科磊 (KLAC) 2018 Q2 法說會逐字稿

Good afternoon. My name is Megan, and I will be your conference operator today. At this time, I would like to welcome everyone to the KLA-Tencor Second Quarter Fiscal Year 2018 Conference Call. (Operator Instructions)

午安.我叫梅根，今天我將擔任您的會議主持人。現在，我歡迎大家參加 KLA-Tencor 2018 財年第二季電話會議。（操作員指示）

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

謝謝。Ed Lockwood，KLA-Tencor 投資者關係部，您可以開始您的會議了

Thank you, Megan. Good afternoon, everyone, and welcome to our conference call. Joining me on our call today are Rick Wallace, our President and Chief Executive Officer; and Bren Higgins, our Chief Financial Officer. We're here today to discuss quarterly results for the period ended December 31, 2017. We released these results this afternoon at 1:15 Pacific Time. If you haven't seen the release, you can find it on our website. A simulcast of this call will be accessible on demand following its completion on the Investor Relations section of our website.

謝謝你，梅根。大家下午好，歡迎參加我們的電話會議。今天與我一起參加電話會議的還有我們的總裁兼執行長 Rick Wallace；以及我們的財務長 Bren Higgins。今天我們在這裡討論截至 2017 年 12 月 31 日的季度業績。我們於今天下午太平洋時間 1:15 公佈了這些結果。如果您還沒有看到該新聞稿，您可以在我們的網站上找到它。本次電話會議結束後，可透過我們網站的「投資者關係」部分按需觀看同步直播。

Today's discussion of our financial results will be presented on a non-GAAP financial basis, unless otherwise specified. A detailed reconciliation of GAAP to non-GAAP results can be found in today's earnings press release and in the investor presentation on KLA-Tencor's Investor Relations website. 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, 2017. In those filings, you'll find descriptions of risk factors that could impact our future results. As you know, our future results are subject to risks. Any forward-looking statements, including those we make on the call today, are subject to those risks, and KLA-Tencor cannot guarantee those forward-looking statements will come true. Our actual results may differ significantly from those projected in our forward-looking statements.

除非另有說明，今天對我們財務業績的討論將以非 GAAP 財務基礎呈現。在今天的收益新聞稿和 KLA-Tencor 投資者關係網站上的投資者介紹中可以找到 GAAP 與非 GAAP 結果的詳細對帳。您還可以在這裡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 2017 年 6 月 30 日的 10-K 表年度報告。在這些文件中，您會發現可能影響我們未來結果的風險因素的描述。如您所知，我們的未來業績面臨風險。任何前瞻性陳述，包括我們今天在電話會議上所做的陳述，都受這些風險的影響，而 KLA-Tencor 無法保證這些前瞻性陳述會成真。我們的實際結果可能與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.

說完這些，我會把電話轉給里克。

Thank you, Ed. Good afternoon, everyone, and thank you for joining us today. Leading off with the December quarter highlights. KLA-Tencor reported another record quarter, delivering new quarterly highs in shipments, revenues, gross margin, non-GAAP earnings per share in the period. Full year results for calendar 2017 also set records in each of these metrics as well as in free cash flow generation. These outstanding results demonstrate the dedication that runs throughout our organization to serving our customers and delivering results to our stockholders as well as the long-term value generated in successful execution of the company's strategic objectives. I'd like to take this opportunity to highlight some of the dynamics underlying our record performance and the momentum we are experiencing in the marketplace today.

謝謝你，艾德。大家下午好，感謝大家今天的參與。首先介紹 12 月季度的亮點。KLA-Tencor 報告了另一個創紀錄的季度，出貨量、收入、毛利率、非 GAAP 每股收益均創下季度新高。2017 年全年業績也在各項指標以及自由現金流產生方面創下了紀錄。這些出色的業績體現了我們整個組織致力於服務客戶、為股東創造成果以及成功執行公司策略目標所產生的長期價值。我想藉此機會強調我們創紀錄的業績背後的一些動力以及我們今天在市場上所經歷的勢頭。

I will begin with the orders for our optical inspection products, including both patterned and unpatterned wafer inspection, which grew 18% in calendar 2017, following 11% growth in 2016. Total optical inspection revenue grew to record levels for the second consecutive year in 2017. The same expansion we are experiencing in these core markets for KLA-Tencor are partially driven by strong customer acceptance of 3 of our major patterned inspection systems: GEN 5, our flagship broadband plasma inspection platform, is being deployed by customers across all segments and is solving their most critical defect and yield challenges. The ramp of GEN 5 is performing to our expectations and we are seeing an increasing number of layers implemented for production, for advanced logic and memory devices. In addition, the GEN 4 broadband plasma inspection platform and the Puma laser scanning platforms continue to provide the most cost-effective wafer inspection performance to meet current yield and quality production requirements.

我首先要說的是我們的光學檢測產品的訂單，包括圖案化和非圖案化晶圓檢測，繼 2016 年增長 11% 之後，2017 年又增長了 18%。2017年光學檢測總收入連續第二年成長至創紀錄水準。KLA-Tencor 在這些核心市場經歷的同樣擴張，部分原因是客戶對我們三個主要圖案檢測系統的強烈接受：GEN 5，我們的旗艦寬頻等離子檢測平台，正在被各個領域的客戶部署，並正在解決他們最關鍵的缺陷和產量挑戰。GEN 5 的成長符合我們的預期，我們看到用於生產、先進邏輯和儲存設備的層數正在增加。此外，GEN 4寬頻等離子檢測平台和Puma雷射掃描平台繼續提供最具成本效益的晶圓檢測性能，以滿足目前的產量和品質生產要求。

Additionally, our unpatterned or bare wafer inspection and metrology products are also experiencing record demand today. Wafer manufacturers have been adding new process control capability to meet strong wafer demand, while IC customers are adding new bare wafer products to support more stringent wafer flatness and processed tool cleanliness specifications in a greater number of layers for advanced technologies.

此外，我們的無圖案或裸晶圓檢測和計量產品目前也正經歷創紀錄的需求。晶圓製造商一直在增加新的製程控制能力以滿足強勁的晶圓需求，而 IC 客戶則在增加新的裸晶圓產品，以支援更嚴格的晶圓平整度和更多層加工工具清潔度規範，從而實現先進技術。

Next, KLA-Tencor is playing an enabling role in bringing EUV lithography technology to market by collaborating with every EUV customer to accelerate technology development and yield learning for critical wafer and mask inspection applications. The process control applications inherent to EUV mainly lie in mask manufacturing and requalification, resist qualification and scanner control. These, along with the unique patterning and defectivity issues associated with the current EUV source technology present market opportunities that we believe KLA-Tencor is uniquely positioned to address with the most comprehensive suite of product technologies in the industry.

接下來，KLA-Tencor 將與每位 EUV 客戶合作，加速關鍵晶圓和掩模檢測應用的技術開發和良率學習，在將 EUV 光刻技術推向市場方面發揮推動作用。EUV 固有的製程管制應用主要在於掩模製造和重新鑑定、抗蝕劑鑑定和掃描器控制。這些問題，加上與當前 EUV 源技術相關的獨特圖案和缺陷問題，帶來了市場機遇，我們相信 KLA-Tencor 憑藉業內最全面的產品技術套件，擁有獨特的優勢來解決這些機會。

We are already generating meaningful revenue from early adoption of EUV, and this new technology promises to be a positive catalyst for future growth of the advanced process control market and as the market leader for KLA.

我們從早期採用 EUV 中獲得了可觀的收入，這項新技術有望成為先進製程控制市場未來成長的積極催化劑，並成為 KLA 的市場領導者。

And finally, growth in China. Investment in the Chinese semiconductor industry is currently driving an inflection in demand for the global wafer fab equipment market, and the China buildout is expected to be a major factor underlying industry growth for years to come. As the leader in process control, KLA-Tencor's market position in China is strong, both in terms of customer share and in adoption. Orders from native Chinese customers nearly tripled in 2017, and this strong momentum is expected to continue into 2018.

最後，中國的成長。目前，對中國半導體產業的投資正在推動全球晶圓廠設備市場需求的變化，預計中國製造業的擴張將成為未來幾年推動產業成長的主要因素。作為過程控制領域的領導者，KLA-Tencor 在中國的市場地位非常強大，無論是在客戶份額還是採用率方面。2017年，來自中國本土客戶的訂單成長了近兩倍，預計這一強勁勢頭將持續到2018年。

In conclusion, KLA-Tencor's December quarter and calendar 2017 results demonstrate the company's innovation and technology leadership. We are operating from a position of strength as we embark on another year of expected growth and strong stockholder returns. Looking ahead to 2018, given our record backlog levels and the strong momentum we are experiencing in the marketplace today, revenue growth is expected to be in the high single digits for the year and is positioned to outperform overall WFE industry growth.

總之，KLA-Tencor 12 月季度和 2017 年全年業績證明了公司的創新和技術領先地位。我們正以強勁的實力迎接新的一年，並實現預期的成長和股東回報。展望2018年，鑑於我們創紀錄的積壓訂單水準以及我們目前在市場上經歷的強勁勢頭，預計今年的營收成長將達到高個位數，並將超過整體WFE產業成長。

As always, KLA-Tencor's strong relative performance will be fueled by our market leadership, the critical nature of process control and our customer success and our continued focus on operations execution. The stage is set to build on the momentum and record performance delivered in calendar 2017 and deliver what we expect to be another exciting year of growth in 2018.

與往常一樣，KLA-Tencor 強勁的相對錶現將得益於我們的市場領導地位、製程控制的關鍵性、客戶的成功以及我們對營運執行的持續關注。我們將以 2017 年取得的進展和創紀錄的業績為基礎，實現我們期望的另一個令人興奮的增長年 2018 年。

I will now turn the call over to Bren Higgins for his comments. Bren?

現在我將把電話轉給布倫希金斯，請他發表評論。布倫？

Thanks, Rick, and good afternoon, everyone. As Rick highlighted in his opening remarks, KLA-Tencor delivered another outstanding period of financial performance and operational execution in the December quarter and in calendar 2017. Shipments, revenue, non-GAAP gross margin and non-GAAP diluted earnings per share each came in at the upper end or above the range of guidance, and achieved new records in both the December quarter and for the calendar year.

謝謝，里克，大家下午好。正如 Rick 在開幕致詞中所強調的那樣，KLA-Tencor 在 12 月季度和 2017 年又一次實現了出色的財務業績和營運執行。出貨量、收入、非公認會計準則毛利率和非公認會計準則稀釋每股收益均達到或超出預期範圍，並在 12 月季度和全年均創下新高。

Revenue in the quarter was $976 million. Non-GAAP diluted earnings per share was $1.97, and would've been $1.83 at the guided tax rate of 18% for the quarter. GAAP loss per diluted share was $0.86 in December, largely resulting from a charge taken in the quarter for the transition tax on historical cumulative earnings outside of the U.S., and tax asset and liabilities revaluation related to the new tax law. In our press release, you will find a reconciliation of GAAP to non-GAAP diluted earnings per share. With the exception of when I explicitly refer to GAAP results, my commentary will be focused on the non-GAAP results, which exclude the adjustments covered in the press release.

本季營收為 9.76 億美元。非公認會計準則每股攤薄收益為 1.97 美元，以本季 18% 的指導稅率計算，每股攤薄收益應為 1.83 美元。12 月每股攤薄收益 GAAP 虧損為 0.86 美元，主要原因是本季對美國以外歷史累計收益徵收了過渡稅，以及與新稅法相關的稅務資產和負債重估。在我們的新聞稿中，您將看到 GAAP 與非 GAAP 稀釋每股盈餘的對帳。除明確提及 GAAP 結果外，我的評論將集中於非 GAAP 結果，其中不包括新聞稿中涵蓋的調整。

Now turning to highlights of the December quarter demand environment in terms of shipments. Total shipments were $1.041 billion in December, up 7% sequentially and finishing above the guided range for the quarter as customer pull for tool deliveries across the product portfolio drove upside to the quarter. Looking forward, we are modeling March quarter shipments to be in the range of $945 million to $1.025 billion. Our expectation is for shipment levels for the first half of calendar '18 to be roughly flat compared to the second half of 2017, and with low to mid-single-digit half-to-half growth planned in the second half of the calendar year. For the full year, shipments are expected to grow in the high single digits compared with 2017.

現在來談談 12 月季度出貨量方面的需求環境亮點。12 月總出貨量為 10.41 億美元，比上一季成長 7%，高於本季的指導範圍，因為客戶對整個產品組合工具交付的拉動推動了本季的成長。展望未來，我們預計三月季度的出貨量將在 9.45 億美元至 10.25 億美元之間。我們預計，2018 年上半年的出貨量將與 2017 年下半年大致持平，而 2018 年下半年的出貨量將實現低至中等個位數的半年到半年增長。就全年而言，預計出貨量將較 2017 年實現高個位數成長。

Memory was 71% of shipments and in line with our forecast for the quarter. Demand was roughly evenly split between DRAM and NAND. Memory will continue to dominate the system shipment mix in the March quarter with memory shipments expected to be approximately 70% of the quarter total. Foundry was 20% of shipments in December, as expected, and foundry is forecasted to be about 15% of shipments in March. Logic was 9% of shipments in the December quarter, and is currently forecasted to be 15% in March.

記憶體佔出貨量的 71%，符合我們對本季的預測。DRAM 和 NAND 的需求大致平均分配。記憶體將繼續在三月季度的系統出貨量中佔據主導地位，預計記憶體出貨量將佔本季總出貨量的約 70%。正如預期的那樣，12 月代工佔出貨量的 20%，預計 3 月代工將佔出貨量的 15% 左右。邏輯晶片在 12 月季度的出貨量佔 9%，目前預測 3 月將達到 15%。

In terms of the approximate distribution of shipments by product group: wafer inspection was 47% of shipments; patterning was 30%, patterning includes orders for reticle inspection; service was 21%; and non-semi was approximately 2%.

以產品群出貨量大致分佈來看：晶圓檢測佔出貨量的47%；圖案化佔30%，圖案化包括光罩檢查訂單；服務佔21%；非半導體約為2％。

I'll turn now to further details of the income statement. As I mentioned in my highlights, revenue was $976 million in December. We expect revenue to be in the range of $970 million to $1.03 billion in the March quarter. In terms of half-to-half expectations for 2018, we are currently modeling revenue in the second half of the year to grow in the low- to mid-single digits versus the first half of the calendar year.

現在我將進一步討論損益表的細節。正如我在要點中提到的，12 月的收入為 9.76 億美元。我們預計 3 月季度的營收將在 9.7 億美元至 10.3 億美元之間。就 2018 年的上半年預期而言，我們目前預計下半年的營收將比上半年成長低至個位數。

Non-GAAP gross margin was 64.6%, a new record for the company and above the guided range of 63% to 64%, largely as a result of a stronger-than-modeled product mix. We expect gross margin to be in the range of 63.5% to 64.5% in the March quarter.

非公認會計準則毛利率為 64.6%，創下公司新高，且高於 63% 至 64% 的預期範圍，這主要歸功於強於模型的產品組合。我們預計 3 月季度的毛利率將在 63.5% 至 64.5% 之間。

In the earnings call last October, we provided gross margin expectations of 63% to 64% for calendar year 2018 based on our expectations for revenue growth, customer acceptance of key products, cost management and execution and the mix of system business in the year. Looking ahead, we believe our gross margins will likely bias towards the higher end of this guided range in 2018.

在去年 10 月的財報電話會議上，我們根據對收入成長、客戶對主要產品的接受度、成本管理和執行以及系統業務組合的預期，對 2018 日曆年的毛利率預期為 63% 至 64%。展望未來，我們相信 2018 年我們的毛利率可能會偏向該指引範圍的高端。

Total non-GAAP operating expenses were $262 million in Q4, up as expected compared with the September quarter due to expenses related to advanced technology development programs for EUV lithography. Non-GAAP operating margin was flat compared to Q3 at 37.7%. We are currently sizing operating expense levels to be approximately $255 million in the March quarter. Beyond that, our outlook is for quarterly operating expenses to be in the $260 million range throughout calendar year 2018 based on our expectations for high single digit revenue growth for the year and consistent with our published business model. Given the strong gross margin profile I referenced, we should continue to deliver operating margins at the higher -- or the upper end or above this model for the foreseeable future.

第四季度非公認會計準則總營運費用為 2.62 億美元，與 9 月季度相比有所增長，符合預期，原因是與 EUV 光刻先進技術開發項目相關的費用。非公認會計準則營業利潤率與第三季持平，為 37.7%。我們目前預計 3 月季度的營運費用水準約為 2.55 億美元。除此之外，根據我們對全年高個位數收入成長的預期，並與我們公佈的商業模式一致，我們預計 2018 年度的季度營運費用將在 2.6 億美元左右。鑑於我所提到的強勁毛利率狀況，在可預見的未來，我們應該繼續實現較高——或較高或高於該模式的營業利潤率。

Our non-GAAP effective tax rate was 11.5% in the quarter, resulting from the required true-up of our tax rate estimate for fiscal year '18 ending in June due to the reduction in the U.S. federal tax rate from 35% to 21%, effective January 1. Included in the GAAP results is an estimated charge of approximately $442 million associated with the new tax law passed by Congress and signed by the President in late December. The vast majority of the charge is related to the transition tax for the cumulative historical earnings the company earned outside of the U.S. In addition, we also incurred a charge related to revaluing our deferred tax assets based on the lower U.S. tax rate. This tax charge will be adjusted over the next few quarters as additional financial information and regulatory guidance and interpretation becomes available.

本季我們的非 GAAP 有效稅率為 11.5%，這是由於美國聯邦稅率自 1 月 1 日起從 35% 降至 21%，導致我們對截至 6 月的 2018 財年的稅率估算需要進行調整。 GAAP 結果中包含了與國會通過並由總統於 12 月底簽署的新稅法相關的約 4.42 億美元的估計費用。絕大部分費用與公司在美國以外賺取的累積歷史收益的過渡稅有關。此外，我們還產生了與根據較低的美國稅率重新評估遞延稅務資產相關的費用。隨著更多財務資訊和監管指導和解釋的出現，該稅費將在未來幾季進行調整。

In terms of the expected impact of the new tax law on KLA-Tencor, our preliminary analysis indicates the changes in the tax law will be beneficial to the company and to our stockholders as the annual ongoing U.S. tax liability for the company will be meaningfully lower. Furthermore, the new territorial tax system will enable us additional flexibility to repatriate future foreign earnings and allow access to cash to productively invest in the business, pursue compelling strategic growth opportunities and return cash to stockholders without any additional U.S. tax liability.

就新稅法對 KLA-Tencor 的預期影響而言，我們的初步分析表明，稅法的變化將對公司和我們的股東有利，因為公司每年持續的美國納稅義務將顯著降低。此外，新的屬地稅制將使我們能夠更靈活地匯回未來的海外收益，並允許我們獲得現金以進行有效的業務投資，尋求引人注目的戰略增長機會，並向股東返還現金，而無需承擔任何額外的美國稅務責任。

Based on our initial modeling, we expect the overall worldwide tax planning rate of 20%, provided last October based on the expected mix of business in 2018, to decrease by approximately 500 basis points and allow access to all free cash flow generated, irrespective of geographical IP ownership or manufacturing location. As a result, going forward, the new recommended tax rate for modeling purposes is 15%.

根據我們最初的模型，我們預計去年 10 月根據 2018 年預期業務組合提供的 20% 的全球整體稅務規劃稅率將下降約 500 個基點，並允許使用所有產生的自由現金流，無論地理智慧財產權所有權或製造地點如何。因此，展望未來，出於建模目的，建議的新稅率為 15%。

Finally, net income for the December quarter was $309 million and we ended the quarter with 157 million fully diluted shares outstanding.

最後，12 月季度的淨收入為 3.09 億美元，本季結束時我們擁有 1.57 億股完全稀釋流通股。

I'll turn now to the highlights from the balance sheet and our cash flow statement. Cash and investments ended the quarter at $2.76 billion, a decrease of approximately $298 million compared with the September quarter, primarily due to the repayment and maturity of $250 million in public bonds and a net reduction of $40 million in bank loans. Cash from operations was $129 million in the quarter and free cash flow was $116 million. For the full year in 2017, free cash flow was $1.14 billion. Consistent with our proactive track record of returning cash to stockholders, we believe that unallocated free cash flow is valued only when it is productively deployed. Going forward, the new tax environment will afford the company additional flexibility to continue to optimize this fundamental aspect of the company strategy. We'll have more to say on this topic in the coming weeks.

現在我將介紹資產負債表和現金流量表中的重點內容。本季末現金和投資為 27.6 億美元，與 9 月季度相比減少約 2.98 億美元，主要原因是 2.5 億美元公共債券償還到期以及銀行貸款淨減少 4,000 萬美元。本季經營現金流為 1.29 億美元，自由現金流為 1.16 億美元。2017年全年自由現金流為11.4億美元。與我們積極向股東返還現金的記錄一致，我們認為未分配的自由現金流只有在有效部署時才有價值。展望未來，新的稅收環境將為公司提供額外的靈活性，以繼續優化公司策略的這一基本面向。未來幾週我們將就此話題進行更多討論。

In December, we paid an aggregate of $92.6 million in regular quarterly dividends and dividend equivalents for fully vested restricted stock units, and repurchased $40 million of common stock pursuant to our share repurchase program. The company has approximately 4.9 million shares remaining under our share repurchase authorization.

12 月份，我們支付了總計 9,260 萬美元的定期季度股息和完全歸屬限制性股票單位的股息等價物，並根據我們的股票回購計劃回購了 4,000 萬美元的普通股。該公司仍有約 490 萬股股票符合我們的股票回購授權。

In conclusion, KLA-Tencor's results in December reflect our market leadership and our industry-leading business model. This, coupled with ending total backlog of approximately $1.9 billion, position the company for strong relative growth versus the wafer fab equipment market in calendar year '18. Current forecast is for the WFE market to grow mid-single digits in 2018. Against this industry setting, we are modeling the company revenue to grow in the high single digits in the year, stronger than the broader market and with operating performance expected at the high end of the range of these revenue levels in our target model.

總之，KLA-Tencor 12 月的業績反映了我們的市場領導地位和領先業界的商業模式。再加上期末約 19 億美元的總積壓訂單，該公司將在 2018 日曆年相對於晶圓廠設備市場實現強勁的相對成長。目前預測 2018 年 WFE 市場將實現中等個位數成長。在這種行業環境下，我們預測公司今年的收入將以高個位數成長，強於大盤，並且預計經營業績將達到我們目標模型中這些收入水平範圍的高端。

So with that, to reiterate, our guidance for the March quarter is: shipments in the range of $945 million to $1.025 billion; revenue between $970 million and $1.03 billion; and non-GAAP diluted EPS of $1.85 to $2.09 per share, with GAAP diluted EPS of $1.84 to $2.08 per share.

因此，我們重申一下，我們對 3 月份季度的預期是：出貨量在 9.45 億美元至 10.25 億美元之間；收入在 9.7 億美元至 10.3 億美元之間；非 GAAP 稀釋每股收益為 1.85 美元至 2.09 美元，GAAP 稀釋每股收益為 1.84 美元。

This concludes our remarks on the quarter, and we'll now turn the call back over to Ed to begin the Q&A.

我們對本季的評論到此結束，現在我們將電話轉回給 Ed 開始問答環節。

Thank you, Bren. (Operator Instructions) Okay, Megan, we're ready for the first question.

謝謝你，布倫。（操作員指示）好的，梅根，我們準備好回答第一個問題了。

(Operator Instructions) Our first question comes from Farhan Ahmad with Crédit Suisse.

（操作員指示）我們的第一個問題來自瑞士信貸的 Farhan Ahmad。

My first question is on the overall strategy for capital deployment, can you just talk about how you're thinking about -- just given that the tax reform has finally passed. And if I think about your prior commentary, you have always said that if there is a tax reform you would think about giving back more to the shareholders. So if you can just comment on that, that would be really helpful.

我的第一個問題是關於資本配置的整體策略，您能否談談您是如何考慮的——鑑於稅改終於通過了。如果我考慮一下您之前的評論，您總是說，如果進行稅制改革，您會考慮給股東更多回報。因此，如果您能對此發表評論，那將會非常有幫助。

Sure, Farhan, it's Bren. Thanks for the question. Yes, no -- it's certainly an exciting time for the company and I think given our historical track record around how we think about deploying cash in the business, either investing in the business or how we look at M&A opportunities or certainly returns to shareholders, it's an opportunity that adds additional flexibility to what we can do going forward. As I said in the prepared remarks, we don't have any updates today. Although we do expect to have more to say on the topic in the coming weeks. I would say philosophically, our position is no different. We have a great business, a strong business model. It's not capital-intensive and so the free cash flow margin is pretty strong. And so we have the ability to return, I think, a fair amount of cash to shareholders, if that is where our process takes us. We're not compelled to, at this point, to do any significant delevering. We've been doing that over the course of the year. We have the leverage in the right place for the company. And so going forward, I think we have to look at the alternatives and make those calls. Our feelings haven't changed. We're going to grow the dividend, certainly over time, consistent with the growth rate and in cash flow and -- or the earnings of the company and we're going to target a payout ratio that's somewhere in the, through cycle, 40% to 50%. So I think that part of the strategy is well understood. And as far as the cash reserves on the balance sheet, we'll have more to say about that coming in the next few weeks.

當然，法爾漢，我是布倫。謝謝你的提問。是的，不是——對於公司來說這無疑是一個激動人心的時刻，我認為，鑑於我們在如何考慮在業務中部署現金方面的歷史記錄，無論是投資於業務還是如何看待併購機會或肯定是股東回報，這是一個為我們未來可以做的事情增加額外靈活性的機會。正如我在準備好的演講中所說，我們今天沒有任何更新消息。儘管我們確實希望在接下來的幾週內就這個主題有更多討論。我想說，從哲學角度來說，我們的立場沒有什麼不同。我們擁有出色的業務和強大的商業模式。它不是資本密集的，因此自由現金流利潤率相當高。因此，我認為，如果我們的流程順利的話，我們有能力向股東返還相當數量的現金。目前，我們還沒有被迫進行任何重大的去槓桿措施。我們一年來一直在這樣做。我們擁有對公司有利的槓桿作用。因此，展望未來，我認為我們必須考慮其他選擇並做出決定。我們的感情沒有改變。我們將增加股息，當然是隨著時間的推移，與成長率和現金流以及公司的收益保持一致，我們將把派息率定為整個週期內 40% 到 50% 左右。所以我認為該戰略的一部分是很好理解的。至於資產負債表上的現金儲備，我們將在接下來的幾週內公佈更多相關資訊。

Got it. And then [into that] to my second question, can you just talk about the e-beam versus optical? There is a concern in the market that as ASML is ramping their Holistic Lithography that can be a threat to your business. Can you just, at a high level, talk about how do you see that as a competitor to the optical inspection technology?

知道了。然後，對於我的第二個問題，您能談談電子束與光學的差異嗎？市場擔心，隨著 ASML 全面推進其整體光刻技術，這可能會對您的業務構成威脅。您能否從宏觀角度談談您如何看待它作為光學檢測技術的競爭對手？

Sure. We've seen, as you know, Farhan, the GEN 5 has really been the tool we've been deploying for leading edge, really, across the board with our customers in terms of advanced memory, both in NAND, but also in DRAM, but also in advanced logic, and we've seen good adoption of that. As we said in the prepared remarks, we continue to see development being -- leveraging the capabilities of GEN 5. And that product has a lot of legs. As you know, that was recently introduced and there's quite a road map for that. So customers definitely want the coverage capable of only really delivered by GEN 5, and they want to have -- continue to be able to leverage optical, just the price performance relative to e-beam. There is a place for e-beam. There's been a place for e-beam for many years, and we suspect that will continue. But on a relative basis, we had a record year in optical wafer inspection in 2017 and we expect that to continue in 2018.

當然。正如 Farhan 您所知，我們已經看到，GEN 5 確實是我們與客戶在先進記憶體方面全面部署的前沿工具，包括 NAND、DRAM 和先進邏輯，而且我們已經看到它得到了良好的採用。正如我們在準備好的演講中所說的那樣，我們繼續看到開發正在利用 GEN 5 的功能。而且該產品有很多支柱。如您所知，這是最近推出的，並且有相當詳細的路線圖。因此，客戶肯定希望獲得只有 GEN 5 才能真正提供的覆蓋範圍，並且他們希望能夠繼續利用光學，即相對於電子束的性價比。有地方可以放置電子束。電子束已經存在很多年了，我們相信這種情況還會持續下去。但相對而言，2017 年我們在光學晶圓檢測方面創下了紀錄，我們預計 2018 年將繼續保持這一勢頭。

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

您的下一個問題來自摩根大通的 Harlan Sur。

We're hearing that, in addition to using GEN 5 for print check and also for early defect learning for EUV-based technologies, that some of your customers may be actually looking to use GEN 5 for high-volume production even this year before EUV, just given some of the yield challenges associated with some of these next-generation manufacturing technologies. Is this something that you guys are actually seeing, and is this shift with your foundry and logic customers? Or just also across some of your memory customers?

我們聽說，除了使用 GEN 5 進行印刷檢查以及基於 EUV 的技術的早期缺陷學習之外，您的一些客戶實際上可能希望在今年 EUV 之前使用 GEN 5 進行大批量生產，因為考慮到與某些下一代製造技術相關的一些產量挑戰。這是你們實際看到的情況嗎？這是你們的代工和邏輯客戶發生的轉變嗎？或只是涉及一些記憶體客戶？

Harlan, great question. As is typical, when we introduce a new tool depending on the particular user and their ability to understand the value and to leverage it, some of the early users tend to deploy first in production. We are seeing it in production on some layers. There are typically the more critical layers where providers have pronounced benefit from capabilities they had before. We have had recent customer experience where they're now able to detect in-line defects that they before could only see end-of-line as they were missed by prior optical tools and also not detectable by e-beam. So those tools are being deployed in-line. It really -- it's in both logic and memory structures, perhaps a little more surprising with some of the memory applications that we have seen. So we're encouraged by those signs and we fully expect that to continue.

哈蘭，這個問題問得好。通常情況下，當我們根據特定用戶及其理解價值和利用價值的能力引入新工具時，一些早期用戶傾向於首先在生產中部署。我們在某些​​層面上看到了它的生產。通常，在更關鍵的層面上，提供者已經從先前擁有的功能中獲得了明顯的益處。我們最近有客戶體驗，他們現在能夠檢測到線上缺陷，而之前他們只能在生產線末端看到這些缺陷，因為之前的光學工具無法檢測到這些缺陷，而且電子束也無法檢測到。因此這些工具正在線上部署。它確實——它既存在於邏輯中，也存在於記憶體結構中，也許對於我們所見過的一些記憶體應用程式來說，這更令人驚訝。因此，這些跡象令我們感到鼓舞，我們完全期待這種情況能持續下去。

Yes, Harlan, it's Bren. The only thing I'll add is that if GEN 5 -- the reception to GEN 5 from a value perspective has been really strong with the customer base over the last 12 to 18 months or so. And as we look at 2018, part of the company's year-to-year performance is driven by a bigger contribution from that product line. So you mentioned print check, certainly, there's a lot of value that's demonstrated there. I mean, defect discovery is still the place where it competes and where we saw the growth there, where it has made significant inroads against the e-beam opportunities, for the reasons Rick talked about earlier, but then also in some of these really high-end opportunities in early production and difficult layers. So really, across all segments, we're pretty confident with what we're seeing there and excited to get a higher level of adoption of this product as we move forward over the course of the year.

是的，哈蘭，我是布倫。我唯一要補充的是，從價值角度來看，GEN 5 在過去 12 到 18 個月左右的時間裡受到客戶群的熱烈歡迎。展望2018年，公司年比業績的成長部分得益於該產品線的更大貢獻。所以你提到了列印檢查，當然，它顯示出了很多價值。我的意思是，缺陷發現仍然是它競爭的領域，也是我們看到成長的地方，它在電子束機會方面取得了重大進展，原因正如 Rick 之前談到的，但也在早期生產和困難層中的一些真正高端機會中。因此，實際上，在所有領域，我們對所看到的情況都非常有信心，並且很高興在今年內隨著我們前進，該產品的採用率將有所提高。

Great. And then on EUV mask inspection, as EUV starts to ramp here, what's the traction been like with the Teron platform in conjunction with GEN 5 for print check? First question. And then more importantly, for kind of next-generation high-volume EUV mask inspection, can you guys just give us an update on your multi-beam mask inspection platform, what's been the early feedback from your lead alpha customers here?

偉大的。然後在 EUV 掩模檢查方面，隨著 EUV 開始在這裡普及，Teron 平台與 GEN 5 結合進行印刷檢查的效果如何？第一個問題。更重要的是，對於新一代大容量 EUV 遮罩偵測，你們能否向我們介紹多光束遮罩偵測平台的最新情況，你們的主要 alpha 客戶的早期回饋是什麼？

Sure. The Teron isn't really used for print check, it's used for the mask development, so, and that's -- we're seeing great demand for that across a number of players simply because of the increased activity in terms of EUV mask production. So that's really the workhorse right now for the industry in terms of for the mask shop. And we have had a lot of interest in multi-beam. I do think customers, as they contemplate high volume, they're going to work through, I think, a couple of scenarios. The most likely is there'll be some level of e-beam inspection and there'll be print check inspection. And the print check -- we're well suited to support that with the GEN 5 platform. And there's a lot of interest, as I said, in the multi-beam, and we've got heavy customer engagements on that front. But as we said when we first started discussing that tool, that's still a ways out. I think that we will intercept the market when it's needed in terms of volume. Right now, it's really people preparing for volume down the road.

當然。Teron 實際上並非用於印刷檢查，而是用於掩模開發，因此，我們看到許多參與者對此有很大的需求，這僅僅是因為 EUV 掩模生產方面的活動增加。因此，就掩模廠而言，這確實是目前該產業的主力。我們對多光束非常感興趣。我確實認為，當客戶考慮大量需求時，他們會考慮幾種情況。最有可能的是會進行一定程度的電子束檢查和印刷檢查。還有列印檢查——我們非常適合使用 GEN 5 平台來支援它。正如我所說，人們對多波束很感興趣，並且我們在這方面已經與客戶進行了大量的合作。但正如我們第一次討論該工具時所說的那樣，這仍然還有很長的路要走。我認為，當市場需要數量時，我們會攔截市場。現在，人們確實在為未來的銷售做準備。

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

您的下一個問題來自 Evercore ISI 的 CJ Muse。

I guess, first question, when I think about your WFE guide and I compare it to Lam's, you're coming in a little bit lighter and it sounds like DRAM was one of the principal drivers of the uplift, at least for them. So I guess, a question off of that, which is, are you contemplating upside from DRAM within your model here in calendar '18, particularly, as you think about some of the more logic-related structures that are being adopted as we move to 18-nanometer? Would love to hear your thoughts on that front.

我想，第一個問題是，當我想到您的 WFE 指南並將其與 Lam 的指南進行比較時，您的指南顯得輕鬆了一些，聽起來 DRAM 是推動其增長的主要驅動力之一，至少對他們來說是這樣。所以我想問一個問題，那就是，您是否考慮過 2018 年模型中 DRAM 的優勢，特別是當您考慮我們轉向 18 奈米時採用的一些與邏輯更相關的結構時？很想聽聽你對此的看法。

Yes, CJ, I don't think we're that far off of where Lam is. We're talking about the beginning of the year and a few percentage points, so there's a margin for error on this that probably puts this all on about the same place. I think, fundamentally, the way they talked about segments, from what I understand, was around memory with DRAM strength, NAND flash strength in the year. We think we see a little bit more logic strength, at least around our business. And in foundry, it looks like it will be down some. So add it all up, you end up in this mid 5%-, 7%-type single-digit growth rates. We're encouraged by what we're seeing in DRAM in terms of adoption from a process control intensity perspective. They have more logic in devices, you also have the dynamics that are happening in China that are good for process control adoption, or intensity as well. So I think one of the good, really strong stories about the company right now, given the improvements we've seen in intensity, is to have a year that is this strong around memory and have the company in a position to perform, at least in line with the market and at least as the way we've been lining up perhaps a little bit better. So we're really encouraged by what we're seeing across all segments and I think there's opportunities for us to solve unique problems given the technology transitions that are in front of us.

是的，CJ，我認為我們離 Lam 的處境並不遠。我們討論的是年初的情況和幾個百分點，因此存在一定的誤差幅度，可能使所有這些都處於同一水平。我認為，從根本上來說，據我所知，他們談論細分市場的方式是圍繞記憶體展開的，其中 DRAM 實力強勁，NAND 快閃記憶體實力強勁。我們認為，至少在我們的業務方面，我們看到了更多的邏輯力量。而在代工廠方面，看起來它會有所下降。所以把所有這些加起來，你最終會得到 5% 到 7% 左右的個位數成長率。從製程控制強度的角度來看，我們對 DRAM 的採用情況感到鼓舞。他們的設備具有更多的邏輯性，而且中國正在發生的動態也有利於製程控制的採用或強度。因此，考慮到我們在強度方面看到的改進，我認為目前關於公司的一個好的、真正強勁的故事是，今年在內存方面表現如此強勁，公司的表現至少與市場保持一致，至少按照我們一直以來的路線，可能會更好一些。因此，我們對各個領域所看到的情況感到非常鼓舞，我認為，考慮到我們面臨的技術轉型，我們有機會解決獨特的問題。

That's helpful. And I guess as my follow-up, as you think about second half rise in shipments, and I guess, I'm making the assumption that -- correct me if I'm wrong, that logic foundry will be greater percentage there, which I would think would deliver upside to gross margin. So should we be contemplating an uplift to gross margins through the year for you guys?

這很有幫助。我想作為我的後續問題，當您想到下半年出貨量的增長時，我想，我做出的假設是 - 如果我錯了請糾正我，邏輯代工廠將在其中佔據更大的比例，我認為這將帶來毛利率的上升。那麼，我們是否應該考慮提高你們全年的毛利率呢？

So I think the way you're modeling it in terms of the segment mix half-to-half, is right. I mean it's still pretty strong memory through the course of the year, but foundry logic does pick up into the second half. I think one of the wildcards on the year is the order profile into the December quarter, and in that timeframe, it's pretty strong around foundry. So depending on when those orders actually materialize, if there's a pull-in, does that create opportunities at the end of the year, to ship those tools or not. Right now we have it slotted the way that we do, with these [4] orders in Q4. So around gross margins, our gross margin profile across the different segments is not any different. I mean, the way that the company delivers value, we share value with customers, the ROI is understood, the pricing is very consistent and so sometimes mix or products changes a little bit, but I'm modeling gross margin consistent with the prepared remarks, biased to the higher end of the range of 63% to 64% that I mentioned. And over the course of the year, movement within the quarters will be driven largely by some smaller product mix issues here and there. But I expect most quarters to be operating in and around the range I mentioned in the prepared remarks.

因此，我認為您按照一半一半的細分組合進行建模的方式是正確的。我的意思是，今年全年的記憶體表現仍然相當強勁，但代工邏輯在下半年確實會回升。我認為今年最大的不確定因素之一是 12 月季度的訂單情況，而在這個時間段內，代工業務表現相當強勁。因此，取決於這些訂單何時真正實現，如果有拉動，這是否會在年底創造機會來運送這些工具。目前，我們已經按照我們的方式安排了第四季度的 [4] 個訂單。因此，就毛利率而言，我們不同部門的毛利率狀況並沒有任何差異。我的意思是，公司傳遞價值的方式，我們與客戶分享價值，投資回報率是可以理解的，定價非常一致，所以有時組合或產品會略有變化，但我對毛利率的建模與準備好的評論一致，偏向於我提到的 63% 到 64% 範圍的高端。而在這一年中，各季度內的變動將主要受到一些較小的產品組合問題的影響。但我預計大多數季度的營運情況都會在我準備好的評論中提到的範圍內或附近。

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。

I have just follow-up question on China. I think some of your peers is talking about kind of increased spending from the domestic memory chip makers now. And I think, historically, an investor base means that, that will be really positive for KLA. Just curious, where do we stand on that? Do you have any update in terms of the cadence of that spending? Are we seeing a strong pickup this year? Or is it more like in '19?

我剛才還有關於中國的後續問題。我認為您的一些同行正在談論國內內存晶片製造商增加支出。我認為，從歷史上看，投資者基礎意味著，這對 KLA 來說將是非常有利的。只是好奇，我們對此持什麼立場？您對於這筆支出的節奏有什麼最新進展嗎？今年我們是否會看到強勁復甦？或更像 19 年？

Yes, so it's been a good segment of business for us, China as a region. As Rick mentioned in his comments, we saw a tripling of native China bookings in calendar '17 versus calendar '16. Those orders tend to come with longer lead times given the nature of not just new fabs but also new fabs and new locations. So there's always infrastructure and other requirements that are part of the equation to get something up and running. As we look at calendar '18, I don't see any change in momentum. I think the mix shifts a little bit. Where it was more 50-50 memory foundry in calendar '17, again, this is from an order perspective, calendar '18 seems a little bit more foundry-heavy. But the contribution roughly is the same, in the same range. So we're very encouraged by what we're seeing there. And as these projects come up to speed and they start to make progress, I think that's going to influence the timing of the next round or next phases of investment that happen over the coming years. But what's in front of us looks pretty good.

是的，中國地區對我們來說是一個很好的業務領域。正如 Rick 在評論中提到的那樣，我們發現 2017 年中國本土的預訂量是 2016 年的三倍。由於不僅是新晶圓廠，而且是新晶圓廠和新地點的性質，這些訂單的交貨時間往往更長。因此，為了使某件事順利進行，總是需要基礎設施和其他要求。當我們回顧 2018 年日曆時，我沒有看到任何變化。我認為混合物發生了一些變化。2017 年記憶體代工份額為 50-50，同樣，從訂單角度來看，2018 年記憶體代工份額似乎更大一些。但貢獻大致相同，在同一範圍內。因此，我們對那裡所見的景象感到非常鼓舞。隨著這些專案的加速推進和取得進展，我認為這將影響未來幾年下一輪或下一階段投資的時間。但眼前的景像看起來相當不錯。

Okay, great. Just to be really clear, so you are basically not -- your kind of low-single-digit growth does not factor in comp growth in China. It sounds like you expect a [constant level], but a mix shift there. Is that correct?

好的，太好了。只是為了真正清楚起見，你所說的低個位數成長基本上沒有考慮到中國的同業成長。聽起來你期望的是 [恆定水平]，但那裡卻發生了混合轉變。對嗎？

We shipped more in '17 than we shipped in '16. My commentary was focused on the order mix. So yes, there is more contribution from China in terms of shipment and revenue, native China, in the calendar '18 numbers than there was in calendar '17.

我們 2017 年的出貨量比 2016 年的多。我的評論主要集中在訂單組合上。所以是的，就出貨量和收入而言，2018 年來自中國的貢獻比 2017 年還要大。

And then my follow-up question is on the bare wafer or unpatterned wafer inspection market. It's really strong right now but, historically, that business tend to be more -- I don't know how to say it, finicky or they come, go bigger cycles, right? Has anything structurally changed for that market that gave you confidence that demand is sustainable?

然後我的後續問題是關於裸晶圓或無圖案晶圓檢測市場。現在它確實很強勁，但從歷史上看，這種業務往往更加——我不知道該怎麼說，挑剔，或者它們來來去去，週期更大，對嗎？該市場的結構性變化是否讓您相信需求是可持續的？

A couple things, I think -- it is true, first of all, that those businesses happened to be very strong when there's a reinvestment cycle. But there's a couple of -- into new technology, and that can be driven by a couple things, but one is the volume, of course, drives it. And the other one is when there are new specs relative to particulate based on design rules. The other thing we're seeing is the flatness market growing. And an acquisition we did years ago is doing very well inside the bare wafer market to measure wafer flatness. And that's being driven a lot by additional requirements driven in part by 3D NAND. And so we're seeing new specs driving new tool purchases in addition to the traditional drivers of volume and sensitivity.

我認為有幾件事——首先，當再投資週期到來時，這些企業確實會變得非常強勁。但是，還有一些——新技術，這可以由一些因素驅動，但其中之一當然是數量驅動它。另一個是當基於設計規則有與顆粒相關的新規格時。我們看到的另一件事是平板市場正在成長。我們幾年前進行的一項收購在測量晶圓平整度的裸晶圓市場中表現非常出色。這在很大程度上受到 3D NAND 所推動的額外要求的推動。因此，除了傳統的數量和靈敏度驅動因素外，我們還看到新的規格也在推動新工具的購買。

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

您的下一個問題來自野村極訊的 Romit Shah。

I just had one question for you, Rick. It just seems like as demand for AI and servers/high-performance computing hardware inflects that -- the size of the silicon that powers that functionality is also growing at a fairly tremendous rate. NVIDIA's got a V100 GPU that they say has north of 20 billion transistors. And so the byproduct of that is that you've got these very high-performance CPUs and GPUs but the yields are not great. And it would seem like the implication here is that demand for top-tier process control equipment should be stronger benefit from this trend, and I was hoping you could talk about that.

我只想問你一個問題，瑞克。似乎隨著對人工智慧和伺服器/高效能運算硬體的需求發生變化——支援該功能的矽片的尺寸也以相當快的速度成長。NVIDIA 擁有一款 V100 GPU，據稱其擁有超過 200 億個電晶體。其副產品是，你擁有了這些效能非常高的 CPU 和 GPU，但產量卻不高。這似乎意味著，對頂級製程控制設備的需求應該會因這一趨勢而更加強勁，我希望您能談談這一點。

Sure. Yes, absolutely one of the main drivers is the push for AI and also the high performance computing just in general as a category. And we are seeing -- it plays really out in a couple places for us. One, it drives additional designs, which drives mask, which drives our mask business, so we are seeing benefits. And then in the fab, the additional complexity of those very advanced chips drives everything about complexity including defectivity requirements because of larger die and also the metrology requirements associated with it. So it is a positive inflection for us overall, and it's going to be in multiple foundries as well, not just in one. So there are other players in that. So we expect that to be something that continues to drive the need for process control as we go forward.

當然。是的，絕對的主要驅動力之一是推動人工智慧的發展，以及整體而言高效能運算的發展。我們看到——它確實在幾個地方發揮了作用。首先，它推動了額外的設計，從而推動了掩模，推動了我們的掩模業務，因此我們看到了好處。然後在晶圓廠中，這些非常先進的晶片的額外複雜性推動了與複雜性有關的一切，包括由於更大的晶片而產生的缺陷率要求以及與之相關的計量要求。因此，這對我們來說總體來說是一個積極的轉折，而且它將在多個代工廠中實施，而不僅僅是在一個。所以其中還有其他參與者。因此，我們預計這將繼續推動我們前進過程中對製程控制的需求。

Is it fair to say that this trend, as it accelerates, is good for your blend of ASPs and then, consequently, your gross margins over time?

是否可以說，隨著這種趨勢的加速，對您的 ASP 組合有利，進而對您的毛利率有利？

Well, certainly the percentage of tooling, as Bren mentioned, we're not really customer-dependent on gross margin as we are mix. But as the process gets more complex, the mix of customer use case tends to go toward the more advanced tools. So sure, we would see a benefit in terms of our overall profitability and business level based on advanced devices of any kind pushing demand forward. So yes, absolutely, it's a driver for us.

嗯，當然，正如布倫提到的那樣，我們的工具百分比並不是真正依賴客戶的毛利率，因為我們是混合的。但隨著流程變得越來越複雜，客戶用例的組合趨向於使用更先進的工具。因此，可以肯定的是，任何類型的先進設備都會推動需求的發展，從而為我們的整體獲利能力和業務水平帶來好處。是的，這絕對是我們的動力。

(Operator Instructions) Your next question comes in the line of Patrick Ho with Stifel, Nicolaus.

（操作員指示）您的下一個問題來自 Stifel 的 Patrick Ho，Nicolaus。

Rick, in terms of memory capital intensity, you've talked about in the past how 3D NAND and a lot of the manufacturing challenges there has helped increase process control intensity. I know we're at the early ramp of the new 64-layer devices that we're seeing in the marketplace, but as we go to 96 and 128, are the increases in layer going to continue to help in capital intensity? Or have we kind of just reached maybe a leveling at this time? I think you said you've gained 1 or 2 percentage process control intensity points with the planar 3D transition. How do you look at it as we go to more layers?

里克，就記憶體資本強度而言，您過去曾談到 3D NAND 及其面臨的許多製造挑戰如何幫助提高製程控制強度。我知道我們正處於市場上新 64 層設備的早期發展階段，但隨著我們進入 96 樓和 128 層，層的增加是否會繼續有助於提高資本密集度？或者我們此時可能只是達到了某種程度的平衡？我認為您說過透過平面 3D 轉換您獲得了 1 或 2 個百分點的過程控制強度點。當我們深入探討更多層面時您如何看待它？

Great question. And the answer is there's more opportunity and there's 2 ways for us to address that. One is continued and even more deployment of existing tools, which I don't think will drive intensity significantly higher, if that's all we do. But we do have new tools in the pipeline to address 3D NAND and when those come online, and they're going to be in support of these advanced technologies, then we can actually drive increased adoption based on new use cases. There are more problems in 3D NAND, metrology and defectivity, than we can solve right now. And if we can bring the new tools out and get those in, and those are something that we're targeting for -- in the next 12 to 24 months having -- starting to make an impact on the market. So yes, that will drive intensity up.

好問題。答案是有更多的機會，我們有兩種方法來解決這個問題。一是繼續甚至更多地部署現有工具，如果我們只這樣做的話，我認為這不會顯著提高強度。但是我們確實有新的工具正在籌備中，以解決 3D NAND 問題，當這些工具上線時，它們將支援這些先進技術，然後我們實際上可以根據新的用例推動採用率的提高。3D NAND、計量和缺陷方面存在的問題比我們現在能夠解決的還要多。如果我們能夠推出新工具並將其投入使用，這就是我們的目標——在未來 12 到 24 個月內——開始對市場產生影響。是的，這將會提高強度。

Great. And a question for Bren. In terms of managing the supply chain. Obviously, yourself and the rest of the equipment industry -- you're seeing record demand today and you've been able to turn around tools at a pretty rapid rate, even as demand trends continue to rise. You're also managing your inventories and AR really well. What have you done over the last couple of quarters especially as you've seen this rise in demand and your ability to continue to, I guess, deliver to the customers given their kind of strict and tight timelines for tool deliveries?

偉大的。還有一個問題要問布倫。在管理供應鏈方面。顯然，您自己以及設備行業的其他從業者——今天都看到了創紀錄的需求，並且即使需求趨勢持續上升，您也能夠以相當快的速度週轉工具。您還能很好地管理庫存和應收帳款。在過去的幾個季度裡，您做了什麼，特別是當您看到需求上升，並考慮到客戶對工具交付的嚴格和緊迫的時間安排，您是否有能力繼續向客戶交付產品？

Yes, well, it hasn't been easy. A lot of heavy-lifting by the operational teams to execute in this environment. I mean, one of the things that we've done, I think, pretty effectively across all of our products is to do a lot more hedging of long lead time materials, whether we're buying supplier long lead time materials or we're buying our -- the assembled parts. And that shortens the lead time and gives us a little bit more flexibility to be able to deliver. So that certainly is one of the things we're doing. I mean, obviously, we're making stronger commitments further out in some cases to be able to make sure we've got the supplier ramping their capacity to be able to support us. So a lot of tactical things there to be able to deliver that. We're spending some time, sometimes sending our own guys out to work with our suppliers to improve their processes, to deliver better yields of parts and so on, to be able to meet our needs. So a lot of small things there. We're, like everybody else, we're putting a lot of pressure on the chain. Some of our suppliers are unique and supply only to us in this space, so that helps in some cases. But it's a challenge, but so far we're doing okay with it. And I'm really pleased with the leverage and the operational execution in the factories across the world for us.

是的，這並不容易。在這種環境下，營運團隊需要執行許多繁重的工作。我的意思是，我認為，我們在所有產品中做得非常有效的一件事就是對長交貨期材料進行更多的對沖，無論我們是購買供應商的長交貨期材料還是購買我們的組裝零件。這縮短了交貨時間，並為我們提供更多的交貨彈性。這當然是我們正在做的事情之一。我的意思是，顯然，在某些情況下，我們會做出更強有力的承諾，以確保供應商能夠提高產能來支持我們。因此，需要採取許多戰術手段才能實現這一目標。我們花了一些時間，有時派我們自己的員工去與我們的供應商合作，以改進他們的流程，提供更好的零件產量等等，以滿足我們的需求。那裡有很多小東西。和其他人一樣，我們也給了連鎖店極大的壓力。我們的一些供應商是獨一無二的，並且只向我們供該領域的產品，因此在某些情況下會有所幫助。這是一個挑戰，但到目前為止我們還做得很好。我對我們在世界各地工廠的槓桿作用和營運執行感到非常滿意。

Your final question comes from Atif Malik with Citigroup.

您的最後一個問題來自花旗集團的阿蒂夫馬利克。

Rick, I have a question on your foundry opportunity. TSMC owner's earnings call talked about a flattish CapEx with capital intensity longer-term coming down from a low 30s -- to 20% to 30% for them. Within that declining capital intensity, can you just talk about how do you see PDC opportunity for you? I assume your EUV opportunities is obviously growing within that CapEx, but just talk about the PDC opportunities for you guys. And then I have a follow-up.

里克，我對你的代工機會有一個疑問。台積電所有者的收益電話會議上談到了持平的資本支出，長期資本密集度從 30% 以下下降到 20% 至 30%。在資本密集度下降的情況下，您能否談談您如何看待 PDC 為您帶來的機會？我認為你們的 EUV 機會顯然在資本支出範圍內成長，但只談論你們的 PDC 機會。然後我有一個後續問題。

Sure. I think that the foundry capital intensity ranges depending on where we are in the cycle and the customer, but it's somewhere in the order of 15% to 17%. We see upside to that, if we can provide more capability as we discussed earlier in 3D NAND. There are problems that are unsolved in terms of foundry and especially as we get to EUV. So we think that'll tend toward the high end of that range. And customers, of course, are going to try to optimize their investment and try to minimize their investment in capital and in process control. So we are constantly showing that we have -- creating value for them and then we share that value in terms of the way we deploy in the market. So I think as we're modeling it forward, it continues to be in that 15% to 17% range.

當然。我認為代工資本強度的範圍取決於我們所處的週期階段和客戶，但它大約在 15% 到 17% 之間。如果我們能夠提供更多功能（正如我們之前在 3D NAND 中討論的那樣），我們就會看到其好處。在代工方面，尤其是當我們使用 EUV 時，仍有一些問題尚未解決。因此我們認為這將趨向於該範圍的高端。當然，客戶會盡力優化他們的投資，並盡量減少在資本和過程控制方面的投資。因此，我們不斷向他們展示我們為他們創造了價值，然後我們按照我們在市場中的部署方式分享這種價值。因此我認為，當我們對其進行建模時，它將繼續保持在 15% 到 17% 的範圍內。

Great. And then Bren, are you expecting your logic plus foundry opportunity this year to be flattish over last year, like prior comments? Or has there been a change to that?

偉大的。那麼，布倫，您是否預計今年的邏輯加代工機會將與去年持平，就像之前的評論一樣？或者說情況已經改變了？

As I look at it, I look at the breadth of customers investing across foundry, and it's more of a shipment statement, I think the foundry shipments are probably down a little bit. So I think our expectations would be -- around foundry, as I said earlier were foundry down a little bit, logic up, DRAM strong and NAND obviously strong as well. So that's how you get to the guidance we provided for WFE.

當我看到它時，我查看了客戶在代工廠投資的廣度，它更像是一份出貨量聲明，我認為代工廠的出貨量可能會略有下降。所以我認為我們的預期是 - 圍繞代工，正如我之前所說的那樣，代工略有下降，邏輯上升，DRAM 強勁，NAND 顯然也強勁。這就是我們為 WFE 提供的指導。

Megan?

梅根？

There are no further questions at this time. I'll turn the call back over to presenters for closing remarks.

目前沒有其他問題。我將把電話轉回給演講者，請他們作結束語。

Okay. Thank you, Megan. Thank you, all, for joining us today, and enjoy the rest of your day.

好的。謝謝你，梅根。感謝大家今天的參與，祝福大家享受接下來的一天。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。