科磊 (KLAC) 2022 Q4 法說會逐字稿

Good afternoon. My name is Leo, and I will be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation June Quarter 2022 Earnings Conference Call and Webcast. (Operator Instructions) I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead.

午安.我叫Leo，今天我將擔任你們的會議主持人。現在，我歡迎大家參加KLA Corporation 2022年6月季度收益電話會議和網路直播。 （接線員指示）現在，我將把電話交給投資者關係和市場分析副總裁Kevin Kessel。請開始。

Thank you, and welcome to KLA's Fiscal Q4 2022 Quarterly Earnings Call to discuss the results of the June quarter and the outlook for the September quarter.

謝謝，歡迎參加 KLA 2022 財年第四季季度財報電話會議，討論 6 月季度的業績和 9 月季度的展望。

Joining me today is Rick Wallace, our Chief Executive Officer; and Bren Higgins, our Chief Financial Officer. During this call, we will discuss our results released today after the market close. You can find the press release, shareholder letter, slide deck and infographic on the KLA IR section of our website. Today's discussion is presented on a non-GAAP financial basis unless otherwise specified. Whenever references are made to full year business performance, they are calendar year references.

今天與我一同出席的還有我們的執行長 Rick Wallace 和財務長 Bren Higgins。在本次電話會議上，我們將討論今天收盤後發布的業績。您可以在我們網站的 KLA IR 板塊找到新聞稿、股東信、幻燈片和資訊圖表。除非另有說明，今天的討論均以非公認會計準則 (GAAP) 財務數據為基礎。凡提及全年業績，均指自然年度業績。

A detailed reconciliation of GAAP to non-GAAP results is in the earnings materials posted on our website. Our IR website also contains future investor events as well as presentations, corporate governance information and links to our SEC filings, including our most recent annual report and quarterly reports on Forms 10-K and 10-Q.

我們網站上發布的收益資料中詳細列出了 GAAP 和非 GAAP 業績的對帳。我們的投資者關係網站還包含未來投資者活動、簡報、公司治理資訊以及我們向美國證券交易委員會 (SEC) 提交的文件鏈接，包括我們最新的年度報告以及 10-K 和 10-Q 表季度報告。

Our comments today are subject to risks and uncertainties reflected in the risk factor disclosure in our SEC filings. 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. Our actual results may differ significantly from those projected in our forward-looking statements.

我們今天的評論受我們提交給美國證券交易委員會 (SEC) 的文件中風險因素揭露所反映的風險和不確定性的影響。任何前瞻性陳述，包括我們今天在電話會議上所做的陳述，均受這些風險的影響，KLA 無法保證這些前瞻性陳述一定會實現。我們的實際結果可能與前瞻性陳述中的預測有顯著差異。

Our CEO, Rick Wallace will begin the call with some brief comments in our recent June quarter results before discussing our view of the semiconductor industry demand environment and then a few June quarter highlights. Bren Higgins, our CFO, will conclude with some additional financial highlights from the quarter as well as our outlook and guidance.

我們的執行長 Rick Wallace 將在電話會議開始時簡要回顧我們近期六月季度的業績，然後討論我們對半導體行業需求環境的看法，並介紹六月季度的一些亮點。我們的財務長 Bren Higgins 將在電話會議最後介紹本季的一些財務亮點以及我們的展望和指引。

I'd like to now turn the call over to our CEO, Rick Wallace. Rick?

現在我想將電話轉給我們的執行長 Rick Wallace。 Rick？

Thank you all for joining us today. I'd like to begin with a few comments about the quarter. First, KLA continues to benefit from multiple growth drivers reflected in our June quarter results. Specifically for this quarter, our revenue of $2.5 billion was at the top end of our guidance range and up 29% year-over-year and 9% sequentially.

感謝各位今天的到來。首先，我想就本季發表幾點評論。首先，KLA 繼續受益於我們 6 月季度業績中體現的多種成長動力。具體來說，本季我們的營收為 25 億美元，處於我們預期範圍的上限，年增 29%，季增 9%。

GAAP EPS was $5.40 and non-GAAP EPS was $5.81, both at the top end of our guidance range. The talented global teams at KLA have remained focused on responding to evolving customer needs and strategically navigating supply chain challenges. They are steadfast in their commitment to creating value for our customers, partners and shareholders.

GAAP 每股收益為 5.40 美元，非 GAAP 每股收益為 5.81 美元，均為我們預期範圍的上限。 KLA 的優秀全球團隊始終專注於回應不斷變化的客戶需求，並策略性地應對供應鏈挑戰。他們堅定不移地致力於為我們的客戶、合作夥伴和股東創造價值。

Our teams continue to follow the KLA operating model as a guide to meet our challenges and benefit from the opportunities of an evolving market. Driving this performance, strong customer demand across major product groups, macroeconomic uncertainty and the resulting effects of consumer demand are areas we are monitoring closely.

我們的團隊將繼續以 KLA 營運模式為指導，應對挑戰，並從不斷變化的市場機會中獲益。推動這一業績成長的因素包括主要產品類別的強勁客戶需求、宏觀經濟的不確定性以及由此產生的消費者需求影響，這些都是我們密切關注的領域。

Our customers have indicated some end markets, specifically PCs and mobile devices have softened over the past few months, and we have seen memory pricing in both segments weakened. While we have elevated concerns, we continue to see strong demand beyond our ability to supply from our customers with no material change in our shipment profile beyond the normal facility readiness issues and customers aligning tool deliveries with their production.

我們的客戶表示，過去幾個月，一些終端市場，尤其是個人電腦和行動裝置市場表現疲軟，這兩個細分市場的記憶體價格也出現下滑。儘管我們對此有所擔憂，但我們仍然看到客戶需求強勁，超越了我們的供應能力。除了正常的設施準備情況以及客戶根據生產情況調整工具交付之外，我們的出貨情況並沒有發生重大變化。

In assessing the full CY '22 WFE outlook, we have evaluated the persistent supply chain challenges and recently announced CapEx adjustment in the memory category. With this in mind, KLA's outlook for WFE growth in '22 has tempered. Bren will expand more on the details when he discusses the outlook.

在評估2022年WFE（晶圓代工）的整體前景時，我們評估了持續存在的供應鏈挑戰以及近期宣布的記憶體產品類別的資本支出調整。考慮到這些因素，KLA對2022年WFE成長的預期有所下調。 Bren將在討論前景時更詳細地闡述。

We still see high single-digit WFE growth in calendar '22 and are confident in our ability to deliver relative WFE outperformance. We have supply chain challenges abate. This would be an additional upside. Process control is one of the fastest-growing segments of the overall WFE market. And as the market leader, KLA is in an inevitable position that fits the current demand landscape.

我們預計2022年WFE仍將維持較高的個位數成長，並且有信心我們能夠實現WFE的相對優異表現。我們的供應鏈挑戰正在減弱。這將是一個額外的優勢。過程控制是整個WFE市場成長最快的領域之一。身為市場領導者，KLA佔據著一個與當前需求格局相符的有利地位。

We see continued investment in technology at the leading edge and increased demand for legacy nodes. We also see growth in technology categories, including Advanced Packaging. These factors all support steady long-term growth for the WFE category.

我們看到，前沿技術投資持續成長，傳統製程節點需求也不斷成長。我們也看到包括先進封裝在內的技術類別有所成長。這些因素都支持WFE類別實現長期穩定的成長。

We attribute KLA's consistent and strengthening market leadership to our focus on investing in innovation at a high level to drive differentiation through a unique portfolio of products and technologies that address the most critical process control challenges.

我們認為 KLA 持續且不斷加強的市場領導地位源於我們專注於高水準的創新投資，透過獨特的產品和技術組合來推動差異化，以應對最關鍵的製程控制挑戰。

Our technologies help our customers drive their growth strategy. I'd like to now briefly summarize a few quarterly highlights. First, KLA continues to drive strong relative outperformance versus peers. In foundry/logic, simultaneous investment across multiple nodes remain a tailwind. In memory, even with some customers' investment signaled to slow, demand diversification remains strong across multiple other industries.

我們的技術助力客戶推動其成長策略。現在，我想簡要總結本季的幾個亮點。首先，KLA 持續保持強勁的業績，超越同業。在晶圓代工/邏輯晶片領域，跨多個節點的同時投資仍然是利多。在記憶體領域，即使一些客戶的投資出現放緩跡象，但其他多個行業的需求多元化仍然強勁。

Second, our Wafer Inspection business again delivered impressive results in the June quarter as revenues grew 20% sequentially and 49% year-over-year. Third, KLA delivered record quarterly revenue from our Electronics, Packaging and Components business in the June quarter. Fourth, the KLA Services business surpassed the $0.5 billion quarterly revenue level for the first time as revenue was $512 million, up 15% year-over-year.

其次，我們的晶圓檢測業務在6月當季再次取得驕人的業績，營收季增20%，年增49%。第三，KLA電子、封裝和組件業務在6月當季實現了創紀錄的季度收入。第四，KLA服務業務的季度營收首次突破5億美元，達到5.12億美元，年增15%。

Finally, the June quarter was another exceptional period from the perspective of free cash flow and capital returns. We generated quarterly free cash flow of $746 million, amounting to 23% (sic) [82%] year-over-year growth. We also announced a $6 billion share repurchase program and a 24% increase in our quarterly dividend level. Additionally, we increased our long-term targeted capital returns to 85% of free cash flow.

最後，從自由現金流和資本回報的角度來看，6月份季度是另一個非凡的時期。我們創造了7.46億美元的季度自由現金流，年增23%（原文如此，82%）。我們也宣布了一項60億美元的股票回購計劃，並將季度股利水準提高了24%。此外，我們將長期目標資本回報提高到了自由現金流的85%。

We remain focused on returning capital to shareholders versus -- via our dividend and stock repurchase programs. Also, this quarter, we introduced our new long-term revenue growth targets and financial model for 2026 at our June 16, 2022 Investor Day in New York City.

我們仍然專注於向股東返還資本，而不是透過股利和股票回購計畫。此外，本季度，我們在2022年6月16日於紐約舉行的投資者日上，發布了新的長期收入成長目標和2026年財務模型。

KLA's new 9% to 11% revenue growth objective through '26 features strong relative growth in each of our major business lines over that period. Our long-term model assumes a baseline semiconductor industry growth CAGR of 6% to 7% through 2026, with many forecasts today for the semiconductor market to exceed $1 trillion by 2030.

KLA 新的營收成長目標是到2026年實現9%至11%的成長，這反映了我們各主要業務線在此期間的強勁成長。我們的長期模型假設到2026年，半導體產業的複合年增長率將達到6%至7%，而目前許多預測認為，到2030年，半導體市場的規模將超過1兆美元。

In summary, KLA's June quarter results once again demonstrate sustainable outperformance. Our consistent execution against various challenges in the marketplace, both in terms of macroeconomic uncertainty and in addressing persistent supply chain issues, highlights the resiliency of the KLA operating model, the dedication of our global teams and our commitment to assertive capital allocation and delivering long-term value to our stakeholders.

總而言之，KLA 6月季度業績再次展現出可持續的卓越表現。我們始終如一地應對市場中的各種挑戰，無論是宏觀經濟不確定性，還是持續存在的供應鏈問題，都凸顯了 KLA 營運模式的韌性、我們全球團隊的敬業精神，以及我們對積極資本配置和為利益相關者創造長期價值的承諾。

Chief Financial Officer, Bren Higgins, will now go through our June quarter financial highlights and outlook. Bren?

財務長布倫希金斯 (Bren Higgins) 現在將介紹我們六月季度的財務亮點和展望。布倫？

Thank you, Rick. As Rick just said, KLA's June quarter results reinforce the success of our execution and strong market position. Revenue was near $2.5 billion. Non-GAAP gross margin was 62.4% and non-GAAP diluted EPS and GAAP EPS were $5.81 and $5.40, respectively.

謝謝你，里克。正如里克剛才所說，KLA 6月季的業績鞏固了我們成功的執行力和強大的市場地位。營收接近25億美元。非公認會計準則毛利率為62.4%，非公認會計準則稀釋每股盈餘和公認會計準則稀釋每股盈餘分別為5.81美元和5.40美元。

Non-GAAP operating expenses were $514 million, below our expectation of $525 million, mostly due to the timing of new employees joining versus our plan. In addition, we also realized a cost benefit from the strong U.S. dollar impact resulting from our global footprint.

非公認會計準則營運費用為5.14億美元，低於我們預期的5.25億美元，主要原因是新進員工入職時間與我們的計畫不符。此外，我們全球佈局帶來的強勁美元匯率也帶來了成本效益。

Total operating expenses comprised $297 million in R&D and $217 million in SG&A. Given the strong demand backdrop, rapid expansion over the last couple of years and our revenue expectations going forward, we expect to continue our important investment in our global infrastructure and systems to scale the leverageable KLA operating model to facilitate growth.

總營運支出包括2.97億美元的研發費用和2.17億美元的銷售、行政及行政管理費用。鑑於強勁的需求背景、過去幾年的快速擴張以及我們對未來的收入預期，我們預計將繼續對全球基礎設施和系統進行重要投資，以擴大可槓桿化的KLA營運模式，從而促進成長。

Our investments include new product development programs and volume-dependent resources to support our business expansion as we position the company to execute against our long-term structural growth thesis. As a result, we expect operating expenses to be approximately $530 million in the September quarter and we forecast quarterly operating expenses to continue to trend higher over the balance of 2022 to support our sequential revenue growth expectations.

我們的投資包括新產品開發項目和與產量相關的資源，以支持我們的業務擴張，同時確保公司能夠執行我們的長期結構性成長策略。因此，我們預計9月季度的營運費用約為5.3億美元，並預測2022年全年季度營運費用將繼續呈上升趨勢，以支持我們環比營收成長的預期。

We will size the company based on our target operating model, which delivers 40% to 50% incremental non-GAAP operating margin leverage on revenue growth over a normalized time horizon.

我們將根據目標營運模式確定公司規模，該模式在正常時間範圍內實現 40% 至 50% 的增量非 GAAP 營業利潤率槓桿，從而實現收入成長。

Non-GAAP operating margin was strong at 41.8%, almost 1 point higher than the guidance midpoint implied. Other income and expense, net, was $22 million, below guidance of $43 million, with the positive variance from guidance reflecting a gain on a strategic investment that was transacted in the quarter, offset by a recurring mark-to-market adjustment of a supply investment.

非公認會計準則下營業利益率強勁，達41.8%，比預期中位數高出近1個百分點。其他淨收入和支出為2200萬美元，低於預期的4300萬美元。與預期的正差異反映了本季一項策略性投資交易的收益，但被一項供應投資的經常性市價調整所抵消。

For the September quarter, we forecasted at approximately $75 million to reflect the impact of the new debt issuance. Quarterly effective tax rate was 14.8%, higher than the 13.5% guidance due principally to the equity market impact on deferred compensation programs. At the guided rate, non-GAAP earnings per share would have been $0.09 higher at $5.90.

我們預測9月當季的營業利潤約為7,500萬美元，以反映新債發行的影響。季度有效稅率為14.8%，高於13.5%的指引，主要原因是股市對遞延薪酬計畫的影響。以指引稅率計算，非公認會計準則每股收益將增加0.09美元，達5.90美元。

We continue to guide 13.5% as the long-term tax planning rate. Non-GAAP net income was $867 million. GAAP net income was $805 million. Cash flow from operations was $819 million, and free cash flow was $746 million, resulting in a free cash flow conversion of 86% and a free cash flow margin of 30%.

我們繼續將13.5%作為長期稅務規劃稅率。非公認會計準則淨利為8.67億美元。公認會計準則淨利為8.05億美元。經營活動現金流為8.19億美元，自由現金流為7.46億美元，自由現金流轉換率為86%，自由現金流利潤率為30%。

The breakdown of revenue by reportable segments and end markets and major products and regions can be found within the shareholder letter and slides. Moving to the balance sheet, where we saw a lot of activity this past quarter. KLA ended the quarter with $2.7 billion in total cash, debt of $6.7 billion and a flexible and attractive bond maturity profile supported by strong investment-grade ratings from all 3 agencies.

股東信和幻燈片中列出了按可報告部門、終端市場、主要產品和地區劃分的收入明細。再來看看資產負債表，我們發現上個季度資產負債表表現活躍。 KLA 本季末的現金總額為 27 億美元，債務為 67 億美元，債券期限靈活且具吸引力，並獲得了三個評級機構的強勁投資等級評級。

In June, S&P upgraded KLA 1 notch to A-, citing improved scale and outlook for further profitable growth. Later in June, we issued $3 billion in new debt and announced the completion of a tender offer for $500 million of senior notes due 2024. These actions reinforce that KLA maintains active and diligent oversight of our cost of capital, an awareness of the impact on shareholder value of the appropriate capital structure for our business and productive capital allocation.

6月，標準普爾將KLA的評級上調1個級距至A-，理由是其規模擴大且獲利成長前景看好。 6月下旬，我們發行了30億美元的新債，並宣布完成5億美元2024年到期優先票據的收購要約。這些舉措進一步表明，KLA對資本成本保持積極且審慎的監管，並意識到適合我們業務的資本結構以及高效的資本配置對股東價值的影響。

As demonstrated by the new calendar 2026 financial targets and the capital return actions announced at our recent Investor Day, KLA has confidence in our business over the long term and is committed to a consistent strategy of cash returns that includes both dividend growth and increasing share repurchases. Consistent with this, we increased our long-term capital returns target as mentioned earlier.

正如我們最近在投資者日宣布的2026年新財務目標和資本回報行動所表明的那樣，KLA對我們的長期業務充滿信心，並致力於持續的現金回報策略，包括股息成長和增加股票回購。與此相符的是，我們上調了長期資本回報目標，如前所述。

Over the last 12 months, KLA has returned $5.5 billion to shareholders, including $4.9 billion in share repurchases and $639 million in dividends paid. Turning to our outlook. We have adjusted our overall WFE outlook for calendar '22 to reflect persistent supply chain challenges that are [gating] shipments and revenue recognition for many of our peers.

在過去的12個月裡，KLA已向股東返還了55億美元，其中包括49億美元的股票回購和6.39億美元的股息。談到我們的展望。我們調整了2022年WFE的整體預期，以反映持續存在的供應鏈挑戰，這些挑戰正在限制我們許多同行的出貨量和收入確認。

We now expect the WFE market to grow in the high single digits to approximately $95 billion in 2022, off a baseline of roughly $87 billion in calendar 2021. This outlook reflects the continued broad-based strength of demand across customer segments. While we work hard to manage capacity at KLA and with our suppliers, supply chain shortages continue to constrain our ability to meet customer demand.

我們目前預計，WFE市場將在2022年實現高個位數成長，達到約950億美元，而2021年約為870億美元。這一預期反映了各客戶群持續廣泛的強勁需求。儘管我們努力管理KLA及供應商的產能，但供應鏈短缺問題仍限制我們滿足客戶需求的能力。

While our supplier engagement strategy that we discussed at our Investor Day has been validated through this cycle, supplier visibility remains challenging and has not improved over the past 3 months. As indicated in the last couple of quarters, we continue to expect sequential growth through this calendar year and expect KLA's total revenue growth to meet or exceed the low 20% range, with Semiconductor Process Control systems growing several points faster than the company average.

雖然我們在投資者日討論的供應商參與策略已在本週期得到驗證，但供應商可見度仍然具有挑戰性，並且在過去三個月中並未改善。正如過去幾個季度所表明的那樣，我們預計今年全年仍將保持環比增長，並預計KLA的總收入增長率將達到或超過20%的低位，其中半導體過程控制系統的增長率將比公司平均水平高出幾個百分點。

Finally, we expect demand to continue exceeding supply during the calendar year's second half. KLA is in a position to deliver another year of sustainable outperformance in our Semi PC business, which should translate to strong relative growth overall.

最後，我們預計今年下半年需求將持續超過供應。 KLA 半導體業務預計再創輝煌，持續保持優異表現，這將轉化為整體強勁的相對成長。

Looking ahead, as indicated earlier, we're concerned with the macroeconomic environment and how it may affect the demand for our customers' products and their capacity plans as we move into calendar 2023. To date, the pressure from customers to deliver remains high and is driving our expectations for sequential growth through calendar 2022.

展望未來，如前所述，我們關注宏觀經濟環境，以及在進入 2023 年時它可能如何影響我們客戶產品的需求及其產能計劃。到目前為止，來自客戶的交付壓力仍然很高，並推動著我們對 2022 年連續成長的預期。

We're encouraged by the diversification and sustainability of our current demand profile and the company's operational execution. We are strategically adding capacity across our global manufacturing footprint to support our customers' growing process control requirements, our near-term outlook and our long-term through-cycle growth thesis.

我們對當前需求狀況的多元化和可持續性以及公司的營運執行力感到鼓舞。我們正在策略性地擴大全球製造業務的產能，以支援客戶日益增長的製程控制需求、我們的短期前景以及我們長期的全週期成長目標。

Our September quarter guidance is as follows: Total revenue is expected to be in the range of $2.6 billion, plus or minus $125 million. Foundry/logic is forecasted to be approximately 64%, and memory is expected to be around 36% of Semi PC systems revenue. In memory, DRAM is expected to be about 40% of the segment mix and NAND, 60%.

我們對九月季度的預期如下：預計總收入在26億美元左右，上下浮動1.25億美元。晶圓代工/邏輯晶片預計佔半導體系統收入的64%左右，記憶體預計佔36%左右。在記憶體領域，DRAM預計佔比約40%，NAND預計佔比約60%。

We forecast non-GAAP gross margin to be in a range of 62% to 64%. Finally, GAAP diluted EPS is expected to be in a range of $5.28 to $6.38 and non-GAAP diluted EPS in a range of $5.70 to $6.80. The EPS guidance is based on a fully diluted share count of approximately 143 million shares.

我們預測非公認會計準則 (Non-GAAP) 毛利率將在 62% 至 64% 之間。最終，預計 GAAP 稀釋每股收益將在 5.28 美元至 6.38 美元之間，非 GAAP 稀釋每股收益將在 5.70 美元至 6.80 美元之間。該每股收益指引基於約 1.43 億股完全稀釋股份。

In conclusion, despite the macro and supply chain headwinds, we see the secular trends driving semiconductor growth and investments in WFE as both durable and compelling over the long run. Broad-based customer demand and simultaneous investments supporting growing semiconductor content across technology nodes remains important trends in our industry.

總而言之，儘管宏觀經濟和供應鏈面臨阻力，但我們認為，推動半導體成長和WFE投資的長期趨勢將具有持久性和吸引力。廣泛的客戶需求和同步投資支援跨技術節點不斷增長的半導體內容，仍然是我們行業的重要趨勢。

These are long-term secular growth drivers for the industry as technology investment and the resumption of scaling reflects the value that semiconductors and our industry have in lowering our cost for our customers and enabling a broader application universe for semiconductor-based technology across multiple end markets.

這些是該行業長期的長期成長動力，因為技術投資和恢復擴展反映了半導體和我們的行業在降低客戶成本以及在多個終端市場為基於半導體的技術提供更廣泛的應用範圍方面的價值。

When it comes to KLA, considering our track record of execution and the power of our portfolio, we have confidence in our ability to continue to deliver sustainable outperformance throughout changing economic periods. As we look at the leading indicators for our business, including our backlog and sales funnel visibility, we continue to invest in expanding our business infrastructure and the required capabilities to support our outlook and maintain our product development investments to enable industry growth and support our customers' multiyear investment plans. This provides an element of stability that shores up our confidence in the demand outlook for the future.

就KLA而言，鑑於我們以往的執行記錄和強大的產品組合，我們有信心在不斷變化的經濟時期繼續保持卓越的表現。我們專注於業務的領先指標，包括積壓訂單和銷售漏斗的可視性，並持續投資於擴展業務基礎設施和所需能力，以支持我們的前景，並維持產品開發投資，從而促進行業增長並支持客戶的多年期投資計劃。這為我們提供了穩定性，增強了我們對未來需求前景的信心。

These factors, combined with the KLA operating model that guides our execution, position us to continue outperforming our industry as we execute our strategic objectives. These objectives fuel our growth, reliable operational excellence and differentiation across an increasingly diverse product and service offering. They are also the foundation of our sustained technology leadership, wide competitive [moat], industry-leading financial performance, long-standing track record of robust free cash flow generation and consistent and growing capital returns to shareholders.

這些因素，加上指導我們執行的 KLA 營運模式，使我們在執行策略目標的過程中能夠繼續超越產業。這些目標推動著我們的成長、可靠的卓越營運以及日益多樣化的產品和服務的差異化。它們也是我們持續技術領先、廣泛的競爭護城河、行業領先的財務業績、長期強勁的自由現金流創造記錄以及持續增長的股東資本回報的基礎。

That concludes our prepared remarks. I'll turn the call back over to Kevin to begin the Q&A. Kevin?

我們的準備好的演講到此結束。我將把電話轉回給凱文，開始問答環節。凱文？

Thank you, Bren. We are ready to queue for questions.

謝謝Bren。我們準備好排隊提問了。

(Operator Instructions) We'll take our first question from Harlan Sur of JPMorgan.

（操作員指示）我們將回答摩根大通的 Harlan Sur 提出的第一個問題。

Congratulations on the solid results and quarterly execution. You guys lead times are quite long, where you guys have good visibility into next year. And I think even into, in some cases, 2024, you highlighted some of the demand headwinds in your prepared remarks and also maybe some of the early signals from your customers on there's sort of conservative CapEx spending plans going forward.

恭喜你們取得了穩健的業績和季度執行力。你們的交付週期很長，對明年的業績有很好的預見性。我認為，即使到了2024年，在某些情況下，你們在準備好的發言中也強調了一些需求逆風，或許還提到了客戶發出的一些早期信號，表明未來的資本支出計劃會比較保守。

I know you're not seeing anything meaningful in terms of near to midterm shipment plans, but given your customers are all booking into next year, have you guys seen any changes in longer-term orders as a result of your customers' increasingly negative views on demand for next year?

我知道你們在近期和中期的出貨計劃方面沒有看到任何有意義的變化，但考慮到你們的客戶都預訂了明年的訂單，由於你們的客戶對明年的需求越來越負面的看法，你們是否看到長期訂單有任何變化？

Yes. Harlan, thanks for the comments and the question. I would say that certainly in the near term, we've seen no changes from our customers. In fact, the pressure is as high today as it was 3 months ago. And our adjustments to the near-term WFE were really related to some of the challenges that a lot of our peer companies are facing in terms of their ability to either ship tools or recognize revenue, and that would have an impact on WFE given the expectations for the second half -- in terms of growth in the second half versus the first half.

是的。 Harlan，感謝您的評論和提問。我想說的是，短期內，我們確實沒有看到客戶有任何變化。事實上，今天的壓力和三個月前一樣大。我們對近期WFE的調整實際上與許多同行公司在工具發貨或收入確認能力方面面臨的一些挑戰有關，考慮到對下半年的預期——就下半年相對於上半年的增長而言——這將對WFE產生影響。

It's too early for us to call '23. Certainly, we're monitoring what we see there. As we think about our planning and as we move into -- as we move outside of this year from -- at least from where we sit today, we see a sustainability in our output levels as we move into the first part of '23.

現在就斷言2023年還為時過早。當然，我們正在密切關注事態發展。隨著我們思考規劃，隨著我們進入——至少從我們目前的處境來看——至少從我們目前的處境來看，我們預計在2023年上半年，我們的產出水準將保持可持續性。

Now we'll have to watch and see what our customers end up doing and particularly some of the challenges in the memory space and what that might mean. But at least from where we sit today, we see no real churn in the backlog and in expectations in terms of delivery timing.

現在我們必須觀察客戶最終會做什麼，尤其是記憶體領域面臨的一些挑戰以及這可能意味著什麼。但至少從目前的情況來看，積壓訂單和交貨時間預期方面並沒有真正的波動。

Yes, even to add to that, Harlan, one of the things we have seen because obviously, we've been talking with customers recently and they're -- they know we're aware of some of the talk is that they're telling us basically 2 things. One, keep our slots. And two, if somebody else's spot opens up, could you please give it to us. So what we're seeing for process control feel like we're probably a little bit in a different position than the process players are.

是的，Harlan，除此之外，我們最近一直在與客戶溝通，他們也知道我們注意到了一些事情，他們基本上告訴我們兩件事。第一，保留我們的席位。第二，如果其他人的席位空出來了，能否請你們給我們。所以，就流程控製而言，我們可能與流程參與者的處境略有不同。

Great. And in the event of WFE decline next year, you've got several positive buffers, right? And I feel like one of the biggest ones is that your Services business historically does not decline during downturn. So like if I look back over the past 20 years, I think there's only been 1 year that your Services business has been down. And then more near term, I think over the past 4 downturns, the KLA team has actually grown its Services business in all 4 of those downturns.

太好了。如果明年WFE（工作機會成本）下降，你們還有幾個積極的緩衝，對吧？我覺得其中最重要的一點是，你們的服務業務在經濟低迷時期歷來都不會下滑。所以，如果回顧過去20年，我認為只有一年你們的服務業務下滑了。就短期而言，我認為在過去四次經濟衰退中，KLA團隊的服務業務實際上都實現了成長。

So outside of the stable annuity-like subscription service contracts, and I know you guys talked about expansion on services opportunities on legacy nodes like -- what else has allowed the team to grow its Services business in periods where WFE spending is weak? And what's the historical track record on the EPC Services business during downturns?

那麼，除了穩定的年金式訂閱服務合約之外，我知道你們也談到了在傳統節點上擴展服務機會，例如在WFE支出疲軟的時期，還有什麼能讓團隊實現服務業務的成長？在經濟低迷時期，EPC服務業務的歷史記錄如何？

So kind of 2 questions you threw in the EPC, one at the end. Let me start with the process control one. Often what we've seen historically in downturn is customers still want to get productivity. And one of the ways they do that as they focus heavily on yield improvement and process stability. So we actually see utilization stay high on the services in order to keep the tools capable. And sometimes they'll actually deploy some of their limited budget toward upgrading the installed base.

所以您在EPC會議上提出了兩個問題，其中一個在最後。我先從製程控制開始。從歷史上看，在經濟低迷時期，客戶通常仍然希望提高生產力。他們這樣做的方法之一是高度重視良率的提升和製程的穩定性。因此，我們實際上看到服務利用率保持在高位，以保持設備的效能。有時，他們實際上會將有限的預算中的一部分用於升級現有設備。

In terms of EPC, obviously, we've not really been through a cycle with that. So it's a little bit secondhand knowledge. But it depends on the segment that they're in, in terms of -- but as you know, as a percent of our overall business, that will not change the dynamic that we see overall for our Services business -- should we hit some headwinds going into next year.

就EPC而言，顯然我們還沒有真正經歷過這樣的週期。所以這多少有點二手知識。但這取決於他們所在的細分市場——但正如你所知，占我們整體業務的百分比——即使明年我們遇到一些阻力，這也不會改變我們服務業務的整體動態。

The only other thing I'd add, Harlan, is that we're seeing investment across multiple nodes. And so from a leading edge point of view, certainly, the complexity of the tools that are going in to support those markets, the drivers of those markets particularly around data center and high-performance compute will drive our customers to -- given how they buy process control to want to keep these tools up and use them as they're trying to navigate through these technology transitions.

哈蘭，我唯一想補充的是，我們看到了跨多個節點的投資。因此，從尖端技術的角度來看，支援這些市場的工具的複雜性，以及這些市場的驅動因素，尤其是在資料中心和高效能運算領域，將促使我們的客戶——考慮到他們購買流程控制的方式，希望保持這些工具的正常運行，並在他們試圖應對這些技術轉型時使用它們。

And so that's an important aspect of the value that we add. So even if they're pulling back on some of the capacity investments they might be making, they're still investing in R&D and ramping facilities. And the wafer start goals within a particular time frame may just change.

這是我們增值的一個重要面向。即使他們正在削減部分產能投資，他們仍在投資研發和提升產能。特定時間範圍內的晶圓投產目標可能會改變。

If you think about within memory or even within some of the trailing edge areas, those areas are areas where process control intensity tends to be a little bit lower. And so I think just in terms of how we see the investment play out, those are areas that we're less exposed (inaudible) don't think that they would impact the business to the degree that they might impact other more capacity-centric players.

如果你考慮記憶體領域，或甚至一些後緣領域，這些領域的工藝控制強度往往較低。因此，我認為就我們的投資情況而言，這些領域我們曝光度較低（聽不清楚），我認為它們對業務的影響不會像對其他更注重容量的廠商那麼嚴重。

Our next question comes from Krish Sankar of Cowen.

我們的下一個問題來自 Cowen 的 Krish Sankar。

This is Bob Mertens on for Krish. My first question was just around if you could provide any color on a potential impact to the business in terms of shipments to China, if there were any sort of restrictions what this might look like, whether (inaudible) sub-14-nanometer shipments, just sort of how you're thinking about that? And then I have 1 follow-up.

Krish，我是 Bob Mertens。我的第一個問題是，您能否具體說明一下，如果出現任何限制，對中國出貨量的潛在影響，例如（聽不清楚）14 奈米以下的出貨量，您對此有何看法？然後我還有一個後續問題。

Well, specific to that question. And of course, there was some -- I know some of our peers have gotten this question as well. But we did receive a notification from the U.S. government about new licensing requirements for China related to sub-14-nanometer development and production.

嗯，具體到這個問題。當然，我知道我們的一些同行也遇到過這個問題。但我們確實收到了美國政府的通知，關於針對中國14奈米以下製程開發和生產的新許可要求。

Of course, we'll continue to engage with the government and have an active dialogue and we'll fully comply with all applicable laws in guidance here. I would say that given the lead time and timing unpredictability of new licenses, that this has no effect on our guidance for the upcoming quarter or our comments on the remainder of '22.

當然，我們將繼續與政府保持積極溝通，並完全遵守本指南中所有適用的法律。我想說，鑑於新許可證的審批週期和時間不確定性，這不會影響我們對下一季的業績指引或2022年剩餘時間的展望。

And I would say, as I look at the funnel over the next 12 months, given where investment is happening and what we expect, we don't see any material impact to our business from this new requirement. So I don't want to speculate on what else could happen. But based on what we know today and what we've been asked, that's mostly what I have to say about the topic.

我想說的是，考慮到未來12個月的投資方向和我們的預期，我認為這項新要求不會對我們的業務造成任何實質影響。所以我不想猜測接下來會發生什麼。但根據我們目前掌握的資訊以及我們收到的詢問，關於這個主題，我基本上可以這麼說。

Okay. That's helpful. And then just real quick, have you provided in the past, the breakdown between domestic and international shipments to China? if I remember correctly, maybe you mentioned domestic customers were more skewed towards smaller foundry players. Is that a fair assumption?

好的。這很有幫助。然後我想問一下，您過去有沒有提供中國國內和國際出貨量的明細？如果我沒記錯的話，您之前提到國內客戶更傾向於選擇規模較小的代工廠。這個假設合理嗎？

Yes. That's still true. The multinational activity in China is more mature. And so most of our business is in China, it tends to be native China as it relates to Semiconductor Process Control. So within Semiconductor Process Control systems, about 25% or so of our shipments are to China.

是的，情況依然如此。跨國公司在中國的業務更加成熟。因此，我們的業務大多在中國，在半導體製程控制領域，業務往往集中在中國本土。因此，在半導體製程控制系統領域，我們大約25%的出貨量銷往中國。

And now overall, for the whole company (inaudible) service and you include other parts of the company and EPC and so on, you end up closer to -- in this last quarter, it was 29%. Most -- so most of the business is there and most of it is across multiple projects. There's a lot of projects. They tend to be more foundry/logic. You also have investment in infrastructure related to reticle infrastructure and wafer infrastructure. And so there's investments that are happening there, and we have products that serve those parts of the market as well.

現在總體而言，就整個公司（聽不清楚）服務而言，包括公司其他部門、EPC 等等，最終佔比接近——上個季度是 29%。大部分業務都在那裡，而且大部分業務涉及多個項目。有很多項目。它們往往更側重於代工/邏輯晶片。此外，我們還在與光罩基礎設施和晶圓基礎設施相關的基礎設施方面進行了投資。所以，這些方面正在進行投資，我們的產品也服務這些市場領域。

Our next question comes from Joe Quatrochi of Wells Fargo.

下一個問題來自富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

I was wondering if you -- Bren, if you go through kind of the puts and takes on gross margin this quarter and how we should think about cost pass-through this quarter and what's embedded in the guidance?

我想知道你——布倫，你是否考慮過本季毛利率的變化，以及我們應該如何考慮本季的成本轉嫁，以及指導中包含了什麼內容？

Yes, it pretty much played out the way we expected. We had more EPC revenue quarter-to-quarter as we had a record quarter in EPC, and that was a little dilutive from a mix point of view. Certainly, the challenges related to supply chain and what that means in terms of factory efficiency is also a bit of a drag on our margins. But we had modeled that in for the most part.

是的，事情基本上符合我們的預期。由於本季EPC業務創下了歷史新高，我們的EPC收入環比有所增長，從綜合來看，這在一定程度上稀釋了我們的利潤。當然，與供應鏈相關的挑戰以及這對工廠效率的影響也對我們的利潤率造成了一定程度的拖累。但我們基本上已經將這一因素考慮在內了。

And I think the guidance midpoint was 62.5%, and we were at 62.4%. So pretty much as we had expected. As we look at the September quarter, most of the growth is coming from our -- in fact, all the growth and then a little bit because I would expect EPC to be down some quarter-on-quarter, it is coming from Semi PC, it's a richer mix.

我認為指導中點是62.5%，而我們的實際成長率是62.4%。所以和我們預期的差不多。回顧9月季度，大部分成長都來自我們的業務——事實上，所有的成長都來自我們。此外，由於我預計EPC環比會下降，所以有一點增長來自半導體PC，這是一個更豐富的組合。

And so we'll see that go up about 50 basis points or so at the midpoint. We are seeing pressure from cost increase, both in terms of parts but also in terms of freight and logistics and I think that's taking away some of the -- what you would expect to see in terms of incremental leverage in an expanding revenue environment like we're in. So it's offsetting some of those benefits. But at the end of the day, we felt like we'd be operating somewhere around 63% through this year, and that's been the guidance I've been giving and we're, for the most part, in line with that.

因此，我們會看到該比率在中點上升約50個基點。我們正面臨成本上漲的壓力，既包括零件成本，也包括運費和物流成本。我認為這會抵消一些——在我們目前這種收入不斷增長的環境下，你預期會看到的增量槓桿。所以，這抵消了部分收益。但最終，我們預計今年的營運效率將在63%左右，這是我一直以來給予的指導，而且我們基本上也符合這個目標。

That's very helpful. And then maybe I missed it, but what was the mix of DRAM versus NAND for this quarter? I know you did it for the September quarter guide.

這很有幫助。我可能漏掉了，本季DRAM和NAND的配置比例是多少？我知道你們在9月份的季度指南中提到了這一點。

Yes. So 45% was memory, and the mix was 2/3 DRAM.

是的。所以 45% 是內存，混合比例是 2/3 的 DRAM。

Our next question is from Patrick Ho of Stifel.

我們的下一個問題來自 Stifel 的 Patrick Ho。

Congrats on the nice quarter. Maybe first off, in terms of leading edge versus trailing edge foundry/logic, obviously, I think a lot of your leading edge customers are still powering through with their investment plan. It's more the question of timing of when they can get tools.

恭喜您本季取得如此佳績。首先，關於前沿與後沿代工/邏輯晶片，我認為您的許多前沿客戶仍在積極推進他們的投資計劃。現在更多的是他們何時能獲得工具的問題。

Can you characterize what you're seeing on the trailing edge given that there's a lot of noise around that. Have you seen any changes in that marketplace? Or are investment plans for that device marketplace still on track on a going-forward basis?

鑑於目前市場存在許多噪音，您能否描述一下您在後市看到的情況？您是否看到該市場發生了一些變化？或者說，該設備市場的投資計畫是否仍在按計畫推進？

Sure. And yes, you're right. The leading edge guys are continuing, and we don't expect -- in our conversations with them, we don't expect any change in that. In terms of the trailing edge, it's not really been a big part of our business. And as we look forward, we're still struggling with demand -- with supply for some of them.

當然。是的，你說得對。前沿產品仍在繼續，我們和他們溝通後發現，我們預計這種情況不會有任何變化。至於後沿產品，它其實並不是我們業務的重心。展望未來，我們仍在努力應對需求——其中一些產品的供應也面臨困難。

And so actually, the conversations we've been having have been more about them asking if they could accelerate deliveries than changing the profile. So given the conversations we've had and their desire to upgrade their facilities, it's not really a change in our profile. It may soften, but it hasn't yet. And in fact, if anything, a comment I made earlier, people are asking if [slots] open up, could they get access to them, and that's really been more of the conversation that we've been having because some of the products that they need, especially in the trailing edge, tend to be [BBP] kind of oriented products where we have tremendous demand.

所以實際上，我們一直在進行的對話更多的是他們詢問能否加快交貨速度，而不是改變我們的產品組合。考慮到我們進行的對話以及他們升級設施的願望，這實際上並不意味著我們產品組合的改變。這種改變可能會減弱，但目前還沒有。事實上，正如我之前所說，人們正在詢問是否有空位，他們能否使用這些空位，而這實際上也是我們一直在進行的對話，因為他們需要的一些產品，尤其是在後緣，往往是面向[BBP]的產品，而我們對此的需求巨大。

And the other thing I would add is about 80% of the revenue tends to be leading edge. So where we are selling to the trailing edge do have customers that are strategically trying to in-source more, so they're making more investments and longer-term investments.

我想補充的是，大約80%的收入往往來自前沿領域。因此，我們面向後沿領域銷售的產品確實有一些客戶在策略上試圖增加內包，因此他們正在進行更多投資，而且是長期投資。

And as specifications for end products are changing that could change process control requirements. But generally, if they're just expanding capacity to run parts that they've been running for a long time that are just inflecting as a result of the strong demand environment, you don't see real significant changes in process control intensity. They just add their process control equipment as they're expanding the wafer starts in a particular facility. So that drives the process control intensity that's fairly light.

而且，隨著最終產品規格的變化，製程控制要求也可能會改變。但一般來說，如果他們只是擴大產能來運行那些已經運行了很長時間、但只是因為強勁的需求環境而有所調整的部件，那麼你不會看到製程控制強度發生真正顯著的變化。他們只是在擴大特定設施的晶圓產能時增加了製程控制設備。因此，這會導致工藝控制強度相當低。

Now over time, I think what's happening in the end markets is creating some opportunities for us but it's less of an impact in terms of the financial or the revenue contribution from those customers to KLA. It's great revenue, and its profitable revenue given that we're selling older platforms or platforms that we've been able to extend into those markets. But the big driver for our business is much more around leading edge than what we're seeing in the trailing edge.

隨著時間的推移，我認為終端市場正在為我們創造一些機會，但就財務或這些客戶對KLA的收入貢獻而言，影響較小。考慮到我們銷售的是舊平台或已經擴展到這些市場的平台，這筆收入非常可觀，而且獲利能力也很好。但我們業務的主要驅動力更多來自前沿技術，而非後沿技術。

Great. That's really helpful. And Bren, maybe as a quick follow-up question for you. You guys have done a really good job of managing through the supply chain issue that the industry and the ecosystem has seen. The costs are obviously elevated, whether it's freight and logistics, the movement of components and things of that nature.

太好了。這真的很有幫助。 Bren，我想問你一個快速的後續問題。你們在管理產業和生態系統面臨的供應鏈問題方面做得非常出色。成本顯然上升了，無論是貨運、物流，還是零件的運輸等等。

How do you look at the cost environment over the next several quarters? Is this something that we're just going to have to assume at least through the rest of '22 and possibly into '23.

您如何看待未來幾季的成本環境？至少在2022年剩餘時間，甚至可能在2023年，我們都必須假設這種情況嗎？

Yes, it's a good question. And of course, everything is more expensive. And so we're seeing that flow through earlier than prior quarters, maybe the last quarter, the quarter before, I talked about this year, expecting to see 100 basis point kind of impact, 1 point or so from incremental cost increase. And if you add freight into it, it's probably a little bit higher than that.

是的，這是個好問題。當然，所有東西都漲價了。所以我們看到這種影響比前幾季度更早，也許是上個季度，上個季度，我今年之前說過，預計影響會是100個基點，增量成本增加大概1個基點。如果加上運費，影響可能會更高一些。

And so we are seeing that [play] through. Generally, when prices go up, they don't necessarily go down. And so we're not really planning on it. And we'll have to -- as I said at Investor Day, there's work for us to do in terms of how we think about (inaudible) this overall.

所以我們正在觀察這種[情況]。一般來說，價格上漲不一定會下跌。所以我們並沒有真正計劃這樣做。而且我們必須——正如我在投資者日所說，在如何看待（聽不清楚）這個問題方面，我們還有很多工作要做。

Our products, generally, we're a value sell and so we think about the returns our customers are getting from our products, and we try to share in the value of that return. And part of our new capability cadence in terms of how we offer that to the market, it's managing not only new capability from a competitive point of view is important to that, but also what it means to financial model in terms of an opportunity for us to reassess the cost situation in a particular tool and how cost of ownership plays out in terms of the improvements that we're offering and how we will share that.

我們的產品整體上講求價值，因此我們會考慮客戶從我們產品中獲得的回報，並努力分享這種回報的價值。我們新功能的節奏，就我們如何向市場提供這些功能而言，不僅要從競爭的角度管理新功能，更重要的是，它對財務模型的意義，這讓我們有機會重新評估特定工具的成本狀況，以及所有權成本在我們提供的改進方面如何發揮作用，以及我們將如何分享這些改進。

So we're being opportunistic where we can. Certainly, we're not benefiting from the revenue expansion from a scale point of view. And so we're not giving discounts related purely to volume to the extent that we have in the past. And so we're resetting some of that with our customers. But in general, I think it's much more about the value offering and how things -- kind of how things are priced over time.

所以，我們正在盡可能地抓住機會。當然，從規模的角度來看，我們並沒有從收入擴張中獲益。因此，我們不會像過去那樣僅根據銷量提供折扣。我們正在重新調整與客戶相關的部分折扣。但總的來說，我認為更重要的是價值的提供，以及產品如何——也就是產品如何隨著時間而定價。

We'll take our next question from Atif Malik of Citi.

我們將回答花旗銀行的阿蒂夫馬利克 (Atif Malik) 提出的下一個問題。

I had a question on CHIPS Act, and I understand it's early. It looks like equipment companies might be able to get money to expand manufacturing of equipment in the U.S. with priority going first 2 companies that already manufactured in the U.S., and I understand you guys have manufacturing both the inside the U.S. and outside. And how would this change, if at all, your long-term manufacturing strategy?

我有一個關於《晶片法案》（CHIPS Act）的問題，我知道現在還為時過早。看起來設備公司或許能夠獲得資金來擴大在美國的設備製造，優先考慮的是兩家已經在美國生產的公司。我知道你們在美國國內和國外都有製造業務。這會如何影響你們的長期製造策略？

Thanks for the question. It doesn't really change our strategy. We're not going to make decisions based on that. We're going to make decisions as we always have, based on where it makes the most sense for us to build the products to support our customers where we can get the talent and where we can have the supply chains that we need. So it will not impact our decision making.

謝謝你的提問。這實際上不會改變我們的策略。我們不會基於此做出決策。我們將一如既往地做出決策，基於我們能夠在哪裡生產產品來支援客戶、在哪裡能夠獲得人才以及在哪裡能夠擁有我們所需的供應鏈。所以這不會影響我們的決策。

You also (inaudible) that we're fairly asset-light. So to the extent that we're building or expanding our facilities anywhere, it's really about space more than anything and some equipment. So it isn't -- it's very (inaudible) our customers in terms of significant billions of dollars investment in a production facility.

您也（聽不清楚）提到我們相當輕資產。所以，我們在任何地方建造或擴大設施，實際上主要還是空間和一些設備。所以，就我們為客戶在生產設施上投入數十億美元的巨額資金而言，這並非（聽不清楚）。

So to Rick's point, it's much more about the operational motives that we have in terms of why we build, what we build, where. And incentives, whether they come in the form of grants, they come in the form of taxes or secondary. Obviously, we always optimize for wherever we are, but the primary motive is very operational for us.

所以，正如瑞克所說，這更關乎我們的營運動機，包括我們為什麼要建造、建造什麼、在哪裡建設。此外，還有各種激勵措施，無論是撥款、稅收或其他形式的誘因。顯然，我們始終會根據自身情況進行最佳化，但對我們來說，首要動機是非常注重營運的。

Great. As my follow-up, Bren, 19 years ago, you were talking about EPC systems growing 20% for the year, and I understand June was a record quarter. Are you still looking at 20% growth for the EPC systems for the full year? And how are you -- what are you seeing in the mobile segment versus the auto segment of that end market?

太好了。 Bren，正如我之前提到的，19年前您就說過EPC系統全年成長了20%，我知道6月份是創紀錄的季度。您現在還認為EPC系統全年成長20%嗎？您覺得行動終端市場和汽車終端市場的狀況如何？

Yes. That's a great question. Auto is -- continues to be strong, auto and power, but we have seen some pressure, particularly in the PCB part of the business, driven by the softness in the mobile market.

是的，這個問題問得很好。汽車和電力業務繼續保持強勁，但我們也看到了一些壓力，尤其是在PCB業務方面，這是受行動市場疲軟的影響。

I would expect EPC systems to be in the mid-teens in terms of growth this year, a little bit stronger in the second half versus the first half just as the whole company is a little bit stronger. But yes, it's mostly been -- we've seen strength and improvement in SPTS, or Specialty Semiconductor given its exposure to automotive and power, but we've seen some softness on the PCB side. So net-net, still nice growth, mid-teens growth, but not 20%.

我預計EPC系統今年的成長率將達到15%左右，下半年會比上半年略高一些，就像整個公司整體略強一樣。不過，是的，我們看到SPTS（特殊半導體，因其在汽車和電力領域的業務）表現強勁且有所改善，但PCB方面則略顯疲軟。所以，整體來看，成長仍然不錯，達到15%左右，但達不到20%。

(Operator Instructions) We'll take our final question from Vedvati Shrotre of Jefferies.

（操作員指示）我們將回答 Jefferies 的 Vedvati Shrotre 提出的最後一個問題。

I just wanted to go back on something that was asked earlier. So you mentioned that your customers are sort of looking for slots in case any opens up. So can you help me understand how that works. So if you get a push out from your customer, does that mean that slot is sort of close and the customer has to go back in the line. Is that a right interpretation?

我只是想回顧一下之前問到的問題。您提到，您的顧客正在尋找空位，以防萬一。您能幫我理解一下這是怎麼回事嗎？如果您的顧客推遲了排隊，是否意味著空位已經快滿了，顧客必須重新排隊？這種解釋對嗎？

Yes. So I think our customers have the same kind of question you do. It doesn't really work that way. I mean, what they really want to do is move up the priority list. But as we keep explaining to them, we have far more demand than we have supply. And while we're working hard to expand it. So it's just the question of can we get things done sooner?

是的。所以我認為我們的客戶和您有相同的疑問。事情並非如此。我的意思是，他們真正想要的是提升優先順序。但正如我們不斷向他們解釋的那樣，我們的需求遠大於供應。而我們正在努力擴大供應。所以，問題只是我們能否更快完成任務？

And that's really what they're asking is can you tell? But my point is that is for many customers, the way they're approaching this, they're hopeful that this will give them a chance to get some of the products that are pretty far out in delivery. That's kind of the way to think about it. It's not really exactly the same. We do have allocations for people, but there just aren't no free slots.

他們真正想問的是，你看得出來嗎？但我的意思是，對許多顧客來說，他們處理這個問題的方式是希望這能讓他們有機會買到一些送貨時間很遠的產品。這是一種思考方式。其實不完全一樣。我們確實有分配給顧客的名額，但就是沒有空位。

So if somebody were to drop out of the queue, the next person would just move up in terms of is the way that would work. So it's not -- people aren't going to jump ahead in the line.

所以，如果有人退出了隊列，下一個人就會直接往前排，這是可行的。所以，人們不會插隊。

Right. And so if I understand correctly, so if -- in case if there is a pushout and not a cancellation, does that necessarily open up a slot or a push out can be different from...?

對。如果我理解正確的話，如果是延期而不是取消，是否一定會空出一個席位？或延期與…有什麼不同？

So if somebody had a December slot right now, and they said, we don't need that until June. The next person in line in December would get that slot, and they would be fit in somewhere in June. And they're likely our customers that have slots in June that would love to have a slot in December.

所以，如果有人現在有12月的空位，然後說「我們直到6月才需要」。那麼12月排隊的下一個人會得到這個空位，然後他們就能在6月份的某個時間安排入住。這些人很可能就是我們6月有空位的客戶，他們很想在12月安排一個空位。

So given the lead times on some of our products. So that's the natural churn we see. And a lot of it is tied to sometimes facilities and facility readiness. It also can be tied to whether they receive certain tools from other customers as they're setting up -- or other suppliers as they're setting up their production lines.

考慮到我們部分產品的交付週期，這是我們看到的自然流失。這很大程度上與設施和設施準備有關。也可能與他們在設定生產線時是否從其他客戶或其他供應商收到某些工具有關。

So you always see a little bit of movement like that. But to Rick's point, we're underserving the level of demand we have. And so customers are having to get in line a long way out in a lot of cases. And so the ability to satisfy that demand earlier would be an opportunity for a lot of our customers that they would certainly want to take advantage of given the strength of the demand that they have seen, but also their desire for these products and our constraints around them.

所以你總是會看到一些這樣的動靜。但正如里克所說，我們未能滿足目前的需求水準。因此，在很多情況下，客戶不得不排很長的隊。因此，能夠更早地滿足這些需求對我們的許多客戶來說是一個機會，考慮到他們所看到的強勁需求，以及他們對這些產品的渴望和我們面臨的限制，他們肯定希望利用這個機會。

Thank you, and thank you, everyone, for joining us. We know how busy of a day it is today in terms of earnings. So I appreciate your time and interest. With that, I will turn the call back over to Leo to close it.

謝謝大家的參與。我們知道今天在盈利方面非常忙碌。非常感謝大家抽出時間和關注。接下來，我將把電話轉回給Leo，結束今天的節目。

This concludes the KLA Corporation June Quarter 2022 Earnings Call and Webcast. Please disconnect your line at this time, and have a wonderful day.

KLA Corporation 2022 年 6 月季度收益電話會議及網路直播到此結束。請您暫時斷開連接，祝您擁有美好的一天。