科林研發 (LRCX) 2021 Q4 法說會逐字稿

Good day, and welcome to the June 2021 quarter financial conference call. At this time, I would like to turn the conference over to Tina Correia, Corporate Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎參加 2021 年 6 月季度財務電話會議。此時，我想將會議轉交給投資者關係公司副總裁 Tina Correia。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，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 June 2021 quarter and our outlook for the September 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.

在今天的電話會議中，我們將分享我們對商業環境的概述，我們將審查我們 2021 年 6 月季度的財務業績和我們對 2021 年 9 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 today's earnings press release.

除非另有說明，否則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。可以在今天的收益新聞稿中找到 GAAP 和非 GAAP 結果之間的詳細核對。

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.

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 welcome, everyone. Our June quarter results reflect continued strong execution across our systems and services businesses. The quarter came in well above expectations, with record revenues of $4.15 billion, and earnings per share of $8.09. We also generated record cash from operations in the quarter of $1.4 billion.

謝謝你，蒂娜，歡迎大家。我們 6 月的季度業績反映了我們系統和服務業務的持續強勁執行。該季度的收入遠高於預期，創紀錄的收入為 41.5 億美元，每股收益為 8.09 美元。我們還在本季度從運營中產生了創紀錄的 14 億美元現金。

The June quarter marked the end of Lam's fiscal year. And despite a challenging operating environment, we delivered the highest revenue in the company's history. Compared to the prior fiscal year, revenues grew more than 45% to $14.6 billion. Earnings per share increased at an even faster pace to a record $27.25 in fiscal year 2021, more than 70% higher than in fiscal year 2020.

六月季度標誌著林的財政年度的結束。儘管經營環境充滿挑戰，我們還是實現了公司歷史上最高的收入。與上一財年相比，收入增長了 45% 以上，達到 146 億美元。每股收益在 2021 財年以更快的速度增長，達到創紀錄的 27.25 美元，比 2020 財年高出 70% 以上。

The demand environment for semiconductor equipment remains strong, and we now see wafer fabrication equipment spending in calendar 2021 trending above $80 billion. While absolute WFE spending levels have risen to new highs, we remain confident in the health and sustainability of the industry at these levels. Wafer fab equipment spending as a percentage of semiconductor industry operating profit remains within historical ranges, and semiconductors continue to enable critical technology transformations such as AI, 5G, high-performance computing and IoT.

半導體設備的需求環境依然強勁，我們現在看到 2021 年的晶圓製造設備支出趨勢超過 800 億美元。雖然絕對 WFE 支出水平已升至新高，但我們仍然對該行業在這些水平上的健康和可持續性充滿信心。晶圓廠設備支出佔半導體行業營業利潤的百分比仍處於歷史範圍內，半導體繼續推動人工智能、5G、高性能計算和物聯網等關鍵技術轉型。

We believe robust semiconductor demand, rising device manufacturing complexity and strategic regional investments are powerful drivers for multiyear WFE spending. By device segments, we see strength across NAND, DRAM and foundry logic in calendar 2021. Against the backdrop of broad demand, increasing device manufacturing complexity plays well to Lam's strength in critical applications and continues to create new growth opportunities.

我們認為強勁的半導體需求、不斷上升的設備製造複雜性和戰略性區域投資是多年 WFE 支出的強大推動力。按設備細分，我們看到 2021 年 NAND、DRAM 和代工邏輯的實力。在廣泛需求的背景下，設備製造複雜性的提高對 Lam 在關鍵應用方面的實力起到了很好的作用，並繼續創造新的增長機會。

Looking at the past 5 years, as manufacturing complexity increased in NAND with the transition to 3D, Lam gained over 6 points of share of WFE in this segment and leads the next closest supplier by about 8 points of customer spend. In the June quarter, we secured another win for a critical deposition application and are now the tool of record for all NAND manufacturers for this process.

回顧過去 5 年，隨著 NAND 的製造複雜性隨著向 3D 的過渡而增加，Lam 在該領域的 WFE 份額中獲得了超過 6 個百分點，並以大約 8 個百分點的客戶支出領先於緊隨其後的供應商。在 6 月季度，我們再次贏得了一項關鍵沉積應用的勝利，現在是所有 NAND 製造商在此過程中的記錄工具。

Instrumental to our success has been the differentiation afforded by our quad-station chamber design. Our multi-station architecture refined over many years allows us to use sequential processing to precisely tailor film properties to meet the needs of next-generation devices without compromising the productivity required for high-volume NAND, DRAM and foundry logic manufacturing.

我們的成功得益於我們的四站室設計所提供的差異化。我們經過多年改進的多站架構使我們能夠使用順序處理來精確定制薄膜特性，以滿足下一代設備的需求，而不會影響大批量 NAND、DRAM 和代工邏輯製造所需的生產力。

Another example where we believe we are well positioned to benefit from rising complexity is through our enablement of higher-quality surface conditioning. Surface properties have been shown to greatly impact device performance, and existing surface preparation methods are in many cases insufficient to meet the stricter requirements for new materials and tighter dimensional control at advanced nodes.

另一個我們認為我們可以從不斷增加的複雜性中受益的例子是通過我們實現更高質量的表面處理。表面特性已被證明對器件性能有很大影響，而現有的表面製備方法在許多情況下不足以滿足對新材料和先進節點更嚴格的尺寸控制的更嚴格要求。

For the foundry/logic segment, we recently introduced a range of novel selective etch, strip and surface treatment solutions that use our ultra-high selectivity, 0 damage process capability to remove unwanted materials with minimal impact to other layers. We are gaining significant momentum with this new approach with multiple Lam tools selected by a large customer in the June quarter as tool of record for leading-edge applications. We plan to share more details on this innovation in the near future.

對於代工/邏輯部分，我們最近推出了一系列新型選擇性蝕刻、剝離和表面處理解決方案，這些解決方案使用我們的超高選擇性、零損傷工藝能力去除不需要的材料，同時對其他層的影響最小。通過這種新方法，我們獲得了顯著的動力，一個大客戶在 6 月季度選擇了多個 Lam 工具作為前沿應用的記錄工具。我們計劃在不久的將來分享有關這項創新的更多細節。

Additional opportunities for Lam are being driven by the need for higher pattern fidelity as foundry/logic pitch tolerance is tightened. For extremely small features, the relationship between change in resistance to change in dimensions is exponential, thereby, necessitating an extreme level of precision in device fabrication at advanced nodes. Even small variations in pattern roughness can degrade RC and transistor speed.

隨著代工廠/邏輯間距公差的收緊，對更高圖案保真度的需求為 Lam 帶來了更多機會。對於極小的特徵，電阻變化與尺寸變化之間的關係是指數級的，因此，在先進節點的設備製造中需要極高的精度。即使圖案粗糙度的微小變化也會降低 RC 和晶體管的速度。

In response, we have developed etch solutions such as our ARIA plasma pulsing capability to reduce line roughness by up to 30%. This technology has proven to be a key enabler for many critical etch applications and when combined with our proprietary uniformity and RF power solutions has helped Lam maintain our overall market-leading position in multi-patterning etch. As the industry transitions to even more demanding EUV patterning, we are seeing success applying these technology solutions to win new EUV patterning steps.

作為回應，我們開發了蝕刻解決方案，例如我們的 ARIA 等離子脈衝功能，可將線條粗糙度降低多達 30%。該技術已被證明是許多關鍵蝕刻應用的關鍵推動力，當與我們專有的均勻性和射頻功率解決方案相結合時，Lam 幫助我們保持了我們在多圖案蝕刻領域的整體市場領先地位。隨著行業過渡到要求更高的 EUV 圖案化，我們看到成功應用這些技術解決方案贏得了新的 EUV 圖案化步驟。

Solving complex scaling challenges, including transitions to 3D structures in foundry/logic and DRAM, will not be accomplished without deeper collaboration across the ecosystem. Our customers are increasingly highlighting the need for closer partnerships with the equipment industry to meet their overall device performance and cost road maps. As a result, we continue to expand R&D investments closer to customers with the aim of accelerating new application development, shortening cycles of learning and strengthening our understanding of the customers' most difficult problems.

如果沒有整個生態系統的更深入合作，就無法解決複雜的擴展挑戰，包括在代工廠/邏輯和 DRAM 中向 3D 結構的過渡。我們的客戶越來越強調需要與設備行業建立更密切的合作夥伴關係，以滿足他們的整體設備性能和成本路線圖。因此，我們繼續擴大研發投入，更貼近客戶，以加快新應用開發，縮短學習週期，加強對客戶最困難問題的理解。

In addition to these regional R&D investments, I am pleased to announce that we recently shipped our first modules from our new Malaysia factory. This new facility adds resiliency to our global manufacturing network, creates capability closer to key customers and supply chain partners and provides us with urgently needed capacity to support our continuing growth. I would like to acknowledge the tremendous efforts of the Lam employees and partners that completed the Malaysia project on time despite the challenges of the COVID-19 pandemic.

除了這些區域研發投資外，我很高興地宣布，我們最近從馬來西亞新工廠發貨了我們的第一批模塊。這個新設施為我們的全球製造網絡增加了彈性，創造了更接近關鍵客戶和供應鏈合作夥伴的能力，並為我們提供了支持我們持續增長的迫切需要的能力。我要感謝 Lam 員工和合作夥伴的巨大努力，儘管面臨 COVID-19 大流行的挑戰，他們仍按時完成了馬來西亞項目。

In our customer support business, June quarter revenue growth again outpaced growth in chamber count. Our service upgrades and Reliant businesses all delivered record quarters. Reliant has now shown growth for 10 consecutive quarters driven by strong investments in power, CIS and non-leading-edge foundry. We achieved in the quarter a key etch penetration in 1 of the top 5G RF providers, exhibiting our technical leadership in this space. Also, the spares team executed a major contract at a key customer in Asia, which secures a stream of revenue from our installed base.

在我們的客戶支持業務中，6 月季度的收入增長再次超過了房間數量的增長。我們的服務升級和 Reliant 業務均實現了創紀錄的季度業績。 Reliant 在電力、CIS 和非領先代工方面的強勁投資推動下，現已連續 10 個季度實現增長。我們在本季度在 1 個頂級 5G 射頻供應商中實現了關鍵蝕刻滲透，展示了我們在該領域的技術領先地位。此外，備件團隊還與亞洲的一個主要客戶簽訂了一份重要合同，這確保了我們安裝基礎的收入來源。

While quarter-on-quarter CSBG growth rates can vary based on customer investment patterns, we are very well positioned to deliver strong calendar year growth with a portfolio of products and services focused on our customers' operational success. We are increasing the productivity of our customers' tools and extending the life of their equipment, which contributes to lowering the overall environmental impact of semiconductor manufacturing.

雖然 CSBG 的季度環比增長率可能因客戶投資模式而異，但我們非常有能力通過專注於客戶運營成功的產品和服務組合實現強勁的日曆年增長。我們正在提高客戶工具的生產力並延長其設備的使用壽命，這有助於降低半導體製造對環境的整體影響。

On the topic of sustainability, I would like to share a few highlights for the company. In June, we released our annual environmental, social and governance report. I am very proud of our organization's efforts last year to support the needs of the communities in which we work and live, to keep our employees safe through the COVID-19 pandemic and to advance inclusion and diversity across our global workplace. This year's report introduced our goals of operating on 100% renewable energy by 2030 and achieving carbon net 0 by 2050. We are driving innovations in product and process solutions in support of our sustainability objectives.

關於可持續發展的話題，我想為公司分享一些亮點。 6 月，我們發布了年度環境、社會和治理報告。我為我們組織去年為滿足我們工作和生活所在社區的需求、在 COVID-19 大流行期間保障員工安全以及在全球工作場所促進包容性和多樣性所做的努力感到非常自豪。今年的報告介紹了我們到 2030 年使用 100% 可再生能源運營並到 2050 年實現碳淨零的目標。我們正在推動產品和工藝解決方案的創新，以支持我們的可持續發展目標。

For instance, our new Sense.i etch platform improves power efficiency and requires less aluminum raw material for tool construction. Our new dry resist technology uses 5 to 10x less chemistry and 2x less energy than the current process of record. Our parts cleaning, repair, refurbishment and recoating services are enabling more reuse and lessening waste. These solutions drive sustainability and make Lam products more competitive in the marketplace. I encourage you to check out the report on our website to learn more.

例如，我們新的 Sense.i 蝕刻平台提高了電源效率，並且在製造工具時需要更少的鋁原材料。我們新的干式抗蝕劑技術比目前的記錄工藝使用的化學物質少 5 到 10 倍，能源消耗少 2 倍。我們的零件清潔、維修、翻新和重塗服務能夠實現更多的再利用和減少浪費。這些解決方案推動可持續發展並使 Lam 產品在市場上更具競爭力。我鼓勵您查看我們網站上的報告以了解更多信息。

So to wrap up, we had an outstanding quarter and fiscal year. Most importantly, as we look to the future, we see rising device complexity and continuing transitions to 3D architectures driving growth for Lam.

總而言之，我們有一個出色的季度和財政年度。最重要的是，展望未來，我們看到了設備複雜性的不斷提高以及向 3D 架構的持續過渡，這推動了 Lam 的增長。

Thank you all for listening today. And now here's Doug.

謝謝大家今天的收聽。現在是道格。

Thank you, Tim. Good afternoon, everyone, and thank you for joining our call today on what I know is a very busy earnings season. As the world continues to face challenges with the pandemic, I hope you and your families have been safe and healthy since we last spoke with you.

謝謝你，蒂姆。大家下午好，感謝您今天加入我們的電話會議，我知道這是一個非常繁忙的收益季節。隨著世界繼續面臨大流行的挑戰，我希望您和您的家人自我們上次與您交談以來一直安全健康。

Lam continued to deliver outstanding performance with record quarterly revenue, operating income and earnings per share in the June 2021 quarter. Our revenue, gross margin and operating income came in at or above the midpoint of our guidance, and earnings per share were above our guidance range. We're extremely pleased with our operational execution, and we thank all of our customers, suppliers and employees for their dedication and support.

Lam 在 2021 年 6 月的季度繼續以創紀錄的季度收入、營業收入和每股收益表現出色。我們的收入、毛利率和營業收入達到或高於我們指導的中點，每股收益高於我們的指導範圍。我們對我們的運營執行非常滿意，我們感謝所有客戶、供應商和員工的奉獻和支持。

Our revenue for the June quarter was $4.15 billion, representing an increase of 8% from the March quarter. We had record revenue in both our systems and our Customer Support Business Group.

我們 6 月季度的收入為 41.5 億美元，比 3 月季度增長 8%。我們的系統和客戶支持業務組的收入均創歷史新高。

So let me now turn to the details on systems revenue. The Memory segment continues to be an area of strength for Lam and represented 59% of systems revenue in the June quarter.

所以現在讓我談談系統收入的細節。內存部門仍然是 Lam 的優勢領域，佔 6 月季度系統收入的 59%。

The NAND segment concentration was essentially flat with the prior quarter at 49% of our systems revenue and again hit another record level in terms of revenue dollars. We saw customer investments in both capacity adds and conversions with spending primarily on 128-layer class devices.

NAND 部門的集中度與上一季度基本持平，占我們系統收入的 49%，並在收入美元方面再次創下新高。我們看到客戶在容量增加和轉換方面的投資主要用於 128 層級設備。

In the DRAM segment, we had 10% of our June quarter systems revenue versus 14% in the prior quarter. The DRAM investments were concentrated mainly in the 1z and 1-alpha nodes. And I would just mention, we do see DRAM spending strengthening into the second half of this year.

在 DRAM 領域，我們的 6 月季度系統收入占我們的 10%，而上一季度為 14%。 DRAM 投資主要集中在 1z 和 1-alpha 節點。我只想提一下，我們確實看到 DRAM 支出在今年下半年有所增長。

For the Foundry segment, we had our second consecutive quarter of record revenues, coming in at 35% of our June systems revenue as compared with 31% in the March quarter. Foundry spending is occurring in both leading-edge and mature technologies to meet the end demand for various market drivers like AI, 5G and gaming as well as specialty chips needed for things like IoT, image sensors and power devices.

對於鑄造部門，我們連續第二個季度實現創紀錄的收入，佔 6 月份系統收入的 35%，而 3 月份季度為 31%。晶圓代工支出在前沿技術和成熟技術中都出現，以滿足各種市場驅動因素（如 AI、5G 和遊戲）以及物聯網、圖像傳感器和電源設備等所需的專用芯片的最終需求。

And finally, Logic and Other contributed the remaining 6% of systems revenue in the June quarter, which was essentially flat to the prior quarter percentage.

最後，Logic 和 Other 在 6 月季度貢獻了剩餘 6% 的系統收入，與上一季度的百分比基本持平。

Now looking at the regional profile of our total revenue. The China region came in at 37% of our total revenues, up from 32% in the March quarter. The spending profile for the China region was generally balanced between the domestic and multinational customers with their fabs that are located in China. The Korea region also contributed -- or continued to be very strong in the June quarter, representing 30% of revenues.

現在看看我們總收入的區域概況。中國地區占我們總收入的 37%，高於第三季度的 32%。中國地區的支出狀況在國內和跨國客戶之間總體平衡，他們的晶圓廠位於中國。韓國地區也做出了貢獻——或在 6 月季度繼續非常強勁，佔收入的 30%。

CSBG, which is our installed base business, came in at nearly $1.4 billion, which, as I noted, is another high point for this group. The revenue level is an increase of 6% from the March quarter and 49% higher than the same quarter in 2020. All of the subsegments of this business are delivering excellent performance: the Reliant product line that serves specialty market upgrades where we're extending the life of our customers' tools as well as spares and service that are supporting the high industry utilizations. All subsegments strongly contributed in the quarter.

CSBG 是我們的安裝基礎業務，收入近 14 億美元，正如我所指出的，這是該集團的另一個高點。收入水平比 3 月季度增長 6%，比 2020 年同期增長 49%。該業務的所有子部門都表現出色：服務於我們正在擴展的專業市場升級的 Reliant 產品線我們客戶的工具以及支持高工業利用率的備件和服務的使用壽命。所有細分市場在本季度都做出了巨大貢獻。

So let me shift to profitability. June quarter gross margin was 46.5%, right at the midpoint of the guided range. I'll remind you that our gross margins fluctuate quarter-to-quarter due to overall business levels, along with customer and product mix. I would mention there continues to be elevated air freight and logistics costs due to the COVID environment impacting us in the current quarter, which are also reflected in the September quarter guidance.

所以讓我轉向盈利能力。 6 月季度毛利率為 46.5%，處於指導區間的中點。我會提醒您，由於整體業務水平以及客戶和產品組合，我們的毛利率會隨季度波動。我要提到的是，由於本季度 COVID 環境影響我們，空運和物流成本繼續上升，這也反映在 9 月季度的指導中。

Operating expenses for June were $574 million, slightly higher than the prior quarter. You may note in our earnings release that we did incur a charge during the quarter of approximately $6 million related to an asset impairment of the product line that we're shutting down. This charge was excluded from our non-GAAP operating expenses. We've demonstrated our ability to scale the company profitably as we've continued to decrease operating expenses as a percent of revenue. I'll also note that we've continued to prioritize R&D spending to ensure that we have the resources to continue to build on our technically differentiated leadership positions, and we maintained an emphasis on R&D spending, and it continues to represent approximately 2/3 of our operating expenses.

6 月份的運營費用為 5.74 億美元，略高於上一季度。您可能會在我們的收益發布中註意到，我們確實在本季度產生了大約 600 萬美元的費用，與我們正在關閉的產品線的資產減值有關。這筆費用不包括在我們的非公認會計原則運營費用中。我們已經證明了我們擴大公司盈利的能力，因為我們繼續降低運營費用佔收入的百分比。我還要指出，我們繼續優先考慮研發支出，以確保我們有資源繼續建立我們在技術上差異化的領導地位，我們繼續強調研發支出，它繼續佔大約 2/3我們的運營費用。

June quarter operating margin showed solid performance, coming in over the midpoint of our guidance range at 32.6%, reflecting strong gross margin and operating expense management. This operating income percentage represents an all-time high-water mark for Lam Research.

6 月季度營業利潤率表現穩健，超過我們指導範圍的中點 32.6%，反映了強勁的毛利率和運營費用管理。這一營業收入百分比代表了 Lam Research 的歷史最高水平。

Our non-GAAP tax rate for the quarter was 12.6%, generally in line with our expectations. And as I've noted in prior calls, our tax rate will fluctuate from quarter-to-quarter. We expect the ongoing tax rate to be in the low teens level for the 2021 calendar year. And I would just mention we're continuing to monitor potential tax changes that are under discussion in the current United States administration.

我們本季度的非 GAAP 稅率為 12.6%，總體上符合我們的預期。正如我在之前的電話會議中指出的那樣，我們的稅率將逐季波動。我們預計 2021 日曆年的現行稅率將處於青少年的低水平。我只想提一下，我們將繼續監控當前美國政府正在討論的潛在稅收變化。

Other income and expense was approximately $23 million in expense, which is lower than the prior quarter as a result of a $30 million market gain in one of our venture capital investments. As we previously noted, OI&E is subject to market-related volatility that could cause a difference from any typical run rate. And also, just to remind you, beginning in the March quarter of 2020, the benefits and costs of our employee deferred compensation plan are no longer mismatched in our non-GAAP results. This mismatch was $17 million for the June 2021 quarter. And if you're interested, you can see the details in the GAAP reconciliation tables in the earnings release.

其他收入和支出約為 2300 萬美元，低於上一季度，因為我們的一項風險投資獲得了 3000 萬美元的市場收益。正如我們之前指出的，OI&E 會受到與市場相關的波動的影響，這可能會導致與任何典型運行率的差異。此外，提醒您，從 2020 年 3 月季度開始，我們的員工遞延薪酬計劃的收益和成本不再與我們的非公認會計原則結果不匹配。 2021 年 6 月季度的這種不匹配為 1700 萬美元。如果您有興趣，可以在收益發布中的 GAAP 調節表中查看詳細信息。

So now let me shift to capital return. We paid $185 million in dividends and allocated $440 million towards share buyback. This is in line with our long-term capital return plans of 75% to 100% of our free cash flow.

所以現在讓我轉向資本回報。我們支付了 1.85 億美元的股息，並分配了 4.4 億美元用於股票回購。這符合我們 75% 至 100% 自由現金流的長期資本回報計劃。

Earnings per share came in at $8.09, above the guidance range. The outperformance is due to the higher revenue and expense management as well as the favorability I noted in OI&E. The diluted share count balance was down slightly from the March quarter level, coming in at 144 million shares.

每股收益為 8.09 美元，高於指導範圍。出色的表現是由於更高的收入和費用管理以及我在 OI&E 中註意到的好感度。稀釋後的股票數量餘額比 3 月季度的水平略有下降，為 1.44 億股。

During the June quarter, we redeemed the remaining 2041 convertible notes, which I'm happy to tell you is the last convert that was in our capital structure.

在 6 月季度，我們贖回了剩餘的 2041 可轉換票據，我很高興地告訴您，這是我們資本結構中的最後一次轉換。

Let me shift to the balance sheet. Cash and short-term investments, including restricted cash, totaled $6 billion, which is flat with the prior quarter. We had record performance in the June quarter for cash flows from operations, which came in at $1.4 billion. During the quarter, our cash generation was deployed to the paydown of $800 million of senior notes that were due in June as well as cash outlays for the capital return activities that I mentioned.

讓我轉向資產負債表。現金和短期投資（包括受限現金）總計 60 億美元，與上一季度持平。我們在 6 月季度的運營現金流量達到創紀錄的 14 億美元。在本季度，我們的現金產生用於償還 6 月到期的 8 億美元優先票據以及我提到的資本回報活動的現金支出。

Days sales outstanding was flat to the March quarter at 66 days. Inventory turns were up slightly from the prior quarter level, coming in at 3.3x. June quarter noncash expenses included approximately $56 million for equity compensation, $60 million for depreciation and $18 million for amortization.

未結銷售天數與第三季度持平，為 66 天。庫存周轉率較上一季度略有上升，為 3.3 倍。六月季度的非現金支出包括大約 5600 萬美元的股權補償、6000 萬美元的折舊和 1800 萬美元的攤銷。

We are investing in increasing our capacity and support of customers. And as a result, capital expenditures for the June quarter were up from the March level and came in at $105 million. We have investments occurring around the globe with our new Malaysia factory, which is formally opening this quarter, expansion in our U.S. critical spare parts facility in Ohio and R&D investments in our new Korean lab facility. We expect to see somewhat levels -- somewhat elevated levels, excuse me, of capital expenditures in the remainder of calendar year 2021 as we support these growth initiatives.

我們正在投資以提高我們的能力和對客戶的支持。因此，6 月季度的資本支出高於 3 月的水平，達到 1.05 億美元。我們在全球範圍內進行了投資，包括本季度正式開業的新馬來西亞工廠、擴建我們在俄亥俄州的美國關鍵備件工廠以及對我們新的韓國實驗室設施的研發投資。由於我們支持這些增長計劃，我們預計在 2021 年剩餘時間裡，資本支出將出現一定水平 - 有點高水平。

The head count level ending the June quarter was approximately 14,100 regular full-time employees. Resources have been added in our factories and in the field to meet the increased output levels and to support customers in their technology evaluations as well as tool installation requirements.

截至 6 月季度的員工總數約為 14,100 名正式全職員工。我們的工廠和現場增加了資源，以滿足增加的產量水平，並支持客戶進行技術評估和工具安裝要求。

My final commentary to touch on for the June quarter is a follow-up in the ESG space, which obviously is strategically important for Lam Research. In June, we extended and upsized our revolving credit facility to $1.5 billion. We transitioned this facility to a sustainability-linked revolver, which includes a pricing structure that is linked to certain performance metrics for energy savings and employee safety. In addition to the ESG focus areas that Tim noted, this credit facility is further demonstration of our commitment to integrate ESG principles into all aspects of how we operate as a company.

我對 6 月季度的最後評論是 ESG 領域的後續行動，這顯然對 Lam Research 具有重要的戰略意義。 6 月，我們將循環信貸額度擴大並擴大至 15 億美元。我們將該設施轉換為與可持續發展相關的左輪手槍，其中包括與節能和員工安全的某些績效指標相關的定價結構。除了 Tim 指出的 ESG 重點領域之外，這項信貸安排進一步證明了我們將 ESG 原則融入公司運營的各個方面的承諾。

So now looking ahead, I'd like to provide our non-GAAP guidance for the September 2021 quarter. We're expecting revenue of $4.3 billion, plus or minus $250 million; gross margin of 46%, plus or minus 1 percentage point; operating margins of 32%, plus or minus 1 percentage point; and finally, earnings per share of $8.10, plus or minus $0.50, based on a share count of approximately 143 million shares.

所以現在展望未來，我想提供我們對 2021 年 9 月季度的非 GAAP 指導。我們預計收入為 43 億美元，上下浮動 2.5 億美元；毛利率46%，上下1個百分點；營業利潤率為 32%，上下浮動 1 個百分點；最後，基於大約 1.43 億股的股票數量，每股收益為 8.10 美元，上下浮動 0.50 美元。

We continue to maintain a widened revenue range as we work to mitigate ongoing output challenges in our global supply chain. These supply chain challenges are also driving a modest headwind in our guided gross margin. Customer demand continues to look strong in the second half of 2021 as well as into next year. Lam is operating at record levels of financial performance as a result of the tireless efforts of our operational organizations and supply chain partners. We continue to progress on our longer-term share gain objectives with investments in new platforms like Sense.i and dry resist. We'd like to thank the company for rising to the challenge and delivering on these objectives.

隨著我們努力緩解全球供應鏈中持續存在的產出挑戰，我們將繼續保持擴大的收入範圍。這些供應鏈挑戰也給我們的指導毛利率帶來了適度的逆風。客戶需求在 2021 年下半年和明年繼續保持強勁。由於我們的運營組織和供應鏈合作夥伴的不懈努力，Lam 的財務業績創下歷史新高。我們通過對 Sense.i 和 Dry Resistance 等新平台的投資繼續推進我們的長期份額增長目標。我們要感謝公司迎接挑戰並實現這些目標。

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

接線員，我準備好的發言到此結束。蒂姆和我現在想打開提問的電話。

(Operator Instructions) We'll take our first question from John Pitzer of Credit Suisse.

（操作員說明）我們將向瑞士信貸的約翰·皮策提出第一個問題。

Tim, notwithstanding your comments in your prepared commentary about still feeling comfortable that the industry is spending at healthy levels, for us out here, it's all too seductive to kind of look at where your NAND quarterly revenue run rate is today and go back and look at where that peaked in '18 to see that it's higher. And I guess maybe you can help us out. If you think about just the overall growth in complexity of NAND since '18 and I guess more importantly your market share gains, how do we look at this number in the June quarter and compare it to sort of the 1.287 you did in the March '18 quarter?

蒂姆，儘管您在準備好的評論中發表了評論，認為該行業的支出仍處於健康水平，但對我們來說，這太誘人了，無法查看您今天的 NAND 季度收入運行率並回頭看看在 18 年達到頂峰的地方，看到它更高。我想也許你可以幫助我們。如果您只考慮自 18 年以來 NAND 複雜性的整體增長，我猜更重要的是您的市場份額增加，我們如何看待 6 月季度的這個數字，並將其與您在 3 月所做的 1.287 進行比較？ 18季？

Yes. It's obviously a question that we spend a lot of time thinking about. And I think you hit on the most important point, which is what has it meant for Lam to see not only the transition to 3D, which I gave some element of how it changed our position in terms of share of WFE over the last 5 years. That was my comment, over 6 points of share gain of WFE. And -- but more importantly, what are we doing going forward to ensure kind of durability in this business, meaning defending the positions we've worked hard to gain, but also benefiting from the complexity that's occurring because of layer scaling. And that's really our product focus.

是的。這顯然是一個我們花了很多時間思考的問題。而且我認為你談到了最重要的一點，這對 Lam 來說意味著什麼，不僅要看到向 3D 的過渡，我還介紹了它如何改變我們在過去 5 年中 WFE 份額方面的立場.這是我的評論，超過 6 點的 WFE 份額收益。而且 - 但更重要的是，我們正在做些什麼來確保這項業務的持久性，這意味著捍衛我們努力獲得的職位，同時也從由於層擴展而發生的複雜性中受益。這確實是我們的產品重點。

And so maybe to talk about complexity, number of layers increasing clearly is driving a strong demand for the tools that deposit those film stacks, etch the holes in those film stacks and backfill them with the metallization. Those are the strongest positions Lam has within NAND, and we feel extremely good about their -- our defensibility of those positions. But even those are seeing changes.

因此，也許要談論複雜性，顯然增加的層數正在推動對沉積這些薄膜疊層、蝕刻這些薄膜疊層中的孔並用金屬化回填它們的工具的強烈需求。這些是 Lam 在 NAND 中最強大的職位，我們對他們感覺非常好——我們對這些職位的防禦能力。但即使是那些也看到了變化。

And so it's different materials, for instance, to reduce line resistance. We're seeing new opportunities for new tools. We talked about the VECTOR DT dealing with stress issues as layers -- layer counts increase. Those things didn't exist just -- that application didn't exist just years ago. We're seeing the transition to ALD gap fill. Again, it didn't -- that application did not exist as an ALD film, and therefore, not within Lam's wheelhouse at the last peak.

所以它是不同的材料，例如，減少線路電阻。我們看到了新工具的新機遇。我們討論了 VECTOR DT 在層數增加時處理壓力問題。那些東西並不存在——那個應用程序在幾年前還不存在。我們正在看到向 ALD 填補空白的過渡。再一次，它沒有——該應用程序不作為 ALD 膠片存在，因此，在最後一個高峰時，它不在 Lam 的駕駛室中。

And so not only have we grown our existing positions because of more layers. We've actually added more critical steps to the process. And I think that just -- it bodes well. Every peak, our goal is to expand our served market in a way that if the -- we come out stronger and bigger peak to peak.

因此，我們不僅增加了現有職位，還因為更多的層次。實際上，我們在流程中添加了更多關鍵步驟。而且我認為這只是 - 好兆頭。每一個高峰，我們的目標都是以某種方式擴大我們服務的市場，如果——我們從峰到峰變得更強大、更大。

That's helpful. And if I could follow up. Doug, in your commentary, you talked about expectations for DRAM growth to accelerate from here. I think year-to-date, you guys are up about 13% versus the same period last year. You've had guys like ASML talk about DRAM CapEx being up as much as 60% for them now. Clearly, they're benefiting from some EUV assertion. But any numbers you can put around by -- how big of an acceleration do you expect in the back half of the year?

這很有幫助。如果我能跟進。 Doug，在您的評論中，您談到了對 DRAM 增長從這裡開始加速的預期。我認為今年迄今為止，你們與去年同期相比上漲了約 13%。你有像 ASML 這樣的人談論 DRAM CapEx 現在為他們增加了 60%。顯然，他們從一些 EUV 斷言中受益。但是你可以給出任何數字——你預計下半年會有多大的加速？

Yes. John, I'm not going to quantify it because I never do when we're looking in the out segments, but it's going to grow nicely in the second half. It's going to grow nicely because of our patterning positions. And I feel really good about the trajectory when I look into the second half for DRAM. It's going to be a good second half. Let's leave it at that.

是的。約翰，我不打算量化它，因為當我們查看外部部分時我從來沒有這樣做過，但它會在下半年很好地增長。由於我們的圖案位置，它會很好地增長。當我展望 DRAM 下半年的發展軌跡時，我感覺非常好。下半場會很好。讓我們就這樣吧。

We'll take our next question from C.J. Muse of Evercore.

我們將向 Evercore 的 C.J. Muse 提出下一個問題。

I guess first question on gross margins. Doug, can you give us a little more granularity on what's driving the headwind sequentially? And I guess as part of that, would love to hear how we should be thinking about the ramp of Malaysia capacity and the impact to gross margins over time.

我想第一個問題是關於毛利率的。道格，你能給我們詳細說明一下是什麼推動了逆風嗎？我想作為其中的一部分，我很想听聽我們應該如何考慮馬來西亞產能的增長以及隨著時間的推移對毛利率的影響。

Yes. No, thanks for the question, C.J. I expected this one pretty quickly in the call. Listen, when I look out over the next quarter, there's challenges in the supply chain. And some of those challenges, as we work to mitigate them, requires incremental spending. When I look at what happened in June and what happened in September, maybe the incremental downtick in gross margin is primarily a result of that. So that's one thing to kind of put in the quiver there a little bit to think about it as we go forward.

是的。不，謝謝你的問題，C.J。我在電話中很快就預料到了這個問題。聽著，當我展望下個季度時，供應鏈面臨挑戰。在我們努力緩解這些挑戰時，其中一些挑戰需要增加支出。當我查看 6 月份和 9 月份發生的情況時，毛利率的增量下降可能主要是由於這一點。所以這是一回事，在我們前進的過程中稍微考慮一下。

We'll work our way through that. It will get better over time. It will also get better over time, as you rightly asked about, as we ramp Malaysia now. Right now when I look at Malaysia in the September quarter, it's not a benefit to gross margin because we're too early in the ramp of that facility. You've got the fixed costs sitting there and you got start-up costs. So that actually is driving a little bit of a headwind right now, too. And over time, that headwind will shift to a tailwind as we get the benefit of the Asia-based cost structure.

我們會努力解決的。隨著時間的推移，它會變得更好。正如您正確詢問的那樣，隨著時間的推移，它也會變得更好，因為我們現在正在提升馬來西亞。現在，當我在 9 月季度查看馬來西亞時，這對毛利率沒有好處，因為我們在該設施的斜坡上還為時過早。你有固定成本，你有啟動成本。所以這實際上現在也有點逆風。隨著時間的推移，隨著我們從亞洲成本結構中獲益，這種不利因素將轉變為順風。

So I look forward. We've got a trajectory on gross margin that will get better over time. And really right now, we're just dealing with the supply chain as we work to mitigate some of the challenges that we see out there.

所以我很期待。我們的毛利率軌跡會隨著時間的推移而變得更好。真的，現在，我們只是在處理供應鏈，因為我們努力減輕我們看到的一些挑戰。

That's great. And as a follow-up question, I guess, perhaps could you provide a little more granularity on Reliant? It certainly sounds like trailing edge demand is robust this year but also should be robust for some time. So would love to hear your thoughts on how we should be thinking about the contributions there over time.

那太棒了。作為一個後續問題，我想，也許你能提供更多關於 Reliant 的粒度嗎？聽起來今年的後緣需求確實很強勁，但在一段時間內也應該很強勁。所以很想听聽您對我們應該如何考慮隨著時間的推移做出的貢獻的想法。

Sure. I don't think we're going to quantify Reliant itself. But what we can tell you is, as you pointed out, it's specialty technologies. It's trailing edge foundry. Extremely strong. In fact, you heard from many in the industry, that's where a lot of the chip shortage exists today. And so that is an area that's seeing tremendous growth. But in many ways, the growth in that area has also been limited by the ability of those companies to ramp and equipment to get out to them. And we -- I would fully expect that that's an area, trailing edge foundry, that continues to ramp strongly really on into 2022 and maybe even beyond.

當然。我認為我們不會量化 Reliant 本身。但我們可以告訴你的是，正如你所指出的，它是專業技術。它是後緣鑄造廠。極強。事實上，您從業內許多人那裡聽說，這就是當今存在大量芯片短缺的地方。因此，這是一個正在出現巨大增長的領域。但在許多方面，該領域的增長也受到這些公司的產能和設備能力的限制。而且我們——我完全期望這是一個後緣鑄造領域，它將繼續強勁地進入 2022 年甚至更久。

Yes. And C.J., I'd just remind you, if you remember back at our Investor Day in March of last year, it seems like so long ago, but we talked about a viewpoint that we still have today that the trailing edge or the Reliant-exposed WFE grows 2x to 3x faster than overall WFE. And that's still how we see things.

是的。 CJ，我只想提醒你，如果你還記得去年 3 月的投資者日，那似乎是很久以前的事了，但我們談到了一個我們今天仍然持有的觀點，即後緣或依賴 -暴露 WFE 的增長速度比整體 WFE 快 2 到 3 倍。這仍然是我們看待事物的方式。

We'll take our next question from Timothy Arcuri with UBS.

我們將回答瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）的下一個問題。

Doug, I know you've seen the headlines in China as to some delinquencies from some of your biggest customers and some of the debt that they defaulted on. So I'm just wondering whether that's having any impact for you, whether there's anything that you're doing there, whether you're seeing anything that's getting pushed out or any project timing that's changing.

道格，我知道你在中國看到了一些關於你的一些大客戶的拖欠和他們拖欠的債務的頭條新聞。所以我只是想知道這是否對你有任何影響，你是否在那裡做任何事情，你是否看到任何事情被推出或任何項目時間正在改變。

I guess I'd say 2 things, Tim. Obviously, in a situation like you're alluding to, the first thing I do is talk to my guys in China to make sure I understand what's going on. I'm comfortable with where we sit today. I would tell you that most of the business we do with customers in the China region are under letters of credit. So it's money good. We know it's money good. So that's one thing I'd also have you think about.

我想我會說兩件事，蒂姆。顯然，在你提到的這種情況下，我做的第一件事就是與我在中國的人交談，以確保我了解正在發生的事情。我對我們今天坐的地方很滿意。我會告訴你，我們在中國地區與客戶進行的大部分業務都是信用證。所以有錢就好。我們知道錢很好。所以這也是我想讓你考慮的一件事。

And relative to the plans of our customers in China, I got to be careful about talking about a specific customer, Tim. But we haven't seen any change in anybody's plans as a result of anything.

相對於我們在中國的客戶的計劃，我在談論一個特定的客戶時要小心，蒂姆。但我們沒有看到任何人的計劃因任何事情而發生任何變化。

Cool. Cool. And then I'll ask the same question I asked last quarter. The -- this math that you gave, the $70 billion over 5 years to add 35% bit growth, which is like $15 billion a quarter. And then you gave the number of every $350 million adds another 100 basis points. So if you sort of look at where NAND is running right now, you'd sort of conclude, well, maybe you're adding more like mid-40s bit growth. But I know you've also said, hey, those numbers don't really hold anymore because capital intensity has gone up as well. So I wonder if you've had time to put pen to paper on maybe brushing up those numbers, if we can try to correlate where we are back to bit growth.

涼爽的。涼爽的。然後我會問我上個季度問的同樣的問題。你給出的這個數學，在 5 年內增加 35% 的位增長需要 700 億美元，相當於每季度 150 億美元。然後你給出的數字每 3.5 億美元再增加 100 個基點。因此，如果你看看 NAND 現在的運行情況，你會得出結論，嗯，也許你正在增加更多像 40 年代中期的位增長。但我知道你也說過，嘿，這些數字不再成立，因為資本密集度也上升了。所以我想知道你是否有時間寫下這些數字，如果我們可以嘗試將我們回到位增長的位置聯繫起來。

Yes. Tim, I'm not ready on the call right now to update any of those longer-term numbers. That would be something we do in, I don't know, an Investor Day kind of format, which we will do at some point in the future, I think. And you're right, the observation that over time capital intensity grows in the device architecture, NAND. And when we gave those numbers, they were kind of broad averages over long periods of time to try to be helpful. And it's not a static number.

是的。蒂姆，我現在還沒有準備好更新這些長期數據。這將是我們做的事情，我不知道，一種投資者日的形式，我們將在未來的某個時候做，我想。你是對的，隨著時間的推移，設備架構 NAND 的資本密集度會增加。當我們給出這些數字時，它們是很長一段時間內的廣泛平均值，試圖提供幫助。而且它不是一個靜態數字。

So I agree with you. We do need to update it. I'm not ready to do it on the call right now. But like Tim said, we're pretty comfortable with the strength of investment in NAND. It looks pretty rational to us. And it's going to be a good year for investment in NAND. And actually, I think next year is going to be a pretty good year, too, Tim.

所以我同意你的看法。我們確實需要更新它。我現在還沒準備好在通話中這樣做。但正如蒂姆所說，我們對 NAND 的投資實力感到非常滿意。在我們看來，這很合理。這將是投資 NAND 的好年頭。事實上，我認為明年也會是非常好的一年，蒂姆。

Yes. If I can just add something, Tim. I mean it's -- while I agree with the comment that we made that the rising capital intensity probably means those numbers need to be updated on an absolute basis, I want to point out, as the layer count increases and complexity increases, we're taking actual share as well, meaning we're converting applications that had previously been done with older legacy technologies. And we're moving those over to newer technologies like ALD. And so we're actually winning new applications as well.

是的。如果我可以添加一些東西，蒂姆。我的意思是——雖然我同意我們的評論，即資本密集度的上升可能意味著這些數字需要在絕對基礎上進行更新，但我想指出，隨著層數的增加和復雜性的增加，我們正在也獲得實際份額，這意味著我們正在轉換以前使用較舊的遺留技術完成的應用程序。我們正在將這些轉移到 ALD 等更新的技術上。所以我們實際上也在贏得新的應用程序。

So even within whatever that new number is, we're benefiting from an expansion of that -- expansion of spending per bit added but also from actual application wins. And we pointed one out that has been a pretty big deal for us, which is the conversion to ALD for dielectric gap fill. So I think it's another point being Lam's strong positioning and close collaboration with customers in this space really does give us great insight into what those next application opportunities are for our company.

因此，即使在這個新數字內，我們也受益於它的擴展——增加的每比特支出的擴展，以及實際應用程序的勝利。我們指出了一項對我們來說非常重要的事情，那就是轉換為 ALD 以填充電介質間隙。因此，我認為另一點是 Lam 在這一領域的強大定位和與客戶的密切合作確實讓我們深入了解我們公司的下一個應用機會是什麼。

We'll take our next question from Krish Sankar with Cowen and Company.

我們將向 Cowen and Company 的 Krish Sankar 提出下一個問題。

I have 2 of them. First one, either for Tim or Doug. Just to follow up on the NAND, I think you articulated pretty well compared to the prior peak. Clearly, the layer count has gone up. Capital intensity has gone up, and also your shares have gone -- your market share has gone up. I'm just kind of curious. When you look to like the 2018 peak versus today, if I just dig one level below, can you just say the mix of dielectric and conductor etch then versus today? Because it seems to me that dielectric etch process times have gone up. That's also a big factor in it. So I'm just kind of curious, a, is that right? And if so, is there a meaningful difference in the split between dielectric and conductor etch for Lam in NAND today versus in 2018? And then I have a follow-up.

我有 2 個。第一個，對於蒂姆或道格。只是為了跟進 NAND，我認為與之前的峰值相比，你的表述非常好。顯然，層數增加了。資本密集度上升了，你的股票也下降了——你的市場份額上升了。我只是有點好奇。當你喜歡 2018 年的峰值與今天的對比時，如果我只在下面挖一層，你能說一下當時與今天的電介質和導體蝕刻的混合嗎？因為在我看來，電介質蝕刻工藝時間已經增加了。這也是其中的一個重要因素。所以我只是有點好奇，a，對嗎？如果是這樣，今天與 2018 年相比，NAND 中 Lam 的電介質和導體蝕刻之間的差異是否存在顯著差異？然後我有一個跟進。

Sure. Well, a number of things have changed. I mean as you mentioned, the dielectric etch is fundamentally tied to -- and its process time is fundamentally tied to layer count. So clearly, it's scaling pretty dramatically as these -- as layer count has grown. The other element -- and process time is relative to consumables and therefore growth in our installed base business as well, which also scales nicely with layer count growth. So there are a number of changes, but sure, dielectric etch plays a very critical role in leading and layer count expansion.

當然。嗯，很多事情都發生了變化。我的意思是，正如您所提到的，介電蝕刻從根本上與 - 其工藝時間從根本上與層數相關。很明顯，隨著層數的增加，它的擴展性非常大。另一個要素——處理時間與消耗品相關，因此也與我們安裝的基礎業務的增長有關，這也與層數的增長很好地擴展。因此有許多變化，但可以肯定的是，電介質蝕刻在引導和層數擴展方面起著非常關鍵的作用。

Got it. Got it. And just on the Sense.i etch platform, the smart platform that you have. I'm just kind of curious, as you roll out the platform, is there a risk of losing the installed base advantage? Since the customers have to look at Sense.i, why don't they look at another platform like a Sense.i or whatever it might be? So would Sense.i actually be a slight negative for you given the fact that your installed base advantage goes away?

知道了。知道了。就在 Sense.i etch 平台上，您擁有的智能平台。我只是有點好奇，當您推出該平台時，是否存在失去安裝基礎優勢的風險？既然客戶必須查看 Sense.i，為什麼他們不查看其他平台，例如 Sense.i 或其他平台？鑑於您的安裝基礎優勢消失了，Sense.i 實際上會對您產生輕微的負面影響嗎？

Well, I mean there's 2 elements to what makes a great tool. One is the platform. One is the process module technology. And so I think that when we're enhancing the platform capability, adding all of this Equipment Intelligence, we're certainly not giving up the incumbency power that's been developed. I mentioned even today proprietary RF systems, proprietary uniformity solutions.

好吧，我的意思是有兩個要素才能成為出色的工具。一是平台。一是過程模塊技術。所以我認為，當我們增強平台能力，添加所有這些設備智能時，我們當然不會放棄已經開發的現有能力。即使在今天，我也提到了專有的射頻系統、專有的均勻性解決方案。

The new Vantex module that's on the Sense.i platform kind of marries up all of that Equipment Intelligence and use of data to make our market-leading etch chamber even that much better. And so clearly, we thought a lot about the power of incumbency, but if you stagnate, you also leave an opportunity for your -- for competitors to catch up. And that's not our plan.

Sense.i 平台上的新 Vantex 模塊將所有設備智能和數據使用結合起來，使我們市場領先的蝕刻室變得更好。很明顯，我們對在職者的力量進行了很多思考，但如果你停滯不前，你也會給你的競爭對手留下一個追趕的機會。這不是我們的計劃。

Our next comment comes from Stacy Rasgon with Bernstein Research.

我們的下一條評論來自 Bernstein Research 的 Stacy Rasgon。

My first question, I wanted to ask about leverage. And I know operating leverage, and I understand what's going on with gross margins next quarter and everything. But as we have a look at the Analyst Day model, like the midpoint, I think, was something like mid-33 in EPS on a $16 billion revenue number. Your run rating revenue right now over $17 billion, which is the high end of that guide, and you're run rating EPS sort of below the midpoint of the Analyst Day guide. So I guess how do we think -- I think EPS is like 10% below or even more.

我的第一個問題，我想問一下槓桿。而且我知道經營槓桿，我了解下個季度的毛利率和一切。但是當我們看一下分析師日模型時，我認為，就像中點一樣，每股收益約為 33 年，收入為 160 億美元。您現在的運行評級收入超過 170 億美元，這是該指南的高端，並且您的運行評級 EPS 略低於分析師日指南的中點。所以我猜我們是怎麼想的——我認為每股收益可能會低 10% 甚至更多。

So how do we think about, I guess, the progression of operating leverage from here as we go forward? Like even if revenues don't grow, should we think about -- over what time frame do we think about EPS kind of like reaching those kind of model levels that were -- that you talked about not that long ago?

那麼，我想，隨著我們的前進，我們如何考慮從這裡開始的經營槓桿的進展？就像即使收入沒有增長，我們是否應該考慮——在什麼時間範圍內，我們認為每股收益有點像達到你不久前談到的那種模型水平？

Yes. Stacy, I would tell you that there's a revenue level component to the leverage. There's also a time element to it. The time element is dictated by some things like ramping a new factory in Malaysia. That's got a better cost structure. It's also driven by ramping a new etch platform like Sense.i that we think will have a better profitability profile than the one before it because it delivers incremental benefit to it.

是的。 Stacy，我會告訴你，槓桿有一個收入水平的組成部分。它還有一個時間因素。時間因素是由一些事情決定的，比如在馬來西亞開設一家新工廠。這有一個更好的成本結構。它還受到新蝕刻平台（如 Sense.i）的推動，我們認為該平台的盈利能力將比之前的平台更好，因為它為其帶來了增量收益。

So when I look at the leverage that we had in that model, I still feel quite good about it when I think through and look at the time aspects of how we deliver the benefit. And it's still the right way to think about it. The financial model we put out in March of last year is rightly to think about the profitability opportunity for Lam.

因此，當我查看我們在該模型中的影響力時，當我仔細考慮並查看我們如何提供收益的時間方面時，我仍然對此感到非常滿意。這仍然是正確的思考方式。我們在去年 3 月推出的財務模型正確地考慮了 Lam 的盈利機會。

Got it. And for my follow-up, again, I want to hit on the NAND point again. Last quarter, you were explicit about saying that you thought NAND would grow, I guess, half-over-half in the second half. And you seem to be suggesting that pretty strongly for DRAM now, but you didn't -- you weren't explicit about NAND. But you also -- I think I did hear you say that you thought NAND would be, in general, strong this year, would be strong next year. Do you still think NAND grows in the second half of the calendar year? And I guess you sounded like you expect NAND in calendar '22 to be up from calendar 2021. Is that what you're trying to say?

知道了。對於我的後續行動，我想再次觸及 NAND 點。上個季度，您明確表示您認為 NAND 會在下半年增長一半以上。你現在似乎強烈建議 DRAM，但你沒有——你沒有明確提到 NAND。但是你也 - 我想我確實聽到你說你認為 NAND 總體而言今年會很強大，明年會很強大。你還認為 NAND 在下半年會有增長嗎？而且我猜您聽起來好像您希望日曆 '22 中的 NAND 會比日曆 2021 增加。這就是您要說的嗎？

I'm not trying to really say anything about '22 with the exception that it looks like it continues to be strong, is the qualitative statement I made. It's too soon for us to put numbers around '22, Stacy. And when we look at WFE, so a quarter ago, we were talking about trending above 75. Tim now said we see it trending above 80. I think overall, it's a second half weighted WFE profile. DRAM looks solid in the second half. Foundry/logic looks pretty good in the second half, too. I think NAND probably, as I sit here today, is more balanced half-on-half.

我並不想真正談論 22 年，除了它看起來仍然很強勁，這是我所做的定性聲明。斯泰西，我們現在把數字放在 22 年左右還為時過早。當我們查看 WFE 時，一個季度前，我們談論的是高於 75 的趨勢。蒂姆現在說我們看到它趨勢高於 80。我認為總體而言，這是下半年加權的 WFE 配置文件。 DRAM在下半年看起來很穩固。 Foundry/logic 在下半年看起來也不錯。我認為，當我今天坐在這裡時，NAND 可能更加平衡。

And a quarter ago, we said looked like it was a little bit second half. I can still see that potentially happening, but there's some customer investment timings that might occur more in the first half of next year. Right now, it looks kind of balanced half-on-half as we sit here today.

一個季度前，我們說看起來有點像下半場。我仍然可以看到這可能會發生，但明年上半年可能會出現更多的客戶投資時機。現在，當我們今天坐在這裡時，它看起來有點平衡。

Got it. Got it. I guess that's still -- a couple of quarters ago, you were saying those would be down. So you're kind of like dialing it in as we go forward?

知道了。知道了。我想這仍然是 - 幾個季度前，你說那些會下降。所以你有點像在我們前進的時候撥入它？

Yes. I mean as the year unfolds, obviously, we get better visibility to what's happening, and we're now halfway through the year. And if you include the guide for September, we're 3/4 of the way through the year. So we just have better visibility on what's going on relative to timing as well as the supply challenges the industry is having.

是的。我的意思是隨著這一年的展開，顯然，我們對正在發生的事情有了更好的了解，而我們現在已經過了一年的一半。如果你把 9 月份的指南包括在內，我們今年已經完成了 3/4。因此，我們可以更好地了解與時間相關的情況以及該行業面臨的供應挑戰。

We'll take our next question from Harlan Sur with JPMorgan.

我們將向摩根大通的 Harlan Sur 提出下一個問題。

Good to see the team ramping its new Penang systems manufacturing facility and unlocking a little bit more revenue capacity here in the second half. My understanding is that the team is targeting $3 billion of potential annual systems revenue capacity by the middle of next year out of Penang. So a pretty meaningful part of your future revenue profile. And I think the goal is also to source more raw materials, machining and other support services locally over the next few years in Malaysia. So all of this should provide the team with some pretty strong gross margin tailwinds.

很高興看到該團隊在下半年擴大其新的檳城系統製造設施並釋放更多的收入能力。我的理解是，該團隊的目標是到明年年中在檳城實現 30 億美元的潛在年系統收入能力。因此，這是您未來收入狀況的一個非常有意義的部分。我認為目標也是在未來幾年在馬來西亞本地採購更多原材料、加工和其他支持服務。因此，所有這些都應該為團隊提供一些相當強勁的毛利率順風。

Was most of this tailwind encompassed in the 2023, 2024 target financial model? Or is this a source of margin upside above your target as you grow revenues into this new facility over the next few years?

2023 年、2024 年的目標財務模型中是否包含了大部分順風？或者，隨著您在未來幾年內向這個新設施增加收入，這是否是您的目標利潤率上升的來源？

Yes. Harlan, what I would say is we always knew we were ramping a factory in Malaysia. So when we put that model out 1.5 years ago, it was comprehended. We knew how big the factory was going to be. We knew Lam would be ramping and so forth. So it was all in, in terms of the profitability, and I kind of referenced that with Stacy's question. So there isn't upside, but it is how we continue to deliver leverage that we see.

是的。 Harlan，我想說的是，我們一直都知道我們正在馬來西亞建設一家工廠。所以當我們在 1.5 年前推出這個模型時，它就被理解了。我們知道工廠會有多大。我們知道 Lam 會加速等等。因此，就盈利能力而言，這一切都在，我在 Stacy 的問題中提到了這一點。所以沒有上行空間，但這就是我們繼續提供我們看到的槓桿的方式。

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

蒂姆，我不知道您是否要添加任何內容，或者您是否想添加任何內容。

Yes. No. I think it's just that the current demand environment we're in today, that the ramp rate for Malaysia is kind of flat out. And while we haven't given any numbers for of 2022, so I'm not sure where you got those, but clearly, we're ramping it. It will be a big facility for us, and it will eventually take on a large position within our global manufacturing network.

是的。不，我認為只是我們今天所處的當前需求環境，馬來西亞的斜坡率有點平淡。雖然我們沒有給出 2022 年的任何數字，所以我不確定你從哪裡得到這些，但很明顯，我們正在增加它。這對我們來說將是一個大型設施，最終將在我們的全球製造網絡中佔據重要位置。

Yes. And then on some of the uncertainties on supply chain and therefore slightly wider revenue range on the guidance. Your systems have very advanced capabilities, right, compute, storage systems, complex sensor networks, RF power circuitry, graphics, user interface capabilities. Is the team being impacted by the chip shortages with some of your advanced platforms and have a lot of these processor, memory, RF-type content?

是的。然後是關於供應鏈的一些不確定性，因此指導收入範圍略寬。您的系統具有非常先進的功能，包括計算、存儲系統、複雜的傳感器網絡、RF 電源電路、圖形、用戶界面功能。團隊是否受到某些先進平台的芯片短缺的影響，並且擁有大量此類處理器、內存、RF 類內容？

Yes. Harlan, I mean it's -- when we sat here probably a quarter or 2 ago when we're thinking capacity constraints, we're really thinking about physical space and labor. And quite honestly, I think we've done a really nice job expanding. We expanded in our Livermore, California facility, our Oregon facility, Korea, as just said, shipping from Malaysia. So that physical capacity is really starting to sort of free up. We've hired a tremendous number of people also across the globe.

是的。哈蘭，我的意思是——當我們大概在 25 年前或 2 季度前坐在這裡考慮容量限制時，我們真的在考慮物理空間和勞動力。老實說，我認為我們在擴展方面做得非常好。正如剛才所說，我們在加利福尼亞州利弗莫爾的工廠、位於韓國的俄勒岡州工廠進行了擴展，從馬來西亞發貨。所以物理能力真的開始釋放了。我們還在全球範圍內招聘了大量員工。

And now we're being hit with that next level. We have a very complex supply chain. And you're right, it's chip shortages, shortages with other components as well. And because it can affect many different players within our supply chain, it's a little bit more unpredictable. And that's leading to some of the increased guidance that Doug spoke to.

現在我們正受到下一個級別的打擊。我們有一個非常複雜的供應鏈。你是對的，這是芯片短缺，其他組件也短缺。而且因為它會影響我們供應鏈中的許多不同參與者，所以它有點難以預測。這導致道格談到了一些增加的指導。

Again, I think that Lam is very proud of our ability to execute. And I think these are issues that just every day we're working through. And with time, we would expect that these, just like for the rest of the industry, will begin to be resolved.

同樣，我認為林為我們的執行能力感到非常自豪。我認為這些是我們每天都在解決的問題。隨著時間的推移，我們希望這些問題，就像其他行業一樣，將開始得到解決。

We'll take our next question from Vivek Arya with Bank of America Securities.

我們將向美國銀行證券公司的 Vivek Arya 提出下一個問題。

The first one, I'm curious, what is your estimate of China as a percentage of WFE this year versus last? Is it in line with what you thought at the start of the year? And have you heard of any potential restrictions on shipping to any Chinese customers from a U.S. regulatory perspective?

第一個，我很好奇，您對今年中國占 WFE 的百分比與去年的估計是多少？和你年初的想法一致嗎？您是否聽說過從美國監管的角度向任何中國客戶發貨的任何潛在限制？

Vivek, I'll take it, and then Tim can feel free to add on. I think from a percent of WFE, probably fairly consistent. I mean WFE overall this year is up nicely. China is up nicely, too. And we have talked about license requirements for one of our foundry customers in China. No new update for you there. Tim, unless you want to share something. But it doesn't impact anything else that we see going on in China.

Vivek，我會接受它，然後 Tim 可以隨意添加。我認為從 WFE 的百分比來看，可能相當一致。我的意思是今年的 WFE 整體表現不錯。中國也很好。我們還談到了我們在中國的一位代工客戶的許可要求。那裡沒有新的更新。蒂姆，除非你想分享一些東西。但這不會影響我們在中國看到的其他任何事情。

Yes. We're actively engaged. As Doug said, we haven't seen significant movement on the licensing front. We will say we've seen the approval of a few licenses for spares and upgrades for mature technology nodes. So I guess if we were -- any update that we would say some small progress, but we're actively engaged with the licensing agencies within the government, one, to ensure we're fully compliant with everything they have in place today, but also to be advocating for moving forward with additional approvals on the shipments that are pending.

是的。我們積極參與。正如 Doug 所說，我們還沒有看到許可方面的重大進展。我們會說我們已經看到了一些成熟技術節點的備件和升級許可證的批准。所以我想如果我們是 - 我們會說一些小的進展的任何更新，但我們正在積極與政府內部的許可機構合作，以確保我們完全符合他們今天所擁有的一切，但是還提倡進一步批准待處理的貨物。

Right. And for my follow-up, you sound sort of optimistic about the growth opportunity for spending next year. I'm wondering, of your markets, is there one market do you think that will have kind of a greater rise in capital intensity, right, going into next year? Is it foundry/logic? Is it DRAM? Is it NAND? And conceptually, how does that impact your share gain potential as you look at next year? I realize you're not giving a specific WFE number, but let's say if you're in a growth environment, right, is there one market where you think given all the technology changes that there is going to be a greater-than-average rise in capital intensity?

對。對於我的後續行動，您聽起來對明年支出的增長機會有些樂觀。我想知道，在你們的市場中，是否有一個市場會在資本密集度方面出現更大的上升，對吧，到明年？是代工/邏輯嗎？是DRAM嗎？是NAND嗎？從概念上講，這對您明年的股票收益潛力有何影響？我意識到你沒有給出具體的 WFE 數字，但是假設你處於增長環境中，對，有沒有一個市場，你認為考慮到所有技術變化，將會有一個高於平均水平的市場資本密集度上升？

Yes. No, no. I guess you can interpret from all the comments I've made about multiyear impact to WFE spending. We see strong regional investments in many places, government-supported rising device complexity. And then actually, we think the demand environment still remains good overall for semis. So those are -- while we're not giving 2022 right now, we don't see great clouds on the horizon. We see a lot of positives.

是的。不，不。我想你可以從我對 WFE 支出的多年影響所做的所有評論中理解。我們看到許多地方的區域投資強勁，政府支持的設備複雜性不斷上升。然後實際上，我們認為半成品的整體需求環境仍然良好。所以這些是 - 雖然我們現在沒有給出 2022 年，但我們看不到地平線上的大雲。我們看到了很多積極的一面。

When I think about different areas of opportunity for Lam, to your point about what where might capital intensity be rising the fastest or maybe just spending, I really think about Lam. And therefore, where is etch and dep really going to play a bigger role? Where does Lam have the opportunity? I see that across the board. We spent a lot of time on this call talking about NAND complexity. But you're seeing 3D transitions, foundry/logic space, gate all around, advanced packaging, very etch and dep intensive.

當我考慮 Lam 的不同機會領域時，就你的觀點而言，資本密集度可能在哪些方面上升最快，或者可能只是支出，我真的很想 Lam。因此，etch 和 dep 真正會在哪裡發揮更大的作用？林在哪裡有機會？我全面地看到了這一點。我們在這次電話會議上花了很多時間談論 NAND 的複雜性。但是您會看到 3D 轉換、代工/邏輯空間、四面八方的門、高級封裝、蝕刻和深度密集型。

Next year, if you're looking -- I'm not saying it's flat WFE. But if you were looking at a flat WFE, Lam's opportunity would be growing in those spaces because of etch and dep capital intensity increases. And where we really are spending our time and effort this year, maybe it's 2 places. Doug talked a lot about operational improvements, making sure we come out with infrastructure that's better off from that perspective.

明年，如果你正在尋找——我並不是說它是平坦的 WFE。但如果你看的是一個平坦的 WFE，由於蝕刻和 dep 資本強度的增加，Lam 在這些領域的機會將會增加。今年我們真正花費時間和精力的地方，也許是兩個地方。 Doug 談了很多關於運營改進的話題，確保我們推出的基礎設施從這個角度來看會更好。

And what I tried to highlight was where we are investing in products so that as these transitions occur to 3D in foundry/logic and DRAM over the next several years, that Lam is going to be in the same position to benefit from those as what I highlighted happens for us in 3D NAND. And that's -- I think it's places I just talked about, selective etch, things like dry resist. It's the position we have in high aspect ratio, etch and depreciation relative to 3D packaging. I would just say it's a very opportunity-rich environment for a company like Lam right now.

我試圖強調的是我們在產品上的投資，這樣隨著未來幾年晶圓代工/邏輯和 DRAM 向 3D 的轉變，Lam 將能夠像我一樣從這些產品中受益。突出顯示在 3D NAND 中發生在我們身上。那就是——我認為這是我剛才談到的地方，選擇性蝕刻，幹抗蝕劑之類的東西。這是我們相對於 3D 封裝在高縱橫比、蝕刻和折舊方面的地位。我只想說，現在對於像 Lam 這樣的公司來說，這是一個機會非常豐富的環境。

We'll take our next question from Toshiya Hari with Goldman Sachs.

我們將向高盛的 Toshiya Hari 提出下一個問題。

I had 2 as well. I guess this one is probably for Doug. I think historically, you guys have spoken to your thoughts on DRAM and NAND supply growth exiting the year. I was hoping you can update us how you're thinking about that exiting 2021 based on what you've shipped in the first half and what your expectations are for the second half, supply growth exiting the year relative to demand growth for both DRAM and NAND.

我也有2個。我想這可能是給道格的。我認為從歷史上看，你們已經談到了對今年 DRAM 和 NAND 供應增長的看法。我希望您能根據上半年的出貨量和您對下半年的預期，以及相對於 DRAM 和與非。

Yes. DRAM, I think, this year, supply growth is still going to be below where demand growth is. I think pretty well chronicled from the industry, the demand for DRAM bits is probably 20, low 20s. I think supply is probably high teens, approaching 20 in DRAM. I think on the NAND side, probably more in balance. I think supply/demand, mid-, high 30s. And it feels fairly balanced for the year in NAND.

是的。 DRAM，我認為，今年供應增長仍將低於需求增長。我認為業界已經很好地記錄了對 DRAM 位的需求可能是 20，低 20 年代。我認為供應量可能很高，DRAM 接近 20 個。我認為在 NAND 方面，可能更平衡。我認為供應/需求，中，高 30 年代。 NAND 的這一年感覺相當平衡。

Got it. And then as a quick follow-up, I wanted to ask a question about your opportunity in leading-edge logic. I think in the past, you've talked about your application wins, I guess initially at 14 and how that's expanded at 10 and your expectations as we sort of eventually transition to 7. I guess despite some of those comments, we haven't really seen that show up in numbers. And I realize you disclosed Logic and Other, so there's an other component in that line. But what are you missing? I think that -- I realize you don't want to talk about a specific customer, but that customer is ramping CapEx yet we're not seeing the uplift in your numbers.

知道了。然後作為快速跟進，我想問一個關於你在前沿邏輯領域的機會的問題。我認為在過去，您已經談到了您的應用程序獲勝，我猜最初是在 14 以及如何在 10 時擴展以及您的期望，因為我們最終過渡到 7。我想儘管有一些評論，我們還沒有真的看到數字出現了。而且我意識到你披露了邏輯和其他，所以該行中還有其他組件。但是你錯過了什麼？我認為 - 我意識到您不想談論特定客戶，但該客戶正在增加資本支出，但我們沒有看到您的數字有所上升。

I think I'd say 2 things. You've got the start right. 14 to 10, we talked about a nice growth in application footprint. 5x is what we described in terms of number of applications and then that growing again from 10 to 7. That is absolutely what we see happening. And I got to be careful talking about any one customer.

我想我會說兩件事。你有一個正確的開始。在 14 到 10 日，我們談到了應用程序足蹟的良好增長。 5 倍是我們描述的應用程序數量，然後又從 10 增長到 7。這絕對是我們看到的情況。我必須小心談論任何一位客戶。

I think when you look at Logic and Other, you're absolutely right. There is the other component in there, things like image sensor and other logic devices. But also, you have to think about the time frame in which any one customer is investing in a technology. Is it in a concentrated 2 or 3 quarters? Or is it over a longer period of time? And if it's over a longer period of time, you won't see it in any 1 quarter. And so I would encourage you to think about both of those things when you look at the Logic and Other stuff. And then I'd also suggest -- I think Logic and Other is going to look pretty good in the second half also.

我認為當您查看 Logic 和 Other 時，您是絕對正確的。那裡還有其他組件，例如圖像傳感器和其他邏輯設備。而且，您還必須考慮任何一位客戶投資於一項技術的時間範圍。是集中在 2 個或 3 個季度嗎？還是在更長的時間內？如果它在更長的時間內，你將不會在任何 1 個季度看到它。因此，我鼓勵您在查看邏輯和其他內容時考慮這兩件事。然後我還建議——我認為 Logic 和 Other 在下半場看起來也不錯。

Yes. And I think the only thing I would add is maybe we need to transition that story before there was a lot about progress we were going to make in action. And I talked -- now we step up, we say logic or logic and foundry, basically similar devices, similar trends. As we move to gate all around or nano sheet structures, many of the products I talked about dealing with selective etch and the processes that are required to create those complex structures, the challenge is that foundry and logic customers at that leading-edge see with RC and its impact, and therefore, the need for evolving the metallization structure.

是的。而且我認為我唯一要補充的是，也許我們需要在我們將在行動中取得很多進展之前轉變這個故事。我談到了——現在我們加強，我們說邏輯或邏輯和代工，基本上類似的設備，類似的趨勢。當我們轉向門控或納米片結構時，我談到的許多產品都涉及選擇性蝕刻以及創建這些複雜結構所需的工藝，挑戰在於處於領先地位的代工和邏輯客戶看到RC 及其影響，因此需要發展金屬化結構。

We talked about dry resist and the potential to impact the cost performance of EUV at future nodes, not only current node, but also high NA. These are ways in which Lam is ensuring that we have the right product portfolio. So whether it's advanced foundry or advanced logic, whichever customer you might be talking about, that we have very strong products to offer to help with those transitions. And so I think over the years, our opportunity to engage those customers has just gotten stronger and broader.

我們談到了乾式抗蝕劑以及在未來節點上影響 EUV 成本性能的潛力，不僅是當前節點，還有高 NA。這些是 Lam 確保我們擁有正確產品組合的方式。因此，無論是高級代工還是高級邏輯，無論您談論的是哪個客戶，我們都可以提供非常強大的產品來幫助實現這些過渡。因此，我認為這些年來，我們吸引這些客戶的機會變得越來越大。

We'll take a next question from Joe Moore of Morgan Stanley.

我們將回答摩根士丹利的喬摩爾的下一個問題。

Great. You had a couple of quarters now of the installed base business growing 50% year-on-year. And we don't have a long time series of that. But I mean is that -- I assume that's kind of historically unusual growth rate. And anything in that, that sort of makes you think -- I think you mentioned last quarter people accumulating spares or inventory a little bit. Obviously, that's a growth -- a really good growth business, and you've been vocal about that. But is there any cyclicality when you start talking about these types of growth rates that we should be aware of?

偉大的。您現在有幾個季度的安裝基礎業務同比增長 50%。而且我們沒有很長的時間系列。但我的意思是——我認為這是歷史上不尋常的增長率。以及其中的任何內容，都會讓您思考-我認為您提到上個季度人們積累了一些備件或庫存。顯然，這是一個增長——一個非常好的增長業務，你一直在談論這一點。但是，當您開始談論我們應該注意的這些類型的增長率時，是否存在任何週期性？

Yes. I'll take that. I included in my prepared remarks one line that said -- was supposed to be hinting please don't count on this kind of growth every single quarter, quarter-on-quarter. Yes. So there are components. I mean -- and this kind of went back to the question about trailing edge foundry and how do we see that going forward. We don't see that abating, but that is an area where we're seeing tremendous demand right now. And eventually, that may not kind of keep pace quite with the growth in the installed base.

是的。我會接受的。我在準備好的評論中加入了一句話——應該暗示請不要指望每個季度都有這種增長，季度環比。是的。所以有組件。我的意思是——這又回到了關於後緣鑄造的問題，以及我們如何看待這個問題。我們沒有看到這種減少，但這是我們現在看到巨大需求的領域。最終，這可能跟不上安裝基數的增長。

But no, the elements you think about what's in there, spares continues to grow with installed base. And as we've seen, there's tremendous growth in installed base. That becomes a recurring revenue stream going forward that really is just based on customers continuing to utilize what they've already bought. So we feel very good about that. So if there's one part that you might see a little bit of investment timing impact, it would be specialty technologies and trailing edge or non-leading-edge foundry. But our near-term outlook for that remains quite strong.

但是，不，您認為其中的元素，備件隨著安裝基數的增加而繼續增長。正如我們所看到的，安裝基數有了巨大的增長。這將成為未來的經常性收入來源，實際上只是基於客戶繼續使用他們已經購買的東西。所以我們對此感覺很好。因此，如果有一部分您可能會看到一點投資時機的影響，那就是專業技術和後緣或非領先代工。但我們對此的近期前景仍然相當強勁。

We'll take our next question from Patrick Ho of Stifel.

我們將向 Stifel 的 Patrick Ho 提出下一個問題。

Congrats on a nice quarter. Doug, maybe for you in terms of the component and supply constraints that you're facing. I know there's a lot of moving parts, but what are you trying to do to kind of mitigate it? And I guess what I'm looking for is a little more detail. Are you working with additional suppliers? Are you working with your main component suppliers of getting those parts at a certain period of time? What are some of those, I guess, initiatives and efforts you're doing to try and, I guess, mitigate that situation?

祝賀一個不錯的季度。 Doug，就您面臨的組件和供應限製而言，也許對您而言。我知道有很多活動部件，但你想做什麼來減輕它？我想我正在尋找的是更多細節。您是否與其他供應商合作？您是否與您的主要零部件供應商合作以在特定時間段內獲得這些零件？我想，您正在採取哪些舉措和努力來嘗試並減輕這種情況？

I think I'm going to actually give it to Tim.

我想我真的要把它交給蒂姆。

Yes. I'm actually pretty close to this one. And what I would say is that the -- maybe it's everything. And when you have your major customers really clamoring for on-time shipments, we're leaving no stone unturned. So in some cases, it's working with different suppliers. But again, we have complex supply chains.

是的。我其實很接近這個。我要說的是——也許這就是一切。當您的主要客戶真正要求按時發貨時，我們將不遺餘力。因此，在某些情況下，它與不同的供應商合作。但同樣，我們有復雜的供應鏈。

And in many -- maybe in many cases, we're looking at where those suppliers have additional facilities in other parts of the world. So if we're impacted, say, by issues throughout the COVID pandemic in one part of the world, we transition to that same supplier in a different factory in other parts of the world. That's usually the most expeditious means of getting additional supply. But at times, we are finding additional suppliers.

在很多情況下——也許在很多情況下，我們正在研究這些供應商在世界其他地方的哪些地方有額外的設施。因此，如果我們受到世界某個地區整個 COVID 大流行的問題的影響，我們就會轉向世界其他地區另一家工廠的同一供應商。這通常是獲得額外供應的最快捷方式。但有時，我們會尋找其他供應商。

We're also -- I talked about refurbishment and recoding and reuse. That's another area where we're working with customers to actually qualify refurbishment processes that allow us to shorten the time. So rather than having to procure brand-new parts, for instance, we do a refurbishment. And that part can go back into the machine and that -- from -- the fewer parts you use within the installed base, the more you have available for build forward out of your factories.

我們還——我談到了翻新、重新編碼和重用。這是我們與客戶合作的另一個領域，以實際驗證翻新流程，使我們能夠縮短時間。因此，例如，我們不必採購全新的零件，而是進行翻新。而且該零件可以返回機器中，並且您在已安裝基礎中使用的零件越少，您可以在工廠之外進行構建的零件就越多。

And so I would just say between us and the customers very close collaboration. And collaboration with our supply chain partners are getting very creative about how to try to mitigate these risks. And it's many, many, many different things.

所以我只想說我們和客戶之間的合作非常密切。與我們的供應鏈合作夥伴的合作在如何嘗試減輕這些風險方面變得非常有創意。它有很多很多很多不同的東西。

We'll take our last question from Joe Quatrochi with Wells Fargo.

我們將回答富國銀行的 Joe Quatrochi 提出的最後一個問題。

I just wanted to try to understand the kind of updated WSE guidance and your commentary around NAND being maybe a little bit more balanced half-on-half. I guess can you help me understand just what, I guess, increased to maybe offset some of that including going to over $80 billion for WFE? Was it just more foundry logic? Or is that your comments around DRAM being stronger? Just any comments there would be helpful.

我只是想嘗試了解更新後的 WSE 指南以及您對 NAND 的評論可能會更加平衡。我想你能幫我理解一下，我想，增加了什麼可能抵消了其中的一些，包括 WFE 超過 800 億美元？只是更多的代工邏輯嗎？還是您對 DRAM 的評論更強？那裡的任何評論都會有所幫助。

I think the practicality of it, Joe, is we're just further through the year, right? We're halfway through the year. We've got pretty good visibility into the September quarter because we just guided it. And so it's that, right? It's an understanding of customers' plans. It's an understanding of what we think the industry is going to be able to supply. We still see a second half weighted WFE spending profile. We ticked it up somewhat as a result of there's better visibility as to what I would describe.

我認為它的實用性，喬，我們只是在這一年中更進一步，對吧？我們今年已經過半了。我們對 9 月季度有很好的了解，因為我們只是對其進行了指導。就是這樣，對吧？這是對客戶計劃的理解。這是對我們認為該行業將能夠提供什麼的理解。我們仍然看到下半年加權 WFE 支出概況。由於對我要描述的內容有更好的可見性，我們對其進行了一些標記。

Okay. That's helpful. And then just a quick question on the services business. Another quarter of a major spares contract win. I was wondering if you could quantify maybe how much of your spares revenue is based on long-term contracts.

好的。這很有幫助。然後只是一個關於服務業務的快速問題。又贏得了一份主要備件合同的四分之一。我想知道您是否可以量化您的備件收入中有多少是基於長期合同的。

No. No. No. We -- obviously, we look at that quite a bit. But I would say that a large portion of it, whether it's under long-term contracts or it's in -- I talked about our complex supply chain. I mean in many ways, for spare parts, it's very similar, which means regardless of the length of contract, we tend to be the primary supplier for the vast majority of those spares. And so I would say the majority of our parts are under contract, but then the length of contract, we're not really ready to talk about at this point.

不。不。不。我們 - 顯然，我們對此進行了相當多的研究。但我想說的是其中很大一部分，無論是長期合同還是在 - 我談到了我們複雜的供應鏈。我的意思是，在許多方面，對於備件，它非常相似，這意味著無論合同期限長短，我們往往是絕大多數這些備件的主要供應商。所以我想說我們的大部分零件都在合同中，但是合同的長度，我們現在還沒有準備好談論。

Okay. Operator, I think that was our last call. Tina, do you want to close this off?

好的。接線員，我想那是我們最後一次打電話了。蒂娜，你想關閉它嗎？

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

是的。我只想告訴大家，我們感謝您的支持，並感謝您今天加入我們的電話會議。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。