科林研發 (LRCX) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Lam Research Corporation's September quarter earnings call.

女士們、先生們，大家好，歡迎參加 Lam Research Corporation 九月季度收益電話會議。

At this time, I would like to turn the conference over to Ms. Tina Correia, Corporate Vice President, Corporate Finance and Investor Relations. Please go ahead.

現在，我想將會議交給公司財務和投資者關係副總裁蒂娜·科雷亞女士。請繼續。

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 季度財報電話會議。今天與我在一起的有總裁兼執行長 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 September 2021 quarter and our outlook for the December 2021 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，我們將分享我們對商業環境的概述，並回顧我們 2021 年 9 月季度的財務業績以及我們對 2021 年 12 月季度的展望。詳細介紹我們財務業績的新聞稿是在下午 1 點後發布的。太平洋時間今天下午。新聞稿也可在公司網站的投資者關係欄位中找到，同時也可找到今天電話會議的簡報投影片。

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.

今天的演示和問答包括前瞻性陳述，這些陳述受我們向美國證券交易委員會 (SEC) 提交的公開文件中披露的風險因素所反映的風險和不確定性的影響。請參閱簡報中的附帶幻燈片以獲取更多資訊。

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 today's earnings press release.

除非另有說明，今天對我們財務業績的討論將以非 GAAP 財務基礎呈現。在今天的收益新聞稿中可以找到 GAAP 和非 GAAP 結果之間的詳細對帳。

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.

此次通話預計將持續到下午 3:00。太平洋時間。今天下午晚些時候我們將在我們的網站上重播通話。

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

說完這些，我會把電話交給提姆。

Thanks, Tina, and welcome, everyone. Lam delivered a solid September quarter, with revenues in line and earnings per share above the midpoint of our guided ranges. These results represent our sixth consecutive quarter of revenue and earnings per share growth for the company. Over this time period, we have scaled our operations to support rapidly growing demand for our products and services. And as we look forward, we see continued strengthening across both leading edge device segments and specialty technology markets.

謝謝，蒂娜，歡迎大家。 Lam 9 月當季業績表現穩健，營收符合預期，每股盈餘高於我們預期範圍的中點。這些結果代表著我們公司連續第六個季度實現收入和每股盈餘成長。在此期間，我們擴大了業務規模，以滿足對我們產品和服務快速成長的需求。展望未來，我們將看到前沿設備領域和專業技術市場持續增強。

In response, we have expanded our manufacturing capacity at existing facilities in the United States, Korea and Taiwan. In the September quarter, we celebrated the grand opening of our new Malaysia facility which, when fully ramped, will be the largest factory in our global network. And just last month, we announced a new factory in Oregon, primarily designed to meet increased demand for Lam tools and foundry/logic in advanced packaging applications. With these investments, we are building a solid foundation for delivering on our long-term growth objectives.

作為回應，我們擴大了位於美國、韓國和台灣現有工廠的生產能力。 9 月季度，我們慶祝了馬來西亞新工廠的盛大開業，該工廠全面投入運營後將成為我們全球網路中最大的工廠。就在上個月，我們宣布將在俄勒岡州設立新工廠，主要是為了滿足先進封裝應用中對Lam工具和代工/邏輯日益增長的需求。透過這些投資，我們為實現長期成長目標奠定了堅實的基礎。

In the near term, however, we are not immune to the widely reported supply chain constraints and elevated costs that continue to create new challenges for Lam and others across our industry. Our employees and supply chain partners are working tirelessly to meet the needs of our customers, and I would like to sincerely thank them for their efforts.

然而，短期內，我們無法免受廣泛報導的供應鏈限制和成本上升的影響，這些限制和成本上升將繼續給科邁爾和整個行業的其他公司帶來新的挑戰。我們的員工和供應鏈夥伴正在不懈地努力滿足客戶的需求，我謹向他們的努力表示衷心的感謝。

From a wafer fab equipment spending perspective, we now see calendar 2021 ending in the mid-$80 billion range. Overall, WFE is higher in the second half versus the first half of the year, with both DRAM and Foundry/Logic up in the second half, while NAND is more balanced. Demand remains strong. And while it's a bit early to give a specific forecast for calendar year 2022, indications are that it will be another year of WFE growth.

從晶圓廠設備支出的角度來看，我們現在預計 2021 年的支出規模將達到約 800 億美元。整體來看，下半年WFE較上半年有所上漲，其中DRAM和Foundry/Logic下半年均有所上漲，而NAND則較為平衡。需求依然強勁。雖然現在對 2022 日曆年做出具體預測還為時過早，但有跡象表明，這將是 WFE 又一個成長的一年。

We believe sustained strength in WFE spending is due to several factors we have previously highlighted. First, drivers of semiconductor demand continue to broaden and sectors such as automotive, health care and security, are increasingly dependent on semiconductor content to deliver the performance requirements of end users. As a result, we are seeing a strong uptick in trailing edge technology nodes served by our Reliant business. Our Reliant business has now posted 11 consecutive quarters of record revenues. And in calendar year 2021, we expect Reliant to outgrow the WFE investment in this segment. Furthermore, high utilization rates across our installed base are driving strength in all subsegments of our CSBG business. And in the September quarter, CSBG revenues increased year-over-year by more than 30%.

我們認為，WFE 支出的持續強勁是由於我們先前強調過的幾個因素。首先，半導體需求的驅動因素不斷擴大，汽車、醫療保健和安全等領域越來越依賴半導體內容來滿足最終用戶的性能要求。因此，我們看到 Reliant 業務所服務的後端技術節點呈現強勁上升趨勢。我們的 Reliant 業務現已連續 11 個季度創下營收記錄。我們預計，到 2021 年，Reliant 在該領域的投資將超過 WFE。此外，我們已安裝基礎的高利用率也推動了我們 CSBG 業務所有子部門的強勁發展。 9月季度，CSBG營收年增超過30%。

At the leading edge, semiconductor content growth, larger die and rising capital intensity are fueling increased wafer starts and strong WFE spending. In Foundry/Logic, for instance, the next-generation processor chip for a top smartphone maker is more than 20% larger than its prior iteration. In DRAM, higher capital intensity is being driven by the increasing need to correct single-bit errors through the addition of an extra on-chip bit. In 3D NAND, increasing device layer counts and the resulting higher degree of manufacturing difficulty is requiring the addition of new deposition and etch processes to address stress management, defect control and multi-stack integration challenges. As a result, we see the WFE investment required to achieve the same bit growth percentage over the next 5 years to be notably higher than the 5-year period just completed.

在前沿領域，半導體內容的成長、更大的晶片和不斷上升的資本密集度正在推動晶圓投產的增加和 WFE 支出的強勁成長。例如，在 Foundry/Logic 中，一家頂級智慧型手機製造商的下一代處理器晶片比上一代產品大 20% 以上。在 DRAM 中，透過增加額外的片上位來修正單一錯誤的需求不斷增加，從而推動了資本密集度的提高。在 3D NAND 中，設備層數的增加以及由此導致的更高的製造難度需要增加新的沉積和蝕刻製程來解決應力管理、缺陷控制和多堆疊整合挑戰。因此，我們認為，未來 5 年內實現相同位元成長百分比所需的 WFE 投資將明顯高於剛剛過去的 5 年。

However, as the leading equipment supplier to the 3D NAND market, we are investing in new and differentiated capabilities to ensure scaling remains cost-effective. As one example, Lam has developed a new high-productivity cryo etch solution, which increases etch rates in high aspect ratio features required for NAND devices with greater than 200 layers. We have installed this new capability at every major 3D NAND manufacturer for qualification, with additional systems now shipping to support planned ramps to high-volume production next year. While initially developed to meet the demanding requirements of high aspect ratio etch in 3D NAND, we believe the technology may also have benefits for Foundry/Logic and DRAM at the leading edge where we are presently engaged with customers on critical applications.

然而，作為 3D NAND 市場的領先設備供應商，我們正在投資新的差異化能力，以確保擴展仍然具有成本效益。舉例來說，Lam開發出了一種新型高生產率低溫蝕刻解決方案，可提高200層以上NAND元件所需的高深寬比特徵的蝕刻速率。我們已經在每個主要的 3D NAND 製造商處安裝了這項新功能以供認證，並且現在正在發貨更多系統以支援明年計劃中的大批量生產。雖然該技術最初是為了滿足 3D NAND 高深寬比蝕刻的嚴格要求而開發的，但我們相信該技術也可能為處於前沿的代工廠/邏輯和 DRAM 帶來益處，我們目前正在與客戶就關鍵應用進行合作。

Looking in more detail at the Foundry/Logic segment, we see spending at record levels. Lam's Foundry/Logic revenues are likewise set to grow significantly in 2021, and we expect this expansion to continue in 2022 as well. Foundry and logic performance in the sub-5-nanometer era is being driven by both device architecture innovation and traditional area scaling. We are prioritizing technology development in 3 areas where we see the fastest growth and the greatest need, namely deposition and etch processes to support the efficient adoption of EUV patterning, new etch capabilities to enable the formation of critical transistor features and new materials and deposition techniques to assist in RC management.

更詳細地觀察代工/邏輯部分，我們發現支出達到了創紀錄的水平。 Lam 的 Foundry/Logic 收入也將在 2021 年大幅成長，我們預期這種擴張也將在 2022 年持續。 5 奈米以下時代的晶圓代工和邏輯性能受到設備架構創新和傳統面積縮小的共同推動。我們優先在成長最快、需求最大的三個領域進行技術開發，即支援有效採用 EUV 圖案化的沉積和蝕刻製程、實現關鍵電晶體特徵形成的新蝕刻能力以及協助 RC 管理的新材料和沈積技術。

In patterning, we are using the learning we have acquired over many years of multi-patterning etch leadership to win new applications as the industry adoption of EUV progresses. EUV requires use of special photo-resistant materials which, given the material composition, can amplify existing challenges with pattern roughness and defectivity. Unaddressed, these will lead to performance and yield loss, especially at smaller device dimensions.

在圖案化方面，隨著業界對 EUV 的採用不斷推進，我們正在利用多年來在多重圖案化蝕刻領導地位所獲得的經驗來贏得新的應用。 EUV 需要使用特殊的抗光材料，鑑於其材料成分，這種材料可能會加劇圖案粗糙度和缺陷等現有的挑戰。如果不加以解決，這些問題將導致性能和產量損失，特別是在設備尺寸較小的情況下。

Lam has developed critical etch and deposition technologies to help solve these EUV implementation issues. In etch, we introduced earlier this year a new pulse plasma etch capability that is demonstrated in order of magnitude reduction in EUV-related pattern defectivity. This innovative etch solution is currently shipping to leading foundry and logic customers. In deposition, hard masks and transfer films require enhanced mechanical properties in order to maintain fidelity of extremely small features and minimize line roughness. Utilizing a combination of proprietary hardware design and RF power technology, we are depositing high-quality films that have replaced incumbent technologies such as PVD and spin-on materials at multiple foundry/logic customers.

Lam 開發了關鍵的蝕刻和沈積技術來幫助解決這些 EUV 實施問題。在蝕刻方面，我們在今年稍早推出了一種新的脈衝等離子蝕刻能力，證明了 EUV 相關的圖案缺陷率大幅降低。這種創新的蝕刻解決方案目前正在向領先的代工廠和邏輯客戶發貨。在沉積過程中，硬掩模和轉移膜需要增強的機械性能，以保持極小特徵的保真度並最大限度地減少線條粗糙度。透過結合專有硬體設計和射頻功率技術，我們正在沉積高品質薄膜，這些薄膜已在多個代工廠/邏輯客戶處取代了 PVD ​​和旋塗材料等現有技術。

Related to the formation of critical transistor features, including gates, fins and source/drain, we saw significant etch wins in the September quarter. These wins continue to confirm the benefit of our unique plasma pulsing capabilities in conductor etch for gate-all-around and FinFET applications. For advanced device architectures, we also see ultra-high selectivity isotropic etch increasingly required. Lam's growing selective etch portfolio delivers superior results through a combination of process technologies and reactor innovations that include new chemistries and plasma sources. This has helped us win a greater number of applications in recent quarters.

與關鍵電晶體特徵的形成相關，包括閘極、鰭片和源極/汲極，我們在 9 月季度取得了顯著的蝕刻勝利。這些勝利進一步證實了我們獨特的等離子體脈衝能力在環柵和 FinFET 應用的導體蝕刻方面的優勢。對於先進的設備架構，我們也看到對超高選擇性各向同性蝕刻的需求越來越大。 Lam 不斷增長的選擇性蝕刻產品組合透過結合製程技術與反應器創新（包括新化學品和等離子源）提供卓越的成果。這幫助我們在最近幾個季度贏得了更多的申請。

And finally, RC management continues to be a limiter on performance scaling, and we are seeing demand for our atomic layer deposition technologies as a result. Our Striker ALD system deposits thin low-k films that can withstand harsh integration steps encountered later in the process flow. These films have demonstrated the ability to reduce capacitance by 20% to 30%, and Striker is now the tool of record at leading foundry/logic customers. This technology is also extendable to gate-all-around devices where there is an additional requirement of conformal coverage in recess cavities, which can then be selectively etched back.

最後，RC 管理仍然是效能擴展的限制因素，因此我們看到了原子層沉積技術的需求。我們的 Striker ALD 系統可沉積薄低 k 薄膜，這種薄膜可以承受後續製程中遇到的嚴苛整合步驟。這些薄膜已證明能夠將電容降低 20% 至 30%，而 Striker 現在已成為領先代工廠/邏輯客戶的首選工具。該技術還可擴展到環柵元件，該元件對凹槽內的保形覆蓋有額外的要求，然後可以選擇性地進行蝕刻。

In advanced packaging, momentum remained strong with orders received in the September quarter from multiple foundry/logic customers for through-silicon via etch and deposition systems. Our experience in high aspect ratio etching has allowed us to deliver a production-proven process with fast etch rates and smooth profiles, helping to minimize the cost of integrating TSVs and the overall flow. Similarly, for copper metallization, our SABRE 3D solution enables void-free fill by employing an innovative advanced pretreatment and our high-throughput electroplating process reduces cost of ownership.

在先進封裝領域，9月季度收到多家代工廠/邏輯客戶的矽通孔蝕刻和沈積系統訂單，發展勢頭依然強勁。我們在高深寬比蝕刻方面的經驗使我們能夠提供經過生產驗證的工藝，該工藝具有快速的蝕刻速率和光滑的輪廓，有助於最大限度地降低整合 TSV 和整體流程的成本。同樣，對於銅金屬化，我們的 SABRE 3D 解決方案透過採用創新的先進預處理來實現無空隙填充，而我們的高通量電鍍製程則降低了擁有成本。

So to wrap up, we delivered a solid September quarter in an environment of ongoing supply chain challenges. We are seeing robust semiconductor demand across all segments, broadening of semiconductor applications across industries and rising capital intensity. We are excited about the healthy outlook for WFE spending and believe our innovative product portfolio is poised to capture new opportunities as semiconductor technology continues to advance.

總而言之，在供應鏈持續面臨挑戰的環境下，我們 9 月季度取得了穩健的表現。我們看到各領域對半導體的需求都十分強勁，半導體應用在各產業的範圍不斷擴大，資本密集度也不斷上升。我們對 WFE 支出的健康前景感到興奮，並相信隨著半導體技術的不斷進步，我們的創新產品組合將抓住新的機會。

Thanks again for joining. Now here's Doug to cover the quarter in more detail.

再次感謝您的加入。現在請 Doug 更詳細地介紹本季的情況。

Great. Thank you, Tim. Good afternoon, everyone, and thank you for joining us on our call today.

偉大的。謝謝你，提姆。大家下午好，感謝大家今天的電話會議。

Lam delivered another quarter of strong results, with revenue, operating income dollars and earnings per share coming in at record levels in the September quarter. All financial metrics came in at or above the midpoint of our guidance, demonstrating our continued focus on operational execution. We've achieved this performance while also navigating significant supply chain challenges.

林氏又一個季度取得了強勁的業績，9 月份當季收入、營業收入和每股收益均創下歷史新高。所有財務指標均達到或超過了我們預期的中點，顯示我們持續專注於營運執行。我們在取得這項業績的同時，也克服了重大的供應鏈挑戰。

We're pleased with Lam's ability to scale the company in this demanding environment. September quarter revenue was $4.3 billion, an increase of 4% from the June quarter and more than 35% growth from a year ago.

我們很高興看到 Lam 能夠在如此苛刻的環境下擴大公司規模。 9 月季度營收為 43 億美元，較 6 月季度成長 4%，較去年同期成長 35% 以上。

Looking at the breakout of the systems revenue. The Memory segment represented 64% of systems revenue in the September quarter, which was up from the prior quarter level at 59%. Memory growth was driven by investments in DRAM, primarily in the 1z and 1-alpha nodes. DRAM systems revenue nearly doubled in dollar terms and grew from 10% in the June quarter to 19% in the September quarter.

查看系統收入的細目。記憶體部門佔 9 月系統收入的 64%，高於上一季的 59%。記憶體成長是由 DRAM 的投資推動的，主要是在 1z 和 1-alpha 節點。 DRAM 系統收入以美元計算幾乎翻了一番，從 6 月季度的 10% 增長到 9 月季度的 19%。

NAND segment concentration came in at 45% of our systems revenue versus 49% in the June quarter and was flattish in dollar terms. Our NAND customers are investing in both capacity additions and conversions with the equipment investments focused towards 128-layer through 192-layer devices.

NAND 部門集中度占我們系統收入的 45%，而 6 月季度為 49%，以美元計算持平。我們的 NAND 客戶正在投資產能增加和轉換，設備投資集中在 128 樓到 192 樓的設備上。

The Foundry segment spending represented 25% of our systems revenue compared with 35% in the June quarter. We're seeing investments in equipment for both leading edge and mature device nodes for multiple sources of end-use demand such as AI, IoT, cloud and 5G. Logic and analog device companies are driving capacity additions at the foundries.

代工部門的支出占我們系統收入的 25%，而 6 月季度為 35%。我們看到，針對人工智慧、物聯網、雲端和 5G 等多種終端使用需求來源，設備正受到尖端和成熟設備節點的投資。邏輯和模擬設備公司正在推動代工廠的產能增加。

There was notable growth in the Logic/Other segment, which hit a record level of systems revenue for Lam in the September quarter. Logic/Other contributed 11% of systems revenue in the September quarter, which is up from 6% in the June quarter, and it was driven by leading edge and mature nodes ramping for microprocessors, image sensors, power management and 5G demand.

邏輯/其他部門取得了顯著成長，9月份季度的系統收入達到了Lam的最高水準。邏輯/其他產品在 9 月季度貢獻了系統收入的 11%，高於 6 月季度的 6%，這得益於微處理器、影像感測器、電源管理和 5G 需求的前沿和成熟節點的推動。

Let me turn now to the regional composition of our total revenue. The China region came in at 37% of total revenues, which was flat with the prior quarter percentage level. The revenue from China domestic customers and multinational customers with fabs located in China was again fairly balanced in the September quarter. Korea and Taiwan regional spending represented 21% and 15% of revenues, respectively, in the September quarter. I do expect that the December quarter revenue will have a lower China concentration.

現在我來談談我們總收入的地區組成。中國地區佔總收入的37％，與上一季的百分比水準相當。 9月季度，來自中國國內客戶和在中國設有晶圓廠的跨國客戶的收入再次相當平衡。 9 月季度，韓國和台灣地區的支出分別佔營收的 21% 和 15%。我確實預計 12 月季度的營收來自中國的集中度會較低。

The Customer Support Business Group revenue was nearly $1.4 billion, 34% higher than the September quarter in calendar 2020 and flat with the prior quarter level. As Tim noted, the Reliant product line that serves the specialty market delivered record results, and we also had solid results in the spares, service and upgrade side with a focus on maximizing the productivity and value of the installed base tools while supporting the high fab utilization levels in the industry. I continue to have confidence that CSBG will grow revenue consistently on an annual basis.

客戶支援業務集團營收接近 14 億美元，比 2020 年 9 月季度高出 34%，與上一季持平。正如 Tim 所說，服務專業市場的 Reliant 產品線取得了創紀錄的業績，而且我們在備件、服務和升級方面也取得了穩健的業績，重點是最大限度地提高已安裝基礎工具的生產力和價值，同時支持業內較高的晶圓廠利用率。我依然有信心 CSBG 的營收每年都會持續成長。

Let me now shift to margin performance. Our September quarter gross margin was 46% right at the midpoint of our guided range. I'd just remind you that our gross margin can fluctuate quarter-to-quarter due to overall business levels, along with customer and product mix. The supply chain constraints discussed earlier have resulted in elevated costs broadly, with freight and logistics costs continuing to be one of the biggest headwinds. Additionally, we currently have margin dilution from our new factory in Malaysia, which is not yet operating at full capacity. We included these costs in our December quarter guidance as we expect they will remain for the near future.

現在讓我來談談利潤表現。我們 9 月季度的毛利率為 46%，正好處於我們指引範圍的中間值。我只是想提醒你，由於整體業務水平以及客戶和產品組合的影響，我們的毛利率可能會逐季度波動。前面討論過的供應鏈限制導致成本普遍上升，其中運費和物流成本仍然是最大的阻力之一。此外，我們位於馬來西亞的新工廠目前尚未滿載運轉，導致利潤率稀釋。我們將這些成本納入了 12 月季度指引中，因為我們預計這些成本在不久的將來仍將保持不變。

Operating expenses for September were $586 million, a slight increase from the prior quarter. We've continued to manage our expenses as we scale the company with a strong focus on operational efficiencies while prioritizing R&D spending to deliver a differentiated product portfolio that supports our customers' technology road maps.

9月份營業費用為5.86億美元，較上一季略有增加。在擴大公司規模的同時，我們繼續管理費用，並專注於營運效率，同時優先考慮研發支出，以提供支援客戶技術路線圖的差異化產品組合。

September operating margin exceeded the midpoint of our guidance range at 32.4% or approximately $1.4 billion. Our non-GAAP tax rate for the quarter was 12.2% generally in line with our expectations. And as we've noted in previous quarter calls, our tax rate may fluctuate from quarter-to-quarter, and you should expect the ongoing tax rate to be in the low-teens level for the 2021 calendar year. We continue to monitor potential tax changes under consideration in the United States, but we've not reflected the impact of any potential changes in our financial models at this point.

9 月營業利潤率超過了我們預期範圍的中點，達到 32.4%，約 14 億美元。我們本季的非公認會計準則稅率為 12.2%，基本上符合我們的預期。正如我們在先前的季度電話會議中指出的那樣，我們的稅率可能會因季度而異，您應該預計 2021 日曆年的持續稅率將處於低十幾個百分點的水平。我們將繼續監測美國正在考慮的潛在稅收變化，但目前我們還沒有在我們的財務模型中反映任何潛在變化的影響。

Other income and expense came in for the quarter at $36 million in expense. This amount is higher than the prior quarter due to an unrealized gain we had in June for one of our private equity investments, partially offset by lower interest expense in the September quarter as a result of the payoff of our 2021 notes last quarter. And just to note, OI&E is subject to market-related volatility that could cause a difference from our typical run rate.

本季的其他收入和支出為 3,600 萬美元。該金額高於上一季度，原因是我們 6 月份的一項私募股權投資獲得了未實現收益，但由於上個季度償還了 2021 年票據，9 月份季度的利息支出減少，部分抵消了這一收益。值得注意的是，OI&E 會受到市場相關波動的影響，這可能會導致與我們的典型運行率有所不同。

We were active in our buybacks during the September quarter, allocating over $1.2 billion towards share repurchases. We deployed this cash in a combination of open market repurchases as well as an accelerated share repurchase program. This ASR will continue to execute in the December quarter. In addition, we paid $185 million in dividends in the quarter.

我們在 9 月季度積極進行回購，撥出超過 12 億美元用於股票回購。我們將這些現金部署在公開市場回購和加速股票回購計畫中。該 ASR 將在 12 月季度繼續執行。此外，我們本季支付了1.85億美元的股息。

I'd also like to highlight that in August, we announced a 15% increase in our quarterly dividend, growing it from $1.30 to $1.50 per share, which was paid in October. We're tracking very well to our capital return plans with returns of over 100% of our free cash flow year-to-date in calendar year 2021.

我還想強調的是，8 月我們宣布季度股息增加 15%，從每股 1.30 美元增加到 1.50 美元，並在 10 月支付。我們的資本回報計畫進展順利，2021 日曆年迄今我們的自由現金流回報率已超過 100%。

Diluted earnings per share for the September quarter was $8.36, above the midpoint of the guidance range. The diluted share count balance was down slightly from the June quarter level coming in at 143 million shares, generally in line with our expectations.

9 月當季每股攤薄收益為 8.36 美元，高於預期範圍的中點。稀釋股數餘額較 6 月季度水準略有下降，為 1.43 億股，基本符合我們的預期。

Let me now shift to the balance sheet. Cash and short-term investments, including restricted cash, totaled $4.9 billion, which is down from the prior quarter. The decrease in cash is attributed to the capital return activities that I described earlier. Additionally, the timing of shipments and resulting impact on accounts receivable as well as an increase in our inventory balance consumed cash in the quarter.

現在讓我轉到資產負債表。現金和短期投資（包括受限現金）總計 49 億美元，較上一季下降。現金的減少歸因於我之前描述的資本回報活動。此外，出貨時間及其對應收帳款的影響以及庫存餘額的增加消耗了本季的現金。

Day sales outstanding was up to 72 days from 66 days in the June quarter. Inventory turns were down slightly from the prior quarter level, coming in at 3.2x, which was planned as we've increased inventory levels to meet the increase in investments from our customers as well as to help mitigate the challenges that we see in our supply chain.

應收帳款週轉天數從 6 月季度的 66 天增加至 72 天。庫存週轉率較上一季略有下降，為 3.2 倍，這是計劃中的，因為我們增加了庫存水平以滿足客戶投資的增加，並幫助緩解我們在供應鏈中看到的挑戰。

Noncash expenses for the September quarter included approximately $58 million for equity compensation, $61 million for depreciation and $19 million for amortization. Capital expenditures for the September quarter were up versus the June level, coming in at $136 million. The increase in our expenditures is associated with capacity expansion in the network, in particular, at our critical spare parts facility in Ohio as well as spending for our Korea technology center that will be formally opening in 2022. We expect to see elevated levels of capital expenditures in the remainder of calendar 2021 and into 2022 as we support the growth that we see in the business.

9 月季度的非現金支出包括約 5,800 萬美元的股權補償、6,100 萬美元的折舊和 1,900 萬美元的攤銷。 9 月當季的資本支出較 6 月上升，達到 1.36 億美元。我們的支出增加與網路容量擴張有關，特別是我們位於俄亥俄州的關鍵備件工廠，以及將於 2022 年正式開放的韓國技術中心的支出。

We ended the September quarter with approximately 15,400 regular full-time employees, which is an increase of approximately 1,300 people to meet the increased output levels and to support customers with their technology and production requirements.

截至九月季度，我們擁有約 15,400 名常規全職員工，增加了約 1,300 名，以滿足增加的產出水準並支援客戶的技術和生產需求。

Let's now take a look at our non-GAAP guidance for the December 2021 quarter. We're expecting revenue of $4.4 billion, plus or minus $250 million, we continued to maintain a widened revenue range given the supply chain uncertainties that we mentioned; gross margin of 46%, plus or minus 1 percentage point; operating margins up 32%, plus or minus 1 percentage point; and finally, earnings per share of $8.45, plus or minus $0.50 based on a share count of approximately 142 million shares.

現在讓我們來看看我們對 2021 年 12 月季度的非 GAAP 指引。我們預計收入為 44 億美元，上下浮動 2.5 億美元，考慮到我們提到的供應鏈的不確定性，我們繼續保持擴大的收入範圍；毛利率46%，上下浮動1個百分點；營業利益率上漲32%，上下浮動1個百分點；最後，每股收益為 8.45 美元，基於約 1.42 億股的股份數量，上下浮動 0.50 美元。

And just an additional note, our guidance does not include an estimated gain related to one of our private equity investments that recently raised capital in a public offering. The gain as of today is in the $50 million range and is subject to market volatility. The amount recognized in our financials as of the end of December '21 quarter may fluctuate, and I'll obviously give you an update at our next earnings release.

另外需要補充的是，我們的指引並不包括最近在公開發行中籌集資金的一項私募股權投資相關的預期收益。截至今日的收益在 5,000 萬美元左右，且受市場波動影響。截至 21 年 12 月底的財務報表中確認的金額可能會有所波動，我肯定會在下次發布收益報告時向您提供最新資訊。

So then in closing, we're experiencing ongoing output challenges in our global supply chain that are continuing to negatively impact both our revenue and gross margin. We're improving known items, while new items continue to emerge that we need to further work through. Lead times remain stretched, and we continue to have unmet demand. Despite these constraints, we're operating at record levels in terms of revenue and earnings while delivering the technology solutions our customers require. Industry demand remains strong as we look forward to growth in 2022.

最後，我們的全球供應鏈正面臨持續的產出挑戰，這將繼續對我們的收入和毛利率產生負面影響。我們正在改進已知的項目，同時新的項目不斷出現，需要我們進一步研究。交貨時間仍然很長，而且我們仍然有未滿足的需求。儘管有這些限制，我們在提供客戶所需的技術解決方案的同時，收入和收益仍達到創紀錄的水平。我們期待 2022 年成長，產業需求依然強勁。

I remain very excited about the multitude of opportunities for the company. And I'd obviously like to thank the dedicated Lam Research employees for their tireless support in this environment.

我仍然對公司的眾多機會感到非常興奮。我當然要感謝 Lam Research 敬業的員工在這種環境下給予的不懈支持。

Operator, that concludes my prepared remarks. Tim and I would now like to open up the call for questions.

接線員，我的準備好的發言到此結束。提姆和我現在想開始提問。

(Operator Instructions) And first, we'll go to Timothy Arcuri from UBS.

(操作員指示)首先，我們來請瑞銀的提摩西‧阿庫裡發言。

Doug, I'm hoping that you're not sick. You sound a little bit sick. Hopefully, you're feeling okay. So I guess the first thing I wanted to say was can you quantify, Doug, what the gross margin headwind is right now? You talked about Malaysia and freight. Is that 50 bps, 75 basis points? I'm just kind of wondering if you could quantify that for us.

道格，我希望你沒有生病。你聽起來有點噁心。希望你一切安好。所以我想我首先要說的是，道格，你能否量化目前的毛利率阻力是多少？您談到了馬來西亞和貨運。那是 50 個基點還是 75 個基點？我只是想知道您是否可以為我們量化這一點。

Yes, Tim, and thanks for the concern about my health. I'm doing quite well, frankly. I don't know, maybe just a little scratchy throat. I haven't quantified it, Tim. And I'm not going to now, except what I've said in the past and I'll continue to say, it's a notable headwind, once we get through this environment, from where we will be. I'm not going to quantify it, Tim, but it's notable.

是的，提姆，謝謝你對我健康的關心。坦白說，我做得很好。我不知道，可能只是喉嚨有點刺痛。我還沒有量化它，提姆。我現在不會這麼做，除了我過去說過的並且還會繼續說的，這是一個明顯的逆風，一旦我們度過這個環境，我們就會處於這樣的境地。提姆，我不會量化它，但它是值得注意的。

It is. Okay. Okay. And then I guess, also, you talked about China domestic being down sequentially for December. I assume some of that is memory-related. And I guess the question is, is that all sort of out of the system as you go into the first half of '22? Are there still some headwinds in China related to some particular projects that may persist into the first half of '22?

這是。好的。好的。然後我想，您也談到了中國國內市場 12 月環比下降。我認為其中一些與記憶有關。我想問題是，當進入 22 年上半年時，這一切是否都已經脫離了體系？中國是否仍存在與某些特定項目相關的一些阻力，而這些阻力可能會持續到22年上半年？

Yes. No, Tim, I don't see anything new really relative to China or timing of anything. Maybe I'm not quite getting at your question or maybe I don't understand the nature of the question. Do you want to try to redirect me a little bit?

是的。不，提姆，我並沒有看到任何與中國有關的新事物或任何時機。我可能沒有完全理解你的問題，或者我可能沒有理解問題的本質。你想嘗試稍微引導我一下嗎？

Yes. I guess I'm -- so there's a pretty big project in China that has had -- I mean it's been well publicized. They've been having funding problems. They can't meet their commitments. So I'm just wondering if maybe that was part of the NAND softness in the back half of the year that you cited last call. And I'm wondering sort of is that sort of -- I mean has that all played out now such that there's not, like, still a headwind into the first half of next year?

是的。我想是的——中國有一個相當大的項目，而且——我的意思是，它已經得到了廣泛的宣傳。他們一直面臨資金問題。他們無法履行承諾。所以我只是想知道這是否是您上次提到的下半年 NAND 疲軟的部分原因。我想知道這種情況是否——我的意思是現在一切都已經發生了，以至於明年上半年不會再逆風？

Yes. I don't really see any change from a quarter ago of any major customer plans, and I won't refer to any one customer or another. But no real change, Tim.

是的。與一個季度前相比，我確實沒有看到任何主要客戶計劃有任何變化，而且我不會提及任何一個客戶。但沒有真正的改變，提姆。

And next, we'll go to Harlan Sur from JPMorgan.

接下來我們請出摩根大通的哈蘭‧蘇爾 (Harlan Sur)。

Great job on the quarterly execution, guys. The market is concerned that we're heading into a multi-quarter downturn in memory, kind of similar to the 2018, 2019 memory downturn, which is a pretty severe 6-quarter downturn. But the one thing I clearly remember was that ahead of that downturn, your memory customers proactively cut their CapEx very, very rapidly. Now if I look at it this time around, there's some near-term pricing weakness in memory, but the overall memory demand environment remains pretty strong. And I think most memory companies seem optimistic, right, on the outlook for next year. So I guess the question is, has the Lam team seen any signs similar to the 2018 downturn of customers either getting concerned or canceling or slight pushing out of shipments due to a concern on a protracted memory downturn next year?

大家的季度執行非常好。市場擔心我們正走向記憶體市場的連續多個季度的低迷期，有點類似於 2018 年、2019 年的記憶體市場低迷期，那是一個相當嚴重的 6 個季度的低迷期。但我清楚記得的一件事是，在經濟衰退之前，你們的記憶體客戶主動且迅速地削減了資本支出。現在，如果我這次看一下，內存在短期內會有一些定價疲軟，但整體記憶體需求環境仍然相當強勁。我認為大多數記憶體公司對明年的前景都持樂觀態度。所以我想問題是，Lam 團隊是否看到過與 2018 年經濟衰退類似的跡象，即客戶由於擔心明年內存市場將持續低迷而感到擔憂，或者取消或略微推遲出貨？

Yes. Harlan, let me take that first. I think the simple answer is no. I mean the vast majority of our conversations with customers today is still about delivering equipment that they feel they badly need to meet their near-term requirements. And as Doug mentioned in his prepared remarks, I would say lead times have stretched out to the point where our visibility into demand into '22 is better than usual. And so I don't think that the types of initial indicators that you're talking about are things we're seeing right now. We feel much more constrained by supply chain challenges and ability to meet shipments than an overshipping situation.

是的。哈蘭，讓我先來談談這件事。我認為簡單的答案是否定的。我的意思是，我們今天與客戶的絕大部分對話仍然是關於提供他們認為急需滿足其近期需求的設備。正如道格在他的準備好的發言中提到的那樣，我想說交貨時間已經延長到了我們對22年需求的可見度比平時更好的地步。因此，我認為您所談論的初步指標類型並不是我們現在所看到的。與超額出貨的情況相比，我們更感受到供應鏈挑戰和滿足出貨能力的限制。

And then the one area that we continue to see demand, which you alluded to, is obviously strong demand for mature and specialty processes, analog, microcontroller, RF. You guys are all dealing with supply issues. I know back at the Analyst Day, the team said that specialty market is growing about 2 to 3x faster than WFE. So is your Reliant business growing faster than that 2 to 3x rate? And where is the team driving stronger than market growth? Is it etch? Is it deposition? Or is it more based on platform performance like throughput, uptime or other productivity metrics?

然後，我們繼續看到需求的一個領域，正如您所提到的，顯然是對成熟和專業工藝、模擬、微控制器、射頻等的強勁需求。你們都在處理供應問題。我知道在分析師日的時候，團隊說專業市場的成長速度比 WFE 快 2 到 3 倍。那麼，您的 Reliant 業務的成長速度是否超過 2 到 3 倍的速度？團隊推動力在哪些方面比市場成長更強勁？它是蝕刻的嗎？是沉積嗎？或者它更多地基於平台性能，如吞吐量、正常運行時間或其他生產力指標？

Yes. It's a great question. So as I said in my script, the Reliant business is growing faster than the WFE investment in that segment. So it would imply we're picking up share there. It's, I would say, reasonably well balanced across our product portfolio. And you're right, in that market, a lot of that is about Lam's leadership in bringing both technology and productivity to customers. So where there are new decisions being made about tool sets or new fabs being established for those types of specialty products, we have a lot to offer relative to getting the cost targets that those customers are looking for.

是的。這是一個很好的問題。正如我在腳本中所說，Reliant 業務的成長速度比 WFE 在該領域的投資速度更快。所以這意味著我們正在獲得那裡的份額。我想說，我們的產品組合相當均衡。您說得對，在那個市場，很大程度上取決於 Lam 在為客戶帶來技術和生產力方面的領導能力。因此，當我們對工具集做出新的決定或為這些類型的專業產品建立新的晶圓廠時，我們可以提供許多幫助來獲得這些客戶所尋求的成本目標。

And next, we'll go to John Pitzer from Credit Suisse.

接下來我們請瑞士信貸的約翰‧皮澤 (John Pitzer)。

Tim, I get that it's a little bit too early to get too granular on next year's WFE. And I know in your prepared comments, you said it's going to be another growth year. I'm wondering if you can give us some parameters of how you're viewing kind of the first half of next year versus the second half of this year.

提姆，我知道現在談論明年的 WFE 還為時過早。我知道，您在準備好的評論中說過，今年將是另一個成長的一年。我想知道您是否可以提供一些參數，說明您對明年上半年與今年下半年的看法。

Yes. I think we're not going to give first half and second half of 2022, but what we would say is we're exiting this year with significant unmet demand. We talked about a constrained environment, which means we enter 2022 with a lot of tailwinds relative to business. But I tried to, in my remarks, lay out some of the trends that we think, over a slightly longer term, maybe through 2022 on into 2023, are driving not only demand but really, on the supply side, a rising capital intensity, larger die, different architectures, new processes that need to be inserted into process flows to deal with increased manufacturing complexity. And those will be drivers for WFE structurally for a very long time. So I think there are a lot of things that will be positives for WFE in 2022 from an equipment perspective.

是的。我認為我們不會給出 2022 年上半年和下半年的預測，但我們要說的是，今年我們面臨大量未滿足的需求。我們談論的是受限的環境，這意味著我們在進入 2022 年時會面臨許多與業務相關的順風。但我在我的評論中試圖列出一些我們認為的趨勢，在稍長的時期內，也許到 2022 年到 2023 年，這些趨勢不僅推動需求，而且在供應方面，資本密集度上升、晶片尺寸更大、架構不同、需要插入到工藝流程中的新工藝，以應對日益增加的製造複雜性。這些將在很長一段時間內從結構上推動 WFE 的發展。因此，我認為從設備角度來看，2022 年有很多事情對 WFE 有利。

That's helpful. And then, Tim, as a follow-up, a pretty big milestone in the logic business. I think this quarter's revenue was about 1/3 higher than prior peak. It's the first time you've been run-rating over $1 billion ever. And I know you kind of talked about some of the things in your prepared comments that are driving that. But to what extent do you believe that this is sustainable? To what extent is it TAM growth in logic versus kind of your market share and SAM growth starting to kick in? And any sort of view on sustainability from these levels.

這很有幫助。然後，提姆，作為後續，這是邏輯業務中的一個相當大的里程碑。我認為本季的收入比之前的峰值高出約 1/3。這是您有史以來第一次獲得超過 10 億美元的融資。我知道您在準備好的評論中談到了推動這一現象的一些因素。但您在多大程度上相信這是可持續的？從邏輯上講，TAM 成長與您的市場份額和 SAM 成長之間有何關係？以及從這些層面對永續性的任何看法。

Yes. Let's say it's probably a combination of both us expanding into some new applications that I talked about related to emerging device architectures, gate-all-around, new processes like selected etch technologies that are expanding our market opportunity. But also share gains, I mean we've seen the increase in spending in the foundry/logic area. And for a number of years, we've been focused on developing products that bring real value to customers in that space. And what we always said was that could be a little patient because changes in the foundry/logic world come a little more slowly than in the memory world. And I would say you're starting to see the fruits of those qualification efforts starting to play out in our actual business results.

是的。可以說，這可能是我們雙方拓展一些新應用的結合，我之前談到這些新應用涉及新興設備架構、環柵技術、新製程（如選定的蝕刻技術）等，這些都在擴大我們的市場機會。但也有份額的成長，我的意思是我們看到了代工/邏輯領域的支出的增加。多年來，我們一直專注於開發能夠為該領域的客戶帶來真正價值的產品。我們總是說，可能需要一點耐心，因為代工/邏輯領域的變化比記憶體領域慢一些。我想說，您開始看到這些資格認證努力的成果開始在我們的實際業務成果中發揮作用。

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

接下來我們來談談 Evercore 的 C.J. Muse。

I guess first question, hoping to go back to supply constraints, Doug, can you perhaps speak on the revenue side? Where are you seeing the impact? Is it primarily due to perhaps a slower ramp in Malaysia? Are you seeing it across all products or limited to a few? And then curious, as part of that, is it impacting CSBG both for Reliant and upgrades or less so there?

我想第一個問題是希望回到供應限制問題，道格，您能談談收入方面嗎？您在哪裡看到它的影響？這是否主要因為馬來西亞的成長速度較慢？您是否在所有產品中都看到了這一點，還是僅限於少數產品？然後很好奇，作為其中的一部分，它是否對 Reliant 的 CSBG 和升級都有影響，還是影響較小？

Yes. C.J., thanks for the question. Frankly, when I look at what we're doing with our own internal manufacturing capability, that's not what the biggest constraint is, it's getting back into the supply chain. I think we've done quite a nice job actually accelerating the ramp of the factory in Malaysia. Tim referred to all the places that we're opening new capacity. We're adding capability pretty much everywhere internally in the network. But as we get further and further down the road and demand continues to be quite strong, we're beginning to see constraints in the supply chain. So we're having to work our way back up through some of those things. And that's the biggest thing we're dealing with right now, C.J.

是的。 C.J.，謝謝你的提問。坦白說，當我審視我們內部製造能力的狀況時，我發現最大的限制並不是這個，而是回到供應鏈。我認為我們在加速馬來西亞工廠建設方面做得相當出色。提姆提到了我們正在開放新產能的所有地方。我們正在網路內部的幾乎所有地方添加功能。但隨著我們走得越來越遠，需求持續強勁，我們開始看到供應鏈中的限制。因此，我們必須想辦法解決其中的一些問題。這就是我們現在要處理的最大問題，C.J.

Tim, I don't know if you want to add anything.

提姆，我不知道你是否想補充什麼。

No. I guess I'd just reiterate, we build incredibly complex machines. They do amazing things on the wafer. They require a lot of parts from a lot of different suppliers to do that, including tremendous amount of semiconductors themselves. We've heard so much about chip shortages. Clearly, that hit some of our machines. And it only takes a few of those critical chips to delay us being able to ship what otherwise is a very complex system. So we're, as Doug said, just having to work down through the supply chain through lots of suppliers to find out where those pain points are. And it's a daily activity. But so far, we're working through this and being able to deliver growth and also meet the most urgent needs of our customers. That's really our key focus.

不，我想我只是重申一下，我們製造的機器非常複雜。他們在晶圓上做了令人驚奇的事。為了實現這一目標，他們需要來自許多不同供應商的大量零件，其中包括大量的半導體本身。我們已經聽說過很多關於晶片短缺的消息。顯然，這影響到了我們的一些機器。只需要幾個關鍵晶片就能延遲我們發布非常複雜的系統。因此，正如道格所說，我們只需要透過供應鏈中的眾多供應商來找出這些痛點所在。這是一項日常活動。但到目前為止，我們正在努力解決這個問題，能夠實現成長，同時也滿足客戶最迫切的需求。這確實是我們的重點。

Very helpful. As my follow-up, I get the sense whenever I have conversations with you both that you feel like investors underappreciate your foundry/logic exposure. And so within your slide deck and in the prepared comments, you talked quite a bit about kind of new quals, new design wins. And so curious, I think over the last 3 years, your SAM as a percentage of foundry/logic is running around 8%, 9%. When do you think we see an inflection based on these design wins? And what should we be looking for to gauge that?

非常有幫助。作為我的後續行動，我每次與你們交談時都感覺到，你們覺得投資者低估了你們的代工/邏輯風險。因此，在您的投影片和準備好的評論中，您談論了很多關於新資格和新設計勝利的內容。非常好奇，我認為在過去 3 年裡，你們的 SAM 在代工廠/邏輯中所佔的百分比大約是 8%、9%。您認為何時我們會看到基於這些設計勝利的轉折點？那我們應該尋找什麼來衡量這一點呢？

Yes. It's a great question. And I'm glad you noted. I spent a lot more time in these prepared remarks talking about foundry/logic. I think our memory story and leadership there is pretty well understood. And we want to make sure that people are understanding the progress we're making in foundry/logic and also the new opportunities that are being created for us. And so many of those are for more advanced technologies. It's where device architecture changes or things like a new RC management requirement. RC requirement drives need for new films or new deposition techniques.

是的。這是一個很好的問題。我很高興你注意到了這一點。我在這些準備好的演講中花了很多時間談論鑄造廠/邏輯。我認為我們的記憶故事和那裡的領導力已被充分理解。我們希望確保人們了解我們在代工/邏輯領域的進展以及為我們創造的新機會。其中很多都是為了實現更先進的技術。這是設備架構發生變化或出現新的 RC 管理要求之類的事情。 RC 要求推動了對新薄膜或新沉積技術的需求。

And so I would just say at each technology node, we're seeing an inflection. We're seeing more of our equipment have a chance to get inserted, get qualified and become part of the process of record. And so I don't think you're going to see like a single point in time or a single node where you see a big jump up, but you're going to see the steady progression as we make progress on both SAM expansion and share gains.

所以我想說，在每個技術節點上，我們都會看到一個轉捩點。我們看到越來越多的設備有機會投入使用、獲得認證並成為記錄過程的一部分。因此，我認為您不會在某個時間點或節點上看到大幅成長，但隨著我們在 SAM 擴展和份額成長方面取得進展，您會看到穩步發展。

And next, we'll go to Krish Sankar from Cowen and Company.

接下來我們請到 Cowen and Company 的 Krish Sankar。

I had 2 of them. First one, I think I just want to clarify, Tim or Doug. It seems like the supply chain constraints are impacting your revenue, even though demand is strong and it's impacting your margins. So should we assume this $4.4 billion revenue, 46% gross margin, is where you're going to be saturated until the supply constraints ease? Or do you think it's going to be more a gradual recovery? And then I have a follow-on.

我有2個。首先，我想我只想澄清一下，是提姆還是道格。儘管需求強勁，但供應鏈限制似乎正在影響您的收入並影響您的利潤。那麼我們是否應該假設，在供應限制緩解之前，44 億美元的營收、46% 的毛利率將會達到飽和狀態？還是您認為復甦將會是一個漸進的過程？然後我有一個後續問題。

Yes. Let me start, and then I'll let Tim add on. Krish, I think some of the cost headwinds we're seeing are going to be around for a while. That's basically what I intimated. We're doing our best to work through it in an efficient and effective manner. But frankly, we're spending money to try to continue to increase our output capability. And like I said in my prepared remarks, we're making progress on lots of different things, but we then see other things popping up. Like I said, we're working our way back through the supply chain, and Tim referred to the fact that actually semiconductors are constraining us a little bit. So we're doing our best to work through it. We're mitigating problems. We're incrementally increasing capability as we go. And I think it's going to get better bit by bit is what I would describe, Krish.

是的。讓我先開始，然後讓提姆補充。 Krish，我認為我們看到的一些成本阻力將會持續一段時間。這基本上就是我所暗示的。我們正在盡最大努力以高效、有效的方式解決這個問題。但坦白說，我們正在花錢嘗試繼續提高我們的產出能力。正如我在準備好的發言中所說的那樣，我們在許多不同的事情上都取得了進展，但隨後我們又看到其他事情突然出現。就像我說的，我們正在努力恢復供應鏈，提姆提到，事實上半導體對我們有一定的限制。所以我們正在盡力解決這個問題。我們正在緩解問題。我們正在逐步提升能力。我認為情況會一點一點好起來，這就是我所描述的，克里什。

I don't know, Tim, if you want to...

我不知道，提姆，如果你想…

Yes. I think that's a pretty good explanation. It will continue to improve as we knock down each of the problem as it comes up. And assuming that there aren't bigger surprises, we would see ourselves gradually improving from this point forward just as we had supply constraints in the September quarter and managed through those, and we will have more in the December quarter. So it's constrained, but we're managing to knock enough off that we're showing some incremental growth, and I think that's what you could probably expect to continue to see.

是的。我認為這是一個很好的解釋。隨著我們不斷解決出現的每一個問題，它將不斷改善。並且假設沒有更大的意外，從現在開始，我們將看到自己逐漸改善，就像我們在 9 月季度遇到供應限制並設法克服一樣，並且我們將在 12 月季度獲得更多供應。因此，雖然受到了限制，但我們正在設法消除足夠的限制，從而顯示出一些增量增長，而且我認為這也是您可能期望繼續看到的。

Got it. Very helpful. And then a follow-up for you, Tim. You spoke about the cryo etch product, which kind of makes a ton of sense given the extremely long etch times today in 3D NAND, and you also said this also improves etch rate. But isn't it negative for you since customers would [made sure] of your etch tools? Or is this needed to protect and grow your market share?

知道了。非常有幫助。接下來是你的後續問題，提姆。您談到了低溫蝕刻產品，考慮到如今 3D NAND 的極長蝕刻時間，這非常有意義，而且您還說這也能提高蝕刻速率。但這不是對你不利的，因為客戶會確認你的蝕刻工具的品質嗎？或者這是為了保護和擴大您的市場份額而需要的？

Well, I think that, like all things, when you're providing the technology that's needed to not only enable the current nodes but future technology nodes, we have an obligation to drive both technology and productivity and make sure the scaling is cost-effective and the road map continues. And so this is our effort to not only differentiate our technology further from any companies that may try to develop similar technologies but also to help our customers with those transitions and accelerate in the state-of-the-art NAND.

嗯，我認為，就像所有事情一樣，當你提供不僅需要啟用當前節點而且需要啟用未來技術節點的技術時，我們有義務推動技術和生產力，並確保擴展具有成本效益且路線圖繼續進行。因此，我們的努力不僅是為了使我們的技術與任何試圖開發類似技術的公司區分開來，也是為了幫助我們的客戶實現這些轉變並加速最先進的 NAND 技術。

And Krish, I'll just remind you something Tim said in his scripted remarks that as we look at the NAND investment required to generate the bit growth over the next 5 years as compared to the previous 5 years, it's increasing. That includes cryo rolling out and increasing etch rates as a result of that.

Krish，我只想提醒你 Tim 在他的腳本演講中說過的一件事：與前 5 年相比，我們可以看到未來 5 年實現比特增長所需的 NAND 投資正在增加。這包括低溫滾動和由此產生的增加蝕刻速率。

Yes.

是的。

Got it. I think that's a very fair explanation.

知道了。我認為這是一個非常公平的解釋。

And our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬·摩爾。

I wanted to ask about NAND. Tim, in your opening remarks, you had mentioned that the 5-year spending in NAND needs to be higher than the last 5 years, I think, is what you said. Any quantification of how much that is? And just any qualification of why layer count is that much more capital-intensive? You were increasing layers in the last 5 years. You are increasing layers in the next 5 years. What is it that drives up the capital intensity?

我想問一下有關NAND的問題。提姆，在你的開場白中，你提到未來 5 年在 NAND 方面的支出需要高於過去 5 年，我想這就是你所說的。有沒有量化一下這個數字是多少？有什麼理由能解釋為什麼層數越多資本密集程度越高嗎？在過去的 5 年裡，你的層數不斷增加。您將在未來 5 年內增加層數。是什麼推動了資本密集度的上升？

Yes. Sure. So we did say that the WFE required to achieve the same percentage of bit growth would be higher in the next 5 years. And it's a number of things. One is as the layer count continues to increase, certain processes scale, as we said, nonlinearly. So it takes longer to etch a stack that's twice as high. It takes more than 2x longer. And that's why we need to introduce new technologies like cryo etch and other processes to keep that escalation of process times to a reasonable level. Same thing can happen with deposition as you're trying to control uniformities and defects as stacks become much higher and taller.

是的。當然。所以我們確實說過，未來 5 年實現相同百分比的位元成長所需的 WFE 會更高。還有許多事情。一是隨著層數不斷增加，某些流程的擴展（如我們所說）是非線性的。因此，蝕刻兩倍高的堆疊需要更長的時間。所花的時間是原來的 2 倍以上。這就是為什麼我們需要引入低溫蝕刻和其他製程等新技術，以將製程時間的延長保持在合理水平。當您試圖控制隨著堆疊變得越來越高而均勻性和缺陷時，沉積過程中也會發生相同的事情。

And so in addition to that, I mentioned several steps that get added. So as you start to stack higher, the wafer stress and bow becomes a much bigger challenge. And so now you have to add extra steps like Lam's stress management deposition tool. Those additional steps add to the WFE required to add a bit of NAND. And so that is a combination of both new steps to deal with complexity as well as new processes required to deal with kind of nonlinear scaling process times.

除此之外，我還提到了新增的幾個步驟。因此，當你開始堆疊得更高時，晶圓的應力和彎曲就會成為更大的挑戰。因此現在您必須添加額外的步驟，例如 Lam 的壓力管理沉積工具。這些額外的步驟增加了添加一些 NAND 所需的 WFE。因此，這是處理複雜性的新步驟和處理非線性擴展過程時間所需的新流程的結合。

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

接下來我們請到伯恩斯坦研究公司的史黛西‧拉斯岡 (Stacy Rasgon)。

My first one, I wanted to take a look at the foundry business. So it was down like 25% sequentially, and it looks like it was down year-over-year in what seems to be a very, very strong foundry spending environment. So why was that? Can you tell us a little bit what's going on in that end market? Why was it down?

首先，我想了解一下鑄造業務。因此，它比上一季下降了 25%，而且看起來，在代工支出環境非常強勁的情況下，它的銷售額比去年同期也出現了下降。那麼，這是為什麼呢？可以向我們稍微介紹一下終端市場的情況嗎？為何會下降呢？

Stacy, nothing goes up every single quarter. There's ebbs and flows. It's a second half-weighted foundry/logic spending profile. It's going to be a good quarter in December. But when you got a concentrated set of a couple of really big customers, it's lumpy at times. I think that's the only thing I'd tell you about it.

史黛西，每季都沒有東西會上漲。有潮起有潮落。這是第二個半加權代工/邏輯支出概況。十二月份將會是個好季度。但當你集中幾個真正大的客戶時，有時情況就會變得不平穩。我想這是我唯一想告訴你的事。

Okay. So I guess to follow up on that in terms of what might be implied for the trajectory into Q4, so you said Foundry/Logic up second half versus first half, DRAM up second half versus first half, NAND kind of more balanced. I guess given where NAND is and given where DRAM is like in order to have that Foundry still to be up in the second half, you need to have DRAM down considerably in the December quarter in order to get Foundry up. Is that what you have in mind? Or when you say Foundry/Logic growing in the second half, do you mean just as a combination growing?

好的。因此，我想就可能暗示第四季度的發展軌跡進行跟進，所以您說代工廠/邏輯部門下半年比上半年有所上升，DRAM 下半年比上半年有所上升，而 NAND 則更加平衡。我想，考慮到 NAND 的現狀以及 DRAM 的現狀，為了讓 Foundry 在下半年仍能保持成長，你需要在 12 月季度大幅降低 DRAM 的產量，才能讓 Foundry 產量上升。這就是你的想法嗎？或者當您說Foundry/Logic在下半年成長時，您是指組合成長嗎？

It's a combination, right? We said Foundry/Logic and DRAM up in the second half and NAND more balanced.

這是一個組合，對嗎？我們說過，Foundry/Logic 和 DRAM 在下半年會上漲，而 NAND 會更平衡。

I guess what I'm asking is do you see Foundry and Logic both up in the second half or just the combination because I can't really get Foundry up in the second half unless you got DRAM down a bunch in the end of December quarter just mathematically. Like am I thinking about this right or what?

我猜我問的是，您是否認為下半年 Foundry 和 Logic 都會上漲，還是只是兩者相結合會上漲，因為除非從數學上講 12 月末 DRAM 會大幅下降，否則 Foundry 不可能在下半年上漲。我是否正在思考這個問題？

Stacy, we're combining Foundry/Logic together when I described it.

史黛西，正如我所描述的，我們將 Foundry/Logic 結合在一起。

And next, we'll go to Blayne Curtis from Barclays.

接下來我們請到巴克萊銀行的布萊恩‧柯蒂斯 (Blayne Curtis)。

I have 2 as well. Just curious to a couple of prior questions on the Logic segment. You talked about really trailing edge kind of driving that big spike. But then I think to a prior question, you kind of mentioned some of the future wins you have at the leading edge. So just maybe kind of just revisit that when you talked about -- I think you said that it could maybe stay at this level, to John's question. Is that just the trailing edge? Or are you seeing that leading edge starting to come in even in the December quarter?

我也有 2 個。我只是對邏輯部分的幾個先前的問題感到好奇。您談到了真正落後的邊緣驅動力，推動這種大幅上漲。但後來我想起​​之前的問題，您提到了您在前沿領域中取得的一些未來勝利。所以也許只是重新審視一下您剛才談到的那個問題——我想您說過它可能會保持在這個水平，回答約翰的問題。那隻是後緣嗎？或者您看到這種領先優勢甚至在 12 月季度就已開始顯現？

Yes. No, maybe we didn't want to mislead here. I mean we talked about the Reliant business and trailing edge as a notable area of strength for Lam and a sign of this broadening of demand across many, many different use cases, including industries like our own where we're consuming a tremendous amount of that type of chip. But we do have significant business at what we would call the current leading edge. And what I was trying to point out is how our SAM expands with new processes and how our win rate is increasing, we believe, as new inflections come into place. So that's all built into our numbers today. But we do think that from our share of WFE going forward as these technology inflections at Foundry/Logic take place, we would see that driving higher over the next several years.

是的。不，也許我們不想在這裡誤導。我的意思是，我們談到了 Reliant 業務和後緣技術，這是 Lam 的一個顯著優勢領域，也是在許多不同用例中需求擴大的標誌，包括我們自己的行業，在這些行業中，我們消耗了大量此類晶片。但我們在所謂的當前前沿領域確實擁有大量業務。我想指出的是，我們相信，隨著新流程的出現，我們的 SAM 將如何擴展，而我們的成功率也將如何提高。這些都已計入我們今天的數字。但我們確實認為，隨著 Foundry/Logic 技術的變化，從我們在 WFE 中的份額來看，我們將看到未來幾年這一份額會不斷上升。

And then maybe a question for Doug on gross margin. It sounded like there's still some variability in the outlook, some questions about whether factories like Malaysia get better. Just kind of curious, I mean, your foundry customers are raising pricing. Their customers are raising pricing. Everybody is raising pricing. Is there a lever that you can also pull as an industry on pricing? I was just curious your thoughts.

然後也許可以問 Doug 關於毛利率的問題。聽起來前景仍然存在一些變化，對於馬來西亞等工廠是否會好轉存在一些疑問。只是有點好奇，我的意思是，你的代工客戶正在提高價格。他們的客戶正在提高價格。大家都在提高價格。作為一個產業，你們是否可以利用某種手段來影響定價？我只是好奇你的想法。

Yes. Blayne, we're doing our best to get paid fairly for what we're delivering to customers and get paid for the value we're delivering. So that's an ongoing activity at the company. And a lot of our pricing arrangements are, on an annual basis, renegotiated. And clearly, we're focused on trying to get gross margin to improve over time. So that'll be a part of it.

是的。布萊恩，我們竭盡全力為我們向客戶提供的產品和所提供的價值獲得公平的報酬。這是公司正在進行的一項活動。我們的許多定價安排每年都會重新協商。顯然，我們專注於努力提高毛利率。所以這將是其中的一部分。

And next, we'll go to Toshiya Hari from Goldman Sachs.

接下來我們請到高盛的Toshiya Hari。

My first question is on 2022. I realize it's early, you guys talked about your expectations for the market to be up. How are you thinking about the 4 device types? If you had to rank order the 4, how would you go about doing that? And more importantly, how should we think about Lam's ability to outperform the market in '22? I guess the big concern is memory is flat to flattish maybe, and logic and foundry continue to be the big drivers. All else equal, that would be a bit of a headwind for you guys just given your customer mix. But at the same time, you've talked about all these design wins and your market share growth in foundry and logic. So net-net, how should we think about your performance vis-a-vis WFE?

我的第一個問題是關於 2022 年的。您如何看待這 4 種裝置類型？如果必須對這 4 項進行排序，您會如何做？更重要的是，我們該如何看待林氏在2022年跑贏大盤的能力？我想最大的擔憂是記憶體可能會持平或略微持平，而邏輯和代工仍然是主要驅動因素。在其他條件相同的情況下，考慮到你們的客戶結構，這對你們來說可能會有點不利。但與此同時，您談到了所有這些設計勝利以及您在代工和邏輯領域的市場份額增長。那麼，總體而言，我們應該如何看待您相對於 WFE 的表現？

Yes, Toshiya, it's too soon for us to give you specificity in 2022. You know what, when we look into the year, though, 2022, I'm very confident of the growth here. I believe every segment of the business is actually going to be pretty strong next year. But I'm not really ready to parse it one versus another quite yet. Obviously, we'll do that for you next quarter.

是的，Toshiya，現在我們還無法給您 2022 年的具體數字。我相信明年每個業務領域實際上都會相當強勁。但我還沒準備好對它們進行逐一分析。顯然，我們將在下個季度為您做到這一點。

And I feel really good about where we're positioned, right? Tim talked a lot about the trajectory of our business in foundry and logic. We've always been strong in memory, and I believe we're going to continue to do extremely well there. So too soon for me to parse it there. And by the way, I think CSBG is going to have a good year next year, right? When I put it all together, I think we're very well positioned and going to continue to be. Stay tuned. We'll give you a little more specificity on the December quarter call.

我對我們的定位感到非常滿意，對吧？提姆談了很多我們在代工和邏輯方面的業務發展軌跡。我們在記憶領域一直表現強勁，我相信我們將繼續在該領域表現出色。所以對我來說現在就進行分析還太早。順便說一句，我認為 CSBG 明年將會是一個好年頭，對嗎？當我把所有因素綜合起來時，我認為我們處於非常有利的位置，而且這種勢頭會持續下去。敬請關注。我們將為您提供有關 12 月季度電話會議的更多具體資訊。

Got it. And then a quick follow-up on your last point, Doug, on CSBG. You talked about the Reliant business having a record quarter which, I guess, implies that your spare parts business and other parts of your business could have been down a little bit. And I appreciate your point about there being some lumpiness, if you will, on a quarter-to-quarter basis. But if you can speak to what you're seeing in the non-Reliant business and CSBG near term, that would be helpful. And then I guess you sort of addressed this in your prior answer, but how confident are you that calendar '22 could be another up year after what's been a very strong year in CSBG?

知道了。然後，Doug，快速跟進你最後一點關於 CSBG 的問題。您剛才談到 Reliant 業務本季創下了紀錄，我想，這意味著您的備件業務和其他業務部分可能有所下滑。如果您願意的話，我很欣賞您關於季度間存在一些不一致性的觀點。但如果您可以談談您對非 Reliant 業務和 CSBG 近期情況的看法，那將會很有幫助。然後我想您已經在先前的回答中提到了這個問題，但是在 CSBG 經歷了非常強勁的一年之後，您對 22 年日曆會再次成為上漲的一年有多大信心？

Toshiya, you're right, there's lumpiness to different aspects of it. Tim specifically said 11 consecutive quarters of record revenue for Reliant. Obviously, there's ebb and flow and other stuff. As inventory builds a little bit, upgrades can be a little bit lumpy at times, depending on what's going on in the installed base. But I'll tell you, when I think about CSBG going into next year, it's been a very strong year in terms of our chamber shipment this year. That's the opportunity to continue to have CSBG grow into next year. And that's why I have pretty high confidence that this business will grow every single year. It may not grow every single quarter, right? We were flat this quarter, but we're shipping a lot of chambers this year, and I feel pretty good about what that's going to mean for CSBG next year.

Toshiya，你說得對，它的不同面向都有不協調之處。提姆特別指出，Reliant 的營收連續 11 個季度創下歷史新高。顯然，其中有潮起潮落和其他因素。隨著庫存逐漸增加，升級有時可能會有些不平穩，這取決於安裝基數的情況。但我要告訴你，當我想到 CSBG 明年的情況時，今年我們的室裝運量是非常強勁的一年。這是 CSBG 明年繼續發展的機會。這就是為什麼我對這項業務每年都會成長充滿信心。它可能不會每個季度都增長，對嗎？本季我們的業績持平，但今年我們的出貨量很大，這對 CSBG 明年的發展意義重大，我感到非常樂觀。

And next, we'll go to Vivek Arya from Bank of America Securities.

接下來我們請出美國銀行證券公司的維韋克·阿里亞 (Vivek Arya)。

You mentioned the supply situation could improve over the next several quarters. I'm curious, what do you think changes to help that? Is that actions you are taking? Is that actions your suppliers are taking? I'm just curious what's kind of behind your confidence that the supply situation can actually improve from here.

您提到未來幾季供應情況可能會改善。我很好奇，您認為什麼改變可以解決這個問題？這就是你正在採取的行動嗎？這是您的供應商正在採取的行動嗎？我只是好奇，您為何如此有信心從現在開始供應狀況會真正改善。

Yes. I think it would be perhaps actions we're taking with our suppliers. I mean it's about helping to prioritize our critical supply chain partners towards the things that are most important to meeting output quarter-by-quarter. The actions we've taken ourselves, we've kind of detailed those out. If we look back 6 months ago or more, we were talking about physical capacity needing to open factories, expand factories. And we've really taken care of a lot of our own actions. But in a very complex supply chain, we've got to do the same work with all of our partners. And they've been great through that. But there's still more work to be done and we just anticipate that over the next several quarters, we'll continue to make progress.

是的。我認為這也許是我們與供應商採取的行動。我的意思是，這是為了幫助我們對關鍵的供應鏈合作夥伴進行優先排序，以便按季度完成產量。對於我們自己採取的行動，我們已經進行了詳細說明。如果我們回顧六個月前或更早的時候，我們談論的是開設工廠、擴建工廠所需的物理產能。我們確實已經注意到自己的許多行為了。但在非常複雜的供應鏈中，我們必須與所有合作夥伴一起做同樣的工作。他們在這方面一直表現得很出色。但仍有許多工作要做，我們預計在接下來的幾個季度裡，我們將繼續取得進展。

Got it. And for my follow-up, you sound more confident about next year, both on the tools and the CSBG side. Is that based on the backlog of orders? Is that based more on structural drivers? And where I'm coming from is that customers are seeing the current state of the industry and supply shortages. What gives you the confidence they are not overordering given this environment, that these orders are for real? So if you look at your confidence about next year, how would you kind of contrast those signals to what you usually have at this point than prior years?

知道了。我的後續問題是，您對明年的表現聽起來更有信心，無論是在工具方面還是在 CSBG 方面。這是基於訂單積壓嗎？這是否更多地基於結構性驅動因素？我的觀點是，客戶看到了該行業的現狀和供應短缺。在這種環境下，你怎麼能確信他們沒有超額訂購，而且這些訂單都是真實的？因此，如果您審視自己對明年的信心，您會如何將這些訊號與前幾年此時通常所擁有的訊號進行比較？

Yes. It's a very good question, something we watch closely. We want to make sure that demand is as real as possible. I mentioned our lead times. Our conversations with customers, our understanding of projects, I would say, is better at this point because our customers are planning for very big projects, mega fabs. They're experiencing difficulties in getting equipment. And so we're having much deeper conversations with them about how we can ensure that, that equipment will be available when they need it. And so I would say compared to normal, we have a little bit longer visibility than we typically have.

是的。這是一個非常好的問題，我們正密切關注。我們希望確保需求盡可能真實。我提到了我們的交貨時間。我想說，我們與客戶的對話、我們對專案的理解現在更加深入了，因為我們的客戶正在規劃非常大的項目，大型晶圓廠。他們在獲取設備方面遇到了困難。因此，我們正在與他們進行更深入的對話，討論如何確保在他們需要時能夠提供設備。因此我想說，與正常情況相比，我們的可見度比通常要長一些。

And Vivek, obviously, we know every fab in the world, how big it is, how much equipment it can take. And we think through that as we're talking to customers about when they want equipment in those clean room spaces. So that goes into part of the thinking as well.

Vivek，顯然，我們知道世界上的每個晶圓廠，它有多大，可以容納多少設備。當我們與客戶討論何時需要這些潔淨室空間中的設備時，我們會考慮到這一點。所以這也是思考的一部分。

And next, we'll go to Patrick Ho from Stifel.

接下來我們請出 Stifel 的 Patrick Ho。

Congrats on a really nice quarter given the environment. Doug, maybe just a follow-up question on the Customer Support Business Group. You guys have done a really, really good job growing the Reliant business. Obviously, the TAM of that marketplace is growing, and you're capitalizing from that. Are you getting any "share wins" because customers, especially on that front, are looking for more productivity? There are new materials engineering that's going on in some of those, I guess, trailing edge processes. Are you actually gaining share also and getting placements with the Reliant business for some of those more mature nodes?

在這樣的大環境下，恭喜您度過了一個非常愉快的季度。道格，也許這只是關於客戶支援業務組的後續問題。你們在推動 Reliant 業務發展方面做得非常非常好。顯然，該市場的 TAM 正在成長，而您正在從中獲利。您是否獲得了任何“份額成長”，因為客戶（尤其是這方面的客戶）正在尋求更高的生產力？我想，在其中一些後緣製程中，新材料工程正在進行中。你們實際上是否也獲得了份額，並透過 Reliant 公司獲得了一些更成熟的節點的位置？

That's a good question, Patrick. Yes, we are. I mean we go to market there through the Reliant product line, as you know, which is refurbished equipment. And increasingly, we're selling new equipment. And when I look at some of the new customers or customers that are taking equipment, our footprint is doing quite well, frankly, in the specialty space. And we have some very specific things that we're very, very strong at. So yes, I think we're doing well.

這是個好問題，派崔克。是的。我的意思是，如你所知，我們透過 Reliant 產品線進入那裡的市場，該產品線是翻新設備。而且我們銷售的新設備越來越多。當我看到一些新客戶或正在購買設備的客戶時，坦白說，我們在專業領域的業務做得相當不錯。我們在一些具體的事情上非常非常擅長。是的，我認為我們做得很好。

I don't know, Tim, if...

我不知道，提姆，如果......

Yes. I guess what I would just add is, as people are trying to work through supply constraints and increase their output out of the fab, the most valuable part of our CSBG business to them is the productivity upgrades segment. Those are upgrades that can be applied to existing equipment. Many times, not even really changing the process, it might be software optimization to optimize the wafer handling through the machine and thereby gain some small improvement in throughput. We definitely see, as utilizations really hit like max levels, people looking for productivity upgrades. They can implement to squeeze more out of the installed base. And so that part of our business always does quite well, but I would say in this environment, doing quite well.

是的。我想補充的是，當人們試圖突破供應限制並提高晶圓廠的產量時，我們的 CSBG 業務對他們來說最有價值的部分是生產力升級部分。這些是可應用於現有設備的升級。很多時候，甚至不需要真正改變流程，也可能是透過軟體優化來優化機器的晶圓處理，從而略微提高產量。我們確實看到，隨著利用率真正達到最高水平，人們正在尋求生產力的提高。他們可以採取措施，從已安裝的基礎中榨取更多利益。因此，我們這部分業務一直表現得很好，但我想說，在這種環境下，表現相當不錯。

And next, we'll go to Sidney Ho from Deutsche Bank.

接下來我們請到德意志銀行的 Sidney Ho。

My first question is going back to supply constraint. I got to give this a try. If you look at your revenue year-to-date, how much more revenue do you think you could have shipped if there were no constraints? If you're not answering quantitatively, are there some metrics that you can point to, to help us think about that dynamic, deferred revenue orders? I know you don't disclose orders anymore.

我的第一個問題是回到供應限制問題。我得嘗試一下。如果您查看今年迄今為止的收入，如果沒有任何限制，您認為您可以增加多少收入？如果您沒有定量地回答，您是否可以指出一些指標，以幫助我們思考動態的遞延收入訂單？我知道你不再透露訂單了。

Yes. No, Sidney, we're not going to quantify it right now, but we are constrained. Our lead times are stretched. It's a decent amount of unmet demand. I mean there's a reason that I said unmet demand, lead time and so forth. We're working our way through it, but I'm not going to quantify it.

是的。不，西德尼，我們現在不會量化它，但我們受到限制。我們的交貨週期被延長了。這是相當大一部分未滿足的需求。我的意思是，我提到未滿足的需求、交貨時間等等是有原因的。我們正在努力解決這個問題，但我不會量化它。

Okay. Maybe I'll switch over and ask about the memory side. What are your thoughts about the bit supply growth run rate exiting this year for DRAM and NAND? It seems like some of the CapEx spending in the early part of this year should turn into output by the end of this year. And kind of related to that, I assume most of the memory CapEx will be for technology transition, but how should we think about what portion of the WFE is more driven by wafer additions and hence, more variable in nature?

好的。也許我應該轉過去問一下內存方面的問題。您對今年 DRAM 和 NAND 的位元供應成長率有何看法？看起來今年年初的部分資本支出應該會在今年底轉化為產出。與此相關的是，我認為大部分記憶體資本支出將用於技術轉型，但我們應該如何考慮 WFE 的哪一部分更多地受到晶圓增加的驅動，因此本質上更具可變性？

Yes. Sidney, when I look at both NAND and DRAM this year, it's a combination of both wafer adds. And you always get node conversions in both NAND and DRAM, and that's very much what we see going on. More wafer adds this year than last year, obviously. That's just the nature of where demand is in the industry. And when I think about supply growth, when I look at the investments that are occurring this year, I think NAND is pretty balanced in terms of supply demand growth for the year. I think DRAM is still a little bit constrained, frankly. So that's generally what we see at Lam.

是的。西德尼，當我看今年的 NAND 和 DRAM 時，它們是兩種晶圓增量的結合。而且，您總是會看到 NAND 和 DRAM 中的節點轉換，這正是我們所看到的正在發生的事情。顯然，今年增加的晶圓比去年多。這只是產業需求的本質。當我考慮供應成長並回顧今年的投資時，我認為 NAND 在全年的供應需求成長方面是相當平衡的。坦白說，我認為 DRAM 仍然受到一些限制。這就是我們在 Lam 看到的大致情況。

And next, we'll go to Joseph Quatrochi from Wells Fargo.

接下來我們請出富國銀行的約瑟夫‧夸特羅奇 (Joseph Quatrochi)。

I want to go back to your comment around WFE investment required to achieve the same bit growth in NAND. I was curious, how do you compare that growth and that required investment at DRAM? Is one growing faster than the other?

我想回到您關於實現 NAND 相同位元成長所需的 WFE 投資的評論。我很好奇，您如何比較 DRAM 的成長和所需的投資？其中一個比另一個成長得更快嗎？

I'm not sure I got the question. Try it one more time.

我不確定我是否理解了這個問題。再試一次。

Yes. So I mean you talked about the increase in investment to drive the same amount of bit growth in NAND. I assume that that's a similar trend that we're seeing in DRAM. But I was curious of, is NAND growing faster than DRAM that level of investment to drive bit growth? Or is DRAM investment growing faster?

是的。所以我的意思是，您談到了增加投資以推動 NAND 的相同數量的成長。我認為這與我們在 DRAM 中看到的趨勢類似。但我很好奇，NAND 的成長速度是否比 DRAM 更快，以至於需要如此高水準的投資來推動比特成長？還是DRAM投資成長更快？

You're absolutely right that they're both growing in order to get the same amount of bit growth. I'm not ready to compare one to the other necessarily, but they're both growing. It's getting more and more challenging. Capital intensity is going up to get the same level of bit growth in both NAND and DRAM.

您完全正確，它們都在增長，以獲得相同數量的位元增長。我還沒準備好將兩者進行比較，但它們都在成長。它變得越來越有挑戰性。資本密集度正在上升，以實現 NAND 和 DRAM 相同水準的位元成長。

Okay. Fair enough. And then just as a follow-up, 3D DRAM seems to be kind of this growing topic of interest. I was just curious, what's Lam's thoughts in terms of the timing of that and then just the opportunity for you guys looking out to that technology?

好的。很公平。然後作為後續，3D DRAM 似乎是一個越來越受關注的話題。我只是很好奇，Lam 對於這個時機有什麼看法，以及你們關注這項技術的機會是什麼？

Well, it's still pretty far out from a production perspective. But clearly, what we've always said is anything that transitions devices in the third dimension requires a lot of etch and deposition equipment to build and create those complex 3-dimensional structures. So clearly, a great opportunity for Lam as that inflection takes place. What I can say is, of course, we're engaged at this point in the early days of developing what those architectures and materials will look like. And as we get closer to defining those process flows, I'm sure there will be more discussion about that part of our business.

嗯，從生產角度來看，這還有相當長的一段時間。但顯然，我們一直在說，任何在三維中轉換的設備都需要大量的蝕刻和沈積設備來建造和創建那些複雜的三維結構。顯然，這種轉變對林來說是一個絕佳的機會。我可以說的是，當然，我們目前正處於開發這些架構和材料的早期階段。隨著我們越來越接近定義這些流程，我相信我們將會針對業務的這一部分進行更多的討論。

Our last question comes from Quinn Bolton with Needham.

我們的最後一個問題來自 Needham 的 Quinn Bolton。

Doug, I just wanted to come back to that unmet demand. I know you're not going to quantify it. But if you just look back over the past couple of quarters, has that continued to grow even as you've been able to increase capacity and revenue?

道格，我只是想回到那個未滿足的需求。我知道你不會量化它。但如果回顧過去幾個季度，即使產能和收入都提高了，利潤是否仍繼續增長？

I'm not going to tell you how it's moved sequentially. It was there last quarter. It's there this quarter. We're working to kind of mitigate it, work our way through, but I'm not going to compare it 1 quarter to the next.

我不會告訴你它是如何按順序移動的。上個季度它就在那裡。本季它就在那裡。我們正在努力緩解影響，想辦法解決，但我不會將一個季度與下一個季度進行比較。

Got it. And the second question, just a follow-up on Malaysia. Do you have any sense or can you give us any sense when you think that stops being a drag? Is that still a couple of quarters out? Or is that something you'd rather not specify?

知道了。第二個問題是關於馬來西亞的後續問題。您有什麼想法嗎？那還需要幾個季度嗎？或者您不想具體說明這一點？

It will get better as we ramp the factory. And I think by the time we get to the second half of '22, it'll begin to be a benefit to gross margin as opposed to a headwind. We just need to get it ramped. There's fixed cost there, and we're working on that.

隨著我們工廠的擴大，情況會變得更好。我認為，到 22 年下半年，它將開始對毛利率有利，而不是不利因素。我們只需要加速它。那裡有固定成本，我們正在努力解決。

Okay, operator, I think that's it for us. Tina, do you want to close this?

好的，接線員，我想我們的任務就到此為止了。蒂娜，你想關閉它嗎？

Yes. We just want to tell everyone we appreciate your support, and thank you for joining our call today.

是的。我們只想告訴大家，我們感謝您的支持，並感謝您今天加入我們的電話會議。

And that does conclude our call for today. Thank you for your participation. You may now disconnect.

今天的通話到此結束。感謝您的參與。您現在可以斷開連線。