科磊 (KLAC) 2023 Q4 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 June Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions) And I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead, sir.

下午好。我叫切爾西，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 KLA Corporation 2023 年 6 月季度收益電話會議和網絡廣播。 （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，先生。

Thank you for joining us for our earnings call to discuss the results of the June 2023 quarter and our September quarter outlook. Joining me is our CEO, Rick Wallace, and our CFO, Bren Higgins. During this call, we will discuss our results released today after the market close, along with supplemental materials that are all available on our IR website.

感謝您參加我們的財報電話會議，討論 2023 年 6 月季度的業績和我們 9 月季度的展望。與我一起的還有我們的首席執行官 Rick Wallace 和首席財務官 Bren Higgins。在本次電話會議中，我們將討論今天收盤後發布的業績，以及我們的投資者關係網站上提供的補充材料。

Today's discussion is presented on a non-GAAP financial basis unless otherwise specified. Whenever we make full year references, they relate to calendar years. A detailed reconciliation of GAAP to non-GAAP results is in the earnings materials posted on our website.

除非另有說明，今天的討論是在非公認會計準則財務基礎上進行的。每當我們引用全年時，它們都與日曆年相關。我們網站上發布的盈利材料中提供了 GAAP 與非 GAAP 業績的詳細調節表。

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. Our comments today are subject to risks and uncertainties reflected in the risk factor disclosure in our SEC filings.

我們的 IR 網站還包含未來的投資者活動以及演示文稿、公司治理信息以及我們 SEC 文件的鏈接，包括我們最新的年度報告和 10-K 和 10-Q 表格的季度報告。我們今天的評論受到美國證券交易委員會文件中風險因素披露所反映的風險和不確定性的影響。

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. Rick will begin the call with some comments and quarterly highlights.

任何前瞻性陳述，包括我們今天在電話會議上做出的陳述，都面臨這些風險，KLA 無法保證這些前瞻性陳述一定會實現。我們的實際結果可能與我們前瞻性陳述中預測的結果存在很大差異。里克將在電話會議開始時發表一些評論和季度要點。

Bren will conclude with our financial highlights, including our guidance and outlook. I will now turn the call over to our CEO, Rick Wallace. Rick?

布倫將總結我們的財務亮點，包括我們的指導和展望。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.

謝謝你，凱文。讓我們首先總結一下 KLA 本季度的業績以及一些亮點。關於我的評論和半導體需求環境的更多細節和細節可以在我們今天早些時候發布的股東信中找到。

KLA's June quarter results exceeded expectations and demonstrated consistent execution despite a challenging marketplace. Specifically, revenue of $2.355 billion finished at the upper end of the guidance range, declining 5% on a year-over-year basis and 3% sequentially.

儘管市場充滿挑戰，KLA 6 月份季度的業績超出預期，並表現出一致的執行力。具體而言，收入為 23.55 億美元，處於指導範圍的上限，同比下降 5%，環比下降 3%。

GAAP earnings per share was $4.97 and non-GAAP EPS was $5.40, with each finishing at the upper end of their respective guidance ranges. As near-term demand headwinds persist, there are some bright spots. In particular, automotive and other markets served by legacy nodes remain strong, demonstrating the diversification of demand and growing adoption of semiconductor technology across multiple industries.

GAAP 每股收益為 4.97 美元，非 GAAP 每股收益為 5.40 美元，均達到各自指導範圍的上限。由於近期需求逆風持續存在，但也出現了一些亮點。特別是，由傳統節點服務的汽車和其他市場仍然強勁，這表明需求多樣化以及多個行業越來越多地採用半導體技術。

Additionally, process control plays a critical role in enabling our customers to execute on node and technology transitions that are the focus of R&D efforts, and that is more resilient to near-term pressures. We work closely with our customers and they continue to prioritize R&D investments. This is important for KLA as our products are heavily relied upon during the R&D process as well as the early ramp phase when faster time to yield is critical.

此外，流程控制在使我們的客戶能夠執行節點和技術轉型方面發揮著關鍵作用，這是研發工作的重點，並且對近期壓力更具彈性。我們與客戶密切合作，他們繼續優先考慮研發投資。這對於 KLA 來說非常重要，因為我們的產品在研發過程以及早期的爬坡階段受到嚴重依賴，此時更快的產出時間至關重要。

KLA remains focused on supporting our customers' requirements while maintaining critical R&D investments to enable our technology road map. Our June quarterly results are the latest example of successfully meeting or exceeding our commitments and creating value for our customers, partners and shareholders. Specific factors driving KLA's performance this quarter include KLA's market leadership in process control, which includes some of the most critical and fastest-growing segments of WFE.

KLA 始終專注於支持客戶的需求，同時保持關鍵的研發投資，以實現我們的技術路線圖。我們六月份的季度業績是成功履行或超越我們的承諾以及為客戶、合作夥伴和股東創造價值的最新例子。推動 KLA 本季度業績的具體因素包括 KLA 在過程控制領域的市場領導地位，其中包括 WFE 的一些最關鍵和增長最快的部分。

Growth and market leadership in critical wafer and reticle infrastructure is fueling relative growth for KLA. For example, revenues from our unpatterned wafer inspection and metrology products used in silicon wafer and photomask manufacturing are expected to significantly outperform the overall WFE market and deliver strong growth in a down year for the industry.

關鍵晶圓和光罩基礎設施的增長和市場領先地位正在推動 KLA 的相對增長。例如，我們用於矽晶圓和光掩模製造的無圖案晶圓檢測和計量產品的收入預計將顯著優於整個 WFE 市場，並在行業低迷的一年中實現強勁增長。

The KLA Services business grew to $539 million in the June quarter, up 5% year-over-year. Our consistent execution despite challenges in the marketplace continues to prove the resiliency of the KLA operating model and the dedication of our global teams. KLA remains well positioned with a comprehensive portfolio of products to meet customer requirements.

KLA 服務業務在第二季度增長至 5.39 億美元，同比增長 5%。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。 KLA 憑藉全面的產品組合保持著良好的地位，可以滿足客戶的需求。

I'll now hand it to Bren to go through our financial highlights. Bren?

現在我將把它交給布倫來回顧我們的財務亮點。布倫？

Thanks, Rick. KLA delivered results at the upper end of the range of guidance and commitments, demonstrating consistent execution despite a challenging marketplace. Our continued focus on meeting customer needs while expanding market leadership, sustaining industry-leading gross and operating margins, generating strong free cash flow and maintaining our long-term strategy of assertive capital allocation is what makes us successful.

謝謝，瑞克。 KLA 交付的結果達到了指導和承諾範圍的上限，儘管市場充滿挑戰，但仍表現出一致的執行力。我們持續關注滿足客戶需求，同時擴大市場領導地位，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，並維持我們自信的資本配置的長期戰略，這是我們成功的原因。

Quarterly revenue was $2.355 billion towards the upper end of the guided range of $2.125 billion to $2.375 billion. Non-GAAP diluted EPS was $5.40, also towards the upper end of the guidance range of $4.23 to $5.43. GAAP diluted EPS was $4.97, above the midpoint of guidance. Non-GAAP gross margin was 61.2%, 45 basis points above the midpoint of the guidance range due to product mix as upside in the quarter was driven by higher-margin products, normalizing freight expenses and improving factory utilization as overall capacity adjusts to current demand expectations.

季度收入為 23.55 億美元，接近 21.25 億美元至 23.75 億美元指導範圍的上限。非 GAAP 稀釋後每股收益為 5.40 美元，也接近 4.23 美元至 5.43 美元指導範圍的上限。 GAAP 攤薄後每股收益為 4.97 美元，高於指導值中點。非公認會計準則毛利率為 61.2%，比指導範圍中點高出 45 個基點，這是由於產品組合所致，本季度的上漲是由利潤率較高的產品、運費正常化以及隨著整體產能根據當前需求進行調整而提高工廠利用率推動的期望。

Non-GAAP operating expenses were $543 million, slightly higher than guidance due to adjustments to variable compensation. Total operating expenses comprised $314 million in R&D and $229 million in SG&A. Non-GAAP operating margin was 38.1%. Other income and expense net was $49 million, and the quarterly effective tax rate was 12.4%. With the guided tax rate of 13.5%, non-GAAP EPS would have been $0.07 lower or $5.33.

由於可變薪酬調整，非 GAAP 運營費用為 5.43 億美元，略高於指導值。總運營費用包括 3.14 億美元的研發費用和 2.29 億美元的銷售管理費用。非 GAAP 營業利潤率為 38.1%。其他收入和支出淨額為 4900 萬美元，季度有效稅率為 12.4%。如果指導稅率為 13.5%，非 GAAP 每股收益將減少 0.07 美元，即 5.33 美元。

Quarterly non-GAAP net income was $743 million, GAAP net income was $685 million. Cash flow from operations was $959 million and free cash flow was $880 million. As a result, free cash flow conversion was strong at 119% and free cash flow margin was 37%.

季度非 GAAP 淨利潤為 7.43 億美元，GAAP 淨利潤為 6.85 億美元。運營現金流為 9.59 億美元，自由現金流為 8.8 億美元。結果，自由現金流轉換率高達 119%，自由現金流利潤率為 37%。

The company had approximately 137.7 million diluted weighted average shares outstanding at the end of the quarter. Breakdown of revenue by reportable segments and end markets and major products and regions can be found within the shareholder letter and slides.

截至本季度末，該公司擁有約 1.377 億股稀釋加權平均已發行股票。按可報告部門、最終市場以及主要產品和地區劃分的收入細目可在股東信函和幻燈片中找到。

Switching to the balance sheet. KLA ended the quarter with $3.24 billion in total cash, cash equivalents and marketable securities; debt of $5.89 billion; and a flexible and attractive bond maturity profile supported by strong investment-grade ratings from all 3 agencies.

切換到資產負債表。 KLA 本季度末現金、現金等價物和有價證券總額為 32.4 億美元；債務58.9億美元；靈活且有吸引力的債券期限結構，得到所有 3 家機構強大的投資級評級的支持。

Turning to our outlook. Our WFE outlook for 2023 remains largely unchanged at down approximately 20% from $95 billion in 2022. While the timing of a meaningful resumption in WFE investment growth remains unclear, we continue to see overall demand stabilizing around current business levels for our semiconductor process control systems business and we expect this demand profile to continue through the remainder of the year.

轉向我們的展望。我們對 2023 年 WFE 的展望基本保持不變，比 2022 年的 950 億美元下降約 20%。雖然 WFE 投資增長有意義恢復的時間仍不清楚，但我們仍然看到半導體過程控制系統的總體需求穩定在當前業務水平附近我們預計這種需求狀況將持續到今年剩餘時間。

Our 2023 WFE estimate reflects a tops-down assessment of industry demand as follows: in memory, we expect WFE investments to decline by approximately 40%; foundry/logic to decline by about 10% overall, with legacy investment outperforming the segment overall due principally to automotive and continued demand for legacy design nodes.

我們對 2023 年 WFE 的預測反映了對行業需求的自上而下的評估，如下：在記憶中，我們預計 WFE 投資將下降約 40%；代工/邏輯總體下降約 10%，遺留投資表現優於該細分市場，主要是由於汽車和對遺留設計節點的持續需求。

KLA's primary value proposition is focused on enabling innovation through technology transitions, which our customers continue to prioritize across all business environments. While capacity plans are often adjusted due to changing demand expectations, technology road map investments are more resilient. This adds additional confidence to our business expectations as customers align shipment slots with road map requirements.

KLA 的主要價值主張側重於通過技術轉型實現創新，我們的客戶在所有業務環境中繼續優先考慮這一點。雖然產能計劃經常因需求預期的變化而調整，但技術路線圖投資更具彈性。當客戶根據路線圖要求調整裝運時段時，這為我們的業務預期增添了更多信心。

In this environment, we will continue to focus on meeting customer requirements, maintaining our high-level investment in R&D to advance our product road maps and KLA's market leadership and delivering strong relative revenue growth and financial performance.

在此環境下，我們將繼續專注於滿足客戶需求，保持對研發的高水平投資，以推進我們的產品路線圖和 KLA 的市場領導地位，並實現強勁的相對收入增長和財務業績。

Moving to guidance now. Our September quarter guidance is as follows: total revenue is expected to be $2.35 billion, plus or minus $125 million. Foundry/logic is forecasted to be approximately 70% and memory is expected to be around 30% of Semi PC systems revenue. Within memory, DRAM is expected to be about 90% of the segment mix and NAND at 10%.

現在轉向指導。我們的 9 月份季度指導如下：總收入預計為 23.5 億美元，上下浮動 1.25 億美元。晶圓代工/邏輯預計將佔 Semi PC 系統收入的約 70%，存儲器預計將約佔 Semi PC 系統收入的 30%。在內存領域，DRAM 預計將佔細分市場的 90% 左右，而 NAND 則佔 10%。

We forecast non-GAAP gross margin to be roughly flat at 61%, plus or minus 1 percentage point as product mix expectations and cost components are consistent with the prior quarter. Given our current view of a stabilizing demand environment for the remainder of 2023, we expect full year calendar gross margin to trend near 61%.

我們預計非 GAAP 毛利率將大致持平於 61%，上下浮動 1 個百分點，因為產品組合預期和成本構成與上一季度一致。鑑於我們目前對 2023 年剩餘時間需求環境穩定的看法，我們預計全年毛利率將接近 61%。

Non-GAAP operating expenses are expected to be approximately $535 million as cost measures executed earlier in the calendar year align our current cost structure with top line expectations. We would expect quarterly operating expenses to remain around this level for the remainder of the calendar year. Other model assumptions for the September quarter include other income and expense net of approximately $48 million and an effective tax rate of approximately 13.5%.

由於今年早些時候執行的成本措施使我們當前的成本結構與營收預期保持一致，因此非 GAAP 運營費用預計約為 5.35 億美元。我們預計，在今年剩餘時間內，季度運營支出將保持在這一水平附近。 9月份季度的其他模型假設包括扣除約4800萬美元的其他收入和支出以及約13.5%的有效稅率。

Finally, GAAP-diluted EPS is expected to be $5.02 plus or minus $0.60 and non-GAAP diluted EPS of $5.35 plus or minus $0.60. EPS guidance is based on a fully-diluted share count of approximately 137 million shares.

最後，GAAP 攤薄後每股收益預計為 5.02 美元上下 0.60 美元，非 GAAP 攤薄後每股收益預計為 5.35 美元上下 0.60 美元。每股收益指導基於約 1.37 億股的完全稀釋股數。

In conclusion, we continue to see process controls' importance to technology transitions and advancements key to R&D growth and prioritization despite persistent weakness in our customers' businesses. We are also exposed to wafer and reticle infrastructure investments that are contributing to our revenue performance.

總之，儘管我們客戶的業務持續疲軟，但我們仍然認為過程控制對技術轉型和進步的重要性是研發增長和優先順序的關鍵。我們還參與晶圓和光罩基礎設施投資，這些投資有助於我們的收入表現。

As a result, KLA remains positioned for strong relative performance versus the industry in 2023. Looking ahead, we continue to see the business environment stabilizing and remain confident that the secular trends driving long-term semiconductor industry demand and investments in WFE remain strong and compelling.

因此，到 2023 年，KLA 相對於行業的相對錶現仍將保持強勁。展望未來，我們繼續看到商業環境趨於穩定，並堅信推動半導體行業長期需求和 WFE 投資的長期趨勢仍然強勁且引人注目。

Broadening semiconductor demand and simultaneous investments supporting growing semiconductor content across multiple technology nodes remain catalysts for sustainable long-term industry growth. Multiple applications for leading-edge road maps are driving competitive dynamics and design challenges requiring more customer engagement and faster time to results. Technology investment and node transitions reflect the value that semiconductors and our industry have at lowering cost for our customers and enabling a broader application universe for semiconductor-based technology across multiple end markets.

不斷擴大的半導體需求和支持跨多個技術節點不斷增長的半導體內容的同時投資仍然是可持續長期行業增長的催化劑。領先路線圖的多種應用正在推動競爭動態和設計挑戰，需要更多的客戶參與和更快的結果。技術投資和節點轉型反映了半導體和我們的行業在降低客戶成本以及在多個終端市場上為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。

While a global economy and semiconductor industry are facing challenges, KLA is well positioned to deliver strong relative financial performance, driven by better than market performance of our Semi PC and SPTS businesses and continued growth in Services. We remain focused on innovation as we execute our portfolio strategy to support our customers' technology road maps and multiyear investment plans. Per the KLA operating model guiding our execution, we will implement our strategic objectives and drive outperformance. These objectives are also the foundation for our technology leadership and competitive differentiation.

儘管全球經濟和半導體行業面臨挑戰，但在我們的 Semi PC 和 SPTS 業務優於市場表現以及服務持續增長的推動下，KLA 處於有利位置，能夠實現相對強勁的財務業績。在執行投資組合戰略以支持客戶的技術路線圖和多年投資計劃時，我們仍然專注於創新。根據指導我們執行的 KLA 運營模式，我們將實現我們的戰略目標並推動卓越績效。這些目標也是我們技術領先和競爭優勢的基礎。

Our focus on customer success, delivering innovative and differentiated solutions and operational excellence continues to enable us to deliver industry-leading financial and free cash flow performance, while delivering consistent capital returns to shareholders. That concludes my remarks.

我們對客戶成功、提供創新和差異化解決方案以及卓越運營的關注繼續使我們能夠提供行業領先的財務和自由現金流績效，同時為股東提供一致的資本回報。我的發言到此結束。

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

現在我將把電話轉回凱文以開始問答。

Thank you, Bren. Chelsea, can you please provide instructions and queue for questions?

謝謝你，布倫。 Chelsea，您能提供說明並排隊提問嗎？

(Operator Instructions) Our first question will come from Joe Quatrochi with Wells Fargo.

（操作員說明）我們的第一個問題將來自富國銀行的 Joe Quatrochi。

Question. I was wondering if you could maybe talk about the strength that you're seeing in your blank wafer business. How do you see that looking into next year? And is there a risk of maybe some digestion after a pretty strong investment cycle there?

問題。我想知道您是否可以談談您在空白晶圓業務中看到的實力。展望明年，您有何看法？在經歷了相當強勁的投資週期之後，是否存在消化的風險？

Joe, thanks for the question. This year has been a strong year for that. We have a very strong market position there. So that's been good for us. And you're seeing investment from the global players, but also investment in infrastructure in China to provide more domestic supply. It tends to invest according to a different cycle. I wouldn't exactly call it countercyclical.

喬，謝謝你的提問。今年是非常強勁的一年。我們在那裡擁有非常強大的市場地位。所以這對我們有好處。你不僅看到來自全球參與者的投資，還看到中國對基礎設施的投資，以提供更多的國內供應。它傾向於根據不同的周期進行投資。我不會完全稱其為反週期。

But the lead time to get equipment to actually make silicon wafers takes some time. And so you see those customers continuing to invest through to prepare for future demand. They're also dealing with new capacity requirements related to hybrid bonding and some of the other wafer-to-wafer packaging techniques that are out there that are driving incremental demand as well.

但獲得實際製造矽晶圓的設備需要一些時間。因此，您會看到這些客戶繼續投資，為未來的需求做好準備。他們還正在處理與混合鍵合相關的新產能需求以及其他一些晶圓到晶圓封裝技術，這些技術也推動了需求的增量。

So as we look at this year, it's going to continue to grow this year, expect it to do well. And then -- but I do think as we move into next year, we'll see some moderation of that investment. So while I don't think it will fall off a lot, I don't think we'll see it grow into next year.

因此，當我們展望今年時，今年將繼續增長，預計會表現良好。然後，但我確實認為，隨著明年的到來，我們會看到投資有所放緩。因此，雖然我認為它不會大幅下降，但我認為我們不會看到它在明年增長。

Got it. That's helpful. And then as a follow-up, you guys saw some pretty, I think, significant upside to your memory kind of expectations or at least relative to what you were thinking 3 months ago, and particularly around DRAM. Just wondering if you could maybe comment on what drove that in the quarter?

知道了。這很有幫助。然後，作為後續行動，我認為，你們看到了對內存的預期有一些相當大的提升，或者至少相對於 3 個月前的想法而言，尤其是在 DRAM 方面。只是想知道您是否可以評論一下本季度的推動因素？

Sure. We had some movement across a number of our customers, and the number overall is, frankly, pretty low. But that was part of it. The other part is we also had some shipments that we weren't expecting to make in the quarter related to 1 of our Chinese DRAM customers. And a clarification of some of the export rules enabled us to ship some additional equipment there. So that was a factor in the upside on the DRAM side.

當然。我們的一些客戶發生了一些變化，坦率地說，總體數量相當低。但這是其中的一部分。另一部分是我們也有一些與我們的中國 DRAM 客戶相關的出貨量，這些出貨量是我們沒有預料到的。一些出口規則的澄清使我們能夠向那裡運送一些額外的設備。所以這是 DRAM 方面上漲的一個因素。

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, can you update us on where optical inspection lead times are? And given the importance of that tool set for R&D lines, is that something that you expect will sustain at elevated levels? Or do you think that should normalize over time?

我想第一個問題是，您能否向我們介紹光學檢測交貨時間的最新情況？考慮到該工具集對研發線的重要性，您是否期望這種工具能夠維持在較高水平？或者您認為隨著時間的推移，這種情況應該正常化嗎？

C.J., it's Rick. The answer is the demand continues to be very strong and for a couple of reasons that we've talked about many times. And we have struggled in increasing the output. So we're still booked out through, as far as we can see, into next year. So business remains strong. The product has had a lot of success dealing with some of the challenges we're seeing. So we expect that to remain elevated and we're working hard to actually increase capacity in order to meet that demand, but that's going to take some time.

C.J.，我是瑞克。答案是需求仍然非常強勁，原因有很多，我們已經多次討論過。我們在增加產量方面一直在努力。因此，據我們所知，到明年為止，我們的座位仍然被訂滿。因此，業務依然強勁。該產品在應對我們所面臨的一些挑戰方面取得了很大的成功。因此，我們預計這一數字將保持在較高水平，並且我們正在努力實際增加產能以滿足這一需求，但這需要一些時間。

Yes. Lead times will come down a little bit. I don't know if they'll come down all that much, given the drivers of that product line. But as new capacity comes online as we move through '24 and beyond, we'll see it -- we'll see them come down a little bit, but I think you'll still see them remain elevated for some time.

是的。交貨時間會稍微縮短。考慮到該產品線的驅動因素，我不知道它們是否會下降那麼多。但隨著新產能的上線，隨著我們進入 24 年及以後，我們會看到它——我們會看到它們略有下降，但我認為你仍然會看到它們在一段時間內保持較高水平。

One of the nice -- we talked about in the past, C.J., is that we're still running Gen 4 in addition to Gen 5. And Gen 4 is really seeing pretty good adoption in places that we didn't necessarily forecast, like automotive. So we still have pretty good tailwinds for that.

C.J.，我們過去談到的好處之一是，除了第 5 代之外，我們仍在運行第 4 代。第 4 代確實在我們不一定預測到的地方得到了很好的採用，例如汽車。因此，我們仍然有很好的推動力。

Very helpful. And I guess as my follow-up, encouraging to see your Semi Services business grow sequentially. Can you kind of comment on how you see that playing out in the second half? And what kind of potentially negative impact are you seeing from lower utilization from your memory customers?

很有幫助。我想作為我的後續行動，令人鼓舞的是看到您的半服務業務連續增長。您能評論一下您如何看待下半場的表現嗎？您認為內存客戶利用率較低會產生哪些潛在負面影響？

Yes. We're very pleased with the performance in Services. And it's not atypical for us in a downturn to see Services utilized because people are still trying to squeeze out all the yield capability they have. We have seen utilization. We had forecast from some customers for a higher level of -- or a lower level of utilization, asking us to back off a little bit.

是的。我們對服務方面的表現非常滿意。對於我們來說，在經濟低迷時期看到服務被利用的情況並不罕見，因為人們仍在試圖擠出他們擁有的所有收益能力。我們已經看到了利用率。一些客戶預測我們的利用率會更高或更低，要求我們稍微退一步。

And those have moderated through the year to the point where utilization rates are higher than what had been forecasted by our customers at the beginning of the year, specifically in leading-edge logic/foundry. So that has been an upside. Memory looks a little bit slower in that regard. But it's kind of what we forecasted. And with the level of shipments, we feel very good about our long-term forecast for the Services business.

這些情況在今年有所放緩，利用率高於我們客戶年初的預測，特別是在領先的邏輯/代工領域。所以這是一個好處。在這方面，內存看起來有點慢。但這正是我們的預測。從出貨量來看，我們對服務業務的長期預測非常滿意。

Our next question comes from Krish Sankar with TD Cowen.

我們的下一個問題來自 Krish Sankar 和 TD Cowen。

I chose -- the first one, Rick, obviously, you have like very strong revenues from China. There's been some chatter that the U.S. might expand export controls, even maybe mature nodes. I know right now, you're capped at 14-nanometer and below for foundry/logic. Is there any commentary you can give on that? And how to think about it, like, let's say, for example, 14 goes to 28, the restriction, or 28 goes to 40. Is there a way to quantify the impact to your sales? And then I have a follow-up.

我選擇了——第一個，瑞克，顯然，你來自中國的收入非常強勁。有人傳言美國可能會擴大出口管制，甚至可能是成熟節點。我知道現在鑄造/邏輯的上限為 14 納米及以下。您對此有何評論？如何思考這個問題，例如，14 變為 28（限制），或者 28 變為 40。有沒有辦法量化對銷售的影響？然後我有一個後續行動。

Yes, I won't speculate what the government will do or not do on that. We have ongoing conversations with them, obviously, and really, we've been supportive of their efforts to try to figure out how to cut off the very leading edge.

是的，我不會猜測政府會做什麼或不做什麼。顯然，我們一直在與他們進行對話，而且實際上，我們一直支持他們試圖找出如何切斷領先優勢的努力。

Beyond that, that's not conversations we've been having with them. But in terms of quantifying, obviously, given that most of the business we have in China is legacy, that would obviously impact our ability to support them in legacy.

除此之外，我們並沒有與他們進行過對話。但就量化而言，顯然，鑑於我們在中國擁有的大部分業務都是遺留業務，這顯然會影響我們支持遺留業務的能力。

Got it. Got it. Thanks, Rick. And then as a follow-up, based on the numbers, it looks like you're going to outperform WFE again this year, and you do this last couple of years. The last couple of years, it is more -- some of your peers were supply chain constrained while you were not. And this year, obviously, there's a lot of technology buys.

知道了。知道了。謝謝，瑞克。然後，作為後續行動，根據數字，今年您的表現似乎將再次超過 WFE，並且您在過去幾年中做到了這一點。在過去的幾年裡，更重要的是——你的一些同行受到了供應鏈的限制，而你卻沒有。顯然，今年有大量技術購買。

I'm just wondering, as we head into next year or the next couple of years, as WFE starts rebounding, is there a risk that some of the fabs already bought process control equipment, that you could actually underperform WFE?

我只是想知道，當我們進入明年或未來幾年時，隨著 WFE 開始反彈，一些晶圓廠已經購買了工藝控制設備，是否存在實際上表現低於 WFE 的風險？

Well, so I would say that we were supply-constrained, but for a different reason. We couldn't -- we continue to struggle with the demand that we've had for optical. And as I mentioned to a prior question, we continue to see demand for that. So it's true that we managed our supply chain, but we still had gaps.

好吧，所以我想說我們的供應受到限制，但原因不同。我們不能——我們繼續與光學需求作鬥爭。正如我在之前的問題中提到的，我們繼續看到對此的需求。因此，我們確實管理了供應鏈，但仍然存在差距。

It wasn't like we got hit with things that we didn't expect. We just couldn't ramp as much as some of our customers wanted. The process control intensity has gone up. I mean 1 thing that we clearly forecasted and we're seeing play out now is as EUV gets adopted in more nodes and on more layers and advanced architectures happen, there's a greater need for process control and that's really what we're experiencing.

這並不是說我們遇到了意想不到的事情。我們只是無法達到一些客戶想要的程度。過程控制強度有所提高。我的意思是，我們明確預測並且現在看到的一件事是，隨著 EUV 在更多節點、更多層和高級架構中採用，對流程控制的需求更大，這正是我們正在經歷的。

So when we talked about in the Analyst Day and what we're seeing play out, is increased need for process control across all technologies and we feel good about how that looks as we go forward and some of the -- we stick to the forecast we had for our Analyst Day for 2026.

因此，當我們在分析師日討論以及我們所看到的情況時，所有技術對流程控制的需求都在增加，我們對未來的發展感到滿意，其中一些 - 我們堅持預測我們舉辦了 2026 年分析師日活動。

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。

Congrats on the good results. A few of your peers have talked about fab readiness being impacting their shipment this year, especially for EUV tools. Is that something that you already kind of factored in your WFE outlook you gave a quarter ago, when you also said foundry/logic would be down 10%, which you reiterate today? Or are there some other offsets that you would point out that kind of offset that?

恭喜取得好成績。你們的一些同行已經談到晶圓廠的準備情況正在影響他們今年的出貨量，尤其是 EUV 工具。您在一個季度前給出的 WFE 展望中是否已經考慮到了這一點，當時您還表示代工/邏輯將下降 10%，今天您又重申了這一點？或者還有其他一些您會指出的偏移量嗎？

Yes. It's -- it's a good question. And it's something that we had already factored in to our plans as we looked out. What you're seeing is the adjustments to some of the ramp plans. And so while there's still some shipments going into some of these facilities, fewer tools.

是的。這是一個很好的問題。我們在考慮時已經將這一點納入了我們的計劃中。您看到的是一些坡道計劃的調整。因此，儘管仍有一些貨物進入其中一些設施，但工具卻減少了。

But it's something that we had already made adjustments for. I think it tends to -- usually, shorter lead time, tools feel it first and then it gets progressively -- eventually, those delays filter into everybody, but it does take some time. So we feel very good about the forecast we provided here in terms of our expectations over the next couple of quarters.

但這是我們已經做出調整的事情。我認為，通常情況下，交貨時間較短，工具首先感覺到它，然後逐漸變得如此，最終，這些延遲會滲透到每個人身上，但這確實需要一些時間。因此，就我們對未來幾個季度的預期而言，我們對此處提供的預測感到非常滿意。

Okay. Great. That's helpful. As a follow-up, speaking of China, I know the revenue is now back to the 30% level. You talked about some of the shipments that came in a little earlier. But I want to ask a little bit different angle. It's clear that there is a big push for self-sufficiency in China, but certain tool sets are harder to replace than others. Can you give us maybe a little bit of color on the competitive dynamics there, that some of your process control clients could be satisfied by domestic companies?

好的。偉大的。這很有幫助。作為後續，說到中國，我知道收入現在回到了30%的水平。您談到了一些較早抵達的貨物。但我想問一個稍微不同的角度。顯然，中國正在大力推動自給自足，但某些工具集比其他工具集更難替代。您能給我們介紹一下那裡的競爭動態嗎？您的一些過程控制客戶可以通過國內公司來滿足嗎？

Yes, our market share continues to be strong. I mean we started focusing on legacy market opportunities several years ago. In fact, restarted some older product lines, and they continue to be the most competitive, really, at all price points in terms of -- so we feel while there is more competition at trailing edge, we're very well positioned to be able to win.

是的，我們的市場份額仍然強勁。我的意思是，我們幾年前就開始關注傳統市場機會。事實上，我們重新啟動了一些較舊的產品線，而且它們仍然是最具競爭力的，實際上，在所有價位上——所以我們覺得，雖然在後緣有更多的競爭，但我們處於非常有利的位置，能夠贏得勝利。

And a lot of customers have a lot of confidence around the world in our capabilities. So we feel good about our ability to compete against any competitors that are out there. We've been competing with people for a long time in terms of capabilities. So this is not unique, that we would have competition in China.

世界各地的許多客戶對我們的能力充滿信心。因此，我們對自己與任何競爭對手競爭的能力感到滿意。我們長期以來一直在與人競爭能力。因此，我們在中國面臨競爭並不是獨一無二的。

And you have to remember, our competitive offerings in China or in any other region are really based on the portfolio of products that we can offer. So we can -- we can offer lots of solutions to our customers. To Rick's point, some of our older generation tools, which we've restarted, but even deconfigured versions of more recent tools.

您必須記住，我們在中國或任何其他地區的競爭產品實際上是基於我們可以提供的產品組合。所以我們可以——我們可以為我們的客戶提供很多解決方案。對於 Rick 來說，我們已經重新啟動了一些老一代工具，但甚至取消了較新工具的配置版本。

And then we allow our customers to manage across their requirements, either for economic or more advanced tools, more capabilities. So our go-to-market in terms of the portfolio benefits us in that region as much as it does anywhere else.

然後，我們允許客戶滿足他們的需求，無論是經濟的還是更先進的工具、更多功能。因此，我們的投資組合上市讓我們在該地區受益，就像在其他地方一樣。

Our next question comes from Brian Chin with Stifel.

我們的下一個問題來自 Stifel 的 Brian Chin。

I guess understanding again that memory investment in general is reduced, and it sounds like the China memory shipment might have hit there in the June quarter, but if I were to assume that some of your DRAM activity in coming quarters will be more geared toward DDR5 and applications for high-performance, high-density DRAM for data center and AI applications, are you noticing or anticipating a higher level of process control intensity for that kind of spend?

我想再次理解內存投資總體上減少了，聽起來中國內存出貨量可能會在六月季度達到這個水平，但如果我假設你們在未來幾個季度的一些 DRAM 活動將更傾向於 DDR5以及用於數據中心和人工智能應用的高性能、高密度 DRAM 的應用，您是否注意到或預計此類支出的流程控制強度會更高？

Well look, for more advanced -- for more advanced DRAM, particularly with the introduction of EUV, it's driven higher intensity levels, and there's the infrastructure to support the introduction of that, particularly around reticle quality and reticle fidelity. That's been a driver of process control intensity for us over the last couple of years. And so I would expect that, that we'll continue to see it.

好吧，對於更先進的 DRAM，特別是隨著 EUV 的引入，它推動了更高的強度水平，並且有基礎設施來支持這一點的引入，特別是在掩模版質量和掩模版保真度方面。在過去的幾年裡，這一直是我們過程控制強度的驅動力。所以我希望我們會繼續看到它。

I'm not expecting to see an uptick in business from memory customers. There will be some additional business from the Chinese DRAM customer in the second half of the year. But we're not really seeing any changes in overall utilization rates in memory, as Rick said earlier, and so I think until our customers start to see a pricing improvement, improve their profitability and cash flow, I don't think we're going to see meaningful investments. Now we will participate in process node development, as we always have. And that's going to be the biggest driver of the contributions from that market.

我預計內存客戶的業務不會增加。下半年中國DRAM客戶將會有一些額外的業務。但正如 Rick 之前所說，我們並沒有真正看到內存總體利用率發生任何變化，因此我認為，直到我們的客戶開始看到定價改進、提高他們的盈利能力和現金流之前，我認為我們不會將會看到有意義的投資。現在我們將像往常一樣參與流程節點的開發。這將成為該市場貢獻的最大推動力。

Okay. Got it. That's helpful. And then maybe just a broader follow-up question. Obviously, there's some underutilization of capacity at the leading foundries, more advanced FinFET nodes. And this might just be a cyclical phenomena, but in your conversations with them, do you detect any changes in how they might elect to deploy capital in support of multiple advanced nodes differently?

好的。知道了。這很有幫助。然後也許只是一個更廣泛的後續問題。顯然，領先的代工廠、更先進的 FinFET 節點的產能並未得到充分利用。這可能只是一種週期性現象，但在您與他們的對話中，您是否發現他們可能選擇以不同方式部署資本以支持多個先進節點的方式發生任何變化？

Well, I mean they've slowed down. I mean for sure, we've seen and heard the reports on forecast for their investment in WFE going down. So I think that's been the main one. What the leading indicators that we are looking at that are encouraging, as I mentioned earlier in this call, we've had utilization rates creep back up from what was forecasted just a few months ago.

嗯，我的意思是他們放慢了速度。我的意思是肯定的，我們已經看到並聽到了有關他們對 WFE 投資的預測將下降的報告。所以我認為這是主要的。正如我之前在本次電話會議中提到的，我們所看到的領先指標令人鼓舞，我們的利用率已較幾個月前的預測有所回升。

The other thing is we're still seeing a heavy number of design starts. And so of course, it takes a while for those to filter through. But we still anticipate a very large number of designs at the advanced node and so that will portend for a strong business down the road. You can't pick the timing, but I think that the slowdown in terms of their investment is related to the overall business environment, but not the fundamental dynamics. I think that looks pretty good as we get the next few quarters behind us.

另一件事是我們仍然看到大量的設計開始。當然，這些內容需要一段時間才能過濾掉。但我們仍然預計先進節點上會有大量設計，因此這將預示著未來業務的強勁發展。你不能選擇時機，但我認為他們的投資放緩與整體商業環境有關，而不是基本面動態。我認為這看起來相當不錯，因為我們已經度過了接下來的幾個季度。

Our next question comes from Tim Arcuri with UBS.

我們的下一個問題來自瑞銀集團的蒂姆·阿庫裡。

Bren, can you give the purchase obligation number? I think it was about $12 billion last quarter. I assume it came down a smidge and book-to-bill is still less than 1. And then also, can you tell us how much is sitting outside of 12 months, that number?

布倫，你能給出購買義務號碼嗎？我認為上個季度約為 120 億美元。我認為它有所下降，訂單出貨比仍然小於 1。然後，您能否告訴我們 12 個月之外的時間是多少，這個數字？

So the specific details will come through when we file our K here in another week or so. But it was down about a little over $500 million quarter-to-quarter. So book-to-bill was a little less than 1. We still see some activity in terms of new orders. So the backlog levels are obviously very elevated. So it's come down. It seems like it's been coming down right around that $500 million or so per quarter for the last few quarters, but still close to $11.5 billion overall. And the beyond 12 months is between 40% and 50% of it, which we deliver beyond the 12-month window.

因此，當我們再過一周左右向這裡提交 K 時，具體細節將會公佈。但季度環比下降了約 5 億多美元。因此，訂單出貨比略小於 1。我們仍然看到新訂單方面存在一些活動。因此，積壓水平顯然非常高。所以就下來了。過去幾個季度似乎每季度下降了 5 億美元左右，但總體仍接近 115 億美元。超過 12 個月的時間在其中的 40% 到 50% 之間，我們在 12 個月的窗口之外交付。

Cool. And then, Bren, just for the top guide for December, it sounds like process control system shipments are pretty flat. It looks like maybe EPC should be up a smidge because you had said before that EPC would be about -- down about 20% for the year. So is that right? And I guess part of that was that you had said last call that maybe the process control shipments in December depended on a couple of projects. So sort of what's the -- what are the puts and takes on process control shipments in December?

涼爽的。然後，Bren，就 12 月份的頂級指南而言，聽起來過程控制系統的出貨量相當平穩。看起來 EPC 可能應該上漲一點，因為您之前曾說過 EPC 今年將下降約 20%。那麼這樣說對嗎？我想部分原因是您在上次電話會議中說過，也許 12 月份的過程控制發貨取決於幾個項目。那麼 12 月份過程控制出貨量的看跌期權和承付金額是多少？

Yes. I don't want to get specific on guiding December. But certainly, consistent with the prepared remarks, we see a stabilizing rate moving forward. And obviously, that's plus or minus, given the integers of some of our ASPs, that can be plus or minus $20 million or $30 million generally overall across the businesses.

是的。我不想具體說明 12 月的指導情況。但當然，與準備好的言論一致，我們看到利率正在趨於穩定。顯然，考慮到我們的一些 ASP 的整數，整個業務的總金額可能是正負 2000 萬美元或 3000 萬美元。

And of course, we drive the business to meet the targets we have overall and not necessarily trying to deliver to certain numbers across each of the segments. That being said, Services continues to grow and will grow a little bit each quarter, just like it generally always has, as the installed base continues to grow over time, and so we see growth in Services.

當然，我們推動業務實現我們的總體目標，而不一定試圖在每個細分市場實現特定的數字。話雖這麼說，服務繼續增長，並且每個季度都會增長一點，就像通常情況一樣，隨著安裝基礎隨著時間的推移而持續增長，因此我們看到服務的增長。

EPC could potentially be a little bit volatile. So I -- I'd like to be optimistic. We'll see it pick up from current levels as we get closer to the end of the year, but not modeling it today. I'd like to see -- it's a good indicator given its short lead time, it's more capacity-centric, it's closer to consumer. So it's a decent indicator on consumer markets when we see it recover, because it weakened earlier, and so it should recover sooner perhaps than the Semi PC part of it.

EPC 可能會有點波動。所以我——我想保持樂觀。隨著接近年底，我們會看到它從當前水平回升，但今天不會對其進行建模。我希望看到——鑑於交貨時間短，這是一個很好的指標，它更以容量為中心，更接近消費者。因此，當我們看到它復甦時，它是消費市場的一個不錯的指標，因為它早些時候減弱了，所以它應該比其中的半個人電腦部分恢復得更快。

And then so Semi PC I think will generally be somewhat consistent with the June quarter result as it flows through into September, which is, again, back to a point of relatively flat guidance quarter-on-quarter.

然後，我認為半 PC 總體上會與 6 月季度的結果在某種程度上保持一致，因為它會持續到 9 月，這再次回到了季度環比相對持平的指導點。

Yes, there are some projects at the end of the year, we'll see how those play out. Could cause the numbers to skew a bit in terms of deliveries into December. And so we'll just have to see how that goes as we work closely with those customers. And so depending on that, that could cause potentially maybe the number to be a little bit higher. But if you just think about it over a couple of quarter time frame, we're -- the choice of the word stabilizing was an important one because that's generally how we see the business overall here over the next couple of quarters.

是的，今年年底會有一些項目，我們將看看這些項目的實施情況如何。可能會導致 12 月份的交付​​量數字略有偏差。因此，當我們與這些客戶密切合作時，我們只需看看情況如何。因此，根據這一點，這可能會導致這個數字稍微高一點。但如果你只考慮幾個季度的時間框架，我們——穩定這個詞的選擇很重要，因為這通常是我們對未來幾個季度整體業務的看法。

(Operator Instructions) Our next question will come from Harlan Sur with JPMorgan.

（操作員指令）我們的下一個問題將來自摩根大通的 Harlan Sur。

Maybe as a follow-up to Tim's question, your prior view was for process control to be down roughly kind of mid-teens, right, relative to WFE, which was down 20%. Now off of the better June quarter results and if I flatline stabilize that process control for the remainder of the calendar year after the June quarter, it looks like your process control franchise is actually going to be down only 10% to 12% for the full year. So even better outperformance versus WFE.

也許作為 Tim 問題的後續，您之前的觀點是流程控制相對於 WFE 下降了大約 15%，對吧，下降了 20%。現在，在 6 月季度業績較好的情況下，如果我在 6 月季度之後的日曆年剩餘時間內穩定該過程控制，那麼整個過程控制特許經營權實際上只會下降 10% 到 12%年。因此，與 WFE 相比，性能甚至更好。

You mentioned mask inspection, bare wafer, strong dynamics. Like what other product segments are driving the better implied outlook for process control?

您提到掩模檢查、裸晶圓、強大的動態。像哪些其他產品領域正在推動過程控制更好的隱含前景？

Yes. Yes, your math is consistent. So yes, that's how it will play out, assuming the December quarter comes through the way we expect today. We talked about bare wafer obviously being a strong driver, optical inspection. Reticle inspection is also a business that isn't declining as much as the overall market.

是的。是的，你的數學是一致的。所以，是的，假設 12 月季度的業績如我們今天預期的那樣，情況將會如此。我們談到裸晶圓顯然是光學檢查的強大驅動力。光罩檢查也是一項沒有像整體市場那樣下滑的業務。

So we've seen strength in those areas. So it's mostly there. Look, given the percent of investment that's happening in logic and foundry, obviously, the process control intensity there is higher than it is in memory. So that tends to provide a nice tailwind in terms of the dynamics within WFE playing towards KLA. And so obviously, the products we talked about are big drivers. But overall, it's good in terms of the percent spend on our products as a percent of the total.

所以我們看到了這些領域的實力。所以它大部分都在那裡。看，考慮到邏輯和代工廠的投資百分比，顯然，那裡的過程控制強度比內存中的要高。因此，這往往會為 WFE 與 KLA 的競爭提供良好的動力。顯然，我們談論的產品是重要的推動因素。但總體而言，就我們產品的支出佔總支出的百分比而言，情況不錯。

I appreciate that. Is that advanced packaging demand is kicking off quite strongly, right, driven by all these accelerated compute workloads like AI, right? You have HBM, CoWoS packaging, multichip stack-die configuration. TSMC, Intel, all the memory guys, the old stacks, right, you guys supplying to all of them. Are you seeing the demand pick up for your solutions for accelerated compute applications? And is the advanced packaging segment growing this year for the team? Or is that sort of AI accelerated compute demand being somewhat offset by some of the more consumer-focused end markets?

我很感激。在人工智能等所有這些加速計算工作負載的推動下，先進封裝的需求是否正在強勁增長，對嗎？您擁有 HBM、CoWoS 封裝、多芯片堆疊芯片配置。台積電、英特爾、所有內存供應商、舊堆棧，對吧，你們為所有這些供應商。您是否發現加速計算應用解決方案的需求有所回升？今年該團隊的先進封裝領域是否在增長？或者，這種人工智能加速的計算需求是否在某種程度上被一些更以消費者為中心的終端市場所抵消？

Harlan, yes, good observation. And we have seen an increase -- there haven't been a ton of bright spots with our customers, but that's one, and that has happened fairly recently. We've seen an uptick. It's a small -- relatively small number as a percent. It's got up quite a bit, but off of a small number.

哈倫，是的，觀察力很好。我們看到了增長——我們的客戶並沒有太多亮點，但這就是一個，而且這是最近發生的。我們看到了上升。這是一個很小的數字——相對較小的百分比。漲幅相當大，但漲幅不大。

So absolutely, we've seen it and we see that directly tie to some accelerated orders for some work that we've done, as you know, with EPC and combining some of the products we have, Semi Process Control and EPC, we absolutely have seen that. So we're seeing an uptick in that.

所以絕對，我們已經看到了這一點，我們看到這與我們已經完成的一些工作的一些加速訂單直接相關，如您所知，通過 EPC 並結合我們擁有的一些產品、半過程控制和 EPC，我們絕對已經看到了。所以我們看到了這一點的上升。

Yes, you had the overall packaging market down, what, 15% to 20% or so. But if we look at our packaging business within the company, it's pretty flattish year-to-year. Rick talked about some of the recent upside we're seeing related to some of the AI drivers that are occurring right now. So it's a good and evolving story moving forward as more complexity moves into the package across process but also process control.

是的，整個包裝市場下降了 15% 到 20% 左右。但如果我們看看公司內部的包裝業務，就會發現每年的情況都相當平淡。 Rick 談到了我們最近看到的一些與目前正在發生的人工智能驅動因素相關的一些好處。因此，隨著更多的複雜性跨流程以及流程控制進入包中，這是一個不斷發展的好故事。

Our next question will come from Atif Malik with Citi.

我們的下一個問題將來自花旗銀行的 Atif Malik。

I have a question on leading-edge logic investments. At SEMICON West a couple of weeks ago, when you spoke to suppliers, there were expectations that the leading-edge spending could be up less than mature nodes into next year.

我有一個關於前沿邏輯投資的問題。幾週前在 SEMICON West 上，當您與供應商交談時，人們預計明年的前沿支出增幅可能會低於成熟節點。

And I assume process control intensity is higher on leading versus mature nodes. So my question to you is, are there any major product cycles or e-beam or X-ray or major contribution from areas like auto, which could help perhaps offset your exposure to leading-edge investments next year?

我認為領先節點的過程控制強度比成熟節點更高。所以我問你的問題是，是否有任何主要的產品週期或電子束或 X 射線或來自汽車等領域的重大貢獻，這可能有助於抵消你明年對前沿投資的敞口？

Sure. I think that for KLA, the 1 thing you have to keep in mind is we're still supply limited on some of our most critical process control products that apply to the leading edge, such as optical and even some of the reticle products. We just cannot -- we still cannot meet demand. So I think we have a natural governor in there in terms of being able to keep that business sustained over the next several quarters based on even the current booking environment.

當然。我認為對於 KLA 來說，您必須記住的一件事是，我們對一些適用於前沿的最關鍵的過程控制產品（例如光學產品，甚至一些掩模版產品）的供應仍然有限。我們就是不能——我們仍然不能滿足需求。因此，我認為我們有一個天生的管理者，能夠根據當前的預訂環境在未來幾個季度保持該業務的持續發展。

So I think that's 1 factor. And then the other is we still see, especially with the new architectures that are being out there and people moving to the next-generation transistor architectures, a lot of demand for the leading edge in the R&D phase. So we feel pretty good about how we're positioned for that, less so than one who is primarily focused on capacity would be.

所以我認為這是第一個因素。另一個是我們仍然看到，特別是隨著新架構的出現以及人們轉向下一代晶體管架構，對研發階段領先優勢的大量需求。因此，我們對自己的定位感覺非常好，不如那些主要關注容量的公司。

(Operator Instructions) There are no further questions in the queue at this time. So I would like to turn the floor back over to Kevin Kessel for any additional or closing remarks.

（操作員說明） 目前隊列中沒有其他問題。因此，我想將發言權交還給凱文·凱塞爾，請他發表補充或結束語。

Thank you very much, Chelsea, and I wanted to thank everyone again for their interest and their time. We know it's a very busy earnings season. It's also a very busy day. This was a later call in order to try to accommodate as much as we could. So we look forward to speaking to all of you in the weeks ahead. And with that, I'll turn it back to Chelsea for any final remarks.

非常感謝切爾西，我想再次感謝大家的興趣和時間。我們知道這是一個非常繁忙的財報季節。這也是非常忙碌的一天。這是後來的一次電話，以便盡可能地滿足我們的需求。因此，我們期待在未來幾週內與大家交談。至此，我將把它轉回切爾西，讓其發表最後的評論。

Thank you, ladies and gentlemen. This concludes the KLA Corporation June 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 6 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，祝您度過美好的一天。