科磊 (KLAC) 2025 Q3 法說會逐字稿

Good afternoon. My name is Margot. I'll be your conference operator today.

午安.我的名字是瑪格特。今天我將擔任您的會議主持人。

At this time, I'd like to welcome everyone to the KLA Corporation March-quarter 2025 earnings conference call and webcast.

現在，我歡迎大家參加 KLA Corporation 2025 年 3 月季度收益電話會議和網路廣播。

(Operator Instructions)

（操作員指示）

I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead.

現在我將電話轉給投資人關係和市場分析副總裁 Kevin Kessel。請繼續。

Welcome to our earnings call to discuss the March quarter and our June-quarter outlook.

歡迎參加我們的收益電話會議，討論三月季度和六月季度的展望。

Joining me is our CEO, Rick Wallace; and our CFO, Bren Higgins.

和我一起出席的是我們的執行長 Rick Wallace；以及我們的財務長 Bren Higgins。

We will discuss today's results, released after the market closed and available on our website, along with supplemental materials.

我們將討論今天的結果，該結果將在市場收盤後發布，並在我們的網站上提供，同時還提供補充資料。

We are presenting today's discussion and metrics on a non-GAAP financial basis, unless otherwise specified. All full-year references made refer to calendar years. The earnings materials contain a detailed reconciliation of GAAP to non-GAAP results.

除非另有說明，我們將以非 GAAP 財務基礎呈現今天的討論和指標。所有全年引用均指日曆年。收益資料包含 GAAP 與非 GAAP 結果的詳細對帳。

KLA's IR website also contains future investor events, presentations, corporate governance information, and links to our SEC filings.

KLA 的 IR 網站還包含未來投資者活動、簡報、公司治理資訊以及我們向 SEC 提交的文件的連結。

Our comments today are subject to risks and uncertainties, reflected in the disclosure of risk factors in our SEC filings. Any forward-looking statements, including those we make on the call today, are also subject to those risks.

我們今天的評論受到風險和不確定性的影響，這反映在我們提交給美國證券交易委員會的文件中披露的風險因素中。任何前瞻性陳述，包括我們今天在電話會議上所做的陳述，也都受這些風險的影響。

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.

KLA 無法保證這些前瞻性聲明將會實現。我們的實際結果可能與前瞻性陳述中的預測有很大差異。

Rick will begin with some introductory comments on the business environment and the quarter, followed by Bren with financial highlights and our outlook. Now, over to Rick.

里克 (Rick) 將首先對商業環境和本季度進行一些介紹性評論，然後布倫 (Bren) 將介紹財務亮點和我們的展望。現在，交給 Rick。

Thanks, Kevin.

謝謝，凱文。

I will start our March-quarter results and talk about some comments about the current business environment, followed by some recent market share reports, and finish up with some business highlights.

我將從我們三月的季度業績開始，談談對當前商業環境的一些評論，然後介紹一些最近的市場份額報告，最後介紹一些業務亮點。

KLA's March-quarter results were above the midpoint -- all the guidance range -- with revenue of $3.06 billion, non-GAAP diluted EPS of $8.41, and GAAP diluted EPS of $8.16.

KLA 3 月季度的業績高於中點（所有指引範圍），營收為 30.6 億美元，非 GAAP 稀釋每股收益為 8.41 美元，GAAP 稀釋每股收益為 8.16 美元。

KLA's results continue to be fueled by strong demand in leading-edge logic and high-bandwidth memory. KLA's growing Advanced Packaging business also made another strong contribution in the quarter. These drivers demonstrate the critical investment required for building out the infrastructure, which is supporting AI.

KLA 的業績繼續受到尖端邏輯和高頻寬記憶體的強勁需求的推動。KLA 不斷成長的先進封裝業務也在本季做出了強勁貢獻。這些驅動因素表明，建立支援人工智慧的基礎設施需要關鍵的投資。

While there's notable macro uncertainty across many sectors globally, KLA has not seen any change in demand or indication from our customers of any adjustment to their announced investment plans. That said, the current unprecedented global trade uncertainty and potential second-order effects on macro demand in the future are far from clear.

儘管全球許多行業都存在明顯的宏觀不確定性，但 KLA 並未看到需求有任何變化，也沒有看到客戶對其宣布的投資計劃做出任何調整的跡象。儘管如此，當前前所未有的全球貿易不確定性以及對未來宏觀需求的潛在二階效應尚不清楚。

Given this fluid business operating environment and potential implications for KLA, we've decided to postpone our Investor Day from June 18 to early to mid-calendar 2026. It's our hope that the macro environment will stabilize by then. And we look forward to expanding on the story of KLA's growth strategy and increasing market relevance.

鑑於這種不穩定的商業營運環境及其對 KLA 的潛在影響，我們決定將投資者日從 6 月 18 日推遲到 2026 年初至年中。我們希望到那時宏觀環境能夠穩定下來。我們期待進一步拓展 KLA 的成長策略並提高其市場相關性。

Our capital return announcements, today, reflect not only our commitment to assertive and explicit capital allocation but, also, our confidence in the business opportunities for KLA, over the foreseeable future.

我們今天的資本回報公告不僅反映了我們對積極和明確的資本配置的承諾，也反映了我們對可預見的未來 KLA 商業機會的信心。

Moving along to market share reports. This quarter marks the annual release of industry research reports, showing KLA maintaining a strong global share of WFE and Process Control market for calendar 2024. KLA's continued share leadership was highlighted by persistently strong customer adoption and optical in optical patterned wafer inspection and shared gain in advanced wafer-level packaging.

繼續查看市場佔有率報告。本季度是行業研究報告的年度發布，報告顯示 KLA 在 2024 年日曆的 WFE 和過程控制市場中保持著強大的全球份額。KLA 繼續保持市場份額領先地位，這得益於其在光學圖案化晶圓檢測領域的持續強勁客戶採用和光學應用以及在先進晶圓級封裝領域的共享收益。

For the past five years, KLA's share of Process Control has grown by nearly 250 basis points. Notably, KLA's Process Control share of advanced wafer-level packaging market has grown from being in the third position in 2019 to being on track to assume the leading position in 2025.

在過去五年中，KLA 在製程控制領域的份額增長了近 250 個基點。值得注意的是，KLA 在先進晶圓級封裝市場的製程控制份額已從 2019 年的第三位成長至 2025 年的領先地位。

Turning to highlights for the quarter. KLA delivered a 30% year-over-year increase in revenue in the March quarter, due to increased investment in leading-edge logic and HPM.

回顧本季的亮點。由於對尖端邏輯和 HPM 的投資增加，KLA 3 月季度營收年增 30%。

Second, AI continues to be a key catalyst, driving KLA's consistently strong performance. As AI continues to advance, the semiconductor industry is experiencing more complex design, accelerating product cycles, high-value wafer volumes, and growing advanced packaging demand. These trends underscore the increased value of process control and assisting our customers in managing a dynamic production environment, as investments and complexity increase, which uniquely benefits KLA.

其次，人工智慧持續成為推動 KLA 持續強勁表現的關鍵催化劑。隨著人工智慧的不斷發展，半導體產業的設計越來越複雜，產品週期不斷加快，晶圓價值量不斷增加，先進封裝需求也不斷成長。這些趨勢強調了製程控制的價值不斷增加，以及隨著投資和複雜性的增加，幫助我們的客戶管理動態生產環境的價值不斷增加，這對 KLA 來說是獨一無二的優勢。

The further demonstration of this: the March quarter captured another period of strong momentum for our advanced packaging portfolio. Customers' adoption of KLA's advanced packaging portfolio of products demonstrate the success of our market diversification, product technology roadmap, and growth strategies. KLA's Advanced Packaging revenue grew to over $500 million in calendar 2024 and is now expected to exceed $850 million in calendar 2025.

進一步證明這一點：三月季度我們的先進封裝產品組合又迎來了強勁發展勢頭。客戶採用 KLA 先進封裝產品組合證明了我們的市場多元化、產品技術路線圖和成長策略的成功。KLA 先進封裝業務的營收在 2024 年將成長至 5 億美元以上，預計在 2025 年將超過 8.5 億美元。

Fourth, the KLA Services business grew to $669 million in the March quarter, up, modestly, sequentially and up 13% year over year. Newly announced market access restrictions in early December 2024 from the US government export controls impacted service revenue growth in the March quarter. Still, as a sign of its predictability and resiliency, our Service business marked its 52nd consecutive quarter of growth on a year-over-year basis.

第四，KLA 服務業務在 3 月季度增長至 6.69 億美元，環比小幅增長，年增 13%。美國政府出口管制於 2024 年 12 月初新宣布的市場准入限制影響了 3 月季度的服務收入成長。儘管如此，作為其可預測性和彈性的標誌，我們的服務業務連續第 52 個季度實現同比增長。

Finally, the March quarter was another solid quarter, from a cash flow and capital returns perspective.

最後，從現金流和資本回報的角度來看，三月季度又是穩健的季度。

Quarterly free cash flow was $990 million. Over the past 12 months, free cash flow was $3.5 million, with a free cash flow margin of 30% over the same period. This free cash flow margin ranks amongst the top 10% of companies in the S&P 500.

季度自由現金流為9.9億美元。過去 12 個月，自由現金流為 350 萬美元，同期自由現金流利潤率為 30%。該自由現金流利潤率在標準普爾 500 指數公司中位列前 10%。

Total capital returns in the March quarter was $733 million, comprised of $507 million in share repurchases and $226 million in dividends. Total capital returns over the past 12 months was $3 billion.

3 月季度的總資本回報為 7.33 億美元，其中包括 5.07 億美元的股票回購和 2.26 億美元的股息。過去 12 個月的總資本回報為 30 億美元。

KLA's results, once again, demonstrated Process Control leadership and the success of our broad portfolio and competitive differentiation. Our consistent performance further demonstrates the critical nature of KLA's products and services, which are uniquely positioned to enable growth at the leading-edge, including the ongoing build-out of AI infrastructure.

KLA 的表現再次證明了製程控制的領導地位以及我們廣泛的產品組合和競爭差異化的成功。我們始終如一的表現進一步證明了 KLA 產品和服務的關鍵性，這些產品和服務具有獨特的優勢，能夠實現前沿領域的成長，包括人工智慧基礎設施的持續建設。

With that, I'll pass the call over to Bren to cover financial highlights and our outlook.

說完這些，我將把電話轉給布倫，讓他介紹財務亮點和我們的展望。

Thanks, Rick.

謝謝，里克。

KLA's March-quarter results demonstrate market leadership, combined with the consistent execution and dedication of our global team to get customer commitments and driving strong results, which fueled double-digit year-over-year growth and profitability improvement.

KLA 3 月季度的業績證明了其市場領導地位，加上我們全球團隊的一貫執行力和奉獻精神，以獲得客戶承諾並推動強勁業績，推動了兩位數的同比增長和盈利能力的提升。

Revenue was $3.06 billion, above the guidance midpoint of $3 billion. Non-GAAP diluted EPS was $8.41 and GAAP diluted EPS was $8.16, each finishing at the upper end of the respective guidance ranges. At the guided tax rate of 13.5%, non-GAAP diluted earnings per share would have been $8.55.

營收為 30.6 億美元，高於預期中位數 30 億美元。非公認會計準則稀釋每股收益為 8.41 美元，GAAP 稀釋每股收益為 8.16 美元，均達到各自指導範圍的上限。以 13.5% 的指導稅率計算，非 GAAP 稀釋每股盈餘應為 8.55 美元。

Gross margin was 63%, about 50 basis points higher than the midpoint of guidance, as product mix within our Process Control segment was stronger than modeled for the quarter.

毛利率為 63%，比指導中點高出約 50 個基點，因為我們製程管制部門的產品組合比本季的模型更強勁。

Operating expenses were $575 million, about $10 million below the guidance midpoint, as the timing of prototype material expenses were lower than expected. Operating expenses were comprised of $338 million in R&D and $237 million in SG&A. Operating margin was 44.2%.

營運費用為 5.75 億美元，比指導中點低約 1000 萬美元，因為原型材料費用的時間低於預期。營運費用包括 3.38 億美元的研發費用和 2.37 億美元的銷售、一般及行政費用。營業利益率為44.2%。

Other income and expense net was a $36 million expense. The quarterly effective tax rate was 15%. Net income was $1.12 billion. GAAP net income was $1.09 billion. Cash flow from operations was $1.1 billion. And free cash flow was $990 million.

其他收入和支出淨額為3600萬美元。季度有效稅率為15%。淨收入為11.2億美元。公認會計準則淨收入為10.9億美元。經營活動產生的現金流為 11 億美元。自由現金流為9.9億美元。

The breakdown of record of revenue by reportable segments and end markets and major products and regions can be found within the shareholder letter and slides.

股東信和幻燈片中可以找到按報告分部、終端市場和主要產品及地區劃分的收入記錄明細。

Moving to the balance sheet, KLA ended the quarter with $4 million in cash, cash equivalents, and marketable securities. (inaudible) of $5.9 billion and a flexible and attractive bond maturity profile, supported by strong investment grade rating from all three major rating agencies. KLA's balance sheet provides the ability to fund our growth strategies -- organic and inorganic -- and offer attractive capital returns to shareholders.

從資產負債表來看，KLA 本季末擁有 400 萬美元的現金、現金等價物和有價證券。 （聽不清楚）59 億美元，債券期限靈活且具有吸引力，並得到三大評級機構強勁的投資級評級的支持。KLA 的資產負債表為我們的成長策略（有機和無機）提供了資金，並為股東提供了有吸引力的資本回報。

The cornerstone of KLA's business is how consistently it generates strong free cash flow, driven by one of the best operating models in the industry and a predictable and highly differentiated service business, which helps drive a capital return strategy that includes consistent dividend growth and increasing share repurchases, over the long term. This strategy supports a strong track record of predictable and asserted capital deployment and remains an important differentiating element of the KLA investment thesis.

KLA 業務的基石在於其如何持續產生強勁的自由現金流，這得益於業內最佳營運模式之一以及可預測且高度差異化的服務業務，這有助於推動長期資本回報策略，包括持續的股息成長和增加股票回購。該策略支持可預測和堅持的資本部署的良好記錄，並且仍然是 KLA 投資理論的重要差異化要素。

To further underscore our commitment to capital returns and our confidence in the long-term value accretion of KLA, today, we announced the 16th consecutive annual dividend increase, which is up 12% to $1.90 a share per quarter or an annualized dividend of $7.60.

為了進一步強調我們對資本回報的承諾以及對 KLA 長期價值增值的承諾，今天，我們宣布連續第 16 次增加年度股息，即每季度上漲 12% 至每股 1.90 美元，或年化股息為 7.60 美元。

Along with this action, we also announced a new $5 billion share repurchase authorization, raising our total repurchase authorization to $5.46 billion.

除了這項行動之外，我們還宣布了新的 50 億美元股票回購授權，使我們的總回購授權額度增加至 54.6 億美元。

Turning to the outlook. The industry outlook continues to be driven by increasing investments in leading-edge logic, high-bandwidth memory, and advanced packaging.

轉向展望。行業前景繼續受到對前沿邏輯、高頻寬記憶體和先進封裝的投資增加的推動。

For WFE, in 2025, our outlook remains the same as in late January. We forecast WFE to grow by a mid-single-digit percentage from approximately $99 million to $100 billion level in calendar 2024. Growth is expected to be driven, principally, by increasing investments in both leading-edge foundry/logic and memory to support growing AI and premium mobile demand, partially offset by lower overall demand from China.

對於 WFE，我們對 2025 年的展望與 1 月底的預測一致。我們預測，到 2024 年，WFE 將以中等個位數百分比成長，從約 9,900 萬美元增加到 1,000 億美元。預計成長的主要動力將來自對尖端晶圓代工/邏輯和記憶體的投資增加，以支援不斷增長的人工智慧和高端行動需求，但中國整體需求的下降將部分抵消這一增長。

Given KLA's business momentum, market share opportunities, and higher expected process control intensity at the leading edge across all segments, we are confident we will continue to deliver growth outperformance, compared with the WFE market in 2025.

鑑於 KLA 的業務發展勢頭、市場份額機會以及在所有細分市場領先地位的更高預期過程控制強度，我們有信心，與 2025 年的 WFE 市場相比，我們將繼續實現優異的成長業績。

KLA's unique product portfolio differentiation and value proposition are focused on enabling technology transitions, accelerating process node capacity ramps, and ensuring yield entitlement and high-volume production.

KLA 獨特的產品組合差異化和價值主張專注於實現技術轉型、加速製程節點產能提升以及確保產量權利和大批量生產。

We remain encouraged that our customer discussions have not changed and are working hard to align shipment slots with their requirements. In this industry environment, KLA will continue to focus on supporting our customers, executing our product roadmaps, and driving productivity across the enterprise.

我們仍然感到鼓舞的是，我們與客戶的討論沒有改變，並且正在努力使裝運時間與他們的要求保持一致。在這種產業環境下，KLA 將繼續專注於支援我們的客戶、執行我們的產品路線圖以及提高整個企業的生產力。

KLA's June-quarter guidance is as follows: total revenue is expected to be $3.075 billion, plus or minus $150 million. Foundry/logic revenue from semiconductor customers is forecasted to be approximately 69%. And memory is expected to be approximately 31% of Semiconductor Process Control systems revenue to semiconductor customers. Within memory, DRAM is expected to be about 76% of the revenue mix; and NAND, remaining 24%.

KLA 6 月季度指引如下：預計總營收為 30.75 億美元，上下浮動 1.5 億美元。代工/邏輯預計來自半導體客戶的收入約為69%。預計記憶體將佔半導體製程控制系統為半導體客戶帶來收入的約 31%。在記憶體領域，DRAM 預計佔總收入的 76% 左右；和 NAND，剩餘 24%。

Gross margin is forecasted to be 63%, plus or minus 1 percentage point, inclusive of the impact of recently announced global tariffs. This estimate is to the best of our ability, given the complexity and fluidity of the regulations and how they align with our global processes.

預計毛利率為 63%，上下浮動 1 個百分點，其中包括最近宣布的全球關稅的影響。考慮到法規的複雜性和流動性以及它們與我們的全球流程的一致性，這是我們所能做出的最大估計。

Consistent with this assessment, we expect global tariffs to have a roughly 100 basis points headwind to gross margin per quarter, assuming relatively stable quarterly revenue expectations, for the remainder of the calendar year.

與此評估一致，我們預計，在今年剩餘時間內，假設季度收入預期相對穩定，全球關稅將對每季毛利率造成約 100 個基點的阻力。

Of course, this environment is changing rapidly. And we will continue our assessment and evaluate mitigation opportunities, within our operational processes and pricing strategies.

當然，這種環境正在快速變化。我們將繼續評估並評估緩解機會，並融入我們的營運流程和定價策略中。

For calendar 2025, based on results for the March quarter, guidance for the June quarter and our expectations for business mix across systems and services, systems product mix, and factory utilization, we expect gross margins for the year to be approximately 62.5%, plus or minus 50 basis points.

對於 2025 年，根據 3 月季度的業績、6 月季度的指引以及我們對系統和服務業務組合、系統產品組合和工廠利用率的預期，我們預計全年毛利率約為 62.5%，上下浮動 50 個基點。

Other model assumptions include other income and expense net of approximately a $35 million expense for the June quarter and expect this to be roughly consistent throughout the calendar year.

其他模型假設包括 6 月季度的其他收入和支出淨額約為 3,500 萬美元，並預計這一數字在整個日曆年內大致保持一致。

The effective tax rate assumption for June is 13.5%. Beginning in the September quarter, which is the first quarter of our fiscal year, our effective tax rate will reflect the adoption of global taxation Pillar Two, which is expected to increase the rate to approximately 14% in the second half of the calendar year.

6月份有效稅率假設為13.5%。從九月季度（即我們財政年度的第一季）開始，我們的有效稅率將反映全球稅收第二支柱的採用，預計在日曆年下半年稅率將提高至約 14%。

For the June quarter, GAAP diluted EPS is expected to be $8.28, plus or minus $0.78; and non-GAAP diluted EPS, of $8.53, plus or minus $0.78.

6 月季度，預計 GAAP 稀釋每股收益為 8.28 美元，上下浮動 0.78 美元；非 GAAP 稀釋每股收益為 8.53 美元，並上下浮動 0.78 美元。

A quick update on our remaining performance obligations or RPO disclosure in our SEC filings. As a reminder, RPO is primarily a systems-only metric for KLA.

簡要更新我們在 SEC 文件中剩餘的履約義務或 RPO 揭露。提醒一下，RPO 主要是 KLA 的系統專用指標。

In our report, RPO (inaudible) earnings, as it is disclosed on our subsequently filed SEC 10-Q and 10-K reports. There is significant divergence in practice. And companies have different definitions and disclosure practices on RPO. This lack of consistency among companies reporting can be a source of confusion for investors and make the disclosure difficult to compare across industries and peer companies.

在我們的報告中，RPO（聽不清楚）收益，正如我們隨後提交的 SEC 10-Q 和 10-K 報告中所揭露的那樣。實踐上存在很大分歧。而各公司對RPO的定義和揭露做法也各有不同。公司報告缺乏一致性可能會讓投資者感到困惑，並且難以在各個行業和同行公司之間進行比較。

We will continue to provide our backlog balance, annually, in our 10-K report. We will update our quarterly disclosures for RPO, starting in the first quarter of fiscal 2026, which is the quarter ending September 30, 2025, to be a transaction price for contracts that have not yet been recognized as revenue, as of the end of the quarter.

我們將繼續在每年的 10-K 報告中提供積壓訂單餘額。我們將從 2026 財年第一季（即截至 2025 年 9 月 30 日的季度）開始更新 RPO 的季度披露，將其更新為截至該季度末尚未確認為收入的合約的交易價格。

This disclosure of RPO would be consistent with the disclosure of our industry peers.

此次 RPO 的揭露與我們業內同業的揭露一致。

In conclusion, our near-term revenue guidance continues to point to relative stability around current business levels, despite the increased uncertainty from changes to global trade. We are staying close to customers, as they also navigate this challenging environment. We continue to see solid growth in calendar 2025 and expect to outperform the mid-single-digit WFE growth rate by several points.

總之，儘管全球貿易變化帶來不確定性增加，但我們的近期收入指引仍顯示當前業務水準相對穩定。我們與客戶保持密切聯繫，因為他們也正在應對這個充滿挑戰的環境。我們預計 2025 年將繼續保持穩健成長，其成長率預計將比中等個位數的 WFE 成長率高出幾個百分點。

KLA's focus on delivering a differentiated product portfolio that addresses customers' technology roadmap requirements drives our longer-term relevancy and growth expectations.

KLA 專注於提供差異化的產品組合，以滿足客戶的技術路線圖要求，從而推動我們長期的相關性和成長預期。

With the KLA operating model guiding our best-in-class execution, KLA is focused on implementing our strategic objectives, designed to drive outperformance.

在 KLA 營運模式指導我們一流的執行力下，KLA 專注於實施我們的策略目標，旨在推動卓越績效。

KLA's focus on customer success, innovative solutions, and operational excellence drives industry-leading financial performance and allows us to return capital consistently.

KLA 專注於客戶成功、創新解決方案和卓越運營，推動業界領先的財務業績，並使我們能夠持續回報資本。

That concludes the prepared remarks. Let's begin the Q&A.

準備好的發言到此結束。讓我們開始問答。

Thank you, Bren. Operator, can you please provide the instructions and begin the queue?

謝謝你，布倫。接線員，您能提供說明並開始排隊嗎？

(Operator Instructions)

（操作員指示）

Harlan Sur, J.P. Morgan.

哈蘭‧蘇爾 (Harlan Sur)，J.P. 摩根大通。

Great job on another solid quarter of execution.

又一個季度的執行表現非常出色。

Despite the view that the team is still going to drive $3 billion-plus per quarter throughout the year, you're holding your WFE view of up mid-single digits percentage year over year, you're not seeing any major changes to your customer spending plans.

儘管認為團隊全年每季仍將帶來 30 億美元的收入，但您仍然認為 WFE 的年增長率將達到中等個位數，您沒有看到客戶支出計劃發生任何重大變化。

Yeah. You did highlight the 100 basis points hit to gross margin, due to tariffs. But, at the same time, you did also take up your full-year guidance on gross margins.

是的。您確實強調了關稅導致毛利率下降 100 個基點。但同時，您也確實接受了全年毛利率的指導。

But you're postponing your Analyst Day by nine months to one year on the potential trade and tariff uncertainty. I understand the direct impact concerns and risk on global demand for electronics. But is there also a significant tariff-related risk on your equipment and systems post, let's say, the 90-day reciprocal tariff reprieve?

但由於潛在的貿易和關稅不確定性，您將分析師日推遲了九個月到一年。我了解對全球電子產品需求的直接影響擔憂和風險。但是，在 90 天的互惠關稅減免期過後，您的設備和系統是否也存在與關稅相關的重大風險？

The team, I thought, was fairly geographically diversified, across your manufacturing base level. I wouldn't think so.

我認為，該團隊在地理分佈上相當多元化，遍布整個製造基地。我不這麼認為。

Maybe, just take us through some of the puts-and-takes around tariffs and trade and your ability to modulate your global manufacturing operations, under different tariff-related scenarios, to minimize the impact on your system shipping to different geographies.

也許，請向我們介紹一下關稅和貿易方面的一些利弊，以及您在不同關稅相關情況下調整全球製造業務的能力，以最大限度地減少對運往不同地區的系統的影響。

Harlan, it's Bren. Thanks for the comments. There's a lot in there.

哈蘭，我是布倫。感謝您的評論。裡面有很多東西。

The first thing I'll say is our decision to push the Investor Day was really just related to the current uncertainty -- obviously, global trade structure and construct that's being discussed today is really unprecedented. And we'll have to see how that settles out.

我首先要說的是，我們決定推遲舉辦投資者日實際上只是與當前的不確定性有關——顯然，今天討論的全球貿易結構和構造確實是前所未有的。我們將拭目以待，看看結果如何。

I did talk a little bit about our view on tariff impact to KLA. And, of course, that's very fluid and could change. But we do see a little bit of a headwind in our gross margin, as it relates to mostly our service business and having such a strong contract stream, particularly in places like China, where you have some reciprocal impact of parts going in that can have an effect on our business.

我確實談了一些我們對關稅對 KLA 的影響的看法。當然，這是非常不穩定的，可能會改變。但我們確實看到毛利率出現了一些阻力，因為這主要與我們的服務業務有關，而且合約流非常強勁，特別是在中國這樣的地方，零件的流入會對我們的業務產生一些相互影響。

So you have that exposure. You also have whatever we bring into the US factory. So some of that is being mitigated through different exemptions. And so, I think there's some fluidity on that. So we'll see how that plays out, over time.

所以你有這樣的曝光率。您還可以獲得我們帶入美國工廠的所有產品。因此，部分問題可以透過不同的豁免來緩解。所以，我認為這方面有一定的流動性。因此，隨著時間的推移，我們將看到結果如何。

And there's also some mitigation steps we can take from a process point of view, in terms of how we manage in our network, move parts around the world, and so on.

從流程的角度來看，我們還可以採取一些緩解措施，例如如何管理我們的網路、如何在世界各地移動零件等等。

Obviously, when you do things like that, you're going to focus on what's the right thing for the business, operationally. And, certainly, in a higher structural tariff environment, you might consider doing things where return on investment might be higher.

顯然，當你做這樣的事情時，你會專注於從營運角度來看什麼對業務有利。當然，在結構性關稅較高的環境下，你可能會考慮做一些投資報酬率可能更高的事情。

So we have to go and evaluate those things. We're looking at that. We're also looking at longer-term pricing strategy as well, in terms of mitigation effects.

所以我們必須去評估這些事情。我們正在研究這個。從緩解效應的角度來看，我們也正在研究長期定價策略。

So when we thought about the Investor Day, we said, look, there's this tariff concern; what it does to, in terms of second-order, impact to the macro; some unknowns associated with that. So we thought it was prudent for us to just move it into early '26, where we feel like we, hopefully, have a more stable environment.

因此，當我們考慮投資者日時，我們說，看，存在關稅問題；就二階而言，它對宏觀有何影響？與此相關的一些未知數。因此，我們認為將其移至 26 年初是明智之舉，我們希望屆時能擁有更穩定的環境。

So we're looking forward to it. We're pretty excited about what's happening in the business. You pointed out a lot of our strength in our results and what we've seen over the last few years, in terms of our relative growth and share of WFE.

所以我們對此充滿期待。我們對業務上正在發生的事情感到非常興奮。您指出了我們在業績上以及過去幾年所看到的諸多優勢，包括我們的相對成長和 WFE 份額。

So we think we're pretty well positioned both in core WFE but, also, opportunities in advanced packaging. And our service business performed extremely well, despite some of the challenges with export control.

因此，我們認為我們在核心 WFE 以及先進封裝領域中都處於相當有利的地位。儘管面臨一些出口管制的挑戰，我們的服務業務表現非常出色。

So we think the business is in a pretty good place. And we are just reacting to global macro environment that's changed a lot in the last three months.

因此我們認為業務狀況非常好。我們只是對過去三個月發生巨大變化的全球宏觀環境做出反應。

As it relates to the footprint, we have a pretty diverse footprint around the world. We've established it over the past two decades. We've moved products to different locations.

就足跡而言，我們在世界各地的足跡相當多元。我們在過去的二十年裡已經建立了它。我們已將產品移至不同位置。

I'd say, again, that you start with where it makes sense to do things operationally, whether it's cost or execution, talent, and so on; and then, you optimize as it relates to taxes or incentives or other potential regulations.

我想再次強調，你應該從營運角度有意義的地方開始做事，無論是成本還是執行、人才等等；然後，根據稅收、激勵措施或其他潛在法規進行優化。

So those things can change. And so, you have to make sure that the operational considerations are first and foremost.

所以這些事情是可以改變的。因此，您必須確保操作考慮是首要的。

So we have a global footprint. We'll assess the situation. And we'll do what we think is right for the business over time. And that's pretty much all I have to say about it.

因此我們的業務遍佈全球。我們將評估情況。而我們會做我們認為對業務長期有利的事情。這就是我要說的全部。

I appreciate that. And then, maybe on a bright note: Rick, as you mentioned in your shareholder letter, calendar '24 share rankings are out for Process Control. The team and the Process Control segment outgrew overall WFE last year.

我很感激。然後，也許有一個好消息：里克，正如你在致股東的信中提到的那樣，過程控制的 24 年股票排名已經出爐。去年，該團隊和製程控制部門的規模超過了整體 WFE。

And despite your dominant number 1 position, you're 6.5 times larger than your number 2 competitor in the space. You still gained 50 basis points of share; and strong number 1 position, I think, by my count, in five out of the six major subsegments within Process Control.

儘管你們佔據了第一的主導地位，但你們的規模還是比該領域排名第二的競爭對手大 6.5 倍。你仍然獲得了 50 個基點的份額；根據我的統計，我認為在過程控制的六個主要子領域中的五個中，它都佔據第一的位置。

I think the one area where it was a bit of a surprise, where you made significant progress, was in e-beam patterned wafer inspection; and despite optical continuing to dominate at a 7x larger market versus e-beam, the KLA team did double their e-beam inspection revenues last year. You gained about 700 basis points of share there.

我認為有一個領域有點令人驚訝，你們取得了重大進展，那就是電子束圖案晶圓檢測；儘管光學檢測市場比電子束檢測市場大 7 倍，但 KLA 團隊去年的電子束檢測收入卻翻了一番。您的市佔率在那裡獲得了大約 700 個基點。

So the team's strategy has always been to introduce new solutions, when the market is ready to adopt. So what's driving the incremental opportunity in e-beam? And how is the KLA's e-beam platform differentiated?

因此，該團隊的策略一直是在市場準備好採用時推出新的解決方案。那麼，是什麼推動了電子束的增量機會呢？KLA 的電子束平台有何差異？

Thanks, Harlan. Yeah. I think that the progress we made in e-beam has been long incoming. We've been investing in our platforms for many years, in terms of getting the e-beam products to where we thought they could really be supplemental to the optical and work in concert.

謝謝，哈蘭。是的。我認為我們在電子束領域的進步早已到來。多年來，我們一直在對我們的平台進行投資，以使電子束產品能夠真正補充光學產品並協同工作。

And I think a lot of the success that we're now seeing is we got those platforms to start performing at a high level. And customers have now had a chance to evaluate them.

我認為我們現在看到的許多成功是因為我們讓這些平台開始發揮高水準的作用。現在客戶有機會對它們進行評估。

And I think what we're finding, especially on the very high end of the most challenging layers, of the most challenging nodes is that people are actually doing both. They're doing optical and e-beam (multiple speakers)

我認為，我們發現，特別是在最具挑戰性的層和最具挑戰性的節點的高端，人們實際上正在做這兩件事。他們正在做光學和電子束（多個揚聲器）

The synergy between the two tools -- one of the things we always look for is the interoperability between the two. So that you can leverage the strength of e-beam with optical.

兩種工具之間的協同作用——我們一直在尋找的事情之一就是兩者之間的互通性。這樣您就可以利用電子束和光學的強度。

So we're seeing those results. I think, more importantly, our customers are seeing them. And we felt good about it because, as you know, often, this takes months or quarters for customers to really test out the capability.

所以我們看到了這些結果。我認為，更重要的是，我們的客戶看到了它們。我們對此感到很高興，因為如你所知，客戶通常需要幾個月或幾季的時間來真正測試其功能。

So we're confident that we're on a trajectory where we're going to keep growing that business. And we're, at this point, really glad we invested for so many years.

因此，我們有信心，我們的業務將繼續保持成長。而現在，我們真的很高興我們投資了這麼多年。

I think there was a time where we're spending a lot of money on e-beam and it took a long time to get these results. But we're really thrilled with where we are now and our customers are telling us we need more.

我認為曾經有一段時間我們在電子束上花了很多錢，並且花了很長時間才獲得這些結果。但我們對於現在的狀況感到非常興奮，我們的客戶告訴我們我們需要做得更多。

And so, from that standpoint, we're excited about forecast.

因此，從這個角度來看，我們對預測感到興奮。

We ran into a problem last ,year where as we started getting demand, we didn't even have capacity. So Bren and the ops team had to ramp it up to be able to support it.

去年我們遇到了一個問題，當我們開始有需求時，我們甚至沒有產能。因此，Bren 和操作團隊必須加強力才能提供支援。

So we're in good shape with that. We got a great customer feedback and very excited about the progress we've made in e-beam.

所以我們在這方面的狀況很好。我們得到了非常好的客戶回饋，並且對我們在電子束領域的進展感到非常興奮。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

I have a question on the Services growth. I understand that it's a bit pressured this year because of the loss of fabs in China. Can you talk about your full-year outlook on the Services for this year?

我對服務業成長有一個疑問。我知道由於中國晶圓廠的損失，今年我們面臨一些壓力。您能談談今年全年服務的展望嗎？

Sure, Atif. So, yes, the biggest impact we felt was in Q1, where growth quarter to quarter was fairly limited. It was -- despite losing access to the fabs, to put up our 52nd quarter of year-over-year growth -- consecutive quarter year-over-year growth -- was, I think, pretty impressive. And the team did very well with that.

當然，阿蒂夫。所以，是的，我們感受到的最大影響是在第一季度，季度環比成長相當有限。儘管失去了進入晶圓廠的機會，但我們連續第 52 個季度實現了同比增長——連續幾個季度同比增長——我認為這是相當令人印象深刻的。並且團隊在這方面做得非常好。

Last year, and when I think about just the semi-PC part of the business -- now, there's also our EPC part of service -- but semi-PC grew, in 2024, above trend line, about mid-teens, about 16%. This year, I think it will be low double digits.

去年，當我考慮業務中的半 PC 部分時——現在還有我們的 EPC 服務部分——但到 2024 年，半 PC 的成長將高於趨勢線，約為 15% 左右。今年，我認為這個數字將會低於兩位數。

So if you look at the total Service growth, our expectations for the year are trending right around 10% or so. So a little bit below the long-term target; but given the impact of those controls, where you lose access to those tools.

因此，如果你看一下整體服務成長，我們對今年的預期趨勢是在 10% 左右。因此略低於長期目標；但考慮到這些控制的影響，您將無法存取這些工具。

Now, as those tools are providing or are limited in what kind of supply they can provide to the broader market to meet demand, you would expect some capacity to potentially get added in other places that offsets that.

現在，由於這些工具提供的供應量有限，無法滿足更廣泛的市場需求，因此您可以預期其他地方可能會增加一些產能來抵消這種需求。

So we would think, over the long term, that you get that business back, as we model our Service growth, over the long run, really based on long-term growth expectations for internal, in terms of useful life, rising ASP; but, also, growth in Semi revenue.

因此，我們認為，從長遠來看，您可以收回這筆業務，因為我們對服務成長進行了長期建模，這實際上是基於內部長期成長預期，就使用壽命、ASP 上漲而言；而且，半導體收入也在成長。

So long term, we feel very good about the long-term target. In 2025, we're going to be slightly below, at around 10%.

從長遠來看，我們對長期目標感到非常滿意。到 2025 年，這一比例將略低，約為 10%。

Great. And as a follow-up, on Advanced Packaging momentum, good to see you, guys, raising the bar to $850 million and number 1 market share this year.

偉大的。作為後續報導，關於先進封裝的發展勢頭，很高興看到你們今年將標準提高到 8.5 億美元，並佔據第一的市場份額。

Rick, if you can just pull a curtain a bit on your competitive positioning in Advanced Packaging? Are you stronger on the logic or the (inaudible) side or the HPM side? And what are your thoughts about hybrid-bonding adoption?

里克，您能否稍微介紹一下貴公司在先進封裝領域的競爭地位？您在邏輯方面、（聽不清楚）方面還是 HPM 方面更強？您對混合鍵結的採用有何看法？

I think I mentioned this before, Atif: that what we've really seen is the market, in many ways, has come to us. And this really kicked off a couple of years ago, mainly around Packaging that we've seen pushed for AI applications and just the very -- the high cost of that entire package.

我想我之前提到過這一點，阿蒂夫：我們真正看到的是，市場在很多方面已經走向我們。這一現象實際上在幾年前就開始了，主要圍繞著我們所看到的推動人工智慧應用的封裝，以及整個封裝的高昂成本。

And therefore, it can support the cost per inspection that you couldn't support on, frankly, lower-cost solutions, in terms of the packages. So these packages, as you know, if you have a large chip, combined with a number of memory chips that are stacked, the value of that is very high.

因此，就包裝而言，它可以支援每次檢查的成本，而坦白說，這是低成本解決方案所無法支援的。所以，如你所知，如果你有一個大的晶片，再加上許多堆疊的記憶體晶片，那麼這些封裝的價值就非常高。

So it's both inspection and measurement; but, also, some of the process capability that we have in SPTS. That's really -- the differentiation is in the solutions.

所以它既是檢查，也是測量；而且，我們也擁有 SPTS 中的一些流程能力。這確實是——差異在於解決方案。

In many ways, what we've done is we've taken the products that we have for the front end and adapted them for the back end. And that's what's getting traction, now.

在很多方面，我們所做的就是將現有的前端產品調整為後端產品。這就是現在越來越受到關注的事情。

And mainly, it's with (inaudible) and we've seen a lot of applications driving. And we see big growth. So we talked about going to $500 million to $850 million.

主要是，它與（聽不清楚）有關，我們已經看到很多應用程式在驅動。我們看到了巨大的成長。所以我們討論的是將金額提高到 5 億到 8.5 億美元。

And frankly, that growth trend continues. And that's the message we're getting from our customers.

坦白說，這種成長趨勢仍在繼續。這就是我們從客戶那裡得到的訊息。

So one of the things that we're still sorting through is what the available market is for KLA because we think about: how much of WFE do we talk about? But there's also all this investment that's not necessarily included that, in packaging.

因此，我們仍在研究的問題之一是 KLA 的可用市場是什麼，因為我們在思考：我們談論了多少 WFE？但所有這些投資並不一定都包括在包裝方面。

And so, we're still sorting through what that looks like. And that's going to help us outperform the overall industry.

因此，我們仍在梳理其樣子。這將幫助我們超越整個產業。

So I think one other point on this is -- to Rick's point about being able to adapt our front-end solutions to the back-end -- is there are some incremental engineering requirements, as it relates to handling of substrates and so on, in different environmental conditions; that's a lot of engineering, at least from a sensitivity and performance point of view in the systems that has already been done.

所以我認為這方面的另一點是——對於 Rick 所說的能夠將我們的前端解決方案應用於後端的觀點——存在一些增量工程要求，因為它涉及在不同環境條件下處理基材等；這需要大量的工程，至少從已經完成的系統的敏感性和性能角度來看是如此。

So the ability to take that, also, bring, say, a nice incremental profit stream to the company, as we leverage some of that capability. And as that market starts to move to needing more capability, then you move up the value stack, in terms of KLA solutions, to address those challenges for our customers.

因此，當我們利用其中的一些能力時，也能為公司帶來不錯的增量利潤流。隨著市場開始需要更多功能，您就可以提升 KLA 解決方案的價值堆疊，以幫助我們的客戶應對這些挑戰。

So it's a great opportunity from a growth point of view but it's also an opportunity from a margin point of view of something that was a bit of a headwind, given the nature of what was required, that turns into a tailwind, as customers demand more capability from us.

因此，從成長的角度來看，這是一個很好的機會，但從利潤的角度來看，這也是一個機會，考慮到所需性質，這有點逆風，但隨著客戶對我們要求更多功能，它變成了順風。

So we're really excited about that opportunity, moving forward, particularly given the growth rates of advanced wafer-level packaging that is likely faster than overall WFE growth, over the next several years.

因此，我們對這個機會感到非常興奮，特別是考慮到未來幾年先進晶圓級封裝的成長率可能比整體 WFE 的成長速度更快。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

I had near- and long-term questions.

我有一些近期和長期的問題。

On the near term, I saw that China, I think, came in at about 26% in March. I think you had estimated closer to 29%. So does it go up in a flattish top-line year? And related to that, the $500 million impact that you had mentioned for the year, how much did you see in calendar Q1? How much more is left to go?

從短期來看，我認為中國 3 月的成長率約為 26%。我認為您的估計接近 29%。那麼，在收入持平的一年裡，它會上漲嗎？與此相關，您提到的今年 5 億美元的影響，您認為在第一季產生了多少影響？還剩多少路要走？

Yes, Vivek, on the map for China -- and you're right, we spent some time on it last quarter and we thought that for 2025, the business would be somewhere, overall -- our percent of business in China would be somewhere in high 20s, maybe 30%.

是的，維韋克，在中國的地圖上——你是對的，我們上個季度花了一些時間，我們認為到 2025 年，我們的業務總體上會達到某個水平——我們在中國的業務比例會達到 20% 左右，也許是 30%。

And our view is still consistent with that. Now, I think it will be lumpy over the course of the year, in terms of what shows up in any given quarter. So it was 26% in Q1. We'll see. I'm not going to guide Q2. We'll see what ends up coming in, from a revenue recognition point of view.

我們的觀點仍然與此一致。現在，我認為，就某一季出現的情況而言，全年來看，情況將會不平穩。因此第一季的比例是 26%。我們將拭目以待。我不會指導Q2。從收入確認的角度來看，我們將看看最終的結果。

But over the course of the year, right around 30%. And I think when you look at that, relative to our expectations for the year, with some of the soft guidance we've given about second-half revenue, then that translates into China being down about 15% to 20% or so for the year for the overall company.

但從全年來看，這一比例約為 30%。我認為，相對於我們對今年的預期，加上我們對下半年收入給予的一些溫和指引，這意味著整個公司在中國的銷售額今年將下降約 15% 至 20%。

As far as the export control impact, we really size that based on the impact that we had through the month of December and some of the juggling of shipments, as it related to certain other customers that might have taken tools through 2025.

就出口管制的影響而言，我們實際上是根據 12 月的影響以及一些出貨調整來衡量的，因為這與可能在 2025 年之前使用工具的某些其他客戶有關。

And I didn't really focus on what happened in the given quarter, as our business is pretty fluid. So things move around. Our view of the impact is still consistent with what I said last quarter, at $500 million of revenue, plus or minus $100 million, with roughly 70% of that being -- or 65% to 70% of that being Systems, still the same.

我並沒有真正關注特定季度發生的事情，因為我們的業務非常不穩定。事情就是這樣變化的。我們對影響的看法仍然與我上個季度所說的一致，即收入為 5 億美元，上下浮動 1 億美元，其中大約 70% 是系統業務，或者 65% 到 70% 是系統業務，仍然相同。

But I'm not going to bridge back to what happened in Q1 versus other quarters. We've looked at the total impact over the next -- at the time, roughly four-plus quarters. And that's how we size the impact.

但我不會回顧第一季與其他季度相比發生的情況。我們已經研究了接下來大約四個多季度的整體影響。這就是我們衡量影響程度的方法。

All right. And for my follow-up, I know, a little early but I'm curious, like, what's on your dashboard to gauge whether 2026 WFE could be up, down, flat? How does China figure into it, in terms of opportunity and risk because a lot of long-term investors in KLA, they're always looking out? So how would you want them to think about what your opportunity set is in '26?

好的。至於我的後續問題，我知道，有點早，​​但我很好奇，例如，你的儀表板上有什麼可以判斷 2026 年 WFE 是上漲、下跌還是持平？許多 KLA 的長期投資者一直在關注中國，那麼從機會和風險的角度來看，中國在其中扮演著怎樣的角色？那麼您希望他們如何看待您在 26 年所面臨的機會呢？

Right. So '26, for us, right now, that was obviously a big question earlier this year, as we thought about some of the macro uncertainty.

正確的。因此，對我們來說，『26』顯然是今年稍早的一個大問題，因為我們考慮了一些宏觀不確定性。

The feedback we're getting for the AI build-out -- I think it's really important for everybody to understand what our customers are telling us is that they're still building for capacity that is less than the stated demand out there for the capability.

我們收到的有關人工智慧建設的回饋——我認為每個人都應該了解客戶告訴我們的情況，這一點非常重要，即他們建造的容量仍然低於市場對該容量的規定需求。

So if you think about how many wafer starts are being started and what the implications on some of the hyperscaler CapEx would be, it's still understated. And so, we think that that will continue to grow. And that's the feedback we're giving.

因此，如果您考慮有多少晶圓正在啟動以及這對一些超大規模資本支出有何影響，那麼它仍然被低估了。因此，我們認為這一數字將會持續成長。這就是我們給的回饋。

And part of the thing that's so hard to handicap is: How does this get impacted by some of the macro stuff? So the driver for us, we said at the beginning of the year, clearly was leading edge.

而很難預測的部分原因是：這會受到一些宏觀因素的影響嗎？因此，我們在年初就說過，我們的驅動力顯然是領先優勢。

And it's the three things we talked about: it's advanced logic in support of all the design starts, the bigger die, everything in support of AI, whether it's the training or the inference chips and -- or custom silicon; and then, it's the HBM and there are multiple players in that, and that's a more inspection-intense technology than we've had in Memory for a long time; and then, this really strong growth in packaging.

這就是我們討論的三件事：支援所有設計開始的先進邏輯、更大的晶片、支援人工智慧的一切，無論是訓練還是推理晶片，還是客製化矽片；然後，是 HBM，其中有多個參與者，這是一種比我們長期以來在內存領域所採用的檢查強度更高的技術；然後，包裝行業出現了真正強勁的增長。

I think we're still early days in all of those ,areas in terms of the amount of silicon that's being brought online. So I think in support of that, you're going to see continued growth at the leading-edge, primarily driving those other sectors.

我認為，就上線的矽片數量而言，我們在所有這些領域仍處於早期階段。因此，我認為，為了支持這一點，你會看到前沿領域的持續成長，主要推動其他領域的發展。

The thing that's been slow has been -- we just haven't seen much come back, in terms of handsets or PCs. And those are the markets that, as you know, consume a lot of the silicon. So I think we'll know a lot more about '26, as this build-out for '25 continues.

發展緩慢的一點是——我們還沒有看到手機或個人電腦有太大的復甦。如你所知，這些市場消耗了大量的矽。因此我認為，隨著 25 年的籌備工作繼續進行，我們將對 26 年有更多了解。

But the conversations we're having, right now, absent any other macro goals, I think, looks pretty encouraging, in terms of what the overall forecast looks like, as we go out -- and, really, as we go out towards 2030.

但我認為，就我們目前的對話而言，儘管沒有其他宏觀目標，但就我們邁向 2030 年的整體預測而言，看起來相當令人鼓舞。

And so, that's the -- we think we're early on. And today, as you know, aftermarket, there are some hyperscalers that announced continued and sometimes even increased investment in the AI infrastructure. So we think we're in a great position, right now.

所以，我們認為我們還處於早期階段。如今，如您所知，在售後市場，一些超大規模企業宣布將繼續甚至增加對人工智慧基礎設施的投資。因此我們認為我們現在處於非常有利的地位。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Yes. Maybe, just a follow-up on that, Rick. Is cleaner in space a potential gating factors, as you look into '26? Or how do you think about that aspect of it?

是的。也許，只是對此進行跟進，里克。當您展望 26 年時，太空清潔器是否是一個潛在的限制因素？或是您對這方面有什麼看法？

No, I don't think so. I think the question is going to be -- I think they can build, depending on where they're building. They can get the shelves up and get them positioned to invest.

不，我不這麼認為。我認為問題是——他們可以建造，這取決於他們在哪裡建造。他們可以把貨架架起來並做好投資的準備。

So no. I don't think for the plans that we see -- honestly, I've always felt that the connection that one would draw from all the hyperscalers and the concern that people had about his AI overheated, I would look to the silicon at the leading-edge being the governing factor.

所以不。我不認為我們看到的計劃——老實說，我一直覺得，人們會從所有超大規模企業中得出的聯繫以及人們對人工智能過熱的擔憂，我認為最前沿的矽片是決定性因素。

And the good news on that is I don't think they're going to overbuild. And then, the good news is there's going to be steady growth in the next several years to support it.

好消息是，我認為他們不會過度建設。好消息是，未來幾年將會出現穩定的成長來支持它。

So that's why we're a little more sanguine about what are people saying about the overbuild. But I don't think there's overbuild. And I think there is going to be additional capacity when needed.

這就是為什麼我們對人們關於過度建設的言論更加樂觀。但我不認為有過度建設的情況。我認為在需要時還會有額外的容量。

We're in a lot of conversations with our leading-edge customers about that. And we have pretty good insight into what their needs are going to be, down to specific products.

我們正在與我們的前沿客戶就此進行大量對話。我們非常了解他們的需求，甚至具體產品的需求。

And in some areas, just I mentioned, the e-beam one earlier, we're getting heads-up that we've got to add capacity. And for us, it takes a while to be able to support that.

在某些領域，正如我之前提到的，電子束領域，我們已經意識到必須增加容量。對我們來說，需要一段時間才能支持這一點。

So I think we're in good shape for -- as we look out in -- the rest of the year; and I think as we look into '26. We're feeling pretty excited about the opportunity.

所以我認為，展望今年剩餘時間，我們的狀況良好；我認為當我們回顧 26 年時。我們對這個機會感到非常興奮。

That's very helpful. And, maybe, one for Bren. Just, I wanted to better understand the uptick in the full-year gross margin, given the fact that the dynamics around tariffs that you talked about. Maybe, can you just help us like understand what's giving you the confidence there to increase it?

這非常有幫助。也許，還有一個是給布倫的。只是，考慮到您所談到的關稅動態，我想更好地了解全年毛利率的上升。也許，您能否幫助我們了解是什麼讓您有信心增加它？

Yes. No, it's -- I appreciate the question, Joe. And I think what we're seeing is: from a mix point of view, we've had a bit of a headwind over the last few years, as it relates to some of the cost dynamics, with the inflation that we experienced and what that meant to product cost.

是的。不，我很感謝你提出這個問題，喬。我認為我們看到的是：從綜合角度來看，過去幾年我們遇到了一些阻力，因為這與一些成本動態有關，與我們經歷的通貨膨脹以及這對產品成本的影響有關。

And as we're shipping new platforms, it's the opportunity for KLA, generally, to reset that, as we deliver more favorable cost of ownership to our customers; but then, reset that and the capability that exists in the next generation of product that comes to market. So that's certainly been a factor.

當我們推出新平台時，這對 KLA 來說是一個重新設定的機會，因為我們可以為客戶提供更優惠的擁有成本；但隨後，重新設定這一點以及上市的下一代產品所具備的功能。所以這肯定是一個因素。

I mentioned, earlier, that we're starting to see some scale benefits, as it relates to Advanced Packaging, which we're encouraged by as well. So there's a number of factors.

我之前提到過，我們開始看到一些規模效益，因為它與先進封​​裝有關，這也讓我們感到鼓舞。所以有很多因素。

I'd say most of it is in product mix. But there's been certainly some opportunities for us to deal with some of the cost pressures we felt over the last few years.

我想說，其中大部分都在於產品組合。但我們確實有一些機會來應對過去幾年來感受到的一些成本壓力。

So yes, we've got the tariff impact. But despite that, I feel that we are trending, more or less, in line with this this expectation of margins somewhere around 62.5%, as we finish the year, plus or minus 50 basis points.

是的，我們受到了關稅的影響。但儘管如此，我覺得我們的趨勢或多或少與此預期一致，即到今年年底，利潤率將在 62.5% 左右，上下浮動 50 個基點。

So 63% in March and then the guidance, 63%, plus or minus 1%, for June. And then, as you look forward, we're going to be somewhere, even with the full quarter of potential tariff -- impact is roughly 100 basis points.

因此，3 月為 63%，6 月的指導值為 63%，上下浮動 1%。然後，當你展望未來時，我們將處於某個位置，即使整個季度的潛在關稅影響也大約是 100 個基點。

We're still somewhere in and around that 62% range, given expectations for revenue levels that are relatively stable.

考慮到相對穩定的收入水準預期，我們仍然處於 62% 左右的範圍內。

Timm Schulze-Melander, Redburn Atlantic.

梅蘭德 (Timm Schulze-Melander)，Redburn Atlantic。

Maybe, the first one: just on the sequential Q-o-Q. Could you just help us, maybe, with a bit of the gross profit bridge. Pretty flat revenues but a really decent impact on gross margin. Maybe, if you could just peel back some of the moving parts. That would be really helpful.

也許，第一個：只是按連續的 Q-o-Q。您能否幫助我們實現一點毛利橋樑？收入相當平穩，但對毛利率的影響確實很大。也許，如果你能剝開一些活動部件的話。那將會非常有幫助。

Well, I think gross margin is roughly flat, as you look at the -- because we were 63% and then, we're guiding in March and we're guiding 63% at a roughly flat revenue number.

嗯，我認為毛利率大致持平，正如你所見——因為我們的毛利率是 63%，然後，我們在 3 月份的指導下，我們指導的毛利率是 63%，而收入數字大致持平。

So there's some puts-and-takes in there, as it relates to the different products that are revenue in the quarter. But, in general, our expectation is pretty consistent for the company, overall.

因此，這其中存在一些投入和產出，因為它與本季收入的不同產品有關。但總體而言，我們對公司的預期總體上是相當一致的。

Yes. I was thinking more about the March quarter compared to the December quarter.

是的。與 12 月季度相比，我更多地考慮 3 月季度。

March compared to December. Okay. No, that's a great question.

三月與十二月相比。好的。不，這是一個很好的問題。

So if you look at March, overall, it was mostly related to -- typically for KLA, our biggest issues tend to be really around the product mix of our business. And so, we had some higher value systems.

因此，如果你看一下三月的情況，總體而言，它主要與 KLA 有關，我們最大的問題往往與我們業務的產品組合有關。因此，我們有一些更高的價值體系。

Not every product and KLA portfolio carries the same margin. So the margin was more weighted to some of our higher value products.

並非每種產品和 KLA 產品組合都具有相同的利潤。因此，利潤更集中在我們的一些高價值產品上。

Okay. And, maybe, just as a quick follow-up. I think if I caught it correctly, you talked about the Service business basically being the source of potential tariff impact to margins.

好的。並且，也許只是作為一個快速的後續行動。我想如果我理解正確的話，您說的服務業務基本上是關稅對利潤率的潛在影響的來源。

Maybe, if you could just give us a bit of color about that. And also maybe just kind of how you're thinking about how you might respond to that pressure on a medium- to longer-term basis?

也許，如果您能給我們稍微解釋一下這一點的話。或許您只是在思考如何在中長期內應對這種壓力？

Well, one thing that's unique about KLA's Service business is that a high percentage of our revenue is contract revenue. And so, we deliver and customers pay us by a service contract.

嗯，KLA 服務業務的獨特之處在於，我們很大一部分的收入來自合約收入。因此，我們透過服務合約交付產品，客戶則向我們付款。

And we support the system and make commitments for service and support, uptime, performance availability and so on, as it relates to those systems.

我們支援該系統並承諾提供與這些系統相關的服務和支援、正常運行時間、效能可用性等。

So as part of that, we have to then also ensure that we've got the parts, whenever there are failures. So typically, in a particular region, we are importing those parts to support the tools.

因此，作為其中的一部分，我們還必須確保無論何時發生故障，我們都能獲得相應的零件。因此，通常情況下，在特定地區，我們會進口這些零件來支援這些工具。

And given it's a contract stream, we're the importer; so, potentially, carry some exposure, depending on where those part might be coming from. And so, there have been some exemptions that have come through, as it relates to that, particularly as it relates to parts going into China. But that's been where we do have some exposure.

鑑於這是合約流，我們是進口商；因此，可能會帶來一些風險，這取決於這些部分來自哪裡。因此，有一些與此相關的豁免，特別是與進入中國的零件相關的豁免。但這正是我們確實有所接觸的地方。

So we'll see how that plays out. That's the aspect that's tied to Service. Obviously, you have tariffs potentially on parts that are coming from outside the country into the US for tools that we're building in our factory in the US that then -- ultimately, those tools stay in the US. If they round trip out of the US, you can then draw back some of that.

我們將拭目以待事情將如何發展。這是與服務相關的面向。顯然，對於我們在美國工廠生產的工具，從國外進口到美國的零件可能會徵收關稅，但最終這些工具會留在美國。如果他們往返美國，那麼你可以收回其中的一部分。

But as it relates to the service piece, the issue is, as I talked about -- now, you're in a billable situation, you could potentially adjust the customer because come the next work's type of transaction, the customer would potentially then have to be the importer and, then, have the tariff liability.

但就服務部分而言，問題在於，正如我所說的那樣——現在，您處於可計費的情況，您可能會調整客戶，因為在下一個工作的交易類型中，客戶可能必須成為進口商，然後承擔關稅責任。

But because of the contract structure, it's a little bit different for us. Now, ultimately, over time, if you're ending up with a structural cost increase, you have to come up with ways to pass that cost along.

但由於合約結構的原因，我們的情況有些不同。現在，最終，隨著時間的推移，如果最終結構性成本增加，您必須想辦法轉嫁該成本。

And so, there are different pricing strategies that we need to consider in our business, based on what the long-term implications are.

因此，我們需要根據長期影響在業務中考慮不同的定價策略。

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

Bren, I'm just trying to dig into your relatively stable half-on-half revenue outlook, better than some of your peers. Curious: is that a function of perhaps less memory exposure, sustainable foundry? Or greater seasonality from PCB in the second half? Or SPTS taking off?

布倫，我只是想深入了解你相對穩定的一半收入前景，比你的一些同行要好。好奇：這是否是較少內存暴露、可持續鑄造的功能？或者下半年 PCB 的季節性會更強？還是 SPTS 正在起飛？

What are the key drivers of driving that sustainability?

推動這種永續發展的關鍵驅動因素是什麼？

Yes. I'm taking a quick look here, CJ. As I look at it, it looks -- on a half-to-half point of view -- fairly stable. I would say Memory, potentially, could tick up a bit and foundry/logic looks like it is -- probably, make it tick down a little bit.

是的。我正在快速瀏覽一下這裡，CJ。在我看來，從一半對一半的角度來看，它看起來相當穩定。我想說的是，記憶體可能會稍微上升一點，而代工廠/邏輯看起來可能會稍微下降一點。

But I don't see a lot of moving parts, here, as I look at it, moving forward. I'd say the percent of businesses, at least as it relates to our semiconductor customers, is pretty consistent.

但就我所見，這裡並沒有太多可移動的部分在向前移動。我想說，至少與我們的半導體客戶相關的業務百分比是相當一致的。

Great. And then, as my follow-up, you highlighted great growth in Advanced Packaging. The lion's share of that is CoWoS. Can you speak to the work you're doing on HBM? How you're thinking about insertions? Is it 8PM 4E? And is there a way to size the opportunity sitting here, today? Or is it too early?

偉大的。然後，作為我的後續問題，您強調了先進封裝的巨大增長。其中最大的份額是 CoWoS。您能談談您在 HBM 上所做的工作嗎？您如何考慮插入？現在是東部時間晚上 8 點嗎？那麼，今天我們有沒有辦法衡量這個機會呢？還是太早了？

Yes. So I would say that we're certainly seeing increasing momentum. Most of our exposure and the share that we've seen -- the share gain we've seen has been on the logic side.

是的。所以我想說，我們確實看到了成長的勢頭。我們的大部分曝光度和所見的份額——所見的份額增長都集中在邏輯方面。

But in high bandwidth memory, as the customers are going to increase stacks of chips, it's creating incremental opportunity.

但在高頻寬記憶體中，隨著客戶增加晶片堆疊，它正在創造增量機會。

So we feel like we're getting more traction. It's driving the need for more capability. And we're getting more traction with certain customers.

因此我們感覺我們正在獲得更大的動力。它推動了對更多能力的需求。我們對某些客戶的吸引力正在增強。

So we think, over time, as you see a selection process as a customer transitions, it creates an opportunity for us to compete for some business. As you know, those customers are running at pretty aggressive capacity levels, in terms of delivering for their customers.

因此我們認為，隨著時間的推移，當您看到客戶轉變的選擇過程時，它會為我們競爭一些業務創造機會。如您所知，就為客戶提供服務而言，這些客戶的產能水準相當積極。

So when you're in that environment, you don't necessarily want to change anything. So I think we have to wait for a selection, as you move into higher stacks.

因此，當你處於那種環境時，你不一定想改變任何事情。因此我認為我們必須等待選擇，因為您進入了更高的堆疊。

And then, obviously, ultimately, as you think about technology changes with hybrid bonding down the road, it creates another incremental opportunity.

然後，顯然，最終，當您考慮未來混合鍵合技術的變化時，它會創造另一個增量機會。

So we're seeing increasing momentum on the memory side. And would expect that to continue, as we go through -- really, as we continue to this year and into next year.

因此，我們看到內存方面的發展勢頭正在增強。並且希望這種情況能夠持續下去，隨著我們度過今年並進入明年。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

First, on branding. When I look at the US revenue, it's up Q-o-Q but the dollar figures are still pretty low. And I'm just trying to reconcile that with what (inaudible) said about investing in Arizona.

第一，關於品牌。當我查看美國收入時，它環比上升，但美元數字仍然相當低。我只是想將其與（聽不清楚）關於投資亞利桑那州的說法相協調。

Do you think the Process Control, being an early cyclical, some of the early purchases for Arizona are done? Or do you think there's still potential for the rest of the year?

您是否認為，作為早期週期性因素，過程控制已經完成了亞利桑那州的一些早期採購？還是您認為今年剩餘時間仍有潛力？

And then, I have a follow-up.

然後，我有一個後續問題。

Most of our business with our biggest customers, there were (inaudible)-centric. So that isn't -- most of that is going to Taiwan and not into Arizona.

我們的大部分業務都是與最大客戶進行的，以（聽不清楚）為中心。所以這並不是說——大部分貨物都流向了台灣，而不是亞利桑那州。

Arizona has been a slow investment cycle, over the last few years. So there's been a level of business that we've had that's been at low levels -- lower levels -- consistently, over the course of a longer period of time.

過去幾年，亞利桑那州的投資週期一直緩慢。因此，在較長的一段時間內，我們的業務水平一直處於較低水平。

But given the focus and the drive on (inaudible,) that's driving most of our business into Taiwan.

但考慮到重點和動力（聽不清楚），我們的大部分業務都轉移到了台灣。

Got it And then, a quick follow-up on tariffs. Thanks for the color on the service impact from the tariffs.

明白了然後，快速跟進關稅。感謝您對關稅對服務影響的詳細說明。

I understand a lot of moving parts. But I'm just wondering, if it ever comes to it, can you meet non-U. demand from your non-US manufacturing facilities and U.S. demand from the US? Or is it not as simple as that?

我了解很多活動部件。但我只是想知道，如果真到了那一步，你能遇到非美國人嗎？來自美國以外製造工廠的需求和美國來自美國的需求？或者事情沒有那麼簡單？

As it relates to Service?

它與服務有關嗎？

No, as it relates to Systems.

不，因為它與系統有關。

Well, look, as I said in the first question -- I think it was Harlan's question at the beginning. We have a global footprint. And we've established it, over the last couple of decades. We've moved products around the world, depending on what makes sense, operationally, for us.

嗯，看，正如我在第一個問題中所說的那樣——我認為這是哈蘭一開始的問題。我們的業務遍佈全球。在過去的幾十年裡，我們已經建立了它。我們已將產品運往世界各地，這取決於我們的營運情況。

You can't do anything in a short period of time. In a longer period of time, you'd have to consider, I think it would be very hard for us to have complete duplicative capability across factories. We certainly aren't in a position necessarily to do that today.

短時間內你無法做任何事。從更長遠的角度來看，你必須考慮，我認為我們很難在各個工廠擁有完全複製的能力。我們今天當然沒有必要這麼做。

But could you, over time, increase your flexibility? You'd have to make some investments to be able to do that. You, potentially, could do those things. But you have to be comfortable that you're facing an environment that is not going to change because those are significant investments you have to make.

但隨著時間的推移，你能提高你的彈性嗎？您必須進行一些投資才能做到這一點。您有可能做到這些事。但你必須對自己所面臨的環境感到安心，因為這是你必須做出的重大投資。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

My first was just in regards to CJ's question earlier; just on the second half and whether it's weighted memory or foundry/logic. And it sounded like memory is up a little bit; foundry/logic maybe down a little bit.

我的第一個問題只是關於 CJ 之前的問題；只關注後半部分以及它是否是加權內存或代工/邏輯。聽起來記憶力好像又恢復了一點；代工廠/邏輯可能會稍微下降一點。

If you look at the mix of memory, some of your peers have already talked about, like, a sharper falloff in the second half when it comes to NAND. And I fully appreciate that your business is very small there.

如果你看一下內存的組合，你的一些同行已經談到了下半年 NAND 的急劇下滑。我完全理解你們在那裡的業務規模很小。

But is the correct interpretation of that that the DRAM side gets a little bit stronger and you see a little weakness on that? Are you seeing anything different, just given the make-up or the timing of your NAND business?

但正確的解釋是，DRAM 方面變得更強一點，而您認為 DRAM 方面則有點弱嗎？考慮到你們的 NAND 業務的組成或時機，你們是否看到了什麼不同？

I say that DRAM is the biggest driver. What you're seeing in NAND is more technology investments and some upgrades. So there's some activity there. But it's fairly limited.

我認為 DRAM 是最大的驅動力。您在 NAND 中看到的是更多的技術投資和一些升級。所以那裡有一些活動。但它相當有限。

Most of what's driving our business is investment supporting our bandwidth memory.

推動我們業務發展的主要動力是支援頻寬記憶體的投資。

Helpful. And then, I think that it's obviously brave of you, guys, to go out there and talk about tariff impacts, already, when many of your peers have kind of said, hey, don't look at the second half; and you, guys, are being pretty ,prescriptive when it comes to the gross margin.

很有幫助。然後，我認為，當你們的許多同行都說，嘿，不要看下半年的時候，你們顯然很勇敢，能夠站出來談論關稅的影響；當談到毛利率時，你們真是太嚴格了。

So maybe it's helpful: Can you, guys, talk about what you, guys, did in order to get to that 100 basis points per quarter? Like, did you look at different facilities? Did you take everything as a whole? Like, any kind of description or color as to how you got to that number would be super helpful.

所以這也許會有所幫助：你們能談談為了達到每季 100 個基點的目標，你們做了什麼嗎？例如，你看過不同的設施嗎？您是否把所有事情都視為一個整體？例如，任何關於如何得到這個數字的描述或說明都會非常有幫助。

Well, so Tom, what I didn't do was -- what we had to do was really just drill through all of our business, right?

好吧，湯姆，我沒有做的是——我們要做的就是真正深入研究我們所有的業務，對吧？

And there's a fair amount of unknowns. What I didn't say, early on, was the various caveats, right? That things could change.

還有很多未知數。我之前沒有說的是各種警告，對嗎？事情可能會改變。

And certainly, we're in a pretty fluid dynamic and, who knows, something could change in a short period of time. We'll see what happens in 90 days and so on.

當然，我們正處於一個相當不穩定的動態中，誰知道呢，有些事情可能會在短時間內發生變化。我們將看看 90 天後會發生什麼。

But we know what we're shipping and what we're bringing in with our bill plans; and given our lead times, what's coming into our factories around the world.

但我們知道我們的運輸量和收入狀況，並且有明確的帳單計劃；並考慮到我們的交貨時間，以及我們世界各地工廠的進貨情況。

Obviously, we have visibility into the contract streams, from a service point of view, given how unique that business is in the industry and how our customers -- our percent of business is -- that as a contract base is much higher than what other companies might have.

顯然，從服務的角度來看，我們可以了解合約流，因為該業務在行業中是多麼獨特，而且我們的客戶（我們的業務百分比）作為合約基礎比其他公司高得多。

And look, we'll see. I said roughly around 100 basis points. We'll see if things change. But at the end of the day, I can look at what's in Service, I can look at what's in the Factories. There are some potential unknowns, as you think about what might come from suppliers.

瞧，我們就會看到。我說的大概是100個基點左右。我們將看看情況是否會有變化。但最終，我可以查看服務中的內容，我可以查看工廠中的內容。當您考慮供應商可能提供什麼時，會存在一些潛在的未知數。

But we think we handicap that as best we could. And ,then there's obviously mitigation steps that we'll take, over time, to offset whatever pressures we might feel. So -- and we can do --

但我們認為我們已經盡力阻止了這一點。然後，我們顯然會隨著時間的推移採取緩解措施，以抵消我們可能感受到的任何壓力。所以——我們可以做到--

Let me add because it reports to brand. But we have a really strong logistics team. And the same team that got us through COVID without missing deliveries and without lifting guidance was the team that drilled through all this.

讓我補充一下，因為它向品牌報告。但我們擁有一支非常強大的物流團隊。正是這個團隊幫助我們度過了新冠疫情，沒有錯過交貨，也沒有取消指導，而這個團隊也完成了所有這些工作。

So I would say that Bren's team was all over this. And that's why we were able to, like, assess the impact and then, change, even during the week -- we were doing it or a few days -- as the rules change.

所以我想說布倫的團隊對此非常關注。這就是為什麼我們能夠評估影響，然後進行更改，甚至在一周內——我們正在做這件事或幾天——因為規則會發生變化。

So I don't think it was luck. And we're not guessing. We did a lot of detailed work. The assumptions could change over time.

所以我不認為這是運氣。我們並不是在猜測。我們做了很多細緻的工作。這些假設可能會隨著時間而改變。

And that's part of the concern we have about having everybody together for an Investor Day -- is something that changed the morning of that day. And so, we're waiting for things to settle out.

這就是我們對讓大家聚在一起參加投資者日所關心的問題之一——但那天早上事情發生了變化。所以，我們正在等待事情平息。

But it was a lot of hard work. We know where our parts come. We understand the rules. And we applied them. That's how we got there.

但這需要很多辛苦的工作。我們知道我們的零件來自哪裡。我們了解規則。我們應用了它們。我們就是這樣到達那裡的。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

I have a follow-up about the second-half comments that you made, in particular about the foundry/logic. I think the comment was that it's going to tick down a little bit. It was down a bit. And then, you're guiding flattish for this quarter. I'm guessing most of that is China.

我對您後半部分的評論有一些後續看法，特別是關於代工廠/邏輯的評論。我認為評論是它會稍微下降一點。它有點低落。然後，您預計本季業績將持平。我猜其中大部分是中國。

I'm just curious as to how you're expecting N2 demand to fare? And if you can talk about where we are in the N2 cycle? And then, I guess, as we go to next year, when do we expect [1.4] to kick in?

我只是好奇您預計 N2 需求會如何？您能談談我們處於 N2 循環的哪個階段嗎？然後我想，到了明年，我們什麼時候可以預期 [1.4] 開始發揮作用？

Well, I think around into -- the investment cycle we're seeing this year looks pretty strong, as we've said. And we feel pretty good about its continuation to next year.

嗯，我認為——正如我們所說的，我們今年看到的投資週期看起來相當強勁。我們對於明年的延續感到非常樂觀。

Our customers are going to add in this first year, somewhere around to 40,000 to 50,000 wafer starts. And we think that you'll see, at least, a doubling of that into next year, maybe more.

我們的客戶將在第一年增加約 40,000 到 50,000 個晶圓。我們認為，到明年，你會看到這個數字至少會翻一番，甚至更多。

So we feel pretty good about some of the moving parts. It's not our only customer that's investing here.

因此，我們對一些活動部件感覺非常滿意。這不是我們在這裡唯一投資的客戶。

And so -- like I said earlier, I think half to half, it's -- things tick up a little bit, things ticked down a little bit. But, more or less, our mix of business expectations, from where we started the year, is, more or less, about the same.

所以 — — 就像我之前說的，我認為一半對一半 — — 情況會稍微好轉，有一半會下降。但或多或少，與年初相比，我們的業務預期組合大致相同。

Got it. And then, more of a longer-term question. I'm just curious to understand a little better what the implications from High-NA. I know it's early days but as we go to High-NA, I'm reading that the reticle sizes will come down.

知道了。然後，這是一個更長期的問題。我只是好奇想更了解 High-NA 的含義。我知道現在還為時過早，但隨著我們進入高 NA，我讀到標線尺寸將會減小。

I'm guessing the complexity will increase quite a bit. And of course, packaging complexity will go up. But reticle come down.

我猜複雜性會增加​​很多。當然，包裝的複雜性也會增加。但標線落下了。

So just curious to understand what the implications for semi-PC intensities with High-NA?

所以只是好奇想了解高 NA 對半 PC 強度有何影響？

I think those are exactly some of the issues that our customers are considering as they think about when to insert and how much to insert. I think that the one thing that is definitely true, the reason you want High-NA, is because you want to print smaller features.

我認為這些正是我們的客戶在考慮何時插入以及插入多少時所考慮的一些問題。我認為有一件事是肯定正確的，你想要高NA的原因是因為你想要列印更小的特徵。

And that's always been a driver for our business because the same thing that allows you to print smaller features means that smaller defects matter more. So our customers, when they go -- when they increase the resolution on their lithography, have to increase their sensitivity on their inspection. That's a good thing.

這一直是我們業務的驅動力，因為同樣的事情可以讓你列印更小的特徵，這意味著更小的缺陷更重要。因此，當我們的客戶提高光刻解析度時，他們必須提高檢查的靈敏度。這是一件好事。

And also, at the same time, it means that we've got to drive our capability to have more detection on those advanced devices.

同時，這也意味著我們必須提高對這些先進設備進行更多檢測的能力。

The reticle quality and the verification of reticles has been a huge driver in EUV, in general. And that created a whole separate category of what we call print check, which is where people take the wafers that are being printed by EUV and they inspect the wafer to verify the design.

總體而言，光罩品質和光罩驗證是 EUV 發展的一大推動力。這就創建了一個完全獨立的類別，我們稱之為“印刷檢查”，即人們拿起由 EUV 印刷的晶圓並檢查晶圓以驗證設計。

Even though there are tools for reticle, there's also that additional. We would expect, especially in the early days, of High-NA, that there would be more reticle radical check required.

儘管有用於標線的工具，但還有附加工具。我們預計，特別是在 High-NA 的早期，需要進行更多的標線徹底檢查。

So from our standpoint, it drives increased percent of inspection and measurement because of the continued scaling. But it also -- we're working very closely with our customers, who are considering that because one of the decision points they have is do they have the metrology and inspection to make those nodes work.

因此，從我們的角度來看，由於規模不斷擴大，它會推動檢查和測量百分比的增加。但同時，我們也在與客戶密切合作，他們正在考慮這一點，因為他們的決策點之一是他們是否擁有使這些節點正常工作的計量和檢測能力。

So that's a big part of the conversation. So I would say that the most likely scenario for High-NA is when it gets introduced, it will be at a limited number of layers, on whatever device or node that it's introduced. And our customers, because they have to be thoughtful, we'll have a backup plan, in terms of whether it's multi-patterning or other ways to achieve their objectives.

這是談話的重點部分。因此，我想說，High-NA 最可能出現的情況是，當它被引入時，它將處於有限數量的層中，無論它被引入到什麼設備或節點上。對於我們的客戶，因為他們必須深思熟慮，我們會有一個備用計劃，無論是多重模式還是其他方式來實現他們的目標。

So it's, in the end, good for us, as EUV has been good for driving relevance and of inspection. But I think it remains to be seen when that timing actually happens and on what devices.

所以，最終這對我們有好處，因為 EUV 有利於推動相關性和檢查。但我認為，這一時機何時真正實現以及在哪些設備上實現仍有待觀察。

And I'm quite sure -- because our customers keep telling us -- it's going to be based on their economics. Not just on the performance but on the total cost of implementation.

而且我非常確定——因為我們的客戶一直告訴我們——這將基於他們的經濟狀況。不僅考慮性能，還考慮實施的總成本。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Bren, I wanted to ask about Semi-systems, half on half. You quantified in the presentation -- you actually quantified the outgrowth, relative to this mid-single-digit WFE this year.

布倫，我想問半系統，一半對一半。您在演示中進行了量化——您實際上量化了相對於今年中位數 WFE 的成長。

You said you're going to outgrow by several points. So if WFE is up 5%, (inaudible). So that means Systems will grow like 8%. And you did 7.5% in last year. So that puts you at 8% for the year.

您說過您將會成長幾個百分點。因此，如果 WFE 上漲 5%，（聽不清楚）。這意味著系統將成長 8%。去年你們的成長率是 7.5%。因此今年的利率為 8%。

So if we know what you're doing in the first half, it implies the back-half Systems is down, like, 15%, half on half. That's a lot.

因此，如果我們知道你上半年的表現，就代表後半年系統會下降 15%，一半對一半。那太多了。

So do you take issue with that math? Because I thought Systems were going to be more, like, flattish half on half? Did, like, something change?

那麼，您對這個數學公式有異議嗎？因為我認為系統會更扁平，一半一半？有什麼變化嗎？

Yes. Tim, I'm looking at the numbers here. And based on revenue expectations, I think semi-PC systems are going to be roughly spot in the second half of the year.

是的。提姆，我正在看這裡的數字。根據收入預期，我認為半 PC 系統將在下半年大致達到高峰。

Okay. Then, you outgrow by a lot more than 7% --

好的。然後，你的成長幅度將遠超 7%——

Yes. Several points, relative to the -- WFE is up mid-single digits. I said we'd do several points better than that.

是的。相對於 WFE 而言，有幾個點上漲了中位數個位數。我說過我們會在幾個方面做得更好。

Yes. Well, if the numbers are going to be up, like 12%. So that's like a lot more than several.

是的。好吧，如果數字要上升的話，例如 12%。所以這比幾個要多得多。

But anyway, okay, then on RPO. So why stop reporting RPO midyear? Was it, like, causing the problem?

但無論如何，好的，然後談論 RPO。那麼，為什麼在年中停止報告 RPO 呢？這是否造成了問題？

And then, you said that you're going to include it to be the transaction price for contracts that have not yet been recognized at the end of the quarter. So how is the new practice different from current practice?

然後，您說您將把它作為季度末尚未確認的合約的交易價格。那麼新做法與目前做法有何不同？

We're not going to stop at mid fiscal year. We're just giving you a heads up that we're going to make a change, going into our new fiscal year, which begins on July 1. So it's the September 30 ending quarter.

我們不會在財政年度中期停止。我們只想提前通知您，我們將在 7 月 1 日開始的新財政年度做出改變。所以這是截至 9 月 30 日的季度。

If you look at the quarter we just completed, you'll see the actual numbers, based on the historical practice in the 10-Q that we'll file at the end of this week -- is the RPO came down to about 8.9%, changed a couple of hundred million. So not really much change in it.

如果你看我們剛結束的這個季度，你會看到實際數字，根據我們將在本週末提交的 10-Q 中的歷史實踐——RPO 下降到約 8.9%，改變了數億美元。所以實際上並沒有太大的變化。

Our view, moving forward, was one of the things that was -- and it's something that we spent a significant amount of time on over the last several months is that companies -- the disclosure practices across companies very widely (inaudible) about what RPO really is.

我們的觀點是，向前看，其中一件事是 — — 這也是我們在過去幾個月里花了大量時間研究的事情，那就是公司 — — 公司之間關於 RPO 真正含義的披露實踐非常廣泛（聽不清楚）。

And so, what we're really trying to do, here, is converge towards where we think the majority of our companies are. The whole point of disclosures is to be able to make adequate comparisons across companies, across industries.

因此，我們真正想要做的是，向我們認為大多數公司所處的方向靠攏。資訊揭露的全部意義在於能夠對不同公司、不同產業進行充分的比較。

You certainly can't do that with this metric, given the wide divergence and practices that people have related to it. So we think our view is a good balance view, moving forward.

考慮到人們對此存在的巨大分歧和做法，你當然不能用這個指標來做到這一點。因此我們認為我們的觀點是一種良好的平衡觀點，可以向前發展。

What's actually an obligation is something that has shipped to customers and has an FPA, whether it's that or whether it's a service contract that's been signed. And so, our RPO guidance will converge to that, which is more of a deferred revenue. The deferred revenue disclosure across our Systems and Service.

實際上，義務是已經運送給客戶並具有 FPA 的東西，無論是那樣的，還是已經簽署的服務合約。因此，我們的 RPO 指導將趨向於此，這更像是一種遞延收入。我們的系統和服務中的遞延收入揭露。

And we'll provide a backlog assessment, which is, more or less, what we were doing before, in our case, going forward.

我們將提供積壓評估，這或多或少就是我們之前所做的事情，就我們的情況而言，我們將繼續這樣做。

So we're going to continue to tune (inaudible), as we complete this year. And then, we're going to make some changes moving next year so we can be consistent -- a little bit more consistent with the rest of industry.

因此，我們將繼續調整（聽不清楚），直到今年結束。然後，我們將在明年做出一些改變，以便保持一致——與其他行業更加一致。

And so, I think, if you even look across large caps, you'll see that the three large caps have been doing it all differently. So it's a source of confusion.

所以，我認為，如果你看一下大盤股，你會發現三大盤股的做法完全不同。所以這很容易造成混亂。

I get it a lot. So what we're trying to do is align more closely with what some of our peers are doing.

我常常會遇到這種情況。因此，我們正在努力與我們的一些同行的做法更加一致。

We have time for one more question.

我們還有時間再回答一個問題。

Melissa Weathers, Deutsche Bank.

德意志銀行的梅莉莎‧韋瑟斯。

I wanted to ask on the high-volume manufacturing side. This is a big theme that you, guys, talked about at your last Analyst Day, as you shift from more of, like, R&D-type spending to [HVM] spending and being a bigger part of the mix there.

我想問一下大批量生產方面的問題。這是你們在上次分析師日上談論的一個重要主題，你們的支出從更多的研髮型支出轉向[HVM]支出，並在其中佔據更大的比重。

So how are you seeing this play out in the current leading-edge nodes and, maybe, future nodes? Like, is there any way you can help us contextualize how much the [HVM] opportunity is for KLA?

那麼您如何看待這現像在當前前沿節點以及未來節點上的表現呢？例如，您能否幫助我們了解 [HVM] 機會對 KLA 有多大？

Historically, KLA was more levered towards R&D and fab ramp. And as a fab moves to entitlement-yield levels, there was a reduction in Process Control intensity and a shift in our customers strategy to focusing and driving productivity in the fab.

從歷史上看，KLA 更注重研發和晶圓廠建設。隨著晶圓廠向合格產量水準邁進，製程控制強度降低，我們的客戶策略也轉向關注和推動晶圓廠的生產力。

As the design start environment has picked up over the last several nodes, it has driven more challenges into high-volume production, as customers are trying to manage yield across different process (inaudible) in a very different or robust design mix.

隨著設計啟動環境在過去幾個節點上的提升，它給大批量生產帶來了更多挑戰，因為客戶正試圖在非常不同或強大的設計組合中管理不同流程（聽不清楚）的產量。

And so, as a result of that, you end up with different designs that test design rules in different ways. Our customers don't want to start any more wafers than they have to, if they deliver in tight market windows.

因此，最終你會得到不同的設計，以不同的方式測試設計規則。如果在緊張的市場時期內交貨，我們的客戶就不想啟動比他們必須啟動的更多的晶圓。

And so, you're seeing the adoption of more Process Control in a high mix foundry in high-volume production. So it is changing.

因此，您會看到高混合代工廠在大批量生產中採用了更多的製程控制。所以它正在改變。

And we're also seeing, even, back boarding; where they're seeing a change in mix, where a fab at N5, for example, had a certain tool set expectation based on an expected type of mix. But as you've seen more and more HPC products move through those fabs, it's driven the need for different and more capability.

我們甚至還看到了背部登機；他們看到了混合的變化，例如，N5 的晶圓廠根據預期的混合類型具有一定的工具集預期。但如您所見，越來越多的 HPC 產品在這些晶圓廠中流通，這推動了對不同且更強大功能的需求。

So you're seeing a lot more adoption in production than what you used to see if you go back 10 to 20 years in the industry. And so, I think it's just really reflective of the dynamic environment our customers are trying to manage to, with process windows that are extremely tight with these leading-edge nodes.

因此，如果你回顧一下該行業 10 到 20 年前的情況，你會發現生產中的採用率比以前高得多。因此，我認為這確實反映了我們的客戶試圖管理的動態環境，其中流程視窗與這些前沿節點極為緊密。

I'd like to turn the call back over to Kevin Kessel for any additional and closing remarks.

我想將電話轉回給凱文凱塞爾 (Kevin Kessel)，請他發表補充和結束語。

Great. Thank you, everyone, for your time, your attention, your interest in KLA. We appreciate it.

偉大的。感謝大家的時間、關注和對 KLA 的興趣。我們對此表示感謝。

I know it's a busy earnings day. We will be catching up with all of you at the upcoming conferences and meetings.

我知道今天是忙碌的獲利日。我們將在即將召開的會議中與大家交流。

I'll turn it back to the operator for the final, closing instructions.

我會將其交還給操作員以獲取最後的結束指示。

Thank you. This concludes the KAL Corporation March-quarter 2025 earnings conference call and webcast.

謝謝。大韓航空集團 2025 年 3 月季度收益電話會議和網路直播到此結束。

Please disconnect your lines at this time. Have a wonderful day.

此時請斷開您的線路。祝您有美好的一天。