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.

美好的一天，歡迎來到 Lam Research Corporation 的 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.

此時，我想將會議轉交給負責投資者關係和公司財務的公司副總裁 Tina [Correia]。請繼續。

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

謝謝，大家下午好。歡迎參加 Lam Research 季度收益電話會議。今天和我在一起的是總裁兼首席執行官蒂姆·阿徹 (Tim Archer)；執行副總裁兼首席財務官 Doug Bettinger。

During today's call, we will share our overview on the business environment and 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，我們將分享我們對商業環境的概述，並將審查我們 2021 年 3 月季度的財務業績和 2021 年 6 月季度的指導意見。詳細介紹我們財務業績的新聞稿是在下午 1:00 之後發布的。太平洋時間今天下午。該新聞稿還可以在公司網站的投資者關係部分以及今天的電話會議隨附的演示幻燈片上找到。

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.

今天的演示和問答包括前瞻性陳述，這些陳述受制於我們在 SEC 公開文件中披露的風險因素中反映的風險和不確定性。請參閱演示文稿中隨附的幻燈片以獲取更多信息。

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

除非另有說明，否則今天對我們財務業績的討論將在非 GAAP 財務基礎上進行介紹。可以在今天的收益新聞稿中找到 GAAP 和非 GAAP 結果之間的詳細對賬。

This call is scheduled to last until 3:00 p.m. Pacific Time. A replay of this call will be made available later this afternoon on our website.

此通話計劃持續到下午 3:00。太平洋時間。今天下午晚些時候我們的網站上將提供此次通話的重播。

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

有了這個，我會[將]電話轉給蒂姆。

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.

偉大的。謝謝蒂娜，也感謝今天加入電話會議的所有人。 Lam 在 3 月季度取得了出色的業績，系統和已安裝業務的收入均創歷史新高，運營現金流和每股收益均創歷史新高。儘管與 COVID-19 相關的影響持續存在，但我們的表現反映了 Lam 員工和我們全球合作夥伴的堅定執行力。我們在製造和供應鏈彈性方面的投資使我們能夠在半導體需求廣泛增強的情況下支持客戶的需求。我們對我們的定位非常樂觀，並認為 Lam 未來將繼續強勁增長。

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.

首先讓我更新我們對晶圓製造設備支出的預期。自上次財報電話會議以來，我們已經看到 WFE 本日曆年的支出計劃有所增加。我們對 2021 年 WFE 的展望趨勢超過 750 億美元，我們現在認為下半年的 WFE 支出將高於所有設備領域的上半年。

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.

有幾個因素在推動 WFE 的強勁增長。首先，人工智能、5G 和物聯網等長期利好因素繼續增強。在過去的一年中，與 COVID-19 相關的影響（例如在家工作和學習）加速了這些技術的採用。其次，製造先進半導體器件的複雜性繼續快速增加，導致所有領域的設備強度上升。第三，創新的消費產品正在整合更多的半導體功能，推動每單位銷售的半導體含量更快地增長。

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.

在上次通話中，我們談到了新遊戲機作為半導體需求和 WFE 的增量驅動力。類似的例子是 PC 和可穿戴設備。這些設備正在利用越來越多的使用成熟技術節點製造的精密傳感器來提供附加功能，例如體溫測量、心率監測和血氧感應。可穿戴設備將這些傳感器與先進的節點半導體集成在一起，除了支持新的人工智能和機器學習應用程序所需的計算能力外，還提供更低的功耗和更低的延遲。這對這些產品中的半導體含量產生了顯著影響，與 5 年前相比，今天的可穿戴設備包含的 DRAM 數量幾乎翻了一番，NAND 數量增加了 4 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.

半導體也在電子供應鏈中佔據更大的價值份額，我們預計 2021 年半導體收入佔電子收入的百分比將突破過去 15 年的歷史平均水平。最後，半導體對全球工業的重要性日益增加，促使美國、歐洲和亞洲的政府呼籲採取行動降低供應鏈風險，其中可能包括增加對區域半導體製造能力的投資。結合起來，技術採用加速、複雜性增加、半導體含量增加和區域產能投資這 4 個因素共同支持了強有力的多年 WFE 支出環境的令人信服的案例，Lam 在其中執行得非常好。

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都獲得了份額，包括在導體蝕刻方面的顯著增長。我們希望在 2021 年再次實現整體份額增長。我們的積極勢頭表明，在技術複雜性 [日益增加] 的時候，我們如何成功地將 Lam 定位為客戶的首選合作夥伴。設備和封裝架構的 3D 縮放將成為本十年剩餘時間內行業的主要焦點，Lam 以獨特的經驗應對這一挑戰。

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.

通過我們早期參與 NAND 的轉變，我們是實現向 3D 設備過渡的領導者，因此，我們在最關鍵的蝕刻和沈積應用中建立了持久的領導地位。隨著 3D NAND 路線圖向多層擴展的多堆棧擴展發展，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.

要集成多個堆棧來構建功率器件，需要創新的解決方案來進行應力管理、蝕刻選擇性和缺陷控制。多堆棧擴展的複雜性增加正在為 Lam 創造新的產品機會。本季度，我們在一家領先的內存客戶處取得了一項重要的多堆棧支持薄膜沉積勝利。通過我們在 3D NAND 市場的領先地位，Lam 開發了一系列產品並獲得了大批量製造方面的專業知識，以幫助客戶解決其他設備領域中高度複雜的 3D 縮放挑戰。

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.

在代工/邏輯中，採用 3D 類柵極或納米片型結構引入了獨特的處理要求。在上次財報電話會議上，我強調了我們最新的導體蝕刻系統 KIYO GX 的發展勢頭，該系統利用創新的等離子體脈衝能力為納米片結構提供卓越的高縱橫比蝕刻結果。 [在三月季度]，我們看到 KIYO 在多個代工廠/邏輯客戶中贏得了額外的應用程序。我們還看到了我們新的選擇性蝕刻產品套件的份額增加，這些產品專為以前使用濕法蝕刻系統執行的超高選擇性去除工藝而設計。

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.

與後端生產線縮放的挑戰相關，我們正在採用新方法來沉積低 K 材料並提供更好的界面控制。新的材料集成方案使我們贏得了多個 5 納米後段應用。在三月季度，我們也將勝利擴展到更先進的節點。

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.

除了設備擴展之外，我們同樣關注客戶的目標，即提高其晶圓廠的成本和運營效率。您會記得我們最近在 Sense.i 平台上發布了新的 Vantex 電介質蝕刻工藝模塊。 Sense.i 上的 Vantex 提供一流的蝕刻技術，並將獨特和創新的解決方案推向市場，以降低總體擁有成本。 Sense.i 平台架構增加了每平方米晶圓廠空間的晶圓產量。新的 RF 電源設計消耗更少的能量來支持成本和 ESG 路線圖。先進的設備智能和自我維護能力最大限度地減少了現場人工干預。

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.

隨著半導體需求達到前所未有的水平，這些因素已成為關鍵的差異化因素，因為客戶希望在先進節點上以經濟高效且可持續的方式提高容量。因此，我們繼續在領先客戶採用 Sense.i 方面取得穩步進展。

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，這也反映在我們看到[顯著]增長的已安裝基礎業務的出色表現上。 CSBG 收入在 3 月季度超過 13 億美元，再創歷史新高。我們在這項業務中表現出色。當我們今天坐在這裡時，我們正在追踪我們在去年投資者日與您分享的增長模式。 CSBG 的所有產品線在本季度的收入均創歷史新高。我們的升級業務預計在截至 2021 年的 2 年期間大約翻一番。通過提高生產力和擴展多代安裝基礎能力，我們的升級業務在客戶降低成本的路線圖中發揮著重要作用。

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，我們看到專業技術在 CIS、電源和 RF 設備等領域不斷發展。在備件方面，我們與一位重要客戶成功簽訂了公司歷史上最大的年度合同，其中包括對關鍵前沿部件的承諾。最後，我們看到服務方面取得了巨大進步。大數據和設備智能化在先進半導體晶圓廠的運營中發揮著越來越重要的作用。

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，我們與一家主要內存製造商簽訂了多區域數據服務許可合同，以提供增強的工具數據，以實現他們的智能製造路線圖。此外，我們的服務團隊還完成了與另一家主要內存生產商簽訂的全面多年期設備智能服務合同的第一年。該合同下的系統性能超出了目標，從而為客戶帶來了可觀的投資回報。

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.

總而言之，我們處於行業基本面繼續加強的環境中。半導體的戰略相關性正在達到新的高度，半導體資本設備處於有利地位，可以從中受益。在 WFE 支出強勁的情況下，Lam 取得了豐碩的成果，並對新產品和基礎設施進行了基礎性投資，以推動持續的卓越表現。

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

再次感謝您今天的加入。現在道格來了。

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.

偉大的。謝謝，蒂姆。大家下午好，感謝您今天在我所知道的繁忙的財報季加入我們。我希望自從我們上次與您交談以來，您和您的家人一直安全健康。

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 3 月季度取得了出色的業績，季度收入創歷史新高，盈利指標強勁。本季度，我們的收入和毛利率高於我們指引的中點，營業收入和每股收益均高於指引範圍。我們在執行方面繼續保持卓越，不僅在交付令人印象深刻的財務業績方面，而且在成為客戶最值得信賴的合作夥伴方面。

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.

我們在指導範圍的高端為 3 月季度交付了 38.5 億美元的收入，比 [12 月] 季度增長了 11%。我們穩健的收入表現主要是由於代工相關係統的增加以及我們的客戶支持業務集團 (CSBG) 創紀錄的業績，我們在該業務的所有部分都有增長。我們客戶的晶圓廠以高利用率運行，這推動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，讓我們關注我們的系統收入，我們看到內存部分持續強勁，佔 3 月季度系統收入的 62%。 NAND 部分占我們系統收入的 48%，而上一季度為 51%，客戶投資於更高的 3D 設備層並增加容量以滿足對存儲位的整體廣泛需求。 3 月季度 NAND 系統收入額再創歷史新高，再次證明了 Lam 在 NAND 領域的領導地位。客戶主要投資於 96 層和 128 層設備。

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 中，我們在 3 月季度的系統收入中有 14% 來自該領域，而上一季度為 17%。年終投資包括轉換和產能增加，集中在 1y、1z 和 1-alpha 節點。我們預計 2021 年整個內存領域的投資將繼續保持健康和審慎的水平。

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%.

代工部門在 3 月季度的季度收入水平最高，占我們系統收入的 31%，而 12 月季度為 26%。我們看到前沿投資集中在 5 納米以及與滿足對專業或面向消費者的集成電路的更高需求所需的成熟技術節點相關的支出。最後，邏輯和其他貢獻了 3 月季度剩餘的 7% 的系統收入，略高於上一季度的 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.

現在讓我談談我們收入的區域概況。中國地區占我們總收入的 32%，略低於 12 月季度的 35%。本季度在中國的大部分支出來自中國國內客戶。韓國地區在 3 月季度對我們來說也很強勁，佔收入的 31%，比上一季度增長 10 個百分點。正如蒂姆所提到的，我們的客戶支持業務部門的收入又創下了創紀錄的季度收入，達到 13 億美元，比 12 月增長了 13%，比 2020 年同期增長了 50% 以上。

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.

我們在該業務的每個子部門中看到的增長證明了我們為客戶提供的技術和生產力增強價值以及我們 Reliant 產品線支持的這個市場的實力。我們還支持客戶增加備件採購的請求，以支持更高的設備利用率和一定程度的庫存庫存。我們預計 CSBG 在今年剩餘時間內將繼續走強。

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.

現在讓我轉向盈利能力。 3 月毛利率為 46.3%，基本符合我們的預期。我會像往常一樣提醒您，由於整體業務水平以及客戶和產品組合，毛利率會按季度波動。由於 COVID 環境，我們確實繼續產生更高的運費和物流成本，我們預計這些成本將持續存在，直到我們看到空運量[正常化]。

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 月季度的運營費用為 5.67 億美元，略高於上一季度，反映了我們在投資和發展公司的同時管理費用水平的承諾。我們已將支出優先用於研發，這占我們運營支出的 2/3 以上，使我們能夠鞏固我們在沉積和蝕刻方面的領導地位。

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，營業利潤率超過 31.6% 的指導範圍。我們本季度的非 GAAP 稅率為 7.8%，低於我們的預期，這是由於本季度年度員工歸屬的股權補償的增量扣除。正如我們過去所討論的那樣，我們的稅率會逐季波動，您應該繼續預計 22 日曆年的持續稅率將處於十幾歲的低水平。我想提一下，我們將繼續監測美國新政府可能帶來的潛在稅收變化。

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 4200 萬美元，低於上一季度和典型運行率，這主要是由於外彙和利率等營銷項目。

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.

提醒一下，從去年三月季度開始，我們的員工遞延薪酬計劃的收益和成本不再與我們的非 GAAP 結果不匹配。 [] 21 年 3 月季度的錯配為 800 萬美元，您可以在我們的收益發布的 GAAP 對賬表中看到詳細信息。

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，並分配了超過 9 億美元用於股票回購，與我們承諾的 Lam 資本回報計劃保持一致。本季度的進一步回購進入了結構性回購計劃，並輔之以公開市場回購。每股攤薄收益為 7.49 美元，高於指導範圍。這是我在稅率中提到的更高的收入和毛利率以及好感度的結果。正如我們預期的那樣，我們的稀釋後股票餘額低於 12 月季度的水平，為 1.45 億股。股份數量包括來自 2041 可轉換票據的約 500,000 股的攤薄影響。

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.

另外值得一提的是，在 3 月季度末，我們發布了 2041 可轉換票據的贖回通知。截至 3 月季度末，這些票據上剩餘約 1700 萬美元。此次贖回將收回我們資本結構中最後的可轉換票據。

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.

讓我轉向資產負債表。現金和短期投資，包括受限現金，從上一季度的 63 億美元小幅下降至 60 億美元。下降歸因於資本回報活動，被我們在 3 月季度運營現金流的強勁表現所抵消，該現金流達到創紀錄的 12 億美元。銷售未完成天數從 12 月的 76 天減少到 3 月季度的 66 天。這種改善是由業務水平較高的強勁現金產生推動的，正如我在上個季度提到的，12 月和 3 月季度的收款時間。庫存周轉率與上一季度持平，為 3.2 倍。鑑於我們看到的整體需求強度以及我們對減輕潛在供應鏈中斷的關注，在可預見的未來，庫存周轉率可能會保持在目前的水平。

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 5600 萬美元的股權補償； 6100萬美元用於折舊；以及 1800 萬美元的攤銷費用。與 12 月的水平相比，3 月季度的資本支出略有下降，為 9000 萬美元。正如我在上次財報電話會議上指出的那樣，我們正在投資支持我們在馬來西亞的新工廠、我們在俄亥俄州專注於關鍵備件的製造工廠以及即將建成的韓國技術中心的業務擴張。由於我們支持這些關鍵的增長計劃，我們預計 2021 年的資本支出水平會有所提高。

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 3 月季度的員工總數約為 13,100 名正式全職員工。我們的工廠增加了資源，以滿足在這種強勁的商業環境中增加的產出水平。在此期間，我們機會主義地收購了專注於 Reliant 產品線的亞洲合資製造工廠。這增加了您在本季度看到的員工人數增長的一半。此外，我們還增加了現場服務和研發人員，專注於為我們的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.

現在展望未來，我想為您提供我們 2021 年 6 月季度的非 GAAP 指導。我們預計收入為 40 億美元，上下浮動 2.5 億美元；毛利率46.5%，正負1%；營業利潤率上升 32%，上下浮動 1 個百分點；最後，每股收益為 7.50 美元，基於約 1.44 億股股票上下浮動 0.50 美元。

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.

因此，總而言之，我對我們的運營執行情況感到非常滿意，這反映在公司強勁的財務業績上。隨著我們進入 2021 日曆年，我們現在看到 WFE 的實力更強，下半年看起來比上半年更強勁。我們正在指導公司繼續創紀錄的財務業績，我們正在順利實現我們在去年 3 月 [我們的投資者] 日與您談到的增長目標。

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.

我個人從來沒有對半導體行業正在實現的事情感到如此興奮，我為 Lam 繼續交付的結果感到自豪，使這個行業成為可能。

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

我準備好的發言到此結束。接線員，請打開電話詢問。

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

（操作員說明）我們將從摩根大通的 Harlan Sur 那裡提出我們的第一個問題。

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.

祝賀您取得了出色的成績和執行力。我假設鑑於領先優勢和落後優勢的強勁需求趨勢，該團隊已經看到了擴展的 [bit] 工具。想知道您是否可以量化，團隊是否已經開始預訂到今年下半年？如果我是今天訂購你們其中一種工具的客戶，那麼該工具何時才能真正生產晶圓？是 9 個月後，還是 12 個月後？將不勝感激任何見解。

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。哈倫，謝謝你的提問。顯然，出於很多原因，我們不會在這次電話會議上透露我們的交貨時間。但我們會說，很明顯，我們所說的是前所未有的需求，並且將其與 COVID 影響能力相結合是緊張的，它延長了我們的交貨時間。我們會說我們在這一點上對未來的了解非常好，但出於競爭原因，我們不想詳細了解客戶訂購工具並獲得它並在這一點上獲得資格的確切時間，我們的和我們的客戶。

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，很感激。如果我考慮基本環境，是的，如果我看看你的內存業務和你的客戶，那麼 NAND 和 DRAM 定價基本面繼續走高，結合強勁的需求，相對有紀律的供應支出。事實上，自 2018 年最後一周以來供應支出相對穩定，大多數客戶預計 2021 年 DRAM 和 NAND 位需求將超過其供應增長。

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很好。我只是想知道你如何看待記憶中的供需平衡，尤其是當我們度過今年下半年並考慮到你今天概述的逐漸改善的 WFE 前景時。

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。我將繼續發表一些評論，然後讓 Doug 插話一下有關位供應的一些細節。顯然，我們已經說過，即使進入今年，我們也認為這將是記憶力非常好的一年，原因有幾個。第一，DRAM 經歷了幾年非常保守的支出。因此，那裡對技術和一些產能的支出存在一些被壓抑的需求。從 NAND 的角度來看，我們談論了很多與今年將要發生的層轉換相關的支出增加的問題。所以我們已經看到了結果。

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.

我認為你再次將其與許多不同終端細分市場不斷增長的需求以及從綠地角度和轉換方面增加產能的需求結合起來，這導致了持續更強勁的前景。我們做模型顯然位供求關係。我會讓道格談談我們在那裡看到的情況。

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.

哈倫，謝謝你的提問。是的，我們經歷了 19 年的支出受到非常嚴格的控制，甚至經歷了 20 年的大部分時間，甚至可能一直到 20 年的 DRAM。當您查看去年退出的 2 年投資並查看供應增長時，它低於 NAND 和 DRAM 的長期需求增長水平。而且我認為您已經看到了並且仍然在定價中看到它。結果，我們的客戶做出了回應——我們看到他們做出了謹慎的回應，謹慎是我喜歡描述的方式，與他們看到的需求增長一致。因此，我們開始看到對 NAND 和 DRAM 的投資有所增加。

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.

我們仍然相信，長期 NAND 需求在比特供應中處於 30% 的中高水平，但尚未趕上這一水平，這就是投資增加的原因。同樣在 DRAM 中，我們認為長期需求處於高位，可能接近 20%。因此，供應增長正在被投資以試圖趕上它。這就是我們所看到的。

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

我們將接受瑞士信貸約翰皮策的下一個問題。

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.

祝賀你取得了優異的成績。蒂姆、道格，我想談談市場類型。蒂姆，在你準備好的評論中，你談到了你對今年市場份額增加的期望。在一年前的分析師日，我認為對於你的 2023 模型，你們在蝕刻和 dep 中有 4% 到 8% 的嵌入式份額。

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.

我只是有點好奇這種對時間敏感和對音量敏感的程度。隨著 WFE 在這里以更快的速度上升，您是否預計份額增長會更快發生？當你談到份額這個話題時，華爾街的看法是你們在 NAND 市場上處於非常有利的地位，但我認為人們可能低估了你們在邏輯/代工廠方面的地位。如果您能談談您對今年和未來的份額增長感到最滿意的 NAND 以外的領域，我很好奇。

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

是的。當然。約翰，我會開始這個。我認為這是一個很好的問題。我實際上會這樣說，以時間與體積的這種方式打破它

(technical difficulty)

（技術難度）

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.

在我們已經擁有像 3D NAND 這樣非常強大的領導地位的地方，增加 WFE 數量有助於立即獲得份額。但是那——但這不僅僅是一個體積的故事，因為時間的推移和過渡發生在更多的層次上。我們實際上看到需要購買更多的設備來沉積和蝕刻，那些更厚的堆棧，但也看到新的應用程序被創建，再次擴展我們的 SAM，並且隨著時間的推移，甚至建立在非常強大的 NAND 位置上。所以那裡有一種關於體積和時間的元素。

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.

在代工/邏輯方面，有點相同，儘管我認為大多數人都知道我們已經——我們已經講述了一些技術變化如何真正為 Lam 創造新機會來推出新產品、獲得收益的故事分享並在代工/邏輯領域建立強大的地位。我會說肯定有一個時間因素，我們需要發生技術轉變。您需要從 7 到 5，從 5 到 3，最終從 3 到 2，因為我們專注於捕捉由最困難的技術挑戰創建的新應用程序。

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.

因此，在我準備好的發言中，我談到了諸如納米片、環柵、正在發生的類似 3D 的拐點之類的事情。還有那些——有一個時間因素。他們必須 - 他們 - 那些節點必須斜坡，而且他們還沒有斜坡。

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.

我們再次談到了 EUV 和我們新的干式抗蝕劑工藝，這對 Lam 來說是一個很好的機會，可以進入一個我們目前還沒有進入的代工/邏輯領域。但我們——這些是 Lam 在未來幾年的未來節點尋找機會。

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.

因此，我認為這就是為什麼你從我們這裡聽到的是我們有信心從我們現在所處的強大環境中受益，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.

我們將接受 Bernstein Research 的 Stacy Rasgon 的下一個問題。

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?

我想談談客戶服務業務。您能否告訴我們本季度有多少實力來自 Reliant 成熟節點工具集？我認為現在需要更成熟的節點容量。你覺得這是一個長期趨勢嗎？這是可持續的嗎？

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?

也許你可以給我們進一步說明實際上來自升級的 CSBG 組的數量。而且我想同樣的問題，是否有 - 是否有更像是一次性的元素？或者您認為我們現在看到的某種運行率是該業務未來發展的可持續驅動力嗎？

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。斯泰西，謝謝你的提問。也許我接受這個，然後讓蒂姆補充。我認為蒂姆和我在我們的腳本中都說過，CSBG 業務的所有組成部分上個季度都實現了創紀錄的業績。關於 Reliant 產品線，你是對的，它非常關注可能是後緣 28 納米及以上節點，這是另一個記錄。我認為我們正在打印兩位數的季度，因為您正在引用或引用的內容，我們在那裡交付了記錄。

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.

升級非常強勁，這始終是客戶從已安裝基礎中獲得更高功能的高投資回報率。備件非常強大。從廣義上講，認為這是由行業利用率驅動的。利用率非常高。我看到我們的客戶由於擔心不同的供應鏈中斷而試圖建立一些備件庫存，類似於我們對自己的庫存所做的事情。所以——然後是服務。服務還與行業的利用率相關。

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.

所以老實說，當你考慮 CSBG 的整體情況時，13 億美元，比一年前增長 50%，正在衝擊我剛才提到的所有 4 個氣缸。他們每個人都有自己獨特的推動業務的順風。

Yes. I think...

是的。我認為...

Maybe just...

也許只是...

Sorry. Go ahead, Stacy.

對不起。去吧，斯泰西。

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，我只是想補充一下。我認為關於升級可持續性的觀點，我認為一個關鍵點是我們已經說過安裝基礎每年都在增長。所以真的，這是我們的機會。所以我們 - 自然地，Lam 像這樣在一年內運送了這麼多新系統到現場，我們的 SAM 每年都會擴展升級。因此，我們確實認為，通過創新並提出有關客戶如何擴展工具功能和提高生產力的想法，我們可以繼續從已安裝的每一個工具中獲取更多收入。根據。所以我認為這是非常可持續的。

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.

然後到你的落後點，顯然，在這一點上有非常強烈的需求。關於容量限制和交貨時間的第一個問題，這個問題可能不會在很短的時間內得到解決。當我考慮那裡的可持續性時，我在演講中提到了這一點，它是關於一切事物中的半導體內容，以實現新功能。其中許多項目都充分利用了成熟的技術。因此，我們已經看到該業務逐季增長，隨著整個市場的發展而擴張。所以我認為兩者的收入都有很強的可持續性成分。

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?

您是否認為可以粗略地告訴我們客戶服務業務現在是如何在這 4 個類別、升級和服務之間分解的？

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，我現在也不會。我認為我們給出的顏色是它的備件部分是最大的組件，但我們還沒有量化它。

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

我們將接受來自瑞銀的蒂莫西·阿庫裡的下一個問題。

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 2 個。我想第一個，道格，很明顯，CSBG 的運行速度比你的 2023 年高出大約 15%

(technical difficulty)

（技術難度）

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?

一年多前你給了一點。所以我想第一個問題是你一年前對那個模型的什麼評價不足？

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 和您的系統業務確實剛剛起步，也許這就是您的安裝基數仍在增長兩倍的答案，而且這比您想像的要多。然後我還有第二個問題。

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。我的意思是蒂姆提到了腔室計數。顯然，這是非常強勁的一年。因此，腔室數量比我一年前想像的要多。行業利用率可能也高於我一年前的預期。蒂姆，升級也可能從中受益。所以在每個細分市場中可能都有它的一個方面。是的，我們肯定領先於我們一年前給你的模型。我還沒準備好更新模型。但很明顯，我們領先於該模型。

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。然後我也不斷收到很多關於 NAND 和您的業務的問題，你們在將 WFE 映射回位方面做得很好。我的計算表明，我們現在每季度在 NAND WFE 上的運營成本接近 50 億美元。聽起來你認為這會持續到今年下半年。

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?

所以如果那是對的，然後我將它與你的評論聯繫起來，你每年計劃 150 億美元來推動 30 年代中期的位增長，然後我認為你說每 100 個基點增加 3.5 億美元，這有點像擴大到 45% 的位增長，可能只是在運行率的基礎上高達 50%。所以我不斷地從人們那裡詢問這個問題。那麼你能把這些數字聯繫起來嗎？

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.

蒂姆，我不知道我是否能完成你剛才在電話中問到的所有數學問題。我的意思是投資潮起潮落。它在 NAND 的每個終端市場中起伏不定。我們確實說過，我們預計下半年將在市場的各個方面進行更強勁的投資，包括 NAND。是的，今年比去年有所上升。

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.

它正陷入我們在 19 年看到的那種投資不足的境地。在某種程度上，你仍然看到非常強勁的定價。因此，人們正在投資，老實說，試圖趕上需求所在。它會潮起潮落。它不會每個季度都上漲。今年我們看到了非常強勁的投資，我認為從長遠來看它會繼續非常強勁，對吧？但我不能做你剛才問的所有數學，坐在這兒打電話。不過，我很樂意離線與您聯繫。

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

我們將接受來自 Cowen & Company 的 Krish Sankar 的下一個問題。

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.

祝賀你取得了非常好的成績。我有2個，一個是短期的，一個是長期的。 Doug 的短期問題是，有沒有一種方法可以量化下半年收入與上半年的趨勢？還是您認為 CSBG 的收入會超過 calendar '21 的系統收入？然後我對蒂姆進行了跟進。

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

Krish，你是說下半年的收益嗎？我沒聽清楚。

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

下半年收入對比上半年收入。 CSBG 今年的收入增長會大於系統收入增長嗎？

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，我們一次指導一個季度，然後我們會為您介紹我們今年所看到的情況。我會提醒你我們試圖說的話。我們在第二季度看到 WFE，這對我們的業務發展軌蹟有利。所以你可以讀到你對我們收入的看法，但 WFE 更強大對我們來說將是一件好事。

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.

我們剛剛指導 6 月份達到 40 億美元。所以這就是我要在收入方面給你的。所以是的，今年是相當強勁的一年，我們看到下半年整個 WFE 的支出都比上半年強。

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.

什麼——克里什，我在 CSBG 上說的是，我預計今年對 CSBG 來說是強勁的一年，持續強勁——給你一個硬數據，但我描述的所有順風看起來都在繼續。

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?

很公平。然後只是蒂姆的後續行動，一個長期問題。當你看一些即將到來的技術時，比如 gate-all-around，除了 EBI 之外，選擇性去除 [材料] 似乎也很重要。所以我有點好奇 Lam 是如何為 gate-all-around 定位的。有沒有一種方法可以量化 Lam 的美元或收入機會？

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，我認為我們沒有辦法做到這一點。但我們所說的是，Lam SAM 在每個技術節點上都在擴展。很明顯，gate-all-around 就在其中。我們試圖再次指出的是什麼——我們的產品和技術戰略的體現是什麼，以識別新的應用程序、設備技術變化時出現的新要求、架構變化時，並確保 Lam 儘早定位於那些擁有產品和我們的客戶的人，以便在發生變化時，我們處於贏得這些人的有利位置。

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.

我們已經給了你幾個例子，不是所有的例子，但我認為那是——再一次，這只是為了讓你感覺到，當這些變化發生時，我們——我們有一個很好的記錄出色地。這也是我們不斷指出的原因，這與我們通過 3D NAND 拐點執行的策略相同。最終，隨著時間的推移，它為我們打造了一個令人難以置信的業務。因此，我認為全能門正在以這種方式成為我們的機會。

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 和圖案化完成方式的最終變化，無論如何我們看到的干抗蝕劑機會是另一個。雖然不是全門關注，但它有點處於發生這些變化的相同技術節點。因此，我們看到了代工/邏輯對我們未來的承諾。

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

我們將接受來自 Evercore 的 C.J. Muse 的下一個問題。

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?

我想第一個問題，你談到下半年 WFE 高於上半年。好奇這可以支持多大的上行空間，而不是僅僅被售罄並將需求推向 22 年上半年。作為其中的一部分，你能談談在馬來西亞提高產能並為你們帶來更多資源的時機嗎？

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.，讓我開始吧。顯然，我們所說的是產能緊張。所以對於第一個問題，我什至可以補充一下。如果客戶今天訂購工具，當他們收到時，我不會透露，但我的意思是，很明顯，今年不會增加合格產能。我的意思是，這可以讓您了解交貨時間等。

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一些對我們有意義的事件，那就是我們亞洲製造設施的擴張。 Doug 談到收購我們在台灣的合資企業是我們對該實體進行更多控制並繼續擴大規模的機會。就斜坡而言，馬來西亞是我們 2021 年下半年的故事。

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。我們希望能夠支持並將交貨時間恢復到公司的歷史水平。正如我所說，它們現在已經擴展了。產能擴張的一部分是在臨近年底時將產能恢復到正常水平。

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?

很有幫助。作為快速跟進，對於中國國內收入，主要是 NAND 嗎？作為其中的一部分，您是否能夠獲得中芯國際的許可證？

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.，中國本土客戶群的需求是廣泛的。尾隨蝕刻代工，一點點DRAM，一點點NAND。相對於我們在中國的大型代工客戶的許可證，沒有更新。我們仍在等待政府的回复。

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

我們將與高盛一起接受 Toshiya Hari 的下一個問題。

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.

祝賀你取得了優異的成績。道格，我想跟進中國的情況。儘管對中芯國際施加了一些限制，但我想我有點驚訝你們在過去一兩個季度的中國業務持續了多長時間。什麼抵消了您在中國業務的上行空間？你剛剛談到了廣泛的需求，但在過去的一個或兩個季度中有什麼突出的嗎？您如何看待日曆'21 本地中國 WFE 與去年同期相比？然後我有一個快速的跟進。

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。我會嘗試一下的。我的意思是它的基礎廣泛。首先，我會提醒你，當你看到我們的區域收入時，這是一個船到晶圓廠的位置。所以它是 - 中國本土和全球跨國公司在他們在中國的工廠中使用設備之間存在平衡。我確實說過，上個季度超過一半的大部分是中國本地客戶。之前的一個季度，也就是 12 月的那個季度，情況正好相反。它更面向跨國公司。所以範圍很廣。

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.

而且它 - 然後相對於它的中國本地部分，它是一個廣泛的客戶群。你們中的一些人可能知道，但我要告訴你們，有一長串較小的客戶，您可能剛剛開始了解，也可能您還不知道。所以這是一大群人在投資。想想今年來自中國本土的 WFE，比去年有所上升。它正在跨越落後的邊緣、邏輯節點和內存增長。

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?

知道了。然後作為快速跟進，在 CSBG 上，Doug，你提到了現在的長期增長前景比你去年在分析師日提出的更好。這僅僅是因為 2021 年基數更高嗎？還是 CSBG 在結構上或根本上發生了某些變化？你談到了腔室數量明顯增加和利用率更高，但在過去 12 個月中有什麼結構上的變化嗎？

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的東西。這是——我們正在運送更多的房間。因此，從可用市場的角度來看，我想這是一個更大的機會。然後是 CSBG 中所有 4 個組件的片段。

We'll take our next question from Joe Moore with Morgan Stanley.

我們將與摩根士丹利一起接受喬·摩爾的下一個問題。

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?

偉大的。我可以跟進最後一個問題嗎？道格，你發表評論說你看不到服務業務。看到它沒有每年增長，你會感到非常驚訝。顯然，腔室數量的增長是一種很好的領先指標。但是當你談到許多提高利用率的驅動因素時，人們建立備件庫存，諸如此類的事情是我們所處的這種非常緊張的供應環境的一種功能，你是否看到這些事情接下來會變成不利因素年？

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，鑑於腔室數量的增長，你似乎仍然有可能增長。但是，與商會數量相比，這種表現能否超越這種非常強勁的近期環境？

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，我對生意沒有任何不同的看法，喬。我很難看到它每年都在增長。這並不意味著它每個季度都會增長，但我們今年出貨了很多腔室，這是明年及以後的業務發展勢頭。並非它的每個組成部分都可能每年都在增長，但我們對它的發展方向感覺非常好。就像我說的，腔室數量是考慮未來商業機會的重要指標。

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，如果——我不知道你是否還記得，但在我們的投資者日，我們也展示了我們關於商會收入獲取的目標。因此，我在評論中指出了我們正在取得進展的幾個地方。它是關於嘗試開發其中一些數據和設備智能、服務產品以及生產力升級。顯然，客戶專注於嘗試從現有安裝基礎中獲得盡可能多的輸出，而這些類型的服務和升級幫助他們做到這一點。這樣，隨著腔室數量的增加，我們也在為它們擴展 SAM。因此，這就是我們相信同比增長的另一個原因，我們可以繼續發展已安裝的基礎業務。

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

我們將接受美國銀行證券公司 Vivek Arya 的下一個問題。

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2個。首先在 NAND 方面，我希望您能告訴我們目前有多少市場是 [converts] 與 greenfield 部署？與去年相比如何？這個比率是否會影響您從市場中獲得的收益？就像支出強度會發生變化一樣，對吧，這取決於是否有更多的轉換與綠地？

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，我會先拿那個，然後讓 Doug 發表評論。但從根本上說，我在上次電話會議上說過，我們對今年的看法是今年的綠地投資比去年多一些。還有更多的轉換投資。所以整體市場是向上的。但是在綠地每比特的資本強度方面有一個重要的區別，它更高。轉換效率更高。但 Lam 的獨特之處在於這些轉化，我們的份額——我們對 WFE 的捕獲在轉化中要高得多。因此，雖然我們在這兩種情況下確實銷售相同的東西，但在轉換過程中，主要是蝕刻和沈積設備，需要繼續構建更高的堆棧。所以我們在那裡做得很好。

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，它是兩者的結合。但我認為，這也是為什麼，隨著我們向前看，每一個為綠地安裝的工具，最終，隨著客戶過渡到更高層數，這些工具最終將需要升級和向前發展的原因之一通過下一層計數。這意味著我們在安裝基礎業務方面的機會不斷增長，最終我們為 NAND 建造的晶圓廠越多。

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.

非常有幫助，蒂姆。對於我的第二個問題，如果我從長遠來看 WFE，我們所看到的是，從歷史上看，它會增長 2 年，最多 3 年，然後它會在那裡鞏固幾年。然後它會再邁出一大步。當我審視 WFE 今年的展望時，這將是第二年非常強勁的增長。

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?

您如何看待這些層面的 WFE 強度？您認為我們什麼時候應該開始從我們在美國和歐洲看到的區域化或增加的國內製造業頭條新聞中獲得任何增量收益？

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，我們曾經——毫無疑問，當你擁有強勢的歲月時，人們開始想知道你什麼時候才能擁有如此強勢的一年。我們還沒有談論 2022 年是否已經到來——但我們已經說過，我們覺得我們處於一個強大的多年環境中。我們認為，現在要真正了解我談到的所有這些因素在任何一年中如何發揮作用還為時過早。但從長遠來看，我們看到這些新技術和不斷增加的內容，我們肯定知道越來越複雜。你從我們所有的客戶那裡聽到了。日益增加的複雜性正在增加設備資本密集度。

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.

然後是您的區域評論，這是另一個通配符，但考慮到您在芯片短缺和那裡的所有討論中看到的一切，絕對是積極的。所以我認為這些項目將在多年內發揮作用。最近——我們在某種程度上與我們在媒體上讀到的最近的消息一致，這些消息稱芯片短缺問題不會在 2021 年得到解決。區域產能投資的雄心不會在短短幾年內得到解決。我們認為這些是半導體資本設備的多年趨勢。

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

我們將從 Blayne Curtis 和 Barclays 提出下一個問題。

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.

只是我想具體問一下【分析】DRAM市場，一直供不應求。你還沒有看到——任何一家公司，你真的看到了一個很大的增長。只是 [有效地] 那裡發生了什麼，如果你在第二年的後半年看到任何上升。

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.

然後就道格而言，就在您制定長期目標時，顯然 750 億美元的 WFE 比這更高。您正在處理更高的運輸成本。但只是一個觀點——我不知道你什麼時候能夠解決運輸成本，而是讓利潤率回到你設定的 30% 到 34% 的目標。

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。所以你真的 - 你在這裡有 2 個問題，Blayne，DRAM 上發生了什麼，然後是目標模型上發生了什麼。我會從兩者中截取一部分，然後讓 Tim 對其中任何一個發表評論。是的，我們看到了——DRAM 投資，當我看到它時，它是一組非常統一的客戶。我只是認為他們審慎地管理容量，審慎地管理他們看到定價的地方，審慎地管理他們如何使容量在線並關注盈利能力，這才是我真正看到的。

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.

因此，這就是為什麼當我們回顧今年上半年時，DRAM 在投資水平方面仍然相當低迷，而你會看到它在下半年略有上升，因為該行業試圖使供應更接近需求島我認為它只是在一個非常健康的地方。是的，僅此而已 - 這就是我到達那裡的原因。

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.

相對於長期模型，有幾件事需要考慮。首先是物流成本。在全球空運恢復到更正常的水平之前，我們將應對物流成本上升的問題。我不知道什麼時候會發生。我認為這將再次需要一定程度的消費者旅行，因為很多東西在商用飛機的腹部飛來飛去。所以我很樂觀，它會逐漸好轉，但在可預見的未來，我們仍然會遇到不利因素。

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.

然後相對於盈利能力略高的財務模型，首先，我對我們剛剛指導的地方感覺很好，對吧？中點營業收入為 32%，這將是該公司 40 多年曆史上創造的第二高盈利水平。所以我對那裡發生的事情感覺很好。盈利能力也有時間因素，這與我們今天在電話會議上談到的一些事情有關，在亞洲建立工廠——在亞洲地區，成本結構稍微好一點，處理那些貨運物流成本。我仍然對實現該財務模型感到非常滿意。我想實際上，你今年已經看到我們展示了它。

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

蒂姆，我不知道你是否想補充什麼。

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，我認為我唯一要補充的是清楚地回應 Doug 的評論，我們對 32% 的指南非常滿意。同樣，我們正在為我們的未來進行大量投資。我的意思是道格提到了馬來西亞工廠，這將有助於——新的韓國技術中心即將成立，讓我們更接近我們的客戶，加速解決方案，增加我們在內存和代工/邏輯方面的每股收益機會，以及即將推出的新產品.我的意思是，我不記得什麼時候 Lam 推出了更多新產品，真正專注於所有設備領域的關鍵技術變化。因此，我們非常高興，我們正在提供這些財務結果並進行這些我們認為會讓我們更強大的投資。

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

我們將從 KeyBanc Capital Markets 的 Weston Twigg 那裡回答我們的最後一個問題。

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，我只想就 C.J. 關於您下半年的收入能力的問題提出後續問題。就您進入 6 月季度的系統收入而言，這聽起來似乎已經達到極限，並且有所放鬆。但是你能告訴我們那個高峰會是什麼嗎？是28億美元嗎？從收入的角度來看，它是 30 億美元嗎？

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。 Wes，我不會為你量化，但我們正在對整個工廠網絡進行投資。我們談到了獲得一家台灣工廠的所有權。我們談到了在馬來西亞建立一家新工廠。我們正試圖從其他現有地點中擠出增量產能，以使這些交貨時間恢復到 Tim 所參考的更規範化的水平。因此，當我們做這些事情時，我們的能力就會變得更大。我不會為你量化它，但我們正在研究所有這些東西。

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。所以這聽起來就像——只要我們考慮隨著時間的推移逐漸改進，我們就應該——不要太瘋狂，這應該是在球場上。

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?

我的另一個問題只是關於收入增長驅動因素。並且想知道您是否可以讓我們了解由 10 納米及以下邏輯驅動的系統收入增長率與您也看到相當好的增長的一些舊節點相比。利率相似嗎？或者你是說你仍然看到領先優勢的增長速度相當快，這是我們通常所期望的？

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.

代工/邏輯的大部分支出都在那些前沿節點上。儘管由於前沿節點的資本密集度，基礎廣泛的投資較少發生，但這通常是推動很多事情發生的原因。

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

我會把它轉回給管理層作結束語。

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

謝謝接線員，也感謝大家今天加入我們的電話會議。感謝您的寶貴時間。

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。您現在可以斷開連接。