科林研發 (LRCX) 2021 Q3 法說會逐字稿

Good day, and welcome to the Lam Research Corporation's March 2021 Quarter Financial Conference Call.

大家好，歡迎參加 Lam Research Corporation 2021 年 3 月季度財務電話會議。

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

現在，我謹將會議交給投資人關係和企業財務副總裁蒂娜‧科雷亞女士。請您開始吧。

Thank you, and good afternoon, everyone. Welcome to the Lam Research Quarterly Earnings Conference Call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

謝謝大家，下午好。歡迎參加 Lam Research 季度財報電話會議。今天與我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 will review our financial results for the March 2021 quarter and our Guidance for the June 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，我們將分享對當前商業環境的概述，並回顧2021年3月季度的財務業績以及對2021年6月季度的業績展望。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 includes 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.

然後，我就把電話交給提姆了。

Great. Thank you, Tina, and thank you to everyone joining the call today. Lam posted excellent results in the March quarter, with record revenues from both systems and installed businesses as well as record cash flow from operations and record earnings per share. Our performance reflects solid execution by Lam employees and our partners worldwide despite ongoing COVID-19-related impacts. The investments we are making in manufacturing and supply chain resiliency are enabling us to support our customers' needs amid a broad-based strengthening in semiconductor demand. We are very optimistic on our positioning and see continued strong growth for Lam in the future.

太好了。謝謝Tina，也謝謝今天所有參加電話會議的各位。 Lam在3月的季度業績非常出色，系統和安裝業務的收入均創歷史新高，營運現金流量和每股盈餘也都創歷史新高。儘管受到新冠疫情持續影響，Lam員工和全球合作夥伴的出色執行力依然讓我們取得如此優異的業績。我們對製造和供應鏈韌性的投資，使我們能夠在半導體需求全面增強的背景下，更好地滿足客戶的需求。我們對自身的市場定位非常樂觀，並相信Lam未來將持續保持強勁成長。

Let me first begin by updating our expectations for wafer fabrication equipment spending. Since our last earnings call, we have seen WFE spending plans increase for the calendar year. Our outlook for 2021 WFE is trending above $75 billion, and we now believe that WFE spending in the second half of the calendar year will be higher than the first half across all device segments.

首先，我想更新我們對晶圓製造設備支出的期望。自上次財報電話會議以來，我們看到今年的晶圓製造設備支出計畫有所增加。我們對2021年晶圓製造設備支出的預測是超過750億美元，我們現在認為，下半年所有裝置領域的晶圓製造設備支出都將高於上半年。

Several factors are at play in driving this robust WFE growth. First, secular tailwinds such as AI, 5G and IoT continue to strengthen. And over the past year, COVID-19-related impacts like work- and learn-from-home have accelerated adoption of these technologies. Second, the complexity of manufacturing advanced semiconductor devices continues to increase at a rapid rate, leading to a rise in equipment intensity across all segments. Third, innovative consumer products are incorporating more semiconductor-enabled functionality, driving faster growth in semiconductor content per unit sold.

推動晶圓設備（WFE）強勁成長的因素有很多。首先，人工智慧、5G 和物聯網等長期發展趨勢持續增強。過去一年，新冠疫情帶來的居家辦公室和學習等影響加速了這些科技的應用。其次，先進半導體裝置的製造複雜性持續快速成長，導致所有細分領域的設備密集度上升。第三，創新消費產品整合了更多半導體功能，推動了單位產品半導體含量的快速成長。

On our last call, we talked about new gaming consoles as an incremental driver for semiconductor demand and WFE. A similar example is PC and wearables. These devices are utilizing an increasing number of sophisticated sensors manufactured using mature technology nodes to deliver added functionality such as body temperature measurement, heart rate monitoring and blood oxygen sensing. Wearables are integrating these sensors with advanced node semiconductors that deliver lower power and lower latency in addition to the computation capability required to support new AI and machine learning-enabled applications. This is having a marked effect on semiconductor content in these products, and today's wearables contain nearly double the amount of DRAM and 4x the amount of NAND versus 5 years ago.

上次通話中，我們討論了新型遊戲主機如何逐步推動半導體需求和WFE（無線前端設備）的發展。 PC和穿戴式裝置也是如此。這些設備越來越多地採用成熟製程節點製造的精密感測器，以實現體溫測量、心率監測和血氧飽和度檢測等附加功能。穿戴式裝置將這些感測器與先進的製程節點半導體整合在一起，這些半導體不僅功耗更低、延遲更低，而且還具備支援新型人工智慧和機器學習應用所需的運算能力。這顯著影響了這些產品中的半導體含量，而如今的穿戴式裝置所含的DRAM（動態記憶體）幾乎是五年前的兩倍，NAND（快閃記憶體）則是五年前的四倍。

Semiconductors are also capturing a greater share of the value within the electronics supply chain, and we see 2021 semiconductor revenues as a percentage of electronics revenues breaking out of the historic averages of the last 15 years. And finally, the growing importance of semiconductors to global industries has led governments in the U.S., Europe and Asia to call for actions to mitigate supply chain risk, which will likely include increased investment in regional semiconductor manufacturing capacity. When combined, these 4 factors of accelerated technology adoption, growing complexity, increasing semiconductor content and regional capacity investment support a compelling case for a strong multiyear WFE spending environment, one in which Lam is executing extremely well.

半導體在電子供應鏈中的價值份額也不斷擴大，我們預計2021年半導體收入佔電子收入的比例將突破過去15年的歷史平均水準。此外，半導體對全球產業日益增長的重要性促使美國、歐洲和亞洲各國政府呼籲採取措施降低供應鏈風險，其中可能包括增加對區域半導體製造能力的投資。技術加速普及、日益複雜的製程、半導體含量不斷提高以及區域產能投資這四個因素共同構成了一個強有力的論據，表明未來幾年WFE（晶圓廠設備）支出環境將持續強勁增長，而Lam公司在這方面表現出色。

In 2020, we gained share across both etch and deposition, including significant gains in conductor etch. We expect to deliver overall share growth again in 2021. Our positive momentum demonstrates how we are successfully positioning Lam as the partner of choice for our customers at a time when technology complexity [is increasing]. 3D scaling of device and packaging architectures will be a primary focus of the industry for the remainder of this decade, and Lam approaches this challenge with unique experience.

2020年，我們在蝕刻和沈積領域均實現了市場份額的成長，尤其是在導體蝕刻方面取得了顯著進展。我們預計2021年將再次實現整體市場份額的成長。我們目前的良好勢頭表明，在技術日益複雜的當下，我們已成功將Lam定位為客戶的首選合作夥伴。未來十年，裝置和封裝架構的3D微縮將是業界關注的焦點，而Lam憑藉其獨特的經驗，正積極應對這項挑戰。

We were the leader in enabling the transition to 3D devices through our early engagement in the NAND inflection and as a result, we built enduring leadership positions in the most critical etch and deposition applications. And as the 3D NAND road map is evolving to multi-stack scaling for higher layer counts, our technical contribution continues to grow.

我們憑藉早期參與NAND快閃記憶體技術轉型，引領了向3D裝置的過渡，並在最關鍵的蝕刻和沈積應用領域建立了持久的領先地位。隨著3D NAND快閃記憶體的發展路線圖轉向多層堆疊以實現更高層數，我們的技術貢獻也在不斷增長。

To integrate multiple stacks to build power devices, innovative solutions are required for stress management, etch selectivity and defect control. The increase in complexity of multi-stack scaling is creating new product opportunities for Lam. And this quarter, we recorded a key deposition win for a multi-stack enabling film at a leading memory customer. Through our leadership in the 3D NAND market, Lam has developed a portfolio of products and acquired the expertise in high-volume manufacturing to help customers solve highly complex 3D scaling challenges across other device segments.

為了整合多個堆疊結構以建構功率元件，需要創新的解決方案來應對應力管理、蝕刻選擇性和缺陷控制。多層堆疊結構擴展複雜性的增加，為 Lam 創造了新的產品機會。本季度，我們與一家領先的記憶體客戶達成了一項重要的多層堆疊結構使能薄膜沉積訂單。憑藉在 3D NAND 市場的領先地位，Lam 已開發出豐富的產品組合，並累積了大規模生產的專業知識，能夠幫助客戶解決其他裝置領域中高度複雜的 3D 擴展挑戰。

In foundry/logic, the adoption of 3D-like gate all around or nanosheet-type structures introduces unique processing requirements. In the last earnings call, I highlighted the momentum of our latest conductor etch system, KIYO GX, which utilizes an innovative plasma pulsing capability to deliver superior, high aspect ratio etch results for nanosheet structures. [In the March quarter], we saw additional application wins with KIYO at multiple foundry/logic customers. We are also seeing share gains with our new suite of selective etch products designed for ultra-high selectivity removal processes previously performed using wet etch systems.

在晶圓代工/邏輯電路領域，採用類似三維的環柵或奈米片狀結構對製程提出了獨特的要求。在上次財報電話會議上，我重點介紹了我們最新的導體蝕刻系統 KIYO GX 的發展動能。本系統採用創新的等離子脈衝技術，可為奈米片結構提供卓越的高深寬比蝕刻效果。 [在三月的季度中]，我們憑藉 KIYO 系統在多家晶圓代工/邏輯電路客戶中贏得了更多應用。此外，我們全新推出的選擇性蝕刻產品系列也取得了市場份額的成長。此系列產品專為先前使用濕式蝕刻系統完成的超高選擇性去除製程而設計。

Related to the challenge of the back-end-of-line scaling, we are taking new approaches to deposit lower K materials and deliver better interface control. New material integration schemes enabled us to win multiple 5-nanometer back-end-of-line applications. And in the March quarter, we extended our wins to more advanced nodes as well.

針對後端製程微縮的挑戰，我們正在採用新的方法來沉積低介電常數（K值）材料並實現更佳的介面控制。新的材料整合方案使我們贏得了多個5奈米後端製程應用項目。在三月的季度中，我們也將業務拓展到了更先進的製程節點。

In addition to device scaling, we remain equally focused on our customers' objectives to improve cost and operating efficiency in their fabs. You will recall that we recently announced our new Vantex dielectric etch process module on the Sense.i platform. Vantex on Sense.i delivers best-in-class etch technology and brings to market unique and innovative solutions to lower overall cost of ownership. The Sense.i platform architecture increases wafer output per square meter of fab space. New RF power designs consume less energy to support cost and ESG road maps. And advanced equipment intelligence and self-maintenance capabilities minimize required on-site human intervention.

除了裝置尺寸的縮小，我們同樣關注客戶在晶圓廠降低成本和提高營運效率的目標。您可能還記得，我們​​最近發布了基於 Sense.i 平台的全新 Vantex 介質蝕刻製程模組。 Vantex on Sense.i 提供一流的蝕刻技術，並為市場帶來獨特創新的解決方案，從而降低整體擁有成本。 Sense.i 平台架構提高了每平方米晶圓廠空間的產量。全新的射頻功率設計能耗更低，有助於實現成本控制和 ESG（環境、社會和治理）目標。此外，先進的設備智慧和自維護功能最大限度地減少了現場人工幹預。

With semiconductor demand at unprecedented levels, these factors have become critical differentiators as customers look to cost effectively and sustainably ramp capacity on advanced nodes. As a result, we continue to make solid progress on Sense.i adoption at leading customers.

由於半導體需求空前高漲，這些因素已成為關鍵的差異化因素，因為客戶希望以經濟高效且可持續的方式在先進節點上提升產能。因此，我們在領先客戶中推廣 Sense.i 方面持續取得穩定進展。

Our focus on helping customers solve productivity and manufacturing challenges is also reflected in the excellent performance of our installed base business where we are seeing [outstanding] growth. CSBG revenue eclipsed $1.3 billion in the March quarter, yet another record. We are executing very well in this business. And as we sit here today, we are tracking ahead of the growth model that we shared with you at last year's Investors Day. All product lines within CSBG had record revenues in the quarter. Our upgrades business is expected to roughly double over the 2-year period ending in 2021. By enhancing productivity and extending installed base capability for multiple generations, our upgrades business plays an important part in our customers' cost reduction road maps.

我們專注於幫助客戶解決生產力和製造方面的挑戰，這也體現在我們現有設備業務的出色表現上，該業務正經歷著顯著成長。 CSBG 3月季度的營收突破13億美元，再創佳績。我們在該業務領域執行得非常出色。目前，我們的成長速度超過了去年投資者日上與各位分享的成長模型。 CSBG所有產品線在本季均創下了營收新高。預計到2021年，我們的升級業務將在兩年內實現近乎翻倍的成長。透過提高生產力並延長現有設備的使用壽命，我們的升級業務在客戶的成本削減計劃中發揮重要作用。

In Reliant, we see specialty technologies continuing to grow in areas like CIS, Power and RF devices. In Spares, we successfully closed with a key customer the single largest annual contract in the company's history, which includes commitments for critical leading edge parts. And lastly, we are seeing great progress in services. Big data and equipment intelligence are playing an increasingly critical role in the operation of advanced semiconductor fabs.

在 Reliant，我們看到專業技術領域在 CIS、功率元件和射頻裝置等領域持續成長。在備件方面，我們成功與一位重要客戶簽訂了公司歷史上最大的年度合同，其中包括關鍵尖端部件的供應承諾。最後，我們在服務方面也取得了顯著進展。大數據和設備智慧在先進半導體晶圓廠的運作中發揮著日益重要的作用。

This quarter, we closed a multi-region data services license contract with a major memory manufacturer to provide enhanced tool data to enable their smart manufacturing road map. Additionally, our services team completed the first year of a comprehensive multiyear equipment intelligence services contract at another major memory producer. System performance under this contract exceeded objectives, leading to a significant return on investment for the customer.

本季度，我們與一家大型記憶體製造商簽訂了一份跨區域資料服務許可合同，為其智慧製造路線圖提供增強型工具資料。此外，我們的服務團隊也完成了與另一家大型記憶體生產商簽訂的多年期綜合設備智慧服務合約的第一年工作。此合約項下的系統效能超出預期目標，為客戶帶來了顯著的投資回報。

So to conclude, we are in an environment where industry fundamentals continue to strengthen. The strategic relevance of semiconductors is reaching new heights, and semiconductor capital equipment is well positioned to benefit. Amid strong WFE spending, Lam is delivering great results and making foundational investments in new products and infrastructure to drive continued outperformance.

綜上所述，我們目前所處的環境是產業基本面持續走強。半導體產業的戰略重要性正達到新的高度，半導體資本設備產業也將從中受益匪淺。在晶圓廠設備 (WFE) 支出強勁的背景下，Lam 公司取得了卓越的業績，並對新產品和基礎設施進行了基礎性投資，以推動其持續超越市場平均水平。

Thanks again for joining today. And now here's Doug.

再次感謝各位今天的參與。現在請道格上場。

Great. Thanks, Tim. Good afternoon, everyone, and thank you for joining us today during what I know is a busy earnings season. I hope you and your family have been safe and healthy since we last spoke with you.

太好了。謝謝，蒂姆。大家下午好，感謝各位在今天這個繁忙的財報季抽出時間參加我們的節目。希望自從上次我們通話以來，您和您的家人都平安健康。

Lam delivered outstanding results for the March quarter, with record quarterly revenue and strong profitability metrics. For the quarter, our revenue and gross margin came in above the midpoint of our guidance, and both operating income and earnings per share were above the guidance range. We've continued our excellence in execution, not only in delivering impressive financial results, but also in being our customers' most trusted partner.

Lam在三月的季度業績表現出色，季度營收創歷史新高，獲利能力指標強勁。該季度，我們的營收和毛利率均高於預期中位數，營業收入和每股盈餘也均超出預期範圍。我們不僅在財務表現上取得了令人矚目的成就，更在執行力方面保持了卓越的水平，成為客戶最值得信賴的合作夥伴。

We delivered revenue for the March quarter of $3.85 billion at the high end of our guidance range, which was an increase of 11% from the [December] quarter. Our solid revenue performance was mainly due to an increase in foundry-related systems as well as record performance in our Customer Support Business Group, or CSBG, where we had increases in all parts of that business. Our customers' fabs are running at high utilization levels, which drives the need for consumption of spare parts and services.

我們3月季度的營收為38.5億美元，達到預期範圍的高端，較[12月份]季度增長11%。營收的穩健成長主要得益於晶圓代工相關係統業務的成長，以及客戶支援業務集團（CSBG）的創紀錄業績，該業務集團所有業務板塊均實現成長。客戶的晶圓廠產能利用率很高，這推高了對備件和服務的需求。

First, let's focus on our systems revenue where we saw continued strength in the memory segment, which represented 62% of systems revenue in the March quarter. The NAND segment was 48% of our systems revenue compared with 51% in the prior quarter, with customers investing in higher 3D device layer and added capacity to address the overall broad demand for storage bits. The March quarter NAND systems revenue amount reached a record level, again, demonstrating Lam's leadership position in the NAND segment. Customers were primarily investing in equipment for 96- and 128-layer class devices.

首先，我們將重點放在系統收入。記憶體業務持續強勁成長，在3月份的季度中佔系統營收的62%。 NAND快閃記憶體業務佔系統營收的48%，低於上一季的51%。客戶投資於更高層數的3D裝置並增加產能，以滿足對儲存位的整體廣泛需求。 3月的NAND快閃記憶體系統營收創下歷史新高，再次彰顯了Lam在NAND快閃記憶體領域的領先地位。客戶主要投資於96層和128層的裝置設備。

In DRAM, we had 14% of our March quarter systems revenue in this segment compared with 17% in the prior quarter. Year-end investments consisted of both conversion and capacity additions with concentration in the 1y, 1z and 1-alpha nodes. We expect to continue to see healthy and prudent levels of investment in the overall memory segment in calendar year 2021.

在DRAM業務方面，我們3月份季度系統收入的14%來自該板塊，而上一季為17%。年末投資包括製程轉換和產能擴張，主要集中在1y、1z和1-alpha節點。我們預計2021年全年，整個記憶體業務的投資水準將持續保持穩健和審慎。

We had our highest quarterly revenue level in the March quarter for the foundry segment, and it came in at 31% of our systems revenue compared with 26% in the December quarter. We're seeing leading-edge investments focused on 5-nanometer as well as spending related to mature technology nodes required to meet higher demand for specialty or consumer-oriented integrated circuits. And finally, logic and other contributed the remaining 7% of systems revenue in the March quarter, up slightly from the prior quarter level at 6%.

我們在3月季度實現了代工業務的最高季度營收，佔系統總營收的31%，高於12月季度的26%。我們看到，公司正增加對5奈米製程等尖端技術的投資，同時也加大了對成熟製程節點相關技術的投入，以滿足市場對專用或消費級積體電路日益增長的需求。最後，邏輯和其他業務在3月季度貢獻了系統總營收的7%，略高於上一季的6%。

Let me now shift to the regional profile of our revenue. The China region came in at 32% of our total revenues, down slightly from 35% [in the] December quarter. The majority of the China spending this quarter was from domestic Chinese customers. The Korea region was also strong for us in the March quarter, representing 31% of revenues, which is up 10 points from the prior quarter. And as Tim mentioned, we achieved another record quarter of revenue for our customer support business group coming in at $1.3 billion, which is an increase of 13% from December and up over 50% versus the same quarter in 2020.

現在讓我來看看我們各地區的營收。中國地區的營收佔總營收的32%，略低於去年12月季的35%。本季中國地區的消費主要來自中國國內客戶。韓國地區在3月季也表現強勁，營收佔比達31%，較上一季成長10個百分點。如同Tim所提到的，我們的客戶支援業務集團再次創下季度營收新高，達到13億美元，較去年12月成長13%，較2020年同期成長超過50%。

The growth we've seen in each of the subsegments of this business is a testament to the value we're providing to our customers for technology and productivity enhancements as well as the strength of this market supported by our Reliant product line. We're also supporting customers' requests for increasing spare parts purchases to support both higher equipment utilization and some level of inventory stocking. We expect continued strength in CSBG through the remainder of the year.

該業務各細分領域的成長證明了我們為客戶提供的技術和生產力提升方案的價值，也反映了我們Reliant產品線所支撐的市場實力。同時，我們也積極回應客戶增加備件採購的需求，以支援更高的設備利用率和一定的庫存水準。我們預計CSBG業務在今年剩餘時間內將持續保持強勁成長動能。

Let me now shift to profitability. March gross margin was 46.3%, generally in line with our expectations. And I'll remind you, as I always do, gross margin fluctuates quarter-to-quarter due to overall business levels, along with customer and product mix. We do continue to incur higher freight and logistics costs because of the COVID environment, and we expect these costs will remain until we see a [normalization] of airfreight volumes.

現在我來談談獲利能力。 3月的毛利率為46.3%，基本上符合我們的預期。我還要提醒各位，毛利率會因整體業務水準、客戶和產品組合的變化而出現季度波動。由於新冠疫情的影響，我們的貨運和物流成本持續上漲，預計這些成本將持續到航空貨運量恢復正常水準為止。

Operating expenses for the March quarter were $567 million, slightly higher than the prior quarter, reflecting our commitment to manage expense levels while we invest and grow the company. We've prioritized our spending towards R&D, which represents over 2/3 of our operating expenses, enabling us to build on our deposition and etch leadership positions.

3月份季度的營運支出為5.67億美元，略高於上一季度，這反映了我們在投資和發展公司的同時，致力於控製成本水準。我們優先將支出投入研發，研發支出佔營運支出的三分之二以上，這使我們能夠鞏固在沉積和蝕刻領域的領先地位。

Operating income exceeded $1.2 billion in the March quarter, with operating margin coming in over the guidance range at 31.6%. Our non-GAAP tax rate for the quarter was 7.8%, which came in lower than we expected due to incremental deductions from equity compensation for annual employee vesting during the quarter. As we've discussed in the past, we will have fluctuations in the tax rate from quarter-to-quarter, and you should continue to expect the ongoing tax rate to be in the low teens level for the '22 calendar year. I would mention we continue to monitor potential tax changes that could come from the new administration in the United States.

3月季度營業收入超過12億美元，營業利益率達31.6%，超出預期範圍。本季非GAAP稅率為7.8%，低於預期，主要原因是本季員工年度股權激勵歸屬的額外扣除額。正如我們之前討論過的，稅率會隨季度波動，預計2022日曆年度的持續稅率將保持在10%左右。此外，我們將繼續密切關注美國新政府可能推出的稅收政策變化。

Other income and expense was approximately $42 million in expense, which is lower than the prior quarter and lower than the typical run rate, primarily due to marketed items like foreign exchange and interest rates.

其他收入和支出約為 4,200 萬美元，低於上一季和通常的運行速度，主要是由於外匯和利率等市場因素。

And as a reminder, beginning of the March quarter of last year, the benefits and costs of our employee deferred compensation plan are no longer mismatched in our non-GAAP results. [The] mismatch was $8 million for the March '21 quarter, and you can see the details of this in the GAAP reconciliation table of our earnings release.

再次提醒，自去年3月季初起，我們員工遞延薪酬計畫的收益和成本在我們的非GAAP財務報表中已不再存在不符。 2021年3月季度的不匹配金額為800萬美元，您可以在我們發布的GAAP財務報表調整表中查看詳細資訊。

We paid $187 million in dividends and allocated over $900 million towards share repurchases, tracking nicely with our committed Lam capital return plans. Further buyback in the quarter went to a structured repurchase program, which was supplemented with open market repurchases. Diluted earnings per share came in at $7.49, above the guidance range. This was the result of the higher revenue and gross margin as well as favorability that I mentioned in the tax rate. Our diluted share balance was down from the December quarter level, coming in at 145 million shares, as we expected. The share count includes the dilutive impact of approximately 500,000 shares from the 2041 convertible notes.

我們支付了1.87億美元的股息，並撥出超過9億美元用於股票回購，與我們既定的Lam資本回報計劃基本一致。本季進一步的股票回購透過結構化回購計畫進行，並輔以公開市場回購。稀釋後每股收益為7.49美元，高於預期範圍。這得益於更高的收入和毛利率，以及我之前提到的稅率優惠。正如我們預期，稀釋後股份數量較去年12月季度有所下降，為1.45億股。該股份數量包含了2041年可轉換債券約50萬股的稀釋影響。

An additional mention is that late in the March quarter, we issued a redemption notice for the 2041 convertible notes. As of March quarter end, we had approximately $17 million remaining on these notes. This redemption would retire the last of the convertible notes in our capital structure.

此外，值得一提的是，我們在三月季度末發布了2041年到期可轉換債券的贖回通知。截至三月季度末，這些債券的剩餘金額約為1700萬美元。此次贖回將清償我們資本結構中剩餘的可轉換債券。

Let me shift to the balance sheet. Cash and short-term investments, including restricted cash, decreased slightly to $6 billion from $6.3 billion in the prior [quarter]. The decrease was attributed to the capital return activity, offset by the strong performance we had in the March quarter cash flows from operations, which came in at a record level of $1.2 billion. Days sales outstanding decreased to 66 days in the March quarter from 76 that we saw in December. This improvement was driven by strong cash generation with the higher level of business, and as I alluded to last quarter, the timing of collections across the December and March quarters. Inventory turns were flat with the prior quarter coming in at 3.2x. Given the overall demand strength we're seeing as well as our focus to mitigate potential supply chain disruptions, inventory turns will likely remain at these current levels for the foreseeable future.

接下來我來看資產負債表。現金及短期投資（包括受限現金）略有下降，從上一季的63億美元降至60億美元。下降主要歸因於資本回報活動，但被3月份季度強勁的經營活動現金流所抵消，該現金流創下12億美元的歷史新高。應收帳款週轉天數從12月份的76天降至3月的66天。這項改善得益於業務量增加帶來的強勁現金流，以及正如我上一季所提到的，12月和3月季度收款時間的合理性。庫存週轉率與上一季持平，為3.2倍。鑑於目前整體需求強勁，以及我們致力於降低潛在供應鏈中斷風險，庫存週轉率在可預見的未來可能會維持在當前水準。

Noncash expenses included approximately $56 million for equity compensation; $61 million for depreciation; and $18 million for amortization. Capital expenditures for the March quarter were down slightly versus the December level, coming in at $90 million. As I noted in our last earnings call, we're investing to support the expanding operations at our new Malaysia factory, our manufacturing facility in Ohio that's focused on critical spare parts and the upcoming Korea technology center. We expect to see somewhat higher levels of capital expenditures in 2021 as we support these critical growth initiatives.

非現金支出包括約 5,600 萬美元的股權激勵費用；6,100 萬美元的折舊費用；以及 1,800 萬美元的攤銷費用。 3 月季度的資本支出較 12 月略有下降，為 9,000 萬美元。正如我在上次財報電話會議上提到的，我們正在投資以支持我們在馬來西亞新工廠、位於俄亥俄州的專注於關鍵零部件的製造工廠以及即將建成的韓國技術中心的擴張運營。我們預計，隨著我們支持這些關鍵成長計劃，2021 年的資本支出水準將略有上升。

The headcount level ending the March quarter was approximately 13,100 regular full-time employees. Resources have been added in our factories to meet the increased output levels in this robust business environment. Within this, we've opportunistically bought out our Asian joint venture manufacturing facility that is focused on our Reliant product line. This added half of the growth in headcount that you saw in the quarter. Additionally, we've added field service and R&D personnel with a focus on delivering best-in-class technology services and solutions to our customers.

截至三月底的季度末，公司正式全職員工人數約為13,100人。為了因應當前強勁的商業環境帶來的產量成長，我們已在工廠增加了資源。其中，我們抓住機遇，收購了專注於Reliant產品線的亞洲合資製造工廠。此次收購貢獻了本季員工人數成長的一半。此外，我們也增加了現場服務和研發人員，致力於為客戶提供一流的技術服務和解決方案。

Now looking ahead, I'd like to provide you our non-GAAP guidance for the June 2021 quarter. We're expecting revenue of $4 billion, plus or minus $250 million; gross margin of 46.5%, plus or minus 1%; operating margins up 32%, plus or minus 1 percentage point; and finally, earnings per share of $7.50, plus or minus $0.50 based on a share of approximately 144 million shares.

展望未來，我想向各位提供我們2021年6月季度的非GAAP業績指引。我們預計營收為40億美元，上下浮動2.5億美元；毛利率為46.5%，上下浮動1%；營業利潤率成長32%，上下浮動1個百分點；最後，每股盈餘為7.50美元，上下浮動0.50美元（基於約1.44億股的股數）。

So in summary, I'm quite pleased with our operational execution, which is reflected in the strong financial performance of the company. We now see greater strength in WFE as we go through calendar 2021, with the second half looking stronger than the first half. We are guiding to continuing record financial performance for the company, and we are well on the path to achievement of our growth objectives that we spoke to you about at [our Investor] Day in March of last year.

總而言之，我對我們的營運執行情況非常滿意，這體現在公司強勁的財務表現上。隨著2021年進入尾聲，我們預期WFE的實力將進一步增強，下半年業績可望優於上半年。我們預計公司將持續保持創紀錄的財務業績，並且正朝著去年3月投資者日上與各位討論過的成長目標穩步邁進。

I've personally never been so excited for the things the semiconductor industry is enabling, and I'm proud of the results Lam has continued to deliver, enabling this industry.

我個人從未像現在這樣對半導體產業的發展感到興奮，我為林先生不斷取得的成就感到自豪，而正是這些成就推動了半導體產業的發展。

That concludes my prepared remarks. Operator, please open up the call for questions.

我的發言到此結束。接線員，請開始提問環節。

(Operator Instructions) We'll take our first question from Harlan Sur with JPMorgan.

（操作員說明）我們首先來回答摩根大通的哈蘭‧蘇爾提出的問題。

Congratulations on the strong results and execution. I assume that given the strong demand trends across leading edge and lagging edge, that the team has seen extended [bit] tools. Wondering if you can quantify, is the team already starting to book into the second half of this year? And if I'm a customer that places an order today for one of your tools, when will this tool actually be producing wafers? Is it 9 months from now, 12 months from now? Would appreciate any insights.

恭喜你們取得如此優異的成績和執行力。鑑於前沿和後沿技術的需求都十分強勁，我推測團隊應該已經投入更多資源進行生產。我想問一下，團隊是否已經開始安排今年下半年的訂單了？如果我今天訂購了你們的設備，這台設備何時才能真正開始生產晶圓？是9個月後，還是12個月後？非常感謝您的解答。

Yes. Harlan, thanks for the question. Obviously, for a lot of reasons, we're not going to divulge our lead times on this call. But we will say that, clearly, what we said is unprecedented demand, and combining that with COVID impact capacity is tight, and it has extended our lead times. We would say our visibility into our future is quite good at this point, but we don't want to go into exactly how long it takes for a customer to order a tool and get it and qualify it at this point for competitive reasons, ours and our customers.

是的，哈蘭，謝謝你的提問。顯然，基於諸多原因，我們不會在這次電話會議上透露具體的交貨週期。但我們可以明確地說，正如我們之前提到的，需求空前高漲，再加上新冠疫情的影響，產能十分緊張，導致交貨週期延長。目前我們對未來的前景相當樂觀，但出於競爭方面的考慮（包括我們自身和客戶的），我們目前不想透露客戶從訂購工具到收到並完成驗收的具體時間。

Yes, appreciate that. If I think about the fundamental environment, right, if I look at your memory business and I look at your customers, so both NAND and DRAM pricing fundamentals continue to move higher, combination of strong demand, relatively disciplined supply spending. In fact, relatively disciplined supply spending since the last week in 2018, most of your customers are anticipating that DRAM and NAND bit demand will exceed its supply growth here in 2021.

是的，非常感謝。如果我從基本面來看，例如你們的記憶體業務和客戶，NAND 和 DRAM 的價格基本面都在持續走高，這得益於強勁的需求和相對穩健的供應支出。事實上，自 2018 年最後一週以來，供應支出相對穩健，你們的大多數客戶都預計 2021 年 DRAM 和 NAND 的位元需求成長將超過供應成長。

I know you guys do a pretty good job on the analytics side around supply and demand. I'm just wondering how you see the supply-demand balance in memory, especially as we move through the back half of this year and factoring in the incrementally better WFE outlook that you outlined today.

我知道你們在供需分析方面做得相當出色。我只是想了解你們如何看待記憶體市場的供需平衡，尤其是在今年下半年，考慮到你們今天提到的WFE（倉儲設備）前景逐步改善的情況下。

Yes. I'll go ahead and make a couple of comments and then let Doug chime in with some of the specifics on the bit supply. Clearly, we've said even entering this year, we felt it was going to be a very good year for memory for a couple of reasons. One, DRAM had gone through a couple of years of very conservative spending. And so there was some pent-up demand there for spending both on technology and some capacity. From a NAND perspective, we talked a lot about the increasing spend related to layer transitions that were going to be occurring this year. And so we have seen that playing out.

是的。我先說幾點，然後讓 Doug 補充一些關於位供應的具體細節。顯然，早在年初我們就說過，我們認為今年記憶體市場會非常繁榮，原因有二。首先，DRAM 領域過去幾年的支出非常保守。因此，無論是技術面或產能方面，都存在著一些被壓抑的需求。從 NAND 的角度來看，我們多次談到今年將會出現與層轉換相關的支出成長。而現在，我們已經看到這些預測正在逐步實現。

I think you combine that with, again, growing demand across many, many different end market segments and also the need to add capacity both in a greenfield perspective as well as conversions, and that's led to an ongoing stronger outlook. We do model obviously bit supply and demand. I'll let Doug talk a little bit about what we're seeing there.

我認為，再加上眾多終端市場區隔領域需求的成長，以及新建專案和現有專案改造都需要增加產能，這些因素共同促成了持續走強的市場前景。我們當然會對供需關係進行建模分析。接下來，就讓道格來談談我們目前觀察到的情況。

Harlan, thanks for the question. Yes, we came through '19 where spending was held pretty closely in check and even through a good chunk of '20 and maybe all the way through '20 for DRAM. And when you look at the 2 years of investment there exiting last year and you look at supply growth, it was below where longer-term demand growth was in both NAND and DRAM. And I think you saw that and are still seeing it in pricing. And as a result, our customers respond -- we see them responding carefully, prudently is the way I like to describe it, consistent with where they see demand growth. And the investments we're starting to see increase somewhat in both NAND and DRAM are a result of that.

哈蘭，謝謝你的提問。是的，2019年我們的支出控制得相當嚴格，2020年大部分時間，甚至整個2020年DRAM的支出都保持低位。回顧過去兩年的投資情況（截至去年），你會發現NAND和DRAM的供應成長都低於長期需求成長。我想你已經看到了這一點，而且現在仍然在價格上有所體現。因此，我們的客戶做出了相應的反應——我更願意用謹慎來形容——這與他們對需求成長的預期相符。而我們現在看到的NAND和DRAM投資略有增加，正是這種反應的結果。

We continue to believe long-term NAND demand to be in the mid-high 30% in bit supply and not caught up with that yet, and that's why investment is up. Similarly in DRAM, we think longer-term demand is in high teens, maybe approaching 20%. And as a result, the supply growth is being invested in to try to get caught up with that. That's really what we see going on.

我們仍然認為，NAND快閃記憶體的長期需求佔比將達到30%左右（以比特供應量計），目前尚未跟上，因此投資正在增加。同樣，我們認為DRAM的長期需求佔比也將達到10%左右，甚至可能接近20%。因此，企業正在增加DRAM供應成長的投資，以期盡快滿足市場需求。這就是我們目前觀察到的趨勢。

We'll take our next question from John Pitzer with Credit Suisse.

接下來，我們將回答來自瑞士信貸的約翰·皮策提出的問題。

Congratulations on the strong results. Tim, Doug, I wanted to talk a little bit about kind of market. Tim, in your prepared comments, you talked about your expectation for this being another market share gaining year for you. And at the Analyst Day a year ago, I think to your 2023 model, you guys had sort of embedded sort of 4% to 8% points of share in etch and dep.

祝賀你們取得如此優異的業績。提姆、道格，我想跟你們聊聊市場狀況。提姆，你在事先準備好的發言稿中提到，你預計今年你們的市佔率將繼續成長。而且，在一年前的分析師日上，你們在2023年的模型中，也預測了蝕刻和折現業務的市佔率將達到4%到8%。

I'm just kind of curious to what extent was that sort of time-sensitive versus volume-sensitive. And as WFE kind of gets ratcheted up here at a faster rate, do you expect share gain to happen more quickly? And while you're on the topic of share, the perception on Wall Street is that you guys are extremely well positioned in the NAND market, but I think perhaps people are underestimating your positioning in kind of logic/foundry. Kind of curious if you can talk about the areas outside of NAND where you feel most comfortable about share growth this year and going forward.

我很好奇，這種成長在多大程度上受時間因素影響，又在多大程度上受銷售影響。隨著WFE（晶圓廠設備）的快速發展，您預期市場佔有率的成長速度會更快嗎？說到市場份額，華爾街普遍認為貴公司在NAND快閃記憶體市場佔據非常有利的地位，但我認為人們可能低估了貴公司在邏輯/晶圓代工領域的實力。我想請您談談，除了NAND​​快閃記憶體之外，您認為今年以及未來在哪些領域最有信心實現市場份額成長？

Yes. Sure. John, I'll start this one. I think it's a great question. And I would actually say this, breaking it in this way of time versus volume

好的，當然。約翰，我先來。我覺得這個問題問得很好。我會這樣說，從時間與音量的角度來分析這個問題。

(technical difficulty)

（技術難題）

where we already possess a very strong leadership position like 3D NAND, increased WFE volume helps with share gain immediately. But that -- but it's not just a volume story because time progresses and transitions occur to greater numbers of layers. We actually see both more equipment needing to be purchased to deposit and etch, those thicker stacks, but also new applications that get created that, again, expand our SAM, and with time, even build on a really strong NAND position. So there's kind of an element to both volume and time in there.

在3D NAND等我們已經擁有非常強勢領先地位的領域，WFE產量的增加有助於我們立即提升市場佔有率。但這不僅僅是產量的問題，因為隨著時間的推移，我們會向更多層數過渡。我們不僅需要購買更多設備來沉積和蝕刻更厚的堆疊層，而且還會湧現出新的應用，這些應用會進一步擴展我們的SAM（自組裝應用市場），並隨著時間的推移，鞏固我們在NAND領域的強大地位。因此，產量和時間都是影響因素。

On foundry/logic, a little bit of the same, although I think most people know that we have -- we've laid out a story of how some of the technical inflections really do create new opportunities for Lam to introduce new products, gain share and build a strong position in foundry/logic. I would say there definitely is a time element in that we need technology transitions to occur. You need to go from 7 to 5 and 5 to 3 and, ultimately, 3 to 2 because we're focused on catching the new applications that are being created by the most difficult technical challenges.

在晶圓代工/邏輯領域，情況也有些類似，雖然我認為大多數人都知道我們已經——我們已經闡述過一些技術變革如何為Lam創造新的機遇，使其能夠推出新產品、擴大市場份額並在晶圓代工/邏輯領域建立穩固地位。我認為技術轉型確實存在時間因素。我們需要從7個晶片過渡到5個，再從5個過渡到3個，最終從3個過渡到2個，因為我們專注於抓住那些由最具挑戰性的技術難題所催生的新應用。

And so in my prepared remarks, I talked about things like nanosheets, gate-all-around, the 3D-like inflections that are occurring. And those -- there's a time element. They have to -- they -- those nodes have to ramp, and they're not ramping just yet.

所以，在我準備好的演講稿中，我談到了奈米片、環繞式閘極、以及正在發生的類似三維結構的轉變等等。這些轉變都存在著時間因素。它們必須──它們──這些節點必須逐步發展，但它們目前還沒有達到這種發展階段。

We talked about EUV and our new dry resist process, again, a great opportunity for Lam to enter into a space that's -- in foundry/logic that we just haven't been in up to this point. But we -- those are future node-looking opportunities for Lam over the next several years.

我們討論了EUV光刻技術和我們新的干式光刻膠工藝，這再次為Lam提供了一個絕佳的機會，讓我們能夠進入一個我們之前從未涉足的代工/邏輯芯片領域。但這些是我們未來幾年Lam在晶片製造上所面臨的關鍵機會。

And so again, I think that's why what you hear from us is confidence that we benefit from the strong environment we're in now, but we're laying the foundation for an even stronger future as time evolves.

所以，我認為這就是為什麼你們從我們這裡聽到的是，我們有信心從我們現在所處的良好環境中受益，但隨著時間的推移，我們正在為更強大的未來奠定基礎。

We'll take our next question from Stacy Rasgon with Bernstein Research.

接下來，我們將回答來自伯恩斯坦研究公司的史黛西·拉斯貢提出的問題。

I wanted to talk about the customer service business a little bit. Can you give us some idea of how much of the strength in the quarter was coming from the Reliant mature node tool set? I get the idea that there's more mature node capacity need right now. Do you feel like that is a long-term trend? Is that sustainable?

我想稍微談談客戶服務業務。您能否簡要介紹本季業績成長有多少來自 Reliant 的成熟節點工具集？我感覺目前市場對成熟節點容量的需求比較大。您認為這是長期趨勢嗎？這種趨勢是否可持續？

And maybe if you could give us any further color on the amount of the CSBG group that's actually coming from upgrades. And I guess the same question, are there -- is there more like a onetime element to that? Or do you think kind of the run rate of what we're seeing right now is sort of a sustainable driver for that business going forward?

您能否進一步說明CSBG集團中實際來自升級改造的部分有多少？我想問的是，這其中是否有一次性因素？或者您認為我們目前看到的這種成長速度能否成為該業務未來永續發展的驅動力？

Yes. Stacy, thanks for the question. Maybe I'll take this and let Tim add on afterwards. I think both Tim and I said in our script, all components of CSBG business delivered record performance last quarter. You're right about the Reliant product line, very much focused on maybe trailing edge 28-nanometer and above nodes, another record. I think we're printing double-digit number of quarters where we've delivered records there because of the things you're referencing or referring to.

是的，Stacy，謝謝你的提問。也許我會先回答這個問題，之後讓Tim補充。我想Tim和我都在我們的稿子裡說過，CSBG業務的所有組成部分上個季度都取得了創紀錄的業績。你說得對，Reliant產品線非常專注於28奈米以上製程節點，這又是一個創紀錄的業績。我認為，由於你提到的那些因素，我們已經連續幾個季度創下了該領域的業績紀錄。

Upgrades were very strong, which is always a high ROI for the customers to get increased capability from the installed base. Spares were very strong. Think of that as being driven by utilization in the industry, broadly speaking. Utilizations are very high. I see our customers trying to build a little bit of inventory in spares similar to what we're doing with our own inventory because of concerns about different supply chain disruptions. So -- and then service. Service also correlates with utilization in the industry.

升級需求非常強勁，這對客戶而言始終是一項高投資報酬率的舉措，能夠幫助他們從現有設備中獲得更高的效能。備件需求也十分旺盛。總的來說，這主要受行業整體利用率的驅動。目前，行業利用率非常高。由於擔心供應鏈中斷等問題，我看到我們的客戶也嘗試建立一些備件庫存，就像我們自己也在做的那樣。此外，服務需求也與產業利用率密切相關。

So honestly, when you think about what's going on in the totality of CSBG, $1.3 billion, up 50% from a year ago, is hitting on all 4 cylinders that I just mentioned. And each of them have their own unique tailwinds that are driving the business.

所以說實話，當你全面考慮CSBG的情況時，你會發現，13億美元的營收，比去年同期增長了50%，這四項業務都發揮了應有的作用，正如我剛才提到的。而且，每一項業務都有其獨特的利多因素在推動公司的發展。

Yes. I think...

是的，我想…

Maybe just...

或許只是…

Sorry. Go ahead, Stacy.

抱歉。你繼續，史黛西。

No. Please go ahead.

不，請繼續。

No, I was just going to add on. I think to your point about the sustainability of upgrades, I think the one key point is that we've said the installed base grows every year. And so really, that is our opportunity. So we -- naturally, by Lam shipping like in a year like this so many new systems out into the field, our SAM expands for upgrades every single year. And so we really do think that through innovation and coming up with ideas for how the customers extend the capabilities of the tools and improve productivity, it's in our hands to continue to deliver greater revenue capture from every one of those tools that's out in that installed base. And so I think that's quite sustainable.

不，我只是想補充一點。關於您提到的升級可持續性，我認為關鍵在於我們之前說過，我們的裝機量每年都在增加。所以，這確實是我們的機會。因此，像Lam這樣每年都會向現場交付如此多新系統的公司，自然而然地，我們的軟體資產管理（SAM）每年都在擴展，以滿足升級需求。所以我們確實認為，透過創新，並提出各種方案來幫助客戶擴展工具功能、提高生產力，我們能夠持續地從每個已安裝的工具中獲得更高的收益。因此，我認為這是完全可持續的。

And then to your point of the lagging edge, clearly, there's a very strong demand at this point. And kind of to the first question about capacity constraints and lead times, that problem doesn't get solved probably in a very short order of time. And when I think about sustainability there, it goes to this point I made in my talk about it's about semiconductor content in everything, enabling new functionality. And many of those items are making great use of mature technologies. So we've seen that business just grow quarter after quarter after quarter, expanding with the overall market. So I think both have a strong sustainability component to their revenues.

至於您提到的滯後問題，顯然，目前市場需求非常強勁。至於您之前提到的產能限制和交貨週期問題，這個問題恐怕短期內難以解決。說到永續性，我想到我在演講中提到的一點，那就是半導體技術在所有產品中的應用，從而實現新的功能。而許多產品都充分利用了成熟的技術。因此，我們看到該業務持續成長，與整體市場同步擴張。所以我認為，這兩家公司的收入都包含強大的永續性要素。

Do you think it would be possible to give us some rough split of how the customer service business breaks up right now between those 4 categories, upgrades and services?

您認為能否大致說明一下目前客戶服務業務在這 4 個類別（升級和服務）之間的組成？

We haven't quantified it, and I'm not going to now. I think the color we have given is the spare parts piece of it is the largest component, but we haven't quantified it.

我們還沒有量化它，現在我也不打算量化。我認為我們給出的顏色代表的是備件部分，它是其中最大的組成部分，但我們還沒有量化它。

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。

Actually, I had 2. I guess the first one, Doug, obviously, CSBG is running like roughly 15% above your 2023

實際上，我有兩個。我猜第一個，Doug，很明顯，CSBG 的運行速度比你 2023 年的預期高出約 15%。

(technical difficulty)

（技術難題）

and you gave that a little bit over a year ago. So I guess the first question is sort of what did you under-appreciate in that model a year ago?

而你一年多前就發表過那篇文章。所以我想問的第一個問題是，一年前你對那個模型有哪些低估之處？

I know that WFE and your systems business has really just taken off, and maybe that's the answer that you're still growing double the installed base, and that's just taken off more than you thought. And then I had a second question as well.

我知道WFE和你們的系統業務最近發展迅猛，也許這就是你們的裝機量仍在翻倍增長的原因，而且增長速度比你們預想的還要快。我還有第二個問題。

Yes. I mean Tim alluded to chamber count. Clearly, it's been a very strong year. And so chamber count is higher than I think I would have thought a year ago. Industry utilization is probably stronger than I would have expected a year ago as well. And upgrades is probably benefiting from that also, Tim. So there's probably an aspect of it in each of the segments. And yes, we are certainly ahead of the model that we gave you a year ago. I'm not ready to update the model. But clearly, we're ahead of where that model is.

是的。我的意思是，提姆提到了膛室數量。顯然，今年業績非常強勁。因此，膛室數量比我一年前的預期要高。產業利用率可能也比我一年前的預期還要高。升級改造可能也從中受益，提姆。所以，每個細分市場可能都有相對應的成長。是的，我們目前的狀況肯定比一年前我們給出的模型預測要好。我還沒準備好更新模型。但很明顯，我們現在的狀況比之前的模型預測好。

Yes. Okay. And then also I keep getting a lot of questions on NAND and your business, and you guys do a great job mapping the WFE back to bits. And my math says we're running close to $5 billion a quarter in NAND WFE right now. And it sounds like you think that goes up into the back half of the year.

是的。好的。另外，我一直收到很多關於NAND快閃記憶體和你們業務的問題，你們在將WFE（晶圓廠前端）與比特級資料對應起來方面做得非常出色。我的計算顯示，目前NAND快閃WFE的季度營收接近50億美元。聽起來你們認為下半年這個數字還會繼續成長。

So if that's right, and then I tie it back to your comments that you mapped kind of $15 billion a year to drive mid-30s bit growth, and then I think you said $350 million for each 100 basis points beyond that that would sort of scale up to like 45% bit growth, maybe as high as 50% just on like a run rate basis. So I keep getting pinged on that from people asking about that. So can you sort of tie those numbers back?

所以，如果沒錯的話，我再結合你之前的評論，你說你計劃每年投入大約150億美元來推動比特率在30%左右的增長，然後你又說，每增加100個基點，就需要投入3.5億美元，這樣就能推動比特率增長到45%，甚至可能高達50%（按年增長率計算）。很多人都在問我這個問題。你能解釋一下這些數字之間的關聯嗎？

I don't know if I can do all the math that you just asked on the call, Tim. I mean investment ebbs and flows. It ebbs and flows in each of the end markets also in NAND. We did say we expect the second half to be stronger investments in all aspects of the market, including NAND. Yes, it's up this year from where it was last year.

提姆，我不知道我能不能算出你剛才在電話裡問的那些數學題目。我的意思是，投資總是有起有落的，NAND閃存在各個終端市場都是如此。我們確實說過，預計下半年市場各方面的投資都會有所成長，包括NAND快閃記憶體。是的，今年的投資額比去年有所成長。

It's getting caught up with kind of the underinvestment we saw in '19. To a certain extent, you're still seeing very strong pricing. And as a result, people are investing, trying to get caught up with where demand is, honestly. And it'll ebb and flow. It won't go up every single quarter. We see a very strong investment this year, and I think it's going to continue in the long term to be very strong, right? But I can't do all the math that you just asked, sitting here on the call. I'd be happy to follow up with you offline, though.

它有點像是在彌補2019年投資不足的局面。在某種程度上，價格仍然非常堅挺。因此，人們正在投資，試圖跟上需求的腳步。價格會有起伏，不會每季都上漲。我們看到今年的投資非常強勁，我認為長期來看，這種強勁勢頭還會持續下去，對吧？但我坐在電話會議裡，無法計算你剛才問的所有數據。不過，我很樂意私下和你詳細討論。

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

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

Congrats on a very strong results. I have 2, one is the short term and one is the long-term question. The short-term question for Doug is, is there a way you can quantify how your second half revenue is going to trend with the first half? Or do you think CSBG revenues would outperform system revenue from calendar '21? And then I had a follow-up for Tim.

恭喜你們取得了非常優異的成績。我有兩個問題，一個是短期問題，一個是長期問題。短期問題是問Doug的，你們能否量化下半年的收入走勢，使其與上半年一致？或者你們認為從2021年開始，CSBG的收入會超過系統收入嗎？另外，我還有一個後續問題想問Tim。

Krish, did you say second half earnings? I didn't quite catch.

克里什，你說的是下半年的收益嗎？我沒聽清楚。

Second half revenues versus first half revenues. And would CSBG be greater than system revenue growth this year?

下半年營收與上半年營收相比如何？今年CSBG的成長是否會超過系統營收的成長？

Yes. Krish, we guide 1 quarter at a time, and then we give you color about what we see for the year. And I'll remind you what we tried to say. We see WFE in the second quarter, which is good for the trajectory of our business. So you can read into that what you think for our revenues, but WFE stronger is going to be a good thing for us.

是的，Krish，我們每次只預測一個季度的業績，然後再根據預測結果給出全年展望。我再提醒你一下我們之前說過的話。我們預計第二季WFE（全額現金流）將有所成長，這對我們業務的發展軌跡來說是個好消息。你可以自行判斷這對我們營收的影響，但WFE的強勁成長對我們來說絕對是件好事。

We just guided June up to $4 billion. So that's as much as I'm going to give you on the revenue side. So yes, it's been like a pretty strong year, and we see the second half spending stronger than the first half across all of WFE.

我們剛剛預測6月的營收將達到40億美元。這就是我能透露的全部營收資訊。是的，今年業績相當強勁，我們預期WFE下半年的整體支出將高於上半年。

And what -- Krish, what I said on CSBG is I expect it to be a strong year for CSBG, a continued strong -- give you a hard number on it, but all the tailwinds that I described look like they're continuing.

克里什，我之前說過，對於CSBG來說，我預計今年將是強勁的一年，持續強勁——我無法給出確切的數字，但我所描述的所有利好因素似乎都在持續。

Fair enough. And then just a follow-up for Tim, a longer-term question. When you look at like some of the upcoming technologies like gate-all-around, it looks like selective removal [of the materials] would be important in addition to EBI. So I'm kind of curious how is Lam positioned for gate-all-around. And is there a way you can quantify the dollar or revenue opportunity for Lam?

好的。接下來我想問Tim一個更長遠的問題。看看一些新興技術，例如環柵封裝，除了EBI之外，選擇性地去除材料似乎也很重要。所以我很好奇Lam在環柵封裝領域處於什麼位置。您能否量化Lam在這方面的潛在收益或收入？

No, I don't think there's a way we can do that. But what we've said is that Lam SAM expands at every technology node. And clearly, gate-all-around is within that. What we tried to point out is, again, what's -- what is sort of the embodiment of our product and technology strategies to identify new applications, new requirements that emerge when device technology changes, when architectures change and ensure that Lam is positioned early for those with products and with our customers so that when the change happens, we're in a great position to win those.

不，我認為我們無法做到這一點。但我們之前說過，Lam SAM 可以擴展到每個技術節點。顯然，全方位封裝也包含在其中。我們再次強調的是，我們的產品和技術策略的核心在於識別設備技術和架構變革中湧現的新應用和新需求，並確保 Lam 能夠及早為相關產品和客戶做好準備，以便在變革發生時，我們能夠佔據有利地位，贏得市場。

We've given you a few examples, not all of the examples, but I think that that's -- again, it's just to give you a sense that when these inflections occur, we're -- we have a track record of doing quite well. It's also why we keep pointing back, it's the same strategy we executed through the 3D NAND inflection. And ultimately, over time, it's built for us a -- an incredible business. And so I think gate-all-around is coming as an opportunity for us in that way.

我們舉了一些例子，並非全部，但我認為這——再次強調，這只是為了讓您明白，當這些轉折點出現時，我們——我們過往的業績都相當不錯。這也是我們不斷強調的原因，這與我們當年在3D NAND技術轉折點上採取的策略如出一轍。最終，隨著時間的推移，這為我們打造了一個——一個令人矚目的業務。因此，我認為全方位門控技術對我們來說也是一個機會。

We pointed out EUV and the ultimate changes in the way patterning is done and what we see anyway for the opportunity for dry resist is another. While not gate-all-around focused, it's kind of at the same technology nodes where those changes occur. So we see promise in foundry/logic for our future.

我們指出了EUV微影技術及其在圖形化方式上的最終變革，而我們認為乾式光阻也蘊藏著巨大的潛力。雖然它並非專注於全方位閘極元件，但這些變革恰好發生在相同的技術節點上。因此，我們認為代工/邏輯元件領域蘊藏著巨大的未來發展前景。

We'll take our next question from C.J. Muse with 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, you talked about second half WFE higher than first half. Curious what magnitude of upside this could support versus simply just being sold out and pushing demand into the first half of '22. And as part of that, can you speak to the timing of ramping capacity in Malaysia and bringing more resources on for you guys?

我的第一個問題是，您提到下半年的WFE（工廠預計交貨量）高於上半年。我想知道這能支撐多大的上漲空間，而不是僅僅因為售罄而將需求推高到2022年上半年。另外，您能否談談馬來西亞產能提升和增加資源投入的時間安排？

Okay. C.J., let me get a go on this one. Clearly, what we've said is that capacity is tight. And so to the very first question, I probably could have even added. If a customer would order a tool today, when they get it, I won't divulge, but I mean, clearly, it will not be adding to qualified capacity this year. I mean that sort of gives you some sense of where lead times and such are.

好的，C.J.，讓我來回答這個問題。很明顯，我們之前說過產能很緊張。所以對於第一個問題，我可能還可以補充一點。如果客戶今天訂購一個工具，當他們收到工具時（我不會透露具體時間），很明顯，這不會增加今年的合格產能。我的意思是，這大致能讓你了解交貨週期之類的情況。

But we do have a couple of events coming in the second half of the year that are meaningful for us, and that is expansion of our Asian manufacturing facilities. Doug talked about the buyout of our JV in Taiwan as an opportunity for us to take a little bit more control for that entity and continue ramping. And Malaysia is a second half 2021 story for us in terms of its ramp.

但今年下半年我們確實有幾件對我們意義重大的事情，那就是擴大我們在亞洲的生產設施。道格談到收購我們在台灣的合資企業，認為這是一個讓我們能夠更好地掌控該實體並繼續擴大產能的機會。而馬來西亞的產能擴張計畫也將在2021年下半年提上日程。

And so we are confident in long-term capacity needs for the company. And we want to be able to support and return lead times back towards more historical levels for the company. And as I said, they're extended now. Part of this capacity expansion is to return those more to normal as we get towards the end of the year.

因此，我們對公司的長期產能需求充滿信心。我們希望能夠支援公司業務，並使交貨週期恢復到更接近歷史水準的水準。正如我所說，目前的交貨週期有所延長。此次產能擴張的部分目的就是為了在年底前讓交貨週期恢復正常。

Very helpful. And as a quick follow-up, for domestic China revenues, was that primarily NAND? And as part of that, were you able to obtain a license for SMIC yet?

非常有幫助。還有一個後續問題，關於中國國內的收入，主要來自NAND快閃記憶體嗎？另外，你們是否已經獲得了中芯國際的授權？

C.J., demand in local China customer base is broad-based. Trailing etch foundry, a little bit of DRAM, a little bit of NAND. Relative to license for our large foundry customer in China, no update. We're still waiting to hear back from the government.

C.J.，中國本地客戶群的需求十分廣泛，包括一些蝕刻代工廠、少量DRAM和少量NAND快閃記憶體晶片。至於我們中國大型代工廠客戶的授權事宜，目前尚無最新進展，我們仍在等待政府的回覆。

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。

Congrats on the strong results. Doug, I wanted to follow-up on China. I guess I've been a little bit surprised how long your China business has been over the past quarter or 2 despite some of the restrictions placed on SMIC. What's been the offset to the upside in your China business? You just talked about broad-based demand, but did anything stand out over the past quarter or 2? And how are you thinking about calendar '21 local China WFE on a year-over-year basis? And then I've got a quick follow-up.

恭喜你們取得如此亮眼的業績。 Doug，我想跟進一下關於中國市場的情況。過去一、兩個季度，儘管中芯國際受到一些限制，但你們中國業務的成長速度著實讓我有些意外。你們中國業務的成長有哪些抵銷因素呢？你剛才提到了廣泛的市場需求，那麼過去一、兩個季度裡，有沒有哪些特別突出的因素？你如何看待2021年中國本地WFE（工廠設備出口）年比數據？最後，我還有一個後續問題。

Yes. Sure. I'll take a crack at it. I mean it's broad-based. First thing, I'll remind you that when you see our regional revenue, it's a ship-to-fab location. So it's -- there's a balance between local China and global multinationals taking equipment at their -- in their fabs in China. I did say that the majority, more than half last quarter, were the local Chinese customers. The quarter before, in the December quarter, it was the other way around. It was more MNC-oriented. So it's pretty broad.

是的，當然。我會盡力解釋一下。我的意思是，它涵蓋面很廣。首先，我要提醒您，我們區域收入的計算方式是按工廠出貨到工廠的模式。所以，這其中既包括中國本土客戶，也包括那些在中國工廠採購設備的跨國公司。我之前說過，上季超過一半的客戶是中國本土客戶。而上個季度，也就是去年12月的季度，情況正好相反，客戶群比較是跨國公司。所以，它涵蓋的範圍相當廣泛。

And it's -- then relative to the local China component of it, it's a broad set of customers. Some of you probably know, but I would tell you, there's a long tail of smaller customers that maybe you're just getting to know or maybe you don't know yet. So it's a broad set of people investing. And thinking about WFE from local China this year, it's up from last year. It's growing across lagging edge, logic nodes and memory.

而且，相對於中國本土市場而言，它的客戶群非常廣泛。你們當中有些人可能已經了解，但我還是要說，還有一大批規模較小的客戶，你們或許剛開始了解他們，或者可能還不認識他們。所以，投資的人非常廣泛。就今年中國本土的WFE（晶圓前端）而言，比去年有所成長。它在後緣運算、邏輯節點和記憶體領域都呈現成長態勢。

Got it. And then as a quick follow-up, on CSBG, Doug, you mentioned the long-term growth outlook there is now better to what you presented last year at your Analyst Day. Is that simply a function of the 2021 base being higher? Or has something changed structurally or fundamentally in CSBG? You talked about the chamber count obviously being higher and utilization rates being higher, but anything kind of structural that has changed over the past 12 months?

明白了。接下來我想快速問一下，關於CSBG，Doug，你提到現在的長期成長前景比你去年在分析師日上公佈的要好。這只是因為2021年的基數比較高嗎？還是CSBG的結構性或根本性方面發生了變化？你提到商家數量和利用率都明顯較高，但在過去12個月裡，CSBG的結構性方面是否發生了任何變化？

No. I wouldn't point anything structural. It's -- we're shipping more chambers. So that's a bigger opportunity from, I guess, I think, of an available market standpoint. And then it's pieces of all 4 components in CSBG.

不，我不會指出任何結構性問題。我們正在增加彈膛的出貨量。所以從現有市場的角度來看，這是一個更大的機會。而且，它還涉及CSBG所有四個組件的零件。

We'll take our next question from Joe Moore with 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. May I follow up on that last question? Doug, you made the comment that you can't see the services business. You'd be very surprised to see it not grow each year. And obviously, the chamber count growing is a nice kind of lead indicator. But when you talk about a lot of the drivers of higher utilization, people building inventory of spares, things like that that are sort of a function of this very tight supply environment that we're in, do you see those things turning into headwinds next year?

好的。我可以就最後一個問題繼續問嗎？道格，你之前說過你看不到服務業務的成長。但如果你看到它每年沒有成長，你會非常驚訝的。顯然，腔室數量的成長是一個很好的先行指標。但是，當你談到提高利用率的諸多驅動因素，例如人們建立備件庫存等等，這些都與我們目前所處的非常緊張的供應環境有關，你認為這些因素明年會變成不利因素嗎？

And I mean it still seems like you're likely to grow given the growth in chamber count. But the outperformance versus chamber count, can that continue beyond this kind of very strong near-term environment?

我的意思是，考慮到彈膛數量的增長，你似乎仍然有可能繼續增長。但是，相對於彈膛數量而言，這種優異的業績表現能否在當前這種非常強勁的短期環境之後繼續維持呢？

No, I don't have any different view of the business, Joe. I have a hard time seeing it not growing every year. It doesn't mean it's going to grow every single quarter, but we're shipping a lot of chambers this year, which is the momentum of the business going into next year and beyond. Not every component of it may grow every year, but we're feeling really good about where it's going. And like I said, the chamber count is an important metric to think about future business opportunity.

不，喬，我對這個行業的看法和你一樣。我覺得它每年都會成長。這並不意味著每季都會成長，但我們今年的氣室出貨量很大，這預示著明年及以後業務將持續成長。雖然並非所有業務板塊都能逐年成長，但我們對它的發展前景非常樂觀。而且就像我剛才說的，氣室出貨量是衡量未來商機的重要指標。

And Joe, if -- I don't know if you remember, but at our Investor Day, we showed an objective we had about revenue capture for chamber as well. And so I pointed out in my comments a couple of places we're making progress. It is about trying to develop some of these data and equipment intelligence, services offerings, also productivity upgrades. Clearly, customers are focused on trying to get as much output out of existing installed base as they can, and those types of services and upgrades help them do that. And in that way, as chamber count grows, we're also expanding SAM for those. So that's another reason why we believe year-on-year, we can continue to grow that installed base business.

喬，我不知道你是否還記得，在我們的投資者日上，我們也展示了我們為商會設定的收入目標。我在發言中也提到了我們在幾個方面取得的進展。這包括開發一些數據和設備智慧、服務產品以及生產力提升方案。顯然，客戶都專注於盡可能提高現有設備的產出，而這些服務和升級方案正能幫助他們實現這一目標。隨著商會數量的成長，我們也擴展面向他們的SAM（軟體資產管理）服務。這也是我們相信能夠逐年成長現有客戶群業務的另一個原因。

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。

I had 2 as well. First on the NAND side, I was hoping you could give us a sense for how much of the market right now is kind of [converts] versus greenfield deployments? And how does that compare to what it was last year? And does this ratio impact the benefit you can derive from the market? Like does the spending intensity change, right, depending on whether there is more conversion versus greenfield?

我也有兩個問題。首先是關於NAND快閃記憶體方面，我想請您介紹一下目前市場上現有部署和全新部署的比例是多少？與去年相比如何？這個比例是否會影響您從市場中獲得的利益？例如，支出強度是否會隨著現有部署和全新部署比例的變化而改變？

Yes. Vivek, I'll take that one first and let Doug comment. But fundamentally, there is -- and I said this on our last call, our view for this year is a bit more greenfield investment this year than last year. There's also more conversion investment as well. So the overall market is up. But there is an important difference in terms of the capital intensity per bit in the greenfield, which is higher. Conversions are more efficient. But what's unique for Lam is those conversions, our share -- our capture of the WFE is much higher in the conversions. And so while we really do sell the same things in both instances, in the conversion, it's mostly etch and deposition equipment that's required to continue to build those taller stacks. And so we do very well there.

是的。 Vivek，我先回答這個問題，然後讓Doug補充。但從根本上來說——我在上次電話會議上也說過——我們預計今年的新建項目投資會比去年略多。改造工程的投資也會增加。所以整體市場是上漲的。但新建案的每比特資本密集度有一個重要的差異，新建案的資本密集度更高。改造工程的效率更高。但Lam的獨特之處在於，我們在改造專案中的WFE份額——我們在改造專案中的WFE份額要高得多。因此，雖然我們在兩種情況下銷售的產品實際上相同，但在改造項目中，主要銷售的是蝕刻和沈積設備，這些設備是繼續建造更高堆疊結構所必需的。所以我們在改造專案中表現出色。

So this year, it's a blend of both. But I think that, again, it's one of the reasons why, as we look going forward, every tool that gets installed for a greenfield, ultimately, as customers transition to higher layer counts, those tools will ultimately need to be upgraded and move forward through that next layer count. And that means our opportunity for the installed base business just continues to grow, the more fabs ultimately that we built for NAND.

所以今年，兩者兼具。但我認為，這也是為什麼展望未來，所有為新建工廠安裝的設備，最終，隨著客戶向更高層數過渡，這些設備最終都需要升級，以適應更高的層數。這意味著，隨著我們為NAND快閃記憶體建造的晶圓廠越來越多，我們在現有客戶群業務方面的機會也將持續成長。

Very helpful, Tim. And for my second question, if I take a longer-term view of WFE, what we have seen is that historically, it will grow for 2, at most 3, and then it'll kind of consolidate there for a few years. And then it'll take another big step-up. When I look at the WFE outlook for this year, this will be the second year of very strong growth.

提姆，你的建議很有幫助。關於我的第二個問題，如果從長遠角度來看WFE，根據歷史數據，它通常會成長兩到三年，然後在這個區間內盤整整幾年。之後，它還會再次大幅成長。就今年WFE的前景來看，這將是連續第二年實現強勁成長。

How do you think about WFE intensity from these levels? And when do you think we should start to bake in any incremental benefits from the regionalization or increased domestic manufacturing headlines that we see in U.S. and Europe?

您如何看待這些水準下的勞動市場強度？您認為我們應該何時開始將美國和歐洲地區製造業區域化或國內製造業成長帶來的任何增量收益納入考量？

Yes. It's a great question, and we were -- there's no doubt when you have strong years, people start wondering when you'll get a year this strong. We haven't talked about whether 2022 is up or -- but we have said, we feel we are in a strong multiyear environment. We think it's too early to really know how all these factors I talked about play out in any given year. But over the longer term, we see these new technologies and increasing content, we definitely know increasing complexity. You're hearing that from all of our customers. Increasing complexity is increasing equipment capital intensity.

是的，這是一個很好的問題。毫無疑問，當業績強勁時，人們會開始思考何時才能再次迎來如此強勁的年份。我們還沒有討論過2022年是否會延續之前的強勁勢頭，但我們確實說過，我們感覺目前正處於一個強勁的多年期市場環境中。我們認為現在判斷我提到的所有這些因素在任何一年中的具體影響還為時過早。但從長遠來看，我們看到這些新技術和不斷增長的內容，我們當然也意識到複雜性正在增加。您從我們所有的客戶那裡都聽到了這一點。複雜性的增加意味著設備資本密集度的提升。

And then your regional comment, another bit of a wildcard, but definitely positive given everything that is going on that you're seeing in chip shortages and all the discussions there. So I think those items, they will play out over a multiyear period. Recent -- we're kind of aligned with recent things we've read in the media that say chip shortages don't get solved in 2021. Regional capacity investment ambitions don't get solved in just a couple of year period. These are multiyear trends that we think are tailwinds for semiconductor capital equipment.

您提到的區域性問題，雖然有點難以預測，但考慮到目前晶片短缺的情況以及相關的討論，這無疑是個積極的信號。我認為這些問題的影響將在未來幾年逐步顯現。我們最近在媒體上看到一些報導，認為晶片短缺問題在2021年無法解決，區域產能投資目標也無法在短短幾年內實現，我們對此也持相同看法。我們認為，這些多年趨勢將對半導體資本設備產業產生正面影響。

We'll take our next question from Blayne Curtis with Barclays.

接下來，我們將回答來自巴克萊銀行的布萊恩柯蒂斯提出的問題。

Just I want to ask specifically [analysis] DRAM market, it's been an undersupply. You haven't seen -- kind of any company, you really see a big uptick. Just [effectively] what's going on there and if you see any uptick as you look in the back half of the second year.

我想具體問一下DRAM市場的狀況，一直處於供不應求的狀態。幾乎沒有哪家公司真正大幅成長。我想了解目前市場的情況，以及在第二年下半年是否會出現任何成長。

And then just for Doug, just when you laid out your long-term targets, obviously, a $75 billion WFE is higher than that. You're dealing with higher shipping costs. But just a perspective on -- I don't know when you're going to be able to solve the shipping costs, but perspective on getting that margin back into the 30 -- 33% to 34% target that you laid out.

然後，Doug，就你之前提出的長期目標而言，顯然，750億美元的WFE（工廠營運支出）高於這個目標。你面臨更高的運輸成本。但我想談談——我不知道你什麼時候才能解決運輸成本問題，但如何才能將利潤率恢復到你之前設定的30%到34%的目標水平？

Yes. So you really -- you've got 2 questions here, Blayne, what's going on DRAM and then what's going on the target model. I'll take a cut of both and then let Tim comment on either one. Yes, we see -- DRAM investment, when I look at it, it's a pretty consolidated set of customers. And I just view them prudently managing capacity, prudently managing where they see pricing, prudently managing how they bring capacity online and paying attention to profitability is really what I see going on.

是的。所以你這裡有兩個問題，布萊恩，DRAM 的情況如何，以及目標型號的情況如何。我會分別回答這兩個問題，然後讓蒂姆對其中一個發表評論。是的，我們看到——DRAM 投資，在我看來，客戶群相當集中。我認為他們正在謹慎地管理產能，謹慎地評估價格，謹慎地安排產能上線，並專注於盈利能力，這就是我看到的實際情況。

And so that's why when we look at this year, the first half, DRAM still is fairly muted in terms of level of investment, and you see it ticking up a little bit in the second half as the industry tries to bring supply closer to where demand is. It's just in a pretty healthy place is how I see it. And yes, that's all -- that's what I get there.

所以這就是為什麼我們回顧今年上半年時，會發現DRAM的投資水準仍然相當低迷，而下半年隨著產業努力使供應更接近需求，投資水準會略有上升。在我看來，DRAM目前處於一個相當健康的階段。是的，這就是我的看法。

Relative to the long-term model, a couple of things to think about. First on the logistics costs. We're going to be dealing with elevated logistics costs until global airfreight gets back to a more normalized level. I don't know when that's going to happen. I think it's going to require some level of consumer travel again because a lot of stuff flies around in the belly of commercial aircraft. And so I'm optimistic it gets progressively better, but we're still seeing headwinds for the foreseeable future.

就長期模式而言，有幾點需要考慮。首先是物流成本。在全球航空貨運恢復到正常水準之前，我們將不得不面對高企的物流成本。我不知道這種情況何時才能恢復正常。我認為這需要一定程度的消費者出行恢復，因為許多貨物都是透過商用飛機的貨艙運輸的。所以我樂觀地認為情況會逐步好轉，但在可預見的未來，我們仍然會面臨一些不利因素。

Then relative to the financial model getting at slightly higher profitability, first, I feel great about where we just guided, right? 32% operating income at the midpoint, that would be the second highest level of profitability the company has generated in its 40-plus-year history. So I'm feeling good about what's going on there. There's a time component to the profitability as well, which has to do with some of the things that we talked about on the call today, ramping a factory in Asia -- in the Asia regions where cost structure is a little bit better, dealing with those freight logistics costs. I still feel really good about attaining that financial model. And I think actually, you're seeing demonstration of it this year from us already.

就財務模型而言，獲利能力略有提升，首先，我對我們剛剛給出的預期非常滿意，對吧？ 32%的營業利益率中位數，將是公司40多年歷史上第二高的獲利水準。所以我對目前的狀況感到樂觀。獲利能力也與時間有關，這與我們今天電話會議上討論的一些事項有關，例如在亞洲地區（成本結構相對更合理）擴建工廠，以及應對貨運物流成本。我仍然對實現這項財務模型充滿信心。而且我認為，實際上，你們已經從我們今年的業績中看到了這一點。

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

提姆，我不知道你是否還有什麼要補充的。

Yes. No, I think the only thing I would add is clearly to echo Doug's comment, we're extremely happy with the 32% guide. And in the same vein, we're investing a lot for our future. I mean Doug mentioned the Malaysia factory, which will help -- new Korea technology center coming up, put us closer to our customers, accelerate solutions, bolster our opportunities per share gain across both memory and foundry/logic, new products that are coming out. I mean I can't remember a time when Lam has had more new products coming out, really focused on key technology inflections across all device segments. And so we're very happy, we're delivering these financial results and making these investments that we think make us much stronger going forward.

是的。不，我想我唯一要補充的是，我完全同意Doug的觀點，我們對32%的成長預期非常滿意。同樣，我們也在為未來進行大量投資。 Doug提到了馬來西亞工廠，這將對我們有所幫助——即將建成的韓國新技術中心也將使我們更貼近客戶，加速解決方案的開發，提升我們在記憶體和代工/邏輯晶片領域的每股收益，以及即將推出的新產品。在我印像中，Lam公司從未像現在這樣推出如此多的新產品，真正專注於所有裝置領域的關鍵技術變革。因此，我們非常高興能夠取得這樣的財務業績，並進行我們認為將使我們未來更加強大的投資。

We'll take our last question from Weston Twigg with KeyBanc Capital Markets.

我們最後回答來自 KeyBanc Capital Markets 的 Weston Twigg 提出的問題。

First, I just wanted to ask a follow-up on C.J.'s question around your revenue capacity capability in the back half of the year. It sounds like it maxed out in terms of your system revenue heading into the June quarter, and it loosens up a little bit. But can you give us a feel for what that peak could be? Is it $2.8 billion? Is it $3 billion, just from sort of boundary in terms of what you're limited by -- from a revenue perspective?

首先，我想就C.J.提出的關於你們下半年營收能力的問題再問一個後續問題。聽起來你們的系統營收在六月季度達到了峰值，之後有所回升。但你們能否大致估算一下峰值是多少？是28億美元？還是30億美元？我們只是想從營收的角度來估算你們的營收上限。

Yes. Wes, I'm not going to quantify for you, but we're making investments across all of the factory network. We talked about taking ownership of a Taiwan factory. We talked about ramping a new factory in Malaysia. We're trying to squeeze incremental capacity out of what the other existing locations to try to get those lead times back to a more normalized level that Tim was referencing. And so as we do those things, our capability will get bigger. I'm not going to quantify it for you, but we're working on all of that stuff.

是的。韋斯，我不會給你具體量化，但我們正在對整個工廠網路進行投資。我們討論過收購台灣一家工廠，也討論過在馬來西亞新建一家工廠並擴大產能。我們正努力從其他現有工廠中挖掘更多產能，以期將交貨週期恢復到蒂姆提到的正常水平。隨著這些工作的推進，我們的產能將會提升。我不會給你具體量化，但我們正在努力推進所有這些工作。

Okay. So it just sounds like -- as long as we think about a gradual improvement over time, we should be -- and don't get too crazy, which should be in the ballpark.

好的。所以聽起來好像是——只要我們著眼於隨著時間的推移逐步改進，我們就應該——不要太瘋狂，這應該就差不多了。

The other question I have is just in terms of revenue growth drivers. And wondering if you could just give us a feel for the rate of growth of your systems revenue that's driven by 10-nanometer and below in logic versus some of the older nodes where you're also seeing pretty good growth. Is the rate similar? Or are you saying you're still seeing quite a bit faster growth at the leading edge, which is what we would typically expect?

我還有一個問題，是關於營收成長的驅動因素。我想請您簡要介紹一下，貴公司10奈米及以下製程製程驅動的系統營收成長率，與一些老製程製程（它們也實現了相當不錯的成長）相比，成長率如何？兩者的成長率是否相似？或者您認為前沿技術的成長速度仍然更快，這符合我們的預期？

The majority of the spending in foundry/logic is at those leading edge nodes. Even though there's a broad-based set of investment occurring less because of the capital intensity at the leading edge node, that's usually what drives a lot of what's going on.

大部分晶片代工/邏輯電路的支出都集中在那些尖端節點上。儘管由於尖端節點的資本密集度較高，其他領域的投資規模相對較小，但這通常仍是推動產業發展的主要因素。

I'll turn it back to management for closing remarks.

我將把會議交還給管理階層，請他們作總結發言。

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

謝謝接線員，也謝謝各位今天參加我們的電話會議。感謝您抽出時間。

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。