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.

各位好，歡迎參加2021年6月季度財務電話會議。現在，我將會議交給投資者關係副總裁蒂娜·科雷亞女士。請她發言。

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

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

During today's call, we will share our overview on the business environment, and we'll review our financial results for the 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.

在今天的電話會議上，我們將分享我們對當前商業環境的概述，並回顧2021年6月季度的財務業績以及對2021年9月季度的展望。詳細介紹我們財務業績的新聞稿已於今天下午太平洋時間1點後不久發布。您也可以在公司網站的投資者關係頁面找到該新聞稿以及本次電話會議的簡報。

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

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

Today's discussion of our financial results will be presented on a non-GAAP financial basis unless otherwise specified. A detailed reconciliation between GAAP and non-GAAP results can be found in today's earnings press release.

除非另有說明，我們今天對財務表現的討論將以非公認會計準則（非GAAP）為基礎。有關GAAP和非GAAP業績的詳細調節表，請參閱今天的盈利新聞稿。

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.

本次電話會議預計將於太平洋時間下午3點結束。會議錄音將於今天下午晚些時候在我們的網站上提供。

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

那麼，我就把電話交給提姆了。

Thank you, Tina, and 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.

謝謝蒂娜，也歡迎各位。我們六月的季度業績反映了我們在系統和服務業務方面持續強勁的執行力。本季業績遠超預期，營收創下41.5億美元的新高，每股收益為8.09美元。此外，本季我們的營運活動現金流也創下14億美元的新高。

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.

6月季度標誌著林氏公司本財年的結束。儘管面臨充滿挑戰的經營環境，我們仍實現了公司史上最高的營收。與上一財年相比，營收成長超過45%，達146億美元。每股盈餘成長速度更快，在2021財年創下27.25美元的歷史新高，比2020財年成長超過70%。

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，我們預計2021年晶圓製造設備支出將超過800億美元。儘管晶圓製造設備支出絕對值已創歷史新高，但我們對當前產業的健康發展和永續性仍充滿信心。晶圓製造設備支出佔半導體產業營業利潤的比例仍處於歷史水平，半導體將繼續推動人工智慧、5G、高效能運算和物聯網等關鍵技術變革。

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、日益複雜的裝置製造流程以及策略性的區域投資是推動多年晶圓廠設備（WFE）支出成長的強大動力。以裝置細分市場來看，我們預計2021年NAND快閃記憶體、DRAM和晶圓代工邏輯元件將表現強勁。在市場需求普遍旺盛的背景下，日益複雜的裝置製造流程充分發揮了Lam在關鍵應用領域的優勢，並持續創造新的成長機會。

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.

回顧過去五年，隨著NAND快閃記憶體向3D列印轉型，製造流程的複雜性日益增加，Lam在該領域的WFE市場份額增長超過6個百分點，並在客戶支出方面領先第二名約8個百分點。在6月份的季度中，我們又贏得了一項關鍵沉積應用項目，目前已成為所有NAND快閃記憶體製造商在該製程的指定設備供應商。

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.

我們成功的關鍵在於我們獨特的四工位腔室設計。經過多年不斷完善的多工位架構，我們能夠採用順序處理方式，精確定制薄膜特性，以滿足下一代裝置的需求，同時又不影響大批量NAND、DRAM和代工邏輯晶片製造所需的生產效率。

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.

我們認為，我們能夠從日益複雜的工藝中獲益的另一個例子是，我們能夠實現更高品質的表面處理。表面性質已被證明對裝置性能有顯著影響，而現有的表面處理方法在許多情況下不足以滿足先進節點對新材料更嚴格的要求以及對尺寸控制的更高要求。

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.

針對晶圓代工/邏輯裝置領域，我們近期推出了一系列新型選擇性蝕刻、剝離和表面處理解決方案。這些方案利用我們超高選擇性、零損傷的製程能力，在最大限度減少對其他層影響的前提下，去除不需要的材料。憑藉這一新方法，我們取得了顯著進展。今年6月，一家大型客戶已選擇我們的多台Lam設備作為其前沿應用的指定設備。我們計劃在不久的將來分享更多關於這項創新技術的細節。

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，對更高圖形保真度的需求日益增長，這為Lam公司帶來了更多機會。對於極小的特徵尺寸，電阻變化與尺寸變化呈指數關係，因此，先進節點元件製造需要極高的精度。即使圖形粗糙度的微小變化也會降低RC值和電晶體速度。

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.

為此，我們開發了諸如ARIA等離子脈衝蝕刻技術等蝕刻解決方案，可將線粗糙度降低高達30%。這項技術已被證明是許多關鍵蝕刻應用的關鍵推動因素，並與我們專有的均勻性和射頻功率解決方案相結合，幫助Lam公司在多重圖案蝕刻領域保持了市場領先地位。隨著業界向要求更高的EUV圖案化技術轉型，我們看到這些技術解決方案在贏得新的EUV圖案化訂單方面取得了成功。

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.

解決複雜的擴展性挑戰，包括晶圓代工/邏輯晶片和DRAM向3D結構的過渡，離不開整個生態系統的深度合作。我們的客戶日益強調需要與設備產業建立更緊密的合作關係，以滿足其整體元件性能和成本規劃。因此，我們持續加大研發投入，更貼近客戶，旨在加速新應用開發，縮短學習週期，並加深對客戶最棘手問題的理解。

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，我們最近已從位於馬來西亞的新工廠發貨了首批模組。這座新工廠增強了我們全球製造網路的韌性，提高了我們與重要客戶和供應鏈合作夥伴的聯繫，並為我們提供了急需的產能，以支持我們持續成長。我要感謝林氏集團的員工和合作夥伴，他們克服了新冠疫情帶來的挑戰，並按時完成了馬來西亞專案。

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.

在客戶支援業務方面，6 月季度的營收成長再次超過了晶片數量的成長。我們的服務升級和 Reliant 業務均創下季度新高。由於在電源、CIS 和非尖端代工領域的強勁投資，Reliant 業務已連續 10 個季度實現成長。本季度，我們成功將蝕刻技術滲透到一家領先的 5G 射頻供應商，展現了我們在該領域的技術領先地位。此外，備件團隊與亞洲一家重要客戶簽訂了一份重要合同，確保了來自我們現有客戶群的穩定收入。

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.

儘管客戶支援業務成長 (CSBG) 的季度環比成長率會因客戶的投資模式而有所不同，但我們憑藉以客戶營運成功為中心的產品和服務組合，完全有能力實現強勁的年度成長。我們正在提高客戶設備的生產效率並延長其使用壽命，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.

關於永續發展，我想分享公司的一些亮點。今年6月，我們發布了年度環境、社會與治理（ESG）報告。我為我們公司去年所做的努力感到非常自豪，這些努力包括支持我們工作和生活所在社區的需求、在新冠疫情期間保障員工安全，以及在全球工作場所推廣包容性和多元化。今年的報告提出了我們的目標：2030年實現100%使用再生能源，到2050年實現淨零碳排放。我們正在產品和製程解決方案方面進行創新，以支持我們的永續發展目標。

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，我們全新的 Sense.i 蝕刻平台提高了能源效率，並減少了模具製造所需的鋁原料。我們全新的乾式光阻技術比現有製程減少了 5 到 10 倍的化學品用量和 2 倍的能耗。我們的零件清洗、維修、翻新和重塗服務提高了零件的再利用率，減少了浪費。這些解決方案推動了永續發展，並提升了 Lam 產品在市場上的競爭力。我建議您訪問我們的網站查看報告，以了解更多資訊。

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，我們度過了一個出色的季度和財年。更重要的是，展望未來，我們看到裝置複雜性的不斷提高以及向3D架構的持續轉型將推動Lam的成長。

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

感謝各位今天的收聽。現在請道格上台。

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.

謝謝蒂姆。大家下午好，感謝各位今天參加我們的電話會議，我知道現在正是財報季，大家都很忙。在全球疫情持續肆虐之際，我希望自上次通話以來，您和您的家人平安健康。

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.

林氏集團在2021年6月季度持續維持卓越業績，季度營收、營業利潤和每股盈餘均創歷史新高。我們的營收、毛利率和營業利潤都達到或超過預期中位數，每股盈餘也超出預期範圍。我們對營運執行情況非常滿意，並衷心感謝所有客戶、供應商和員工的奉獻與支持。

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.

我們六月季度的營收為41.5億美元，比三月季度成長了8%。我們的系統業務和客戶支援業務集團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.

現在讓我來詳細說說系統收入的情況。記憶體業務一直是Lam的優勢領域，在6月份的季度中佔系統收入的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快閃記憶體業務的佔比與上一季基本持平，佔系統總營收的49%，營收金額再次創下新高。客戶在產能提升和產品升級方面均有投資，支出主要集中在128層級的快閃記憶體晶片上。

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業務方面，我們6月季度的系統收入中，DRAM佔比為10%，低於上一季的14%。 DRAM投資主要集中在1z和1-alpha製程節點。另外，我們預計DRAM支出將在今年下半年持續成長。

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.

在晶圓代工業務方面，我們連續第二季創下營收新高，6 月佔系統營收的 35%，高於 3 月的 31%。晶圓代工支出涵蓋尖端技術和成熟技術，以滿足人工智慧、5G 和遊戲等各種市場驅動因素的終端需求，以及物聯網、影像感測器和電源設備等專用晶片的需求。

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，邏輯和其他業務貢獻了 6 月季度系統收入的剩餘 6%，與上一季的百分比基本持平。

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.

現在來看我們總收入的區域組成。中國地區佔總營收的37%，高於3月季度的32%。中國地區的支出結構總體上在國內客戶和在中國設有晶圓廠的跨國客戶之間保持平衡。韓國地區也做出了貢獻，並且在6月份季度繼續保持強勁勢頭，佔總營收的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（我們的現有設備業務）營收接近14億美元，正如我之前提到的，這再次刷新了該業務的業績紀錄。營收較3月季度成長6%，較2020年同期成長49%。該業務的所有子板塊均表現出色：Reliant產品線服務於專業市場升級，我們致力於延長客戶工具的使用壽命；此外，備件和服務也為高行業利用率提供了支援。所有子板塊在本季均貢獻強勁。

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.

接下來我來談談獲利能力。 6 月季度的毛利率為 46.5%，正好處於預期範圍的中點。需要提醒的是，由於整體業務水準以及客戶和產品組合的變化，我們的毛利率會逐季波動。此外，由於新冠疫情的影響，本季空運和物流成本仍居高不下，這也反映在 9 月季度的業績預期中。

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月份的營運支出為5.74億美元，略高於上一季。您可能已經注意到，在我們的獲利報告中，我們本季產生了一筆約600萬美元的費用，與我們正在關閉的產品線的資產減損有關。這筆費用已從我們的非GAAP營運支出中扣除。我們已證明我們有能力實現公司獲利性規模化發展，並持續降低營運支出佔收入的比例。我還想指出，我們繼續優先投入研發，以確保我們擁有足夠的資源來鞏固我們在技術差異化方面的領先地位。我們始終重視研發投入，研發支出仍約占我們營運支出的三分之二。

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 月季度的營業利潤率表現穩健，達到 32.6%，高於我們先前預期範圍的中位數，這反映出強勁的毛利率和有效的營運費用控制。這一營業利潤率創下了 Lam Research 的歷史新高。

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.

本季我們的非GAAP稅率為12.6%，基本上符合預期。正如我在之前的電話會議中提到的，我們的稅率會隨季度波動。我們預計2021年全年的稅率將維持在10%左右的低點。另外，我想提一下，我們正在持續關注美國現任政府正在討論的潛在稅收政策變化。

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，這主要得益於我們的一項風險投資獲得了3000萬美元的市場收益。正如我們之前提到的，其他收入和支出會受到市場波動的影響，這可能導致其與正常水平有差異。另外，需要提醒的是，自2020年3月季度起，我們員工遞延薪酬計畫的收益和成本在非GAAP財務報表中不再存在不符。 2021年6月季度的不匹配金額為1700萬美元。如果您有興趣，可以在獲利報告中的GAAP調整表中查看詳細資訊。

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.

現在讓我談談資本回報。我們支付了1.85億美元的股息，並撥出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畫。

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，高於預期範圍。業績超預期主要得益於更高的營收和費用控制，以及我之前提到的營運損益平衡點 (OI&E) 的有利因素。稀釋後股份總數較三月季度略有下降，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.

在六月的季度中，我們贖回了剩餘的 2041 年可轉換債券，我很高興地告訴大家，這是我們資本結構中最後一個可轉換債券。

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.

接下來我來看資產負債表。現金及短期投資（包括受限現金）總額為60億美元，與上一季持平。 6月季度，我們的經營活動現金流創歷史新高，達到14億美元。本季度，我們的現金主要用於償還6月到期的8億美元高級票據，以及我之前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.

應收帳款週轉天數與三月季度持平，為66天。存貨週轉率較上一季略有上升，達3.3倍。六月季度的非現金支出包括約5,600萬美元的股權激勵費用、6,000萬美元的折舊費用和1,800萬美元的攤提費用。

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.

我們正在投資提升產能並加強對客戶的支持。因此，6月季度的資本支出較3月有所成長，達到1.05億美元。我們在全球範圍內都有投資項目，包括位於馬來西亞的新工廠（將於本季度正式投產）、位於美國俄亥俄州的關鍵備件工廠的擴建以及在韓國新建的研發實驗室。我們預計，在2021年剩餘時間內，隨著這些成長計畫的推進，資本支出將維持在較高水準。

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月底，公司正式全職員工人數約14,100人。為滿足不斷增長的產量需求，並支援客戶進行技術評估和工具安裝，我們已在工廠和現場增加了人手。

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.

關於六月季度的最後一點評論是關於ESG領域的後續進展，這對Lam Research而言顯然具有重要的戰略意義。六月，我們將循環信貸額度延長並擴大至15億美元。我們已將該信貸額度轉為永續發展掛鉤型循環信貸，其定價結構與節能和員工安全等特定績效指標掛鉤。除了Tim提到的ESG重點領域之外，這項信貸安排也進一步體現了我們致力於將ESG原則融入公司營運各個方面的決心。

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.

展望未來，我想提供我們2021年9月季度的非GAAP業績指引。我們預計營收為43億美元，上下浮動2.5億美元；毛利率為46%，上下浮動1個百分點；營業利潤率為32%，上下浮動1個百分點；最後，基於約1.43億股的流通股數量，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.

我們持續擴大營收預期範圍，努力應對全球供應鏈持續存在的產能挑戰。這些供應鏈挑戰也對我們預期的毛利率造成了輕微的負面影響。 2021年下半年以及明年，客戶需求依然強勁。由於營運團隊和供應鏈合作夥伴的不懈努力，Lam的財務表現達到了歷史新高。我們持續推動長期市佔率成長目標的實現，投資於Sense.i和乾式抗蝕等新平台。我們衷心感謝公司勇於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，我的發言到此結束。現在，我和提姆想開始接受提問。

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

（操作員說明）我們首先來回答瑞士信貸的約翰‧皮策提出的問題。

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?

提姆，儘管你在事先準備好的評論中表示仍然對行業支出處於健康水平感到放心，但對我們這些業內人士來說，看到你目前的NAND季度營收增長率，再回溯到2018年的峰值，發現它更高，這實在太有誘惑力了。我想你或許可以幫我們分析一下。考慮到自2018年以來NAND整體複雜性的成長，以及更重要的市佔率成長，我們該如何看待今年6月季的這個數字，並將其與你在2018年3月季度得出的1.287進行比較呢？

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。這顯然是我們花了很多時間思考的問題。我認為你抓住了最重要的一點，那就是對於Lam來說，向3D列印的轉型意味著什麼。我之前提到過，在過去五年裡，3D列印的市佔率發生了怎樣的變化。我當時說的是，我們在WFE（晶圓前端）領域的市佔率成長了超過6個百分點。但更重要的是，我們未來將採取哪些措施來確保業務的持續發展，也就是說，既要捍衛我們辛苦建立的地位，又要從層擴展帶來的複雜性中獲益。這才是我們真正的產品重點。

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，談到複雜性，層數的增加顯然推動了對用於沉積這些薄膜堆疊、蝕刻這些薄膜堆疊上的孔以及用金屬化層填充這些孔的工具的強勁需求。這些都是Lam在NAND領域最強大的優勢，我們對這些優勢的穩固性感到非常自信。但即便如此，這些優勢也正在改變。

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.

因此，例如，為了降低線路電阻，我們需要使用不同的材料。我們看到了新工具帶來的新機會。我們之前討論過 VECTOR DT 如何應對層數增加時所產生的應力問題。這些應用在幾年前還不存在。我們正在見證向 ALD 間隙填充技術的過渡。同樣，ALD 薄膜填充技術在幾年前也不存在，因此在 Lam 公司上一次的高峰期，它並不在業務範圍之內。

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，我們不僅透過增加層級來鞏固了現有地位，而且還為流程增加了更多關鍵步驟。我認為這預示著好兆頭。我們的目標是在每個高峰期擴大服務市場，從而確保我們能夠以更強大的姿態迎接下一個高峰。

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。我能否再追問一下？ Doug，你在評論中提到，預計DRAM的成長將從現在開始加速。我認為今年迄今為止，你們的成長率比去年同期成長了約13%。像ASML這樣的公司也提到，他們目前的DRAM資本支出成長了高達60%。顯然，他們受益於EUV技術的推廣。但是，你能否提供一些具體的數字——你預計下半年DRAM的成長速度會有多快？

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，我不會具體量化，因為我們在分析外部業務時通常不會這樣做，但它在下半年會穩定成長。這得益於我們的市場佈局。我對DRAM下半年的發展軌跡非常樂觀。下半年將會是個好兆頭。就說到這裡吧。

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

接下來，我們將回答來自 Evercore 公司的 C.J. Muse 提出的問題。

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.

我想先問一個關於毛利率的問題。 Doug，你能否更詳細地解釋一下導致毛利率較上月下降的因素是什麼？另外，我想了解我們應該如何看待馬來西亞產能的逐步提升以及它對毛利率的長期影響。

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，謝謝你的提問，C.J.。我預料到在電話會議中很快就會有人問到這個問題。聽著，展望下一個季度，供應鏈方面存在一些挑戰。為了應對這些挑戰，我們需要增加一些支出。回顧六月和九月的情況，毛利率的略微下降或許主要就是由此造成的。所以，這是我們未來需要考慮的因素。

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.

我們會逐步解決這個問題。隨著時間的推移，情況會好轉。如您所問，隨著我們在馬來西亞工廠的產能提升，情況也會隨之改善。目前，就我觀察9月季度馬來西亞工廠的情況來看，由於該工廠的產能提升尚處於初期階段，因此對毛利率沒有直接的正面影響。我們需要承擔固定成本和啟動成本。所以，這其實也為我們帶來了一些不利因素。但隨著時間的推移，當我們開始受益於亞洲的成本結構時，這些不利因素將會轉變為有利因素。

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.

所以我對未來充滿期待。我們的毛利率發展軌跡會隨著時間的推移而改善。而目前，我們正在努力應對供應鏈方面的挑戰，以減輕我們面臨的一些困難。

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.

太好了。我想再問一個後續問題，能否更詳細地介紹一下 Reliant 的狀況？聽起來今年的後續需求非常強勁，而且這種強勁勢頭應該會持續一段時間。所以很想聽聽您對我們未來如何看待這部分貢獻的看法。

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。我認為我們不會對Reliant公司本身進行量化分析。但正如您所指出的，我們可以告訴您的是，它專注於專業技術領域，是尖端代工廠，實力非常強勁。事實上，您也從業內人士那裡了解到，目前晶片短缺問題很大程度上就出在這裡。因此，這是一個正在經歷巨大成長的領域。但在某種程度上，該領域的成長也受到這些公司產能提升能力以及設備交付能力的限制。而且，我完全相信，尖端代工廠這一領域在2022年甚至更久之後，仍將保持強勁的成長勢頭。

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。 C.J.，我還要提醒你一下，如果你還記得去年三月的投資者日活動，雖然感覺好像是很久以前的事了，但我們當時討論過一個觀點，我們至今仍然堅持這個觀點：受Reliant業務影響的WFE（即受Reliant業務影響的WFE）的增長速度是整體WFE的2到3倍。我們仍然這樣認為。

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

接下來，我們將回答瑞銀集團的提摩西‧阿庫裡提出的問題。

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，我知道你已經看到了中國媒體關於你一些大客戶拖欠款項和違約的新聞。所以我想問這是否對你造成了影響，你在這方面採取了什麼措施，是否有任何項目被推遲或進度有所調整。

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.

我想說兩點，提姆。顯然，在像你提到的那種情況下，我首先會做的就是和我在中國的同事溝通，確保我了解情況。我對我們目前的狀況感到滿意。我想告訴你的是，我們與中國客戶的大部分業務都是透過信用證進行的。所以資金方面沒問題。我們知道資金方面沒問題。這也是我想讓你考慮的一點。

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.

至於我們中國客戶的計劃，蒂姆，我必須謹慎談論某個具體客戶。但目前為止，我們還沒有看到任何人的計劃因此而發生任何變化。

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.

好的，好的。然後我會問上個季度問過的同一個問題。您之前提到的那個計算，五年內投入700億美元才能達到35%的比特成長，也就是每季投入150億美元。您也提到，每投入3.5億美元就能增加100個基點。所以，如果看看NAND快閃記憶體目前的運作狀況，您可能會得出結論，位元成長可能在40%左右。但我知道您也說過，這些數字現在已經不再適用，因為資本密集度也提高了。所以我想知道您是否有時間重新整理一下這些數據，看看我們是否能嘗試將目前的狀況與比特成長聯繫起來。

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，提姆，我現在還不方便在電話會議上更新任何長期數據。這可能需要我們以後在投資者日之類的場合進行，我想我們會的。你說得對，隨著時間的推移，NAND快閃記憶體這種裝置架構的資本密集度確實會增加。我們之前給出的那些數據，只是基於較長時間段的大致平均值，目的是為了提供一些參考。這並不是一個固定不變的數字。

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。我們確實需要更新一下。我現在還不方便在電話會議上討論。但就像提姆說的，我們對NAND投資的力道相當有信心。在我們看來，這相當合理。而今年對NAND投資來說將會是豐收的一年。實際上，提姆，我認為明年也會是相當不錯的一年。

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。提姆，我再補充一點。我的意思是——雖然我同意我們之前提到的，資本密集度的上升可能意味著這些數字需要進行絕對值更新，但我想指出的是，隨著層數和複雜性的增加，我們也獲得了實際的市場份額，這意味著我們正在將以前使用舊技術開發的應用遷移到像ALD這樣的新技術上。因此，我們實際上也在贏得新的應用程式訂單。

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.

所以，即便在新的數位範圍內，我們也受益於其擴展——不僅體現在每比特新增成本的增加，也體現在實際應用領域的成功拓展。我們特別指出了一項對我們意義重大的應用，即採用原子層沉積（ALD）技術進行介質間隙填充。我認為，Lam公司在該領域的強大市場地位以及與客戶的緊密合作，確實讓我們對該公司未來的應用機會有了更深刻的洞察。

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

接下來，我們將回答來自 Cowen and Company 的 Krish Sankar 提出的問題。

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.

我有兩個問題。第一個問題，要嘛給Tim，要嘛給Doug。關於NAND閃存，我覺得你之前對它的分析很到位，和之前的峰值相比，層數明顯增加了。資本密集度也增加了，你們的市佔率也增加了。我有點好奇。如果你把2018年的峰值和現在的情況對比一下，如果我再往下看一層，你能說說當時和現在介質層和導體層蝕刻的比例有什麼變化嗎？因為我覺得介質層蝕刻的製程時間增加了。這也是一個重要因素。所以我想問，是這樣嗎？如果是這樣，現在NAND快閃記憶體中介質層和導體層蝕刻的比例和2018年相比有顯著差異嗎？我還有一個後續問題。

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。很多方面都發生了變化。正如您所說，介質蝕刻製程的製程時間與層數密切相關。顯然，隨著層數的增加，製程時間也在顯著成長。另一個因素是製程時間與耗材成本相關，因此也與我們現有設備業務的成長相關，而這又與層數的成長密切相關。所以，變化有很多，但介質蝕刻製程在層數擴展中確實發揮著至關重要的作用。

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?

明白了，明白了。關於你們的 Sense.i etch 平台，也就是你們的智慧平台，我有點好奇，隨著平台的推廣，會不會有失去現有用戶群優勢的風險？既然客戶都得考慮 Sense.i，為什麼他們不考慮其他平台，像是 Sense.i 之類的呢？考慮到現有用戶群優勢的喪失，Sense.i 實際上對你們來說會不會反而有點負面影響？

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.

嗯，我的意思是，一個優秀的工具包含兩個要素。一是平台，二是工藝模組技術。所以我認為，當我們增強平台功能，添加所有這些設備智慧時，我們絕對不會放棄已經建立的市場優勢。我今天也提到了專有的射頻系統和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.

基於 Sense.i 平台的全新 Vantex 模組將所有設備智慧和數據應用完美融合，使我們市場領先的蝕刻腔性能更上一層樓。顯然，我們深思熟慮過現有優勢的重要性，但如果停滯不前，也會給競爭對手留下追趕的機會。而這絕非我們的計劃。

Our next comment comes from Stacy Rasgon with Bernstein Research.

接下來，我們請伯恩斯坦研究公司的史黛西·拉斯貢發表評論。

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.

我的第一個問題是關於槓桿率的。我知道經營槓桿，也了解下季的毛利率等等。但是，讓我們來看看分析師日的預測模型，像是中間值，我記得是每股收益33美元左右，營收160億美元。你們現在預測營收超過170億美元，這是預測的上限，而每股盈餘預測卻低於分析師日預測的中間值。所以我覺得，每股盈餘可能會比預測值低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，我們該如何看待未來經營槓桿的發展呢？例如，即使收入沒有成長，我們是否應該考慮——在多長時間內，每股收益才能達到您不久前提到的那種模型水平？

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，我想說，槓桿作用既包含營收水準的因素，也包含時間因素。時間因素取決於一些因素，例如馬來西亞新廠的投產。新工廠的成本結構更合理。此外，新平台（例如Sense.i）的投產也推動了槓桿作用，我們認為Sense.i的獲利能力將優於先前的平台，因為它能帶來增量收益。

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.

所以，當我審視我們在該模式中所擁有的優勢時，我仍然感覺相當不錯，尤其是在我仔細思考並考慮我們如何實現效益的時間因素之後。而且，這種思考方式仍然是正確的。我們去年三月發表的財務模型，正是為了評估林氏的獲利機會。

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?

明白了。我的後續問題，我想再次強調NAND快閃記憶體。上個季度，您明確表示您認為NAND閃存在下半年會成長，大概是年增一半。現在您似乎也強烈暗示DRAM也會如此，但您並沒有明確提到NAND快閃記憶體。不過，我好像也聽到您說過，您認為NAND快閃記憶體今年整體表現會很強勁，明年也會如此。您現在仍然認為NAND閃存在下半年會成長嗎？我感覺您似乎預計2022年NAND快閃記憶體的銷售量會比2021年有所成長。您是這個意思嗎？

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.

我並不想對2022年做出任何具體預測，只是定性地表示它看起來會繼續保持強勁勢頭。現在就對2022年做出具體預測還為時過早，Stacy。至於WFE（晶圓廠設備），一個季度前我們預測它會超過75%，而Tim現在說它有望超過80。我認為整體而言，WFE的下半年表現更為突出。 DRAM在下半年看起來也很穩健。晶圓廠/邏輯晶片在下半年的表現也相當不錯。就我目前所見，NAND快閃記憶體的市場表現可能更加均衡，上下半年各佔一半。

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.

三個月前，我們曾表示，成長動能似乎會略微集中在下半年。我仍然認為這種情況有可能發生，但有些客戶的投資計畫可能會更多地在明年上半年進行。就目前來看，情況大致比較均衡，上下半年各佔一半。

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?

明白了，明白了。我想那還是──幾個季度前，你說過那些指標會下降。所以你現在是在根據實際情況進行調整嗎？

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，隨著時間的推移，我們對正在發生的事情的了解顯然會更加清晰，現在已經過了半年。如果算上九月的預測，那就已經是四分之三了。所以我們對產業面臨的時間節點和供應挑戰都有了更清楚的認知。

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

接下來，我們將回答來自摩根大通的哈蘭·蘇爾提出的問題。

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.

很高興看到團隊正在加緊建造位於檳城的新系統製造工廠，並在下半年釋放更多營收潛力。據我了解，團隊的目標是到明年年中，檳城工廠的系統年營收達30億美元。這將成為未來營收結構中相當重要的組成部分。我認為，團隊的目標還包括在未來幾年內，在馬來西亞本地採購更多原料、加工和其他配套服務。所有這些舉措都將為團隊帶來強勁的毛利率成長。

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年的目標財務模型是否已經包含了大部分的利多因素？或者，隨著未來幾年新設施的收入成長，這是否會成為高於目標利潤率的來源？

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。哈蘭，我想說的是，我們一直都知道要在馬來西亞建廠。所以一年半前我們推出那個模型的時候，大家都已經明白了。我們知道工廠的規模，也知道林氏的產能會如何提升等等。所以，就獲利能力而言，一切都已納入考量，我在回答史泰西的問題時也提到了這一點。因此，目前沒有上漲空間，但我們關注的是如何持續提升槓桿效應。

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

提姆，我不知道你是否還有什麼要補充的，或者你是否想補充什麼。

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，也不完全是。我認為只是因為我們目前的需求環境，馬來西亞的產能爬坡速度基本上已經停滯了。雖然我們沒有公佈2022年的具體數據，所以我不太清楚你是從哪裡得到這些資訊的，但很明顯，我們正在逐步提高產能。這將是我們一個規模很大的工廠，最終將在我們的全球製造網路中佔據重要地位。

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。此外，由於供應鏈存在一些不確定性，因此營收預期範圍略有擴大。你們的系統擁有非常先進的功能，對吧？包括運算、儲存系統、複雜的感測器網路、射頻功率電路、圖形處理和使用者介面功能。你們的一些先進平台，特別是那些包含大量處理器、記憶體和射頻組件的平台，是否受到了晶片短缺的影響？

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——大約一兩個季度前，我們坐在這裡討論產能限制時，我們主要考慮的是物理空間和勞動力。坦白說，我認為我們在擴張方面做得非常出色。我們擴大了位於加州利弗莫爾的工廠、俄勒岡州的工廠、韓國的工廠，如剛才所提到的，也從馬來西亞出貨。所以，這些物理產能確實開始釋放出來了。此外，我們在全球也僱用了大量員工。

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.

現在我們又面臨新的挑戰。我們的供應鏈非常複雜。你說得對，晶片短缺，其他零件也短缺。由於這會影響供應鏈中的許多參與者，因此情況更難以預測。這也導致了道格提到的部分指導意見的出台。

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.

再次強調，我認為林先生對我們的執行能力非常自豪。而且我認為這些問題我們每天都在努力解決。隨著時間的推移，我們預期這些問題，就像業內其他公司遇到的問題一樣，最終都會得到解決。

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

接下來，我們將回答來自美國銀行證券的維韋克·阿亞提出的問題。

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?

首先，我很好奇，您估計今年中國在全球出口總額中所佔的比例與去年相比是多少？這與您年初的預期一致嗎？另外，您是否聽說過美國監管方面可能對向中國客戶發貨設置任何限制？

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.

維韋克，我來回答，提姆可以補充。我認為從WFE（晶圓廠設備製造商）的百分比來看，應該相當穩定。我的意思是，今年WFE整體成長不錯。中國市場也成長良好。我們之前討論過一位中國代工廠客戶的許可證要求。這方面沒有新的進展。提姆，除非你想分享什麼。但這不會影響我們在中國的其他業務。

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，我們一直在積極參與。正如道格所說，在許可方面我們還沒有看到實質進展。不過，我們看到一些成熟技術節點的備用零件和升級授權已經獲得批准。所以，如果要說有什麼最新進展的話，那就是取得了一些小小的進展。我們一直在積極與政府的許可機構溝通，一方面是為了確保我們完全遵守他們現有的所有規定，另一方面也是為了爭取加快審批那些正在等待審批的貨物的交付。

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?

好的。我的後續問題是，您似乎對明年支出成長的機會比較樂觀。我想知道，在您的市場中，您認為明年哪個市場的資本密集度會大幅上升？是晶圓代工/邏輯晶片？是DRAM？還是NAND快閃記憶體？從概念上講，這會如何影響您明年的市佔率成長潛力？我知道您沒有給出具體的晶圓代工數據，但假設您處於成長環境，考慮到所有技術變革，您認為哪個市場的資本密集度會高於平均水平？

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。我想你應該可以從我之前關於WFE支出多年影響的評論中看出端倪。我們看到很多地方都有強勁的區域性投資，政府支持也推動了裝置複雜性的提升。而且，我們認為半導體產業的整體需求環境依然良好。所以，雖然我們現在不預測2022年的情況，但我們並不認為前景黯淡。我們看到了很多正面因素。

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.

當我思考Lam公司可能面臨的不同機會領域時，就像您提到的，哪些領域的資本密集度成長最快，或支出成長最快，我首先想到的就是Lam公司。因此，蝕刻和沈積技術究竟會在哪些領域發揮更大的作用？ Lam公司在哪些領域擁有發展機會？我認為這些機會無所不在。我們在這次電話會議上花了很多時間討論NAND快閃記憶體的複雜性。但您也看到了3D晶片轉型、代工/邏輯晶片領域、全方位閘電路、先進封裝等，這些領域都非常依賴蝕刻和沈積技術。

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，如果你在展望未來——我不是說WFE會持平。但如果WFE持平，由於蝕刻和折現資本密集度增加，Lam在這些領域的機會將會成長。而我們今年真正投入時間和精力的領域，可能只有兩個。 Doug談了很多關於營運改善的內容，確保我們最終打造出從這個角度來看更完善的基礎設施。

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，我們正在投資哪些產品，以便在未來幾年晶圓代工/邏輯晶片和DRAM向3D封裝轉型時，Lam能夠像我們在3D NAND領域一樣，從中受益。我認為，這體現在我剛才提到的選擇性蝕刻、乾式光阻等技術上。我們在高縱橫比蝕刻和折舊方面擁有優勢，尤其是在3D封裝領域。我認為，對於像Lam這樣的公司來說，目前正處於一個充滿機會的環境中。

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

接下來，我們將回答來自高盛的 Toshiya Hari 提出的問題。

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.

我也有兩封郵件。我猜這封可能是給Doug的。我記得你們之前都談過對DRAM和NAND快閃記憶體年底供應成長的看法。我希望你們能根據上半年的出貨量和下半年的預期，更新一下你們對2021年底DRAM和NAND快閃記憶體供應成長相對於需求成長的看法。

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。我認為，今年DRAM的供應成長仍將低於需求成長。業內人士普遍反映，DRAM的需求量可能在20到20位元之間。而供應量可能在十幾到二十比特之間。 NAND方面，供需可能更加平衡。我認為供需比在30到30位元之間。而且感覺今年NAND的供應量相當均衡。

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.

明白了。接下來我想快速問一個關於你們在尖端邏輯領域的機會的問題。我記得你們之前提到應用訂單，最初是14個，後來擴展到10個，以及你們對最終達到7個的預期。儘管你們做了這些說明，但我們並沒有在實際數據中看到這些成長。我知道你們揭露了「邏輯和其他」業務，所以這其中還有其他因素。但你們究竟遺漏了什麼？我知道你們不想談論具體客戶，但那位客戶正在加大資本支出，然而我們並沒有在你們的業績中看到相應的提升。

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.

我想說兩點。首先，你說的沒錯。從 14 個應用到 10 個應用，我們之前討論過應用程式數量顯著成長。我們之前提到應用程式數量增加了 5 倍，然後又從 10 個增加到 7 個。這確實是我們目前看到的情況。另外，在談論任何單一客戶時，我都必須謹慎。

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，當你分析「邏輯及其他」板塊時，你的觀點完全正確。其中確實包含影像感測器和其他邏輯裝置等其他組件。但同時，你也必須考慮單一客戶投資某項技術的時間跨度。是集中在兩三個季度內完成？還是會持續更久？如果是後者，那麼在任何一個季度都看不到明顯的成效。因此，我建議你在分析「邏輯及其他」板塊時，同時考慮這兩方面因素。此外，我認為「邏輯及其他」板塊在下半年也會表現良好。

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。我覺得唯一需要補充的是，或許我們需要先過渡一下之前的內容，因為之前我們已經談到了許多實際進展。我之前也提到過——現在我們更進一步，談到邏輯裝置或邏輯和代工，基本上都是類似的裝置，類似的趨勢。隨著我們轉向全包圍閘極或奈米片結構，我之前提到的許多產品都涉及選擇性蝕刻以及製造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裝置客戶看到了RC及其影響，因此也看到了改進金屬化結構的必要性。

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.

我們討論了乾式光阻及其對未來節點（不僅是當前節點，也包括高數值孔徑）EUV微影成本效益的潛在影響。 Lam公司正透過這些方式確保我們擁有合適的產品組合。因此，無論是先進晶圓代工還是先進邏輯電路，無論您談論的是哪一類客戶，我們都能提供強大的產品來幫助他們完成轉型。所以我認為，多年來，我們與這些客戶合作的機會越來越強，範圍也越來越廣。

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

接下來，我們將回答摩根士丹利的喬·摩爾提出的問題。

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?

太好了。你們的裝機量業務已經連續幾季年增50%。雖然我們沒有這方面的長期數據，但我的意思是──我猜這在歷史上算是非常罕見的成長率。而且，這確實會讓人思考——我想你上個季度提到過，人們會囤積一些備件或庫存。顯然，這是一個成長——一個非常好的成長，你也一直強調這一點。但是，在談到這種成長率時，是否存在著我們應該注意的周期性因素？

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，我接受這個觀點。我在準備的發言稿裡加了一句話，意思是──請不要期待每季都能維持這種成長速度。是的，這其中有很多因素。我的意思是——這又回到了關於後發晶片代工的問題，以及我們如何看待它的未來發展。我們認為這種需求不會減弱，目前這個領域的需求非常強勁。但最終，這種成長速度可能無法完全跟上現有晶片數量的成長速度。

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.

但並非如此，您考慮的因素是，備件數量會隨著裝置量的增加而持續成長。正如我們所見，裝機量成長迅猛。這將成為未來的持續收入來源，而這實際上取決於客戶繼續使用他們已購買的產品。因此，我們對此非常有信心。如果有任何部分可能會受到投資時機的影響，那就是特殊技術和落後或非領先的晶圓代工。但我們對這些領域的近期前景依然十分樂觀。

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

接下來，我們將回答來自 Stifel 公司的 Patrick Ho 提出的問題。

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?

恭喜你本季業績不錯。道格，就你目前面臨的零件和供應限製而言，我知道情況比較複雜，但你正在採取哪些措施來緩解這些問題？我想了解的是更多細節。你是否正在與其他供應商合作？你是否正在與主要零件供應商協商，確保在特定時間內獲得所需零件？為了緩解這種情況，你採取了哪些措施和措施？

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

我想我還是會把它送給提姆。

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，我其實很了解狀況。我想說的是──或許是所有因素共同作用的結果。當你的主要客戶強烈要求按時發貨時，我們會竭盡全力。所以在某些情況下，我們會與不同的供應商合作。但話說回來，我們的供應鏈非常複雜。

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.

在許多情況下，我們都會考慮供應商在世界其他地區是否設有其他工廠。例如，如果我們在世界某個地區受到新冠疫情的影響，我們會轉而從同一供應商位於世界其他地區的工廠採購。這通常是獲得額外供應最快捷的方式。但有時，我們也會尋找其他供應商。

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.

我們也談到了翻新、重新編碼和再利用。這是我們與客戶合作的另一個領域，旨在驗證翻新流程，從而縮短時間。例如，我們無需採購全新零件，而是進行翻新。翻新後的零件可以重新安裝到機器中。這樣一來，現有設備中使用的零件越少，工廠就有更多的零件可用於後續的生產。

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.

因此，我想說的是，我們與客戶之間有著非常緊密的合作。同時，我們與供應鏈合作夥伴的合作也極具創意，旨在盡可能降低這些風險。這涉及方方面面。

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

我們最後回答來自富國銀行的喬·夸特羅奇提出的問題。

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.

我只是想了解WSE更新後的業績指引，以及您對NAND快閃記憶體業務可能更加平衡（各佔一半）的評論。我想請您幫我解釋一下，究竟是什麼因素導致了部分業務成長，包括WFE業務超過800億美元？是代工邏輯晶片業務的成長嗎？還是您之前提到的DRAM業務走強？任何解釋都將不勝感激。

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.

喬，我認為實際情況是，我們已經走過了一年的後半段，對吧？現在已經過一半了。我們對九月份的季度情況有了相當清晰的了解，因為我們剛剛發布了業績指引。所以就是這樣，對吧？這關乎對客戶計畫的理解，也關乎我們對產業供應能力的預期。我們仍預期下半年WFE（工作場所設備）支出將會成長。由於對未來情況有了更清晰的了解，我們略微上調了預期。

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。接下來我想問一個關於服務業務的問題。你們又贏得了一個重要的備用合約。我想請問一下，你們的備件收入中有多少是基於長期合約的？

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，我們會非常注意這一點。但我想說的是，很大一部分，無論是長期合約還是——我之前提到過我們複雜的供應鏈。我的意思是，在很多方面，備件的情況非常相似，這意味著無論合約期限長短，我們往往都是絕大多數備件的主要供應商。因此，我想說我們的大部分零件都是透過合約採購的，但合約期限目前我們還不方便透露。

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

好的。接線員，我想這是我們最後一次通話了。蒂娜，你想結束通話嗎？

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，我們非常感謝大家的支持，也感謝大家今天參加我們的電話會議。

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。您可以斷開連線了。