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.

午安.我叫切爾西，今天將擔任你們的會議主持人。現在，我歡迎大家參加KLA公司2023年6月季度收益電話會議和網路直播。 （接線員指示）現在，我將把電話交給投資者關係和市場分析副總裁凱文·凱塞爾。先生，請開始。

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.

感謝大家參加我們的財報電話會議，討論2023年6月季度的業績以及9月季度的展望。我們的執行長Rick Wallace和財務長Bren Higgins將出席此次電話會議。在本次電話會議上，我們將討論今天收盤後發布的業績，以及可在我們投資者關係網站上取得的補充資料。

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，今天的討論均基於非 GAAP 財務數據。凡提及全年數據，均指自然年。 GAAP 與非 GAAP 業績的詳細對帳表已發佈於我們網站上的收益資料中。

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.

我們的投資者關係網站還包含未來投資者活動、演示文稿、公司治理資訊以及我們提交給美國證券交易委員會 (SEC) 的文件鏈接，包括我們最新的年度報告以及 10-K 和 10-Q 表格的季度報告。我們今天的評論受我們提交給美國證券交易委員會 (SEC) 文件中風險因素揭露中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所做的陳述，都可能受到這些風險的影響，KLA 無法保證這些前瞻性陳述一定會實現。我們的實際結果可能與前瞻性陳述中的預測有顯著差異。 Rick 將在電話會議上發表一些評論並介紹季度重點。

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?

布倫最後會介紹我們的財務亮點，包括我們的指引和展望。現在，我將把電話交給我們的執行長里克華萊士。里克？

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，Kevin。首先，讓我們來總結KLA本季的業績，並列出一些亮點。關於我的評論以及半導體需求環境的更多細節，請參閱我們今天早些時候發布的股東信。

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.

KLA 6 月季度業績超出預期，儘管市場充滿挑戰，但仍展現出持續的執行力。具體而言，23.55 億美元的營收位於預期區間的上限，年減 5%，季減 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，均達到各自指引區間的上限。儘管短期需求逆風持續存在，但仍有一些亮點。尤其是汽車和其他採用傳統節點的市場仍然強勁，這表明需求呈現多元化，且半導體技術在多個行業中的應用日益普及。

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，製程控制在幫助我們的客戶執行節點和技術轉型方面發揮著至關重要的作用，而這些轉型正是研發工作的重點，並且能夠更好地應對短期壓力。我們與客戶緊密合作，而他們也始終將研發投資放在第一位。這對 KLA 來說至關重要，因為我們的產品在研發流程以及早期產能提升階段都至關重要，而快速實現良率至關重要。

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 始終專注於滿足客戶需求，同時保持關鍵的研發投入，以推進我們的技術路線圖。我們 6 月的季度業績是我們成功履行或超越承諾，並為客戶、合作夥伴和股東創造價值的最新例證。推動 KLA 本季業績的具體因素包括 KLA 在製程控制領域的市場領導地位，該領域涵蓋了 WFE 中一些最關鍵、成長最快的細分市場。

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成長及其市場領先地位，正推動KLA的相對成長。例如，我們用於矽晶圓和光掩模製造的非圖案晶圓檢測和量測產品的收入預計將顯著超越整體晶圓前端市場，並在行業低迷的年份實現強勁增長。

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 服務業務在第二季成長至 5.39 億美元，年增 5%。儘管市場充滿挑戰，我們始終如一的執行力仍證明了 KLA 營運模式的韌性以及我們全球團隊的奉獻精神。 KLA 憑藉全面的產品組合，始終佔據有利地位，能夠滿足客戶的需求。

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

現在我把時間交給布倫來介紹我們的財務亮點。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，里克。 KLA 的表現超出了預期和承諾的上限，儘管市場充滿挑戰，但仍展現出持續的執行力。我們持續專注於滿足客戶需求，同時擴大市場領導地位，保持業界領先的毛利率和營業利潤率，創造強勁的自由現金流，並堅持積極的資本配置的長期策略，這些正是我們成功的關鍵。

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.

季度營收為23.55億美元，接近21.25億美元至23.75億美元指引區間的上限。非公認會計準則（Non-GAAP）攤薄後每股收益為5.40美元，也接近4.23美元至5.43美元指引區間的上限。公認會計準則（GAAP）攤薄後每股收益為4.97美元，高於指導區間的中位數。非公認會計準則（Non-GAAP）毛利率為61.2%，高於指導區間的中位數45個基點，這得益於產品組合的最佳化。本季業績成長主要得益於高利潤率產品的推出、運費正常化以及工廠利用率的提高，因為整體產能已根據當前需求預期進行調整。

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.

非公認會計準則 (Non-GAAP) 營運費用為 5.43 億美元，由於對可變薪資的調整，略高於預期。總營運費用包括 3.14 億美元的研發費用和 2.29 億美元的銷售、行政及管理費用 (SG&A)。非公認會計準則 (Non-GAAP) 營運利潤率為 38.1%。其他收入及費用淨額為 4,900 萬美元，季度有效稅率為 12.4%。若以 13.5% 的預期稅率計算，非公認會計準則每股收益將減少 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%.

季度非公認會計準則淨利為7.43億美元，公認會計準則淨利為6.85億美元。經營活動現金流為9.59億美元，自由現金流為8.80億美元。因此，自由現金流轉換率強勁，達到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.

截至本季末，本公司稀釋加權平均流通股數約為1.377億股。按報告分部、終端市場以及主要產品和地區劃分的收入明細，請參閱股東信函和幻燈片。

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.

再來看資產負債表。 KLA 本季末的現金、現金等價物及有價證券總額為 32.4 億美元；債務總額為 58.9 億美元；其債券期限結構靈活且具有吸引力，並獲得了三家評級機構的強勁投資級評級。

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.

談到我們的展望。我們對2023年WFE的預期基本上保持不變，較2022年的950億美元下降約20%。雖然WFE投資成長何時真正恢復尚不明確，但我們仍然看到半導體製程控制系統業務的整體需求穩定在當前業務水準附近，我們預計這種需求狀況將在今年剩餘時間內持續下去。

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 的估計反映了對行業需求自上而下的評估，如下所示：在內存方面，我們預計 WFE 投資將下降約 40%；代工/邏輯總體將下降約 10%，而傳統投資的表現優於整體細分市場，這主要歸因於汽車和對傳統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 的核心價值主張是透過技術轉型賦能創新，而我們的客戶在所有業務環境中始終將技術轉型視為優先事項。雖然產能計畫經常會根據需求預期的變化而調整，但技術路線圖投資更具韌性。這讓我們在客戶根據路線圖需求調整出貨時段時，對業務預期更有信心。

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.

在這種環境下，我們將繼續專注於滿足客戶需求，維持對研發的高水準投資，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成長和財務表現。

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%.

現在來看看業績指引。我們對9月季度的業績指引如下：預計總營收為23.5億美元，上下浮動1.25億美元。預計代工/邏輯晶片約佔半PC系統營收的70%，記憶體約佔30%。在記憶體領域，DRAM預計佔比約90%，NAND約佔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%.

由於產品組合預期與成本組成與上一季一致，我們預測非公認會計準則毛利率將大致持平於61%，上下浮動1個百分點。鑑於我們目前對2023年剩餘時間需求環境趨於穩定的預期，我們預期全年毛利率將接近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%.

非公認會計準則營運費用預計約為 5.35 億美元，因為本日曆年稍早實施的成本衡量指標​​已使我們目前的成本結構與營收預期保持一致。我們預計本日曆年剩餘時間的季度營運費用將保持在此水準附近。 9 月當季的其他模型假設包括其他收入及支出淨額約 4,800 萬美元，有效稅率約 13.5%。

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，預計GAAP稀釋每股收益為5.02美元，上下浮動0.60美元；非GAAP稀釋每股收益為5.35美元，上下浮動0.60美元。每股盈餘指引基於約1.37億股完全稀釋後股份數量。

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.

總而言之，儘管客戶業務持續疲軟，但我們仍然認為製程控制對技術轉型和進步的重要性，是研發成長和優先排序的關鍵。此外，我們對晶圓和光罩基礎設施的投資也為我們的收入表現做出了貢獻。

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，KLA 仍有望在 2023 年實現相對於產業而言強勁的相對錶現。展望未來，我們將繼續看到商業環境趨於穩定，並且仍然相信推動長期半導體產業需求和 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以及支援跨多個技術節點不斷增長的半導體內容的同步投資，仍然是該行業長期可持續增長的催化劑。前沿技術路線圖的多種應用正在推動競爭態勢和設計挑戰，需要更多客戶參與並加快成果交付速度。技術投資和節點轉型反映了半導體和我們行業的價值，即為客戶降低成本，並為基於半導體的技術在多個終端市場拓展更廣泛的應用範圍。

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.

在全球經濟和半導體行業面臨挑戰的背景下，KLA 憑藉其半導體 PC 和 SPTS 業務優於市場的業績表現以及服務業務的持續增長，佔據了實現強勁財務業績的有利位置。我們將繼續專注於創新，執行產品組合策略，以支援客戶的技術路線圖和多年期投資計畫。我們將遵循 KLA 的營運模式，實施策略目標，並力求超越預期的績效。這些目標也是我們維持技術領先地位和競爭差異化的基礎。

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.

我們專注於客戶成功、提供創新和差異化的解決方案以及卓越的運營，這使我們能夠持續實現行業領先的財務和自由現金流業績，同時為股東帶來持續的資本回報。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給凱文，開始問答環節。

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

謝謝你，Bren。切爾西，你能提供一些說明並排隊提問嗎？

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

（操作員指示）我們的第一個問題來自富國銀行的 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?

Q：您能否談談您在空白晶圓業務中看到的強勁表現？您認為明年的前景如何？在經歷了一個相當強勁的投資週期後，是否存在一些消化的風險？

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。今年在這方面表現強勁。我們在那裡擁有非常強大的市場地位。這對我們來說是好事。你不僅看到了來自全球企業的投資，也看到了中國在基礎設施方面的投資，以提供更多的國內供應。中國的投資往往遵循不同的周期。我不認為這完全是逆週期的。

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.

但獲得用於實際生產矽片的設備需要一定的時間。因此，你會看到這些客戶持續投資，為未來的需求做好準備。他們還要應對與混合鍵結以及其他一些晶圓對晶圓封裝技術相關的新產能需求，這些技術也正在推動增量需求。

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.

所以，展望今年，我們預計它會繼續成長，而且會表現良好。但我確實認為，隨著明年的到來，我們會看到這方面的投資放緩。所以，雖然我不認為它會大幅下降，但我也不認為明年它會繼續成長。

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?

明白了。這很有幫助。然後作為後續問題，我認為你們看到了一些相當顯著的記憶體預期成長，或者至少相對於你們3個月前的想法而言，尤其是在DRAM方面。我想知道您是否可以評論一下本季推動這一成長的因素？

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。我們的一些客戶有一些變動，坦白說，總體來說，數量相當少。但這只是部分原因。另一部分原因是，我們本季有一些原本預計不會出貨的貨品，這些貨品來自我們的中國 DRAM 客戶。一些出口規則的明確化，使我們能夠向那裡運送一些額外的設備。所以，這是 DRAM 業務上漲的一個因素。

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?

我想問第一個問題，您能否更新光學檢測的交付週期？考慮到這套工具對研發生產線的重要性，您預期這種情況會持續一段時間嗎？還是說，您認為這種情況會隨著時間的推移而逐漸恢復正常？

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.，我是里克。答案是需求持續強勁，原因我們已​​經討論過很多次了。我們一直在努力提高產量。所以，據我們所知，訂單已經排到明年了。所以業務依然強勁。該產品在應對我們面臨的一些挑戰方面取得了巨大成功。因此，我們預計需求將保持在高位，我們正在努力提高產能以滿足需求，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。交貨週期會稍微縮短一些。考慮到該產品線的驅動因素，我不知道交貨週期是否會縮短那麼多。但隨著2024年及以後新產能的投入，我們會看到交貨週期略有下降，但我認為在一段時間內，交貨週期仍會保持在較高水準。

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.，我們之前談到的一個好消息是，除了第五代晶片，我們仍在運行第四代晶片。第四代晶片在一些我們之前未必預測到的領域，例如汽車產業，確實得到了相當不錯的應用。因此，我們在這方面仍然擁有相當好的順風優勢。

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?

非常有幫助。我想作為我的後續提問，很高興看到你們的半導體服務業務持續成長。能否評論一下下半年的前景？你們的記憶體客戶利用率下降會帶來哪些潛在的負面影響？

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。我們對服務業務的表現非常滿意。在經濟低迷時期，服務業務的利用率上升對我們來說並不罕見，因為人們仍在努力壓榨出他們所有的產能。我們已經看到了利用率。有些客戶曾預測服務業務的使用率會更高或更低，要求我們稍微降低一些。

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.

全年來看，這些因素有所緩和，利用率已高於客戶年初的預測，尤其是在前沿邏輯/代工領域。所以這是一個利好。內存在這方面看起來略微放緩，但基本上符合我們的預測。考慮到目前的出貨量水平，我們對服務業務的長期預測非常樂觀。

Our next question comes from Krish Sankar with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Krish Sankar。

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.

我選擇了第一個問題——里克，顯然，你們在中國的收入非常可觀。有人傳言說美國可能會擴大出口管制，甚至可能擴大到成熟節點。我知道現在，你們的代工/邏輯晶片製程限制在14奈米及以下。你對此有何評論？你怎麼看待這個問題？比如說，14奈米限製到28奈米，或28奈米限製到40奈米。有什麼方法可以量化這對你們銷售額的影響嗎？然後我還有一個後續問題。

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，我不會猜測政府會對此採取什麼行動或不採取什麼行動。顯然，我們正在與他們進行持續對話，而且我們確實一直支持他們為尋找切斷最前沿技術的方法所做的努力。

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，我們還沒有和他們討論過這些。但就量化而言，考慮到我們在中國的大部分業務都是傳統業務，這顯然會影響我們支持他們處理傳統業務的能力。

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.

明白了，明白了。謝謝，里克。接下來，根據數據，你們今年的表現似乎會再次超越WFE，過去幾年你們也一直如此。過去幾年，你們的一些同行受到供應鏈限制，而你們沒有。今年，顯然有很多技術收購。

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，隨著我們進入明年或未來幾年，隨著 WFE 開始反彈，是否存在一些晶圓廠已經購買了製程控制設備的風險，以至於你們的表現實際上可能不如 WFE？

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.

嗯，我想說的是，我們的供應確實受限，但原因不同。我們無法滿足光學產品的需求，因此我們一直在努力應對。正如我在之前的問題中提到的，我們仍然看到對光學產品的需求。所以，我們確實管理了供應鏈，但仍然有缺口。

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.

我們並沒有遭遇意料之外的打擊。只是我們無法達到一些客戶的要求。工藝控制的強度已經提高。我的意思是，我們明確預測到並且現在正在看到的一件事是，隨著EUV在更多節點、更多層級和更先進架構上的應用，對製程控制的需求也隨之增加，而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，當我們在分析師日上談論我們所看到的情況時，我們發現對所有技術的過程控制的需求都在增加，我們對未來的發展感到滿意，並且我們堅持對 2026 年分析師日的預測。

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

我們的下一個問題來自德意志銀行的 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?

恭喜您取得如此好的業績。您的一些同行提到，晶圓廠的準備會影響他們今年的出貨量，尤其是EUV光刻機。您在一個季度前發布的WFE展望中是否已經考慮到了這一點？當時您也表示，晶圓代工/邏輯晶片業務將下降10%，今天您再次重申了這一點。或者，您能否指出其他一些抵消因素？

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。這是個好問題。我們在規劃過程中已經考慮到了這一點。您看到的是一些坡道計劃的調整。因此，雖然仍有一些貨物進入這些設施，但工具數量會減少。

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.

但我們已經對此做出了調整。我認為通常情況下，交付週期較短，工具會先感受到影響，然後逐漸顯現——最終，這些延遲會影響到每個人，但這確實需要一些時間。因此，我們對我們在此提供的關於未來幾季的預測非常滿意。

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。太好了。這很有幫助。接下來，說到中國，我知道收入現在回到了30%的水平。您之前提到了一些較早到貨的貨物。但我想換個角度問一下。顯然，中國正在大力推動自給自足，但某些工具比其他工具更難被取代。您能否稍微介紹一下那裡的競爭動態，例如您的一些製程控制客戶是否可以從國內公司獲得滿足？

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，我們的市佔率持續保持強勁。我的意思是，幾年前我們就開始關注傳統市場的機會。事實上，我們重啟了一些舊產品線，它們在所有價位上仍然是最具競爭力的——所以我們覺得，雖然後緣市場的競爭更加激烈，但我們完全有能力取勝。

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.

全球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充滿信心。長期以來，我們在能力方面一直在與競爭對手競爭。因此，我們在中國面臨競爭並非個案。

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.

你必須記住，我們在中國或其他地區的競爭力實際上取決於我們能夠提供的產品組合。因此，我們可以為客戶提供許多解決方案。正如Rick所說，我們重啟了一些老一代工具，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，我們允許客戶根據自身需求進行管理，無論是經濟實惠的，還是更先進的工具，還是更強大的功能。因此，就產品組合而言，我們的市場推廣策略在該地區和其他地方一樣有益。

Our next question comes from Brian Chin with Stifel.

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?

我想再次理解總體上內存投資減少了，聽起來中國內存出貨量可能在 6 月份季度達到峰值，但如果我假設您未來幾個季度的部分 DRAM 活動將更傾向於 DDR5 和用於數據中心和 AI 應用的高性能、高密度 DRAM 應用，您是否注意到或預期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.

嗯，對於更先進的 DRAM，尤其是 EUV 的引入，它推動了更高的強度水平，並且有支持其引入的基礎設施，特別是在光罩質量和光罩保真度方面。在過去幾年裡，這一直是我們製程控制強度的驅動力。因此，我預計我們會繼續看到這種情況。

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.

我預期記憶體客戶的業務不會成長。下半年中國DRAM客戶會有一些額外的業務。但正如Rick之前所說，我們並沒有看到記憶體整體利用率有任何變化。因此，我認為，除非我們的客戶開始看到價格改善、獲利能力和現金流改善，否則我們不會看到有意義的投資。現在我們將一如既往地參與工藝節點開發。這將成為該市場貢獻的最大驅動力。

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。明白了。這很有幫助。然後我再問一個更廣泛的後續問題。顯然，領先的代工廠在更先進的 FinFET 節點上有產能利用不足的問題。這可能只是一種週期性現象，但在您與他們的交談中，您是否發現他們在選擇資本配置方式以支援多個先進節點方面發生了變化？

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，我的意思是他們的發展速度已經放緩了。當然，我們已經看到和聽到關於他們對WFE投資預測下降的報告。所以我認為這是主要原因。我們看到的令人鼓舞的領先指標是，正如我在電話會議中提到的，我們的利用率已經從幾個月前的預測水準回升。

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啟動。當然，這些設計需要一段時間才能篩選出來。但我們仍然預計在高階節點上會有大量的設計，這將預示著未來業務的強勁成長。你無法選擇時機，但我認為投資放緩與整體商業環境有關，而非基本面因素。我認為，隨著未來幾季的到來，情況看起來相當不錯。

Our next question comes from Tim Arcuri with UBS.

我們的下一個問題來自瑞銀的提姆·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，您能透露一下購買義務的具體數字嗎？我認為上個季度大約是120億美元。我估計它下降了一點，訂單出貨比仍然小於1。另外，您能告訴我們，這個數字中有多少是12個月以外的？

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.

具體細節將在一周左右我們提交K報告時公佈。但環比下降了約5億美元。訂單出貨比略低於1。我們仍然看到一些新訂單。積壓訂單量顯然很高。所以訂單量有所下降。過去幾個季度，每季的訂單量似乎都在5億美元左右，但總體而言仍接近115億美元。其中，12個月後的訂單量佔比在40%到50%之間，也就是我們在12個月後交付的訂單量。

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?

太棒了。然後，Bren，關於12月份的預測，聽起來製程控制系統的出貨量相當平穩。 EPC（工程總成本）似乎應該會略有上漲，因為你之前說過，今年EPC會下降20%左右。是這樣嗎？我想部分原因是你上次說12月的過程控制系統出貨量可能取決於幾個項目。那麼，12月份製程管制系統出貨量的利弊如何呢？

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月份的業績預期。但可以肯定的是，與準備好的發言一致，我們預期未來銷售額將趨於穩定。當然，考慮到我們部分產品的平均售價，這個數字可能會有正負之差，因此所有業務的整體銷售額可能會在2000萬美元或3000萬美元左右。

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，我們推動業務實現整體目標，並不一定力求在每個細分市場中達到特定的數字。話雖如此，服務業務仍在持續增長，並且每個季度都會略有增長，就像往常一樣，因為客戶群會隨著時間的推移而不斷增長，因此我們看到服務業務的成長。

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（能源效率成本）可能會有點波動。所以我——我希望保持樂觀。隨著年底臨近，我們會看到它從當前水平回升，但目前還不能進行建模。我希望看到——鑑於其交貨週期短、更以產能為中心、更貼近消費者，這是一個很好的指標。因此，當我們看到它復甦時，這將是一個不錯的消費市場指標，因為它早些時候就走弱了，所以它應該比半導體PC部分復甦得更快。

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.

因此，我認為半成品 PC 總體上將與 6 月季度的結果保持一致，因為 9 月的結果將再次回到環比相對持平的指導水平。

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，年底有一些項目，我們會觀察它們的進展。這可能會導致12月份的交付​​量略有偏差。因此，我們只能在與這些客戶密切合作的同時，觀察進度。因此，根據這些情況，數字可能會略有上升。但如果你從幾個季度的時間框架來考慮，我們——選擇「穩定」這個詞很重要，因為這通常是我們對未來幾季整體業務的預期。

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

（操作員指示）我們的下一個問題來自摩根大通的 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.

或許可以跟進Tim的問題，您之前認為製程控制業務的降幅大約在15%左右，相對於WFE而言，後者的降幅達到了20%。現在，考慮到6月份季度業績的改善，如果我在6月份季度之後的剩餘時間裡保持過程控制業務的穩定，那麼看起來您的過程控制業務全年實際上只會下降10%到12%。因此，與WFE相比，您的表現甚至更加出色。

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

您提到了掩模偵測、裸晶圓和強勁的動態。那麼還有哪些產品領域正在推動製程控制隱含前景的改善呢？

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，你的計算是一致的。所以，假設12月季度的業績如我們今天預期的那樣，情況就會如此。我們談到了裸晶圓顯然是一個強勁的驅動力，光學檢測也是如此。光罩偵測業務的下滑幅度也沒有整體市場那麼大。

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.

所以我們看到這些領域表現強勁。所以大部分都在那裡。考慮到邏輯和代工領域的投資比例，顯然那裡的製程控制強度比記憶體領域更高。因此，這往往為WFE內部與KLA的互動提供良好的順風。顯然，我們討論的產品是重要的驅動因素。但總體而言，就我們產品支出佔總支出的比例而言，情況良好。

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。先進封裝的需求是否正在強勁成長，這主要是受人工智慧等加速運算工作負載的推動？你們有HBM、CoWoS封裝、多晶片堆疊晶片配置。台積電、英特爾以及所有記憶體廠商，還有傳統的堆疊晶片，你們都為它們供貨。你們的加速運算應用解決方案的需求是否正在回升？今年先進封裝市場對你們團隊來說有成長嗎？或者，這種人工智慧加速運算的需求是否會被一些更注重消費者的終端市場所抵消？

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.

哈蘭，是的，觀察得很好。我們看到了成長——我們的客戶並沒有太多亮點，但這是其中之一，而且是最近才出現的。我們看到了成長。這是一個很小的百分比，相對來說很小。雖然成長了不少，但成長幅度很小。

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，我們絕對看到了這一點，而且我們發現這與我們之前透過EPC完成的一些工作訂單的加速成長直接相關，例如結合我們現有的一些產品，例如半製程控制和EPC，我們確實看到了這一點。所以我們看到了這方面的成長。

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，整體封裝市場確實下滑了，大概15%到20%左右。但如果我們看看公司內部的封裝業務，就會發現年比來看，成長相當平緩。 Rick談到了我們最近看到的一些與當前一些人工智慧驅動因素相關的積極因素。因此，隨著封裝製程和製程控制的複雜性不斷提升，這是一個良好且不斷發展的故事。

Our next question will come from Atif Malik with Citi.

我們的下一個問題來自花旗銀行的阿蒂夫馬利克 (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展會上，當您與供應商交流時，他們預計明年前沿邏輯的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?

我認為領先節點的製程控制強度比成熟節點更高。所以我的問題是，是否存在一些主要的產品週期、電子束或X射線，或者來自汽車等領域的重大貢獻，這些或許可以抵消您明年在前沿技術方面的投資風險？

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，有一件事需要牢記，那就是我們一些應用於尖端技術的關鍵製程控制產品，例如光學產品，甚至部分光罩產品，仍然供應有限。我們根本無法滿足需求。因此，我認為，即使在目前的預訂環境下，我們也能在未來幾季保持業務的持續成長。

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.

所以我認為這是其中一個因素。另一個因素是，我們仍然看到，尤其是在新架構問世以及人們轉向下一代電晶體架構的情況下，對處於研發階段的前沿技術的需求很大。因此，我們對自己在這方面的定位感到相當滿意，但不如那些主要關注產能的公司那麼滿意。

(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.

（接線員指示）目前沒有其他問題。接下來，我想把發言權交還給凱文·凱塞爾，請他補充發言或做總結發言。

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關注和時間。我們知道這是一個非常繁忙的財報季，今天也非常忙碌。為了盡可能地安排時間，我們稍後再進行電話會議。我們期待在接下來的幾週內與大家交流。現在，請切爾西做最後的總結。

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.

謝謝各位，女士們，先生們。 KLA Corporation 2023 年 6 月季度收益電話會議及網路直播到此結束。請您暫時斷開連接，祝您擁有美好的一天。