科林研發 (LRCX) 2022 Q2 法說會逐字稿

Good day, and welcome to the Lam Research Corporation's December Quarter 2021 Earnings Conference Call. At this time, I would like to turn the conference over to Tina Correia, Corporate Vice President, Corporate Finance and Investor Relations. Please go ahead, ma'am.

各位好，歡迎參加Lam Research Corporation 2021年第四季財報電話會議。現在，我將會議交給公司副總裁兼企業財務及投資者關係負責人Tina Correia女士。請她發言。

Thank you, and good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

謝謝大家，下午好。歡迎參加 Lam Research 的季度財報電話會議。今天與我一同出席的有總裁兼執行長 Tim Archer，以及執行副總裁兼財務長 Doug Bettinger。

During today's call, we will share our overview on the business environment, and we'll review our financial results for the December 2021 quarter and our outlook for the March 2022 quarter. The press release detailing our financial results was distributed a little after 1:00 p.m. Pacific Time this afternoon. The release can also be found on the Investor Relations section of the company's website along with the presentation slides that accompany today's call.

在今天的電話會議上，我們將分享當前商業環境的概述，並回顧2021年12月季度的財務業績以及對2022年3月季度的展望。詳細介紹我們財務表現的新聞稿已於今天下午太平洋時間1點剛過發布。您也可以在公司網站的投資者關係頁面找到該新聞稿以及本次電話會議的簡報。

Today's presentation and Q&A include forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC public filings. Please see accompanying slides in the presentation for additional information.

今天的演示和問答環節包含前瞻性陳述，這些陳述受風險和不確定性因素的影響，這些風險和不確定性因素已在提交給美國證券交易委員會（SEC）的公開文件中披露。請參閱簡報中的相關投影片以取得更多資訊。

Today's discussion of our financial results will be presented on a non-GAAP financial basis, unless otherwise specified. A detailed reconciliation between GAAP and non-GAAP results can be found in the accompanying slides in the presentation. This call is scheduled to last until 3:00 p.m. Pacific Time. A replay of this call will be made available later this afternoon on our website.

除非另有說明，我們今天對財務表現的討論將以非公認會計準則（非GAAP）為基礎。 GAAP和非GAAP業績的詳細調整表可在簡報的隨附幻燈片中找到。本次電話會議預計持續到太平洋時間下午3:00。電話會議的錄音回放將於今天下午晚些時候在我們的網站上提供。

And with that, I'll hand the call over to Tim.

那麼，我就把電話交給提姆了。

Thank you, Tina, and Happy New Year to all that are joining us today. Calendar 2021 was another year in which companies and our communities had to respond to significant challenges on many fronts. Lam's operations and results were impacted by the effects of COVID-19, labor shortages, freight and logistics cost escalation and supply chain constraints. But I am proud and thankful for how Lam employees responded at every turn with commitment and agility to support our customers and business.

謝謝蒂娜，也祝福今天所有到場的朋友們新年快樂。 2021年，企業和我們的社區又一次面臨來自多方面的嚴峻挑戰。新冠疫情、勞動力短缺、貨運和物流成本上漲以及供應鏈受阻都對Lam公司的營運和業績造成了影響。但我為Lam的員工感到驕傲和感激，他們始終以高度的責任感和敏捷性積極應對，為我們的客戶和業務提供支援。

As the digital transformation of both the global economy and our everyday activities accelerated throughout the year, demand for wafer fabrication equipment continued to strengthen. Lam delivered record revenues and record earnings per share in calendar year 2021. Embedded in these results is record revenue in every area of our business, including NAND, DRAM and foundry logic and within every subsegment of our customer support business. Even in a year with relatively higher foundry logic spend versus memory, we gained market share in both etch and deposition.

隨著全球經濟和日常生活的數位轉型在2021年加速推進，晶圓製造設備的需求持續強勁成長。 Lam在2021年實現了創紀錄的營收和每股盈餘。這些業績體現在我們業務的各個領域，包括NAND快閃記憶體、DRAM和代工邏輯晶片，以及客戶支援業務的各個細分領域，均實現了營收創紀錄的成長。即使在代工邏輯晶片的支出相對高於記憶體晶片的這一年，我們在蝕刻和沈積領域也獲得了市場份額的成長。

As we closed out 2021 and enter the new year, demand for Lam products has never been higher. Yet as we have discussed in prior quarters, the global supply chain remains severely stressed at these unprecedented output levels. In the December quarter, unexpected shipment delays, primarily for components from a critical supplier, surfaced in the last 2 weeks of the quarter, leaving us with insufficient time for full recovery despite the diligent efforts of our supplier and our global operations team. The resulting shipment delays caused revenues to come in below the midpoint of our guidance range. Revenue for the tools that were impacted in December will be recognized in the March quarter.

隨著2021年即將結束，新年伊始，市場對Lam產品的需求空前高漲。然而，正如我們在前幾個季度所討論的，在如此空前的產量水平下，全球供應鏈仍然面臨著巨大的壓力。在12月季度，主要來自關鍵供應商的零件出現了意外的出貨延遲，這種情況發生在季度末的最後兩週。儘管我們的供應商和全球營運團隊竭盡全力，但我們仍沒有足夠的時間進行全面恢復。由此導致的出貨延遲使得當季收入低於我們預期範圍的中點。 12月受影響的工具的收入將在3月季度確認。

Looking into the first weeks of 2022, we see that supply challenges have broadened, with the COVID Omicron surge adding further disruption to freight and logistics operations as well as exacerbating skilled labor shortages. We also continue to encounter significant scarcity of certain components and parts, including semiconductors. As a result, our March quarter revenue levels will be limited by the output constraints of our global supply chain, and this is reflected in our guidance. We are aggressively working on the issues with our suppliers and believe we will see progressive improvement as we move through the next few quarters. Overall, for calendar year 2022, we expect to deliver strong across-the-board revenue growth.

展望2022年的前幾週，我們發現供應挑戰進一步擴大，COVID-19疫情的爆發不僅對貨運和物流運營造成了進一步的干擾，也加劇了技術工人短缺的問題。此外，包括半導體在內的某些零件仍然嚴重短缺。因此，我們3月份季度的營收水準將受到全球供應鏈產能限制的影響，這一點已反映在我們的業績預期中。我們正積極與供應商合作解決這些問題，並相信隨著未來幾季的推進，情況將逐步改善。整體而言，我們預計2022年全年將實現強勁的全面收入成長。

On the demand front, we are seeing continued momentum in wafer fabrication equipment spending. We believe that spending in calendar year 2021 ended consistent with the mid-$80 billion estimate we provided on our last call. Strength was broad-based with NAND, DRAM and foundry logic all growing double digits.

在需求方面，我們看到晶圓製造設備支出持續保持成長動能。我們認為，2021 年全年的支出與我們在上次電話會議上給出的約 800 億美元的預期基本一致。 NAND、DRAM 和晶圓代工邏輯晶片的支出均實現了兩位數成長，整體成長動能強勁。

As we look to calendar year 2022, there are multiple themes underpinning our view for continued WFE growth, including powerful end market demand trends, rising device complexity, strong semiconductor industry operating profitability and regional government support and incentives.

展望 2022 年，我們認為 WFE 將持續成長，這主要得益於多個因素，包括強勁的終端市場需求趨勢、日益複雜的裝置、半導體產業強勁的營運獲利能力以及地區政府的支持和激勵措施。

In end markets, the technology landscape continues to build not only on the prevalent drivers of AI, IoT, the cloud and 5G, but also now along another vector as advances in virtual and augmented reality lay the groundwork for the metaverse over the coming decade. Immersive gaming experiences will be a primary driver of metaverse development and adoption. And I've spoken on prior calls about how advanced processors and memory devices for gaming are favorable for WFE demand due to both leading-edge performance requirements and semiconductor content growth. Across the semiconductor industry, we see more than 20 new fabs being built, and customers have already announced significant CapEx increases for the year.

在終端市場，技術格局不僅在人工智慧、物聯網、雲端運算和5G等主流驅動因素的基礎上不斷發展，而且隨著虛擬實境和擴增實境技術的進步，未來十年元宇宙的建構也正朝著新的方向邁進。沉浸式遊戲體驗將成為元宇宙發展和應用的主要驅動力。我曾在之前的電話會議上談到，由於遊戲對性能的極致要求以及半導體含量的增長，先進的遊戲處理器和存儲設備對晶圓前端（WFE）的需求十分有利。在整個半導體產業，我們看到有超過20座新的晶圓廠正在建設中，客戶也宣布今年將大幅增加資本支出。

Consequently, we expect 2022 WFE spending to be in the $100 billion range with strong growth across all segments. We believe that our performance in 2021 has strengthened our ability to win in the robust demand environment we see ahead. We launched innovative, new etch and deposition products, gained market share at key technology inflections and rapidly grew our installed base.

因此，我們預計2022年WFE（焊盤前端）支出將達到1,000億美元左右，所有細分市場都將強勁成長。我們相信，2021年的出色表現增強了我們在未來強勁的需求環境下贏得市場的能力。我們推出了創新的蝕刻和沈積產品，在關鍵技術轉折點上獲得了市場份額，並迅速擴大了裝機量。

On this last point, our customer support business group continues to exceed expectations. Our chamber count grew approximately 13% in calendar year 2021 to approximately 75,000 units. Our revenue per chamber, which we highlighted at our 2020 Investor Day as a key growth objective, increased nearly 24% year-on-year in 2021 or nearly twice the growth in chamber count. We expect calendar year 2022 to be another strong growth year for our CSBG business.

關於最後一點，我們的客戶支援業務團隊持續超出預期。 2021年，我們的門市數量成長約13%，達到約75,000個。我們在2020年投資者日上重點強調的單店營收是關鍵成長目標，2021年該指標年增近24%，幾乎是門市數量增幅的兩倍。我們預計2022年將是CSBG業務的另一個強勁成長年。

Our large and growing installed base also adds immense value through our product innovation process. The high volume of wafers running on our installed base every day enable us to detect newly emerging challenges more quickly and accelerate our cycles of learning, both of which are critical in an era of increasing device and manufacturing complexity.

我們龐大且不斷成長的裝置量也透過產品創新流程創造了巨大的價值。每天在我們現有設備上運行的大量晶圓使我們能夠更快地發現新出現的挑戰，並加快學習週期，這兩點在裝置和製造流程日益複雜的時代都至關重要。

On the product front, 2021 as a year of significant milestones for Lam. To highlight just a few: our Vantex dielectric etch system became the fastest ramping new etch product in Lam history. Built on our groundbreaking new Sense.i platform, Vantex helps customers reduce costs by enabling higher etch rates and improving fab footprint efficiency, while new process capabilities extend our technology leadership in high aspect ratio etch. We expect continued growth in Vantex shipments in 2022 with overall revenues from this product roughly doubling year-over-year.

在產品方面，2021年是Lam公司取得重大里程碑的一年。舉幾個例子：我們的Vantex介質蝕刻系統成為Lam史上產能爬坡速度最快的新型蝕刻產品。 Vantex基於我們突破性的全新Sense.i平台打造，透過提高蝕刻速率和優化晶圓廠佈局，幫助客戶降低成本；同時，新的製程能力也進一步鞏固了我們在高深寬比蝕刻領域的領先地位。我們預計Vantex的出貨量將在2022年持續成長，該產品的總營收將年增約一倍。

Our VECTOR DT product for backside deposition achieved process tool of record status at all customers for 3D NAND devices with more than 200 layers, further demonstrating our leadership in 3D scaling enablement. We achieved several important leading-edge wins with our selective etch, strip and surface treatment solutions, including applications for gate-all-around at a foundry logic customer and our first selective etch win in DRAM.

我們的 VECTOR DT 背面沉積產品在所有客戶處均獲得了 200 層以上 3D NAND 裝置的製程記錄認證，進一步彰顯了我們在 3D 微縮技術領域的領先地位。我們的選擇性蝕刻、剝離和表面處理解決方案也取得了多項重要的前沿技術突破，包括為一家代工廠邏輯裝置客戶實現的環柵應用，以及我們在 DRAM 領域的首個選擇性蝕刻專案。

As device complexity increases across logic and memory devices, the need for angstrom-level precision is driving greater adoption of Lam's selective edge solutions compared to conventional wet etch methods. This should enable selective etch revenues to double this year as customers adopt our innovative suite of products for current leading-edge applications as well as for future device architectures. And finally, we increased our deposition market share with wins in critical bit line and spacer applications for RC reduction and are now qualified at all leading nodes for this application.

隨著邏輯和儲存裝置複雜性的不斷提升，對埃級精度的需求日益增長，推動了Lam選擇性邊緣蝕刻解決方案相較於傳統濕式蝕刻方法的廣泛應用。這有望使今年的選擇性刻蝕收入翻番，因為客戶將我們創新的產品套件應用於當前的前沿應用以及未來的裝置架構。此外，我們在關鍵位線和間隔層應用領域（用於降低RC值）的成功案例也提升了我們的沉積市場份額，目前我們已獲得所有主流製程節點的相關認證。

To conclude, our product momentum and outperformance in our installed base business have put Lam in a great position to capitalize on the tremendous demand we see for wafer fabrication equipment. Our top priority is to alleviate the near-term supply constraints that have impacted our output capacity, our delivery predictability and our financial results. With progress expected on this front over the next several months, we believe calendar year 2022 will be another outstanding period of growth for Lam.

總之，憑藉我們強勁的產品發展勢頭和現有客戶群的優異表現，Lam 已佔據有利地位，能夠充分掌握晶圓製造設備市場的巨大需求。我們的首要任務是緩解近期供應緊張的局面，這些緊張局面已經影響到我們的產能、交付的可預測性以及財務表現。預計未來幾個月，我們將在這方面取得進展，並相信 2022 年將是 Lam 又一個卓越的成長年。

Thank you. And now here's Doug to cover the financial results and our outlook.

謝謝。現在請道格為大家介紹財務績效和公司展望。

Great. Thank you, Tim. Good afternoon, everyone, and thank you for joining our call today during what I know is a very busy earnings season.

太好了。謝謝你，提姆。大家下午好，感謝各位在今天這個財報季繁忙的時候參加我們的電話會議。

Calendar year 2021 was a record year for Lam Research in many respects. We closed the year with revenue at $16.5 billion, which includes record levels of revenue for both our systems as well as our CSBG businesses. We also delivered an all-time high for earnings per share coming in at $32.46. I think it's important to point out that we had 59% growth in earnings per share over calendar year 2020, which outpaced the growth in revenue, which was at 39%.

2021年對Lam Research而言是多方面創紀錄的一年。我們全年營收達到165億美元，其中包括系統業務和CSBG業務的營收均創歷史新高。此外，我們的每股盈餘也創下歷史新高，達到32.46美元。值得一提的是，與2020年相比，我們的每股盈餘成長了59%，超過了營收39%的成長速度。

We ended the year, however, on a bit of a down point. As Tim spoke about, our revenue came in at the lower end of the guidance range due to supply chain issues that impacted us in the last 2 weeks of the December quarter. These delays, primarily from 1 supplier for critical parts, meant we were unable to recognize revenue for tools that we actually ship to customers totaling more than $200 million. You'll notice this reflected in the increased level of deferred revenue on the balance sheet at the end of the December quarter of $1.46 billion. The vast majority of these parts have now shipped and the full value of the tools will revenue in the March quarter.

然而，我們以略微下滑的業績結束了這一年。正如蒂姆所說，由於供應鏈問題在12月季度的最後兩週對我們造成了影響，我們的收入低於預期範圍。這些延遲主要來自一家關鍵零件供應商，導致我們無法確認已實際交付給客戶的工具的收入，總額超過2億美元。您會注意到，這反映在12月季末資產負債表上的遞延收入增加至14.6億美元。這些零件中的絕大部分現已交付，這些工具的全部價值將在3月季度確認收入。

While we continue to increase the output capacity of our own factories, we're seeing a broadening out of headwinds from the global supply chain, which is impacting the somewhat soft March quarter revenue and gross margin guidance. These headwinds are partially Omicron and labor-related, partially supplier scaling-related and partially due to freight and logistics constraints.

儘管我們持續提升自有工廠的產能，但全球供應鏈面臨的挑戰卻日益加劇，這影響了我們略顯疲軟的3月季營收和毛利率預期。這些挑戰部分源自於Omicron公司及勞動市場相關議題，部分源自於供應商規模擴張，還有部分源自於貨運和物流的限制。

Our expectations are that the broader supply chain issues in the industry will persist for a while and we will exit the March quarter with incremental supplier shipment delays potentially causing another growth of as much as $500 million in deferred revenue. I would just highlight that we often ship equipment to our customers on a modular basis, which accelerates deliveries and allows customers the ability to begin installation while waiting for the fully configured tool. As we get our suppliers caught up with our needs and these missing components ship, these tools will revenue in future quarters. This is obviously a fluid situation right now.

我們預計，業界更廣泛的供應鏈問題將持續一段時間，3 月季度末，供應商發貨延遲可能會進一步加劇，導致遞延收入增加高達 5 億美元。我想強調的是，我們通常以模組化方式向客戶交付設備，這可以加快交付速度，並允許客戶在等待完全配置好的設備的同時開始安裝。隨著供應商滿足我們的需求，這些缺少的組件陸續到貨，這些設備將在未來幾季產生收入。目前的情況顯然瞬息萬變。

Let me now turn towards the details of our December quarter results. Revenue for the quarter came in at $4.23 billion, a slight decrease from the September quarter but an increase of 22% from the same quarter a year ago. From a segment perspective, Memory represented 58% of systems revenues in the December quarter, down from the prior quarter level, which was 64%. The strength in Memory during the quarter was driven by investments in the DRAM segment, which increased both in terms of dollars as well as percent concentration at 23% of systems revenue versus 19% in the September quarter and 10% in the June quarter. The DRAM investments were primarily focused on the 1Z and 1-alpha nodes.

現在讓我來詳細介紹一下我們12月季的業績。該季度營收為42.3億美元，較9月季度略有下降，但較去年同期成長22%。從業務部門來看，記憶體業務在12月季度佔系統總營收的58%，低於上一季的64%。記憶體業務在本季的強勁成長主要得益於對DRAM業務的投資，該業務的投資額和占比均有所提升，從9月季度的19%和6月季度的10%增至佔系統總營收的23%。 DRAM投資主要集中在1Z和1-alpha製程節點。

The NAND segment was 35% of our systems revenue versus 45% in the prior quarter. We're seeing both capacity additions as well as conversions across our NAND customers with investments in 128- through 192-layer devices. We expect we'll continue to see a blend of additions and conversions as we go through calendar year 2022. Broad demand across both leading edge and mature device nodes drove continued strength in the foundry segment, with the December quarter representing 31% of our systems revenue versus 25% in the September quarter. Multiple customers are investing in the segment to meet end demand drivers such as AI, IoT, cloud and 5G, which is leading to significant unit growth and more silicon content in most technology devices.

NAND快閃記憶體業務占我們系統總營收的35%，低於上一季的45%。我們看到，NAND快閃記憶體客戶在128層至192層裝置方面既增加了產能，也進行了轉換。我們預計，在2022年全年，新增產能和轉換產能的趨勢將持續維持。前沿和成熟元件節點的廣泛需求推動了晶圓代工業務的持續強勁成長，12月季度占我們系統總營收的31%，高於9月季度的25%。眾多客戶正在投資該業務，以滿足人工智慧、物聯網、雲端運算和5G等終端需求，這帶來了顯著的出貨量成長，並提高了大多數技術設備的矽含量。

We had another record quarter of system revenue dollars in the Logic and Other segment, which contributed 11% of systems revenue in the December quarter, which was consistent with the concentration in the prior quarter. Our customers are investing to meet the demand requirements in the market for microprocessors, image sensors and heterogeneous silicon packaging technologies.

我們在邏輯及其他業務部門再次創下系統收入新高，該板塊在12月季度貢獻了系統收入的11%，與上一季的佔比基本一致。我們的客戶正在加大投資，以滿足市場對微處理器、影像感測器和異構矽封裝技術的需求。

Now let's switch to the regional composition of our total revenue. The China region came in at 26% of total revenues. And while being the top region for December, it was down from the 30%-plus levels we've seen for the last few quarters. This was an expected outcome and is related to the timing of customer investments. China domestic customers were the majority of the China regional revenue in the December quarter.

現在我們來看看總收入的區域組成。中國地區佔總收入的26%。雖然是12月份收入最高的地區，但低於過去幾季30%以上的水準。這符合預期，與客戶投資的時間安排有關。 12月份中國地區收入的大部分來自中國國內客戶。

The Korea and Taiwan regions also had solid investment activity representing 25% and 18% of revenues, respectively, in the December quarter. The revenue for our installed base business, CSBG, was nearly $1.5 billion, which was 29% higher than the December quarter in calendar 2020 and approximately 8% higher sequentially. The continued strength of CSBG reflects a growing installed base of tools, customers operating at high utilization levels as well as our ability to monetize the growing installed base by offering more value-added advanced service solutions. Each subsegment of CSBG hit a new record in the quarter, but I want to specifically call out our Reliant product line for achieving its 12th consecutive record quarter, delivering value to a growing specialty market across numerous customers. While the CSBG business can have quarterly fluctuations, we continue to see sustained and stable growth on an annual basis.

韓國和台灣地區的投資活動也十分強勁，分別佔12月季度總營收的25%和18%。我們的安裝基礎業務CSBG的營收接近15億美元，比2020年同期成長29%，較上季成長約8%。 CSBG的持續強勁成長反映了工具安裝基礎的不斷擴大、客戶高利用率的運營，以及我們透過提供更多增值高級服務解決方案實現不斷增長的安裝基礎盈利的能力。 CSBG的每個子業務部門在本季度均創下新紀錄，但我特別想提及我們的Reliant產品線，該產品線連續第12個季度創下紀錄，為眾多客戶不斷增長的專業市場創造了價值。儘管CSBG業務可能存在季度波動，但我們仍然看到其年度持續穩定成長。

Now moving on to gross margin. The December quarter was 46.8%, above the midpoint of the guided range. The increase in gross margins came from a favorable customer and product mix due to shipment timing as well as high field resource productivity due to greater customer installation activity. As we've discussed in the past, gross margins can fluctuate quarter-to-quarter due to overall business levels, along with customer and product mix. And I would just mention, we've got incremental negative cost impacts from the supply chain constraints that we discussed earlier that are negatively impacting the March gross margin guidance.

接下來我們來看毛利率。 12 月的毛利率為 46.8%，高於預期範圍的中位數。毛利率的成長主要得益於有利的客戶和產品組合（這得益於出貨時間的調整）以及客戶安裝活動增加所帶來的現場資源效率提升。正如我們之前討論過的，毛利率會受到整體業務水準以及客戶和產品組合的影響，並出現季度波動。此外，我想指出的是，我們之前提到的供應鏈限制帶來的額外成本影響，對 3 月的毛利率預期產生了負面影響。

Operating expenses for December were $627 million, an increase from the prior quarter amount of $586 million. The December quarter had higher variable compensation as we close the calendar year as well as additional research and development and investments. We've added headcount in R&D to support our growing product portfolio, and we're focused on supporting our customers' ongoing technology road maps. December operating margin came in at 32% or approximately $1.4 billion. Our non-GAAP tax rate for the quarter was 11.9%, generally in line with our expectations.

12 月的營運支出為 6.27 億美元，高於上一季的 5.86 億美元。由於接近年末，加上研發投入和投資增加，12 月的變動薪酬上升。我們增加了研發人員，以支援不斷成長的產品組合，並致力於支援客戶持續的技術路線圖。 12 月的營運利潤率為 32%，約 14 億美元。本季的非 GAAP 稅率為 11.9%，基本上符合預期。

Looking into calendar year '22, we expect the ongoing tax rate to be in the low-teens level. We continue to monitor potential tax changes under consideration in the United States. Given the uncertainty there, we have not yet reflected the impact of any changes in our financial modeling. And as we've discussed in prior calls, our tax rate may fluctuate from quarter-to-quarter.

展望2022日曆年，我們預期現行稅率將維持在10%左右的低點。我們將持續關注美國正在考慮的潛在稅收政策變化。鑑於目前情勢的不確定性，我們尚未在財務模型中反映任何相關變化的影響。正如我們在先前的電話會議中所述，我們的稅率可能會出現季度波動。

Other income and expense came in for the quarter at $19 million in income. This amount is better than the prior quarter and resulted in income in the December quarter due to a gain in one of our venture investments that recently raised capital in a public offering. As we've noted in last quarter's earnings call, we did not include the estimated gain of approximately $50 million in our December quarter guidance, and the amount in the results that you're seeing was reasonably close to that forecast. This gain added 26% -- or excuse me, $0.26 tax adjusted to earnings per share. And I'd just have you note that overall OI&E is subject to market-related volatility that could cause a difference from our typical run rate.

本季其他收入和支出為1900萬美元。這筆金額高於上一季度，主要得益於我們一項創投的收益，該投資近期透過公開募股籌集了資金。正如我們在上季度財報電話會議上所提到的，我們並未將約5000萬美元的預期收益計入12月季度的業績指引，而您看到的實際業績與該預期基本接近。這項收益使每股收益增加了26%——或者更準確地說，是0.26美元（稅後）。需要說明的是，整體其他收入和支出會受到市場波動的影響，這可能會導致實際金額與我們通常的營運水準有所不同。

We continue to buy back shares with our focus on capital return. And in the December quarter, we repurchased approximately $430 million worth of stock. In addition, we paid $211 million in dividends during the quarter. For the calendar year, we allocated a total of $3.8 billion towards capital return, which was approximately 94% of free cash flow. During 2021, we reduced share count by more than 4 million shares at an average repurchase price of $593 per share. Diluted earnings per share for the December quarter was $8.53. And the diluted share count balance was slightly lower than the September quarter level coming in at 142 million shares, which was in line with our expectations.

我們持續回購股票，專注於資本報酬。在12月季度，我們回購了價值約4.3億美元的股票。此外，我們在該季度支付了2.11億美元的股息。全年，我們共投入38億美元用於資本回報，約佔自由現金流的94%。 2021年，我們以平均每股593美元的價格減少了超過400萬股的流通股數量。 12月季度的稀釋後每股收益為8.53美元。稀釋後流通股數略低於9月季的水平，為1.42億股，符合我們的預期。

Let me now shift to the balance sheet. Cash and short-term investments, including restricted cash, totaled $5.6 billion, up from the prior quarter level of $4.9 billion. We generated strong cash from operations in the December quarter of $1.4 billion, which was somewhat offset by the capital return activities that I just spoke about. Days sales outstanding was essentially flat coming in at 73 days compared to 72 days in the September quarter. Inventory turns were down slightly from the prior quarter level coming in at 2.9x, which was pretty much as planned as we've grown inventory to increase the business volume.

現在我來看資產負債表。現金及短期投資（包括受限現金）總額為56億美元，高於上一季的49億美元。我們在12月季度實現了強勁的營運活動現金流，達到14億美元，但部分被我剛才提到的資本回報活動所抵銷。應收帳款週轉天數基本持平，為73天，而9月季為72天。存貨週轉率略低於上一季度，為2.9倍，這基本上符合我們的預期，因為我們增加了庫存以提升業務量。

Noncash expenses for the December quarter included approximately $63 million for equity compensation, $62 million for depreciation and $20 million in amortization. Capital expenditures in the December quarter were flat with September coming in at $138 million. Capital expenditures are mainly focused on expansion activities such as our silicon parts facility in Ohio and the Korea Technology Center that will be opening in the first half of 2022.

12月季度的非現金支出包括約6,300萬美元的股權激勵費用、6,200萬美元的折舊費用和2,000萬美元的攤提費用。 12月季度的資本支出與9月持平，為1.38億美元。資本支出主要用於擴張項目，例如位於俄亥俄州的矽片製造廠和將於2022年上半年開業的韓國技術中心。

We have 16,300 regular full-time employees at the December quarter -- at the end of the December quarter, which is an increase of approximately 900 people from the prior quarter. Our headcount growth was mainly in the factory and field organizations to support the growing output levels that we're seeing.

截至12月季末，我們共有16,300名正式全職員工，比上一季增加了約900人。員工人數的成長主要集中在工廠和現場部門，以支持我們不斷成長的產量水準。

Now let's look at our non-GAAP guidance for the March 2022 quarter. We're expecting revenue of $4.25 billion, plus or minus $300 million. As we've discussed earlier, the guidance reflects our expectation for a higher level of shipment delays in the March quarter, due to broadening out of supply chain constraints we're seeing. Customer demand is decently stronger than what we can currently supply. Backlog has grown for 5 consecutive quarters as we exited the December quarter.

現在我們來看看2022年3月季度的非GAAP業績指引。我們預計營收為42.5億美元，上下浮動3億美元。正如我們之前討論過的，該指引反映了我們對3月季度發貨延遲情況可能加劇的預期，原因是目前供應鏈限制的影響範圍正在擴大。客戶需求遠超過我們目前的供應能力。自去年12月季結束以來，積壓訂單已連續五季成長。

We're expecting gross margin of 45%, plus or minus 1 percentage point. Our guidance reflects a higher level of spending that we're incurring for managing the execution of the supply chain as well as extra costs to secure critical semiconductor component parts. As we sit here today, I believe our gross margin will improve as we progress through the year. We're forecasting operating margins of 29.5%, plus or minus 1 percentage point. And finally, earnings per share of $7.45, plus or minus $0.75, based on a share count of approximately 141 million shares. We're widening our ranges out a bit due to the supply chain uncertainties that we've discussed.

我們預期毛利率為 45%，上下浮動 1 個百分點。我們的預期反映了我們在供應鏈管理執行方面更高的支出，以及為確保關鍵半導體組件供應而產生的額外成本。目前來看，我相信隨著時間的推移，我們的毛利率將會提高。我們預測營業利益率為 29.5%，上下浮動 1 個百分點。最後，基於約 1.41 億股的股數，我們預計每股收益為 7.45 美元，上下浮動 0.75 美元。由於我們之前討論過的供應鏈不確定性，我們略微擴大了預期範圍。

As we start calendar year 2022, we're in the strongest investment year in the history of the semiconductor industry. It's important to note that the demand is clearly there. We are dealing with broadening out of supply chain constraints, which we know we're going to fix over time. We're laser-focused on addressing these supply challenges, and we're confident that we'll deliver improvements as we go through the year. We're in solid market share positions. We've gained further traction across all market segments in 2021. And we've got a robust and growing installed base business.

2022年伊始，我們迎來了半導體產業史上投資最強勁的一年。值得注意的是，市場需求顯而易見。我們目前正努力克服供應鏈瓶頸，但我們相信隨著時間的推移，這些問題終將得到解決。我們正全力以赴應對這些供應挑戰，並有信​​心在今年取得進展。我們擁有穩固的市場佔有率。 2021年，我們在所有細分市場都獲得了進一步的成長。此外，我們的裝置量也十分強勁且持續成長。

Operator, that concludes Tim and my prepared remarks. We'd like to now open up the call for questions.

接線員，我和提姆的發言到此結束。現在我們開始接受提問。

(Operator Instructions) And we will go first to Harlan Sur of JPMorgan.

（操作員指示）我們先採訪摩根大通的哈蘭‧蘇爾。

So can you guys just help us understand on the supply chain constraints. Is this more subsystems and part shortages or is it chip shortages? And I assume that you're placing orders for both subsystems, parts and chips through the entirety of this year just given the extended lead times. So looking at what your suppliers have committed to shipping to you this year, if all of this plays out, combined with the incremental systems capacity expansion from Malaysia, can the team meet its forward backlog and forecasted customer requirements this year? Or do you think that there is some likelihood that you exit this calendar year with your shipments below your customers' demand requirements?

所以，你們能否幫我們了解供應鏈方面的限制？是子系統和零件短缺，還是晶片短缺？考慮到交貨週期延長，我假設你們今年全年都在為子系統、零件和晶片下訂單。那麼，看看你們供應商今年承諾的供貨量，如果一切順利，再加上馬來西亞產能的逐步提升，團隊能否滿足今年的訂單積壓和客戶需求預測？或者你們認為今年底的供貨量是否有可能低於顧客的需求？

So Harlan, I'll start that and let Doug add if he wants to. As we mentioned, the December issue was primarily critical parts, what we call them -- I've called them probably subsystems, pretty large critical components that goes into our tool. But the underlying reasons for why certain suppliers are having challenges shipping goes across the board. We talked about broadening challenges. In some cases, it's shortages of labor that have been driven and exacerbated by COVID-driven absenteeism. In some cases, it's chip availability. In some cases, it has been freight and logistics.

那麼，哈蘭，我先來，如果道格想補充，就讓他補充。正如我們之前提到的，12 月那期主要討論的是關鍵部件，我們稱之為——我更傾向於稱之為子系統——這些是我們工具中非常重要的組件。但某些供應商在出貨方面遇到困難的根本原因有很多。我們討論過各種挑戰。在某些情況下，是勞動力短缺，而新冠疫情導致的缺勤加劇了這個問題。在某些情況下，是晶片供應不足。在某些情況下，是貨運和物流問題。

But I would say that we are working closely with these suppliers, and we have committed schedules. We've said our lead times are quite extended versus normal. We have better visibility today into demand and customer schedules, I think, than we ever have. And therefore, to your point, we have placed those orders with suppliers. And I would say, in both Lam's case and our suppliers' case, it's about executing to that much higher demand plan.

但我想說的是，我們正與這些供應商密切合作，並且已經制定了既定的交貨計劃。我們之前也說過，目前的交貨週期比平常長得多。我認為，我們現在對市場需求和客戶交貨計劃的了解比以往任何時候都更加清晰。因此，正如您所說，我們已經向供應商下了訂單。我想說，無論是Lam公司還是我們的供應商，關鍵在於如何滿足更高的需求計畫。

Now what we've given you is an outlook for WFE that we do believe we can execute to. And as we said, we believe we'll make progressive improvement in supply chain capacity in coming quarters. And that as we do that, you'll see Lam output, the output of our supply chain increase and we will be meeting the customer demand at that point.

現在，我們向您展示了我們對WFE的展望，我們相信我們能夠實現這一目標。正如我們所說，我們相信未來幾季供應鏈產能將逐步提升。隨著產能的提升，您將會看到Lam的產量，也就是我們供應鏈的產量增加，屆時我們將能夠滿足客戶的需求。

What I would also point out is that from the standpoint of our own capacity, this was a key area of focus in 2021, and we talked a lot about it. We significantly expanded our existing factories in the U.S., in Korea, in Taiwan. We ramped and started shipping from our new Malaysia facility, which ultimately will become our largest manufacturing site. We increased our own employment both in full-time and temporary workforce. And I would say, right now, our focus is ensuring that every aspect of our supplier base has grown their capacity to match ours. And that is something that we're working on every day, and I do believe we'll -- as Doug said, we -- this is a fixable problem, but it is our primary priority at this point.

我還想指出，就我們自身的產能而言，這是我們2021年的重點領域，我們對此進行了深入探討。我們大幅擴建了位於美國、韓國和台灣的現有工廠。我們已開始從位於馬來西亞的新工廠發貨，該工廠最終將成為我們最大的生產基地。我們增加了全職和臨時工的就業人數。我想說，目前，我們的重點是確保供應商的各個環節的產能都已提升到與我們相符的水平。這是我們每天都在努力的方向，我相信——正如道格所說——這是一個可以解決的問題，但目前這是我們的首要任務。

And maybe the only thing I would add, and just so it's crystal clear to everybody listening, the December slight miss below midpoint, really, 1 supplier that emerged very late in the month of December. And we just didn't have time to respond to it. So that's one statement.

我可能唯一要補充一點，也是為了讓所有聽眾都完全明白，12 月略低於中點的價格，實際上是由一家供應商在 12 月底才出現的。我們根本來不及反應。這就是我的一點說明。

Second, what Tim just told you is there's a broadening out that we see beyond 1 supplier that we're working to mitigate. And we're doing lots of different things with lots of different suppliers to work our way through this, Harlan, but we know we're going to fix this. This is something that you can manage your way through, and we will manage our way through it. Demand is very strong.

其次，提姆剛才跟你說的是，我們看到問題已經擴散到不只一家供應商，我們正在努力緩解這種情況。哈蘭，我們正在與許多不同的供應商合作，採取各種措施來解決這個問題，但我們知道我們最終會解決的。這是你們可以應付的，我們也可以應付。市場需求非常強勁。

And maybe just a final comment to note, it's obviously on everybody's mind, is that we were fighting challenges all through 2021. I mean, it's not as though supply chain has just become an issue. But I would say that some of the things that have changed when we talk about the slight worsening that we're seeing right now is also that in many cases, whether it's Lam's inventory or suppliers' inventory, they've been drawn down by these very high output levels to the point where our vulnerability to a miss that might only be just a few days, but at the output rate of our factories, those few days can actually translate into some pretty big revenue numbers, and that corresponding few days could be the same for our suppliers.

最後補充一點，這一點大家一定都很關心，那就是我們在2021年全年都在應對各種挑戰。我的意思是，供應鏈問題並非最近才出現。但我想說的是，我們目前看到的略微惡化的情況，部分原因在於，在許多情況下，無論是Lam的庫存還是供應商的庫存，都因為極高的產量而被消耗殆盡，以至於我們很容易出現供應中斷的情況。雖然可能只是幾天的時間，但以我們工廠的生產速度來看，這幾天的時間實際上可能會造成相當大的收入損失，而對於我們的供應商來說，同樣的情況也可能發生。

So I think that what's different right now is that we just have a little bit less room to respond to the challenges. But I tell you, all through 2021, we are fighting these, and in almost all cases, we were successful in mitigating them without them becoming misses in our financial results. But I think that -- and that's what gives us confidence that we will solve these as we go through '22 as well.

所以我認為，目前不同的是，我們應對挑戰的空間略有縮小。但我可以告訴大家，在整個2021年，我們都在努力應對這些挑戰，而且幾乎在所有情況下，我們都成功地減輕了它們的影響，沒有讓它們對我們的財務業績造成不利影響。我認為，正是這一點讓我們有信心，在2022年也能解決這些問題。

And I appreciate the insights. Then can you just -- given the strong WFE backdrop and the potential strong growth backdrop for Lam, can you guys just give us an update on the Malaysia manufacturing ramp? I believe that the target was to get to about $3 billion of annualized revenue output from Malaysia by the middle of this year. Is the team still on track for that? And I've also heard that the team is trying to build out domestic supplier support around this facility, which is potentially a big benefit for you guys, right, especially during periods like this where having to procure materials from other geographies can probably be quite challenging. So maybe you can also update us here on the strategy for building out the domestic support capability in Penang?

我很欣賞這些見解。鑑於WFE的強勁前景以及Lam的潛在成長潛力，能否請您介紹馬來西亞的生產擴張情況？我記得目標是到今年年中，馬來西亞的年化營收達到30億美元左右。團隊目前是否仍在按計劃推進？我還聽說團隊正在努力圍繞該工廠建立本地供應商支援體系，這對你們來說無疑是一大優勢，尤其是在當前這種需要從其他地區採購原材料的時期。能否也請您介紹一下在檳城建立在地支援能力的策略？

Yes. Well, what I would say is that the ramp of the Malaysia factory is on track, and we're quite happy with the progress we're making there. Again, it's ramping per schedule. Demand is somewhat outstripping the ramp rate. But coming back to your point about why we embarked on Malaysia and also expansions, as I mentioned, in Korea, Taiwan, the U.S. and even in our factory in Europe, and that is we get the opportunity to tap into different talent pools. So I talked about labor shortages, not all COVID-related, these are just driven by serving demand in lots of parts of the industry.

是的。我想說的是，馬來西亞工廠的產能提升計畫進展順利，我們對目前的進展非常滿意。再次強調，產能提升完全依照計畫進行。目前需求略超過了產能提升的速度。回到您剛才提到的我們為什麼選擇在馬來西亞以及韓國、台灣、美國甚至歐洲的工廠擴張，原因在於我們有機會接觸到不同的人才庫。我之前也提到過勞動力短缺的問題，這並非完全由新冠疫情引起，而是為了滿​​足產業內各個環節的需求。

So by having factories in different locations, we tap into different talent pools. And also, as you mentioned, we have the opportunity to qualify different supplier sets or even in some cases where we have global critical suppliers, they build factories in those same locations next door to us very close to our site, and they also tap into that different talent pool. And so there's many ways in which this expansion of our global footprint, we think, in the long term, actually makes us less sensitive to disruption in any 1 particular region, whether it's in freight and logistics or it's in workforce or it's in supply chain. So it's all part of our strategy. We're executing on it and we just need to get to the end point a little bit faster.

因此，透過在不同地區設立工廠，我們可以利用不同的人才庫。而且，正如您所提到的，我們也有機會篩選不同的供應商，甚至在某些情況下，對於我們全球關鍵供應商，他們會在我們工廠附近建廠，這樣也能利用不同的人才庫。因此，我們認為，從長遠來看，這種全球佈局的擴張實際上可以降低我們對任何特定地區突發事件的敏感度，無論是在貨運物流、勞動力或供應鏈方面。所以，這一切都是我們策略的一部分。我們正在執行這項策略，只是需要更快地達到最終目標。

And so we'll go to our next question from Krish Sankar of Cowen and Company.

接下來，我們將回答來自 Cowen and Company 的 Krish Sankar 的下一個問題。

I had 2 of them. Doug and Tim, you mentioned the WFE to be $100 billion this year. But if I look at the current WFE run rate, it seems like it's like more in the low to mid-$90 billion. So to get to $100 billion, the second half run rate has to be more like $105 billion to $110 billion. And I understand the demand is strong, and it's all about supply constraints today. So if my math is right, does it mean that the WFE and the revenues have to step up in the second half? Is that kind of the implication of $100 billion WFE from where we are today? And is it fair to assume that Lam revenues had to head up -- step up in the back half of this year? And then I have a follow-up.

我有兩個問題。 Doug 和 Tim，你們提到今年的 WFE 是 1000 億美元。但如果我看一下目前的 WFE 運行速度，似乎更接近 900 億美元出頭到 900 億美元中段。所以要達到 1000 億美元，下半年的運行速度必須達到 1050 億美元到 1100 億美元。我知道需求強勁，現在的問題在於供應受限。所以如果我的計算沒錯，這是否意味著 WFE 和收入在下半年都必須成長？從我們目前的狀況來看，1000 億美元的 WFE 是否意味著如此？而且，假設 Lam 的營收在今年下半年也必須成長，這種假設是否合理？我還有一個後續問題。

Yes, Krish, I do think WFE is back half weighted this year. Maybe as much to do with where true demand is, but also a little bit because I believe the industry in the first half of the year is going to be somewhat supply constrained. So I think it's going to be a second half weighted spending year, Krish.

是的，Krish，我確實認為今年WFE的支出會重回上半年。這可能很大程度上與真實需求有關，但也部分原因是我認為上半年產業供應會比較緊張。所以我認為今年下半年支出會占主導地位，Krish。

Got it. And then Doug, just to quickly just follow-up on that. Is that the implication that your revenue should also step up in the back half?

明白了。還有，Doug，我再快速確認一下。你的意思是說，你們下半年的收入也應該會成長嗎？

Likely, yes.

很有可能。

Got it. Got it. All right. Fair enough. And then my follow-up question is just quickly on China, you mentioned about domestic was pretty strong in December. It looks like the domestic China business is going to be strong this year, too. Can you just help us understand what is driving it? There was some recent news about Tsinghua, the parent company of YMTC, having some issues. So some investors worry that's going to cap YMTC's CapEx for WFE this year. So I'm kind of curious, what do you think is going to drive China WFE this year? Is this still the long tail of smaller trailing edge customers? Or do you expect the big guys like SMIC and YMTC to also be a big part of domestic China WFE this year?

明白了，明白了。好的，沒問題。接下來我想快速問一下關於中國市場的問題。您提到12月國內市場表現強勁，看來今年中國國內市場也將維持強勁動能。您能否幫我們分析背後的驅動因素？最近有消息稱，長江儲存的母公司清華大學遇到了一些問題，一些投資者擔心這會影響長江儲存今年在晶圓廠設備（WFE）的資本支出。所以我很好奇，您認為今年中國晶圓廠設備市場的主要驅動力是什麼？是那些規模較小的後發客戶，還是像中芯國際和長江儲存這樣的大公司也會成為今年中國晶圓廠設備市場的重要力量？

Yes. I think that from a China WFE perspective, we think it remains very broad demand across many different players, in fact, even some new fabs and new players that are entering the market there. And while some of it, of course, are big players, a lot of it are fabs that are addressing what we all know is a very tight trailing-edge technology landscape. And so I think that is a pretty big driver for WFE, and Lam participates well in that market. And Doug mentioned our Reliant business that continues to show record after record in terms of business, and a lot of that stems from investments in places like China at the off leading-edge nodes.

是的。我認為從中國晶圓廠設備（WFE）的角度來看，市場需求仍然非常廣泛，涵蓋許多不同的廠商，甚至包括一些新成立的晶圓廠和新進入中國市場的企業。當然，其中不乏大型廠商，但許多廠商都在努力填補我們所知的競爭非常激烈的尖端技術市場空白。因此，我認為這是晶圓廠設備市場的重要驅動因素，而Lam公司在這個市場中也佔有重要地位。 Doug提到了我們的Reliant業務，該業務持續創下業績新高，這很大程度上得益於我們在中國等非尖端流程節點的投資。

Yes, the investment performance -- I was just going to say, it's a very broad set of customers was all I was going to add, Krish. A lot of whom you've probably not even heard of, frankly. So there's a long tail of people spending dollars in China.

是的，關於投資績效－我正想補充一點，克里什，我們的客戶群非常廣泛。坦白說，其中很多人你可能都沒聽過。所以，在中國消費的人潮非常龐大。

Got it. Just I mean, Tim and Doug, just want to clarify, you're not too worried about all the China news on Tsinghua at this point?

明白了。我的意思是，Tim 和 Doug，我想確認一下，你們現在是不是不太擔心清華大學那邊的中國新聞？

I'm not overly concerned. No. There's ample liquidity in China for the aspirations that they have to make the investments they're planning to make.

我並不太擔心。不，中國的流動資金充足，足以滿足他們進行計畫投資的需求。

And we'll go next to C.J. Muse of Evercore.

接下來我們將介紹 Evercore 樂團的 C.J. Muse。

I guess, first question, a derivative to the supply chain issues that you're seeing and in higher freight costs. Curious, your ability to pass along your higher input cost to customers. I understand there's a long tail in contracts, but would love to get a sense of how you're seeing that play out here in 2022?

我想，第一個問題可能與你們目前面臨的供應鏈問題以及更高的運費成本有關。我很好奇，你們能否將更高的投入成本轉嫁給客戶。我知道合約期限較長，但我很想了解一下，在2022年，這種情況會如何發展？

Yes. C.J., I'll take a shot at it. I mean, first of all, I mean, we're not going to go to the detail on conversations we may be having with customers on that point. But I guess I'd point to a couple of things. One, it's hard to see perhaps what we are doing, given the overwhelming cost challenges Doug talked about relative to the near-term projections. But longer term, Lam equipment is absolutely vital to ramping global semiconductor capacity. That's important for every one of our customers and industry more broadly. And we're also -- our equipment is also vital to achieving the technologies road map for the industry.

是的，C.J.，我來試著說說。首先，我們不會詳細討論可能與客戶就此進行的對話。但我可以指出兩點。第一，鑑於Doug提到的相對於近期預測而言巨大的成本挑戰，我們目前的做法可能難以看清。但從長遠來看，Lam的設備對於提升全球半導體產能至關重要。這對我們每一位客戶以及整個產業都非常重要。此外，我們的設備對於實現產業技術路線圖也至關重要。

So there's tremendous value in what we do for our customers in the industry, and we always fight to get paid fairly for that value delivered. Right now, I would say that we're focused squarely on solving these supply chain issues, having conversations with customers and suppliers about how we do that in the most efficient way. And I think as you see us work through that, you'll see our financial results including gross margin continue to improve into the future.

因此，我們為產業客戶所做的一切都具有巨大的價值，我們也始終努力爭取與這些價值相符的合理報酬。目前，我們正全力以赴解決供應鏈問題，與客戶和供應商探討如何以最高效的方式解決這些問題。我相信，隨著我們逐步解決這些問題，包括毛利率在內的財務表現將在未來持續改善。

Great. Very helpful. And I guess, as my follow-up, as you look at your installed base business, you talked about 24% chamber revenue growth per chamber, which is pretty impressive. Curious how we should think about growth beyond 2021. I think historically, you kind of talked about a 6% to 10% kind of anticipated revenue per chamber CAGR. Has that changed? And should we be thinking a higher number going forward?

太好了，很有幫助。我想再問一個問題，關於您目前的業務狀況，您提到每個商會的收入成長率達到了24%，這相當驚人。我想知道我們應該如何看待2021年以後的成長。我記得您之前預計每個商會的收入複合年增長率在6%到10%之間。現在情況有改變嗎？我們是否應該預期未來會有更高的成長率？

Well, yes, I mean, if you project out these current growth rates, you get to a pretty big customer support business group in the future. But we -- as I mentioned, exceeding expectations, the business is doing extremely well. I would say that we anticipate some mitigation in that growth rate. I think at our Analyst Day, we kind of put out a model that says, look, our objective every year is to go in saying that we will outgrow -- that the revenue will outgrow the growth of the installed base, which means fundamentally, you're moving forward the revenue capture per chamber.

是的，我的意思是，如果按照目前的成長率推算下去，未來客戶支援業務將會非常龐大。但是，正如我之前提到的，我們的業務表現超出了預期，非常出色。我認為我們預計成長率會有所放緩。在我們的分析師日上，我們展示了一個模型，該模型表明，我們每年的目標都是實現收入增長超過用戶基數增長，這意味著從根本上講，每個用戶單元的收入都在增長。

Right now, we blowed those numbers away. But some of it may be a little bit short term. I mean, clearly, everyone is increasing held inventory that probably goes to our spare parts business as well. Over time, and I don't know when that would be because I think people are going to be a little bit cautious for quite some time about supply issues as we're talking about. Eventually, they will draw those inventories back to probably more efficient numbers, and that would cause some mitigation in the spare parts business part of CSBG.

目前，我們的業績遠超預期。但其中一些成長可能只是短期效應。我的意思是，很顯然，大家都在增加庫存，這可能也包括我們的備件業務。隨著時間的推移——我不知道具體時間，因為我認為大家在一段時間內都會對供應問題保持謹慎，就像我們剛才討論的那樣——最終，他們會將庫存調整到更合理的水平，這將在一定程度上緩解CSBG備件業務的壓力。

We've also talked about the Reliant business and tremendous growth in upgrades and sales of tools for trailing edge. I don't know that, that will mitigate so much, but it's been on a red hot pace the last year or 2. And so I would expect some mitigation there. So maybe the best way to think about it is, again, our goal is always to outgrow the growth of the installed base, capturing more revenue per chamber. And so you can model it -- Lam's expected chamber growth rate plus some is probably the best way to think about it.

我們也討論過Reliant的業務，以及後緣工具升級和銷售的快速成長。我不確定這能否完全緩解問題，但過去一兩年它的發展速度確實非常驚人。所以我預計這會起到一定的緩解作用。或許最好的思考方式是，我們的目標始終是超越現有用戶群的成長速度，進而提高每個腔室的收入。你可以用模型來解釋－Lam預期腔室成長率加上一些額外成長可能是最好的方法。

And so we'll move to our next question from Timothy Arcuri of UBS.

接下來，我們將回答瑞銀集團的提摩西‧阿庫裡提出的問題。

It's actually Diana Chang on for Timothy Arcuri. I was wondering if you could touch base on, you previously talked about like the GM gross margin headwinds from Malaysia. Can you just help us quantify how should we think about the impact from there in the next few quarters? And is the timing for the new Malaysia manufacturing to shift from like headwind to tailwind maybe in the second half of this year? I just wanted to understand the gross margin impact over there.

我是戴安娜·張，代替蒂莫西·阿庫裡。我想請您談談您之前提到的馬來西亞對通用汽車毛利率的不利影響。您能否幫我們量化一下，未來幾季我們該如何看待這種影響？馬來西亞新工廠的生產是否會在今年下半年從不利因素轉變為有利因素？我只是想了解毛利率受到的影響。

Yes. Malaysia will be a tailwind to gross margin. Certainly, as we get into the second half of the year. And in my scripted remarks, I basically said, as I look through the rest of calendar year '22, I expect gross margin will improve from the levels that we're at today. Part of that will be Malaysia. Part of it will be the mitigation of the supply chain and part of it will be new products coming out and the positive mix factor of that. So I'll give you a few things to think about there.

是的。馬來西亞市場將對毛利率起到推動作用。尤其是在下半年。我在事先準備好的演講稿中提到，展望2022年剩餘時間，我預期毛利率將比目前水準有所提高。這部分得益於馬來西亞市場，部分得益於供應鏈的改善，還有部分得益於新產品的推出及其帶來的正面組合因素。以上幾點供大家參考。

Got it. And maybe just touch base on the domestic China WFE. Can you just talk about where you think 2021 that came in? And how do you think about that like into 2022 from domestic China?

明白了。或許可以簡單談談中國國內的WFE市場。您能說說您認為2021年中國國內市場的發展嗎？以及您如何看待2022年中國國內市場的趨勢？

Yes. The way we've been talking about it is that it was a growth year in '21. We didn't quantify how much, but it was very much in line with the expectations. We described 2020 as roughly $10 billion in indigenous Chinese WFE grew last year. It's going to grow again this year is what I would tell you.

是的。我們一直認為2021年是成長的一年。我們沒有具體量化成長幅度，但基本上符合預期。我們先前提到，2020年中國本土女性產業規模成長了約100億美元。我認為今年還將繼續成長。

And we'll go next to Stacy Rasgon of Bernstein Research.

接下來，我們將連線伯恩斯坦研究公司的史黛西·拉斯貢。

I had a question on your segment mix with regard to your WFE forecast for the year. Just given where you guys do tend to focus, do you think that, that segment is a potential disadvantage with regard to your ability to grow in line with how you view the WFE market itself growing in 2022?

我有一個關於貴公司WFE（工作場所設備製造商）年度預測的細分市場組合問題。鑑於貴公司目前的重點發展方向，您認為該細分市場是否會對貴公司實現與2022年WFE市場整體成長預期相符的成長構成潛在劣勢？

Yes, Stacy, it's a good question. I do think, when I look at growth in '22, that you're going to see that the highest level of growth in foundry logic. That's just what's going on. I think that's pretty well understood. And you're right in your observation, I think, inherent in your question is, historically, we've been somewhat less represented there, I guess, in terms of share of spend as compared to memory. Having said that, though, we've made a nice step up there in the last couple of years. We continue to -- 2021 was a good share position year for us in foundry and logic. So that's going to benefit us. And also, when I look at '22 WFE, I think you're going to see nice growth in memory, and I'll let Tim add on, too.

是的，Stacy，問得好。我認為，展望2022年的成長，晶圓邏輯晶片的成長將會最為顯著。這就是目前的趨勢，我想這一點大家應該都比較清楚。你的觀察也很有道理，我認為，你提出的問題本身就蘊含著一個問題：從歷史上看，我們在晶圓邏輯晶片領域的支出份額一直不如內存晶片那麼高。不過，過去幾年我們在這方面取得了長足的進步。 2021年，我們在晶圓邏輯晶片領域的市佔率表現良好，這對我們大有裨益。此外，展望2022年WFE（片上前端）市場，我認為記憶體晶片領域也將實現可觀的成長，我也會請Tim補充一些內容。

Yes, Stacy, I guess, I just wanted to mention, I mean, we've maybe gotten that question a lot of times about how we're doing in foundry logic and what our plans are. And what I -- I think we've done a nice job of -- and it will play out over the next several years is we focused on a lot of our product portfolio and product development on products that put us out in front of that technology road map. And just to name a couple of the products. I mean, you look at what we've done in atomic layer deposition, selective etch, the low RC materials, dry EUV resist and heterogeneous 3D packaging, all of those are quite tied to ramps in foundry logic spending.

是的，Stacy，我想提一下，我們可能已經被問過很多次關於我們在代工邏輯領域進展如何以及我們未來計劃的問題了。我認為我們做得很好，未來幾年將會持續發揮作用，因為我們專注於產品組合和產品開發，致力於開發那些能夠讓我們在技術路線圖上保持領先的產品。舉幾個例子來說，我們在原子層沉積、選擇性蝕刻、低RC材料、乾法EUV光阻和異質3D封裝方面所取得的成就，都與代工邏輯領域支出的成長密切相關。

Now the good news is many of those also play over into our strength in memory like ALD does and selective etch will. But again, we've been very cautious about trying to position the portfolio such that our exposure to foundry logic ultimately is a positive for the company, and I think we're making progress and we'll continue to do so.

好消息是，其中許多技術也與我們在記憶體領域的優勢相契合，例如原子層沉積（ALD）和選擇性蝕刻。但我們一直非常謹慎地調整產品組合，力求使我們在代工邏輯領域的投入最終對公司有利。我認為我們正在取得進展，並將繼續努力。

Got it. So that suggest you see the share gains that you saw in '21 in foundry and logic continuing into '22?

明白了。所以你的意思是，你認為2021年在晶圓製造和邏輯電路領域看到的市佔率成長動能延續到2022年嗎？

Yes. I think the momentum is going to continue in '22, Stacy. Yes.

是的。我認為這種勢頭會在2022年繼續下去，史泰西。是的。

And we'll go to our next question from John Pitzer of Credit Suisse.

接下來，我們將回答來自瑞士信貸的約翰·皮策提出的問題。

Like many, I'm juggling multiple calls, so I apologize if it's a little bit repetitive. But just relative to kind of the first question and your ability to meet demand, Doug, and maybe this is a little bit longer term. But you've got a situation where the semi industry took 50 years to get to $0.5 trillion of revenue, and there's many models out there that suggest that the next 8 years, we'll get another $500 billion and be $1 trillion in revenue. What do you have to do incremental over a multiyear period to invest to make sure you have -- should you support kind of that kind of demand for supply. And is that already in the backlog for what you guys are doing in Malaysia? And is it already sort of contemplated in some of the OpEx sort of targets you gave us at Analyst Day?

和許多人一樣，我同時要接很多電話，所以如果我的問題有點重複，請見諒。但就第一個問題以及您滿足需求的能力而言，Doug，也許這個問題需要更長期的考慮。半導體產業花了50年才達到5兆美元的營收，而許多模型預測，未來8年我們將再增加5,000億美元，達到1兆美元的營收。為了確保能夠滿足這種規模的供應需求，您需要在未來幾年逐步進行哪些投資？您是否應該這樣做？這是否已經納入了您在馬來西亞的業務計劃中？您是否已經在分析師日上給出的營運支出目標中考慮過這個問題？

Yes. Let me take a shot at it, and Doug can add. But as I kind of went -- and you might not have heard this if you're jumping between calls. But our manufacturing strategy we've been playing out for the last several years, I think, is really what gives us confidence that we can meet this demand going forward. And that is Malaysia, as you pointed out, but also expansions across our Korea manufacturing facility. This past year, we bought out our joint venture for manufacturing in Taiwan. We expanded all of our U.S. manufacturing sites in a pretty big way. And we also grew our output from our Europe facility.

是的。我先試著說說，Doug可以補充。我剛才說到——如果你在通話間隙匆匆忙忙，可能沒聽到這些——但我認為，我們過去幾年一直在實施的生產戰略，才是真正讓我們有信心滿足未來需求的關鍵所在。正如你所指出的，這包括馬來西亞的生產，以及我們在韓國工廠的擴張。去年，我們收購了在台灣的合資企業。我們大幅擴大了所有美國生產基地。此外，我們也提高了歐洲工廠的產量。

And so I think that when you ask the question, what is it that prepares us for the industry to add another $500 billion in Lam to help meet that output, it's the ability to tap into this global supply chain, which gives us access to larger talent pools, larger supplier bases for many of our parts. Some are very critical, but many of them are sourceable locally to those factories. And I think that's going to help us increase not only our own capacity, which I think we're making good progress on, but also the capacity of our global supplier base. And that's something that I'd say we're pretty far down that path, but clearly, as evidenced by the current limitations, we still have more room to go, and we will be making progress in the next coming quarters.

所以，我認為，當你問到「是什麼讓我們做好準備，迎接行業新增的5000億美元投資以滿足產量需求」這個問題時，答案在於我們能否利用全球供應鏈，這讓我們能夠接觸到更廣闊的人才庫和更廣泛的零部件供應商。有些零件至關重要，但許多零件都可以在工廠附近購買。我認為這不僅有助於我們提升自身產能（我認為我們在這方面已經取得了顯著進展），還能提升全球供應商的產能。我認為我們在這方面已經取得了相當大的進展，但顯然，正如目前的限制所表明的那樣，我們還有很大的提升空間，我們將在接下來的幾個季度取得更多進展。

And then, Tim, as my follow-on, giving us visibility 90 days out, given all the logistical issues are hard enough, thinking about the entire year as you did with your WFE comment even harder. But I'm kind of curious, clearly, logic/foundry grows faster than memory this year, but we're sort of in this odd position where it kind of looks like from a cyclical perspective, the memory companies tend to be -- or seem to be spending at a much more constrained level than maybe their logic/foundry partners for the first time ever, if you look at CapEx to rev ratios and growth of CapEx off the bottom. Is that how you see it? And I guess, importantly, if it is, what implications might that have for memory spending as we go from '22 into '23?

提姆，作為我的後續問題，考慮到所有物流問題，提前90天預測已經夠難了，像你之前在WFE評論中那樣考慮全年的預測就更難了。我很好奇，顯然，今年邏輯/代工業務的增長速度超過了內存業務，但我們目前的情況有點奇怪，從週期性的角度來看，內存公司的支出似乎比以往任何時候都更加受限，這或許是前所未有的，如果你看一下資本支出與收入的比率以及資本支出從底部回落的增長情況。你是這麼看的嗎？我想，更重要的是，如果是這樣，這會對2022年到2023年的記憶體支出產生什麼影響？

Okay. Well, I mean, it's -- constrained is always more in the eye of the beholder or the customer perhaps. But I think you're right that we're seeing a fairly balanced, in fact, maybe more balanced spending profile within the memory space, at least is our current view. Maybe back to your original point, though, about visibility. Our visibility at this point is much, we feel, further out in terms of demand side. Our challenge is not understanding demand 6, 9, 12 months out, maybe even longer. It really is about growing the supply capability of our supply base and also our own capacity to meet that growing demand.

好的。嗯，我的意思是──「受限」這個詞總是因人而異，或許更取決於客戶的看法。但我認為你說得對，我們看到的記憶體領域的支出結構相當平衡，甚至可以說是更加平衡，至少我們目前是這麼認為的。不過，回到你最初關於可視性的觀點。就需求方面而言，我們目前感覺對未來的可視性要好得多。我們面臨的挑戰並非是預測未來6個月、9個月、12個月甚至更長的需求，而是如何提升我們供應商的供應能力，以及我們自身滿足不斷增長的需求的能力。

But I think the implications are that we exit this year still perhaps with robust demand going into 2023. It's too early to -- we're not going to give a guide at this point for 2023, but I would say is whether it's in memory or it's in logic/foundry, a lot of big investments planned, fabs under construction, many of those don't take equipment even until starting in '23 or maybe even beyond. And so I think we're going to see robust WFE for the industry for years to come at this point.

但我認為這意味著，今年年底到2023年，我們或許仍能維持強勁的需求。現在就預測2023年還為時過早——我們目前不會給出具體預測，但我想說的是，無論是在記憶體領域還是邏輯/晶圓代工領域，都有很多大型投資計劃，晶圓廠也在建設中，其中許多晶圓廠甚至要到2023年或更晚才會開始接收設備。因此，我認為未來幾年，晶圓廠設備市場將保持強勁的需求。

And we'll go to our next question from Mark Lipacis of Jefferies.

接下來，我們將回答來自傑富瑞集團的馬克·利帕西斯提出的問題。

First question, and I apologize, I'm kind of new on the Lam call, so I apologize if this is elementary. But if we have the semiconductor shortages globally that are causing different vertical markets to lose tens, if not hundreds of billions of dollars in revenues, and you guys make the equipment that actually can solve that problem, why aren't Lam and your peers the absolute #1 priority customers for the semiconductors that can make the equipment that solve these challenges? It's surreal to hear you guys talk about component shortages are preventing you from shipping product that can solve everybody's problems. That's the first question. I have a follow-up.

第一個問題，很抱歉，我對Lam的電話會議還不太熟悉，所以如果問題很基礎，請見諒。如果全球半導體短缺導致各個垂直市場損失數百甚至數千億美元的收入，而你們公司生產的設備恰恰可以解決這個問題，那麼為什麼Lam和你們的同行不是那些能夠製造解決這些挑戰所需設備的半導體供應商的首要客戶呢？聽到你們說元件短缺阻礙了你們交付能夠解決所有人問題的產品，真是令人難以置信。這是我的第一個問題。我還有一個後續問題。

Okay. I'm not sure it's such an elementary question, it's actually quite a complex one. But I -- boy, I guess, I'd say that we try to make that point quite clear. And I think there's been a lot of discussion between companies like ours and the manufacturers just as there are many, many industries talking to those same suppliers about the urgent needs that they have. And so I don't think we want to make this -- we certainly did not say it was all about chips, and that's what's limiting our supply. It's one element of some of the component shortages and subsystem shortages, but it has been several other things as well.

好的。我不確定這是否是個很簡單的問題，實際上它相當複雜。但是——我想說，我們一直在努力把這一點說清楚。我認為像我們這樣的公司和製造商之間已經進行了很多討論，就像很多其他行業也在和這些供應商溝通他們迫切的需求一樣。所以，我們不想把這個問題——我們當然沒有說過所有問題都出在晶片上，晶片才是限制我們供應的根本原因。晶片短缺是造成部分元件和子系統短缺的原因之一，但還有其他幾個因素。

But I do believe that as we increase both our supplier capacity and our own capacity and output goes up, then that is key to alleviating the problem. And so maybe it becomes a virtuous cycle where more our output goes up, the easier the constraints get and therefore, our output goes up even faster. It's certainly our objective to drive that and we're in close conversation with the semiconductor chip manufacturers who happen to be our customers as well about how they can help. And I would say that in most cases, those customers are stepping in and doing everything they possibly can to help because they want the equipment that we're shipping to them.

但我相信，隨著我們提高供應商和自身的產能，產量也會隨之增加，這才是緩解問題的關鍵。這樣或許就能形成一個良性循環：產量越高，限制就越容易克服，產量成長速度也會更快。推動這一進程無疑是我們的目標，我們也在與半導體晶片製造商（他們同時也是我們的客戶）密切溝通，探討他們能如何提供幫助。而且我認為，在大多數情況下，這些客戶都在積極參與，盡其所能地提供幫助，因為他們需要我們交付的設備。

Yes, Mark, I think the only thing I would add is, typically, we wouldn't be in the business of buying semiconductors, right? That's our suppliers or sometimes even the suppliers of our suppliers that would be procuring those chips. And because we know that group of our customers, their suppliers really, really well, that's why we're stepping in. Maybe that helps. And we clearly have access to those guys. So we can make this better quicker, I think, is why we're pointing this out right now. It's a great play.

是的，馬克，我想我唯一要補充的是，通常情況下，我們不會直接購買半導體，對吧？那是我們的供應商，有時甚至是我們的供應商的供應商才會採購的晶片。正因為我們非常了解這部分客戶及其供應商，所以我們才會介入。也許這會有幫助。而且我們顯然可以聯絡到這些人。所以，我認為，我們可以更快地改善這種情況，這也是我們現在強調這一點的原因。這確實是個絕妙的策略。

Okay. Got you. That's helpful. And a follow-up, if I may. I appreciate that you have -- it sounds like you have very good visibility this year. What is -- what kind of conversations do you have with your customers about 2023, appreciating that they may not be giving you hard orders that far out, or maybe they do. But I mean, do you have those kind of planning discussions with your customers about what 2023 might look like? Can you give us any sense of how those conversations go? That's all I have.

好的，明白了。這很有幫助。如果可以的話，我還有一個後續問題。我很欣賞您對今年的市場前景—聽起來您今年的市場前景非常清晰。您和客戶會就2023年的計畫進行哪些方面的溝通呢？我知道他們可能不會提前那麼久下訂單，也可能會下。我的意思是，您會和客戶討論2023年的規劃嗎？您能跟我們說說這些討論的具體內容嗎？我的問題就這些了。

Yes, it's a good question. I mean, obviously, we have sufficient conversations for very long lead time decisions that we have to make. So as I talk about our expansion of manufacturing facilities and hiring rates, one of the components, it's not a -- that has a relatively long lead time is the hiring of engineers that go on site to support those new customer facilities and projects. And so I would say we're already having discussions with customers about 2023 in earnest.

是的，這是一個很好的問題。我的意思是，顯然，我們需要就一些需要長期規劃的決策進行充分的溝通。例如，在談到我們擴大生產設施和招募規模時，其中一個環節——雖然它不需要很長的規劃週期——就是招募工程師到現場支援客戶的新設施和專案。因此，我想說，我們已經在與客戶認真討論2023年的計畫了。

But it's a little too early to get as precise as many of you probably like in terms of what does the number for 2023 WFE look like, and we're not going to have that conversation today. But I would say customers are giving a lot of visibility, just they want us to be ready. We're having those same conversations with our suppliers because we need them to be ready. And so you can just believe that we're having those conversations quite frequently and quite some depth with customers today.

但就2023年WFE的具體數字而言，現在給出你們許多人可能都希望看到的精確數據還為時過早，我們今天也不會討論這個問題。不過，我想說的是，客戶已經提供了相當多的信息，他們只是希望我們做好準備。我們也在與供應商進行同樣的溝通，因為我們需要他們做好準備。所以，你們可以相信，我們今天與客戶進行著相當頻繁且深入的對話。

And we'll go to our next question from Joe Moore of Morgan Stanley.

接下來，我們將回答摩根士丹利的喬·摩爾提出的問題。

Certainly understand the gross margin pressures based on the cost that you guys are taking on to sort of deal with all these issues. But your customers are kind of dealing with some of the same stuff and are raising prices and passing that on to their customers. If this ends up being a persistent situation where you have high freight costs and component costs and things like that, do you see gross margins kind of getting back to the level they were a couple of quarters ago?

當然，我理解你們為了因應這些問題而承擔的成本對毛利率帶來的壓力。但你們的客戶也面臨類似的問題，他們正在提高價格並將這些成本轉嫁給他們的客戶。如果這種情況持續下去，你們的運費、零件成本等都居高不下，你們認為毛利率能恢復到幾個季度前的水平嗎？

Yes, Joe, I do. I specifically -- and you might have been jumping between calls as well. In my prepared remarks, I specifically said I believe gross margin will improve for us as the year progresses. Meaning the March quarter, I believe, is a low point for the gross margin in the year. A lot because of these freight and logistics and other things in the supply chain that we just need to go fix it, and that's what we're doing.

是的，喬，我的確這麼說。我特意強調了這一點——你可能也一直在忙著接電話。我在事先準備好的演講稿中明確表示，我相信隨著時間的推移，我們的毛利率會有所改善。這意味著我認為三月的季度是全年毛利率的低谷。這主要是因為貨運、物流以及供應鏈中的其他一些問題，我們需要解決這些問題，而我們也正在努力解決。

Okay. That makes sense. I mean, I guess, just you're fixing it because those costs are going away? Or are you able to actually charge your customers expedites and things like that to deal with all of it?

好的，這說得通。我的意思是，我猜，你們之所以解決這個問題，是因為這些成本要消失了？還是說你們可以向客戶收取加急費之類的費用來處理所有這些事情？

I think our objective is probably to do a little bit of both. As you mentioned, some of the issues may become persistent and built into the cost structure of the industry, in which case, those ultimately have to be accounted for in the pricing for the industry. And yet, obviously, we're very sensitive to the fact that customers in certain parts of our market are cost sensitive, and therefore, we'll try to eliminate as many of the costs first. So we're not taking the easy way out of just trying to pass the costs on, trying to first eliminate them and then those that are persistent will be dealt with on a case-by-case basis.

我認為我們的目標可能是兩者兼顧。正如您所說，有些問題可能會持續存在，並最終融入行業成本結構，在這種情況下，最終必須將其計入行業定價。然而，顯然我們也非常清楚，我們市場中某些領域的客戶對成本非常敏感，因此，我們會先嘗試消除盡可能多的成本。所以我們不會走捷徑，直接將成本轉嫁給消費者，而是先努力消除成本，然後再根據具體情況處理那些持續存在的問題。

And we'll go on to our next question from Patrick Ho of Stifel.

接下來，我們將回答來自 Stifel 公司的 Patrick Ho 的下一個問題。

Most of my questions have been answered. But maybe for Doug, with the supply chain issues that are going on right now, I know it's difficult to give a granular answer. But how do you look at the allocations between what's needed for new shipments and new tools versus your installed base business, which also has a lot of those type of components as well. And obviously, a lot of the customers are at high utilization. What's the balance there that you're trying to do at least in the near term to keep your customers as happy as possible on both ends?

我的大部分問題都已得到解答。但對道格來說，考慮到目前供應鏈的問題，我知道很難給出具體的答案。您是如何權衡新發貨和新工具的需求，以及現有客戶群的需求（其中也包含許多這類組件）的分配的？顯然，許多客戶的設備使用率都很高。您打算如何在短期內平衡這兩者，以盡可能讓客戶滿意？

Yes, I'm going to actually give this one to Tim, Patrick.

是的，我打算把這個獎頒給提姆，派崔克。

Well, I think that's because what I'm going to tell you is that the most valuable tool for the customer is the one that's in his fab and running. And so, of course, it doesn't -- we prioritize today keeping the installed base operating and outputting. And to one of the earlier questions, if we don't do that, then problem just gets worse because chips aren't being produced. So we are having to make that call at certain points, but what I can tell you is that priority is the installed base and keeping tools in manufacturing and outputting wafers and chips for the industry.

嗯，我認為這是因為我要告訴你們的是，對客戶來說最有價值的工具是他們晶圓廠裡正在運作的設備。所以，當然，我們現在的首要任務是確保現有設備正常運作並持續產出。至於之前提到的一個問題，如果我們不這樣做，問題只會越來越嚴重，因為晶片就無法生產。因此，我們在某些​​時候必須做出抉擇，但我可以肯定的是，我們的首要任務是保障現有設備正常運行，確保設備能夠持續生產晶圓和晶片，為整個行業服務。

But Patrick, obviously it's not an either/or, we're mitigating both at the same time, and it's not exactly the same supply group that is creating a spare part and new equipment. So it maybe is as much of an overlap as you might think.

但派崔克，顯然這不是二選一的問題，我們正在同時緩解這兩個問題，而且生產備件和新設備的也不是同一個供應團隊。所以，重疊的部分可能跟你想的一樣多。

Not -- yes. Not every constraint right now exists on a part that would be a spare. Certain subsystems in our tools are not field replaceable spares units. So there's some overlap but not entirely, as Doug said.

不——是的。並非所有限制條件都適用於備件。我們工具中的某些子系統並非現場可更換的備用零件單元。所以正如道格所說，兩者之間存在一些重疊，但並非完全重疊。

Operator, we have time for one more question, please.

接線員，我們還有時間再問一個問題。

And we'll go to that last question from Atif Malik of Citi.

接下來，我們來回答花旗銀行的阿提夫馬利克提出的最後一個問題。

Tim, you mentioned the gate all around selective etch revenues to double this year. I'm curious about the size of this opportunity this year?

提姆，你提到今年選擇性蝕刻的收入有望翻倍。我很想知道今年這個機會到底有多大？

To be more specific, what I actually said was -- Yes, what I actually said was that the selective etch revenue would double -- the selective edge is actually used in more applications than just gate all around, and I don't think we're going to quantify the exact size of the business yet.

更具體地說，我實際說的是——是的，我實際說的是選擇性蝕刻收入將翻倍——選擇性邊緣實際上應用於比全方位閘極更多的領域，而且我認為我們目前還無法量化這項業務的確切規模。

Got it. And then is it possible for you to kind of quantify your exposure of sales to advanced packaging, heterogenic computing just ballpark?

明白了。那麼，您能否大致估算一下您在先進封裝和異質運算方面的銷售敞口？

Yes. We -- I don't know that we've actually quantified it. But what I would say is that we provide a number of the very critical steps there. Obviously, some of the processes that we've talked about in the past are electroplating. Our etching processes are both critical to some of the high aspect ratio of processes like through-silicon via or other parts of the process that go into 3D packaging. So it's a priority market for us, and we've been doing quite well for a number of years in that space.

是的。我們——我不知道我們是否已經對其進行了量化。但我想說的是，我們提供了其中許多非常關鍵的步驟。顯然，我們過去討論過的一些工藝包括電鍍。我們的蝕刻製程對於一些高縱橫比的製程至關重要，例如矽通孔或其他3D封裝製程環節。因此，這是我們的重點市場，而且我們在這個領域已經取得了相當不錯的成績。

And I'll now turn the call back to Tina Correia for any additional or closing comments.

現在我將把電話轉回給蒂娜·科雷亞，請她補充或作總結發言。

Thank you, operator, and thank you all for joining our call today. We appreciate your support.

謝謝接線員，也謝謝各位今天參加我們的電話會議。感謝大家的支持。

And so this concludes today's call. We thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您可以掛斷電話了。