarter reflects the impact of high shipment levels of newly-introduced products during the quarter.

我們對 12 月季度的收入指導反映了該季度新推出產品的高出貨量的影響。

In general, our revenue recognition policy requires the completion of formal customer acceptance on new products prior to recognizing revenue.

一般而言，我們的收入確認政策要求在確認收入之前完成客戶對新產品的正式接受。

This formal acceptance process typically takes up to 90 days to complete.

這個正式的接受過程通常需要 90 天才能完成。

As a result, revenue recognition on several tools shipping during the quarter is expected to be delayed into the March quarter.

因此，本季度交付的幾種工具的收入確認預計將推遲到 3 月季度。

Once the acceptance pattern is demonstrated for new products that ship to the same facilities with the same specifications, our policy generally allows for revenue recognition at the time of shipment.

一旦對運送到具有相同規格的相同設施的新產品證明了接受模式，我們的政策通常允許在發貨時確認收入。

As a result, we expect strong sequential revenue growth in the March quarter as we begin to recognize revenue from the December newly-released product shipments and as these shipments begin to convert into revenue more rapidly than in the December quarter.

因此，隨著我們開始確認 12 月新發布的產品出貨量的收入，並且這些出貨量開始比 12 月季度更快地轉化為收入，我們預計 3 月季度的收入將出現強勁的連續增長。

Gross margin was 58.2%, up 40 basis points from the June quarter, despite the lower systems revenue level.

儘管系統收入水平較低，但毛利率為 58.2%，比 6 月季度增長 40 個基點。

Our gross margin exceeded guidance, due to a favorable product mix and lower inventory reserve charges in the quarter.

由於本季度有利的產品組合和較低的庫存儲備費用，我們的毛利率超過了指導。

We expect gross margin to remain roughly flat in the December quarter as we support higher levels of manufacturing and shipments.

由於我們支持更高水平的製造和出貨量，我們預計 12 月季度的毛利率將大致持平。

As revenue grows over the next several quarters, we expect gross margin to increase consistent with our 60% to 70% incremental gross margin model.

隨著未來幾個季度收入的增長，我們預計毛利率將與我們 60% 至 70% 的增量毛利率模型一致。

Operating expenses were $228 million, up $5 million from the June quarter.

運營費用為 2.28 億美元，比 6 月季度增加 500 萬美元。

Operating expenses were $8 million higher than the midpoint of guidance for the quarter, primarily due to a pull in of investments for some of our engineering programs and timing issues associated with cautionary milestones of certain projects.

運營費用比本季度的指導中點高出 800 萬美元，這主要是由於我們的一些工程項目的投資以及與某些項目的警示里程碑相關的時間問題。

R&D was $131 million, up $5 million from June as we continue to invest in key research and development activities and customer collaborations for next-generation technologies.

研發費用為 1.31 億美元，比 6 月份增加 500 萬美元，因為我們繼續投資於下一代技術的關鍵研發活動和客戶合作。

SG&A for the quarter was $97 million, about flat quarter on quarter.

本季度的 SG&A 為 9700 萬美元，環比持平。

Going forward, we are sizing the Company's quarterly operating expenses in the $225 million to $230 million range for the next several quarters.

展望未來，我們將公司未來幾個季度的季度運營費用定在 2.25 億美元至 2.3 億美元之間。

The timing of engineering investments and milestone achievements in our cost-sharing programs will lead to some fluctuations within this range quarter to quarter.

在我們的成本分攤計劃中，工程投資的時間安排和里程碑式的成就將導致這一範圍內的季度波動。

Other income and expense for the quarter was a net expense of $10 million, down slightly from the June quarter.

本季度的其他收入和支出為 1000 萬美元的淨支出，比 6 月季度略有下降。

We expect a similar result in the December quarter.

我們預計 12 月季度也會出現類似的結果。

The tax rate was 21% in the quarter, lower than the 23% planning rate, due primarily to nontaxable increases in our deferred compensation savings plan and to tax benefits resulting from the vesting of employee equity awards in the quarter.

本季度的稅率為 21%，低於 23% 的計劃稅率，這主要是由於我們的遞延薪酬儲蓄計劃的非應稅增長以及本季度員工股權獎勵歸屬所帶來的稅收優惠。

At the 23% guided tax rate for the quarter, earnings per share would have been $0.66.

按照本季度 23% 的指導稅率，每股收益為 0.66 美元。

Going forward, you should continue to use the long-term planning rate of 23% for modeling purposes.

展望未來，您應該繼續使用 23% 的長期計劃率進行建模。

Net income was $115 million, or $0.68 per fully diluted share.

淨收入為 1.15 億美元，即每股完全稀釋後的每股 0.68 美元。

Turning to the balance sheet, cash and investments ended the quarter at $2.95 billion, an increase of $33 million over the June quarter.

轉向資產負債表，本季度末現金和投資為 29.5 億美元，比 6 月季度增加 3300 萬美元。

In the quarter, we repurchased $61 million of stock at an average price of $58.31.

本季度，我們以 58.31 美元的平均價格回購了 6100 萬美元的股票。

As of September 30, we have 4.8 million shares available for repurchase under our current authorization.

截至 9 月 30 日，根據我們目前的授權，我們有 480 萬股可供回購。

We paid a dividend of $75 million in the quarter.

我們在本季度支付了 7500 萬美元的股息。

In July, we raised our dividend per share $0.05 to $0.45 per share.

7 月，我們將每股股息提高了 0.05 美元至 0.45 美元。

This was our fourth consecutive annual increase in our quarterly dividend and reflects our ongoing commitment to returning capital to shareholders.

這是我們連續第四年增加季度股息，反映了我們對向股東返還資本的持續承諾。

Cash from operations was $177 million in the quarter, comparable to the June quarter.

本季度運營現金為 1.77 億美元，與 6 月季度相當。

Net inventory increased by $26 million quarter to quarter to $660 million to support the expected shipment ramp.

淨庫存每季度增加 2600 萬美元，達到 6.6 億美元，以支持預期的出貨量增長。

Inventory turns on GAAP COGS were 1.7 versus 1.9 in the June quarter.

GAAP COGS 的庫存周轉率為 1.7，而 6 月季度為 1.9。

Accounts receivable finished the quarter at $441 million, down $84 million from the prior quarter.

本季度應收賬款為 4.41 億美元，比上一季度減少 8400 萬美元。

Days sales outstanding, based on shipments, were 63 days.

基於出貨量的未結銷售天數為 63 天。

Net capital expenditures were $22 million to support facility expansion activities worldwide.

用於支持全球設施擴建活動的淨資本支出為 2200 萬美元。

Fully-diluted shares ended the quarter at just under 169 million and are expected to remain flat for the December quarter.

截至本季度末，完全稀釋的股票略低於 1.69 億股，預計 12 月季度將持平。

Full-time headcount ended the quarter at 5,913.

本季度末全職員工人數為 5,913 人。

Finally, as we commented earlier, we are encouraged by the strength of the business environment at the leading edge.

最後，正如我們之前所評論的，我們對處於領先地位的商業環境的實力感到鼓舞。

We believe the factors we described earlier that led to what looks to be a strong second half of calendar-year 2013 will continue into 2014, giving us confidence that we will see industry CapEx growth in 2014 of about 10%, if not a few points higher than that.

我們相信我們之前描述的導致 2013 年下半年看起來強勁的因素將持續到 2014 年，讓我們有信心看到 2014 年行業資本支出增長約 10%，如果不是幾個點的話高於那個。

Given process control adoption during node transitions and our market position, KLA-Tencor is well positioned to deliver market-leading revenue growth.

鑑於節點轉換期間流程控制的採用和我們的市場地位，KLA-Tencor 處於有利地位，可以實現市場領先的收入增長。

With that, to reiterate, our guidance for the quarter is bookings are expected to be within a range of $800 million and $950 million, revenue between $670 million and $730 million, and earnings per share of $0.67 to $0.87.

重申一下，我們對本季度的指導是，預計預訂量將在 8 億美元至 9.5 億美元之間，收入在 6.7 億美元至 7.3 億美元之間，每股收益在 0.67 美元至 0.87 美元之間。

This concludes our remarks on the quarter.

我們對本季度的評論到此結束。

I will now turn the call back over to Ed to begin the Q&A.

我現在將把電話轉回給 Ed 開始問答。

Okay, thank you, Bren.

好的，謝謝你，布倫。

At this point, we would like to open up the call to Q&A.

在這一點上，我們想打開問答電話。

We do ask, again, that you please limit yourself to one question and a brief follow-up, given the limited time we have for today's call.

鑑於我們今天電話會議的時間有限，我們再次要求您將自己限制在一個問題和簡短的後續行動上。

Please feel free to re-queue for follow-up questions and we will do our best to make sure everyone has a chance for follow-ups in today's call, as time permits.

請隨時重新排隊等待後續問題，如果時間允許，我們將盡最大努力確保每個人都有機會在今天的電話會議中進行後續跟進。

So Mike, we are ready for our first question.

所以邁克，我們準備好回答第一個問題了。

(Operator Instructions).

（操作員說明）。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Thanks for taking my question.

感謝您提出我的問題。

This is Farhan calling in for John.

這是法爾漢在呼喚約翰。

You are guiding to a very strong growth in the January quarter, and I just wanted to understand what is the mix that you are expecting?

您正在指導一月份季度的強勁增長，我只是想了解您所期望的組合是什麼？

Is it going to be mainly foundry driven?

它將主要由代工廠驅動嗎？

Relative to your shipments in this quarter, how do you expect the mix in the January quarter -- sorry, in the March quarter?

相對於您在本季度的出貨量，您對 1 月季度的組合有何預期——抱歉，3 月季度？

I think you mean the December quarter.

我想你的意思是 12 月季度。

We are not going to guide the March quarter.

我們不會指導 3 月季度。

This is Bren.

這是布倫。

So when you think about the mix for December, we see memory at about 30%, and that's 50-50 NAND and DRAM; logic at about 10%; and then, foundry would be 60%.

因此，當您考慮 12 月份的組合時，我們看到內存約為 30%，即 50-50 NAND 和 DRAM；邏輯約為 10%；然後，代工將佔 60%。

Got it.

知道了。

Thanks.

謝謝。

That's all I had.

這就是我所擁有的。

Krish Sankar, Bank of America Merrill Lynch.

美銀美林的 Krish Sankar。

Thanks for taking my question.

感謝您提出我的問題。

[Actual then record], Bren.

[實際然後記錄]，布倫。

First question, what is it all the memory-related bookings are getting?

第一個問題，所有與內存相關的預訂都得到了什麼？

Are these primarily technology related?

這些主要與技術有關嗎？

In other words, I'm trying to figure out does this mean that they will slowly start weaning off for you guys as the quarter progresses because the technology buys would be done by then?

換句話說，我試圖弄清楚這是否意味著隨著季度的進展，他們會慢慢開始為你們斷奶，因為屆時將完成技術購買？

As Bren mentioned in his prepared remarks, the memory -- there is two elements in memory.

正如布倫在他準備好的評論中提到的，記憶——記憶中有兩個元素。

One is the work on 3-D, which is the new technology that is going to be ramping over the next several quarters.

其中之一是 3-D 方面的工作，這是一項將在接下來的幾個季度中逐漸興起的新技術。

Then the other is on the DRAM, there is technology buys.

然後另一個是關於 DRAM 的，有技術購買。

And I think we are well positioned in both to see increasing adoption, which we laid out that case at Semicon West, and that's starting to be what we are seeing now.

而且我認為我們在這兩個方面都處於有利地位，可以看到越來越多的採用，我們在 Semicon West 提出了這種情況，這開始成為我們現在所看到的。

So I think we are in reasonably good shape, but also as we mentioned, there is the element of the technology buys at the front end of ramps, and we hope to continue to see that over the next couple of quarters.

所以我認為我們的狀態相當不錯，而且正如我們所提到的，在斜坡的前端有技術購買的元素，我們希望在接下來的幾個季度中繼續看到這一點。

Got it.

知道了。

And then, if I could just -- for the follow-up, December quarter looks like you might probably do $400 million in bookings on the foundry side.

然後，如果我能 - 對於後續行動，12 月季度看起來你可能會在代工方面進行 4 億美元的預訂。

Can you help us understand how many foundries is it going to be?

您能幫助我們了解將有多少代工廠嗎？

Is it going to be one, two or three, and is it all 20-nanometer?

會是一個、兩個還是三個，都是 20 納米嗎？

This is Bren.

這是布倫。

I will start, and then Rick can follow up.

我將開始，然後 Rick 可以跟進。

So most of the activity we expect in the December quarter is focused on 20 and below, multiple customers investing.

因此，我們預計 12 月季度的大部分活動都集中在 20 歲及以下的多個客戶投資上。

They will probably be some 28 investment as well that will happen in the quarter, but that's generally how we see it.

他們可能會在本季度進行大約 28 項投資，但這通常是我們的看法。

Right, I think everyone is the mode right now, all the foundry players are in the mode of needing to make investments to support the FinFET work that they are doing below 20, but we're also seeing, as Bren mentioned, some of the guys that are maybe a little bit behind are also investing to get yields up as they anticipate 20-nanometer demand.

是的，我認為現在每個人都是這種模式，所有代工廠商都處於需要投資以支持他們在 20 歲以下的 FinFET 工作的模式，但正如 Bren 所提到的，我們也看到了一些可能有點落後的人也在投資以提高收益率，因為他們預計 20 納米的需求。

There is even some 28 spending that is still going on.

甚至還有大約 28 筆支出仍在進行中。

Got it.

知道了。

Thanks, Rick.

謝謝，瑞克。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Great job on the quarterly execution.

在季度執行方面做得很好。

Given your view on WFE spend for next year, and given your pipeline and visibility, Rick, can you just give us an idea on the weighting of that spend, maybe first half versus second half, and some color on how the different market segments -- logic, foundry, and memory -- will shake out from a mix perspective next year?

鑑於您對明年 WFE 支出的看法，以及您的渠道和知名度，Rick，您能否給我們一個關於該支出權重的想法，可能是上半年與下半年，以及不同細分市場的一些顏色 - - 邏輯、代工和內存 - 明年會從混合的角度擺脫困境嗎？

Why don't I let Bren start and then I will follow up?

為什麼我不讓布倫開始，然後我會跟進？

Okay.

好的。

So I think -- I don't know if we can comment at this point around whether it's first half or second half.

所以我想——我不知道我們現在是否可以就上半場還是下半場發表評論。

Right now, it feels pretty evenly distributed, but we will see how that goes as we get closer to it.

現在，它感覺分佈得相當均勻，但隨著我們越來越接近它，我們會看到它是如何進行的。

When you think about the composition, I think memory is probably somewhere between 30% and 40%, and so I think you will see logic/foundry there at 70%, with, let's say, the logic piece as around 20% and foundry at the difference.

當你考慮組成時，我認為內存可能在 30% 到 40% 之間，所以我認為你會看到 70% 的邏輯/代工，比方說，邏輯部分在 20% 左右，代工在區別。

So as I said, pretty evenly distributed.

正如我所說，分佈相當均勻。

I think right now we are sizing the Company, given our comments in the prepared remarks, around WFE up 10%, maybe a few points better, so that, I think, puts us in a position where we are sizing the Company around $800 million to $850 million a quarter in terms of new business levels.

我認為現在我們正在調整公司規模，鑑於我們在準備好的評論中的評論，WFE 上漲了 10% 左右，可能會好幾個百分點，因此，我認為，這使我們處於將公司規模調整為 8 億美元左右的位置就新業務水平而言，每季度達到 8.5 億美元。

Got it.

知道了。

And given that most of the activity today is around node migration and given the significant step up in complexity for these next-generation processes, I know that you guys have talked about increased process control intensity at the front or the ramp of a new node, but are you guys also seeing a bias towards usage of predominantly leading-edge tools, like, for example, a bias towards your 29xx platform versus your 28xx platform?

鑑於今天的大部分活動都圍繞節點遷移，並且考慮到這些下一代流程的複雜性顯著提高，我知道你們已經談到在前端或新節點的坡道上增加流程控制強度，但是你們是否也看到了對使用主要前沿工具的偏見，例如，對 29xx 平台與 28xx 平台的偏見？

Any way to quantify, let's say, for 3D NAND or 16-nanometer FinFET, what percentage of tool orders are skewed towards your leading-edge tools?

比如說，對於 3D NAND 或 16 納米 FinFET，有多少工具訂單偏向於您的前沿工具？

Is it 70/30 and so on?

是 70/30 之類的嗎？

It's more -- it's higher than that if you're talking sub-20-nanometer.

它更多——如果你說的是亞 20 納米，它會更高。

And really the mix is not so much 29xx versus prior generation, the broadband plasma, I think, is almost all going to be the 29xx, if you look below the 20-nanometer.

實際上，與上一代相比，29xx 的混合併沒有那麼多，我認為，如果你看 20 納米以下，寬帶等離子幾乎都是 29xx。

It's really a blend of that versus the laser scanning tools that we have.

這確實是與我們擁有的激光掃描工具的結合。

And again, as we have laid out at Semicon West, you will see a mixture of that probably at the front end of a ramp more heavily loaded toward the broadband plasma, and then later in a ramp, the laser tools will come into play.

再一次，正如我們在 Semicon West 所展示的那樣，您可能會在斜坡的前端看到混合了這種混合物，該斜坡的負載更重，朝向寬帶等離子體，然後在斜坡上，激光工具將發揮作用。

But you're right, process intensity going up, we think, in 2014 probably somewhere 15% to 16%, and that really depends, as Bren indicated before, what -- how memory ends up being as a total percent of the mix.

但你說得對，我們認為，2014 年過程強度可能會上升 15% 到 16%，這真的取決於，正如 Bren 之前指出的那樣，內存最終佔混合的總百分比。

While memory is up, it's -- as we know, it's less intensive for process control than foundry and logic is.

雖然內存在增加，但正如我們所知，它對過程控制的密集程度低於代工廠和邏輯。

Got it.

知道了。

Thanks, guys.

多謝你們。

Tim Arcuri, Cowen and Company.

Tim Arcuri, Cowen and Company。

First thing, Bren, just in reference to your answer that you just gave, so are you sort of implying that March quarter revenue, given all the deferred, is in the $825 million-ish range?

首先，布倫，就你剛剛給出的答案而言，你是不是在暗示，考慮到所有延期，3 月季度的收入在 8.25 億美元左右？

Is that right?

那正確嗎？

I am not guiding it, but I think that given -- as these new tools actually get acceptance and we move into the March quarter, there is going to be a delay there.

我不是在指導它，但我認為鑑於這些新工具實際上得到接受並且我們進入三月季度，那裡將會有延遲。

So I am expecting strong sequential growth somewhere in the probably the 10% to 12% off of the midpoint, so.

所以我預計強勁的連續增長可能在中點的 10% 到 12% 之間，所以。

Not guiding March.

不指導三月。

$825 million probably feels a little high, but we'll see how we do when we get there and we will see what happens in terms of our performance relative to the guidance ranges that we gave.

8.25 億美元可能感覺有點高，但是當我們到達那裡時，我們會看看我們會怎麼做，我們會看到我們的表現相對於我們給出的指導範圍會發生什麼。

The higher end, I think it makes it more possible, but we will have to see how it plays out.

高端，我認為它使之成為可能，但我們將不得不看看它是如何發揮作用的。

Okay, got it.

好，知道了。

And then, can you just give us the September breakdown in memory bookings by NAND and DRAM?

然後，您能否告訴我們 9 月份 NAND 和 DRAM 的內存預訂明細？

And then, I wanted to ask Rick, if I look at R&D expense and I just compare it relative to the last time you were in the $800 million range, I am just looking out to March, it's like a good $15 million, $20 million, arguably even $25 million higher.

然後，我想問瑞克，如果我看一下研發費用，我只是將它與你上次在 8 億美元範圍內的時間進行比較，我只是在看 3 月份，這就像一個很好的 1500 萬美元，2000 萬美元，甚至可以說高出 2500 萬美元。

So can you just address what that increment is?

那麼你能解決這個增量是什麼嗎？

Is it related to 450 million versus last time or is it related to an increased competitive environment?

是與上次相比 4.5 億有關，還是與競爭環境的加劇有關？

Thanks.

謝謝。

So first on the NAND versus DRAM in the September quarter, it was 60% NAND, 40% DRAM.

因此，首先在 9 月季度的 NAND 與 DRAM 上，它是 60% 的 NAND，40% 的 DRAM。

As far as the increased R&D, there's a couple of factors.

至於增加的研發，有幾個因素。

One, just the advanced technologies are requiring more Investment, and just the materials alone, if you think about bringing those in, are up.

一，只有先進的技術需要更多的投資，如果你考慮引進這些材料，就只有材料本身就可以了。

But there are two programs that are -- so I would argue, absent EUV work that we are doing in the reticle space and some of the 450 we are doing, we would actually be at a lower level, so the efficiency keeps going.

但是有兩個項目——所以我認為，如果沒有我們在光罩空間中所做的 EUV 工作以及我們正在做的 450 個項目中的一些，我們實際上會處於較低的水平，因此效率會繼續提高。

But that's not really fair because we have to do 450, and there is some element of investment that is going on with that.

但這並不公平，因為我們必須做 450，並且有一些投資因素正在進行中。

And then the EUV, while it's not at full rate, it is certainly taking an investment that is now probably nothing comparable to that back then, because we were at the end of the 6xx peak investment at that point.

然後是 EUV，雖然它不是全速運轉，但它肯定會進行一項現在可能無法與當時相比的投資，因為那時我們正處於 6xx 峰值投資的末尾。

So I think those are probably the two biggest single elements of that.

所以我認為這可能是其中兩個最大的單一元素。

I guess the only other thing I would add to that is that we are investing in some other markets that we weren't back then, so that's probably a factor in this as well, right?

我想我要補充的唯一另一件事是我們正在投資一些我們當時沒有的其他市場，所以這可能也是其中的一個因素，對吧？

So more TAM opportunity, but some investment requirements to participate.

所以更多的TAM機會，但參與的一些投資要求。

Got it, okay.

明白了，好吧。

Thank you.

謝謝你。

Srini Sundararajan.

斯里尼·孫達拉拉詹。

The additional spend from Intel on solving the defect density, do you have an idea on what that could be and whether you will see that from other vendors, such as -- other foundries such as TSMC and others?

英特爾在解決缺陷密度方面的額外支出，您是否知道這可能是什麼以及您是否會從其他供應商（例如台積電等其他代工廠）那裡看到這一點？

As you know, we're not going to comment on specific customers.

如您所知，我們不會對特定客戶發表評論。

But in general, it is absolutely true that once you go sub-20, or really it's about FinFET, that I think that process control and complexities really increase in two areas, and I would say one is no question there is more metrology opportunity there.

但總的來說，絕對正確的是，一旦你進入低於 20 的階段，或者真的是關於 FinFET，我認為兩個領域的工藝控制和復雜性確實會增加，我會說毫無疑問，那裡有更多的計量機會.

Especially as EUV is being delayed, I think there's more opportunity for -- opportunity in process control around just the patterning space.

特別是隨著 EUV 被推遲，我認為有更多的機會 - 僅圍繞圖案空間進行過程控制的機會。

And then, the other one is defectivity, and we are seeing advanced opportunities for us as people go sub-20, and as I mentioned earlier, the need to go to our latest-generation broadband plasma tools and the latest-generation laser scanning tools.

然後，另一個是缺陷，隨著人們低於 20 歲，我們看到了先進的機會，正如我之前提到的，需要使用我們最新一代的寬帶等離子工具和最新一代的激光掃描工具.

So I think all those factors are contributing.

所以我認為所有這些因素都在起作用。

Okay, just a quick follow-up.

好的，只是快速跟進。

Rick, do you have any comments on the Tokyo Electron/Applied Materials merger, potentially?

里克，你對東京電子/應用材料合併有什麼意見嗎？

No, not really.

不，不是。

I think it makes sense, I suppose, from their perspective.

從他們的角度來看，我認為這是有道理的。

From ours, the one perhaps advantage is we remain very focused on an opportunistic time period where we have got a great market and I think one of our competitors is going to be a bit distracted.

從我們的角度來看，一個可能的優勢是我們仍然非常專注於一個機會主義的時期，我們擁有一個巨大的市場，我認為我們的一個競爭對手會有點分心。

But we're not kidding ourselves.

但我們不是在開玩笑。

All competition is going to be intense and we've got to continue to execute.

所有的競爭都會很激烈，我們必須繼續執行。

Thanks very much.

非常感謝。

Edwin Mok, Needham & Company.

Edwin Mok，Needham & Company。

Rick, I have a question on the memory booking.

瑞克，我有一個關於內存預訂的問題。

And if I look at a number and also triangulating with increased memory intensity that you guys talked about during Semicon, it seems like memory booking is picking up a lot faster.

如果我看一個數字，並且還用你們在 Semicon 期間談到的增加的記憶強度進行三角測量，看起來記憶預訂的速度要快得多。

Do you see that, the memory intensity is actually expanding faster than what you guys have talked about?

你看到了嗎，記憶強度實際上比你們所說的膨脹得更快？

I think you guys talked about only 140 basis points on the next two nodes.

我認為你們在接下來的兩個節點上只討論了 140 個基點。

Do you expect that to accelerate as you see these new memory orders?

當您看到這些新的內存訂單時，您是否期望它會加速？

We don't know.

我們不知道。

It's early, but I would say two factors.

現在還早，但我想說兩個因素。

One, there was a long period in which people weren't investing, and I think that -- so there's a bit of catch-up going on relative to that.

第一，在很長一段時間內人們沒有投資，我認為 - 所以相對於那有一些追趕。

And then, the other factor is I think some of the guys that are ramping new technologies have recognized the value of accelerating their investment, so getting the inspection and metrology capability in place at the front end, and some of those guys have logic experience now and they recognize the value of that.

然後，另一個因素是，我認為一些正在推廣新技術的人已經認識到加速投資的價值，因此在前端建立了檢測和計量能力，其中一些人現在有邏輯經驗他們認識到這一點的價值。

So I think there is some catch-up.

所以我認為有一些追趕。

I think there is front-end loading, at a small degree, and I think that I would still stick with the model that we showed at West.

我認為在某種程度上存在前端加載，我認為我仍然會堅持我們在 West 展示的模型。

I see.

我懂了。

Okay, that's helpful.

好的，這很有幫助。

My follow-up just quickly on [copper] FinFET versus 20-nanometer planar gate, right?

我很快就 [銅] FinFET 與 20 納米平面柵極進行了跟進，對吧？

Is that a step up in process control intensity?

這是過程控制強度的提高嗎？

Based on a comment from the last question, it sounds like you believe there is, and if that is, is there any way you can quantify that?

根據最後一個問題的評論，聽起來你相信有，如果是的話，有什麼方法可以量化它嗎？

Yes, we definitely modeled that as we laid it out at West, but I think the process control intensity goes up both in the metrology space, but also the defectivity.

是的，我們確實在 West 進行了建模，但我認為過程控制強度在計量空間和缺陷方面都會增加。

We did quantify it.

我們確實量化了它。

I don't have it.

我沒有。

About 30% if you went from, let's say, 28 to 20 and below.

如果你從 28 到 20 或更低，大約 30%。

It's a little hard to parse out what's 16 versus 20.

解析 16 和 20 有點困難。

They are doing the lithography at 20, FinFET at 16 and below, but generally about a 30% increase in terms of dollars per wafer start.

他們在 20 年進行光刻，在 16 年及以下進行 FinFET，但通常每片晶圓啟動的美元增加約 30%。

It's the same toolset, generally, for the 20 and below, so we capture it that way.

通常，對於 20 及以下版本，它是相同的工具集，因此我們以這種方式捕獲它。

I see.

我懂了。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

Mahesh Sanganeria, RBC Capital Markets.

Mahesh Sanganeria，加拿大皇家銀行資本市場。

Rick, a question on consolidation in the process control.

Rick，關於過程控制中的整合的問題。

We still have several players in the process control, and wafer processing side, you are seeing pretty good consolidation.

在過程控制和晶圓加工方面，我們仍然有幾個參與者，你會看到相當不錯的整合。

What are your thoughts on consolidation, especially in the metrology segment?

您對整合有何看法，尤其是在計量領域？

I don't see a lot of impetus to change for us.

我沒有看到很多推動我們改變的動力。

I think we are well positioned with the products that we have.

我認為我們在現有產品方面處於有利地位。

It may be true that some of the smaller players that we compete with will find that there is some benefit in merging or doing some M&A, but I don't think that makes a lot of sense because a lot of what they have done to be able to have the business at all is focused on a segment.

確實，我們與之競爭的一些較小的參與者會發現合併或進行一些併購有一些好處，但我認為這沒有多大意義，因為他們所做的很多事情都是為了成為能夠使業務完全集中在一個細分市場上。

And I actually think that they would run the risk of losing some focus if they were to try to put together companies that didn't naturally go together.

而且我實際上認為，如果他們試圖將本來不合併的公司放在一起，他們將冒著失去一些注意力的風險。

I don't think anybody else has the same kind of opportunity to put together a KLA-Tencor kind of company, based on just geographies and technologies, and I think we are uniquely positioned to do that.

我認為沒有其他人有同樣的機會來組建一家 KLA-Tencor 類型的公司，僅基於地理位置和技術，我認為我們在這方面處於獨特的地位。

So it may happen, but I don't see it likely that it happens.

所以它可能會發生，但我認為它不太可能發生。

And then, one more question on market share.

然後，還有一個關於市場份額的問題。

I think earlier in the year when the markets were a little bit weaker and your orders were weaker, there were a lot of discussions on market-share losses in several segments.

我認為在今年早些時候，當市場有點疲軟並且您的訂單疲軟時，有很多關於幾個細分市場份額損失的討論。

Now that you are coming closer to the end of the year, do you have a good estimate of where you will end up in market share on some of the segment, particularly on the wafer inspection, considering that there are claims being made that you're losing market share?

現在你已經接近年底了，考慮到有人聲稱你將在某些細分市場中獲得最終的市場份額，特別是在晶圓檢測方面，你是否有一個很好的估計？重新失去市場份額？

Right.

正確的。

We don't see it.

我們看不到。

We haven't seen that we are losing.

我們還沒有看到我們正在失敗。

We have seen, in fact, that we have some strengthening going on in the broadband plasma adoption, which is very high-value capability for our customers, strong performance for us.

事實上，我們已經看到，我們在寬帶等離子採用方面進行了一些加強，這對我們的客戶來說是非常高價值的能力，對我們來說是強大的表現。

I think that it is always hard when we have competitors who have a small part of their business in our space, it's hard to refute their claims that they are gaining share.

我認為，當我們的競爭對手在我們的領域擁有一小部分業務時，這總是很困難的，很難反駁他們聲稱他們正在獲得份額的說法。

But I think if you look at our overall relative performance, we seem to be doing well, and I think that's a function of both process control adoption, but also our share.

但我認為，如果你看看我們的整體相對錶現，我們似乎做得很好，我認為這是過程控制採用的一個功能，也是我們的份額。

We think there is actually opportunity -- I mentioned this at SEMICON West -- to see some gains in market share through this year and then into 2014, and we feel very good about the position we are (technical difficulty) that we had in the quarter are associated with new technologies, new capabilities, so we think that is strengthening our position as we go forward.

我們認為實際上有機會——我在 SEMICON West 提到過——在今年和 2014 年看到市場份額有所增長，我們對我們在季度與新技術、新能力相關，因此我們認為這正在加強我們前進的地位。

So we feel very good about the market share.

所以我們對市場份額感覺很好。

Okay.

好的。

Thank you very much.

非常感謝。

Vishal Shah, Deutsche Bank.

德意志銀行的維沙爾·沙阿。

Thanks for taking my question.

感謝您提出我的問題。

Rick, I just wanted to understand your outlook in 2014, kind of 2014.

瑞克，我只是想了解你對 2014 年的展望，有點像 2014 年。

If you're talking about increasing process control intensity and greater process control share in the memory space, is it fair to say that you guys should see better-than-expected revenue growth -- better-than-industry revenue growth in 2014?

如果您正在談論提高過程控制強度和內存空間中更大的過程控制份額，是否可以公平地說你們應該看到好於預期的收入增長——2014 年的收入增長好於行業收入增長？

And also, can you talk about how you see the use of e-Beam tools sub-20-nanometer node in logic?

另外，您能否談談您如何看待在邏輯中使用 20 納米以下節點的電子束工具？

Thank you.

謝謝你。

Yes, I will let Bren take part one and I will take the second part.

是的，我會讓布倫參加第一部分，我將參加第二部分。

Yes, I think -- and we covered this a little bit in our prepared remarks, but I think given the compelling nature of these node transitions and how customers are now actively moving in that direction, that we think we are positioned to see the kind of dynamics that we saw, let's say, in 2011 and 2012 around relative growth for process control in KLA.

是的，我認為 - 我們在準備好的評論中對此進行了一些討論，但我認為鑑於這些節點轉換的引人注目的性質以及客戶現在如何積極朝這個方向發展，我們認為我們有能力看到這種比方說，我們在 2011 年和 2012 年看到的動態是圍繞 KLA 過程控制的相對增長。

So I think -- and contrast that to most of our -- or the earlier part of this year, where maturing yields in 28-nanometer, 28-nanometer, the last sort of third of capacity being added, that most of the spend was really focused on capacity buys.

所以我認為 - 與我們的大多數 - 或今年早些時候相比，在 28 納米、28 納米的成熟產量中，最後三分之一的產能被增加，大部分支出是真正專注於容量購買。

So as we move forward here with what we believe is a strong technology environment, given that the strength that we are seeing with our new products and multiple new products across all major core segments, we feel pretty good about an opportunity to outperform the industry.

因此，當我們在我們認為強大的技術環境中向前邁進時，鑑於我們在所有主要核心領域看到的新產品和多種新產品的實力，我們對超越行業的機會感到非常高興。

In terms of e-Beam below 20-nanometer, I would segment it this way.

就 20 納米以下的電子束而言，我會這樣分割。

I think the e-Beam for review of optically-detected defects continues to be a good segment to be in, and we have a very strong position in that segment.

我認為用於審查光學檢測缺陷的電子束仍然是一個很好的細分市場，我們在該細分市場擁有非常強大的地位。

We have gained share recently and have a great product offering there.

我們最近獲得了份額，並在那裡提供了很棒的產品。

In terms of inspection, it remains a niche application.

在檢查方面，它仍然是一個利基應用。

I do think there are opportunities for it, but it's a relatively small niche, and I think it would grow on the order of a similar kind of growth rate to what we see in optical inspection overall, probably not as fast.

我確實認為它有機會，但它是一個相對較小的利基市場，我認為它的增長速度與我們在整體光學檢測中看到的增長率相似，可能不會那麼快。

But I think there is some opportunity, but it's pretty niche.

但我認為有一些機會，但它非常小眾。

So I don't see that there is a particular gap that that technology is filling.

所以我不認為該技術正在填補特定的空白。

I think it is more of a specific niche.

我認為這更像是一個特定的利基市場。

Review is where we see the most opportunity, and we have got a strong position there.

審查是我們看到最多機會的地方，我們在那裡擁有強大的地位。

Thank you so much.

太感謝了。

Stephen Chin, UBS.

瑞銀的斯蒂芬·欽。

Nice results, too.

結果也不錯。

Just wanted to follow up again on the logic order question at 14-nanometer.

只是想再次跟進14納米的邏輯順序問題。

Do you get the sense that higher logic spend at 14-nanometer to address this -- these defect density issues is all accounted in your 2014 view, with process intensity growing to 15% to 16%, or do you get the sense it grows beyond that as we get into 2015, which is when the foundries really hit the FinFET spend?

您是否感覺到更高的邏輯花費在 14 納米來解決這個問題 - 這些缺陷密度問題都在您 2014 年的視圖中得到解決，工藝強度增長到 15% 到 16%，或者您是否感覺到它已經超越當我們進入 2015 年時，那是代工廠真正達到 FinFET 支出的時候？

Just in terms of logic spend, we had a very strong first half of the year in logic.

僅就邏輯支出而言，今年上半年我們在邏輯方面的表現非常強勁。

Now, we tend to get more lead time in logic, so it's not -- it's consistent with our forecast that we haven't seen a lot -- we didn't see a lot of orders in the September quarter and don't expect that much in December.

現在，我們傾向於在邏輯上獲得更多的交貨時間，所以它不是 - 這與我們的預測一致，我們沒有看到很多 - 我們在 9 月季度沒有看到很多訂單，也沒有預期十二月就這麼多了。

I think as we progress into next year, though, I think as the 14-nanometer ramp starts to play out and planned out, I think that we will see it pick up then.

不過，我認為隨著我們進入明年，我認為隨著 14 納米坡道開始發揮作用並進行計劃，我認為屆時我們會看到它的回升。

It's always interesting whenever we hear these little data points or these announcements around, well, CapEx is up or CapEx is down or we're having these issues, we work pretty closely with our customers.

每當我們聽到這些小數據點或這些公告時總是很有趣，好吧，資本支出上升或資本支出下降或我們遇到這些問題，我們與客戶密切合作。

And so around the logic space, we're pretty tight in terms of their plans around yield management and process control.

因此，圍繞邏輯空間，我們在他們圍繞良率管理和過程控制的計劃方面非常緊張。

So we don't necessarily see these blips in business associated with an error there.

因此，我們不一定會看到這些與那裡的錯誤相關的業務亮點。

Okay, thanks.

好的謝謝。

Maybe if you could follow up, Bren, on the gross margin progression that you're going to likely see on all these new tools.

也許如果你能跟進，布倫，你可能會在所有這些新工具上看到的毛利率進展。

How should we think about modeling cost of goods sold from these products shipped but not recognized for sales?

我們應該如何考慮從這些已發貨但未確認銷售的產品中銷售的商品成本建模？

Is there perhaps a step-function increase in gross margin in that March quarter when the revenues show up?

當收入出現時，3 月季度的毛利率是否會出現階躍函數增長？

Thanks.

謝謝。

No, I don't think it is going to be all that different than what we have seen historically, and that's why I made the comment about -- from an incremental gross margin perspective, the 60% to 70% model was how you ought to be thinking about it.

不，我認為這與我們歷史上看到的情況不會有太大的不同，這就是我發表評論的原因——從增量毛利率的角度來看，60% 到 70% 的模型是你應該的要考慮它。

Certainly in any given quarter, we will have mix issues that will drive us over or under that range or to the higher end or lower end of that range.

當然，在任何給定的季度，我們都會遇到混合問題，這些問題將推動我們超過或低於該範圍，或者達到該範圍的高端或低端。

I mean, one of the things that is encouraging is we are starting to see a bit of a pickup in the mashup segment of reticle inspection here, going forward.

我的意思是，令人鼓舞的一件事是，我們開始看到這裡的標線檢查混搭部分有所回升，並且繼續向前。

And that's a more favorable mix product for us that has been pretty weak over the last several quarters.

這對我們來說是一個更有利的混合產品，在過去幾個季度中一直很弱。

So I think as that comes in, I think we feel pretty good about the mix overall and the margin performance, and assuming we can manage our product transitions well and minimize our inventory exposures, I think we should be fine.

因此，我認為隨著這種情況的出現，我認為我們對整體組合和利潤率表現感覺非常好，並且假設我們能夠很好地管理我們的產品過渡並最大限度地減少我們的庫存風險，我認為我們應該沒問題。

Thanks, Bren.

謝謝，布倫。

Jagadish Iyer, Piper Jaffray.

賈加迪什·艾耶，派珀·杰弗瑞。

Two questions, Rick.

兩個問題，瑞克。

If I look at your foundry orders, based on the guidance for the fourth quarter, it looks like your foundry orders for calendar 2013 would be down somewhere in the vicinity of, say, 15% year over year.

如果我查看您的代工訂單，根據第四季度的指導，您的 2013 日曆年的代工訂單將同比下降 15% 左右。

We have all known that the foundries are supposed to be the highest in terms of the process control intensity.

我們都知道代工廠應該是工藝控制強度最高的。

I am just trying to reconcile where are we wrong here, and how is the trend going to shake out in 2014, given all the industry inflections in the foundry next year.

我只是想調和一下我們在哪裡錯了，考慮到明年鑄造行業的所有變化，2014 年的趨勢將如何改變。

And I have a follow-up.

我有一個後續行動。

So this is Bren.

這就是布倫。

I will start, and then Rick can come in if there's anything to add here.

我先開始，然後如果有什麼要補充的，Rick 可以進來。

So, yes, foundry in calendar 2013 was a little bit weaker for us.

所以，是的，2013 年的代工對我們來說有點弱。

So I think your numbers are about right.

所以我認為你的數字是正確的。

We are seeing the orders here starting to pick up now here in the second half, and I think it bodes well for what we expect in 2014 where we think foundry should be solidly up next year to drive the 10% kind of growth that we expect.

我們看到這裡的訂單在下半年開始回升，我認為這預示著我們對 2014 年的預期，我們認為明年鑄造業應該會穩步增長，以推動我們預期的 10% 的增長.

I think when we think about next year right now, memory is probably flattish for us, right, maybe a little bit up, but with foundry picking up and logic maybe up as well.

我認為，當我們現在考慮明年時，記憶對我們來說可能是平淡無奇的，對，可能有點上升，但隨著代工的回升和邏輯也可能上升。

And that's probably true that if you looked at bookings, obviously that would be true.

這可能是真的，如果你看一下預訂，顯然那是真的。

If you looked at revenue, probably a slightly different story because a lot of what we saw in 2013 was revenue that came for foundries from orders that were in 2012.

如果您查看收入，可能會略有不同，因為我們在 2013 年看到的很多收入來自 2012 年訂單的代工廠收入。

And so, there is this node component of it.

因此，它有這個節點組件。

So at the beginning of 28, we would see some strength, and then you hit an air pocket until you get to 20, which is what we are starting to see some of now, and we think that picks up.

所以在 28 開始時，我們會看到一些力量，然後你會遇到一個氣袋，直到你達到 20，這就是我們現在開始看到的一些情況，我們認為這會有所好轉。

So it is a little bit hard to dissect it on an annualized basis.

因此，要逐年剖析它有點困難。

You really have to look node to node.

您確實必須逐個查看節點。

And that's what we expect, and we are already seeing signs that that will strengthen as we go into 2014.

這正是我們所期望的，而且我們已經看到跡象表明，隨著我們進入 2014 年，這種情況將會加強。

Then, as a follow-up, (technical difficulty) backdrop that we all know that spending is going to be up at least 10% year over year (technical difficulty) subsegment between inspection, metrology, and reticle inspection going into next year, given the spending mix that you see, particularly with 3-D NAND being extremely process control intensive, so I'm just trying to get a sense from that.

然後，作為後續的（技術難度）背景，我們都知道，明年的檢查、計量和標線檢查之間的支出將同比至少增長 10%（技術難度），考慮到你看到的支出組合，特別是 3-D NAND 是極其過程控制密集型的，所以我只是想從中了解一下。

Thank you.

謝謝你。

Can you repeat the first part of the question?

你能重複問題的第一部分嗎？

We didn't hear it.

我們沒有聽到。

Yes, the first part of the question was that with spending going to be up 10% year over year, how should we think about movements, the trends between your various segments, i.e., between your wafer inspection metrology, as well as reticle inspection between 413 and 414, and given the spending that you're going to see particularly from 3-D NAND, which is process control intensive?

是的，問題的第一部分是，隨著支出將同比增長 10%，我們應該如何考慮運動、各個細分市場之間的趨勢，即晶圓檢測計量之間以及光罩檢測之間413 和 414，並且考慮到您將看到的支出，特別是來自 3-D NAND 的支出，這是過程控制密集型的？

I am just trying to get a sense of how directionally the wafer inspection metrology and the reticle moves.

我只是想了解晶圓檢測計量和標線的移動方向。

Thank you.

謝謝你。

So reticle inspection tends to be a little bit lumpy, so we can probably expect to see that somewhere between the 10% to maybe as high as 15%, but generally, most of -- that is a business that has been a little bit weak.

所以分劃板檢查往往有點不穩定，所以我們可能會看到介於 10% 到 15% 之間的某個地方，但一般來說，大部分 - 這是一個有點弱的業務.

It is starting to pick up again, but I think we will see investment happen in a given quarter, and then it will fall off in follow-on quarters.

它開始再次回升，但我認為我們將看到投資在特定季度發生，然後在後續季度下降。

So I think you can think about it in terms of 10% to 15% range.

所以我認為你可以從 10% 到 15% 的範圍來考慮。

I think metrology generally is about 15% to 20%.

我認為計量學一般在 15% 到 20% 左右。

And I think wafer inspection is around half the business, and that includes high-end pattern inspection on pattern e-Beam and so on.

我認為晶圓檢測約佔業務的一半，其中包括對圖案電子束的高端圖案檢測等。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Rick, what is going to be driving the variance in your December quarter booking?

Rick，是什麼導致了您 12 月季度預訂的差異？

Is it by the type of a device manufacturer, foundry versus memory, or is it more driven by product mix?

是設備製造商的類型、代工廠還是內存，還是更多地受產品組合驅動？

You mean how do we have the range?

你的意思是我們如何擁有範圍？

Yes.

是的。

What is driving the range?

什麼是驅動範圍？

What is going to drive you having the low end versus the high end?

是什麼驅使您擁有低端與高端？

It is less about particular device types and more about customer activity, and as you know, we often have some products that are pretty big in terms of -- they have big impact because the dollar value is high, and if those come in or if they don't, that will swing it.

它不是關於特定設備類型，而是更多關於客戶活動，而且如您所知，我們經常有一些產品非常大 - 它們會產生很大的影響，因為美元價值很高，如果這些產品進來或者如果他們沒有，那會搖擺不定。

So I think it's less about any particular segment and more just the general variation we see in the bookings environment, given fewer customers that place bigger orders and just if they come in or not.

因此，我認為這與任何特定細分市場無關，而更多的是我們在預訂環境中看到的一般變化，因為下大訂單的客戶更少，而且他們是否進來。

Nothing in particular in terms of device type or projects that we are counting on.

就我們所依賴的設備類型或項目而言，沒有什麼特別的。

Got it.

知道了。

And then, going back to prior commentary on R&D, you emphasized some 450-millimeter-related projects, but how about the EUV in mass inspection?

然後，回到之前關於研發的評論，您強調了一些與450毫米相關的項目，但是EUV在大規模檢測中的情況如何？

Could you elaborate on your plans or how should we think about incremental spending that is needed to get that R&D up and running?

您能否詳細說明您的計劃，或者我們應該如何考慮啟動和運行研發所需的增量支出？

We have investment going now.

我們現在有投資。

We will continue to make that investment.

我們將繼續進行這項投資。

We believe that eventually there is going to be a need for an [atenic] inspector, so at EUV wavelength.

我們相信最終將需要一名 [atenic] 檢查員，因此在 EUV 波長。

We have the capability now in our 6xx platform to satisfy market needs, probably through the 10-nanometer node for EUV, although it's not ultimately what people want for volume production.

我們現在有能力在我們的 6xx 平台中滿足市場需求，可能是通過 EUV 的 10 納米節點，儘管它最終並不是人們想要的量產。

It will have -- we will start seeing delays in our forecasted time to market if we don't ramp inspection investment through 2014, and right now, we're working with customers to determine exactly what the demand is.

如果我們在 2014 年之前不增加檢測投資，我們將開始看到我們預測的上市時間出現延遲，而現在，我們正在與客戶合作，以確定需求是什麼。

It's a bit of a waiting game because our customers are feeling, I think, more and more concerned about the insertion point of EUV production, and I would say in the last few months that the sentiment has been pushing out EUV in terms of its high-volume manufacturing, which means that pushing out -- and it's giving us a little more time for the investment.

這有點等待遊戲，因為我認為我們的客戶越來越關心 EUV 生產的插入點，我想說在過去的幾個月裡，這種情緒一直在推高 EUV -批量製造，這意味著推出 - 它給了我們更多的投資時間。

So on the one hand, that will dampen our investment in our reticle tool, but on the other hand, it creates great opportunity in patterning process control, and we are going to benefit from that.

因此，一方面，這將抑制我們對標線工具的投資，但另一方面，它在圖案化過程控制方面創造了巨大的機會，我們將從中受益。

So I would say it is still stay tuned because we haven't secured customer commitment toward the need and the sharing of some of the investment risk of that.

所以我想說它仍在繼續關注，因為我們還沒有確保客戶對需求的承諾和分擔部分投資風險。

And I think that's going to take some time.

我認為這需要一些時間。

Just to make sure that I understand, that incremental investment that you would need to make, that has to do with sub-10-nanometer or you are still not sure on 10-nanometer?

只是為了確保我理解，您需要進行的增量投資與亞 10 納米有關，或者您仍然不確定 10 納米？

No, we think that the toolset that we have, the 6xx, can support -- we think the 10-nanometer will be pretty light for EUV production.

不，我們認為我們擁有的工具集 6xx 可以支持——我們認為 10 納米對於 EUV 生產來說非常輕巧。

And so, EUV is likely pushing out of 10-nanometer, in which case I think customers will be able to, by and large, do what they need to do with the capabilities that we have.

因此，EUV 可能會推出 10 納米，在這種情況下，我認為客戶將能夠在很大程度上利用我們擁有的能力做他們需要做的事情。

But that's not high-volume EUV manufacturing, so we will need to invest significantly more if we want to have a tool that intercepts high-volume manufacturing EUV, but that continues to be delayed.

但這不是大批量 EUV 製造，因此如果我們想要一個工具來攔截大批量製造的 EUV，我們將需要大量投資，但這會繼續被推遲。

Understood.

明白了。

Thanks so much for the detailed answer.

非常感謝您的詳細回答。

Patrick Ho, Stifel Nicolaus.

帕特里克·何，Stifel Nicolaus。

Rick, can you just remind us what the incremental increase in capital intensity is in the transition from planar to 3-D NAND in terms of process control, and maybe you can go one step along on the inspection side as well?

Rick，您能否提醒我們，在工藝控制方面，從平面 NAND 向 3-D NAND 過渡的過程中，資本密集度的增量增加是什麼，也許您也可以在檢查方面邁出一步？

Yes, I don't have it committed to memory.

是的，我沒有將它提交到內存中。

I think in general what we see is that there is a significant CAGR on the increase if you go to 40 nanometers down to some of the 3-D stuff, but remember, the adoption rate was low.

我認為總的來說，我們看到的是，如果將某些 3-D 材料縮小到 40 納米，則復合年增長率會顯著增加，但請記住，採用率很低。

I think in the mid-8s, and we are talking about a 30% increase in that adoption as you go to the 3-D.

我認為在 8 年代中期，當你進入 3-D 時，我們正在談論採用率增加 30%。

And we are seeing some evidence, but again, nobody has really done volume 3-D, so nobody really knows for certain.

我們看到了一些證據，但同樣，沒有人真正完成過 3-D 卷，所以沒有人真正確切地知道。

But the initial activity we see from our customers supports that thesis that we're going to see increasing demand for process control.

但是我們從客戶那裡看到的最初的活動支持了我們將看到對過程控制的需求不斷增加的論點。

Great, thank you.

太好了謝謝。

(Operator Instructions).

（操作員說明）。

Ben Pang, Northland Capital Markets.

Ben Pang，北國資本市場。

For the foundry node, can you refresh, again, on what the differences are in the capital intensity between 28, 20, and FinFET?

對於代工節點，您能否再次刷新一下 28、20 和 FinFET 在資本密集度方面的差異？

And for 2014, for foundries, do you think your opportunity is bigger for 20-nanometer or for the FinFET development?

對於 2014 年，對於代工廠而言，您認為 20 納米或 FinFET 開發的機會更大嗎？

And the last question is, what should we look for for the tax rate for 2014?

最後一個問題是，我們應該尋找 2014 年的稅率嗎？

Thank you.

謝謝你。

All right, I'll start here on the easiest one.

好吧，我從最簡單的開始。

I think the tax rate does fluctuate a little bit, but I think for modeling purposes, you should just go ahead and assume 23%.

我認為稅率確實有一點波動，但我認為出於建模目的，你應該繼續假設 23%。

And I'll bridge you to the actual against that number as we go through, but I think that overall as we model it out, that's a reasonable percentage.

當我們經歷這個數字時，我會將你與實際數字聯繫起來，但我認為總體而言，當我們對其進行建模時，這是一個合理的百分比。

So on the question of process control intensity, what we laid out at West was that in the logic foundry space at the 2X nanometer -- 4X, it was about -- we averaged 15.8% intensity.

因此，關於過程控制強度的問題，我們在 West 提出的是，在 2X 納米——4X 納米的邏輯代工空間中——我們的平均強度為 15.8%。

At 2X, it was 17%, and we saw that at 1X going to 18.4%.

在 2 倍時為 17%，我們看到在 1 倍時達到 18.4%。

So that's really the difference between the 2X would be the planar work and what we see going into the 3-D, so 18.4%.

所以這就是 2X 的平面工作和我們看到的 3-D 之間的區別，所以 18.4%。

For memory for 3-D, we saw that increasing as you go from 8.8%, as we said, up by about 30%.

對於 3-D 的內存，我們看到它從 8.8% 增加，正如我們所說，增加了約 30%。

Do you think in 2014 for the foundries, are you going to sell more of your equipment for 20-nanometer capacity or for FinFET development for foundries?

您認為 2014 年對於代工廠而言，您會出售更多用於 20 納米產能的設備還是用於代工廠的 FinFET 開發？

I think a lot of it -- to Rick's point, the intensity goes up on a per-wafer start basis, so it really gets back to how much capacity ultimately gets added, in terms of how many tools are actually purchased, how much we actually end up shipping.

我想了很多——就 Rick 而言，強度會在每個晶圓啟動的基礎上增加，所以它真的回到了最終增加了多少容量，就實際購買了多少工具而言，我們有多少實際上最終會發貨。

But node to node, as Rick mentioned, we see a 30% increase in dollars per wafer start spent on process control.

但是，正如 Rick 所提到的，從節點到節點，我們看到每個晶圓開始用於過程控制的美元增加了 30%。

Thank you very much.

非常感謝。

There are no further questions.

沒有進一步的問題。

I will turn the call back over to Mr. Lockwood.

我會把電話轉給洛克伍德先生。

Thank you, Mike.

謝謝你，邁克。

And I would like to thank everyone on behalf of the management team for joining us here today.

我要代表管理團隊感謝大家今天加入我們。

An audio replay of today's call will be available on our website later this afternoon.

今天下午晚些時候將在我們的網站上提供今天通話的音頻重播。

And once again, we appreciate your interest in KLA-Tencor.

再次感謝您對 KLA-Tencor 的關注。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。