科磊 (KLAC) 2018 Q3 法說會逐字稿

Good day. My name is Jeff, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the KLA-Tencor Third Quarter Fiscal Year 2018 Earnings Conference Call. (Operator Instructions) And now I'd like to turn the call over to Mr. Ed Lockwood with KLA-Tencor Investor Relations. Sir, you may begin.

再會。我叫傑夫，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 財年第三季財報電話會議。（操作員指示）現在我想將電話轉給 KLA-Tencor 投資者關係部的 Ed Lockwood 先生。先生，您可以開始了。

Thank you, Jeff. 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 March 31, 2018. 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.

謝謝你，傑夫。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 2018 年 3 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。

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.

除非另有說明，今天對我們財務結果的討論將以非 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。

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.

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。

Thanks, Ed, and thank you all for joining us. I plan to briefly cover 3 items in my prepared remarks today before handing off to Bren. First, a quick review of KLA-Tencor's outstanding results in the March quarter, followed by highlights of our very strong market performance in 2017 as reported by Gartner and concluding with our updated growth outlook for the industry and for KLA-Tencor in calendar 2018.

謝謝，艾德，也謝謝大家加入我們。在將發言權交給布倫之前，我計劃在今天的準備好的發言中簡要介紹 3 項內容。首先，我們快速回顧 KLA-Tencor 在 3 月份季度的出色業績，然後重點介紹 Gartner 報告的我們在 2017 年非常強勁的市場表現，最後介紹我們對 2018 年行業和 KLA-Tencor 的最新增長展望。

Let's begin with the March quarter highlights. I'm very happy to report another record quarter for KLA-Tencor with revenue topping $1 billion for the first time in March and finishing at the upper end of the range of guidance. Diluted non-GAAP earnings per share was a record $2.02. These results were driven by our ongoing focus on customer success and technology leadership and reflect the strong momentum we are experiencing in the marketplace across each of our major product groups and in services.

讓我們從三月季度的亮點開始。我很高興地報告 KLA-Tencor 又一個創紀錄的季度，3 月份收入首次突破 10 億美元，並達到指導範圍的上限。稀釋非公認會計準則每股收益達到創紀錄的 2.02 美元。這些成果源自於我們對客戶成功和技術領導地位的持續關注，並反映了我們在每個主要產品組和服務領域在市場上所經歷的強勁勢頭。

Also, on March 19 we announced a definitive agreement to acquire Orbotech Ltd. This acquisition is the next chapter in the progression of KLA-Tencor's strategies for profitable growth and long-term value creation. With this combination, KLA-Tencor will be a diversified technology leader in process and yield management solutions and services, extending our reach to address even more of the electronics value chain from semiconductor device manufacturing to packaging, printed circuit board and flat panel display manufacturing. We have kicked off the integration planning and regulatory review efforts, and these processes are moving forward as planned. We are very impressed with the Orbotech team and are excited about the opportunities that this combination will create as we execute our strategies to benefit customers, stockholders and employees. Coupled with the momentum we are experiencing in our core inspection and measurement business and with the prospect of augmenting that growth with the new assets from Orbotech, we are very excited about the opportunities that lie ahead for KLA-Tencor.

此外，3 月 19 日，我們宣布了收購 Orbotech Ltd. 的最終協議。此次收購是 KLA-Tencor 獲利成長和長期價值創造策略發展的新篇章。透過此次合併，KLA-Tencor 將成為製程和產量管理解決方案及服務領域的多元化技術領導者，擴大我們的業務範圍，涵蓋從半導體裝置製造到封裝、印刷電路板和平板顯示器製造的更多電子價值鏈。我們已經啟動整合規劃和監管審查工作，這些進程正在按計劃推進。Orbotech 團隊給我們留下了深刻的印象，我們對這一結合將在我們實施策略以造福客戶、股東和員工的過程中創造的機會感到興奮。加上我們核心檢測和測量業務的強勁發展勢頭，以及利用奧寶科技的新資產促進成長的前景，我們對 KLA-Tencor 未來的機會感到非常興奮。

Turning now to highlights of the recently published Gartner market report for 2017. The data shows that the very strong year for wafer fab equipment investment and with memory customers accounting for approximately 65% of overall WFE demand in 2017, KLA-Tencor grew or maintained a strong market position and drove SAM expansion in each of our major product markets while addressing increasingly more complex inspection and measurement requirements in the marketplace. With WFE forecasted to remain at a high level in 2018, we expect overall process control intensity to grow in the year driven by growing value of inspection and measurement in addressing critical customer problems and semiconductor industry expansion in China.

現在來看看最近發布的 2017 年 Gartner 市場報告的亮點。數據顯示，2017 年是晶圓廠設備投資非常強勁的一年，記憶體客戶佔 2017 年整體 WFE 需求的約 65%，KLA-Tencor 成長或維持了強大的市場地位，並推動了我們每個主要產品市場的 SAM 擴張，同時滿足了市場上日益複雜的檢測和測量要求。由於預計 2018 年 WFE 將保持在高水平，我們預計今年整體過程控制強度將會增長，這得益於解決關鍵客戶問題的檢測和測量價值的不斷增長以及中國半導體行業的擴張。

As a leader in process control, KLA-Tencor continues to strengthen our position in China both in terms of customer footprint and adoption. We are still on the early stages of a multiyear investment cycle in China, which represents a tremendous opportunity for KLA-Tencor. The presence of subscale factories under tremendous pressure to yield while still in start-up mode and the overall complexity associated with developing a world-class semiconductor industry will drive significant growth for our business in the region.

作為製程控制領域的領導者，KLA-Tencor 不斷加強我們在中國的客戶覆蓋範圍和採用率方面的地位。我們在中國仍處於多年投資週期的早期階段，這對 KLA-Tencor 來說是一個巨大的機會。處於起步階段的小型工廠面臨著巨大的產量壓力，而發展世界級半導體產業的整體複雜性將推動我們在該地區的業務大幅成長。

In addition, the high level of investment by memory customers has driven an unprecedented investment cycle in unpatterned wafer inspection and metrology to support capacity growth and wafer manufacturers and IC fabs as well as to meet more stringent wafer cleanliness and wafer flatness specifications in vertical NAND. These products experienced record demand in 2017 with order momentum continuing in 2018 and with shipments and revenue expected to scale in this calendar year and into 2019.

此外，記憶體客戶的大量投資推動了無圖案晶圓偵測和計量領域前所未有的投資週期，以支援產能成長和晶圓製造商和IC晶圓廠，並滿足垂直NAND中更嚴格的晶圓清潔度和晶圓平整度規範。這些產品在 2017 年的需求創下了歷史新高，2018 年的訂單動能持續，預計今年和 2019 年的出貨量和收入將擴大。

Now for some product highlights that underlie our strong market performance. First, we saw particular strength in mask inspection in 2017. Gartner estimates the mask inspection market grew 64% in the year to $538 million, fueled in large part by customer investment in EUV lithography and by continued strength in multi-patterning optical lithography. KLA-Tencor's mask inspection technologies are critical to customer success in bringing EUV to market. We are collaborating with each of our major customers to accelerate EUV mask development, yield and requalification.

現在來看看我們強勁的市場表現背後的一些產品亮點。首先，2017年口罩檢驗工作尤為突出。Gartner 估計，掩模檢測市場今年成長了 64%，達到 5.38 億美元，這在很大程度上得益於客戶對 EUV 光刻的投資以及多重圖案光學光刻的持續強勁增長。KLA-Tencor 的掩模檢測技術對於客戶成功將 EUV 推向市場至關重要。我們正在與每個主要客戶合作，以加速 EUV 掩模的開發、產量和重新認證。

Other process control challenges inherent to EUV include resist qualification and scanner control. These, along with the complex 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 process control portfolio in the semiconductor industry. EUV promises to be a positive catalyst for future growth of the advanced process control market and for KLA-Tencor.

EUV 固有的其他製程控制挑戰包括光阻鑑定和掃描器控制。這些問題，加上與當前 EUV 源技術相關的複雜圖案和缺陷問題，帶來了市場機遇，我們相信 KLA-Tencor 憑藉半導體行業最全面的製程控制產品組合，擁有獨特的優勢來解決這些機會。EUV 有望成為先進製程控制市場和 KLA-Tencor 未來成長的積極催化劑。

The overlay metrology market grew 29% in 2017 to $456 million. KLA-Tencor is a pioneer in overlay metrology, deploying unique capability across 2 different technology platforms. The growth of memory investment in 2017 was a major factor in the strength in overlay metrology and in other metrology markets for KLA-Tencor in the year, driven by the increased complexity in advanced memory design architecture including multiple layers, in-film stacks and verticalization of structures.

2017 年覆蓋計量市場成長 29%，達到 4.56 億美元。KLA-Tencor 是覆蓋測量領域的先驅，在兩個不同的技術平台上部署了獨特的功能。2017 年記憶體投資的成長是 KLA-Tencor 當年在套刻測量和其他測量市場表現強勁的主要因素，這得益於先進記憶體設計架構的複雜性增加，包括多層、膜內堆疊和結構垂直化。

Finally, in optical pattern wafer inspection, KLA-Tencor's largest served market, SAM, SAM grew 6% in the year to over $1.3 billion. And we experienced our strong market leadership driven by customer preference for our broadband plasma and laser scattering optical inspection portfolio over competing wafer inspection technologies including e-beam. These are just a few of the product successes that led to our sales growth in SAM expansion in 2017. This growth is a result of the continued successful execution of product and service strategies that address increasing inspection and measurement challenges in today's marketplace. And through that, KLA-Tencor is helping to drive customer success in the period of strong growth for the semiconductor industry.

最後，在光學圖案晶圓偵測領域，即 KLA-Tencor 最大的服務市場 SAM，SAM 今年成長了 6%，達到 13 億美元以上。與包括電子束在內的競爭晶圓檢測技術相比，客戶更青睞我們的寬頻等離子和雷射散射光學檢測產品組合，這推動了我們在市場上佔據了強大的領導地位。這些只是推動我們 2017 年 SAM 擴展銷售成長的部分產品成功案例。這一增長是持續成功執行產品和服務策略的結果，這些策略解決了當今市場上日益增加的檢查和測量挑戰。透過這種方式，KLA-Tencor 正在幫助客戶在半導體產業強勁成長時期取得成功。

Turning to the overall industry environment for calendar 2018. Coming off an exceptionally strong year in 2017, the investment landscape in each of the major customer end markets today is solid, supporting a WFE industry growth outlook that is currently expected to be in the high single digits to low double digits in 2018. In terms of our view of the end markets, we see memory once again comprising 70% or more of WFE investment in 2018 led by the ongoing ramp in 3D NAND, capacity expansion in DRAM and continued investment from China memory. In foundry, we are expecting to see orders for the first wave of investment in 5 nanometers to begin in the second half of the year with logic investment in 2018 focused on 10 nanometer. And finally, we expect continued expansion of EUV lithography investment in foundry and DRAM in the year.

回顧 2018 年的整體產業環境。2017 年表現異常強勁，目前各主要客戶端市場的投資前景穩健，支撐了 WFE 產業的成長前景，目前預計 2018 年 WFE 產業的成長將達到高個位數至低兩位數。就我們對終端市場的看法而言，我們認為，在 3D NAND 持續成長、DRAM 產能擴張以及中國記憶體持續投資的帶動下，記憶體將再次佔 2018 年 WFE 投資的 70% 或更多。在晶圓代工領域，我們預計第一波 5 奈米投資訂單將於今年下半年開始，而 2018 年的邏輯投資將集中在 10 奈米。最後，我們預計今年晶圓代工和 DRAM 領域的 EUV 微影投資將持續擴大。

Given our technology leadership, strong customer acceptance of new products, improving process control intensity and leading edge memory and our strength in China, KLA-Tencor is expecting to deliver revenue growth of 10% or more in 2018. This does not include any contribution from the Orbotech acquisition, which we expect to close by the end of the year.

鑑於我們的技術領先地位、客戶對新產品的強烈接受度、不斷提高的工藝控制強度和領先的記憶體以及我們在中國的優勢，KLA-Tencor 預計 2018 年的收入成長率將達到 10% 或更多。這還不包括奧寶科技收購的任何貢獻，我們預計該收購將於今年底完成。

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, the March quarter represented an outstanding period of financial performance for the company. Shipment, revenue and GAAP and non-GAAP diluted earnings per share each came in at the upper end of the range of guidance in the quarter with revenue and earnings per share finishing at record levels. This result was driven by strong demand across our product portfolio as well as solid execution of our strategic objectives. Revenue was $1.021 billion in the quarter, GAAP diluted earnings per share was $1.95 and non-GAAP diluted earnings per share was $2.02.

謝謝，里克，大家下午好。正如里克在開幕致詞中所強調的那樣，三月季度是公司財務表現出色的時期。本季出貨量、營收以及 GAAP 和非 GAAP 稀釋每股盈餘均達到預期範圍的上限，營收和每股盈餘均創下歷史新高。這一結果得益於我們產品組合的強勁需求以及我們策略目標的穩健執行。本季營收為 10.21 億美元，GAAP 稀釋每股收益為 1.95 美元，非 GAAP 稀釋每股收益為 2.02 美元。

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.

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 March demand environment in terms of shipments. Total shipments were $1.019 billion, finishing at the top end of the guided range for the quarter with upside driven by higher-than-expected customer pull for our overlay metrology products. Looking forward, we are modeling June quarter shipments to grow sequentially and be in the range of $1.01 billion to $1.09 billion. Based on our current build plans and expected customer delivery timing, we continue to expect second half shipments to grow in the mid-single digits compared to the first half of the calendar year. For the full year, we expect shipment growth in the high single digits.

現在來看看三月出貨量方面的需求環境亮點。總出貨量為 10.19 億美元，達到本季指引範圍的最高端，這得益於客戶對我們的疊加計量產品的吸引力高於預期。展望未來，我們預計 6 月季度出貨量將季增，達到 10.1 億美元至 10.9 億美元之間。根據我們目前的生產計劃和預期的客戶交付時間，我們仍然預計下半年的出貨量將比上半年成長中等個位數。我們預計全年出貨量將保持高個位數成長。

Memory was 78% of shipments and stronger than our original forecast for the quarter. DRAM accounted for 47% of total system shipments in the period. We expect memory will continue to dominate the system shipment mix in the June quarter with memory shipments forecasted to be approximately 68% of the total in Q2. Memory mix is expected to remain between 60% and 70% of shipments in the second half of 2018.

記憶體佔出貨量的 78%，高於我們最初對該季度的預測。DRAM 佔該期間系統總出貨量的 47%。我們預計記憶體將繼續在 6 月季度的系統出貨量中佔據主導地位，預計第二季記憶體出貨量將佔總出貨量的約 68%。預計 2018 年下半年記憶體組合將維持在出貨量的 60% 至 70% 之間。

Foundry was 13% of shipments in March, and foundry is forecasted to be about 24% of shipments in June. Logic was 9% of shipments in the March quarter, and our current outlook is for logic to be 8% of total system shipments next quarter. In terms of the approximate distribution of shipments by product group, wafer inspection was 45%. Patterning was 29%. Patterning includes shipments for reticle inspection. Service was 22%, and non-semi was approximately 4%.

3 月代工佔出貨量的 13%，預計 6 月代工佔出貨量的 24% 左右。邏輯晶片佔三月季度出貨量的 9%，我們目前預計下個季度邏輯晶片將佔系統總出貨量的 8%。以各產品群出貨量大致分佈來看，晶圓檢測佔45%。圖案化率為29%。圖案化包括用於光罩檢查的裝運。服務業佔22%，非半成品約佔4%。

I'll turn now to the income statement. Revenue was a record $1.021 billion in March, finishing at the upper end of the range of guidance. Service revenue was a contributor to the upside in the quarter as customer utilization at the installed base remained at a high level. We expect revenue to grow sequentially and be in the range of $1.02 billion to $1.08 billion in the June quarter and for revenue in the second half of calendar '18 to be in accordance with our outlook for full year revenue growth of 10% or greater.

我現在來看看損益表。3 月營收達到創紀錄的 10.21 億美元，達到預期範圍的上限。由於客戶利用率仍維持在較高水平，服務收入是本季業績上漲的一個推動因素。我們預計 6 月當季營收將環比成長至 10.2 億美元至 10.8 億美元之間，而 2018 年下半年的營收將與我們對全年營收成長 10% 或更高的預期一致。

Gross margin was 64%, in line with our guidance for the quarter. The factors driving our strong gross margin performance were consistent with recent margin trends in terms of product mix, efficient execution of new product introduction and variable cost management in service and manufacturing operations. Looking forward to June, we expect gross margin to be in the range of 64% to 65% as a richer product mix is expected in the quarter. Our gross margin guidance of 63% to 64% in calendar '18 remains unchanged. However, current trends support a bias towards the high end of this range.

毛利率為 64%，符合我們對本季的預期。推動我們強勁毛利率表現的因素與產品組合、新產品引進的有效執行以及服務和製造業務中的變動成本管理等方面的近期利潤趨勢一致。展望 6 月份，我們預計毛利率將在 64% 至 65% 之間，因為預計本季的產品組合將更加豐富。我們對 2018 年毛利率的預期為 63% 至 64%，維持不變。然而，目前的趨勢支持偏向這一範圍的高端。

Total operating expenses were $261 million in March, down about $2 million compared with December, and operating margin was 38.5%. Operating expenses for the March quarter were approximately $5 million higher than guidance due to a number of factors, including higher material cost for next-generation programs.

3月份總營運費用為2.61億美元，較12月份減少約200萬美元，營運利潤率為38.5%。由於下一代項目的材料成本上漲等多種因素，三月季度的營運費用比預期高出約 500 萬美元。

We continue to see many opportunities for future top line growth in our core business and plan to maintain our investment posture with new programs including those supporting EUV and vertical memory applications. For the June quarter, we expect operating expenses to be approximately $262 million to $264 million. In the second half of 2018, we are modeling operating expenses to be approximately $265 million to $270 million per quarter with variability around this operating expense level driven by the timing of non-headcount engineering program development costs.

我們繼續看到核心業務未來收入成長的眾多機會，並計劃透過新項目（包括支援 EUV 和垂直記憶體應用的項目）保持我們的投資態勢。對於 6 月份季度，我們預計營運費用約為 2.62 億美元至 2.64 億美元。在 2018 年下半年，我們預計每季營運費用約為 2.65 億美元至 2.7 億美元，這項營運費用水準的波動受非員工工程專案開發成本時間的影響。

Our outlook is for operating margin in 2018 to be in excess of 38.5%, consistent with our published business model in the $4.2 billion to $4.5 billion annualized revenue range. The effective tax rate was 15% in the quarter, in line with our guidance and our long-term planning rate. Finally, net income for the March quarter was a record $318 million, and we had 157 million fully diluted shares outstanding.

我們預計 2018 年的營業利潤率將超過 38.5%，與我們公佈的 42 億美元至 45 億美元年化收入範圍的商業模式一致。本季有效稅率為 15%，符合我們的指導和長期規劃稅率。最後，三月季度的淨收入達到創紀錄的 3.18 億美元，我們有 1.57 億股完全稀釋流通股。

I'll turn now to highlights for the balance sheet and cash flow statement. Cash and investments ended the quarter at $2.89 billion, an increase of approximately $132 million compared with December. Cash from operations was $353 million in March, and free cash flow was $338 million.

現在我將討論資產負債表和現金流量表的重點。本季末現金和投資為 28.9 億美元，與 12 月相比增加約 1.32 億美元。3 月經營現金流為 3.53 億美元，自由現金流為 3.38 億美元。

In Q1, we paid an aggregate of $92 million in regular quarterly dividends and dividend equivalents for fully vested restricted stock units and repurchased 85 million of common stock pursuant to our share repurchase program. In February, we announced a 27% increase in our quarterly dividend level to $0.75 per share. That's effective this quarter.

在第一季度，我們支付了總計 9,200 萬美元的定期季度股息和股息等價物，用於完全歸屬的限制性股票單位，並根據我們的股票回購計劃回購了 8,500 萬股普通股。2 月份，我們宣布季度股息提高 27%，至每股 0.75 美元。此舉於本季生效。

At the end of the March quarter, we had $1 billion authorized under our new share repurchase program as well as authorization for an additional $1 billion contingent upon completion of the Orbotech acquisition. We plan to resume share repurchases in the June quarter consistent with our previously articulated approach. We expect the amount of share repurchases in the June quarter will be limited given legal restrictions following the distribution of the proxy statement and prospectus in connection with the Orbotech shareholder vote on the merger. Our current plan is to accelerate our share repurchase activity following the completion of the shareholder vote subject to market conditions.

截至三月季度末，我們根據新的股票回購計畫已獲得 10 億美元的授權，並且還獲得在完成 Orbotech 收購後額外 10 億美元的授權。我們計劃在六月季度恢復股票回購，與我們先前闡明的方針一致。我們預計，鑑於與 Orbotech 股東對合併進行投票有關的代理聲明和招股說明書分發後的法律限制，6 月季度的股票回購數量將受到限制。我們目前的計劃是，根據市場情況，在股東投票完成後加快股票回購活動。

Finally, I'll note that we will be adopting the new revenue recognition standard ASC 606 starting in the September quarter to coincide with the start of our fiscal year 2019. We will be adopting ASC 606 using a modified retrospective approach in which we will report financial results prospectively under the new standard but will not restate historical results. We will provide additional information on the impact of the new standard on KLA-Tencor's financial reporting in our next earnings call in July.

最後，我要指出的是，我們將從 9 月季度開始採用新的收入確認標準 ASC 606，以配合我們 2019 財年的開始。我們將採用 ASC 606 的修改後的回顧性方法，根據新標準前瞻性地報告財務結果，但不會重述歷史結果。我們將在 7 月的下一次收益電話會議上提供有關新標準對 KLA-Tencor 財務報告的影響的更多資訊。

In conclusion, the results demonstrated by the company in the March quarter and in the 2017 Gartner report reflect the company's technology leadership, the critical nature of process control in our customer's growth strategies and the value of our industry-leading business model and capital allocation strategies. We are experiencing unprecedented growth in the electronics industry today driven by new demand drivers, such as artificial intelligence, big data, automotive and the Internet of Things layered on top of the traditional computing and mobility markets. This is a fundamental shift in demand for semiconductors. As the market leader in semiconductor process control and with the new opportunities presented by the pending Orbotech acquisition, we believe KLA-Tencor's uniquely positioned to benefit from this industry growth and to create long-term, enduring value.

總而言之，公司在 3 月季度和 2017 年 Gartner 報告中展示的業績反映了公司的技術領先地位、流程控制在客戶成長策略中的關鍵性以及我們領先業界的商業模式和資本配置策略的價值。當今，電子產業正經歷前所未有的成長，這得益於人工智慧、大數據、汽車和物聯網等新需求驅動因素，這些需求建立在傳統運算和行動市場之上。這是半導體需求的根本轉變。作為半導體製程控制領域的市場領導者，並且借助即將進行的 Orbotech 收購所帶來的新機遇，我們相信 KLA-Tencor 擁有獨特的優勢，可以從該行業增長中受益並創造長期持久的價值。

Looking forward to 2018 and beyond, we are energized by what lies ahead. Fueled by record total backlog of just under $1.9 billion as of the end of the March quarter, we are positioned for revenue growth of 10% or more in the year against the backdrop of the overall WFE industry environment that is currently forecasted to grow in the high single digits to low double-digit range. With that, to summarize, our guidance for the June quarter is shipments in the range of $1.01 billion to $1.09 billion, revenue between $1.02 billion and $1.08 billion and GAAP diluted EPS of $2 to $2.24 per share as well as non-GAAP diluted EPS of $2.02 to $2.26 per share.

展望 2018 年及以後，我們對未來充滿信心。截至 3 月季末，我們的總積壓訂單量已接近 19 億美元，創歷史新高。在 WFE 產業整體環境（目前預期成長率將在高個位數至低兩位數之間）的推動下，我們有望實現今年 10% 或更高的營收成長。總而言之，我們對 6 月季度的預期是：出貨量在 10.1 億美元至 10.9 億美元之間，收入在 10.2 億美元至 10.8 億美元之間，GAAP 稀釋每股收益在 2 美元至 2.24 美元之間，非 GAAP 稀釋每股收益在 2.02 美元至 2.26 美元之間。

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

現在，我將把電話轉回給 Ed，開始問答環節。

Okay. Thank you, Bren. At this point, we'd like to open up the call for questions. (Operator Instructions) All right. Jeff, we're ready for the first.

好的。謝謝你，布倫。現在，我們想開始提問。（操作員指示）好的。傑夫，我們已經為第一次做好準備了。

(Operator Instructions) Our first question comes from the line of Timothy Arcuri from UBS.

（操作員指示）我們的第一個問題來自瑞銀的 Timothy Arcuri。

So the first question obviously is on memory. I don't ever remember you guys shipping 65%, 70%, which is basically in line with the market. I don't ever remember you guys having memory concentration that's sort of in line with the market. Typically, it's quite a bit lower. So I guess my question is, is that like a one-time deal related to China? Is it a big uptick in memory process control intensity? Can you just talk about that?

所以第一個問題顯然是關於記憶的。我不記得你們的出貨量達到 65% 或 70%，這基本上與市場一致。我不記得你們的記憶集中度與市場一致。通常情況下，這個數字要低得多。所以我想我的問題是，這是否是與中國有關的一次性交易？記憶過程控制強度是否有很大的提升？你能簡單談談這個嗎？

Tim, I'll take it and then give it to Bren. Yes and yes. I mean, I think China definitely helps because of the greenfield fabs, which are always great for process control intensity, but also newer players needing to get the capability to ramp. The second part is that we have new capability which the market is recognizing the need for, and so we're seeing increased process control adoption as a result of that. And that's both in the developments in NAND, but also in DRAM as they continue to push design rules.

提姆，我會拿著它然後把它交給布倫。是的，是的。我的意思是，我認為中國肯定會有所幫助，因為中國擁有新建晶圓廠，這對於製程控制強度來說總是非常好，而且對於需要獲得提升能力的新參與者來說也是如此。第二部分是，我們擁有市場認識到其需求的新功能，因此我們看到製程控制採用率的提高。這不僅體現在 NAND 的發展中，也體現在 DRAM 的發展中，因為它們不斷推動設計規則的發展。

Hey, Tim, welcome back. So I don't have much more to add. I mean, to Rick's point, I mean, China, we did ship pretty significantly into DRAM project in China. We're going to ship into a NAND project this quarter. So we see a lot of momentum there. I think from a metrology perspective and inspection perspective, we're seeing some solid adoption in both segments, NAND a little bit stronger than DRAM from a process control intensity perspective. So we're really, I think, excited about our positioning there, and we've got some products in the pipeline that hopefully will help drive intensity further.

嘿，蒂姆，歡迎回來。因此我沒有什麼可補充的。我的意思是，正如 Rick 所說，中國，我們確實向中國的 DRAM 項目運送了相當多的貨物。我們將於本季開始 NAND 專案。因此，我們看到那裡有很大的發展勢頭。我認為從計量角度和檢測角度來看，我們看到這兩個領域都得到了一定的穩固採用，從過程控制強度角度來看，NAND 比 DRAM 略強一些。因此，我認為，我們對我們的定位感到非常興奮，我們已經準備好推出一些產品，希望這些產品能進一步推動我們的發展。

Okay. Great. Bren, can you -- I guess just as a follow-up, can you talk about the timing on those products? I know sort of the industry's been waiting for a product that can really help ramp yields in 3D NAND. You guys have been developing that product suite for now some time. Can you talk about when that's going to really ship and when that's going to become meaningful in terms of revenue and that could really drive the sort of organic memory -- process control intensity up for you?

好的。偉大的。布倫，我想作為後續問題，您能談談這些產品的時間安排嗎？我知道業界一直在等待一種能夠真正幫助提高 3D NAND 產量的產品。你們已經開發該產品套件有一段時間了。您能否談談什麼時候才能真正實現交付、什麼時候才能在收入方面產生意義，以及這是否真的可以推動有機記憶——過程控制強度的提高？

Yes, I mean, on the inspection side, the inspection problem is proving -- it's a difficult challenge for customers and proving to be a pretty challenging engineering problem. We hope -- we've got some tools out in the field. We're working with customers in evaluation phase. We'll see if that translates into a high-volume production product or not. I think the jury's still out, but we're doing a lot of work on that front and I think that's one area. I think on the other area is a product in metrology where we've shipped a couple of probe tools into the field for in-stack metrology, and so we're hopeful we'll get some traction there. I don't think these products contribute to the financial results we've been discussing or the outlook over the next 6 to 9 months. But certainly, as we move into '19, we'll see -- hopefully we'll get some traction there and we'll see those be a bigger percent of the total.

是的，我的意思是，在檢查方面，檢查問題證明——這對客戶來說是一個艱鉅的挑戰，並且證明是一個相當具有挑戰性的工程問題。我們希望——我們已經在該領域擁有一些工具。我們正與客戶合作進行評估階段。我們將看看這是否會轉化為大批量生產的產品。我認為目前還沒有定論，但我們在這方面做了很多工作，我認為這是其中一個領域。我認為另一個領域是計量產品，我們已經將一些探測工具運送到現場進行堆疊計量，因此我們希望能夠在那裡取得一些進展。我認為這些產品不會對我們討論的財務表現或未來 6 到 9 個月的前景產生影響。但可以肯定的是，隨著我們進入 2019 年，我們會看到——希望我們能在那裡取得一些進展，並且我們將看到它們在總量中所佔的比例更大。

Our second question comes from the line of Mr. Harlan Sur from JPMorgan.

我們的第二個問題來自摩根大通的 Harlan Sur 先生。

We just got off the Intel call and they just pushed out their 10-nanometer ramp due to yield issues. We've also heard of yield challenges by some of your memory customers especially on the DRAM side. You guys have always characterized your flagship Gen 5 wafer inspection platform as more of an opportunity as EUV starts to get more proliferation. But just given all of the current yield challenges in logic and memory, have you guys seen some pull-ins of the Gen 5 adoption into calendar 2018 by your customer base?

我們剛與英特爾通完電話，由於產量問題，他們推遲了 10 奈米製程。我們也聽說你們的一些記憶體客戶面臨產量挑戰，特別是在 DRAM 方面。隨著 EUV 開始普及，你們一直將旗艦 Gen 5 晶圓偵測平台視為一個機會。但是，考慮到目前邏輯和記憶體方面的所有產量挑戰，你們是否看到客戶群在 2018 年採用 Gen 5 的一些趨勢？

We have had good success with Gen 5. I think we are still in the mode of proving out the capability before it ramps into production. We do have a couple of places where we're seeing multiple units ramping, but it is a relatively long cycle. We have seen the pull-in of product nodes. So in the case where we did think it'd be more tied to EUV, we've seen more work characterization of existing nodes kind of to the problems that you're talking about. I think people that felt like maybe they'd resolved some of the yield challenges are definitely using some of their initial capability to debug. So we are seeing some opportunity for that, but it's still -- it's kind of as we expected. It's a relatively long adoption cycle once people get in the evaluation, and most of the customers are encouraged but continuing to push that.

我們在第五代產品上取得了巨大的成功。我認為在投入生產之前，我們仍處於驗證其能力的模式。我們確實在幾個地方看到多個單位的產能增加，但這是一個相對較長的週期。我們已經看到了產品節點的拉動。因此，在我們確實認為它與 EUV 更緊密相關的情況下，我們已經看到更多現有節點的工作特性與您所談論的問題有關。我認為那些覺得自己可能已經解決了部分產量挑戰的人肯定會使用他們最初的一些能力來調試。因此，我們看到了一些機會，但它仍然 - 它有點像我們預期的那樣。一旦人們開始評估，這是一個相對較長的採用週期，大多數客戶都受到鼓勵並繼續推動這一進程。

So Harlan, by the end of this year, we will have either shipped or booked for dollars somewhere near 18 to 20 systems into the field across all segments. And I think that's one of the things that we're encouraged by that we are solving issues in development across all segments with the customers around discovery use cases but also EUV use cases. So most of the road map for that product line right now is about how do you prepare for volume production for 5-nanometer and beyond. And most of the engineering effort on that tool is to speed up throughput and work through tunable sensitivity and some of the other opportunities to make it more production viable. So the traction is good. It's demonstrating value, and it's demonstrating value across all segments, which we're encouraged with.

因此，哈蘭，到今年年底，我們將向所有細分市場交付或預訂約 18 到 20 個系統。我認為這是令我們感到鼓舞的事情之一，我們正在與客戶一起解決所有領域的開發問題，包括發現用例以及 EUV 用例。因此，目前該產品線的大部分路線圖都是關於如何為 5 奈米及更高製程的批量生產做準備。該工具的大部分工程工作是為了加快吞吐量，並透過可調靈敏度和其他一些機會使其更適合生產。所以牽引力很好。它展示了價值，並且展示了所有領域的價值，這讓我們感到鼓舞。

And then according to some of those recent market share statistics that you were talking about, Bren, your reticle inspection business grew by over 2x in 2017. Obviously, it's the highest profitability segment for you guys. Early EUV adoption, I think, was probably one of the strong drivers for the 2017 performance. But as we think about accelerated EUV adoption this year, do you guys think that the reticle inspection business can grow this year off of the strong results last year? First question. And then can you guys just give us an update on your next-generation EUV e-beam reticle inspection platform?

然後根據您談到的一些最近的市場份額統計數據，布倫，您的光罩檢測業務在 2017 年增長了 2 倍以上。顯然，這是你們獲利能力最高的部分。我認為，早期 EUV 的採用可能是 2017 年業績強勁推動力之一。但是，當我們考慮今年 EUV 的加速採用時，你們是否認為今年的光罩檢測業務能夠在去年強勁業績的基礎上實現成長？第一個問題。那麼，你們能否向我們介紹下一代 EUV 電子束光罩偵測平台的最新情況？

Yes, let me take it. And maybe to view it from a more -- from a portfolio perspective, we did see strength, as you mentioned and we talked about in the prepared remarks, due to a number of new tape-outs and advanced design rules and this, of course, being driven largely by people pushing designs and mask shock capability for EUV, but not only that. Yes, we do see continued strength overall in support of EUV. And when we look at our overall process control intensity for EUV as compared to optical, if you look at the 1 scanner of optical deep UV versus EUV, you need a similar percentage, maybe a little bit more percentage, of process control intensity to support that. That includes the fractional use of reticle tools as well as wafer tools in order to support it. So we -- while the overall industry, in general, may see capital intensity decline in areas other than litho, process control will track and maybe even outpace litho for process control intensity for EUV. So we're encouraged by that. In terms of e-beam, we're finding that there is a lot of appetite for the optical extensions that we have on the platform, and so we continue to support our customers with that. One of the notes of the -- comments of this slipping out of nodes due to yield means they're also delaying advanced EUV insertion, which gives the optical a longer runway. So we feel very well positioned to support that.

是的，讓我拿著。也許從更宏觀的角度來看——從投資組合的角度來看，我們確實看到了優勢，正如您所提到的，我們在準備好的評論中也談到了這一點，這要歸功於許多新的流片和先進的設計規則，當然，這主要是由推動 EUV 設計和掩模衝擊能力的人所推動的，但不僅如此。是的，我們確實看到對 EUV 的整體支援持續強勁。當我們將 EUV 的整體製程控制強度與光學進行比較時，如果您查看光學深紫外線與 EUV 的 1 個掃描儀，則需要相似的百分比，甚至更高的百分比，過程控制強度來支持這一點。這包括部分使用掩模版工具以及晶圓工具來支援它。因此，雖然總體而言，整個行業可能會看到光刻以外其他領域的資本強度下降，但製程控制將追蹤甚至超過光刻，因為 EUV 的製程控制強度。所以我們對此感到鼓舞。就電子束而言，我們發現人們對我們平台上的光學擴展有很大的需求，因此我們將繼續為客戶提供支援。由於產量原因，節點退出的評論之一意味著他們還推遲了先進的 EUV 插入，這為光學提供了更長的跑道。因此，我們認為自己完全有能力支持這一點。

Harlan, this is Bren. The only thing I'll add to that is, that we had talked about, is introducing that tool in the marketplace sometime in calendar '19. Our views on that haven't changed. I would expect that it's more towards the end of '19 than the first half. But our plans are moving forward, and it's going to intersect HVM at the right time. So we're -- nothing really new to add on that front since what we updated you with last quarter.

哈蘭，這是布倫。我唯一要補充的是，我們已經討論過的是在 2019 年某個時候在市場上推出該工具。我們對此的看法並沒有改變。我預計它更有可能出現在 19 年末而不是上半年。但我們的計劃正在向前推進，它將在正確的時間與 HVM 相交。因此，自從我們上個季度向您更新以來，我們在這方面沒有什麼新內容可以添加。

Our next question comes from the line of Farhan Ahmad from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Farhan Ahmad。

Rick, my first question is in regards to the foundry shipments. It's a 2-part question basically. First, when I look at the foundry shipments, they are pretty much at an all-time low, and I just want to ask how is the trajectory from here. It seems like even in the back half, it's not going up nearly to the level that you have seen historically. And second, as you talked about EUV, when I look at the EUV shipment that ASML is having in the foundry segment, it seems pretty strong recently, but I don't see that reflected in the foundry shipments that you are having. So is there a difference in timing in terms of when the EUV ships and when you would actually start to benefit?

里克，我的第一個問題是關於代工廠的出貨量。基本上這是一個由兩個部分組成的問題。首先，當我查看代工廠出貨量時，它們幾乎處於歷史最低水平，我只想問一下從現在開始的發展軌跡如何。看起來，即使在後半段，它也遠遠沒有達到歷史上所見的水平。其次，正如您所說，EUV，當我看到 ASML 在晶圓代工領域的 EUV 出貨量時，我發現它最近表現相當強勁，但我沒有看到這一點反映在你們的晶圓代工出貨量中。那麼 EUV 的出貨時間和您實際開始受益的時間是否有差異？

Yes, I'll take it, but I'll also have Bren comment as well. In support of EUV, the question we're just addressing, we have seen reticle. So I think the reticle timing of that is maybe more consistent with the shipments of EUV tools, and that is of support of the same development work that's going on. We do expect to see an increase towards the end of the year in activity around the ordering for 5-nanometer node, and we talked about that in the prepared remarks. But I think that, that is coming and that's something that we'll see later. And to your point, we did have -- we had a great quarter, but it wasn't really driven by our foundry business and we expect that to be late '18 and carryover into '19.

是的，我會接受，但我也會讓 Bren 發表評論。為了支援 EUV，也就是我們剛才討論的問題，我們已經看到了光罩。因此，我認為其掩模版時間可能與 EUV 工具的出貨量更加一致，而這支援正在進行的相同開發工作。我們確實預計到今年年底 5 奈米節點的訂購活動將會增加，我們在準備好的評論中談到了這一點。但我認為這是即將發生的事情，我們稍後會看到。正如您所說，我們確實度過了一個很棒的季度，但這並不是由我們的代工業務推動的，我們預計這種情況將在 2018 年末延續到 2019 年。

Yes, I mean, to the point, it's -- we're performing, I think, at a pretty high level here with a lot of unique inflections that are driving our business absent the strong foundry logic environment. I think as we move through this year, stays very memory centric. But beyond that, we would expect foundry to come in a little bit stronger. To your point, it's at a very low level, almost historical low level. But when you look at the comments we made earlier around China, you look up the EUV development activity, you look at the activity we see in the wafer space and then this improving process control relevance in and around the different memory segments, it's a good story for us this year. And I think as we move into the future with stronger foundry environment, then we'll see that kick in. And as you know, the process control intensity and foundry logic tends to be closer to 2x what it is in memory. So not every dollar of WFE is created equal when it comes to our business. And so certainly, if you see a pickup in that segment, so that has a significant positive for us.

是的，我的意思是，就這一點而言，我認為我們的表現相當高，有很多獨特的變化在缺乏強大的代工邏輯環境的情況下推動著我們的業務發展。我認為，隨著我們度過這一年，我們會一直非常關注記憶。但除此之外，我們預期代工企業將會變得更強大。正如您所說，它處於非常低的水平，幾乎是歷史最低水平。但是，當您查看我們之前在中國發表的評論時，您會查看 EUV 開發活動，查看我們在晶圓領域看到的活動，然後查看不同內存段內和周圍的改進過程控制相關性，這對我們來說是今年的一個好故事。我認為，隨著我們未來擁有更強大的代工環境，我們就會看到這一點。如您所知，製程控制強度和代工邏輯往往接近記憶體的 2 倍。因此，對於我們的業務而言，WFE 的每一美元並不是都具有同等的價值。因此，如果您看到該領域有所回升，那麼這對我們來說無疑是一個重大利好。

Got it. And then my second question is in regards to the mask inspection and broadly, the strength that you saw last year. I wanted to understand how much of it is just driven by increasing mix towards ASICs. In cloud, we are seeing more and more companies moving to application-specific processes. So what I wanted to get a sense of is that as the foundry mix moves from lower mix, which is a limited number of designs starting in the fab, to a higher mix in an environment where there are a lot more designs running in the fab, how does that affect your business? And secondly, as we think about the mask inspection business, the strong growth that you saw last year, was it a one-time phenomena? Or as the ASICs strength continues in the future, could this be a higher-growth business for you?

知道了。我的第二個問題是關於口罩檢查，以及您去年看到的整體檢查力度。我想了解其中有多少是由 ASIC 混合度的增加所驅動的。在雲端，我們看到越來越多的公司轉向特定於應用程式的流程。所以我想知道的是，隨著代工廠組合從低組合（即在晶圓廠開始的設計數量有限）轉變為高組合（即在晶圓廠運行更多設計的環境中），這會如何影響您的業務？其次，當我們考慮口罩檢測業務時，去年看到的強勁成長是一次性現象嗎？或者隨著 ASIC 未來實力的持續增強，這對您來說會是一個更高成長的業務嗎？

Well, it certainly scales with the tape-outs, right, and you could even have a situation where you see reticle capacity put in place where you don't necessarily see it coincide with wafer starts because you have to do the tape-outs but maybe the volumes -- into the low-volume designs. So clearly, we're seeing more activity there, certainly even at 7-nanometer. And so you're seeing more investment in and around reticles with -- at 7-nanometer with the multi-patterning schemes that are being deployed. It does drive a need for reticle capacity around writers and inspectors. And there's a nice ratio of 1 to 2 units to -- or 1 inspector to every 2 to 3 writers in a mask shop. So that's certainly a driver for us, and we think that as we move through the end of this year and into next year, I think that there's momentum around that, that continues.

嗯，它肯定會隨著流片而擴展，對吧，你甚至可能會遇到這樣的情況，你會看到光罩容量到位，但你不一定會看到它與晶圓啟動一致，因為你必須進行流片，但也許是批量 - 進入小批量設計。顯然，我們看到那裡有更多的活動，甚至在 7 奈米方面也是如此。因此，您會看到在 7 奈米光罩及其周圍投入更多的資金，並部署多圖案化方案。它確實推動了作家和檢查員對標線容量的需求。在掩模車間中，每 2 到 3 名寫手對應 1 到 2 個單位，或者說 1 名檢查員對應 2 到 3 名寫手，這種比例很合適。所以這對我們來說無疑是一個驅動力，而且我們認為，隨著我們度過今年年底並進入明年，我認為這種勢頭將會持續下去。

Our next question comes from the line of C.J. Muse from Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess first question, if you look at the Gartner data you cited earlier, process control grew at roughly half the rate of WFE, and obviously that makes sense given how much of spend is driven by memory. Curious what the scenario you would see where process control would outgrow WFE. And do you think that that's something we could see over the next 6, 12, 18, 24 months? And if so, what would be the precise drivers there?

我想第一個問題是，如果你看一下你之前引用的 Gartner 數據，你會發現過程控制的成長速度大約是 WFE 的一半，而且顯然這是有道理的，因為有多少支出是由記憶體驅動的。好奇您會看到什麼樣的場景，其中過程控制會超越 WFE。您認為我們會在未來 6、12、18、24 個月內看到這種情況嗎？如果確實如此，那麼具體的驅動因素是什麼？

Yes, C.J., great question. I think if we just held serve, in other words, if the mix didn't move as much toward memory and if you held memory as a ratio to foundry logic was the same in a year where that was flat then, of course, we believe process control intensity would grow. Even though process control intensity did go up in memory, as Bren mentioned and as you well know, it can't make up for the mix shift that we saw. So I'd see that would be the main way process control intensity because the growing memory market on a relative basis, but on a process control intensity, it goes down if you do a weighted average.

是的，C.J.，這個問題問得好。我認為，如果我們只是保持服務，換句話說，如果組合沒有向內存轉移太多，並且如果內存與代工邏輯的比例在一年內保持不變，那麼，我們當然相信過程控制強度會增加。儘管記憶體中過程控制強度確實有所提高，但正如 Bren 所提到的以及您所知，它無法彌補我們所看到的混合變化。因此，我認為這將是製程控制強度的主要方式，因為記憶體市場相對而言正在成長，但就製程控制強度而言，如果進行加權平均，它就會下降。

I mean, when we've looked at it, C.J., I mean, a rule of thumb is usually for about a 10-point swing in mix, you end up with 70 or 80 basis points shift in intensity. So it tends to move around a little bit depending on who's buying and so on, but that's a reasonable way to think about it. So to Rick's point, certainly, we start to see foundry as a percent of the total -- foundry logic as a percent of total increase and that will be good for process control intensity. And when we've seen it at closer to the 50% range and 50% to 60% -- 50% foundry or so in that ballpark is when we've seen process control outperform. To Rick's point, I think as we move into an EUV environment, certainly, if the process control maybe scaling with litho, that certainly maybe adds a different element to the building for process control to grow online.

我的意思是，當我們看一下時，C.J.，我的意思是，經驗法則通常是混合中大約 10 點的波動，最終強度會發生 70 或 80 個基點的變化。因此，它會根據購買者等因素而略有波動，但這是一種合理的思考方式。因此，對於 Rick 的觀點，當然，我們開始將代工視為總量的百分比——代工邏輯佔總成長的百分比，這將有利於製程控制強度。當我們看到它接近 50% 的範圍和 50% 到 60% 時 - 50% 左右的代工廠就處於這個範圍內，這時我們就看到了製程控制的出色表現。對於 Rick 的觀點，我認為當我們進入 EUV 環境時，如果製程控制可以隨著光刻而擴展，那麼這肯定會為建置流程控制的線上成長添加不同的元素。

That's helpful. And I guess as my follow-up, are you guys disclosing bookings backlog anymore? No?

這很有幫助。我想問一下，作為我的後續問題，你們還會透露預訂積壓情況嗎？不？

We do in our 10-K. If I give you the backlog and the shipments, then that sort of gets you to the bookings number. But I will tell you that we were slightly below a book to bill of 1 this quarter.

我們在 10-K 中確實如此。如果我把積壓訂單和出貨情況告訴你，你就能得到預訂數量。但我要告訴你們，本季我們的訂單出貨比略低於 1。

Okay. And then one quick, neat follow-in. As you think about the 2 transaction with Orbotech, what are the restrictions on your ability to buy back shares between now and close?

好的。然後快速、整齊地跟進。當您考慮與 Orbotech 的第二筆交易時，從現在到收盤，您回購股票的能力有哪些限制？

So as I mentioned in the prepared remarks, there's a small window that I have this quarter prior to -- from the opening of our quiet period to the filing of the prospectus and the S-4. So it's a very small window where we will begin our activity, but it will be limited. So then I will -- we have no restrictions -- so we're restricted at that point and then we have no restrictions after the shareholder vote has occurred. So based on current schedules, and those could move around based on comments in the SEC and so on if you get those, but that would imply that we would begin buying back in a more significant way some time in the second half of next quarter, of the September quarter.

正如我在準備好的發言中提到的那樣，在本季度之前，從靜默期開始到提交招股說明書和 S-4 之前，我有一個短暫的時間窗口。因此，我們開始活動的時間窗口非常小，但會受到限制。那麼我會 - 我們沒有限制 - 所以我們當時受到限制，然後在股東投票後我們沒有任何限制。因此，根據目前的時間表，這些時間表可能會根據美國證券交易委員會 (SEC) 的評論等而變動，但這意味著我們將在下個季度的下半月，也就是 9 月的某個時候開始以更重要的方式回購。

Our next question comes from the line of Patrick Ho from Stifel, Nicolaus.

我們的下一個問題來自 Stifel 的 Patrick Ho，Nicolaus。

Rick, maybe first off in terms of the capital intensity trends you're seeing in the memory market as a whole. Obviously, 3D NAND has helped a lot of your metrology business, but DRAM has also picked up in terms of spending for both 2018 and may carry it to 2019. I know your inspection business benefits from the more multi-patterning steps. But are there other areas or other applications as DRAM continues to shrink that also benefit, I guess, both process control intensity and to you specifically?

里克，首先，就你在整個記憶體市場看到的資本密集度趨勢而言。顯然，3D NAND 為計量業務提供了很大幫助，但 DRAM 在 2018 年的支出也有所回升，並可能持續到 2019 年。我知道您的檢驗業務將受益於更多的多模式化步驟。但是，隨著 DRAM 尺寸不斷縮小，是否還有其他領域或其他應用也能從中受益，我想這既包括製程控制強度，也包括對您而言？

Yes, for DRAM, we do see -- put more and more capability for inspection. Both the high-speed kind of inspection that we do in monitoring, which is laser scanning base; but also in development, which is Gen 5 oriented in the leading edge. We also see overlay challenges in DRAM are very significant and it drives our metrology business for overlay. And so yes, there is an increasing trend. 3D NAND has probably had more growth on a relative basis than DRAM, but we do see increasing trends in DRAM as well.

是的，對於 DRAM，我們確實看到了越來越多的檢查能力。我們在監控中進行的高速檢查，即雷射掃描基礎；而且還在開發中，其前沿是面向第五代的技術。我們也看到 DRAM 中的覆蓋挑戰非常巨大，這推動了我們的覆蓋計量業務。是的，確實存在成長趨勢。3D NAND 的相對成長速度可能比 DRAM 更快，但我們也看到 DRAM 的成長趨勢。

Great. That's helpful. And my follow-up question, going back to China for a second. I think last quarter you talked about the Chinese foundry segment being a area, one of growth but also that's probably the area first where you're seeing a pickup. It seems like this call, it kind of shifted a bit to the memory side of things. Is the Chinese foundry market still tracking as you thought and it's just being supplemented now by the memory market?

偉大的。這很有幫助。我的後續問題是回到中國。我認為上個季度您談到中國代工領域是一個成長領域，但這也可能是您首先看到回升的領域。看起來這個電話有點轉移到了記憶方面。中國晶圓代工市場是否仍如您所想的那樣發展，只是現在由內存市場進行補充？

I think that the Chinese foundry market has slowed a little bit, and we've seen some delays there. Whereas the Chinese memory market continues to move forward with investment, and they're dealing with all the things you'd expect from bringing greenfield fabs up in terms of challenges with getting facilities ready and tools installed. But we do see strength in the memory. As Bren said, we'll see more of that. It has been a little bit softer on the foundry side though.

我認為中國代工市場已經放緩了一點，並且我們已經看到了一些延遲。而中國記憶體市場則繼續透過投資向前發展，他們正在應對建立綠地晶圓廠時可能遇到的所有問題，包括準備設施和安裝工具等挑戰。但我們確實在記憶中看到了力量。正如布倫所說，我們將會看到更多這樣的情況。不過，鑄造廠方面的情況稍微緩和一些。

Just on the mix from an order perspective, and there's some lead time to these orders because of the site construction, but order profile in calendar '18 is probably closer to 50-50. So the order profile in '17 was heavier memory, and those are the tools that are shipping. So from a shipment perspective, it's more memory-centric. But the orders which will start to -- will come through and will ship into next year have a more of an equal weight to them.

僅從訂單角度來看，由於現場建設，這些訂單需要一些準備時間，但 18 年曆中的訂單情況可能更接近 50-50。因此，17 年的訂單情況是內存較大，而這些是正在運送的工具。因此從出貨量的角度來看，它更加以記憶體為中心。但那些即將開始、即將出貨到明年的訂單對他們來說具有同等重要的意義。

Our next question comes from the line of Toshiya Hari from Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I guess on your foundry business, how should we think about the breadth of your business as the industry approach 7-nanometer-plus and then 5-nanometer? Should we expect something similar to 28 where you had multiple customers investing pretty aggressively, or fairly consolidated customer mix there?

我想就您的代工業務而言，隨著行業接近 7 奈米以上，然後是 5 奈米，我們應該如何看待您的業務廣度？我們是否應該期待與 28 類似的情況，即有多個客戶進行相當積極的投資，或者客戶組合相當穩定？

We haven't really seen dropout happen for many players as were going to 7. So I'd say the same people that were in, I think they're phased in terms of their investment. There aren't that many players doing advanced design rules for foundry, but they're all still in and we expect them at various phases to be investing. So no real change in breadth from the foundries on the advanced nodes.

我們並沒有真正看到很多球員像 7 號球員那樣退出比賽。所以我想說，對於參加比賽的人來說，我認為他們的投資是分階段進行的。目前，為代工廠制定先進設計規則的參與者並不多，但他們仍處於這一領域，我們預計他們會在各個階段進行投資。因此，先進節點上的代工廠的廣度並沒有真正的變化。

Okay. Got it. And then as my follow-up, I think last quarter you guys talked about domestic China orders tripling in 2017. Curious what your expectations are for 2018, if any.

好的。知道了。然後作為我的後續問題，我想上個季度你們談到了 2017 年中國國內訂單成長了兩倍。好奇您對 2018 年有什麼期望（如果有的話）。

Well, as we said in the prepared remarks, we see a continuation of the momentum there just given where they are in terms of the early innings of some of these investments. I would say the numbers look relatively flat to us from an order perspective, my lead time comment earlier notwithstanding. So we'll see how it plays through as we move through the quarter. Obviously, there's some second half dependency to that profile, but right now it looks like it's fairly consistent versus what we saw last year.

嗯，正如我們在準備好的評論中所說的那樣，考慮到其中一些投資的早期階段，我們看到這種勢頭將繼續下去。我想說，從訂單的角度來看，這些數字對我們來說相對平穩，儘管我之前對交貨時間發表了評論。因此，我們將觀察其在本季中如何發揮作用。顯然，下半年的情況會有一定的依賴性，但現在看來，與去年的情況相比，情況相當一致。

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

我們的下一個問題來自野村極訊的 Romit Shah。

I apologize, I also have a question about foundry. I guess your major foundry customers, my impression is they generate a meaningful portion of the revenues from the mobile market, and that market is pretty subdued across the board. And so the question is can we see a sustained recovery in your foundry business as smartphone demand remains weak? Because seeing foundry revenues, even for June, down a healthy double-digit percentage, it just doesn't seem like the node transitions are enough.

抱歉，我對鑄造廠也有一個疑問。我想，你們的主要代工客戶，我的印像是，他們從行動市場獲得了很大一部分收入，而行動市場總體上相當低迷。那麼問題是，在智慧型手機需求依然疲軟的情況下，我們能否看到貴公司的代工業務持續復甦？因為看到代工收入，即使是六月，也下降了兩位數的百分比，這似乎還不夠，因為節點轉換還不夠。

Well, we're pretty down in foundry. So I mean, I think our profile is consistent with that, and we don't anticipate a lot of strength in foundry until we get later into the end of the year and into '19. So all our commentary and all our forecasting agrees with your thesis, but there's a point here. We are seeing increased activities, however, around advanced node and investment and that's, of course, the precursor to more investment that's coming. So we're definitely seeing it, and some of the reticle business that we're seeing now is in support of that. So given historical patterns, the same path is being followed where you have the initial investment around the development, followed by ramp. The size of those ramps may be smaller than in the past, and that's part of what we anticipate model as we talk about our business going forward.

嗯，我們的鑄造業務相當低迷。所以我的意思是，我認為我們的概況與此一致，我們預計直到今年年底和 19 年，代工業務才會有太大的實力。因此，我們所有的評論和預測都同意你的論點，但這裡有一個觀點。然而，我們看到圍繞高階節點和投資的活動正在增加，這當然是即將到來的更多投資的前兆。所以我們確實看到了這一點，而且我們現在看到的一些光罩業務也支持這一點。因此，根據歷史模式，我們將遵循相同的路徑，即在開發方面進行初始投資，然後逐步增加。這些坡道的尺寸可能比過去的要小，這是我們在談論未來業務時預期模型的一部分。

Our next question comes from the line of Atif Malik from Citigroup.

我們的下一個問題來自花旗集團的阿蒂夫馬利克 (Atif Malik)。

Rick, you were a keynote speaker at recent SEMICON China. I'm sure you've got the chance to talk to some of the executives driving the China 2025 plan. How do you expect domestic Chinese spending to behave in the face of the recent trade tariffs and the tensions between U.S. and China? And then I have a follow-up.

里克，您是最近在 SEMICON China 上發表主題演講的人。我相信您有機會與一些推動中國2025計劃的高管進行交談。面對最近的貿易關稅和中美之間的緊張關係，您預期中國國內支出將如何表現？然後我有一個後續問題。

Right. There -- I don't think anything's changed from the perspective of the Chinese in terms of what we've seen in terms of some of the discussions. This is a program to gain sufficiency -- self-sufficiency in memory and in logic over time because China's such a big importer of semiconductors. So I don't think there's any change. I thought you were going to ask me what does it sound like? And we take their numbers and cut them in half and we still have a big growth forecast for China based on the investment level that we're seeing and the activity that's gone on there. But I don't see any change as a result of any of the recent noise in the system around trade.

正確的。就我們所看到的一些討論而言，我認為從中國人的角度來看，事情沒有任何改變。這是一個實現自給自足的計劃——隨著時間的推移，實現記憶體和邏輯的自給自足，因為中國是半導體進口大國。所以我認為不會有任何改變。我以為你會問我這聽起來像什麼？即使我們將中國的數據減半，但根據我們看到的投資水平和中國開展的活動，我們仍然預測中國將會有很大的成長。但我沒有看到近期貿易體系中的噪音帶來任何改變。

Okay. And then as a follow-up, on the Orbotech deal, curious what kind of feedback have you received from your 3 big customers on this deal. And Bren, if you can just talk about the regulatory milestones required on this deal. Does it require China MOFCOM approval and some of the other approvals?

好的。然後作為後續問題，關於 Orbotech 交易，我很好奇您從三大客戶那裡收到了關於這筆交易的什麼樣的反饋。布倫，您能否談談這筆交易所需的監管里程碑？是否需要中國商務部的批准和其他一些批准？

I'll take the first part and Bren could take the second. There's really been very really little commentary from customers. This is such a different deal that even in the case where the larger customers are focused on some of them have interest in both areas, they're not the same organization so there's not much overlap. I think the one thing that our customers have said consistently is they don't want us to lose focus on what we're doing for them, and we're not. There's -- structurally, we're going to organize in such a way that we will maintain every bit as much focus as we have today supporting our existing customers. But that has been the only commentary we've heard at all is please continue to support us, but there was no assumption by them that we wouldn't. They just -- when they felt compelled to voice something, that was it.

我將負責第一部分，而布倫可以負責第二部分。來自顧客的評論確實非常少。這是一項非常不同的交易，即使在較大的客戶關注的情況下，其中一些客戶對這兩個領域都感興趣，但他們不是同一個組織，因此沒有太多的重疊。我認為我們的客戶一直在說的一件事是，他們不希望我們失去對他們所做工作的關注，而我們也沒有。從結構上講，我們將以這樣的方式進行組織，以便我們能夠像今天一樣全心全意地支持現有客戶。但我們聽到的唯一評論是請繼續支持我們，但他們並沒有假設我們不會支持我們。他們只是──當他們覺得有必要說些什麼的時候，就是這樣。

And then on the regulatory front, I mean, by the end of this week, we will have had all of our filings submitted. So -- which is our plan and according to schedule. There's one that will take another week or so, and that's not for any reason other than that there's a holiday in that country that's delaying the submission given the clock that exists on the review period. So everything moving according to plan.

然後在監管方面，我的意思是，到本週末，我們將提交所有文件。所以——這是我們的計劃，並且按照計劃進行。有一個需要再花一周左右的時間，這不是什麼原因，只是因為該國有假期，考慮到審核期間的時間，提交會延遲。一切都按計劃進行。

Our next question comes from the line of Edwin Mok from Needham.

我們的下一個問題來自尼德姆的 Edwin Mok。

So I guess just a quick follow-up on Orbotech deal as well. So with kind of these trade tensions with China and U.S., do you see that potentially create some challenges for you guys to get regulatory approval from MOFCOM?

所以我想這也只是對 Orbotech 交易的一個快速跟進。那麼，鑑於中美之間的貿易緊張局勢，您是否認為這可能會給您們獲得商務部的監管批准帶來一些挑戰？

We don't. That's not something that we have heard about. I think that, again, if you look at the nature of any of the deals that have had issues associated with that, they look nothing like this. So we don't anticipate that.

我們沒有。我們沒有聽過這樣的事。我認為，如果你再看一下與此相關的任何交易的性質，你會發現它們根本不是這樣的。所以我們並不預期這一點。

Okay. Great. And then maybe on your answer in one of the questions, you mentioned that you see EUV and DUV process control intensity similar, in a similar or even by a higher level. Can you clarify that? Is that mostly coming in with higher reticle inspection in UV? And just to kind of be really clear, are you talking about EUV versus similar type of multi-patterning DUV process you get a similar process control CapEx per -- per CapEx spend? If you can provide some color around that.

好的。偉大的。然後也許在您對其中一個問題的回答中，您提到您看到 EUV 和 DUV 製程控制強度相似，處於相似甚至更高的水平。你能澄清一下嗎？這是否主要與紫外線下更高的標線檢查有關？為了更清楚地說明這一點，您是在談論 EUV 與類似類型的多重圖案化 DUV 工藝，您是否獲得了類似的工藝控制資本支出——每項資本支出？如果您可以提供一些相關內容。

Yes, well, we haven't worked out the entire model for that. But if you're just talking about what it takes in process control intensity to support a deep UV scanner versus what it takes to support an EUV scanner, obviously, EUV scanner is more expensive. But the tools necessary from a process control standpoint to support that are more advanced or more intense. So the resulting intensity around a scanner choice actually goes up slightly in terms of total dollars. Acknowledging that the cost of an EUV scanner is higher, the process control intensity actually scales a little bit faster than the scanner cost in order to support it. And that's simply the ecosystem around the scanner, so the reticle qualifying the wafers, qualifying the image, the measurements that are necessary to support that. It doesn't take into account all the other things where there will be a reduction in layers, but just from that standpoint. So we view EUV as being a catalyst for additional growth for KLA-Tencor as it comes online.

是的，我們還沒有製定完整的模型。但是，如果您只是談論支援深紫外線掃描器所需的製程控制強度與支援 EUV 掃描器所需的製程控制強度，那麼顯然 EUV 掃描器更昂貴。但從製程控制的角度來看，支援這些控制所需的工具要更先進或更強大。因此，就總金額而言，選擇掃描器所產生的強度實際上會略有上升。承認 EUV 掃描器的成本較高，為了支援它，製程控制強度實際上比掃描器成本的成長速度快一點。這就是掃描儀周圍的生態系統，因此，標線可以鑑定晶圓，鑑定影像，並進行必要的測量以支持這一點。它沒有考慮到所有其他會減少層數的因素，而只是從這個角度考慮。因此，我們認為 EUV 將成為 KLA-Tencor 進一步成長的催化劑。

(Operator Instructions) We have a follow-up question from Mr. Timothy Arcuri from UBS.

（操作員指示）我們有來自瑞銀的 Timothy Arcuri 先生的後續問題。

I'm still trying to make sense of this foundry shipment into the back half of the year. If you look at Lam's shipments, and I know that Lam's obviously a different company, but -- and you sort of noodle through their guidance, it implies that foundry shipments are like up 2x second half versus first half. And if you graph their shipments versus your shipments, there's a pretty strong correlation between the trend for them and the trend for you. And it seems like maybe this time it's like breaking down a little bit, and maybe the answer is that you're seeing an offset from this change at a big logic customer, maybe that's sort of offsetting some of what otherwise would be a very, very strong foundry ramp. So that, that stuff ultimately comes back, but maybe just gets pushed into next year. I'm just kind of trying to make sense of that.

我仍在努力弄清楚今年下半年這批代工廠的出貨情況。如果你看一下 Lam 的出貨量，我知道 Lam 顯然是一家不同的公司，但是 - 如果你仔細查看他們的指導，你會發現代工廠的出貨量下半年比上半年增長了 2 倍。如果您將他們的出貨量與您的出貨量繪製成圖表，您會發現他們的趨勢與您的趨勢之間存在相當強的相關性。看起來這次可能有點崩潰了，也許答案是，你看到一個大型邏輯客戶因這種變化而產生了抵消，也許這在某種程度上抵消了一些原本會非常非常強勁的代工增長。所以，這些東西最終會回來，但也許只是被推遲到明年。我只是想弄清楚這一點。

Yes, Tim, it's Bren. So our foundry shipments in the second half are higher than the first half. So I want to be clear about that, and in a pretty meaningful way. I mean, I think it's getting dwarfed by the amount of the memory shipments. But when you talk about shipment profile in the range that we discussed, somewhere in that $4.2 billion to $4.3 billion range, the 60% to 70% of that will be memory and that's how we're seeing it. But there is a pickup. But on an absolute basis, certainly, foundry is weaker overall compared to the inflections in memory we're seeing.

是的，提姆，我是布倫。因此我們下半年的代工出貨量高於上半年。所以我想用一個非常有意義的方式清楚地說明這一點。我的意思是，我認為與記憶體出貨量相比，它顯得微不足道了。但是，當您談論我們所討論的範圍內的出貨量概況時，在 42 億美元到 43 億美元的某個範圍內，其中 60% 到 70% 將是內存，這就是我們所看到的。但有一個皮卡。但從絕對角度來看，與我們看到的記憶體變化相比，代工廠整體上肯定是比較弱的。

Our next question comes from the line of Harlan Sur from JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

KLA has always kind of separated itself from the pack due to its premium margin structure, free cash flow generation. I'm just trying to do a sanity check here. So pro forma for Orbotech, I think the target operating margin is looking to be 36%. So are the free cash flow margins going to be somewhere in that kind of 32% to 34% range? Or how should we think about free cash flow margins pro forma for the combined company?

KLA 憑藉其優質的利潤結構和自由現金流生成，始終在同類公司中脫穎而出。我只是想在這裡進行健全性檢查。因此，對於 Orbotech 來說，我認為目標營業利潤率應該是 36%。那麼自由現金流利潤率是否會在 32% 至 34% 的範圍內呢？或者我們應該如何看待合併後公司的自由現金流利潤率？

Yes, so when we look at pro forma operating margins in the time frame of, let's say, post synergy realization 2020 pro forma, you end up with about 30 -- yes, 36% or so operating income. So I would think against that level of income, we would see free cash flow margins somewhere in the -- consistent with where we are today, maybe slightly below because our operating margins are a little bit higher. But the capital intensity -- relative capital intensity of the 2 businesses are similar. So I think we're in and around that 30% range against that level of operating income, and obviously it will vary depending on where we are in terms of working capital investments and so on. But one thing that's attractive about the business is the growth, but also the lower capital intensity of it. And so as we bring it together and as we start to drive through synergies and scale these businesses and get out to these mid to high 30% operating margins, we should be able to drive free cash flow margin somewhere in the -- right around 30% plus or minus.

是的，所以當我們查看時間範圍內的預計營業利潤率時，比如說，協同效應實現後的 2020 年預計營業利潤率，最終會得到大約 30——是的，36% 左右的營業收入。因此，我認為，相對於該收入水平，我們會看到自由現金流利潤率與我們目前的水平一致，甚至可能略低一些，因為我們的營業利潤率略高一些。但兩家企業的資本密集度－相對資本密集度相似。因此，我認為我們的營業收入水準在 30% 左右，而且顯然它會根據我們的營運資本投資等情況而有所不同。但該業務的一個吸引人之處不僅在於其成長，還在於其較低的資本密集度。因此，當我們整合這些業務並開始發揮協同效應、擴大這些業務規模並達到 30% 左右的中高營業利潤率時，我們應該能夠將自由現金流利潤率提高到 30% 左右左右。

There are no further questions at this time. Mr. Ed Lockwood, please continue.

目前沒有其他問題。請艾德洛克伍德先生繼續。

Okay. Thank you, Jeff. Thank you all for joining us today and for your continued interest in KLA-Tencor.

好的。謝謝你，傑夫。感謝大家今天的參與以及對 KLA-Tencor 的持續關注。

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。