科林研發 (LRCX) 2020 Q4 法說會逐字稿

Good day, and welcome to Lam Research's June quarter earnings conference call.

美好的一天，歡迎參加 Lam Research 的 6 月季度收益電話會議。

At this time, I would like to turn the conference over to Tina Correia.

在這個時候，我想把會議交給 Tina Correia。

Please go ahead, ma'am.

請繼續，女士。

Thank you, operator.

謝謝你，接線員。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to the Lam Research quarterly earnings conference call.

歡迎參加 Lam Research 季度收益電話會議。

With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

今天和我在一起的是總裁兼首席執行官 Tim Archer；以及執行副總裁兼首席財務官 Doug Bettinger。

During today's call, we will share our overview on the business environment and review our financial results for the June 2020 quarter and our outlook for the September 2020 quarter.

在今天的電話會議中，我們將分享我們對商業環境的概述，並回顧我們 2020 年 6 月季度的財務業績和 2020 年 9 月季度的展望。

The press release detailing our financial results was distributed a little after 1:00 p.m.

詳細說明我們財務業績的新聞稿在下午 1:00 後發布。

Pacific Time this afternoon.

太平洋時間今天下午。

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.

該新聞稿還可以在公司網站的投資者關係部分以及今天電話會議隨附的演示幻燈片中找到。

Today's presentation and Q&A includes forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC public filings.

今天的演示和問答包括前瞻性陳述，這些陳述受到我們在 SEC 公開文件中披露的風險因素中反映的風險和不確定性的影響。

Please see accompanying slides in the presentation for additional information.

請參閱演示文稿中的隨附幻燈片以獲取更多信息。

Today's discussion of our financial results will be presented on a non-GAAP financial basis, unless otherwise specified.

除非另有說明，今天對我們財務業績的討論將在非公認會計原則財務基礎上進行。

A detailed reconciliation between GAAP and non-GAAP results can be found in today's earnings press release.

可以在今天的收益新聞稿中找到 GAAP 和非 GAAP 結果之間的詳細核對。

This call is scheduled to last until 3:00 p.m.

本次電話會議計劃持續到下午 3:00。

Pacific Time.

太平洋時間。

A replay of this call will be available later this afternoon on our website.

今天下午晚些時候將在我們的網站上重播這次電話會議。

With that, I will hand the call over to Tim.

有了這個，我會把電話交給蒂姆。

Thank you, Tina, and welcome, everyone.

謝謝你，蒂娜，歡迎大家。

The global pandemic, volatility in the macro-economy, ongoing U.S.-China tensions, we are operating this year amid tremendous uncertainty and unprecedented challenges impacting people all over the world.

全球大流行、宏觀經濟波動、中美關係持續緊張，我們今年在巨大的不確定性和影響全世界人民的前所未有的挑戰中開展業務。

We see technology playing a critical role keeping people connected, enabling businesses to remain productive and accelerating solutions to the myriad of problems the world is confronting.

我們看到技術在保持人們聯繫方面發揮著關鍵作用，使企業能夠保持生產力並加速解決世界面臨的無數問題。

I am very pleased with how Lam's employees have demonstrated care for each other and our communities and have responded with great effort to support our customers' success.

我很高興 Lam 的員工如何表現出對彼此和我們社區的關心，並為支持我們客戶的成功做出了巨大的回應。

As a result of their outstanding execution, today, we are reporting strong performance for the June period and guiding to another quarter of solid growth.

由於他們出色的執行力，今天，我們報告了 6 月期間的強勁表現，並指導了另一個季度的穩健增長。

Specific to the COVID-19 pandemic, our teams have demonstrated agility and resolve in establishing safe and effective protocols to perform essential work in our facilities, while also enabling the majority of our employees to remain productive while they continue working remotely.

針對 COVID-19 大流行，我們的團隊在製定安全有效的協議以在我們的設施中執行基本工作方面表現出敏捷和決心，同時還使我們的大多數員工在繼續遠程工作時保持生產力。

We have ramped and stabilized our supply and production capability after an initial period of disruption to support revenues greater than $3 billion per quarter.

在最初的中斷期後，我們已經提高並穩定了我們的供應和生產能力，以支持每季度超過 30 億美元的收入。

As you have seen from our guidance, we will be nearing record output levels for the company in the September quarter, highlighting the effectiveness of our business continuity plans, our global manufacturing network and our trusted supply chain partners.

正如您從我們的指導中看到的那樣，我們將在 9 月季度接近公司的創紀錄產量水平，突出了我們的業務連續性計劃、我們的全球製造網絡和我們值得信賴的供應鏈合作夥伴的有效性。

We will continue to capture learnings to further improve business resilience and better serve our customers in the future.

我們將繼續汲取經驗教訓，以進一步提高業務彈性並在未來更好地為客戶服務。

But overall, I am proud of what our employees and partners have accomplished during this challenging period.

但總的來說，我為我們的員工和合作夥伴在這個充滿挑戰的時期所取得的成就感到自豪。

Before discussing our results for the quarter, I wanted to comment briefly on our review of the new rules regarding sales of semiconductor equipment into China.

在討論我們本季度的業績之前，我想簡要評論一下我們對有關向中國銷售半導體設備的新規則的審查。

China remains an important part of the global semiconductor ecosystem, and Lam has a solid track record of business in this market.

中國仍然是全球半導體生態系統的重要組成部分，Lam 在該市場擁有良好的業務記錄。

We are closely monitoring and complying with all regulatory directives.

我們正在密切監控並遵守所有監管指令。

And based on our assessment, we currently see no material financial or business impact from the new rules.

根據我們的評估，我們目前認為新規則不會對財務或業務產生重大影響。

Turning now to the June quarter.

現在轉到六月季度。

Revenue and EPS came in above our expectations.

收入和每股收益高於我們的預期。

Operating margins improved sequentially, and we generated over $800 million in cash from operations.

營業利潤率連續提高，我們從運營中產生了超過 8 億美元的現金。

As the September quarter guidance indicates, we see continued positive momentum as we move into the second half of the year.

正如 9 月季度指引所示，隨著我們進入下半年，我們看到了持續的積極勢頭。

The results also represent sustained progress towards our long-term objectives.

這些結果也代表了我們在實現長期目標方面的持續進展。

As mentioned earlier, our guidance indicates we are nearing prior record levels of revenue, but we believe that our opportunity for growth remains robust.

如前所述，我們的指導表明我們正在接近之前的創紀錄收入水平，但我們相信我們的增長機會仍然強勁。

Key points supporting our view include: one, memory investments must continue to grow to meet secular demand drivers.

支持我們觀點的關鍵點包括：一、內存投資必須繼續增長以滿足長期需求驅動因素。

Lam's memory mix year-to-date at slightly below 60% of system revenues is well below historic highs.

迄今為止，Lam 的內存組合佔系統收入的比例略低於 60%，遠低於歷史高位。

We expect our strong memory position to drive outperformance in share of WFE spend as NAND and DRAM investment levels increase.

隨著 NAND 和 DRAM 投資水平的提高，我們預計我們強大的內存地位將推動 WFE 支出份額的出色表現。

Two, our actions to improve our foundry/logic SAM and share are yielding results.

第二，我們改進代工/邏輯 SAM 和份額的行動正在產生成果。

With our revenue growth in this segment, outpacing foundry/logic WFE growth cycle to cycle.

隨著我們在這一領域的收入增長，超過了代工/邏輯 WFE 的增長周期。

And three, our customer support business group at 34% of total revenues year-to-date is an increasingly greater contributor to our top line than in the past.

第三，我們的客戶支持業務集團今年迄今佔總收入的 34%，與過去相比，對我們的收入貢獻越來越大。

Looking at the broader WFE environment.

著眼於更廣泛的 WFE 環境。

Our outlook remains strong.

我們的前景依然強勁。

While COVID-19 has created volatility for the semiconductor industry, in a larger sense, it has underscored the rapidly growing reliance of individuals and businesses on semiconductors and the products and technologies they enable.

儘管 COVID-19 給半導體行業帶來了波動，但從更大的意義上說，它突顯了個人和企業對半導體及其支持的產品和技術的依賴迅速增長。

For example, we are seeing accelerated growth in Internet video traffic, as video becomes embedded in a broad range of business and consumer activities.

例如，隨著視頻嵌入到廣泛的商業和消費者活動中，我們看到了互聯網視頻流量的加速增長。

This is manifesting currently in work-from-home, e-learning, telehealth, online gaming and, of course, video streaming.

這目前體現在在家工作、電子學習、遠程醫療、在線遊戲，當然還有視頻流中。

Nearly 2/3 of global consumers cite video as their preferred medium for obtaining information.

近 2/3 的全球消費者將視頻作為他們獲取信息的首選媒介。

The demand that this places on data transport, analysis and storage will continue to rise.

這對數據傳輸、分析和存儲的需求將繼續上升。

Mobile networks are migrating to 5G.

移動網絡正在向 5G 遷移。

Video quality is doubling from 4K to 8K and cloud and enterprise data centers are expanding to support the enhanced data traffic.

視頻質量從 4K 翻倍到 8K，雲和企業數據中心正在擴展以支持增強的數據流量。

A 2x resolution improvement in mobile video drives roughly a 70% increase in NAND storage content and newer server architectures are expected to have over 30% more memory channels versus prior generations.

移動視頻分辨率提高 2 倍，NAND 存儲內容大約增加 70%，預計較新的服務器架構將比前幾代多出 30% 以上的內存通道。

Despite the recent downtick in smartphone units, our own assessment of NAND content in smartphones in calendar year 2020 has trended higher versus our prior baseline due to a greater mix shift towards 5G devices.

儘管最近智能手機數量下降，但我們自己對 2020 日曆年智能手機中 NAND 內容的評估與我們之前的基準相比呈上升趨勢，因為更多的組合轉向 5G 設備。

We are also seeing increased NAND demand related to new product cycles in the game console segment, with some of the new platforms adding up to a terabyte of SSD-based storage.

我們還看到與遊戲機領域的新產品週期相關的 NAND 需求增加，其中一些新平台的基於 SSD 的存儲容量達到 1 TB。

Launches of the new game consoles are expected to add low- to mid-single-digit percent growth to overall NAND bit demand in 2020.

預計新遊戲機的推出將為 2020 年的整體 NAND 位需求帶來中低個位數百分比的增長。

These demand drivers, in combination with increasing semiconductor manufacturing complexity, create a compelling setup for sustained strength in WFE spending.

這些需求驅動因素與半導體製造複雜性的增加相結合，為 WFE 支出的持續增長創造了令人信服的設置。

In 2020, we estimate WFE to be in the mid- to high $50 billion, driven by growth in both memory and foundry/logic investment.

在內存和代工/邏輯投資增長的推動下，我們估計 2020 年 WFE 將達到 500 億美元左右。

Although we have seen underlying demand drivers fluctuate due to the challenges presented by the COVID-19 pandemic, our current WFE forecast in total is very close to what we expected at the beginning of the year.

儘管我們看到潛在需求驅動因素由於 COVID-19 大流行帶來的挑戰而波動，但我們目前的 WFE 總體預測與我們在年初的預期非常接近。

From a mix perspective, we see memory share of WFE growing in 2020 off a low 2019 level.

從混合的角度來看，我們看到 WFE 的內存份額在 2020 年從 2019 年的低水平增長。

This trend should continue into 2021, particularly in DRAM, where we believe inventory levels will be lower as we get to the end of 2020.

這種趨勢應該會持續到 2021 年，尤其是在 DRAM 領域，我們認為到 2020 年底，庫存水平將會降低。

In both NAND and DRAM, we see bit supply growth lower than long-term demand this year and NAND recovery progressing ahead of DRAM.

在 NAND 和 DRAM 中，我們看到今年的位供應增長低於長期需求，並且 NAND 的複蘇進展在 DRAM 之前。

By geography, domestic China customers continue to be a strong source of WFE demand, with expected calendar year 2020 WFE spend in the $10 billion range.

從地域來看，中國國內客戶仍然是 WFE 需求的重要來源，預計 2020 日曆年 WFE 支出將在 100 億美元範圍內。

Year-on-year growth in China investment is predominantly driven by NAND and Foundry segments.

中國投資的同比增長主要由 NAND 和 Foundry 部門推動。

Looking more broadly at longer-term global WFE spend, we are increasingly confident that the accelerating digitization of the economy, along with the rising complexity of semiconductor manufacturing at each technology migration, is establishing a higher base of WFE spending at the $60 billion level.

從更廣泛的全球 WFE 支出來看，我們越來越有信心，經濟數字化的加速，以及每次技術遷移中半導體製造的複雜性不斷提高，正在為 600 億美元的水平建立更高的 WFE 支出基礎。

With this outlook, we are focused on delivering on our objectives to drive greater than 50% growth in revenue and more than a doubling of EPS by 2023, 2024 compared to our 2019 results.

有了這一前景，我們將專注於實現我們的目標，即到 2023 年和 2024 年，與 2019 年的業績相比，收入增長超過 50%，每股收益翻一番以上。

Key to achieving these goals is to execute on the SAM expansion, market share growth and installed base revenue opportunities we laid out at our Investor Day in March.

實現這些目標的關鍵是執行我們在 3 月份的投資者日制定的 SAM 擴張、市場份額增長和安裝基礎收入機會。

On the system side, we continue to see positive momentum across our businesses.

在系統方面，我們繼續看到我們業務的積極勢頭。

The June quarter marked a record for net penetration and defense wins in our Etch business, as measured by 3-year forward revenue, which is a metric we began tracking internally a few years ago.

6 月季度標誌著我們 Etch 業務的淨滲透率和防禦勝利創紀錄，以 3 年遠期收入衡量，這是我們幾年前開始在內部跟踪的指標。

We achieved key wins in high aspect ratio Mask Open and Contact Etch applications in both DRAM and NAND and leveraging unique hardware capabilities for RF control and edge yield enhancement that we introduced last year, we have further extended our technical leadership in high aspect ratio processes across both conductor and dielectric etch.

我們在 DRAM 和 NAND 中的高縱橫比掩模開放和接觸蝕刻應用中取得了關鍵勝利，並利用我們去年推出的用於射頻控制和邊緣良率增強的獨特硬件功能，我們進一步擴展了我們在高縱橫比工藝方面的技術領先地位導體和電介質蝕刻。

We also combined these technologies with our Hydra patterning system, which is enabled by Lam's equipment intelligence and uses fab data inputs to improve customer yield.

我們還將這些技術與我們的 Hydra 圖案系統相結合，該系統由 Lam 的設備智能啟用，並使用工廠數據輸入來提高客戶產量。

With this system, we were able to secure new positions in quad and EUV patterning for DRAM.

有了這個系統，我們能夠在 DRAM 的四邊形和 EUV 圖案化中確保新的位置。

In the June quarter, we also made good progress in our effort to disrupt older equipment segments with more innovative extendable Lam solutions.

在 6 月季度，我們在通過更具創新性的可擴展 Lam 解決方案顛覆舊設備領域的努力方面也取得了良好進展。

With our enhanced ALD family of products, we achieved 2 new wins for 3D NAND gap fill applications and a multilayer application win in foundry/logic.

憑藉我們增強的 ALD 系列產品，我們在 3D NAND 間隙填充應用和多層應用中贏得了 2 個新的勝利。

Superior film quality, integration and architecturally enabled productivity were instrumental to our success.

卓越的膠片質量、集成和架構支持的生產力對我們的成功至關重要。

In DRAM and Foundry, we are also seeing accelerated adoption of our ALD solutions for critical spacer applications, which have traditionally been done using furnaces.

在 DRAM 和 Foundry 領域，我們也看到我們的 ALD 解決方案在關鍵間隔件應用中得到加速採用，這些應用傳統上是使用熔爐完成的。

Overall, we believe our enhanced ALD solutions are helping to enable the performance and cost roadmaps our customers need.

總體而言，我們相信我們增強的 ALD 解決方案有助於實現客戶所需的性能和成本路線圖。

At the same time, we continue to help customers extract more value from their installed base of Lam equipment.

同時，我們繼續幫助客戶從他們已安裝的 Lam 設備中獲取更多價值。

In the June quarter, our customer support revenues grew approximately 8% from the March period and our revenue growth has exceeded installed base unit growth year-to-date.

在 6 月季度，我們的客戶支持收入比 3 月期間增長了約 8%，我們的收入增長已經超過了年初至今的安裝基數增長。

Our Reliance Systems business posted its eighth straight quarter of record revenues, driven primarily by shipments to analog, mixed signal, CIS and microcontroller segments.

我們的 Reliance Systems 業務連續第八個季度實現創紀錄的收入，主要受模擬、混合信號、CIS 和微控制器領域的出貨量推動。

The challenges of the COVID-19 pandemic have also accelerated the deployment of important new technologies for remote equipment support.

COVID-19 大流行的挑戰也加速了用於遠程設備支持的重要新技術的部署。

By enabling real time in-fab access to Lam service experts located worldwide, we have reduced installation and troubleshooting time without the need for extensive travel.

通過實時訪問位於全球的 Lam 服務專家，我們減少了安裝和故障排除時間，而無需大量出差。

In addition, increasing adoption of our machine learning-based analytics, leveraging big data at customer sites is enabling faster detection and resolution of issues.

此外，越來越多地採用我們基於機器學習的分析，利用客戶站點的大數據，可以更快地檢測和解決問題。

These advances are the result of investments that, as we shared at our Investor Day, are targeted at delivering services innovation that creates value for our customers and also increases our revenue opportunity per chamber.

正如我們在投資者日分享的那樣，這些進步是投資的結果，旨在提供服務創新，為我們的客戶創造價值，並增加我們每個商會的收入機會。

So to wrap up, Lam delivered a very strong June quarter, and we see continued strength ahead.

所以總結一下，Lam 的 6 月季度表現非常強勁，我們看到未來繼續走強。

We are seeing positive momentum in our efforts to grow our installed base revenue, expand our served markets and increase our market share.

我們在努力增加安裝基礎收入、擴大服務市場和增加市場份額方面看到了積極的勢頭。

And as a result, we believe we are increasingly well positioned to benefit from the long-term secular growth drivers in the semiconductor industry.

因此，我們相信我們越來越有能力從半導體行業的長期長期增長動力中受益。

Thank you all for joining and for your support, and I'll now turn it over to Doug.

感謝大家的加入和支持，我現在將把它交給 Doug。

Awesome.

驚人的。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

I hope all of you and your families have been safe and healthy.

我希望你們所有人和你們的家人都平安健康。

Our operations steadily improved throughout the June quarter as we executed well in this COVID-19 environment.

由於我們在這種 COVID-19 環境中表現良好，我們的運營在整個 6 月季度穩步改善。

We've become increasingly more efficient and effective in our operations, which I think are well reflected in the results from the June quarter.

我們的運營變得越來越高效和有效，我認為這在 6 月季度的業績中得到了很好的反映。

Our revenues came in at $2.8 billion, driven by broad-based demand.

在廣泛需求的推動下，我們的收入達到了 28 億美元。

Our customers are investing in leading-edge technologies to service the growth they're seeing in 5G, data centers and product cycle driven demand in the gaming console market.

我們的客戶正在投資於領先的技術，以服務於他們在 5G、數據中心和遊戲機市場的產品週期驅動需求方面看到的增長。

Lam's solid execution is reflected in our revenue result, our gross margin performance as well as our earnings per share that came in at $4.78.

Lam 的穩健執行反映在我們的收入結果、毛利率表現以及每股 4.78 美元的收益中。

I'd also just point out that our deferred revenue balance is back to a more normal range as compared to the end of the March quarter.

我還要指出，與 3 月季度末相比，我們的遞延收入餘額已恢復到更正常的範圍。

From a system segment perspective, the total memory segment in the June quarter increased to 61% of system revenues from the March quarter level, which was at 56%.

從系統部門的角度來看，6 月份季度的總內存部門佔系統收入的比例從 3 月份季度的 56% 增加到了 61%。

We saw increases in NAND spending, which contributed 45% of our system revenue, which was up from 40% in the March quarter.

我們看到 NAND 支出增加，占我們系統收入的 45%，高於 3 月季度的 40%。

Net investments are broad-based focused on 64, 96 and initial 128-layer devices.

淨投資基礎廣泛，主要集中在 64 層、96 層和最初的 128 層設備上。

DRAM spending was consistent across the June and March quarters at 16% and continues to be focused on node transition, primarily versions to 1y and 1z.

DRAM 支出在 6 月和 3 月季度保持一致，為 16%，並繼續專注於節點轉換，主要是 1y 和 1z 版本。

The combined memory market remains in a healthy place due to proactive inventory management as well as a prudent investment cadence.

由於積極的庫存管理和審慎的投資節奏，合併後的內存市場保持健康。

In foundry, demand across diverse end market applications continues to drive the investment profile.

在代工方面，不同終端市場應用的需求繼續推動投資概況。

While foundry as a percentage of our system revenue slightly declined from the March quarter percentage of 31% to the June quarter at 29%, revenue actually increased in dollar terms coming in at the second highest system revenue level for foundry in Lam's 40-year history.

雖然代工占我們系統收入的百分比從 3 月季度的 31% 略微下降到 6 月季度的 29%，但以美元計算的收入實際上有所增長，在 Lam 的 40 年曆史上處於代工系統收入的第二高水平.

We continue to be pleased with our trajectory here.

我們繼續對我們在這裡的發展軌跡感到滿意。

And finally, the Logic and Other segment contributed the remaining 10% of systems revenue in the June quarter as compared to 13% in March.

最後，邏輯和其他部門在 6 月份季度貢獻了剩餘 10% 的系統收入，而 3 月份這一比例為 13%。

China investments continued to be strong in the June quarter, with 34% of our total revenue coming from that region.

中國投資在 6 月季度繼續強勁，我們總收入的 34% 來自該地區。

We're seeing investments from customers in all market segments within China.

我們看到來自中國所有細分市場的客戶的投資。

The majority of the revenue again came from domestic Chinese customers.

大部分收入再次來自中國國內客戶。

We continue to expect solid investment levels in this region throughout the calendar year.

我們繼續預計整個日曆年該地區的投資水平將保持穩健。

China is obviously an important market for Lam, and we remain confident in the strength of our business there.

中國顯然是林的一個重要市場，我們對我們在那裡的業務實力充滿信心。

The June quarter revenue for our customer support business group was a record at $927 million, representing an increase of 8% from the March quarter level and an increase of over 17% from the same quarter a year ago.

我們的客戶支持業務集團 6 月份季度收入達到創紀錄的 9.27 億美元，比 3 月份季度水平增長 8%，比去年同期增長 17% 以上。

We're delivering sustainable growth across the components of our customer support group in spare parts, service, upgrades and our refurbished Reliant tool business.

我們在備件、服務、升級和翻新 Reliant 工具業務方面的客戶支持團隊的各個組成部分實現了可持續增長。

Within the June quarter, we executed 2 significant longer-term spares contracts, further improving the recurring nature of the revenue streams in this business and demonstrating further evidence of the trust our customers have in us to continuously deliver value.

在 6 月季度，我們執行了 2 份重要的長期備件合同，進一步改善了該業務收入流的經常性性質，並進一步證明了我們的客戶對我們持續創造價值的信任。

Gross margin for the June quarter was 46.1%.

六月季度的毛利率為 46.1%。

At the start of the June quarter, driven by uncertainties related to the COVID-19 situation, we saw potential capacity limitations, both from our supply chain partners as well as our own internal production capability.

在 6 月季度初，由於與 COVID-19 局勢相關的不確定性，我們看到了潛在的產能限制，這既來自我們的供應鏈合作夥伴，也來自我們自己的內部生產能力。

However, as the June quarter progressed, we were able to increase our production efficiency.

然而，隨著六月季度的進展，我們能夠提高生產效率。

The resulting expansion in production volumes yielded better factory performance that enhanced gross margin from our original expectations.

由此產生的產量增長帶來了更好的工廠業績，從而提高了我們最初預期的毛利率。

In addition, gross margins fluctuate, as you know, based on customer and product mix.

此外，如您所知，毛利率會根據客戶和產品組合而波動。

And in the June quarter, we ended up with a slightly more favorable mix than we anticipated at the start of the quarter.

在 6 月季度，我們最終得到了比我們在本季度初預期的稍微有利的組合。

We are seeing higher costs due to COVID in several areas, most notably freight and logistics.

由於 COVID，我們在幾個領域看到了更高的成本，最明顯的是貨運和物流。

We're doing our best to mitigate that headwind by managing other expenses in the factories and in the field.

我們正在盡最大努力通過管理工廠和現場的其他費用來緩解這種不利因素。

June quarter operating expense came in at $493 million, slightly higher than the March quarter.

6 月季度的運營費用為 4.93 億美元，略高於 3 月季度。

We focused our spending in the research and development area as we address our customers' most critical needs.

在滿足客戶最關鍵的需求時，我們將支出集中在研發領域。

Roughly 2/3 of our spending remains focused towards R&D.

我們大約 2/3 的支出仍然集中在研發上。

Our incentive compensation expense increased from the prior quarter, which is tied to our improved profitability levels.

我們的激勵薪酬費用比上一季度有所增加，這與我們提高的盈利水平有關。

At the same time, we've managed expenses elsewhere, most notably travel, and they came down throughout the June quarter.

與此同時，我們已經管理了其他地方的開支，尤其是差旅費用，並且在整個 6 月季度都有所下降。

Operating income in the June quarter was $795 million, and operating margin was 28.5%, which was an increase of 160 basis points from the prior quarter.

6 月當季營業收入為 7.95 億美元，營業利潤率為 28.5%，比上一季度增加 160 個基點。

Our tax rate this quarter was 7.6%.

我們本季度的稅率為 7.6%。

Our rate was low in the June quarter, primarily due to a more favorable mix of geographic income and maybe more importantly a onetime year-end adjustments we recorded as we closed our fiscal year.

我們在 6 月季度的利率很低，這主要是由於地域收入組合更加有利，也許更重要的是，我們在結束本財年時記錄了一次年終調整。

We will have fluctuations in the rate from quarter-to-quarter.

我們將在每個季度的利率波動。

You should continue to expect the ongoing tax rate to be in the low teens level for your models.

您應該繼續期望您的模型的持續稅率處於低青少年水平。

Other income and expense increased slightly in the June quarter, coming in at approximately $33 million of expense.

其他收入和支出在 6 月季度略有增加，支出約為 3300 萬美元。

Within the June quarter, we were opportunistic with our capital structure.

在 6 月季度，我們對資本結構持機會主義態度。

At the end of April, we completed an offering of $2 billion of investment-grade bonds with maturities of 10, 30 and 40 years.

4 月底，我們完成了 20 億美元投資級債券的發行，期限分別為 10 年、30 年和 40 年。

I was pleased with the demand for our paper as well as the pricing, which came in with coupons of 1.9%, 2.875% and 3.125%, respectively.

我對我們紙張的需求和定價感到滿意，優惠券分別為 1.9%、2.875% 和 3.125%。

We used $1.25 billion of the debt proceeds to pay down the revolving credit facility that was then outstanding.

我們使用 12.5 億美元的債務收益來償還當時未償還的循環信貸額度。

That facility is now completely paid down.

該設施現已完全償還。

As we discussed in last quarter's call, the cost of our employee deferred compensation plan and the offsetting hedging balances remain mismatched in the GAAP P&L.

正如我們在上個季度的電話會議中所討論的，我們的員工遞延薪酬計劃的成本和抵消對沖餘額在 GAAP 損益表中仍然不匹配。

You can see these results in the GAAP reconciliation table of our earnings release.

您可以在我們的收益發布的 GAAP 對賬表中看到這些結果。

Given the volatility in the market in the June quarter, there were large fluctuations between our GAAP expenses and the OI&E lines that hedge essentially offsets at the net income level.

鑑於 6 月季度的市場波動，我們的 GAAP 費用與 OI&E 線之間存在很大波動，這些對沖基本上在淨收入水平上抵消。

And you should note, the other income and expense balance includes the interest expense of our outstanding debt amounts, obviously, offset by the interest income from our cash and investment balances.

您應該注意，其他收入和支出餘額包括我們未償債務金額的利息支出，顯然被我們的現金和投資餘額的利息收入所抵消。

You should expect that other income and expense will vary quarter-to-quarter based on several market-related items, should think about things like foreign exchange.

您應該預計其他收入和支出會根據幾個與市場相關的項目而有所不同，應該考慮外匯等問題。

On the capital return side, we noted in our March quarter earnings call that we would be pausing our buyback activity during the June quarter until we had a better line of sight in the business environment.

在資本回報方面，我們在 3 月季度財報電話會議中指出，我們將在 6 月季度暫停回購活動，直到我們對商業環境有了更好的了解。

As a result, we had only a small amount of share repurchases in the latter part of the June quarter.

因此，我們在 6 月季度的後期只有少量股票回購。

And that, together with dividends, ended up having us deploy approximately $200 million towards capital return.

再加上股息，我們最終將大約 2 億美元用於資本回報。

Long-term capital return of 75% to 100% of free cash flow remains our plan.

75% 至 100% 的自由現金流的長期資本回報率仍然是我們的計劃。

Diluted earnings per share, as I said, was $4.78.

正如我所說，稀釋後的每股收益為 4.78 美元。

I'll mention that the onetime benefit from the tax items I referenced was roughly $0.14.

我會提到，我提到的稅收項目的一次性收益大約是 0.14 美元。

Our diluted share balance for the June quarter rounded down to 147 million shares, only a very slight decrease due to the minimal share repurchase activity.

我們 6 月份季度的稀釋後股票餘額向下舍入至 1.47 億股，由於股票回購活動很少，僅略有下降。

The share count includes a dilutive impact of approximately 1 million shares from the 2041 convertible notes.

股份數量包括來自 2041 年可轉換票據的約 100 萬股的稀釋影響。

The dilution schedule for the remaining 2041 convertible note is available on our Investor Relations website for your reference.

剩餘 2041 可轉換票據的稀釋時間表可在我們的投資者關係網站上查閱，以供您參考。

Let me now move on to the balance sheet.

現在讓我談談資產負債表。

Our cash and short-term investments, including restricted cash increased in the June quarter to $7 billion from $5.6 billion in the March quarter.

我們的現金和短期投資，包括限制性現金，從 3 月季度的 56 億美元增加到 6 月季度的 70 億美元。

Cash flows from operations in the quarter were strong at $813 million due to healthy profitability and solid collections during the quarter.

由於本季度穩健的盈利能力和穩健的收款，本季度的運營現金流強勁，達到 8.13 億美元。

The remainder of the increase quarter-to-quarter was related to the debt issuance, offset by the pay down of the revolving credit facility.

環比增長的其餘部分與債務發行有關，但被循環信貸額度的償還所抵消。

DSO decreased in the June quarter to 68 days from 80 days in the March quarter, demonstrating strong collection performance and the resulting timing of customer payments.

DSO 在 6 月季度從 3 月季度的 80 天減少到 68 天，顯示了強大的收款性能和由此產生的客戶付款時間。

Inventory turns were flat with the prior quarter at 3.2x.

庫存周轉率與上一季度持平，為 3.2 倍。

We have consciously increased our inventory balance to support the higher revenue level that we see in the September quarter.

我們有意識地增加了庫存餘額，以支持我們在 9 月季度看到的更高的收入水平。

Noncash expenses included approximately $50 million for equity compensation, $54 million for depreciation and $17 million for amortization.

非現金支出包括大約 5000 萬美元的股權補償、5400 萬美元的折舊和 1700 萬美元的攤銷。

June quarter capital expenditures were consistent with the prior quarter amount coming in at $51 million.

6 月季度資本支出與上一季度一致，為 5100 萬美元。

Ending headcount as of the June quarter was approximately 11,300 regular full-time employees.

截至 6 月季度末的員工總數約為 11,300 名正式全職員工。

This headcount reflects added resources in our factory and field operations, supporting increased volume as well as additions in research and development to support ongoing critical deliverables like the new Sense.i Etch platform and the dry resist program that we announced at our Investor Day in March.

這一人數反映了我們在工廠和現場運營中增加的資源，支持增加產量以及增加研發以支持正在進行的關鍵交付物，例如新的 Sense.i 蝕刻平台和我們在 3 月投資者日宣布的干抗蝕劑計劃.

So now looking ahead, I'd like to provide our non-GAAP guidance for the September 2020 quarter.

所以現在展望未來，我想提供我們對 2020 年 9 月季度的非 GAAP 指導。

We're expecting revenue of $3.1 billion, plus or minus $200 million.

我們預計收入為 31 億美元，上下浮動 2 億美元。

Gross margin increasing to 46.5%, plus or minus 1 percentage point.

毛利率增至 46.5%，正負 1 個百分點。

Operating margins of 29.5%, plus or minus 1 percentage point.

營業利潤率為29.5%，上下浮動1個百分點。

And finally, earnings per share of $5.15, plus or minus $0.40 based on a share count of approximately 147 million shares.

最後，每股收益為 5.15 美元，根據大約 1.47 億股的股票數量，正負 0.40 美元。

These ranges remain wider than normal due to the continuing uncertainty from COVID-19.

由於 COVID-19 的持續不確定性，這些範圍仍然比正常範圍更廣。

We are well positioned for the second half of calendar 2020 as we expect continued healthy WFE investments.

我們為 2020 年下半年做好了準備，因為我們預計 WFE 投資將持續健康。

We see continued strength from memory, and foundry for that matter, driven by demand and more strategic technology-oriented investments.

在需求和更具戰略性的技術導向投資的推動下，我們看到了內存和代工的持續增長。

The customer support business group is also expected to provide continued momentum for the company.

客戶支持業務組也有望為公司提供持續的動力。

Operator, that concludes my prepared remarks.

接線員，我準備好的發言到此結束。

Tim and I would now like to open up the call for questions.

蒂姆和我現在想打開提問的電話。

(Operator Instructions) The first question will come from Timothy Arcuri with UBS.

（操作員說明）第一個問題將來自瑞銀的 Timothy Arcuri。

Doug, I guess the first question, you're talking about now WFE being mid- to high 50s this year.

道格，我猜第一個問題，你說的是現在 WFE 今年已經 50 多歲了。

If I look at Q3 and I look at your guidance and you're, sort of, probably going to gain some WFE share this year.

如果我查看第三季度並查看您的指導，那麼您今年可能會獲得一些 WFE 份額。

It would sort of assume that we're running maybe in the low 60s in Q3.

它會假設我們可能在第三季度運行在 60 年代的低點。

So I guess, if I assume your full year forecast, and I assume maybe you gain 100 basis points of WFE share this year, something like that, it would sort of imply that December revenue is sort of flattish.

所以我想，如果我假設你的全年預測，並且我假設你今年可能獲得 100 個基點的 WFE 份額，類似這樣，這在某種程度上意味著 12 月份的收入有點平淡。

And I'm not asking you to guide December, but I'm just kind of wondering whether you think if that math holds together where you should gain like a little bit of WFE share this year?

我並不是要你指導 12 月，但我只是想知道你是否認為如果這個數學結合在一起，你應該在今年獲得一點 WFE 份額？

Yes, Tim, you're absolutely right.

是的，蒂姆，你完全正確。

We're only guiding 1 quarter at a time, but -- and I'm not going to give you a specific answer on December.

我們一次只指導一個季度，但是——我不會在 12 月給你一個具體的答案。

But I will qualitatively say, I think, December will continue to be a strong quarter for us.

但我會定性地說，我認為，12 月對我們來說將繼續是一個強勁的季度。

Your math -- I don't look at WFE on a quarterly basis.

你的數學 - 我不按季度查看 WFE。

I'm sure you're doing the math right, but you're also right about the observation on share spend and where memory is trending and all of those things.

我相信你做的數學是正確的，但你對份額支出的觀察和內存趨勢以及所有這些事情也是正確的。

We're setting up, I think, for a pretty good second half, Tim.

蒂姆，我認為，我們正在為下半場做好準備。

The next question will come from C.J. Muse with Evercore.

下一個問題將來自 C.J. Muse 和 Evercore。

I guess, a question on the memory side of things and where are we in the cycle?

我想，關於事物的記憶方面的問題以及我們在循環中的哪個位置？

I know we're 30% above the recent trough, but still 40% below the prior peak.

我知道我們比最近的低點高出 30%，但仍比之前的高點低 40%。

And investors clearly have been focused on this aspect and would love to hear your view, particularly, as it relates to the positive trends you highlighted into calendar '21?

投資者顯然一直專注於這方面，並且很想听聽您的觀點，特別是因為它與您在 21 年日曆中強調的積極趨勢有關？

Sure.

當然。

I'll start, C.J., and then let Doug add something if he wants to.

我會開始，C.J.，然後讓 Doug 如果他想添加一些東西。

Obviously, what we've been saying for quite some time is that memory is a story of one kind of coming off what was a very strong 2018, and a couple of years of then digesting that.

顯然，我們在相當長一段時間內一直在說的是，記憶是一個故事，講述了一個非常強勁的 2018 年，然後經過幾年的消化。

But at the same time, there are underlying growth drivers that I think you're seeing everywhere for both NAND and DRAM that give us greater confidence in what we've stated as long-term bit demand growth in the high 30s for NAND and in the high teens for DRAM.

但與此同時，我認為你在任何地方都能看到 NAND 和 DRAM 的潛在增長驅動因素，這讓我們對我們所說的 NAND 和 30 年代高位長期比特需求增長更有信心。 DRAM 的十幾歲。

If those are correct and like, I said, I gave you a few of the examples of where there are big consumers of NAND and DRAM from an application perspective on the horizon, we think that memory investment has to continue to grow for years to come.

如果這些是正確的，我說，我給你舉了幾個例子，從即將出現的應用角度來看，NAND 和 DRAM 的大消費者，我們認為內存投資必須在未來幾年繼續增長.

Obviously, at our Investor Day, we laid out a model of a more normalized memory spending level in the context of total $60 billion WFE.

顯然，在我們的投資者日，我們在 600 億美元的 WFE 的背景下制定了一個更加標準化的內存支出水平模型。

And in that environment, we grow the company quite significantly.

在那種環境下，我們的公司發展得相當顯著。

Yes.

是的。

And C.J., maybe I'd just add.

還有 C.J.，也許我會補充一下。

I mean, more near-term tactically relative to what's going on this year, I think, NAND is a little bit ahead of DRAM relative to pace of recovery.

我的意思是，相對於今年的情況，在近期的戰術上，我認為，相對於復甦的步伐，NAND 稍微領先於 DRAM。

When I look at the market, both are kind of managing inventory, investing, what I described as or tried to with a prudent cadence.

當我看市場時，兩者都是管理庫存、投資，我所描述或試圖以謹慎的節奏進行。

That's got

那有

NANDmanned up this year.

NAND今年加入了。

And DRAM may be up a little bit, but not too much.

DRAM 可能會上漲一點，但不會太多。

I really do think DRAM will be more a 2021 story.

我真的認為 DRAM 將更像是 2021 年的故事。

So think about that near term.

所以考慮一下近期的情況。

And then on top of that, as it relates to Lam, I mean, we're doing extremely well in foundry as well.

最重要的是，因為它與 Lam 有關，我的意思是，我們在代工方面也做得非常好。

So factor that in when you think about what's going on with our company.

因此，當您考慮我們公司的情況時，請考慮到這一點。

Very helpful.

很有幫助。

And if I could follow-up on the service side, you grew that business stellar 17% year-on-year.

如果我能在服務方面跟進，你的業務同比增長了 17%。

Was there any catch-up there on the deferred side?

延遲方面是否有任何追趕？

And I guess, thinking through that, how should we think about the potential for sequential growth into September, December?

我想，考慮到這一點，我們應該如何考慮到 9 月、12 月的連續增長潛力？

How do tools coming off warranty and upgrades look at least based on your bill plan today?

至少根據您今天的賬單計劃，保修和升級後的工具看起來如何？

Whatever you can share.

你可以分享什麼。

Yes.

是的。

C.J., in this part of the business, the deferred stuff we had at the end of March really wasn't impacting things.

C.J.，在這部分業務中，我們在 3 月底推遲的東西確實沒有影響到事情。

The deferred, if you remember, what we described at the end of March, had to do with back order shipment.

如果您還記得的話，我們在 3 月底所描述的延期與延期交貨有關。

That was really all about new equipment.

那真的都是關於新設備的。

So I don't think there's anything terribly unique going on in CSBG.

因此，我認為 CSBG 中沒有什麼特別之處。

Tim, unless there's something...

蒂姆，除非有什麼...

No, I think it's -- again, it's just the efforts, as we've said, to continue to provide services to grow our revenue opportunity per chamber and also just our business as you pointed out.

不，我認為這再次，正如我們所說，這只是努力繼續提供服務，以增加我們每個會議室的收入機會，也只是我們的業務，正如你所指出的。

As our company continues to grow faster, the installed base grows faster and generates more opportunity.

隨著我們公司繼續快速增長，安裝基礎增長更快並產生更多機會。

I don't think there's anything else.

我不認為還有別的。

Operator, can we go back to Tim Arcuri for an additional question, please?

接線員，我們可以再問 Tim Arcuri 一個額外的問題嗎？

Yes.

是的。

I thought it was, finally, Tim, only had 1 question.

我以為是，最後，蒂姆只有 1 個問題。

Yes, ma'am.

是的女士。

One moment.

一瞬間。

Tim?

蒂姆？

So second question, I guess, can you go through a little bit about the -- how the whole military end-use thing has transpired?

所以第二個問題，我想，你能簡單介紹一下——整個軍事最終用途是如何發生的嗎？

It seems like China WFE is a little higher, the domestic stuff is maybe $1 billion to $1 billion higher than you thought it would be.

看起來中國 WFE 有點高，國內的東西可能比你想像的要高 10 億到 10 億美元。

And it seems like now all these customers know that there's restrictions looming at some point.

現在似乎所有這些客戶都知道在某些時候存在限制。

So they're going to keep on pulling stuff in.

所以他們會繼續拉東西。

So can you just talk about how the export controls have transpired?

那麼你能談談出口管制是如何發生的嗎？

Is commerce happy just as long as you do the due diligence with the customer on military end-use?

只要您與客戶就軍事最終用途進行盡職調查，商業是否會感到高興？

Can you just kind of talk about all that?

你能談談這一切嗎？

Sure.

當然。

I think, Tim, in my comments, I talked about our assessment.

我想，蒂姆，在我的評論中，我談到了我們的評估。

It was quite an extensive diligence process that we went through, which consisted both of our own conversations and questioning of the customers and their certification as well as the use of third-party research and also validation by outside counsel.

我們經歷了一個相當廣泛的盡職調查過程，其中包括我們自己的對話和對客戶及其認證的提問，以及使用第三方研究和外部顧問的驗證。

And we arrived at our conclusions.

我們得出了我們的結論。

As I stated, no material financial business impact as a result of all of that work.

正如我所說，所有這些工作都不會對財務業務產生重大影響。

Now that is an ongoing activity for us, meaning that continually assessing and doing that kind of research and so that's something that we have committed to.

現在這對我們來說是一項持續的活動，這意味著不斷評估和進行這種研究，這是我們承諾的事情。

But at this point, that is our conclusion.

但在這一點上，這就是我們的結論。

If -- by your question about -- in connection to domestic China WFE, I don't think that's a connection that we're making.

如果 - 根據你的問題 - 與中國國內 WFE 有關，我認為這不是我們正在建立的聯繫。

And basically, we are saying that China has plans to invest and I indicated that a lot of the investment is coming from NAND as well as foundry.

基本上，我們說中國有投資計劃，我表示很多投資來自 NAND 和代工。

And at least in our view, right now, we have not made that connection that somehow domestic China WFE is, in any way, really affected by these rules one way or the other.

至少在我們看來，目前，我們還沒有將中國國內的 WFE 以某種方式真正受到這些規則的某種影響。

Yes.

是的。

Tim, maybe a quick comment from me.

蒂姆，也許是我的快速評論。

My sense is, it's not -- there's nothing pulled in.

我的感覺是，它不是——沒有任何東西被拉進來。

Honestly, now, we maybe wouldn't know if it was or wasn't a little bit.

老實說，現在，我們可能不知道它是不是一點點。

But given we've concluded the rules are not impacting our ability to ship, I don't know why anybody would think they should be pulling things in, right?

但鑑於我們已經得出結論，這些規則不會影響我們的發貨能力，我不知道為什麼有人會認為他們應該把東西拉進來，對吧？

The next question will come from Harlan Sur with JPMorgan.

下一個問題將來自摩根大通的 Harlan Sur。

Great job on the business execution and strong results.

出色的業務執行和強勁的成果。

One of the large logic manufacturers recently talked about the potential of moving to a more outsourced business model.

一家大型邏輯製造商最近談到了轉向更加外包的商業模式的潛力。

Maybe just a continuation of the industry trend towards a fabless business model.

也許只是行業趨勢向無晶圓商業模式的延續。

At a high level, it would appear to be a zero-sum game, but wanted to get your views on the potential ramifications of your business in a structural move in the industry towards a more fab-light or fabless business model?

從高層次上看，這似乎是一場零和遊戲，但想了解您的業務在行業結構性轉變中向更輕晶圓廠或無晶圓廠業務模式的潛在影響？

Yes.

是的。

Okay.

好的。

Let me take try to take that, Harlan.

讓我試著接受，哈倫。

To start, obviously, we don't want to comment about the specific plans of any one customer.

首先，顯然，我們不想評論任何一位客戶的具體計劃。

But to your point of the industry moving to outsourced model, I mean, obviously, that's a more than 20-year story.

但就你所說的行業轉向外包模式而言，我的意思是，顯然，這是一個 20 多年的故事。

And I think that anything that allows wafers ultimately to be produced with better technology at lower costs, however, that's done in-house or outsourced, is what's good for the industry, and that's good for Lam.

而且我認為，任何能夠最終以更好的技術以更低的成本生產晶圓的東西，無論是在內部還是外包，都是對行業有利的，這對 Lam 也有利。

I'm quite certain that as a result of the advances that have happened on the foundry side, Lam's business has benefited tremendously in the last 20 years.

我很確定，由於代工方面的進步，Lam 的業務在過去 20 年中受益匪淺。

And that just comes back to a statement that I've made a number of times, which is the best thing for Lam is that technology nodes continue to migrate.

這又回到了我多次發表的聲明，對 Lam 來說最好的事情是技術節點繼續遷移。

We have greater SAM at every technology node migration across NAND, DRAM and foundry/logic.

在跨 NAND、DRAM 和代工廠/邏輯的每個技術節點遷移中，我們都有更大的 SAM。

And so every company has to decide for themselves, what's sort of the best answer to advancing technology at the best cost.

因此，每家公司都必須自己決定，以最佳成本推進技術的最佳答案是什麼。

And that can be in house, it can be outsourced.

這可以在內部進行，也可以外包。

What we care about is whether that technology advances and more wafers get produced.

我們關心的是技術是否進步，是否能生產更多的晶圓。

And so I think we obviously watch it and we look at the impact on our business.

所以我認為我們顯然會關注它，我們會關注對我們業務的影響。

But ultimately, foundry hasn't been bad for the industry or for Lam.

但歸根結底，代工對行業或 Lam 來說都不是壞事。

And Harlan, maybe just one additional comment from me.

還有哈蘭，也許只是我的補充評論。

The way I think about it is what matters to Lam is the number of leading-edge wafers in the entire industry that are put in place, whether it's in-sourced, outsourced, largely doesn't matter too much.

我認為對 Lam 來說重要的是整個行業中已到位的領先晶圓的數量，無論是內包還是外包，都無關緊要。

Either way it needs equipment, right, independent of where it goes.

無論哪種方式，它都需要設備，對，與它的去向無關。

We're selling largely the same things to the industry.

我們向這個行業銷售的東西基本相同。

Yes.

是的。

That's great insights there.

這是很好的見解。

Good to see the recovery of the business and the improvement in the supply chain and logistical bottleneck.

很高興看到業務的複蘇以及供應鍊和物流瓶頸的改善。

Just wondering, Doug, if the team is still, even with the strong September quarter guide playing catch up on the delinquent backlog as a result of the earlier bottlenecks?

只是想知道，道格，如果團隊仍然存在，即使由於早期的瓶頸，強大的 9 月季度指南正在追趕拖欠的積壓？

And if so, how much of that has yet to be worked down?

如果是這樣，其中有多少尚未解決？

Yes.

是的。

Harlan, I think we got nicely caught up.

哈蘭，我認為我們很好地趕上了。

I don't think we're completely caught up as we sit here today, but we made very nice progress during the quarter.

我認為我們今天坐在這裡並沒有完全趕上，但我們在本季度取得了非常好的進展。

The next question will come from John Pitzer with Crédit Suisse.

下一個問題將來自瑞士信貸的 John Pitzer。

Congratulation on results.

祝賀結果。

Doug, just maybe a follow-on to Harlan's question.

道格，也許只是哈倫問題的後續。

It sounds like COVID was still a cost headwind in the June quarter, I'm wondering if you can help us quantify that?

聽起來 COVID 在 6 月季度仍然是成本逆風，我想知道您是否可以幫助我們量化它？

And as you look out into September with the guide, how much sort of COVID logistical expense is still in there?

當您與指南一起展望 9 月時，還有多少 COVID 後勤費用在那裡？

And when do you think you might be able to take that out of the model?

您認為什麼時候可以將其從模型中刪除？

Yes.

是的。

John, the biggest individual item when I look at it is freight and logistics.

約翰，當我看到它時，最大的單個項目是貨運和物流。

I mean freight lanes are more restricted than they were obviously pre-COVID, things are more expensive.

我的意思是貨運航線顯然比 COVID 之前更受限制，東西更貴。

Really tough to mitigate that.

真的很難緩解。

I mean, to a certain extent, you take the price, you do your best to negotiate it, but you're somewhat of a price taker there.

我的意思是，在某種程度上，你接受價格，你盡你最大的努力去談判，但你在某種程度上是一個價格接受者。

That doesn't mean we're not -- as I tried to describe, working to drive efficiency effectiveness elsewhere in the operation.

這並不意味著我們沒有——正如我試圖描述的那樣，努力在運營的其他地方提高效率。

That's what Lam is extremely good at doing, and we're doing that.

這就是 Lam 非常擅長做的事情，我們正在這樣做。

But that is where the challenges are right now.

但這就是現在面臨的挑戰。

I'm not going to quantify it, John, but it is impacting gross margin to a certain extent.

我不打算量化它，約翰，但它在一定程度上影響了毛利率。

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

我不知道，蒂姆，你想補充什麼嗎？

No.

不。

The only thing I'd add is, obviously, Doug pointed out some near-term headwinds on the cost side fully.

我唯一要補充的是，顯然，Doug 完全指出了成本方面的一些近期不利因素。

We would expect those to eventually roll back as things normalize post-COVID.

我們預計這些最終會隨著 COVID 後的事情正常化而回滾。

But I mentioned this point of the acceleration of remote support technologies and I think that's -- while we have fully quantified kind of what the benefit could be, clearly some of the benefits of less travel and more productivity of kind of worldwide engineers who can now connect into fabs and provide expertise via some new technologies.

但我提到了遠程支持技術的加速這一點，我認為這是 - 雖然我們已經完全量化了可能帶來的好處，但顯然，減少旅行和提高全球工程師生產力的一些好處現在可以連接到晶圓廠並通過一些新技術提供專業知識。

That actually will be likely a cost and kind of personnel benefit for us down in the future and so we're investing in that, and I think it's a positive headwind just further -- positive tailwind just further down the road.

這實際上可能是我們未來的成本和人員福利，所以我們正在投資，我認為這是一個更進一步的積極逆風 - 更進一步的積極順風。

That's helpful.

這很有幫助。

And then, Tim, you guys covered a lot of ground at the Analyst Day earlier this year, but you couldn't cover everything.

然後，蒂姆，你們在今年早些時候的分析師日上涵蓋了很多領域，但你無法涵蓋所有內容。

I'm kind of curious if you can kind of spend a few minutes talking about your positioning in advanced packaging?

我有點好奇你能不能花幾分鐘談談你在先進封裝領域的定位？

Because clearly, there's not a lot of volume and sort of chiplets today, but as you look at Intel moving to their second-generation 10-nanometer part sometime in the second half of next year, it seems like the tile/chiplet strategy is really poised to accelerate starting in the back half of next year and going forward.

因為很明顯，今天的小芯片數量和種類並不多，但是當你看到英特爾在明年下半年的某個時候轉向他們的第二代 10 納米部件時，似乎 tile/chiplet 戰略真的是準備從明年下半年開始加速並向前發展。

And I know you guys have some good leverage there, but I'm just trying to get a sense of quantifying and how big you think that market opportunity is?

而且我知道你們在那裡有一些很好的影響力，但我只是想獲得一種量化的感覺，你認為市場機會有多大？

Sure.

當然。

I don't know if we're prepared quite to quantify it for you on this call, but what I can tell you is, it kind of follows on from my earlier comment about customers and just the industry, in general, looks for the best way to achieve the performance that's required at the lowest cost.

我不知道我們是否準備好在這次電話會議上為你量化它，但我可以告訴你的是，這有點像我之前關於客戶的評論，而一般來說，整個行業都在尋找以最低成本實現所需性能的最佳方式。

And sometimes that's by looking at total system performance and see if advanced packaging, 3D chiplets, these sorts of technologies actually are one way to deliver system performance without having to necessarily utilize the most advanced node chips for every application.

有時這是通過查看整體系統性能，看看高級封裝、3D 小芯片和這些技術是否真的是提供系統性能的一種方式，而不必為每個應用程序使用最先進的節點芯片。

And our position has been very strong.

而且我們的地位一直很強。

We've been -- we were an early investor there.

我們一直 - 我們是那裡的早期投資者。

We have leading positions on both the etch and dep side in TSV applications and we think that we're extremely well positioned when that comes.

我們在 TSV 應用的蝕刻和沈積方面都處於領先地位，我們認為我們在這方面處於非常有利的地位。

And so every time we hear about acceleration, we're actually quite encouraged.

因此，每次我們聽到加速時，我們實際上都受到了鼓舞。

But it's something that our high aspect ratio, etching processes and our ability, I think, most people recognize our leadership for 20-plus years in copper electroplating fill.

但我認為，我們的高縱橫比、蝕刻工藝和我們的能力，大多數人都認可我們在銅電鍍領域 20 多年的領導地位。

Those are critical technologies for these 3D packaged in heterogeneous integration applications.

這些是封裝在異構集成應用程序中的這些 3D 的關鍵技術。

The next question will come from Krish Sankar with Cowen & Company.

下一個問題將來自 Cowen & Company 的 Krish Sankar。

Tim, I have a question on memory.

蒂姆，我有一個關於記憶的問題。

Clearly, memory, WFE, they're underspending right now and your revenue has a lot of potential upside.

顯然，內存、WFE，他們現在支出不足，你的收入有很多潛在的上升空間。

If I look at the last cyclical peak, which was in March 2018, if you were to get back to those kind of WFE levels for memory, how will Lam's revenue profile look like in memory, given that you're gaining some share?

如果我看一下 2018 年 3 月的最後一個週期性高峰，如果你要回到那種內存的 WFE 水平，鑑於你正在獲得一些份額，Lam 的收入狀況在內存中會是什麼樣子？

Is there a way to quantify it to see how much higher you could be versus the last cyclical peak?

有沒有辦法量化它，看看你可以比上一個週期性峰值高多少？

And then I have a follow-up.

然後我有一個跟進。

I think Doug's signaling, I can't quantify that.

我認為道格的信號，我無法量化。

We, of course, have quantified it, and that's why my comment was we believe our opportunity.

當然，我們已經對其進行了量化，這就是為什麼我的評論是我們相信我們的機會。

We knew there'd be this peak question, but my comment was, regardless of the fact that our revenues are approaching the last time and, therefore, the peak question starts to come up.

我們知道會有這個峰值問題，但我的評論是，不管我們的收入接近最後一次的事實，因此，峰值問題開始出現。

The setup is quite different and, in fact, that's why we pointed out, our memory mix today is much lower.

設置完全不同，事實上，這就是我們指出的原因，我們今天的內存組合要低得多。

WFE is not back there.

WFE 並沒有回到那裡。

And so I guess probably you can do it just as easily as we can, but there is still significant upside as memory growth continues not only to return to prior levels, but also to continue to grow to meet all of these new application drivers that we've talked about.

因此，我想您可能可以像我們一樣輕鬆地做到這一點，但仍然有很大的優勢，因為內存增長不僅會繼續恢復到以前的水平，而且還會繼續增長以滿足我們所有這些新的應用程序驅動因素談過。

Yes.

是的。

Chris, obviously, when we put a financial model out, not all that long ago, in March, we comprehended some aspect of memory being at a higher investment level, CSBG growing, our strength in foundry continuing to grow.

克里斯，很明顯，當我們推出財務模型時，就在不久前的 3 月，我們理解內存的某些方面處於更高的投資水平，CSBG 不斷增長，我們在代工方面的實力繼續增長。

So you have the data points.

所以你有數據點。

It's kind of all in there.

裡面都有。

Yes.

是的。

It's all in there.

都在裡面。

Got it.

知道了。

Got it.

知道了。

No worries.

不用擔心。

And then I just have a question on your ALD traction.

然後我有一個關於你的 ALD 牽引力的問題。

I'm just curious, like when you look at the ALD like, clearly, that market is going to continue growing.

我只是好奇，就像當你看 ALD 時，很明顯，這個市場將繼續增長。

You guys are like a #2 player in that, I would probably say.

你們在這方面就像#2 球員，我可能會說。

How much of the growth in ALD is actually driven by technology versus the fact that productivity for ALD tools is still pretty low?

ALD 的增長有多少實際上是由技術驅動的，而 ALD 工具的生產率仍然很低？

Which is driving the bigger upside in ALD?

哪個推動了 ALD 更大的上漲空間？

Well, all of these new adoptions that I keep talking about, these are Lam's efforts to expand the application base for ALD and -- which means it's a technology-driven decision.

好吧，我一直在談論的所有這些新的採用，這些都是 Lam 為擴大 ALD 應用基礎所做的努力，這意味著這是一個技術驅動的決定。

But usually, what has -- I mean, in the past, what has held back ALD from adoption in many of these cases was -- it's great technology, but the productivity wasn't affordable to put in at a certain node, so people pushed it out.

但通常情況下，我的意思是，在過去，在許多情況下阻礙 ALD 採用的是 - 這是一項很棒的技術，但是在某個節點上投入的生產力是負擔不起的，所以人們把它推出來。

What we've done is, we've married both an expanding film set, more applications with, as I said, architecturally enabled productivity and we're getting a lot of traction across a number of different applications.

我們所做的是，我們將不斷擴大的電影場景、更多應用程序與我所說的架構支持的生產力結合在一起，並且我們在許多不同的應用程序中獲得了很大的吸引力。

I talked about 3D NAND gap fill, talked about a multilayer application in foundry logic, that's a different material.

我談到了 3D NAND 間隙填充，談到了代工邏輯中的多層應用，這是一種不同的材料。

Talked about critical spacers.

談到了關鍵的墊片。

And so it's just -- we've broadened, I think, the target market for ALD, and we're seeing good traction.

所以它只是 - 我認為我們已經擴大了 ALD 的目標市場，並且我們看到了良好的牽引力。

The next question will come from Toshiya Hari with Goldman Sachs.

下一個問題將來自高盛的 Toshiya Hari。

Congrats on the strong results.

恭喜取得了不錯的成績。

Doug, you mentioned that for 2020, domestic China, you guys are expecting about $10 billion in spend.

道格，你提到 2020 年，中國國內，你們預計大約 100 億美元的支出。

Curious, what's the rough split between memory versus logic and foundry?

好奇，內存與邏輯和代工之間的粗略劃分是什麼？

And on the memory side, I feel like both you and the broader industry is currently in a sweet spot where your customers are spending, but they're not really contributing to supply.

在內存方面，我覺得您和更廣泛的行業目前都處於您的客戶消費的甜蜜點，但他們並沒有真正為供應做出貢獻。

At what point would you expect them to start to really move the needle on supply and as a result, capital intensity come down in local China?

您預計他們在什麼時候開始真正改變供應，從而降低中國本土的資本密集度？

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

We haven't quantified what is in which segment in China, but I forget if Tim said or if I said it in the script, it kind of blurs in my mind sometimes.

我們還沒有量化中國的哪個部分是什麼，但我忘記了蒂姆是否說過，或者我是否在劇本中說過，有時我腦子裡有點模糊。

We said it's broad-based in China, in all segments.

我們說它在中國的所有領域都有廣泛的基礎。

So it isn't just one.

所以它不僅僅是一個。

It's a broad set of customers that are investing.

這是一個廣泛的投資客戶。

So think of it that way.

所以這樣想吧。

It's not one or the other.

這不是一個或另一個。

And you're right.

你是對的。

And I wouldn't characterize China is inefficient in the investment.

我不會說中國在投資方面效率低下。

It's just -- when customers are investing for the first time or are relatively new to investing, in capacity, you got to buy it, then you have to ramp it.

只是——當客戶第一次投資或投資相對較新時，你必須購買它，然後你必須增加它。

And it takes time for that to happen.

這需要時間。

It's not unique to any 1 geography or any 1 customer.

它不是任何 1 個地理位置或任何 1 個客戶所獨有的。

That is really what's going on.

這就是正在發生的事情。

And over time, customers get more efficient as they ramp things.

隨著時間的推移，客戶在增加產品時會變得更有效率。

That's how I think about it.

我就是這麼想的。

Tim, I don't know...

提姆，我不知道...

As you suggested in the earlier question, I think, thinking about the model we put out just back at Investor Day, I think by the time you get to the 2023, 2024 time frame, we've comprehended that those additions in China are effectively the same as additions elsewhere in the world.

正如您在之前的問題中所建議的，我認為，考慮到我們剛剛在投資者日推出的模型，我認為當您到達 2023 年、2024 年的時間框架時，我們已經理解在中國的這些新增內容實際上是與世界其他地方的添加相同。

So we don't think there's some extra inefficient spending in that case that's driving numbers higher for Lam.

因此，我們認為在這種情況下，不會有一些額外的低效支出導致 Lam 的數字更高。

So I think if you just look back at that model, that's a relatively efficient spend across all segments in 2023, 2024.

因此，我認為，如果您回顧一下該模型，那麼在 2023 年和 2024 年的所有細分市場中，這是一個相對有效的支出。

Got it.

知道了。

And then as a quick follow-up.

然後作為快速跟進。

Doug, in your prepared remarks, you talked about winning 2 service contracts in the quarter, I believe.

道格，在你準備好的講話中，我相信你談到了在本季度贏得 2 份服務合同。

I wasn't sure if you meant to highlight it as a meaningful dynamic here.

我不確定你是否打算在這裡強調它是一個有意義的動態。

But do those contracts at all drive incremental growth going forward?

但這些合同是否真的推動了未來的增量增長？

Or does it change how we should be thinking about quarter-to-quarter, year-to-year volatility in your installed base business or profitability going forward?

或者它是否改變了我們應該如何考慮您的已安裝基礎業務或未來盈利能力的季度間、年度間波動？

No.

不。

Not really, Toshiya.

不是真的，Toshiya。

I mean I just mentioned it because, one, they were a little bit longer term; and two, they were bigger than perhaps typical.

我的意思是我剛剛提到它是因為，第一，它們的期限有點長；第二，它們可能比典型的要大。

And to me, it's very much part of how we run this business.

對我來說，這在很大程度上是我們經營這項業務的一部分。

It's -- the customer has faith and confidence in your ability to deliver and provide value.

它是——客戶對你交付和提供價值的能力有信心和信心。

It is consistent with what we expect that business to do, and it has done in the past.

這與我們期望該業務做的事情是一致的，而且它過去也做過。

I just mentioned it because it was notable when we were looking at the results this quarter.

我之所以提到它，是因為當我們查看本季度的結果時，它是值得注意的。

The next question will come from Blayne Curtis with Barclays.

下一個問題將來自巴克萊的 Blayne Curtis。

Great results.

偉大的結果。

I'm just kind of curious from a high level, the Wafer Front End, you're keeping the same amount you're catching up to.

我只是有點好奇，晶圓前端，你保持你正在追趕的相同數量。

Just kind of curious as you look at the way that the year is you're shaking out, I think, there's a lot of doubts whether you hit that number.

只是有點好奇，當你看著這一年你正在搖晃的方式時，我認為，有很多人懷疑你是否達到了這個數字。

Is it the same contribution?

是一樣的貢獻嗎？

And then just any comments on the strength in the second half by geography would be helpful.

然後，任何關於地理下半場實力的評論都會有所幫助。

Blayne, are you asking about WFE?

Blayne，你問的是 WFE 嗎？

Was that your question?

那是你的問題嗎？

Just so I understand.

就這樣我明白了。

I'm curious, as you -- you're still seeing the same WFE forecast for the year.

我很好奇，就像你一樣——你仍然看到今年的 WFE 預測相同。

I'm kind of curious is it same contribution as we thought of starting the year?

我有點好奇，這和我們今年開始的想法一樣嗎？

And then any comments on geography, particularly into the back of the calendar year?

然後對地理的任何評論，特別是在日曆年的後面？

Yes.

是的。

I think, Tim, specifically mentioned in his script, there's puts and takes in here, right?

我認為，蒂姆，在他的劇本中特別提到，這裡有投入和投入，對吧？

It's ended up at the same level.

它最終處於同一水平。

I would suggest to you that more consumer-oriented stuff is a little bit weaker.

我會向你建議，更多面向消費者的東西會更弱一些。

Smartphones, as an example.

以智能手機為例。

Smartphone units aren't the same as we thought at the beginning of the year, that is creating a little bit of a downtick, but that's offset by other things going on in hyperscale cloud, consumption of silicon, work-from-home type things.

智能手機單元與我們在年初認為的不同，這造成了一點點下降，但這被超大規模雲、矽消耗、在家工作類型的事情中發生的其他事情所抵消.

And net-net, one's up a little bit, one is down a little bit.

而net-net，一個上升一點，一個下降一點。

We're in the same place that we began the year at.

我們在今年開始的同一個地方。

Okay.

好的。

And then just -- I was just curious about, from a geographic perspective, if you had any color into the growth into September?

然後只是 - 我只是好奇，從地理角度來看，您是否對 9 月份的增長有任何影響？

No, we never forecast the GOPs.

不，我們從不預測共和黨。

I wouldn't expect it to be wildly different than what you've seen over the last couple of quarters though from a directional standpoint.

儘管從方向性的角度來看，我不認為它與您在過去幾個季度中看到的情況有很大不同。

The next question will come from Vivek Arya with Bank of America Securities.

下一個問題將來自美國銀行證券公司的 Vivek Arya。

I'm curious about WFE growth outside of China.

我很好奇 WFE 在中國以外的發展。

Because when I look at your first half, ex China sales are down in the last fiscal year.

因為當我看你的上半年時，上一財年除中國外的銷售額下降了。

So when do we see -- why are we seeing these trends, I understand.

所以我們什麼時候看到 - 為什麼我們會看到這些趨勢，我理解。

This is probably a very short frame -- time frame for looking at these trends, but I'm just curious qualitatively, why are we not seeing the same kind of WFE growth outside of China because I imagine everyone is exposed to the same growth drivers?

這可能是一個非常短的框架——觀察這些趨勢的時間框架，但我只是好奇，為什麼我們在中國以外沒有看到同樣的 WFE 增長，因為我想每個人都接觸到相同的增長驅動力?

Vivek, I mean, obviously, the majority of WFE spending is outside of China, 2/3 of it is outside of China, right?

Vivek，我的意思是，很明顯，WFE 的大部分支出都在中國境外，其中 2/3 在中國境外，對吧？

And so you're seeing the contribution of WFE across every geography, right?

所以你看到了 WFE 在每個地區的貢獻，對吧？

It's more about what's going on in the end markets.

更多的是關於終端市場正在發生的事情。

That's how you should be thinking about it, right?

這就是你應該考慮的方式，對吧？

Foundry is strong this year.

今年鑄造業很強勁。

NAND, up from last year.

NAND，比去年有所上升。

DRAM, maybe up a little bit.

DRAM，可能會上漲一點。

But to a large extent, that's geographically independent.

但在很大程度上，這在地理上是獨立的。

No, I guess my question is that when I look at last year, WFE was, I think, 50, 51.

不，我想我的問題是，當我回顧去年時，我認為 WFE 是 50、51。

This year, you're guiding it up $5 billion to $7 billion, but a big part of that growth is coming from China, right?

今年，您將其引導至 50 億至 70 億美元，但增長的很大一部分來自中國，對吧？

The incremental growth is coming from China.

增量增長來自中國。

So I'm just curious why we are not seeing WFE spending outside of China at that same pace?

所以我很好奇為什麼我們沒有看到 WFE 在中國以外的支出以同樣的速度增長？

Or is that just something we will see next year, perhaps?

或者這只是我們明年會看到的東西，也許？

Yes.

是的。

No, you are.

不，你是。

I mean, there's 3 to 4 probably incremental in China.

我的意思是，在中國可能有 3 到 4 個增量。

And the rest of it is outside of China, Vivek.

其餘的都在中國以外，Vivek。

Okay.

好的。

As a follow-up, CSBG, thanks for providing that info.

作為後續行動，CSBG，感謝您提供該信息。

So it grew, I think, about 7% or so last fiscal year.

因此，我認為上一財年增長了約 7% 左右。

I'm curious what it -- how much it grew the prior fiscal year?

我很好奇它是什麼——上一財年增長了多少？

And what part of that should we think of that as kind of recurring?

我們應該將其中的哪一部分視為反復出現的？

And this is such an important part of your business that I'm always very curious about how to correlate this to your growth in chambers, right?

這是您業務中如此重要的一部分，我總是很好奇如何將其與您在商會中的成長聯繫起來，對吧？

Is this correlated to your chamber growth from 2 years ago or 3 years ago?

這與您 2 年前或 3 年前的腔室增長有關嗎？

Just how should we take this 7% number?

我們應該如何看待這 7% 的數字？

And I don't know how to forecast your CSBG business?

我不知道如何預測您的 CSBG 業務？

I guess that's really what I'm trying to ask.

我想這就是我想要問的。

If you're thinking about forecasting, we gave you data points at the Investor Day, which was Pat Lord, who manages this business for us, suggested that by 2023, '24, we'll have grown 40%.

如果您正在考慮預測，我們在投資者日為您提供了數據點，Pat Lord 為我們管理這項業務，他建議到 2023 年 24 年，我們將增長 40%。

So there's your data point for how to forecast it.

所以有你的數據點如何預測它。

Chamber count is critically important, but Pat and Tim talked about, it's not just chambers.

房間數量至關重要，但帕特和蒂姆談到，不僅僅是房間。

It's dollar per chamber growing from, I think, we -- I forget what year we indexed it back to, 2013, maybe.

我認為，每間會議室的美元增長——我忘記了我們將其索引到哪一年，也許是 2013 年。

2013.

2013 年。

It was -- yes, it was 1 point till then.

是——是的，到那時為止是 1 分。

It had gone to 1.5, and we had objectives to continue growing it to 1.7, which was what was baked in the model, so that's how you should think about it.

它已經升級到 1.5，我們的目標是繼續將其增長到 1.7，這是模型中的內容，所以你應該這樣考慮它。

Chamber count is important.

房間計數很重要。

We're also driving some of the innovative service offerings, like Tim talked, with remote diagnostic kind of equipment and things to try to add more value for the customers and get paid for it.

我們還在推動一些創新的服務產品，就像蒂姆所說的那樣，使用遠程診斷設備和東西來嘗試為客戶增加更多價值並獲得報酬。

The next question will come from Mehdi Hosseini with SIG.

下一個問題將來自 SIG 的 Mehdi Hosseini。

Yes.

是的。

Just as a follow-up to the prior question, how should we model the customer support over the next few quarters?

作為對上一個問題的跟進，我們應該如何在接下來的幾個季度中為客戶支持建模？

Should we just track the memory investment that you highlighted as doing better than foundry?

我們是否應該只跟踪您強調的比代工廠做得更好的內存投資？

Or would it be more in line with the overall revenue trend line that you described earlier?

還是更符合您之前描述的整體收入趨勢線？

Yes.

是的。

I think that -- again, it's -- the beauty of the CSBG business is, it probably doesn't -- it doesn't change on the timescale that you're talking about here relative to any particular quarter's change in shipments.

我認為——再次，它是——CSBG 業務的美妙之處在於，它可能不會——相對於任何特定季度的出貨量變化，它不會在你在這裡談論的時間尺度上發生變化。

I don't think you're going to see that.

我不認為你會看到那個。

Remember, we have an installed base in excess of 60,000 chambers.

請記住，我們擁有超過 60,000 個房間的安裝基礎。

And we're driving revenue in our CSBG business off of tools that were shipped 20-plus years ago.

我們正在通過 20 多年前交付的工具來推動 CSBG 業務的收入。

And there's upgrade cycles and there's service contracts that Doug talked about.

Doug 談到了升級週期和服務合同。

There's consumable parts.

有消耗品。

And so I don't think you're going to see that.

所以我認為你不會看到這一點。

But as I said, that's the beauty of this.

但正如我所說，這就是它的美妙之處。

This is the -- it's a stabilizing function for the company's revenue and that's why we're investing heavily in this and it delivers value for the customers in reuse of and extension of installed tools.

這就是——它是公司收入的穩定功能，這就是為什麼我們在這方面投入巨資的原因，它為客戶提供了重用和擴展已安裝工具的價值。

Yes.

是的。

I believe this is the first quarter that you're actually breaking this out and I was just trying to better understand whether the customer support business group would grow faster with memory or with foundry?

我相信這是您真正突破這一點的第一季度，我只是想更好地了解客戶支持業務組是否會在內存或代工方面增長得更快？

Or would it be the same for different end markets?

或者對於不同的終端市場會是一樣的嗎？

Yes.

是的。

I can -- okay.

我可以——好的。

Okay.

好的。

Well, I think it's the second quarter that we've actually put out the data.

好吧，我認為這是我們實際發布數據的第二季度。

But I think the couple of pieces of information to think about.

但我認為這幾條信息要考慮。

One is, we've said that the business will grow every year and that's simply because, again, the installed base is growing every year.

一個是，我們已經說過業務每年都會增長，這僅僅是因為安裝基數每年都在增長。

And again, we're investing to try to create more services -- value-added services and products for that installed base.

再一次，我們正在投資試圖創造更多的服務——增值服務和產品用於安裝基礎。

We haven't really made a comment about, does it grow every quarter?

我們還沒有真正發表評論，它是否每個季度都在增長？

I mean, because it's -- again, it can be influenced by certain service contracts, certain upgrade decisions that customers make in any given quarter.

我的意思是，因為它再次受到某些服務合同、客戶在任何給定季度做出的某些升級決策的影響。

But year-to-year, you can think about it growing every year.

但是年復一年，你可以想像它每年都在增長。

It's maybe a little bit less about segments.

細分市場可能會少一些。

I've talked in the past about critical applications and Lam's focus on critical applications and the importance of that.

我過去曾談到過關鍵應用程序以及 Lam 對關鍵應用程序的關注及其重要性。

I mean, one, they're sticky; but two, they actually tend to drive more parts and service requirements because the customers have to keep those systems at absolute top performance because they're performing the most difficult applications in the customer's fab.

我的意思是，一個，它們很粘；但第二，它們實際上往往會推動更多的零件和服務需求，因為客戶必須將這些系統保持在絕對最佳的性能，因為他們正在客戶的晶圓廠中執行最困難的應用程序。

And so you tend to see a little bit more pull-through on the CSBG business for the critical applications where Lam is extremely strong.

因此，對於 Lam 非常強大的關鍵應用程序，您往往會在 CSBG 業務上看到更多的拉動。

And so maybe that's -- maybe it's a little less by device type, but more by the application requirements.

所以也許這就是——也許它與設備類型有關，但更多的是由應用程序要求。

And also critical applications tend to drive a more frequent upgrade cycle as the customers need to keep the installed base kind of performing for that latest technology node.

此外，關鍵應用程序往往會推動更頻繁的升級週期，因為客戶需要為最新技術節點保持已安裝的基礎類型的性能。

The next question will come from Joe Moore with Morgan Stanley.

下一個問題將來自摩根士丹利的喬摩爾。

I know you guys said you had -- you were working your way through the supply challenges.

我知道你們說過，你們正在努力應對供應挑戰。

But I wonder if you could help us kind of with what the quarterly revenue progression might have looked like, if you hadn't had those?

但是我想知道如果您沒有這些，您是否可以幫助我們了解季度收入增長可能會是什麼樣子？

You had said in March, you get about $300 million of revenue deferred by the supply challenges.

您在 3 月份曾說過，由於供應挑戰，您將獲得約 3 億美元的收入。

Should we view June as kind of having caught up to that?

我們是否應該將六月視為已經趕上了這一點？

And then there's -- the surge in September is more shipping direct to demand or just what would that have looked like if you hadn't had the supply challenges that you had?

然後是 - 9 月的激增更多是直接滿足需求，或者如果你沒有遇到供應挑戰，那會是什麼樣子？

Yes, Joe, I didn't quantify it.

是的，喬，我沒有量化它。

I did say we got nicely caught up.

我確實說過我們很好地趕上了。

I also said we're not completely caught up at the end of the June quarter, and that's as much as I think we're going to give you right now.

我還說我們在六月季度末還沒有完全趕上，這就是我認為我們現在要給你的。

We're driving efficiencies.

我們正在提高效率。

We're getting much better.

我們正在變得更好。

I think Tim and I are pretty happy with how the supply chain is performing.

我認為蒂姆和我對供應鏈的表現非常滿意。

The next question will come from Joe Quatrochi with Wells Fargo.

下一個問題將來自富國銀行的 Joe Quatrochi。

Congrats on the results, from me, as well.

也祝賀我的結果。

I think you mentioned that your capacity from a manufacturing perspective is over $3 billion per quarter now with all the issues with the supply chain.

我認為您提到，從製造的角度來看，您現在每季度的產能超過 30 億美元，供應鏈存在所有問題。

Is there a scenario over the next few quarters where you see potentially demand outstripping what you can deliver?

在接下來的幾個季度中，您是否會看到潛在的需求超過您可以提供的能力？

Well, we have a global manufacturing factory network that we're highly confident in.

嗯，我們有一個我們非常有信心的全球製造工廠網絡。

I think it's unlikely that that's the scenario.

我認為這不太可能是這種情況。

I didn't want -- I did not give you a maximum output for our factory network.

我不想——我沒有給你我們工廠網絡的最大輸出。

I was only wanting to indicate that, clearly, we were supply constrained in the last quarter.

我只是想表明，很明顯，我們在上個季度受到了供應限制。

It was one of the reasons why we were unable to provide our normal guidance.

這也是我們無法提供正常指導的原因之一。

Now with capability beyond $3 billion, we're confident in our September quarter.

現在擁有超過 30 億美元的能力，我們對 9 月份的季度充滿信心。

And we're confident that, over time, we'll continue to ramp that higher and higher.

而且我們有信心，隨著時間的推移，我們將繼續提高這一點。

So it was -- we're not going to divulge our exact manufacturing capacity, but I'm quite certain we can continue to meet higher demand.

所以它是 - 我們不會透露我們確切的製造能力，但我很確定我們可以繼續滿足更高的需求。

That's helpful.

這很有幫助。

And then, Doug, just...

然後，道格，就...

Go ahead, Joe.

繼續，喬。

I have just a quick one on capital return.

我有一個關於資本回報的快速報告。

Should we think about your comments of reiterating your long-term target model for 75% to 100% of free cash flow as kind of indicative that we should start to see maybe some more -- or maybe a reacceleration of some of the share repo in the current quarter and to the end the year?

我們是否應該考慮一下您重申您的長期目標模型以實現 75% 至 100% 自由現金流的評論，這表明我們應該開始看到更多——或者可能重新加速某些股票回購當前季度和年底？

Yes, probably, Joe.

是的，大概，喬。

I mean, we said last quarter, we were pausing, and we actually came back into the market a little bit before the end of the quarter.

我的意思是，我們在上個季度說過，我們正在暫停，實際上我們在季度末之前回到了市場。

So we're back looking at things and I've always said it's opportunistic in terms of how we do what we do, and we'll continue to be opportunistic.

所以我們回過頭來看事情，我一直說，就我們如何做我們所做的事情而言，這是機會主義的，我們將繼續保持機會主義。

Operator, we have time for one more question, please.

接線員，我們有時間再問一個問題。

The next question will come from Weston Twigg with KeyBanc Capital Markets.

下一個問題將來自 KeyBanc Capital Markets 的 Weston Twigg。

I just wanted to dig into the operating cost a little bit.

我只是想稍微挖掘一下運營成本。

Just understanding that people aren't really traveling right now, you're probably saving some money.

只要了解人們現在並沒有真正旅行，您可能會節省一些錢。

You mentioned some tailwinds around remote servicing.

您提到了一些有關遠程服務的順風。

But should we expect operating costs to ramp up meaningfully in 2021, assuming there's some sort of post-pandemic return to kind of a normal level of business and travel and marketing?

但是，假設大流行後商業、旅行和營銷的某種程度恢復到某種正常水平，我們是否應該期望運營成本在 2021 年顯著增加？

And I kind of noticed that you added some headcount as well, so I would assume that, that would roll in, and I don't know if that continues through next year.

而且我有點注意到你也增加了一些員工人數，所以我認為這會滾滾而來，我不知道這是否會持續到明年。

But just kind of wondering how next year looks from an operating cost standpoint?

但只是想知道從運營成本的角度來看明年的情況如何？

Yes, Weston, I'm not going to give you a forecast for next year yet.

是的，韋斯頓，我不會給你明年的預測。

I think there'll be plus or minuses assuming we get back to normal, we get a vaccine, a therapeutic regimen, what have you.

我認為假設我們恢復正常，我們得到疫苗，治療方案，你有什麼，會有好有壞。

I think we're going to learn from how we're operating right now and be better over time.

我認為我們將從現在的運營方式中學習，並隨著時間的推移變得更好。

I mean that's what Lam is really very good at, looking at an opportunity, getting better and systematically doing it that way.

我的意思是這就是林真正非常擅長的，尋找機會，變得更好並系統地這樣做。

I think we will do that.

我認為我們會這樣做。

And yes, if we get back to normal, travel will come back a little bit.

是的，如果我們恢復正常，旅行將會恢復一點。

I don't think it comes back to where it was.

我不認為它會回到原來的位置。

But again, we'll keep managing the P&L in the right way.

但同樣，我們將繼續以正確的方式管理損益。

Yes.

是的。

I think the only thing I'd add is, at the same time, we've -- obviously, I think we have a great track record of managing OpEx.

我想我唯一要補充的是，與此同時，我們 - 顯然，我認為我們在管理 OpEx 方面有著良好的記錄。

And you can kind of look at the results to support that, but we are investing in our 2023, 2024 plans.

你可以看看結果來支持這一點，但我們正在投資於我們的 2023 年、2024 年計劃。

I mean, you've seen some of our announcements recently, the construction of a technology center in Korea.

我的意思是，您最近看到了我們的一些公告，即在韓國建設技術中心。

Obviously, there's expenses associated with that.

顯然，有與此相關的費用。

It's a strategic investment to expand our R&D capabilities, putting closer to some of our largest customers.

這是一項戰略投資，旨在擴大我們的研發能力，更貼近我們的一些最大客戶。

We're building a new manufacturing facility in Malaysia, which, again, is going to expand our global manufacturing network, provide additional business resilience, help take some cost out of manufacturing structure.

我們正在馬來西亞建立一個新的製造工廠，這將再次擴大我們的全球製造網絡，提供額外的業務彈性，幫助降低製造結構的一些成本。

So there are some near-term investments that we're confident in our long-term plan and so we are pushing those through even right now.

因此，我們對我們的長期計劃充滿信心，因此我們現在正在推動這些投資。

We're probably seeing some of that reflected in our expenses as well, so maybe that's offsetting a little bit some of the savings that Doug talked about.

我們可能也看到了其中一些反映在我們的開支中，所以也許這抵消了 Doug 談到的一些節省。

But I won't even get into the product and R&D, we continue to push more into R&D because we think it's the long-term growth engine of the company.

但我什至不會涉足產品和研發，我們會繼續加大研發力度，因為我們認為這是公司的長期增長引擎。

And we're really confident in our product pipeline and new products coming out.

我們對我們的產品線和新產品的推出非常有信心。

Thank you all for joining today.

感謝大家今天的加入。

We appreciate it and stay safe and healthy.

我們對此表示感謝並保持安全和健康。

Thank you.

謝謝你。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。