科磊 (KLAC) 2015 Q4 法說會逐字稿

Good afternoon.

午安.

My name is Connor, and I'll be your conference operator today.

我叫康納，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to KLA-Tencor's fourth quarter FY15 earnings conference call.

此時此刻，我謹歡迎大家參加 KLA-Tencor 2015 財年第四季財報電話會議。

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

所有線路均已靜音，以防止任何背景噪音。

After the speakers' 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。

Ed Lockwood, with KLA-Tencor Investor Relations, you may begin your conference.

Ed Lockwood，KLA-Tencor 投資者關係部，您可以開始會議了。

Thank you, Connor.

謝謝你，康納。

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.

今天參加我們電話會議的有我們的總裁兼執行長 Rick Wallace 和我們的財務長 Bren Higgins。

We're here to discuss fourth quarter results for the period ended June 30, 2015.

我們在此討論截至 2015 年 6 月 30 日的第四季業績。

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 發布了這些結果。

If you haven't seen the release, you can find it on our website at www.KLA-Tencor.com or call 408-875-3000 to request a copy.

如果您還沒有看到該新聞稿，您可以在我們的網站 www.KLA-Tencor.com 上找到該新聞稿，或致電 408-875-3000 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.

本次電話會議結束後，將在我們網站的投資者關係部分按需同步直播。

This quarter, we prepared a brief slide presentation to supplement our earnings call, including a reconciliation of our GAAP and non-GAAP financial measures.

本季度，我們準備了一份簡短的幻燈片演示，以補充我們的財報電話會議，包括我們的 GAAP 和非 GAAP 財務指標的調整。

These slides can be found on KLA-Tencor's Investor Relations website.

這些幻燈片可以在 KLA-Tencor 的投資者關係網站上找到。

There you'll 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, 2014, and our subsequently filed 10-Q reports.

在那裡，您還可以找到未來投資者活動、演示和會議的日曆，以及KLA-Tencor 的SEC 文件的鏈接，包括我們截至2014 年6 月30 日的年度10-K 表格年度報告，以及我們隨後的報告。提交了 10-Q 報告。

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

在這些文件中，您會找到可能影響我們未來績效的風險因素的描述。

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

任何前瞻性聲明（包括我們今天在電話會議上所做的聲明）都面臨這些風險，KLA-Tencor 無法保證這些前瞻性聲明將會實現。

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前瞻性陳述中預測的結果有很大差異。

With that, I'll turn the call over to Rick.

這樣，我就把電話轉給里克。

Thanks, Ed.

謝謝，艾德。

Thank you all for joining us for our call today.

感謝大家今天參加我們的電話會議。

I'll focus my commentary on summary highlights of the quarter, and our view of the demand environment in the second half of calendar year 2015, and provide guidance for the September quarter.

我的評論將集中於本季的摘要要點以及我們對 2015 日曆年下半年需求環境的看法，並為 9 月的季度提供指導。

Then Bren will follow with a more detailed review of the Q4 financials.

然後布倫將對第四季度的財務狀況進行更詳細的審查。

KLA-Tencor executed well in Q4, delivering bookings and revenue just above the midpoint of guidance and non-GAAP earnings per share at the upper end of the guided range, reflecting our market leadership, strong gross margin performance, and focused cost discipline.

KLA-Tencor 在第四季度表現良好，預訂量和收入略高於指引的中點，非GAAP 每股盈餘位於指引範圍的上端，反映了我們的市場領導地位、強勁的毛利率表現和集中的成本控制。

New orders for June were in line with our expectations at $672 million, driven by stronger than expected demand from memory customers focused on 3D NAND capacity expansion, which was offset by weaker logic and foundry orders in the quarter.

6 月新訂單達到 6.72 億美元，符合我們的預期，這是由於專注於 3D NAND 產能擴張的記憶體客戶需求強於預期，但本季度邏輯和代工訂單疲軟抵消了這一需求。

Looking ahead to the overall industry demand environment for the second half of calendar 2015, memory investments focused primarily on 3D NAND capacity additions, and is expected to increase and broaden out among the market leaders in the second half of the year.

展望2015年下半年的整體產業需求環境，記憶體投資主要集中在3D NAND產能的增加上，預計下半年市場領導者的投資將增加並擴大。

Capacity investment in DRAM is expected to moderate in the second half of the year, with customers focused on technology conversions and process migration.

下半年DRAM產能投資預計將放緩，客戶將專注於技術轉換和製程遷移。

In foundry and logic, investment in the second half of the year is expected to be focused on finFET capacity additions by the market leaders, as well as incremental new capacity expansion for 28-nanometer foundry.

在代工和邏輯領域，下半年的投資預計將集中於市場領導者增加的 finFET 產能，以及 28 奈米代工的增量新產能擴張。

However, uncertainty over the timing and magnitude of leading edge capacity ramps for the two major foundries continues to create headwinds for foundry CapEx in the remainder of calendar year 2015.

然而，兩大代工廠領先產能提升的時間和幅度的不確定性繼續為 2015 年剩餘時間的代工廠資本支出帶來阻力。

With the recently announced reduction in logic CapEx budget for 2015, leading edge logic investment is seen to remain at low level for the rest of the year.

隨著最近宣布削減 2015 年邏輯資本支出預算，預計今年剩餘時間前沿邏輯投資將保持在較低水準。

Our current expectation is for KLA-Tencor to begin shipping process control equipment for 10-nanometer development in the first half of calendar year 2016.

我們目前的預期是 KLA-Tencor 將於 2016 年上半年開始出貨用於 10 奈米開發的製程控制設備。

For KLA-Tencor our mission is to help our customers navigate the ever-changing landscape of increasing device complexity and yield challenges that accompany each major node transition.

對於 KLA-Tencor，我們的使命是幫助客戶應對不斷變化的環境，即每個主要節點過渡所伴隨的設備複雜性和良率挑戰不斷增加。

The focus of our strategy is on a long-term revenue growth objective of 5% to 7% per year, driven by leading technologies and differentiated solutions and fueled by a high level of R&D investment in one of the industry's leading business models.

我們策略的重點是每年 5% 至 7% 的長期收入成長目標，由領先技術和差異化解決方案驅動，並由對行業領先商業模式之一的高水準研發投資推動。

At SEMICON West this year, we discussed some of the structural changes we have implemented in our global organization to streamline our go-to-market strategies and focus product development efforts on the best opportunities in pursuit of these strategies.

在今年的 SEMICON West 上，我們討論了我們在全球組織中實施的一些結構性變革，以簡化我們的上市策略，並將產品開發工作重點放在實現這些策略的最佳機會上。

We expect these actions to begin to produce results over the next few quarters.

我們預計這些行動將在未來幾季開始產生成果。

We plan to receive initial orders for our latest generation flagship optical and inspection platform and see the benefit of our recent OpEx reductions reflected in our earnings in the second half of FY16.

我們計劃接收最新一代旗艦光學和檢測平台的初始訂單，並看到我們最近營運支出削減的好處反映在我們 2016 財年下半年的收益中。

Turning now to our outlook for the first quarter of FY16, we expect September quarter bookings to be in the range of $450 million to $650 million.

現在轉向我們對 2016 財年第一季的展望，我們預計 9 月季度的預訂量將在 4.5 億美元至 6.5 億美元之間。

Guidance for revenue in the September quarter is in the range of $595 million to $655 million, and non-GAAP earnings per share is projected to be in the range of $0.46 to $0.66 in the quarter.

9 月季度的收入指引範圍為 5.95 億美元至 6.55 億美元，非公認會計準則每股收益預計為 0.46 美元至 0.66 美元。

With our current backlog and the anticipated order profile for the second half of the year, we expect bookings, shipment, and revenue growth to resume in the fourth quarter of calendar year 2015.

根據我們目前的積壓情況和下半年的預期訂單情況，我們預計預訂、出貨和營收成長將在 2015 年第四季恢復。

With that, I'll turn the call over to Bren Higgins for his review of the numbers.

這樣，我會將電話轉給布倫希金斯 (Bren Higgins)，讓他審核這些數據。

Thanks, Rick, and good afternoon.

謝謝，瑞克，下午好。

My remarks today will focus on highlights of the financial results for Q4, my perspective on current trends in the marketplace, and our outlook for the second half of calendar year 2015.

我今天的演講將重點關注第四季度的財務業績亮點、我對當前市場趨勢的看法以及我們對 2015 年下半年的展望。

Revenue for Q4 was $756 million, above the midpoint of guidance, and fully diluted GAAP earnings per share was $0.89.

第四季營收為 7.56 億美元，高於指引中位數，完全攤薄後的 GAAP 每股收益為 0.89 美元。

Non-GAAP earnings per share finished the quarter at the top end of the guided range at $0.99 per share.

本季非公認會計準則每股收益為每股 0.99 美元，處於指導範圍的上限。

In our press release and in our supplemental financial data accompanying our results, you will find a GAAP to non-GAAP reconciliation of the difference in EPS of $0.10.

在我們的新聞稿和業績附帶的補充財務數據中，您會發現 GAAP 與非 GAAP 每股盈餘差異的 0.10 美元差異的調整表。

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

我對本季的評論將集中於非公認會計準則業績，其中不包括今天新聞稿中涵蓋的調整。

Turning now to customer segment commentary for the June quarter, new orders in Q4 were $672 million, also above the midpoint of the guided bookings range for the quarter of $550 million to $750 million, as we saw strength in NAND flash orders in the period.

現在轉向6 月季度的客戶細分評論，第四季度的新訂單為6.72 億美元，也高於該季度5.5 億至7.5 億美元指導預訂範圍的中點，因為我們看到該時期NAND 閃存訂單強勁。

Memory was 62% of new system orders in June, up strongly on a sequential basis, both in terms of percentage of total orders and absolute dollars compared with the March quarter.

記憶體佔 6 月新系統訂單的 62%，與 3 月季度相比，無論是佔總訂單的百分比還是絕對金額，環比均強勁增長。

Memory demand in the June quarter featured strong NAND flash demand with orders from multiple customers supporting 3D NAND expansion projects highlighting the results.

6 月季度的記憶體需求以 NAND 快閃記憶體需求強勁為特色，來自支援 3D NAND 擴充專案的多個客戶的訂單凸顯了這一結果。

Foundry demand was 33% of new orders for Q4, and moderately below our expectations for the quarter.

第四季代工需求佔新訂單的 33%，略低於我們對該季度的預期。

Logic was 5% of new orders in June, down sequentially and down compared with our original forecast.

邏輯是 6 月新訂單佔 5%，季減，且低於我們最初的預測。

Turning now to the distribution of orders by product group, this breakdown by product group now reflects the new organization structure we introduced two weeks ago at SEMICON West.

現在轉向按產品組劃分的訂單分佈，按產品組的細分現在反映了我們兩週前在 SEMICON West 上推出的新組織結構。

For the purpose of comparison, the wafer inspection group is largely comparable to the order breakdown previously categorized under the same name.

出於比較的目的，晶圓檢查組在很大程度上與先前分類在同一名稱下的訂單細分具有可比性。

The patterning group now includes both the former metrology and radical inspection categories.

圖案組現在包括先前的計量和徹底檢查類別。

In the fourth quarter of FY15, wafer inspection was approximately 47%, patterning was approximately 24%, service was 27%, and non-semi was 2%.

2015 財年第四季，晶圓檢測約佔 47%，圖案化約佔 24%，服務約佔 27%，非半導體約佔 2%。

Total shipments in Q4 were $739 million and below the guided range, principally due to a delay in buy-out timing of IASP leading edge mask inspection system, changing customer requirements for sub-20-nanometer shipments to a foundry customer that occurred late in Q4, and an accident in a customer fab that led to shipment delays into the September quarter.

第四季的總出貨量為7.39 億美元，低於指導範圍，主要是由於IASP 領先掩模檢測系統的收購時間延遲，導致第四季度末向代工客戶交付的20 奈米以下晶圓的客戶要求發生了變化以及一家客戶晶圓廠發生的事故，導致第二季的發貨延遲。

Although current shipment backlog is strong at $984 million, the scheduled backlog is concentrated among a few customers who have recently been adjusting their scheduled delivery dates, impacting our visibility on a quarter-to-quarter basis, and leading to shipment delays of tools originally expected to ship in the June and September quarters to later in our fiscal year.

儘管目前的積壓訂單量高達9.84 億美元，但預定的積壓訂單主要集中在少數客戶身上，這些客戶最近一直在調整預定的交付日期，這影響了我們每個季度的可見度，並導致最初預計的工具的發貨延遲將在六月和九月季度至本財年晚些時候發貨。

In total, we ended Q4 with over $1.2 billion of total backlog, comprised of $984 million of shipment backlog, orders that had not yet shipped to customers and expect to ship of the next 6 to 9 months, and $221 million of revenue backlog, or products that have shipped and invoiced, but have not yet been signed off by customers.

總的來說，我們第四季末的積壓訂單總額超過12 億美元，其中包括9.84 億美元的積壓發貨、尚未發貨給客戶並預計在未來6 至9 個月內發貨的訂單，以及2.21 億美元的積壓收入，或已出貨並開立發票但尚未由客戶簽署的產品。

Looking forward we are modeling September quarter shipments in the range of $610 million to $690 million.

展望未來，我們預計 9 月季度的出貨量將在 6.1 億美元至 6.9 億美元之間。

Turning to the income statement, revenue for the quarter was $756 million, up 2% sequentially compared with the March quarter and above the midpoint of guidance.

轉向損益表，該季度營收為 7.56 億美元，比 3 月季度環比增長 2%，高於指導中點。

We expect revenue in the range of $595 million to $655 million in the September quarter, driven by the lower shipments forecast resulting from certain customer shipment delays and timing of customer product acceptances required for certain tools in the quarter.

我們預計 9 月季度的營收將在 5.95 億美元至 6.55 億美元之間，這是由於某些客戶出貨延遲以及本季某些工具所需的客戶產品驗收時間導致的出貨量預測較低。

Gross margin was 58.5%, 150 basis point improvement compared with the March quarter, benefiting from a more favorable product mix and service mix than originally modeled.

毛利率為 58.5%，較 3 月季度提高 150 個基點，受益於比最初模型更有利的產品組合和服務組合。

We expect gross margin to be in the range of 56% to 57% in September, largely a function of the lower expected revenue levels for the quarter, but in the range of our targeted 60% to 70% incremental gross margin model.

我們預計 9 月的毛利率將在 56% 至 57% 之間，這主要是由於該季度預期收入水平較低，但也在我們的 60% 至 70% 增量毛利率模型目標範圍內。

Total operating expenses were $214 million, down $4 million compared with the March quarter and down approximately $17 million on a year-over-year basis compared with the June 2014 level.

總營運費用為 2.14 億美元，與 3 月季度相比減少了 400 萬美元，與 2014 年 6 月的水平相比，同比減少了約 1700 萬美元。

Operating margin in the June quarter was 30.2%.

六月季度的營業利潤率為 30.2%。

Below our operating expense levels in Q4 reflected some of the benefit of the actions we have taken to adjust our global operations to match a consolidated customer environment, and to focus our R&D investments on our best opportunities while maintaining our incremental operating margin model of 50% to 60%.

第四季的營運費用水準低於我們所採​​取的行動的一些好處，這些行動是為了調整我們的全球營運以適應整合的客戶環境，並將我們的研發投資集中在我們的最佳機會上，同時保持我們50% 的增量營運利潤率模型至 60%。

As Rick mentioned, our long-term objective is to grow revenue in the range of 5% to 7% per year through cycle over the long term, with a focus on market leadership, strengthening our position in our core markets, and continuing to drive opportunities for growth in our service business.

正如 Rick 所提到的，我們的長期目標是透過長期循環每年將收入成長 5% 至 7%，重點關注市場領導地位，加強我們在核心市場的地位，並繼續推動我們服務業務的成長機會。

Accompanying that goal is the objective to grow operating income at twice the rate of revenue growth over time.

伴隨這目標的目標是隨著時間的推移，營業收入的成長速度是收入成長率的兩倍。

Results of the June quarter demonstrate good cost discipline and strong execution towards our long-term profitability growth objective.

六月季度的業績顯示我們有良好的成本紀律和對我們長期獲利成長目標的強有力執行力。

Accordingly, we are currently forecasting a $2 million sequential decline in quarterly operating expense to the $212 million level in the September quarter.

因此，我們目前預計季度營運費用將環比下降 200 萬美元，至 9 月季度的 2.12 億美元水準。

This would represent a $28 million reduction in operating expenses compared with the first quarter of FY15 at similar revenue levels.

與 2015 財年第一季類似收入水準相比，這意味著營運費用減少 2,800 萬美元。

Our effective tax rate was 21% in the quarter, in line with our long-term planning rate of 22%.

本季我們的有效稅率為 21%，與我們 22% 的長期規劃稅率一致。

In FY16, you should continue to use 22% as a long-term planning rate for KLA-Tencor.

2016 財年，您應該繼續使用 22% 作為 KLA-Tencor 的長期規劃率。

The planning rate does not include any benefit from the R&D tax credit in the United States.

規劃率不包括美國研發稅收抵免的任何好處。

In the event that this tax credit is extended, we'll modify our planning rate assumption.

如果延長稅收抵免，我們將修改我們的計劃利率假設。

Finally, net income for the June quarter was $159 million, or $0.99 per fully diluted share, and we ended the quarter just under 160 million fully diluted shares outstanding.

最後，6 月季度的淨利潤為 1.59 億美元，即每股完全攤薄後的股票 0.99 美元，本季結束時，我們的完全攤薄後流通股略低於 1.6 億股。

I'll turn now to the highlights from the balance sheet and our cash flow statement.

現在我將談談資產負債表和現金流量表的要點。

Cash and investments ended the quarter at $2.4 billion, an increase of $47 million compared with March.

本季末現金和投資為 24 億美元，比 3 月增加 4,700 萬美元。

Cash from operations was $317 million in the quarter, up $75 million sequentially over the March quarter, and free cash flow was $308 million.

本季營運現金為 3.17 億美元，比上一季增加 7,500 萬美元，自由現金流為 3.08 億美元。

In the quarter, we paid $80 million in dividends and repurchased 168 million of shares of our common stock in the period.

本季度，我們支付了 8,000 萬美元的股息，並回購了 1.68 億股普通股。

We also made a supplemental payment beyond the required loan amortization of approximately $20 million towards our outstanding term loans in Q4.

除了所需的貸款攤銷之外，我們還在第四季度向未償還的定期貸款支付了約 2000 萬美元的補充付款。

Additionally in July we announced that our Board of Directors had authorized an increase in the level of our quarterly dividend to $0.52 per share, the seventh increase in our regular dividend since it was first instituted in 2005.

此外，我們在 7 月宣布，董事會已授權將季度股息水準提高至每股 0.52 美元，這是自 2005 年首次設立以來我們第七次提高定期股息。

We believe this reflect the Board and management's confidence in our long-term growth strategies and target business model, and is consistent with our ongoing focus of returning value and rewarding our long-term stockholders for their commitment to KLA-Tencor.

我們相信，這反映了董事會和管理層對我們長期成長策略和目標業務模式的信心，並且與我們持續專注於回報價值和獎勵長期股東對 KLA-Tencor 的承諾是一致的。

With that, to reiterate, our guidance for the September quarter is bookings are expected to be within a range of $450 million to $650 million, but our current view that the second half of calendar year 2015 is roughly flat with the first half, shipments of $610 million to $690 million, revenue between $595 million and $655 million, and non-GAAP EPS of $0.46 to $0.66 per share.

重申一下，我們對 9 月季度的指導是預訂量預計在 4.5 億至 6.5 億美元之間，但我們目前認為 2015 年下半年與上半年大致持平，出貨量為6.1 億至6.9 億美元，收入在5.95 億至6.55 億美元之間，非GAAP 每股收益為0.46 至0.66 美元。

This concludes our remarks on the quarter.

我們對本季的評論到此結束。

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

我現在將把電話轉回艾德以開始問答。

Okay.

好的。

Thank you, Bren.

謝謝你，布倫。

At this point, we'd like to open up the call to questions.

現在，我們想開始提問。

We do once again request that you limit yourself to one question and one 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，我們再次請求您只提出一個問題和一個後續行動。

Please feel free to requeue for your follow-up questions, and we'll do our best to give everyone a chance for follow-ups in today's call as time permits.

請隨時重新排隊回答您的後續問題，我們將盡力在時間允許的情況下為每個人在今天的電話會議中提供後續跟進的機會。

Connor, we're ready for the first question.

康納，我們準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Timothy Arcuri with Cowen and Company.

你的第一個問題來自蒂莫西·阿庫裡（Timothy Arcuri）與考恩公司（Cowen and Company）的對話。

Your line is open.

您的線路已開通。

Thanks a lot.

多謝。

I guess first thing, Bren, just to clarify something you just said, you said calendar second half flat with calendar first half.

我想首先，布倫，只是為了澄清你剛才所說的事情，你說日曆後半部分與日曆上半部分持平。

You mean shipments, is that right?

你說的是出貨量吧？

That would imply that shipments in December are like $800 million?

這是否意味著 12 月的出貨量約為 8 億美元？

No, I meant orders, Tim.

不，我的意思是命令，提姆。

Orders, okay.

訂單，好。

The order profile for the second half of the year is in line with the first half of the year.

下半年訂單狀況與上半年基本一致。

Obviously, we're seeing the seasonal effects in September with strengthening.

顯然，我們看到九月的季節性影響正在加強。

Okay.

好的。

Then I guess just a big picture question for Rick, I'm just looking back at if I strip out the service number, if I just assume that service grows a bit, and I look at just your systems revenue for September, it's as low as it's really ever been since the 2009 downturn.

然後我想這對 Rick 來說是一個大問題，我只是回顧一下，如果我去掉服務數量，如果我只是假設服務增長了一點，我只看一下你們 9 月份的系統收入，它是低的自2009年經濟衰退以來，情況一直如此。

Nobody else is really anywhere close to that.

沒有人能真正接近這一點。

I guess from a strategic point of view, obviously right now you guys aren't super exposed to some of the 3D NAND things that are happening.

我想從策略角度來看，顯然現在你們還沒有完全接觸到正在發生的一些 3D NAND 事情。

Whenever in the past we've talked about maybe getting exposure to that area, maybe via partnership with a films company, at the time the argument was that you wanted to remain independent, process neutral third party, but does that logic hold anymore?

過去每當我們談論可能透過與電影公司合作來接觸該領域時，當時的爭論是你想保持獨立，處理中立的第三方，但這種邏輯還成立嗎？

Do you think that now given some of the changes in device architecture that maybe it does make sense for a process control company to work together or merge or combine with a films company?

您認為現在考慮到設備架構的一些變化，過程控制公司與電影公司合作或合併或合併可能確實有意義嗎？

Thanks.

謝謝。

I think there's definitely benefit in working closely with process equipment providers in terms of helping create products and processes and solutions that support some of the challenges customers face, but it's actually a pretty broad spectrum.

我認為與工藝設備提供者密切合作肯定有好處，可以幫助創建支持客戶面臨的一些挑戰的產品、工藝和解決方案，但這實際上是一個相當廣泛的範圍。

I think as a Company we actually do partner with a number of players, both in etch and [dev], and have found ways to create value.

我認為作為一家公司，我們實際上與蝕刻和[開發]領域的許多參與者合作，並找到了創造價值的方法。

I think that's very different than putting two companies together, and so we still don't see the value or the strategic, the way you get the investment back if you were to pursue that path.

我認為這與將兩家公司合併在一起有很大不同，因此我們仍然看不到價值或策略，以及如果你要走這條路的話你收回投資的方式。

The M&A front hasn't changed, but definitely there is interest in people using metrology and inspection to leverage their process equipment.

併購方面沒有改變，但人們肯定對使用計量和檢測來利用其製程設備感興趣。

To your point, this is a very soft spot for us, given the foundry and logic exposure we have and the fact that there's just not a lot of investment going on with those customers right now.

就您的觀點而言，考慮到我們擁有的代工廠和邏輯曝光度以及目前這些客戶沒有進行大量投資的事實，這對我們來說是一個非常軟弱的地方。

We do anticipate that that will come back when we get into the 10-nanometer ramp which we think happens in calendar 2016, but certainly right now it's a soft spot for us.

我們確實預計，當我們進入 10 奈米斜坡時（我們認為會在 2016 年發生），這種情況將會回來，但現在肯定對我們來說是一個軟肋。

Okay.

好的。

Guys, thanks so much.

夥計們，非常感謝。

Your next question comes from the line of Harlan Sur with JPMorgan.

你的下一個問題來自 Harlan Sur 與摩根大通的電話。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

You talked about second half orders equivalent to first half orders.

您談到下半年訂單相當於上半年訂單。

Last call, you articulated a view of shipments and revenue second half being relatively balanced.

上次通話中，您闡述了下半年出貨量和收入相對平衡的觀點。

Based on your commentary today, it seems like second half is going to be lower now even with December quarter inflection.

根據您今天的評論，即使 12 月季度出現拐點，下半年的價格似乎也會較低。

First question is, is that a fair statement?

第一個問題是，這是一個公平的說法嗎？

It sounds like most of this is foundry push-outs.

聽起來大部分都是代工廠淘汰的。

If you could just help us, is this more 14-, 16-nanometer finFET push-outs, or is it more the legacy 28-nanometer technology?

如果您能幫助我們，這是更多的 14 奈米、16 奈米 finFET 推出，還是更多的傳統 28 奈米技術？

Harlan, it's Bren.

哈倫，是布倫。

Your assessment is correct.

你的評價是正確的。

From an order perspective, we think it lines up fairly consistent with what we had seen last quarter, but certainly shipments and revenue, we did have some sizable shipments that pushed out of the revenue forecast in the second half of the year for sub-20-nanometer foundry activity.

從訂單角度來看，我們認為這與我們上季度看到的情況相當一致，但當然是出貨量和收入，我們確實有一些相當大的出貨量超出了 20 歲以下產品下半年的收入預測-奈米鑄造活動。

That is largely responsible for the reduced outlook in terms of our views on shipments and revenue into the second half of the year.

這在很大程度上是我們對下半年出貨量和收入的看法下降的原因。

Okay.

好的。

Then your one large logic customer pushed out the timing of their 10-nanometer high volume production ramp by about a year.

然後，您的一個大型邏輯客戶將 10 奈米大批量生產的時間推遲了大約一年。

On the flip side though, it does seem like the other two major foundry suppliers are still aggressively going to try and roll out 10-nanometer next year.

但另一方面，另外兩家主要代工供應商似乎仍在積極嘗試明年推出 10 奈米製程。

How has this changed your view on 2016 and the 10-nanometer contribution to the business?

這如何改變了您對 2016 年以及 10 奈米對業務貢獻的看法？

You mentioned 10-nanometer development tools shipping in the first half.

您提到了上半年 10 奈米開發工具的出貨量。

Is this going to be more foundry or logic biased?

這會更偏向鑄造廠還是邏輯偏向？

I think it's a little early to call 2016 at this point.

我認為現在說2016年還為時過早。

Clearly, our view is that we'll see the 10-nanometer ramp begin in the first half of 2016, so you'll start to see activity there.

顯然，我們的觀點是，我們將在 2016 年上半年看到 10 奈米的進步，因此您將開始看到那裡的活動。

Order timing is always a question when you'd see those orders.

當您看到這些訂單時，訂單時間始終是一個問題。

Logic side, we tend to get a little more lead time than we do on the foundry.

從邏輯方面來說，我們的交貨時間往往比代工廠多一點。

In terms of how we're looking at how the shipments roll out, I think the shipments roll out largely consistent across both segments, but it's a little bit early at this point.

就我們如何看待出貨量的推出而言，我認為這兩個細分市場的出貨量基本上是一致的，但目前還為時過早。

We talked a lot about it at SEMICON a couple weeks ago.

幾週前我們在 SEMICON 上對此進行了很多討論。

I don't think our views around 10-nanometer interest and timing have changed all that much.

我認為我們對 10 奈米興趣和時機的看法並沒有太大變化。

It's hard for me to see how you see any of that activity begin in this calendar year.

我很難理解您如何看待今年開始的任何活動。

You might start to see some orders at the tail end, but certainly don't expect to see any shipments in 2015 for that.

您可能會開始在最後看到一些訂單，但肯定不會期望在 2015 年看到任何發貨。

Okay.

好的。

Great.

偉大的。

Thanks a lot.

多謝。

Your next question comes from the line of Krish Sankar with Bank of America.

您的下一個問題來自美國銀行的克里什桑卡爾 (Krish Sankar)。

Your line is open.

您的線路已開通。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Two of them, first one, did you guys say that you expect some of your [gen 5] optical inspection orders in the second half, or is it more tied to 10-nanometer?

其中兩個，第一個，你們是否表示預計下半年會收到一些[第 5 代] 光學檢測訂單，或者是否與 10 奈米更相關？

Krish, it's Bren.

克里什，是布倫。

I don't know if it's tied exactly to 10-nanometers.

我不知道它是否與 10 奈米完全相關。

It's really tied to the timing of those introductions.

這確實與這些介紹的時間有關。

Typically, new products create their own weather in terms of timing of interest by customers.

通常，新產品會根據客戶感興趣的時間來創造自己的天氣。

We would expect to see orders toward the end of our fiscal year, and perhaps we'll see some revenue too towards the tail end.

我們預計在財政年度結束時會收到訂單，也許在年底我們也會看到一些收入。

I don't think you fully see full scale ramp and adoption until you move into the second half of 2016, but we should see some activity in the first half.

我認為在 2016 年下半年之前您不會完全看到全面的成長和採用，但我們應該會在上半年看到一些活動。

Krish, as you know, with a new product it's often the case that that is shipped, and it's under contingency provision that when it achieves the milestones that you both recognize the revenue and the bookings.

克里什，如您所知，對於新產品，通常會出現發貨的情況，並且根據應急條款，當它達到里程碑時，您會同時確認收入和預訂。

We're less likely to see the bookings in the first half of the fiscal year because of that.

因此，我們不太可能在本財年上半年看到預訂。

Got you.

明白你了。

Then a follow-up for Bren, if I look at your June quarter, over the last six months your OpEx is down 7% from December.

然後是 Bren 的後續行動，如果我看看你們 6 月的季度，在過去的六個月裡，你們的營運支出比 12 月下降了 7%。

You guys have done a 10% headcount.

你們已經完成了 10% 的人數。

The June quarter numbers look similar to your target model.

六月季度的數字看起來與您的目標模型相似。

Is it fair to assume that you already started seeing the benefits of the restructuring, or is there still more room to cut costs here?

是否可以公平地假設您已經開始看到重組的好處，或者這裡有更多削減成本的空間？

I think it's fair to assume we're starting to see some of it.

我認為可以公平地假設我們已經開始看到其中的一些。

Part of our assessment of where we were on a normalized basis, we were trending before we started the actions.

作為我們對正常情況評估的一部分，我們在開始行動之前就已經了解了趨勢。

When I say normalized, I mean in terms of how you think about variable compensation adjustments and so on, somewhere around $225 million a quarter.

當我說標準化時，我的意思是你如何看待可變薪酬調整等，大約每季 2.25 億美元。

We see that trending down in terms of a fully loaded operating level of about $205 million to $210 million.

我們認為滿載營運水準呈下降趨勢，約 2.05 億美元至 2.1 億美元。

We should see that progression of course or across the fiscal year from here.

當然，我們應該看到這種進展，或從現在開始的整個財年。

I think there's still room from where we're at now as we start to see some of those costs come off the books over the next quarter or so.

我認為，我們現在的情況還有空間，因為我們開始看到其中一些成本在下個季度左右從帳面上消失。

Then we expect it to stay in that ballpark with some of the other actions that we have planned and are in process of executing.

然後，我們希望它與我們已經計劃並正在執行的其他一些行動保持一致。

Got it.

知道了。

Thank you.

謝謝。

Your next question comes from the line of CJ Muse with Evercore.

您的下一個問題來自 CJ Muse 與 Evercore 的合作。

Your line is open.

您的線路已開通。

Good afternoon.

午安.

Thank you for taking my question.

感謝您回答我的問題。

Apologies for the voice.

為聲音道歉。

I'm curious your thoughts on 10-nanometer.

我很好奇你對 10 奈米的看法。

We heard from one of your competitors talking about capacity being brought online in 2016 through 2018, and roughly 150,000 wafer starts versus, call it, 250,000 at 16, 14, 20, and 300,000 at 28.

我們聽說你們的一位競爭對手談到了 2016 年至 2018 年上線的產能，大約有 150,000 片晶圓開始生產，而 16、14、20 日產能為 250,000 片，28 日產能為 300,000 片。

I would love to hear your thoughts on the puts and takes in terms of rising intensity but elongation of the node and smaller amount of wafer starts, what that means for annualized spend at the next node?

我很想聽聽您對看跌期權的看法，即強度增加但節點伸長和晶圓啟動數量減少，這對下一個節點的年化支出意味著什麼？

CJ, we haven't done the work on how we're looking at 10-nanometer starts.

CJ，我們還沒有完成關於如何看待 10 奈米起步的工作。

Clearly, what we've seen far in the sub-20-nanometer is not a lot of end market movement towards 20, 16, 14, which obviously impacts that start level.

顯然，我們在 20 奈米以下所看到的終端市場並沒有朝向 20、16、14 奈米方向發展，這顯然會影響起始水準。

Depending on the level of adoption that you do see, will impact what customers are able to do as they move to 10, but so far, 20 outside of a couple of high volume products haven't seen a lot of activity which has enabled customers to use some of those tools at 14 and 16.

根據您所看到的採用程度，當客戶數量增加到10 種時，將會影響客戶能夠執行的操作，但到目前為止，除了幾個大批量產品之外的20 種產品還沒有看到很多使客戶能夠使用的活動在 14 歲和 16 歲時使用其中一些工具。

A lot of it I think depends on not only the end market activity but also the competitive dynamics at that node that drives ultimately the overall size of it.

我認為這在很大程度上不僅取決於終端市場活動，還取決於該節點的競爭動態，最終推動其整體規模。

We think 10-nanometer will be a bigger node given you have a full shrink to that node and that the ability to reuse tools is not the same as it was at 20 and 16, given that you had effectively the same back end processes at 20 down to 16, 14.

我們認為 10 奈米將是一個更大的節點，因為您已完全縮小到該節點，並且重用工具的能力與 20 和 16 時不同，因為您在 20 時實際上擁有相同的後端流程減少到16、 14。

We're optimistic about 10-nanometer, both from a competitive dynamic front but also from an end market front at this point.

我們對 10 奈米技術持樂觀態度，無論是從競爭動態方面還是從目前的終端市場來看。

Just to add a little color, the one thing we have seen is more starts in our work with [math shops].

只是為了添加一點色彩，我們看到的一件事是我們與[數學商店]的合作開始了更多的工作。

We've seen more 10-nanometer designs than we might have thought at this time, and it does appear to be true that the [fabless] guys view 10-nanometer, to Bren's point, because it's more of a shrink as actually being more of a real node and more advantageous to go to.

我們目前看到的 10 奈米設計比我們想像的要多，而且從 Bren 的觀點來看，[無晶圓廠] 的人確實看待 10 奈米，因為它更多的是縮小，因為實際上更小。真實的節點，去往更有利。

I think that that was part of what happened to 20- and 16-nanometer, so we see that.

我認為這就是 20 奈米和 16 奈米所發生的事情的一部分，所以我們看到了這一點。

The negative of course is people have not yet really determined how difficult it's going to be in terms of the ability to get yield and the impact that will have on all the costs per wafer.

當然，負面影響是人們還沒有真正確定獲得良率的能力以及對每片晶圓所有成本的影響有多困難。

I think you might see cost per transistor come down if people can figure out the yield challenges, but the negative to that is we saw an earlier player push it out and partly due to some of those challenges.

我認為，如果人們能夠解決良率挑戰，您可能會看到每個電晶體的成本下降，但負面影響是我們看到早期的參與者將其推出，部分原因是其中一些挑戰。

We think there's going to be interest in getting designs going, and hence a bigger node, but the timing is harder to predict.

我們認為人們會對讓設計繼續進行感興趣，因此會有一個更大的節點，但時間更難預測。

We know there's been push lately.

我們知道最近有推動力。

That's very helpful.

這非常有幫助。

As a quick follow-up, a short-term question, given the lower utilization at many foundries, how do you think about your service revenue trajectory into the back half of the year?

作為一個快速跟進，一個短期問題，考慮到許多代工廠的利用率較低，您如何看待今年下半年的服務收入軌跡？

CJ, that tends to be pretty linear.

CJ，這往往是非常線性的。

I don't expect to see acceleration there.

我不希望看到那裡的加速。

I expect to see it continue along the trajectory that we've seen, somewhere between 6% and 8% per year and growing quarter-on-quarter generally.

我預計它將繼續沿著我們所看到的軌跡發展，每年增長 6% 到 8%，並且總體上按季度增長。

Yes, part of what's happening of course as you know is some of the fabs being extended longer that aren't on the leading edge.

是的，正如你所知，當然正在發生的事情的一部分是一些工廠延長了更長的時間，但並不處於領先地位。

If you look at the contribution the service business from the very leading edge and even some places where the utilization is slightly lower, it's actually to Bren's point, it responds slower.

如果你從最前線甚至一些利用率稍低的地方來看服務業務的貢獻，實際上就布倫的觀點而言，它的反應速度較慢。

We're seeing pretty good signs out of our service and our interaction with customers, plus we've identified a number of places where we can do upgrades and give more productivity to those customers to give us some upward pressure on the growth rate.

我們在服務和與客戶的互動中看到了很好的跡象，此外，我們還確定了許多可以進行升級的地方，並為這些客戶提供更高的生產力，從而給我們的成長率帶來一些上行壓力。

Thank you.

謝謝。

Your next question comes from the line of Romit Shah with Nomura Securities.

你的下一個問題來自野村證券的 Romit Shah。

Your line is open.

您的線路已開通。

Thank you.

謝謝。

If you look at gross margin relative to your competitors, your margins are about 10 to 15 points higher.

如果您查看相對於競爭對手的毛利率，您的毛利率大約高 10 到 15 個百分點。

Your competitors are saying while true, their revenue growth is better, it's implying that there's a direct relationship between margins and top line growth.

您的競爭對手確實說過，他們的收入成長更好，這意味著利潤率和營收成長之間存在直接關係。

I'm curious what your take is.

我很好奇你的看法是什麼。

Do you feel that gross margins at these levels are holding back the revenue growth to a certain extent?

您認為這樣的毛利率是否在某種程度上抑制了收入的成長？

Yes, it's a great question, and one that we've reviewed over time.

是的，這是一個很好的問題，我們一直在審查這個問題。

I think the challenge is, it doesn't appear to be the case that demand for process control is elastic.

我認為挑戰在於，過程控制的需求似乎不具彈性。

If you were to reduce prices, there's no evidence to support that there would be more business there.

如果你降低價格，沒有證據顯示那裡會有更多生意。

I think people find the level they want to be at in terms of investing to get their process to ramp and to keep it under control, and they're going to pay for that based on the returns they get.

我認為人們在投資方面找到了他們想要達到的水平，以加快他們的流程並保持其受控，他們將根據他們獲得的回報為此付出代價。

Whereas in a process situation, if I'm getting designed in at a node, and the customer has a very strong view of how many they're going to buy, they're in a very good position to negotiate that price over the life of that particular node.

而在流程情況下，如果我在某個節點進行設計，並且客戶對他們要購買的數量有非常強烈的看法，那麼他們就處於非常有利的位置，可以在整個生命週期內協商該價格該特定節點的。

I think that's why you don't see the expansion, margin expansion for process equipment near the same way that we have it.

我認為這就是為什麼你看不到製程設備的擴張、利潤擴張與我們幾乎相同的方式。

It's harder for them to get that beneficial pricing.

他們很難獲得有利的定價。

With us, it's really a question of if you need it and if you don't need it, you're not going to buy it.

對我們來說，真正的問題是您是否需要它，如果您不需要它，您就不會購買它。

If you do need it, it's going to be a value exchange, and that's where we see the strength in our business model.

如果你確實需要它，這將是一種價值交換，這就是我們看到我們商業模式的優勢的地方。

Rick, on that point, you have talked about market share which you ceded a couple points last year.

里克，在這一點上，您談到了去年您放棄了幾個百分點的市場份額。

I know the expectation internally is that you would like to grow share.

我知道內部的期望是您希望增加份額。

Does margins and pricing play a role in improving your share in process control at the time?

利潤和定價是否對提高您當時在流程控制中的份額發揮了作用？

It hasn't historically, and the reason I say that is we've never been tool for tool low cost and competed on price.

從歷史上看，情況並非如此，我這麼說的原因是我們從來沒有成為低成本的工具，也沒有在價格上競爭。

What we have to do is differentiate on performance, and if the performance is there, we can have higher productivity than the alternative.

我們要做的就是在性能上實現差異化，如果性能存在，我們就能比替代品獲得更高的生產力。

Since we don't really make the same tools, when you look at our tool compared with our competitors, they're not the same tools.

由於我們並沒有真正製造相同的工具，因此當您將我們的工具與競爭對手進行比較時，您會發現它們不是相同的工具。

They're different approaches, different technologies.

它們是不同的方法、不同的技術。

The most extreme example would be Gen 5 against the [EBM] alternative that's out there.

最極端的例子是 Gen 5 與現有的 [EBM] 替代方案的比較。

If we demonstrate capability and higher productivity, it's again not a function of price.

如果我們展示出能力和更高的生產力，那麼它也不再是價格的函數。

What we're not going to do is chase the markets where it's based on a pricing decision because that's not consistent with our model.

我們不會做的是追逐基於定價決策的市場，因為這與我們的模型不一致。

This is why we invest heavily in R&D to have that differentiation.

這就是為什麼我們大力投資研發以實現這種差異化。

Two things we say, one you've got to have differentiation, and the differentiation has to matter to the customers in a way that they see benefit in buying it.

我們說兩件事，一是你必須有差異化，而這種差異化必須對客戶很重要，讓他們看到購買它的好處。

We think there are those opportunities for us.

我們認為我們有這些機會。

Okay.

好的。

Terrific.

了不起。

Thank you.

謝謝。

Your next question comes from the line of Mehdi Hosseini with Susquehanna International.

您的下一個問題來自薩斯奎哈納國際公司的邁赫迪·侯賽尼 (Mehdi Hosseini)。

Rick, I want to go back to the 10-nanometer commentary.

Rick，我想回到 10 納米評論。

There seems to be some confusion out there as to how the die size, not so much of the copper transistor is going to change.

對於晶片尺寸（而不是銅晶體管的尺寸）將如何改變，似乎存在一些困惑。

Based on the [tapeouts] you've seen, do you have any color, anything you can share with us as how the die size is going to be impacted by adverse impact of multi-patterning?

根據您所看到的[流片]，您是否可以與我們分享任何顏色或任何內容，以了解多重圖案化的不利影響將如何影響晶片尺寸？

I'm referring to over-provisioning that limits the die size shrink.

我指的是限制晶片尺寸縮小的過度配置。

Is that a factor that is going to somewhat reduce the scaling that we're all hoping to have in the 10-nanometer?

這個因素會在一定程度上降低我們所希望的 10 奈米尺寸嗎？

I have a follow-up.

我有一個後續行動。

We've seen a range.

我們已經看到了一個範圍。

As you know, when you think about advanced design roles for logic or for the foundry market, often one of the biggest drivers for those tends to be and has been historically [FPGAs] which tend to utilized large die.

如您所知，當您考慮邏輯或代工市場的高級設計角色時，通常最大的驅動因素之一往往是並且歷史上一直是傾向於使用大型晶片的[FPGA]。

For those, they're still going to be pushing performance and wanting scaling.

對於這些人來說，他們仍然會提高性能並希望擴展。

There are other chips of course that are going to drive various ranges of die size.

當然還有其他晶片可以驅動各種晶片尺寸範圍。

We have not heard that.

我們還沒聽過。

I think it's an astute insight, but we have not heard that as being a [limiter] for the 10-nanometer rollout as we've seen this increased number of designs.

我認為這是一個精明的見解，但我們並沒有聽說這是 10 奈米推出的[限制因素]，因為我們已經看到設計數量的增加。

To your point, it's also pretty early.

就你而言，現在還為時過早。

I think it's still early days.

我認為現在還為時過早。

Then this is my follow-up question.

那麼這就是我的後續問題。

Then I'll ask this.

那我就問這個。

When we migrated from 28 to 20 they was some yield challenges and despite lower wafer starts, you were actually able to do relatively okay.

當我們從 28 片遷移到 20 片時，成品率面臨一些挑戰，儘管晶圓起始量較低，但實際上做得相對還不錯。

It was much better environment than migrating to sub 20.

這比遷移到 20 以下的環境好得多。

Now that we're a year or so away from 10-nanometer, is it true shrink?

現在距離 10 奈米還有一年左右的時間，這真的是微縮嗎？

I'm just wondering if some of the opportunities would go away?

我只是想知道一些機會是否會消失？

Is this something that we're going to learn more about the impact of die size at 10-nanometer?

我們是否要更了解 10 奈米晶片尺寸的影響？

(inaudible) going to learn that when wafers come out of the pilot line in the springtime frame, or are you going to be able to provide some color by October time frame?

（聽不清楚）會了解到，當晶圓在春季從試點生產線出來時，或者您是否能夠在 10 月份的時間範圍內提供一些顏色？

I don't know how much color we'll have by October, but I can give you my take on the last migration.

我不知道到十月我們會有多少顏色，但我可以告訴你我對上次遷移的看法。

I think a lot of what happened was as we know now, looking back, 20, we did do reasonably well going to 20m, but it didn't carry over to 16 because as we went to 16 of course we were left with reuse.

我認為發生的很多事情正如我們現在所知，回顧20，我們確實在20m方面做得相當好，但它並沒有延續到16，因為當我們到達16時，我們當然會被重用。

I think the challenge in 10 is for customers, it is a full shrink.

我認為10年的挑戰是對客戶來說，這是一個全面的收縮。

They're going to be challenged by that, but then as we think about 7, the question is are they going to have reuse opportunities there.

他們將受到挑戰，但當我們考慮 7 時，問題是他們在那裡是否會有重用機會。

Part of the way we plan on addressing that is with new products and I think the new products will give us this catalyst for driving new capability and creating more of an opportunity for us to grow.

我們計劃解決這個問題的部分方法是使用新產品，我認為新產品將為我們提供推動新能力的催化劑，並為我們的成長創造更多機會。

Thank you.

謝謝。

Your next question comes from the line of Mahesh Sanganeria with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的 Mahesh Sanganeria。

Your line is open.

您的線路已開通。

Yes, thank you very much.

是的謝謝你。

Rick, the question on your December outlook.

Rick，關於您 12 月展望的問題。

You're looking for a pretty substantial increase in orders in December.

您希望 12 月的訂單量大幅增加。

Can you give us a little bit of color on what's driving that?

您能為我們介紹一下是什麼推動了這個趨勢嗎？

Is it order for the new product you're looking at, or is there a segment specifically that's driving the order growth?

是您正在尋找的新產品的訂單，還是有一個專門推動訂單成長的細分市場？

We know the 10-nanometer is a little bit far out.

我們知道 10 奈米還有些遙遠。

Yes, Mahesh, it's Bren.

是的，馬赫什，我是布倫。

In terms of how we're sizing, I'm not really guiding the December quarter.

就我們如何調整規模而言，我並沒有真正指導 12 月的季度。

As I said, it looks roughly flat in terms of half to half, so strengthening into December.

正如我所說，從一半到一半來看，它看起來大致持平，因此到 12 月會有所加強。

We think obviously memory continues to be solid, but we do expect to see some foundry activity start to pick up in the December quarter as well.

我們認為顯然記憶體仍然穩固，但我們確實預計一些代工活動也將在 12 月季度開始回升。

There's some timing of some trailing edge projects that are out there that looks like we might see some of that activity start to book in the December time frame.

一些落後項目的一些時間安排看起來我們可能會看到其中一些活動在 12 月的時間範圍內開始預訂。

A combination of things across a couple of segments that gives us confidence around December being a solid increase versus September at this time.

多個細分市場的綜合因素讓我們有信心 12 月份的銷量將較 9 月份的銷量穩步增長。

Then a follow-up on that, usually you have a much longer lead time, but it has been shrinking for a while.

然後跟進，通常你的交貨時間會更長，但它已經縮短了一段時間。

If you see an order pickup in December, I would say is the shipment pickup, significant shipment pickup happens in March, or is it something that can happen in December?

如果您在 12 月看到訂單提貨，我會說是發貨提貨，重要的發貨提貨發生在 3 月，還是可能發生在 12 月？

It tends to be customer specific, so harder to say at this point.

它往往是針對特定客戶的，因此目前很難說。

I'm not sure I can guide the second half shipment profile right now.

我不確定現在能否指引下半年的出貨情況。

All right.

好的。

Thank you.

謝謝。

Your next question comes from the line of Edwin Mok with Needham & Company.

您的下一個問題來自 Needham & Company 的 Edwin Mok。

Your line is open.

您的線路已開通。

Thanks for taking my question.

感謝您提出我的問題。

I guess a follow-up question on the memory order, very strong this quarter, and you guys attribute that to 3D NAND.

我猜想關於內存訂單的後續問題在本季度非常強勁，你們將其歸因於 3D NAND。

I understand some of the customers might be looking to convert (inaudible) NAND fab to 3D NAND rather than do it greenfield.

我了解一些客戶可能希望將（聽不清楚）NAND 晶圓廠轉換為 3D NAND，而不是新建。

To the extent that they do that, is there a lot of reuse can happen?

如果他們這樣做的話，是否會發生大量的重複使用？

Would that limit your opportunity on the NAND side?

這會限制您在 NAND 方面的機會嗎？

In the quarter, we had 3D NAND was solid, also had some DRAM activity that was good as well.

在本季度，我們的 3D NAND 表現穩定，一些 DRAM 活動也表現良好。

I think you're going to see some conversions, but most of the activity that we're seeing so far is more greenfield focused.

我認為您會看到一些轉換，但到目前為止我們看到的大多數活動都更專注於未開發的領域。

It also has more variation.

它還具有更多變化。

3D NAND inherently doesn't necessarily have a lot more process control intensity but the decision by our customers to upgrade or try to reuse often depends more on the age of the fleet, and what's out there and when they did their lasts process control buys.

3D NAND 本質上不一定具有更高的製程控制強度，但我們的客戶升級或嘗試重複使用的決定通常更多地取決於設備的壽命、現有產品以及他們最後一次購買過程控制的時間。

Memory was pretty soft for a while, so there would become more opportunities.

有一段時間內存很軟，所以機會就會多一些。

When they're spending, we're on the list of opportunities that they're looking at.

當他們消費時，我們就會出現在他們正在尋找的機會清單上。

It's not quite as simple as their reuse.

這並不像它們的重複使用那麼簡單。

In those cases, the memory guys have invested at a lower level historically than we saw in foundry.

在這些情況下，記憶體製造商的投資水準歷來低於我們在代工廠中看到的水準。

Great.

偉大的。

That was good color.

那是很好的顏色。

Then my follow-up question is on 10-nanometer.

那我的後續問題是關於10奈米的。

Our understanding is there's a change in (inaudible).

我們的理解是（聽不清楚）改變了。

When you go to 10-nanometer, [we have] more multiple patterning steps.

當你進入 10 奈米時，[我們]有更多的圖案化步驟。

I understand that's a pretty big step up in the number of patterning steps.

我知道這在圖案化步驟的數量上是一個相當大的進步。

How are you guys capitalizing on that opportunity with this new organization focusing on patterning?

你們如何利用這個專注於模式的新組織的機會？

I think that part of what customers are looking at as they look you ahead is the metrology challenges, and really starting with the definition of the patterns with mask and the interactions that you see on multi-patterning, how much the pressure there is on the overlay budget and film controls budgets, is they're really looking for ability to synthesize and integrate the different tools in the portfolio.

我認為客戶在展望未來時所關注的部分是計量挑戰，並且真正從掩模圖案的定義以及您在多圖案上看到的相互作用開始，覆蓋預算和電影控制預算，他們真正尋求的是綜合和整合投資組合中不同工具的能力。

We're now organizationally set up in a much better way to support that because it's really aligning with our customers.

我們現在在組織上以更好的方式設定來支援這一點，因為它確實與我們的客戶保持一致。

In many of our customers you'll find someone who is the exact counterpart to the new organizations that we set up.

在我們的許多客戶中，您會發現與我們建立的新組織完全相同的人。

We're in a better position to support that as opposed to them having to deal with three or four different representatives from different divisions.

我們能夠更好地支持這一點，而不是讓他們不得不與來自不同部門的三到四名不同代表打交道。

The customer response to our reorg has been just flat-out either very good or really good because I think from their standpoint it's just better.

客戶對我們的重組的反應要么非常好，要么非常好，因為我認為從他們的角度來看，這更好。

It's easier for them to deal with.

他們更容易對付。

I think that gives us opportunity.

我認為這給了我們機會。

Then of course we have to have the products in place.

當然，我們也必須有適當的產品。

We're pretty well aligned with the 10-nanometer challenges, and there is a huge push for increased overlay control as they go down to 10, and the fear of what that is going to look like in terms of some of the errors induced starting with out the masks look.

我們已經很好地應對了 10 奈米的挑戰，當它們下降到 10 奈米時，人們大力推動增加覆蓋控制，並且擔心從開始時引發的一些錯誤會出現什麼情況沒有面具的樣子。

Great.

偉大的。

That was good color.

那是很好的顏色。

Thank you.

謝謝。

I appreciate it.

我很感激。

Your next question comes from the line of [Jeg Dishir] with Redstone Research.

您的下一個問題來自 Redstone Research 的 [Jeg Dishir]。

Your line is open.

您的線路已開通。

Thanks so much for taking my question, Rick.

非常感謝您提出我的問題，里克。

It's two questions.

這是兩個問題。

First, I just wanted to understand, [ASML] has been pushing its EUV to its logic customers and several customers.

首先，我只是想了解，[ASML] 一直在向其邏輯客戶和一些客戶推送其 EUV。

I just wanted to understand what is the status of the EUV [mask] inspection as [ASML] plans to ship several tools over the next 18 months to a major logic customer.

我只是想了解 EUV [掩模] 檢查的狀態如何，因為 [ASML] 計劃在未來 18 個月內向主要邏輯客戶運送多種工具。

I know you had scaled back a little bit on the EUV.

我知道你們在 EUV 上有所縮減。

I just wanted to get your latest thoughts on that.

我只是想了解您對此的最新想法。

We think we have a pretty compelling answer radical verification for EUV but it doesn't require a EUV reticle tool.

我們認為我們有一個非常令人信服的答案，對 EUV 進行徹底驗證，但它不需要 EUV 掩模版工具。

It requires the 6xx platform that we have, and our ability to do print check on devices once they're printed.

它需要我們擁有的 6xx 平台，以及我們在設備列印後對其進行列印檢查的能力。

From our perspective, that is the answer to support the customers as they go through and the degree to which they adopt EUV.

從我們的角度來看，這是為客戶提供支援以及他們採用 EUV 的程度的答案。

We're already supporting that in terms of the work that's going on in the reticle tool, and then we can support them when they print it on the actual wafer.

我們已經在標線工具中正在進行的工作方面支持這一點，然後當他們將其打印在實際晶圓上時我們可以支持他們。

That is our answer.

這就是我們的答案。

Thank you.

謝謝。

Just a follow-up, I just wanted to understand fundamentally if you look at all the patterning opportunities that your competitors like Lam and Applied have laid out in terms of their growth in the patterning step, you would imagine that etch and deposition which are intensive for several of these applications would definitely need process control.

只是一個後續行動，我只是想從根本上理解，如果您看看 Lam 和 Applied 等競爭對手在圖案化步驟中的增長方面所提供的所有圖案化機會，您會想像蝕刻和沈積是密集的對於其中一些應用程式肯定需要過程控制。

I just wanted to get your thoughts into why the process control market hasn't really grown as what one would have imagined.

我只是想了解您對為什麼製程控制市場沒有真正像人們想像的那樣成長的想法。

Is there anything that we are missing, something like that?

我們是否缺少任何東西，類似的東西？

I'd appreciate your input on that.

我非常感謝您對此的意見。

I think it's much more a function right now, the mix between memory, and what we're seeing in terms of customers investing in memory versus investing in logic.

我認為現在它更多的是一種功能，內存之間的混合，以及我們在客戶投資內存與投資邏輯方面所看到的情況。

Logic and foundry, our intensities are pretty good.

邏輯和代工，我們的強度都還不錯。

It's just those customers are in a bit of an air pocket right now for us, whereas most of the investment's been along memory where there's also multi-patterning opportunities.

只是這些客戶現在對我們來說有點虛無縹緲，而大部分投資都已經存在記憶中，其中也存在著多種模式的機會。

When you break down our process control intensities by different technologies, whether it's memory, logic, or foundry, that shift to a higher percentage of memory really explains the shift in our demand environment.

當你透過不同的技術（無論是記憶體、邏輯還是代工）來分解我們的過程控制強度時，向更高百分比的記憶體的轉變確實解釋了我們需求環境的轉變。

We're pretty comfortable with what we're seeing on foundry, logic intensity, changes node to node.

我們對代工、邏輯強度、節點之間的變化感到非常滿意。

I think the biggest issue right now is that you are dealing with very similar tool sets at 20 and below, so the ability to migrate the capacity that was acquired for 20 down to 16, 14, with no backfill of design [tapeouts] where that capacity has enabled customers to reuse some of that equipment.

我認為現在最大的問題是，您正在處理 20 及以下的非常相似的工具集，因此能夠將 20 獲得的容量遷移到 16、14，而無需回填設計 [流片]容量使客戶能夠重複使用其中一些裝置.

In terms of the intensity that we've seen on those purchases, it is in line with what we were expecting to see at [1X].

就我們所看到的這些購買的強度而言，它與我們在 [1X] 時看到的預期一致。

Thank you.

謝謝。

Your next question comes from the line of Patrick Ho with Stifel.

你的下一個問題來自 Patrick Ho 和 Stifel 的對話。

Your line is open.

您的線路已開通。

Thank you very much.

非常感謝。

Sorry about that.

對於那個很抱歉。

Rick, a bigger question in terms of multiple patterning and traditionally where you get process control intensity.

Rick，就多重圖案以及傳統上獲得過程控制強度而言，這是一個更大的問題。

Do you remember seeing more and more double multiple patterning steps that should drive increasing process control intensity, that you've seen in foundry logic space?

您是否還記得在鑄造邏輯空間中看到越來越多的雙倍多重圖案化步驟，這些步驟應該推動製程控制強度的增加？

Why hasn't DRAM space or the memory guys adopted more process control in line with that transition?

為什麼 DRAM 空間或記憶體廠商沒有採用更多的流程控制來適應這項轉變？

There's two things.

有兩件事。

If you think about process control, one is around the metrology space, and the other one is around the defectivity space.

如果考慮製程控制，一個是圍繞計量空間，另一個是圍繞缺陷空間。

If you remember our SEMICON West presentation, we talked about in patterning our market share's probably in the 40% range.

如果您還記得我們在 SEMICON West 上的演示，我們曾討論過我們的市場份額可能在 40% 的範圍內。

The capital intensity is higher in patterning, and our share is not particularly strong.

格局上資本密集度較高，我們的份額並不是特別強。

It hasn't actually gone up that much in memory for process control intensity.

對於過程控制強度來說，記憶體實際上並沒有增加那麼多。

The other side though is defectivity, and defectivity for multi-patterning doesn't really depend so much on multi-patterning as much as it does on the device type.

另一方面是缺陷率，多重圖案化的缺陷率實際上並不像多重圖案化那樣依賴裝置類型。

You're making memory.

你正在創造記憶。

These guys are almost at 100% repair when it comes to DRAM, and so you're not going to see as much, and we haven't more many, many years seen the adoption as high in DRAM.

當談到 DRAM 時，這些人幾乎 100% 修復，所以你不會看到那麼多，而且我們已經很多很多年沒有看到 DRAM 的採用率如此之高了。

Then 3D is a different decision for them because there they really want 3D capability to look through the stacks, and that technology just doesn't exist.

那麼 3D 對他們來說是一個不同的決定，因為他們確實希望透過 3D 功能查看堆疊，但該技術並不存在。

It's more a function of the process control intensity on defectivity, and our market share in terms of the patterning and the relatively lower level of intensity in patterning as well in terms of what we see in memory, so really those combination of factors.

它更多地取決於缺陷的過程控制強度，以及我們在圖案方面的市場份額和相對較低水平的圖案強度以及我們在內存中看到的內容，所以實際上是這些因素的組合。

Does that make sense?

那有意義嗎？

That's actually really helpful.

這實際上非常有幫助。

Maybe again a bigger picture question for you, there's been a lot of chatter.

也許對你來說又是一個更大的問題，有很多討論。

One of your largest customers talked about Moore's law cadence being pushed out.

你們最大的客戶之一談到摩爾定律的節奏被淘汰。

From your perspective, maybe both for KLA specific and process control, how does that change where they've talked about two to two-and-a-half years potentially impact you guys?

從你的角度來看，也許對於 KLA 特定和過程控制來說，他們所說的兩到兩年半的變化對你們有什麼潛在影響？

We're pretty dependent on node transitions.

我們非常依賴節點轉換。

Obviously, if that pushes out then we end up in a soft spot like we're in right now.

顯然，如果這種情況繼續下去，那麼我們最終會陷入像現在這樣的困境。

Really, the question for us, the real question coming up is the 10-nanometer adoption.

確實，對我們來說，真正的問題是 10 奈米的採用。

Our belief is we're going to be in a relatively softer position for the next quarter, and then we'll start seeing some improvement in the December time frame.

我們相信，下個季度我們將處於相對疲軟的境地，然後我們將在 12 月的時間範圍內開始看到一些改善。

What we're going to have to depend on is the 10-nanometer is going to happen in calendar 2016.

我們必須依賴的是 10 奈米技術將在 2016 年實現。

Then the question is, how much of a stretch is it from 10 to 7, and what's beyond that?

那麼問題來了，從 10 到 7 到底有多大差距，超出這個範圍又是什麼？

It's pretty hard to say at this point.

目前還很難說。

Great.

偉大的。

Thank you.

謝謝。

Your next question comes from the line of Farhan Ahmad with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的法爾漢·艾哈邁德 (Farhan Ahmad)。

Your line is open.

您的線路已開通。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to understand a little bit of the shipment profile of the 3D NAND orders that you received in the June quarter.

我想了解一下你們在 6 月季度收到的 3D NAND 訂單的出貨情況。

Is it pretty much timed in the September quarter?

它幾乎是在九月季度發生的嗎？

Is it going to be spread out over the next few quarters?

是否會在接下來的幾季內展開？

I think around that segment most of those orders will ship over the course of September and into December, lead times being three to six months on those tools.

我認為圍繞著該細分市場，大部分訂單將在 9 月到 12 月期間發貨，這些工具的交貨時間為三到六個月。

Got it.

知道了。

Then one high level question, if we just look at like the yield problems that are going on, in whatever segment we look at there are yield challenges that are slowing down the ramp plans like we hear about DRAM (inaudible) being an issue for a lot of customers, and NAND, 3D NAND, obviously is having issues.

然後是一個高層次的問題，如果我們只關注正在發生的良率問題，無論我們關注什麼領域，都存在良率挑戰，這些挑戰正在減緩斜坡計劃，就像我們聽說DRAM（聽不清楚）是一個問題。很多客戶，以及 NAND、3D NAND，顯然都存在問題。

In foundry, since it doesn't seem like yields are progressing as well as people would like.

在鑄造廠，因為產量似乎並沒有像人們希望的那樣進步。

The question really is despite the yields being challenged, why are we not seeing an increase in process control intensity as one would have imagined a few years ago?

真正的問題是，儘管產量受到挑戰，但為什麼我們沒有看到製程控制強度如幾年前想像的那樣增加？

It seems to me whenever you have challenged process control you used to benefit.

在我看來，每當你挑戰過程控制時，你就會受益良多。

Is there some change going on here, and is there a different way that we need to think about when new challenges are there, and not just in the process controls (inaudible)?

這裡是否正在發生一些變化？當出現新挑戰時，我們是否需要考慮不同的方式，而不僅僅是在流程控制中（聽不清楚）？

I think if you recall we laid out the process control intensity model over a year ago at SEMICON and talked about the difference between what we'd see at foundry and logic and what we'd see in memory.

我想如果您還記得我們一年多前在 SEMICON 上提出的製程控制強度模型，並討論了我們在代工廠和邏輯中看到的內容與我們在記憶體中看到的內容之間的差異。

The biggest change in terms of our demand environment has really been associated with the shift toward an increase in memory concentration, which inherently, although the new nodes have more process control intensity than the prior nodes, they're almost half of what you see in logic and foundry.

就我們的需求環境而言，最大的變化實際上與記憶體集中度的增加有關，本質上，儘管新節點比以前的節點具有更多的過程控制強度，但它們幾乎是您所看到的一半邏輯和代工。

The logic and foundry intensities have been in general okay, but what we've seen recently is logic is almost at a historic low in terms of at least for the last 10 years.

邏輯和代工強度總體上還不錯，但我們最近看到的是，至少在過去 10 年裡，邏輯幾乎處於歷史低點。

Their investment right now is they're on pause.

他們現在的投資暫停了。

The other thing that happens is in foundries they might have a big focus on yield, but if then the business isn't won, then what we see is the investment then stops all together because it went somewhere else.

發生的另一件事是在代工廠中，他們可能非常關注產量，但如果沒有贏得業務，那麼我們看到的是投資將全部停止，因為它去了其他地方。

We have experienced some of that as well.

我們也經歷過其中的一些情況。

Farhan, the only other thing I would add to that is so far the process control intensity in a high mix foundry is higher than, let's say, a high volume logic fab.

Farhan，我要補充的唯一一件事是，到目前為止，高混合代工廠的製程控制強度高於大批量邏輯工廠。

Given the level of activity we've seen with design starts at so far 20, 14, 16, most of the behavior's been more in line with high volume logic like adoption levels where customers are running high volume products.

鑑於我們所看到的設計活動水準從 20、14、16 開始，大多數行為更符合大批量邏輯，例如客戶運行大批量產品的採用水準。

End market activity is a driver of process control adoption, and the limited end market activity so far has had an impact on the intensity for sure.

終端市場活動是製程控制採用的驅動力，而迄今為止有限的終端市場活動肯定對其強度產生了影響。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Your next question comes from the line of Mark Keller with CLSA.

你的下一個問題來自里昂證券的馬克凱勒。

Your line is open.

您的線路已開通。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you have any view on the order mix for calendar 3Q?

我想知道您對日曆第三季的訂單組合有何看法？

Yes, so for September, it looks like 43% memory, and foundry, 35%, logic, 22%.

是的，所以 9 月份，記憶體佔 43%，代工佔 35%，邏輯佔 22%。

Got it.

知道了。

Then where do we stand on the buyback, and when do you expect to complete that authorization?

那我們對回購的立場是什麼？您預計什麼時候完成授權？

We've got in excess of 8 million shares remaining on the authorization.

我們還有超過 800 萬股的授權剩餘股票。

We repurchased $168 million in the June quarter, so we see a continuation over the course of the year.

我們在 6 月季度回購了 1.68 億美元，因此我們預計這種情況將在全年持續。

Our approach is to do what we call a dollar cost average like approach towards that over time.

我們的方法是隨著時間的推移採取所謂的平均成本法。

We'll continue to do it quarter in, quarter out.

我們將繼續每季、每季這樣做。

Certainly as we manage our overall cash relative to our US target, it does have an impact in terms of cash needs, and in terms of where we will ultimately end up around share repurchases.

當然，當我們相對於我們的美國目標來管理我們的整體現金時，它確實會對現金需求以及我們最終將在股票回購方面產生影響。

We are going to start to pay down the debt.

我們將開始償還債務。

We started to do that in the last quarter, and so that will be an aspect to the cash management going forward as well.

我們從上個季度開始這樣做，因此這也將成為未來現金管理的一個面向。

We're about halfway through, a little over halfway through, and we'll see it continue over the course of the next 12 months or so.

我們已經完成了大約一半，略多於一半，我們將看到它在接下來的 12 個月左右的時間內繼續下去。

Thank you.

謝謝。

Your next question comes from the line of Stephen Chin with UBS.

您的下一個問題來自瑞銀集團的 Stephen Chin。

Your line is open.

您的線路已開通。

Thanks.

謝謝。

Just a follow-up question on the impact of Intel's CapEx cadence change.

這是關於英特爾資本支出節奏變化影響的後續問題。

It wasn't clear to me.

我不清楚。

Did this impact how you run KLA at all?

這對您經營 KLA 的方式有影響嗎？

Do you maybe throttle back manufacturing output?

您可能會減少製造業產量嗎？

Is the impact just not that meaningful since logic has been, like you said, a smaller part of your orders recently?

正如您所說，最近邏輯僅佔您訂單的一小部分，因此這種影響是否沒有那麼有意義？

Thanks.

謝謝。

Obviously, if anyone is reducing their CapEx and our sensitivity to process control intensity is higher in foundry and in logic than it is in memory, we don't consider that a great thing.

顯然，如果有人減少他們的資本支出，並且我們在代工廠和邏輯中對過程控制強度的敏感度比內存中的要高，那麼我們並不認為這是一件好事。

That dials us back a little bit.

這讓我們有點退縮。

If you think about the restructuring that we did, we talked about two motivators.

如果你考慮我們所做的重組，我們談到了兩個激勵因素。

One was to position the Company better to deal with our customer challenges, to get to market and be easier for our customers to deal with us.

一是讓公司更好地應對客戶挑戰、進入市場並使客戶更容易與我們打交道。

The other side of that was to reduce our cost base and we've done that.

另一方面是降低我們的成本基礎，我們做到了。

If you look at where we are from the peak, we're down pretty significantly.

如果你看看我們距離高峰的位置，你會發現我們已經大幅下滑。

Our view is that in the event that this continues, we want to be positioned appropriately for our investments to support it, but we never know how long these things are going to go.

我們的觀點是，如果這種情況持續下去，我們希望為我們的投資做好適當的定位以支持它，但我們永遠不知道這些事情會持續多久。

There are many examples in the past where customers give one direction, and then change directions based on the way things go.

過去有很多例子，客戶給一個方向，然後根據事情的進展改變方向。

We're prepared for either one.

我們已經為其中任何一個做好了準備。

I think that we have taken actions to deal with for us what was a lower end market demand environment than we would have hoped for a couple years ago, but we also think that in 2016, we will see resumption of the investment.

我認為我們已經採取行動來應對比我們幾年前所希望的低端市場需求環境，但我們也認為在 2016 年，我們將看到投資的恢復。

Okay.

好的。

Thanks for sharing that, Rick.

感謝您分享這一點，瑞克。

There are no further questions at this time.

目前沒有其他問題。

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

我會將電話轉回給洛克伍德先生。

Thank you, Connor.

謝謝你，康納。

On behalf of the management team, I'd like to thank everyone for joining us here today.

我謹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，我們的網站將提供今天電話會議的音訊重播。

Again, we appreciate your interest in KLA-Tencor.

我們再次感謝您對 KLA-Tencor 的興趣。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。