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.

下午好。我叫 Leo，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 KLA Corporation 2022 年 6 月季度收益電話會議和網絡直播。 （操作員說明）我現在將把電話轉給投資者關係和市場分析副總裁 Kevin Kessel。請繼續。

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 的 2022 財年第四季度季度收益電話會議，討論 6 月季度的業績和 9 月季度的前景。

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.

今天加入我的是我們的首席執行官 Rick Wallace；和我們的首席財務官 Bren Higgins。在這次電話會議中，我們將討論今天收盤後發布的結果。您可以在我們網站的 KLA IR 部分找到新聞稿、股東信函、幻燈片和信息圖表。除非另有說明，否則今天的討論是在非公認會計原則財務基礎上提出的。每當提及全年業務績效時，它們都是日曆年參考。

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.

GAAP 與非 GAAP 結果的詳細核對見我們網站上發布的收益材料。我們的投資者關係網站還包含未來的投資者活動以及演示文稿、公司治理信息和我們向 SEC 提交的文件的鏈接，包括我們最近的年度報告和關於表格 10-K 和 10-Q 的季度報告。

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.

我們今天的評論受到我們提交給美國證券交易委員會的文件中風險因素披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做出的陳述，都存在這些風險，KLA 不能保證這些前瞻性陳述會成真。我們的實際結果可能與我們在前瞻性陳述中預測的結果大不相同。

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.

我們的首席執行官 Rick Wallace 將在電話會議開始時在我們最近的 6 月季度業績中發表一些簡短的評論，然後討論我們對半導體行業需求環境的看法，然後討論一些 6 月季度的亮點。我們的首席財務官布倫·希金斯 (Bren Higgins) 將總結本季度的一些額外財務亮點以及我們的展望和指導。

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

我現在想把電話轉給我們的首席執行官里克·華萊士。瑞克？

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.

感謝大家今天加入我們。我想從關於本季度的一些評論開始。首先，KLA 繼續受益於我們 6 月季度業績所反映的多種增長動力。特別是在本季度，我們 25 億美元的收入處於我們指導範圍的高端，同比增長 29%，環比增長 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，均處於我們指導範圍的高端。 KLA 才華橫溢的全球團隊一直專注於響應不斷變化的客戶需求和戰略性地應對供應鏈挑戰。他們堅定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.

我們的團隊繼續遵循 KLA 運營模式作為指南，以應對我們的挑戰並從不斷變化的市場機遇中受益。推動這一業績增長的是，主要產品組的強勁客戶需求、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，一些終端市場，特別是個人電腦和移動設備在過去幾個月已經走軟，我們看到這兩個領域的內存價格都走弱了。儘管我們的擔憂有所增加，但我們繼續看到強勁的需求超出了我們客戶的供應能力，除了正常的設施準備問題和客戶將工具交付與他們的生產保持一致之外，我們的發貨情況沒有發生重大變化。

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.

在評估完整的 CY '22 WFE 前景時，我們評估了持續存在的供應鏈挑戰，並最近宣布了內存類別的資本支出調整。考慮到這一點，KLA 對 22 年 WFE 增長的前景有所緩和。布倫將在討論前景時詳細介紹細節。

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.

我們仍然看到 '22 日曆中的高個位數 WFE 增長，並且對我們提供相對 WFE 優於表現的能力充滿信心。我們的供應鏈挑戰有所減輕。這將是一個額外的好處。過程控制是整個 WFE 市場中增長最快的部分之一。作為市場領導者，KLA 處於符合當前需求格局的必然地位。

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.

我們看到對前沿技術的持續投資以及對傳統節點的需求增加。我們還看到技術類別的增長，包括先進封裝。這些因素都支持 WFE 類別的長期穩定增長。

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.

我們將 KLA 始終如一且不斷加強的市場領導地位歸功於我們專注於高水平的創新投資，通過獨特的產品和技術組合來推動差異化，從而解決最關鍵的過程控制挑戰。

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.

我們的技術幫助我們的客戶推動他們的增長戰略。我現在想簡要總結一些季度亮點。首先，KLA 繼續推動強勁的相對優於同行的表現。在代工/邏輯方面，跨多個節點的同時投資仍然是順風。在記憶中，即使一些客戶的投資信號放緩，其他多個行業的需求多元化仍然很強勁。

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 月季度再次取得了令人矚目的業績，收入環比增長 20%，同比增長 49%。第三，KLA 在 6 月季度的電子、包裝和組件業務實現了創紀錄的季度收入。第四，KLA 服務業務的季度收入首次超過 5 億美元，收入為 5.12 億美元，同比增長 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，六月季度是另一個特殊時期。我們產生了 7.46 億美元的季度自由現金流，同比增長 23%（原文如此）[82%]。我們還宣布了一項 60 億美元的股票回購計劃，並將我們的季度股息水平提高了 24%。此外，我們將長期目標資本回報率提高到自由現金流的 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，而不是通過我們的股息和股票回購計劃。此外，本季度，我們在 2022 年 6 月 16 日在紐約市舉行的投資者日上介紹了 2026 年新的長期收入增長目標和財務模型。

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.

到 26 年，KLA 新的 9% 至 11% 的收入增長目標體現了在此期間我們每個主要業務線的強勁相對增長。我們的長期模型假設到 2026 年半導體行業的基線複合年增長率為 6% 至 7%，今天許多人預測到 2030 年半導體市場將超過 1 萬億美元。

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 的 6 月季度業績再次證明了可持續的優異表現。我們始終如一地應對市場上的各種挑戰，無論是在宏觀經濟不確定性方面還是在解決持續存在的供應鏈問題方面，突出了 KLA 運營模式的彈性、我們全球團隊的奉獻精神以及我們對自信的資本分配和提供長期服務的承諾對我們的利益相關者的長期價值。

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

首席財務官布倫·希金斯 (Bren Higgins) 現在將介紹我們 6 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，瑞克。正如 Rick 剛才所說，KLA 的 6 月季度業績鞏固了我們執行的成功和強大的市場地位。收入接近25億美元。非 GAAP 毛利率為 62.4%，非 GAAP 攤薄後每股收益和 GAAP 每股收益分別為 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.

非美國通用會計準則運營費用為 5.14 億美元，低於我們預期的 5.25 億美元，主要是由於新員工加入的時間與我們的計劃相比。此外，我們還從全球足跡對美元的強勁影響中實現了成本效益。

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.

總運營費用包括 2.97 億美元的研發費用和 2.17 億美元的 SG&A。鑑於強勁的需求背景、過去幾年的快速擴張以及我們未來的收入預期，我們預計將繼續對我們的全球基礎設施和系統進行重要投資，以擴大可槓桿化的 KLA 運營模式以促進增長。

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計劃和依賴數量的資源，以支持我們的業務擴張，因為我們將公司定位為執行我們的長期結構增長論點。因此，我們預計 9 月季度的運營費用約為 5.3 億美元，我們預計季度運營費用將在 2022 年剩餘時間內繼續走高，以支持我們的連續收入增長預期。

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.

我們將根據我們的目標運營模式調整公司規模，該模式在標準化時間範圍內為收入增長提供 40% 至 50% 的非 GAAP 運營利潤率槓桿增量。

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.

非美國通用會計準則營業利潤率強勁，達到 41.8%，比所暗示的指導中點高出近 1 個百分點。其他收入和支出淨額為 2200 萬美元，低於 4300 萬美元的指引，與指引的正差反映了本季度交易的戰略投資的收益，但被供應的經常性按市值調整抵消投資。

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.

對於 9 月季度，我們預測約為 7500 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，主要是由於股票市場對遞延薪酬計劃的影響。按照指導價，非公認會計準則每股收益將增加 0.09 美元至 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%.

我們繼續指導13.5%作為長期稅收籌劃率。非美國通用會計準則淨收入為 8.67 億美元。 GAAP 淨收入為 8.05 億美元。運營現金流為 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.

可在股東信函和幻燈片中找到按報告分部和終端市場以及主要產品和地區劃分的收入細目。轉到資產負債表，我們在上個季度看到了很多活動。 KLA 在本季度結束時擁有 27 億美元的總現金、67 億美元的債務以及靈活且有吸引力的債券到期狀況，這得到所有 3 家機構的強大投資級評級的支持。

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 1 的等級上調至 A-，理由是規模有所改善，並有望實現進一步的盈利增長。 6 月下旬，我們發行了 30 億美元的新債務，並宣布完成對 2024 年到期的 5 億美元優先票據的要約收購。這些行動強化了 KLA 對我們的資本成本保持積極和勤勉的監督，並意識到對為我們的業務和生產性資本配置提供適當資本結構的股東價值。

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.

正如新的 2026 日曆財務目標和我們最近的投資者日宣布的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，並致力於實施一致的現金回報戰略，包括股息增長和增加股票回購.與此一致，我們如前所述提高了長期資本回報目標。

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 12 個月中，KLA 已向股東返還 55 億美元，其中包括 49 億美元的股票回購和 6.39 億美元的股息支付。轉向我們的前景。我們已經調整了我們對 22 日曆的整體 WFE 展望，以反映持續存在的供應鏈挑戰，這些挑戰是我們的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.

我們現在預計 WFE 市場將在 2022 年以高個位數增長至約 950 億美元，而 2021 年的基線約為 870 億美元。這一前景反映了整個客戶細分市場的持續廣泛需求。雖然我們努力管理 KLA 和供應商的產能，但供應鏈短缺繼續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戰略已經通過這個週期得到驗證，但供應商的可見性仍然具有挑戰性，並且在過去 3 個月中沒有改善。如過去幾個季度所示，我們繼續預計本日曆年的連續增長，並預計 KLA 的總收入增長將達到或超過 20% 的低位範圍，半導體過程控制系統的增長速度比公司平均水平快幾個百分點。

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，我們預計下半年需求將繼續超過供應。 KLA 有能力在我們的 Semi PC 業務中實現又一年的可持續優異表現，這將轉化為整體強勁的相對增長。

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，以及隨著我們進入 2023 年日曆，它可能如何影響對客戶產品的需求及其產能計劃。迄今為止，客戶交付的壓力仍然很大，而且正在推動我們對 2022 年連續增長的預期。

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.

我們當前的需求狀況和公司的運營執行的多樣化和可持續性讓我們感到鼓舞。我們正在戰略性地增加我們全球製造足蹟的能力，以支持我們客戶不斷增長的過程控制要求、我們的近期前景和我們的長期全週期增長論點。

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 9 月份的季度指導如下：總收入預計在 26 億美元之間，正負 1.25 億美元。代工/邏輯預計約為 64%，內存預計將佔 Semi PC 系統收入的 36% 左右。在內存中，DRAM 預計將佔細分市場的 40% 左右，NAND 佔 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.

我們預計非美國通用會計準則毛利率將在 62% 至 64% 之間。最後，GAAP 攤薄後每股收益預計在 5.28 美元至 6.38 美元之間，非 GAAP 攤薄後每股收益預計在 5.70 美元至 6.80 美元之間。每股收益指引基於約 1.43 億股的完全稀釋後的股份數量。

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.

總之，儘管存在宏觀和供應鏈逆風，但我們認為推動半導體增長和 WFE 投資的長期趨勢從長遠來看既持久又引人注目。廣泛的客戶需求和支持跨技術節點不斷增長的半導體內容的同步投資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.

這些是該行業的長期長期增長驅動力，因為技術投資和規模的恢復反映了半導體和我們的行業在降低我們的客戶成本和為跨多個終端市場的基於半導體的技術提供更廣泛的應用領域方面所具有的價值.

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.

談到 KLA，考慮到我們的執行記錄和我們投資組合的力量，我們有信心在不斷變化的經濟時期繼續提供可持續的卓越表現。當我們著眼於我們業務的領先指標（包括我們的積壓和銷售漏斗可見性）時，我們將繼續投資於擴展我們的業務基礎設施和所需的能力，以支持我們的前景並維持我們的產品開發投資，以實現行業增長並支持我們的客戶'多年投資計劃。這提供了一種穩定因素，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.

這些因素與指導我們執行的 KLA 運營模式相結合，使我們在執行戰略目標時能夠繼續超越行業。這些目標推動了我們在日益多樣化的產品和服務中的增長、可靠的卓越運營和差異化。它們也是我們持續的技術領先地位、廣泛的競爭 [護城河]、行業領先的財務業績、強勁的自由現金流產生的長期記錄以及持續和不斷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?

我們準備好的發言到此結束。我會將電話轉回給 Kevin 以開始問答。凱文？

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

謝謝你，布倫。我們已準備好排隊提問。

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

（操作員說明）我們將向摩根大通的 Harlan Sur 提出第一個問題。

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.

祝賀您取得了可觀的業績和季度執行。你們的交貨時間很長，你們對明年有很好的了解。而且我認為，即使在某些情況下，到 2024 年，您在準備好的講話中也強調了一些需求逆風，也可能是您的客戶發出的一些早期信號，表明未來將採取保守的資本支出計劃。

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?

我知道您在近期的中期發貨計劃方面沒有看到任何有意義的東西，但鑑於您的客戶都預訂到明年，你們是否看到由於客戶越來越負面的看法而導致長期訂單發生任何變化明年的需求？

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。哈蘭，感謝您的評論和問題。我會說，在短期內，我們肯定沒有看到客戶的任何變化。事實上，今天的壓力與 3 個月前一樣高。我們對近期 WFE 的調整確實與我們的許多同行公司在交付工具或確認收入的能力方面面臨的一些挑戰有關，鑑於預期，這將對 WFE 產生影響下半年——就下半年與上半年的增長而言。

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.

我們現在打電話給'23還為時過早。當然，我們正在監控我們在那裡看到的東西。當我們考慮我們的計劃並進入 - 當我們從今年離開 - 至少從我們今天所處的位置開始時，隨著我們進入 23 年的第一部分，我們看到了我們的產出水平的可持續性。

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.

現在我們將不得不觀察並了解我們的客戶最終會做什麼，尤其是內存空間中的一些挑戰以及這可能意味著什麼。但至少從我們今天所處的位置來看，我們沒有看到積壓和交付時間預期方面的真正流失。

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，更重要的是，Harlan，我們看到的一件事，因為很明顯，我們最近一直在與客戶交談，他們 - 他們知道我們知道一些談話是他們基本上告訴我們兩件事。一，保留我們的位置。第二，如果其他人的位置開放，請給我們。所以我們在流程控制方面看到的感覺就像我們可能與流程參與者處於不同的位置。

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.

偉大的。如果明年 WFE 下降，你有幾個積極的緩衝，對吧？而且我覺得最大的問題之一是您的服務業務在歷史上不會在低迷時期下降。因此，如果我回顧過去 20 年，我認為您的服務業務只有 1 年下滑。然後更近期，我認為在過去的 4 次低迷中，KLA 團隊實際上在所有 4 次低迷中都發展了其服務業務。

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?

因此，除了穩定的類似年金的訂閱服務合同之外，我知道你們談到了在遺留節點上擴展服務機會，比如——還有什麼能讓團隊在 WFE 支出疲軟的時期發展其服務業務？在低迷時期，EPC 服務業務的歷史記錄是什麼？

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.

您在 EPC 中提出了 2 個問題，最後一個。讓我從過程控制開始。通常，我們在歷史低迷時期看到的是客戶仍然希望獲得生產力。這是他們這樣做的一種方式，因為他們非常關注產量提高和工藝穩定性。因此，我們實際上看到服務的利用率一直很高，以保持工具的功能。有時他們實際上會部署一些有限的預算來升級已安裝的基礎。

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.

顯然，就 EPC 而言，我們並沒有真正經歷過這樣的循環。所以這是一點二手知識。但這取決於他們所處的細分市場——但正如你所知，作為我們整體業務的百分比，這不會改變我們對服務業務的整體看法——如果我們達到一些進入明年的逆風。

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.

Harlan，我唯一要補充的另一件事是，我們看到了跨多個節點的投資。因此，從前沿的角度來看，支持這些市場的工具的複雜性，這些市場的驅動力，尤其是圍繞數據中心和高性能計算的驅動因素，將推動我們的客戶——考慮到他們如何購買過程控制是為了保持這些工具的正常運行並在他們試圖通過這些技術轉換時使用它們。

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.

所以這是我們增加的價值的一個重要方面。因此，即使他們撤回了可能正在進行的一些產能投資，他們仍在投資研發和擴建設施。並且特定時間範圍內的晶圓啟動目標可能會發生變化。

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.

如果您考慮在內存中，甚至在某些後緣區域內，這些區域是過程控制強度往往較低的區域。因此，我認為就我們如何看待投資發揮作用而言，這些領域是我們暴露較少（聽不清）的領域，不認為它們會影響業務的程度可能會影響其他更以能力為中心的領域玩家。

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.

這是 Krish 的 Bob Mertens。我的第一個問題是，您是否可以就向中國的出貨量對業務的潛在影響提供任何顏色，如果有任何限制，這可能是什麼樣子，是否（聽不清）亞 14 納米的出貨量，你是怎麼想的？然後我有 1 次跟進。

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，具體到那個問題。當然，還有一些——我知道我們的一些同行也有這個問題。但我們確實收到了來自美國政府的通知，關於中國與亞 14 納米開發和生產相關的新許可要求。

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，我們將繼續與政府接觸並進行積極對話，我們將完全遵守此處指導中的所有適用法律。我想說，鑑於新許可證的交付週期和時間不可預測性，這對我們對下一季度的指導或我們對 22 年剩餘時間的評論沒有影響。

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，當我查看未來 12 個月的漏斗時，考慮到投資發生在哪里以及我們的預期，我們認為這項新要求不會對我們的業務產生任何實質性影響。所以我不想推測還會發生什麼。但根據我們今天所知道的和我們被問到的，這主要是我要說的關於這個話題的內容。

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。然後真的很快，您過去是否提供過對中國的國內和國際貨運之間的明細？如果我沒記錯的話，也許你提到國內客戶更傾向於小型代工廠商。這是一個公平的假設嗎？

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。這仍然是真的。跨國公司在中國的活動更加成熟。所以我們的大部分業務都在中國，它往往是中國本土的，因為它與半導體過程控制有關。因此，在半導體過程控制系統中，我們大約 25% 左右的出貨量是發往中國的。

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，對於整個公司（聽不清）服務，包括公司的其他部分和 EPC 等等，最終接近 - 在上個季度，它是 29%。大多數——所以大部分業務都在那裡，而且大部分是跨多個項目的。有很多項目。他們往往更傾向於代工/邏輯。您還投資了與標線基礎設施和晶圓基礎設施相關的基礎設施。所以那裡正在發生投資，我們也有服務於這些市場部分的產品。

Our next question comes from Joe Quatrochi of Wells Fargo.

我們的下一個問題來自富國銀行的 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?

我想知道你是否 - 布倫，如果你在本季度經歷了某種看跌期權和毛利率，我們應該如何考慮本季度的成本轉嫁以及指導中的內容？

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，它幾乎按照我們預期的方式發揮了作用。我們的 EPC 收入季度環比增加，因為我們在 EPC 中創下了創紀錄的季度，從混合的角度來看，這有點稀釋。當然，與供應鏈相關的挑戰以及這對工廠效率的意義也對我們的利潤造成了一些拖累。但我們已經在很大程度上模擬了這一點。

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.

我認為指導中點為 62.5%，而我們為 62.4%。和我們預期的差不多。當我們查看 9 月季度時，大部分增長來自我們的 - 事實上，所有的增長，然後是一點點，因為我預計 EPC 會比上一季度有所下降，它來自 Semi 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，我們將看到中點上漲約 50 個基點左右。我們看到成本增加帶來的壓力，無論是在零件方面，還是在貨運和物流方面，我認為這會帶走一些——在像我們這樣不斷擴大的收入環境中，你期望看到的增量槓桿'在。所以它抵消了一些好處。但歸根結底，我們覺得今年我們的運營率約為 63%，這就是我一直提供的指導，我們在很大程度上與此一致。

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。然後也許我錯過了，但本季度 DRAM 與 NAND 的組合是什麼？我知道你是為 9 月季度指南做的。

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

是的。所以 45% 是內存，混合是 2/3 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.

恭喜這個美好的季度。也許首先，就前沿與後沿代工/邏輯而言，顯然，我認為您的許多前沿客戶仍在通過他們的投資計劃來實現。更多的是他們何時可以獲得工具的時間問題。

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?

鑑於周圍有很多噪音，您能否描述您在後沿看到的內容。你看到那個市場有什麼變化嗎？或者該設備市場的投資計劃是否仍在繼續進行？

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，你是對的。領先的傢伙正在繼續，我們不期望 - 在我們與他們的對話中，我們不期望有任何變化。就後緣而言，它並不是我們業務的重要組成部分。正如我們展望的那樣，我們仍在與需求作鬥爭——其中一些是供應。

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.

因此，實際上，我們一直在進行的對話更多地是關於他們詢問他們是否可以加快交付速度，而不是改變個人資料。因此，考慮到我們的對話以及他們升級設施的願望，我們的個人資料並沒有真正改變。它可能會軟化，但還沒有。事實上，如果有的話，我之前發表的評論，人們在問 [slots] 是否開放，他們是否可以訪問它們，這實際上是我們一直在進行的更多對話，因為一些產品他們需要，尤其是在後緣，往往是我們有巨大需求的 [BBP] 類型的產品。

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.

我要補充的另一件事是，大約 80% 的收入往往處於領先地位。因此，我們向後緣銷售的地方確實有客戶在戰略上試圖內購更多，所以他們正在進行更多的投資和長期投資。

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.

隨著最終產品規格的變化，可能會改變過程控制要求。但一般來說，如果他們只是擴大產能以運行他們已經運行了很長時間的部件，而這些部件只是由於強勁的需求環境而發生變化，你不會看到過程控制強度的真正顯著變化。當他們在特定設施中擴展晶圓時，他們只需添加他們的過程控制設備。因此，這推動了相當輕的過程控制強度。

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.

現在，隨著時間的推移，我認為終端市場正在發生的事情為我們創造了一些機會，但就這些客戶對 KLA 的財務或收入貢獻而言，影響較小。鑑於我們正在銷售較舊的平台或我們已經能夠擴展到這些市場的平台，這是一筆可觀的收入，而且它的盈利收入。但我們業務的主要驅動力更多的是圍繞前沿而不是我們在後沿看到的。

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.

偉大的。這真的很有幫助。還有布倫，也許是你的一個快速跟進問題。你們在管理行業和生態系統所看到的供應鏈問題方面做得非常好。成本明顯升高，無論是貨運和物流、組件的移動還是這種性質的東西。

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.

您如何看待未來幾個季度的成本環境？這是我們必須至少在 22 年剩餘時間甚至可能到 23 年之前假設的事情嗎？

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，一切都更昂貴。所以我們看到這種流動比前幾個季度更早，也許是上個季度，上個季度，我今年談到的，預計會看到 100 個基點的影響，增量成本增加 1 個點左右。如果你把運費加進去，它可能會比這高一點。

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.

所以我們看到了[播放]。一般來說，當價格上漲時，它們不一定會下跌。所以我們並沒有真正計劃。而且我們必須 - 正如我在投資者日所說的那樣，就我們如何整體考慮（聽不清）這一點而言，我們還有工作要做。

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，一般來說，我們是一個價值銷售，所以我們考慮客戶從我們的產品中獲得的回報，我們試圖分享這種回報的價值。就我們如何向市場提供新能力而言，這是我們新能力節奏的一部分，它不僅從競爭的角度管理新能力對此很重要，而且就我們的機會而言，這對財務模型意味著什麼重新評估特定工具的成本情況，以及擁有成本如何影響我們提供的改進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.

所以我們盡可能地投機取巧。當然，從規模的角度來看，我們並沒有從收入增長中受益。因此，我們不會像過去那樣提供純粹與數量相關的折扣。因此，我們正在與客戶一起重置其中的一些內容。但總的來說，我認為這更多的是關於價值提供以及事物如何 - 一種事物隨著時間的推移如何定價。

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

我們將向花旗的 Atif Malik 提出下一個問題。

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 CHIPS 法案的問題，我知道現在還為時過早。看起來設備公司可能能夠獲得資金來擴大美國的設備製造，優先考慮已經在美國製造的兩家公司，我知道你們在美國境內和境外都有製造。如果有的話，這將如何改變您的長期製造戰略？

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.

謝謝你的問題。它並沒有真正改變我們的策略。我們不會基於此做出決定。我們將一如既往地做出決定，基於對我們來說最有意義的地方來構建產品以支持我們的客戶，在那裡我們可以獲得人才以及我們可以擁有我們需要的供應鏈。所以它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.

您還（聽不清）說我們的資產相當輕。因此，就我們在任何地方建造或擴展我們的設施而言，這實際上是關於空間，而不是任何東西和一些設備。所以它不是 - 就生產設施的數十億美元投資而言，這是非常（聽不清）我們的客戶。

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.

所以在 Rick 的觀點上，更多的是關於我們為什麼要建造、建造什麼、在哪裡建造的運營動機。和激勵措施，無論它們以贈款的形式出現，它們以稅收或次要的形式出現。顯然，我們總是針對我們所處的位置進行優化，但主要動機對我們來說非常實用。

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?

偉大的。作為我的後續行動，布倫，19 年前，您談到 EPC 系統全年增長 20%，我知道 6 月份是創紀錄的季度。您是否還在期待 EPC 系統全年實現 20% 的增長？你怎麼樣——你在移動領域和終端市場的汽車領域看到了什麼？

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。這是一個很好的問題。汽車 - 繼續強勁，汽車和電力，但我們看到了一些壓力，特別是在移動市場疲軟的推動下，業務的 PCB 部分。

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 系統今年的增長將在十幾歲左右，下半年比上半年強一點，就像整個公司稍微強一點一樣。但是，是的，主要是——我們已經看到 SPTS 或特種半導體的實力和改進，因為它涉足汽車和電力領域，但我們看到 PCB 方面有些疲軟。所以淨淨，仍然不錯的增長，十幾歲的增長，但不是 20%。

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

（操作員說明）我們將向 Jefferies 的 Vedvati Shrotre 提出最後一個問題。

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?

我只是想回到之前問過的事情。所以你提到你的客戶正在尋找插槽，以防有空缺。所以你能幫我理解它是如何工作的嗎？因此，如果您從客戶那裡獲得推銷，這是否意味著該插槽有點接近並且客戶必須重新排隊。這是正確的解釋嗎？

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有同樣的問題。它真的不是那樣工作的。我的意思是，他們真正想要做的是提升優先級列表。但正如我們不斷向他們解釋的那樣，我們的需求遠遠超過供應。在我們努力擴展它的同時。所以這只是我們能否盡快完成工作的問題？

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.

這就是他們真正要問的是你能說出來嗎？但我的觀點是，對於許多客戶來說，他們接近這一點的方式，他們希望這將使他們有機會獲得一些交付時間很遠的產品。這是一種思考方式。這並不完全相同。我們確實有人員分配，但只是沒有空位。

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.

因此，如果有人退出隊列，那麼下一個人就會按照可行的方式向上移動。所以它不是——人們不會提前排隊。

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...?

正確的。因此，如果我理解正確，那麼如果 - 如果有推出而不是取消，那是否一定會打開一個插槽或推出可能與......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.

因此，如果有人現在有 12 月的時段，他們說，我們要到 6 月才需要。在 12 月排隊的下一個人將獲得那個位置，他們將在 6 月的某個地方出現。他們很可能是我們的客戶，他們在 6 月有空位，但很想在 12 月有空位。

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.

因此，考慮到我們某些產品的交貨時間。這就是我們看到的自然流失。其中很多與有時設施和設施準備情況有關。它還可以與他們在設置時是否從其他客戶或其他供應商那裡獲得某些工具有關，因為他們正在設置生產線。

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.

所以你總是會看到這樣的一點點運動。但就 Rick 而言，我們未能滿足我們現有的需求水平。因此，在很多情況下，客戶不得不排很長的隊。因此，鑑於他們已經看到的需求強度，以及他們對這些產品的渴望以及我們對周圍的限制，能夠更早地滿足這一需求對於我們的許多客戶來說將是一個機會，他們肯定會想利用這個機會。他們。

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，謝謝大家加入我們。就收入而言，我們知道今天是多麼忙碌。因此，我感謝您的時間和興趣。有了這個，我會將電話轉回給 Leo 以關閉它。

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 月季度財報電話會議和網絡直播到此結束。請在此時斷開您的線路，並祝您有美好的一天。