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.

美好的一天，歡迎參加 Lam Research Corporation 的 2021 年 12 月季度收益電話會議。在這個時候，我想把會議轉交給公司財務和投資者關係副總裁 Tina Correia。請繼續，女士。

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，大家下午好。歡迎參加 Lam Research 季度收益電話會議。今天和我在一起的是總裁兼首席執行官 Tim Archer；以及執行副總裁兼首席財務官 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.

在今天的電話會議中，我們將分享我們對商業環境的概述，並將審查我們 2021 年 12 月季度的財務業績和 2022 年 3 月季度的展望。詳細說明我們財務業績的新聞稿在下午 1:00 後發布。太平洋時間今天下午。該新聞稿還可以在公司網站的投資者關係部分以及今天電話會議隨附的演示幻燈片中找到。

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.

今天的演講和問答包括前瞻性陳述，這些陳述受到我們在美國證券交易委員會公開文件中披露的風險因素中反映的風險和不確定性的影響。請參閱演示文稿中的隨附幻燈片以獲取更多信息。

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，今天對我們財務業績的討論將在非公認會計原則財務基礎上進行。可以在演示文稿的隨附幻燈片中找到 GAAP 和非 GAAP 結果之間的詳細核對。本次電話會議計劃持續到下午 3:00。太平洋時間。本次電話會議的重播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.

有了這個，我會把電話交給蒂姆。

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.

謝謝你，蒂娜，祝今天加入我們的所有人新年快樂。 2021 年日曆是公司和我們的社區必須在許多方面應對重大挑戰的又一年。 Lam 的運營和業績受到 COVID-19、勞動力短缺、貨運和物流成本上升以及供應鏈限制的影響。但我為 Lam 員工如何在每一個轉折點做出承諾和敏捷地響應以支持我們的客戶和業務感到自豪和感激。

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.

隨著全球經濟和我們日常活動的數字化轉型全年加速，對晶圓製造設備的需求持續增加。 Lam 在 2021 日曆年實現了創紀錄的收入和每股創紀錄的收益。這些業績中嵌入了我們業務的每個領域（包括 NAND、DRAM 和代工邏輯）以及我們客戶支持業務的每個子部門的創紀錄收入。即使在代工邏輯支出相對於內存較高的一年，我們在蝕刻和沈積方面都獲得了市場份額。

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.

隨著我們結束 2021 年並進入新的一年，對 Lam 產品的需求從未如此高漲。然而，正如我們在前幾個季度所討論的那樣，在這些前所未有的產出水平下，全球供應鏈仍然受到嚴重壓力。在 12 月季度，在該季度的最後 2 週出現了主要來自關鍵供應商的組件的意外發貨延遲，儘管我們的供應商和我們的全球運營團隊做出了努力，但我們仍然沒有足夠的時間進行全面恢復。由此產生的發貨延遲導致收入低於我們指導範圍的中點。 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，我們看到供應挑戰已經擴大，COVID Omicron 激增進一步擾亂了貨運和物流業務，並加劇了熟練勞動力的短缺。我們還繼續遇到包括半導體在內的某些組件和零件的嚴重短缺。因此，我們 3 月份季度的收入水平將受到我們全球供應鏈的產出限制的限制，這反映在我們的指導中。我們正在積極地與供應商合作解決問題，並相信在接下來的幾個季度中，我們將看到逐步改善。總體而言，對於 2022 日曆年，我們預計將實現強勁的全面收入增長。

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增長。我們認為，2021 日曆年的支出與我們在上次電話會議中提供的 800 億美元中期估計一致。 NAND、DRAM 和代工邏輯均以兩位數增長，實力廣泛。

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 日曆年，有多個主題支持我們對 WFE 持續增長的看法，包括強大的終端市場需求趨勢、不斷上升的設備複雜性、強勁的半導體行業運營盈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，技術格局不僅繼續建立在人工智能、物聯網、雲和 5G 的普遍驅動因素之上，而且隨著虛擬和增強現實的進步為未來十年的元宇宙奠定了基礎，現在還沿著另一個向量方向發展。身臨其境的遊戲體驗將成為元界開發和採用的主要驅動力。我曾在之前的電話會議上談到，由於領先的性能要求和半導體含量的增長，用於遊戲的先進處理器和存儲設備如何有利於 WFE 需求。在整個半導體行業，我們看到 20 多家新晶圓廠正在建設中，客戶已經宣布今年資本支出大幅增加。

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 支出將在 1000 億美元範圍內，所有領域都將出現強勁增長。我們相信，我們在 2021 年的表現增強了我們在未來強勁的需求環境中獲勝的能力。我們推出了創新的新蝕刻和沈積產品，在關鍵技術拐點上獲得了市場份額，並迅速擴大了我們的安裝基礎。

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.

在最後一點上，我們的客戶支持業務組繼續超出預期。我們的房間數量在 2021 日曆年增長了約 13%，達到約 75,000 個單位。我們在 2020 年投資者日作為關鍵增長目標強調了每個房間的收入，到 2021 年同比增長近 24%，或幾乎是房間數量增長的兩倍。我們預計 2022 年日曆年將是我們 CSBG 業務的又一個強勁增長年。

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.

我們龐大且不斷增長的安裝基礎還通過我們的產品創新流程增加了巨大的價值。每天在我們的安裝基地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我們的學習週期，這在設備和製造複雜性日益增加的時代都至關重要。

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 年對 Lam 來說是具有重要里程碑意義的一年。僅強調幾點：我們的 Vantex 電介質蝕刻系統成為 Lam 歷史上增長最快的新蝕刻產品。 Vantex 建立在我們開創性的新 Sense.i 平台之上，通過實現更高的蝕刻率和提高晶圓廠佔地面積效率來幫助客戶降低成本，而新的工藝能力則擴展了我們在高縱橫比蝕刻方面的技術領先地位。我們預計 Vantex 的出貨量將在 2022 年繼續增長，該產品的總收入將同比增長大約一倍。

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.

我們用於背面沉積的 VECTOR DT 產品在所有客戶中為超過 200 層的 3D NAND 設備實現了創紀錄的工藝工具，進一步展示了我們在 3D 縮放支持方面的領先地位。我們的選擇性蝕刻、剝離和表面處理解決方案取得了多項重要的領先優勢，包括在一家代工廠邏輯客戶處的全方位柵極應用以及我們在 DRAM 領域的首次選擇性蝕刻。

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.

隨著邏輯和存儲設備的複雜性增加，與傳統濕法蝕刻方法相比，對埃級精度的需求正在推動 Lam 的選擇性邊緣解決方案的更多采用。這將使選擇性蝕刻收入在今年翻一番，因為客戶將我們的創新產品套件用於當前的前沿應用以及未來的設備架構。最後，我們在關鍵位線和間隔層應用中贏得了減少 RC 的勝利，從而增加了我們的沉積市場份額，並且現在在所有領先節點上都獲得了該應用的資格。

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.

總而言之，我們的產品動力和已安裝基礎業務的出色表現使 Lam 處於有利位置，可以利用我們看到的對晶圓製造設備的巨大需求。我們的首要任務是緩解影響我們產能、交付可預測性和財務業績的近期供應限制。隨著未來幾個月在這方面取得進展，我們相信 2022 年日曆年將是林的另一個顯著增長時期。

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

謝謝你。現在道格來介紹財務業績和我們的前景。

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.

偉大的。謝謝你，蒂姆。大家下午好，感謝你們今天在我所知道的一個非常繁忙的收益季節加入我們的電話會議。

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 日曆年在許多方面對 Lam Research 來說都是創紀錄的一年。我們以 165 億美元的收入結束了這一年，其中包括我們的系統和 CSBG 業務的創紀錄收入水平。我們的每股收益也創下歷史新高，達到 32.46 美元。我認為重要的是要指出，我們在 2020 日曆年的每股收益增長了 59%，超過了 39% 的收入增長。

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，我們在這一年結束時有點低迷。正如蒂姆所說，由於供應鏈問題在 12 月季度的最後兩週影響了我們，我們的收入處於指導範圍的下限。這些延遲主要來自 1 家關鍵零件供應商，這意味著我們無法確認我們實際向客戶發貨的工具的收入總額超過 2 億美元。您會注意到這反映在 12 月季度末資產負債表上的遞延收入水平增加 14.6 億美元。這些部件中的絕大多數現在已經發貨，工具的全部價值將在 3 月季度獲得收入。

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.

雖然我們繼續增加我們自己工廠的產能，但我們看到來自全球供應鏈的不利因素正在擴大，這正在影響略微疲軟的 3 月季度收入和毛利率指引。這些不利因素部分與 Omicron 和勞動力相關，部分與供應商規模相關，部分歸因於貨運和物流限制。

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.

我們的預期是，該行業更廣泛的供應鏈問題將持續一段時間，我們將退出 3 月季度，供應商發貨延遲增加，可能導致遞延收入再次增長高達 5 億美元。我只想強調，我們經常以模塊化的方式向客戶運送設備，這可以加快交付速度，並使客戶能夠在等待完全配置的工具時開始安裝。隨著我們讓供應商滿足我們的需求並且這些缺失的組件發貨，這些工具將在未來幾個季度獲得收入。這顯然是一個不穩定的情況。

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.

現在讓我談談我們 12 月季度業績的細節。本季度收入為 42.3 億美元，比 9 月季度略有下降，但比去年同期增長 22%。從細分市場的角度來看，內存佔 12 月季度系統收入的 58%，低於上一季度的 64%。本季度內存的強勁增長是由對 DRAM 領域的投資推動的，無論是美元還是系統收入的百分比集中度都有所增加，佔系統收入的 23%，而 9 月季度和 6 月季度分別為 19% 和 10%。 DRAM 投資主要集中在 1Z 和 1-alpha 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 部門占我們系統收入的 35%，而上一季度為 45%。我們看到我們的 NAND 客戶在 128 層到 192 層設備上的投資都在增加容量和轉換。我們預計，隨著 2022 日曆年的到來，我們將繼續看到添加和轉換的混合。前沿和成熟設備節點的廣泛需求推動了代工領域的持續增長，12 月季度占我們系統的 31%收入與 9 月季度的 25% 相比。多個客戶正在對該領域進行投資，以滿足人工智能、物聯網、雲和 5G 等最終需求驅動因素，這導致大多數技術設備的單位數量顯著增長和更多的矽含量。

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.

邏輯和其他部門的系統收入又創下了一個季度的紀錄，在 12 月季度貢獻了 11% 的系統收入，這與上一季度的集中度一致。我們的客戶正在投資以滿足市場對微處理器、圖像傳感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.

現在讓我們切換到我們總收入的區域構成。中國地區佔總收入的 26%。雖然是 12 月份的最高地區，但它低於我們在過去幾個季度看到的 30% 以上的水平。這是預期的結果，與客戶投資的時機有關。中國國內客戶是 12 月季度中國地區收入的大部分。

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.

在 12 月季度，韓國和台灣地區的投資活動也分別佔收入的 25% 和 18%。我們安裝的基礎業務 CSBG 的收入接近 15 億美元，比 2020 年 12 月季度高出 29%，環比增長約 8%。 CSBG 的持續實力反映了不斷增長的工具安裝基礎、以高利用率運行的客戶以及我們通過提供更多增值高級服務解決方案將不斷增長的安裝基礎貨幣化的能力。 CSBG 的每個子部門在本季度都創下新紀錄，但我想特別指出我們的 Reliant 產品線連續第 12 個季度創紀錄，為眾多客戶不斷增長的專業市場創造價值。雖然 CSBG 業務可能存在季度波動，但我們繼續看到每年持續穩定增長。

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.

現在轉向毛利率。 12 月季度為 46.8%，高於指導區間的中點。毛利率的增加來自有利的客戶和產品組合，原因是發貨時間，以及由於客戶安裝活動增加而導致的高現場資源生產力。正如我們過去所討論的，由於整體業務水平以及客戶和產品組合，毛利率可能會出現季度波動。我只想提一下，我們之前討論的供應鏈限制對我們的成本產生了增量負面影響，這些限制對 3 月份的毛利率指導產生了負面影響。

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 月的運營費用為 6.27 億美元，比上一季度的 5.86 億美元有所增加。隨著日曆年的結束以及額外的研發和投資，12 月季度的可變薪酬更高。我們增加了研發人員以支持我們不斷增長的產品組合，並且我們專注於支持客戶正在進行的技術路線圖。 12 月的營業利潤率為 32% 或約 14 億美元。我們本季度的非 GAAP 稅率為 11.9%，總體上符合我們的預期。

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 '22 日曆年，我們預計現行稅率將處於低水平。我們將繼續關注美國正在考慮的潛在稅收變化。鑑於那裡的不確定性，我們尚未反映財務模型發生任何變化的影響。正如我們在之前的電話會議中所討論的那樣，我們的稅率可能會逐季波動。

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.

本季度的其他收入和支出為 1900 萬美元。這一數額好於上一季度，並且由於我們最近在公開募股中籌集資金的一項風險投資獲得了收益，因此在 12 月季度產生了收入。正如我們在上一季度的財報電話會議中所指出的那樣，我們在 12 月季度的指導中沒有包括大約 5000 萬美元的估計收益，並且您看到的結果中的金額與該預測相當接近。這一收益增加了 26%——或者對不起，根據每股收益調整了 0.26 美元的稅。我只想讓您注意，整體 OI&E 會受到與市場相關的波動的影響，這可能會導致與我們的典型運行率不同。

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.

我們繼續以資本回報為重點回購股票。在 12 月季度，我們回購了價值約 4.3 億美元的股票。此外，我們在本季度支付了 2.11 億美元的股息。在這一日曆年，我們總共分配了 38 億美元用於資本回報，約佔自由現金流的 94%。 2021 年，我們以每股 593 美元的平均回購價格減少了超過 400 萬股股票。 12 月季度的稀釋後每股收益為 8.53 美元。稀釋後的股票數量餘額略低於 9 月季度的水平，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.

現在讓我轉向資產負債表。現金和短期投資（包括受限現金）總額為 56 億美元，高於上一季度的 49 億美元。我們在 12 月季度從運營中產生了 14 億美元的強勁現金，這在一定程度上被我剛才談到的資本回報活動所抵消。與 9 月季度的 72 天相比，未償銷售天數基本持平，為 73 天。庫存周轉率比上一季度的 2.9 倍略有下降，這幾乎符合我們的計劃，因為我們增加了庫存以增加業務量。

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大約 6300 萬美元的股權補償、6200 萬美元的折舊和 2000 萬美元的攤銷。 12 月季度的資本支出與 9 月持平，為 1.38 億美元。資本支出主要集中在擴建活動上，例如我們在俄亥俄州的矽零件工廠和將於 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.

在 12 月季度（截至 12 月季度末），我們有 16,300 名正式全職員工，比上一季度增加了約 900 人。我們的員工人數增長主要來自工廠和現場組織，以支持我們所看到的不斷增長的產出水平。

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.

現在讓我們看看我們對 2022 年 3 月季度的非 GAAP 指導。我們預計收入為 42.5 億美元，上下浮動 3 億美元。正如我們之前所討論的，由於我們看到的供應鏈限制擴大，該指引反映了我們對 3 月季度發貨延遲水平更高的預期。客戶的需求比我們目前所能提供的要強得多。隨著我們退出 12 月季度，積壓訂單已連續 5 個季度增長。

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.

我們預計毛利率為 45%，上下浮動 1 個百分點。我們的指導反映了我們為管理供應鏈的執行而產生的更高水平的支出，以及保護關鍵半導體零部件的額外成本。當我們今天坐在這裡時，我相信我們的毛利率會隨著我們全年的進展而提高。我們預測營業利潤率為 29.5%，上下浮動 1 個百分點。最後，基於大約 1.41 億股的股票數量，每股收益為 7.45 美元，上下浮動 0.75 美元。由於我們已經討論過供應鏈的不確定性，我們正在擴大我們的範圍。

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.

從 2022 日曆年開始，我們正處於半導體行業歷史上最強勁的投資年。需要注意的是，需求明顯存在，這一點很重要。我們正在處理擴大供應鏈限制的問題，我們知道隨著時間的推移我們會解決這個問題。我們專注於解決這些供應挑戰，我們有信心在這一年中實現改進。我們處於穩固的市場份額地位。到 2021 年，我們在所有細分市場中獲得了進一步的吸引力。我們擁有強大且不斷增長的安裝基礎業務。

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

接線員，蒂姆和我準備好的評論結束了。我們現在想打開提問的電話。

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

（操作員說明）我們將首先前往摩根大通的 Harlan Sur。

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?

那麼你們能不能幫助我們了解供應鏈的限制。這是更多的子系統和零件短缺還是芯片短缺？而且我假設您在整個今年都在為子系統、零件和芯片下訂單，只是因為交貨時間延長了。因此，看看您的供應商今年承諾向您發貨的產品，如果所有這些都發揮作用，再加上來自馬來西亞的增量系統容量擴展，該團隊能否滿足其今年的前瞻性積壓和預測的客戶需求？或者您是否認為本日曆年您的出貨量可能低於客戶的需求要求？

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.

所以Harlan，我會開始，如果他願意，讓Doug 添加。正如我們所提到的，12 月刊主要是關鍵部分，我們稱之為——我稱它們可能是子系統，進入我們工具的相當大的關鍵組件。但是，某些供應商在運輸方面面臨挑戰的根本原因是全面的。我們談到了擴大挑戰。在某些情況下，由 COVID 驅動的曠工導致並加劇了勞動力短缺。在某些情況下，它是芯片可用性。在某些情況下，它一直是貨運和物流。

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，我們正在與這些供應商密切合作，並且我們已經承諾了時間表。我們已經說過我們的交貨時間比正常情況要長得多。我認為，我們今天比以往任何時候都更清楚地了解需求和客戶日程安排。因此，就您而言，我們已向供應商下訂單。而且我想說，無論是在林的情況下還是我們的供應商的情況下，這都是關於執行更高需求的計劃。

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.

現在我們為您提供的是我們相信我們可以執行的 WFE 前景。正如我們所說，我們相信我們將在未來幾個季度逐步提高供應鏈能力。當我們這樣做時，你會看到 Lam 的產量，我們供應鏈的產量增加，屆時我們將滿足客戶的需求。

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.

我還要指出的是，從我們自身的能力來看，這是2021年重點關注的領域，我們談了很多。我們顯著擴大了我們在美國、韓國和台灣的現有工廠。我們從我們的新馬來西亞工廠加速並開始發貨，該工廠最終將成為我們最大的製造基地。我們增加了全職和臨時勞動力的就業。我想說，現在，我們的重點是確保我們供應商基礎的各個方面都提高了與我們相匹配的能力。這是我們每天都在努力的事情，我相信我們會 - 正如道格所說，我們 - 這是一個可以解決的問題，但這是我們目前的首要任務。

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.

也許我要補充的唯一一件事，就是讓每個聽過的人都清楚，12 月輕微低於中點，真的，12 月下旬出現的供應商。我們只是沒有時間回應它。所以這是一種說法。

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，蒂姆剛剛告訴你的是，我們正在努力緩解的供應商超出了 1 個。我們正在與許多不同的供應商做很多不同的事情來解決這個問題，Harlan，但我們知道我們會解決這個問題。這是您可以通過自己的方式管理的事情，我們將通過它來管理自己的方式。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.

也許只是最後要注意的評論，顯然每個人都在想，我們在整個 2021 年都在與挑戰作鬥爭。我的意思是，供應鏈並不是剛剛成為一個問題。但我想說的是，當我們談論我們現在看到的輕微惡化時，一些事情已經改變了，在很多情況下，無論是林的庫存還是供應商的庫存，它們都被這些非常高的產量水平，以至於我們很容易錯過可能只有幾天的失誤，但按照我們工廠的產量，這幾天實際上可以轉化為一些相當大的收入數字，而相應的幾天可能對我們的供應商也是如此。

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.

所以我認為現在不同的是，我們應對挑戰的空間更小了。但我告訴你，整個 2021 年，我們都在與這些作鬥爭，而且在幾乎所有情況下，我們都成功地緩解了這些問題，而沒有讓它們成為我們財務業績中的失誤。但我認為——這就是讓我們有信心在 22 年也能解決這些問題的原因。

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。那麼你能不能 - 鑑於強大的 WFE 背景和 Lam 潛在的強勁增長背景，你們能給我們介紹一下馬來西亞製造業的最新情況嗎？我相信目標是在今年年中之前使馬來西亞的年收入達到約 30 億美元。團隊是否仍在為此而努力？而且我還聽說該團隊正在嘗試圍繞該設施建立國內供應商支持，這對你們來說可能是一個很大的好處，對，尤其是在這樣的時期，不得不從其他地區採購材料可能會相當具有挑戰性的。所以也許你也可以在這裡更新我們在檳城建立國內支持能力的戰略？

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。好吧，我想說的是，馬來西亞工廠的坡道正在走上正軌，我們對在那裡取得的進展感到非常滿意。同樣，它正在按計劃進行。需求在某種程度上超過了斜坡率。但回到你的觀點，為什麼我們開始在馬來西亞進行擴張，正如我提到的，在韓國、台灣、美國甚至我們在歐洲的工廠，這就是我們有機會利用不同的人才庫。因此，我談到了勞動力短缺，並非所有與 COVID 相關，這些只是由滿足該行業許多部分的需求所驅動。

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，通過在不同地點設立工廠，我們可以利用不同的人才庫。而且，正如您所提到的，我們有機會對不同的供應商集進行資格認證，甚至在某些情況下，我們擁有全球關鍵供應商，他們在我們隔壁非常靠近我們工廠的相同地點建造工廠，他們還利用那個不同的人才庫。因此，我們認為，從長遠來看，我們全球足蹟的擴大實際上會通過多種方式使我們對任何一個特定地區的中斷不那麼敏感，無論是在貨運和物流方面，還是在勞動力方面，還是在供應鏈方面.所以這都是我們戰略的一部分。我們正在執行它，我們只需要更快地到達終點。

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

因此，我們將回答 Cowen and Company 的 Krish Sankar 提出的下一個問題。

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。道格和蒂姆，你們提到今年 WFE 將達到 1000 億美元。但是，如果我查看當前的 WFE 運行率，它似乎更像是在 900 億美元的中低端。因此，要達到 1000 億美元，下半年的運行率必須在 1050 億美元到 1100 億美元之間。我知道需求很強勁，而且今天的供應限制。所以如果我的數學是正確的，這是否意味著 WFE 和收入必須在下半年增加？這就是我們今天所處的 1000 億美元 WFE 的含義嗎？假設 Lam 的收入必須在今年下半年上升，這是否公平？然後我有一個跟進。

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 WFE 今年的權重下降了一半。也許與真正的需求在哪裡有很大關係，但也有一點，因為我相信今年上半年該行業將受到一定程度的供應限制。所以我認為這將是下半年的加權支出年，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?

知道了。然後是道格，只是為了快速跟進。這是否意味著您的收入也應該在後半部分增加？

Likely, yes.

可能，是的。

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?

知道了。知道了。好的。很公平。然後我的後續問題是關於中國的，你提到國內在 12 月份非常強勁。看起來今年中國國內業務也會很強勁。你能幫我們理解是什麼驅動它嗎？最近有消息稱長江存儲的母公司清華大學出現了一些問題。因此，一些投資者擔心這將限制 YMTC 今年 WFE 的資本支出。所以我有點好奇，你認為今年中國 WFE 的發展趨勢是什麼？這仍然是較小的後緣客戶的長尾嗎？或者你認為像中芯國際和長江存儲這樣的大公司今年也會成為中國國內 WFE 的重要組成部分嗎？

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 WFE 的角度來看，我們認為它仍然對許多不同的參與者有非常廣泛的需求，事實上，甚至一些新的晶圓廠和正在進入那裡的市場的新參與者也是如此。當然，雖然其中一些是大玩家，但其中很多是晶圓廠正在解決我們都知道的非常緊張的後緣技術格局。所以我認為這是 WFE 的一個相當大的驅動力，而 Lam 很好地參與了這個市場。 Doug 提到了我們的 Reliant 業務，該業務在業務方面繼續創下紀錄，其中很多都源於在中國等處於非前沿節點的地方的投資。

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，投資業績——我只是想說，我要補充的是非常廣泛的客戶群，Krish。坦率地說，很多人你可能甚至沒有聽說過。因此，在中國消費美元的人很長。

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?

知道了。只是我的意思是，蒂姆和道格，只是想澄清一下，你們現在不是太擔心清華的所有中國新聞嗎？

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.

我並不過分擔心。沒有。中國有充足的流動性來滿足他們進行計劃投資的願望。

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

我們將在 Evercore 的 C.J. Muse 旁邊。

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，第一個問題是您所看到的供應鏈問題和更高的運費成本的衍生問題。奇怪的是，您有能力將較高的投入成本轉嫁給客戶。我知道合同有一條長尾，但很想了解您如何看待 2022 年的情況？

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.，我會試一試。我的意思是，首先，我的意思是，我們不會詳細介紹我們可能在這一點上與客戶進行的對話。但我想我會指出幾件事。第一，考慮到 Doug 談到的與近期預測相關的巨大成本挑戰，我們可能很難看出我們在做什麼。但從長遠來看，Lam 設備對於提高全球半導體產能絕對至關重要。這對我們的每一位客戶和更廣泛的行業都很重要。我們也是——我們的設備對於實現該行業的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，我們為行業內的客戶所做的工作具有巨大的價值，我們始終努力為所交付的價值獲得公平的報酬。現在，我想說我們正專注於解決這些供應鏈問題，與客戶和供應商就我們如何以最有效的方式進行對話。而且我認為，當您看到我們通過這些工作時，您會看到我們的財務業績（包括毛利率）在未來繼續改善。

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?

偉大的。很有幫助。我想，作為我的後續行動，當您查看已安裝的基礎業務時，您談到了每個房間 24% 的房間收入增長，這非常令人印象深刻。很好奇我們應該如何看待 2021 年以後的增長。我認為從歷史上看，您曾談到每室 CAGR 的預期收入為 6% 到 10%。那改變了嗎？我們應該考慮更高的數字嗎？

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.

嗯，是的，我的意思是，如果你預測這些當前的增長率，你會在未來獲得一個相當大的客戶支持業務組。但是我們——正如我所提到的，超出預期，業務做得非常好。我想說，我們預計該增長率會有所緩解。我認為在我們的分析師日，我們推出了一個模型，說，看，我們每年的目標是說我們會增長——收入增長將超過安裝基數的增長，這意味著從根本上，您正在推進每個會議廳的收入獲取。

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.

現在，我們把這些數字吹走了。但其中一些可能是短期的。我的意思是，很明顯，每個人都在增加持有的庫存，這些庫存也可能用於我們的備件業務。隨著時間的推移，我不知道那會是什麼時候，因為我認為人們會在很長一段時間內對我們正在談論的供應問題保持謹慎。最終，他們會將這些庫存拉回可能更有效的數字，這將導致 CSBG 的備件業務部分有所緩解。

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.

我們還談到了 Reliant 業務以及後沿工具升級和銷售的巨大增長。我不知道，這會減輕很多，但在過去的一兩年裡，它的速度一直很熱。所以我希望那裡有一些緩解。因此，也許最好的思考方式是，我們的目標始終是超過安裝基數的增長，為每個房間獲得更多收入。因此，您可以對其進行建模——Lam 的預期腔室增長率加上一些可能是考慮它的最佳方式。

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

因此，我們將轉向瑞銀的蒂莫西·阿庫裡提出的下一個問題。

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.

蒂莫西·阿庫裡（Timothy Arcuri）實際上是戴安娜·張（Diana Chang）。我想知道您是否可以根據您之前談到的來自馬來西亞的通用汽車毛利率不利因素進行討論。您能否幫助我們量化我們應該如何看待未來幾個季度的影響？新的馬來西亞製造業是否可能在今年下半年從逆風轉向順風？我只是想了解那裡的毛利率影響。

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。馬來西亞將成為毛利率的順風車。當然，隨著我們進入下半年。在我的腳本評論中，我基本上說，當我回顧 22 日曆年的剩餘時間時，我預計毛利率將從我們今天的水平有所提高。其中一部分將是馬來西亞。部分原因是供應鏈的緩解，部分原因是新產品的問世和積極的混合因素。所以我會給你一些考慮的事情。

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?

知道了。也許只是基於國內的中國 WFE。你能談談你認為 2021 年的到來嗎？您如何看待中國國內到 2022 年的情況？

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。我們一直在談論它的方式是，這是 21 年的增長年。我們沒有量化多少，但它非常符合預期。我們將 2020 年描述為去年大約 100 億美元的中國本土 WFE 增長。我要告訴你的是，今年它會再次增長。

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

我們將在 Bernstein Research 的 Stacy Rasgon 旁邊進行討論。

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?

關於您對今年 WFE 的預測，我有一個關於您的細分市場組合的問題。考慮到你們傾向於關注的地方，您是否認為，就您根據您對 2022 年 WFE 市場本身增長的看法而增長的能力而言，該細分市場是一個潛在的劣勢？

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，斯泰西，這是個好問題。我確實認為，當我看到 22 年的增長時，你會看到代工邏輯的最高增長水平。這就是正在發生的事情。我認為這很好理解。我認為，您的觀察是正確的，您的問題固有的是，從歷史上看，與記憶相比，我們在支出份額方面的代表性有所減少。儘管如此，在過去的幾年裡，我們已經邁出了一大步。我們繼續——2021 年對我們在代工和邏輯方面來說是一個很好的份額位置年。所以這將使我們受益。而且，當我看到 '22 WFE 時，我認為你會看到內存的良好增長，我也會讓 Tim 補充。

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，我只是想提一下，我的意思是，我們可能已經多次收到關於我們在代工邏輯方面的表現以及我們的計劃是什麼的問題。而我——我認為我們做得很好——並且在接下來的幾年中將會發揮作用的是，我們專注於我們的很多產品組合和產品開發，這些產品讓我們走在了前面技術路線圖。僅舉幾個產品的名字。我的意思是，你看看我們在原子層沉積、選擇性蝕刻、低 RC 材料、幹 EUV 抗蝕劑和異質 3D 封裝方面所做的工作，所有這些都與代工邏輯支出的增長密切相關。

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.

現在好消息是，其中許多也像 ALD 和選擇性蝕刻一樣發揮了我們在記憶力方面的優勢。但同樣，我們對嘗試定位投資組合非常謹慎，以便我們接觸代工邏輯最終對公司有利，我認為我們正在取得進展，我們將繼續這樣做。

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

知道了。所以這表明你看到了你在 21 年看到的代工和邏輯繼續到 22 年的份額增長？

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

是的。我認為這種勢頭將在 22 年繼續下去，斯泰西。是的。

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

我們將回答瑞士信貸的約翰·皮策提出的下一個問題。

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?

像許多人一樣，我正在處理多個電話，所以如果它有點重複，我深表歉意。但就第一個問題和你滿足需求的能力而言，Doug，也許這是一個長期的問題。但是你遇到的情況是，半導體行業花了 50 年的時間才獲得 0.5 萬億美元的收入，而且有許多模型表明，未來 8 年，我們將再獲得 5000 億美元，達到 1 萬億美元的收入。如果您支持這種供應需求，您必須在多年的時間內進行增量投資以確保您擁有 -你們在馬來西亞所做的事情是否已經在積壓中？你在分析師日給我們的一些運營支出目標中是否已經考慮到了這一點？

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。讓我試一試，Doug 可以補充。但正如我所說的那樣——如果你在電話之間跳來跳去，你可能不會聽到這個。但我認為，我們過去幾年一直在實施的製造戰略確實讓我們有信心滿足未來的這一需求。正如您所指出的，這就是馬來西亞，還有我們在韓國的製造工廠的擴張。去年，我們買斷了我們在台灣的製造合資企業。我們以相當大的方式擴展了我們所有的美國製造基地。我們還增加了歐洲工廠的產量。

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，當你問這個問題時，是什麼讓我們為該行業增加另外 5000 億美元的 Lam 以幫助滿足這一產出做好準備，它是利用這個全球供應鏈的能力，這使我們能夠獲得更大的人才庫，我們許多零件的更大供應商基礎。有些非常關鍵，但其中許多可以在當地採購到這些工廠。我認為這不僅會幫助我們提高自己的產能（我認為我們正在取得良好進展），還會幫助我們提高全球供應商的產能。這就是我想說的，我們離這條路還很遠，但顯然，正如目前的限制所證明的那樣，我們還有更多的空間要走，我們將在接下來的幾個季度取得進展。

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?

然後，蒂姆，作為我的後續，讓我們在 90 天后能看到，因為所有的後勤問題都已經夠難的了，像你對 WFE 評論所做的那樣考慮全年的工作更加困難。但我有點好奇，很明顯，今年邏輯/代工的增長速度超過了內存，但我們有點處於這種奇怪的位置，從周期性的角度來看，內存公司往往是——或者如果您查看資本支出與轉速的比率以及資本支出的增長，這似乎是有史以來第一次比他們的邏輯/代工合作夥伴更受限制的水平。你是這樣看的嗎？而且我想，重要的是，如果是這樣，當我們從 22 年到 23 年時，這對內存支出有什麼影響？

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。好吧，我的意思是，在旁觀者或客戶的眼中，受限總是更多。但我認為你是對的，我們看到了一個相當平衡的，事實上，在內存空間中可能更平衡的支出配置，至少是我們目前的觀點。不過，也許回到你原來的觀點，關於可見性。我們認為，在這一點上，我們在需求方面的知名度要高得多。我們面臨的挑戰是不了解 6、9、12 個月甚至更長的需求。這實際上是關於提高我們供應基地的供應能力以及我們自己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.

但我認為這意味著我們今年退出市場可能仍然會在 2023 年需求強勁的情況下退出。現在還為時過早——我們現在不會給出 2023 年的指南，但我想說的是它是否在記憶中或者是在邏輯/代工廠，計劃進行大量投資，正在建設中的晶圓廠，其中許多甚至直到 23 年甚至更久才開始使用設備。因此，我認為在這一點上，我們將在未來幾年看到該行業強勁的 WFE。

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

我們將回答 Jefferies 的 Mark Lipacis 的下一個問題。

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，我很抱歉，我對 Lam 電話會議有點陌生，所以如果這是基本問題，我很抱歉。但是，如果我們在全球範圍內出現半導體短缺，導致不同的垂直市場損失數十億甚至數千億美元的收入，而你們製造的設備實際上可以解決這個問題，那為什麼 Lam 和你的同行不能夠製造解決這些挑戰的設備的半導體的絕對第一優先客戶？聽到你們談論組件短缺正在阻止您交付可以解決每個人問題的產品，這簡直是超現實的。這是第一個問題。我有後續行動。

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。我不確定這是一個如此基本的問題，它實際上是一個相當複雜的問題。但我——天哪，我想，我想說我們試圖把這一點說得很清楚。我認為像我們這樣的公司和製造商之間進行了很多討論，就像有很多很多行業與這些供應商討論他們的迫切需求一樣。所以我認為我們不想做這個——我們當然沒有說這都是關於芯片的，這就是限制我們供應的原因。它是一些組件短缺和子系統短缺的一個因素，但它也是其他幾件事。

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.

但我確實相信，隨著我們增加供應商產能以及我們自己的產能和產量增加，這是緩解問題的關鍵。所以也許它變成了一個良性循環，我們的輸出越多，約束就越容易，因此，我們的輸出上升得更快。推動這一目標當然是我們的目標，我們正在與恰好是我們客戶的半導體芯片製造商密切對話，討論他們如何提供幫助。我想說的是，在大多數情況下，這些客戶會介入並儘其所能提供幫助，因為他們想要我們運送給他們的設備。

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，我們不會從事購買半導體的業務，對吧？那是我們的供應商，有時甚至是我們供應商的供應商，他們將採購這些芯片。而且因為我們非常了解我們的那群客戶，他們的供應商，這就是我們介入的原因。也許這會有所幫助。我們顯然可以接觸到這些人。因此，我認為，我們可以更快地改進這一點，這就是我們現在指出這一點的原因。這是一部很棒的戲。

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。得到你。這很有幫助。如果可以的話，還有後續行動。我很感激你 - 聽起來你今年的知名度非常高。什麼是——關於 2023 年，您與您的客戶進行了什麼樣的對話，感謝他們可能不會給您那麼遠的硬命令，或者他們可能會這樣做。但我的意思是，您是否與您的客戶就 2023 年的情況進行了此類規劃討論？你能告訴我們這些對話是如何進行的嗎？這就是我的全部。

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，這是個好問題。我的意思是，很明顯，我們有足夠的對話來做出我們必須做出的很長的前置時間決定。因此，當我談到我們的製造設施擴張和招聘率時，其中一個組成部分，它不是 - 有一個相對較長的準備時間是招聘到現場支持這些新客戶設施和項目的工程師。所以我想說，我們已經在與客戶認真討論 2023 年。

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.

但是，現在就 2023 WFE 的數字看起來像你們中的許多人可能喜歡的那樣精確還為時過早，我們今天不打算進行這樣的對話。但我會說客戶提供了很多可見性，只是他們希望我們做好準備。我們正在與供應商進行同樣的對話，因為我們需要他們做好準備。因此，您可以相信，我們今天與客戶進行的這些對話非常頻繁且相當深入。

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

我們將回答摩根士丹利的喬·摩爾提出的下一個問題。

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?

根據你們為處理所有這些問題所承擔的成本，當然要了解毛利率壓力。但是您的客戶正在處理一些相同的東西，並且正在提高價格並將其轉嫁給他們的客戶。如果這最終成為一種持續存在的情況，即您的運輸成本和組件成本以及諸如此類的東西很高，您是否認為毛利率會恢復到幾個季度前的水平？

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，我願意。我特別 - 你可能也在通話之間跳躍。在我準備好的講話中，我特別表示我相信隨著時間的推移，我們的毛利率會提高。我認為，這意味著 3 月季度是今年毛利率的低點。很多因為這些貨運和物流以及供應鏈中的其他事情，我們只需要修復它，這就是我們正在做的事情。

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。這就說得通了。我的意思是，我猜，只是你正在修復它，因為這些成本正在消失？或者您是否能夠向您的客戶收取加急費之類的費用來處理所有這些問題？

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而有之。正如您所提到的，一些問題可能會持續存在並內置於行業的成本結構中，在這種情況下，最終必須在行業定價中考慮這些問題。然而，顯然，我們對我們市場某些部分的客戶對成本敏感這一事實非常敏感，因此，我們將首先嘗試消除盡可能多的成本。因此，我們並沒有採取簡單的方法來嘗試轉嫁成本，首先嘗試消除它們，然後將根據具體情況處理那些持續存在的成本。

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

我們將繼續討論 Stifel 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。但也許對於道格來說，由於目前正在發生的供應鏈問題，我知道很難給出一個具體的答案。但是，您如何看待新出貨和新工具所需的分配與您的已安裝基礎業務之間的分配，後者也有很多此類組件。顯然，很多客戶的利用率很高。至少在短期內，你試圖做的平衡是什麼，以讓你的客戶在兩端都盡可能地滿意？

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

是的，我實際上要把這個給蒂姆，帕特里克。

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，我認為那是因為我要告訴你的是，對客戶來說最有價值的工具是在他的工廠中運行的工具。因此，當然，它不是 - 我們今天優先考慮保持已安裝的基礎運行和輸出。對於較早的問題之一，如果我們不這樣做，那麼問題就會變得更糟，因為沒有生產芯片。所以我們必須在某些時候做出這樣的決定，但我可以告訴你的是，優先考慮的是安裝基礎以及為該行業製造和輸出晶圓和芯片的工具。

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.

但是帕特里克，顯然這不是非此即彼的，我們同時緩解了這兩種情況，而且製造備件和新設備的供應組也不完全相同。所以它可能和你想像的一樣多。

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.

不對。現在，並非所有約束都存在於備用零件上。我們工具中的某些子系統不是現場可更換的備件單元。因此，正如 Doug 所說，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，我們有時間再問一個問題。

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

我們將回答花旗的 Atif Malik 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?

蒂姆，你提到了今年選擇性蝕刻收入翻番的大門。我很好奇今年這個機會的規模？

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，我實際上說的是——是的，我實際上說的是選擇性蝕刻收入會翻倍——選擇性邊緣實際上用於更多的應用，而不僅僅是周圍的門，我不認為我們'將量化業務的確切規模。

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

知道了。然後，您是否有可能量化您對高級封裝、異構計算的銷售風險？

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——我不知道我們實際上已經量化了它。但我想說的是，我們在那裡提供了許多非常關鍵的步驟。顯然，我們過去談到的一些工藝是電鍍。我們的蝕刻工藝對於某些高縱橫比工藝（如矽通孔或進入 3D 封裝的其他工藝部分）都至關重要。所以這對我們來說是一個優先市場，多年來我們在這個領域一直做得很好。

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 Tina Correia，以獲取任何其他或結束的評論。

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

謝謝你，接線員，謝謝大家今天加入我們的電話。我們感謝您的支持。

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。我們感謝您的參與，您現在可以斷開連接。