科磊 (KLAC) 2023 Q3 法說會逐字稿

Good afternoon. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation March Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions). Thank you. I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead.

下午好。我叫切爾西，今天我將擔任你們的會議運營商。此時，我想歡迎大家參加 KLA Corporation 2023 年三月季度收益電話會議和網絡直播。 （操作員說明）。謝謝。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, Chelsea, and thank you for joining us for our earnings call to discuss the results of the March 2023 quarter and our June quarter outlook. Joining me 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 closed. All materials can be found on our IR website.

謝謝切爾西，也感謝您加入我們的財報電話會議，討論 2023 年 3 月季度的結果和我們 6 月季度的展望。和我一起的是我們的首席執行官里克·華萊士 (Rick Wallace)；和我們的首席財務官 Bren Higgins。在這次電話會議中，我們將討論我們今天收市後發布的結果。所有材料都可以在我們的 IR 網站上找到。

Today's discussion is being presented on a non-GAAP financial basis unless otherwise specified. Whenever we make full year references, they are for calendar years. 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 linked to our SEC filings, including our most recent annual and quarterly reports on Forms 10-K and 10-Q.

除非另有說明，否則今天的討論將在非 GAAP 財務基礎上進行。每當我們引用全年時，它們都是針對日曆年的。 GAAP 與非 GAAP 結果的詳細對賬在我們網站上發布的收益材料中。我們的 IR 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美國證券交易委員會提交的文件的鏈接，包括我們關於 10-K 和 10-Q 表格的最新年度和季度報告。

Our commentary is 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 also 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. Our CEO, Rick Wallace, will begin the call with some comments and quarterly highlights. Bren Higgins, our CFO, will conclude with our financial highlights, including our guidance and our outlook. I will now turn the call over to our CEO, Rick Wallace. Rick?

我們的評論受我們向美國證券交易委員會提交的文件中披露的風險因素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，也都面臨這些風險，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我們的前瞻性陳述中預測的結果大不相同。我們的首席執行官里克華萊士將以一些評論和季度亮點開始電話會議。我們的首席財務官布倫·希金斯 (Bren Higgins) 將總結我們的財務重點，包括我們的指導意見和展望。我現在將把電話轉給我們的首席執行官里克華萊士。瑞克？

Thank you, Kevin. Let's start with a summary of KLA's performance in the quarter, along with a few highlights. Further color and detail on my comments and the semiconductor demand environment can be found in our shareholder letter released earlier today. KLA's March quarter results again demonstrate the company's consistency in delivering on long-term strategic objectives and financial targets.

謝謝你，凱文。讓我們首先總結一下 KLA 在本季度的表現，以及一些亮點。關於我的評論和半導體需求環境的更多顏色和細節可以在我們今天早些時候發布的股東信中找到。 KLA 的 3 月季度業績再次證明了該公司在實現長期戰略目標和財務目標方面的一致性。

Specifically, revenue of $2.43 billion was above the midpoint of the guidance range. This represented 6% growth on a year-over-year basis, although down 18% sequentially. GAAP EPS was $5.03 and non-GAAP EPS was $5.49, with each finishing above the midpoint of their respective guidance ranges. From a customer perspective, demand in the quarter was slightly ahead of expectations. Near-term headwinds related to the global macro economy and supply chain remain, but we also see positive outsets emerging as automotive demand and other markets served by legacy nodes remain strong.

具體而言，24.3 億美元的收入高於指導範圍的中點。這代表同比增長 6%，儘管環比下降 18%。 GAAP 每股收益為 5.03 美元，非 GAAP 每股收益為 5.49 美元，均高於各自指導範圍的中點。從客戶的角度來看，本季度的需求略高於預期。與全球宏觀經濟和供應鏈相關的短期逆風依然存在，但我們也看到積極的開端出現，因為汽車需求和傳統節點服務的其他市場依然強勁。

Additionally, the silicon wafer industry continues to invest to support long-term wafer demand growth. Our customers are adjusting capacity plans across both foundry/logic and memory due to changing demand expectations. However, we see R&D investments remain a top priority. This is important for KLA as our products are consistently relied upon during the R&D process as well as the early ramp phase and faster time yield is critical. We had a number of additional business highlights in the quarter.

此外，矽晶圓行業繼續投資以支持晶圓需求的長期增長。由於不斷變化的需求預期，我們的客戶正在調整代工/邏輯和內存的產能計劃。然而，我們認為研發投資仍然是重中之重。這對 KLA 來說很重要，因為我們的產品在研發過程中一直受到依賴，而且早期的斜坡階段和更快的時間產量至關重要。本季度我們還有許多其他業務亮點。

Gartner recently released their latest industry market share analysis and process control is the fastest-growing WFE market in 2022, growing 30% in the year to $13.5 billion. Within process control, KLA increased market leadership in most segments, resulting in an overall market share gain of approximately 300 basis points in 2022 to over 57% greater than 4x our nearest competitor. KLA's sustained market leadership is underpinned by our innovation and commitment to high levels of R&D investment.

Gartner 最近發布了他們最新的行業市場份額分析，過程控制是 2022 年增長最快的 WFE 市場，全年增長 30% 至 135 億美元。在過程控制方面，KLA 提高了在大多數細分市場的市場領導地位，導致 2022 年整體市場份額增加約 300 個基點，超過 57%，比我們最接近的競爭對手高出 4 倍。 KLA 持續的市場領導地位得益於我們的創新和對高水平研發投資的承諾。

Additionally, the successful execution of KLA's strategies for market diversification were demonstrated by the rapid growth in KLA's automotive-focused businesses. Automotive semiconductor demand is growing in applications where 0-defect mentality is required to achieve superior standards of quality and reliability. KLA has been working with the entire automotive ecosystem to standardize our in-line defect screening methodology called I-PAT to augment existing reliability test efforts.

此外，KLA 以汽車為重點的業務的快速增長證明了 KLA 市場多元化戰略的成功執行。在需要零缺陷心態以實現卓越的質量和可靠性標準的應用中，汽車半導體的需求正在增長。 KLA 一直在與整個汽車生態系統合作，以標準化我們稱為 I-PAT 的在線缺陷篩選方法，以增強現有的可靠性測試工作。

As electrification proliferates, the industry is facing an additional opportunity with the integration of -- introduction of new compound semiconductor materials, such as silicon carbide that offer a significant improvement in power efficiency over silicon. In this category, KLA's revenue has grown 2.5x since 2019, approaching $700 million in annual revenue in calendar 2022 and including 5x growth in silicon carbide-related businesses, which account for almost half of total automotive sales.

隨著電氣化的普及，該行業正面臨著一個額外的機會，即引入新的化合物半導體材料，例如碳化矽，與硅相比，它們可以顯著提高功率效率。在這一類別中，KLA 的收入自 2019 年以來增長了 2.5 倍，到 2022 日曆年的年收入接近 7 億美元，其中碳化矽相關業務增長了 5 倍，這些業務幾乎佔汽車總銷售額的一半。

We expect this growth to continue in calendar 2023. In Services, our business grew to $529 million in the quarter, up 8% year-over-year and 2% sequentially. KLA Service strength was driven by our growing installed base, increasing customer adoption of long-term service agreements, expanding service opportunities and legacy nodes and emerging long-term opportunities in acquired businesses.

我們預計這種增長將在 2023 年繼續。在服務方面，我們的業務在本季度增長到 5.29 億美元，同比增長 8%，環比增長 2%。 KLA Service 的實力受到我們不斷增長的安裝基礎、越來越多的客戶採用長期服務協議、擴大服務機會和遺留節點以及收購業務中出現的長期機會的推動。

And finally, the March quarter was another excellent period from a cash flow and capital returns perspective, Quarterly free cash flow was $926 million, which drove the latest 12-month free cash flow up 20% to $3.2 billion. Total capital returns over the past 12 months was $5.11 billion or 160% of free cash flow. Dividends and share repurchases in the March quarter were $659 million, composed of $478 million in share repurchases and $181 million in dividends.

最後，從現金流和資本回報的角度來看，3 月季度是另一個出色的時期，季度自由現金流為 9.26 億美元，這推動最近 12 個月的自由現金流增長 20% 至 32 億美元。過去 12 個月的總資本回報為 51.1 億美元，佔自由現金流的 160%。 3 月季度的股息和股票回購為 6.59 億美元，其中包括 4.78 億美元的股票回購和 1.81 億美元的股息。

Our consistent execution despite challenges in the marketplace continue to prove the resiliency of the KLA operating model and the dedication of our global teams. I will now hand the call over to Bren to go through our financial highlights. Bren?

儘管市場面臨挑戰，我們始終如一的執行力繼續證明了 KLA 運營模式的彈性和我們全球團隊的奉獻精神。我現在將把電話交給布倫，讓他了解我們的財務亮點。布倫？

Thank you, Rick. KLA delivered on our quarter guidance and commitments, demonstrating consistent execution in a challenging marketplace. Our continued focus on meeting customer needs while expanding market leadership, growing revenue, sustaining industry-leading gross and operating margins, generating strong free cash flow and maintaining our long-term strategy of asserted capital allocation is what makes us successful.

謝謝你，里克。 KLA 兌現了我們的季度指導和承諾，展示了在充滿挑戰的市場中始終如一的執行力。我們繼續專注於滿足客戶需求，同時擴大市場領導地位、增加收入、維持行業領先的毛利率和營業利潤率、產生強勁的自由現金流並維持我們堅持的資本配置長期戰略，這使我們取得了成功。

Quarterly revenue was $2.43 billion, above the midpoint of the guided range of $2.2 billion to $2.5 million. Non-GAAP diluted EPS was $5.49, above the midpoint of the guided range of $4.52 to $5.92. GAAP diluted EPS was $5.03. Non-GAAP gross margin was 60.8% at the lower end of the guidance range. While volume and product mix were stronger than expected, persistent end market weakness continues to effect the PCB and display in component inspection businesses to a greater degree than expected and drove incremental inventory reserve requirements.

季度收入為 24.3 億美元，高於 22 億美元至 250 萬美元指導範圍的中點。非 GAAP 稀釋每股收益為 5.49 美元，高於 4.52 美元至 5.92 美元指導範圍的中點。 GAAP 稀釋每股收益為 5.03 美元。非 GAAP 毛利率為 60.8%，處於指導範圍的下限。雖然銷量和產品組合強於預期，但終端市場持續疲軟繼續影響組件檢測業務中的 PCB 和顯示器，其影響程度超出預期，並推動增加庫存儲備需求。

(inaudible) also remains a factor across the company as we adjust our capacity down to reflect the current business environment. These issues combined diluted gross margins by approximately 100 basis points and offset the volume and product mix benefits mentioned earlier. Non-GAAP operating expenses were $534 million, below our expectation of $545 million, reflecting the impact of modest headcount reductions implemented in the quarter and prudent cost management across the company.

（聽不清）也仍然是整個公司的一個因素，因為我們調整我們的能力以反映當前的商業環境。這些問題將攤薄後的毛利率合併了大約 100 個基點，抵消了前面提到的銷量和產品組合優勢。非 GAAP 運營費用為 5.34 億美元，低於我們預期的 5.45 億美元，反映了本季度實施的適度裁員和全公司謹慎的成本管理的影響。

Total operating expenses comprised $322 million in R&D and $212 million in SG&A. Non-GAAP operating margin was 38.8%. Other income and expense net was $60 million, and the quarterly effective tax rate was 14%. At the guided tax rate of 13.5%, non-GAAP EPS would have been $0.03 higher or $5.52. Quarterly non-GAAP net income was $761 million. GAAP net income was $698 million. Cash flow from operations was $1.01 billion, and free cash flow was $926 million.

總運營費用包括 3.22 億美元的研發費用和 2.12 億美元的 SG&A 費用。非美國通用會計準則營業利潤率為 38.8%。其他收入和支出淨額為 6000 萬美元，季度有效稅率為 14%。按照 13.5% 的指導稅率計算，非 GAAP 每股收益將高出 0.03 美元或 5.52 美元。季度非 GAAP 淨收入為 7.61 億美元。 GAAP 淨收入為 6.98 億美元。運營現金流為 10.1 億美元，自由現金流為 9.26 億美元。

As a result, free cash flow conversion was 122%, and free cash flow margin was 38%. The company had approximately 139 million diluted weighted average shares outstanding at the end of the quarter. The breakdown of revenue by reportable segments and end markets and major products and regions can be found within the shareholder letter and slides.

結果，自由現金流轉換率為 122%，自由現金流利潤率為 38%。截至本季度末，該公司擁有約 1.39 億股攤薄加權平均流通股。按可報告細分市場和終端市場以及主要產品和地區劃分的收入明細可在股東信函和幻燈片中找到。

Switching to the balance sheet. KLA ended the quarter with $2.9 billion in total cash, cash equivalents and marketable securities, debt of $5.95 billion and a flexible and attractive bond maturity profile supported by strong investment-grade ratings from all 3 agencies. Over the last 12 months, KLA has returned $5.1 billion to shareholders, including $4.4 billion in share repurchases and $711 million in dividends paid, the total capital returns amounting to 160% of free cash flow.

切換到資產負債表。 KLA 在本季度結束時擁有 29 億美元的現金、現金等價物和有價證券總額，59.5 億美元的債務以及靈活且有吸引力的債券到期情況，這得到了所有 3 家機構強大的投資級評級的支持。在過去的 12 個月裡，KLA 已向股東返還 51 億美元，其中包括 44 億美元的股票回購和 7.11 億美元的股息支付，總資本回報佔自由現金流的 160%。

Turning to our outlook now. We continue to estimate WFE to decline approximately 20% to $75 million in calendar '23 from approximately $95 million in '22. Our customers' capacity planning remains fluid and indications of end market improvement have limited visibility today. While the timing of a meaningful resumption in WFE investment growth remains unclear, we do see overall demand stabilizing around current business levels for our semiconductor process control systems business.

現在轉向我們的展望。我們繼續估計 WFE 將從 22 年的約 9500 萬美元下降約 20% 至 23 年的 7500 萬美元。我們客戶的產能規劃仍然不穩定，終端市場改善的跡像如今可見度有限。雖然 WFE 投資增長有意義恢復的時機仍不明朗，但我們確實看到整體需求穩定在我們半導體過程控制系統業務的當前業務水平附近。

We expect this demand profile to continue through the second half of the calendar year. In particular, we are seeing higher than initially expected investment from legacy customers globally, including in China. We have also received clarification from the U.S. government on the export rules issued last October and can now resume some shipments that we had previously excluded. Furthermore, we see additional wafer and reticle infrastructure spending worldwide.

我們預計這種需求狀況將持續到本日曆年的下半年。特別是，我們看到來自全球（包括中國）傳統客戶的投資高於最初預期。我們還收到了美國政府對去年 10 月發布的出口規定的澄清，現在可以恢復我們之前排除的部分發貨。此外，我們在全球範圍內看到了額外的晶圓和標線片基礎設施支出。

Our WFE estimate reflects our current top-down estimate of industry demand as follows: in memory, we expect WFE investments to decline by 35% to 40% as memory customers continue to respond to lower consumer demand by adjusting production to bring device supply in light of demand. We expect foundry/logic to decline by about 10% overall with legacy investment declining less than the segment overall due principally to automotive and continued demand for legacy design nodes in China.

我們的 WFE 估計反映了我們目前對行業需求的自上而下的估計，如下所示：在內存方面，我們預計 WFE 投資將下降 35% 至 40%，因為內存客戶繼續通過調整生產來應對較低的消費需求，從而使設備供應充足的需求。我們預計晶圓代工/邏輯業務總體下降約 10%，而傳統投資的降幅低於整體細分市場，這主要是由於汽車和中國對傳統設計節點的持續需求。

Our June quarter guidance is as follows: total revenue is expected to be $2.25 billion, plus or minus $125 million; Foundry/Logic is forecasted to be approximately 77%, and Memory is expected to be around 23% of semi PC systems revenue. Within Memory, DRAM is expected to be about 85% of the segment mix and NAND approximately 15%. We forecast non-GAAP gross margin to be 60.75%, plus or minus 1 percentage point, due primarily to the expected product and segment mix.

我們的 6 月季度指導如下：總收入預計為 22.5 億美元，上下浮動 1.25 億美元； Foundry/Logic 預計佔半 PC 系統收入的 77% 左右，內存預計佔 23% 左右。在內存中，DRAM 預計約佔細分市場組合的 85%，NAND 約佔 15%。我們預計非 GAAP 毛利率為 60.75%，上下浮動 1 個百分點，這主要是由於預期的產品和細分市場組合。

Given the view of a stabilizing demand environment for the remainder of the year, non-GAAP gross margin should remain in this range with the expectation of gross margins to be between 60% and 61% for calendar '23 with product mix being the largest factor in quarter-to-quarter variability. Looking ahead, we will continue to manage costs carefully. The June quarter always represents the first full quarter of our annual salary adjustments.

鑑於今年剩餘時間需求環境趨於穩定，非 GAAP 毛利率應保持在這一範圍內，預計 23 年日曆的毛利率將在 60% 至 61% 之間，產品組合是最大的因素在季度到季度的變化中。展望未來，我們將繼續審慎管理成本。六月季度始終代表我們年度薪資調整的第一個完整季度。

As a result, operating expenses will tick up slightly to approximately $540 million. We continue to see operating expenses trending down for the remainder of calendar '23, exiting the calendar year in the $530 million to $535 million range. Other model assumptions for the June quarter include other income and expense net of approximately $58 million and an effective tax rate of approximately 13.5%. Finally, GAAP diluted EPS is expected to be $4.47, plus or minus $0.60 and non-GAAP diluted EPS of $4.83, plus or minus $0.60.

因此，運營費用將略微上升至約 5.4 億美元。我們繼續看到 23 年剩餘時間的運營費用呈下降趨勢，在 5.3 億美元至 5.35 億美元的範圍內退出日曆年。 6 月季度的其他模型假設包括其他收入和支出淨額約為 5800 萬美元，有效稅率約為 13.5%。最後，GAAP 稀釋每股收益預計為 4.47 美元，上下浮動 0.60 美元，非 GAAP 稀釋每股收益預計為 4.83 美元，上下浮動 0.60 美元。

EPS guidance is based on a fully diluted share count of approximately 137.5 million shares. In conclusion, after 3 years of strong industry growth, our view of total WFE demand remains unchanged at down approximately 20% in calendar '23. Against this backdrop, KLA is well positioned to continue to outperform the industry, building on the increased market relevancy delivered in calendar '22.

每股收益指引基於約 1.375 億股的完全攤薄股份數。總之，經過 3 年的強勁行業增長，我們對 WFE 總需求的看法保持不變，在日曆 '23 中下降約 20%。在此背景下，KLA 在日曆 '22 中提供的市場相關性增強的基礎上，有能力繼續跑贏行業。

Looking ahead, we remain confident of the secular trends driving long-term semiconductor industry demand and investments in WFE are intact. Broadening semiconductor demand, the increasing strategic role semiconductors play in influencing national industrial policy and simultaneous investments supporting growing semiconductor content across technology nodes remain catalysts for growth. Technology investment and node transitions reflect the value that semiconductors and our industry have a lowering cost for our customers and enabling a broader application universe for semiconductor-based technology across multiple end markets.

展望未來，我們仍然對推動半導體行業長期需求的長期趨勢充滿信心，並且對 WFE 的投資完好無損。不斷擴大的半導體需求、半導體在影響國家產業政策方面發揮的日益重要的戰略作用以及支持跨技術節點不斷增長的半導體內容的同時投資仍然是增長的催化劑。技術投資和節點轉換反映了半導體和我們的行業為我們的客戶降低成本並為跨多個終端市場的基於半導體的技術提供更廣泛應用領域的價值。

For KLA, while the global economy and semiconductor industry faced headwinds in 2023, we are well positioned to deliver strong financial performance driven by the relative strength of our Semi PC and SPTS businesses and continued growth in Services. We will continue to focus on innovation as we execute our portfolio strategy to support our customers' technology road maps and multiyear investment plans.

對於 KLA 而言，雖然全球經濟和半導體行業在 2023 年面臨逆風，但我們有能力在我們的 Semi PC 和 SPTS 業務的相對實力以及服務的持續增長的推動下實現強勁的財務業績。在執行我們的產品組合戰略以支持客戶的技術路線圖和多年投資計劃時，我們將繼續專注於創新。

With the KLA operating model guiding our execution, we will execute our strategic objectives and drive outperformance. These objectives drive our growth, consistent operational excellence and differentiation across the diverse product and services portfolio. They are also the foundation that sustains our technology leadership and competitive differentiation. This has enabled us to achieve industry-leading financial and free cash flow performance and deliver consistent and growing capital returns to shareholders. And with that, I'll now turn the call back over to Kevin to begin the Q&A session. Kevin?

在 KLA 運營模式指導我們執行的情況下，我們將執行我們的戰略目標並推動卓越績效。這些目標推動了我們的增長、持續的卓越運營以及多樣化產品和服務組合的差異化。它們也是維持我們的技術領先地位和競爭優勢的基礎。這使我們能夠實現行業領先的財務和自由現金流績效，並為股東提供持續且不斷增長的資本回報。有了這個，我現在將把電話轉回給凱文，開始問答環節。凱文？

Thank you, Bren. Chelsea, can you please provide the instructions for Q&A, and then begin the Q&A?

謝謝你，布倫。 Chelsea，能否請您提供問答說明，然後開始問答？

Yes, sir. (Operator Instructions). Our first question will come from Harlan Sur with JPMorgan.

是的先生。 （操作員說明）。我們的第一個問題將來自摩根大通的 Harlan Sur。

And great to see you had another year of strong share gains from the team last year. You reiterated your full year WFE outlook at down 20%. You also talked about your process control business remaining stable at the June quarter levels through the remainder of this year. I'm wondering if the stable outlook also reflects the stabilization of cancellation and pushout activity from what I assume has been a pretty volatile bookings environment over the past 6 months?

很高興看到你在去年又從團隊那裡獲得了強勁的份額增長。您重申全年 WFE 展望為下降 20%。您還談到了您的過程控制業務在今年剩餘時間內保持穩定在 6 月季度的水平。我想知道穩定的前景是否也反映了取消和推出活動的穩定，我認為過去 6 個月的預訂環境相當不穩定？

Harlan, thanks for the compliment. On -- overall, from a bookings point of view, look, the customers are still moving things around in terms of backlog and slotting. There was some scrubbing in the quarter of some adjustments, fairly minor, in our overall backlog in our RPO number, which you'll see, which is the remaining performance obligations, you'll see in our 10-Q filing that we'll do in the next day or so, came down about $600 million.

哈蘭，謝謝你的誇獎。總的來說，從預訂的角度來看，客戶仍在積壓和排位方面進行調整。在我們的 RPO 數量的總體積壓中，本季度進行了一些調整，相當小，你會看到，這是剩餘的履約義務，你會在我們的 10-Q 文件中看到我們將第二天左右，下降了大約 6 億美元。

So that implies that the book-to-bill was a little bit less than 1, and then there were some adjustments overall. But some timidity in scheduling, but just over the prepared remarks, we do see a stabilization around these levels as we look out over the next few quarters.

因此，這意味著訂單出貨比略低於 1，然後總體上進行了一些調整。但是在安排上有些膽怯，但就在準備好的評論中，我們確實看到在接下來的幾個季度中，這些水平會穩定下來。

Perfect. And then on your EPC franchise, this -- it's driven pretty strong growth, right, 10% to 11% CAGR over the past 3 years, that's including Services. It even grew 7% last year, right, in a slower consumer environment. Coming into this year, though, you guys are already driving an EPC systems profile of down about 20% year-over-year. Do you still anticipate the EPC business to grow this to outperform WFE growth? And sort of at a high level, how are you thinking about EPC profile second half versus first half?

完美的。然後在你的 EPC 特許經營權上，這 - 它推動了相當強勁的增長，對，在過去 3 年中，複合年增長率為 10% 到 11%，其中包括服務。在消費環境放緩的情況下，去年它甚至增長了 7%。不過，進入今年，你們已經推動 EPC 系統配置文件同比下降約 20%。您是否仍預計 EPC 業務的增長會超過 WFE 的增長？在較高的層面上，您如何看待下半年與上半年的 EPC 概況？

Yes. It's a great question, Harlan. And certainly, over the last few months, we've seen a shift in our expectations for that business. It tends to be short lead time and very consumer sensitive, if you will. And so as the consumer markets have yet to really recover, we were expecting to see a bounce back in the second half. And while I expect the second half to be a little bit stronger than the first half -- and this is really regarding the PCB business, flat panel business and the ICOS component inspection business because SPTS has a different profile, I'll talk about that in a second.

是的。這是一個很好的問題，哈倫。當然，在過去幾個月裡，我們已經看到我們對該業務的期望發生了變化。如果您願意的話，它往往交貨時間很短並且對消費者非常敏感。因此，由於消費市場尚未真正復甦，我們預計下半年會出現反彈。雖然我預計下半年會比上半年強一點——這實際上是關於 PCB 業務、平板業務和 ICOS 組件檢測業務，因為 SPTS 有不同的概況，我會談談在一秒鐘內。

But in those businesses, we expect it to increase and improve modestly into the second half, but that we're likely to -- in that segment that will -- it will be a decline year-over-year that's more than what we expect out of the WFE-centric businesses. SPTS on the other hand, has had a nice growth trajectory. We had a strong year last year and would expect to see that business be somewhere flat, maybe modestly up this year.

但在這些業務中，我們預計它會在下半年有所增加和改善，但我們很可能 - 在該領域 - 同比下降超過我們的預期以 WFE 為中心的業務。另一方面，SPTS 的發展軌跡不錯。去年我們表現強勁，預計業務會持平，今年可能會小幅上升。

It is very exposed to the automotive market, specifically around power semiconductors and some of the new specialty substrates. And so there are opportunities for us there. We're pretty pleased with how we're -- how that business is progressing here despite the weakness overall in WFE.

它非常容易接觸汽車市場，特別是圍繞功率半導體和一些新的特種基板。所以我們在那裡有機會。我們對我們的情況感到非常滿意——儘管 WFE 整體疲軟，但該業務在這裡的進展情況。

Our next question will come from C.J. Muse with Evercore.

我們的下一個問題將來自 Evercore 的 C.J. Muse。

I guess first question, surprised you haven't changed your foundry WFE outlook for 2023 at all. Many of your peers discussed modest adjustments there. So would love to hear your thoughts as to what's offsetting that? And as part of that, can you speak to the lead times for optical inspection, which I still think are well beyond 12 months? So is that the kind of the key to the story for KLA where you're finding this sustainable level at the June level in the second half?

我想第一個問題，很驚訝你根本沒有改變你對 2023 年的鑄造 WFE 展望。您的許多同行在那裡討論了適度的調整。那麼很想听聽您的想法是什麼抵消了這一點？作為其中的一部分，您能否談談光學檢查的交貨時間，我仍然認為這遠遠超過 12 個月？那麼，這就是 KLA 故事的關鍵，你在下半年的 6 月水平上找到了這個可持續的水平嗎？

Yes, C.J., in the overall business, we're seeing more strength than we had expected originally in the legacy parts of the market, so greater than 28-nanometer, and that's a global statement. China is also stronger in terms of expectations there from a legacy point of view. So while we've seen some adjustments in the leading-edge expectations, we've seen some strengthening overall legacy. So obviously, there are some error bars around these percentages as we look out from the March quarter. But that's really what's driving our outlook here.

是的，C.J.，在整個業務中，我們看到市場的傳統部分比我們最初預期的要強大，因此大於 28 納米，這是一個全球聲明。從傳統的角度來看，中國在期望方面也更強大。因此，雖然我們看到了前沿預期的一些調整，但我們看到了一些加強的整體遺產。很明顯，從 3 月季度來看，這些百分比周圍存在一些誤差線。但這才是推動我們展望未來的真正原因。

Great. And then maybe just to follow up on the legacy part. You talked about native China being 25% of process control. How much of that is silicon wafer versus just traditional front-end equipment?

偉大的。然後可能只是跟進遺留部分。你談到中國本土佔過程控制的 25%。與傳統前端設備相比，其中有多少是矽晶圓？

So over the course of the -- if we just take an annual perspective and think about it, I would say the silicon wafer part is probably -- and this is an estimate, probably about 20% to 25% of it. So the other thing (inaudible) on optical inspection. You asked about lead times of our -- on optical inspection. I'm sorry, I left that out of your -- the first part of your question. So lead times are -- on optical inspection are still pretty long.

因此，在這個過程中——如果我們只從年度角度考慮一下，我想說矽晶圓部分可能是——這是一個估計，可能是其中的 20% 到 25%。所以關於光學檢查的另一件事（聽不清）。您詢問了我們的光學檢查的交貨時間。對不起，我把它從你的問題中遺漏了——你問題的第一部分。所以交貨時間 - 光學檢查仍然很長。

There hasn't really been a change there as we are adding new capacity to support demand. Customers are still investing in their technology road maps, and that product is pretty essential to that. And so we continue to see an environment where demand is outpacing supply. So in and down, WFE market, I expect the high-end optical inspection to grow this year given those dynamics.

那裡並沒有真正的變化，因為我們正在增加新的容量來支持需求。客戶仍在投資於他們的技術路線圖，而該產品對此非常重要。因此，我們繼續看到需求超過供應的環境。因此，在 WFE 市場上下，鑑於這些動態，我預計今年高端光學檢測將會增長。

Our next question will come from Vivek Arya with Bank of America Securities.

我們的下一個問題將來自美國銀行證券公司的 Vivek Arya。

I'm curious what's giving you the confidence that sales have bottomed when many of your memory customers still appear to have a lot of inventory and are unclear when the utilization will pick up. So specifically, how is your visibility to the memory demand for the back half of this calendar year? Do you think it will be about this level, it'll be lower, above this level?

我很好奇，當您的許多內存客戶似乎仍有大量庫存並且不清楚利用率何時回升時，是什麼讓您相信銷售已經觸底。那麼具體來說，您如何看待本日曆年下半年的內存需求？你認為它會在這個水平左右，它會更低，高於這個水平嗎？

Because I noticed that in June, the implied memory sales seem to be picking up, albeit of small numbers. So just any comments on how you're thinking about memory demand recovery from here as it pertains to what you think about utilization at your key memory customers.

因為我注意到在 6 月份，隱含的內存銷售似乎在回升，儘管數量很少。因此，關於您如何從這裡考慮內存需求恢復的任何評論都與您對主要內存客戶的利用率的看法有關。

Sure. It's a good question. If you look at the March quarter, it was pretty low, right, at 14%. So -- and I look back -- and you go back in any of our recent history hasn't been that low really ever. So -- and even as you see it progress through the year into the guidance, sort of the 23% that we talked about in June and -- even as it sort of stays in that range as you move through the second half of the -- for the year, it's still -- while second half might be a little bit stronger than the first half, given how low the first half was, it's still pretty low overall in terms of our forecast and expectations.

當然。這是個好問題。如果你看一下 3 月份的季度，它非常低，對，只有 14%。所以——我回顧過去——你回顧我們最近的歷史，從來沒有那麼低過。所以 - 即使你看到它在一年中取得進展進入指導，我們在 6 月份談到的 23% 和 - 即使它在你進入下半年時保持在這個範圍內 - - 就今年而言，它仍然 - 雖然下半年可能會比上半年強一點，但考慮到上半年的低迷，就我們的預測和預期而言，它總體上仍然很低。

And there's some wildcards around how customers ultimately spend. We tend to be more technology-centric, and so there's still a road map investments that's happening that we're participating in. There's also some opportunities related to the clarification of some of the export controls and what that means in terms of some incremental opportunities to support some of the older generation memory devices in China. And so that clarification that we received from the government will enable the second half shipments. And so that's in our outlook as well.

關於客戶最終如何消費存在一些通配符。我們更傾向於以技術為中心，因此我們仍在參與路線圖投資。還有一些機會與澄清一些出口管制有關，以及這對一些增量機會意味著什麼以支持中國的一些老一代存儲設備。因此，我們從政府收到的澄清將使下半年出貨成為可能。所以這也在我們的展望中。

Yes. Just to add to that, if you look at the business that we have, it's more tied to capacity and memory, that's not really showing up. What's showing up, as Bren said, is more on technology. So even as those customers or not -- or even have a low utilization, not adding capacity, they are very motivated to continue to work on technology development that plays to -- as Bren said, it's a relatively small number, but there's some stability in that.

是的。除此之外，如果你看看我們擁有的業務，它更多地與容量和內存相關，而這並沒有真正出現。正如布倫所說，出現的更多是技術。因此，即使這些客戶與否 - 甚至利用率低，不增加容量，他們也非常有動力繼續致力於技術開發 - 正如布倫所說，這是一個相對較小的數字，但有一定的穩定性在那裡面。

Got it. And from my follow-up, I realize it's early, but I thought that given that you have long lead times and you are engaged in the technology side with many customers, you probably have a decent view of how the calendar '24 might look like. So I'm not asking for numerical guidance, but what's your gut right now that is WFE likely to grow next year? Is it supposed to be flat or down? Like what could be, just the kind of qualitative puts and takes as we start thinking about WFE next year?

知道了。從我的後續行動中，我意識到現在還為時過早，但我認為鑑於您的交貨時間很長並且您與許多客戶從事技術方面的工作，您可能對日曆 '24 的外觀有一個不錯的看法.所以我不是在尋求數字指導，但你現在的直覺是什麼 WFE 明年可能會增長？它應該是平坦的還是向下的？就像我們明年開始考慮 WFE 時的定性看跌期權一樣？

Yes. Obviously, just to start off with the obvious, we don't have a lot of visibility into next year. But we can tell you about the conversations we're having with customers, which have to do a lot with their view that things are kind of stabilizing at this level for the most part. And in some cases, it's because things are down quite a bit, but there's a lot of activity still in, for example, advanced logic nodes or advanced foundry nodes, of design starts and a lot of work going on there.

是的。顯然，從顯而易見的事情開始，我們對明年的了解不多。但我們可以告訴你我們與客戶的對話，這與他們認為事情在很大程度上穩定在這個水平上有很大關係。在某些情況下，這是因為事情已經下降了很多，但仍有很多活動仍在進行，例如，高級邏輯節點或高級代工節點，設計開始以及那裡正在進行的大量工作。

And we're still having conversations about supporting projects that are due to happen at the end of this year or early into next year. So if you had to pin us down on it, I think we're kind of -- at these kind of levels, plus or minus, for a while. And hopeful that during calendar '24, we'll see some recovery, but it's obviously too soon to know that. But I think that that's the general way we're thinking about it going forward.

我們仍在討論支持將於今年年底或明年初進行的項目。因此，如果你不得不將我們固定下來，我認為我們有點 - 在這種水平上，正負，一段時間。並希望在 24 年日曆期間，我們會看到一些復甦，但現在知道這一點顯然還為時過早。但我認為這是我們考慮未來的一般方式。

Our next question will come from Krish Sankar with Cowen.

我們的下一個問題將來自 Krish Sankar 和 Cowen。

The first one, Rick or Bren, you spoke about resuming some shipments to China. Can you quantify in terms of millions of dollars, how much that you're going to expect to recoup in the second half? And is that baked into your view that revenue will stay around these levels into the calendar second half? And along the same path, this China shipment assumption is tied to kind of lagging as memory, and I'm kind of curious, what exactly you mean by lagging as memory because I thought memory is always at leading edge. And then I have a follow-up.

第一個，里克或布倫，你談到恢復對中國的一些發貨。你能用數百萬美元來量化下半年你期望收回多少嗎？您是否認為收入將在下半年保持在這些水平附近？沿著同樣的路徑，這種中國出貨量假設與記憶滯後有關，我很好奇，你所說的記憶滯後到底是什麼意思，因為我認為記憶總是處於領先地位。然後我有一個後續行動。

Yes. Krish, so we expect to be somewhere greater than $200 million in terms of the opportunity in the second half. And we're working with the customer to make sure that we have what we need to be able to support that activity. But that's how we're sizing it right now overall. So look, I think on the technology question is that not everyone is at the leading edge. And so there's activity that's happening in legacy markets, and there's some market opportunities out there from an end market point of view to support some of these investments. So that's what's driving that investment. And like I said, we see it somewhere in that couple of hundred million range.

是的。 Krish，所以我們預計下半年的機會將超過 2 億美元。我們正在與客戶合作，以確保我們擁有支持該活動所需的一切。但這就是我們現在整體調整規模的方式。所以看，我認為在技術問題上並不是每個人都處於領先地位。因此，傳統市場正在發生一些活動，從終端市場的角度來看，存在一些市場機會來支持其中的一些投資。這就是推動這項投資的原因。就像我說的，我們看到它在幾億範圍內的某個地方。

Got it. Got it. Super helpful. And then a quick follow-up, should we still expect your service revenues to grow this year? And how to think about the service between the Semi and the EPC portion?

知道了。知道了。超級有幫助。然後快速跟進，我們是否仍期望您今年的服務收入增長？以及如何考慮Semi和EPC部分之間的服務？

Yes, this is Rick. So yes, we should see growth in Service. And I think this is one of the differentiators for KLA is how our Service behaves and slow down. We're seeing a lot of interest from our customers to keep that capability. So even when capacity might go off, what customers want to focus on is yield and making sure that they're continuing to develop new technology.

是的，這是瑞克。所以是的，我們應該看到服務的增長。我認為這是 KLA 的差異化因素之一，即我們的服務的行為方式和速度。我們看到客戶對保持這種能力有很大的興趣。因此，即使產能可能下降，客戶想要關注的是產量並確保他們繼續開發新技術。

And so that plays to our strength. Obviously, we've talked about some of the slowdown we've seen in EPC. So this is much more about Semi process control. But yes, we're still modeling the growth that we've talked about in the past for Service, and that's a big part of our value that we provide for our customers. So we feel good about where we are there.

因此，這發揮了我們的優勢。顯然，我們已經討論了我們在 EPC 中看到的一些放緩。所以這更多的是關於半過程控制。但是，是的，我們仍在模擬我們過去談到的服務增長，這是我們為客戶提供的價值的重要組成部分。所以我們對我們所處的位置感覺良好。

Yes. And for the Semi PC part of the business, given the reduction or the softening in the industry environment, some (inaudible) capacity, the dynamics around the memory business that people have already asked about, I wouldn't expect Service to grow in line with the long-run target of 12% to 14%. As we said last quarter, we see it somewhere in the mid- to high single-digit growth rate this year, obviously some headwinds from the export controls as a factor in that.

是的。對於業務的半導體部分，鑑於行業環境的減少或軟化，一些（聽不清的）產能，人們已經詢問過的內存業務的動態，我預計服務不會同步增長長期目標為 12% 至 14%。正如我們上個季度所說，我們認為今年的增長率處於中高個位數，顯然出口管制帶來的一些不利因素是其中的一個因素。

But still growth, to Rick's point. And on the EPC side, the EPC side, probably flat, maybe modestly up a little bit. Service business behaves a little bit differently. There are some long-term opportunities for us to try to drive that business over time given our global footprint. That's obviously a longer-term play. But the Service business generally is not declining, but not growing a lot this year.

但在里克看來，仍然是增長。在 EPC 方面，EPC 方面可能持平，也可能略有上升。服務業務的行為略有不同。鑑於我們的全球足跡，我們有一些長期機會嘗試隨著時間的推移推動該業務。這顯然是一場長期的比賽。但服務業務總體上沒有下降，但今年增長不多。

Our next question will come from Joe Quatrochi with Wells Fargo.

我們的下一個問題將來自富國銀行的 Joe Quatrochi。

Just a first of clarification. For the clarification on export restrictions that you received, that $200 million you're thinking about for the second half of this year, did that reenter your backlog or RPO this quarter?

只是第一個澄清。對於您收到的關於出口限制的說明，您正在考慮今年下半年的 2 億美元，這是否在本季度重新進入了您的積壓訂單或 RPO？

Never came out. Because it was a clarification issue, so we were -- as I've said in prior quarters, until we had certainty, we weren't going to scrub out anything out of our backlog. In this case, we required a clarification. And so until we have certainty, we left things in. So no change from that point of view.

從來沒有出來。因為這是一個澄清問題，所以我們 - 正如我在前幾個季度所說的那樣，在我們確定之前，我們不會從積壓中清除任何東西。在這種情況下，我們需要澄清。因此，在我們確定之前，我們把事情留在了裡面。所以從那個角度來看沒有改變。

Got it. And then as a follow-up, on the gross margin side, how should we think about inventory reserves for the rest of this year? And then can you just remind us how do we think about the timing of those reversals?

知道了。然後作為後續，在毛利率方面，我們應該如何考慮今年剩餘時間的庫存儲備？然後您能否提醒我們如何考慮這些逆轉的時機？

Yes. I think the last couple of quarters, we've had some meaningful adjustments from what we were driving the company to the current demand levels. And if you recall back in '21 and '22 given the supply chain shortages that were out there, we were making fairly significant commitments in our supply chain that in a lot of ways, drove the performance that we saw in '21 and '22 from a growth point of view, and particularly from a relative growth point of view.

是的。我認為在過去的幾個季度裡，我們對公司的驅動力進行了一些有意義的調整，以達到當前的需求水平。如果你回想起 21 年和 22 年的供應鏈短缺情況，我們在供應鏈中做出了相當重要的承諾，這在很多方面推動了我們在 21 年和 22 年看到的業績從增長的角度來看，特別是從相對增長的角度來看。

So as we've had to adjust down to different demand levels at a fairly quick pace, it has driven some incremental reserves related to just excess supply. So what I would expect, well, in this happening is, over time, as we see a meaningful resumption in demand given the extendibility and lifetime of our platforms, the strength of our Service business will ultimately consume those parts.

因此，由於我們不得不以相當快的速度向下調整到不同的需求水平，因此它推動了一些與供應過剩相關的增量儲備。因此，我希望，在這種情況下，隨著時間的推移，鑑於我們平台的可擴展性和使用壽命，我們看到需求有意義地恢復，我們服務業務的實力最終將消耗這些部分。

It's not like you throw the parts away. It's just you have more than you need for the demand window in terms of how you see the assessment. So on a go-forward basis, I expect it to normalize and not be an issue for us. EPC was a bit of a surprise, as I mentioned in the prepared remarks this quarter. And that was really driven by just this weakening overall expectation into the second half that we previously thought we'd see stronger demand.

這不像你把零件扔掉。只是就您如何看待評估而言，您擁有的需求窗口超出了您的需求。因此，在前進的基礎上，我希望它能夠正常化，而不是我們的問題。正如我在本季度準備好的評論中提到的那樣，EPC 有點令人驚訝。這確實是受到下半年總體預期減弱的推動，我們之前認為我們會看到更強勁的需求。

But we think that we've adjusted now and so the impact moving forward, assuming the outlook that we provided normalizes and isn't an incremental factor one way or the other.

但我們認為我們現在已經進行了調整，因此影響會向前發展，假設我們提供的前景正常化並且不是某種方式的增量因素。

Our next question will come from Atif Malik with Citi.

我們的下一個問題將來自花旗的 Atif Malik。

I have 2 questions on China. First, is the number of customers you're engaged domestically in China on trailing edge higher this year versus last year or year before?

我有兩個關於中國的問題。首先，與去年或前年相比，您今年在中國國內從事的客戶數量是否有所增加？

I wouldn't say higher, no. But there's a lot of projects.

我不會說更高，不。但是有很多項目。

I mean, I -- but yes, Rick's right. I wouldn't say higher.

我的意思是，我——但是，是的，里克是對的。我不會說更高。

Okay. And then on multinational companies in China, Rick, in your discussions with these companies, how are they looking at their future capacity expansions given that the license period for the export restrictions is coming due in September, October? I mean, how are they looking strategically on investments in China?

好的。然後關於在中國的跨國公司，里克，在你與這些公司的討論中，鑑於出口限制的許可期將於 9 月、10 月到期，他們如何看待未來的產能擴張？我的意思是，他們如何從戰略角度看待在中國的投資？

Well, it's hard enough for us to get the clarification. I think for them, that's -- they're working on the same thing as getting clarification on exactly what they'll be able to do. So I think there -- they have conversations with us, but frankly, the discussions they're having that matter the most to them are not with us. We're able to support them no matter which way that goes. But I think that's something they're all working through. And there's some stuff in the press about it, but you can imagine that there's a fair amount of anxiousness around that.

好吧，我們很難得到澄清。我認為對他們來說，那是——他們正在做同樣的事情，就像澄清他們能夠做什麼一樣。所以我認為 - 他們與我們進行了對話，但坦率地說，他們正在進行的對他們來說最重要的討論與我們無關。無論採用哪種方式，我們都能夠支持他們。但我認為這是他們都在努力解決的問題。媒體上有一些關於它的報導，但你可以想像圍繞它有相當多的焦慮。

Our next question will come from Timothy Arcuri with UBS.

我們的下一個問題將來自瑞銀的 Timothy Arcuri。

Bren, I had 2. So first, I'm just trying to tie your process control systems commentary to WFE. And it sounds like Orbotech systems -- I mean, you're not exclusively saying this in June, but it sounds kind of like they're pretty flattish. So Process Control Systems have to be about [$1,550 million], down maybe $175 million from March. And then in the shareholder letter, you're saying that it's going to sort of remain flat into the back half of the year at that level.

Bren，我有 2 個。首先，我只是想將您的過程控制系統評論與 WFE 聯繫起來。這聽起來像 Orbotech 系統——我的意思是，你並不是在 6 月份專門這麼說，但聽起來有點像它們很平淡。因此，過程控制系統必須約為 [15.5 億美元]，比 3 月份減少了 1.75 億美元。然後在股東信中，你說它會在今年下半年保持持平。

So if I just take the [$1,720 million] you did in March and then I take the $1,550 million in June and I kind of flatline that, and I used $75 billion this year in WFE, that implies you're like 8.5% this year for WFE share, that's -- I mean, that's a record high. So I guess the question is, is there something structural going on that you think there's staying power to where your WFE share could stay that high? Usually, I think, 6% in the trough and 8% in the peak, but you're sort of like 8.5%? Or maybe is it that your $75 billion numbers too low?

因此，如果我只拿你在 3 月份做的 [17.2 億美元]，然後我在 6 月份拿 15.5 億美元，我有點持平，我今年在 WFE 中使用了 750 億美元，這意味著你今年大約是 8.5%對於 WFE 份額，這是——我的意思是，這是歷史新高。所以我想問題是，是否有一些結構性的事情發生，你認為你的 WFE 份額可以保持那麼高的地方有持久力？通常，我認為，低谷時為 6%，高峰時為 8%，但你有點像 8.5%？還是你的 750 億美元數字太低了？

Tim, I'm not -- we do this every quarter. I'm not going to guide the individual segments, but your math is reasonable. And again, with our comments around stabilized, it's plus or minus relative to the current business levels. But that's how we see things moving forward now. In terms of your -- and we talked about this a little bit over the last number of months is that we felt pretty confident about our ability to maintain our share of WFE that there were drivers in terms of as we look at '23 and you see customers continuing to invest in their road maps.

蒂姆，我不是——我們每個季度都這樣做。我不打算指導各個部分，但你的數學是合理的。再一次，隨著我們對穩定的評論，它相對於當前的業務水平是正負。但這就是我們現在看待事情向前發展的方式。就你而言——我們在過去幾個月裡談到了一點，我們對維持我們在 WFE 中的份額的能力感到非常有信心，因為我們看到了 23 年和你看到客戶繼續投資於他們的路線圖。

Particular product lines that are inflecting some of the fastest-growing product lines and overall WFE would be factors for growth for us. Our exposure to the bare silicon or the silicon wafer industry is a driver of WFE that we're exposed to that others aren't. The infrastructure investment that's happening in China from a wafer and reticle point of view is also an inflection point. I think what's exposed to export controls overall as a percent of the total for us is a little bit lower than some of the other peers.

影響一些增長最快的產品線和整個 WFE 的特定產品線將成為我們增長的因素。我們接觸裸矽或矽晶圓行業是 WFE 的驅動力，我們接觸到其他人沒有接觸到。從晶圓和標線片的角度來看，中國正在進行的基礎設施投資也是一個轉折點。我認為出口管制總體上占我們出口管制的百分比略低於其他一些同行。

And then finally, we're seeing a very strong share performance overall, as we talked about in the prepared remarks. So when you add all that up -- and share is also important because in a downturn when budgets are limited, customers tend to buy best of breed, and that tends to play to KLA's favor as well. So when you add all that up, as I've been saying for a number of months, I feel pretty confident that despite all the adjustments out there that folks were making in deferred revenue and partial shipments and all those kinds of dynamics that we're adding some confusion overall that we feel pretty comfortable about our ability to maintain our share of the overall market.

最後，正如我們在準備好的評論中所談到的，我們看到整體的股票表現非常強勁。因此，當您將所有這些加起來時，份額也很重要，因為在經濟低迷時期，預算有限，客戶往往會購買同類產品中最好的，這也往往對 KLA 有利。因此，當你將所有這些加起來時，正如我幾個月來一直在說的那樣，我非常有信心，儘管人們在遞延收入和部分發貨以及我們的所有這些動態方面做出了所有調整，整體上增加了一些混亂，我們對我們保持整體市場份額的能力感到非常自在。

Process control intensity stronger in a foundry/logic environment and certainly more of the WFE spend is there. And so that's always a factor for us in any downturn. And why -- typically in down WFE years, KLA has, I think we might go back even decades, we've always outperformed the market in down years. So I think there's a number of factors that's contributing to it.

工藝控制強度在代工/邏輯環境中更強，而且肯定有更多的 WFE 支出。因此，在任何經濟低迷時期，這始終是我們的一個因素。為什麼——通常在 WFE 低迷的年份，KLA 有，我認為我們甚至可以追溯到幾十年前，我們在低迷的年份總是跑贏市場。所以我認為有很多因素促成了它。

Yes. Just to build on it, Tim. I think, as Bren mentioned, process control intensity is up some, but I think the share story is maybe even more significant. And then where it's really shown up has been optical inspection. And a lot of that is around relevancy of our optical inspection to some of the new nodes that people are dealing with. And it took a while for some of our customers to really fully appreciate the capability of both the Gen 4 and Gen 5 platforms.

是的。只是以此為基礎，蒂姆。我認為，正如 Bren 提到的那樣，過程控制強度有所提高，但我認為分享故事可能更為重要。然後它真正出現的地方是光學檢查。其中很多是圍繞我們的光學檢查與人們正在處理的一些新節點的相關性。我們的一些客戶花了一段時間才真正完全理解第 4 代和第 5 代平台的功能。

And those 2 -- I mean, frankly, we're still constrained, we're capacity constrained on those. Those would grow more if we had more capacity. And the reason for that is, I think we are demonstrating to our customers value. And when we thought originally, it'd be mostly logic and foundry, even there, we're seeing some strength, albeit memory is very low. But we're seeing adoption of advanced inspection. So I think that's another way to look at it. If you look at the performance last year overall for process control, I don't think it was an accident, it's relevancy of our solutions.

而那些 2 - 我的意思是，坦率地說，我們仍然受到限制，我們在這些方面的能力受到限制。如果我們有更多的容量，它們會增長更多。原因是，我認為我們正在向客戶展示價值。當我們最初認為，它主要是邏輯和代工廠時，即使在那裡，我們也看到了一些力量，儘管內存很低。但是我們看到了高級檢查的採用。所以我認為這是另一種看待它的方式。如果你看一下去年過程控制的整體表現，我認為這不是意外，而是我們解決方案的相關性。

And then I guess I had a question also on WFE. And some people are trying to get at this, I think. But -- so WFE is still sort of flat in the $75 billion range. I think, Bren, you said that there's $200 million for you that can shift that sort of an add-back of stuff that was banned in the past. So if you're less than 10% of WFE, that's probably like a few billion dollar add back from just from China there, and then there's all this lagging edge stuff happening in China.

然後我想我也有一個關於 WFE 的問題。我認為有些人正試圖解決這個問題。但是——所以 WFE 在 750 億美元的範圍內仍然持平。我想，布倫，你說過你有 2 億美元可以改變過去被禁止的那種加回的東西。所以如果你不到 WFE 的 10%，那可能就像從中國那裡加回來的幾十億美元，然後所有這些落後的事情都發生在中國。

So is it that the lagging edge kind of stuff -- like it's not helping this year? It's more helping next year? I guess I'm a little surprised that the $75 billion number is not higher just given the massive increase in bookings that we're seeing from lagging edge in China?

那麼是不是落後的東西 - 就像今年沒有幫助一樣？明年會更有幫助嗎？我想我有點驚訝，750 億美元的數字並沒有更高，因為我們看到中國落後的預訂量大幅增加？

Yes. We're a little -- Tim, we're in April. It's an estimate, an approximation at plus or minus around 77 -- or $75 billion is a way to think about it at this point. So we don't put a lot of extra effort. We focus a lot on running our own business and executing this one. We just try to do what we can to do an assessment of the overall market, and we'll share that with you. But there are a lot of moving parts, right?

是的。我們有點——蒂姆，我們在四月份。這是一個估計值，大約在正負 77 左右，即 750 億美元是目前考慮的一種方式。所以我們不會付出很多額外的努力。我們非常專注於經營自己的業務並執行這一業務。我們只是盡我們所能對整個市場進行評估，我們會與您分享。但是有很多活動部件，對吧？

We'll get some clarity in terms of ultimately what that impact is. I sized it. Could it be more, could be less? Perhaps, but just overall -- and I think the other factor that could impact this year is just some of the construction dynamics where facilities are being built. And when customers actually receive tools, if you have delays in construction schedules that could affect what shows up when, and there's a number of greenfield projects that are out there. So a lot of moving parts in it, but we're comfortable with the plus or minus $75 billion, and we'll firm it up as we go here.

我們最終會弄清楚這種影響是什麼。我量了一下。可以多一點，可以少一點嗎？也許吧，但只是總體而言——我認為今年可能影響的另一個因素只是正在建設設施的一些建設動態。當客戶實際收到工具時，如果您的施工進度有所延遲，這可能會影響出現的時間，並且那裡有許多未開發的項目。裡面有很多變動的部分，但我們對正負 750 億美元感到滿意，我們會在進行時鞏固它。

Our next question will come from Sidney Ho with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Sidney Ho。

I want to follow up with the previous question about -- you talked about the stabilizing demand and maybe a similar profile for the rest of the year. Are you expecting your revenue for the back half of the year to be roughly flat quarter-over-quarter, inclusive of that $200 million of recoup revenue? Or are there other factors to consider whether it's on the service business on the EPC side of things?

我想跟進之前的問題——你談到了穩定的需求，以及今年餘下時間可能會出現類似的情況。您是否預計今年下半年的收入與上一季度相比大致持平，包括 2 億美元的回收收入？或者是否有其他因素需要考慮它是否屬於 EPC 方面的服務業務？

Yes, Sidney, we just did $2.432 billion, right, in -- or $2.433 billion in the March quarter. And so the commentary was focused on current business levels at $2.25 billion. So it might put a little bit of pressure on the second half from a half-to-half point of view. But we are talking about kind of low single digit, low to mid-single digit given that guidance.

是的，西德尼，我們剛剛完成了 24.32 億美元，對，在 - 或 3 月季度的 24.33 億美元。因此，評論的重點是當前 22.5 億美元的業務水平。所以從半對半的角度來看，這可能會給下半場帶來一點壓力。但我們正在談論一種低個位數，鑑於該指導，中低個位數。

And again, we're not guiding the second half. We're just giving a view of this stabilization here. So it's possible, right? It will be close. But I think just given the strength of the March quarter, that it would -- if you end up with roughly the same numbers in the second half, you might be half to half down modestly.

再一次，我們沒有指導下半場。我們只是在這裡給出這種穩定的看法。所以這是可能的，對吧？它會很接近。但我認為，考慮到 3 月季度的強勁勢頭，如果你在下半年得到大致相同的數字，你可能會適度下降一半到一半。

Okay. That's helpful. My follow-up question is one of your largest customers in Taiwan talked about higher levels of tool reuse between the 5 nanometers and 3 nanometers. How is this factored into your second half outlook and maybe even the longer-term outlook? And do you think that's anything incremental to what the industry's current level of capacity is used between those?

好的。這很有幫助。我的後續問題是你們在台灣最大的客戶之一談到了 5 納米和 3 納米之間更高水平的工具重用。這如何影響您的下半年展望，甚至是長期展望？你認為這對行業當前的容量水平有什麼增量嗎？

It's a good question, Sidney. I think that those are always conversations customers have had in terms of when they look at their utilization. And they look at the differences from node to node. I think it is something that is always being evaluated. They're always trying to optimize the portfolio. The work that we've done in modeling our 2026 plan and the work that we do even looking through the rest of the year and next year, have contemplated all of that.

這是個好問題，西德尼。我認為這些總是客戶在查看其利用率時進行的對話。他們會查看節點與節點之間的差異。我認為這是一直在被評估的東西。他們一直在努力優化投資組合。我們在為 2026 年計劃建模時所做的工作，以及我們在今年剩餘時間和明年所做的工作，都考慮到了所有這些。

So there's nothing really in there that's new from our perspective about the amount of consumption of process control and process control intensity. It does highlight the need for us to continue to invest in R&D and bring out new capabilities and continue to support our customers. So nothing really new in what we see in those statements.

因此，從我們的角度來看，關於過程控制和過程控制強度的消耗量並沒有什麼新鮮的。它確實凸顯了我們需要繼續投資研發並開發新功能並繼續支持我們的客戶。因此，我們在這些聲明中看到的內容並沒有真正的新意。

Our next question will come from Toshiya Hari with Goldman Sachs.

我們的下一個問題將來自高盛的 Toshiya Hari。

I had a follow-up question to Sidney's question. Given the depth and breadth of design start activity you're seeing in the leading edge foundry space. What are your expectations for process control intensity into 2024? Is there a bias potentially to the upside from where you are in 2023?

我對 Sidney 的問題有一個後續問題。鑑於您在前沿代工領域看到的設計啟動活動的深度和廣度。您對 2024 年的過程控制強度有何期望？您在 2023 年的位置是否存在潛在的上行偏差？

Well, look, Toshiya, we -- process control intensity has been very strong for the reasons you talked about, if you think about the number of design starts and what that means in terms of our customers managing a number of different designs that test design rules in different ways and then having to deliver yielded wafers in fairly tight market windows. It all drives a higher level of inspection and metrology.

好吧，聽著，Toshiya，我們——由於你談到的原因，過程控制強度一直非常強，如果你考慮設計開始的數量，以及這對我們的客戶管理許多不同的設計測試設計意味著什麼以不同的方式進行規則，然後必須在相當緊張的市場窗口中交付成品晶圓。這一切都推動了更高水平的檢測和計量。

You also have different process flows and process points that are expected to. So those are all -- have been drivers for process control. As the design starts at the previous node, it was also a factor. And then new tech, right, new tech with the introduction of more EUV to drive scaling but also more layers here moving forward. So those are all positives for us. Also depending on the mix of the revenue, die size is also a factor.

您還具有預期的不同流程和流程點。所以這些都是 - 一直是過程控制的驅動因素。由於設計從前一個節點開始，這也是一個因素。然後是新技術，是的，新技術引入了更多的 EUV 來推動擴展，但也有更多的層次向前發展。所以這些對我們來說都是積極的。同樣取決於收入的組合，芯片尺寸也是一個因素。

So if you end up with exposure to markets with larger die, you put more risk with the same defect density, so that creates a driver for process control as well. So there are a number of factors. We feel pretty -- if you just back up and look at the overall share of the market as it relates to foundry/logic, we've seen an inflection here, and we think that we can sustain that inflection as we move forward.

因此，如果您最終接觸到芯片更大的市場，那麼在缺陷密度相同的情況下，您將面臨更大的風險，因此這也為過程控制創造了一個驅動力。所以有很多因素。我們感覺很好——如果你只是回顧一下與代工/邏輯相關的市場整體份額，我們已經看到了一個拐點，我們認為我們可以在前進的過程中維持這種拐點。

Got it. That's helpful. And then as my follow-up, I think you commented specifically on China as it pertains to your business with wafer suppliers and reticle suppliers as well. But curious on a global basis, how big are those businesses today? And how should we think about sustainability over the next 12 months or so, again, on the wafer side as well as both merchant and captive reticle customers?

知道了。這很有幫助。然後作為我的後續行動，我認為你特別針對中國發表了評論，因為它也與你與晶圓供應商和光罩供應商的業務有關。但在全球範圍內好奇的是，如今這些企業有多大？在接下來的 12 個月左右，我們應該如何考慮晶圓方面以及商家和專屬標線片客戶的可持續性？

Yes. Most of the reticle infrastructure -- new infrastructure is being added in China to support legacy activity, and that's probably a driver of an incremental couple of hundred million or so of revenue for us. Overall wafer -- and I'm separating this way because I don't want to double count. But overall, wafer should grow meaningfully this year compared to last year.

是的。大多數光罩基礎設施——中國正在增加新的基礎設施以支持遺留活動，這可能是我們增加幾億左右收入的驅動力。整體晶圓——我以這種方式分開，因為我不想重複計算。但總體而言，與去年相比，今年晶圓應該會有顯著增長。

And it's a pretty sizable business for KLA. So I don't want to -- we haven't broken it out before, but we're an expensive or a big part of the CapEx for wafer suppliers, and we would expect to see that growing this year.

這對 KLA 來說是一項規模相當大的業務。所以我不想 - 我們以前沒有打破它，但我們是晶圓供應商資本支出的昂貴或很大一部分，我們預計今年會增長。

Our next question will come from Joe Moore with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的喬摩爾。

You talked about kind of qualitatively about Services not being down this year, maybe up a little bit this year. Can you talk about the utilization impact on that? And as you see utilizations coming down in both foundry and memory, I guess I would think that has less impact on you than it does for some of the other guys. But can you just talk to how utilization might weigh on that number?

你談到了今年服務沒有下降的定性，今年可能會有所上升。你能談談對利用率的影響嗎？當你看到代工廠和內存的利用率下降時，我想我認為這對你的影響比對其他一些人的影響要小。但是你能談談利用率如何影響這個數字嗎？

The utilization rates have clearly come down, particularly in the memory space. It seems like they are fairly stable at this point. We don't see them continuing to decline from where they are. So -- and that's why we see the overall revenue because customers are not running the tools to start or in some cases, idling capacity. So you don't have the opportunities -- the Service opportunities we would have in a higher utilization environment.

利用率明顯下降，特別是在內存空間。在這一點上，他們似乎相當穩定。我們沒有看到他們繼續從他們所在的地方下降。所以——這就是為什麼我們看到整體收入的原因，因為客戶沒有運行工具來啟動，或者在某些情況下，閒置能力。所以你沒有機會——我們在更高利用率的環境中會有的服務機會。

So that's what's driving the overall growth rate down from what a normalized or our trend line expectation is. But we're not seeing it really getting worse at this point, and there are pockets from time to time of improvement. So I think it's -- stabilization is the right word is why we chose to use it, but it feels like that's really what we're seeing today.

因此，這就是推動整體增長率低於正常化或我們的趨勢線預期的原因。但我們目前並沒有看到它真的變得更糟，而且不時會有一些改進。所以我認為它是 - 穩定是正確的詞是我們選擇使用它的原因，但感覺就像我們今天看到的那樣。

That's helpful. And then separately, on China, you guys have talked to the sort of China trailing-edge logic opportunity a couple of different times here. Your sense for whether there's building ahead there -- I mean I would assume you have customers there that have anxiety about future export controls, could they be putting in capacity? I guess maybe a different way of asking the question, do you see utilization that kind of validates the requirement of the spending? Or do you worry that it could be a building ahead of supply?

這很有幫助。然後分別在中國，你們已經在這裡討論過幾次不同的中國後緣邏輯機會。你對那裡是否有建設的感覺——我的意思是我假設你那裡的客戶對未來的出口管制感到焦慮，他們會增加產能嗎？我想也許是一種不同的提問方式，您是否看到那種驗證支出要求的利用率？還是您擔心它可能是供應不足的建築？

Yes. It's possible. I mean we don't have great clarity on all of it, but it does seem unlikely given the recent history of when you've lost support of equipment provider, the tools aren't very useful. So I think the expectation is the controls will remain on the leading edge, and they'll be able to continue to develop some of these mature technologies. Remember, there's a very active EV market in China.

是的。這是可能的。我的意思是我們對所有這些都不是很清楚，但考慮到最近你失去設備供應商支持的歷史，這些工具並不是很有用，這似乎不太可能。所以我認為期望控制將保持領先優勢，並且他們將能夠繼續開發其中一些成熟技術。請記住，中國的電動汽車市場非常活躍。

So there's a lot of need for some of that more mature technology as it applies to some of those markets. So it does seem to be based on some real demand around things that are not leading edge, and that's really what we're seeing and have for quite a while in China. So it doesn't feel like it's necessarily that. There are companies that are ramping up. And in that sense, they might not have won the markets that they hope to win yet, but we've kind of factored that into our overall forecasting for China anyway.

因此，非常需要一些更成熟的技術，因為它適用於其中一些市場。所以它似乎確實是基於圍繞非前沿事物的一些實際需求，而這正是我們在中國已經看到並已經存在了很長一段時間的情況。所以感覺不一定是這樣。有些公司正在崛起。從這個意義上說，他們可能還沒有贏得他們希望贏得的市場，但無論如何我們已經將其納入我們對中國的整體預測中。

Our next question will come from Blayne Curtis with Barclays.

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

I was curious, I mean, you talked about in the outlook, legacy growing faster than leading edge. Just curious if you could give us a perspective where that mix is within foundry/logic today? And maybe a perspective of where it's come from?

我很好奇，我的意思是，你在展望中談到，遺產的增長速度快於領先優勢。只是好奇您是否可以給我們一個觀點，看看今天代工/邏輯中的混合情況？也許從哪裡來的觀點？

Well, so it's declining less. It's not growing. It's really just declining less in terms of the overall outlook. I mean for KLA, if you just thought about what's less than 28 nanometers versus what's above in our mix profile, you have about 60% of our revenue is we'll call it less than 28-nanometer, and so about 40% of it is above. And then normally, it's closer to 75% leading, 25% lagging, so to give you a sense of it being a bigger part of our mix this quarter. And it's broad-based. And certainly, China is a pretty big factor in and all, but you also have a fair amount of revenue growth, the analog guys and supporting some of the automotive markets, sensor investment, some industrial markets and so on. So that's -- there's steady investment in these end markets where semiconductor content is rising, and so you're seeing more investment in those areas that we frankly didn't ship a lot into over the last couple of years given the strength of demand at the leading edge.

好吧，所以它的下降幅度較小。它沒有增長。就整體前景而言，它實際上只是下降得更少。我的意思是對於 KLA，如果你只考慮我們的混合配置文件中小於 28 納米的和高於 28 納米的，你有大約 60% 的收入是我們稱之為小於 28 納米，所以大約 40%在上面。然後通常情況下，它接近 75% 領先，25% 落後，所以讓你感覺到它在本季度我們的組合中佔據更大的份額。而且它的基礎廣泛。當然，中國是一個相當大的因素，但你也有相當數量的收入增長，模擬人和支持一些汽車市場、傳感器投資、一些工業市場等等。這就是 - 在半導體含量不斷上升的這些終端市場中有穩定的投資，所以你會看到更多的投資在那些領域，坦率地說，鑑於需求強勁，我們在過去幾年中並沒有大量投入前沿。

And our largest customers, given the supply-demand imbalance taking most of the slots. So in some ways, as we've seen the leading edge adjust, and this is a logic and memory statement, we've seen some adjustments in our largest customers over the last 6 months or so and into this year, some of that capacity is getting consumed by folks that wanted earlier slots, and we weren't able to deliver to them.

鑑於供需失衡，我們最大的客戶佔據了大部分位置。所以在某些方面，正如我們看到的前沿調整，這是一個邏輯和記憶聲明，我們已經看到我們最大的客戶在過去 6 個月左右的時間里和今年進行了一些調整，其中一些產能正在被想要更早時段的人們消費，而我們無法交付給他們。

And then I wanted to ask you on the inventories on the balance sheet. I think it's a record level -- near record in data as well. So I guess kind of everybody has this phenomena going on. How are you thinking about managing that with the top line kind of flat to down? I'm kind of curious if inventories will still grow and any impact on gross margin as you work it down?

然後我想問你資產負債表上的存貨。我認為這是創紀錄的水平——數據也接近創紀錄水平。所以我想每個人都有這種現象。您如何考慮在頂線持平到下降的情況下進行管理？我很好奇庫存是否仍會增長，以及在您降低庫存時對毛利率有何影響？

Yes. And I've said this many times, but we're not the company that you look to for asset velocity as it relates to inventory. And there's a reason for that is it starts with the business model the KLA has around driving innovation and differentiation and that drives a fair amount of custom componentry into our systems and very unique supply relationships where our suppliers are trusted partners more than a transactional supply chain.

是的。我已經說過很多次了，但我們不是你尋找資產速度的公司，因為它與庫存有關。這是有原因的，因為它始於 KLA 圍繞推動創新和差異化的商業模式，並將大量定制組件引入我們的系統和非常獨特的供應關係，在這種關係中，我們的供應商是值得信賴的合作夥伴，而不是交易供應鏈.

As a result of that, what we optimize for is we optimize for that differentiation. And what we accept is we accept that we're going to need to make commitments. Lead times are long, we're going to take parts when we put orders out to take them. And in the long run, we believe that economically, we're in a pretty good place that given the strength of Service extendibility of the platforms, that we'll consume the parts that we're buying against our volume products.

因此，我們優化的目的是針對差異化進行優化。我們接受的是我們接受我們需要做出承諾。交貨時間很長，我們將在下訂單時接受零件。從長遠來看，我們相信在經濟上，我們處於一個非常好的位置，鑑於平台的服務可擴展性的優勢，我們將消耗我們購買的零件而不是我們的批量產品。

So we've seen it trend up, and it's trending up, I'd expect it to start to flatten out, maybe drift a little bit. But I'm already starting to buy parts for new products that are coming out for things that will have some unique parts for new products that will be coming out over the next 12 to 18 months or so. So I don't expect it to turn very much. That's why even in these very strong upturn environments, we've rarely gotten above -- much above 2x from an inventory term point of view.

所以我們已經看到它呈上升趨勢，並且呈上升趨勢，我預計它會開始趨於平緩，也許會稍微漂移。但我已經開始為即將推出的新產品購買零件，這些新產品將在未來 12 到 18 個月左右推出一些獨特的新產品零件。所以我不希望它有太大的轉變。這就是為什麼即使在這些非常強勁的好轉環境中，我們也很少超過——從庫存期限的角度來看遠高於 2 倍。

So we'll continue to manage it, but it's sort of fundamental to our supply chain strategy. And as a result of that, when you're buying parts to support products that are -- they are living for 20 to 30 years, there's a lot of that buy to support that, and we carry it.

所以我們將繼續管理它，但它是我們供應鏈戰略的基礎。因此，當你購買零件來支持產品時——它們可以使用 20 到 30 年，有很多購買來支持它，我們攜帶它。

Our next question will come from Brian Chin with Stifel.

我們的下一個問題將來自 Stifel 的 Brian Chin。

Maybe for Rick, trailing edge clearly is sort of less process control intensive. But I guess to what extent does the immaturity of these production lines, particularly in China, a lot of greenfield situations and also the desire for faster time to market, how do these factors kind of counteract that typical kind of lower intensity for trailing edge?

也許對於 Rick 來說，後緣顯然是一種不太密集的過程控制。但我想這些生產線在多大程度上不成熟，尤其是在中國，大量的綠地情況以及對更快上市時間的渴望，這些因素如何抵消典型的後緣強度較低？

Well, I think that -- a couple of ways. One is it depends on the applications for the fabs. So if you're an automotive fab, you actually have a different kind of need for process control than you do if you're just a traditional legacy fab. So that's 1 thing. The -- that actually process control intensity can be a little bit higher. And then depending on the scale and the size of the fab on a relative basis, it's harder to have -- you get more efficiency on a large fab.

好吧，我認為 - 有幾種方法。一是它取決於晶圓廠的應用。因此，如果您是一家汽車製造廠，那麼您對過程控制的需求實際上與您只是一家傳統遺留工廠的情況不同。所以這是一件事。 --實際過程控制強度可以高一點。然後根據晶圓廠的規模和相對規模，很難擁有——你在大型晶圓廠上獲得更高的效率。

And so these fabs tend not to be as mega fabs, and then you actually get a little bit of intensity as a result. They're also looking for solutions that have been proven in the market. And so for us, those are established product lines that we've been supporting for a long time that might not need as much advanced application support. So those are all factors that I think both good for our customers, but also a good business for KLA.

所以這些晶圓廠往往不像大型晶圓廠那樣，結果你實際上得到了一點強度。他們還在尋找已在市場上得到驗證的解決方案。因此，對我們來說，這些是我們長期以來一直支持的既定產品線，可能不需要那麼多高級應用程序支持。因此，我認為這些因素對我們的客戶都有好處，對 KLA 來說也是一筆好生意。

So yes, it's not as intensive as a leading-edge fab, but they still have a ways to go to catch up. And there's always value in getting higher yield. And whenever they change process nodes, we see interest in upgrading their process control.

所以是的，它不像領先的晶圓廠那樣密集，但他們仍然有辦法趕上。獲得更高的收益總是有價值的。每當他們更改流程節點時，我們都會看到他們對升級流程控制的興趣。

Great. Maybe just a quick follow-up. In terms of the percent of memory increasing in the June quarter -- and it looks like also on a dollar basis as well, I think you suggested it's pretty focused towards DRAM. Can you characterize the nature of that uptick? Or is this more of a kind of a classic case of coming off such lows in March that this is really more of a bouncing along a bottom kind of situation?

偉大的。也許只是一個快速跟進。就 6 月季度的內存增長百分比而言——看起來也是以美元為基礎，我認為你建議它非常專注於 DRAM。你能描述一下這種上漲的性質嗎？或者這更像是一種典型的案例，在 3 月份走出低點，這實際上更像是一種沿著底部反彈的情況？

Yes, I think it's more of the latter. I wouldn't characterize it as anything other than just some investments that some timing of -- I think tool deliveries with our customer base, and it's very technology-centric. So I wouldn't characterize it as given the level of it. It's been a while since it's been this low even with the uptick quarter-to-quarter. It's pretty technology-centered with the exception of -- some of the China opportunities we get early.

是的，我認為更多的是後者。除了一些投資，我不會將其描述為其他任何東西——我認為與我們的客戶群一起交付工具，而且它非常以技術為中心。因此，我不會將其描述為給定的級別。即使季度環比上漲，也已經有一段時間沒有這麼低了。它非常以技術為中心，除了 - 我們早期獲得的一些中國機會。

Our last question will come from Mehdi Hosseini with SIG.

我們的最後一個問題將來自 SIG 的 Mehdi Hosseini。

Just 2 follow-ups for me. If I just take your commentary regarding the revenue trend first half and second half of the calendar, it seems to me that the peak to trough decline in revenues in the 25% to 30% range. And I'm not asking you for a guide. But what I wanted to better understand if you did close to $3 billion in December of '22 with a WFE in the $90 billion to $95 billion. Can you go and hit those revenue run rate without WFE -- if not WFE having to go to $90 billion? Does your diversification looking forward, especially with semiconductor material and others, would enable you to hit [$3 billion] without having WFE to go to $90 billion plus? And I have a follow-up.

對我來說只有 2 個跟進。如果我只接受你對日曆上半年和下半年收入趨勢的評論，在我看來，收入從高峰到低谷的下降幅度在 25% 到 30% 之間。我不是要你找嚮導。但是我想更好地理解，如果你在 22 年 12 月做了近 30 億美元，而 WFE 在 900 億到 950 億美元之間。你能在沒有 WFE 的情況下達到這些收入運行率嗎——如果 WFE 不必達到 900 億美元的話？您的多元化前景，尤其是半導體材料和其他方面，是否可以讓您在不讓 WFE 達到 900 億美元以上的情況下達到 [30 億美元]？我有一個後續行動。

Yes, Mehdi, I mean, one of the things -- and this ties back to the rising share of WFE that we've seen over the last couple of years is that we're gaining share of the overall market, so we should be able to do more revenue with lower WFE levels as that sustains. Now there are mix dynamics and other factors that affect it. But given the dynamics that have driven and we believe there's a fair amount of sustainability to it.

是的，Mehdi，我的意思是，其中一件事 - 這與我們在過去幾年中看到的 WFE 份額上升有關，我們正在獲得整個市場的份額，所以我們應該隨著這種情況的持續，能夠以較低的 WFE 水平獲得更多收入。現在有混合動力學和其他影響它的因素。但考慮到推動的動力，我們相信它具有相當大的可持續性。

There are new products that we believe can continue to solve problems for customers. We have exposure to markets that are inflecting and are pretty critical to the scaling road maps out there. So -- and our share, we improved share by almost 300 basis points. And that's a lot in 1 year. We talked a lot about 0.5 point to 1 point a year in terms of our objectives. But we do think that, that is a clear indicator of the differentiation that we have.

有新產品，我們相信可以繼續為客戶解決問題。我們接觸到的市場正在發生變化，並且對那裡的擴展路線圖非常關鍵。所以 - 以及我們的份額，我們將份額提高了近 300 個基點。這在 1 年內已經很多了。就我們的目標而言，我們每年談論 0.5 到 1 點。但我們確實認為，這是我們所擁有的差異化的明確指標。

And if we're able to be successful with some of the new products that are coming and the mix generally stays as we talked about at our Investor Day of 60-ish percent foundry/logic in terms of overall mix of WFE, that there's an opportunity for us to continue to grow our share opportunity.

如果我們能夠在即將推出的一些新產品上取得成功，並且組合通常保持在我們在投資者日談到的 60% 代工/邏輯就 WFE 的整體組合而言，那就是我們有機會繼續擴大我們的份額機會。

Okay. And then just 1 quick follow-up. If any of your customers were to reuse some of the equipment, how should we think about price diagnostic content for that application?

好的。然後只需 1 次快速跟進。如果您的任何客戶要重複使用某些設備，我們應該如何考慮該應用的價格診斷內容？

Well, as Rick said earlier, this is nothing new that customers are always looking to optimize their capacity, given what this equipment cost and the amount of investment they're making, they're always looking to do that. And there are certain product types where there are -- there's more opportunity than others. It was easy for customers to reuse capacity when they only had a very limited number of designs and no major technology drivers.

好吧，正如 Rick 之前所說，考慮到這些設備的成本和他們正在進行的投資，客戶一直在尋求優化他們的能力，這並不是什麼新鮮事，他們一直在尋求這樣做。並且有某些產品類型 - 有比其他產品更多的機會。當客戶只有非常有限的設計且沒有主要技術驅動因素時，他們很容易重用容量。

But as you look out going forward, given scaling dynamics and increase in EUV layers, I think that there's a technology element that will drive our customers to continue to upgrade their capabilities. But I am sure they will look for opportunities. If in the long run, they believe that there's a sustainable drop in the wafer start requirement to try to relocate that capacity or try to reuse it.

但是當你展望未來時，考慮到縮放動態和 EUV 層的增加，我認為有一個技術元素將推動我們的客戶繼續升級他們的能力。但我相信他們會尋找機會。如果從長遠來看，他們認為晶圓啟動需求會持續下降，以嘗試重新定位該容量或嘗試重新使用它。

You can't move it overnight, right, particularly if you're moving it to a different facility. These tools have to be disassembled, they have to be shipped and reassembled and then calibrated and brought up. So those tend to be longer-term decisions. So structurally, they have to feel pretty good about the longer-term setup for that fab or at that node to move the equipment.

你不能在一夜之間移動它，對吧，特別是如果你要將它移動到不同的設施。這些工具必須拆卸、運輸和重新組裝，然後校準和使用。所以這些往往是長期的決定。因此，從結構上講，他們必須對該晶圓廠或在該節點移動設備的長期設置感覺良好。

What they typically do in the short run is they idle capacity if they don't need it for a period of time, but with an expectation that it will come back online. And given the design start environment at 7 and 5, it's really -- there's still a fair amount of designs out there that is just volumes are low. So we'll see how it plays out. But nothing new. And as Rick said, it's modeled in our view of growth in KLA opportunity moving forward.

他們通常在短期內做的是，如果他們在一段時間內不需要它，他們就會閒置容量，但期望它會重新上線。考慮到 7 和 5 的設計開始環境，它確實 - 仍然有相當多的設計只是數量很少。所以我們將看看結果如何。但沒有什麼新鮮事。正如 Rick 所說，它以我們對 KLA 機會增長的觀點為藍本。

And thank you, everyone, for your time today for -- we know it's busy earnings season. I appreciate it. We'll be seeing many of you at some of the upcoming conferences. And with that, I'll turn the call back over to Chelsea, so she can provide any final instructions.

感謝大家今天抽出時間——我們知道這是繁忙的財報季。我很感激。我們將在一些即將舉行的會議上見到你們中的許多人。有了這個，我會把電話轉回給切爾西，這樣她就可以提供任何最終指示。

Thank you, ladies and gentlemen. This does conclude the KLA Corporation March Quarter 2023 Earnings Call and Webcast. Please disconnect your line at this time, and have a wonderful day.

謝謝你們，女士們，先生們。 KLA Corporation 2023 年三月季度收益電話會議和網絡廣播到此結束。請此時斷開您的線路，祝您有美好的一天。