科林研發 (LRCX) 2020 Q3 法說會逐字稿

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

美好的一天，歡迎參加泛林研究公司三月季度的收益電話會議。

At this time, I would like to turn the conference over to Tina Correia, Corporate Vice President of Investor Relations.

這次，我想將會議交給投資人關係公司副總裁蒂娜‧科雷亞 (Tina Correia)。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to the Lam Research quarterly earnings conference call.

歡迎參加泛林研究季度財報電話會議。

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

今天與我在一起的有總裁兼執行長 Tim Archer；執行副總裁兼財務長 Doug Bettinger。

During today's call, we will share our overview on the business environment and review our financial results for the March 2020 quarter and our outlook for the June 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 2020 年 3 月季度的財務表現和 2020 年 6 月季度的前景。

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

詳細介紹我們財務表現的新聞稿於下午 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.

新聞稿以及今天電話會議附帶的簡報幻燈片也可以在該公司網站的投資者關係部分找到。

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 SEC 公開文件中揭露的風險因素所反映的風險和不確定性的影響。

Please see accompanying slides in the presentation for additional information.

請參閱簡報中隨附的幻燈片以了解更多資訊。

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，今天對我們財務表現的討論將在非公認會計準則財務基礎上進行。

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

公認會計原則和非公認會計原則結果之間的詳細調節可以在今天的收益新聞稿中找到。

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

該電話預計持續至下午 3:00。

Pacific Time.

太平洋時間。

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

今天下午晚些時候，我們的網站將提供此次電話會議的重播。

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

這樣，我會將電話轉交給提姆。

Great.

偉大的。

Thank you, Tina, and welcome, everyone.

謝謝蒂娜，歡迎大家。

I hope you and your families are doing well in these very challenging times.

我希望您和您的家人在這個充滿挑戰的時期一切順利。

Against the evolving backdrop of the COVID-19 pandemic, Lam delivered solid financial results in the March quarter.

在 COVID-19 大流行不斷變化的背景下，Lam 在 3 月季度取得了穩健的財務表現。

I want to start by discussing how we are managing through the current environment.

我想先討論我們如何應對當前環境。

The impact from the globally spreading virus began to materialize in our manufacturing and supply chain operations in the latter part of the March quarter as shelter-in-place orders went into effect across many regions.

隨著就地避難令在許多地區生效，全球傳播的病毒的影響在三月季度後半段開始在我們的製造和供應鏈營運中顯現。

We've responded effectively to these disruptions.

我們對這些幹擾做出了有效的反應。

And while near-term predictability remains more difficult than usual, I am pleased to say that our essential manufacturing facilities and labs are operating, allowing us to focus on critical customer deliverables.

雖然近期的可預測性仍然比平常更加困難，但我很高興地說，我們的重要製造設施和實驗室正在運行，使我們能夠專注於關鍵的客戶交付成果。

I am very grateful to our Lam employees and partners around the world, who with tremendous commitment and dedication have risen to meet extraordinary challenges.

我非常感謝世界各地的 Lam 員工和合作夥伴，他們以巨大的承諾和奉獻精神迎接非凡的挑戰。

Our focus at this time is concentrated in 3 key areas: first, our top priority remains the health and safety of our employees, our partners and their families.

我們目前的重點集中在三個關鍵領域：首先，我們的首要任務仍然是員工、合作夥伴及其家人的健康和安全。

From the start, we have actively sought the best available guidance to formulate our response plans.

從一開始，我們就積極尋求最佳可用指導來制定我們的應對計劃。

And we are complying with all public health directives in the locations in which we operate.

我們遵守營運所在地的所有公共衛生指令。

All employees that can execute their roles remotely are doing so.

所有可以遠端執行其職責的員工都在這樣做。

And through our expansion of our IT infrastructure capabilities, we have maintained a productive remote work cadence.

透過擴展 IT 基礎架構能力，我們保持了高效的遠距工作節奏。

To protect our employees that are working on-site at Lam locations, we have implemented rigorous safety practices, including on-site temperature monitoring, mandatory use of personal protective equipment and strict social distancing protocols.

為了保護在泛林工廠現場工作的員工，我們實施了嚴格的安全措施，包括現場溫度監測、強制使用個人防護裝備和嚴格的社交距離協議。

Second, we are executing our business continuity plans throughout our manufacturing and supply chain network.

其次，我們正在整個製造和供應鏈網路中執行業務連續性計劃。

Our capabilities are still limited compared to normal operation.

與正常運作相比，我們的能力仍然有限。

But as the pandemic has impacted different parts of the world at different times and to different degrees, we and our supply chain partners are successfully leveraging our global footprint to support our customers' most critical priorities.

但由於這場流行病在不同時間和不同程度上影響了世界不同地區，我們和我們的供應鏈合作夥伴正在成功地利用我們的全球足跡來支持客戶最關鍵的優先事項。

Past investments we have made to complement U.S. production capability with operations in Korea and Taiwan have proven valuable as both of those countries have reported earlier stabilization of local COVID-19 conditions.

我們過去為補充美國生產能力而在韓國和台灣的業務進行的投資已被證明是有價值的，因為這兩個國家都早些時候報告了當地 COVID-19 狀況的穩定性。

Similarly, we have worked closely with our suppliers on their challenges in specific regions, and we are beginning to see signs of improving material availability.

同樣，我們與供應商密切合作，應對他們在特定地區面臨的挑戰，我們開始看到材料可用性改善的跡象。

Third, we are focused on increasing the capability and expertise of our regional field teams to meet our customers' ongoing installed base needs, including installation of newly shipped systems.

第三，我們致力於提升區域現場團隊的能力和專業知識，以滿足客戶持續的安裝基礎需求，包括安裝新出貨的系統。

We anticipate the cross-region travel will be discouraged for at least the near future, and therefore, we are working closely with customers to significantly enhance remote support capabilities using advanced data collection and information sharing technologies.

我們預計至少在不久的將來將不鼓勵跨區域旅行，因此，我們正在與客戶密切合作，利用先進的數據收集和資訊共享技術顯著增強遠端支援能力。

Overall, I'm extremely pleased with how our teams have executed to mitigate the impact of this global pandemic on our employees, our customers and our business.

總的來說，我對我們的團隊如何減輕這場全球流行病對我們的員工、客戶和業務的影響感到非常滿意。

I also recognize that we are very fortunate in this difficult time to be able to give back to our employees and the communities that have helped us build our strong company.

我也意識到，在這個困難時期，我們非常幸運能夠回饋幫助我們建立強大公司的員工和社區。

In early April, we announced the creation of a $25 million relief fund to provide direct and immediate assistance to employees and others around us most impacted by the COVID-19 pandemic.

4 月初，我們宣佈設立 2500 萬美元的救濟基金，為員工和周圍受 COVID-19 大流行影響最嚴重的其他人提供直接和即時的援助。

I am happy to say that in only 3 weeks, more than half of our committed relief funds have already been deployed to help people affected by this crisis.

我很高興地說，在短短三週內，我們承諾的救濟資金的一半以上已經用於幫助受這場危機影響的人們。

I'll now transition to our results in the broader industry environment.

我現在將在更廣泛的行業環境中過渡到我們的結果。

In the March quarter, we delivered revenue of $2.5 billion and earnings per share of $3.98.

在 3 月季度，我們實現了 25 億美元的營收和 3.98 美元的每股盈餘。

Both results were below our original guidance, which we whipped through late in the quarter as we saw production and supply constraints emerge due to shelter-in-place orders.

這兩項結果均低於我們最初的指導，我們在本季度末迅速完成了該指導，因為我們看到由於就地避難訂單而出現了生產和供應限制。

Customer demand in the quarter was unchanged from our original view.

本季的客戶需求與我們最初的看法沒有改變。

We believe that our revenue in the near-term will be determined primarily by the capacity of our global manufacturing and supply chain network, as social distancing restrictions are expected to continue for the next several months in locations in which we and our suppliers operate.

我們認為，我們短期內的收入將主要取決於我們的全球製造和供應鏈網路的能力，因為預計我們和我們的供應商經營所在地的社交距離限制將在未來幾個月繼續存在。

While we are currently seeing improvements in both our own operations and those of our suppliers, risks and uncertainties related to the COVID-19 crisis remain.

雖然我們目前看到我們自己和供應商的營運有所改善，但與 COVID-19 危機相關的風險和不確定性仍然存在。

Consequently, we will not be providing our usual financial guidance for the June quarter.

因此，我們將不會提供六月季度的通常財務指導。

Doug and I will, however, provide our best assessment of the environment in our comments in Q&A.

不過，道格和我將在問答中的評論中提供我們對環境的最佳評估。

From our perspective, customer demand for equipment continues to remain very strong in the first half of 2020.

從我們的角度來看，2020年上半年客戶對設備的需求仍然非常強勁。

We believe that WFE spending is largely being driven by customers investing in strategic initiatives, including both foundry and memory technology transitions that will be critical to both capability and competitiveness when global markets eventually emerge from the effects of the pandemic.

我們認為，WFE 支出主要是由客戶對策略舉措的投資所推動的，包括代工和記憶體技術轉型，當全球市場最終擺脫大流行的影響時，這對能力和競爭力都至關重要。

The equipment industry is currently supply constrained.

裝備業目前供應緊張。

We exited the March quarter with record backlog and would expect to fulfill this unmet demand over the coming months.

我們以創紀錄的積壓結束了三月季度，並預計在未來幾個月內滿足這項未滿足的需求。

Looking beyond the near-term impact, we remain strong believers in the underlying fundamentals and resiliency of the semiconductor industry.

除了短期影響之外，我們仍然堅信半導體產業的基本面和彈性。

Semiconductors have become so embedded into nearly every industry, that we expect broad portfolio semiconductor equipment companies such as Lam, to see offsetting areas of strength and weakness to help support results.

半導體已經滲透到幾乎每個行業，我們預計林氏集團等擁有廣泛投資組合的半導體設備公司將看到優勢和劣勢相互抵消的領域，以幫助支撐績效。

This was our experience through the trough of the recent industry cycle, where we saw increased foundry and logic spending offset memory weakness.

這是我們在最近的行業週期低谷時期的經驗，我們看到代工和邏輯支出的增加抵消了記憶體的疲軟。

Despite a 40% decline in memory spending in calendar year 2019, our revenues held up well compared to prior cycles.

儘管 2019 年記憶體支出下降了 40%，但與先前的周期相比，我們的收入保持良好。

As we assess the potential future impact of COVID-19 on our business, recent customer commentary points to cloud and enterprise strength as an offset, at least in part to the weakness that may be seen in more consumer-oriented end markets like smartphones and auto.

當我們評估 COVID-19 對我們業務的潛在未來影響時，最近的客戶評論指出雲端和企業實力可以作為抵消，至少部分抵消智慧型手機和汽車等更面向消費者的終端市場可能出現的弱點。

The need for equipment and capacity to support work-from-home initiatives is causing cloud service providers to increase CapEx, creating the potential for a surge in server demand.

支援在家工作計畫的設備和容量需求導致雲端服務供應商增加資本支出，從而創造了伺服器需求激增的潛力。

Third-party estimates suggest that cloud capacity would need to increase tenfold to service the peak workloads seen as shelter-in-place rules went into effect.

第三方估計表明，隨著就地避難規則生效，雲端容量需要增加十倍才能滿足尖峰工作負載。

Although these heightened workloads are likely a short term phenomenon, this event will underscore the need for companies to invest more in infrastructure and business continuity capabilities as the data economy and our dependence on technology continues to expand over time.

儘管這些工作負載的增加可能是短期現象，但隨著數據經濟和我們對技術的依賴隨著時間的推移而擴大，這一事件將強調公司需要在基礎設施和業務連續性能力方面進行更多投資。

The PC and server markets account for nearly half of DRAM and NAND bit demand on average.

PC 和伺服器市場平均佔 DRAM 和 NAND 位元需求的近一半。

And when you also consider that memory customers underinvested in capacity additions in 2019, causing the industry to exit the year with supply growth well below long term demand, we believe there is good reason to be confident in the healthy fundamentals of the memory market, near-term uncertainty notwithstanding.

當您還考慮到內存客戶在2019 年產能增加方面投資不足，導致該行業在供應增長遠低於長期需求的情況下退出這一年時，我們認為有充分的理由對內存市場的健康基本面充滿信心，近期儘管存在長期的不確定性。

Longer term, our focus is on executing the strategy we outlined at our Investor Day event in March.

從長遠來看，我們的重點是執行我們在三月投資者日活動中概述的策略。

Our growing installed base business serves as a strong and stable foundation for company performance.

我們不斷成長的客戶群業務為公司業績奠定了堅實而穩定的基礎。

And as we committed, we have started disclosing our customer support business group or CSBG revenue this quarter.

正如我們所承諾的那樣，我們已開始披露本季度我們的客戶支援業務部門或 CSBG 收入。

Doug will cover this in more detail, but I wanted to highlight that in the March quarter, our installed base revenues grew faster than installed base unit growth, consistent with our objective to increase revenue capture per tool with additional value-added service offerings.

道格將更詳細地介紹這一點，但我想強調的是，在三月份的季度，我們的安裝基礎收入增長速度快於安裝基礎單位的增長，這與我們通過額外的增值服務產品增加每個工具的收入捕獲的目標一致。

Within CSBG, we also continue to see strong activity in our Reliant business, which grew for the seventh consecutive quarter and reached yet another record level.

在 CSBG 內部，我們的 Reliant 業務也持續表現強勁，該業務連續第七個季度成長，並達到另一個創紀錄水平。

At this point, we see our CSBG business poised for another growth year in calendar 2020.

至此，我們的 CSBG 業務預計在 2020 年迎來另一個成長年。

From a share gain perspective, we are executing well on both penetrations and defenses so far this year.

從份額收益的角度來看，今年到目前為止，我們在滲透和防禦方面都表現良好。

In etch, we've seen wins across all segments: DRAM, NAND and foundry and logic.

在 etch 領域，我們看到了所有領域的勝利：DRAM、NAND 以及代工和邏輯。

At our Investor Day event, we launched our innovative new Sense.i etch platform targeted at both widening our lead in critical applications and strengthening our competitiveness in the semi-critical space.

在投資者日活動中，我們推出了創新的全新 Sense.i 蝕刻平台，旨在擴大我們在關鍵應用領域的領先地位，並增強我們在半關鍵領域的競爭力。

COVID-19 related manufacturing and supply chain disruptions have set our schedule back by a month or 2 from our original plan.

COVID-19 相關的製造和供應鏈中斷使我們的日程安排比原計劃推遲了一兩個月。

The customer pull for Sense.i has strengthened since launch.

自推出以來，Sense.i 的客戶吸引力不斷增強。

Sense.i was designed to deliver advanced equipment intelligence, data analysis and self-maintenance capabilities to minimize required on-site human intervention with the system.

Sense.i 旨在提供先進的設備智慧、數據分析和自我維護功能，以最大限度地減少系統所需的現場人工幹預。

Customers have a heightened awareness of the value these advanced capabilities can deliver, and we expect they will look to accelerate their adoption of smart fab technologies.

客戶對這些先進功能所能提供的價值有了更高的認識，我們預計他們將加速採用智慧晶圓廠技術。

Sense.i is well positioned to deliver both the technology and data collection capabilities our customers need to be successful.

Sense.i 處於有利位置，可以提供客戶成功所需的技術和資料收集功能。

In deposition, we're focused on served available market expansion opportunities that we believe, can be accessed by accelerating conversions from older process technologies to our highly productive enhanced atomic layer deposition, or ALD solution set.

在沉積方面，我們專注於提供可用的市場擴張機會，我們相信，可以透過加速從舊製程技術向我們的高生產率增強型原子層沉積或 ALD 解決方案集的轉換來獲得這些機會。

We continue to execute on these opportunities in the March quarter with additional ALD metallization wins for advanced logic nodes, and new dielectric gapfill penetrations in 3D NAND.

我們在三月季度繼續抓住這些機會，在先進邏輯節點上獲得了更多的 ALD 金屬化勝利，並在 3D NAND 中實現了新的電介質間隙填充滲透。

In both cases, we displaced older process technologies from our competitors with a more extendable Lam solution.

在這兩種情況下，我們都用可擴展性更強的 Lam 解決方案取代了競爭對手的舊製程技術。

Overall, we are confident in the strength of Lam's position in the market and our opportunities for growth when the current crisis subsides.

總體而言，我們對 Lam 在市場中的地位以及當前危機消退後我們的成長機會充滿信心。

So to wrap up, the company is executing well during a very difficult time.

總而言之，該公司在非常困難的時期表現良好。

Our global teams are working tirelessly to mitigate operational impacts from COVID-19.

我們的全球團隊正在不懈地努力，以減輕 COVID-19 造成的營運影響。

And while near-term visibility is low, we believe that long-term secular demand for semiconductors will continue to drive sustainable WFE growth across cycles.

儘管近期能見度較低，但我們相信對半導體的長期需求將繼續推動 WFE 跨週期可持續成長。

Thank you all again for joining and for your support.

再次感謝大家的加入與支持。

I'll now turn it over to Doug.

我現在把它交給道格。

Great.

偉大的。

Thank you, Tim.

謝謝你，提姆。

Good afternoon, everyone, and thank you for joining us today and what I know is a challenging time for all of us.

大家下午好，感謝你們今天加入我們，我知道對我們所有人來說這是一個充滿挑戰的時刻。

I hope all of you and your families are safe and healthy.

我希望你們所有人和你們的家人安全健康。

As you're aware, given the uncertainties with business disruptions around the world related to COVID-19, we withdrew our March guidance on March 17.

如您所知，鑑於與 COVID-19 相關的全球業務中斷的不確定性，我們於 3 月 17 日撤回了 3 月的指引。

Despite the operational challenges, we delivered solid results in the March quarter.

儘管面臨營運挑戰，我們在三月季度仍取得了穩健的業績。

Our revenues for the quarter came in at $2.5 billion, down $80 million from the December quarter.

我們本季的營收為 25 億美元，比 12 月所在季度減少 8,000 萬美元。

The decrease was entirely due to production interruptions.

下降完全是由於生產中斷造成的。

Customer demand remained strong through the quarter.

本季客戶需求依然強勁。

I'd point out that we're exiting the March quarter with a strong level of deferred revenue at $726 million.

我想指出的是，我們將在 3 月季度結束時獲得 7.26 億美元的強勁遞延收入。

This was partly due to shipments that occurred at the end of the quarter that had back ordered materials.

部分原因是季度末發貨時出現了延期交貨的材料。

From an earnings per share perspective, the March quarter came in at $3.98, which was driven by strong gross margin performance, focused expense management as well as a favorable tax rate.

從每股收益的角度來看，3 月季度的每股收益為 3.98 美元，這得益於強勁的毛利率表現、集中​​的費用管理以及優惠的稅率。

From a system segment perspective, as expected, memory investments increased in the March quarter.

從系統部門的角度來看，正如預期的那樣，第三季記憶體投資有所增加。

The combined memory segment increased to 56% of system revenues, rising from the December quarter at 52%.

合併後的記憶體部門佔系統收入的比例從 12 月季度的 52% 上升至 56%。

We saw increases in NAND spending with investments focused on 64, 96 and initial 128-layer devices.

我們看到 NAND 支出增加，投資集中在 64 樓、96 樓和最初的 128 層設備上。

DRAM spending continues to be focused on node transitions, primarily on conversions to 1y and 1z.

DRAM 支出繼續集中在節點轉換上，主要是向 1y 和 1z 的轉換。

NAND was the majority of memory investments at 40% of systems revenue, with DRAM coming in at 16%.

NAND 是記憶體投資的主體，佔系統收入的 40%，DRAM 佔 16%。

Foundry revenue strength continued with customer investments there focused on 7 and 5 nanometer.

隨著客戶投資集中在 7 奈米和 5 奈米，代工收入持續強勁。

As a percent of system revenue, foundry represented 31% of systems revenue as compared to 36% in the December quarter.

從佔系統收入的百分比來看，代工佔系統收入的 31%，而 12 月所在季度為 36%。

December quarter was the all-time high systems revenue level for our foundry business.

十二月季度是我們代工業務的歷史最高系統收入水準。

March was the second highest.

三月是第二高的。

The logic and other segment was fairly flat in both dollar and percent concentration quarter-to-quarter coming in at 13% of system revenue.

邏輯和其他細分市場在美元和百分比集中度方面都相當持平，佔系統收入的 13%。

Logic spending is driven by 10-nanometer, image sensors and other specialty markets.

邏輯支出由 10 奈米、影像感測器和其他專業市場推動。

The China region continues to invest and came in at 32% of total revenues for the March quarter.

中國地區持續投資，佔三月季度總收入的 32%。

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

中國的大部分收入再次來自中國國內客戶。

Also, as Tim noted, our customer support business group revenue continued to grow in the March quarter.

此外，正如蒂姆所指出的，我們的客戶支援業務集團收入在三月季度持續成長。

This is the first quarter we're disclosing the specific revenue amount.

這是我們揭露具體收入金額的第一季。

You've likely seen the tables in our earnings release.

您可能已經在我們的收益報告中看到了這些表格。

The installed base business came in at $856 million, which is an increase of approximately 3.5% from the same quarter a year ago.

已安裝基礎業務收入為 8.56 億美元，比去年同期成長約 3.5%。

Gross margin for the March quarter was 46.3%.

三月季度的毛利率為 46.3%。

The strength in the March quarter gross margin is related to customer and product mix.

三月季度毛利率的強勁與客戶和產品組合有關。

Gross margin was somewhat negatively impacted from lower-than-expected output as well as increased spending in manufacturing and the supply chain.

毛利率受到產量低於預期以及製造和供應鏈支出增加的一定負面影響。

And just a reminder, our actual gross margins are a function of several factors such as business volume, product mix and customer concentration, and you should expect to see variability quarter-to-quarter.

提醒一下，我們的實際毛利率是業務量、產品組合和客戶集中度等多種因素的函數，您應該會看到季度與季度之間的變化。

Operating expenses for the March quarter were $486 million, which was essentially flat with the December quarter.

3月份季度的營運支出為4.86億美元，與12月份季度基本持平。

The March quarter has normal seasonal increases as it always does at the beginning of the calendar year.

與歷年年初一樣，三月季度有正常的季節性成長。

We managed other variable expenses down during the quarter as we addressed the COVID-19 impacts on our operations.

在解決 COVID-19 對我們營運的影響時，我們在本季度控制了其他可變費用。

We maintained our focus in critical business projects for our customers, with 2/3 of our operating expense focused on research and development.

我們繼續專注於客戶的關鍵業務項目，2/3 的營運費用用於研發。

I also want to highlight for you that the benefits and cost of our deferred compensation program are no longer mismatched in our non-GAAP results.

我也想向您強調，我們的遞延薪酬計畫的收益和成本在我們的非公認會計準則績效中不再不符。

As I've discussed in the past, we hedge this plan to mitigate the exposure to the income statement with the OpEx offset to this historically showing up in other income and expense.

正如我過去所討論的，我們對沖該計劃，以減輕損益表的風險，並用營運支出抵消歷史上出現在其他收入和支出中的風險。

You can see the impacts of the market fluctuations related to deferred compensation program in our GAAP reconciliation tables in the earnings release.

您可以在收益發布的 GAAP 調整表中看到與遞延薪酬計畫相關的市場波動的影響。

These hedging offsets remain mismatched in our GAAP results.

這些對沖抵銷在我們的公認會計原則結果中仍然不符。

Operating income in the March quarter was $673 million, and operating margin was 26.9%.

三月季度的營業收入為 6.73 億美元，營業利益率為 26.9%。

Our non-GAAP tax rate this quarter was 8.3%.

本季我們的非 GAAP 稅率為 8.3%。

This rate was lower-than-expected due to incremental deductions from equity compensation related to exercises during the quarter.

此比率低於預期，因為與本季行使相關的股權薪酬的增量扣除。

We will have fluctuations in the tax rate from quarter-to-quarter and we expect our rate for calendar year 2020 to be in the low teens level.

我們的稅率將按季度波動，我們預計 2020 日曆年的稅率將處於較低的十幾歲水平。

Other income and expense was up in the March quarter, coming in at approximately $30 million in expense.

第三季的其他收入和支出增加，支出約 3,000 萬美元。

The main components of other income and expense line are interest income from our cash and investment balance, offset by interest expense related to our outstanding debt.

其他收入和支出項目的主要組成部分是我們的現金和投資餘額的利息收入，並被與我們的未償債務相關的利息支出所抵銷。

We did have a small amount of incremental interest expense from the drawdown on our revolving credit facility that occurred late in the quarter.

我們確實因本季末循環信貸額度的提款而產生了少量增量利息支出。

You should expect that other income and expense will fluctuate quarter-to-quarter based on several market-related items like interest rates and foreign exchange.

您應該預期其他收入和支出將根據利率和外匯等多個市場相關項目逐季度波動。

Let me now move on to capital return.

現在讓我談談資本回報。

For the March quarter, $164 million of cash was deployed in dividends and $146 million in share repurchase.

3 月季度，1.64 億美元現金用於股息，1.46 億美元用於股票回購。

As we discussed at our Investor Day, we have a long-term plan for capital return of 75% to 100% of free cash flow.

正如我們在投資者日討論的那樣，我們有一個長期計劃，資本回報率為自由現金流的 75% 至 100%。

We have approximately $1.8 million -- excuse me, $1.8 billion remaining on our $5 billion Board authorized buyback plan.

我們大約有 180 萬美元——對不起，董事會授權的 50 億美元回購計畫中還剩下 18 億美元。

In the current environment, we will be slowing our buyback activity.

在當前環境下，我們將放緩回購活動。

It is likely we won't buy any stock back in the June quarter.

我們很可能不會在六月季度回購任何股票。

Diluted earnings per share, again, came in at $3.98.

稀釋後每股收益再次為 3.98 美元。

We ended the March quarter with diluted shares of approximately 148 million shares, which was down from the December quarter level.

截至 3 月季度末，我們稀釋後的股票數量約為 1.48 億股，低於 12 月季度的水平。

This is the ninth consecutive quarter where our diluted share count has declined.

這是我們的稀釋後股票數量連續第九個季度下降。

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

股份數量包括 2041 年可轉換票據略多於 100 萬股的稀釋影響。

And I'll remind you that dilution schedules for the remaining 2041 convertible notes is available on our Investor Relations website for your reference.

我要提醒您的是，我們的投資者關係網站上提供了剩餘 2041 年可轉換票據的稀釋時間表，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 March quarter to $5.6 billion from $4.9 billion in the December quarter.

我們的現金和短期投資（包括限制性現金）從 12 月季度的 49 億美元增加到 3 月季度的 56 億美元。

The quarter-to-quarter increase was due to strong cash flows from operations of $541 million as well as a $1.25 billion drawdown on our revolving credit facility.

季度環比增長的原因是營運產生了 5.41 億美元的強勁現金流，以及我們的循環信貸額度提取了 12.5 億美元。

We also had debt maturities and redemptions of more than $600 million in the March quarter that obviously reduced the cash balance.

3月份季度我們還有超過6億美元的債務到期和贖回，這明顯減少了現金餘額。

Our strong balance sheet and cash generation capability continue to provide robust liquidity.

我們強大的資產負債表和現金產生能力持續提供強勁的流動性。

DSO increased to 80 days versus 72 days in the prior quarter.

DSO 增加至 80 天，而上一季為 72 天。

The increase is largely due to the timing of collections and invoiced, but not yet revenue shipments that occurred at the end of the quarter.

成長主要是由於收款和開立發票的時間，而不是季度末發生的收入出貨。

And I would point out on the first day of the June quarter, we collected more than $370 million.

我想指出的是，在六月季度的第一天，我們籌集了超過 3.7 億美元。

Inventory turns were 3.2 in the March quarter compared to 3.7 turns in the December quarter.

3 月季度的庫存週轉率為 3.2，而 12 月季度的庫存週轉率為 3.7。

Inventory was higher due to the fact that output slowed from the COVID-19 situation.

由於 COVID-19 疫情導致產量放緩，庫存增加。

Noncash expenses included approximately $40 million for equity compensation, $50 million for depreciation and $17 million for amortization.

非現金費用包括約 4000 萬美元的股權補償、5000 萬美元的折舊和 1700 萬美元的攤銷。

March quarter capital expenditures were $51 million, which was a decrease from $62 million in the December quarter.

3 月季度的資本支出為 5,100 萬美元，比 12 月季度的 6,200 萬美元有所減少。

Ending headcount as of the March quarter end was approximately 11,000 regular full-time employees, which is an increase from the December quarter of approximately 300 people mainly to support field and factory operations.

截至 3 月季度末，正式全職員工人數約為 11,000 名，較去年 12 月份季度的約 300 人有所增加，主要用於支持現場和工廠運營。

For the June quarter, although we're not providing official guidance, I'll share some things for you to consider when thinking about our June quarter financial performance.

對於六月季度，雖然我們沒有提供官方指導，但我將分享一些供您在考慮六月季度財務表現時考慮的事項。

We are seeing the following dynamics.

我們看到以下動態。

Capacity limitations are coming from our supply chain as well as adjustments in factory operations to maximize output considering social distancing challenges.

產能限制來自我們的供應鏈以及考慮到社交距離挑戰而對工廠運營進行的調整，以最大限度地提高產量。

We plan to add resources during the quarter to increase our output capability.

我們計劃在本季增加資源以提高我們的產出能力。

Demand remains strong.

需求依然強勁。

We are output constrained.

我們的產出受到限制。

These capacity challenges will negatively impact revenue and gross margins.

這些產能挑戰將對收入和毛利率產生負面影響。

If our current assessment of our output capability turns out to be correct, revenue in the June quarter should be higher than March.

如果我們目前對產出能力的評估是正確的，那麼六月季度的收入應該會高於三月。

There is obviously uncertainty around that statement.

該聲明顯然存在不確定性。

The CSBG business remains resilient.

CSBG 業務保持彈性。

Our priorities are the health and safety of our employees and partners as well as taking care of our customers.

我們的首要任務是員工和合作夥伴的健康和安全以及照顧我們的客戶。

We will spend incrementally in these areas.

我們將在這些領域增加支出。

We will actively control costs in other areas.

我們將積極控制其他領域的成本。

Interest expense will be up from the revolver drawdown, and share count is likely to be flat.

利息支出將因左輪手槍提款而增加，而股票數量可能會持平。

So to summarize, we see continued strength in foundry and logic going into the June quarter.

總而言之，我們看到代工和邏輯在六月季度持續強勁。

We also see -- excuse me, memory demand continuing to strengthen.

我們也看到——對不起，記憶體需求持續增強。

The long-term outlook for our business continues to be solid and consistent with what you heard from us at our Investor Day in early March.

我們業務的長期前景仍然穩健，並且與您在三月初的投資者日上聽到的情況一致。

That concludes my prepared remarks.

我準備好的發言就到此結束。

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

接線員蒂姆和我現在想開始提問。

(Operator Instructions) Our first question comes from C.J. Muse of Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 C.J. Muse。

And glad to hear you're all healthy.

很高興聽到你們都健康。

First question, I guess, revolves around the demand side.

我想第一個問題是圍繞著需求方。

And obviously, you talked about supply constraints.

顯然，您談到了供應限制。

How are you, I guess, prioritizing customer demand?

我猜你是如何優先考慮客戶需求的？

And have you seen any demand disruption given the uncertainty to COVID?

鑑於新冠疫情的不確定性，您是否看到任何需求中斷？

Or just too early to see anything works out on that front?

還是現在還太早，看不到這方面的進展？

Yes.

是的。

I guess we -- C.J., we are working very, very closely with all of our customers to help prioritize shipments in the order of greatest need for the customer.

我想我們—C.J.，我們正在與所有客戶非常非常密切地合作，以幫助按照客戶最需要的順序確定發貨的優先順序。

So you can imagine critical R&D programs, where there's a technology conversion that requires a one of a kind tool, specific capacity bottlenecks that are critical to their factory output or deliver to specific customers of theirs.

因此，您可以想像關鍵的研發計劃，其中存在需要一種獨特工具的技術轉換，以及對其工廠產量或交付給特定客戶至關重要的特定產能瓶頸。

And so one of the great things about Lam having built very strong customer relationships over all these years is that we really partnered with them to understand their priorities.

因此，這些年來 Lam 建立了非常牢固的客戶關係，最棒的事情之一就是我們真正與他們合作，了解他們的優先事項。

And we do have fair flexibility within our own operations to prioritize certain tools ahead of others for a specific customer.

我們在自己的營運中確實具有相當的靈活性，可以針對特定客戶將某些工具優先於其他工具。

And so I'd say it's through very, very close coordination with the customers we are trying to meet their needs.

所以我想說，這是透過與客戶非常非常密切的協調，我們正在努力滿足他們的需求。

It's -- I guess, I would say, maybe the simple answer is we've seen no demand destruction, no change in demand.

我想，我想說，也許簡單的答案是我們沒有看到需求破壞，需求沒有改變。

One could say maybe that's -- it's too early to see that.

人們可能會說，現在判斷這一點還為時過早。

But we really haven't sensed in any conversation with the customers today, a change in demand.

但我們今天在與客戶的任何對話中確實沒有感覺到需求的改變。

So our focus is really on how to get the tools to them that they need.

因此，我們的重點實際上是如何為他們提供他們需要的工具。

Very helpful.

很有幫助。

As my follow-up, I guess, on the supply chain side, is that more upstream in your ability to produce the tools, get parts, perhaps issues in Malaysia?

作為我的後續行動，我想，在供應鏈方面，你們生產工具、取得零件的能力是否更上游，也許是馬來西亞的問題？

Or is it more logistics of getting the tools actually to customers?

還是將工具實際交付給客戶的物流更重要？

And then I guess as part of that, Doug, if you could help at all, how do you think about the implications to gross margins as you obviously bring on more resources to satisfy customers' demand in this crazy world?

然後我想，作為其中的一部分，道格，如果你能提供幫助的話，你如何看待對毛利率的影響，因為你顯然需要更多的資源來滿足這個瘋狂世界中的客戶需求？

I'll take the first part of that.

我將採取第一部分。

It -- I'd say some of the supply challenges, they're kind of across the board, but clearly I think most people are quite aware of the control orders that are in place in Malaysia, which is -- tends to be for many equipment companies, a large subsystem supplier.

我想說的是一些供應挑戰，它們是全面的，但顯然我認為大多數人都非常了解馬來西亞實施的控制令，這往往是為了多家設備公司，大型子系統供應商。

Lam, we've -- one of our strengths, both operationally and financially, has been a supply chain operation that allows us to do what we call merging transit.

林先生，我們在營運和財務方面的優勢之一是供應鏈運營，它使我們能夠進行所謂的合併運輸。

And so therefore, some of the subsystems never actually come to Lam facilities.

因此，一些子系統實際上從未到達 Lam 工廠。

They arrive directly at customer sites.

他們直接到達客戶現場。

If those don't arrive obviously, the system cannot ship complete.

如果這些沒有明顯到達，系統就無法完整交付。

So it's across the board.

所以這是全面的。

Materials coming into our facilities, which we feel are operating quite effectively right now, but also coming out of major subsystem suppliers in places, as you noted, places like Malaysia and others.

材料進入我們的設施，我們認為這些設施目前運作得相當有效，但也來自馬來西亞等地的主要子系統供應商。

So that's quite extensive.

所以這是相當廣泛的。

Yes, C.J., I mean, I'll give you a little flavor of how we're running things in areas that are probably going to be a little bit of a drag on gross margin.

是的，C.J.，我的意思是，我將向您介紹我們如何在可能會稍微拖累毛利率的領域開展業務。

And I won't quantify it specifically, but I'll give you some stuff to think about.

我不會具體量化它，但我會給你一些東西來思考。

Basically, what's happening is, given the need to have social distancing, we're needing to space people out further away from one another in the factory environment.

基本上，正在發生的事情是，考慮到保持社交距離的需要，我們需要在工廠環境中將人們彼此之間的距離拉得更遠。

And obviously, that means we can generate less output per square meter, per square foot, what have you.

顯然，這意味著我們每平方公尺、每平方英尺的產出會減少。

So essentially, what we're trying to do, C.J., is moving into incremental space where we have it, take some incremental space where we have it and bring incremental people into that other space.

所以本質上，C.J.，我們正在嘗試做的就是進入我們擁有的增量空間，在我們擁有的增量空間中佔據一些增量空間，並將增量人員帶入另一個空間。

Obviously, in an environment like that, you're doing everything you can take care of the customer and generate revenue for that matter, but you're going to be less efficient in terms of your ability to be super-efficient on the gross margin line.

顯然，在這樣的環境中，您正在盡一切努力照顧客戶並創造收入，但就毛利率超高效的能力而言，您的效率將會降低線。

Other things that are going on, as I'm sure you're aware, freight logistics is more expensive right now.

我相信您也知道正在發生的其他事情，目前貨運物流更昂貴。

It's up a decent amount in certain areas.

在某些領域，它的漲幅相當可觀。

So we're having to spend more to get materials coming into the factory as well as giving them to customers.

因此，我們不得不花費更多的錢來將材料送入工廠並將其提供給客戶。

I'm not going to quantify it for you specifically, but the way I would want you to be thinking about it is we've been in the gross margin range over the last 5, 6, 7 years.

我不會專門為您量化，但我希望您考慮的是，我們在過去 5 年、6 年、7 年一直處於毛利率範圍內。

I think what you're going to see is we will trend towards the lower end of where you've seen our gross margin over that time frame.

我認為您將看到的是，我們將趨向於您在該時間範圍內看到的毛利率的下限。

I don't think we'll go below the range we've been in, but I think we will be towards the lower end, given the dynamic I described.

我不認為我們會低於我們已經所處的範圍，但考慮到我所描述的動態，我認為我們將走向低端。

We'll take our next question from John Pitzer of Crédit Suisse.

我們將接受瑞士信貸銀行的約翰‧皮策 (John Pitzer) 提出的下一個問題。

Appreciate all the color you gave, given the uncertainty.

考慮到不確定性，感謝您所賦予的所有色彩。

Doug, I'm just kind of curious, can you quantify what the supply impact was to revenue in the March quarter?

道格，我只是有點好奇，你能量化供應對三月季度營收的影響嗎？

And is it going to be larger in the June quarter despite June revenue being up?

儘管六月收入有所增長，但六月季度的規模是否會更大？

And do you expect to kind of get most of these behind you by the end of the June quarter, so as you go into the second half of the calendar year supply is less of an issue?

您是否期望在六月季度末之前獲得大部分供應，以便進入日曆年下半年時供應不再是問題？

Yes.

是的。

John, I'll take you back.

約翰，我送你回去。

Our original guide was $2.8 billion, plus/minus $200 million.

我們最初的指導價是 28 億美元，加上/減去 2 億美元。

And we kind of realized the last couple of weeks of the quarter and our limited ability, we might end up ending below the low end of that range, and we did.

我們意識到本季度的最後幾週以及我們的能力有限，我們最終可能會低於該範圍的低端，我們做到了。

So that was the impact.

這就是影響。

We came into the quarter expecting to be able to deliver $2.8 billion and I'll remind you that as we began last quarter, we basically said, again, demand is actually stronger than that, but it was the beginning of things beginning to break out in Wuhan, and we knew there was going to be some supply chain impact.

我們在進入本季時預計能夠交付 28 億美元，我要提醒您，從上個季度開始，我們基本上再次表示，需求實際上比這更強勁，但這是事情開始爆發的開始在武漢，我們知道這會對供應鏈產生一些影響。

So that's kind of what went on there, John.

這就是那裡發生的事情，約翰。

Now obviously, we're getting much better at operating in this environment.

現在顯然，我們在這種環境下的營運做得越來越好。

We brought the factory back online.

我們讓工廠重新上線。

We got people back to work.

我們讓人們重返工作崗位。

We're hiring people.

我們正在招募人員。

We're moving into incremental space.

我們正在進入增量空間。

So I think we're going to be able to mitigate it better than when it just kind of fell in our lap.

所以我認為我們將能夠比它落在我們腿上時更好地緩解它。

And based on how we believe we're going to be able to operate and get more output and execute our business continuity plans, I think revenue will be higher in June.

根據我們對營運、獲得更多產出以及執行業務連續性計畫的信心，我認為 6 月的收入將會更高。

Demand continues to be much stronger than that.

需求仍然比這強勁得多。

This is a supply situation.

這是供應情況。

And Doug, by the second half, do you think you will have mitigated all these supply issues or not?

道格，到下半年，您認為您是否會緩解所有這些供應問題？

Second half of the calendar year?

日曆年下半年？

I hope so.

但願如此。

Yes.

是的。

I mean, we're executing our business continuity plans.

我的意思是，我們正在執行我們的業務連續性計劃。

It's not going to take us longer than a quarter to get those in place.

我們不會花超過四分之一的時間來完成這些工作。

I hope, and Tim can maybe comment on this as well.

我希望蒂姆也可以對此發表評論。

Yes.

是的。

No, I think as I commented, we're continuously seeing improvements.

不，我認為正如我所評論的，我們不斷看到改進。

Most important thing that we prioritized as well as I believe our supply chain did is, first, to establish a stable source of supply and production capability at a level that clearly is less than 100%, but stability being the key.

我們優先考慮的、我認為我們的供應鏈所做的最重要的事情是，首先，建立穩定的供應來源和生產能力，其水準顯然低於100%，但穩定是關鍵。

We have customers, as I mentioned, with critical projects, critical production bottlenecks.

正如我所提到的，我們的客戶有關鍵項目、關鍵生產瓶頸。

And so that what -- we wanted to ensure that we were avoiding beyond, of course, in any way endangering employees or our supply chain partners.

因此，我們希望確保我們避免以任何方式危及員工或我們的供應鏈合作夥伴的安全。

But beyond that was endangering somehow taking a step back and moving too fast and then having to come back and not actually build a supply at that stable level.

但除此之外，還會有後退一步、行動過快的危險，然後不得不回來，實際上無法在穩定的水平上建立供應。

So I think day by day, we're able to inch that stable production level up.

所以我認為，我們能夠日復一日地提高穩定的生產水準。

And I think as we exit this quarter, we'll be at a higher production output capability for sure.

我認為，當我們在本季退出時，我們肯定會達到更高的生產能力。

And as Doug said, probably working off this stronger customer demand over the next several months.

正如道格所說，可能會在接下來的幾個月內解決更強勁的客戶需求。

And maybe just one other comment as I was thinking, will Tim talked, John.

也許只是我想的另一條評論，提姆會說話嗎，約翰。

Obviously, we have a plan to execute to a number, and we know what that number is.

顯然，我們有一個執行到某個數字的計劃，我們知道這個數字是多少。

The reason we decided not to formally provide guidance to a number is we're just concerned things could change.

我們決定不正式向一些人提供指導的原因是我們擔心事情可能會改變。

This is a very dynamic and fluid situation.

這是一個非常動態和流動的情況。

That's really why we decided not to give you a hard number right now.

這就是為什麼我們決定現在不給你一個確切的數字。

That's helpful.

這很有幫助。

And then for my follow-up, Tim, you guys did a good job in the March quarter, pulling some levers on OpEx and bringing OpEx down.

然後，對於我的後續行動，提姆，你們在三月季度做得很好，拉動了營運支出的一些槓桿並降低了營運支出。

But clearly, you still have a lot of investments on your plates for future growth.

但顯然，您仍然需要大量投資來實現未來的成長。

So I'm just kind of curious on how you're going to manage OpEx through this environment?

所以我只是好奇你們將如何透過這個環境來管理營運支出？

Should we think about it growing in line with revenue?

我們是否應該考慮它與收入同步成長？

Or are there more levers on SG&A that you can pull but keep R&D growth continuing?

或者，您可以利用更多的銷售、管理及行政費用槓桿，同時維持研發的持續成長？

How should we think about that dynamic?

我們該如何看待這種動態？

Yes.

是的。

Well, clearly, we will continue to prioritize R&D.

嗯，很明顯，我們將繼續優先考慮研發。

We laid out some pretty aggressive plans, where we see really great opportunities for the company at our Investor Day related to new system introductions, continued progress.

我們制定了一些相當積極的計劃，在投資者日我們看到了公司與新系統的引入和持續進展相關的巨大機會。

I mentioned a couple of them today, new etch platform, new ALD progress.

我今天提到了其中的幾個，新的蝕刻平台、新的 ALD 進展。

We will continue to fund those to the fullest that we can.

我們將繼續盡我們所能為這些項目提供資金。

We are seeing, of course, some very nice OpEx offsets.

當然，我們看到了一些非常好的營運支出抵銷。

We're not traveling.

我們不是在旅行。

And so there are elements of the expense lines that are coming down quite dramatically.

因此，某些費用項目正在大幅下降。

So we're going to be prudent.

所以我們要謹慎行事。

We're not going to spend where we don't have to.

我們不會把錢花在不必要的地方。

A lot of discretionary spending around meetings and events and other things that kind of normally take the course of our normal business, those will not be occurring and we'll be reallocating that money to R&D and other things to ensure we come out of this stronger than we went in.

圍繞會議、活動和其他事情的大量可自由支配支出通常會發生在我們正常業務的過程中，這些支出不會發生，我們將把這些錢重新分配給研發和其他事情，以確保我們走出困境比我們進去的時候

Your next question comes from Timothy Arcuri of UBS.

您的下一個問題來自瑞銀集團的提摩西·阿庫裡。

Doug, I just want to follow-on to that question and see if maybe you could quantify the constraint in June.

道格，我只是想繼續回答這個問題，看看你是否可以在六月量化這個限制。

And obviously, we know what the constraint was in March.

顯然，我們知道三月的限制是什麼。

But if you could meet all the demand in June, can you give us a sense of maybe where revenue would be?

但如果您能在 6 月滿足所有需求，您能否讓我們了解收入可能會在哪裡？

Would it be sort of in excess of $3 billion, maybe $3.1 billion and $3.2 billion?

是否會超過 30 億美元，也許是 31 億美元或 32 億美元？

Tim, I know you were going to come in with a question like that.

提姆，我知道你會帶著這樣的問題進來。

I'm not going to give you a number, but demand is very strong.

我不會給你一個數字，但需求非常強勁。

And I'll simply remind you, what we originally guided in March was $300 million higher than what we delivered at the end of the quarter.

我只想提醒您，我們 3 月份最初的指導比季度末交付的金額高出 3 億美元。

Demand didn't change.

需求沒有改變。

And I specifically mentioned the $700 plus million in deferred revenue because that's stuff that shipped, but it was an incomplete system.

我特別提到了 700 多萬美元的遞延收入，因為那是已經發貨的東西，但它是一個不完整的系統。

It wasn't a fully functional system.

它不是一個功能齊全的系統。

Obviously, that stuff is going to revenue.

顯然，這些東西會帶來收入。

So there is decent upside to demand.

因此，需求還有很大的上升空間。

It's just -- we're in a supply situation right now that we're working our way through.

只是——我們現在正處於供應狀況，我們正在努力解決這個問題。

Okay.

好的。

Got it.

知道了。

And then just on the suspension of the repo.

然後就暫停了回購。

The stock is down a good bit.

股價下跌了不少。

You have a very strong balance sheet.

您的資產負債表非常強勁。

I get that maybe the topic of share repo right now are not that great.

我知道現在關於股票回購的話題可能不太好。

And maybe that's the answer, but you are typically pretty supportive of the stock and opportunistic around the stock.

也許這就是答案，但你通常非常支持這隻股票，並且對這隻股票持機會主義態度。

So can you maybe comment as to why you put retail now and maybe it is just the optics of it, but if you can give us some comments there.

那麼你能否評論為什麼你現在開始零售，也許這只是它的表面，但如果你能給我們一些評論的話。

Yes Tim, a little bit of it is optics.

是的，提姆，其中有一點是光學的。

A little bit of it's just being prudent, right?

有點謹慎，對吧？

I think every CFO in the world today is focused on liquidity and making sure you have the utmost liquidity.

我認為當今世界上的每一位財務長都專注於流動性並確保擁有最大的流動性。

And I'm highly confident in the cash generation capability of the company.

我對公司的現金產生能力充滿信心。

But it just felt like the prudent thing to do to just kind of take a pause on the buyback, get focused on conserving cash, poke our head up to see where end demand ends up.

但暫停回購、專注於保存現金、抬起頭看看最終需求的結果是明智之舉。

I do think at the end of the day, there will be some demand disruption.

我確實認為最終，需求將會受到一些幹擾。

We're not seeing anything from customers yet.

我們還沒有看到客戶提供任何資訊。

But when I look at the consumer-facing semiconductor companies, their business is beginning to be impacted.

但當我觀察面向消費者的半導體公司時，他們的業務開始受到影響。

So I just -- I want to get a little more time behind us, Tim, and assess what might actually this look like at the end of the day.

所以我只是——提姆，我想多花一點時間，評估一天結束時實際情況會是什麼樣子。

And just trying to be prudent with the cash right now is all.

現在只要謹慎對待現金就夠了。

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

我們將回答摩根大通的哈蘭‧蘇爾的下一個問題。

Great job on the business execution, just given the supply chain challenges.

考慮到供應鏈的挑戰，業務執行方面做得很好。

Do you guys characterize the demand environment for your systems is remaining strong?

你們認為你們的系統的需求環境仍然強勁嗎？

Any way you can somewhat qualitatively or quantitatively describe this demand?

您可以透過什麼方式定性或定量地描述這項需求？

You did say that you started this quarter with record backlog.

您確實說過本季開始時積壓訂單創歷史新高。

Did your systems bookings actually grow sequentially in the March quarter?

您的系統預訂量在三月季度實際上環比增長了嗎？

You want to take that, Tim?

你想接受這個嗎，提姆？

Sure.

當然。

Yes, go ahead.

好，去吧。

Yes.

是的。

I mean, they did.

我的意思是，他們做到了。

I mean, it's -- our comments about -- I mean, I guess the best way to look at it is we gave on our January call, our outlook for the year.

我的意思是，我們的評論是——我想最好的看待方式是我們在一月份的電話會議上給出了我們對今年的展望。

Now we're not reiterating the year because we recognize, as Doug just said, there's a fair bit of uncertainty about how things may play out with the macroeconomic environment later.

現在我們不再重申這一年，因為正如道格剛才所說，我們認識到，稍後宏觀經濟環境的發展存在相當大的不確定性。

But that outlook for the year that we spoke of and the strong demand at the January call, that's the demand we're talking about being unchanged, which means through this first half of the year, the continued strength in foundry and logic, the strengthening demand in memory because recall memory underinvested, we exited the year really in a situation where we felt very good about the need to add in the demand space and also eventually in the DRAM space.

但我們談到的今年前景以及一月份電話會議上的強勁需求，這就是我們所說的需求不變，這意味著在今年上半年，代工和邏輯的持續強勢，由於回憶內存投資不足，我們今年結束時確實感到非常有必要增加需求空間，最終也增加了DRAM 領域的記憶體需求。

And we haven't seen those plans change and that demand remains kind of at the same level it was in January.

我們還沒有看到這些計劃發生變化，需求仍保持在 1 月的水平。

And which means that we have a full order book, and we're -- really, our challenge is how to get these tools to customers.

這意味著我們擁有完整的訂單，而我們確實面臨的挑戰是如何將這些工具提供給客戶。

And I would say 100% of my conversation with the customers right now are about how to get the tools they need to them.

我想說，我現在與客戶的對話 100% 都是關於如何獲得他們需要的工具。

And I think that will continue for some period of time.

我認為這種情況將持續一段時間。

And as Doug said, we'll reassess after that period to see how demand is being affected.

正如道格所說，我們將在那段時間之後重新評估，看看需求受到了怎樣的影響。

And just maybe one incremental comment for me, Harlan,.

也許對我來說，哈蘭是一個增量評論。

I mean, our customers are investing in very long lead time items.

我的意思是，我們的客戶正在投資於交貨時間很長的產品。

I wouldn't have expected anything to change.

我沒想到會有什麼改變。

We're just monitoring and trying to be cautious about, obviously anything that is a consumer-facing business at the end of the day isn't going to be as strong.

我們只是在監控並試圖保持謹慎，顯然任何面向消費者的業務最終都不會那麼強勁。

We haven't seen anything move through from our customers yet, but we're just -- we're trying to be aware of what's going on in the environment, I think, is how I'm thinking about, how Tim's thinking about.

我們還沒有看到我們的客戶有任何進展，但我們只是 - 我們正在努力了解環境中正在發生的事情，我想，這就是我的想法，蒂姆的想法。

I think we -- something of this magnitude, it would be -- we have to recognize that there could be some changes that we just don't see yet, but we're giving our look on the demand that is in front of us at this point.

我認為我們——這種規模的事情——我們必須認識到，可能會有一些我們還沒有看到的變化，但我們正在關注我們面前的需求在此刻。

Great.

偉大的。

And then on the innovation and design win pipeline, just given the short-term place here in the Bay Area, wondering if this has slowed either internal projects or collaborative engagement with customers at your -- either your research facility in Fremont or some of your other labs globally?

然後在創新和設計獲勝管道上，考慮到在灣區的短期地位，想知道這是否會減慢內部專案或與您的客戶的協作參與——無論是您在弗里蒙特的研究機構還是您的一些研究機構。

Or are the labs considered an essential business process under state or federal guidelines and they are being staffed by the Lam team?

或者，根據州或聯邦指導方針，這些實驗室是否被視為重要的業務流程，並且由林團隊配備人員？

Yes, they are and they are staffed.

是的，他們是，而且他們有工作人員。

And as I mentioned in my comments, they're operational.

正如我在評論中提到的，它們是可操作的。

But just as Doug spoke to, Lam is being -- our top priority is safety of our employees and others working in our labs.

但正如道格所說，林正在——我們的首要任務是我們的員工和實驗室其他工作人員的安全。

And so we've implemented very strict social distancing protocols, which does limit the overall number of people who can be in the lab at any given time.

因此，我們實施了非常嚴格的社交距離協議，這確實限制了在任何特定時間可以進入實驗室的總人數。

And so I would say we're not the labs clearly at our full capacity before -- as before this event, but we are operating.

所以我想說，我們的實驗室以前顯然沒有像這次活動之前那樣滿載運轉，但我們正在運作。

We're able to prioritize critical R&D programs for customers.

我們能夠為客戶確定關鍵研發項目的優先順序。

I did mention in my comments some of these projects, they probably have taken, say, a 1-month delay or maybe a 2-month delay because of not only the couple of weeks where we were shut down due to shelter-in-place, but then the restart here through the local orders and social distancing.

我確實在評論中提到了其中一些項目，他們可能推遲了 1 個月或 2 個月，因為這不僅是因為我們因就地避難而關閉了幾週，但隨後通過當地秩序和社交距離在這裡重新啟動。

So -- but we remain focused on them, and I would say that in the long-term sense of R&D projects and how they play out over time, this is not a -- it's not a major disruption to their schedules.

所以，但我們仍然關注它們，我想說，從研發項目的長期意義以及它們隨著時間的推移如何發揮作用，這並不是對他們的日程安排的重大干擾。

Now your other comment is just on how we're engaged with customers.

現在您的其他評論只是關於我們如何與客戶互動。

Clearly, travel is more difficult.

顯然，旅行更加困難。

But one thing Lam is focused on over the years is building strength in our regions.

但林鄭月娥多年來關注的一件事是增強我們地區的實力。

And so we do have a lot of process engineers and hardware engineers that are deployed out into the region and engaged with customers.

因此，我們確實有很多製程工程師和硬體工程師被部署到該地區並與客戶合作。

And in most cases, our customers have continued to operate in a way that's not dramatically changed from before.

在大多數情況下，我們的客戶繼續以與以前相比沒有顯著變化的方式運作。

And so we're able to engage with them on-site on those critical projects.

因此我們能夠在這些關鍵項目上與他們現場互動。

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

我們將回答 Cowen 公司的 Krish Sankar 提出的下一個問題。

And congrats on good execution in these tough times.

並祝賀您在這些困難時期的良好執行力。

First question for Doug.

第一個問題是問道格。

Doug, China sales were very strong.

道格，中國的銷售非常強勁。

Is there anything you can segment it between how much of it was memory versus foundry?

有什麼可以區分記憶體和代工的比例嗎？

How much of it is domestic versus multinational?

其中國內企業與跨國企業的比例分別為多少？

And I had a follow-up for Tim?

我對提姆有後續行動？

Yes.

是的。

I'll give you a little color, Krish.

我會給你一點顏色，克里什。

Yes, 32% in the China region, a little bit over half of that local Chinese customers.

是的，32%在中國地區，略多於中國本地客戶的一半。

Maybe like 60% might be a reasonable way to think about it local versus the global multinationals.

也許 60% 是考慮本土企業與全球跨國公司的合理方式。

We've got a broad-based set of customers in China, NAND, DRAM, foundry.

我們在中國擁有廣泛的客戶，包括 NAND、DRAM、代工廠。

So it isn't one or the other, Krish, it's brought across all of that spectrum is the way you should think about it.

所以這不是一個或另一個，克里什，它跨越了所有的範圍，這就是你應該思考的方式。

Got it.

知道了。

Got it.

知道了。

That's helpful.

這很有幫助。

And then, Tim, just a big picture question, given that you have been in this industry for a while, and Lam has a broad suite of products.

然後，蒂姆，這只是一個大局問題，因為您已經進入這個行業一段時間了，而且林擁有廣泛的產品。

If and when demand slows down, where do you think you'd see first?

如果需求放緩，您認為您首先會看到哪裡？

It would be in the productivity products like single-wafer thing?

它會出現在像單晶圓這樣的生產力產品中嗎？

Would it be within upgrades of the customer business group?

是否屬於客戶業務組的升級範圍？

I'm just kind of curious where you think or would it all happen at the same time that it really doesn't matter picking it?

我只是有點好奇你在哪裡認為或這一切會同時發生，選擇它真的不重要嗎？

Yes.

是的。

No, it's a great question.

不，這是一個很好的問題。

I mean, in fact, I think if we look just to last year as maybe an example, and I'm not saying who knows, I mean, the future could be different than the past.

我的意思是，事實上，我認為如果我們只以去年為例，我並不是說誰知道，我的意思是，未來可能會與過去不同。

But when we saw things slow down, say, in the memory market, and I talked about the fact that memory spend was down almost 40% last year, we actually see, in those cases, customers turn to how can they get and extract the most out of the installed base they have.

但是，當我們看到事情放緩時，比如說內存市場，我談到了去年內存支出下降了近 40% 的事實，我們實際上看到，在這些情況下，客戶轉向如何獲取和提取大部分都超出了他們擁有的安裝基礎。

So we tend to see things like advanced services and upgrades actually increase during those periods.

因此，我們傾向於看到高級服務和升級等內容在這些時期實際上有所增加。

So that's the strength of our installed base business and why we're so focused on it is because we believe that it is actually one of the areas that can help you weather a worse market condition.

這就是我們的安裝基礎業務的優勢，也是我們如此關注它的原因，因為我們相信它實際上是可以幫助您度過更糟糕的市場狀況的領域之一。

Obviously, capacity additions would fall away.

顯然，產能增加將會減少。

But again a lot of what we're looking at are technology conversions, ongoing strategic investments from customers, a lot of the investments that we've talked about in China and other places, is very long-term and strategic.

但我們同樣關注的是技術轉換、客戶持續的策略投資，我們在中國和其他地方談論的許多投資都是非常長期且策略性的。

And so I don't -- I think those would probably be the last places to see R&D, technology, strategic investments, those would be the least affected.

所以我不認為──我認為這些可能是最後看到研發、技術、策略投資的地方，這些受到的影響最小。

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

我們將回答美國銀行證券公司 Vivek Arya 的下一個問題。

I understand visibility is limited.

我知道能見度有限。

But when I hear you saying that capacity situation is slowly improving and your customers' CapEx plans are not really changing, I'm curious, what is your best guess on where WFE can land this year?

但當我聽到你說產能狀況正在慢慢改善而你的客戶的資本支出計劃並沒有真正改變時，我很好奇，你對今年 WFE 的最佳猜測是什麼？

Even qualitative comments, would be very useful.

即使是定性的評論，也會非常有用。

Are there certain areas where you think it could be more resilient than others?

您認為在某些領域它比其他領域更有彈性嗎？

Just any way to say, directionally where it can be this year would be extremely useful to us?

不管怎麼說，今年的方向對我們來說非常有用？

Yes, Vivek.

是的，維韋克。

We were debating how much to say about this.

我們正在討論對此該說多少。

I mean, we came into the year expecting the beginning of memory recovery, continued strength in foundry and logic, all of that is still how I see things, how we see things, I think.

我的意思是，我們進入這一年，期待記憶開始恢復，鑄造和邏輯的持續強勢，我認為所有這些仍然是我看待事物的方式，我們看待事物的方式。

But I think it would be remiss to just come in and tell you, it's exactly the same as it was a quarter ago.

但我認為，如果只是進來告訴你，這與一個季度前的情況完全相同，那就太失職了。

Something is going to get softer, although we're not seeing it yet, honestly, from what we're hearing from customers.

事情將會變得更加溫和，儘管老實說，從我們從客戶那裡聽到的情況來看，我們還沒有看到這一點。

To quantify it, I don't know, kind of hard.

要量化它，我不知道，有點困難。

We said mid-high 50s, 90 days ago, probably low mid-50s might not be an unreasonable way to think about it right now.

90 天前我們說過 50 多歲中高，現在考慮可能 50 多歲中低可能不是一個不合理的方式。

I do think we're going to see softness at some point and things that are facing the consumer.

我確實認為我們會在某個時候看到疲軟以及消費者面臨的事情。

I don't know, Tim, anything else you'd...

我不知道，提姆，你還會...

Yes.

是的。

No, I think that's a reasonable way to look at it.

不，我認為這是合理的看法。

The other is, and maybe I thought maybe where you're going with this is, at some point, we must resolve the supply issues, otherwise, they start to affect the actual WFE that can be executed in the year.

另一個是，也許我想也許你的目的是，在某個時候，我們必須解決供應問題，否則，它們會開始影響今年可以執行的實際 WFE。

We can't pile everything up on to the customers in the back half of the year as a makeup because that's not possible from our own manufacturing, shipping and also the installation and the customers' digestion of that equipment.

我們不能在下半年把所有的東西都堆給客戶作為補充，因為我們自己的製造、運輸以及安裝和客戶對設備的消化是不可能的。

So I don't think we're quite at that point yet, but we would be where at some point to a certain, if it couldn't be executed simply because of the supply constraints.

因此，我認為我們還沒有完全達到那個程度，但如果僅僅因為供應限製而無法執行，我們將在某個時候達到某個程度。

But if things continue to progress, and as Doug said, we see the June revenue higher and us working through the backlog that I spoke to, then I don't know that we see huge issues with constraints on WFE.

但如果事情繼續取得進展，正如道格所說，我們看到 6 月的收入更高，並且我們正在解決我所採訪的積壓工作，那麼我不知道我們會看到 WFE 受到限制的巨大問題。

All right.

好的。

And on the services side, thanks for providing that disclosure.

在服務方面，感謝您提供此披露。

Do you think that proportion kind of remains for June and the following quarters, so kind of 1/3 from the services group?

您認為這個比例在 6 月和接下來的幾個季度會保持不變，即 1/3 來自服務部門嗎？

Or is there something about the current macro environment that impacts that ratio one way or another?

或者當前的宏觀環境是否會以某種方式影響這個比率？

That's a hard one, Vivek.

這很難，維維克。

I mean, what I see happening over a multiyear time frame is the equipment stuff has a little bit more volatility to it and sometimes can accelerate, in which case -- I mean, the installed base business is just kind of a slow and steady grower in some ways along with the installed base.

我的意思是，我看到在多年的時間框架內發生的情況是設備的波動性更大，有時會加速，在這種情況下- 我的意思是，安裝基礎業務只是一種緩慢而穩定的增長在某些方面與安裝基礎一起。

So a lot of stability there.

所以那裡很穩定。

I think as total revenues pick up, probably equipment will pick up a little bit more quickly, at least over the next couple of quarters, I hope.

我認為，隨著總收入的回升，設備的成長可能會更快一些，至少在接下來的幾季是如此，我希望如此。

And so the percent would go down, but it will ebb and flow.

因此百分比會下降，但會起起落落。

I mean, historically, how we described it as 25% to 30%.

我的意思是，從歷史上看，我們將其描述為 25% 到 30%。

And obviously, if you do the math on what we just saw, it's more than 30%.

顯然，如果你根據我們剛剛看到的數據進行計算，你會發現超過 30%。

But I think that the reason why we -- I mean, obviously, we finally felt it was very important to disclose more details on this business is because the new system shipments and CSBG in any particular quarter are not so directly linked.

但我認為，我們——我的意思是，顯然，我們最終覺得披露有關這項業務的更多細節非常重要，因為任何特定季度的新系統出貨量和 CSBG 都沒有那麼直接的聯繫。

That's why we like the business so much.

這就是我們如此喜歡這項業務的原因。

And so I would start to recommend people not think about it as the percentage of our business as much as -- it is a business that we've said we would expect to grow every year.

因此，我開始建議人們不要將其視為我們業務的百分比，而是我們說我們預計每年都會成長的業務。

And it has multiple components that give it resiliency from the spares and upgrades and advanced services and Reliant systems.

它擁有多個組件，可透過備用零件、升級、高級服務和 Reliant 系統提供彈性。

And so I think in and of itself, maybe, it does depend on the growth of the installed base, but that comes a little bit -- there's a lagging time indicator there as tools have to ship.

所以我認為，就其本身而言，也許它確實取決於安裝基礎的成長，但這有點——因為工具必須交付，所以有一個延遲時間指示器。

They have to go out of warranty, then they start to consume parts and upgrades and such.

他們必須超過保固期，然後他們開始消耗零件和升級等。

So I think we're disclosing it, so you can start to think about it as a business that's growing kind of on its own.

所以我認為我們正在披露它，這樣你就可以開始將其視為一項自行成長的業務。

We'll take our next question from Atif Malik of Citi.

我們將接受花旗銀行的阿蒂夫馬利克 (Atif Malik) 提出的下一個問題。

First one, have your lead times stretched in the current environment?

第一，在目前環境下，你們的交貨時間是否延長了？

And if yes, by how much?

如果是的話，幅度是多少？

And as my follow-up, Doug, you talked about $8 billion to $9 billion domestic China spending in January.

作為我的後續追隨者，Doug，您談到了 1 月份 80 億至 90 億美元的中國國內支出。

And given the strength in March, are those expectations looking up for the full year in terms of demand?

考慮到 3 月的強勁勢頭，全年需求的預期是否會上升？

I'll let Tim take the lead time question, first.

我先讓蒂姆回答提前時間問題。

Yes, I guess, let me take that one.

是的，我想，讓我拿那個吧。

They clearly have stretched.

他們顯然已經伸展了。

I mean, that's what we're talking about relative to supply challenges and our own challenges.

我的意思是，這就是我們所討論的供應挑戰和我們自己的挑戰。

So lead times have stretched out.

所以交貨時間已經拉長了。

I don't actually want to quantify it for you on this call, though.

不過，我實際上不想在這次電話會議上為您量化它。

I mean it's something -- again, it's competitive reasons, but you can imagine, it's -- lead times have stretched out, and that's why we're in conversation with the customers about how to get them their high priority tools closer to the original lead times that we would have originally provided.

我的意思是，這也是競爭原因，但你可以想像，交貨時間已經延長，這就是為什麼我們與客戶討論如何讓他們的高優先級工具更接近原始工具我們最初提供的交貨時間。

Yes, Atif, what we've said about local China WFE is that in 2019, it was a little bit above $6 billion or above $6 million (sic) [above $6 billion], and we expected an incremental $2 billion to $3 billion.

是的，Atif，我們對中國本土WFE 的說法是，2019 年，它略高於60 億美元或高於600 萬美元（原文如此）[超過60 億美元]，我們預計將增加20 億至30 億美元。

Still kind of how I think about it, obviously.

顯然，我仍然是這麼想的。

I don't know that a whole lot has changed in that regard.

我不知道這方面已經發生了很大的變化。

We'll take our next question from Sidney Ho of Deutsche Bank.

我們將接受德意志銀行的 Sidney Ho 的下一個問題。

If you compare to the midpoint of the guidance there, there's a $300 million shortfall.

如果與那裡的指導中位數進行比較，就會發現存在 3 億美元的缺口。

What end market or geography were most impacted?

哪些終端市場或地區受到的影響最大？

It looks like China still have pretty decent growth, but Taiwan was down quite a bit, which is different than what the big foundry guys over there saying.

看起來中國仍然有相當不錯的成長，但台灣下降了很多，這與那裡的大型代工廠所說的不同。

Any color there would be great.

任何顏色都會很棒。

I don't know that there's any unique geographic distribution between what wasn't able to be supplied versus what we did ship.

我不知道無法提​​供的產品與我們已交付的產品之間是否存在任何獨特的地理分佈。

Nothing is in my head, Sidney, to give you an answer that said it was this or that specifically.

西德尼，我腦子裡沒有任何想法可以給你一個具體的答案。

Yes.

是的。

I think it's -- the way I would think about it and maybe back to even the previous question a little bit is that each of our -- we have a lot of different products.

我認為，我思考這個問題的方式，甚至可能回到之前的問題，我們每個人都有許多不同的產品。

And the makeup of the supply chain for those products is not the same.

這些產品的供應鏈構成也不一樣。

And even the manufacturing facilities for those products are not all the same.

甚至這些產品的生產設施也不完全相同。

And so I would say it was less about any particular customer not receiving a big chunk of tools as much as certain tools, the lead time having pushed out a little bit and those tools kind of slipping out of the quarter.

因此，我想說，這並不是因為任何特定客戶沒有收到大量工具，而是因為某些工具，交貨時間稍微推遲了一些，而這些工具有點滑出了本季。

So certain tool types were impacted, I would say, more so than others as a result of where their supply chain was heavily concentrated.

因此，我想說，由於供應鏈高度集中，某些工具類型比其他工具類型受到更大的影響。

Okay.

好的。

My follow-up is, if your June quarter revenue does come in the way you expect, which you think is higher, I guess they're still 2 more quarters to go for the year.

我的後續行動是，如果您 6 月季度的收入確實按照您的預期（您認為更高）實現，我想今年還剩 2 個季度。

But what are your thoughts on bit growth for DRAM and NAND and maybe leading edge foundry capacity additions, I guess, based on how you think that the second half of the year is going to be?

但是，根據您對今年下半年的預期，您對 DRAM 和 NAND 的位元成長以及前沿代工產能的增加有何看法？

Hard to answer, Sidney.

很難回答，西德尼。

I mean, first thing I'd tell you is our view of the long-term good demand really is unchanged.

我的意思是，我要告訴你的第一件事是我們對長期良好需求的看法確實沒有改變。

Now having said that, obviously, a lot of bits are consumed in the mobile space, and that's gotten probably softer given the more direct exposure to the consumer.

話雖如此，顯然，行動領域消耗了很多比特，考慮到更直接地接觸消費者，這種情況可能會變得更加溫和。

That's offset, though, by what you see going on in the hyperscale space, which is also a decent consumer bits, right?

不過，這被你所看到的超大規模空間所抵消，這也是一個不錯的消費者領域，對嗎？

The work-from-home, whatnot and the stuff Tim had in his script about the likely uptick there, those 2 are going to offset.

在家工作，諸如此類的事情，以及蒂姆在他的劇本中提到的關於那裡可能上升的內容，這兩者將會抵消。

I don't know that I'm ready to quantify it for you just because there's so many moving pieces unless Tim wants to quantify?

我不知道我是否已經準備好為您量化它，因為有太多變化的部分，除非蒂姆想量化？

No, we debated it, but no.

不，我們爭論過，但沒有。

I think the challenge is, as we said, we do recognize there will be areas of strength and weakness.

我認為挑戰在於，正如我們所說，我們確實認識到存在優勢和劣勢。

And as Doug has said many times, I think we need to see how, obviously, later in the year, macro is really affecting consumer spending in other segments of the market.

正如道格多次說過的那樣，我認為我們需要看看，顯然，在今年晚些時候，宏觀經濟如何真正影響市場其他領域的消費者支出。

We wouldn't sit here today and say that this kind of economic disruption would have no effect.

今天我們不會坐在這裡說這種經濟混亂不會產生任何影響。

And so just hard to quantify.

所以很難量化。

I think we just have some comfort in knowing that we feel like we came out of -- we come into this year and ended this economic disruption without having been in a situation of like a lot of spending last year.

我認為我們感到有些安慰，因為我們知道我們今年已經走出了困境，結束了這場經濟混亂，而沒有經歷去年那樣的大量支出。

So if there's one silver lining, it's that there was underinvestment last year, so we enter in a pretty good space from that perspective?

因此，如果說有一線希望的話，那就是去年投資不足，所以從這個角度來看，我們進入了一個相當好的空間？

Yes.

是的。

The trajectory of bit growth was declining as we exited last year, and that continues into the first half of this year and the second half will depend on the investments that occur.

當我們去年退出時，比特成長的軌跡正在下降，這種情況將持續到今年上半年，下半年將取決於發生的投資。

So maybe something to think about Sidney.

也許對西德尼有些思考。

We will take our next question from Joe Quatrochi of Wells Fargo.

我們將接受富國銀行的喬·夸特羅奇 (Joe Quatrochi) 提出的下一個問題。

Going back to your prior WFE growth expectations, could you provide us any color on just how we should think about?

回到您之前的 WFE 成長預期，您能為我們提供一些關於我們應該如何思考的資訊嗎？

What was baked into that for capacity expansion versus technology transitions?

產能擴張與技術轉型的考量是什麼？

Yes, Joe, we didn't -- I didn't break it down specifically.

是的，喬，我們沒有──我沒有具體細分。

What we said was continued strength in foundry and logic.

我們所說的是鑄造和邏輯方面的持續實力。

That is what we're seeing.

這就是我們所看到的。

And then some level of a recovery in NAND, read that to be -- last year in memory, the spending was pretty much all about just node conversions, almost no wafer capacity.

然後 NAND 出現一定程度的復甦，去年在記憶體方面，支出幾乎全部都與節點轉換有關，幾乎沒有晶圓產能。

And that created a situation where the rate of supply growth continued to decline through the year such that our view was it was below where demand growth was going to be in both NAND and DRAM, right?

這就造成了供應成長率全年持續下降的情況，因此我們認為 NAND 和 DRAM 的需求成長率都低於需求成長率，對吧？

We had inventory adjusting, pricing getting better, all that kind of stuff.

我們進行了庫存調整、定價變得更好等等。

I think the real question that's on all of our mind is, okay, what is demand going to do this year?

我認為我們所有人都關心的真正問題是，今年的需求會是如何？

I'm not going to wait into that one quite yet.

我還不打算等到那個。

So that's what we saw.

這就是我們所看到的。

We saw NAND beginning to pick up a little bit, probably adding a few wafers.

我們看到 NAND 開始有所回升，可能會增加一些晶圓​​。

DRAM, no.

DRAM，不。

DRAM really was a continued trajectory that we saw in '19 through most of '20, maybe a little bit of an uptick.

DRAM 確實是我們從 19 年到 20 世紀大部分時間看到的持續發展軌跡，也許有一點上升。

And I think we're just going to wait and see how this plays out to assess what's going to happen there.

我認為我們只是等待，看看結果如何，以評估那裡會發生什麼。

But that's what we were seeing 90 days ago.

但這就是我們 90 天前所看到的。

That's what we described 90 days ago.

這就是我們 90 天前所描述的。

Okay.

好的。

And then on the strength in China, I mean, it sounds like it could have been even stronger in the March quarter.

然後就中國的實力而言，我的意思是，聽起來在三月的季度可能會更加強勁。

Is that fair?

這樣公平嗎？

And then I guess if that's true, do you expect that to grow further in the June quarter, just given that some of that could have slipped into this quarter?

然後我想如果這是真的，您是否預計在六月季度會進一步增長，只是考慮到其中一些可能已經滑入本季度？

I don't know that it would have grown as a percent, Joe.

我不知道它會增長百分之多少，喬。

I mean, the supply issue was across every geography, quite honestly.

我的意思是，老實說，供應問題遍及每個地區。

So if you think in percentage terms, I don't know that it would have been all that different.

因此，如果您以百分比來考慮，我不知道情況會有什麼不同。

Everything had challenges around supply.

供應方面一切都面臨挑戰。

And then just to frame what we see going on in local China, again, we expected -- not expected, last year was a little above $6 billion, and we saw an incremental $2 billion to $3 billion in China, and that's still pretty much what we see from local China in terms of WFE.

然後，為了框架我們在中國當地所看到的情況，再次，我們預期 - 沒有預期，去年略高於 60 億美元，我們看到中國增加了 20 億至 30 億美元，這仍然是相當多的我們從中國本土的WFE 角度看到的情況。

That was a statement of WFE.

這是 WFE 的聲明。

Operator, we'll do one more question.

接線員，我們再做一題。

Your final question will come from Quinn Bolton of Needham & Company.

您的最後一個問題將由 Needham & Company 的 Quinn Bolton 提出。

First question, just trying to reconcile the lower revenue for you guys out of Taiwan in foundry when TSMC put up a record CapEx number in the March quarter.

第一個問題，當台積電在三月季度創下創紀錄的資本支出數字時，我只是想調和台灣地區代工廠收入的下降。

Is that just sort of a timing when TSMC recognizes CapEx?

這是否只是台積電承認資本支出的時機？

Or do you have any thoughts on that?

或者你對此有什麼想法嗎？

And then a second question, the social distancing that you put in place in the manufacturing operations, does that slow your cycle times for an extended period of time and reduce your sort of quarterly revenue capacity?

第二個問題，您在製造業務中實施的社交距離，是否會在較長時間內減慢您的週期時間並降低您的季度收入能力？

Or do you think the plan that you put in place to try and expand footprints can get you back to where your manufacturing output was, say, before we went into the COVID downturn?

或者您認為您為嘗試擴大足跡而製定的計劃是否可以使您的製造業產出恢復到我們陷入新冠疫情低迷之前的水平？

Okay, great.

好的，太好了。

Let me take both of those.

讓我把這兩個都拿走。

The -- relative to Taiwan and your questions there, I think there's no story other than just timing.

關於台灣和你在那裡提出的問題，我認為除了時機之外沒有其他故事。

I mean, it's -- as Doug said, we had systems impacted in that first quarter.

我的意思是，正如道格所說，我們的系統在第一季受到了影響。

So I don't think there's anything there.

所以我不認為那裡有什麼。

From the capacity perspective and social distancing, that was part of what Doug was speaking to.

從容量的角度和社交距離的角度來看，這是道格所說的一部分。

Clearly, within our factories, once we've implemented strict social distancing, we can have fewer people in the same area and space.

顯然，在我們的工廠內，一旦我們實施了嚴格的社交距離，同一區域和空間內的人員就會減少。

And so to that extent, our cycle time does stretch out.

因此，從這個意義上說，我們的周期時間確實延長了。

Some tasks take longer than it would have otherwise.

有些任務比其他任務需要更長的時間。

And so our overall capacity out of an existing space does decline from what would have been pre-COVID.

因此，我們現有空間的整體容量確實比新冠疫情之前有所下降。

Now we're finding ways to reroute our lines and actually gain some of that capability back.

現在，我們正在尋找重新規劃線路的方法，並真正恢復部分能力。

But at the same time, as Doug also mentioned, we have access to additional space, and we're moving and expanding into some other areas to recapture that capacity.

但同時，正如道格也提到的那樣，我們可以獲得額外的空間，我們正在向其他一些領域轉移和擴張，以重新奪回這種能力。

That takes a little bit of time, but we clearly will execute those plans.

這需要一點時間，但我們顯然會執行這些計劃。

And as we see -- if we see demand continuing to hold up as we would expect and we need that capacity, we will continue to grow our output.

正如我們所看到的，如果我們看到需求繼續像我們預期的那樣保持穩定並且我們需要這種產能，我們將繼續增加產量。

Operator, that will conclude our call today for Lam Research.

接線員，我們今天對 Lam Research 的電話會議到此結束。

So thank you all for joining.

謝謝大家的加入。

This concludes today's call.

今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may all disconnect your lines, and have a wonderful day, everyone.

大家可以斷開線路，祝大家有美好的一天。

Take care.

小心。