科磊 (KLAC) 2019 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, my name is Jerome, and I will be your conference operator today.

下午好，女士們先生們，我叫杰羅姆，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the KLA Corporation Second Quarter 2019 Earnings Conference Call.

在此，我歡迎大家參加科LA公司2019年第二季度收益電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

Now it's my pleasure to hand the call over to your host, Mr. Ed Lockwood, with KLA Corporation Investor Relations.

現在我很高興將電話轉交給東道主、KLA 公司投資者關係部門的埃德·洛克伍德先生。

The floor is yours.

地板是你的。

Thank you, Jerome.

謝謝你，杰羅姆。

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

大家下午好，歡迎參加我們的電話會議。

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

今天參加我們電話會議的還有我們的總裁兼首席執行官 Rick Wallace；以及我們的首席財務官布倫·希金斯 (Bren Higgins)。

We're here today to discuss quarterly results for the period ended June 30, 2019.

我們今天在這裡討論截至 2019 年 6 月 30 日的季度業績。

We released these results this afternoon at 1:15, Pacific Time.

我們於太平洋時間今天下午 1:15 發布了這些結果。

If you haven't seen the release, you can find it on our website.

如果您還沒有看到該版本，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.

除非另有說明，今天對我們財務業績的討論將在非公認會計準則財務基礎上進行。

A detailed reconciliation of GAAP to non-GAAP results can be found in today's earnings press release and in the investor presentation posted on the KLA Investor Relations website.

GAAP 與非 GAAP 業績的詳細調節可在今天的收益新聞稿以及 KLA 投資者關係網站上發布的投資者演示文稿中找到。

There, you'll also find a calendar of future investor events, presentations and conferences as well as links to KLA's SEC filings, including our annual report on Form 10-K for the year ended June 30, 2018.

在那裡，您還可以找到未來投資者活動、演示和會議的日曆以及 KLA 向 SEC 提交的文件的鏈接，包括我們截至 2018 年 6 月 30 日的年度 10-K 表格年度報告。

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

在這些文件中，您還會找到可能影響我們未來業績的風險因素的描述。

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

如您所知，我們未來的業績存在風險。

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

任何前瞻性陳述（包括我們今天在電話會議上做出的陳述）都面臨這些風險，KLA 無法保證這些前瞻性陳述一定會實現。

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

我們的實際結果可能與我們前瞻性陳述中預測的結果存在很大差異。

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

這樣，我就把電話轉給里克。

Thank you, Ed.

謝謝你，艾德。

Good afternoon, everyone, and thank you for joining us for today's call.

大家下午好，感謝您參加我們今天的電話會議。

Q2 was another solid quarter for KLA with results finishing above the midpoint of guidance demonstrating the company is benefiting from our strategies for growth in market leadership while delivering strong relative performance in a challenging year for the industry.

第二季度對KLA 來說又是一個穩健的季度，其業績高於指導中點，這表明該公司正在受益於我們的市場領導地位增長戰略，同時在行業充滿挑戰的一年中實現了強勁的相對業績。

I'd like to provide some insights into today's equipment demand environment.

我想提供一些關於當今設備需求環境的見解。

Even with the signs of stabilization in NAND pricing, DRAM continues to be weak and the business environment in memory is soft.

儘管 NAND 價格有企穩跡象，但 DRAM 仍然疲軟，內存業務環境疲軟。

This has resulted in broad-based low levels of investment as customers have idle existing capacity and delayed new capacity plans as they focus on rebalancing supply and demand.

這導致了廣泛的投資水平較低，因為客戶閒置了現有產能，並推遲了新產能計劃，因為他們專注於重新平衡供需。

The weakness in memory is being offset by rising demand from foundry and logic which are traditionally strong markets for KLA.

代工和邏輯器件的需求不斷增長，抵消了存儲器的疲軟，這兩個領域歷來是 KLA 的強勁市場。

The business environment in foundry and logic is expected to continue to be strong through the second half of 2019 and into 2020 driven by next-generation technology development, capacity additions at the leading edge, increasing competitive dynamics and investment in EUV infrastructure.

在下一代技術開發、領先產能增加、競爭動態增強以及 EUV 基礎設施投資的推動下，代工和邏輯業務環境預計將在 2019 年下半年和 2020 年繼續保持強勁。

Altogether, our outlook for WFE investment in 2019 remains consistent with the initial view we held in January, with demand expected to decline by approximately 20% in the year and with a significant shift in product mix to foundry and logic.

總而言之，我們對 2019 年 WFE 投資的展望與我們 1 月份的初步觀點保持一致，預計全年需求將下降約 20%，並且產品結構將顯著轉向代工和邏輯。

Now I'd like to update you on some recent product highlights from our semiconductor process control business.

現在我想向您介紹我們半導體過程控制業務的一些最新產品亮點。

KLA's market leadership is enabled by a successful execution of a portfolio strategy focused on differentiation to address our customers' most critical challenges.

KLA 的市場領導地位得益於成功執行專注於差異化的投資組合戰略，以應對客戶最關鍵的挑戰。

We're very pleased with our product positioning and the strong customer acceptance we're experiencing across our portfolio.

我們對我們的產品定位和客戶對我們產品組合的強烈認可感到非常滿意。

For example, we are currently seeing accelerated adoption of our flagship Gen 5 optical inspection platform which is now in its second iteration since first being introduced in 2016.

例如，我們目前看到我們的旗艦產品第 5 代光學檢測平台的採用加速，該平台自 2016 年首次推出以來現已進入第二次迭代。

We expect Gen 5 shipments to double in 2019 compared to the previous year.

我們預計 2019 年第 5 代的出貨量將比前一年翻一番。

Customers are leveraging the combination of sensitivity and throughput in this platform to enable unique detection of yield-limiting defects at significantly lower cost of ownership compared to the alternatives.

客戶正在利用該平台的靈敏度和吞吐量的組合，以與替代方案相比顯著降低的擁有成本實現對產量限制缺陷的獨特檢測。

The strong customer adoption of Gen 5 and the continued success of the Gen 4 platform, now in its fifth iteration, are further confirmation of the success of our multi-generation platform strategy for innovation and market leadership in optical inspection.

客戶對 Gen 5 的大力採用以及 Gen 4 平台（現已進入第五次迭代）的持續成功，進一步證實了我們在光學檢測領域創新和市場領導地位的多代平台戰略的成功。

Further, the latest generation of our laser scattering optical inspection platform, known as Voyager, is also enjoying strong adoption in the marketplace.

此外，我們最新一代的激光散射光學檢測平台（稱為 Voyager）也在市場上得到廣泛採用。

Leading memory and foundry customers are deploying Voyager for inline monitoring application in high-volume manufacturing.

領先的內存和代工客戶正在部署 Voyager，用於大批量製造中的在線監控應用。

In mask inspection, the strong momentum which we have experienced over the past several quarters continues and is positioned to extend through 2020.

在口罩檢測方面，我們在過去幾個季度所經歷的強勁勢頭仍在持續，並將持續到 2020 年。

We are seeing upside from leading foundries for our latest generation mask inspection platform and expect demand to broaden as customers move ahead with their EUV deployment strategies.

我們看到領先代工廠對我們最新一代掩模檢測平台的優勢，並預計隨著客戶推進其 EUV 部署策略，需求將擴大。

In metrology, as WFE is transitioning more toward logic and foundry, we're seeing strong adoption of the new film and CD platforms released last year as our customers ramp complex technology architectures like FinFET, new materials and new metal interconnects.

在計量領域，隨著WFE 越來越向邏輯和代工轉型，我們看到去年發布的新薄膜和CD 平台得到了廣泛採用，因為我們的客戶不斷推出FinFET、新材料和新金屬互連等複雜技術架構。

And with the recent acquisition of Orbotech, we are further diversifying our business, broadening our product portfolio and growth opportunities and serving a larger market.

通過最近收購奧寶科技，我們將進一步實現業務多元化，擴大我們的產品組合和增長機會，並服務於更大的市場。

Integration and synergy activities are now well underway, and we're very excited about the growth opportunities in combination with Orbotech.

整合和協同活動目前正在順利進行，我們對與奧寶科技結合的增長機會感到非常興奮。

We look forward to further discussions of this in our upcoming Investor Day in September.

我們期待在即將到來的九月投資者日對此進行進一步討論。

In summary, despite uncertainty in the current industry demand environment, momentum is building for KLA driven by strength in our semiconductor process control business and contributions from the recent acquisition of Orbotech.

總之，儘管當前行業需求環境存在不確定性，但在我們半導體過程控制業務的實力以及最近收購奧寶科技的貢獻的推動下，KLA 的勢頭正在增強。

As a result, we're on a path for strong relative performance in 2019 while we continue to drive innovation and introduce differentiated products and solutions to serve the market when growth reaccelerates.

因此，我們將在 2019 年取得相對強勁的業績，同時繼續推動創新並推出差異化的產品和解決方案，以便在增長重新加速時為市場提供服務。

With that, I'll turn the call over to Bren for his commentary on the Q2 financial results.

接下來，我將把電話轉給布倫，請他對第二季度財務業績發表評論。

Bren?

布倫？

Thanks, Rick, and good afternoon, everyone.

謝謝瑞克，大家下午好。

Total revenue in Q2 was $1.258 billion and above the midpoint of the range of guidance.

第二季度總收入為 12.58 億美元，高於指導範圍的中點。

GAAP earnings per share was $1.35, and non-GAAP earnings per share was $1.78, each finishing at the upper end of the range of guidance.

GAAP 每股收益為 1.35 美元，非 GAAP 每股收益為 1.78 美元，均處於指導範圍的上限。

Total shipments were $1.354 billion, approximately $79 million over the midpoint and exceeding the high end of the range of guidance for the quarter.

總出貨量為 13.54 億美元，比中點約 7,900 萬美元，並且超出了本季度指導範圍的上限。

Semiconductor process control shipments were approximately $1.080 billion.

半導體過程控制出貨量約為10.8億美元。

We are pleased with the results we've achieved in the June quarter despite significant noise and uncertainty in the global electronics market as we continue to focus on executing our business across all markets and move forward with their integration and synergy plans from the Orbotech acquisition.

儘管全球電子市場存在巨大的噪音和不確定性，但我們對六月季度取得的業績感到滿意，因為我們繼續專注於在所有市場上執行我們的業務，並推進收購奧寶科技的整合和協同計劃。

Beginning this quarter, we will report our results under the new segment reporting structure that we adopted subsequent to the completion of the Orbotech acquisition, and you will see this reflected in our Form 10-K when it is filed.

從本季度開始，我們將根據奧寶科技收購完成後採用的新分部報告結構報告我們的業績，您將在提交的 10-K 表格中看到這一點。

Under this new structure, we will report the KLA process control business in the semiconductor process control segment, and we'll separate the former Orbotech businesses into 2 segments: specialty semiconductor process and PCB, display and component inspection.

在這個新結構下，我們將在半導體工藝控制領域報告KLA工藝控制業務，並將以前的奧寶科技業務分為兩個部分：特種半導體工藝和PCB、顯示器和元件檢測。

The latter segment now includes the former ICOS component inspection business of KLA.

後者業務目前包括 KLA 之前的 ICOS 零部件檢測業務。

We believe this new segment reporting structure best reflects how our business is organized and the unique characteristics of each segment in terms of channel, markets and technology.

我們相信，這種新的分部報告結構最能反映我們的業務組織方式以及每個分部在渠道、市場和技術方面的獨特特徵。

Results from the applicable services components will also be included within each segment.

適用服務組件的結果也將包含在每個部分中。

In addition, the June quarter will be the last quarter we report shipments in our earnings call, and we will no longer provide shipment guidance going forward.

此外，六月季度將是我們在財報電話會議中報告出貨量的最後一個季度，我們將不再提供未來的出貨量指導。

As explained in detail on the earnings call last May, under ASC 606 for revenue recognition, the overall timing of revenue shifts forward.

正如去年 5 月財報電話會議上詳細解釋的那樣，根據 ASC 606 的收入確認規定，收入的總體時間提前。

And as a result, the difference between shipments and revenue is immaterial and doesn't warrant the resource commitment to maintain dual reporting.

因此，出貨量和收入之間的差異並不重要，並且不能保證維持雙重報告的資源承諾。

Subsequently, investors can assume a close approximation of shipments through reported revenue in any given quarter.

隨後，投資者可以通過任何給定季度報告的收入來近似估計出貨量。

Now for the June quarter results.

現在是六月季度的業績。

As I mentioned, total revenue in the second quarter were $1.258 billion.

正如我提到的，第二季度的總收入為 12.58 億美元。

We expect total revenue to grow about 7% at the midpoint and be in the range of $1.31 billion to $1.39 billion in the September quarter, and for the second half revenue levels to be higher than the first half with continued sequential growth expected in the December quarter across all our business segments.

我們預計 9 月份季度總收入將增長約 7%，在 13.1 億美元至 13.9 億美元之間，下半年收入水平將高於上半年，預計 12 月份將繼續環比增長我們所有業務部門的季度。

I'll now turn to some detail and commentary regarding the segment revenue trends in the June quarter.

我現在將談談有關六月季度部門收入趨勢的一些細節和評論。

For the semiconductor process control segment, which as stated represents all legacy KLA except our component inspection business, revenue was $1.003 billion in the quarter.

對於半導體過程控制部門（如上所述，該部門代表除我們的元件檢測業務之外的所有傳統 KLA），本季度收入為 10.03 億美元。

Component inspection revenue was just over $28 million.

元件檢查收入剛剛超過 2800 萬美元。

As Rick discussed in his opening remarks, our view of the WFE demand environment for 2019 remains mostly consistent with our original view from January, with KLA benefiting from stronger foundry and logic demand.

正如 Rick 在開場白中所討論的那樣，我們對 2019 年 WFE 需求環境的看法與我們 1 月份的最初看法基本一致，KLA 受益於更強勁的代工和邏輯需求。

I would note that on the margin over the past 6 months, although our view of the overall demand environment in 2019 is unchanged, the near-term outlook for foundry logic investment has improved, offset by declines in memory.

我要指出的是，在過去 6 個月的時間裡，儘管我們對 2019 年整體需求環境的看法沒有變化，但代工邏輯投資的近期前景有所改善，但被內存的下降所抵消。

In fact, over the course of the June quarter, we've seen our overall second half expectations improve modestly.

事實上，在六月季度的整個過程中，我們看到下半年的整體預期略有改善。

Our current view for the semiconductor process control business is for the second half revenue to be up in the low- double-digits versus first half of the calendar year as we now expect revenue from foundry and logic customers to be up over 35% versus the first half.

我們目前對半導體過程控制業務的看法是，下半年收入將比上半年增長兩位數，因為我們現在預計代工和邏輯客戶的收入將比上半年增長 35% 以上。上半場。

Memory investment remains weak and directed towards technology migration mostly only.

內存投資仍然疲軟，並且主要僅用於技術遷移。

Memory was approximately 51% of semiconductor process control system shipments in June, and we expect memory to be approximately 42% of system revenue in the September quarter.

6 月份，內存約佔半導體過程控制系統出貨量的 51%，我們預計內存將佔 9 月份季度系統收入的約 42%。

Foundry was 35% of shipments and is forecasted to be about 44% of system revenue in Q3.

代工廠占出貨量的 35%，預計第三季度將佔系統收入的 44% 左右。

Shipments from logic customers were 14%, and the current outlook is for logic revenue to be approximately flat in September.

來自邏輯客戶的出貨量為 14%，目前的預期是 9 月份邏輯收入大致持平。

Turning now to the specialty semiconductor process segment, the former SPTS division of Orbotech.

現在轉向特種半導體工藝領域，即奧寶科技的前 SPTS 部門。

SPTS is a leader in PVD and etch solutions in fast-growing specialty semiconductor applications like MEMS, sensors, power and RF devices as well as in advanced packaging markets.

SPTS 是快速增長的特種半導體應用（如 MEMS、傳感器、功率和射頻器件）以及先進封裝市場中 PVD ​​和蝕刻解決方案的領導者。

Revenue for SPTS was $67 million.

SPTS 的收入為 6700 萬美元。

June quarter results for this business were impacted meaningfully by the U.S. Department of Commerce-managed shipments of RF and MEMS semiconductors to Huawei, as customers with Huawei market share delayed planned capacity investments.

該業務 6 月份季度業績受到美國商務部管理的向華為供應射頻和 MEMS 半導體的重大影響，因為擁有華為市場份額的客戶推遲了計劃的產能投資。

As a leader in etch and deposition tools for these markets, SPTS saw a delay in a portion of its expected business due to this ban.

作為這些市場蝕刻和沈積工具的領導者，SPTS 的部分預期業務因這一禁令而延遲。

Though the longer-term implications of this action are not clear, notwithstanding this issue, SPTS is still expected to deliver year-over-year pro forma revenue growth in calendar year '19.

儘管這一行動的長期影響尚不清楚，但儘管存在這個問題，SPTS 仍有望在 19 日曆年實現同比預計收入增長。

Revenue for the PCB, display and component inspection segment was $185 million.

PCB、顯示器和元件檢測部門的收入為 1.85 億美元。

This segment includes the former PCB and display businesses of Orbotech and KLA's ICOS component inspection business.

該部門包括奧寶科技之前的PCB和顯示器業務以及KLA的ICOS元件檢測業務。

Results for this segment were in line with our expectations for the quarter and are on track with our plans for this year.

該部門的業績符合我們對本季度的預期，並且符合我們今年的計劃。

Now I'll discuss the distribution of revenue by major product category in Q2.

現在我將討論第二季度主要產品類別的收入分佈。

Wafer inspection was 32%; patterning, which includes reticle inspection, was 23%.

晶圓檢驗率為32%；圖案化（包括掩模版檢查）為 23%。

Wafer inspection and patterning are part of the semiconductor process control segment.

晶圓檢查和圖案化是半導體工藝控制領域的一部分。

PCB, display and component inspection revenue was 10%; and specialty semiconductor process was 4%.

PCB、顯示器和元件檢查收入為10%；特種半導體工藝為4%。

Other, which includes solar, instruments and the KLA Pro mature products enhancements business, was 4%.

其他業務，包括太陽能、儀器儀表和 KLA Pro 成熟產品增強業務，為 4%。

Service was 27% of revenue in the June quarter.

服務佔第二季度收入的 27%。

In terms of the regional split of revenue, China was 32%; Taiwan was 25%; the U.S. was 15%; Japan was 10%; Korea was 8%; Europe was 6%; and the rest of Asia was 4%.

從收入地區分佈來看，中國為32%；台灣為25%；美國為15%；日本為10%；韓國為8%；歐洲為6%；亞洲其他地區為 4%。

Now for more detail on the results in the P&L.

現在了解有關損益表結果的更多詳細信息。

Gross margin was 58.9% in June, at the top end of the guided range for the quarter of 58% to 59% as the higher level of semi process control revenue offset the Huawei effect on our specialty semiconductor business.

6 月份毛利率為 58.9%，處於本季度指導範圍 58% 至 59% 的上限，因為半流程控制收入的較高水平抵消了華為對我們特種半導體業務的影響。

We expect gross margin in the September quarter to be in the range of 60% to 61% as a more favorable product mix in our semi process control business and higher expected service margins drive gross margin improvement in the quarter.

我們預計 9 月份季度的毛利率將在 60% 至 61% 之間，因為我們的半過程控制業務中更有利的產品組合以及更高的預期服務利潤率將推動本季度毛利率的改善。

Looking ahead, we believe there are many opportunities for us to improve the Orbotech gross margin profile across the businesses by leveraging our global supply chain, service infrastructure and global footprint.

展望未來，我們相信，通過利用我們的全球供應鏈、服務基礎設施和全球足跡，我們有很多機會改善奧寶科技各業務的毛利率狀況。

We will discuss these initiatives in more detail over the coming quarters as we get a firm picture on the timing and financial impact of these actions.

當我們對這些行動的時間安排和財務影響有了明確的了解後，我們將在未來幾個季度更詳細地討論這些舉措。

Total operating expenses were $370 million in June, below the guided $375 million target due to lower-than-expected expenses across the business and some synergy benefit from Orbotech.

6 月份的總運營費用為 3.7 億美元，低於 3.75 億美元的指導目標，原因是整個業務的費用低於預期以及奧寶科技的一些協同效益。

Operating margin was 29.5%.

營業利潤率為 29.5%。

We expect quarterly operating expenses to be in the range of $370 million to $375 million for the remainder of calendar '19, consistent with the timing of our planned product development investments and the realization of initial synergy activities.

我們預計 19 年剩餘時間的季度運營費用將在 3.7 億美元至 3.75 億美元之間，這與我們計劃的產品開發投資和實現初始協同活動的時間一致。

Other income and expense in the June quarter was $38 million, and we expect OIE to be approximately $36 million this quarter.

六月季度的其他收入和支出為 3800 萬美元，我們預計 OIE 本季度約為 3600 萬美元。

The effective tax rate was 13.7%.

有效稅率為13.7%。

And going forward, investors should continue to model our tax planning rate at the 14% level given the new corporate tax structure in the U.S. and our expectations for the geographic distribution of profit.

展望未來，考慮到美國新的公司稅收結構以及我們對利潤地理分佈的預期，投資者應繼續以 14% 的水平對我們的稅收籌劃率進行建模。

Net income was $289 million, and we had $162 million diluted weighted average shares outstanding.

淨利潤為 2.89 億美元，稀釋後加權平均流通股為 1.62 億美元。

Now for some highlights on the balance sheet and cash flow statement.

現在我們來看看資產負債表和現金流量表的一些要點。

Cash and investments were $1.7 billion and total debt was $3.4 billion.

現金和投資為 17 億美元，債務總額為 34 億美元。

Cash from operations was $325 million and free cash flow was $270 million.

運營現金為 3.25 億美元，自由現金流為 2.7 億美元。

We are making infrastructure investments to support our future growth including the construction of a new building in our Milpitas headquarter site and a new facility in Ann Arbor, Michigan.

我們正在進行基礎設施投資，以支持我們未來的增長，包括在米爾皮塔斯總部建設一座新大樓，以及在密歇根州安娜堡建設一座新工廠。

We expect annual capital expenditures to exceed

我們預計年度資本支出將超過

(technical difficulty)

（技術難度）

for the next few years due to these projects and other infrastructure investments necessary to sustain our future growth expectations.

未來幾年，由於這些項目和其他基礎設施投資是維持我們未來增長預期所必需的。

In the June quarter, we paid an aggregate of $121 million in regular quarterly dividends and dividend equivalents upon the vesting of restricted stock units and repurchased 345 million of common stock at an average share price of just below $112 per share pursuant to our share repurchase program.

在六月季度，我們在限制性股票單位歸屬時支付了總計1.21 億美元的定期季度股息和股息等價物，並根據我們的股票回購計劃以略低於每股112 美元的平均股價回購了3.45億股普通股。

We have approximately $900 million available under our current share repurchase authorization.

根據我們當前的股票回購授權，我們擁有大約 9 億美元的可用資金。

For September, we expect a fully diluted share count of between 159 million and 160 million shares.

9 月份，我們預計完全稀釋後的股數將在 1.59 億股至 1.6 億股之間。

In conclusion, the June quarter results demonstrated strong operating performance.

總之，六月季度的業績顯示出強勁的經營業績。

With our diversified end markets, continued technology leadership across a broad product portfolio and operational discipline, KLA is positioned for strong relative performance in 2019, and we are encouraged by the momentum we are seeing in our business.

憑藉我們多元化的終端市場、在廣泛的產品組合和運營領域持續的技術領先地位，KLA 在 2019 年將取得強勁的相對業績，我們對業務的發展勢頭感到鼓舞。

With that, to summarize, guidance for the third quarter is: revenue between $1.31 billion and $1.39 billion; GAAP diluted EPS of $1.75 to $2.05 per share; and non-GAAP diluted EPS of $2.04 a share to $2.34 per share.

總而言之，第三季度的指導是：收入在 13.1 億美元至 13.9 億美元之間； GAAP 稀釋後每股收益為 1.75 美元至 2.05 美元；非 GAAP 攤薄後每股收益為 2.04 美元至 2.34 美元。

Before turning the call over for your questions, I'd like to remind investors that we have scheduled our 2019 Investor Day for Tuesday, September 17 in Midtown, New York.

在轉接電話詢問您的問題之前，我想提醒投資者，我們已安排 2019 年投資者日於 9 月 17 日星期二在紐約市中心舉行。

We look forward to seeing you there.

我們期待在那裡見到您。

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

我現在將把電話轉回埃德以開始問答。

Thank you, Bren.

謝謝你，布倫。

(Operator Instructions) Jerome, we're ready for the first question.

（操作員指示）杰羅姆，我們已經準備好回答第一個問題了。

(Operator Instructions) Your first question comes from the line of John Pitzer with Crédit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸銀行的 John Pitzer。

Congratulations on a solid results.

祝賀取得了紮實的成果。

Rick, it's good to see foundry and logic performing strongly in the calendar second half with expectation that, that continues into 2020.

Rick，很高興看到代工和邏輯在下半年表現強勁，預計這種情況會持續到 2020 年。

I'd be kind of curious as you look at the memory market and differentiate between NAND, DRAM and maybe process control and bare wafer, how do you think that market plays out in the back half of the year.

我很好奇，當您觀察內存市場並區分 NAND、DRAM 以及流程控制和裸晶圓時，您認為該市場在今年下半年會如何發展。

Which quarter do you think it bottoms in, and how do you think about the recovery potential in 2020?

您認為在哪個季度觸底？您如何看待2020年的複蘇潛力？

I'll give you some thoughts and then let Bren weigh in.

我會給你一些想法，然後讓布倫權衡一下。

Right now, we don't see -- as we said, we don't see a lot of momentum in DRAM.

目前，正如我們所說，我們沒有看到 DRAM 有很大的發展勢頭。

I think what we've got now is some strengthening.

我認為我們現在得到的是一些加強。

I think -- we think in the foundry and logic as we said, but not a lot other than technology migration and not a lot of capacity.

我認為，正如我們所說，我們在代工和邏輯方面進行思考，但除了技術遷移和產能之外，沒有太多思考。

So you think about when the recovery might come for NAND is probably first half of 2020, and DRAM, where our customers are saying now, is more mid-2020 time frame before we'd see any meaningful change.

所以你想一下，NAND 的複蘇可能會在 2020 年上半年，而 DRAM（我們的客戶現在所說的）則要到 2020 年中期，我們才會看到任何有意義的變化。

Yes.

是的。

John, I would say that -- I'd characterize the market as what we're mostly seeing is technology migration investment only.

約翰，我想說的是——我將市場描述為我們主要看到的只是技術遷移投資。

And one thing about KLA is since we do help our customers navigate their road map transitions, we are seeing some level of business from some of these customers.

關於 KLA 的一件事是，由於我們確實幫助客戶完成路線圖轉型，因此我們看到其中一些客戶提供了一定程度的業務。

There's also some activity in China.

中國也有一些活動。

We saw some last quarter which influenced our shipments, and we expect to see some more in the second half of the year.

上個季度我們看到了一些影響我們出貨量的情況，我們預計下半年還會出現更多情況。

But to Rick's point, I think as we look at the overall market, I wasn't expecting to see any meaningful capacity adds until we get into 2020.

但就 Rick 的觀點而言，我認為，當我們審視整個市場時，我並不期望在進入 2020 年之前看到任何有意義的產能增加。

And given that customers have been disciplined and pushing out capacity, they've been idling capacity, how quickly that comes back is a little early to tell from this point.

考慮到客戶一直在遵守紀律並擠出產能，他們一直在閒置產能，從這一點來看產能恢復的速度還為時過早。

You mentioned bare wafer.

你提到了裸晶圓。

On the bare wafer side, we see our business at bare wafer being roughly flat into the second half of '19.

在裸晶圓方面，我們看到我們的裸晶圓業務在 19 年下半年大致持平。

Now '19 overall for that business is lower than it was in '18.

現在，19 年該業務的總體水平低於 18 年。

We had a huge inflection in '18.

18 年我們經歷了巨大的轉變。

We've seen it come off a bit in '19, probably comes off a little bit in '20.

我們已經看到它在 19 年有所下降，可能在 20 年有所下降。

I think we're operating that at a more sustainable or a higher level for that business moving forward given the dynamics around memory, around specifications both for inspection but also for metrology.

我認為，考慮到內存、檢查和計量規範的動態變化，我們正在以更可持續或更高的水平運營業務，以推動業務的發展。

So -- and the numbers that we provided in the commentary, I think that's been part of our view in terms of expectations moving forward.

因此，以及我們在評論中提供的數字，我認為這是我們對未來預期的看法的一部分。

So I would say that, that much has changed there and it's something certainly we've been pretty open about.

所以我想說，那裡已經發生了很大的變化，而且我們對此一直持開放態度。

That's helpful, guys.

這很有幫助，伙計們。

And then maybe as my follow-up.

然後也許作為我的後續行動。

Rick, I'd love to get your comments on just inspection and process control intensity.

里克，我很想听聽您對檢查和過程控制強度的評論。

In foundry, logic, as you move to 7 and then to 5. And I guess it's kind of a complex equation.

在鑄造廠，邏輯，當你移動到 7，然後移動到 5。我猜這是一個複雜的方程。

How does EUV benefit you guys in the business going forward?

EUV 對你們今後的業務有何裨益？

Sure, John.

當然，約翰。

I think a couple of things.

我認為有幾件事。

One, we mentioned the strength in Gen 5 and a lot of that is driven -- first, logic is going to drive that harder and we're seeing a transition from Gen 4 to Gen 5 in terms of the bulk of our systems.

第一，我們提到了第 5 代的優勢，其中很多都是驅動的——首先，邏輯將更加努力地驅動，我們看到我們的大部分系統從第 4 代到第 5 代的過渡。

So the design world shrink are going to drive smaller defectivity requirements driving us toward the Gen 5. The other thing that's happening is, overlay is a big driver for us in terms of the additional pressure put on our customers as they drive advanced design rules.

因此，設計世界的縮小將推動更小的缺陷率要求，推動我們走向第五代。正在發生的另一件事是，疊加對我們來說是一個很大的推動力，因為他們在推動先進的設計規則時給我們的客戶帶來了額外的壓力。

You mentioned EUV.

你提到了 EUV。

We're seeing that in a couple of ways.

我們從幾個方面看到了這一點。

One, we're seeing in the mask shops with the number of starts pre-EUV, but also they anticipated large number of EUV, but also the print down checks because I think what's really going to happen for a while is people are going to want to verify the design, so another use for Gen 5.

一，我們在掩模商店中看到了 EUV 之前的啟動數量，但他們也預計會有大量的 EUV，而且還有打印檢查，因為我認為一段時間內真正會發生的事情是人們會想要驗證設計，所以Gen 5 的另一種用途。

So overall, we think there's going to be an increase in process control intensity as we introduce EUV.

因此，總的來說，我們認為，隨著我們引入 EUV，工藝控制強度將會增加。

I think that, that's more in the development phase.

我認為，更多的是處於開發階段。

Longer term, I think it levels out a bit as we get into high-volume production later.

從長遠來看，我認為隨著我們稍後進入大批量生產，情況會趨於平穩。

But right now, definitely the mix is favorable to us in terms of what we're seeing.

但現在，就我們所看到的情況而言，這種組合肯定對我們有利。

We also mentioned increased competition in foundry, and that's also been a driver, I think, to the mix shift overall.

我們還提到了代工廠競爭的加劇，我認為這也是整體混合轉型的一個驅動因素。

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

你的下一個問題來自 Harlan Sur 與摩根大通的電話。

Nice job on the quarter with execution and strong outlook.

本季度的工作表現出色，執行力強，前景強勁。

In terms of the strong results and outlook, specifically within your masks for reticle inspection business, EUV system shipments looks like they're going to grow about 70% this year.

就強勁的業績和前景而言，特別是在用於光罩檢查業務的掩模版中，EUV 系統出貨量今年似乎將增長約 70%。

If I look into next year, the installed EUV base is still growing about 50% to 60%.

如果展望明年，EUV 安裝量仍將增長約 50% 至 60%。

So given you guys' very high market share at the mask shops, how do you see your mask shop inspection business directionally this year, and do you guys already have visibility into the directionality of this segment next year, just given the long lead times and continued growth on the installed base?

因此，考慮到你們在口罩店的市場份額非常高，你們如何看待今年口罩店檢查業務的方向？鑑於交貨時間長，你們是否已經了解明年該細分市場的方向性？安裝量持續增長？

Yes.

是的。

Harlan, it's Bren, and I'll go first here.

哈倫，我是布倫，我先來。

But if you look at the reticle inspection business, couple of things are driving it.

但如果你看看光罩檢測業務，就會發現有幾個因素在推動它。

First, significant tape outs in the foundry at 7-nanometer and so that's driving significant purchasing of the product.

首先，7 納米晶圓代工廠的大量流片，因此推動了該產品的大量購買。

You have to remember that reticle inspection in a mask shop behaves similar to process where you're inspecting every reticle before you ship it to the fab.

您必須記住，掩模版車間中的掩模版檢查與在將每個掩模版運送到晶圓廠之前檢查每個掩模版的過程類似。

So it has some unique dynamics in terms of how customers buy relative to the design starts and they move together.

因此，就客戶如何購買相對於設計開始和他們一起移動而言，它具有一些獨特的動態。

That's one dynamic and that's driving the business.

這是一種動力，也是推動業務發展的動力。

The other, obviously, is the EUV development activity that's also driving the Teron system.

另一個顯然是 EUV 開發活動，它也推動了 Teron 系統的發展。

So you have both effect.

所以你有兩種效果。

But frankly, the biggest driver today is more around the design starts at 7, and it's driving that business to have nice, solid growth in a year, obviously where WFE is down.

但坦率地說，今天最大的驅動力更多地圍繞著從 7 開始的設計，它推動該業務在一年內實現良好、穩健的增長，顯然 WFE 正在下降。

So we're seeing growth in that.

所以我們看到了這方面的增長。

And as Rick said in his prepared remarks, we would expect that to continue into 2020.

正如 Rick 在他準備好的講話中所說，我們預計這種情況將持續到 2020 年。

Timing of the EUV deployment and how we see that plays out next year will potentially influence some of the upgrades to the existing installed base out there.

EUV 部署的時間以及我們對明年的部署的看法可能會影響現有安裝基礎的一些升級。

But there's some sustainability in the business, and we're seeing a nice recovery in it.

但該業務具有一定的可持續性，而且我們看到了良好的複蘇。

And then we'll see about next-generation products as they come out as we move into the second half of next year to support EUV directly.

然後，當我們進入明年下半年時，我們將看到下一代產品的推出，以直接支持 EUV。

So there's a lot of exciting things happening in that space, and we're seeing the numbers flow through in terms of P&L impact.

因此，該領域發生了很多令人興奮的事情，我們看到數據在損益影響方面不斷變化。

I think just to build on one aspect of it.

我認為只是在其一方面的基礎上進行構建。

I think the fact that we've extended the Teron platform to be able to handle these EUV layers, we benefit whether or not -- depending on the number of EUV layers, we still benefit because we've got an optical platform that can handle either the mask for EUV or for traditional lithography.

我認為事實上，我們已經擴展了 Teron 平台，使其能夠處理這些 EUV 層，無論我們是否受益，取決於 EUV 層的數量，我們仍然受益，因為我們擁有一個可以處理這些 EUV 層的光學平台。用於EUV 或傳統光刻的掩模。

So I think that's part of why we are benefiting more depending on the starts and just the intensity of the advanced nodes than necessarily just on the EUV because it's still not clear how many layers and at what nodes they're going to be adopted, but we're seeing strength in reticle regardless of which way that goes.

因此，我認為這就是為什麼我們受益更多的原因取決於先進節點的啟動和強度，而不僅僅是 EUV，因為目前還不清楚將採用多少層以及在哪些節點上採用，但是無論方向如何，我們都能看到十字線的強度。

And then you guys were thinking 90 days ago that there was an upward bias for the Orbotech business moving into the second half of the year.

然後你們在 90 天前就認為 Orbotech 業務進入下半年會出現上漲趨勢。

But just given all of the China trade overhang, given that Orbotech has number of large China customers, do you guys still see the second half of this year will be better for the Orbotech team?

但鑑於所有中國貿易懸而未決，鑑於奧寶科技擁有大量中國大型客戶，你們仍然認為今年下半年對奧寶團隊來說會更好嗎？

And if so, maybe a bit of color on what segments are improving in the second half.

如果是這樣，也許對下半年哪些細分市場有所改善有一些了解。

I mean I would assume that specialty semi is doing well just given the strong focus on RF and power but what about FPD and PCB.

我的意思是，鑑於對射頻和功率的強烈關注，我認為特種半導體表現良好，但 FPD 和 PCB 又如何呢？

Yes.

是的。

Our growth expectations for specialty semi have come down a bit for this year directly related to the Huawei effect.

我們對今年特種半導體的增長預期有所下降，這與華為效應直接相關。

It's an indirect effect but you do have customers in the RF space that have market share with Huawei phones, and so they've gotten more cautious in some of their plans for capacity and that's impacted that business.

這是一種間接影響，但射頻領域的客戶確實擁有華為手機的市場份額，因此他們在一些容量計劃上變得更加謹慎，這影響了該業務。

So that business is still going to grow year-over-year but probably not to the degree that we expected 90 days ago before the ban came out.

因此，該業務仍將逐年增長，但可能不會達到我們在禁令發布前 90 天預期的程度。

I would say PCB and flat panel are in line with our expectations of PCB, flattish; flat panel is down this year, but most of the growth for the business was going to come from specialty semi.

我想說PCB和平板都符合我們對PCB的期望，扁平化；平板顯示器今年有所下滑，但該業務的大部分增長將來自特種半導體。

So there's still some growth there year-to-year, but a little bit less given the Huawei effect.

因此，同比仍然有一些增長，但考慮到華為效應，增長幅度會有所減少。

Yes.

是的。

But just to put it in [indiscernible] [parlance] we're still within a few percentage of what we'd originally modeled in terms of profitability and contribution to KLA for the business.

但用[音頻不清晰][用語]來說，在盈利能力和對 KLA 業務的貢獻方面，我們與最初模型的差距仍然只有幾個百分點。

So it still looks good, as Bren said, some kind of shifting dynamics, so not really that different from what we thought earlier in the year.

因此，正如布倫所說，它看起來仍然不錯，某種動態變化，與我們今年早些時候的想法並沒有太大不同。

Your next question comes from the line of Timothy Arcuri with UBS.

您的下一個問題來自瑞銀集團的蒂莫西·阿庫裡 (Timothy Arcuri)。

I guess the first question, Rick, is that there have been some other companies in your broader sector that the past couple of weeks have talked about some pull ins from China that are sort of helping the back half of the year.

里克，我想第一個問題是，在過去的幾周里，您所在的更廣泛的行業中還有一些其他公司談到了來自中國的一些投資，這在某種程度上有助於今年下半年。

And I know you talked last quarter about a big project that was out of the second half, and now it's sort of back in the second half.

我知道你上個季度談到了下半年的一個大項目，現在它又回到了下半年。

But what are you seeing generally in China?

但你在中國一般看到什麼？

I guess is it your view that the trade stuff only increases the pace of these projects as you kind of look into the back half of the year and into next year.

我想您認為，當您展望今年下半年和明年時，貿易只會加快這些項目的步伐。

We have definitely seen some puts and takes in China, Tim, to the point, but we're seeing what others are seeing, where -- so maybe increased urgency in terms of the second half to get those projects fully up.

蒂姆，我們確實看到了中國的一些進展，但我們看到了其他人在哪裡看到的，所以下半年全面啟動這些項目的緊迫性可能會增加。

It's -- and as you know, there's just a lot of noise in the system in terms of what effects might come in.

正如你所知，系統中存在很多關於可能產生的影響的噪音。

The only substantial thing we've seen is a very small part of our business, as Bren mentioned.

正如布倫提到的，我們看到的唯一實質性的東西只是我們業務的一小部分。

But overall, pretty much where we thought in terms of the second half having some strength in it.

但總的來說，我們認為下半場有一些優勢。

Yes.

是的。

I think the DRAM project that pulled in, I mean, it's interesting, it started at the beginning of the year, we thought it was completely out.

我認為 DRAM 項目的介入，我的意思是，這很有趣，它從今年年初開始，我們認為它已經完全退出了。

Now it looks like we'll see it shift in the second half of the year.

現在看來，我們將在今年下半年看到這種情況的轉變。

We're seeing, to Rick's point, some puts and takes related to some of the wafer plans in China.

在 Rick 看來，我們看到了與中國的一些晶圓計劃相關的一些看法。

So overall, I would say our expectations for China business this year versus where we thought are probably on the margin slightly higher than where we were before but not a lot of change there overall.

因此，總的來說，我想說，我們今年對中國業務的預期與我們認為的相比可能略高於之前的水平，但總體而言沒有太大變化。

Okay, Bren.

好的，布倫。

And then I guess as a second question, I'm wondering if you can quantify in the spec semis segment how much the sort of indirect Huawei ban is.

然後我想作為第二個問題，我想知道你是否可以在規格半成品部分量化這種間接華為禁令的程度。

Is it something like $10 million to $20 million a quarter, is that what it's costing you sort of into the back half of the year?

每個季度大約 1000 萬到 2000 萬美元，這就是你下半年的花費嗎？

I'm just sort of trying to baseline what the business would look like if this ban had not -- or is not in effect.

我只是想嘗試確定一下如果這項禁令沒有生效或沒有生效的話，企業會是什麼樣子。

Yes.

是的。

So Tim, I think in the immediate quarter -- you'll see some adjustments to plan, the immediate quarter, the impact was between $20 million and $25 million.

蒂姆，我認為在最近一個季度，您會看到計劃的一些調整，在最近一個季度，影響在 2000 萬美元到 2500 萬美元之間。

And certainly some of the strength in other parts of our business helped us achieve our results for the quarter.

當然，我們業務其他部分的一些優勢幫助我們實現了本季度的業績。

That number probably goes up to the $35 million-ish, plus or minus, as we move into the second half of the year in terms of our expectations.

隨著我們的預期進入今年下半年，這個數字可能會增加到 3500 萬美元左右。

So probably...

所以很可能...

In total.

總共。

In total.

總共。

So probably somewhere around $35 million, $40 million impact on calendar '19.

因此，對 19 年日曆的影響可能約為 3500 萬美元、4000 萬美元。

In the long run, it's interesting as those -- as other providers that are non-U.

從長遠來看，這與其他非美國提供商一樣有趣。

S. providers start to ramp their capacity that creates an opportunity for the specialty semiconductor business there.

美國供應商開始提高產能，為那裡的特種半導體業務創造機會。

So in the long run -- and they're in an inferior position.

所以從長遠來看——他們處於劣勢。

So in the long run, there's potentially a big opportunity out there in terms of how the designing around the supply chain works.

因此，從長遠來看，圍繞供應鏈的設計方式可能存在巨大機遇。

But in terms of the current year and the impact, it's probably somewhere between $35 million and $40 million in total.

但就今年及其影響而言，總額可能在 3500 萬美元到 4000 萬美元之間。

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

你的下一個問題來自 Krish Sankar 和 Cowen 的對話。

First one for Rick or Bren, I know you guys have not given out your guidance, but if I look at some of the commentary made in terms of strength of foundry lasting into first half of '20 and NAND in first half and maybe DRAM in the second half of '20 recovering, is it fair to assume that your legacy KLA, the business, is going to be up in calendar '20 versus calendar '19?

第一個是 Rick 或 Bren，我知道你們還沒有給出你們的指導，但是如果我看看一些關於代工實力的評論，持續到 20 世紀 20 年代上半年，NAND 上半年，也許還有 DRAM 20世紀下半年開始復蘇，可以公平地假設您的遺留KLA 業務將在20 日曆年相對於19 日曆年有所上升嗎？

And if so, what is the risk to that guesstimate and then I had a follow-up.

如果是這樣，這個猜測的風險是什麼，然後我進行了跟進。

Yes.

是的。

So let me take the first part and then give it to Bren.

所以讓我把第一部分交給布倫。

So we're not going to call it legacy, it's a process control business now that we have other businesses, and the trajectory is good.

因此，我們不會將其稱為遺留業務，它是一個流程控制業務，現在我們還有其他業務，而且發展軌跡良好。

We're going to get into more discussion of the outlook at our Analyst Day next month.

我們將在下個月的分析師日對前景進行更多討論。

But definitely we feel like things are coming our way in terms of the right kind of market momentum, the advanced design rule work that's going on in addition to some of the competitive dynamics.

但我們確實覺得，在正確的市場動力、先進的設計規則工作以及一些競爭動態方面，事情正在朝著我們的方向發展。

We talked about Gen 5 strengthening and some new projects, new products hitting the market so we feel very good about overall position.

我們討論了第五代的強化以及一些新項目、新產品上市，所以我們對整體地位感覺非常好。

And Bren can talk about in broader terms.

布倫可以談論更廣泛的話題。

Yes.

是的。

I think we feel pretty good about logic, foundry and sustainability of spend levels into the -- into 2020.

我認為我們對 2020 年支出水平的邏輯、鑄造和可持續性感到非常滿意。

So I think if you look across those end markets, and you look at the activity there, we would expect to see continued investment.

因此，我認為，如果你看看這些終端市場，看看那裡的活動，我們預計會看到持續的投資。

We talked about competitive dynamics.

我們討論了競爭動態。

The strength of the 7-nanometer node out there is also limiting how much reuse customers can do and so that's certainly having an effect as well.

7 納米節點的強度也限制了客戶可以重複使用的程度，因此這肯定也會產生影響。

You'll see automotive and industrial hopefully start to come back next year.

您將看到汽車和工業有望在明年開始復蘇。

And so as you think about the broader demand across all of logic and foundry, I think there are a number of drivers that give us some confidence moving into next year about those segments.

因此，當您考慮所有邏輯和代工廠的更廣泛需求時，我認為有許多驅動因素讓我們對明年這些細分市場充滿信心。

Got it.

知道了。

Okay.

好的。

And then as a follow-up, you guys introduced a new e-beam wafer defect review product recently.

作為後續，你們最近推出了一種新的電子束晶圓缺陷檢查產品。

And I'm kind of curious how do we think about the coexistence of Gen 5 and e-beam down the road for your product portfolio.

我有點好奇我們如何看待第五代和電子束在您的產品組合中的共存。

And is this e-beam kind of just targeted towards specialized applications.

這種電子束是否只針對特殊應用？

So just kind of curious on how to think about the lay of the land for your products.

所以只是有點好奇如何考慮你的產品的情況。

Well, I think that what we said all along is we think there's a complementary rule for optical in e-beam, and this continues that.

嗯，我認為我們一直以來所說的是我們認為電子束中的光學有一個補充規則，並且這繼續下去。

I think that what we have in our latest technology is a very capable e-beam tool that when our customers utilize with our advanced optical, they really get the best of both in terms of capabilities for the market.

我認為我們最新技術中擁有的是一種功能非常強大的電子束工具，當我們的客戶使用我們先進的光學器件時，他們真正在市場能力方面獲得了最佳的效果。

But I don't think there'll ever be a day where there's not a complementary e-beam solution with optical.

但我認為永遠不會有一天沒有與光學互補的電子束解決方案。

Optical keeps getting better, e-beam has to get better, too.

光學不斷變得更好，電子束也必須變得更好。

But I think the general mix between e-beam and optical will remain about the same in terms of the way customers spend their dollars.

但我認為，就客戶花錢的方式而言，電子束和光學之間的總體組合將保持大致相同。

But we're very excited about what we've seen in the market, and we think the synergy of having our optical tool coupled with our e-beam is really great for our customers trying to solve some of their very challenging problems.

但我們對在市場上看到的東西感到非常興奮，我們認為我們的光學工具與電子束相結合的協同作用對於我們試圖解決一些非常具有挑戰性的問題的客戶來說確實非常有用。

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

您的下一個問題來自 C.J. Muse 和 Evercore ISI 的線路。

I guess wanted to follow up on that last question regarding your expectations for sustainability of foundry strength to continue through 2020.

我想跟進最後一個問題，即您對 2020 年代工實力可持續發展的期望。

I guess within that, could you speak to -- I guess both your positioning within Gen 5 EUV, e-beam, perhaps new products that you haven't announced yet that you just highlighted.

我想您能談談您在第 5 代 EUV、電子束中的定位，也許還有您剛剛強調的尚未宣布的新產品。

And then also from an end market perspective, in terms of rising competition as you look at Samsung coming in, would love to hear, I guess, in more detail, your thoughts on that front.

然後，從終端市場的角度來看，就競爭日益激烈而言，當你看到三星進入時，我想更詳細地聽到你在這方面的想法。

Yes, so this is Rick.

是的，這就是瑞克。

I'll talk more sentiment than actual numbers in terms of 2020 because we really don't know.

就 2020 年而言，我會更多地談論情緒而不是實際數字，因為我們真的不知道。

But you can always tell how your customer is behaving with the mood is in the market.

但您始終可以根據市場情緒判斷客戶的行為方式。

And right now, we're actually in a situation where we see a lot of energy around our customers pushing for a new capability, pushing for -- getting their advanced designs out.

現在，我們實際上處於這樣一種情況：我們看到客戶有大量精力推動新功能，推動他們先進的設計。

You see a lot of tape outs, the mask business has been good.

你看到很多流片，口罩生意一直很好。

So definitely feel strong.

所以肯定感覺很堅強。

The other thing not to be missed, what Bren mentioned, is we don't see a lot of reuse happening because of some of the challenges of the new technology.

布倫提到的另一件不容錯過的事情是，由於新技術的一些挑戰，我們沒有看到大量的重用發生。

So that was something that we were trying to really map out to see what it was going to look like.

所以這就是我們試圖真正規劃出來的事情，看看它會是什麼樣子。

And the combination of new capability on our side, new challenges on our customers' side, make us feel like -- it looks very strong in terms of the momentum.

我們這邊的新能力和客戶那邊的新挑戰相結合，讓我們感覺——就動力而言，它看起來非常強勁。

How long into '20, we don't really have great visibility into that.

進入 20 世紀有多久了，我們對此還沒有真正的了解。

It's just now we have a case where you've got multiple players really concerned about bringing out new technology and ramping new devices.

現在我們遇到了一個案例，多個玩家都非常關心推出新技術和推出新設備。

And at the same time, we're hitting with some products that are new to the market and very exciting for us.

與此同時，我們正在推出一些新產品，這些產品對市場來說是新的，對我們來說非常令人興奮。

Very helpful.

很有幫助。

As my follow-up, could you I guess speak a little bit to your expectations for growth in the service bucket, both for process control as well as for overall Orbotech?

作為我的後續行動，您能否談談您對服務領域增長的期望，無論是過程控制還是整個奧寶科技？

Yes, C.J. So in process control, for those process control customers, we believe we have a long-term trajectory somewhere in that 9% to 10% CAGR opportunity over time.

是的，C.J. 因此，在過程控制方面，對於那些過程控制客戶來說，我們相信隨著時間的推移，我們的複合年增長率會達到 9% 到 10%。

We're adding tools to the installed base in a much faster rate than they're coming off, so that creates opportunities for us.

我們向安裝基礎添加工具的速度比它們消失的速度快得多，因此這為我們創造了機會。

75% of that revenue stream is contract-based because of the customers' desire to keep those tools up and how they buy a process control, also just the general complexity of what we sell.

該收入流的 75% 是基於合同的，因為客戶希望保留這些工具以及他們購買過程控制的方式，同時也考慮到我們銷售產品的一般複雜性。

So that's good for that business.

所以這對該業務有利。

We've seen it flow a little bit in the near term related to just some of the idling of capacity that's well understood in the market.

我們看到它在短期內略有流動，這與市場上眾所周知的一些產能閒置有關。

But over the long run, we've seen it grow at that rate and we expect it to continue to grow at that rate over time.

但從長遠來看，我們已經看到它以這樣的速度增長，並且我們預計它隨著時間的推移將繼續以這樣的速度增長。

The PCB business for Orbotech has a strong service profile, say, 95% of the tools are under contract.

奧寶科技的 PCB 業務擁有強大的服務概況，例如，95% 的工具都是合同製的。

So of the PCB revenue we report, about 40% of it is service stream.

因此，在我們報告的 PCB 收入中，大約 40% 是服務流。

So because of the imaging technology and the need for that tool is enabling for circuit boards, that's a positive trend for that business.

因此，由於成像技術以及對該工具對電路板的需求，這對該業務來說是一個積極的趨勢。

I think on the flat panel side.

我認為在平板方面。

There's very little service activity in terms of some consumable parts that are attractive, but there are some opportunity there for us certainly.

就一些有吸引力的易損件而言，服務活動很少，但對我們來說肯定有一些機會。

And on specialty semiconductors, as we think about how we try to leverage our position in working with customers to offer better solutions over time, there might be an opportunity for us to help customers that way on the specialty side.

在特種半導體方面，當我們思考如何利用我們在與客戶合作中的地位來隨著時間的推移提供更好的解決方案時，我們可能有機會在特種半導體方面以這種方式幫助客戶。

Smaller companies always have a harder time with service just the broader footprint.

較小的公司總是在服務範圍更廣的情況下遇到困難。

So maybe what we end up doing is enabling a better cost position for both flat panel and for specialty semi.

因此，也許我們最終要做的是為平板顯示器和特種半成品提供更好的成本定位。

But a lot of opportunity for us moving forward, I think in terms of driving that stream for the company.

但我認為，在推動公司發展方面，我們有很多前進的機會。

Your next question comes from the line of Vivek Arya with Bank of America Merrill Lynch.

您的下一個問題來自美國銀行美林銀行的 Vivek Arya。

I had 2 as well.

我也有2個。

First on gross margin.

首先是毛利率。

So you are guiding gross margins up 160 basis points or so, 60%, 61%.

因此，您將毛利率指導提高 160 個基點左右，即 60%、61%。

What's driving that?

是什麼推動了這一點？

And should we expect margins to continue to expand as your sales potentially grow again in December?

隨著您 12 月份的銷售額可能再次增長，我們是否應該預期利潤率會繼續擴大？

Well, as I said last quarter, I thought there were some unique effects affecting the June quarter from an overall mix perspective in our semi process control business.

嗯，正如我上季度所說，我認為從我們的半過程控制業務的整體組合角度來看，有一些獨特的影響影響了六月季度。

Not all our products carry the same margin, and under 606, it's -- whatever you ship is ultimately what you revenue.

並非我們所有的產品都有相同的利潤，在 606 下，無論您發貨什麼，最終都會獲得收入。

So some of that was a bit dilutive to our margins, drove the margins down to the -- almost just short of 59%.

因此，其中一些因素有點稀釋了我們的利潤，導致利潤率下降到幾乎略低於 59%。

Moving forward, obviously, we have some growth in revenue and that's helpful.

顯然，展望未來，我們的收入有所增長，這很有幫助。

We're seeing a reversion sort of back to a normalized mix on the process control side.

我們看到流程控制方面正在回歸標準化混合。

And I'm expecting to see stronger and higher utilization rates out of the service business and some higher margins in the service overall.

我預計服務業務的利用率會更高，整體服務的利潤率也會更高。

So all those are driving us into the 60% to 61% range, and I would expect to see that as we move into next quarter as well.

因此，所有這些因素都在推動我們進入 60% 到 61% 的範圍，我希望在進入下個季度時也能看到這一點。

So a normalizing effect that I telegraphed last quarter off of the June number.

因此，我在上個季度從 6 月份的數字中看出了一種正常化效應。

And seems like that's where I expect to see the overall as we move into the next 6 months or so.

似乎這就是我預計在接下來 6 個月左右的時間裡看到的整體情況。

Got it.

知道了。

And for my follow-up.

以及我的後續行動。

Rick, I'm curious how resilient has your core process controlled services business been in this cyclical downturn versus what you assume?

里克，我很好奇，與您的假設相比，您的核心流程控制服務業務在這次週期性衰退中的彈性如何？

What went well?

什麼進展順利？

What did not go as well?

什麼事情沒有進展順利？

Every time we get into a downturn, we always hope for the resilience of that business.

每當我們陷入低迷時，我們總是希望該業務能夠恢復活力。

But I'm just curious as you look back, how resilient it actually was over the last several quarters?

但我很好奇，當你回顧過去時，過去幾個季度的彈性到底有多大？

Yes.

是的。

Sure.

當然。

It was pretty resilient.

它非常有彈性。

I think that as Bren mentioned, there was a little bit of softening we saw, but overall, we still see growth -- healthy growth rate.

我認為，正如布倫提到的，我們看到了一些軟化，但總體而言，我們仍然看到了增長——健康的增長率。

It was a little bit under what's been modeled for the long term, but we actually think we'll catch back up with that long-term modeling for a lot of reasons.

這有點低於長期建模的水平，但我們實際上認為，出於多種原因，我們會趕上長期建模。

I mean I think that the utilization on some of the fabs has obviously been decreased, but the service base is so large now and there is a lot of value in keeping those tools up and running.

我的意思是，我認為一些晶圓廠的利用率明顯下降了，但現在的服務基礎如此之大，保持這些工具的正常運行有很大的價值。

So we feel pretty good about it.

所以我們對此感覺很好。

Still -- and I think the slowest quarter was still in low- upper- single-digits, so pretty good, about 8%.

儘管如此，我認為最慢的季度仍處於低個位數，所以相當不錯，約為 8%。

Yes.

是的。

Back in the worst downturn we've ever had, I mean, it always held up pretty well, right, and it's -- I think the other thing about that business for us is it's bigger now, right, it's growing faster than the systems business.

回到我們經歷過的最嚴重的低迷時期，我的意思是，它總是表現得很好，對吧，而且我認為該業務對我們來說的另一件事是它現在更大了，對吧，它的增長速度比系統更快商業。

So bigger as a percent of the total.

佔總數的百分比如此之大。

So a solid anchor with, we believe, an earnings stream that's accretive to the overall.

因此，我們相信，這是一個堅實的支柱，其收入流可以促進整體增長。

So I think the dynamics are intact.

所以我認為動態是完整的。

It goes to the points earlier about how customers buy service that they need the tools up, they need matching performance, there's general complexity that's hard to deal with.

前面提到了客戶如何購買服務，他們需要工具，他們需要匹配的性能，一般的複雜性很難處理。

And for all of those reasons, they tend to rely on us and want a contract stream to ensure the uptime of those products.

出於所有這些原因，他們傾向於依賴我們並希望獲得合同流來確保這些產品的正常運行時間。

And even in difficult environments, they still tend to run the tools and there is a certain amount of business that's there for us.

即使在困難的環境中，他們仍然傾向於運行這些工具，並且我們可以得到一定數量的業務。

Your next question comes from the line of Joe Quatrochi with Wells Fargo.

你的下一個問題來自富國銀行的喬·夸特羅奇 (Joe Quatrochi)。

I was wondering if you could talk about some of the gross margin puts and takes for some of the new products you launched last month?

我想知道您是否可以談談您上個月推出的一些新產品的毛利率調整和毛利率？

Can you just help us -- remind us on how we should think about those gross margins ramping over time?

您能否幫助我們——提醒我們應該如何考慮隨著時間的推移而不斷上升的毛利率？

Yes.

是的。

Joe, it's something I've been talking about.

喬，這是我一直在談論的事情。

I mean any time -- and it really goes back to how we introduce products at KLA.

我的意思是任何時候——這實際上可以追溯到我們在 KLA 推出產品的方式。

Typically, when we're bringing products out into the market, our focus is on use case validation and driving applications and adoption.

通常，當我們將產品推向市場時，我們的重點是用例驗證以及推動應用程序和採用。

And so we usually come out with a product.

所以我們通常會推出一種產品。

We're trying to prove it out and the margins typically are a little bit lower than what I'd say the mature iteration of the previous platform.

我們正在努力證明這一點，並且利潤通常比我所說的先前平台的成熟迭代要低一些。

Then the engineering team starts to design for cost.

然後工程團隊開始進行成本設計。

We start to look at ways to second source.

我們開始尋找第二來源的方法。

And as we introduce new subsequent iterations to the product, the margin profile improves.

當我們向產品引入新的後續迭代時，利潤率狀況就會改善。

So any time we have a new one come out, it's a little bit lower and then over time it catches back up.

因此，每當我們推出新產品時，價格都會降低一點，然後隨著時間的推移它會回升。

So it did have an effect on the margin profile, as I mentioned, in the prior quarters, and I think we'll see that play out as we move over the rest of this year and into next year.

因此，正如我所提到的，它確實對前幾個季度的利潤率產生了影響，我認為隨著今年剩餘時間和明年的到來，我們將看到這種影響的發揮。

And -- with a big portfolio like we have, we tend to see some products where there are different stages of that maturity cycle, so they tend to offset each other.

而且，對於像我們這樣的大型投資組合，我們往往會看到一些產品處於成熟週期的不同階段，因此它們往往會相互抵消。

But generally, part of what we do at KLA is ensure the value of what we deliver to customers in terms of how we price and discipline around that.

但總的來說，我們在 KLA 所做的部分工作是確保我們為客戶提供的產品的價值，包括我們的定價方式和相關紀律。

So we ensure that what we are able to deliver product-by-product is pretty consistent.

因此，我們確保我們能夠提供的每個產品都非常一致。

And so -- usually over time, we're able to drive more and more value out of it.

因此，通常隨著時間的推移，我們能夠從中獲得越來越多的價值。

And I would say that we're not any different today with the latest round of products.

我想說的是，我們今天的最新一輪產品並沒有什麼不同。

Okay.

好的。

That's helpful.

這很有幫助。

And then on the e-beam side.

然後是電子束側。

I was just curious if you could share any kind of early customer feedback that you've gotten so far?

我只是好奇您是否可以分享迄今為止收到的任何早期客戶反饋？

Maybe how should we think about the initial ramp or adoption of that solution?

也許我們應該如何考慮該解決方案的初始升級或採用？

The initial feedback, and we're still -- we're on a number of sites and we're getting feedback and we're doing demos.

最初的反饋，我們仍然在許多網站上，我們正在收到反饋，並且我們正在做演示。

It's -- feedback is good.

反饋很好。

We're not ready to start modeling it into the numbers yet because it does take a while to get the adoption of these platforms going.

我們還沒有準備好開始將其建模為數字，因為這些平台的採用確實需要一段時間。

But we feel pretty good about the technical capability and the production worthiness.

但我們對技術能力和生產價值感到非常好。

It does, as I say, take a little while for customers to adopt enough to contribute meaningfully when we're at $5 billion run rate.

正如我所說，當我們的運行速度達到 50 億美元時，客戶確實需要一段時間才能採用足夠的技術來做出有意義的貢獻。

Yes.

是的。

I would say the portfolio approach that we have -- these products fit with the portfolio.

我想說的是我們的投資組合方法——這些產品與投資組合相匹配。

You've got common capabilities across the tools, common algorithms, common other options and that help drive how out incremental performance out of the inspectors so it's a review or even baseline ground truth reference tools.

您擁有跨工具的通用功能、通用算法、通用其他選項，有助於提高檢查員的性能增量，因此它是一個審查甚至基線真實參考工具。

It helps sort of enable the broader franchise.

它有助於實現更廣泛的特許經營權。

So that's the approach we've taken at KLA.

這就是我們 KLA 採取的方法。

It matters more than ever today with the challenges in the production process, the size of defects, the noise that happens on the wafers.

如今，生產過程中的挑戰、缺陷的大小以及晶圓上出現的噪音比以往任何時候都更加重要。

So across all of that, that having those capabilities that independently are tough to -- sometimes the markets aren't always all that big, but collectively, across the portfolio create a lot of value for our customers.

因此，縱觀所有這些，擁有這些獨立的能力是很難的——有時市場並不總是那麼大，但總的來說，整個產品組合為我們的客戶創造了很多價值。

Your next question comes from the line of Quinn Bolton with Needham.

你的下一個問題來自奎因·博爾頓和李約瑟的對話。

Congratulations on the nice results and outlook.

祝賀您取得了良好的成果和前景。

Rick, I was just wondering -- you mentioned strength of the Gen 5 tool, you guys introduced the fifth iteration of Gen 4 last month.

Rick，我只是想知道 - 您提到了 Gen 5 工具的優勢，你們上個月介紹了 Gen 4 的第五次迭代。

Just wondering what demand you're seeing for the older Gen 4 systems as Gen 5 ramps?

只是想知道隨著第 5 代的推出，您對舊的第 4 代系統的需求是什麼？

Well, it's -- think of it like a lithography mix and match.

嗯，它就像是光刻混合搭配。

So what you get is you end up with customers deploying the most cost-effective solution they can that has the capability that they need.

因此，您最終會得到客戶部署最具成本效益的解決方案，該解決方案具有他們所需的功能。

And that really cascades starting with e-beam, then getting to 39xx, then 29xx and then the new Voyager platform.

這確實是從電子束開始級聯，然後到 39xx，然後是 29xx，然後是新的 Voyager 平台。

So it's really -- the easier layers are harder than they used to be on the advanced nodes.

所以這確實是——更簡單的層比以前在高級節點上更難。

So customers will deploy, where they can, the Gen 4, and then they'll put Gen 5 up against the problems when that's the only way to really solve them.

因此，客戶將盡可能部署第 4 代，然後他們將使用第 5 代來應對問題，而這是真正解決問題的唯一方法。

Does that answer your question?

這是否回答你的問題？

That's helpful.

這很有幫助。

And just a follow-up on the China question.

這只是中國問題的後續行動。

You've referenced some puts and takes, but generally perhaps a strengthening in that market versus 90 days ago.

您提到了一些看跌期權和看跌期權，但與 90 天前相比，該市場總體上可能有所走強。

Do you have any sense of the demand strengthening you're seeing, more of a timing shift where projects are getting pulled in?

您是否意識到您所看到的需求增強，更多的是項目被拉動的時間轉變？

Or do you think that this is just an acceleration in the road map for some of those indigenous Chinese fabs?

或者您認為這只是一些中國本土晶圓廠路線圖的加速？

I don't think it's as much about -- I think what happens is there is uncertainty maybe about their own plans and their ability to procure tools.

我不認為這與——我認為發生的情況是他們自己的計劃和採購工具的能力可能存在不確定性。

So that maybe pushed it out.

所以這可能會把它推出去。

And then when they realized they could do it, pulled it back in.

然後當他們意識到他們可以做到時，就把它拉回來了。

I don't want to speak for them.

我不想為他們說話。

But I think it's more that the project's getting solidified.

但我認為更重要的是該項目正在得到鞏固。

And I think 90 days ago maybe that was more on pause to see if they could get even get the toolsets.

我認為 90 天前可能更多的是暫停，看看他們是否可以獲得工具集。

So that's kind of where we are.

這就是我們現在的處境。

It's not so much about end demand, I don't think, as them staying on some of their plans.

我認為，這與最終需求無關，而是他們堅持了一些計劃。

And by the way, there are a lot more programs there that we already derated if you go back a couple of years ago and had listened to what customers had said.

順便說一句，如果您回到幾年前並聽取了客戶的意見，那麼我們已經降低了更多的程序。

We're getting closer and closer to what we anticipated for 2019 and a going run rate for 2020.

我們越來越接近 2019 年的預期和 2020 年的運行速度。

Your next question comes from the line of Sidney Ho with Deutsche Bank.

你的下一個問題來自德意志銀行的 Sidney Ho。

If you look at the capacity build for the upcoming 5 nanometers, how do you think the rate at which the capacity is being built is compared to previous nodes, say, to 7 nanometers or 10 nanometers?

如果您查看即將到來的 5 納米的容量建設，您認為容量建設的速度與之前的節點（例如 7 納米或 10 納米）相比如何？

We've heard that the pilot line for 5 nanometers could be a little bit bigger than in the past, but just want to hear from your perspective on what is driving that kind of change.

我們聽說 5 納米的試驗線可能會比過去更大一點，但只是想听聽您對推動這種變化的因素的看法。

Yes.

是的。

I think that -- and I'll go first here.

我想——我會先在這裡。

I mean we are seeing a little bit stronger adoption level and to the point earlier, you're seeing less migration of other tools from previous nodes and so that's driving a certain amount of activity.

我的意思是，我們看到採用水平有所提高，而且到目前為止，您會看到從以前的節點遷移其他工具的情況較少，因此這推動了一定量的活動。

I would expect we'll probably be somewhere between 80,000 and 90,000 wafer starts and for 5 nanometers may get into the sort of through the first part of 2020 -- or maybe that's toward the end of 2020.

我預計我們的晶圓產量可能會在 80,000 到 90,000 片之間，而 5 納米晶圓可能會在 2020 年上半年進入這樣的階段——或者可能是在 2020 年年底。

So I would say that because of some of those other dynamics related to 7, we're seeing perhaps more activity for us on the 5-nanometer node.

所以我想說，由於與 7 納米相關的其他一些動態，我們可能會在 5 納米節點上看到更多的活動。

Okay.

好的。

Maybe -- my follow-up question is on the China strength that you guys expect in the second half.

也許——我的後續問題是關於你們對下半場中國隊的期望。

It seems like you guys talk about the DRAM project being pulled in.

看來你們都在談論 DRAM 項目被拉進來的事。

But my understanding is that -- is that true that a lot of that revenue you have already seen it because it seems like they have gone -- most of those customers have gone past initial yield improvement stage.

但我的理解是——你確實已經看到了很多收入，因為看起來它們已經消失了——大多數客戶已經過了最初的產量提高階段。

And from here on out, it's more a -- on a production level type of run rate?

從現在開始，它更多的是——生產級別類型的運行率？

Well, like I said.

嗯，就像我說的。

I mean there is some puts and takes in the overall level of business in China.

我的意思是，中國的整體商業水平存在一些變化。

I think it's slightly better than what we thought before, but there is some rationalization of wafer capacity that's happening likely as well.

我認為這比我們之前想像的要好一些，但晶圓產能也可能會出現一些合理化。

So while you do have some strength around this particular DRAM project, you do have some other moving parts.

因此，雖然您在這個特定的 DRAM 項目上確實有一些優勢，但您也確實有一些其他活動部件。

I think the way to think about this business is more about proving out technology road maps and then moving on to the next node.

我認為思考這個業務的方式更多的是證明技術路線圖，然後進入下一個節點。

So there's some amount of capacity that gets added, but then there is a lot of effort to progress down the technology road map.

因此，增加了一定的容量，但隨後需要付出大量努力才能沿著技術路線圖取得進展。

And because of that, we're seeing more engagement than you otherwise might because, yes, yields are slightly improving on the trailing node that they rapidly move the next nodes and then they are challenged again and need to upgrade certain parts of the toolset.

正因為如此，我們看到了比您更多的參與，因為，是的，尾隨節點的產量略有提高，他們快速移動下一個節點，然後他們再次面臨挑戰，需要升級工具集的某些部分。

So that's driving a more continuous level of business not just with this customer but with other customers.

因此，這不僅推動了與該客戶的業務，也推動了與其他客戶的業務的持續發展。

And you might see when you're at some node and then go ramp, it's a significant volume production as you see in one of the leading-edge memory fabs.

您可能會看到，當您處於某個節點然後開始加速時，正如您在領先的內存工廠之一中看到的那樣，這是一個巨大的批量生產。

It's a little different behavior, smaller fabs and more of a focus on trying to move down the technology curve than just ramping a lot of capacity.

這是一種有點不同的行為，更小的晶圓廠，更注重嘗試降低技術曲線，而不僅僅是增加大量產能。

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

（操作員說明）您的下一個問題來自 Patrick Ho 和 Stifel 的線路。

This is Brian Chin on for Patrick.

我是帕特里克的布萊恩·欽 (Brian Chin)。

Maybe a few questions on the PCB and flat panel markets.

也許有一些關於 PCB 和平板市場的問題。

PCB first.

首先是PCB。

The overlay at Huawei might also cloud things a little bit here.

華為的覆蓋也可能會讓事情變得有點模糊。

But of the major smartphone ecosystems, it sounds like China has been the laggard in terms of adoption of tighter line and space SLP and mSAP manufacturing.

但在主要的智能手機生態系統中，中國在採用更緊湊的線路和空間 SLP 和 mSAP 製造方面似乎一直落後。

So have you begun to see the China leader -- or leaders begin to adopt the Orbotech -- or now KLA -- imaging products this year or are we still earlier on this adoption curve for them as we -- and maybe you'll see that more as we move into next year?

那麼，您今年是否開始看到中國的領導者 - 或者領導者開始採用 Orbotech - 或現在的 KLA - 成像產品，或者我們是否仍處於他們的採用曲線的早期 - 也許您會看到當我們進入明年時還會更多嗎？

Yes.

是的。

Still not yet.

還沒有。

I think we do expect that, to see that.

我想我們確實期望看到這一點。

And the current expectation is, as you say, it's probably next year, probably the third guys to do that.

正如你所說，目前的期望是，可能是明年，可能是第三個這樣做的人。

Okay, that's helpful.

好的，這很有幫助。

And then maybe pivoting to flap panel.

然後可能會旋轉到襟翼面板。

From an early planning perspective, obviously, a weak spending year -- environment this year.

從早期規劃的角度來看，顯然，今年的消費環境疲軟。

But do you see any lead indicators, early indicators through your product lines like the AOI tool that suggests we could see a meaningful pickup in the spending environment from next year and if you do, does this increase the urgency to pull in some of the cost synergies relative to that 20 -- 12- to 24-month horizon.

但是，您是否看到了任何領先指標，您的產品線的早期指標（例如AOI 工具）表明我們可以看到從明年開始支出環境將出現有意義的回升，如果您看到了，這是否會增加減少部分成本的緊迫性相對於 20、12 至 24 個月的協同效應。

We don't -- it's too early for us right now to see 2020 picking up.

我們不認為——現在預測 2020 年的複蘇還為時過早。

I do think we had some marginal improvement off of the bottom.

我確實認為我們比底部有了一些邊際改善。

But I would say that it's probably later than that and to your point, we are actively working some of the synergy programs there.

但我想說，這可能會晚一些，就你的觀點而言，我們正在積極開展一些協同項目。

We have a follow-up question from Harlan Sur with JPMorgan.

我們有來自摩根大通的 Harlan Sur 的後續問題。

On the strong adoption of the Gen 5 wafer inspection platform, this -- I think it was originally targeted for sub-7 nanometer nodes.

關於第五代晶圓檢測平台的廣泛採用，我認為它最初是針對 7 納米以下節點的。

However, we keep hearing that customers are adopting Gen 5 for yield improvement even at some of the older nodes and we also hear that Gen 5 is being adopted earlier by the memory guys and then you also have EUV print check as another use case.

然而，我們不斷聽說客戶正在採用Gen 5 來提高良率，即使在一些較舊的節點上也是如此，我們還聽說Gen 5 已被內存專家較早採用，然後您還可以將EUV 打印檢查作為另一個用例。

So how much of these types of buyers are driving the strength in shipments this year versus the real leading-edge development activities?

那麼，與真正的前沿開發活動相比，這些類型的買家中有多少在推動今年的出貨量增長呢？

We haven't thought about it in those terms.

我們還沒有從這些方面考慮過。

I'd probably say half and half though.

我可能會說一半一半。

I mean if I thought about it, it's broad use in development.

我的意思是，如果我考慮一下，它在開發中有著廣泛的用途。

I think what happens -- and especially since we make improvements to it and drive the productivity of the tool up, then it starts to be competitive in terms of cost of ownership with some applications for Gen 4. But a lot of this, as you might imagine, the discovery aspect of a new product is you're not really sure what it's going to find and what value it's going to create.

我認為會發生什麼 - 特別是因為我們對其進行了改進並提高了工具的生產率，然後它在擁有成本方面開始與第四代的某些應用程序具有競爭力。但是很多這樣的事情，當你您可能會想像，新產品的發現方面是您不確定它將發現什麼以及它將創造什麼價值。

So now what we're seeing is significant value as you say even in some maybe more traditional places.

所以現在我們看到的是正如你所說的巨大的價值，即使在一些可能更傳統的地方也是如此。

And frankly, what we originally expected was in some places people might have tried to deploy e-beam inspection.

坦白說，我們最初的預期是在某些地方人們可能會嘗試部署電子束檢查。

They get away from that by leveraging the much higher throughput of the optical platform.

他們通過利用光學平台更高的吞吐量來解決這個問題。

So we kind of see it broadening and feel very good.

所以我們看到它在擴大並且感覺非常好。

It took us a little while, but we feel very good about the progress there.

我們花了一些時間，但我們對那裡的進展感到非常滿意。

I think as customers are seeing more and more demand, more and more activity in these other nodes too that, that's driving more yield challenges and so now the tool is faster and so the debugging challenges they're having at -- even at prior nodes now using the Gen 5 capability.

我認為，隨著客戶看到越來越多的需求，這些其他節點中的活動也越來越多，這帶來了更多的良率挑戰，因此現在該工具更快，因此他們面臨的調試挑戰- 即使在先前的節點上現在使用 Gen 5 功能。

To Rick's point, you have a whole bunch -- whole lot of headroom add that enables customers to use that tool for full wafer coverage type by yield analysis that didn't exist without the Gen 5 product line out there.

就 Rick 的觀點而言，您擁有大量的餘量，使客戶能夠使用該工具通過良率分析進行完整的晶圓覆蓋類型，而如果沒有第五代產品線，這種工具是不存在的。

So given the demand there and how much activity's happening across new designs at those nodes, you're seeing more debugging that's happening there as well.

因此，考慮到那裡的需求以及這些節點上新設計發生的活動數量，您也會看到那裡發生了更多的調試。

So just one last dynamic.

所以這只是最後一個動態。

I think you may know but what a lot of customers do is it takes them a while to prove out the capability of a tool before they release it even internally for broad use.

我想您可能知道，但許多客戶所做的是，他們需要一段時間來證明工具的功能，然後才能在內部發布該工具以供廣泛使用。

And so what we've seen in the last couple of quarters is we've kind of broken through at some critical places where they have broader ability now to deploy outside of the first people who're just evaluating it.

因此，我們在過去幾個季度中看到的是，我們在一些關鍵領域取得了突破，他們現在擁有更廣泛的能力，可以在第一批剛剛評估它的人之外進行部署。

So that really opens up a number of use cases, and hence, the significant progress in Gen 5.

因此，這確實開闢了許多用例，因此，第 5 代取得了重大進展。

Thank you, Harlan.

謝謝你，哈蘭。

That's all the time we have for today's call.

這就是我們今天電話會議的全部時間。

Jerome, if you would conclude the call with the final commentary?

杰羅姆（Jerome），您能否以最後的評論來結束這次電話會議？

Thank you for joining KLA Corporation Second Quarter 2019 Earnings Conference Call.

感謝您參加 KLA Corporation 2019 年第二季度收益電話會議。

You may now disconnect.

您現在可以斷開連接。